Annual Report for Financial Year to 30 June 2023

Annual Report
For the year ended 30 June 2023
|
Mō te tau i mutu i te 30 Hune 2023
Pūrongo ā-tau
Helping grow the countrypggwrightson.co.nz

ANNUAL REPORT 2023
|
1
2023 FINANCIAL YEAR
Performance Highlights
Tau Pūtea 2023 | Ngā Whakatutukitanga Hira
$17.5m
Net profit after tax ("NPAT") of
$6.8m or 28%*
Cover image: PGG Wrightson
Store Manager, Olivia
Callaghan, discusses on-farm
drainage with Andrew Law,
Farm Manager of North Range
Partnership, an intensive
sheep and beef breeding and
finishing block in Castlerock
near Lumsden, Southland.
A Rockit™ apple orchard near
Havelock North, Hawke’s Bay.
$23.0m or 2%*
$975.7m
Revenue of
Revenue growth with margins broadly in
line with the prior comparative period.
22¢/share
Fully imputed dividends for the year of
PGW paid 12 cps interim dividend on 4 April
2023 and declared a final 10 cps dividend on
15 August 2023.
$6.0m or 9%*
$61.2m
Operating EBITDA of
Second strongest trading performance
at an EBITDA level for PGW since the
divestment of PGG Wrightson Seeds Ltd.
* Compared to FY22.

Safety Performance MeasureCustomer Experience Measure
since FY20 baselinefrom previous year’s NPS survey
17%
KPI:
Safety and wellbeing
TRIFR
3


KPI:
Target incremental improvement
in PGW Group NPS
4

Stable
1
Earnings Before Interest and Taxes
2
Consumer Price Index
3
Total Recordable Injury Frequency Rate
4
Net Promoter Score
FY23 result:FY23 result:
Financial Growth Measures
21.3%
KPI:
Normalised EBIT
1
growth
exceeding CPI
2

EBIT excluding non-operating,
impairment and fair value gains/(losses)
0%
KPI:
Total shareholder return
exceeding 10% p.a.
FY23 result:FY23 result:
FY22 TSR was +38%. Low levels of farmer
confidence and a volatile market have in turn
impacted investor confidence. PGW’s share
price closed on 30 June 2022 at $4.38 vs 30
June 2023 at $4.09. Dividends paid in FY22
were 30cps vs 28cps in FY23.
PGW Group NPS has remained flat on last year.
These results align with generally very low rural
confidence levels as recorded in recent sentiment
surveys. Research indicates that competitor NPS
scores have declined on average over this period.
An improvement of -3% was recorded in
FY23 compared to FY22. However, overall
PGW missed the objective of improving by
>30% by end FY23 vs the FY20 baseline
and is setting a new objective to reflect our
revised H&S strategy and roadmap.
PGW GROUP STRATEGIC
Results and Measures
Ngā Otinga Rautaki me Ngā Whakaritenga a te Rōpū PGW
Fruitfed Supplies Technical
Horticultural Representative,
Mike Treloar, discusses late
season disease control with
Shane Day, Vineyard Manager
at Rose Family Vineyards near
Blenheim, in Marlborough.
FY22 was +29% growth above CPI. High
inflationary costs and a subdued real estate
market were the key drivers in the reduction for
FY23 (FY23 was 15.3% lower than FY22). These
combined with the June 2023 CPI rate of 6%
resulted in the target being missed by 21.3%.
ANNUAL REPORT 2023
|
32
|
PGG WRIGHTSON LIMITED

Financial Performance
Whakaaturanga Pūtea
Contents | Ngā Kaupapa
Introduction
2023 Financial Year Performance Highlights
1
PGW G
roup Strategic Results and Measures
2
F
inancial Performance
4
Acting Chair and Chief Executive Officer’s report 6
Our Company
Board of Directors
14
Ex
ecutive Team
16
Māori Agribusiness 18
The year in review
20
3 K
ings Cherries Reigns Supreme
30
A
quila Sustainable Farming’s Organic Odyssey
32
Agritrade Celebrates 10 Years
34
25 y
ears of Crop Monitoring
36
Sustainabilit
y at PGG Wrightson
38
Financial information
Key Financial Disclosures 60
D
irectors’ Responsibility Statement
62
A
dditional Financial Disclosures including
Notes to the Financial Statements
70
I
ndependent Auditor’s Report
103
G
overnance
Corporate Governance and Board Charter
107
S
tatutory Disclosures
119
G
eneral Disclosures
123
S
hareholder Information
124
GRI C
ontent Index
126
G
lossary 128
Corporate Directory
129
Annual Shareholders’ Meeting 25 October 2023
Half-year earnings announcement 20 February 2024
Year-end earnings announcement
13 A
ugust 2024
Calendar | Maramataka
Sustainability | Toitūtanga
As part of our commitment to sustainability, this annual
report is printed using soy-based inks, no chemicals have been
used in the process of platemaking and the Annual Report is
printed on environmentally responsible paper, produced using
Elemental Chlorine Free (ECF), third party certified pulp from
responsible sources, and manufactured under the strict ISO14001
Environmental Management System.
Share Price Post Share Consolidation (NZ$)
PGW share price (from 13 August 2019 to 30 June 2023).
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0
13 AUG 19

13 FEB 20
13 A
UG 20
13 FEB 21
13 AUG 21
13 FEB 22
13 AUG 22
13 FEB 23
30 JUN 23
54
Operating EBITDA
70
60
50
40
30
20
10
0
-10
2020

2021
2022
2023

R
etail & Water
Agency
Corporate
Total Operating EBITDA
33
38
52
16
25
22
-7-7-7
42
56
67
$ million
Four-year summary post divestment of PGG Wrightson Seeds Ltd.
16
-9
61
Profit or Loss
30
25
20
15
10
5
0
8
23
24
18
All Business Units
$ million
2020 2021 2022 2023
Revenue
1000
800
600
400
200
0
788
848
953
976
$ million
All Business Units Total Revenue
2020 2021 2022 2023
T
otal Profit or Loss
!"!!
#"!!
$"!!
%"!!
&"!!
'"!!
("!!
)"!!
!"#$%&'(%)*
ANNUAL REPORT 2023
|
54
|
PGG WRIGHTSON LIMITED

6
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
7
Acting Chair and
Chief Executive Officer’s report
Te Pūrongo a te Heamana Whakakapi me te Tumuaki
PGG Wrightson Limited (“PGW”, “the
Group”, or “the Company”) delivered
Operating Earnings before Interest,
Tax, Depreciation, and Amortisation
(Operating EBITDA) for the year
ended 30 June 2023 of $61.2 million.
Net profit after tax (NPAT) was
$17.5 million.
Financial Performance | Whakaaturanga Pūtea
2023 $M2022 $M2021 $M2020 $M
Revenue975.7952.7847.8788.0
Gross Profit252.8248.5223.2204.0
Operating EBITDA61.267.256.042.2
Net Profit After Tax17.524.322.77.7
Net Cash Flow from Operating Activities25.523.757.731.5
U Kean Seng
Acting Chair
Stephen Guerin
Chief Executive Officer
Business highlights | Ngā Kaupapa Pakihi e Tāpua Ana
Since the launch of our refreshed Max Rewards loyalty
programme in November 2022, membership growth has been
steady with noticeable increases in applications following
agricultural show events. 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. The
Max Rewards programme differentiates our client offering in the
competitive agribusiness market.
The Business Improvement Programme to simplify our IT
systems made good progress with its first phase successfully
implemented on schedule in July 2023. The main component
of the programme is expected to be completed in FY24. The
benefits expected from the consolidation of systems and
renewal of processes are greater efficiency, flexibility, better
utilisation of our data, and security.
During the financial year PGW’s property maintenance
requirements were transitioned to a specialist facilities manager.
Using a specialist facilities provider to engage contractors
to undertake property related works provides efficiencies
and enhances our capacity to deliver professional repairs
and maintenance work with a greater degree of compliance
assurance.
PGW Group Strategy |
Rautaki Rōpū a PGW
The implementation of our PGW Group Strategy remains a key
focus with execution of initiatives linked to our eight strategic
priorities. Our strategy centres around our ‘why’, being proud
of our respected history in the New Zealand agri-sector while
concentrated on the future and growth opportunities for
PGW Group. Ultimately our strategy is to provide superior
service and offerings to our clients and consistent growth to
our shareholders. This will be achieved by working alongside
our clients and advancing the technical expertise we provide
to help grow their businesses. The depth of the relationships
we have with our clients positions us well to meaningfully
contribute to their farming and growing operations and these
relationships based on trust and past experience become even
more important in challenging market conditions.
Over the course of the last year we undertook an assessment of
each business unit and corporate function's strategic initiatives
and performance indicators and tracked these through at a
PGW Group level. This exercise served to gauge the pace of
progress and the desired outcomes of our strategic objectives
and reset these as we look to the next three to five years.
For several years we have tracked and reported against several
published Results and Measures as part of our PGW Group
Strategy. The measures track our performance in relation to
financial performance, safety performance, and customer
experience. These measures cover three important areas where
we want to grow and improve. This year’s results have been
impacted by more challenging operating conditions and we
comment on each in turn:
Financial Performance Measures: Our internal financial
performance measures include two key indicators. Firstly, we
target growth through the cycles in excess of Consumer Price
Index (CPI). This is measured by comparing our normalised
Earnings Before Interest and Tax (EBIT ) growth against the CPI.
During FY23 we recorded a normalised EBIT growth of -21.3
per cent. We normalise EBIT by excluding non-operating gains/
(losses) and impairment and fair value gains/(losses).
A second financial measure that we target is to achieve a Total
Shareholder Return* (TSR) exceeding 10 per cent per annum.
Trading performance |
Te Mahi Tauhokohoko
Against a challenging backdrop, PGW delivered strong results
for the financial year. Although Operating EBITDA of $61.2
million was down $6.0 million or nine per cent and NPAT of
$17.5 million was down $6.8 million or 28 per cent, revenue
grew to $975.7 million and was up $23.0 million or two per
cent compared to the prior year. These results were realised
with margins broadly in line with the comparative period. This
is the second strongest trading performance for the business
since the PGG Wrightson Seeds Ltd divestment which was
bettered only by last year’s record result.
The resilient performance of PGW in volatile market conditions
is perhaps the most pleasing aspect of the result. Strong
operating performance was generated by most business units
with Livestock, Wool, and Water all experiencing solid demand.
Rural Supplies and Fruitfed Supplies again experienced a
standout performance. The exception was our Real Estate
business which continues to operate in difficult market
conditions.
Macro trading conditions for the year have been volatile
with increasing input costs and inflationary pressures, falling
commodity returns for our clients, and a wet and cold spring
delivering frosts which affected a number of crops. Two
cyclones through late summer also resulted in significant crop
and rural infrastructure damage in the North Island.
In the context of these market conditions, we are heartened
by the performance of the business and what has been
achieved this financial year. We are proud of the way our team
responded to the demands experienced in their regions and
the extraordinary efforts of many in the way they supported
each other, our clients, and their communities in need.
* Total Shareholder Return ( TSR) is calculated based on the movement in share price during the financial year, plus the dividend (cents
per share) paid, divided by the opening share price.

8
|
PGG WRIGHTSON LIMITED
Acting Chair and Chief Executive Officer’s report continued
Top: PGG Wrightson Wool Operations Representative, Hine
Mullany, with Bloch & Behrens Senior Wool Buyer/Trader,
Mark Hunter, appraising wool growers lots prior to the
auction at the PGW Wool Store in Christchurch, Canterbury.
Photo credit: Alan Gibson, Gibson Images.
Centre: Fruitfed Supplies Technical Horticultural
Representative, Stephen Hall, discusses the stage of the
cucumber crop and how light levels affected this season’s
crop with Arie van der Houwen, owner of House of Taste
near Pukekohe, Auckland.
Below: PGG Wrightson Technical Field Representative, Scott
Daubney, discusses new grass establishment with Mitchell
Coombe, Managing Director of TCG Agriculture, at his Tatua
dairy farm, near Tatuanui, Waikato.
TSR is calculated annually based on the movement in our share
price plus the dividends paid. The TSR for FY23 was flat at zero
per cent, underperforming our target. The business maintained
a steady dividend at 96 per cent of NPAT and 22 cents per share
for FY23 which compares favourably to the market.
Health & Safety Measure: The health, safety, and wellbeing of
our people is of critical importance to PGW. To track our safety
performance, we measure our Total Recordable Injury Frequency
Rate (TRIFR) performance so we can demonstrate continuous
improvement in our safety outcomes. PGW’s TRIFR rate for FY23
was 26.47 and the Lost Time Injury Frequency Rate (LTIFR) rate
for FY23 was 6.62. These calculations are based on contracted
hours worked by permanent and temporary employees, using
a base of 1 million hours. This provides us with an opportunity
to address and improve this figure in future years, noting the
increase on our FY20 baseline can in part be explained by
an increased focus in FY23 on identification and reporting of
injuries in PGW’s Health and Safety System, Risk Manager, as part
of PGW’s ongoing safety journey.
Customer Experience Measure: A key feature of PGW’s success
as a business is the trust our clients place in our company,
people, and brand. Given customer experience is so important
to our continued success as a business, a key objective in our
strategy is to target incremental improvement in our PGW
Group Net Promoter Scores (NPS). NPS is a commonly used
measurement of customer satisfaction and loyalty which is
based on a customer’s likelihood to recommend a service
or business. In FY23 our PGW Group NPS was stable, and in
line with the FY22 result we achieved. We consider this is
a reasonable and understandable result given the current
challenges that are weighing heavily on farmer confidence and
sentiment - such as a high inflation, increased interest rates,
softening returns, and in some regions the impact of severe
weather events.
Market conditions |
Ngā Āhuatanga o te Mākete
The resilience of farmers and growers has again been tested
this year. The year was in many ways a story of two halves with
broadly positive market fundamentals and relatively benign
climatic conditions supporting farm and orchard production
in the first half. The second half proved more challenging with
inflationary pressures having an impact globally, a softening
in primary export commodity pricing and several regions
impacted by damaging cyclonic weather events together with
very wet conditions experienced through much of the country.
A range of surveys showed farmer confidence levels have been
tracking at historically low levels, exacerbated by increased
uncertainty caused by a number of factors. Stubbornly high
levels of inflation have led to increases in on-farm and on-
orchard input costs. Inflation is also causing central banks to
raise interest rates which have increased finance costs while the
easing in farmgate commodity prices has reduced profitability.
Farmers and growers also have concerns about regulation,
compliance costs, climate change policy, and the upcoming
general election heightens uncertainty across all sectors.
Some of the country’s main horticulture regions were
particularly impacted by the adverse weather events that
affected a number of crops. Overall apple, kiwifruit, and grape
harvests were lower but quality issues, especially for apples and
kiwifruit improved compared to the previous season. PGW is
well positioned to support our clients in their recovery work as
they address the damage to their businesses.
On the positive side, good soil moisture levels have set farmers
up for a promising spring with good growing conditions
anticipated.
Fonterra’s recent reductions in the forecast payout in response
to the global milk price falls puts additional financial pressure
on dairy farmers. However, Fonterra is more positive about
the long-term outlook for dairy as milk production from key
exporting regions is flat compared to last year.
Land use change from farming to carbon
forestry has reduced the national beef
herd and sheep flock in recent years,
although conversions should slow with
the introduction of new rules governing
farm-to-forestry conversions. The resource
consent process will allow local councils
to determine which land can be used for
plantation and carbon forests.
Although consumer demand from China
has been slower than anticipated, it is
expected to recover towards the end of the
year. Demand from the rest of the world
for New Zealand’s primary food products
is growing as consumers recognise the
importance of food provenance. Access to
labour is improving and shipping delays
have eased. Input costs are starting to
decrease, driven by lowering inflation and
the recent decrease in fertiliser prices.
Remarkable progress has been made
through the programme to eradicate
M. bovis with no current infections and no
properties under investigation.
New Zealand’s Free Trade Agreement with
the United Kingdom came into effect at
the end of May 2023. The deal with the
European Union was signed in July 2023
and it is anticipated that it will enter into
force in the first half of 2024. These deals
increase access to these markets and over
time remove tariffs which will deliver better
export earnings for New Zealand.
Loyalty Programme
SINCE THE LAUNCH OF OUR REFRESHED
MAX REWARDS LOYALTY PROGRAMME IN
NOVEMBER 2022, MEMBERSHIP GROWTH
HAS BEEN STEADY.
ANNUAL REPORT 2023
|
9

Some of the country’s
MAIN HORTICULTURE REGIONS WERE
PARTICULARLY IMPACTED BY THE ADVERSE
WEATHER EVENTS THAT AFFECTED A
NUMBER OF CROPS.
10
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
11
Acting Chair and Chief Executive Officer’s report continued
L
982
Our people | Ā Mātau Tāngata
At 30 June 2023 PGW had 1,572 permanent
and temporary (fixed term) employees and
323 casual and commission agents, totalling
1,895 people.
Our people are the heart of our business
and our efforts continue to ensure PGW
is not only a great place to work, but also
develops great people who have a place
within the heart of our clients and the local
communities where we operate.
Investing in our people is a strategic
imperative for PGW as we support and
develop our team members to be able to
deliver on our strategy. Three key pillars
of Leadership & Expertise, Safe & Certain,
and Recognition provide the anchors of
our People & Safety strategy. We have
revitalised our Learning & Development and
technical training programmes and have
made ongoing improvements to our safety
resources and systems. In the past year we
concentrated on leadership development,
health, safety and wellbeing culture,
leadership and fundamentals, sales training,
team culture, and a wide range of eLearning
courses.
We have also delivered on providing
opportunities for those showing strength in
leadership early on in their careers and those
who have displayed the skills and aptitude
to enhance their careers by working as part
of cross-functional teams on our Business
Improvement Programme. In re-invigorating
our programme of offshore study tours,
we also seek to widen the horizons for our
team members who demonstrate superior
attitude and technical expertise in their roles.
Top: PGG Wrightson Customer Service
Representative, Ella Quinlan, and PGG
Wrightson Trainee Technical Field
Representative, Sarah Wilson perform a stock
check for the daily stock cycle counts in the
Wanganui Rural Supplies store, Wanganui.
Centre: Fruitfed Supplies Technical Advisor,
Catherine James, discusses the biological
insecticide products for controlling caterpillars
in lettuce with Taylor Leabourn, Agronomist
for LeaderBrand near Bombay, Auckland.
Below: PGG Wrightson Wool Handler driving
an electric fork truck in the PGW Wool Store
in Christchurch, Canterbury.
Photo credit: Alan Gibson, Gibson Images.
Health, safety, and wellbeing | Te Hauora, te haumarutanga,
me te toiora
PGW continues to take a disciplined approach to controlling our
critical risks and our revised Health, Safety, & Wellbeing roadmap
and resourcing model has made significant progress this past
year by engaging and learning from those who are closest to
our critical risks.
It is also encouraging to see an increase in our people going
above and beyond in their contributions to health, safety, and
wellbeing which has been demonstrated through receiving
excellent examples of innovative solutions and initiatives from
across our business when nominating colleagues for our bi-
monthly Executive Safety Leadership Award.
Sustainability |
Toitūtanga
Guided by the Environment and Sustainability pillar within
the PGW Group Strategy, PGW was pleased to release its
Sustainability Strategy to 2030 (Te Rautaki mō e Toitūtanga).
This strategy establishes PGW’s positioning on a range of
key Environmental, Social, and Governance (ESG) issues, as
well as targets around greenhouse gas (GHG) emissions,
fleet management, energy efficiency, and other social and
governance metrics.
PGW has committed to reduce its operational (scope 1 & 2) GHG
emissions by 30% by FY30 from its FY21 baseline. As part of this
commitment, PGW has undertaken a comprehensive process
to calculate its current and historic emissions profile, including
seeking external assurance. PGW has identified its largest
sources of emissions and put in place a series of strategic actions
to address these over time.
PGW has also committed to transparency through public
reporting and has aligned this annual report to the Global
Reporting Initiative (GRI) Standards. The GRI Standards assist
organisations to understand and communicate their impacts
on a range of issues such as climate change, human rights, and
corruption (see pages 38 to 59).
Cyclone Gabrielle |
Huripara Gabrielle
The damage caused to our clients from Cyclone Gabrielle and
Northland flooding this year has been substantial, with the
effects and recovery going to be felt for a number of years to
come. It was sobering seeing the devastation the storm has
caused but it was heartening to see that the fabric of our rural
communities is strong and resilient.
Our local teams did a fantastic job supporting and helping our
clients and growers, often while having to deal with their own
personal impacts. We also had a lot of staff from around the
country travel to the affected areas to help the local teams and
provide additional support where needed. Our people have
been amazing and continue to demonstrate how PGW plays
a big part in our communities as well as looking out for each
other.
We worked in conjunction with Ag Proud and Federated
Farmers to capture donations for distribution to the Rural
Support Trusts in the impacted areas. Our retail stores and
livestock saleyards collected approximately $32,000 which was
distributed to the Rural Support Trust and Federated Farmers
who were on the ground doing great work to support those in
need. Internally, PGW raised over $115,000 from employees and
other donations (see page 56).
Cashflow and debt |
Te Kapewhiti me te Nama
PGW recorded operating cash flows during the year of $25.5
million, which was $1.8 million higher than the prior year,
impacted by higher income tax payments on last year’s
exceptional result together with higher funding costs.
PGW invested in working capital during the year, including
implementation of our strategy to grow GO-STOCK resulting in
a balance of $74.0 million at 30 June 2023, an increase of $7.9
million or 12 per cent from 30 June 2022. Inventories were $5.5
million higher than 30 June 2022 which reflects higher prices
due to inflationary pressures.
Capital expenditure of $17.1 million was $8.4 million higher
than 30 June 2022. This increase was driven by the significant
investment in our IT Systems Business Improvement
Programme, which includes both operating expenditure and
capital expenditure components, and is due to go-live in the
2024 financial year.

The longer-term
outlook is positive,

WITH THE MINISTRY FOR PRIMARY INDUSTRIES
PROJECTING STEADY GROWTH FOR NEW ZEALAND’S
PRIMARY EXPORTS AND REVENUE PROJECTED TO
REACH $62 BILLION BY 2027.
12
|
PGG WRIGHTSON LIMITED
Acting Chair and Chief Executive Officer’s report continued
U Kean Seng
Acting Chair
Stephen Guerin
Chief Executive Officer
Acknowledgements | Ngā whakamihi
Our positive trading results in the markets
we have seen over the past year are a
testament to the incredible dedication
and resilience of our entire PGW team.
Through our ‘One PGW’ philosophy,
our nationwide team pulled together
to serve our clients, communities, and
each other in some incredibly trying
circumstances. It was especially gratifying
to witness the tremendous integrity and
ingenuity demonstrated by colleagues to
support those impacted by the cyclone.
We could not have delivered this
outcome without the loyal support of
our clients and suppliers in what has
been another busy year for the business.
Thank you to our shareholders, we are
committed to growing the company
and appreciate your confidence in us
to deliver.
Top: PGG Wrightson Salesperson, Real Estate, Stephen
Hautler discusses the ‘table top’ strawberry production
system with Dot Bissett prior to the successful sale of
the Wee Red Barn near Masterton, Wairarapa.
Centre: PGG Wrightson Technical Advisor, Rose Baker,
and Service Electrician, Kurt Pienaar, discussing the
progress on their customers pivot irrigators winter
servicing for the season.
Below: PGG Wrightson’s Fairlie Rural Supplies Store.
Our net interest-bearing debt was $65.3 million as at 30 June
2023, an increase of $32.5 million from the prior comparative
period. In December 2022 we increased our banking facility
limits by $30 million to provide prudent headroom and to also
fund potential growth opportunities.
Distributions |
Ngā Utu Whaipānga
The Board has declared a fully imputed final dividend for FY23
of 10 cents per share. The dividend will be paid on 3 October
2023 to shareholders on PGW’s share register as at 5pm on
15 September 2023. This will effectively bring the total fully
imputed dividends for the financial year up to 22 cents per
share.
Outlook |
Matapae
There is a significant degree of volatility in the global economy
and international markets currently. New Zealand, like our key
trading partner nations, is committed to taming inflation and is
matching central banks by lifting interest rates. The effect of this
monetary policy is being felt with inflation levels beginning to
trend lower but with elevated interest rates raising borrowing
costs.
Growth in emerging economies is forecast to increase faster
than developed countries. The recent Free Trade Agreements
with the United Kingdom and the European Union removes
tariffs over time making it easier for our producers to trade in
these regions. The longer-term outlook is positive, with the
Ministry for Primary Industries projecting steady growth for New
Zealand’s primary exports and revenue projected to reach $62
billion by 2027. As a market leader in the agricultural sector,
PGW is in a strong position to assist our clients grow their
businesses as they respond to export demand.
Our country’s farmers and growers are renowned for their
resourcefulness and their pioneering spirit continues with
the creation of new solutions to adapt to climate change and
become more efficient. Regardless of the regulatory framework
that is ultimately adopted, the primary sector will adapt and
continue to enhance its social licence to operate.
It is too soon to forecast trading performance for the year, but
we hope to be better placed to provide guidance for FY24
following the start of the important spring trading period at
our Annual Shareholders’ Meeting in October 2023. In the
meantime, we do note the following positive signals:
PGW continues to pick up market share and we see this in
key categories and in new client enquiries and business.
Maize orders for the coming spring are strong and tracking
ahead of the same time last year.
The viticulture sector had a good harvest and New Zealand
wines are in demand internationally with new plantings
planned and Fruitfed Supplies is well placed to support
growers.
While we are well positioned operationally as we move into the
current financial year, we see continuing volatility and softening
commodity prices for our clients and an even more challenging
macro market conditions out over the short to medium term
than experienced in recent years.
Governance changes |
Ngā Panonitanga Mana Whakahaere
The PGW Board had a number of membership changes over the
past year.
Lee Joo Hai stepped down as Chair and a member of the Audit
Committee on 4 July 2023. U Kean Seng was appointed Acting
Chair and a member of the Audit Committee while Independent
Director, Sarah Brown, assumed the role of Deputy Chair. Mr
Lee has announced that he will retire from the Board before the
October 2023 Annual Shareholders’ Meeting, having served as
a director since 31 October 2017. The Board acknowledged and
thanked Mr Lee for his contributions over his tenure.
At the Annual Shareholders' Meeting on 18 October 2022,
Meng Foon and Garry Moore joined the Board as independent
directors. Mr Moore is also a member of the Audit Committee
Executive team changes |
Ngā Panonitanga Rōpū Whakahaere
The PGW Executive team had one change with Peter Moore,
General Manager Livestock Ventures and Partnerships, retiring
on 30 June 2023.
ANNUAL REPORT 2023
|
13

14
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
15
Board of Directors
Te Poari Tumuaki
U Kean Seng
LLB (Hons), B.Ec
Acting Chair
U Kean Seng was appointed Acting Chair
of the PGG Wrightson Limited Board on
4 July 2023 and has been a Director since 4
December 2012. He is a member of the Audit
Committee.
He is Head of Corporate and Legal Affairs for
Agria Corporation, a role he has held since
December 2008. U Kean Seng previously
practiced as a partner at Singaporean law firm,
Shooklin & Bok LLP, focused on East Asia, and
he led a corporate finance team in Allen &
Overy Shooklin & Bok, JLV, an international law
venture partnership with London based Allen
& Overy LLP.
U Kean Seng previously sat as an independent
and non-executive director of several public
listed corporations. He received a Bachelor
of Laws (Honours) degree from Monash
University Australia. He is a Barrister and
Solicitor, Supreme Court of Victoria, Australia;
Advocate and Solicitor, Supreme Court of
Singapore and Solicitor of England and Wales.
In addition to his extensive legal knowledge,
U Kean Seng is also a qualified economist,
having completed his degree majoring in
Economics and Accounting, B.Ec at Monash
University, Australia.
Sarah Brown
BA, LLB, CFInstD
Deputy Chair and Independent Director
Sarah Brown was appointed Deputy Chair of
the PGG Wrightson Limited Board on 4 July
2023, is Chair of the Audit Committee, and has
been an Independent Director since 30 April
2019.
Sarah is from a rural background, having
grown up on a Southland sheep farm. She is
a former commercial lawyer who now holds
a number of independent director roles,
including SBS Bank.
Meng Foon
Independent Director
Meng Foon was appointed to the PGG
Wrightson Limited Board on 1 July 2022 as
an Independent Director. He has extensive
business experience in horticulture,
agriculture, private wealth creation, and
property development.
Meng is currently Chair of Te Pūkenga Equity
Experts Group, Chair of M Y Trust, Director of M
Y Gold Investments Limited, and a Trustee of
The Arts Foundation. He served as the Mayor
of Gisborne from 2001 to 2019 and has held
governance roles for several New Zealand
entities.
Meng is knowledgeable about best practice
organisational structures and operating
systems, and he believes that data, science,
and technology will help ensure future
sustainability in environment and land
business profitability.
He has worked with Māori landowners and
believes that Māori land businesses are
important contributors to the leadership of
Aotearoa. He aha te mea nui o te ao – he
Tangata, inclusive people and relationships are
the success of all things he does.
Lee Joo Hai
ACA (ICAEW ), CPA (Australia), FCCA (UK), CA (ISCA)
Director
Lee Joo Hai has been a Director since 31
October 2017. He was appointed as an
Independent Director of Agria Corporation in
November 2008.
Mr Lee has more than 30 years’ experience in
accounting and auditing. He was a partner
of an international public accounting
firm in Singapore until his retirement
from the firm in 2012. He has serviced
clients in the manufacturing, hospitality,
insurance, insurance broking, and other
service industries. His clients included large
multinational corporations and listed entities.
His professional memberships include those
of the Institute of Chartered Accountants in
England and Wales, CPA (Australia), ACCA (UK),
Institute of Directors of both Hong Kong and
Singapore. Mr Lee also sits on the Board of
several listed companies in Singapore and one
in Hong Kong.
Mr Lee will retire from the Board of PGG
Wrightson Limited effective 24 October 2023.
Garry Moore
B.Com, M.B.A, C.A.
Independent Director
Garry Moore was appointed to the PGG
Wrightson Limited Board on 1 July 2022 and is
a member of the Audit Committee.
Garry was raised on farms in rural Mid-
Canterbury before attending Canterbury
University. He brings a wealth of finance
knowledge with 40 years of extensive
investment advisory experience together with
trustee and corporate governance experience
in rural services, viticulture, pastoral farming,
and education.
He is a registered Financial Service Provider
and a former member of the national Forsyth
Barr Investment Committee. Garry is Chair
of DairyCool Limited and South Canterbury
based farm owner Burnett Valley Trust. He is a
past Chair of St Andrew’s College, Greystone
Wines, and the Canterbury Branch of the NZ
Institute of Chartered Accountants.
Dr Charlotte Severne
MSc, PhD (Geology), ONZM
Independent Director
Dr Charlotte Severne was appointed to the
PGG Wrightson Limited Board on 18 June
2021 as an Independent Director. She is also
Chair of PGG Wrightson's Health, Safety and
Environment Committee.
Charlotte (Tūwharetoa, Tūhoe) was a
commercial scientist and executive for 20
years. She was also Deputy Vice Chancellor at
both Lincoln and Massey Universities.
In 2017 she received an ONZM for her
contribution to Science and Māori. In 2018 she
was appointed The Māori Trustee, with various
governance and agency roles for whenua
Māori across New Zealand.

16
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
17
Stephen Guerin Nick Berry
Julian Daly

Gr
ant Edwards
P
eter Newbold
Peter Scott

R
achel Shearer
Executive Team
Ngā Kaihautū
Stephen Guerin
Chief Executive Officer
Stephen was appointed Chief
Executive Officer (CEO) of PGG
Wrightson Limited in June 2019.
Stephen is a director of several
Group subsidiaries and a Director
of the PGG Wrightson Employee
Benefits Plan Trustee Limited.
He holds a Bachelor of Business
Studies (Accounting) from Massey
University and is a member of the
Institute of Directors and Chartered
Accountants Australia & New
Zealand. Stephen is also a Director
of Safer Farmers and a director on a
community charity board.
Prior to this appointment as CEO,
Stephen was responsible for all
aspects of the Retail & Water
group business which includes the
Rural Supplies, Fruitfed Supplies,
Agritrade, and Water businesses.
He has worked for PGG Wrightson
Limited and its predecessor
companies since 1988.
Nick Berry
General Manager Retail & Water
Nick was appointed General
Manager Retail & Water in August
2019. Nick joined PGG Wrightson
Limited as New Business Growth
Manager for Agritrade in 2014 and
through his five-year period with
Agritrade, he grew the business
substantially.
Before joining PGG Wrightson
Limited, Nick was General Manager
at RD1 for eight years and prior to
that he was National Operations
Manager. Nick has an extensive
track record of experience at
general management level. Nick’s
strengths are leadership, business
management, along with strong
sales and service focus, backed up
with a strong affinity for retail and
the agribusiness sector.

Julian Daly
General Manager Corporate Affairs
(Company Secretary)
Julian is responsible for the
Group Strategy, Marketing, Legal,
Corporate Communications,
Business Services, and Investor
Relations functions for PGG
Wrightson Limited. He is also
Company Secretary and previously
held a number of responsibilities
including, General Manager of
PGG Wrightson Real Estate Limited
and Internal Audit. Julian has
broad operational involvement
across the business and is Chair
of the Credit Committee and Risk
Committee, director of several
Group subsidiaries and a Director
of the PGG Wrightson Employee
Benefits Plan Trustee Limited.
He is a former General Counsel
of DB Breweries Limited and has
previously worked for law firms
in the Middle East and New
Zealand. Outside of his PGG
Wrightson Limited role, Julian also
has a number of governance and
voluntary positions, including as a
Director of Trade Aid New Zealand,
Chair of Selwyn House School
and as a Citizens Advice Bureau
community lawyer.
Grant Edwards
General Manager Wool
Grant was appointed as General
Manager Wool in October 2017.
He is responsible for all aspects
of the Wool business including
procurement, logistics, sales,
and wool export. Grant holds a
Bachelor in Agriculture Science
from Lincoln University majoring in
Wool Science.
He began his career in Livestock
with Reid Farmers Limited in
the mid-1980s, and then joined
their Wool Business. He held the
position of Wool Manager at Reid
Farmers and Pyne Gould Guinness
Limited. More recently Grant held
a role with PGG Wrightson Limited
as General Manager Regions. Grant
has spent over 20 years directly in
the wool industry and states, “once
you have a passion for wool it
never leaves.”
Peter Newbold
General Manager Livestock
& Real Estate
Peter is General Manager
Livestock & Real Estate. Peter
has led the PGG Wrightson
Limited Real Estate business since
September 2013 and he took
responsibility for PGG Wrightson
Limited Livestock in October
2020. Peter was previously
General Manager of New Zealand
Sotheby’s International Realty.
Peter was employed by
Wrightson Limited from 1995-
2005, during which time he
held a range of roles including
Marketing Manager and Business
Development Manager. Prior to
this, he had an extensive career
in retail ownership, management,
and franchising.
Peter Scott
Chief Financial Officer
Peter was appointed as PGG
Wrightson Limited’s Chief
Financial Officer in March 2015
and leads the finance and
technology functions. Peter
started his career at Fletcher
Challenge and has broad
multinational experience,
spending five years in
Scandinavia where he was the
Vice President of Accounting
and Tax for Norske Skog, a large
global newsprint and magazine
paper producer.
He relocated to Australia in 2005
and was appointed to the lead
finance role for Norske Skog’s
Australasian region. In 2008, Peter
joined Gloucester Coal Limited,
an Australian Securities Exchange
listed mining company as the
Chief Financial Officer. In 2010 he
joined the majority shareholder
Noble Group, a leader in
managing the supply chain of
agriculture, energy, metals, and
mining resources, headquartered
in Hong Kong and listed in
Singapore. He was the Chief
Financial Officer for Noble Group
in Australia.
Rachel Shearer
General Manager People & Safety
Rachel joined PGG Wrightson
Limited in 2016 and is
responsible for our Group People
& Safety strategy. She leads the
functional teams of Health, Safety
& Wellbeing, Human Resources,
Remuneration & Reward,
Learning & Development, Payroll,
HR Information Systems and
Shared Services. She is a member
of the Institute of Directors and is
PGW’s Executive Director of bidr®.
Rachel is a former GM Human
Resources at Solid Energy New
Zealand Limited, after time
spent as a human resource
consultant both abroad and in
her hometown of Christchurch,
specialising in organisational
design, workforce planning and
business transformation.
Retired
Peter Moore
General Manager Livestock Ventures
& Partnerships
Peter retired from the role of
General Manager Livestock
Ventures & Partnerships effective
30 June 2023.

Above: PGG Wrightson Iwi Relationship
Manager, Mike Pritchard, discusses the
condition of the breeding cows with
Lance Limmer, Farm Manager, and
Shaun Limmer.
Below: PGG Wrightson Iwi Relationship
Manager, Mike Pritchard, discusses
the water feasibility study and farm
environmental plan with representatives
from Water Matters, Te Puni Kōkiri, Koru
Asset Development Group, and Okapu
Farm, together with James Mahara,
Chairman of Okapu F2 Trust.
Both photos are taken at Okapu F2 Trust
Kawhia, Waikato.
Our specialist Māori Agribusiness team
liaises with our Māori agribusiness clients
and engages with PGW colleagues across
the company to ensure that technical
expertise and industry matauranga
(knowledge) are provided as they strive
to assist Māori farmers and growers in the
effective kaitiakitanga (guardianship) of
their land.
Our dedicated Iwi Relationship
Managers, most fundamental guiding
principle is tikanga (Māori societal lore)
and they focus on building enduring
whanaungatanga (relationships) to
tautoko (support) and hautū (guide) our
Māori agribusiness clients to align their
farming practices with environmental
values.
We demonstrated our commitment to
our Māori Agribusiness clients by growing
the team with the addition of a new Iwi
Relationship Manager during the year.
For some time, our Iwi Relationship
Managers have provided training
and assistance to our clients and
communities, and this has been
expanded across the company. An
important aspect of the team’s role is
to share, communicate, and educate
the wider PGW business on these
principles and help grow our cultural
competency of te ao Māori. The Māori
Agribusiness team partnered with the
PGW Learning and Development Team to
create a series of online modules which
enable everyone to access training and
knowledge around basic te reo Māori,
tikanga values, and cultural practices to
assist in their day-to-day roles.
PGW’s own karakia (prayer) was created
and gifted to PGW by Ron Walters, Iwi
Relationship Manager, and his nephew.
The karakia provides protection for
everyone, improves the goodwill of a
gathering, and enhances a favourable
outcome for everyone. The karakia creates
a spiritual bond between papatūānuku
(land), rangi (sky), wai (water), and
hau (wind), and binds these elements
together (see below).
PGW is proud sponsor of the Ahuwhenua
Trophy, Te Puni Kōkiri Excellence in Māori
Farming and Horticulture Award, which
acknowledges and celebrates Māori
agricultural and horticultural excellence
(see page 56).
Māori Agribusiness
Te Pakihi Ahuwhenua Māori
Tuia ki te rangiBind to the sky
Tuia ki te papaBind to the earth
Tuia ki te moanaBind to the sea
Tuia ki te tangata e noho neiBind all those who gather here
Haere mai te tīWelcome one
Haere mai te tāWelcome all
Mauri tau ai ki waenganui teneiMay calm bestow amongst our
huihuinga tūturu whakamauameeting today
kia tina, tina!Behold, attention
Hui e, taiki e!Here we gather!
Karakia Timatanga
Opening Prayer
At PGW we are working hard to recognise and embrace Māori culture as part of our Aotearoa New Zealand
identity which is reflected in our client base and our PGW whānau.
ANNUAL REPORT 2023
|
1918
|
PGG WRIGHTSON LIMITED

PGG Wrightson, Matamata Rural Supplies Store Manager Matt
Stachurski, discusses the calves’ development with Bryan Elliott
owner of Hinuera Farm Limited near Matamata, Waikato.
PGW has two operating groups: Retail & Water and Agency
E rua ngā rōpū whakahaere o PGW: Hokohoko me te Wai me te Umanga
The year in review
Te arotake i te tau
ANNUAL REPORT 2023
|
2120
|
PGG WRIGHTSON LIMITED

This financial year has been another
record year for our Retail & Water
businesses. Increased sales were
recorded in the animal health, fencing,
general merchandise, and horticultural
merchandise categories. We transacted
increased business volumes with the
same level of staff which is something we
are very proud of and testament to the
commitment of our team members.
Our clients appreciate the superior
technical ability of our people who are
backed by our dedicated Research and
Development team and the advanced
technological platforms they utilise. We
will continue to build on this point of
difference to ensure we maintain and
increase our market share.
International travel recommenced after
COVID-19 travel restrictions with visits to
our suppliers in America, Europe, Australia
and Singapore, as well as an agronomy
and study tour in South America. These
trips are crucial to the business to ensure
that we are at the forefront of new
research and products coming to the
market, to foster and reforge relationships
with our suppliers and overseas partners,
and to create favourable trading
partnerships.
During the financial year we invested in
the personal development for our teams
with targeted training on sales growth,
performance, financials, planning and
sales conversations. These workshops
provide the opportunity for teams to learn
more about the financial performance of
their region and their store, how they can
contribute and initiatives in other stores.
Technical investments included a fridge
sensor trial with Spark Internet of Things
(IoT ) to help safeguard products in our
care such as animal health vaccines,
horticultural pheromones, and deer
velvet. These products must be kept at
controlled temperatures to comply with
our assurance obligations and digitalising
the process reduces wastage and
improves reliability. The success of the trial
has led to a company wide rollout being
approved.
Global supply chain disruptions following
the pandemic caused us to carry higher
levels of inventory to ensure we could
provide our clients with the right
products at the right time. Elevated
inventory levels caused some challenges
with storage and working capital
management. As international shipping
delays are easing there is more certainty
regarding deliveries, and we have
adjusted inventory levels given that we do
not need to carry the same quantities of
buffer stock as was considered necessary
in the prior year.
As part of our continual store
improvement programme, our Richmond
store relocated to a new purpose-built
building. This new store provides an
enhanced client experience and a better
working environment with improved
safety aspects. Our Retail & Water property
pipeline includes a move to new stores
for our Timaru Rural Supplies and Water
Teams, refurbishments for our Waimate
and Geraldine stores, and a number of
other building initiatives are currently in
early stages. Enhancing our retail footprint
allows us to accommodate growth,
expand existing product ranges, stock
new products, and meet the future needs
of our clients. This continual investment is
a demonstration of our commitment and
support to our local communities.
The online sales channel has continued
its growth with pleasing performance
in the apparel and general merchandise
categories. Improvements in user
experience and promotional activity were
contributing factors to an uplift in sales for
the third consecutive year. We continue to
see a positive flow-on impact on in-store
cash sales by raising awareness of PGW’s
extensive product range.
The Retail & Water business incorporates Rural Supplies, Fruitfed Supplies, Water, and
Agritrade. Retail & Water’s Operating EBITDA was an impressive $54.1 million and up
$1.6 million on the prior year or three per cent. Revenue of $785.3 million,
was up $24.0 million or three per cent.
Retail & Water group | Rōpū Hokohoko me te Wai
RevenueOperating EBITDA
$
785.3M
$
54.1M
▲ 3.0%
▲ 3.0%
PGG Wrightson Technical
Specialist in Agronomy,
Joseph Watts, discusses the
health of a maize crop with
Ed White, owner of Barnsdale
Farm near Makaretu,
Central Hawke’s Bay.
ANNUAL REPORT 2023
|
2322
|
PGG WRIGHTSON LIMITED

Crop Monitoring business
CELEBRATED ITS 25-YEAR
ANNIVERSARY
25yrs
24
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
25
The year in review – Retail & Water group continued
Rural Supplies | Ngā Whakaratonga
Taiwhenua
Rural Supplies recorded its best
performance ever, exceeding last year’s
record result, with strong sales across a
range of categories. We have continued
to grow market share across a range of
categories and delivered an outstanding
result in a shrinking market. To achieve
growth on last year is an exceptional
result given the climatic challenges and
demonstrates the strength of our Rural
Supplies business.
Our people are passionate and motivated
to go the extra mile for our hardworking
clients. We are winning new business and
seeking opportunities with key accounts
in animal health, forestry, and the ever-
changing landscape of our traditional
business.
Our Marketing Team launched a brand
awareness and growth campaign titled,
‘Working alongside you, every season of
the year’, which focuses on our people
and their passion to help grow our clients’
businesses, and our steadfast support
of our local communities. This coming
spring a new campaign will promote
our technical offering and the value our
Technical Field Representatives can offer
working alongside our clients.
Fruitfed Supplies | Ngā Whakaratonga
ā-Huawhenua
The wet spring contributed to additional
Ag chem sales in our winery and
horticultural merchandise business.
Our market share also increased in the
vegetable sector which is an important
area we have targeted for growth.
The damage caused by spring frosts and
floods across parts of the North Island
and the impacts from Cyclone Gabrielle
in the Tairāwhiti and Hawke’s Bay regions
will impact the Fruitfed Supplies business
over the next few seasons. However, the
long-term outlook for horticulture remains
positive.
Our Fruitfed Supplies strategic plan
focuses on adapting to changes in
the industry, capitalising on category
growth, and how we can proactively and
strategically adapt to land use change.
We are proud of our reputation as leaders,
with industry organisations approaching
us to assist them and provide solutions.
Fruitfed Supplies extended its messaging
from the Fruitfed Supplies brand
campaign focusing on its innovative
capabilities and extensive research and
development product trials that support
the horticultural sector. This was alongside
showcasing the crop monitoring and
extension teams who work closely with
growers nationwide to transfer technical
knowledge into the field. The campaign
provided the opportunity to launch a
dedicated Fruitfed Supplies Facebook
page, and amongst many channels, used
digital airport billboards in the main
horticultural regions to increase brand
awareness.
Our Blenheim branch received its second
BRCGS audit after becoming accredited
in 2021. We received an AA rating which
is the highest rating possible in an on-site
audit. Having such an esteemed globally
recognised Food Safety Certification
verifying our quality and product safety
systems has important advantages for our
clients.
Fruitfed Supplies won the Indevin/Villa
Maria Legends Supplier Award at their
annual prizegiving. There were many
nominations and the final three were
invited to their awards dinner. This is a
great piece of recognition from a large
client who mentioned our excellent
service and staff, our BRCGS certification
and our hard work through vintage with
the high demand for product in a difficult
season.
The Crop Monitoring business celebrated
its 25-year anniversary. The Crop
Monitoring Scouts provide a valuable
service to our clients in the field or
orchard monitoring for pests, diseases,
and beneficial insects across a range of
crops (see pages 36 to 37).
Water | Wai
The Water business’ strategic focus is to
add value to our clients’ businesses by
growing service delivery and the best
technical advice. We are the market leader
with the most technically skilled workforce
as verified by Valley and the only current
Valley Certified Field Technicians and
Certified Valley Designers in the country.
Supply chain issues have eased and
we have delivered a number of pivots
on farm. Service revenue has remained
consistent. Our Sales and Design crew
are actively targeting irrigator upgrade
options and enquiries for infill irrigation
are increasing, specifically where clients
see the benefit of fixed grid solutions.
Agritrade | Tauhokohoko Ahuwhenua
Agritrade, our wholesale business division,
celebrated its 10-year anniversary in
September 2022 and showed good
growth over this period. This past financial
year has seen another lift in sales revenue
with growth across horticultural inputs
and animal health products. Our range
continues to expand as suppliers look
to us to supply product given our large
logistics function and growing reach to
merchants and vets across the country.
2023 provided an opportunity to
review and improve the Agritrade
business structure to deliver further
independence and provide greater focus
as we continually look to profitably grow
our wholesale business and increase
efficiencies.
In addressing sustainability through our
logistics supply chain, we are working
with our suppliers to assist in reducing
their freight carbon emissions. We
have also reduced our reliance on LPG
through the rollout of electric forklifts
and have been working with Agrecovery
on customer-focused plastic recycling
solutions.
Fruitfed Supplies Technical Horticultural Representative, Richard Griffiths,
discusses the benefits of the Future Orchard Production Systems with Todd
Blackman, Havelock Sector Orchard Manager for Rockit Management Services at
a Rockit
TM
apple orchard near Havelock North, Hawke’s Bay.
Our Water technicians
COMPLETED CERTIFIED TRAINING
WITH VALLEY IRRIGATION

26
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
27
Livestock | Ngā Kararehe
Our Livestock business achieved a solid
performance in a difficult market. Whilst
there were challenges through softer
sheep pricing, significant wet weather
events in the North Island, and declining
tallies in some stock lines, there were also
positive outcomes for the year. The wet
conditions contributed to greater pasture
growth than normal which created
unseasonal trading during the summer
and autumn periods.
Revenues received for cattle were robust,
with higher prices received compared to
the prior year. This was driven by healthy
pricing achieved throughout the year
which was assisted by abundant feed and
increases in export volumes. Sheep pricing
was below expectations throughout much
of the year as demand was slow to recover
in our key export markets.
Declines in some tallies were experienced
due to land use change, especially with
conversion of sheep and beef properties
to carbon forestry. This is anticipated to
slow due to new regulation covering farm-
to-forestry conversions.
GO-STOCK, our grazing programme which
frees up capital in order for farmers to
invest in other areas of their businesses,
achieved another record year with the
highest balances recorded in terms of
values and tallies. GO-BEEF, including
the new GO-BEEF PRIME offering, and
GO-STOCK DAIRY performed well. During
FY23, two significant milestones were
reached with over 350,000 cattle and 2.3
million lambs purchased through GO-
STOCK since its launch during the 2016
financial year.
bidr® is New Zealand’s virtual saleyard,
offering real-time live auctions. During the
period bidr®’s database of buyers grew to
over 9,500 users. This growth is driven by
continued demand for online bidding and
livestreaming of cattle sales at saleyards
and on-farm auctions. bidr® hosted over
900 auctions during FY23, including
regular weekly sales at 10 saleyards.
bidr®’s 100% online offering continues to
see an uptake in niche sheep and beef
genetics and elite dairy sales. FY23 saw the
fruition of developments implemented
the prior year, particularly with new
auction capabilities enabling online buyers
to ‘pick’ individual animals for purchase
from a pen containing multiple animals.
This has proved popular with the dairy and
ram markets.
The Deer and Velvet business delivered
a strong performance, recording its best
result ever. This was achieved through
increases in volumes traded with South
Korean health food customers. China’s
extended shutdown caused slower sales
which reduced prices on the prior year.
With all velvet stock sold and exported,
it remains a profitable income stream for
deer clients and continues to grow in both
production and quality.
The Genetics business achieved some
outstanding results with its bull sales.
The team is investigating the value add
of a ‘beef over dairy’ strategy which will
benefit dairy farmers seeking genetics that
shorten gestation, maximise ease of birth,
and increase profitability of cattle.
PGG Wrightson Business Development
Manager, Jess Davies, and PGG Wrightson
Livestock Representative, Richard Lamb,
discuss GO-LAMB with client James Cooper,
owner of Laurieston Enterprises Limited
near Taupō, Waikato.
Our Agency group incorporates the Livestock, Wool and Real Estate businesses. Operating
EBITDA was $16.1 million and was down $5.8 million on the prior year’s strong result or 26 per
cent. Revenue was $188.8 million, which was broadly in line with the prior year’s result, down
just $0.6 million.
bidr – first dairy herd
forward contract
SOLD ON-LINE
Agency group | Rōpū umanga
RevenueOperating EBITDA
$
188.8M
$
16.1M
▼ 0.05%
▼ 26.0%
PGG Wrightson Livestock Representatives, Gareth
Williams from Taihape, Maurice Stewart from
Feilding, and Bjorn Andersen from Dannevirke,
selling a pen of two-tooth sheep at the Feilding
Saleyards in Feilding, Manawatū.

28
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
29
Success in saleyards from a through-put
perspective, especially in the North Island,
flowed through to on-farm sales. During
the period National Saleyards Limited
was successfully established. This is a new
entity to operate several jointly owned
saleyards across the North Island.
Technological innovations included the
enhancement of agOnline, which is the
most viewed rural website in the country.
The online Blue Notebook was upgraded
and creates more options for our agents to
transact and source information digitally.
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.
Wool | Wūru
Overall, the wool business had a solid year
with total bales procured into stores in line
with last year. Wool growers continue to
be negatively impacted by coarse wool
prices. PGW Wool had another steady
fine wool season, growing market share
supported by high value long-term
merino contracts with growers.
While the challenges of navigating
international supply chains have eased,
the impacts of Cyclone Gabrielle continue
to pose a daunting challenge to the New
Zealand wool supply chain. WoolWorks
New Zealand Limited's Awatoto wool
scour was impacted by flooding and
remediation work is expected to complete
by the end of the year.
As wool's natural and sustainable
fibre story grows stronger, consumers
are beginning to appreciate the
environmental benefits of the product.
PGW is an active proponent of the
advantages of wool and continues to
invest in the business.
PGW extended its wool contract
business by linking wool growers with
manufacturers both domestically and
internationally. We also received increased
enquiries from domestic and international
retail brands. We expect that rising
demand for organic wool will see growers
supported by price increases in time. In
the latter part of the financial year we saw
a significant number of overseas clients
visiting our shores to get on farm and
meet our wool growers. A key focus of
clients is to better understand the supply
chain for wool production and farming
practices.
Our Wool Integrity NZ™ Programme
provides assurances that our wool has
been ethically grown. During the year
we released our Wool Integrity marketing
video “From New Zealand woolsheds to
the world”. The story follows the wool
journey, beginning on-farm and finishing
up on the other side of the world where it
has been manufactured into high-quality
products. The campaign highlights how
PGW Wool and our export subsidiary Bloch
& Behrens supports growers to produce an
ethical fibre that is grown to world leading
farm standards, while also connecting
them to the global market.
We are proud that our Wool Trainee,
Hine Mullany, was named Dux of PGW’s
Academy Programme. Hine’s dissertation
sought to improve the clip, particularly the
wool colour, of a Canterbury grower.
PGW Wool extended its support to the
Campaign for Wool’s “Wool in Schools”
initiative where mobile "Wool Sheds" travel
across New Zealand, visiting primary and
intermediate schools to educate children
about the wonders of wool.
Real Estate | Hokohoko Whenua
The real estate market has experienced
one of the toughest years in some time
with high interest rates, stricter regulatory
requirements, softening commodity
prices, and uncertainty regarding the
outcome of the general election in
October 2023 all contributing to negative
sentiment.
This was reflected in operating results
for PGW’s Real Estate with the decline in
market activity leading to significantly
fewer sales being made than in the
prior financial year. On the positive side,
we maintained our market share and
increased share in some regions.
Whilst it was pleasing to see PGW Real
Estate involved in some large rural
properties being transacted, this did not
offset the low sale volumes experienced
throughout the year, particularly in the
lifestyle property market. Sales within
Canterbury, King Country, and Otago
remained robust, particularly for rural
properties, however this was negated by
sales in the North Island being negatively
impacted by the significant number of
adverse weather events.
Looking forward to the busy spring
season, we have a lot of activity in the
pipeline with appraisals and listings
booked in with higher activity in the
sheep and beef, cropping, and horticulture
categories. We anticipate that properties
sold for carbon farming will slow and
will revert to more traditional values and
volumes, especially in areas of the North
Island.
We launched the refreshed PGW Real
Estate website which has a contemporary
design that provides easy accessibility and
enhances user navigation.
PGW Real Estate expanded its profile
in Wairarapa and Central Hawke’s Bay
through the acquisition of a real estate
business with several branches which
contributed to increasing our overall
market share.
Into the hills in Tekapo, Canterbury,
photographed by Harry Railton for the PGG
Wrightson Landmarks Photo Collection.
The wool for the
54,000 tennis balls
USED AT WIMBLEDON IS SUPPLIED
BY PGW’S WOOL GROWERS.
Tennis balls made with wool supplied by
PGG Wrightson’s wool growers.
Highest property
value sale of $35 million
The year in review – Agency group continued

Working with
Fruitfed Supplies
Blair Deaker joined Fruitfed Supplies
in 2018 and is a THR servicing
horticultural and viticultural clients
across Central Otago. Blair has
been a grower himself and enjoys
the challenges that come from
the different crops, locations, and
climate. Blair says, “Every grower
has different goals on their blocks
which keep things interesting, as
what works for someone might
not work for another or a grower
may transition from a conventional
to a biodynamic block. I enjoy my
relationships with growers, and
helping where I can so they can
achieve their end goals, whether it
be cherries or grapes.”
Left and upper right: Fruitfed Supplies
Technical Horticultural Representative,
Blair Deaker, assesses potential fruit drop
in the cherries with Tim Paulin, Managing
Director of 3 Kings Cherries near Dunstan,
Central Otago.
Below right: 3 Kings Cherries new packing
facility.
Photo credit: 3 Kings Cherries.
30
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
31
Our Clients | Ā Mātou Kiritaki
3 Kings Cherries
Reigns Supreme
T
he Paulin family has been growing fruit
in Central Otago for more than 100 years
since Robert Paulin bought his first Clyde valley
orchard in 1921. Robert’s grandson, Tim Paulin,
used to run in the foothills of the Dunstan
mountains in his rugby playing days and he
noticed there were warm patches of air on this
particular piece of land. Tim explains, “20 years
ago we put some data loggers out and found
that in general it was warmer on frosty nights
but in a snow event it was about the same as the
surrounding area but didn’t get the killer frost.
The sloping land means that most of the cold
air drains out which are perfect conditions for
growing fruit.”
In 2017 Tim was part of a syndicate that
purchased the sheep farm where he used to
run, and 3 Kings Cherries orchard was founded.
Tim spent the next few years clearing the
land and planting cherry trees. The 42-hectare
canopy orchard will produce 400 tonnes of
Fulfar, Kootenay, Lapin, Regina, Staccato, Stella,
and Sweetheart cherries each year when at full
production.
Tim’s long-standing relationship with Fruitfed
Supplies began when he started working in
orchards in Central Otago in 1996. Since then Tim
has worked with a number of Fruitfed Supplies
Technical Horticultural Representatives (THRs).
Blair Deaker, Tim’s current THR, has supported
Tim for five years. Tim says, “I’ve always worked
with Fruitfed Supplies and I’ve had a very good
relationship with its THRs and its always gone
well. The premium export cherry market is
extremely competitive, and I have confidence
that Blair will deliver what I need when I need
it. I can rely on Blair to be one step ahead,
anticipating my needs in advance. Everything
turns up when I need it, especially when
requiring critical sprays, as you need to know
that you’ve got them coming before you require
them”.
Tim has designed an efficient operation
with the orchard’s irrigation which runs
on solar and is gravity fed. He can control
the system from his phone and monitor
the flow rate and how much water has
been used at any point in time. His spray
programme monitoring is digitised, he can
see on screen the rows that have been
sprayed and if any have been missed or
doubled up on, removing wastage. “Blair
does the soil tests for me and from there
we then discuss the fertiliser requirements.
I’ve planted clover for its nitrogen fixation
properties along with other grasses.”
Mowed grass is thrown under the trees
to increase the soil organic matter and
suppress weeds which also helps to retain
soil moisture. Additionally, there is no clean
raking under the trees which allows the
wood to breakdown into organic matter in
a more sterile environment, thus improving
soil health.
A new packing facility was built in 2020 with
state-of-the-art technology and processes.
The packhouse was built as close to the
trees as possible so cherries are picked and
packed in one day. The processing system
uses optical recognition to detect the
shape, colour, size and complexion and a
360-degree view of each cherry provides
exceptional accuracy. Processing occurs at
extraordinary speeds of up to 30 cherries
per second or approximately four tonnes
per hour. “This allows us to strip pick the
crop which is more economical as we don’t
rely on the pickers to sort the cherries, the
accurate processing system does it for us.
The whole process is a lot more precise
now and we’re making sure we’re getting
the right money for the right sized cherries,”
says Tim.
Blair enjoys working with Tim and the
initiatives undertaken to run as sustainably
as possible. Blair says, “Being a new orchard
allows Tim to be at the leading edge of
development and I enjoy being challenged
by different growing techniques such as a
trial with closely planted trees (1m apart),
that is only growing fruit close to the trunk,
so producing more cherries per hectare
and requires fewer pickers and pruners.
This is especially important now that labour
has become such a major cost factor in
growing.”
The 'Three Kings' rock formations sit on the mountains above the Clutha River
and overlook the Clyde dam and across the valley to the orchard that carries their
name. They were aptly named by Peter Paulin in the 1980s.
Photo credit: 3 Kings Cherries

Aquila Sustainable
Farming’s Organic Odyssey
Aquila Sustainable Farming Limited farms 5,500 cows across six certified organic
dairy farms totalling 2,970 hectares and an additional four leased blocks of 1,260
hectares throughout Southland’s fertile, flat to rolling countryside.
T
he properties were purchased in
2011 by Aquila Capital, a German
investment management company that
places sustainability at the heart of its
value system. The farms were converted
to organic in 2016 which provides Aquila
some downside income protection as
there is a fixed guaranteed premium for
the organic milk above the conventional
milk price. The Aquila farms now milk
90% A2 cows, providing another
premium on top.
Being an organic dairy farm requires
tighter oversight as not all of the tools
that are available on conventional farms
are accessible to organic farms. Although
the farms are run independently by a
farm manager, they are supported by
Aquila’s management team. Jess Craig,
Aquila’s General Manager, assists the
managers with organic compliance
requirements to ensure continued
certification. Jess says, “We must adhere
to strict criteria to keep our organic
status so a huge focus for us relates to
good animal health and highly fertile
cows. We introduced Scandinavian Red
genetics into the herd which are strong
in these traits and our 2022/23 season
was the first year we had Scandinavian
heifers coming into the herd. Training
and support are also very important
and that’s what we provide to the
farm managers. We were delighted to
represent farming and win the Workplace
Wellbeing Award at the Southland
Business 2021 Excellence Awards.”
Aquila and PGW’s relationship began
when the Group took ownership of the
farms, however Strahan McCallum, Aquila’s
Operations Manager, has a relationship
with PGW dating back to the mid-1990s
with PGW’s predecessor company, Reid
Farmers. Strahan has worked with PGW’s
Livestock Representative, Roddy Bridson,
since 2012 and they have achieved a lot
over the years.
Both Jess and Strahan agree the transition
from A1 to A2 cows, which Roddy
implemented, was a highlight for Aquila.
Strahan says, “Over that period Roddy
arranged the sale of 2,000 A1 cows and
went out to the market and purchased
2,000 A2 cows. The relationship with Roddy
and his selection of quality cows have been
extremely good. Roddy and I travelled all
around the country buying cows, he was
very organised putting good group profiles
in front of us, and he was with us all the
way. He's got a huge passion for it which
makes the job a lot easier when you’re
dealing with someone. PGW’s nationwide
dairy network was also very supportive
of our programme.” Jess adds, “Roddy
communicates really well and that’s the
biggest thing for us. He really used his
networks when sourcing buyers for our A1
stock and good quality A2 stock for us.”
Roddy enjoys working with Aquila’s team
and felt a huge sense of achievement
assisting Aquila transition to A2 cows.
Roddy says, “Aquila is a big company, and I
am interested in the diversity of the organic
farms. It’s rewarding working across all the
farms and being involved in the normal
day-to-day farm activities. Working with
Strahan is gratifying, and I appreciate that
when he makes a decision he sticks to it,
he’s a man of his word. I like dealing with
the six managers and I have different
relationships with each of them.”
Working with PGG Wrightson
Roddy Bridson joined PGW as
a Livestock Representative in
2005 servicing dairy clients in the
Southland district. Being in the
agricultural industry for his lifetime,
Roddy is passionate about livestock
and enjoys building connections
with likeminded people. Roddy gets
great satisfaction from meeting his
client's needs, he says, “Becoming
part of your client's business is a real
privilege and helping them to reach
their farming goals is very satisfying.”
PGG Wrightson Livestock Representative, Roddy Bridson, discusses condensed calving spread with Strahan McCallum, Aquila Operations Manager,
at Glencairn near Lumsden, Southland.
Photo credit: Alicia Keown Photography
32
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
33
Our Clients | Ā Mātou Kiritaki
Photo credit: Aquila Sustainable Farming
Photo credit: Aquila Sustainable FarmingPhoto credit: Open Country Dairy

34
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
35
Our People | Ā Mātou Tāngata
Agritrade
Celebrates
10 Years
expanded, new suppliers with innovative
products have been added to the range.
Agritrade is the distributor for Nexan, a
New Zealand company which supplies
animal health products including
Vetmed, Cervidae, Centramax and
Active+, as well as Horizon Agresources
(NZ). It is also the exclusive New Zealand
distributor for the Italian bio-stimulant
plant nutrition company, Valagro.
Aquaspec is a wholesaler to the irrigation
industry and works with leading
brands to bring quality irrigation, water
reticulation, and plumbing components
to the country. Time Capsule® is
Agritrade’s proprietary animal health
product which it owns, manufactures,
markets, and distributes. The Time
Capsule® zinc animal health treatment
capsule provides protection for facial
eczema in sheep and cattle, which is
caused by a fungal infection affecting
the liver.
All these specialised products are
available to PGW’s clients through its
Rural Supplies and Fruitfed Supplies
stores, with various ranges available
through other farm supply stores
and veterinary clinics throughout
the country. Retailers are supported
by Agritrade Territory Managers who
provide high-quality technical advice
and support across the range of
products.
Agritrade redistributes other products,
including Prydes EasiFeed horse food,
through its supply chains, and Mars
dog and cat food and MaxCare calf milk
powder through PGW’s Rural Supplies
stores. This provides PGW’s retail stores
with breakbulk distribution, logistical
efficiencies, tactical procurement, and
support of some private labels.
Agritrade’s National Manager, Shane
McDowall, says, “since Agritrade’s
formation 10 years ago the business
has grown exponentially to where it
is now providing a diverse range of
products throughout the country. We
are experiencing strong growth in
animal health, horticultural, and winery
products. We’ve come a long way in our
first 10 years, so I am excited about what
we can achieve in the next 10 years.”
Working with Agritrade
Shane McDowall joined PGW in 2005
as the Commercial Manager looking
after the Retail business. Being born and
raised in the deep south, Shane has a
strong affinity with the rural sector and
has been involved in many parts of the
PGW business over his tenure. Shane
is a passionate leader and gets great
satisfaction out of driving efficiencies and
improving value for both the business
and the customer. Shane says “we have
a fantastic team within Agritrade and
have come a long way in a short period of
time. I have been particularly impressed
with the focus on growing the culture of
the team. This will ensure as a business
we can continue to build on a strong
customer service culture and further
grow the business.”
Agritrade is PGW’s wholesale business division which manufactures, sells,
and distributes key brands and products to improve farm and grower
production. The wholesale business was established ten years ago as it
was becoming increasingly difficult to import small orders of product and
some international suppliers were considering exiting the New Zealand
market.
A
gritrade started as a small operation
in Christchurch and has grown
nationwide with large warehouses in the
North Island and South Island and 13 third
party logistic (3PLs) distribution centres
throughout the country. Products cover
the areas of agronomy, animal health
and nutrition, land development, water
and irrigation, and crop and orchard
management. Bulk products are imported
to ports near Agritrade’s warehouses in
Rolleston and Hamilton and its nationwide
3PLs where they are stored so they are
close to where they are required. This
provides distribution efficiencies saving
freight costs, emissions, and delivering
products to clients faster. The distribution
centres' orders are controlled by batch, and
store employees operate scanners using
the first in, first out method.
Agritrade distributes over 125 different
brands and over 3,000 active items to
the marketplace and completes more
than 36,000 orders per annum, equating
to over 200,000 lines of products. There
are approximately 65 people in the
business with a diverse range of skills
from marketing, sales, procurement,
manufacturing, customer services, and
logistics.
Agritrade has strong relationships
with leading local and international
manufacturers. As the business has
Agritrade’s Time Capsule® boluses postproduction.
Agritrade Warehouse Manager, Lizzie Ross, and
Agritrade Distribution Manager, Nathan Dargan,
discuss the distribution centre’s state of play and
staff rundown at the Rolleston Warehouse in
Rolleston, Canterbury.

36
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
37
Working with
Fruitfed Supplies
Anna Graham joined Fruitfed Supplies in
2021 as a Crop Monitoring Coordinator
servicing viticultural and horticultural
clients across Marlborough and Tasman.
Anna recently became the Crop
Monitoring Manager, with oversight over
Fruitfed’s nationwide crop monitoring
programme in pipfruit, grapes, avocados,
vegetables, citrus and berries. She enjoys
the challenges that come from the
different crops, locations, and climate.
Anna says, “Every year has different
pest and disease challenges and new
technology which keep things interesting.
I enjoy working with the Coordinators and
Scouts in each region who provide data to
growers to help them effectively manage
pests and diseases.”
25 years
of Crop
Monitoring
This year, the Fruitfed Supplies Crop Monitoring division marks its 25th anniversary.
beneficial insects present in crops which
played a role in keeping pest populations
down. Spraying at targeted times help
protect those beneficials.”
Now under the leadership of Blenheim-
based Dr Anna Graham, the Crop
Monitoring business continues to grow
with Scouts in eight regions. As well as
collecting field data on pests, diseases
and beneficial insects, Scouts can monitor
and record catch data from pheromone
traps which are utilised in a range of
crops to help determine the optimal time
to apply sprays. Scouts can offer a full
service from placing traps in the correct
locations across a crop, and replenishing
bases and caps in accordance with trap
monitoring guidelines.
Anna says, “As international markets
demand greater traceability and
transparency within the food supply
chain, growers are faced with
mandatory crop monitoring to meet the
requirements of specific export markets.
Our Crop Monitoring service is designed
to meet these standards according to the
crop.”
“Our programmes also adhere to
GLOBALGAP recommendations which
aim to reduce the use of chemical inputs
alongside world food safety standards.”
Fruitfed Supplies Scouts use a digital tool
to record what they observe in the field.
From there, reports are generated for
growers and any audit requirements they
have to meet due to compliance and
market access. The programme provides
readily available digital reports on insect,
disease and weed pressure levels as
proof of application after applying crop
protection products.
T
he Crop Monitoring Service, as it was then
called, was established as a business unit of
Fruitfed Supplies at the end of 1997. The aim was
to help growers with early detection of pests and
diseases and move away from calendar spraying.
Collecting data on which pests and diseases were
present in orchards and vineyards by monitoring
regularly meant growers could apply crop
protection products when needed, not according
to a schedule.
It was the first professional crop monitoring
service of its kind in New Zealand and offered
growers the support of an independent service
with well-trained monitoring scouts. At the time,
then Regional Manager Garth Davis described
Crop Monitoring as probably the biggest change
in the industry for 50 years.
With Linda Haughey at the helm, the new crop
monitoring team started work in around 160 ha
of Hawke’s Bay pipfruit. By 2001, there were 60
Crop Monitoring Scouts working in 2000 ha of
crops for 600 growers across Gisborne, Hawke’s
Bay, Bay of Plenty, Pukekohe, Manawatu, and the
South Island. By 2003, they were working in 14
different crop types, both conventionally and
organically grown.
Linda and the Crop Monitoring team worked with
industry sector bodies to ensure Crop Monitoring
programmes fit with sector growing guidelines
and ever-changing market requirements.
“Growers faced market pressure to justify
spray use then, just as they do now,” says Linda
who studied agricultural and environmental
science in Ireland, specialising in integrated
crop management and biological controls. “We
saw that developing more sustainable growing
practices would benefit both growers and
our environment. They would also meet the
expectations we could see would be placed on
growers in the future. From an economic and
sustainability point of view, why spray if you don’t
need to? We also recognised there were many
Our People | Ā Mātou Tāngata
Top: Fruitfed Supplies Crop Monitoring Coordinator,
Anton Herselman, monitoring for pests of concern and
beneficial insects on avocado orchard in Bay of Plenty.
Lower left: Fruitfed Supplies Crop Monitoring
Coordinator, Pete McNaughton, checking a trap for
insect pests on a blackcurrant farm in Canterbury.
Lower right: Fruitfed Supplies Crop Monitoring Manger,
Anna Graham, checking for suspected downy mildew
under the microscope in discoloured grape berries.
Fruitfed Supplies Crop Monitoring Manger, Anna Graham, monitoring for pests and disease in grapes at a vineyard in Marlborough.

Sustainability at
PGG Wrightson
Te Toitūtanga a PGG Wrightson
Fruitfed Supplies R&D Technical Advisor,
Karen McCallum, discusses a trial on
onion thrips in mature onions with Jason
Easton, owner of Easton Agriculture and in
partnership with McBain Farms in Wakanui
near Ashburton, Canterbury.
ANNUAL REPORT 2023
|
3938
|
PGG WRIGHTSON LIMITED

ANNUAL REPORT 2023
|
41
Retail & Water | Rōpū Hokohoko me te Wai
Rural Supplies, Fruitfed Supplies, Water & Irrigation | Ngā Whakaratonga Taiwhenua, Ngā Whakaratonga ā-Huawhenua, Te Wai me te Whakamākūkū
The PGW Retail store network includes PGW’s Rural Supplies and Fruitfed Supplies brands, and Water & Irrigation. PGW offers a range of
products and services across farming and horticulture, sourcing directly from New Zealand and international based suppliers, as well as through
PGW’s, wholesale division, Agritrade. Alongside the retail network is a team of technical experts specialising in supplies to the agricultural and
horticultural sectors, water and irrigation, as well as offering a range of specialised services including agronomy, soil science, animal health,
animal nutrition, crop specialists, crop monitoring, irrigation solutions and broader technical advice. PGW is an agent for Ballance Agri-Nutrients
for the sale of fertilisers and has a key business relationship with Valmont Industries through the design, sale and servicing of precision irrigation
solutions from Valley Irrigation.
Agritrade | Tauhokohoko Ahuwhenua
Agritrade is PGW's wholesale distributor business division. Agritrade represents rural, horticulture and water ranges and brands sourced from around
the world with Europe, America, Australia, China and India being the main sources. Agritrade sells its products through PGW's retail stores, as well as
to other retailers and distributors who then o
n sell these products to farmer and grower clients directly.
Agency | Rōpū Umanga
Livestock | Ngā Kararehe
PGW is the largest nationwide stud and livestock business, providing agency services for the sale and purchase of livestock through auction,
private sale, on farm sales and specialist stud stock sales. PGW also offers a number of innovative services and products including bidr® (New
Zealand's virtual saleyard offering real-time, live auctions online), agOnline (a key source of livestock listings across the country to facilitate private
sales), GO-STOCK (a grazing contract alternative to finance, which assists farmers to manage cashflow) and Defer-A-Bull (allowing farmers to
secure a bull with no upfront cost or repayments until the bull is sold).
Wool | Wūru
PGW Wool sources wool directly from their network of grower clients. Bloch & Behrens Wool (NZ) Ltd (BBNZ) is a PGW company that procures
this wool and arranges for it to be scoured and exported primarily through logistics service providers to worldwide processors, predominantly
based in Europe. In turn these manufacturers make products which are sold either directly, or through retail outlets to end consumers. BBNZ
provides a transparent supply chain with most products being able to be traced back to the farm. The wool is produced to strict standards and
BBNZ is a member of the Global Organic Textile Standard (GOTS), Ecolabel, Responsible Wool Standard (RWS), NZ Farm Assurance Programme
(NZFAP) and PGW's own Wool Integrity brand.
Real Estate | Hokohoko Whenua
PGG Wrightson Real Estate Limited is a nation-wide non-franchised real estate company assisting clients throughout the country and across the
globe to buy and sell New Zealand property. The PGW Real Estate Team specialise in the purchase and sale of farms, rural properties, lifestyle
blocks, residential homes and commercial buildings. The team is responsible for around one-third of all New Zealand’s farm transactions and has
over 170 licensed real estate salespeople.
Strategy | Rautaki
The PGW Group Strategy directs our
focus on areas where we wish to make
progress and differentiate our offering,
while strengthening our position as
market leader. The group strategic
priorities are:
Leverage our Collective ReachTrade Finance Solutions
Customer Focused Innovation
Environment &
Sustainability
Our Differentiated OfferingOur PGW Brand Story
Invest in our PeopleOur Results & Measures
PGW has a rich heritage of more than 170 years working alongside New
Zealand farmers and growers to service their on-farm and on-orchard
needs. PGW itself was formed in October 2005 through the merger of Pyne
Gould Guinness Ltd and Wrightson Ltd. Both founding companies had long
histories dating back to 1851 and 1861 and they were themselves the result
of many amalgamations through the years. For more information see
www.pggwrightson.co.nz under Our Company > Our History.
PGW is a publicly listed company on the New Zealand stock exchange (NZX)
with its headquarters located at 1 Robin Mann Place, Christchurch Airport,
New Zealand.
PGW is a market leading, full-service agricultural and horticultural supplies
and services business operating across the supply chain throughout New
Zealand. The business is split between two groups, Retail and Water, and
Agency – with their respective business units shown below.
PGW strives to be ‘Leaders in the Field’ and recognises the
need to balance issues of environmental, social, cultural
and economic sustainability in order to make a valuable
contribution to our people, clients, communities
and shareholders.
Agency group | Rōpū Umanga
LivestockWoolReal Estate
Retail & Water group | Rōpū Hokohoko me te Wai
Retail SuppliesFruitfed SuppliesWater & IrrigationAgritrade
The strategic priorities are
underpinned by our values:
AccountabilityLeadershipIntegritySmarterTeamwork
40
|
PGG WRIGHTSON LIMITED

42
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
43
Sustainability Reporting | Te Pūrongo Toitū
Reporting on sustainability is a crucial component of our commitment to transparency. PGW reports annually on our material sustainability-
related activities and performance across all its subsidiaries. The content of this reporting is in accordance with the GRI Standards, including the
application of the GRI Reporting Principles:
AccuracyClarityCompletenessTimeliness
BalanceComparabilitySustainability contextVerifiability
This reporting has been informed by a formal materiality assessment that was undertaken in 2022 to determine and prioritise which
environmental, social, and governance (ESG) factors are important to our key stakeholders and material to our business objectives and activities.
The concept of ‘double materiality’ was applied, which looked across both the impact ‘on’ the business as well as the impacts ‘of ’ the business.
These allow for an understanding of the two-way interaction between PGW and the wider social and environmental context of our operations.
The information contained in this report covers the period from 1 July 2022 to 30 June 2023 and aligns with the reporting period for PGW’s
financial reporting. This report contains no restatements or revisions of previously reported information, covers the operations of all PGW listed
entities and has not been externally assured. The PGW Board reviews and approves the content contained within this annual report. If you have
any questions regarding the content of this report, please contact
enquiries@pggwrightson.co.nz
The following key issues were identified as the most material and ranked according to both the stakeholder and business impacts:
Material TopicPillarDefinition
Workplace Health & SafetySOur commitment to looking after our people and providing a safe and healthy work environment.
Product Traceability, Assurance
& Lifecycle Management
E / GThe role PGW plays in the value chain and product story of its customers and partners makes
transparency and traceability a critical ethical, environmental and strategic factor. This encompasses
certification and traceability throughout the supply chain, supporting ethical and sustainable
practices across the whole product lifecycle.
Waste and Hazardous MaterialsEManaging and reducing the hazardous materials and their impacts on the natural environment.
Greenhouse Gas Emissions and
Decarbonisation
EOur strategies and actions to reduce GHG emissions within our portfolio, as well as the transition to
a low carbon future and managing the impacts of climate change.
Partnerships and Supporting
Communities
SMaking a positive contribution toward a diverse, skilled, future focused workforce and inclusive
culture across the New Zealand rural sector, as well as the sites and communities in which we
operate.
Ecological Impacts of Agri-
Chemicals
EManaging and informing our customers of the potential ecological impacts of the products we
develop, purchase, market and sell.
Compliance with Legal &
Regulatory Requirements
GManaging compliance with local and national environmental regulations and market expectations.
Organisational Governance | Te mana whakahaere ā-whakahaere
PGW governance is set out in the PGW Constitution and Corporate Governance and Board Charter, which comply with the principles of the NZX
Listing Rules and Corporate Governance Code (17 June 2022). A summary of the high-level governance structures that contribute to decision
making are shown below.
The composition of the Board, being PGW’s
highest governance body and its committees
are set by PGW’s Board Charter and each
specific governance committee has terms
of reference or charters relevant to its
operational responsibilities and objectives.
The Chief Executive Officer is the primary
officer responsible for reporting to the
Board on operational matters. This can
include communication of day-to-day
activities, critical concerns, advancing the
collective knowledge, skills and experience
on sustainable development, or impacts on
economy, environment and people. Recording
of these matters is contained within the
minutes of the PGW Board meetings.
Ultimately PGW’s shareholders are responsible
for evaluating the performance of the PGW Board through the director elections at the Annual Shareholders’ Meeting (ASM) conducted every
year. Minutes of the ASM are available at
www.pggwrightson.co.nz under Investor Centre > Annual Shareholders’ Meeting.
More information and disclosures relating to PGW corporate governance can be found under the Corporate Governance and Board Charter
section of this report.
Policy | Kaupapahere
PGW operates a framework of policy documents to ensure responsible business conduct across all operations. These include meeting
fundamental responsibilities in the areas of human rights, labour, environment and anti-corruption. PGW defines three levels of policy
classification:
•
Governance policies which cover responsibilities of the Board are approved by the PGW Board.
•
Group wide policies are the responsibility of management and are approved by either the Chief Executive Officer or the Chief Financial
Officer.
•
Business unit specific policies may operate independently at the business unit level and are approved by the General Managers.
Responsibility for embedding the policy commitments sit with the leaders of each business unit. All staff are made aware of policies through the
induction process and substantial changes to policies are communicated to all staff. Our corporate governance policies are:
•
Audit Committee Charter
•
Code of Conduct
•
Constitution
•
Continuous Disclosure Policy
•
Corporate Governance Code
•
Diversity and Inclusion Policy
•
Environment Policy
•
Health Safety and Environment Committee Charter
•
Non-GAAP Accounting Policy
•
Remuneration and Appointments Charter
•
Health, Safety and Wellbeing Policy
•
Securities Trading Policy
•
Sustainability Policy
Copies of these policies are publicly available on:
www.pggwrightson.co.nz/sustainability
PGW has had no significant instances of non-compliance with laws and regulations within the financial year to 30 June 2023. PGW continues to
enhance frameworks to support compliance activities across business operations.
Risk and Compliance
Committee
Treasury Committee
Remuneration, Appointments and
Nominations Committee
Credit Committee
Audit Committee
PGG Wrightson Board
Group Health, Safety &
Environment Committee
Governance Committees
Committees of the
Board (Management
Representation)
Health, Safety &
Environment Committee
Pillars: E = Environmental, S = Social, G = Governance
Sustainability at PGG Wrightson | Te Toitūtanga a PGW

44
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
45
United Nations Sustainable Development Goals | Ngā Whāinga Whanaketanga Toitū a te Kotahitanga o
Ngā Iwi o te Ao (UN SDGs)
PGW has assessed the United Nations Sustainable Development Goals (SDGs) for their application across the business. The SDGs are a collection
of 17 interlinked objectives designed to serve as a blueprint for peace and prosperity for people and the planet. The 17 SDGs were mapped
against our group strategy, material topics and business activities – the following goals were identified where PGW can contribute to the goals at
a target level:
SDGPGW Contributions

Through the products that we sell and technical expertise we provide, PGW contributes to productivity (2-3), resilience (2-4) and
genetic diversity (2-5) of agricultural practices and crops.

Creating an environment where our people are supported and encouraged to perform to their best, PGW promotes good health
(3-8) and wellbeing (3-4) within communities in which we operate.

PGW’s objectives to support diversity and inclusion across the business promotes the full participation of women in decision
making and leadership (5-5).

PGW has strong market presence throughout New Zealand, contributes to economic productivity (8-2), full employment, equal
pay (8-5), protection of labour rights, safe working environments (8-8) and the removal of modern slavery from our supply chains
(8-7).

Agritrade’s activities enhances research within the sector (9-5), while the PGW Technical Team offers technical expertise through to
our clients and communities (9-4) (this is a point of difference in the market).

PGW (in partnership with organisations such as AgRecovery) aims to reduce the volumes of waste generated and improve
diversion rates (12-5), encouraging those in our upstream and downstream supply chains to adopt sustainable practices and
reporting (12-6).

PGW is strengthening the resilience and adaptive capacity to respond to a changing climate (13-1) and reducing operational GHG
(13-2) and raising awareness (13-3).

Through the promotion and sale of biological product(s) research and development PGW assists in reducing the degradation of
natural habitats (15-5). Through the sale of pest control products and herbicides PGW is reducing the impacts of invasive species
(15-8).
PGW has strong partnerships with key suppliers and is a member of a number of agriculture sector bodies (17-16), encouraging
strong public-private partnerships (17-17).
Memberships and Associations | Ngā Mematanga me ngā Hononga
PGW recognises the importance of active contributions to the industries where we participate. Industry memberships and associations are
important to ensure the best interests of the participants are being represented, to encourage market growth, foster talent, collaborate, and
support technical innovations. PGW is currently a member or associated with the following entities:
•
AgRecovery
•
Animal & Plant Health New Zealand
•
Business Leaders Health and Safety Forum
•
Campaign for Wool
•
Deer Industry of New Zealand
•
International Wool Textile Organisation
•
National Council of New Zealand Wool
Interests Incorporated
•
New Zealand Association of Accredited
Employers
•
New Zealand Council of Wool Exporters
•
New Zealand Elk and Wapiti Society
•
New Zealand Farm Assurance Programme
(Wool Member)
•
New Zealand Stock & Station Association
•
New Zealand Wool Brokers Association
•
Plasback
•
Real Estate Institute of New Zealand
•
Safer Farms
•
Wool Research Organisation
of New Zealand
Stakeholder Engagement
|
Te Whai Wāhitanga o te Hunga Whaipānga
PGW takes the following approach to stakeholder engagement:
StakeholderWhy they are importantWays we engageKey issues
Employees
PGW has over 1,800 employees, casual,
and commission agents and we recognise
that the best outcomes are achieved when
we focus on our people. We use a range of
approaches to engage with our employees
who are distributed across New Zealand.
•
Email
•
Intranet
•
CEO Update
•
Face to face meetings
•
Phone calls and messages
•
Team meetings
•
Health and safety
•
Performance
•
Development and training
•
Sustainability
Customers
As a large agricultural and horticultural
supplies business, our customers are the
most important part of our value chain.
PGW must ensure the goods and services
provided continually meet and exceed the
needs of our customers.
•
Day to day interactions
through the course of
business
•
Email
•
Social media
•
Value-for-money offering
•
Range of products
•
Technical advice and
expertise
Suppliers
Supplier relationships are critical to ensure
high quality products continue to reach
our clients in the quantities and timeliness
required.
•
Supplier meetings
•
Conferences
•
Category management
meetings
•
Cost pressures
•
Sustainability in the supply
chain
Shareholders
Shareholders are the owners of the
company; they have invested capital and
have a high level of interest in PGW’s
operations and performance.
•
Annual Reports
•
Annual Shareholders'
Meetings
•
NZX Announcements
•
Website updates
•
Governance
•
Financial results
Communities
PGW has operations located across New
Zealand, with our presence most visible in
rural communities where we are often one
of the largest supplies stores. Maintaining
relationships in these communities is vital
to ensuring PGW maintains a social licence
to operate.
•
Provision of essential goods
and services
•
Media releases
•
Fundraising, sponsorship
and donations
•
Rural events
•
Customer interactions
•
Community relationships
•
Environment and
Sustainability
•
Company involvement and
contribution
•
Recruitment and jobs
Iwi
As PGW operates across New Zealand, we
must ensure our operations are consistent
with our stakeholder and community Te
Tiriti o Waitangi expectations. PGW plays
an important role in ensuring ahuwhenua
(industrious cultivation of land) principles
are upheld. This is through engagement
with industry stakeholders and strongly
representing Māori agribusiness through
business relationships, guided by tikanga
(Māori societal lore) and the focus on
building enduring whanaungatanga
(relationships) to tautoko (support) and
hautū (guide) Māori agribusiness clients.
•
Dedicated Māori
Agribusiness Team
•
Māori agribusiness hīkoi
•
Sponsorship of the
Ahuwhenua Awards
•
Represent Māori
agribusiness with industry
stakeholders
•
Farming practices
•
Technical knowledge and
skills transfer
•
Land management practices
•
Value-for-money offering
•
Range of products
Industry, partnerships
and memberships
PGW understands the importance of
supporting people and the markets
in which we operate. These provide
opportunities to share and develop ideas.
PGW also provides expert knowledge,
advice and support to achieve industry
objectives.
•
Active participation in
industry advisory panels
•
Co-sponsor industry
conferences
•
Membership associations
•
Scholarships
•
Development of market
opportunities for products
•
Support to governmental
bodies and industry groups
•
Representation in
government policy
development
Sustainability at PGG Wrightson | Te Toitūtanga a PGW

ANNUAL REPORT 2023
|
47
Statement from Stephen Guerin
Te Tauākī nā Stephen Guerin
TUMUAKI | CHIEF EXECUTIVE OFFICER
At PGW we are dedicated to ‘Helping grow the country’ through our commitment
to protecting the natural environment for future generations.
We recognise the impact of climate
change and believe the sector has
an important role in improving
production efficiencies, contributing
to the reduction in emissions and
adapting to a changing climate. As one
of New Zealand’s largest and oldest
agribusinesses, we have an important
sustainability role to play in influencing
our suppliers and assisting our
customers in reducing their emissions.
The last financial year has been pivotal
for progress in sustainability at PGW, we
are proud to announce that the Board
approved an inaugural Sustainability
Strategy which sets in place a number
of objectives and targets for the
organisation.
Critically the organisation has set an
emissions reduction target to reduce
operational emissions (scope 1 & 2)
by 30% by FY30 from a FY21 baseline.
Alongside this target, PGW is also
targeting improved energy efficiency
across retail stores, improvements
in vehicle fleet efficiency, improved
utilisation of recycling programmes,
cultivating a strong safety and wellbeing
culture, and transparency in reporting.
PGW has employed a dedicated
resource to address sustainability for
the organisation, to ensure PGW is
well positioned to address the risks
and opportunities associated with
a changing climate. This will also
provide cohesion in our approach to
environmental, social and governance
matters across our diverse business.
We are excited about the release of the
Aotearoa Circle’s agri-sector climate
change scenarios and the adaptation
roadmap, which will help ensure the
sector has a strong future focus. We
look forward to working within the new
climate-related disclosures legislative
framework.
The content of this reporting has been
reported in accordance with the GRI
Standards and this report forms a
critical part of our transparency to our
stakeholders.
Stephen Guerin
Chief Executive Officer
Environmental Sustainability
|
Taiao
Energy and Emissions | Te Pūngao me ngā Tukuwaro
PGW recognises that climate change is a major threat to life on this planet and believes that the agricultural and horticultural sectors have an
important role to improve production efficiencies and reduce GHG emissions.
PGW has committed to reducing its operational (scope 1 & 2) emissions by 30% in absolute terms by FY30, based on its FY21 baseline. To
measure against this commitment, PGW has undertaken a comprehensive process to calculate the GHG emissions from its operations. PGW
has undertaken a formal scope and boundary assessment to ensure the inventory meets the reporting principles outlined in the GHG Protocol.
Ernst & Young Limited issued an unqualified limited assurance opinion over the GHG emissions inventories for the years ended 30 June 2021,
30 June 2022 and 30 June 2023 (the “Subject Matter”), as disclosed in the 2023 GHG Disclosure Report, available at
www.pggwrightson.co.nz/
sustainability.
CategoryBusiness Activity
FY21FY22FY23
tCO
2
-etCO
2
-etCO
2
-e
Direct Emissions
Stationary Combustion
Diesel used for heating 362921
Natural gas used for heating997
Mobile Combustion
Diesel used in fleet vehicles6,9846,4876,604
Petrol used in fleet vehicles706672
LPG used in forklifts464943
Fugitive Emissions
HFCs used in AC and refrigeration212212212
Indirect Emissions
Imported Energy
Electricity consumption (location
based)*
623564372
Electricity consumption (market based)*623564204
Total Direct and Indirect Emissions (market based)7,9807,4167,162
Emissions Intensity (tCO2-e/$1M NZD Revenue)9.417.787.34
PGG Wrightson Rural & Lifestyle Sales Consultant, Real Estate,
Brent Irving looking out over a sheep and beef property where the
vendor sold 160 hectares and leased the remaining 450 hectares
which assisted three younger families into farm ownership and
growing their respective farming operations, near Heriot, Otago.
0 2,000 4,000 6,000 8,000 10,000
Scope 1 Scope 2 (Market Based)
PGW GHG Emissions (Scope 1&2, Market Based)
FY23
FY22
FY21
GHG Emissions (tCO2-e)
7,162
7,416
7,980
-10.2%
-7.1%
Reported percentage reduction in GHG emissions taken from the FY21 baseline year.
* Location based and market based emissions disclosures follow the GHG Protocol accounting methodologies, PGW began purchasing
certified renewable energy in FY23. More information can be found in the PGW GHG Disclosure Report.
46
|
PGG WRIGHTSON LIMITED

48
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
49
PGW has also committed to improving energy efficiency through its
network of stores, offices, saleyards and other premises, targeting a
20% improvement by FY30 on an FY21 baseline. The primary sources
of energy consumption across PGW’s building-based operations
comes from the consumption of electricity, with a small volume of
fuels used for heating purposes. To address energy consumption
across the building portfolio, PGW has undertaken the following
actions:
•
Renewable Energy Purchasing: PGW began purchasing
Meridian Energy’s Certified Renewable Energy product from April
2023 onwards, supporting the development of renewable energy
in New Zealand and demonstrating our commitment to taking
climate action. This purchase allows PGW to report zero emissions
from electricity using a market-based approach to GHG emissions.
•
LED Lighting Upgrades: Through a strategic, multi-year approach
to upgrading lighting across the building portfolio PGW has
seen significant reductions in electricity consumption. PGW has
invested in over 40 LED lighting projects since 2017 realising
approximately 600,000kWh of electricity savings per year. In FY23
a further five LED lighting upgrade projects were approved under
PGW’s energy efficiency investment criteria.
PGW is a large user of fleet vehicles across New Zealand due to the
nature of our activities and relationships. Many of our staff, such
as technical representatives and agency staff require a vehicle to
undertake their roles – being physically present on farm, saleyard,
wool store, orchard, vineyard or other property. PGW has a total of
approximately 700 vehicles within the fleet, as well as a range of
internal pool cars available at specific locations for staff.
As fleet emissions comprise the single largest source of emissions
within our operational (scope 1 & 2) profile, these must be addressed
to make a material impact on our corporate level emissions portfolio.
To address this, in FY23 PGW has implemented a range of changes to
the vehicle fleet going forward:
•
Permanent inclusion of a hybrid option within the vehicle
offerings.
•
Mandatory improvement in emissions per kilometre (intensity) for
all vehicle options during the manufacturer’s refresh.
•
Tighter vehicle selection criteria to ensure vehicles better match
the roles of our staff.
PGW has a small number of electric vehicles available to staff within
the pool vehicle offering with dedicated on-site charging . PGW will
continue to monitor the improving specifications of electric vehicles,
the availability of fast-charging infrastructure and private charging
reimbursement options to support a future roll out of electric vehicles
within the PGW fleet.
Electric forklifts offer a fantastic fit-for-purpose support vehicle option
for our retail, warehousing and wool store operations. The changeover
from typical LPG-powered to electric forklifts offer a better solution
to our staff through a reduced health and safety risk profile by
eliminating manual handling and storage of LPG cylinders, reduced
particulate matter within warehouses, lower noise levels and overall
GHG emissions. PGW currently has a number of electric forklifts and
forktrucks in operation across New Zealand and has a commitment to
roll out more, following a successful trial within the Christchurch wool
store over the past 12 months.
Water | Wai
PGW is not a large user of water within business operations, primarily
due to the nature of our activities. Most PGW sites do not have
metered water supplies and are unable to meaningfully report on
total water usage. Operationally, PGW is not a large consumer of
water through day-to-day activities, instead our most material impact
on water use is through the Water & Irrigation business operations.
PGW Water offers a full-service water package to farmers and growers
nationwide, from design, planning, retail sale, maintenance and repair.
PGW Water works with customers across New Zealand to design
systems that maximise water efficiency into farming and growing
applications. The sale of variable rate irrigation systems allows farmers
and growers to have full control over water use, ensuring water is
applied both where it is needed and at the rate that is needed. All
irrigation system designs are prepared in accordance with Irrigation
New Zealand’s Irrigation Design Code of Practice to ensure a
consistent practice and design approach. In 2023 the PGW Water
Sales and Design Engineering Team completed the Valley Technology
certification to be recognised as Valley Certified Designers, following
closely behind our Valley Certified Service Field Technicians, keeping
the team at the forefront of the industry and continually improves the
business offering to clients.
Waste | Ngā Para
PGW follows the waste hierarchy for the management of resources
within operations and assists those in the value chain to do the
same. PGW understands the importance of encouraging the
development of circularity within the product lifecycle, as well as
waste minimisation and diversion where possible.
The PGW waste profile consists of operational waste generated
primarily across our network of stores. Data is obtained from a third-
party contractor who collects waste from our premises throughout
the year. In FY23 our total waste generated was 511 tonnes, with
141 tonnes recycled, representing a 28% recycling rate. There are
significant limitations to this disclosure, that the data does not include
all waste generated, as some sites are served by local councils without
customer-specific volume reporting. PGW aims to improve the data
estimation methodologies used to give a more complete picture of
the business waste profile.
As a large agricultural and horticultural supplies business, some
of PGW’s largest impacts are through the impact upstream and
downstream in our value chain. Refreshed contractual arrangements
require suppliers to ensure packaging is designed for waste
minimisation either through a compliant recycling programme or
sustainable disposal methods. PGW has been a long-standing partner
to Agrecovery, assisting with the diversion of plastics on-farm where
it can end up dumped or burned. PGW provides 13 store locations
for the recycling of participating containers (up to 60L) and 57
locations for the recycling of small bags (LDPE and woven PP) – to
find out the specific locations please visit the Agrecovery webpage at
www.agrecovery.co.nz. PGW also supports and promotes Plasback
to recycle a range of specific plastics such as bale wrap, silage
pit covers, large polypropylene bags, HDPE drums, vineyard nets
and polypropylene twine. PGW actively promotes these offers to
customers in-store and through digital communications channels.
The provision of technology enables vast operational efficiencies for
all organisations and PGW is conscious of the e-waste profile that
can be generated from this. PGW maintains ownership of laptops
and desktops within the business, with equipment returned to our
supplier at the end of its effective life. The supplier then works with a
third party who specialises in re-deployment solutions and pursues
targets to re-use or recycle 100% of all laptops and workstations.
Ancillary equipment, such as monitors, are also owned by PGW
and returned to the provider or other third-party social enterprises
who specialise in recycling. PGW utilises outsourced datacentre
providers, benefiting from the economies of scale, efficient allocation
of network assets and significantly reducing the volume of on-site
equipment.
$0 $0.5M $1.0M $1.5M $2.0M $2.5M $3.0M
Cumulative LED Lighting Savings (Estimated)
FY23
FY22
FY21
FY20
FY19
FY18
FY17
Total waste to landfill
Total waste recycled
28%
72%
PGW Waste Profile FY23 (tonnes)
511
TONNES
GENERATED
Sustainability at PGG Wrightson | Te Toitūtanga a PGW
PGG Wrightson supports renewable energy through the purchase of
consumption-matched renewable energy certificates. In FY23 the certificates
were generated by Meridian Energy at the Benmore Hydro Station.
Photo credit: Meridian Energy.
Plastic agrichemical containers are collected and loaded
onto the Agrecovery truck for shredding and recycling.
Photo credit: Agrecovery

50
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
51

Social
|
Pāpori
Our people are at the heart of our health and wellbeing commitment. We know that the best outcomes are achieved when we focus on our
people. PGW aims to create an environment where our people are supported and encouraged to perform to their best.
Employment Statistics | Ngā Tauanga Whiwhi Mahi
At PGW all employees covered by an employment contract are located in New Zealand. PGW does not currently have any employees covered by
collective bargaining agreements, with all our employees engaged under individual employment agreements.
The following tables provide a breakdown of PGW workers as at 30 June 2023:
Total number of employees
by employment contract
(permanent and temporary),
by gender
GenderPermanentTemporaryTotal
Female68138719
Male82527852
Self-described11
Total1,507651,572
GenderFull-timePart-timeTotal
Total number of employees by employment
type (full-time and part-time), by gender
Female537
182719
Male771
81852
Self-described1
1
Total1,309
2631,572
* Full-time is classified as 40 hours or above, Part-time is classified as less than 40 hours.
** Numbers do not include casual or commission staff.
Total number of employees by employment type,
by gender
Total number of employees,
by gender
In addition to those above, PGW also engages 137 workers on casual arrangements and 186 individuals on independent contractor
arrangements bringing the total staff headcount to 1,895.
The following tables provide a breakdown of the new employee hires and turnover for the 12 months to 30 June 2023:
New employee hires by age
and gender
AgeNumber
As a percentage of
total employee numbers
Under 3015410%
30-50 years old1399%
Over 50 years old1208%
Gender
Female25316%
Male15910%
Self-described10%
Total41326%
Age Number
As a percentage of total
employee numbers
Under 3015210%
Employee turnover by
age and gender
30-50 years old1389%
Over 50 years old946%
Gender
Female21714%
Male16711%
Total38424%
All PGW permanent employees (100%) receive an annual performance review (which has career development factors) as part of PGW's
remuneration review process. PGW offers outplacement support to some employees as appropriate, who are exiting PGW for reasons of
redundancy and retirement.
81
New employee hires by ageNew employee hires by gender
537
1
37%
34%
29%
Under 30 years
30-50 years
Over 50 years
253
159
1
Female
Male
Self-described
Female
Male
Self-described
413
NEW
EMPLOYEES
413
NEW
EMPLOYEES
182
81
263
PART-TIME
EMPLOYEES
81
537
771
1,309
FULL-TIME
EMPLOYEES
1
719
852
1,572
TOTAL
EMPLOYEES
1
Sustainability at PGG Wrightson | Te Toitūtanga a PGW

52
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
53
Education and Training | Te Mātauranga me te Whakangungu
’Grow You. Grow the Country’
PGW is committed to growing our employees through learning
and development opportunities, supporting our customers, local
communities and seeing that continue for generations to come. Our
passionate people, technical expertise and our long heritage within
the rural sector is something we are proud of.
PGW recognises the importance of robust learning and development
initiatives to the success of our company. PGW offers multiple
training programmes across the country, from our core Leadership
Programme ’To Lead‘ to more targeted training for our business
units, such as our Sales and Finance Training, and Management Skills
workshops. A range of online courses are offered to staff, including
mandatory and recommended courses, as well as an open learning
library for additional learning. PGW is currently undertaking a
significant project to centralise our training and skills database and
intends to report the detail of this from FY24 onwards.
The Rural Supplies Technical and Fruitfed Technical Extension teams
have developed an internal PGW Technical College. The college is an
online learning platform which aims to lift the farming and growing
knowledge of the whole business, especially for those staff members
with limited primary production experience – it includes courses
on animal health, agronomy, fertiliser, grapes, subtropical fruit and
much more.
Remuneration and Benefits | Te Utu me ngā Painga
PGW operates a consistent, transparent and fairly applied
Remuneration Policy and Framework, aligned to our strategy, culture,
business objectives and values. This covers all employees, including
senior executives and is approved by the Board of Directors.
With our remuneration partner, Strategic Pay, all PGW roles are
evaluated using bands or grades, which are then compared against
private sector benchmarking. PGW commits to pay all employees
at least the equivalent of the living wage (currently $26 per hour).
PGW has a series of incentive schemes based around individual
performance, company performance and financials. All senior
management schemes have safety and strategic components.
The ratio of the annual total compensation for the organisation’s
highest-paid individual to the median annual total compensation
for all employees (excluding the highest-paid individual) is 12.99.
This has been calculated by taking the total compensation of the
organisation's highest paid-individual across FY23, divided by the
median total compensation for all of the organisation's employees
across FY23, excluding the highest-paid individual.
The ratio of the percentage increase in annual total compensation for
the organisation’s highest-paid individual to the median percentage
increase in annual total compensation for all employees (excluding
the highest-paid individual) is 1.0. This has been calculated by taking
the percentage increase for the organisation's highest-paid individual
for FY22 remuneration year (as paid across the FY23 financial year),
divided by the median percentage increase for all of the organisations
employees for FY22 remuneration year (as paid across the FY23
financial year), excluding the highest paid individual. The ratio of 1
shows that the percentage increase received by the highest paid
individual was exactly equal to the median percentage increase for all
of the organisations’ employees, for the FY22 remuneration year.
All part-time employees are provided exactly the same benefits as our
full-time employees. We do not provide company life insurance cover
to temporary (fixed term employees) who are engaged for less than
one year.
Parental Leave | Te Whakamatuatanga ā-Matua
PGW supports our team members to take time off to raise a family, offering a full range of entitlements based on the length of continuous
employment. The range of entitlements offered to the primary carer and partner are an enhancement on the legislative requirements. PGW
supports staff returning to work through a paid keeping in touch programme to ensure the employee is able to maintain a continuous
connection with the workplace. Additionally, all employees on a period of parental leave are included in all remuneration reviews.
FemaleMaleSelf-described
Total number of employees that were
entitled to parental leave
7739121
Total number of employees that took
parental leave*
3030
Total number of employees that returned
to work in the reporting period after parental
leave ended**
1410
Total number of employees that returned to work after
parental leave ended that were still employed 12 months
after their return to work**
2310
GenderReturn to work rate**Retention rate**
Female94%45%
Male75%25%
Total91%44%
* Period of parental leave that started between 1 July 2022 – 30 June 2023
**
Includes those emplo
yees in the past 7 years
Return to work and retention rates of employees that took
parental leave, by gender
Total
Male
Female
0%
20%
40% 60%
80%

100%
44%
45%
25%
91%
94%
75%
Retention rate Return to work rate
Includes those employees in the past 7 years
Sustainability at PGG Wrightson | Te Toitūtanga a PGW
Milton Munro, Technical Team Manager, and Matt McLauchlan,
Human Resources Business Partner – People & Safety (both
standing), with the 2023 Academy participants during their
induction workshop.
PGG Wrightson ‘One PGW’ Group
Induction Training.
Fruitfed Supplies Technical Specialist, Elaine
Gould, explaining Psa leaf spot symptoms on
a kiwifruit leaf to PGG Wrightson Customer
Service Representatives, Marika Seabourne
and Jo Anderson, at a kiwifruit orchard near
Kerikeri, Northland.

54
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
55
Health, Safety and Wellbeing | Te Hauora, te haumarutanga, me te toiora
We can only achieve our vision to help grow the country when our
own team are operating at their best.
PGW has a Health and Safety Management System and is required
to operate this to meet the New Zealand Accident Compensation
Corporation Accredited Employers Programme (AEP). We continue
to embed the implementation of this across the business in line
with the Health and Safety at Work Act 2015 (HSWA). The system
operates across a number of different industries including Retail,
Water, Livestock, Wool, Real Estate and Corporate. This covers all staff,
including permanent employees, temporary employees, casual staff
and independent contractors. The Health and Safety Management
System does not at this stage include all other contractors who may
work at PGW – we intend to address this in future years.
Hazards and associated risks at PGW are reported via the health
and safety system Risk Manager. External reviews of health, safety
and wellbeing practices are conducted from time to time across all
business units. Employees are required to regularly review site hazards
and note actions in Risk Manager should risks have changed.
PGW has a Group Health, Safety and Environment Committee which
oversees the governance of Health, Safety and Wellbeing (HSW ) across
PGW. This committee is attended by members of the Executive team
and Board and reviews the business unit committee’s key priorities,
sets and signs off standards and reviews progress on HSW initiatives.
PGW continues to develop a work-related health monitoring
programme with a focus on ensuring baseline reporting is completed
with routine biennial reviews of health to ensure control of risks (ie
noise), are adequate.
Building on the previous success of our Zero Incident Process (ZIP)
training programme, a Health, Safety and Wellbeing Fundamentals
training programme is currently being developed with the first
programme to be deployed by the end of 2023. This training
programme will initially target all leaders, with a view to every PGW
employee attending within a three-year period.
Via our AEP, work is underway to embed intervention support to
employees who may suffer sprains and strains both work and non-
work related. PGW offers a range of health benefits to employees
including mental fitness @ PGW, which includes a four-hour mental
health course, influenza vaccinations, physio visits, OCP counselling,
together with a range of wellbeing initiatives. Breathing clinics were
piloted in FY23, following their success, PGW intends to roll these
across the business.
PGW continues to monitor and encourage reporting of HSW hazards
and associated risks. PGW proactively participates in industry groups
such as Safer Farms, Rural Support Trust, Business Leaders Health &
Safety Forum and other organisations to promote HSW across our
sector.
There were no fatalities at PGW in FY23 as a result of a work-related
injury. As at 30 June 2023, there were 68 Total Recordable Injuries at
PGW with 17 Lost Time Injuries for the previous financial year, across
all permanent and temporary employees, casuals and independent
contractors. These were recorded in Risk Manager. There were two
cases of recordable work-related ill health in Risk Manager.
Hazards and associated risks at PGW are reported via Risk Manager.
External reviews of HSW practices are conducted from time to time
across PGW’s business units. Employees are required to regularly
review site hazards and note actions in Risk Manager should risks have
changed.
PGW established a Wellbeing Action Group in September 2022 to
develop the strategic approach to enhance wellbeing at PGW. The
wellbeing framework followed by PGW is The Greenhouse (based on
the Sir Mason Durie Te Whare Tapa Wha model), with a strong roof
and walls, and the right environment, the plants in our greenhouse
can flourish. The Greenhouse illustrates the different dimensions of
wellbeing (purpose, mental, physical, environment, connection and
financial) that are needed to be supported to thrive.
Critical Risks | Ngā Tūraru Mātāmua
Inherent in the nature of the operations of an agricultural and horticultural supplies business are the presence of risks to people, animals and the
environment. As part of PGW’s commitment to health and safety, a comprehensive risk management framework is applied across the business
to eliminate and minimise risks as far reasonably practicable. Not all risks are equal in terms of their potential for causing significant injury, illness,
or fatality. Focusing on the risks which could cause the greatest harm to people, even if they may occur less frequently, provides a safer work
environment for everyone.
A critical risk is a hazard or task that has the potential to cause one or more fatalities, or permanently disabling injuries
or illnesses, if control is lost. This includes events that have a low probability but could have extreme consequences.
The critical risks for PGW are:
•
Cranes and Load Lifting
•
Driving Vehicles
•
Electricity
•
Energised Machinery
•
Excavation
•
Hazardous Substances
•
Hot Work
•
Mobile Plant
•
People or Objects Falling from Height
•
Psychological and Social Stressors
•
Working with Animals
For each critical risk, there is a programme of work led by a Programme Manager, who is supported by a Programme Team. The Programme Team
is made up of a range of people from all levels of the business. By tapping into the knowledge and experience of our workforce, we ensure the
controls we specify are pragmatic and fit-for-purpose.
Sponsorships | Ngā Tautoko ā-Pūtea
PGW has always prided itself in building genuine enduring relationships with our communities through the support of a range of fundraising
activities, critical services, wellbeing initiatives and local events. As our people live and work alongside our clients the positive contributions that
PGW makes can extend from sponsorships through to volunteering or even just lending a hand.
IHC Calf & Rural Scheme
2023 marked 41 years of partnership between PGW and IHC through the Calf & Rural Scheme. Over the 41 years, more than $41m has been
fundraised to have a positive impact on the lives of people with intellectual disabilities and their families in rural communities around New
Zealand.
PGW celebrated by going ‘Pink for a Week’ in June, including a skydive fundraiser from the PGW General Manager People & Safety. The purpose
of these events was to raise the profile of the Calf & Rural Scheme and encourage donations. IHC’s Calf & Rural Scheme encourages farmers to
pledge livestock to the cause and when they are sold the sale price is donated to IHC. Farmers can also choose to donate a virtual calf in the form
of a donation at a market value of an animal.
Cyclone Gabrielle has affected many people, including those living in IHC Supported Living homes. IHC was able to quickly mobilise and get
supplies out to these homes in affected areas. This included Calf & Rural Scheme funded activity boxes full of board games, art supplies and craft
materials to keep people entertained during the bad weather. In addition to this, IHC supported the distribution of food and hygiene products to
people with intellectual disabilities in rural areas where some of these items were in very short supply.
The Greenhouse wellbeing framework
Sustainability at PGG Wrightson | Te Toitūtanga a PGW
Two dairy beef calves donated
to the 2023 IHC Calf & Rural Scheme.
Photo credit: Katherine Bates, Rainbow Lea Farms.
PGW’s Amberley team goes pink for IHC.PGW’s presence at the 2023 Mystery Creek Fieldays.

56
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
57
Ahuwhenua Trophy
PGW is proud to be a silver sponsor of the Ahuwhenua Trophy, Te Puni Kōkiri Excellence in Māori Farming and Horticulture Award for over 10
years. Due to the resurgent impacts of the pandemic, there were two awards ceremonies held in FY23.
•
In 2023, the winner of the top Māori horticultural enterprise was awarded to the Wi Pere Trust Horticulture for their diverse operation across
three separate orchards.
•
In 2022, the winner of the top Māori sheep and beef farm was also awarded to the Wi Pere Trust with the success of their large farming
operation at Te Karaka, near Gisborne.
Cash for Communities
Since 2011, PGW has partnered with Ballance Agri-Nutrients to bring the Cash for Communities programme, designed to support rural
schools, clubs, charities and other community organisations across New Zealand. PGW and Fruitfed Supplies account holders, who purchased
participating Ballance Agri-Nutrients fertiliser on their account between 1 September and 30 November 2023 could nominate a cause vital to
their community. To date, almost $700,000 has been raised.
For the FY23 year, community organisations Canterbury Westpac Rescue Helicopter ($2,639), North Canterbury Rural Support Trust ($1,615), and
Southland Charity Hospital ($1,539) received the highest donations, demonstrating how farmers and growers feel access to medical care and
mental health support is important to their communities.
Cyclone Gabrielle Relief
In February 2023 Cyclone Gabrielle impacted the North Island, the most serious weather event to hit New Zealand since 1968 and causing
billions of dollars in damage. In the aftermath of this event the PGW National Response Group was put into action to coordinate the business
response in supporting our people, clients and local communities.
The PGW response included:
•
Supporting our staff as volunteers of national response groups
(such as Red Cross).
•
Continuing to pay for staff as they respond to individual
circumstances.
•
Generous donations received from clients and the public
through our retail stores and saleyards raising over $35,000 for
Rural Support Trust and Federated Farmers.
•
Internally PGW raised over $115,000 through employee and
corporate donations. This included two relief auctions in person
and one online (via bidr®). With the generosity of our suppliers
PGW raised a further $34,760 for the Rural Support Trust in
Northland and the East Coast/Tairāwhiti regions.
•
Facilitating donation platforms through Ag Proud and saleyard
or on-farm paddock sales.
•
Supporting individual payroll donations.
•
Providing key supplies such as fencing, water tanks and piping
into affected areas.
•
Providing wellbeing support options to affected people and their
families.
Land Search and Rescue
PGW is proud to support Land Search and Rescue New Zealand, who is celebrating 90 years helping the lost, the missing and the injured.
Many of our staff and customers regularly enjoy our country’s great outdoors and this is a way that PGW can demonstrate our support for this
important community service that saves lives. A number of our employees are Land Search and Rescue volunteers who dedicate their time to
training, maintaining their competencies, and responding to emergency situations when they arise.
Land Search and Rescue has 3,500 trained volunteers, who are members of 63 Land Search and Rescue Groups, covering the length and breadth
of New Zealand. Land Search and Rescue participates in suburban, urban, wilderness and rural search and rescue operations, underground
search and rescue operations in caves or other natural underground areas, shoreline search and rescue operations linked to marine incidents, in
canyons, and on mountains.
National Shearing Circuit
The 2022-23 season of the National Shearing Circuit marks 20 years of the involvement of PGW, one of the longest-standing naming
sponsorships in New Zealand sport.
Shearers compete for points over five rounds, starting in Alexandra in October with the fine wool section; moving to full wool hoggets in
Waimate; Corriedales in Christchurch in November; lambs in Rangitikei on Waitangi Day; and concluding in Pahiatua later in February with
second shears. Marlborough’s Angus Moore is the 2023 PGG Wrightson Vetmed National Shearing Circuit champion.
PGW Academy
The PGW Academy, established in 2006, focuses on developing talent within the company. Since its inception more than 270 employees have
completed the programme and have proceeded to enrich PGW, our clients’ businesses, and the wider agricultural and horticultural industries.
In February PGW welcomed the 20 inductees into the 2023 PGW Academy. Inductees are provided support throughout the programme,
encouraged to connect with their peers and are provided tips and points from past Academy participants. Participants cover a diverse range of
topics, from horticulture to dairy and from livestock to farm and orchard management. These workshops are run by our Retail Technical Team
with engagement from some of PGW’s strategic partners such as Ballance Agri-Nutrients, PGG Wrightson Seeds, and Datamars.
Young Horticulturalist of the Year
Fruitfed Supplies is proud to be a sponsor of the Young Horticulturalist Competition, encouraging excellence and achievement by the industry’s
up and coming young people. Fruitfed Supplies has supported the competition as a partnering sponsor from the outset.
Run by the Royal NZ Institute of Horticulture Education Trust, the Young Horticulturist Competition sees representatives of seven horticultural
sectors challenged over a two-day grand final held at the New Zealand Bloodstock Centre in Karaka. Participants were assessed on their
performance in an array of business and practical challenges. The 2022 winner was Regan Judd of Hawke’s Bay.
bidr® Charity Auctions
bidr® facilitated a range of online and hybrid auctions to support rural community groups, youth breeding societies, and local fundraisers. Most
notably, bidr® held an auction for the NZ Deer Farmers’ Association to support flood-affected farmers in Hawke’s Bay. This sale of a range of
supplier donated goods was completed solely online. Donations were received from the deer industry and the auction raised $117,000.
Helensville Rugby Club receiving funds from the
Cash for Communities programme, photo featuring
Jon Schellingerhout (Ballance Agri-Nutrients), Louise
Nasmith (Helensville Rugby Football Club) and
Sophie Holst (PGG Wrightson).
Land Search and Rescue Field team at the
Tautuku Cup 2021.
Photo credit: Brent Hollow.
Marlborough’s Angus Moore is the 2023
PGG Wrightson Vetmed National Shearing
Circuit champion.
Photo credit: Pete Nikolaison,
Golden Shears Media Group.
bidr®’s online auction with the NZ Deer Farmers
Association for deer farmers affected by
Cyclone Gabrielle.
The Iwi Relationship team and local PGW
staff with the Ahuwhenua Trophy at a 2023
Ahuwhenua field day.
Denver Palmer, Key Account Manager for the Lower
North Island, was stranded in his local community of
Te Pohue after Cyclone Gabrielle destroyed the roads.
Denver pitched in to those in need and delivered food
parcels and organised farm supplies from the PGW
Rural Supplies Taupō store for local farmers.
Photo credit: Denver Palmer.
Sustainability at PGG Wrightson | Te Toitūtanga a PGW

58
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2023
|
59
Governance
|
Mana Whakahaere
PGW applies the Policies-Actions-Results method to its sustainability management system. This approach is an application of the Plan-Do-Check-
Act framework promoted by the International Organisation for Standardisation (ISO). This approach supports continuous improvement across all
sustainability action areas for PGW.
PGW’s Sustainability Strategy | Te Rautaki mō te Toitūtanga a PGW
In May 2023 the PGW Board approved PGW’s Sustainability Strategy to 2030 (Te Rautaki mō e Toitūtanga). Our Sustainability Strategy addresses
three pillars – focusing on stewardship of our environment, support of our people and communities, and corporate citizenship. The strategy was
developed with input from across the business, addressing the sustainability issues that are the most material to our stakeholders and business
objectives.
EnvironmentSocialGovernance
PGW is committed to reducing the
environmental impact of our operations,
influencing its suppliers and assisting our
customers in reducing their impacts. PGW
is committed to maintaining and exceeding
environmental compliance in our operations.
PGW is committed to making a positive and
meaningful contribution to the communities
in which we operate. Our people are key
members of their rural communities. As a
result, we have been part of, and we have
supported rural communities for multiple
generations.
PGW is committed to demonstrating
excellence in corporate governance by
acting with integrity and transparency in all
dealings. PGW will uphold high standards
of ethical behaviour and accountability
through comprehensive corporate reporting
standards.
PGW has committed to a number of goals within the Sustainability Strategy including:
•
Reducing operational (scope 1 & 2) emissions by 30% by FY30 from a FY21 baseline.
•
Expanding reporting to cover supply chain (scope 3) emissions, while working with suppliers to reduce emissions and set targets.
•
Other targets include improving energy efficiency across PGW properties, improving vehicle fleet efficiency, improving utilisation of recycling
programmes, cultivating a strong safety and wellbeing culture, and transparency in reporting.
The full version of the Sustainability Strategy is available on our website:
www.pggwrightson.co.nz/sustainability
Sustainability Policy | Te Kaupapahere Toitū
As part of PGW’s Group Strategic Priorities to embed sustainability into everything we do, a new Sustainability Policy has been developed and
approved for the business. The Sustainability Policy is the first major governance initiative to be implemented under the Sustainability Strategy.
It provides a clear and unambiguous statement of our position on a range of ESG issues including energy, emissions, diversity and inclusion,
human rights, labour, environment and anti-corruption.
Supply Chain Traceability | Te haurapa i te ara tukutuku
Traceability is the ability to trace the source, origin or production conditions of raw materials and final products. As PGW is a prominent part
of the supply chain to the agricultural and horticultural sectors, traceability is fundamental to the integrity of our business operations and to
maintain the trust of our clients. PGW works within both legislative and voluntary frameworks regarding product traceability, including the:
•
National Animal Identification and Tracing Act 2012
•
Animal Products Act 1999
•
Agricultural Compounds and Veterinary Medicines Act 1997
•
Food Act 2014
•
Wine Act 2003
•
BRCGS Food Safety Standards (voluntary)
The Quality Assurance Team and the relevant business units drive compliance to these frameworks, including monitoring, sampling, batch
tracking, traceability exercises and product recall simulations. The comprehensive suite of activities and supporting systems provide our clients
with assurance and confidence over the products we provide.
Agricultural Chemicals | Ngā matū ahuwhenua
Agricultural chemicals are compounds that are applied directly to plants to protect from weeds, pests and diseases, as well as the promotion of
growth. In New Zealand the importation, manufacturing, sale and use is administered by the Agricultural Compounds and Veterinary Medicines
Act 1997, the Biosecurity Act 1993, HSWA and the Hazardous Substances and New Organisms Act 1996. PGW is a responsible provider of
agricultural chemicals to clients in the agricultural and horticultural sectors working within the legislative frameworks.
Many agricultural chemicals are also classified as hazardous substances and need to be appropriately stored and administered. Risk assessments
and controls are in place to minimise the inherent risks associated with the substances. Controls can include (but are not limited to) handling
licences, emergency preparedness plans, segregation, separation, bunding and spill kits. Where practical, PGW promotes the use of integrated
pest management with clients, encouraging the use of prevention control methods prior to chemical applications. Where chemicals are to be
used, the appropriate application method is promoted to ensure accurate quantities can be applied.
Climate Change Risks and Opportunities | Te Panonitanga o te Āhuarangi - Ngā Tūraru me ngā Āheinga
To ensure that PGW remains future focused we are deepening our understanding of the risks and opportunities that are likely to arise in future
climate change scenarios. We aim to achieve this through a comprehensive risk-based approach of the likely physical and transitional impacts
associated with a changing climate.
PGW’s approach is guided by the New Zealand climate-related disclosures legislation and will utilise the agri-sector climate change scenarios
resources from the Aotearoa Circle. PGW was involved in the development of these sector-based resources through a series of workshops in
2022.
PGW is a climate-reporting entity for the purposes of the Financial Markets Conduct Act 2013. The company will release its group climate
statement in accordance with the timelines defined in the Aotearoa New Zealand Climate Standards.
Incident Management Plan | Te Mahere Whakahaere Takunetanga
In 2023 PGW developed an Incident Management Plan, which serves as a high-level framework for management of significant events, incidents
or crises. The document assists the existing incident management team functions and ensures a continuity of business function and service
delivery for our customers. The Plan sets our criteria surrounding incident management activation, the allocation of roles and responsibilities,
recovery strategies and reporting.
PGW applies the Policies-Actions-
Results method to its sustainability
management system.
Results
Monitor the
progress of
actions
Policies
Define strategy
and set
commitments
Actions

Identifying concrete
measur
es
Fruitfed Supplies Technical Horticultural Representative,
Alastair Reed, discusses a new speculative venture into
organic bananas with Adam Alexander, Director of
Cultivate Horticulture, near Aongatete, Bay of Plenty.
Bird’s eye view in Mid/ South Canterbury photographed
by Lauren Korstrom for the PGG Wrightson Landmarks
Photo Collection.
Gisborne vineyard in East Coast, photographed
by Sarah Curtis for the PGG Wrightson Landmarks
Photo Collection.
Sustainability at PGG Wrightson | Te Toitūtanga a PGW

Key Financial Disclosures
Ngā Whakapuakanga Pūtea Hira
Consolidated Financial Statements for the year ended 30 June 2023
Ngā Tauākī ā-Pūtea Tōpū mō te tau i mutu i te 30 Hune 2023
PGG WRIGHTSON LIMITED
PGG Wrightson Salesperson,
Real Estate, Trevor Kenny,
and Kay and Martyn Watkins
discuss the sale of their dairy
farm which resulted in a
successful sale, near Tirau,
Waikato.
ANNUAL REPORT 2023
|
6160
|
PGG WRIGHTSON LIMITED

Key Financial Disclosures
|
Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
For the year ended 30 June 2023
62
|
PGG WRIGHTSON LIMITED ANNUAL REPORT 2023
|
63
PGG WRIGHTSON LIMITED
DIRECTORS’ RESPONSIBILITY STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
The Directors are responsible for ensuring that the consolidated financial statements give a
true and fair view of the financial position of the Group as at 30 June 2023 and the financial
performance and cash flows for the year ended on that date.
The Directors consider that the consolidated financial statements of the Group have been
prepared using appropriate accounting policies, consistently applied and supported by
reasonable judgements and estimates and that all of the relevant financial reporting and
accounting standards have been followed.
The Directors believe that proper accounting records have been kept which enable, with
reasonable accuracy, the determination of the financial position of the Group and facilitate
compliance of the consolidated financial statements with the Financial Reporting Act 2013
and the Financial Markets Conduct Act 2013.
The Directors are pleased to present the consolidated financial statements for PGG Wrightson
Limited and its controlled entities (together the “Group”) set out on pages 63 to 102 for the
year ended 30 June 2023.
The consolidated financial statements contained on pages 63 to 102 have been authorised
for issue on 14 August 2023.
For and on behalf of the Board.
U Kean Seng

S
arah Brown
Acting Chair

Dir
ector and Audit Committee Chair
2023 2022
NOTE $000 $000
Operating revenue 1 975,692 952,700
Cost of sales 2 (722,849) (704,181)
G
ross profit 252,843 248,519
Other income 502 334
Employee expenses (137,561) (132,874)
Other operating expenses 3 (54,590) (48,826)
Operating EBITDA
27(C) 61,194 67,153
Non-operating gains/(losses) 4 327 699
Impairment and fair value gains/(losses) 5 51 (2,182)
D
epreciation and amortisation expense
(28,063)

(28,024)
EBIT

27(
C)
33,509

37,646
Net int
erest and finance costs
6

(9,573)

(5,089)
Profit before income tax
23,936

32,557
I
ncome tax expense
7

(6,418)

(8,271)
Profit net of income tax 17,518 24,286
Net profit after tax attributable to Shareholders of the Company 17,518 24,286
Basic & diluted earnings per share (EPS)
2023 2022
NOTE $ $
Basic & diluted EPS 8 0.232 0.322
The accompanying notes form an integral part of these consolidated financial statements.

Key Financial Disclosures
|
Ngā Whakapuakanga Pūtea Hira
64
|
PGG WRIGHTSON LIMITED ANNUAL REPORT 2023
|
65
PGG WRIGHTSON LIMITED
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
For the year ended 30 June 2023
2023 2022
NOTE $000 $000
Net profit after tax attributable to Shareholders of the Company 17,518 24,286
Other comprehensive income/(loss)
Items that will never be reclassified to profit or loss
Changes in fair value of equity instruments 28 9 7
R
emeasurements of defined benefit asset/liability 18 1,059 (2,522)
Tax on remeasurements of defined benefit asset/liability 7 (297) 706
Total other comprehensive income/(loss) for the period 771 (1,809)
Total comprehensive income for the period attributable to Shareholders of the Company 18,289 22,477
The accompanying notes form an integral part of these consolidated financial statements.
PGG WRIGHTSON LIMITED
SEGMENT REPORT
For the year ended / as at 30 June 2023
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 Chairman 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 (refer to Note 12 Go livestock receivables for further
explanation regarding this programme).
–

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): 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 cost 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.
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
outside of the operating segments.
B.

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

PGG WRIGHTSON LIMITED
SEGMENT REPORT (CONTINUED)
For the year ended / as at 30 June 2023
Key Financial Disclosures
|
Ngā Whakapuakanga Pūtea Hira
ANNUAL REPORT 2023
|
6766
|
PGG WRIGHTSON LIMITED
C. Operating segment information
AGENCY RETAIL & WATER OTHER TOTA L

(NON
OPERATING)


2023 2022 2023 2022 2023 2022 2023 2022
$000 $000 $000 $000 $000 $000 $000 $000
Sales revenue 87,556 75,061 765,661 746,093 1,286 1,327 854,503 822,481
Commission revenue 93,692 109,208 92 76 95 89 93,879 109,373
C
onstruction contract revenue
–

–

18,031

14,235

–

–


18,031
14,235
I
nterest revenue on Go receivables
6,573

4,254

–

–

–

–

6,573

4,254
I
nterest revenue on overdue debtor accounts 523 438 1,151 556 20 (26) 1,694 968
Sublease income 459 410 363 348 190 631 1,012 1,389
T
otal external operating revenues
188,803

189,371

785,298

761,308

1,591

2,021

975,692

952,700
O
perating EBITDA
16,068

21,844

54,129

52,495

(9,003)

(7,186)

61,194

67,153
Non–
operating gains/(losses)
335

695

83

133

(91)

(129)

327

699
Impairment and fair value gains/(losses) – (2,970) – 691 51 97 51 (2,182)
D
epreciation and amortisation expense (8,787) (8,521) (16,267) (16,067) (3,009) (3,436) (28,063) (28,024)
EBIT

7,616

11,048

37,945

37,252

(12,052)

(10,654)

33,509

37,646
Net interest and finance costs
(3,857)

(2,843)

(3,779)

(1,665)

(1,937)

(581)

(9,573)

(5,089)
Profit/(loss) before income tax 3,759 8,205 34,166 35,587 (13,989) (11,235) 23,936 32,557
I
ncome tax benefit/(expense) (1,170) (2,197) (9,707) (10,194) 4,459 4,120 (6,418) (8,271)
P
rofit/(loss) net of income tax
2,589

6,008

24,459

25,393

(9,530)

(7,115)

17,518

24,286
Net profit/(loss) after tax
2,589

6,008

24,459

25,393

(9,530)

(7,115)

17,518

24,286
T
otal segment assets
202,490

206,204

263,221

280,458

30,817

23,290

496,528

509,952

Total segment liabilities
(82,866) (101,724) (159,709) (180,332) (84,692) (55,212) (327,267) (337,268)
C
apital expenditure
(additions to non–current assets)
6,227 5,653 6,232 7,430 12,380 3,571 24,839 16,654
The accompanying notes form an integral part of these consolidated financial statements.
PGG WRIGHTSON LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 June 2023
2023 2022
NOTE $000 $000
Cash flows from operating activities
Cash was provided from:
Receipts from customers
979,878 913,260
Dividends received 5 5
Interest received 8,743 5,321
988,626 918,586
C
ash was applied to:
Payments to suppliers and employees (940,906) (884,560)
Interest paid (4,565) (957)
Interest paid on lease liabilities (3,800) (3,786)
Income tax paid (13,846) (5,623)
(963,117) (894,926)
Net cash inflow/(outflow) from operating activities 25,509 23,660
Cash flows from investing activities
Cash was provided from:
Proceeds from sale of property, plant and equipment
579 1,053
Proceeds from disposal of investments 9 7
588 1,060
C
ash was applied to:
Purchase of property, plant and equipment (6,453) (5,926)
Purchase of intangibles (10,723) (2,881)
A
dvance to jointly controlled entity (170) –
(17,346)

(8,807)
Net cash inflow/(outflow) from investing activities (16,758) (7,747)
Cash flows from financing activities
Cash was provided from:
Increase in external borrowings and working capital debt
9 32,460 30,000
32,460 30,000
C
ash was applied to:
Dividends paid to shareholders (21,712) (23,331)
R
epayment of external borrowings and bank overdraft – (2,400)
Repayment of principal portion of lease liabilities (19,532) (18,873)
(41,244)

(44,604)
Net cash inflow/(outflow) from financing activities (8,784) (14,604)
Net increase/(decrease) in cash held (33) 1,309
Opening cash 4,676 3,367
Cash and cash equivalents 9 4,643 4,676
The accompanying notes form an integral part of these consolidated financial statements.