Challenging interim result, margins and market share robust

21 February 2024

Challenging interim result, margins and market share robust

Comvita Limited (NZX:CVT) today announced its interim results for the half year ending 31
st
December
2023 (H1 FY24), consistent with the recent update given to the market on 1
st
February 2024. Comvita
also gives more detail on its FY24 forecast and reaffirms its outlook to FY25.

H1 FY24 results were impacted by weaker consumer sentiment in mainland China and, to a lesser
degree, in North America, where the results were also affected by the loss of some distribution with
one customer. However, Comvita’s market positioning and margins remain strong, as the market leader
in five out of six of its key markets, and gross margin at 60%, remains in line with Comvita’s FY25
strategic plan.

While China sales are still below the prior year (as reflected in our recently updated FY24 guidance),
there are some signs of near-term improvement, with a solid uplift in Q2 vs Q1 and, pleasingly, this has
continued into January. Meanwhile, newly signed distribution agreements in North America in the
second half will partially offset the loss of distribution noted above.

Looking forward, management remains focused on delivering the FY25 strategic plan first shared in
2020 once trading begins to normalise. This plan has delivered three and a half years of consistent top
and bottom-line growth up until FY23, in line with market guidance. At this point, Comvita expects to
see momentum return and when combined with strong market share, positions the company well for
growth.

Summary
 H1 FY24 revenue $103M, down 7.8% vs prior corresponding period (PCP)
 H1 FY24 EBITDA (excluding ERP costs) $9.5M, down 32% vs PCP driven by weakness in China
and North America, and negative (predominantly non-cash) FX adjustments in December
2023
 Net debt finished at $86M in line with its updated guidance, +$22M vs PCP due to investment
in HoneyWorld™, Apiter and elevated inventory levels
 FY24 revenue is forecasted to be $225M to $235M
 FY24 EBITDA (excluding ERP costs) is forecasted to be $30M to $35M
 Outlook driven by reduced consumer demand, most notably in Comvita’s largest market,
China, and a moderation in North American demand coupled with a distribution change
 Gross margin remained at 60%. Market share is stable or growing in key markets
 Impact on FY25 strategic plan: Comvita is focussed on returning to consistent growth once
trading conditions normalise. Management remains committed to its FY25 strategic plan to
deliver EBITDA of c$50M, subject to the timing of a more stable trading environment
 Dividend: Directors declared a fully imputed interim dividend of 1 cps

H1 FY24 results
Comvita’s revenue was $103M, a reduction of $8.8M vs PCP, with recent acquisition HoneyWorld™
contributing $6.8M in revenue. Thus, on a like for like basis, revenue excluding HoneyWorld™ fell by
$14M (-12%) vs PCP, after adjusting for Comvita sales to HoneyWorld™ in PCP of $1.4M.

Gross margin was strong at 60.2 %, in-line with the FY25 strategic plan, though reduced by 160 bps vs
PCP due to formulation benefits and one-off provision release in the PCP. Direct margin increased +140
bps vs PCP.

Page 2 of 5
Unaudited EBITDA for the period (excluding ERP costs) was $9.5M, 32% down vs PCP due to the
decreased revenue. There were $1.2M of predominantly non-cash FX adjustments in December relating
to the strengthening of the NZD in the month. Excluding the FX impact above, EBITDA (excluding ERP
costs) would have been materially within guidance of 20% down. Note that the non-cash FX impact
substantially reversed in January.

NPAT (Net Profit after Tax) for the period was a loss of $3.2M ($0.8M NPAT excluding ERP costs)
compared to a profit of $4.2M in the prior period. Net debt at the half year was $85.8M and inventory
$143M.


China and North America
Trading was challenging in Comvita’s two focus markets of China and North America. Greater China
revenue was $45M, down by $6.9M or 13%, and North America revenue was $13M, down by $7.7M vs
PCP or 37%. Mainland China revenue for the half year was $33M, down 19% on PCP. Mainland China
revenue slowdown was caused by macro-economic weakness, impacting the premium consumer
category across multiple sectors. Mainland China market Q1 FY24 revenue was down 26% vs PCP and
Q2 revenue was down 15% vs PCP. However, Q2 FY24 revenue lifted by 76% vs Q1 FY24, an
improvement beyond usual seasonality of c50-60% quarter on quarter (QoQ). Mainland China’s
improving performance continued in January. Hong Kong SAR showed single-digit growth in the half.

North America revenue for the half year was $13M, down 37% on PCP. North America sales were
impacted by the loss of some distribution with one customer, inflationary pressure on discretionary
spend and a disproportionately strong first half in the PCP. Comvita is seeing an improvement in sales
in the Natural and Grocery channel and has recently signed agreements in this market with
approximately 700 new stores. E-commerce sales improved by 8% in North America with Amazon
revenue improved by 162%.

Rest Of Asia – HoneyWorld™ integration on plan
The Rest of Asia segment showed good performance with revenue improving by 49% or $6.3M to
$19.2M and is expected to overtake the ANZ segment at the revenue level. The strategic acquisition of
HoneyWorld™ in July 2023 has been seamlessly integrated into the region. Revenue is in line with the
plan with agreed new distribution representing strong growth opportunities in H2. Korea delivered 13%
topline growth. Segment net contribution was down $700K vs PCP due to integration costs of c$200K
and continued planned investment for long-term growth and premiumisation.

Australia and New Zealand (ANZ)
ANZ revenue improved by $1.2M or 7% to $19.3M in the period with strong performance in the
Australia domestic market and recovery in the Asian Health segment, in line with recovering demand
seen in Mainland China. Comvita remains the market leader in this segment and has recently launched
its flagship store at Auckland Airport applying learnings from its destination store in the city, results are
looking positive at this early stage and are supported by increased tourism numbers.

Net debt, inventory, and operating cashflow
Net debt finished the half at $85.8M an increase of $22M vs the PCP. The increase is primarily due to
strategic investments in HoneyWorld™ and Apiter (together $9.8M) and investment in inventory.
Inventory finished the year at $143M showing a slight improvement to PCP. Comvita is forecasting a
reduction in both inventory and net debt by the end of the financial year in line with last year’s
performance.

Page 3 of 5

Full year guidance
As announced on 1
st
February, Comvita expects FY24 reported EBITDA (excluding ERP costs) of $30M to
$35M and revenue of $225M to $235M.

Comvita has reviewed independent market data showing forecast consumer spending strengthening in
2024. Comvita expects a steady improvement in consumption through the second half. More detail on
Comvita’s FY24 guidance can be found in the investor presentation, also released today, including both
a revenue and EBITDA bridge from H1 to H2. In particular, Comvita has identified $8M of specific cost
savings to be made in H2 FY24.

Management is actively managing costs, launching new products, and opening new markets and
channels to ensure that they can adjust and respond to market opportunities. These include regional
NPD in China and new distribution in the Middle East and the UK.

Honey harvest
Whilst too early to confirm the results of this year’s honey harvest, Comvita has experienced strong
performance to date, with early indications of significantly enhanced quality of yield delivered in its
forests. Due to a change in accounting treatment, Comvita is not forecasting any contribution to group
profits from its Apiary division during FY24, but this will benefit FY25 and FY26 due to lower average
cost of sales as a result of this change.

Market share remains strong
While consumer sentiment weakened, Comvita’s market positioning and margins have remained
strong. Market share grew in key markets during the period, pricing remained consistent and the gross
margins that are integral to the delivery of its 2025 strategic plan remained around 60%. This gives the
board and management confidence that the current performance is revenue-related, short term in
nature and will return to trend once consumer sentiment, particularly in China, starts to normalise.
Comvita has reviewed its FY25 strategic plan in detail and reiterates its c$50M EBITDA target. This is
dependent on a return to normal trading conditions in both China and North America, the timing of
which is uncertain.
Commenting on the results Chair Brett Hewlett said, “Comvita has shown agility and resolve in making
appropriate adjustments in the current challenging market conditions in China. We have thoroughly
reviewed our costs and planned investments and have reduced these appropriately. In addition, the
investment we have already made for the long-term in securing a scalable supply of high-quality raw
materials as well as world class manufacturing, distribution and now operating systems to match, have
created a strong platform for future growth. Alongside the substantial investments in the Comvita
brand we believe that we are well placed.”
On a more personal note, as a long-standing shareholder of more than 18 years, I can empathise with
the feelings of surprise and frustration in the current share price shared with me by many of our fellow
shareholders. I do want to reiterate that our market share and underlying performance remains
positive, our prices and margin are stable and I believe that we are still on track to deliver our FY25
strategic plan once consumer confidence in China returns.”
“Directors have declared a fully imputed interim dividend of 1 cps to reflect the softer first half trading.
Comvita remains committed to balancing shareholder distributions with prudent capital management.
The board will review our full year dividend in August as normal in line with our actual performance and
FY25 outlook.”

Page 4 of 5

Platform for growth supports exciting future

The Comvita FY25 strategic plan was designed to deliver record revenue and profit in FY25 but, as
importantly, to systematically build a platform across its whole value chain that is integrated, efficient
and scalable. By the end of FY24 this investment phase will have been fully implemented. Comvita has
established a platform that is able to deliver Comvita’s FY30 ambition, without further material
additional capital investment.

Long-term investment in brand building and premiumisation continues
The Comvita business model is designed for high margin and high re-investment in its brand. During H1
FY24 Comvita invested $14M or 13.5% of sales into brand building activity. Central to this investment is
further premiumisation of the Comvita brand both online and in physical stores. Comvita was
particularly pleased to launch its new experiential shop-in-shop at Auckland Airport along with its new
retail execution in Takashimaya, Singapore, and its pop-up store in Roppongi, Japan.

Comvita Lepteridine™ clinical trial results
Comvita invests more in scientific understanding of Mānuka than the rest of the industry combined and
as part of this work discovered the unique molecule Lepteridine™. Comvita commenced a clinical trial
on the impact of Lepteridine™ on gut health in July 2023. These results are in final stages of preparation
and will be shared at the Foodomics conference on 19 - 21 March in Wellington. Comvita has strong
patents for Lepteridine™ in place to enable long-term competitive advantage.

New Apiculture Industry strategy
Comvita is pleased to actively support the new Apiculture Industry strategy launched by the
Government on the 20
th
February 2024 aiming to double Mānuka exports by 2030 focusing on
enhanced quality, sustainability, bee welfare and recognition of Mānuka as a taonga species from
Aotearoa, New Zealand.

Commenting, David Banfield (Group CEO) said “We remain confident that our business model,
premiumisation of the Mānuka honey category and long-term investment in our brand, puts us in a
strong position once macro-economic conditions stabilise. We continue to maintain or grow share in
our core markets, and we see premium retailers in the US and Middle East turning to Comvita to help
them build the Mānuka honey category with three new high-quality partnerships confirmed for H2. We
remain committed to delivering cost reductions in H2 to protect our earnings and are forecasting a
further reduction of debt and inventory in H2 supported by positive operating cash flow. While our debt
and inventory levels are higher at present, we reiterate our commitment to deliver our target leverage
ratio (1-1.5 x earnings), in line with our FY25 strategic plan.”

“After three and a half years of consistent performance growing both top and bottom-line in line with
our market guidance and strategic plan, we are disappointed in this result, which reflects current
trading conditions. The team and I are absolutely focused on doing everything possible to ensure a
return to our track record of delivering consistent top and bottom-line growth. We are in year four of
our five-year plan and have invested significantly over the last three years in our infrastructure and
team capability to build a better more scalable business at Comvita that is able to deliver on our 2030
ambition.”




David Banfield
Brett Hewlett
CEO
Chair

Page 5 of 5

Appendix: Additional Commentary

e-commerce share of 40%
Comvita’s e-commerce share of total business increased by 120bps to 40% of total sales at accretive
margins despite the headwind of reduced sales in China. Registered users increased by 47% vs PCP,
conversion rate improved and also repeat users materially increased by 1,300bps vs PCP. Customer
acquisition cost has reduced by 20% so far this year highlighting the opportunity of recruiting new
consumers at a lower cost and then retaining them.

Good progress on ESG
Comvita aims to become a world leader in ESG and has made good progress in this half with work
ongoing to meet its climate related disclosure requirements. In addition, Comvita has a goal to be
Carbon neutral in 2025 and net positive in 2030. Comvita’s net carbon footprint decreased by 59% to
3800tCO2 vs 9400tCO2 in PCP.

Internal digital transformation
Comvita’s internal digital transformation program is focused on updating their ERP system, redesigning
internal inefficient processes and refreshing and cleansing master data. The project is on track (time
and cost) to be implemented by 30
th
June 2024. This project will save over 20,000 hours per annum but
most importantly create a modern and scalable infrastructure to build efficiency and release time for
organisational talent to focus on growth initiatives and delivery of further efficiency.

Ends.

For further information:

Lebron Davis | One Plus One
Mobile: +64 21 252 4688
Email: lebron.davis@oneplusonegroup.co.nz

Background information
Comvita (NZX:CVT) was founded in 1974/5, with a purpose to heal and protect the world through the
natural power of the hive. With a team of 600+ people globally, united with more than 1.6 billion bees,
we are the global market leader in Mānuka honey and bee consumer goods. Seeking to understand,
but never to alter, we test and verify all our bee-product ingredients are of the highest quality in our
own government-recognised and accredited laboratory. We are growing industry scientific knowledge
on bee welfare, Mānuka trees and the many benefits of Mānuka honey and propolis. We have pledged
to be carbon neutral by 2025 and carbon positive by 2030, and have planted millions of native trees
aiding biodiversity and supporting future demand. Comvita has operations in Australia, China, North
America, Southeast Asia, and Europe – and of course, Aotearoa New Zealand, where our bees are
thriving.

---

COMVITA.CO.NZ
INTERIM FINANCIAL STATEMENTS
COMVITA LIMITED
2024

2024
CONTENTS
INTERIM FINANCIAL STATEMENTS
SECTION 1
SECTION 2
Directors’ declaration 03Interim Income Statement 04
Interim Statement of Comprehensive Income 05
Interim Statement of Changes in Equity 06
Interim Statement of Financial Position 07
Interim Statement of Cash Flows 08
INTERIM STATEMENTS
01. Segments 10
02. Other income 11
03. Operating cash flow 11
04. Earnings per share 12
05. Distributions 12
06. Borrowings 13
07. Cash & cash equivalents 13
08. Finance income & expenses 14
09. Inventory 14
10. Sundry receivables 14
11. Investments 14
12. Derivatives 16
SECTION 3
13. Share schemes 16
14. Related parties 17
15. Group entities 18
16. Commitments 19
17. Business combinations 19
18. Supplementary non-GAAP
information - EBITDA 19
19. Subsequent events 19
NOTES TO THE FINANCIAL STATEMENTS

CONTENTS
2024
DIRECTORS' DECLARATION
INTERIM FINANCIAL STATEMENTS
In the opinion of the directors of Comvita Limited, the condensed interim financial
statements and the notes, on pages 3 to 19:
• comply with New Zealand generally accepted accounting practice and fairly state
the financial position of the Group as at 31 December 2023 and the results of their
operations and cash flows for the period ended on that date
• have been prepared using appropriate accounting policies which, unless otherwise
stated, have been consistently applied and supported by reasonable judgements and
estimates
The Directors believe that proper accounting records have been kept which enable,
with reasonable accuracy, the determination of the financial position of the Group and
facilitate compliance of the financial statements with the Financial Reporting Act 2013
and the Financial Markets Conduct Act 2013.
The Directors consider that they have taken adequate steps to safeguard the assets
of the Group, and to prevent and detect fraud and other irregularities. Internal control
procedures are also considered to be sufficient to provide reasonable assurance as to the
integrity and reliability of the financial statements.
The Directors are pleased to present the financial statements of Comvita Limited for the
period ended 31 December 2023.
For and on behalf of the Board of Directors:

Brett Hewlett Julia Hoare
20 February 2024 20 February 2024
3

2
For the six months ended
In thousands of New Zealand dollars
Note
31 December 2023
Unaudited
31 December 2022
Unaudited
Revenue103,365112,130
Cost of sales(41,189)(42,750)
Gross profit62,17669,380
Other income22,666638
Marketing expenses(13,977)(15,510)
Selling and distribution expenses(29,472)(25,655)
Administrative and other operating expenses(15,959)(16,695)
Software development expenses *(3,360)(593)
Operating profit before financing costs2,07411,565
Finance income8182326
Finance expenses8(5,747)(5,838)
Net finance expenses (5,565)(5,512)
Impairment of loan to equity accounted investee11(136)-
Share of loss of equity accounted investees11(547)(264)
(Loss)/profit before income tax(4,174)5,789
Income tax benefit/(expense)979(1,624)
(Loss)/profit for the period(3,195) 4,165
Earnings per share:
Basic earnings per share (NZ cents)4(4.56)5.97
Diluted earnings per share (NZ cents)4(4.51)5.91
EBITDA**186,11613,430
The notes on pages 9 to 19 are an integral part of these financial statements
* Expenditure in relation to the implementation of the Group ERP system.
** EBITDA is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in
assessing the performance of the core operations of our business. A reconciliation of EBITDA to profit before tax is
provided in note 18.
INTERIM
INCOME STATEMENT
4

INTERIM
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended
In thousands of New Zealand dollars
31 December 2023
Unaudited
31 December 2022
Unaudited
(Loss)/profit for the period(3,195)4,165
Items that are or may be reclassified subsequently to the income statement
Foreign currency translation differences for foreign operations (1,535)(2,009)
Foreign currency translation differences for equity accounted investees(284)(91)
Effective portion of changes in fair value of cash flow hedges3,9166,183
Foreign investor tax credits5151
Income tax on these items (825)(1,298)
Income and expenses recognised directly in other comprehensive income1,3232,836
Total comprehensive (loss)/income for the period(1,872)7,001
The notes on pages 9 to 19 are an integral part of these financial statements
5

For the six months ended 31 December 2023
In thousands of New Zealand dollars
Share
capital
Foreign
currency
translation
reserve
Hedging
reserve
Retained
earnings
Total
Balance at 1 July 2022199,677(1,992)(4,564)34,869227,990
Total comprehensive income for the period
Profit after tax for the period ---4,1654,165
Other comprehensive income (net of tax)
Foreign investor tax credits receive---5151
Foreign currency translation differences for EAI (note 11)-(91)--
(91)
Foreign currency translation differences for foreign operations-(1,576)--(1,576)
Effective portion of changes in fair value of cash flow hedges--4,452-4,452
Total other comprehensive income for the period-(1,667)4,452512,836
Total comprehensive income for the period-(1,667)4,4524,2167,001
Transactions with owners, recorded directly in equity
Share based payments
---427427
Purchase of treasury stock
(322)---(322)
Redemption of ordinary shares – employee share scheme
(4)---(4)
Dividends paid (note 5)
---(2,158)(2,158)
Total transactions with owners(326)--(1,731)(2,057)
Balance at 31 December 2022199,351(3,659)(112)37,354232,934
Balance at 1 July 2023199,351(2,656)(584)43,209239,320
Total comprehensive income for the period
Profit after tax for the period
---(3,195)(3,195)
Other comprehensive income (net of tax)
Foreign investor tax credits received---5151
Foreign currency translation differences for EAI (note 11)-(284)--(284)
Foreign currency translation differences for foreign operations-(1,264)--(1,264)
Effective portion of changes in fair value of cash flow hedges--2,820-2,820
Total other comprehensive income for the period-(1,548)2,820511,323
Total comprehensive income for the period-(1,548)2,820(3,144)(1,872)
Transactions with owners, recorded directly in equity
Share based payments---515515
Dividends paid (note 5)---(2,172)(2,172)
Total transactions with owners---(1,657)(1,657)
Balance at 31 December 2023199,351(4,204)2,23638,408235,791
The notes on pages 9 to 19 are an integral part of these financial statements
INTERIM
STATEMENT OF CHANGES IN EQUITY
6

As atDecember 2023December 2022June 2023
In thousands of New Zealand dollars
NoteUnauditedUnauditedAudited
Assets
Property, plant and equipment75,85172,20372,873
Intangible assets and goodwill51,94741,53041,754
Right of use assets19,77112,96814,407
Biological assets4,4314,2774,437
Investments
11
12,82210,61010,234
Loans to equity accounted investees
11
5,2425,2986,058
Deferred tax asset4,7504,0634,545
Total non-current assets174,814150,949154,308
Inventory
9
143,405145,844136,088
Trade receivables40,14535,31539,373
Sundry receivables
10
16,30813,63117,354
Cash and cash equivalents
7
12,91012,47111,554
Derivatives123,127-48
Tax receivable77164541
Total current assets216,666207,906204,458
Total assets391,480358,855358,766
Equity
Issued capital199,351199,351199,351
Retained earnings38,40837,35443,209
Reserves
(1,968)(3,771)(3,240)
Total equity235,791232,934239,320
Liabilities
Loans and borrowings
6
98,72675,75064,940
Trade and other payables295274288
Lease liability16,44410,18111,972
Deferred tax liability1,3531,6311,509
Total non-current liabilities116,81887,83678,709
Trade and other payables32,68231,75434,319
Lease liability4,4253,5873,386
Tax payable1,7642,6102,195
Derivatives
12
-134837
Total current liabilities38,87138,08540,737
Total liabilities155,689125,921119,446
Total equity and liabilities391,480358,855358,766
INTERIM
STATEMENT OF FINANCIAL POSITION
7
The notes on pages 9 to 19 are an integral part of these financial statements

For the six months ended
In thousands of New Zealand dollars
Notes
31 December 2023
Unaudited
31 December 2022
Unaudited
Receipts from customers97,467 100,333
Receipts from insurance proceeds5,741-
Payments to suppliers and employees(107,926)(117,549)
Taxation paid (1,392)(1,390)
Net cash flows from operating activities3(6,110)(18,606)
Investment in equity accounted investees - net(2,482)-
Loans to equity accounted investees11(136)(33)
Acquisition of Honeyworld17 (7,294)-
Interest from related parties2121
Payment for the purchase of property, plant and equipment(5,584)(9,725)
Payment for the purchase of biological assets-(421)
Receipt from disposal of property, plant and equipment-84
Payment for the purchase of intangibles(1,713)(2,128)
Net cash flows from investing activities(17,188)(12,202)
Redemption of ordinary shares-(4)
Purchase of treasury stock-(322)
Repayment of lease liabilities(2,570)(1,993)
Proceeds from loans and borrowings33,78632,450
Payment of dividends5(2,172)(2,158)
Interest received9189
Interest paid(4,159)(2,317)
Net cash flows from financing activities24,89425,845
Net increase in cash and cash equivalents1,596(4,963)
Cash and cash equivalents at the beginning of the period 11,55417,756
Effect of exchange rate fluctuations on cash held(240)(322)
Cash and cash equivalents at the end of the period12,91012,471
Represented as:
Cash and cash equivalents712,91012,471
Total12,91012,471
INTERIM
STATEMENT OF CASH FLOWS
The notes on pages 9 to 19 are an integral part of these financial statements
8

REPORTING ENTITY
Comvita Limited (the “Company”) is a Company
domiciled in New Zealand, and registered under the
Companies Act 1993 and listed on the New Zealand
Stock Exchange (“NZX”). The Company is an issuer
in terms of the Financial Reporting Act 2013 and
Financial Markets Conduct Act 2013. The condensed
interim financial statements of the Group for the
six months ended 31 December 2023 comprise the
Company and its subsidiaries (together referred to
as the “Group”) and the Group’s interest in equity
accounted investees.
The principal activity of the Group is apiary and
forest ownership and management; and research,
manufacturing and distributing of mānuka honey,
bee products and olive leaf products.
BASIS OF PREPARATION
Statement of compliance
The Company is a FMC reporting entity for the
purposes of the Financial Reporting Act 2013 and
under Part 7 of the Financial Markets Conduct
Act 2013. These Financial Statements comply with
these Acts and have been prepared in accordance
with the New Zealand Equivalents to International
Financial Reporting Standards as appropriate for
profit-oriented entities.
The condensed interim financial statements were
approved by the Board of Directors on 20 February
2024.
Basis of measurement
The financial statements have been prepared
on the historical cost basis except for financial
instruments, financial instruments designated as
fair value through other comprehensive income, and
biological assets which are measured at fair value.
Fair values have been determined for measurement
and/or disclosure purposes on the same basis
as those applied by the Group in the financial
statements as at and for the year ended 30 June
2023.
Functional and presentation currency
These financial statements are presented in
New Zealand dollars ($), which is the Company’s
functional currency. Amounts have been rounded to
the nearest thousand.
Use of estimates and judgements
The preparation of condensed interim financial
statements in accordance with NZ IAS 34 Interim
Financial Reporting requires judgements, estimates
and assumptions that affect the application of
accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual
results may differ from these estimates.
In preparing these condensed interim financial
statements, the significant judgements in applying
the Group's accounting policies and the key sources
of estimation uncertainty were the same as those
applied to the financial statements as at and for
the year ended 30 June 2023.
SIGNIFICANT ACCOUNTING POLICIES
These condensed interim financial statements
do not include all the information and disclosures
required in the annual financial statements.
The condensed interim financial statements
have been prepared using the same accounting
policies, and should be read in conjunction with,
the annual financial statements for the year
ended 30 June 2023.
Where applicable, presentation for comparatives
have been changed to comply with the accounting
presentation adopted in the current year to ensure
consistency with the current year classification.
Refer to note 3 following a change in classification
of interest income and expense in the statement
of cash flows.
9
NOTES TO THE CONDENSED
INTERIM FINANCIAL STATEMENTS
2024
3
COMVITA.CO.NZ
INTERIM FINANCIAL STATEMENTS

01. SEGMENTS
The Group has five key geographic segments as set out below:
Greater China: Revenue and related costs of our China and Hong Kong markets
ANZ: Revenue and related costs of our Australia and New Zealand markets
Rest of Asia: Revenue and related costs of our Asian markets excluding Greater China
North America: Revenue and related costs of our North American market
EMEA: Revenue and related costs of our Europe, Middle East and Africa markets
Contribution
Segments
Greater
ChinaANZRest of AsiaNorth AmericaEMEA
Total reportable
segments
Other
segmentsTotal
2023202220232022202320222023202220232022202320222023202220232022
Revenue45,00751,91619,25518,07419,21312,92513,02920,6992,1592,53098,663106,1444,7025,986103,365112,130
Contribution8,48213,0666,2166,3262,6003,3142,2986,977(36)719,56029,6901411,15519,70130,845
Non attributable (other corporate expenses)(20,429)(19,918)
Financial income and expenses (note 8)(5,565)(5,512)
Other income2,666638
Share of loss of equity accounted investees (note 11)(547)(264)
Net (loss)/profit before tax(4,174)5,789
10
For the six months to 31 December 2023 and 31 December 2022 unaudited
In thousands of New Zealand dollars
11
Figures in the tables reflect information regularly reported to the Chief Operating Decision Maker (CODM) on those key
segments. Segment results that are reported to the CODM include costs directly attributable to a segment as well as
those that can be allocated on a reasonable basis. Unallocated items comprise mainly head office expenses.
Segment information is presented in the financial statements in respect of the Group’s contribution segments which are
the primary basis of decision making. The contribution segment reporting format reflects the Group’s management and
internal reporting structure.
Performance is measured based on contribution which is a measure of profitability that the segment contributes to the
Group. Contribution is used to measure performance as management believes that such information is most relevant in
evaluating the results of certain segments. Inter-segment pricing is determined on an arms-length basis.
CODM

Contribution
Segments
Greater
ChinaANZRest of AsiaNorth AmericaEMEA
Total reportable
segments
Other
segmentsTotal
2023202220232022202320222023202220232022202320222023202220232022
Revenue45,00751,91619,25518,07419,21312,92513,02920,6992,1592,53098,663106,1444,7025,986103,365112,130
Contribution8,48213,0666,2166,3262,6003,3142,2986,977(36)719,56029,6901411,15519,70130,845
Non attributable (other corporate expenses)(20,429)(19,918)
Financial income and expenses (note 8)(5,565)(5,512)
Other income2,666638
Share of loss of equity accounted investees (note 11)(547)(264)
Net (loss)/profit before tax(4,174)5,789
02. OTHER INCOME
A significant item in other income ($2 million) relates to the business interruption and material damage portion of the
Cyclone Gabrielle insurance claim. In February 2023, the Group’s Hawke's Bay facility suffered extensive damage due to
Cyclone Gabrielle, a catastrophic weather event in the North Island of New Zealand. Full details are disclosed in the 30
June 2023 annual financial statements. The insurance claim is ongoing at reporting date.
11
03. OPERATING CASH FLOW
Reconciliation of the profit for the period with the net cash from operating activities
In thousands of New Zealand dollars
Note31 December 2023
Unaudited
31 December 2022
Unaudited
(Loss)/profit for the period
Adjustments for:
(3,195)4,165
Depreciation5,1444,449
Amortisation1,1151,161
Share based payments515427
Impairment of loan to equity accounted investee11136-
Share of losses of equity accounted investees11 547264
Profit adjusted for non-cash items4,26210,466
Items related to investing and financing activities:
Interest - net3,977 2,128
Acquisition of Honeyworld - inventory172,529-
Acquisition of Honeyworld – deferred/contingent consideration17(5,420)-
Net loss/(gain) on disposal of property, plant & equipment120(171)
Change in trade payables452(234)
Movement in working capital items:
Change in inventories(7,317)(13,687)
Change in trade receivables(772)(7,497)
Change in sundry debtors and prepayments1,064(2,087)
Change in trade and other payables(1,630)(6,031)
Change in tax receivable(1,161)(28)
Change in deferred tax(361)1,463
Movement in working capital items from foreign currency translation reserve(917)(1,489)
Other movements:
Movement of deferred tax in equity(825)(1,298)
Foreign investor tax credits5151
Foreign currency reserve(162)(192)
Net cash from operating activities(6,110)(18,606)
In the year ended 30 June 2023, the Group reclassified interest income and expense from operating activities to
financing activities. The prior period has been restated accordingly.

12 13
04. EARNINGS PER SHARE
In thousands of shares
31 December 2023
Unaudited
31 December 2022
Unaudited
Issued ordinary shares at the beginning of the period69,89369,731
Effect of shares issued during the period16471
Weighted average number of ordinary shares at the end of the period70,05769,802
Basic earnings per share (NZ cents)(4.56)5.97
In thousands of shares
Weighted average number of ordinary shares70,05769,802
Effect of stock entitlements issued822667
Weighted average number of diluted shares at the end of the period70,87970,469
Diluted earnings per share (NZ cents)(4.51)5.91
05. DISTRIBUTIONS
Dividends paid
In thousands of New Zealand dollars
31 December 2023
Unaudited
31 December 2022
Unaudited
30 June 2023
Audited
Final 2022 dividend (3.0 cents per share)-2,1582,158
Interim 2023 dividend (2.5 cents per share)--1,803
Final 2023 dividend (3.0 cents per share)2,172--
Total2,1722,1583,961
Subsequent event
On 20 February 2024, the Directors approved the payment of a fully imputed final dividend of $702,000 (1 cent per
share) to be paid on 24 April 2024. As the dividend was declared after balance date it has not been recognised as a
liability in these financial statements.

13
06. BORROWINGS
Terms of borrowings
In thousands of New Zealand
dollars
FacilityCurrencyNominal
Interest
rate
MaturityCarrying
Amount
Unaudited
Carrying
Amount
Unaudited
Carrying
Amount
Audited
31
December
2023
31
December
2022
30
June
2023
Secured bank loan –
Westpac NZ
20,000NZD4.35%March
2023
-20,000-
Multi option credit line –
Westpac NZ
72,500NZD3.30% March
2023
-55,750-
Revolving credit facility –
Westpac NZ / ANZ
44,000NZD7.35%March
2025
35,200-15,500
Revolving credit facility –
Westpac NZ / ANZ
35,000NZD7.49%March
2026
35,000-35,000
Revolving credit facility –
Westpac NZ / ANZ
35,000NZD7.69%March
2027
29,000-15,000
Overdraft facility NZD –
Westpac NZ
1,000NZD-----
Deferred finance costs(474)-(560)
Total borrowings – non-current98,72675,75064,940
Covenants and security
The Group was in compliance with banking covenants during the period and as at 31 December 2023.
The $114 million syndicated facility with Westpac New Zealand Limited and ANZ is secured by way of a General Security
Agreement over assets of Comvita Limited, Comvita New Zealand Limited, Comvita Holdings Pty Limited, Comvita
Australia Pty Limited and Comvita UK Limited.
07. CASH AND CASH EQUIVALENTS
In thousands of New Zealand dollars
31 December 202331 December 202230 June 2023
UnauditedUnauditedAudited
Cash12,91012,47111,554
Less debt - non-current(98,726)(75,750)(64,940)
Net debt(85,816)(63,279)(53,386)

14 15
08. FINANCE INCOME AND EXPENSES
In thousands of New Zealand dollars
31 December 2023
Unaudited
31 December 2022
Unaudited
Interest income182326
Finance income182326
Interest expense on financial liabilities measured at amortised cost(4,213)(2,357)
Net foreign exchange loss(1,534)(3,481)
Finance expenses(5,747)(5,838)
Net finance expenses(5,565)(5,512)
09. INVENTORY
In thousands of New Zealand dollars
31 December 2023
Unaudited
31 December 2022
Unaudited
30 June 2023
Audited
Raw materials68,89289,00682,426
Work in progress4,5144,0116,104
Finished goods69,99952,82747,558
Total inventory143,405145,844136,088

Inventory written down during the period ended 31 December 2023 has been recognised within cost of goods sold -
$252,000 (31 December 2022: $205,000).
10. SUNDRY RECEIVABLES
In thousands of New Zealand dollars
Note31 December 2023
Unaudited
31 December 2022
Unaudited
30 June 2023
Audited
Prepayments 7,7118,0216,380
Loan receivable – Leadership Team142,8352,7962,817
Insurance proceeds receivable 1,707-5,280
Other receivables4,0552,8142,877
Total sundry receivables16,30813,63117,354
11. INVESTMENTS
In thousands of New Zealand dollars
31 December 2023
Unaudited
31 December 2022
Unaudited
30 June 2023
Audited
Equity accounted investees12,81410,60210,226
Investment in unlisted shares888
Total investments12,82210,61010,234

15
Investments in equity accounted investees comprises:
Country of
Incorporation
Ownership
Interest Held
Balance
Date
Principal
Activity
Makino Station Limited “Makino”New Zealand50%30 June
Apiary and land
ownership
Medibee Pty Limited “Medibee”
Australia50%30 June Apiary
Apiter S.A “Apiter”Uruguay
32%
(2022:20%)
31 July
Manufacturing, selling
and distribution
Caravan Honey Company
"Caravan Honey"
U.S.A50%31 December
Development and
commercialisation
of products
Medibee
Medibee Apiaries has a funding arrangement with HSBC and Comvita has signed a several guarantee for its share of the
loan facility, which is AUD 4,500,000 at balance date.
During the period, Comvita agreed to loan Medibee an additional $136,000 which was immediately impaired to nil.
Apiter
In January 2023, Comvita agreed to supply additional funding to Apiter in exchange for an increase in ownership from
20% holding to 32% holding. The additional funding was completed in two phases: an initial loan of USD 545,000 in
January 2023 and an additional USD 1,445,000 when the share issuance procedures were completed in Uruguay, at which
point the initial loan converted to equity. On 19 October 2023, the share issuance procedures and additional funding
phase was completed.
Carrying value of investment in equity accounted investees
In thousands of New Zealand dollars
31 December 2023
Unaudited
31 December 2022
Unaudited
30 June 2023
Audited
Balance at 1 July
10,226
10,95710,957
Additional investment (Apiter)
3,420--
Share of losses
(547)(264)(844)
Foreign exchange movements
(284)(91)113
Closing balance
12,81410,60210,226
Loans to equity accounted investees
In thousands of New Zealand dollars
31 December 2023
Unaudited
31 December 2022
Unaudited
30 June 2023
Audited
Loan and interest receivable
Makino
4,0534,1593,939
Apiter
1,1891,1392,119
Total
5,2425,2986,058
11. INVESTMENTS (CONTINUED)

16
31 December 2023
Unaudited
Interest Rate31 December 2022
Unaudited
Interest Rate
Accrued interest
Makino
1157.56%815.34%
Apiter
193.5%173.5%
Total
13498
All loans to equity accounted investees are repayable at the discretion of shareholders.
Transactions with equity accounted investees
In thousands of New Zealand dollars
Sale of goods and servicesPurchases of goods and services
Transaction valueBalance due fromTransaction valueBalance owing to
31 December 2023
Makino 108
-763197
Apiter -
32--
31 December 2022
Makino 81
-1,457876
Apiter -
32--
12. DERIVATIVES

In thousands of New Zealand dollars
31 December 2023
Unaudited
31 December 2022
Unaudited
30 June 2023
Audited
Interest rate swaps asset/(liability)
187048
Forward exchange contracts asset/(liability)
3,109(204)(837)
Total3,127(134)(789)
17
13. SHARE SCHEMES
Leader Share Purchase & Loan Scheme
In 2021 Comvita Limited established a Leader Share Purchase & Loan scheme (“LSPLS”) to retain key employees and
materially align the interests of participants with those of shareholders, by making loans available to eligible employees
for the acquisition of fully paid ordinary shares in Comvita.
31 December 2023
Unaudited
31 December 2022
Unaudited
Employees in the LSPLS88
Number of shares held738,012738,012
% of share capital1.05%1.06%
11. INVESTMENTS (CONTINUED)

17
13. SHARE SCHEMES (CONTINUED)
Performance Share Rights Scheme
Comvita Limited has a Performance Share Rights (PSR’s) Scheme to incentivise Executives. Upon vesting of the PSR’s, shares
will be transferred from treasury stock or new shares will be issued in the capital of the Company on the terms and conditions
described in the Comvita Limited Performance Share Rights Scheme. Share based payment expenses are recognised over the
vesting period of these PSRs.
In thousands
31 December 2023
Unaudited
31 December 2022
Unaudited
Number of entitlementsNumber of entitlements
Entitlements outstanding at beginning of period – July872458
Entitlements granted 372607
Entitlements cancelled(22)-
Shares vested(323)(193)
Entitlements outstanding at end of year899872
Employee Share Scheme
In September 2022 the Company established an Employee Share Scheme called the Comvita Exempt Employee Share
Scheme (“CEES Scheme"). The CEES Scheme is designed to allow employees to share in the future of the Company.
There are 156 (December 22: 164) employees in the CEES Scheme and the number of shares held is 56,700 (December 2022:
57,015).
14. RELATED PARTIES
Transactions with Leadership Team and Directors
In thousands of New Zealand dollars
31 December 2023
Unaudited
31 December 2022
Unaudited
Short term employee benefits1,9202,741
Share based payments 515427
Total2,4353,168
Leadership Team loans:
In thousands of New Zealand dollars
31 December 2023
Unaudited
31 December 2022
Unaudited
Loan to CEO 450450
Loans to Leadership Team – Leader Share Purchase & Loan scheme2,3852,307
Total2,8352,757
Directors and other key management personnel of the Company control 2.8% (30 June 2023: 2.6%, 31 December 2022:
2.8%) of the voting shares of the Company.

15. GROUP ENTITIES
The Group comprises of the Company and the following entities:
Subsidiaries
Country of
Incorporation
Ownership
Interest Held
Comvita New Zealand Limited New Zealand100%
Bee & Herbal New Zealand Limited New Zealand100%
Comvita Landowner Share Scheme Trustee Limited New Zealand100%
Comvita Share Scheme Trustee Limited New ZealandManagement control
Comvita USA, Inc USA100%
Comvita Japan K.K Japan100%
Comvita Korea Co Limited Korea100%
Comvita Food (China) Limited China100%
Comvita Food (Hainan) Co. Ltd China100%
Comvita China Limited Hong Kong100%
Comvita Holdings HK Limited Hong Kong100%
Comvita HK Limited Hong Kong100%
Comvita Malaysia Sdn BhdMalaysia100%
Comvita Singapore Pte LimitedSingapore100%
Comvita Holdings Pty Limited Australia100%
Comvita Australia Pty Limited Australia100%
Olive Products Australia Pty Limited Australia100%
Comvita IP Pty Limited Australia100%
Comvita Health Pty Limited Australia100%
Medihoney Pty Limited Australia100%
Medihoney (Europe) Limited United Kingdom100%
Comvita Holdings UK Limited United Kingdom100%
Comvita UK Limited United Kingdom100%
New Zealand Natural Foods Limited United Kingdom100%
Comvita Europe BV Netherlands100%
All Group subsidiaries have a 30 June balance date, except for Comvita Food (China) Limited and Comvita Food
(Hainan) Co. Ltd, which have a 31 December balance date due to local requirements.
18 19

16. COMMITMENTS
At period end the Group was committed to $2.8 million of capital expenditure (31 December 2022: $4.3 million over
1 year) which will be paid over the next two years. The commitments relate to ERP implementation, mānuka forest
costs and other capital projects.
17. BUSINESS COMBINATIONS
On 5 July 2023, Comvita Singapore Pte Ltd, (a subsidiary of Comvita Limited), acquired the assets of Swift
Health Food (Singapore) Pte Ltd, a specialised honey retail business located in Singapore, trading as Honeyworld.
The acquisition is accounted for as a business combination under IFRS 3, Business Combinations in the year
ended 30 June 2024.
As of reporting date, the purchase price allocation is still in progress and there were no changes in the recognized
amounts or range of outcomes for the contingent consideration disclosed in the 30 June 2023 financial statements.
19
18. SUPPLEMENTARY NON-GAAP INFORMATION – EBITDA
Earnings before interest, tax, depreciation, and amortisation (EBITDA) is a non-GAAP measure. We monitor this as a
key performance indicator and believe it assists investors in assessing the performance of the core operations of our
business. .
In thousands of New Zealand dollars
31 December 2023
Unaudited
31 December 2022
Unaudited
Profit before tax(4,174)5,789
Add back: net finance cost4,0312,031
EBIT(143)7,820
Add back: depreciation and amortisation6,2595,610
EBITDA6,11613,430
19. SUBSEQUENT EVENTS
There are no subsequent events other than dividends declared (note 5).

FINANCIAL STATEMENTS
COMVITA.CO.NZ
Better
BUSINESS
BUILDING A

---

INVESTOR PRESENTATION
HALF YEAR RESULTS FY24
PRESENTED BY:
David Banfield, CEO
Nigel Greenwood, CFO
21 FEBRUARY 2024
Po i s e d
FOR TAKE-OFF

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Notice
IMPORTANT
This presentation is given on behalf of Comvita Limited. Information in this presentation:•
Should be read in conjunction with, and is subject to, Comvita’s Annual Reports, Interim Reports and market releases on NZX.
•
Is from the unaudited interim results for the six months ended 31 December 2023.
•
Includes non-GAAP financial measures including but not limited to EBITDA, EBITDA excl ERP, NPAT excl ERP and normalised Gross Profit. These measures do not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities. They should not be used in substitution for, or isolation of,
Comvita’s audited financial statements. We monitor these non-GAAP measures as key performance indicators, and we believe it assists investors in assessing the performance of the core operations of our business.
•
May contain projections or forward-looking statements about Comvita. Such forward-looking statements are based on current expectations and involve risks and uncertainties. Comvita’s actual results or performance may differ materially from these statements.
•
Includes statements relating to past performance, which should not be regarded as a reliable indicator of future performance.
•
Is for general information purposes only and does not constitute investment advice.
•
Is current at the date of this presentation, unless otherwise stated.
While all reasonable care has been taken in compiling this presentation, Comvita accepts no responsibility for any errors or omissions.All currency amounts are in NZ dollars unless otherwise stated.
2

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
3
Key Messages
OUR HY24
•
Interim results are consistent with Comvita’s trading updated dated 1
st
February 2024
•
Recent guidance changes for H2-24 factor in lower
consumer spending in China and the loss of some
distribution with one customer in North America
•
Early signs of improvement in China during Q2, continued improvement seen in January, additional distribution agreements signed in NA that will come on in the second half of FY24
•
Market share remains strong. Market Leader in 5 out of 6 of our key markets. We strategically maintained pricing to preserve 60% gross margin
•
Management remains committed to FY25 business plan, $50M EBITDA target and 60.15.20 business model
•
Since 2019 we have built a platform for growth in supply, brand, team and our expansion of manufacturing capacity can now deliver 2030 demand

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
4
Recent Guidance Changes
OUR HY24
February trading and guidance update•
Mainland China
– FY24 1H revenue was $33M, down 19% on PCP. Driven by macro-economic
weakness, impacting the premium consumer category. Sales in Mainland China are showing improvement towards a more stable trading pattern
•
North America
– FY24 1H revenue was $13M, down 37% on PCP. North America sales were impacted
by the loss of some distribution with one customer, inflationary pressure and a strong PCP. Since Christmas, Comvita has signed new additional distribution agreements with around 700 stores
•
Rest of Asia
– Improved 49% or $6.3M to $19.2M driven by strong growth in Korea of 13% to $8.6M
and Singapore growth of $5.7M, marketing investment for growth continued
•
ANZ
– Revenue improved by $1.2M or 7% to $19.3M
FY24 guidance:•
FY24 Revenue is now expected to be $225M to $235M (previously $245M to $255M)
•
FY24 Reported EBITDA (excl ERP costs) is now expected to be $30M to $35M (previously $33M to $38M)
•
Net debt reduced, due to positive operating cashflow
See guidance bridge (slide 30) for both revenue and EBITDA

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Greater China
FOCUS ON
5
•
Revenue challenges in mainland China due to broader macro economic issues
•
11.6% CAGR 2019 to 2024
•
Signs of improvement between quarters (Q1 and
Q2) and in January, Q2 flat with Q2 FY22
•
Hong Kong SAR reporting single digit improvement vs PCP
•
Market share remains strong and pricing consistent
•
Realistic full year forecast -7.5% to -11.5%
down vs PCP within latest guidance

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
$
50
M
EBITDA
2025 (20%)
TA R G E T I N G
6
COMVITA 50:2025
60 : 15 : 20
MINIMUM 60% GP
15% MARKETING TO SALES RATIO
20% EBITDA TARGET
Marketing Investment (%)FY24 Forecast (mid point)
Gross Profit (%)FY24 Forecast (mid point)
7% 8% 13% 13% 13%
12%
0%2%4%6%8%
10%12%14%16%
19
20
21
22
23
24
0%
2%
13% 14% 14%
14%
0%2%4%6%8%
10%12%14%16%
19
20
21
22
23
24
EBITDA excl ERP cost (%)FY24 Forecast (mid point)
•
FY23 Gross Profit excl Cyclone Gabrielle stock write off
(Insured event) at 59.5%
37% 49% 54% 60%
60%
60%
0%
10%20%30%40%50%60%70%
19
20
21
22
23
24

SECTION
Financials
GROWING SHARE IN FOCUS MARKETS

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
8
Financial Summary
OUR HY24
•
Interim revenue $103.4M ( -7.8% vs PCP)
•
HoneyWorld
revenue $6.8M
•
GP 60% or $62.2M -170 bps vs PCP in line with our plan
•
Marketing investment $14M or 13.5% to sales
•
ERP and transformation investment $4.4M
•
EBITDA excl ERP $9.5M -32% vs PCP
•
NPAT -$3.2M vs $4.2M in PCP
•
Inventory decreased by $2.4M vs PCP – remains at elevated levels
•
Net debt $85.8M, increased by 35.6%, $9.8M invested in HoneyWorld
and Apiter
•
Operating cash flow -$6.1M, improved by $12.5M vs PCP
•
Interim dividend of 1 cps fully imputed to be paid – record date of 4 April and payment date of 24 April

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Financial
KEY RESULTS
INCOME STATEMENT
•
Revenue decreased -7.8% vs PCP
•
GP% down 1.7% vs PCP due to gains of $3M in PCP (formulation benefits and inventory provision release). Direct margin up 1.4% vs PCP
•
Continued investment in brand of $14M, and at 13.5% of sales vs. PCP at 13.8%
•
$4.4M investment in transformation and ERP, for H1 FY24
•
$3.4M ERP +$2.8M vs PCP
•
Variable sales costs +$1.8M vs PCP. Increase due mainly to HoneyWorld
•
EBITDA excl ERP $9.5M -32.4%. Impacted by revenue miss and FX loss of $1.2M in December
•
Reported NPAT -$3.2M. Impacted by high interest costs of $4.0M
9
Variance %
Variance $
31 December
2022
31 December
2023
For the year endedNZD 000s
(7.8%)
(8,765)
112,130
103,365
Revenue
(10.4%)
(7,204)
69,380
62,176
Gross Profit
(1.7%)
61.9%
60.2%
Gross Profit %
(9.9%)
(1,533)
15,510
13,977
Marketing
15.2%
1,778
11,734
13,512
Sales Variable*
(35.2%)
(550)
1,562
1,012
Transformation*
466.3%
2,767
593
3,360
ERP**
6.4%
1,853
29,054
30,907
Other Expenses
(82.1%)
(9,491)
11,565
2,074
Operating Profit
(32.4%)
(4,547)
14,023
9,476
EBITDA* excl ERP
(176.7%)
(7,360)
4,165
(3,195)
Net (Loss)/Profit after Tax
(116.9%)
(5,368)
4,592
(776)
Net (Loss)/Profit after Tax excl ERP
*
EBITDA, sales variable and transformation are non-GAAP measures.
We monitor these as key performance indicators and believe the
y assist investors in assessing the
performance of the core op
erations of our business.
** Investment in company ERP system

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Financial
KEY RESULTS
BALANCE SHEET
•
Net debt $85.8M – up $22.5M or +35.6% on PCP
•
HoneyWorld
acquisition and Apiter
investments debt funded ($9.8M) as well as the increase in inventory since year end
•
Inventory $143.4M decreased $2.4M or 1.7% vs PCP
•
Remains at elevated levels and impacted by weaker H1 sales
•
Reduction in raw materials of $20.1M offsetting increase in finished goods of $17.2M
10
Variance $
31
December
2022
31
December
2023
As atNZD 000s
22,537
63,279
85,816
Net Debt
12,496
(18,606)
(6,110)
Operating Cashflow
(2,439)
145,844
143,405
Inventory

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Inventory
11
Variance $
31
December
2022
31
December
2023
As atNZD 000s
(20,114)
89,006
68,892
Raw Materials
503
4,011
4,514
Work in Progress
17,172
52,827
69,999
Finished Goods
(2,439)
145,844
143,405
To t a l I n v e n t o r y
•
While inventory has decreased by $2.4M vs PCP it remains at elevated levels
•
Raw materials decreased by $20.1M reflecting the benefits of unwinding the previous long term supply agreements and only acquiring honey as required
•
Finished goods increased by $17.2M predominantly due to the lead time of finished goods being produced to meet forecast demand that did not materialise
•
Raw material purchases will continue to be controlled in H2 excluding supply from Apiary, and finished goods production reduced as we sell though existing finished goods already in market
•
As a result, inventory forecast to reduce by at least $7M in H2

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Cashflow
•
Operating cashflow (-$6.1M), $12.5M improvement on prior year:
•
Predominantly impacted by increase in inventory in the 6 months of $7.3M
•
Investing activities include:
•
$7.3M initial payment for HoneyWorld
Acquisition
•
$2.5M payment for increase in investment in Apiter lifting our ownership from 20% to 32%
•
$5.6M capital expenditure
12
Variance $
31
December
2022
31
December
2023
For the year endedNZD 000s
12,496
(18,606)
(6,110)
Operating cash inflow
(4,986)
(12,202)
(17,188)
Investing activities
(951)
25,845
24,894
Financing activities
439
12,471
12,910
Cash and cash equivalents

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
13
Interim Dividend
FY24
•
Directors have declared a fully imputed interim dividend of 1 cps
•
Reflecting the softer first half trading
•
Comvita remains committed to balancing shareholder distributions with prudent capital management
•
The board will review our full year dividend in August
•
Record date of 4 April 2024 and payment date of 24 April 2024

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
14
ERP on Track
KEY PROJECT
FY24
HY24 investment $3.4M
(included in this result)
•
Upgrade of existing ERP system to latest version – re-implementation
•
On track to complete June FY24 latest,
•
Total FY24 investment of $7M
•
Reviews and updates:
•
Master data
•
End to end processes
•
Ways of working
Benefits •
Overall organisational efficiency
•
Releases organisational energy and capability
•
c20K hours saved annually FY25
•
Scalable, future proof solution
•
Data as a competitive advantage

SECTION
Market Segments
GROWING SHARE IN FOCUS MARKETS

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
16
Segment Performance
HY24
Revenue and contribution performance – segments in HY24•
Revenue -$8.8M or -7.8% vs PCP
•
Greater China revenue drop impacted by broader economic challenges / consumer spending
−
Greater China revenue -$6.9M or -13.3%
−
Contribution dropped in line with sales
−
Mainland China revenue $33M -19% vs PCP
•
US revenue -$7.7M or -37.1%
−
Impacted by slow down in consumer spending and loss of some distribution with one customer
−
Contribution dropped in line with sales
•
Growth in ROA and ANZ segments
−
Rest Of Asia revenue +$6.3M or +48.7%
−
ANZ revenue +$1.2M or +6.5%
•
Ecommerce share 40.0% of total sales +120bps vs PCP
•
HoneyWorld
revenue $6.8M in line with plan and +5% vs PCP on a like for like basis

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
17
GREATER CHINA
Vs.
Last Year %
Vs.
Last Year
Last Year
Dec-22
This Year
Dec-23
NZD 000s
(13.3%)
(6,909)
51,916
45,007
Sales
(35.1%)
(4,584)
13,066
8,482
Net Contribution
(6.3%)
25.2%
18.8%
Net Contribution %
ON A REPORTED CURRENCY BASIS – FOR 6 MONTHS ENDED DEC 23
•
Revenue down -13.3% or -$6.9M in first 6 months trading
•
Mainland China revenue drop impacted by macro economic challenges
•
Hong Kong SAR showing single digit revenue growth
•
Market share remains strong
•
Gross profit -320bps vs PCP due to product mix and other cost of sales decline year on year ($950K)
•
Net contribution decreased to $8.5M -35.1% vs PCP and -630bps to 18.8% in line with sales decline
Net contribution is a non-GAAP measure. We
monitor this as a key performance indicato
r and believe it assists investors in asse
ssing the performance of the
core operations of our business.

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Greater China
GROWTH
FY19
$26M
$45M
FY24
18
SALES
FY19
$77M
$99M
FY24
SALES
HALF 1
FULL YEAR
•
H1 revenue -13.3 % vs PCP
•
H2 forecast revenue -5% to -10% vs PCP
•
FY24 forecast revenue -7.5% to -11.5% vs PCP
EXCITING FUTURE

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
19
NORTH AMERICA
Vs.
Last Year %
Vs.
Last Year
Last Year
Dec-22
This Year
Dec-23
NZD 000s
(37.1%)
(7,669)
20,699
13,029
Sales
(67.1%)
(4,679)
6,977
2,298
Net Contribution
(16.1%)
33.7%
17.6%
Net Contribution %
ON A REPORTED CURRENCY BASIS – FOR 6 MONTHS ENDED DEC 23
•
Total revenue of $13M is down $7.7M or -37.1% vs PCP
•
H1 revenue decreased due to strong PCP (H1 FY23 represented 58% of the full year), loss of some distribution with one customer, H1 strength in PCP and the impact of inflation on discretionary spend
•
Gross profit -100bps vs PCP due to other cost of sales variance vs PCP of $750K
•
Net contribution of $2.3M is -67.1% vs PCP in-line with sales decline
Net contribution is a non-GAAP measure. We
monitor this as a key performance indicato
r and believe it assists investors in asse
ssing the performance of the
core operations of our business.

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
20
North America
GROWTH
•
H1 revenue -37.1% vs PCP
•
H2 forecast revenue -10% to -15% vs PCP
•
FY24 forecast revenue -25% to -30% vs PCP
FY19
$8M
$13M
FY24
SALES
FY19
$26M
FY24
SALES
HALF 1
FULL YEAR
$13M
EXCITING FUTURE

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
21
REST OF ASIA
Vs.
Last Year %
Vs.
Last Year
Last Year
Dec-22
This Year
Dec-23
NZD 000s
48.7%
6,288
12,925
19,213
Sales
(21.5%)
(714)
3,314
2,600
Net Contribution
(12.1%)
25.6%
13.5%
Net Contribution %
•
Strong sales growth +49% vs PCP to $19.2M
•
Strong revenue growth of $6.3M vs PCP, $6.8M contributed by HoneyWorld
acquisition
•
Continued Investment in brand and team to capitalise on growth opportunity
•
Integration costs of $200K
•
Net contribution $2.6M -21.5% vs PCP, due to brand investment for growth and integration costs
Net contribution is a non-GAAP measure. We
monitor this as a key performance indicato
r and believe it assists investors in asse
ssing the performance of the
core operations of our business.
ON A REPORTED CURRENCY BASIS – FOR 6 MONTHS ENDED DEC 23

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
22
Rest Of Asia
GROWTH
EXCITING FUTURE
•
H1 revenue +48.7% vs PCP
•
H2 forecast revenue +32% to +38% vs PCP
•
FY24 forecast revenue +40% to +45% vs PCP
•
On track to become second biggest segment
FY19
$9M
$19M
FY24
FY19
$45M
FY24
HALF 1
FULL YEAR
$17M

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
23
AUSTRALIA + NEW ZEALAND
Vs.
Last Year %
Vs.
Last Year
Last Year
Dec-22
This Year
Dec-23
NZD 000s
6.5%
1,181
18,074
19,255
Sales
(1.7%)
(110)
6,326
6,216
Net Contribution
(2.7%)
35.0%
32.3%
Net Contribution %
•
Revenue $19.3M +6.5% vs PCP
•
China slowdown has a knock on impact to ANZ segment (Asian Health)
•
Gross profit -110bps vs PCP due to mix of Asian Health channel
•
Net contribution for the segment -$110K or -1.7% vs PCP
Net contribution is a non-GAAP measure. We
monitor this as a key performance indicato
r and believe it assists investors in asse
ssing the performance of the
core operations of our business.
ON A REPORTED CURRENCY BASIS – FOR 6 MONTHS ENDED DEC 23

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
24
ANZ
GROWTH
•
H1 revenue +6.5% vs PCP
•
H2 forecast revenue +7.5% to +12.5% vs PCP
•
FY24 forecast revenue +6% to +11% vs PCP
FY19
$30M
$19M
FY24
FY19
$44M
FY24
HALF 1
FULL YEAR
$62M
EXCITING FUTURE

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
25
EMEA
Vs.
Last Year %
Vs.
Last Year
Last Year
Dec-22
This Year
Dec-23
NZD 000s
(14.7%)
(371)
2,530
2,159
Sales
(589.3%)
(43)
7
(36)
Net Contribution
(2.0%)
0.3%
(1.7%)
Net Contribution %
•
$2.2M revenue -14.7% vs PCP
•
Segment remains subscale – Middle East main area for growth
•
Direct margin +1,000bps due to digital share of total, new distribution agreed in Middle East
•
Net contribution -$43K vs PCP
Net contribution is a non-GAAP measure. We
monitor this as a key performance indicato
r and believe it assists investors in asse
ssing the performance of the
core operations of our business.
ON A REPORTED CURRENCY BASIS – FOR 6 MONTHS ENDED DEC 23

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
26
40.0
%
+
46.9
%
ECOMMERCE SHARE
+120 BPS vs PCP
+
162
%
REGISTERED USERS
GROWTH vs PCP
ECOM MERCE
+
7.9
%
US ECOMMERCE
REVENUE
vs PCP
US AMAZON
GROWTH vs PCP
+
46
BPS
CONVERSION RATE vs PCP
+
585
%
CHAMPION USERS vs PCP
+
7
%
EMAIL DATABASE vs PCP
+
1,300
BPS
REPEAT PURCHASE RATE vs PCP

SECTION
Guidance
FY24

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
28
Guidance
FY24
FY24 Forecast reflects weaker consumer spending, with some improvement on HY•
Revenue $225M – $235M

FY24 gross profit forecast of 60%

EBITDA excluding ERP costs $30M – $35M

Net debt reduced, due to positive operating cashflow

FY24 forecast inventory decline vs PCP
On target to deliver c$50M EBITDA (20%) FY25 subject to consumer demand normalising

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Revenue Bridge to FY24
MID-POINT
29
Note that H2 forecast numbers by segment are our current best estimates. While the actual numbers by segment may vary, we are confident of achievin
g the $126.6M of H2 revenue.
•
Greater China assumes some recovery on H1 during H2, however H2 forecast to be down 5.7% on PCP
•
North America H2 sales expected to be substantially in line with H1
•
Rest of Asia H2 sales include HoneyWorld
sales of circa $7.0M
•
ANZ assumes further growth in both domestic sales in Australia as well as growth in the Asian Health channel
•
The increase in EMEA sales reflects new customers secured in UK and the Middle East where initial stock fill and ongoing sales will occur in H2
•
Non attributable sales mainly relate to bulk honey sales
FY2024
H2
H1
%
Variance
vs PCP
FY2024
forecast
mid-
point
%
Variance
vs PCP
H2
FY2024
forecast
mid-
point
%
Variance
vs PCP
H1
FY2024
SEGMENT (NZD 000s)
(9.6%)
98,530
(5.7%)
53,523
(13.3%)
45,007
Greater China
(27.4%)
25,867
(13.9%)
12,838
(37.1%)
13,029
North America
42.2%
45,175
35.5%
25,962
48.7%
19,213
Rest Of Asia
8.4%
44,214
10.0%
24,959
6.5%
19,255
ANZ
27.2%
7,456
58.9%
5,297
(14.7%)
2,159
EMEA
(23.2%)
8,758
(24.8%)
4,056
(21.4%)
4,702
Total Non-Atributable
(1.9%)
230,000
3.6%
126,635
(7.8%)
103,365
TOTAL COMVITA

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
9.5
(30.7)
(28.5)
6.0
32.5
76.2
H1 EBITDA
(excl. ERP)
Gross Profit
Marketing &
Sales Expenses
Other
Depreciation
FY24 EBITDA
(excl. ERP)
H1 to FY24 EBITDA (excl ERP costs) Bridge NZ$M
H2-FY24 Forecast
H1-FY24 Actual
FY24 Forecast
Earnings Bridge to FY24
MID POINT
•
The Gross Profit in H2 assumes we achieve midpoint of sa
les guidance of $126.6M at the same GP% as H1 of 60.2%
•
Sales expenses and Marketing investment managed to be circa 24% of
sales. $8M of specific cost savings to be made in H2 FY24
•
Other in line with H1
•
Forecast EBITDA (excl ERP) $32.5M at the mid-point of guidance
30

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
c$
50
M
EBITDA
2025 (20%)
TA R G E T I N G
31
PURPOSE + VALUES
OUR MISSION TO 2025
COMVITA 50:2025
Working in harmony with bees and nature in New Zealand
to heal and protect the world
We all lead
Connected
We Love to Learn Kaitiakitanga
“To deliver world-leading standards
for our team, our consumers, our
shareholders and our planet, contributing to a world where bees and people
can thrive in harmony.
Reinvest cash to lead industry growth and consolidation and in the process
drive higher standards for our consumers.”
60 : 15 : 20
Minimum 60% GP
15% Marketing to sales ratio
20% EBITDA target
1. Stabilise performance
2. Transform organisation
3. Long-term resilience and growth
50% digital sales
Targeting c$50M EB
ITDA by 2025
Minimum 60% gross profit
15% marketing investment
to sales ratio
20% EBITDA leverage ratio
target 1–1.5
COMVITA
2025
Carbon-neutral 2025 and science-based targets for GHG reduction
Return on capital employed
– 500 basis points above weight
ed average cost of capital
Comvita total shareholder returns above NZX50 median
Consumer and employee Net Promoter Score >+7
Build a China market business capable of delivering 10 years of 10% compound annual growth rate
Break through in North America to provide portfolio balance
Digital channels to deliver >50% of total sales
All market segments growing (mid single-digit compound annual growth rate) and profitable
KPIS FY25
ALIGNED FOCUS – DELIVER BY FY25
STRATEGIC PILLARS / OUR UNRELENTING FOCUS
Comvita as a premium natural health and
wellness lifestyle brand
World-class digital
engagement and experience Data
as a competitive advantage
Science and quality
Organisational simplification
and efficiency
Becoming a sustainable,
world-class organisation

SECTION
Strong Platform for
Long-term Growth
BEYOND FY24

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Purpose & Values
33

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Focus & Progress
CLARITY OF
TO 2025
34

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
35
Business Model
Proving
Successful
M
Ā
NUKA HONEY MARKET SHARE
MARKET LEADING IN 5 OUT OF 6 OF OUR KEY MARKETS
MARKET
LEADER
MARKET
LEADER
MARKET
LEADER
MARKET
LEADER
TOP
2-3 BRAND
MARKET
LEADER

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Premiumisation
THE EVOLUTION OF COMVITA
36
CIIE 2023
RETAIL PRESENCE IN STORES

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Highest Quality Premium Brand
THE EVOLUTION OF COMVITA
37
NY TIMES SQUARE
CLAUDIA LI / NY FASHION WEEK
AUCKLAND MARATHON

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Premium Brand Partners
THE EVOLUTION OF COMVITA
38
COLLABORATION WITH SNOW 51
KOREA GRAND HYATT HIGH TEA

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
39
The Future of
Retail is
Experiential
WELLNESS LAB
WUXIAKL AIRPORT
VIRTUAL WELLNESS LAB

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Building
Momentum
FY24 Forecast
•
FY23 Gross Profit excl Cyclone Gabrielle stock write off
(Insured event) at 59.5%
EBITDA excl ERP ($M)
67.0%
CAGR +
-
4 26 30
34
32.5
-
5
10 15 20 25 30 35 40
19
20
21
22
23
24
Revenue ($M)
6.1%
CAGR +
171 196 192 209 234
230
-
50
100 150 200 250
19
20
21
22
23
24
40
64 96 103 126 139
138
-
20 40 60 80
100 120 140 160
19
20
21
22
23
24
Gross Profit ($M)
16.6%
CAGR +

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
41
Investment
Already Made
to Build a
Platform for
Growth
PRODUCT / SUPPLY
PROCESSCUSTOMER / MARKETS
CONSUMER FOCUS
48 YEARS OF LEADERSHIP
4 new subsidiaries since 2019, 13 total.
MARKETS
Towards 15% of sales
BRAND INVESTMENT
$3.8M
RETAIL & EXPO EXCELLENCE
Significant investment in leadership talent
TALENT
230K subscribers +41%, AOV $163 +17%
DIGITAL AND DATA
c$850K
LAB AUTOMATION
$3.4M FY22-FY24
SCIENCE RESEARCH INVESTMENT
$5.6M
SCALABLE PRODUCTIONS
$7.1M FY22-FY24
SCIENCE & QUALITY TEAM
c$31M 7.5K hectares
FORESTS
$10.5M investment finished FY24
ERP
c$750K pa
ESG INVESTMENT
20K hours saved
PROCESS EXCELLENCE
>65% of team outside NZ (+450 FTEs)
INTEGRATED BUSINES MODEL

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
42
MARKETING
INVESTMENT
MARKETS
9
RETAIL & EXPO
EXCELLENCE
FY19
$
11
M
$
31
M
$
3.8
M
13
FY23
FORESTS
C$
31.1
M
7.5K ha
$
1
M
$
5
M
Platform for Growth
BUILDING
POISED FOR TAKE OFF

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Exciting Future
TOTAL
ADDRESSABLE
MARKET
GLOBAL HONEY MARKET
CATEGORY HOUSEHOLD
PENETRATION
<
1
%
COMVITA
LIFETIME VALUE
GROWTH
2023
US$
9
BN
US$
14
BN
+
335
%
>
3
%
2030
OUR 2030 OPPORTUNITY
GLOBAL HONEY MARKET
PRICING GROWTH
REGIONAL GROWTH
CHINA MARKET
+
17
% CAGR
+
2.2
% PA
•
Core business in growing market−
US$9bn TAM forecast to grow by +55% by 2030
•
Low M
ā
nuka honey household penetration (HHP)
−
1% globally, HK HHP equals >3.5%
•
Digital connection increase consumer’s lifetime value−
Consumer lifetime value +335% when we are able to have a direct relationship with consumers digitally
ALL THESE FACTORS COMBINED UNDERPIN OUR CONFIDENCE
IN FUTURE MARKET OPPORTUNITY AND CONSUMER DEMAND
WHY ARE WE CONFIDENT WE WILL GET THERE
43

SECTION
Industry Positioning

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Industry Strategy
LAUNCHED 20 FEBRUARY 2024
STRATEGIC FRAMEWORK
45

Supply Security
46
COMVITA’S SUPPLY MODEL COMPETITIVE ADVANTAGE
Comvita’s product gross margin is expected to increase from c60% to >65% by 2030 as
result of price, greater production efficiencies and lower cost internal supply
LOWEST
COST
1
HIGHEST
QUALITY
MOST
SUSTAINABLE
OPERATOR
BEST PARTNER
FOR LANDOWNERS
BEST HEALTH
& SAFETY
BEST
PARTNER
FOR BEES
1
FOR DELIVERED QUALITY
•
Revised harvest model launch in 2020 and proven successful for 5
th
consecutive time
•
Harvest strategy provides highest quality honey at lowest relative cost
•
10+ years of proprietary plant variety breeding
•
Lepteridine
profile in existing forests and partnerships
•
7,500ha of planted M
ā
nuka c50% of Comvita’s requirements in
2030
COMVITA’S SUPPLY STRATEGY
20%
reduction
in cost per
hive
Sustainable
Comvita Forest
in terms of
sequestration and
biodiversity
regeneration
60%
improvement
In quality of yield
40%
improvement
in yield
HARVEST MODEL AND IMPROVED GROSS MARGINS

Standards
HIGHEST
>
23
INDEPENDENT CERTS
& ACCREDITATIONS
>
13
GLOBAL RESEARCH PARTNERSHIPS +
INTERNATIONAL ADVISORY BOARD
Tested
THE MOST
M
Ā
NUKA IN THE WORLD
>
34
TESTS
ON EVERY BATCH
500
K
TEST RESULTS
FY23
FOR M
Ā
NUKA
47

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Science and IP
48
FURTHER INVESTMENT IN FY24 TO DATE
COMVITA LABORATORIES Est 1974
2
$
1.45
M
112K
Industry leading in clinical trialsM
ā
nuka honey for digestive health enrolment
commenced(HVN National Science Challenge grant awarded: $900K)
Investment inscience and researchConsumer health, supply and proc
ess improvements, new product
development, Lab testing, quality and compliance
$
1.7
M
#
1
Industry leadinglab testing standards
Scientific patents in FY24
2 patent granted, (2 patent families), 21 patent applications pending (3 patent families)
To t a l p a t e n t s44 patents granted (11 patent families)65 patents filed (12 Families)
44
World-leading quality15 independent audits and certificationscompleted in H1Retained BRC “AA”, TGA, IANZ, MPI Recognised Lab, MPI Transitional Facility

WORLD-LEADING GASTROENTEROLOGISTS AND DIGESTIVE HEALTH RESEARCHERS
Science
INTERNATIONAL
ADVISORY BOARD
49

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
50
Lepteridine
Unique and Protected
LEPTERIDINE SOOTHE CLINICAL
TRIAL
PATENT FAMILY #1
PATENT FAMILY #2
EXTENDED ADVANTAGE

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
51
Clinical Trials
EXTENDING OUR ADVANTAGE
SOOTHE: Comvita Lepteridine
® M
ā
nuka honey for digestive health
•
$1.45M investment over 2 years: $900K HVN grant
•
Proprietary treatment: Comvita Lepteridine
® patented M
ā
nuka honey
•
Unique to Comvita
•
Study completed December 2023
•
Sample testing and data analysis ongoing
•
Primary endpoint results to be presented at Foodomics 2024 conference, Wellington, in March
•
Final analysis and results expected end FY24
•
Has the potential to enable efficacy claims for M
ā
nuka honey
CONNECTING
CONSUMERS TO THE
HEALING POWER OF
NATURE

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
52
Clinical Trials
EXTENDED ADVANTAGE
PENDING
IMMUNITY
ATOPIC DERMATITIS
CARDIOMETABOLIC HEALTH
ANTIMICROBIAL
RESISTANCE

SECTION
Impact
SOCIAL AND ENVIRONMENT IMPACT

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Team / Wh
ā
nau
HY24 GLOBAL
54
595
GLOBAL FULL TIME EQUIVALENT (FTE) ROLES
91
%
GLOBAL TEAM ARE SHAREHOLDERS (OR
EQUIVALENT)
+
24
eNPS SCORE

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
ESG Leadership at Comvita
55
Key Focus Areas:●
Product quality and food safety
●
Customer satisfaction
●
Ethical procurement
●
Data protection and privacy
●
Human rights
●
Child labour and modern slavery
●
Health, Safety and Wellbeing
●
Labour standards (including in our Supply Chain)
●
Pay equity (gender and ethnicity)
●
Employee diversity and equitable opportunity
●
Employee engagement
●
Community investment (1% of EBITDA)
●
Community relations, including M
ā
ori Engagement
ENVIRONMENTAL
Key Focus Areas:●
GHG emissions
●
Air and water pollution
●
Biodiversity reporting
●
Re-forestation
●
Resource depletion (pollen and nectar resources)
●
Use of chemicals and pesticides
●
Water efficiency
●
Energy efficiency
●
Sustainable packaging and circularity
●
Waste management
●
Climate change preparedness
SOCIAL
Key Focus Areas:●
Board composition (diversity and independence)
●
Compliance with regulations
●
Anti-bribery and corruption
●
Accounting and audit quality
●
Global tax strategy
●
Business ethics
●
Lobbying
●
Political contributions
●
Speak-up policies and frameworks
●
Integrated reporting
OUR
HARMONY
PLAN
STRENGTHENING
OUR GLOBAL HIVE
GOVERNANCE

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Safety & Wellbeing
56
PERFORMANCE VS PCP
LTIFR
-44% vs FY23 (2.7)
TRIFR
-21% vs FY23 (3.8)
3.47
3.0
SAFETY CULTURE
MATURITY
+58% vs FY23 (2.2)
0.9
MVIFR
-69% vs FY23 (0.53)
1.5
+
72
%
NEAR MISS REPORTING
1 JULY 2023 – 31 DECEMBER 2023

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
GHG Summary
H1 FY24 GLOBAL
57
RESULTS
Difference
%
FY23
tCO
2
e
FY24
tCO
2
e
GREENHOUSE GAS EMISSIONS – GLOBAL tCO
2
e
(11%)
13,431
11,940
Total Gross Emissions (S1, S2, major S3)
35%
(2,925)
(3,949)
Removals GHG Inventory (estimated for H1)
(24%)
10,506
7,991
Total Net GHG Inventory Emissions (S1, S2 & Major S3)ALL COMVITA OWNED AND/
OR MANAGED REMOVALS
266%
(1,134)
(4,154)
Other Removals – NZUs & Share of JVs
100%
(4,059)
(8,103)
Total Removals
122%
(3,319)
(7,362)
Net GHG Position (S1 & S2)
(59%)
9,372
3,837
Net GHG Position (S1, S2 & Major S3)
Notes:•
H1 GHG emissions calculated for Scopes 1 and 2 and lim
ited Scope 3 (most significant). Excludes Honey World.
•
Removals based on prior year calculations and NZUs calculated
assuming annual Voluntary Emissions Returns (VERs) for properties
own
or have access to NZUs under land agreements.

SECTION
Summary

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
Exciting Future
TOTAL
ADDRESSABLE
MARKET
GLOBAL HONEY MARKET
CATEGORY HOUSEHOLD
PENETRATION
<
1
%
COMVITA
LIFETIME VALUE
GROWTH
2023
US$
9
BN
US$
14
BN
+
335
%
>
3
%
2030
OUR 2030 OPPORTUNITY
GLOBAL HONEY MARKET
PRICING GROWTH
REGIONAL GROWTH
CHINA MARKET
+
17
% CAGR
+
2.2
% PA
59
ALL THESE FACTORS COMBINED UNDERPIN OUR CONFIDENCE
IN FUTURE MARKET OPPORTUNITY AND CONSUMER DEMAND

COMVITA
INVESTOR PRESENTATION HALF YEAR RESULT FY24
60
Summary
•
Challenging first half
•
Second half estimates reflect recent trading conditions and prudent cost management
•
Early signs of improvement in China and additional NA distribution agreements signed
•
Market share robust and 60% gross margin retained
•
Committed to FY25 strategic plan, c$50M EBITDA target and 60.15.20 business model, subject to consumer demand normalising
•
Platform already built to capitalise on the large and growing global market opportunity

SECTION
Q + A

Po i s e d
FOR TAKE-OFF

---

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


Results for announcement to the market
Name of issuer Comvita Limited
Reporting Period Six months to 31 December 2023
Previous Reporting Period Six months to 31 December 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$103,365 (8%)
Total Revenue $103,365 (8%)
Net profit/(loss) from
continuing operations
$(3,195) (177%)
Total net profit/(loss) $(3,195) (177%)
Interim/Final Dividend
Amount per Quoted Equity
Security
The Board of Directors propose to pay an interim dividend of 1
cent per share
Imputed amount per Quoted
Equity Security
1 cent per share
Record Date 4 April 2024
Dividend Payment Date 24 April 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.57 $2.70
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to profit announcement and attachments for
commentary.
Authority for this announcement
Name of person

authorised
to make this announcement
David Banfield, CEO
Contact person for this
announcement
David Banfield, CEO
Contact phone number +64 21 041 5630
Contact email address david.banfield@comvita.com
Date of release through MAP

21 February 2024

Unaudited financial statements and the investor presentation accompany this announcement.

---

Template
Distribution Notice

Updated as at 18 December 2019
2024


Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Comvita Limited
Financial product name/description ORDINARY SHARES
NZX ticker code CVT
ISIN (If unknown, check on NZX
website)

NZCVTE0001S7

Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year x Special
DRP applies
Record date 04/04/2024
Ex-Date (one business day before the
Record Date)
03/04/2024
Payment date (and allotment date for
DRP)
24/04/2024
Total monies associated with the
distribution
1

$ 702,000
Source of distribution (for example,
retained earnings)
RETAINED EARNINGS
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.01388889
Gross taxable amount
3
$0.01388889
Total cash distribution
4
$0.01000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00176471

Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed - YES

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

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.00388889

Resident Withholding Tax per
financial product
$0.00069444

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

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

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

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Nigel Greenwood
Contact person for this
announcement
Nigel Greenwood
Contact phone number 027 238 9522
Contact email address Nigel.greenwood@comvita.com
Date of release through MAP

21/02/2024





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