PGW Reports on Challenging Year

PGG Wrightson Ltd | NZX Announcement
13 AUGUST 2024
PGW Reports on Challenging Year

GROUP PERFORMANCE
PGG Wrightson Limited
1
(PGW) today announced its results for the financial year ended 30 June 2024.
Key results for the year to 30 June 2024 include:
➢ Operating EBITDA
2
of $44.2 million (down $17.0 million on prior financial year)
➢ Net profit after tax (NPAT) of $3.1 million (down $14.5 million on prior financial year)
➢ Revenue of $915.9 million (down $59.7 million on prior financial year)
➢ No FY24 final dividend declared

PGW Chair, Mr Garry Moore said “The agricultural sector continues to navigate persistently challenging
market conditions and this volatility is reflected in PGW’s financial results. PGW’s Operating EBITDA
of $44.2 million is back on the strong trading results of recent years and this is largely a product of the
economic environment being felt across the sector. We often say that PGW prospers when our farmer
and grower customers do well. Our customers have faced difficult conditions over the past year and
consequently this has impacted our results.

PGW has done well to continue to hold and grow share in the markets in which we operate but we have
seen farmers and growers cutting back where they can and deferring discretionary spend. We have
continued to support our customers with all their essential production requirements, but the sector is in
the grips of a period of austerity where non-essential and discretionary spend has been paused.

Despite the environment our receivables have held up well and our collections are healthy. Gross
margins have also remained steady across the business.

While most of the agri-sector has been impacted, some have been harder hit with sheep farmers
experiencing soft export demand and weaker commodity pricing and the rural real estate market going
through a particularly quiet period. The 6% decline in revenues from the prior comparative period
represents the first drop in PGW’s revenues since FY18. The Retail & Water businesses accounted
for the majority of the revenue decline. There remains a carry-over effect from the devastation caused
by Cyclone Gabrielle last year with areas not yet replanted.

Symptomatic of the market sentiment, the Federated Farmers Farm Confidence Survey released in
July recorded the second lowest confidence levels ever with 33% of farmers making a loss, only 27%
reporting a profit and 39% breaking even this year. The four greatest concerns for farmers were noted
as financing costs; volatile commodity prices; regulatory compliance and input costs.

The agricultural sector is cyclical, and we have seen these ups and downs before and remain positive
about the longer-term prospects of the sector. Based upon current indications, the rural servicing
market in New Zealand looks like it will remain subdued through the current calendar year. There are
however some positive signals with inflationary pressures easing and input costs stabilising. We are
also optimistic about longer term demand for sustainably produced, safe and trusted sources of food
and fibre and see New Zealand growers well placed to support this growth.

PGG Wrightson Ltd | NZX Announcement
PGW recorded a Net Profit After tax of $3.1 million noting this was negatively impacted by a one-off
non-cash $0.9 million deferred tax expense due to the in change in legislation for tax depreciation on
long-life commercial buildings.

Given the continued difficult trading conditions impacting the sector and wider economy the Board has
declared a final dividend for the year.

In view of the current operating environment there has been increased focus within PGW on cost control
measures and monitoring of expenses such as travel, vehicles and recruitment etc.

Staff Acknowledgements
PGW CEO, Stephen Guerin said “Before commenting on business performance, I would like to
acknowledge the immeasurable loss PGW experienced in April this year with the passing of Grant
Edwards, General Manager Wool. Grant dedicated 40 years to the business and his leadership will
leave a lasting influence. As a stalwart of wool, his passion for the industry was unwavering.

I would also like to acknowledge the very sad passing of Victor Schikker, a valued member of our
Livestock team, who passed away following a tragic accident in recent days having given nearly 50
years of quality service to the business and our clients. Our thoughts are with Victor’s family at this
time.

Retail & Water Group
The Retail & Water business incorporates Rural Supplies, Fruitfed Supplies, Water, and Agritrade.
Retail & Water’s Operating EBITDA was $41.0 million; down $13.1 million (-7%) on the prior year.
Revenue of $733.6 million, was down $51.7 million (-7%).

Retail & Water experienced a drop in demand with farmers and growers alike reducing their spend
levels.

Despite the market conditions our retail business continued to consolidate market share in most
categories. Even in these difficult times customer feedback and market research indicators support
the view that PGW is on the right track in terms of our professionalism, technical knowledge, and
service. When budgets are tight, we understand the heightened need for our customers to optimise
value from their spend. In that context, our focus on providing the best technical advice and expertise
along with leading innovation becomes even more important and differentiates our customer
proposition.

Even in the trading conditions we have experienced in over recent times, our Fruitfed Supplies network
has continued to set the standard in the market. The business achieved its best performance in Crop
Monitoring Services and our Ag-Chem category recorded its second highest sales year.

The impacts of Cyclone Gabrielle continue to be felt. A number of our clients in the Gisborne and
Hastings areas lost large portions of their crops in 2023 and therefore less inputs were required in the
new season. Some clients lost their entire season’s crop last year impacting their cash flows and
income.

Returns for some crops have been softer. The apple, avocado and kiwifruit industries have experienced
reduced returns, with prices obtained for some varieties at levels not experienced for several years.
The drop in returns resulted in reduced spending in some product lines. Despite a good harvest, yields
for wine growers were lower with this year’s harvest back 21% on last year’s tonnage.

Agency Group
Our Agency group incorporates the Livestock, Wool, and Real Estate businesses. Operating EBITDA
was $12.3 million which was down $3.8 million (-23%) on the prior year’s strong result. Revenue was
$180.7 million, which was broadly in line with the prior year’s result, down just $8.1 million (-4%).

PGG Wrightson Ltd | NZX Announcement
Our Livestock business was impacted by the tougher macro-economic conditions. Elevated inflationary
pressures and input costs led to subdued purchasing from farmers and a noticeable reduction in bull
sales. Sheep prices were back significantly due to subdued export demand from China coupled with
an increase in supply from Australia. These factors combined to reduce commission revenue.

Lower stock volumes were traded in the North Island, as a feed surplus throughout much of the year
led to farmers holding livestock for longer. Whereas cattle trading was robust in the South Island, with
tallies up slightly compared to the prior year as drier conditions led to increased stock turnover.

Our GO-STOCK grazing programme continued to see positive demand. GO-STOCK frees up capital
for farmers allowing them to invest in other areas of their businesses. Robust returns were generated
from GO-STOCK and continues to prove popular with sheep, beef, dairy and deer farmers.

Our bidr® database of buyers continued to show development. This growth is driven by continued
demand for online bidding and livestreaming of cattle sales at saleyards and on-farm auctions, with
especially strong demand in livestock genetics markets. We have regular livestreaming from 13
saleyards around the country and a growing number of on-farm auctions with over 950 auctions
streamed during the year.

The season delivered a degree of stability for wool growers with some wool types approaching three-
year highs, although significant scope for value growth remains. Merino wool met steady competition
from fine wool buyers with solid prices.

It has been a particularly challenging year for the rural real estate market. Momentum in this market
remains subdued, with farm sales significantly down on the prior year. The economic climate has
impacted farm and agricultural land prices and produced a mismatch between vendor and purchaser
expectations.

Sheep and beef property sales were slower due to low farm gate returns. The dairy sector saw some
momentum with increased interest in the dairy properties listed following the uplift in the forecast
farmgate milk price. Uncertainty is also evident in horticulture with fewer listings than expected.”

Cashflow and Debt
Mr Moore reported that “PGW recorded operating cash flows during the year of $57.7 million, which
was $32.2 million higher than the prior year. The key drivers of the higher operating cashflows were a
reduced GO-STOCK balance from that recorded in June 2023 together with lower income tax
payments.

Capital expenditure of $22.8 million was $5.7 million higher than the prior comparative period. This
spend included the continued investment in our IT Systems Business Improvement Programme and
the acquisition of our co-owners’ half-share in Frankton saleyards in the Waikato.

Our net interest-bearing debt was $59.2 million as at 30 June 2024, a reduction of $6.1 million from the
prior comparative period.

PGW renewed and extended its syndicated bank facilities during the year through to 2026. These
facilities provide extended term and working capital limits and allow for growth in our GO-STOCK book.”

Outlook
Mr Moore noted, “Looking ahead, the rural servicing market in New Zealand remains relatively
challenged in the near term but is expected to see moderate growth over the longer term. Commodity
prices remain relatively volatile and underpins a cautious approach from growers and farmers.
Geopolitical tensions are contributing to volatility. A slower than expected recovery of the key Chinese
export market continues to dampen commodity price expectations.

PGG Wrightson Ltd | NZX Announcement
Economic pressures through elevated funding costs remain as interest rates continue to exert pressure
on the agricultural sector. Interest rate and inflationary relief is expected to come as global economic
conditions stabilise. This should lead to more manageable debt servicing costs and predictable
inflation.

With this backdrop, PGW expects to see continuing subdued demand for agricultural inputs and
services over the short term while producers face these challenges. Over the coming 18 months we
would anticipate these pressures to ease and increasing demand for rural inputs and services as
farmers and growers invest in their productive operations.

It is too soon to forecast trading performance for the year, and we would expect to be better placed to
provide guidance for FY25 following the start of the important spring trading period at our Annual
Shareholders’ Meeting in October 2024.”

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

1
All references to PGG Wrightson Limited refer to the company, its subsidiaries and interests in associates and
jointly controlled entities.
2
Operating EBITDA: Earnings before net interest and finance costs, income tax, depreciation, amortisation, the
results from discontinued operations, impairment and fair value adjustments and non-operating items.
PGW has used non-GAAP profit measures when discussing financial performance in this document. For a
comprehensive discussion on the use of non-GAAP profit measures, please refer to the policy “Non-GAAP
Accounting Information” available on our website
(www.pggwrightson.co.nz)

---

Results announcement
(for Equity Security issuer/Equity and Debt Security
issuer)
Updated as at June 2023



Results for announcement to the market
Name of issuer PGG Wrightson Limited
Reporting Period 12 months to 30 June 2024
Previous Reporting Period 12 Months to 30 June 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$915,946 -6.1%
Total Revenue $916,198 -6.1%
Net profit/(loss) from
continuing operations
$3,064 -82.5%
Total net profit/(loss) $3,064 -82.5%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend proposed
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.698 $1.859
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the accompanying market commentary and
consolidated financial statements.
Authority for this announcement
Name of person

authorised
to make this announcement
Julian Daly
Contact person for this
announcement
Julian Daly
Contact phone number 027 553 3373
Contact email address jdaly@pggwrightson.co.nz
Date of release through MAP

13/09/2024

Audited financial statements accompany this announcement.

---

PGG WRIGHTSON LIMITED
Consolidated Financial Statements for the
year ended 30 June 2024
Ngā Tauākī ā-Pūtea Tōpū
mō te tau i mutu i te 30 Hune 2024
Ngā Whakapuakanga Pūtea Hira
Key Financial Disclosures

Cover image: Fruitfed Supplies Area Sales Manager, Patsy Matthews, (centre) checks the early summer vine growth
with Indevin North Island Viticulture Manager, Sarah Phillips, (left) and Indevin Viticulture Technician, Jade Maule,
(right) in an Indevin vineyard in Te Tairāwhiti.
Key Financial Disclosures Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Directors’ Responsibility Statement
For the year ended 30 June 2024
The Directors are responsible for ensuring that the consolidated financial statements give a
true and fair view of the financial position of the PGG Wrightson Limited and its controlled
entities (together the “Group”) as at 30 June 2024 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 the Group
set out on pages 1 to 41 for the year ended 30 June 2024.
The consolidated financial statements contained on pages 1 to 41 have been authorised for
issue on 12 August 2024.
For and on behalf of the Board.
Garry Moore Sarah Brown
Chair Director and Audit
Committee Chair

PGG WRIGHTSON LIMITED
Consolidated Statement of Profit or Loss
For the year ended 30 June 2024
1
|
Key Financial Disclosures Ngā Whakapuakanga Pūtea Hira
2024 2023
NOTE $000 $000
Operating revenue 1 915,946 975,692
Cost of sales 2 (680,245) (722,849)
Gross profit 235,701 252,843
Other income 252 502
Employee expenses (138,867) (137,561)
Other operating expenses 3 (52,916) (54,590)
Operating EBITDA
26C 44,170 61,194
Non-operating gains/(losses) 4 (67) 327
Impairment and fair value gains/(losses) 5 – 51
Depreciation and amortisation expense (28,748) (28,063)
EBIT
26C 15,355 33,509
Net interest and finance costs 6 (10,026) (9,573)
Profit before income tax 5,329 23,936
Income tax expense 7 (2,265) (6,418)
Net profit after tax
3,064 17,518
Basic and diluted earnings per share (EPS)
2024 2023
NOTE $ $
Basic and diluted EPS 8 0.041 0.232
The accompanying notes form an integral part of these consolidated financial statements.

2
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Key Financial Disclosures Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Consolidated Statement of Other Comprehensive Income
For the year ended 30 June 2024
2024 2023
NOTE $000 $000
Net profit after tax 3,064 17,518
Other comprehensive income/(loss)
Items that will never be reclassified to profit or loss
Changes in fair value of equity instruments – 9
Remeasurements of defined benefit liability 18 184 1,059
Tax on remeasurements of defined benefit liability 7 (13) (297)
Total other comprehensive income/(loss) for the period 171 771
Total comprehensive income for the period 3,235 18,289
The accompanying notes form an integral part of these consolidated financial statements.

3
|
Key Financial Disclosures Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Segment Report
For the year ended / as at 30 June 2024
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-STOCK
receivables (refer to Note 12 GO-STOCK receivables for further
explanation regarding this programme).
– Retail & Water: This segment includes the Rural Supplies and
Fruitfed Supplies retail operations, Agritrade, PGG Wrightson Water,
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.
– Other (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 the 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 or loss for each business unit combines to
form the total profit or loss of the Agency and Retail & Water business
segments. Certain other revenues and expenses are recorded at the
Corporate level for the Corporate functions noted above.
Corporate costs allocation
The Group allocates certain Corporate costs to an operating segment
where they can be directly attributed to that segment or using the
following methods:
– IT hardware, support, licence and other costs are allocated on a per
user basis.
– Property costs which are not directly attributable are allocated on
a property space utilisation basis.
– Business operations costs (Accounts Payable, Accounts Receivable,
Call Centre) are allocated based on FTE usage by each operating
segment or transactional volumes. Credit Services costs are allocated
to the operating segment to which the overdue accounts relate.
Other costs such as non-operating gains/losses, impairment and fair
value gains/losses, net interest and finance costs and income tax
expense 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. Geographical segment
The Group operates within New Zealand only and its revenue is
derived primarily from New Zealand.

4
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Key Financial Disclosures Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Segment Report (continued)
For the year ended / as at 30 June 2024
C. Operating segment information
AGENCY RETAIL & WATER OTHER TOTA L
(NON-OPERATING)
2024 2023 2024 2023 2024 2023 2024 2023
$000 $000 $000 $000 $000 $000 $000 $000
Sales revenue 89,021 87,556 719,961 765,661 1,364 1,286 810,346 854,503
Commission revenue 83,347 93,692 102 92 95 95 83,544 93,879
Construction contract revenue – – 12,107 18,031 – – 12,107 18,031
Interest revenue on GO-STOCK receivables 7,294 6,573 – – – – 7,294 6,573
Interest revenue on overdue debtor accounts 552 523 1,003 1,151 54 20 1,609 1,694
Sublease income 485 459 403 363 158 190 1,046 1,012
Total external operating revenues 180,699 188,803 733,576 785,298 1,671 1,591 915,946 975,692
Operating EBITDA 12,314 16,068 41,042 54,129 (9,186) (9,003) 44,170 61,194
Non-operating gains/(losses) (61) 335 (38) 83 32 (91) (67) 327
Impairment and fair value gains/(losses) – – – – – 51 – 51
Depreciation and amortisation expense (8,552) (8,787) (17,019) (16,267) (3,177) (3,009) (28,748) (28,063)
EBIT 3,701 7,616 23,985 37,945 (12,331) (12,052) 15,355 33,509
Net interest and finance costs (3,624) (3,857) (3,399) (3,779) (3,003) (1,937) (10,026) (9,573)
Profit/(loss) before income tax 77 3,759 20,586 34,166 (15,334) (13,989) 5,329 23,936
Income tax benefit/(expense) (94) (1,170) (5,604) (9,707) 3,433 4,459 (2,265) (6,418)
Net profit/(loss) after tax (17) 2,589 14,982 24,459 (11,901) (9,530) 3,064 17,518
Segment assets 191,647 202,490 243,537 263,221 41,049 30,817 476,233 496,528
Assets held for sale 1,402 – – – – – 1,402 –
Total segment assets 193,049 202,490 243,537 263,221 41,049 30,817 477,635 496,528
Total segment liabilities (91,394) (82,866) (142,298) (159,709) (79,210) (84,692) (312,902) (327,267)
Capital expenditure
(additions to non-current assets) 13,230 6,227 10,484 6,232 12,542 12,380 36,256 24,839
The accompanying notes form an integral part of these consolidated financial statements.

5
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Key Financial Disclosures Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Consolidated Statement of Cash Flows
For the year ended 30 June 2024
2024 2023
NOTE $000 $000
Cash flows from operating activities
Cash was provided from:
Receipts from customers 936,313 979,878
Dividends received 5 5
Interest received 9,601 8,743
945,919 988,626
Cash was applied to:
Payments to suppliers and employees (875,584) (940,906)
Lump sum contribution to PGG Wrightson Employee Benefits Plan (128) –
Interest paid (6,096) (4,565)
Interest paid on lease liabilities (4,276) (3,800)
Income tax paid (2,102) (13,846)
(888,186) (963,117)
Net cash inflow/(outflow) from operating activities 57,733 25,509
Cash flows from investing activities
Cash was provided from:
Proceeds from sale of property, plant and equipment 66 579
Dividend received from jointly controlled entity 134 –
Repayment of loan from jointly controlled entity – 9
200 588
Cash was applied to:
Purchase of property, plant and equipment (11,417) (6,453)
Purchase of intangibles (11,428) (10,723)
Advance to jointly controlled entity (20) (170)
(22,865) (17,346)
Net cash inflow/(outflow) from investing activities (22,665) (16,758)
Cash flows from financing activities
Cash was provided from:
Increase in external borrowings and working capital debt 9 – 32,460
– 32,460
Cash was applied to:
Dividends paid to shareholders (7,763) (21,712)
Repayment of external borrowings and bank overdraft (6,960) –
Repayment of principal portion of lease liabilities (21,203) (19,532)
(35,926) (41,244)
Net cash inflow/(outflow) from financing activities (35,926) (8,784)
Net increase/(decrease) in cash held (858) (33)
Opening cash and cash equivalents at the beginning of period 4,643 4,676
Cash and cash equivalents at the end of the period 9 3,785 4,643
The accompanying notes form an integral part of these consolidated financial statements.

6
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Key Financial Disclosures Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Reconciliation of Net Profit After Tax
with Net Cash Flow from Operating Activities
For the year ended 30 June 2024
2024 2023
$000 $000
Net profit after tax 3,064 17,518
Add/(deduct) non-cash/non-operating items:
Depreciation and amortisation 28,748 28,063
Impairment and fair value losses/(gains) – (51)
Bad debts written off (net) 391 451
Loss/(profit) on sale of assets and investments, and lease terminations 144 (382)
Foreign exchange loss/(gain) (211) (22)
Deferred tax expense/(benefit) 2,205 1,658
Defined benefit expense/(gain) (47) 9
Pension contributions not expensed through profit or loss (128) –
Other non-cash/non-operating items (69) 71
Add/(deduct) movement in working capital items:
Change in inventories 12,341 (5,613)
Change in accounts receivable, GO-STOCK receivables and prepayments 29,479 17,314
Change in trade creditors, provisions and accruals (14,580) (21,533)
Change in other current assets/liabilities (1,561) (2,878)
Add/(deduct) movement in taxation items:
Change in income tax payable/receivable (2,043) (9,096)
Net cash flow from operating activities 57,733 25,509
Cash Flows Accounting Policies
In the statement of cash flows, cash receipts and payments on behalf of customers, which reflect the activities of the customers rather than
those of the Group, are reported on a net basis.
The accompanying notes form an integral part of these consolidated financial statements.

7
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Key Financial Disclosures Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Consolidated Statement of Financial Position
As at 30 June 2024
2024 2023
NOTE $000 $000
ASSETS
Current
Cash and cash equivalents 9 3,785 4,643
Short-term derivative assets 10 584 367
Trade and other receivables 11 136,259 144,656
GO-STOCK receivables 12 50,215 71,453
Income tax receivable 3,229 1,186
Inventories 13 95,192 107,533
Assets classified as held for sale 16A 1,402 –
Other current assets 3,936 3,546
Total current assets 294,602 333,384
Non-current
Long-term derivative assets 10 99 –
Deferred tax asset 7 6,501 8,721
Investments in equity accounted investees 484 320
Advance to equity accounted investees – 170
GO-STOCK receivables 12 2,336 2,570
Other investments 422 340
Intangible assets 14 30,023 20,214
Right-of-use assets 15A 91,570 84,068
Property, plant and equipment 16 51,598 46,741
Total non-current assets 183,033 163,144
Total assets
477,635 496,528
LIABILITIES
Current
Working capital debt 9 – 19,960
Short-term derivative liabilities 10 192 888
Accounts payable and accruals 17 149,540 164,107
Short-term lease liabilities 15B 20,609 18,586
Total current liabilities 170,341 203,541
Non-current
Long-term debt 9 63,000 50,000
Long-term derivative liabilities 10 – 112
Long-term lease liabilities 15B 76,057 69,769
Long-term provisions 17 2,787 2,769
Defined benefit liability 18 717 1,076
Total non-current liabilities 142,561 123,726
Total liabilities
312,902 327,267
EQUITY
Share capital 27 372,318 372,318
Reserves 27 16,371 16,158
Retained earnings/(deficit) 27 (223,956) (219,215)
Total equity
164,733 169,261
Total liabilities and equity 477,635 496,528
The accompanying notes form an integral part of these consolidated financial statements.

8
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Key Financial Disclosures Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Consolidated Statement of Changes in Equity
For the year ended 30 June 2024
Balance as at 1 July 2022 372,318 24,662 (9,266) (2,423) (212,607) 172,684
Total comprehensive income for the period
Net profit after tax – – – – 17,518 17,518
Other comprehensive income
Changes in fair value of equity instruments, net of tax – – – 9 – 9
Defined benefit plan actuarial gain/(loss), net of tax – – 762 – – 762
Total other comprehensive income – – 762 9 – 771
Total comprehensive income for the period – – 762 9 17,518 18,289
Transactions with shareholders recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders – – – – (21,712) (21,712)
Total contributions by and distributions to shareholders – – – – (21,712) (21,712)
Transfer to retained earnings – – – 2,414 (2,414) –
Balance as at 30 June 2023 372,318 24,662 (8,504) – (219,215) 169,261
Balance as at 1 July 2023 372,318 24,662 (8,504) – (219,215) 169,261
Total comprehensive income for the period
Net profit after tax – – – – 3,064 3,064
Other comprehensive income
Changes in fair value of equity instruments, net of tax – – – – – –
Defined benefit plan actuarial gain/(loss), net of tax – – 171 – – 171
Total other comprehensive income – – 171 – – 171
Total comprehensive income for the period – – 171 – 3,064 3,235
Transactions with shareholders recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders – – – – (7,763) (7,763)
Total contributions by and distributions to shareholders – – – – (7,763) (7,763)
Transfer to retained earnings – – 42 – (42) –
Balance as at 30 June 2024 372,318 24,662 (8,291) – (223,956) 164,733
The accompanying notes form an integral part of these consolidated financial statements.
REALISED
CAPITAL AND DEFINED RETAINED
SHARE REVALUATION BENEFIT PLAN FAIR VALUE EARNINGS/ TOTAL
CAPITAL RESERVES RESERVE RESERVE (DEFICIT) EQUITY
$000 $000 $000 $000 $000 $000

PGG WRIGHTSON LIMITED
Including Notes to the Consolidated Financial Statements
for the year ended 30 June 2024
Tae atu ki Ngā Pitopito Kōrero ki Ngā Tauākī Pūtea Tōpū
mō te tau i mutu i te 30 Hune 2024
Ngā Whakapuakanga Pūtea Tāpiri
Additional Financial Disclosures
PGW Technical Field Representative,
Andrew Young, discusses lucerne
management with spray contractor
Kevin Fry, owner of K & A Fry
Contracting Limited, at the Fry’s
cropping farm in Tasman.

PGG WRIGHTSON LIMITED ADDITIONAL FINANCIAL DISCLOSURES
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Ngā Whakapuakanga Pūtea Tāpiri
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PB
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
10
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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
1 Operating Revenue
2024 2023
$000 $000
Revenue from contracts with customers
Sales revenue 810,346 854,503
Commission revenue 83,544 93,879
Construction contract revenue 12,107 18,031
Other operating revenue
Interest revenue on GO-STOCK receivables 7,294 6,573
Interest revenue on overdue debtor accounts 1,609 1,694
Sublease income 1,046 1,012
915,946 975,692
Income Recognition Accounting Policies
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably
measured. The following specific recognition criteria must also be met before revenue is recognised.
Sales revenue
Sales revenue comprises the sale value of transactions where the Group acts as a principal; for example, retail store sales, and sales of wool
and velvet products. Revenue is measured at the transaction price when control is transferred to which an entity expects to be entitled in
exchange for transferring goods or services to a customer. For the sale of goods, the transfer of control occurs when the risks and rewards,
physical possession and the legal title of the goods have been transferred and accepted by the customer and the customer has a present
obligation to make payment in respect of the goods.
Customers may be entitled to discounts or rebates for certain items and/or volumes purchased, under varying categories. These discounts
or rebates are defined as variable consideration and are included in the transaction price as a component of operating revenue upon the
completion of the Group's performance obligations. These discounts or rebates are contractual in nature and known as at balance date,
therefore, no assumptions or estimates are required.
The Group offers a range of payment terms, and in some cases these can be up to 12 months. The Group does not recognise a financing
element for sales with terms of 12 months or less.
The Group offers warranties as required by New Zealand law and/or per the terms and conditions of the contracts with customers. The
Group recognises the obligations under these warranties as a provision.
Commission revenue
Commission revenue comprises commission for transactions where the Group acts as an agent. For agency commissions, the Group
does not take inventory risk or title for inventories, or for the Group's Livestock and Real Estate businesses, biological assets and properties
respectively. The Group generates commissions from acting as an agent for organising the sale of livestock or real estate.
Revenue is recognised at a point in time upon completion of the service.
Construction contract revenue
Construction services are provided to customers in the Water business to construct pivots and irrigation systems. Most contracts contain a
single performance obligation. The size and duration of the contracts can vary significantly, and customers are invoiced as work progresses.
Most contracts are completed within 12 months; therefore, the unearned revenue on these contracts are not disclosed.
The Group accounts for revenue over time, which best depicts the pattern of transfer of the construction services to the customer. The
Group uses an input method to recognise revenue based on a percentage of cost completed. This method involves judgements relating to
a contract's expected margin and its stage of completion.
Interest and similar income and expense
The Group recognises the fixed fees charged to customers under its GO-STOCK programme as interest revenue. Refer to Note 12 GO-STOCK
Receivables for further explanation regarding this programme. This interest revenue is recognised over the term of the GO-STOCK contracts
which can be for a term of up to 540 days.
The Group also recognises interest revenue on overdue receivables using the effective interest method. Refer to the accounting policies
under Note 6 Net Interest and Finance Costs for further explanation on the effective interest method.
Sublease income
The Group recognises lease payments received under subleases as income on a straight-line basis over the lease term. Refer to Note 15
Right-of-Use Assets and Lease Liabilities for further explanation.

11
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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
2 Cost of Sales
2024 2023
NOTE $000 $000
Depreciation and amortisation 89 173
Employee benefits (including commissions) 21,140 24,654
Inventories and consumables 13 634,062 671,783
Freight 12,985 14,925
Other 11,969 11,314
680,245 722,849
3 Other Operating Expenses
2024 2023
$000 $000
Audit of annual financial statements of the Company by Ernst & Young 420 336
Other assurance services provided by Ernst & Young:
Limited assurance on emissions reporting 53 –
Other services provided by Ernst & Young:
Gap analysis on climate reporting disclosures 30 –
Facilitation of sustainability materiality assessment – 13
Research and development tax incentive advisory 21 –
Employee incentive schemes advisory – 30
Directors' fees 689 715
Donations 6 34
Increase/(decrease) in provision for impaired trade receivables, GO-STOCK receivables and contract assets 218 (252)
Net bad debts written off / (recovered) 173 703
IT and telecommunication costs 14,870 15,435
Marketing 4,800 5,359
Motor vehicle costs 8,071 7,555
Travel costs 3,363 4,446
Rental and operating lease costs 326 958
Occupancy costs (excluding rental and operating lease) 6,150 5,202
Other staff costs 7,137 7,690
Other expenses 6,590 6,366
52,916 54,590

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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
4 Non-Operating Gains/(Losses)
2024 2023
$000 $000
Gain/(loss) on sale of property, plant and equipment (37) 382
Other non-operating gains/(losses) (30) (55)
(67) 327
5 Impairment and Fair Value Gains/(Losses)
2024 2023
$000 $000
Net impairment reversal/(impairment) – Property, plant and equipment – –
Fair value gains/(losses) – 51
– 51
Impairment Accounting Policies
The carrying value of the Group's assets are reviewed at each reporting date to determine whether there is any objective evidence of
impairment. An impairment loss is recognised whenever the carrying amount exceeds its recoverable amount. Impairment losses directly
reduce the carrying value of assets and are recognised in profit or loss unless the asset is carried at a revalued amount in accordance with
another standard.
Non-financial assets
The carrying amounts of the Group's non-financial assets (other than inventories and deferred tax assets) are reviewed at each reporting
date to determine whether there is any indication of impairment. If any such indication exists, then the recoverable amount of the asset or
the cash-generating unit (CGU) to which the asset relates is estimated. A CGU is the smallest identifiable asset group that generates cash
flows that are largely independent from other assets and groups.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the
estimated future cash flows, discounted to their present value using a discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset or CGU.
An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are
recognised in profit or loss.
An assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no
longer exist or have reduced. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognised
impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the
last impairment loss was recognised.
An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have
been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

13
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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
6 Net Interest and Finance Costs
2024 2023
$000 $000
Interest income 698 485
Interest funding expense:
Bank interest on loans and overdrafts (6,096) (4,565)
Bank facility fees (1,086) (956)
(7,182) (5,521)
Net interest income/(expense) excluding interest on lease liabilities (6,484) (5,036)
Interest on lease liabilities (4,276) (3,800)
Foreign exchange gain/(loss)
Net gain/(loss) on foreign denominated items (390) 300
Fair value gain/(loss) on foreign exchange derivatives 1,124 (1,037)
734 (737)
Net interest and finance income/(expense) (10,026) (9,573)
Interest and Finance Income/Expense Accounting Policies
Interest and similar income and expense
For all financial instruments measured at amortised cost, interest income or expense is recorded at the effective interest rate, which is the
rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or a shorter
period, where appropriate, to the net carrying amount of the financial asset or financial liability. The calculation takes into account all
contractual terms of the financial instrument (for example, prepayment options) and includes any fees or incremental costs that are directly
attributable to the instrument and are an integral part of the effective interest rate, but not future credit losses. Once the recorded value of a
financial asset or a group of similar financial assets has been reduced due to an impairment loss, interest income continues to be recognised
using the original effective interest rate applied to the new carrying amount.
Fair value change on foreign exchange derivatives
The Group undertakes transactions denominated in foreign currencies and exposure to movements in foreign currency arises from these
activities. The Group uses forward foreign exchange contracts to manage these exposures. These derivatives are recorded at their fair
value with mark-to-market fair value movements flowing through fair value gain/(loss) on foreign exchange derivatives in the consolidated
statement of profit or loss. Although the derivatives have not been designated in a hedge relationship, they act as an economic hedge and
will offset the underlying transactions when they occur.

Refer to
Accounting
Policies
– page16.
14
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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
7 Income Taxes
A. Income tax recognised in profit or loss
2024 2023
$000 $000
Current tax benefit/(expense)
Current year (92) (4,633)
Adjustments for prior years 33 (126)
(59) (4,759)
Deferred tax benefit/(expense)
Origination and reversal of temporary differences (2,316) (1,790)
Adjustments for prior years 110 131
(2,206) (1,659)
Income tax benefit/(expense)
(2,265) (6,418)
Change in legislation – tax depreciation on buildings
On 28 March 2024, legislation was enacted which reduced the tax depreciation rate applicable to long-life commercial buildings to the rate of zero
percent. The impact of this legislative change for the Group was a reduction in the tax base of these assets, giving rise to an increased temporary
difference between the accounting carrying value and the tax base and resulted in a one-off, non-cash, increase in both the deferred tax liability
and tax expense of $0.92 million.
2024 2023
$000 $000
Reconciliation
Profit from continuing operations before income tax 5,329 23,936
Income tax using the Company's tax rate (28%) (1,492) (6,702)
Non-deductible expenditure (259) (232)
Non-assessable income 111 75
Tax credits 215 576
Over/(under) provided in prior years 143 5
Deferred tax impact of legislation change – tax depreciation on buildings (915) –
Other (68) (140)
Income tax benefit/(expense)
(2,265) (6,418)
B. Income tax recognised directly in equity
2024 2023
$000 $000
Deferred tax on movement of actuarial gains/losses on employee benefit plans (13) (297)
Income tax benefit/(expense) recognised directly in equity (13) (297)

Refer to
Accounting
Policies
– page 16.
15
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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
7 Income Taxes (continued)
C. Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
ASSETS ASSETS LIABILITIES LIABILITIES NET NET
2024 2023 2024 2023 2024 2023
$000 $000 $000 $000 $000 $000
Property, plant and equipment – 512 (404) – (404) 512
Intangible assets – – (1,439) (1,600) (1,439) (1,600)
Right-of-use assets – – (25,354) (23,539) (25,354) (23,539)
Lease liabilities 26,775 24,739 – – 26,775 24,739
Employee benefits 3,885 5,548 – – 3,885 5,548
Provisions 3,038 3,061 – – 3,038 3,061
Deferred tax asset/(liability) 33,698 33,860 (27,197) (25,139) 6,501 8,721
RECOGNISED IN RECOGNISED IN
RECOGNISED OTHER RECOGNISED OTHER
BALANCE IN PROFIT COMPREHENSIVE BALANCE IN PROFIT COMPREHENSIVE BALANCE
1 JUL 2022 OR LOSS INCOME 30 JUN 2023 OR LOSS INCOME 30 JUN 2024
$000 $000 $000 $000 $000 $000 $000
Property, plant
and equipment 706 (194) – 512 (916) – (404)
Intangible assets (1,541) (59) – (1,600) 161 – (1,439)
Right-of-use assets (26,061) 2,522 – (23,539) (1,815) – (25,354)
Lease liabilities 27,026 (2,287) – 24,739 2,036 – 26,775
Employee benefits 7,173 (1,328) (297) 5,548 (1,650) (13) 3,885
Provisions 3,373 (312) – 3,061 (22) – 3,038
10,676 (1,659) (297) 8,721 (2,206) (13) 6,501
D. Unrecognised tax losses and temporary differences
At 30 June 2024, the Group has no unrecognised deferred tax assets relating to tax losses and temporary differences (2023: Nil).
E. Imputation credits
The Group has $5.9 million imputation credits as at 30 June 2024 (2023: $6.5 million).

16
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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
7 Income Taxes (continued)
Income Tax Accounting Policies
Income tax expense comprises current and deferred taxation and is recognised in profit or loss except to the extent that it relates to items
recognised directly in other comprehensive income or equity, in which case it is recognised directly in other comprehensive income or
equity.
Current tax
Current tax is the expected tax payable on the taxable income for the year, calculated using tax rates enacted or substantively enacted at
the reporting date. Current tax includes any adjustment to tax payable with respect to previous periods. Current tax assets and liabilities are
offset only if certain criteria are met.
Deferred tax
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to the
temporary differences when they reverse, based on the laws that have been enacted or substantially enacted at the reporting date.
Deferred tax is not recognised for:
– taxable temporary differences arising on the initial recognition of goodwill;
– temporary differences relating to subsidiaries, associates and jointly controlled entities to the extent that the Group is able to control the
timing of the reversal of the temporary differences and it is probable they will not reverse in the foreseeable future;
– temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects
neither accounting nor taxable profit or loss.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary
differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer
probable that the related tax benefit will be recognised.
Deferred tax assets and liabilities are offset only if certain criteria are met.

17
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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
8 Earnings Per Share and Net Tangible Assets
A. Earnings per share (EPS)
The calculation of EPS is based on the following profit figures and number of authorised shares.
WEIGHTED AVERAGE
ISSUED ORDINARY SHARES NUMBER OF ORDINARY SHARES
2024 2023 2024 2023
000 000 000 000
Issued ordinary shares at 1 July 75,484 75,484 75,484 75,484
Balance at 30 June 75,484 75,484 75,484 75,484
There are no dilutive shares or options (2023: Nil).
2024 2023
$000 $000
Net profit after tax 3,064 17,518
2024 2023
$ $
Basic and diluted EPS 0.041 0.232
B. Net tangible assets (NTA)
The calculation of NTA per share, which is a required NZX disclosure, is based on the following NTA figure and the Company's issued ordinary
shares at the end of the period.
2024 2023
$000 $000
Total assets 477,635 496,528
Total liabilities (312,902) (327,267)
less Intangible assets (30,023) (20,214)
less Deferred tax asset (6,501) (8,721)
Net tangible assets 128,209 140,326
2024 2023
$ $
NTA per issued ordinary shares at the end of period 1.698 1.859
Earnings Per Share Accounting Policies
The Group presents basic and diluted EPS data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to
shareholders by the weighted average number of shares outstanding during the period. Diluted EPS is determined by adjusting the profit or
loss and the number of shares outstanding to include the effects of all potential dilutive shares.

18
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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
9 Cash and Financing Facilities
2024 2023
NOTE $000 $000
Cash and cash equivalents 3,785 4,643
Current financing facilities 9A – (19,960)
Term financing facilities 9A (63,000) (50,000)
Net interest-bearing (debt)/cash and cash equivalents (59,215) (65,317)
GO-STOCK receivables 12 52,551 74,023
Net interest-bearing (debt)/cash and cash equivalents after adjusting for GO-STOCK receivables (6,664) 8,706
A. Financing facilities
The Company has a syndicated facility agreement. On 22 December 2023, the syndicated bank facility agreement was amended and restated with
an effective date of 19 January 2024. The amended and restated facility subsequently took effect from 19 January 2024 to provide the following:
– Core debt facilities of up to $100.00 million maturing on 27 February 2026 (2023: $90.00 million maturing on 6 December 2024). This facility
had $50.00 million drawn at 30 June 2024 (2023: $50.00 million drawn).
– Working capital facilities of up to $85.00 million maturing on 27 February 2026 (2023: $70.00 million maturing on 6 December 2024). This
facility had $13.00 million drawn at 30 June 2024 (2023: $19.96 million drawn).
The syndicated facilities fund the general commercial activities of the Group, the seasonal fluctuations in working capital and the GO-STOCK
receivables. Interest on these syndicated facilities is determined based on floating rates (i.e. OCR or BKBM plus a margin).
The Company has granted a general security deed and mortgage over all its wholly-owned New Zealand assets to a security trust. Bank of New
Zealand acts as facility agent and security trustee for the banking syndicate, which comprises Bank of New Zealand, Coöperatieve Rabobank
U.A. (New Zealand branch) and Westpac New Zealand Limited. The agreement contains various financial covenants and restrictions, including
maximum permissible ratios for debt leverage and operating leverage, together with limits for GO-STOCK receivables, capital expenditure and
asset disposals.
The syndicated facility agreement allows the Group, subject to certain conditions, to enter into additional facilities outside of the Company's
syndicated facility. The additional facilities are guaranteed by the security trust. These facilities amounted to $4.77 million as at 30 June 2024 (2023:
$6.77 million) and included the following:
– Overdraft facilities of $3.00 million. This facility was undrawn at 30 June 2024 (2023: undrawn).
– Guarantee, letters of credit and trade finance facilities of $1.77 million.

19
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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
10 Derivative Financial Instruments
The Group uses forward foreign exchange contracts to manage its exposure to foreign currency fluctuations. In accordance with the Group's
treasury policy, the Group does not hold any of these derivative instruments for trading purposes.
2024 2023
$000 $000
Derivative assets held for risk management
Current 584 367
Non-current 99 –
683 367
Derivative liabilities held for risk management
Current (192) (888)
Non-current – (112)
(192) (1,000)
Net derivative asset/(liability) held for risk management 491 (633)
Derivative Financial Instruments Accounting Policies
Derivative financial instruments are recognised initially at fair value and transaction costs are expensed immediately. Subsequent to initial
recognition, derivative financial instruments are stated at fair value, and changes therein are generally recognised in profit or loss. The fair
value of forward exchange contracts is based on broker quotes.
Where the Group enters into derivative transactions, these agreements do not meet the criteria for offsetting in the consolidated statement
of financial position. The fair value amounts recognised in the consolidated statement of financial position are recorded on a gross basis.
The Group does not currently apply hedge accounting.

20
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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
11 Trade and Other Receivables
2024 2023
NOTE $000 $000
Accounts receivable due from unrelated parties 111,848 119,774
Accounts receivable due from related parties 23 1 1
Gross accounts receivable 111,849 119,775
less Provision for impaired debtors (2,308) (2,030)
Net accounts receivable 109,541 117,745
Contract assets 3,117 3,036
less Provision for impaired contract assets – –
Other receivables 20,036 19,771
Prepayments 3,565 4,104
Trade and other receivables 136,259 144,656
Analysis of movements in provisions for impaired debtors and contract assets
Balance at the beginning of year (2,030) (2,142)
Movement in provision (278) 112
Balance at the end of the year
(2,308) (2,030)
The ageing status of the accounts receivable at the reporting date is as follows:
TOTA L TOTA L
ACCOUNTS ACCOUNTS
RECEIVABLE PROVISION RECEIVABLE PROVISION
2024 2024 2023 2023
$000 $000 $000 $000
Not past due 98,624 (561) 109,686 (511)
Past due 1 – 30 days 6,908 (12) 4,772 (11)
Past due 31 – 60 days 3,515 (12) 1,803 (9)
Past due 61 – 90 days 544 (60) 1,222 (46)
Past due 90 plus days 2,258 (1,663) 2,292 (1,453)
111,849 (2,308) 119,775 (2,030)

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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
12 GO-STOCK Receivables
The Group holds receivables in respect of its GO-STOCK range of livestock products. The GO-STOCK range allows farmers to defer payment for the
purchase of livestock. The counterparty farmer to the GO-STOCK product is fully exposed to the risks and rewards of ownership of the livestock.
To mitigate credit risk, the Group retains legal title to the livestock until its sale. Fee income received in respect of the GO-STOCK receivables
is recognised by the Group as interest income over the respective contract period and is included within operating revenue (refer to Note 1
Operating Revenue). Accrued interest income in respect of the GO-STOCK receivables is included within Other Receivables (refer to Note 11 Trade
and Other Receivables) and amounts to $2.35 million as at 30 June 2024 (2023: $2.62 million).
2024 2023
$000 $000
GO-STOCK receivables – Current 50,531 71,829
GO-STOCK receivables – Non-current 2,336 2,570
52,867 74,399
less Provision for impairment – GO-STOCK receivables (316) (376)
52,551 74,023
Analysis of movements in provisions for impaired GO-STOCK receivables
Balance at the beginning of the year (376) (516)
Movement in provision 60 140
Balance at the end of the year
(316) (376)
The ageing status of the GO-STOCK receivables at the reporting date is as follows:
GO-STOCK GO-STOCK
RECEIVABLES PROVISION RECEIVABLES PROVISION
2024 2024 2023 2023
$000 $000 $000 $000
Not past due 52,709 (158) 74,171 (148)
Past due 1 – 30 days 4 (4) – –
Past due 31 – 60 days 2 (2) – –
Past due 61 – 90 days 2 (2) – –
Past due 90 plus days 150 (150) 228 (228)
52,867 (316) 74,399 (376)
Trade and Other Receivables and GO-STOCK Receivables Accounting Policies
Recognition and measurement
A receivable without a significant financing component is initially measured at the transaction price and classified as financial assets
measured at amortised cost. Accounts receivable includes accrued interest.
Impairment
Specific provisions are maintained to cover identified impaired receivables. Judgement is required in determining the impairment provision.
The Group recognises loss allowances for the expected credit loss (ECL) on Trade and GO-STOCK receivables. The Group measures loss
allowances for Trade and GO-STOCK receivables at an amount equal to lifetime ECL.
When estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost and
effort. This includes both qualitative and quantitative information and analysis, based on the Group's historical experience and informed
credit assessment, that includes forward-looking information. The Group assumes that the credit risk has increased significantly if the
receiveable is more than 60 days past due. The Group considers a financial asset to be in default when the debtor is unlikely to pay its credit
obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held).
On a monthly basis, the Group via its Credit Committee, assesses whether Trade and GO-STOCK receivables are credit-impaired. All
individual instruments that are considered significant are subject to this approach. A financial asset is credit-impaired when one or more
events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial
asset is credit-impaired includes observable data such as significant financial difficulty of the debtor.
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. The gross
carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its
entirety or a portion thereof.

22
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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
13 Inventory
2024 2023
$000 $000
Merchandise 83,587 93,278
Wool and velvet inventory 13,292 16,246
less Provision for inventory write-down (1,687) (1,991)
95,192 107,533
During the year, inventories of $634.06 million (2023: $671.78 million) are included in cost of sales in the profit or loss (refer to Note 2 Cost of Sales).
Included within this amount is a write-down of inventories of $1.12 million (2023: $0.75 million) to net realisable value and reversals of previously
recognised write-downs of $0.30 million (2023: $0.57 million).
Inventories Accounting Policies
Raw materials and finished goods are stated at the lower of cost or net realisable value. Cost is determined on a weighted average cost
basis. In the case of manufactured goods, cost includes direct materials, labour and production overheads. Judgement is required in
determining the net realisable value for inventories.

23
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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
14 Intangible Assets
RIGHTS & CAPITAL WORK
SOFTWARE TRADEMARKS IN PROGRESS TOTAL
$000 $000 $000 $000
Cost
Balance as at 1 July 2022 27,472 2,921 3,576 33,969
Additions 16 200 10,507 10,723
Transfers 2,712 (624) (2,088) –
Balance as at 30 June 2023 30,200 2,497 11,995 44,692
Balance as at 1 July 2023 30,200 2,497 11,995 44,692
Additions 27 – 11,700 11,727
Transfers 567 – (567) –
Balance as at 30 June 2024 30,794 2,497 23,128 56,419
Amortisation and impairment losses
Balance as at 1 July 2022 19,921 1,947 – 21,868
Amortisation 2,143 467 – 2,610
Transfers 625 (625) – –
Balance as at 30 June 2023 22,689 1,789 – 24,478
Balance as at 1 July 2023 22,689 1,789 – 24,478
Amortisation 1,642 276 – 1,918
Balance as at 30 June 2024 24,331 2,065 – 26,396
Carrying amounts
30 June 2023 7,511 708 11,995 20,214
30 June 2024 6,463 432 23,128 30,023
A. Capital work in progress
Capital work in progress includes further investment in the Group’s significant IT Business Improvement Programme. Operating expenditure
components of the Programme are recognised as an operating expense.
Intangible Assets Accounting Policies
Software
Software is a finite life intangible and is recorded at cost less accumulated amortisation and impairment. Amortisation is charged on a
straight-line basis over an estimated useful life between 1 and 15 years. The estimated useful life and amortisation method is reviewed at
the end of each annual reporting period and adjusted if appropriate.
Rights
Manufacturing and production rights are finite life intangibles and are recorded at cost less accumulated amortisation and impairment.
Amortisation is charged on a straight-line basis over an estimated useful life between 2 and 10 years. The estimated useful life and
amortisation method is reviewed at the end of each annual reporting period and adjusted if appropriate.
Capital work in progress
Capital work in progress includes the cost of materials, services, labour and direct production overheads and is stated net of impairments.
Impairment
The carrying amounts of the Group's intangible assets are reviewed at each reporting date to determine whether there is any indication of
impairment. If any such indication exists, then the recoverable amount of the asset is estimated. For intangible assets that have indefinite
lives, the recoverable amount is estimated at each reporting date. An impairment loss is recognised in the profit or loss if the carrying
amount of an asset exceeds the recoverable amount. Refer to the accounting policy under Note 5 Impairment and Fair Value Gains/(Losses)
for further explanation.

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Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
15 Right-of-Use Assets and Lease Liabilities
Group as a lessee
The Group leases many assets, including:
– leases of land and buildings from which it conducts operations. These leases range in length from one to fifteen years with various rights of
renewal. Where surplus properties are unable to be exited, the Group subleases these properties where possible and derives sublease revenue
on a short-term temporary basis.
– leases of motor vehicles and forklifts for use by employees, agents and representatives. These leases range for a period of between three and
seven years.
The Group elects not to recognise right-of-use assets and lease liabilities for short-term or low-value property leases. The Group continues to
expense lease payments associated with these leases on a straight-line basis.
A. Right-of-use assets
PROPERTY VEHICLES TOTAL
$000 $000 $000
Balance as at 1 July 2022 80,603 12,471 93,074
Additions 557 7,045 7,602
Depreciation charge (14,161) (6,291) (20,452)
Reassessments, modifications and terminations 3,713 131 3,844
Balance as at 30 June 2023 70,712 13,356 84,068
Balance as at 1 July 2023 70,712 13,356 84,068
Additions 4,561 8,850 13,411
Depreciation charge (15,147) (6,869) (22,016)
Reassessments, modifications and terminations 15,567 540 16,107
Balance as at 30 June 2024 75,693 15,877 91,570
B. Lease liabilities
PROPERTY VEHICLES TOTAL
$000 $000 $000
Balance as at 1 July 2022 83,775 12,744 96,519
Additions 488 7,046 7,534
Reassessments, modifications and terminations 3,702 129 3,831
Interest on lease liabilities 3,103 697 3,800
Lease payments (16,470) (6,859) (23,329)
Balance as at 30 June 2023 74,598 13,757 88,355
Balance as at 1 July 2023 74,598 13,757 88,355
Additions 4,431 8,850 13,281
Reassessments, modifications and terminations 15,700 533 16,233
Interest on lease liabilities 3,273 1,003 4,276
Lease payments (17,805) (7,674) (25,479)
Balance as at 30 June 2024 80,197 16,469 96,666
A maturity analysis of lease liabilities is included in Note 19 Financial Instruments – Fair Values and Risk Management.
Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. Some of the Group's property
leases contain extension options exercisable by the Group up to one year before the end of the non-cancellable contract period. The extension
options are exercisable only by the Group and not by the lessors. The Group assesses at lease commencement date whether it is reasonably
certain to exercise the extension options. A reassessment is made subsequently if there is any significant event or significant changes
in circumstances within the Group's control. The Group estimates that the potential future lease payments, should it exercise all the
extension options, would result in an increase in lease liabilities of $103.9 million (2023: $95.8 million).

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Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
15 Right-of-Use Assets and Lease Liabilities (continued)
C. Other disclosures
2024 2023
NOTE $000 $000
Amounts in the consolidated statement of profit or loss
Depreciation on right-of-use assets (22,016) (20,452)
Interest on lease liabilities 6 (4,276) (3,800)
Short-term or low-value lease expenses (655) (888)
Variable lease payments not included in the measurement of lease liabilities (232) (102)
Income from subleasing right-of-use assets 1,046 1,012
Amounts in the consolidated statement of cash flows
Total cash outflow for leases (25,479) (23,332)
Lease Accounting Policies
The Group adopted NZ IFRS 16 Leases from 1 July 2019. The Group assesses at the inception of a contract as to whether the contract is, or
contains, a lease as defined in NZ IFRS 16 Leases.
(i) As a lessee
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The Group elects not to recognise right-
of-use assets and lease liabilities for short-term or low-value leases. The Group continues to expense lease payments associated with these
leases on a straight-line basis.
A number of judgements and estimates are made in calculating the right-of-use asset and lease liability amounts. The judgements and
estimates include the applicable lease terms (including any rights of renewal expected to be exercised) and the Group's incremental
borrowing rate.
Right-of-use assets
Right-of-use assets are initially measured at cost, which comprises the initial amount of lease liability adjusted for any prepaid lease
payments, plus any initial direct costs incurred and any estimated restoration costs, and less any lease incentives received. These assets are
depreciated using the straight-line method from the commencement date to the earlier of the end of the lease term or the asset's useful
life. Right-of-use assets are periodically reduced by impairment losses (if any) and adjusted for certain remeasurements of the lease liabilities.
Lease liabilities
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date. Lease
payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that are based on an index
or a rate, amounts expected to be payable under a residual value guarantee, and any exercise price the Group is reasonably certain to
exercise. The lease payments are discounted using the Group's incremental borrowing rate, being the rate that the Group would have to
pay to borrow the funds necessary to obtain an asset of similar value in a similar environment under similar terms and conditions.
After the commencement date, lease liabilities are increased to reflect interest on the lease liabilities and reduced to reflect the lease
payments made. Interest on lease liabilities is charged to the profit or loss and is the amount that produces a constant periodic rate of
interest on the remaining balance of the lease liabilities.
Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the
Group's estimate of any amount payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise
a purchase, extension or termination option. When the lease liabilities are remeasured, a corresponding adjustment is made to the carrying
amount of the right-of-use assets, or recorded in the profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
(ii) As a lessor
When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. It assesses the lease
classification of a sublease with reference to the right-of-use asset arising from the head lease.
The Group recognises lease payments received under operating leases as income within the profit or loss on a straight-line basis over the
lease term.

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Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
16 Property, Plant and Equipment
PLANT AND CAPITAL WORK
LAND BUILDINGS EQUIPMENT IN PROGRESS TOTAL
$000 $000 $000 $000 $000
Cost
Balance as at 1 July 2022 12,729 14,735 59,592 4,009 91,065
Additions – 868 3,378 2,268 6,514
Transfers – – 2,785 (2,785) –
Disposals (80) (147) (1,173) (1) (1,401)
Balance as at 30 June 2023 12,649 15,456 64,582 3,491 96,178
Balance as at 1 July 2023 12,649 15,456 64,582 3,491 96,178
Additions 5,499 704 4,184 1,030 11,417
Reclassification to assets held for sale (433) (1,344) (50) – (1,827)
Transfers – 305 702 (1,007) –
Disposals – – (1,232) – (1,232)
Balance as at 30 June 2024 17,715 15,121 68,186 3,514 104,536
Depreciation and impairment losses
Balance as at 1 July 2022 – 4,766 40,642 – 45,408
Depreciation for the year – 451 4,551 – 5,002
Depreciation recovered to cost of goods sold – – 173 – 173
Disposals and transfers – (52) (1,094) – (1,146)
Balance as at 30 June 2023 – 5,165 44,272 – 49,437
Balance as at 1 July 2023 – 5,165 44,272 – 49,437
Depreciation for the year – 479 4,478 – 4,957
Depreciation recovered to cost of goods sold – – 89 – 89
Reclassification to assets held for sale – (375) (50) – (425)
Disposals and transfers – – (1,120) – (1,120)
Balance as at 30 June 2024 – 5,269 47,669 – 52,938
Carrying amounts
30 June 2023 12,649 10,291 20,310 3,491 46,741
30 June 2024 17,715 9,852 20,517 3,514 51,598
Capital gains on the sale of property, plant and equipment of $0.07 million were recognised within non-operating items in the year ended 30 June
2024 (2023: $0.38 million gain).
A. Reclassification to assets held for sale
During the year, the Group reclassified a saleyard property from property, plant and equipment to assets held for sale. This follows active marketing
of the property and the Group anticipates that a sale within the next 12 months is highly probable. This property is included within the Agency
segment.

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Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
16 Property, Plant and Equipment (continued)
Property, Plant & Equipment Accounting Policies
Recognition and measurement
Capital work in progress is stated at cost, net of accumulated impairment losses. Items of property, plant and equipment are stated at cost
less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the asset. The
cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset
to a working condition for its intended use, and the cost of dismantling and removing the items and restoring the site on which they are
located. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When
parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components)
of property, plant and equipment.
Any gain or loss on disposal of an item of property, plant and equipment is recognised in the profit or loss during the reporting period that
the item is disposed.
Subsequent expenditure
Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to
the Group and the cost can be measured reliably. The costs of day-to-day servicing of property, plant and equipment is recognised in profit
or loss as incurred.
Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each item of property, buildings, plant
and equipment. Leasehold assets are depreciated over the shorter of the lease term and their useful lives. Land is not depreciated. The
estimated useful lives for the current and comparative periods are between 2 and 40 years (2023: 2 and 40 years) for plant and equipment
and between 5 and 50 years (2023: 50 years) for buildings. Depreciation methods, useful lives and residual values are reassessed at each
reporting date and adjusted if appropriate.
Assets held for sale
Non-current assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through
continuing use. The sale must be highly probable and the asset available for immediate sale in its present condition. Non-current assets held
for sale are measured at the lower of the asset’s carrying amount and its fair value less costs to sell.
Impairment
The carrying amounts of the Group's property, plant and equipment assets are reviewed at each reporting date to determine whether there
is any indication of impairment. If any such indication exists, then the recoverable amount of the asset is estimated. An impairment loss
is recognised in the profit or loss if the carrying amount of an asset exceeds the recoverable amount. Refer to the accounting policy under
Note 5 Impairment and Fair Value Gains/(Losses) for further explanation.
17 Trade and Other Payables
2024 2023
NOTE $000 $000
Trade creditors 98,787 105,679
Goods received but not invoiced 6,179 5,745
Contract liabilities 1,211 513
Employee entitlements 14,848 19,944
Accruals and other liabilities 27,042 30,061
Loyalty reward programme 21A 1,272 1,211
Other provisions (including product warranty, client claim and make good provisions) 17A, 17B 2,988 3,723
152,327 166,876
Payable within 12 months 149,540 164,107
Payable beyond 12 months 2,787 2,769
152,327 166,876

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Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
17 Trade and Other Payables (continued)
A. Make good provision on leased properties
During the year ended 30 June 2024, the Group recognised an additional provision of $0.13 million (2023: $0.07 million) in respect of new property
leases entered into during the year. These costs have been capitalised to the right-of-use assets and are amortised over the life of the right-of-use
assets. The Group also released $0.12 million (2023: $0.05 million) of provision in respect to leased properties which it exited. At the reporting date,
the balance of the make good provision is $2.68 million (2023: $2.66 million). The Group expects to settle this liability over the next 10-15 years as
the leases expire.
B. Client claims provision
The Group receives client claims from time to time as part of the ordinary course of business and these claims are reviewed on a case by case basis
to determine validity. At the reporting date, the Group was in the process of reviewing certain claims for the supply of goods which are typically
the responsibility of suppliers under terms of trade. The Group recognises a provision for its best estimate of any obligation.
18 Defined Benefit Asset/(Liability)
The Group makes contributions to the PGG Wrightson Employee Benefits Plan (the "Plan"). The Plan is governed under one trust deed and the
assets of the plan are unallocated to any of the Plan members. The Plan provides a range of superannuation and insurance benefits for employees
and former employees. The Plan is registered under the Financial Markets Conduct Act 2013. The Plan is not open to new members. Certain retired
employees of the Plan are entitled to receive an annual pension payment payable for their remaining life, and in some cases, for the remaining life
of a surviving partner.
The Group accounts for its interest in the Plan as a defined benefit plan with defined benefit obligations in accordance with NZ IAS 19 Employee
Benefits because the Group has a legal obligation to pay further contributions, if the Plan does not hold sufficient assets to pay all employee
benefits relating to employee service in the current and prior periods. The Group has an obligation to ensure the Plan has sufficient assets to pay
the benefits of all members of the Plan.
The actuarial calculations for the Plan are undertaken by Michael Chamberlain, a fellow of the New Zealand Society of Actuaries, for MCA NZ
Limited.
2024 2023 2022 2021 2020
$000 $000 $000 $000 $000
Present value of funded obligations
– Defined benefit component (21,648) (22,723) (26,272) (30,199) (38,175)
– Defined contribution component (24,995) (23,886) (22,893) (25,973) (24,388)
Total present value of funded obligations (46,643) (46,609) (49,165) (56,172) (62,563)
Fair value of plan assets
– Defined benefit component 20,931 21,647 24,146 30,510 28,337
– Defined contribution component 24,995 23,886 22,893 25,973 24,388
Total fair value of the plan assets 45,926 45,533 47,039 56,483 52,725
Total defined benefit asset/(liability) (717) (1,076) (2,126) 311 (9,838)

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Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
18 Defined Benefit Asset/(Liability) (continued)
A. Movement in net defined benefit asset/(liability)
NET DEFINED BENEFIT
DEFINED BENEFIT OBLIGATION FAIR VALUE OF PLAN ASSETS ASSET/(LIABILITY)
2024 2023 2024 2023 2024 2023
$000 $000 $000 $000 $000 $000
Balance as at 1 July (46,609) (49,165) 45,533 47,039 (1,076) (2,126)
Included in profit or loss:
Current service costs (450) (481) – – (450) (481)
Interest costs (2,123) (1,881) 2,076 1,798 (47) (83)
Included in other comprehensive income:
Gains/(losses) from change in demographic assumptions – – – – – –
Gains/(losses) from change in financial assumptions (50) 1,469 – – (50) 1,469
Experience gains/(losses) (1,306) (587) – – (1,306) (587)
Expected return on plan assets – – 1,582 177 1,582 177
Other:
Employer contributions – – 630 555 630 555
Member contributions (726) (794) 726 794 – –
Benefits paid by the Plan 4,621 4,830 (4,621) (4,830) – –
Balance as at 30 June (46,643) (46,609) 45,926 45,533 (717) (1,076)
The Group expects to pay $0.57 million in contributions to the Plan during the 2025 reporting period (2024: expected $0.57 million and paid $0.63
million). Member contributions are expected to be $0.45 million in 2025 (2024: expected $0.45 million and paid $0.73 million).
As at 30 June 2024, the weighted average duration of the defined benefit obligation (DBO) is 10.97 years for the Plan (2023: 11.5 years).
B. Plan assets
2024 2023
% %
Consist of:
Equities 46 60
Fixed interest 24 27
Cash 30 13
100 100
Plan assets do not include any exposure to the Company's ordinary shares (2023: Nil).
C. Actuarial assumptions at the reporting date
2024 2023
% %
Discount rate used – Implied 10.97 year New Zealand Government Bond rate
(2023: Implied 11.5 year New Zealand Government Bond rate) 4.70 4.73
Inflation 2.00 2.00
Future salary increases 2.50 2.50
Future pension increases 1.65 1.65

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Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
18 Defined Benefit Asset/(Liability) (continued)
C. Actuarial assumptions at the reporting date (continued)
Assumptions regarding future mortality rates based on published statistics and experience:
2024 2024 2023 2023
MALE FEMALE MALE FEMALE
YEARS YEARS YEARS YEARS
Longevity at age 65 for current pensioners 21 24 21 24
Longevity at age 65 for current members aged 45 23 25 23 25
D. Sensitivity analysis
The sensitivity of the DBO to changes in the weighted principal assumptions is:
2024 2024 2023 2023
DBO (INCREASE) DBO (INCREASE) DBO (INCREASE) DBO (INCREASE)
/ DECREASE WITH / DECREASE WITH / DECREASE WITH / DECREASE WITH
INCREASE IN DECREASE IN INCREASE IN DECREASE IN
ASSUMPTION ASSUMPTION ASSUMPTION ASSUMPTION
$000 $000 $000 $000
Discount rate (0.50% movement) 793 (886) 886 (932)
Salary growth rate (0.50% movement) (47) 47 (47) 47
Pension growth rate (0.25% movement) (373) 373 (280) 419
Life expectancy (1 year movement) (1,399) 1,399 (1,352) 1,585
Employee Benefits Accounting Policies
Defined benefit plans
The Group's net obligation with respect to its defined benefit plan is calculated by estimating the amount of future benefit that employees
have earned in return for their service in the current and prior periods, discounting that amount and deducting the fair value of any plan
assets. The discount rate is the yield at the reporting date on bonds that have maturity dates approximating the terms of the Group's
obligations. The calculation is performed by a qualified actuary using the projected unit credit method. When the calculation results
in a potential asset for the Group, the recognised asset is limited to the lower of the net assets of the Plan or the current value of the
contributions holiday that is expected to be generated.
Remeasurement of the net defined benefit asset or liability, which comprise actuarial gains and losses and the return on plan assets, are
recognised directly in other comprehensive income and the defined benefit plan reserve in equity. Net interest expense and other expenses
related to defined benefit plans are recognised in profit or loss.
Short-term employee benefits
Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the undiscounted amount of
short-term employee benefits expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result
of past service provided by the employee and the obligation can be estimated reliably.
Long-term employee benefits
Provisions made with respect to employee benefits which are not expected to be settled within 12 months are measured as the present
value of the estimated future cash outflows to be made by the Group with respect to services provided by employees up to the reporting
date. Remeasurements are recognised in profit or loss in the period in which they arise.

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Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
19 Financial Instruments – Fair Values and Risk Management
A. Accounting classifications and fair values
The tables below set out the Group's classification of each class of financial assets and liabilities, and their fair values.
FAIR VALUE
THROUGH AT AMORTISED TOTAL CARRYING
PROFIT OR LOSS COST AMOUNT FAIR VALUE
$000 $000 $000 $000
2024
Financial assets
Cash and cash equivalents – 3,785 3,785 3,785
Derivative assets 683 – 683 683
Trade and other receivables and contract assets – 132,694 132,694 132,694
GO-STOCK receivables – 52,551 52,551 52,551
Other investments – 422 422 422
683 189,452 190,135
Financial liabilities
Debt – (63,000) (63,000) (63,000)
Derivative liabilities (192) – (192) (192)
Trade creditors – (98,787) (98,787) (98,787)
Goods received but not invoiced – (6,179) (6,179) (6,179)
Lease liabilities – (96,666) (96,666) –
(192) (264,632) (264,824)
2023
Financial assets
Cash and cash equivalents – 4,643 4,643 4,643
Derivative assets 367 – 367 367
Trade and other receivables and contract assets – 140,552 140,552 140,552
GO-STOCK receivables – 74,023 74,023 74,023
Other investments – 340 340 340
367 219,558 219,925
Financial liabilities
Debt – (69,960) (69,960) (69,960)
Derivative liabilities (1,000) – (1,000) (1,000)
Trade creditors – (105,679) (105,679) (105,679)
Goods received but not invoiced – (5,745) (5,745) (5,745)
Lease liabilities – (88,355) (88,355) –
(1,000) (269,739) (270,739)
The Group's banking facilities are based on floating interest rates. Therefore, the fair value of the banking facilities equals the carrying value.

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Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
19 Financial Instruments – Fair Values and Risk Management (continued)
A. Accounting classifications and fair values (continued)
Fair value hierarchy
The table below analyses financial instruments carried at fair value by valuation method. The different levels have been defined as follows:
– Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
– Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices)
– Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
$000 $000 $000 $000
2024
Derivative assets – 683 – 683
Derivative liabilities – (192) – (192)
2023
Derivative assets – 367 – 367
Derivative liabilities – (1,000) – (1,000)
B. Financial management risk
The Group's primary risks are those of liquidity and funding, credit and market (foreign currency, price and interest rate) risks.
The Group is committed to the management of risk to achieve sustainability of service, employment and profits, and therefore, takes on controlled
amounts of risk when considered appropriate. The Board of Directors is responsible for the review and ratification of the Group's systems of risk
management, internal compliance and control, code of conduct and legal compliance. The Board maintains a formal set of delegated authorities
(including policies for credit and treasury) that clearly define the responsibilities delegated to Management and those retained by the Board. The
Board approves these delegated authorities and reviews them annually.
The following management committees review and manage key risks:
– The Senior Management Team meets regularly to consider new and emerging risks, review actions required to manage and mitigate key risks,
and to monitor progress.
– The Credit Committee, comprising of management appointees, meets regularly to review credit risk, account limits and provisioning.
Management formally reports on all aspects of key risks to the Audit Committee at least two times each year.
(i) Liquidity and funding risks
Liquidity risk is the risk that the Group will encounter difficulties in raising funds at short notice to meet commitments associated with financial
instruments. Funding risk is the risk of over-reliance on a funding source to the extent that a change in that funding source could increase overall
funding costs or cause difficulty in raising funds.
The Group manages liquidity risk by forecasting daily cash requirements and future funding requirements, and maintaining an adequate liquidity
headroom. The Group monitors its liquidity daily, weekly and monthly and maintains appropriate liquid assets and committed bank funding
facilities to meet all obligations in a timely and cost efficient manner. The Group has a policy of funding diversification and utilises a banking
syndicate to limit concentration risk in relation to liquidity and funding. The funding policy augments the Group's liquidity policy with its aim to
ensure the Group has a stable diversified funding base without over-reliance on any one market sector.
The objectives of the Group's funding and liquidity policy is to:
– Ensure all financial obligations are met when due;
– Provide adequate protection, even under crisis scenarios; and
– Achieve competitive funding within the limitations of liquidity requirements.

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Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
19 Financial Instruments – Fair Values and Risk Management (continued)
B. Financial management risk (continued)
(i) Liquidity and funding risks (continued)
Contractual maturity analysis
The following schedule analyses the Group's financial liabilities into relevant maturity groupings based on the remaining period at the balance
date to the contractual maturity date (reported on an undiscounted basis). History demonstrates that such accounts provide a stable source of
long term funding for the Group.
CONTRACTUAL CASH FLOW
AMOUNT IN
STATEMENT OF
WITHIN BEYOND FINANCIAL
12 MONTHS 1 TO 5 YEARS 5 YEARS TOTAL POSITION
$000 $000 $000 $000 $000
2024
Debt 7,181 67,787 – 74,968 63,000
Derivative liabilities 192 – – 192 192
Trade creditors 98,787 – – 98,787 98,787
Goods received but not invoiced 6,179 – – 6,179 6,179
Lease liabilities 24,543 68,990 16,087 109,620 96,666
136,882 136,777 16,087 289,746 264,824
2023
Debt 25,460 52,292 – 77,752 69,960
Derivative liabilities 888 112 – 1,000 1,000
Trade creditors 105,679 – – 105,679 105,679
Goods received but not invoiced 5,745 – – 5,745 5,745
Lease liabilities 21,895 56,169 21,770 99,834 88,355
159,667 108,573 21,770 290,010 270,739
Changes in liabilities arising from financing activities
LEASE
CHANGES IN ADDITIONS AND
1 JUL 2023 CASHFLOW FAIR VALUE MODIFICATIONS 30 JUN 2024
$000 $000 $000 $000 $000
Debt 69,960 (6,960) – – 63,000
Lease liabilities 88,355 (21,203) – 29,514 96,666
Total liabilities from financing activities 158,315 (28,163) – 29,514 159,666
LEASE
CHANGES IN ADDITIONS AND
1 JUL 2022 CASHFLOW FAIR VALUE MODIFICATIONS 30 JUN 2023
$000 $000 $000 $000 $000
Debt 37,500 32,460 – – 69,960
Lease liabilities 96,519 (19,532) – 11,368 88,355
Total liabilities from financing activities 134,019 12,928 – 11,368 158,315

Refer to
Accounting
Policies
– page 36.
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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
19 Financial Instruments – Fair Values and Risk Management (continued)
B. Financial management risk (continued)
(ii) Credit risk
Credit risk is the potential for loss that could occur as a result of a counterparty failing to discharge its obligations. This may be due to extreme
weather events or volatility in commodity prices.
Concentrations of credit risk
Financial instruments which potentially subject the Group to concentrations of credit risk principally consist of bank balances, trade receivables,
GO-STOCK receivables, other receivables, other investments and forward foreign exchange contracts. The Group places its cash with three major
trading banks. Concentrations of credit risk with respect to Trade and GO-STOCK receivables are limited due to the large number of customers
included in the Group's farming customer base in New Zealand.
(iii) Market risk
Market risk is the potential for change in the value recorded in the Statement of Financial Position caused by a change in the value, volatility or
relationship between market risks and prices. Market risk arises from the mismatch between assets and liabilities, both on and off balance sheet.
Market risk includes price, foreign currency and interest rate risk which are explained as follows:
Concentrations of market risk
The Group has exposure to commodity pricing risk on Wool and Velvet inventories and forward Wool and Velvet sales and purchase contracts. This
is mitigated by the Group having policies around unmatched positions. Other inventory is of merchandise nature and the Group has a range of
suppliers or has entered into long-term supply agreements.
Foreign currency risk
The Group undertakes transactions denominated in foreign currencies and exposure to movements in foreign currency arises from these activities.
The Group manages this risk by using forward foreign exchange contracts to hedge foreign currency risks as they arise.
Foreign currency exposure risk
The Group's exposure to foreign currency risk is summarised below. The notional forward exchange cover includes forward foreign exchange
contracts entered into to economically hedge forward sale and purchase commitments.
GBP USD AUD EURO
NZ$000 NZ$000 NZ$000 NZ$000
2024
Cash and cash equivalents – 118 – 300
Trade receivables 262 590 371 2,873
Trade creditors (1,098) (9,905) (620) (3,116)
Net amount recorded within the Statement of Financial Position
(836) (9,197) (249) 57
Forward exchange contracts on the above items
and forward sale and purchase commitments
Notional forward exchange cover (1,235) 4,963 115 (20,496)
Net unhedged position
400 (14,160) (364) 20,553
2023
Cash and cash equivalents – – – 553
Trade receivables 62 128 (1) 1,959
Trade creditors (842) (11,675) (606) (2,397)
Net amount recorded within the Statement of Financial Position
(780) (11,547) (607) 115
Forward exchange contracts on the above items
and forward sale and purchase commitments
Notional forward exchange cover 5,567 17,446 1,089 18,685
Net unhedged position
(6,347) (28,993) (1,696) (18,570)

Refer to
Accounting
Policies
– page 36.
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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
19 Financial Instruments – Fair Values and Risk Management (continued)
B. Financial management risk (continued)
(iii) Market risk (continued)
Interest rate risk
Floating rate borrowings are used for general funding activities. Interest rate risk is the risk that the value of financial instruments and the interest
margin will fluctuate as a result of changes in market interest rates. The risk is that financial assets may be repriced at a different time and/or by a
different amount than financial liabilities.
This risk is managed by operating within approved policy limits using an interest rate duration approach. Interest rate swaps, interest rate options
and forward rate agreements may be used to hedge the floating rate exposure as deemed appropriate. The Group had no interest rate derivatives
at 30 June 2024 (2023: Nil).
Interest rate repricing schedule
The following tables include the Group's liabilities at their carrying amounts, categorised by the earlier of contractual repricing or maturity dates:
WITHIN 1 TO 2 OVER NON-INTEREST
12 MONTHS YEARS 2 YEARS BEARING TOTAL
$000 $000 $000 $000 $000
2024
Debt – 63,000 – – 63,000
Derivative liabilities – – – 192 192
Trade creditors – – – 98,787 98,787
Goods received but not invoiced – – – 6,179 6,179
– 63,000 – 105,158 168,158
2023
Debt 19,960 50,000 – – 69,960
Derivative liabilities – – – 1,000 1,000
Trade creditors – – – 105,679 105,679
Goods received but not invoiced – – – 5,745 5,745
19,960 50,000 – 112,424 182,384
Sensitivity analysis
The Group's treasury policy effectively insulates earnings from the effect of short-term fluctuations in either foreign exchange or interest rates. Over
the longer term however, permanent changes in foreign exchange rates and interest rates will have an impact on the profit or loss. A 2% change in
interest rate has been modelled as it is considered a reasonably possible change (2023: 2%). The sensitivity of net profit after tax for the year ended
30 June 2024 and 30 June 2023, and shareholders equity as at those dates, to reasonably possible changes in conditions is shown below.
INTEREST RATES INTEREST RATES INTEREST RATES INTEREST RATES
INCREASE BY 2% INCREASE BY 2% DECREASE BY 2% DECREASE BY 2%
2024 2023 2024 2023
$000 $000 $000 $000
Increase/(decrease) in net profit after tax and shareholders' equity (1,277) (1,255) 1,220 1,131
Other market risks such as pricing and foreign exchange are not considered likely to lead to material change over the next reporting period. The
Group's financial assets and liabilities are predominantly held in New Zealand Dollars (NZD). For this reason, a sensitivity analysis of these market
risks is not included.
C. Capital management
The capital of the Group consists of share capital, reserves, and retained earnings. The policy of the Group is to maintain a strong capital base so
as to maintain investor, creditor and market confidence while providing the ability to develop future business initiatives. This policy has not been
changed during the period.

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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
19 Financial Instruments - Fair Values and Risk Management (continued)
Non-Derivative Financial Instruments Accounting Policies
(i) Non-derivative financial assets
Non-derivative financial assets comprise cash and cash equivalents, trade and other receivables, GO-STOCK receivables and investments in
equity and debt securities.
The Group initially recognises financial assets on the date at which the Group becomes a party to the contractual provisions of the
instrument, although trade receivables are initially recognised when they are originated.
Financial assets are initially measured at fair value. If the financial asset is not subsequently measured at fair value through profit or loss, the
initial investment includes transaction costs that are directly attributable to the asset's acquisition or origination. The Group subsequently
measures financial assets at either fair value or amortised cost.
Financial assets measured at amortised cost
A financial asset is subsequently measured at amortised cost using the effective interest method and net of any impairment loss, if:
- the asset is held within a business model with an objective to hold assets in order to collect contractual cash flows; and
- the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest.
Financial assets measured at fair value
Financial assets other than those classified as financial assets measured at amortised cost are subsequently measured at fair value with all
changes recognised in the profit or loss.
However, for investments in equity instruments that are not held for trading, the Group may elect at initial recognition to present gains
and losses through other comprehensive income. For instruments measured at fair value through other comprehensive income gains and
losses are never reclassified to profit or loss and no impairments are recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents include cash on hand and deposits held at call with banks. Bank overdrafts that are repayable on demand and
form an integral part of the Group's cash management are included as a component of cash and cash equivalents.
Trade and other receivables and GO-STOCK receivables
Trade and other receivables and GO-STOCK receivables are stated at their amortised cost less impairment losses.
(ii) Non-derivative financial liabilities
Interest-bearing borrowings
Interest-bearing borrowings are classified as other financial liabilities and are initially recognised at fair value plus any directly attributable
transaction costs. Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective interest method.
Trade and other payables
Trade and other payables are recognised at cost and are subsequently measured at amortised cost using the effective interest method after
initial recognition.
(iii) Determination of fair values for non-derivative financial instruments
Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows,
discounted at the market rate of interest at the reporting date.

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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
20 Commitments
A. Capital expenditure not provided for
The Group has no capital commitments as at 30 June 2024 (2023: $3.65 million).
B. Forward purchase commitments
The Group as part of its ordinary course of business enters into forward purchase agreements with wool and velvet growers. These commitments
extend for periods of up to two years and are at varying stages of execution. There remains uncertainty associated with yield, quality and market
price. Therefore, the Group is unable to sufficiently quantify the value of these commitments.
C. Forward sales commitments
The Group as part of its ordinary course of business enters into forward sales agreements with wool and velvet customers. These commitments
extend for periods of up to two years and are at varying stages of execution. There remains uncertainty associated with yield, quality and market
price. Therefore, the Group is unable to sufficiently quantify the value of these commitments.
21 Contingent Liabilities
A. PGG Wrightson Loyalty Reward Programme
The Group recognises a provision for the expected level of points redemption from the PGG Wrightson Max Rewards loyalty reward programme. At
the reporting date, the balance of live points which does not form part of the recognised provision total $0.08 million (2023: $0.08 million). Losses
are not expected to arise from this contingent liability. Revenue in respect of the loyalty reward programme is deferred until such time as the
reward is claimed by the customer.
B. Contingent liabilities
The Group receives client claims as part of the ordinary course of business in the supply of goods and services. The Group will pursue recovery
of claims with suppliers where appropriate under terms of trade. Accordingly, the amount of any potential obligation in respect of these claims
cannot be estimated with sufficient reliability.
22 Seasonality of Operations
The Group is subject to significant seasonal fluctuations. The Group's earnings are weighted towards the first half of the financial year and are
primarily related to the Retail business, as demand for New Zealand farming inputs are generally weighted towards the spring season. The second
half earnings predominantly relate to Livestock trading as farmers seek to maximise their income following New Zealand's spring calving and
lambing season. Other business units have similar but less material seasonal fluctuations. The Group recognises that this seasonality is the nature
of the industry and plans and manages its business accordingly.

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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
23 Related Parties
A. Key management personnel compensation
2024 2023
$000 $000
Short-term employee benefits 3,789 4,493
Post-employment benefits 131 135
3,920 4,628
Directors' fees incurred during the year ended 30 June 2024 are disclosed in Note 3 Other Operating Expenses.
B. Other transactions with key management personnel
Senior Executives or their related parties hold positions in other entities that result in them having control or significant influence over the
financial or operating policies of these entities. A number of these Senior Executives and their related parties transacted with the Group during the
reporting period.
The aggregate value of transactions and outstanding balances (on a GST inclusive basis) relating to the Senior Executives and entities over which
they have control or significant influence were as follows:
TRANSACTION BALANCE TRANSACTION BALANCE
VALUE OUTSTANDING VALUE OUTSTANDING
2024 2024 2023 2023
$000 $000 $000 $000
Key management
personnel Transaction
Nick Berry Purchase of retail goods
and fuel on-charge transactions 1 – 2 –
Julian Daly Purchase of retail goods – – 1 –
Stephen Guerin Purchase of retail goods and livestock transactions 32 – 8 –
Peter Moore Purchase of retail goods
(retired 30 June 2023) and fuel on-charge transactions – – 2 –
Peter Newbold Purchase of retail goods, livestock transactions
and fuel on-charge transactions 30 1 42 1
Peter Scott Purchase of retail goods
and fuel on-charge transactions 2 – 3 –

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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
24 Reporting Entity
PGG Wrightson Limited (the "Company") is a company domiciled in New Zealand and registered under the Companies Act 1993 in New Zealand.
The Company's registered office is 1 Robin Mann Place, Christchurch. The Company is listed on the New Zealand Stock Exchange and is an FMC
Reporting Entity for the purposes of the Financial Markets Conduct Act 2013.
The consolidated financial statements of PGG Wrightson for the year ended 30 June 2024 comprise the Company, its subsidiaries and interests in
associates and jointly controlled entities (together referred to as the "Group"). The Group is primarily involved in the provision of goods and services
within the agricultural and horticultural sectors.
OWNERSHIP INTEREST
COUNTRY OF 2024 2023
SIGNIFICANT SUBSIDIARIES INCORPORATION DIRECT PARENT % %
Bidr Limited New Zealand PGG Wrightson Limited 100 100
Bloch & Behrens Wool (NZ) Limited New Zealand PGG Wrightson Limited 100 100
NZ Agritrade Limited New Zealand PGG Wrightson Limited 100 100
PGG Wrightson Employee Benefits Plan Trustee Limited New Zealand PGG Wrightson Limited 100 100
PGG Wrightson Investments Limited New Zealand PGG Wrightson Limited 100 100
PGG Wrightson Real Estate Limited New Zealand PGG Wrightson Limited 100 100
PGG Wrightson Trustee Limited New Zealand PGG Wrightson Limited 100 100
25 Basis of Preparation
A. Statement of compliance
These consolidated financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice ("NZ
GAAP"). They comply with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board, the New
Zealand equivalents to International Financial Reporting Standards ("NZ IFRS") and other applicable Financial Reporting Standards, as appropriate
for a Tier 1 for-profit entity. These consolidated financial statements have also been prepared in accordance with the requirements of the Financial
Markets Conduct Act 2013 and the Financial Reporting Act 2013.
B. Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for the following:
– Derivative financial instruments are measured at fair value.
C. Functional and presentation currency
These consolidated financial statements are presented in New Zealand dollars ($), which is the functional currency of each of the Group entities. All
amounts have been rounded to the nearest thousand, unless otherwise indicated.
D. Use of estimates and judgements
In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the application
of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates and assumptions.
Estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.
Information about critical judgements made in applying accounting policies, assumptions and estimation uncertainties that have the most
significant effect on the amounts recognised in the financial statements is included in the following notes:
Note
11 Carrying value of trade and other receivables
12 Carrying value of GO-STOCK receivables
13 Carrying value of inventories
18 Measurement of defined benefit asset/(liability) – key actuarial assumptions

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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
26 Other Material Accounting Policies
The accounting policies set out in these consolidated financial statements have been applied consistently to all reporting periods presented in
these consolidated financial statements, and have been applied consistently by Group entities.
A. Basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are
included in the consolidated financial statements from the date on which control commences until the date on which control ceases.
Transactions eliminated on consolidation
Intra-group balances, and any unrealised income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated
financial statements. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the
extent of the Group's interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there
is no evidence of impairment.
B. Foreign currency
Transactions in foreign currencies are translated to the respective functional currencies of the group entities at the exchange rates at the dates of
the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at the reporting
date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated to the functional currency at the
exchange rate at the date that fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency
are translated to the functional currency at the exchange rate at the date of the transaction. Foreign currency differences arising are recognised in
profit or loss.
C. Disclosure of non-GAAP financial information
Non-GAAP reporting measures have been presented in the consolidated statement of profit or loss or referenced to in the notes to the
consolidated financial statements. The following non-GAAP measures are relevant to the understanding of the Group's financial performance:
– Operating EBITDA represents earnings before net interest and finance costs, income tax, depreciation, amortisation, the results from
discontinued operations, impairments and fair value adjustments and non-operating items.
– EBIT represents earnings before net interest and finance costs, income tax expense and the results from discontinued operations.
The Directors and management believe the Operating EBITDA and EBIT measures provide useful information as they provide valuable insight
on the underlying performance of the business. They are used internally to evaluate the underlying performance of the business and to analyse
trends.
These measures are not uniformly defined or utilised by all companies. Accordingly, these measures may not be comparable with similarly titled
measures used by other companies. Non-GAAP financial measures should not be viewed in isolation nor considered as a substitute for measures
reported in accordance with NZ IFRS.
D. Standards issued but not yet effective
There are a number of new standards and interpretations that are issued, but not yet effective, for the year ended 30 June 2024 and have not been
applied in preparing these consolidated financial statements. The Group expects to adopt these when they become mandatory. While the impact
of these new standards and interpretations have not yet been fully quantified, none are expected to materially impact the Group's consolidated
financial statements.

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Additional Financial Disclosures Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
27 Capital and Reserves
Share capital
All shares are ordinary fully paid shares with no par value, carry equal voting rights and share equally in any profit on the winding up of the Group.
Realised capital and revaluation reserve
The realised capital reserve comprises the cumulative net capital gains that have been realised. The revaluation reserve relates to historic
revaluations of property, plant and equipment.
Defined benefit plan reserve
The defined benefit plan reserve contains actuarial gains and losses on plan assets and defined benefit obligations. During the year ended 30 June
2024, an amount of $0.04m, which represents the Employee Superannuation Contribution Tax (ESCT ) on the lump sum cash contribution made
during the year, was transferred from the defined benefit reserve to retained earnings (30 June 2023: Nil).
Fair value reserve
The fair value reserve comprises the cumulative net change in the fair value of equity investments elected at fair value through other
comprehensive income until the investments are derecognised or impaired.
Retained earnings/deficit
The retained earnings or deficit equals accumulated undistributed profits or losses.
Dividends
The following dividends were declared and paid by the Company.
PAYMENT DATE $ PER SHARE
2023 final dividend – fully imputed 3 October 2023 0.100
2023 interim dividend – fully imputed 4 April 2023 0.120
Share Capital Accounting Policies
Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction
from equity.
Repurchase of ordinary shares
When shares recognised as equity are repurchased, the amount of the consideration paid, including directly attributable costs, is recognised
as a deduction from equity. Repurchased shares are cancelled. However, treasury stock for which unrestricted ownership has not yet been
transferred are not cancelled.

A member firmof Ernst & Young Global Limited
Independent auditor’s report to the shareholders of PGG Wrightson Limited
Opinion
We have audited the financial statements of PGG Wrightson Limited (the “Company”) and its
subsidiaries (together the “Group”) on pages 1 to 41, which comprise the consolidated statement of
financial position of the Group as at 30 June 2024, and the consolidated statement of profit or loss,
consolidated statement of other comprehensive income, consolidated statement of changes in equity
and consolidated statement of cash flows for the year then ended of the Group, and the notes to the
consolidated financial statements including material accounting policy information.
In our opinion, the consolidated financial statements on pages 1 to 41 present fairly, in all material
respects, the consolidated financial position of the Group as at 30 June 2024 and its consolidated
financial performance and cash flows for the year then ended in accordance with New Zealand
Equivalents to International Financial Reporting Standards and International Financial Reporting
Standards.
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken
so that we might state to the Company’s shareholders those matters we are required to state to them
in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company and the Company’s shareholders,
as a body, for our audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our
responsibilities under those standards are further described in theAuditor’s responsibilities for the
audit of the financial statementssection of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled
our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Ernst & Young provides greenhouse gas reporting assurance and gap analysis for climate statement
disclosures as well as research and development taxation incentive services to the Group. Partners
and employees of our firm may deal with the Group on normal terms within the ordinary course of
trading activities of the business of the Group. We have no other relationship with, or interest in, the
Group.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the consolidated financial statements of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, but we do not provide a separate opinion on these matters. For each matter below,
our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in theAuditor’s responsibilities for the audit of the
financial statements section of the audit report, including in relation to these matters. Accordingly,

A member firmof Ernst & Young Global Limited
our audit included the performance of procedures designed to respond to our assessment of the risks
of material misstatement of the financial statements. The results of our audit procedures, including
the procedures performed to address the matters below, provide the basis for our audit opinion on the
accompanying consolidated financial statements.
Collectability of trade and GO-STOCK receivables
Why significantHow our audit addressed the key audit matter
At 30 June 2024 trade and GO-STOCK
receivables totalled $162.1m, representing 34%
of the Group’s total assets. This amount is net of
the provision for impaired trade and GO-STOCK
receivables of $2.6m.
We consider this to be a key audit matter
because trade and GO-STOCK receivables are a
significant component of Group assets and the
provision for impaired receivables involves
significant judgement.
Disclosures in relation to trade and GO-STOCK
receivables and their provisions for impairment
are included in notes 11 and 12 to the Group
financial statements.
Our audit procedures included thefollowing:
•obtained an understanding of
management’s receivables provisioning
process;
•assessed management’s provisioning
methods and whether they comply with
NZ IFRS 9 Financial Instruments;
•considered the inputs, assumptions and
estimates used or made by
management;
•tested the ageing of receivables by
agreeing the recorded ageing of a
sample of trade receivables to sales
documentation;
•considered beef and sheep meat
commodity price movements up to and
after balance date to assess whether
these changes, which are indicative of
changes in the value of livestock
security held for GO-STOCK receivables,
indicated any material increase in the
credit risk of GO-STOCK receivables;
•considered the appropriateness and
sufficiency of the disclosures related to
trade and GO-STOCK receivables and
the related provisioning.
Inventory Valuation
Why significantHow our audit addressed the key audit matter
Inventory is recorded at the lower of cost and
net realisable value. At 30 June 2024 inventory
totalled $95.2m, representing 20% of the
Group’s total assets. This amount is net of a
provision for inventory write down of $1.7m.
We consider this to be a key audit matter
because inventory is a significant component of
Group total assets and the cost of inventory
includes an estimation of adjustments to reflect
Our audit procedures included the following:
•compared a sample of recorded
inventory cost to supplier invoices;
•assessed the inputs into, and calculation
of, adjustments to inventory cost to take
account of variable pricing
arrangements with suppliers;

A member firmof Ernst & Young Global Limited
Why significantHow our audit addressed the key audit matter
variable pricing arrangements with suppliers. In
addition, the assessment of the net realisable
value of slow moving, excess and obsolete
inventory involves significant judgement related
to whether inventory will be sold and at what
value.
Disclosures in relation to inventory and
inventory provisions are included in note 13 to
the Group financial statements.
•confirmed with a sample of suppliers the
amount of purchases from them subject
to variable pricing arrangements for the
year, and the amounts receivable from
them at year end;
•considered the methods, models, and
assumptions used by management in
estimating the net realisable value of
slow moving, excess, and obsolete
inventory;
•considered the key inputs into the net
realisable value provision calculation
including last purchase date, last sale
date and volume of sales in the year for
selected product lines. We tested these
inputs including for a sample of
inventory items:
•agreeing the last purchase date
and last sale date to supporting
invoices;
•recalculating the annual sales
volumes recorded in the
inventory system;
•compared the cost of a sample of
inventory items to their most recent
selling price;
•considered the extent of inventory items
sold at negative margins in the year;
•considered the appropriateness and
sufficiency of disclosures related to the
valuation of inventory.
Information other than the financial statements and auditor’s report
The directors of the Company are responsible for the annual report, which includes information other
than the consolidated financial statements and auditor’s report which is expected to be made available
to us after the date of this auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.

A member firmof Ernst & Young Global Limited
In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or our knowledge obtained during the audit, or otherwise
appears to be materially misstated.
When we read the annual report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and, if uncorrected, to take
appropriate action to bring the matter to the attention of users for whom our auditor’s report was
prepared.
Directors’ responsibilities for the financial statements
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the
consolidated financial statements in accordance with New Zealand Equivalents to International
Financial Reporting Standards and International Financial Reporting Standards, and for such internal
control as the directors determine is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on
behalf of the entity the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the directors
either intend to liquidate the Group or cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance
but is not a guarantee that an audit conducted in accordance with International Standards on Auditing
(New Zealand) will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these consolidated
financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is
located at the External Reporting Board’s website:https://www.xrb.govt.nz/standards-for-assurance-
practitioners/auditors-responsibilities/audit-report-1/. This description forms part of our auditor’s
report.
The engagement partner on the audit resulting in this independent auditor’s report is Bruce Loader.
Chartered Accountants
Christchurch
12 August 2024