Seeka Announces Interim Result and Updates Guidance

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

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Results for announcement to the market
Name of issuer Seeka Limited
Reporting Period 6 months to 30 June 2024
Previous Reporting Period 6 months to 30 June 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$284,196 34%
Total Revenue $284,196 34%
Net profit/(loss) from
continuing operations
$17,052 63%
Total net profit/(loss) $17,052 63%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend declared
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
$5.92 $6.01
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Net tangible asset per share is calculated by dividing the
Group’s net assets less goodwill by the total shares on issue at
the end of the period.
Authority for this announcement
Name of person

authorised
to make this announcement
Nicola Neilson
Contact person for this
announcement
Nicola Neilson
Contact phone number +64 21 841 606
Contact email address nicola.neilson@seeka.co.nz
Date of release through MAP

22 August 2024

Unaudited financial statements accompany this announcement.

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1SEEKA LIMITED | ANNUAL REPORT 2021
JUNE 2024
INTERIM REPORT

1SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2024
Contents
Welcome to our Condensed Interim Report where we detail our financial and operational
performance for the six months to 30 June 2024.
2 Chair and Chief Executive's report
7 Condensed interim financial statements
8 Condensed statement of profit or loss
9 Condensed statement of comprehensive income
10 Condensed statement of financial position
11 Condensed statement of changes in equity
12 Condensed statement of cash flows
13 Notes to the condensed interim financial statements
28 Directory
Main contents
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CONDENSED INTERIM REPORT | JUNE 2024 | SEEKA LIMITED2
Chair and Chief Executive's report
We are pleased to report on a much-improved six month result, with a significant
increase in kiwifruit yield and volumes in both New Zealand and Australia, and a
focus on cost-out and operational efficiency delivering a very pleasing return to profit
before tax of $45.0m.
Much improved weather and growing conditions in all key kiwifruit regions benefitted
growers in New Zealand and Australia. Kiwifruit yields rebounded after low yields
in 2023. Seeka's New Zealand volumes in 2024 were up 44% to 43.0m class 1 trays
(2023 - 29.8m trays), and Australia up 164% to 2.3m kilograms (2023 - 0.9 kgs).
The following table outlines Seeka’s financial performance for six months ending 30
June 2024 (1H24).
New Zealand dollars
6 months to
June 2024
6 months to
June 2023
Percent
increase
Total revenue
$ 284.2 m$ 212.7 m
34 %
EBITDA - IFRS 16
$ 68.4 m$ 36.4 m
88 %
EBITDA - pre IFRS 16
$ 60.2 m$ 28.3 m
112 %
Net profit before tax
$ 45.0 m$ 13.6 m
230 %
178.7
30.4
1 7. 4
224.5
46.9
30.8
24 7. 3
212.7
284.2
49.4
36.4
68.4
30.1
13.6
45.0
Group revenue
6 months to 30 June
NZD Millions
Group EBITDA
6 months to 30 June
NZD Millions
Group net profit before tax
6 months to 30 June
NZD Millions
202020212022202320242020202120222023202420202021202220232024
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3SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2024
Seeka’s revenue for the six months ended 30 June 2024 (1H24) totalled $284.2m (1H23: $212.7m),
an increase of 34%.
Following on from the poor 2023 harvest, our focus has been on delivering operational excellence
and providing outstanding service with resolute attention to cost control and earnings to improve
profitability and reduce debt when grower advances are repaid. Previous investments in automation
performed well delivering efficiencies, packing capacity and financial return.
Seeka restructured in 2023 to create a leaner organisation and implemented innovative cost saving
mechanisms. This includes a captive insurance structure with the business moving 100% of its
material damage and business interruption policies directly into the international insurance market.
This has lowered insurance premiums and avoided inflationary increases.
Prudent financial management together with a fruit volume increase resulted in a satisfying
improvement in financial performance, with profit before tax up 230% to $45.0m (1H23: $13.6m).
Profit after tax of $17.1m compares very favourably against $10.5m in the prior year, also noting the
one-off impact of the removal of the tax deductibility of building depreciation creating a non-cash
adjustment to the deferred tax liability of $13.9m.
The Company has focused on prudent debt management including improving utilisation of existing
facilities and holding capital investment to maintenance levels. Additionally, an extensive review
was undertaken to identify material damage risk to all key assets which is driving a programme of
investment and renewal of core infrastructure to mitigate these risks. Seeka continues to review the
asset mix and consider opportunities to sell and lease back facilities in appropriate circumstances.
Seeka remains focused on improving profitability and directing cash flow to debt reduction while
sustainably investing in its long term future.
Improved growing conditions
In New Zealand, yields bounced back and total volumes increased. Growing conditions across all
regions were significantly better in 2024, although lingering water stress issues were experienced in
Northland, Coromandel, Gisborne and the Hawke’s Bay. Growers in these regions are switching to
rootstocks that perform better in wet conditions to increase resilience.
In the Te Puke, Ōpōtiki and wider Bay of Plenty region where Seeka sources 85% of its kiwifruit,
growing conditions were much better and yields excellent. Some localised wind damage was
experienced by the industry in the Katikati region, however, outside of that, growing and harvest
conditions were good.
The Australian results have also improved, with Seeka’s Australia operations benefitting from
the combination of better growing conditions along with a new crop protection programme
incorporating new sprays that better protect kiwifruit in a Psa environment. Overall, Seeka Australia
produced 2.3m kilograms of kiwifruit – up 164% on prior year. The new crop protection programme
will likewise benefit the Australian kiwifruit orchards in development which are forecast to come into
production starting from 2026.
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CONDENSED INTERIM REPORT | JUNE 2024 | SEEKA LIMITED4
Operational excellence
All aspects of Seeka's operations performed well. The detailed and disciplined planning process
undertaken by Seeka together with full labour supply ensured all fruit was packed and stored
efficiently and timely in accordance with operational protocols.
A high proportion of growers delivered excellent quality fruit, enabling efficient and timely
processing. Labour supply constraints have eased with the industry benefitting from an increased
supply of workers for growing, harvesting and post-harvest operations. All post-harvest shifts were
fully staffed across all regions for the first time in five years. The KKP automated packing machine
continued to deliver incremental performance improvements.
Our mix of automated and manual packlines gives Seeka the flexibility to efficiently handle variable
fruit quality at harvest. Quality lines with low rejects can be quickly and efficiently processed on
Seeka’s highly automated packing machines, while orchards with compromised fruit can be cared
for with intensive manual grading. This mix of packing technology allowed Seeka to provide a timely
harvest to all supplying growers including those that experienced difficult growing conditions.
Seeka’s continuing focus on quality has again delivered low onshore fruit loss and excellent offshore
quality in the 2024 season to date. New Zealand fruit loss at the six month mark is currently half the
2023 rate, which in itself was an excellent result.
Capacity
Capacity has not been stretched in the year, positioning the Company well for future volume
increases. Forward capacity planning remains key, and we are carefully planning and navigating for
future crop in all growing regions.
Seeka has made significant investments in capacity and automation, with upgrades at both Oakside
and Seeka Gisborne enhancing capacity and throughput. We were set to undertake controlled
atmosphere for SunGold at Oakside, but decided against it due to the available packing capacity.
We continue to investigate and implement automation innovation that delivered payback and
capacity gains.
Seeka continues to invest in quality accommodation for seasonal workers. The new accommodation
facilities at Sharp Road called Turanga Whetu (“Star Base”) have been completed and are being
actively marketed for sale and lease back.
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5SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2024
Dividends
The Board has determined it is not appropriate to pay a dividend at this time. The Board will consider
dividends later in the year on confirmation of full year guidance.
Forward focus
Your Company has been through an extended period of challenges, with last year’s volumes, in
particular, impacting Company profitability. We have successfully managed through these challenges
and come out stronger, with this year’s record crop of 43m class 1 trays restoring profitability.
Seeka operates in a seasonal industry, with a significant portion of our earnings delivered in the first
six months of the year. Given the strong interim result, we expect a return to full year profitability,
with profit before tax expected to be in the range of $17.0m to $21.0m compared to a loss of $21.0m
in the prior year.
While it is too early to make a reliable prediction on the 2025 crop, winter chill units in 2024
are currently better than at the same point last year in all regions lifting the probability of a good
budbreak. The Indian Ocean Dipole remains in the neutral phase, which means a change to La Niña
from El Niño will not be known until later this year.
Your Company and its people have worked hard to deliver an important turnaround in results. We
remain focused and committed to continuing improvements.
We thank our people, stakeholders and growers for their hard work and continuing support.
Fred Hutchings Michael Franks
Chair Chief executive
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CONDENSED INTERIM REPORT | JUNE 2024 | SEEKA LIMITED6
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7SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2024
8 Condensed statement of profit or loss
9 Condensed statement of comprehensive income
10 Condensed statement of financial position
11 Condensed statement of changes in equity
12 Condensed statement of cash flows
13 Notes to the condensed interim financial statements
Condensed interim financial statements
Six months to June 2024
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CONDENSED INTERIM REPORT | JUNE 2024 | SEEKA LIMITED8
Condensed statement of profit or loss
For the six months ended 30 June 2024
The accompanying notes form an integral part of these condensed interim financial statements
New Zealand dollarsNotes
6 months to
June 2024
Unaudited
$000s
6 months to
June 2023
Unaudited
$000s
12 months to
December 2023
Audited
$000s
Revenue

284,196 212,670 300,920
Cost of sales
186,472 147,915 252,194
(Reduction) in fair value of biological assets - crop
7
( 18,684) ( 16,329) -
Gross profit
79,040 48,426 48,726
Other income
160 343 3,270
Share of profit of associates
- - 282
Other costs
10,816 12,344 26,290
Earnings (EBITDA)
1
68,384 36,425 25,988
Depreciation expense
5
8,183 7,695 15,520
Lease depreciation expense
8
5,514 5,250 10,462
Impairments
5
- 547 3,465
Loss on revaluation of property plant and equipment
5
- 959 294
Amortisation of intangible assets
6
143 180 365
Earnings (EBIT)
2
54,544 21,794 ( 4,118)
Interest expense
7,103 5,751 12,028
Lease interest expense
2,435 2,408 4,842
Net profit / (loss) before tax
45,006 13,635 ( 20,988)
Income tax charge / (benefit)
10,495 2,430 ( 8,264)
Deferred tax charge
3,560 731 1,742
Tax charge of removal of tax on buildings
3
13,899 --
Total tax charge / (benefit)
27,954 3,161 ( 6,522)
Net profit / (loss) attributable to equity holders
17,052 10,474 ( 14,466)
Earnings per share for profit attributable to the ordinary
equity holders of the Group during the year
Basic earnings / (loss) per share before removal of tax on buildings
3
$ 0.74$ 0.25 ( $ 0.34)
Basic earnings / (loss) per share
$ 0.41 $ 0.25( $ 0.34)
Diluted earnings / (loss) per share
$ 0.41 $ 0.25( $ 0.34)
1. EBITDA, a non-GAAP measure, is earnings before interest, tax, depreciation, amortisation, impairments and revaluations, see note 1.
2. EBIT, a non-GAAP measure, is earnings before interest and tax.
3. Legislation enacted 26 March 2024, relating to the removal of deductibility of tax depreciation on non-residential buildings, had the effect of
increasing Seeka's deferred tax liabilities, which resulted in a one-off $13.9m deferred tax charge in the condensed statement of profit or loss.
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9SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2024
Condensed statement of comprehensive income
For the six months ended 30 June 2024
New Zealand dollars
6 months to
June 2024
Unaudited
$000s
6 months to
June 2023
Unaudited
$000s
12 months to
December 2023
Audited
$000s
Net profit / (loss) for the period
17,052 10,474 ( 14,466)
Items that will not be reclassified to profit or loss - net of tax
(Loss) / gain on revaluation of land and buildings
- ( 9,014) 7,466
(Loss) on revaluation of water shares
- ( 99) ( 2,756)
Total items that will not be reclassified to profit or loss
- ( 9,113) 4,710
Items that may be reclassified subsequently to profit or loss, net of tax
Movement in cash flow hedge reserve
393 ( 151) ( 1,576)
Movement in foreign currency translation reserve
( 111) ( 4) 3
Movement in foreign currency revaluation reserve
283 366 216
Total items that may be reclassified subsequently to profit or loss
565 211 ( 1,357)
Total net profit / (loss) for the period attributable to equity holders
17,617 1,572 ( 11,113)
The accompanying notes form an integral part of these condensed interim financial statements
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Financial contents

CONDENSED INTERIM REPORT | JUNE 2024 | SEEKA LIMITED10
Condensed statement of financial position
As at 30 June 2024
New Zealand dollarsNotes
June 2024
Unaudited
$000s
June 2023
Unaudited
$000s
December 2023
Audited
$000s
Equity
Share capital
162,896 162,807 162,865
Reserves
59,382 45,494 58,790
Retained earnings
55,346 64,275 38,294
Total equity
277,624 272,576 259,949
Current assets
Cash and cash equivalents
4,117 5,182 5,207
Trade and other receivables
9
111,140 94,304 32,604
Biological assets - crop
7
3,082 2,079 21,766
Inventories
10
20,996 14,684 10,640
Irrigation water rights
- 20 231
Assets classified as held for sale
4
8,884 3,096 3,205
Tax assets
- - 369
Total current assets
148,219 119,365 74,022
Non current assets
Trade and other receivables
9
6,195 6,377 3,367
Property, plant and equipment
5
383,173 364,563 387,710
Intangible assets
6
24,206 26,805 24,239
Right-of-use lease assets
8
48,975 54,961 50,507
Investment in associates and joint arrangements
6,022 5,952 4,639
Derivative financial instruments
1,796 3,227 1,249
Investment in financial assets
1,261 1,424 1,261
Deferred tax assets
5,732 - 1,817
Total non current assets
477,360 463,309 474,789
Total assets
625,579 582,674 548,811
Current liabilities
Tax liabilities
5,339 1,889 -
Trade and other payables
11
57,169 35,243 25,278
Lease liabilities
8
10,317 9,659 9,941
Interest bearing liabilities
12
46,567 53,721 49,291
Total current liabilities
119,392 100,512 84,510
Non current liabilities
Interest bearing liabilities
12
128,420 128,471 128,292
Lease liabilities
8
52,667 59,556 54,821
Deferred tax liabilities
47,476 21,559 21,239
Total non current liabilities
228,563 209,586 204,352
Total liabilities
347,955 310,098 288,862
Net assets
277,624 272,576 259,949
The accompanying notes form an integral part of these condensed interim financial statements
On behalf of the Board.
F Hutchings S Cresswell
Chair Director Dated: 22 August 2024
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11SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2024
Condensed statement of changes in equity
For the six months ended 30 June 2024
New Zealand dollarsNotes
Share
capital
$000s
Cash flow
hedge
reserve
$000s
Foreign
currency
revaluation
reserve
$000s
Foreign
currency
translation
reserve
$000s
Share
reserve
$000s
Water
share
revaluation
reserve
$000s
Land and
buildings
revaluation
reserve
$000s
Retained
earnings
$000s
Total
$000s
2023
Equity at 1 January 2023 (audited)
162,746 2,476 ( 2) ( 161) - 2,756 50,368 52,760 270,943
Net profit
- - - - - - - 10,474 10,474
Foreign exchange movement
- - 366 ( 4) - - - - 362
Other comprehensive income / (loss)
- ( 151) - - - ( 1,140) ( 9,014) 1,041 ( 9,264)
Total comprehensive income / (loss)
- ( 151) 366 ( 4) - ( 1,140) ( 9,014) 11,515 1,572
Transactions with owners
Employee share scheme receipts
61 - - - - - - - 61
Total transactions with owners
61 - - - - - - - 61
Equity at 30 June 2023 (unaudited)
162,807 2,325 364 ( 165) - 1,616 41,354 64,275 272,576
2024
Equity at 1 January 2024 (audited)
162,865 900 214 ( 158) - - 57,834 38,294 259,949
Net profit
- - - - - - - 17,052 17,052
Foreign exchange movement
- - 283 ( 111) - - - - 172
Other comprehensive income
- 393 - - - - - - 393
Total comprehensive income / (loss)
- 393 283 ( 111) - - - 17,052 17,617
Transactions with owners
Employee share scheme receipts
31 - - - - - - - 31
Movement in employee share
entitlement reserve
- - - - 12 - - - 12
Movement in grower share
entitlement reserve
- - - - 15 - - - 15
Total transactions with owners
31 - - - 27 - - - 58
Equity at 30 June 2024 (unaudited)
162,896 1,293 497 ( 269) 27 - 57,834 55,346 277,624
The accompanying notes form an integral part of these condensed interim financial statements
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CONDENSED INTERIM REPORT | JUNE 2024 | SEEKA LIMITED12
Condensed statement of cash flows
For the six months ended 30 June 2024
New Zealand dollarsNotes
6 months to
June 2024
Unaudited
$000s
6 months to
June 2023
Unaudited
$000s
12 months to
December 2023
Audited
$000s
Operating activities
Cash was provided from:
Receipts from customers
235,900 176,236 304,715
Interest and dividends received
10 35 44
Insurance proceeds
- 427 1,002
Cash was disbursed to:
Payments to suppliers and employees
( 175,702) ( 162,669) ( 287,264)
Interest paid
( 7,280) ( 7,177) ( 12,847)
Lease interest paid
( 2,435) ( 2,408) ( 4,842)
Income taxes (paid) / refunded
( 41) 37 1,863
Net cash flows from operating activities
3
50,452 4,481 2,671
Investing activities
Cash was provided from:
Sale of property, plant and equipment
319 418 460
Distributions and share buy backs from investments
28 - 475
Proceeds from sale of assets classified as held for sale
- 4,890 5,266
Repayment of grower or grower entity advances
2,247 1,998 22,462
Cash was applied to:
Purchase of property, plant, equipment and intangibles
( 8,395) ( 10,966) ( 16,574)
Development of bearer plants
( 4,134) ( 2,912) ( 6,162)
Acquisition of associate
( 1,412) - ( 100)
Advances to growers or grower entities
( 32,033) ( 21,278) ( 22,462)
Net cash flows (used in) investing activities
( 43,380) ( 27,850) ( 16,635)
Financing activities
Cash was provided from:
Proceeds of non-current bank borrowings
20,000 30,000 38,000
Proceeds of current bank borrowings
57,019 60,257 119,919
Proceeds from employee and grower loyalty share scheme
31 61 119
Cash was applied to:
Principal lease payments
( 5,733) ( 5,677) ( 10,814)
Repayment of non-current bank borrowings
( 20,000) ( 18,000) ( 38,000)
Repayment of current bank borrowings
( 59,819) ( 41,505) ( 93,445)
Net cash flows from financing activities
( 8,502) 25,136 15,779
Net (decrease) / increase in cash and cash equivalents
( 1,430) 1,767 1,815
Effect of foreign exchange rates
340 ( 139) ( 162)
Opening cash and cash equivalents
5,207 3,554 3,554
Closing cash and cash equivalents
4,117 5,182 5,207
The accompanying notes form an integral part of these condensed interim financial statements
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13SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2024
Notes to the condensed interim financial statements
For the six months ended 30 June 2024
This section contains the notes to the condensed consolidated financial statements for Seeka Limited, its subsidiaries and associates.
To give stakeholders a clear insight into how Seeka organises its business, the note disclosures are grouped into five sections.
NoteDetailsPage
Basis of preparation 14
Accounting policies that apply to Seeka's full set of condensed interim financial statements
Performance 15
Where Seeka generates its revenues and their associated operating costs
1. Segment information 15
2. Turnover 17
3. Reconciliation of net operating surplus after taxation with cash flows from operating activities 18
Assets 19
How Seeka allocates resources across its operations
4. Assets classified as held for sale 19
5. Property, plant and equipment 20
6. Intangible assets 21
7. Biological assets - crop 22
8. Right-of-use lease assets and lease liabilities 23
Working capital 24
How Seeka manages its operating cash flow
9. Trade and other receivables 24
10. Inventories 24
11. Trade and other payables 25
Interest bearing liabilities, dividends, share capital and fair value 26
How Seeka funds its operations, distributes dividends to shareholders, manages share capital
and determines the fair value of financial instruments
12. Interest bearing liabilities 26
13. Dividends 27
14. Share capital 27
15. Determination of fair values of financial assets and liabilities 27
16. Related party transactions 27
17. Capital commitments 27
18. Events occurring after balance date 27
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CONDENSED INTERIM REPORT | JUNE 2024 | SEEKA LIMITED14
Reporting entity and statutory base
The condensed interim financial statements presented are those of the condensed consolidated Seeka group. Seeka Limited is referred to as Seeka
Limited or the Company. The group is referred to as the Group, Seeka, or Seeka Group.
Seeka Limited is a profit-orientated company registered in New Zealand under the Companies Act 1993 and a Financial Markets Conduct (FMC)
Reporting Entity for the purposes of the FMC Act 2013. Seeka Limited is listed and its ordinary shares are quoted on the NZX main board equity
security market (NZX Main Board).
Nature of operations
Seeka is a produce business operating in New Zealand and Australia.
In New Zealand the Group provides orchard management, orchard leasing, post-harvest and retail services to New Zealand’s kiwifruit, avocado,
citrus, persimmon, and Kiwiberry industries. Seeka manufactures and sells the Kiwi Crush™ and Kiwi Crushies product range along with avocado
oil. The Group also provides retail and ripening services for imported tropical produce, and operates a wholesale market.
In Australia, Seeka owns, leases and operates orchards and associated post-harvest assets, making the Group one of the largest producers and
suppliers of Australian kiwifruit and nashi pears, a major supplier of European pears, plus other fruits, including plums and jujube dates.
Statement of compliance and basis of preparation
Group condensed consolidated interim financial statements for the interim reporting period ended 30 June 2024 have been prepared in accordance
with New Zealand Generally Accepted Accounting Principles (NZ GAAP) and comply with the New Zealand International Financial Reporting
Standards (NZ IFRS) and other reporting standards as applicable to profit-oriented entities. Specifically, Group condensed interim financial
statements have been prepared in accordance with NZ IAS 34, Interim Financial Reporting. This condensed consolidated interim financial
information does not include all of the information required for the full annual audited financial statements and should be read in conjunction with
the annual audited financial statements for the year ended 31 December 2023, which have been prepared in accordance with NZ IFRS.
The significant accounting policies applied in the preparation of the condensed financial statements are set out below.
The condensed financial statements were approved by the Board of Directors (the Board) on 22 August 2024. The Directors do not have the
authority to amend the condensed financial statements after issue.
Summary of significant accounting policies
Other than detailed above, the accounting policies applied are consistent with those of the annual audited financial statements for the year ended
31 December 2023, as described in those annual financial statements.
Where a change in the presentational format of the financial statements has been made during the period, comparative figures have been
restated accordingly.
Going concern assumption
The condensed financial statements have been prepared on a going concern basis.
The Directors have considered the ability of the Group to operate as a going concern for at least the next 12 months from the date of signing these
condensed financial statements.
The Directors have concluded that the Group will continue to operate as a going concern and the condensed financial statements are prepared on
that basis.
Seasonal nature of Group operations
Seeka's core business is providing supply chain services to New Zealand and Australia's horticulture industries. A high proportion of
Group revenue is generated and cost of sales incurred in the autumn when produce is harvested and prepared for market. Correspondingly,
approximately 80% to 100% of Group gross profit is recorded in the condensed interim report. Seasonal fluctuations impact the timing of gross
profit, particularly the amount and quality of kiwifruit inventory remaining in store at 30 June.
Goods and services tax (GST)
The condensed statement of profit and loss and condensed statement of comprehensive income have been prepared so that all components are
stated exclusive of GST. All items in the condensed statement of financial position are stated net of GST, with the exception of receivables and
payables, which include GST invoiced.
Impact of standards issued but not yet applied by the entity
There are no new standards, amendments or interpretations that have been issued and are effective that are expected to have a significant impact
on the Group.
Basis of preparation
This section sets out the Group's accounting policies that apply to the condensed consolidated interim financial statements for the
interim reporting period ended 30 June 2024. Accounting policies which are limited to a specific note are described in that note.
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15SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2024
Performance
1. Segment information
The Group’s operating segments engage in business activities that earn revenues, incur expenses and are reported in a manner consistent with
the internal reports provided to the chief decision makers, being the Directors, who regularly evaluate the allocation of resources alongside
operational outcomes, such as EBITDA and EBIT, and are responsible for setting strategic direction.
The Group has five operating segments:
–Four New Zealand segments express the range of complementary services delivered to New Zealand’s produce industries and the retail sector.
–A single Australian operating segment covers the integrated supply chain service for the Group’s Australian-grown fruit.
Direct segment revenues and operating costs are allocated to each segment. Administration costs, overheads, grower service costs and other
income from the sale of assets recorded in the condensed statement of profit or loss are allocated to all other segments. Transactions between
segments are conducted at arm’s length and are eliminated on consolidation.
Segment information is prepared on the same basis as the annual audited financial statements for the year ended 31 December 2023.
New Zealand segments
Orchard operations
The Group provides on-orchard management services to orchard owners who produce kiwifruit, avocado, citrus and Kiwiberry crops.
The Group produces kiwifruit, avocado, citrus and Kiwiberry from:
–Short term leased orchards (typically three-year rolling contracts) whereby the Group recovers costs and shares any profits with the orchard
owners.
–Long term leased land which the Group has developed into productive orchards, pays all development and production costs, owns all crops for
the term of the lease, and shares profit with the landowner after all costs are recovered from crop proceeds.
–Owned orchards whereby the Group incurs growing and harvest costs and receives all orchard income from crop sales.
Post harvest operations
The Group provides post-harvest services to the kiwifruit, avocado, citrus and persimmon industries. This includes all crops from the Group’s
orchard management and lease operations, plus crops from independent orchard owners.
Retail service operations
The Group provides fruit marketing services in New Zealand and internationally, particularly in the Australian and Asian markets. This includes
fruit from the Group’s New Zealand based orchard and post-harvest operations. In New Zealand the Group also provides retail and ripening
services for imported fruit, and operates a wholesale market.
Retail service operations include the production and selling of Kiwi Crush™, Kiwi Crushies and avocado oil to the retail sector and hospitals, along
with post-harvest services for Kiwiberry.
All other segments - New Zealand
This represents the Group’s aggregated administration, grower services and overhead sections recorded in the condensed statement of profit or
loss, and impairment and revaluations of other assets not attributed directly to any other segment. It also includes the gain on sale from assets
that had been classified as held for sale, and are not attributed directly to any other segment.
Australian operations
The Group grows, provides post-harvest services, and retails all produce from orchards the Group owns or leases in Australia. The main products
are kiwifruit, nashi pears, European pears, jujubes and plums which are primarily sold in Australia.
This section focuses on the Group’s financial performance and details the contributions made from the individual operating segments.
EBITDA and EBIT
EBITDA is earnings before interest, tax, depreciation, amortisation, impairments and revaluations. EBITDA is an indicator of profitability and
reflects operating cash flow generation.
EBIT is earnings before interest and tax; an indicator of profitability that excludes interest and income tax expenses.
Non-GAAP financial information does not have a standard meaning prescribed by GAAP and therefore may not be comparable to similar financial
information presented by other entities. The Board considers EBITDA and EBIT as useful measures of financial performance for both investors
and management as they are indicators of the Group's operating profitability that remove the impact of tax and the interest expenses associated
with debt and leases (EBIT), along with depreciation, amortisation, impairment and revaluation expenses associated with the Group's large
investments in fixed and leased assets (EBITDA).
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CONDENSED INTERIM REPORT | JUNE 2024 | SEEKA LIMITED16
The following table details the operating segments at balance date.
New ZealandAustraliaGroup
New Zealand dollars
Orchard
operations

$000s
Post harvest
operations
$000s
Retail service
operations
$000s
All other
segments
$000s
Australian
operations
$000s
Total
$000s
June 2024
Income statement
Turnover
1
56,895 193,933 23,059 519 19,468 293,874
Gross segment revenue
57,002 197,324 13,381 519 19,468 287,694
Eliminations
( 107) ( 3,391) - - - ( 3,498)
Total segment revenue
56,895 193,933 13,381 519 19,468 284,196
EBITDA
2
3,231 69,268 1,104 ( 10,074) 4,855 68,384
Depreciation expense
4
( 646) ( 6,059) ( 150) ( 806) ( 522) ( 8,183)
Lease depreciation expense
5
( 801) ( 3,178) ( 327) ( 757) ( 451) ( 5,514)
Amortisation of intangible assets
- - - ( 143) - ( 143)
EBIT
3
1,784 60,031 627 ( 11,780) 3,882 54,544
Lease interest expense
5
( 415) ( 1,032) ( 130) ( 450) ( 408) ( 2,435)
EBIT
3
(after lease interest expense)
1,369 58,999 497 ( 12,230) 3,474 52,109
Interest expense
6
( 7,103)
Tax charge on profit
( 27,954)
Profit after tax
17,052
Balance sheet
Segment assets
100,955 397,627 13,573 49,721 63,703 625,579
Total assets
100,955 397,627 13,573 49,721 63,703 625,579
Segment liabilities
54,066 168,592 10,965 67,918 46,414 347,955
Total liabilities
54,066 168,592 10,965 67,918 46,414 347,955
June 2023
Income statement
Turnover
1
39,936 151,073 26,907 200 11,646 229,762
Gross segment revenue
39,961 152,919 9,815 200 11,646 214,541
Eliminations
( 25) ( 1,846) - - - ( 1,871)
Total segment revenue
39,936 151,073 9,815 200 11,646 212,670
EBITDA
2
( 1,946) 47,381 1,669 ( 11,553) 874 36,425
Depreciation expense
4
( 408) ( 5,820) ( 151) ( 762) ( 554) ( 7,695)
Lease depreciation expense
5
( 759) ( 3,455) ( 326) ( 288) ( 422) ( 5,250)
Impairment of property, plant and equipment
- ( 121) - - ( 426) ( 547)
Loss on revaluation of property, plant and
equipment
- ( 959) - - - ( 959)
Amortisation of intangible assets
- - - ( 180) - ( 180)
EBIT
3
( 3,113) 37,026 1,192 ( 12,783) ( 528) 21,794
Lease interest expense
5
( 320) ( 1,068) ( 154) ( 429) ( 437) ( 2,408)
EBIT
3
(after lease interest expense)
( 3,433) 35,958 1,038 ( 13,212) ( 965) 19,386
Interest expense
6
( 5,751)
Tax charge on profit
( 3,161)
Profit after tax
10,474
Balance sheet
Segment assets
75,876 397,779 15,157 39,752 54,110 582,674
Total assets
75,876 397,779 15,157 39,752 54,110 582,674
Segment liabilities
48,872 177,708 14,043 33,436 36,039 310,098
Total liabilities
48,872 177,708 14,043 33,436 36,039 310,098
1. Turnover is a non-GAAP measure, see calculations in note 2.
2. EBITDA, a non-GAAP measure, is earnings before interest, tax,
depreciation, amortisation, impairments and revaluations.
3. EBIT, a non-GAAP measure, is earnings before interest and tax.
4. Depreciation includes the depreciation of fixed assets.
5. Lease interest and lease depreciation are as a result of NZ IFRS 16
Leases, see note 8.
6. Interest includes finance costs for borrowings.
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17SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2024
The following table reconciles segment EBITDA before and after applying NZ IFRS 16 Leases.
New ZealandAustraliaGroup
New Zealand dollars
Orchard
operations

$000s
Post harvest
operations
$000s
Retail service
operations
$000s
All other
segments
$000s
Australian
operations
$000s
Total
$000s
June 2024 - EBITDA
EBITDA pre NZ IFRS 16
1,896 65,488 625 ( 11,575) 3,782 60,216
Capitalised lease costs
1,335 3,780 479 1,501 1,073 8,168
EBITDA after applying NZ IFRS 16
3,231 69,268 1,104 ( 10,074) 4,855 68,384
June 2023 - EBITDA
EBITDA pre NZ IFRS 16
( 3,334) 42,899 1,260 ( 12,305) ( 180) 28,340
Capitalised lease costs
1,388 4,482 409 752 1,054 8,085
EBITDA after applying NZ IFRS 16
( 1,946) 47,381 1,669 ( 11,553) 874 36,425
2. Turnover
The following table reconciles turnover to revenue.
New Zealand dollars
6 months to
June 2024
Unaudited
$000s
6 months to
June 2023
Unaudited
$000s
12 months to
December 2023
Audited
$000s
Turnover
293,874 229,762 343,018
Value of sales made as agent
( 9,678) ( 17,092) ( 42,098)
Revenue
284,196 212,670 300,920
Turnover
The Board considers turnover a useful measure of the Group's operating activity as it represents the total transactional value of goods and
services provided to external customers during the year. As such turnover includes the value of fruit sales made on behalf of growers and suppliers
where the Group acts as the agent, and is considered the supplier by the purchasing party. This includes all produce sales both local and export.
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CONDENSED INTERIM REPORT | JUNE 2024 | SEEKA LIMITED18
3. Reconciliation of net operating surplus after taxation with cash flows from operating activities
New Zealand dollars
6 months to
June 2024
Unaudited
$000s
6 months to
June 2023
Unaudited
$000s
12 months to
December 2023
Audited
$000s
Net operating surplus after taxation
17,052 10,474 ( 14,466)
Add / (less) non cash items:
Depreciation
8,183 7,695 15,520
Lease depreciation
5,514 5,250 10,462
Impairments
- 547 3,465
Loss on revaluation of property, plant and equipment
- 959 294
Revaluation of employee share scheme
12 - -
Revaluation of grower share scheme
15 - -
Movement in deferred tax
22,322 ( 1,245) ( 3,382)
Movement in fair value of biological assets - crop
18,684 16,329 ( 3,358)
Amortisation of intangible assets
143 180 365
54,873 29,715 23,366
Add / (less) items not classified as an operating activity:
Gain on sale of property, plant and equipment
( 154) ( 28) ( 16)
Gain on sale of assets classified as held for sale
- -( 1,833)
(Decrease) / increase in current water allocation account
- 48 ( 170)
( 154) 20 ( 2,019)
(Increase) in working capital:
Increase / (decrease) in accounts payable
13,262 4,995 ( 3,261)
(Increase) in accounts receivable / prepayments
( 29,591) ( 42,163) ( 887)
(Increase) / decrease in inventory
( 10,517) ( 2,955) 1,260
Increase / (decrease) in taxes due
5,527 4,395 ( 1,322)
( 21,319) ( 35,728) ( 4,210)
Net cash flow from operating activities
50,452 4,481 2,671
Accounting policies
Cash flows statements are prepared using the direct approach. Cash and cash equivalents are shown exclusive of GST.
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19SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2024
Assets
This section focuses on how the Group manages its assets to generate revenues and deliver benefits to stakeholders.
Disclosures are made on additions, disposals, revaluations, depreciation, impairments and amortisation.
4. Assets classified as held for sale
New Zealand dollars
June 2024
Unaudited
$000s
June 2023
Unaudited
$000s
December 2023
Audited
$000s
Opening balance at 1 January
3,205 6,293 6,293
Net transfers from property, plant and equipment
5,627 - -
Costs incurred
27 - -
Development costs incurred
25 86 264
Sales settled by third parties at carrying value
- ( 3,283) ( 3,352)
Total assets classified as held for sale
8,884 3,096 3,205
The following table details the assets classified as held for sale by asset class.
New Zealand dollars
June 2024
Unaudited
$000s
June 2023
Unaudited
$000s
December 2023
Audited
$000s
Asset class
Land and buildings
8,884 943 874
Property, plant and equipment
- 380 380
Intangible assets
- 500 500
Bearer plants
- 1,273 1,451
Total assets classified as held for sale
8,884 3,096 3,205
At 30 June 2024, Seeka classified the RSE accommodation Turanga Whetu, and adjoining coolstore facility, workshop and offices, as held for
sale. Turanga Whetu is Seeka's newly-completed, 140 bed accommodation complex at Sharp Road, Katikati, New Zealand. Construction was
completed in 2024 and the property has been actively marketed since May 2024. It is available for immediate sale in its present condition and is
expected to sell in the next 12 months.
At 30 June 2024, no Northland orchards (Jun 2023 - 16.6 hectares) owned by Seeka were classified as held for sale. At 30 June 2024, the
remaining orchard was unsold and does not meet the criteria for being classified as held for sale and therefore was transferred to property, plant
and equipment while further development is undertaken and until such time as a sale is highly probable. Seeka is committed to the sale of this
orchard and as the property is being actively marketed and is available for immediate sale in its present condition, a sale is still possible.
All assets classified as held for sale at 30 June 2024 are included in the "All other segments" segment. At 30 June and 31 December 2023, all
assets classified as held for sale were included within the Orchard operations segment.
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CONDENSED INTERIM REPORT | JUNE 2024 | SEEKA LIMITED20
5. Property, plant and equipment
New Zealand dollars
Land and
buildings
$000s
Plant and
equipment
$000s
Motor
vehicles
$000s
Bearer
plants
$000s
Assets under
construction
$000s
Total
$000s
At 1 January 2024
Cost or valuation
306,804 161,087 2,928 42,160 9,085 522,064
Accumulated depreciation and impairment
( 35,960) ( 91,402) ( 1,504) ( 5,093) ( 395) ( 134,354)
Net book amount
270,844 69,685 1,424 37,067 8,690 387,710
Six months ended 30 June 2024
Opening net book amount
270,844 69,685 1,424 37,067 8,690 387,710
Additions and transfers - net
3,284 5,323 - 1,523 ( 1,230) 8,900
Depreciation
( 3,078) ( 4,674) ( 112) ( 319) - ( 8,183)
Disposals
- ( 165) - - - ( 165)
Transfers - Asset Categories
( 1) 488 - ( 1) ( 486) -
Reclassification to assets classified as held
for sale
( 2,223) ( 4) - 3,229 ( 6,629) ( 5,627)
Foreign exchange
202 55 3 273 5 538
Closing net book amount
269,028 70,708 1,315 41,772 350 383,173
At 30 June 2024
Cost or valuation
308,066 166,784 2,931 47,184 745 525,710
Accumulated depreciation and impairment
( 39,038) ( 96,076) ( 1,616) ( 5,412) ( 395) ( 142,537)
Net book amount
269,028 70,708 1,315 41,772 350 383,173
Assets under construction are assets that are yet to be capitalised and are not depreciated. When the asset is ready for use it is transferred to the
appropriate asset class.
Land and buildings
Land and buildings are revalued to their estimated market value on at least a three-year rolling cycle (excluding assets under construction), plus
any subsequent additions at cost, less subsequent depreciation for buildings. In New Zealand valuations are undertaken by CBRE Group Inc.,
independent registered valuer.
In Australia valuations were last completed at 31 December 2022 by Opteon (Goulburn North East Vic) Pty Ltd, independent valuers based in
Victoria, Australia.
As at 30 June 2024, the Directors believe there are no indicators that would suggest that the carrying value of land and buildings differs materially
from their fair value and as a consequence there is no need to revalue this class of assets at 30 June 2024.
Impairment
In the six months to 30 June 2024, no assets have been impaired. In the six months to 30 June 2023, $0.43m of hail netting assets in Australia
and $0.12m of fixed electrical assets were impaired.
Critical accounting estimates and judgements
At 31 December 2023, 52% (Dec 2022 - 42%) of Seeka's New Zealand land and building portfolio was externally revalued in line with policy.
Additionally, 25% were adjusted based on a desktop fair value calculation. Valuations for land and buildings have remained stable in the six months to
June 2024, and have remained consistent with the fair values recognised at 31 December 2023.
In Australia valuations were last completed at 31 December 2022 by Opteon (Goulburn North East Vic) Pty Ltd, independent valuers based in Victoria,
Australia.
Sensitivity analysis suggests the remaining properties that were not revalued in 2023 could have caused a movement in land and buildings of between
0.82% and 3.79%. This was not considered a material movement in land and building values.
Independent valuations will be obtained at 31 December 2024 in line with the accounting policies of the Group.
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21SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2024
6. Intangible assets
New Zealand dollars
Software
$000s
Goodwill
$000s
Water shares
$000s
Other
intangibles
$000s
Total
$000s
At 30 June 2024
Cost
4,523 20,181 3,036 377 28,117
Accumulated amortisation and impairment
( 3,896) - - ( 15) ( 3,911)
Net book amount
627 20,181 3,036 362 24,206
The following table details the key assumptions used for value-in-use calculations and the recoverable amount.
Group cash generating unitsOperating segment
Goodwill
carrying
amount
$000s
Pre tax
discount rate
EBITDA
growth rate
1-5 years
Terminal
growth rate
June 2024
Post harvestPost harvest operations
20,181 9.4%0% - 10%2.0%
Impairment tests for goodwill
At 30 June 2024, indicators of impairment existed, including Seeka's market capitalisation being less than net assets. In response the Group has
performed impairment tests on all cash generating units (CGUs), in addition to CGUs with goodwill balances to ensure that future cash flows of
the CGUs and the Group support the fair value of the assets.
The impairment tests have been performed using a value in use calculation model. No impairment was identified.
The recoverable amount is based on the net present value of the five-year after-tax cash flow projection (value-in-use), with a terminal value
beyond five years. Cash flows beyond the five year period are extrapolated using estimated growth rates and discount rates stated in this note.
The assumptions used for the analysis of the net present value of forecast gross margins for the cash generating units are determined based on
forecast crop volumes, past financial performance and the Board's expectation of future market dynamics, plus the Group's current year forecasts
and five year financial plans.
The impairment tests have a conservative forward looking growth profile of kiwifruit volumes over the five years, however the 2024 harvest
was significantly better than the previous two years for Seeka, with a 44% increase in packed trays in New Zealand, 164% increase in kiwifruit
volumes in Australia, and earnings guidance of between $17m and $21m, a significant increase on the $21m net profit before tax loss in the 12
months ending 31 December 2023.
The Goodwill and asset value allocated to the post harvest CGU is supported by historical profitability, increasing volume forecasts, and forecast
growth of the kiwifruit industry and returns. The headroom in the post harvest CGU has increased from December 2023, with working capital
peaking in June but forecasts increasing the calculated Value in Use to a greater degree.
The impact of climate change has been incorporated to the extent that it impacts the forecasts and considered as part of scenario planning from
an operational capacity planning perspective.
Seeka has a long history of adapting to the environment, such as when Psa arrived in New Zealand and the industry pivoted to the SunGold
variety, alongside past climatic events such as droughts, hail, and floods. The business will continue to adapt to the changing environment.
Critical accounting estimates and judgements
The goodwill impairment tests require judgement to determine the appropriate forecast cash flows and inputs into the calculations. The primary
estimates relate to the forecast EBITDA growth rates, discount rates, WACC and terminal growth rates.
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CONDENSED INTERIM REPORT | JUNE 2024 | SEEKA LIMITED22
7. Biological assets - crop
Crops growing on bearer plants are classified as biological assets and measured at fair value.
Crop assets are kiwifruit, nashi pears, Packham pears, Corella pears, other pears, avocado, citrus, jujube, and plum crops growing on leased and
owned orchards and yet to be harvested at balance date.
The following table reconciles beginning balances to end balances for biological assets crop.
New Zealand dollars
June 2024
Unaudited
$000s
June 2023
Unaudited
$000s
December 2023
Audited
$000s
Carrying amount at beginning of period
21,766 18,408 18,408
Crop harvested during the period
Fair value movement from the beginning of the period to point of harvest
14,905 3,126 12,427
Fair value when harvested
( 36,671) ( 21,534) ( 30,835)
Crop growing on bearer plants at end of period
Crop at cost
3,082 2,079 21,531
Crop at fair value
- - 235
Carrying value at end of period
3,082 2,079 21,766
The following table reconciles fair value movement of biological assets - crop.
New Zealand dollars
June 2024
Unaudited
$000s
June 2023
Unaudited
$000s
December 2023
Audited
$000s
Movement in carrying amount
( 18,699) ( 16,328) 3,310
Exchange differences
15 ( 1) 48
Net fair value movement in crop
( 18,684) ( 16,329) 3,358
The following table details the classification of biological assets - crop.
New Zealand dollars
June 2024
Unaudited
$000s
June 2023
Unaudited
$000s
December 2023
Audited
$000s
Australia - all varieties
998 737 5,179
New Zealand - kiwifruit crop
1,655 1,127 16,134
New Zealand - other crop (avocado, citrus, Kiwiberry)
429 215 453
Carrying value at end of period
3,082 2,079 21,766
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23SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2024
8. Right-of-use lease assets and lease liabilities
The Group reports all leases on the balance sheet where it has the right to obtain substantially all of the economic benefits from the use of the asset
throughout the period of the lease, with the exception of low value leases or leases less than 12 months.
The following table details leases where the Group is a lessee.
New Zealand dollars
June 2024
Unaudited
$000s
June 2023
Unaudited
$000s
December 2023
Audited
$000s
Right-of-use lease assets
Land and buildings
29,073 32,706 29,824
Orchard leases
15,186 16,764 16,117
Equipment
2,181 2,437 1,907
Motor vehicles
2,535 3,054 2,659
Total right-of-use lease assets
48,975 54,961 50,507
The movements for the period are:
Opening balance
50,507 55,805 55,805
Additions and renewals
3,972 4,584 6,220
Disposals, reclassifications and early terminations
( 5)( 313) ( 984)
Impairment of onerous lease
- - ( 90)
Exchange rate differences
15 135 18
Depreciation
( 5,514)( 5,250) ( 10,462)
Closing balance
48,975 54,961 50,507
The classification for depreciation of right-of-use lease assets is as follows:
Land and buildings
2,460 2,189 4,467
Orchard leases
913 887 1,771
Equipment
1,079 1,082 1,914
Motor vehicles
1,062 1,092 2,310
Total depreciation of right-of-use lease assets
5,514 5,250 10,462
New Zealand dollars
June 2024
Unaudited
$000s
June 2023
Unaudited
$000s
December 2023
Audited
$000s
Lease liabilities
Current
10,317 9,659 9,941
Non-current
52,667 59,556 54,821
Total lease liabilities
62,984 69,215 64,762
The liabilities are classified as:
Lease liabilities
Land and buildings
34,345 37,770 35,045
Orchard leases
23,746 25,633 24,731
Equipment
2,119 2,529 2,139
Motor vehicles
2,774 3,283 2,847
Total lease liabilities
62,984 69,215 64,762
The movements for the period are as follows:
Lease liability movements
Opening balance
64,762 70,065 70,065
Additions and renewals
3,696 4,653 6,289
Disposals, reclassifications and early terminations
( 5)( 166) ( 829)
Exchange rate differences
264 185 51
Principal lease payments
( 5,733)( 5,522) ( 10,814)
Closing balance
62,984 69,215 64,762
Additions
During the period ended 30 June 2024, the Group renewed $0.70m of leases relating to post harvest coolstorage facilities and $0.30m of leases
relating to retail service facilities, entered $0.66m of leases relating to accommodation or other building leases, and entered or renewed $2.36m
of leases relating to vehicles and equipment leases.
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CONDENSED INTERIM REPORT | JUNE 2024 | SEEKA LIMITED24
Working capital
This section focuses on how the Group manages inventories, accounts receivable and accounts payable to ensure an
appropriate level of working capital is available to operate the business, deliver benefits to stakeholders and generate revenues.
9. Trade and other receivables
New Zealand dollars
June 2024
Unaudited
$000s
June 2023
Unaudited
$000s
December 2023
Audited
$000s
Current trade receivables (net of provision for doubtful debts)
49,959 42,698 22,298
Prepayments
7,655 7,424 5,593
Prepaid deposits
608 608 255
GST refund due
- - 405
Accrued income and other sundry receivables
52,918 43,574 4,053
Current trade and other receivables
111,140 94,304 32,604
Non current trade receivables
6,195 6,377 3,367
Non current trade and other receivables
6,195 6,377 3,367
Total trade and other receivables
117,335 100,681 35,971
Current trade receivables include temporary advances to Seeka kiwifruit grower pools of $29.79m (Jun 2023 - $19.28m). These advances are fully
paid in July 2024.
Accrued income and other sundry receivables includes $22.04m (Jun 2023 - $12.27m) of income for kiwifruit harvested and delivered to Zespri
from Seeka's New Zealand orchards, $22.89m (Jun 2023 - $27.81m) for New Zealand post harvest operations, and $7.94m (Jun 2023 - $1.78m)
of income for kiwifruit and pears harvested in Australia.
Non-current trade receivables includes $0.99m losses carried forward on short term leased orchards to be recovered in a future period (Dec 2023
- $1.81m). Non current receivables also include $4.29m (Dec 2023 - $1.56m) of long term receivable balances with agreed long-term payment
terms. The remaining balance of non-current trade receivables relates to debtors secured against crop supply commitments with repayment
terms of up to five years and is considered recoverable.
10. Inventories
New Zealand dollars
June 2024
Unaudited
$000s
June 2023
Unaudited
$000s
December 2023
Audited
$000s
Crop inventories
13,988 5,057 -
Total packaging at cost
3,413 6,169 7,062
Other inventories at cost
3,595 3,458 3,578
Total inventories
20,996 14,684 10,640
Fruit inventories relate to kiwifruit harvested from New Zealand and Australian orchards and held in coolstores at balance date. Fruit inventory
from fruit harvested from the Group’s Australian orchards is based on actual and forecast market returns for each variety.
At balance date, $39.31m (Jun 2023 - $28.53m ) of packaging inventory costs were expensed to cost of sales in the condensed statement of profit
and loss. There were no material inventory write downs (Jun 2023 - Nil).
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25SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2024
11. Trade and other payables
New Zealand dollars
June 2024
Unaudited
$000s
June 2023
Unaudited
$000s
December 2023
Audited
$000s
Trade payables
20,719 16,074 6,050
Accrued expenses
19,192 11,839 11,948
Employee expenses
9,271 6,169 7,140
GST payable
7,414 1,002 -
Other payables
573 159 140
Total trade and other payables
57,169 35,243 25,278
Trade payables includes $8.41m (Jun 2023 - $3.60m, Dec 2023 – Nil) of packaging costs relating to post harvest operation and Nil (Jun 2023 -
$0.12m, Dec 2023 – Nil) of packhouse automation costs.
Accrued expenses includes $8.74m (Jun 2023 - $2.96m) relating to profit share payments due to New Zealand kiwifruit growers, relating to
kiwifruit grown on orchards managed or leased by the Group.
Main contents
Financial contents

CONDENSED INTERIM REPORT | JUNE 2024 | SEEKA LIMITED26
Interest bearing liabilities, dividends, share capital and fair value
This section focuses on how the Group funds its operations, pays dividends to grow shareholder returns, manages its share
capital, and determines the fair value of its financial assets, securities and liabilities so it can deliver benefits to stakeholders.
Disclosures are made on the Group's bank facilities, dividends paid to shareholders, share capital, and other disclosures.
12. Interest bearing liabilities
New Zealand dollars
June 2024
Unaudited
$000s
June 2023
Unaudited
$000s
December 2023
Audited
$000s
Current secured
Interest bearing liabilities
46,896 53,889 49,597
Capitalised loan fees to be amortised in the next 12 months
( 329) ( 168) ( 306)
Total current interest bearing liabilities
46,567 53,721 49,291
Non current secured
Interest bearing liabilities
128,603 128,514 128,322
Remaining capitalised loan fees to be amortised
( 183) ( 43) ( 30)
Total non-current interest bearing liabilities
128,420 128,471 128,292
Total interest bearing liabilities
174,987 182,192 177,583
Analysis of movements in borrowings:
At 1 January
177,583 150,942 150,942
Cash flow - additional borrowings
77,019 90,257 157,919
Cash flow - repayment of borrowings
( 79,819) ( 59,505) ( 131,445)
Capitalised loan fees - amortised over the life of the loan
( 176) 107 ( 17)
Exchange differences
380 391 184
At balance date
174,987 182,192 177,583
Analysis of total facilities:
Drawn
174,987 182,192 177,583
Available
46,180 18,859 23,205
Total facilities
221,167 201,051 200,788
New Zealand dollars
Balance due
$000sInterest rate
Maturity
Term loans as at 30 June 2024
AUD $17m
18,603 7.49%31 January 27
NZD $40m
40,000 8.00%31 January 26
NZD $50m
50,000 8.19%31 January 27
NZD $20m
20,000 8.38%31 January 26
The Board has assessed the fair value of the term loans as the outstanding balance at balance date.
At 28 June 2024, Seeka extended 69% of the facilities to 31 January 2026, and 31% to 31 January 2027. The 30 June 2024 and 31 December 2024
banking covenants are set on a “step down” basis to enable Seeka to reach its long-term covenants of 3.25x for the net leverage ratio and 2.00x
for the interest cover ratio. Seeka remains committed to reducing debt and building headroom into its banking covenants.
On 5 February 2024, an additional $20m credit line was secured through to 16 July 2024. Following this facility being fully repaid on 15 July 2024,
Seeka's total available facility decreases to $201 million.
Seeka’s $201 million banking facility is provided as a Sustainability-Linked Loan that incentivises Seeka to reduce greenhouse gas emissions,
increase solar energy generation capacity, and improve health and safety across its workforce. Seeka will pay a lower interest rate for achieving
annual sustainability targets, and a higher interest rate if they are not met.
Financial contents
Main contents

27SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2024
13. Dividends
In the last 12 months, no dividends were paid (prior 12 months - Nil).
Seeka’s dividend policy is to declare and distribute dividends between 65% and 75% of Net Profit After Tax (NPAT) annually in conjunction with
the release of the half year and full year results subject to due consideration of the Board.
14. Share capital
During the period to 30 June 2024, $0.03m (Jun 2023 - $0.06m) was received in relation to shares issued under the employee share scheme
established in 2019 (including funds from the vesting of the schemes).
On 6 May 2024, 623,000 shares were issued at $2.8679 per share for the Seeka Employee Share Scheme offer dated 19 April 2024.
On 20 May 2024, 898,659 shares were issued at $2.5444 per share for the Seeka Grower Share Scheme offer dated 19 April 2024.
15. Determination of fair values of financial assets and liabilities
The following table analyses financial assets and liabilities carried at fair value as at 30 June 2024.
–Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.
Instruments in level 1 are comprised of water shares and irrigation water rights.
–Level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly.
–Level 3: unobservable inputs for the asset or liability that have to be developed to reflect the assumptions that a market participant would use
when determining an appropriate price.
New Zealand dollars
Level 1
$000s
Level 2
$000s
Level 3
$000s
Total
$000s
Land
- - 46,928 46,928
Buildings
- - 222,100 222,100
Other financial assets
- - 653 653
Derivatives used for hedging - assets
- 1,796 - 1,796
The following table shows the valuation techniques used in the determination of fair values within level 3 of the hierarchy, as well as the key
unobservable inputs used in the valuation models.
TypeFair valueMethodKey unobservable inputs
How unobservables impact
estimated fair value
Land and buildings$ 269.03 mAn annual revaluation is used to
estimate fair value, which is performed
on at least one third of land and
buildings on a rolling 3-year cycle by an
independent valuer using three different
approaches; sales approach, investment
approach and discounted cash flow
approach. See accounting policies and
note 5 for further details.
Comparative market rents
and applicable discount
rate.
Comparative market sales.
Current level of building
costs.
Increases with market
rental, and lower discount
rates.
Increases with market
sales.
Increases with building
costs.
Other financial assets.$ 0.65 mCalculating the present value of
expected cash flows using contractual
interest rates, expected repayment
dates and discount rate.
Repayment dates.
Discount rates.
Increases with an earlier
repayment date.
Increases with a lower
discount rate.
16. Related party transactions
The Group undertakes transactions with Seeka Growers Limited (SGL), a related party which administers all kiwifruit revenues received for the
New Zealand business on behalf of supplying growers. In the current period the Group received $148.01m (Jun 2023 - $189.58m) for the provision
of services to SGL.
17. Capital commitments
As at 30 June 2024 the Group was not committed to incur any capital expenditure (Jun 2023 - $1.92m; Dec 2023 - $4.06m), nor any investments in
associates (Jun 2023 - $0.46m, Dec 2023 - $1.41m).
18. Events occurring after balance date
There are no other events occurring subsequent to balance date requiring adjustment to or disclosure of in the condensed financial statements.
Main contents
Financial contents

CONDENSED INTERIM REPORT | JUNE 2024 | SEEKA LIMITED28
Directory
Board of directors
Fred Hutchings – Chair
Hayden Cartwright
Sharon Cresswell
Peter Ratahi Cross
Stewart Moss
Cecilia Tarrant
Ashley Waugh
Audit and risk committee
Sharon Cresswell – Chair
Hayden Cartwright
Ashley Waugh
Sustainability committee
Cecilia Tarrant – Chair
Peter Ratahi Cross
Fred Hutchings
Remuneration committee
Fred Hutchings – Chair
Stewart Moss
Cecilia Tarrant
Company officers
Michael Franks
Chief Executive Officer
Nicola Neilson
Chief Financial Officer and Company Secretary
Senior management team
Michael Franks
Chief Executive
Nicola NeilsonKate BryantPaul Crone
Chief Financial OfficerGM Grower Relations
and Corporate Services
GM Post-Harvest
Barry PenellumJonathan van PoperingJim Smith
GM OrchardsGM Australian OperationsGM New Business
and Marketing
Main contents

29SEEKA LIMITED | CONDENSED INTERIM REPORT | JUNE 2024
Registered office
Seeka Limited
34 Young Road, RD9, Paengaroa 3189
PO Box 47, Te Puke 3153
Seeka.co.nz
Auditor
Grant Thornton New Zealand Limited
Auckland
www.grantthornton.co.nz
Bankers
1
Westpac New Zealand Limited
Auckland
www.westpac.co.nz
Westpac Banking Corporation
Melbourne
www.westpac.com.au
ASB Bank Limited
Auckland
www.asb.co.nz
Bank of New Zealand
Auckland
www.bnz.co.nz
Coöperatieve Rabobank U.A. (Rabobank)
Wellington
www.rabobank.co.nz
Share register
Link Market Services Limited
Auckland
www.linkmarketservices.co.nz
NZX
www.nzx.com
Legal advisors
Harmos Horton Lusk Limited
Auckland
www.hhl.co.nz
Tompkins Wake
Tauranga
www.tompkinswake.com
Mayne Wetherell
Auckland
maynewetherell.com
1. All banks are lenders under a syndicated facilities
agreement with Westpac New Zealand as the
sustainability-linked loan coordinator and the agent.
Main contents

seeka.co.nz
34 Young Road, RD 9, Te Puke 3189
PO Box 47, Te Puke 3153, New Zealand
+64 7 573 0303, info@seeka.co.nz

---

INTERIM RESULTS ANNOUNCEMENT JUNE 2024 | SEEKA LIMITED1
SEEKA SIX MONTHS UNAUDITED INTERIM RESULTS
30 June 2024
Listed New Zealand produce company Seeka [NZX:SEK], reports its unaudited interim results for the six months ended
30 June 2024.
$284.2m Revenue — up 34% on six months to June 2023 previous corresponding period (pcp)
$68.4m EBITDA — up 88% on pcp
$45.0m NPBT — up 230% on pcp
Forecast full year NPBT updated to be between $17m to $21m — up from ($21m) loss FY23
"Seeka has lifted its financial performance following increased kiwifruit volumes in New Zealand and Australia," says
Seeka chief executive Michael Franks.
"Net profit before tax is up 230% to $45 million for the six months to June 2024, with Seeka handling 44% more
kiwifruit in New Zealand. Earnings before interest, tax, depreciation and amortisation was up 88% to $68 million,
with net profit after tax up 63% to $17 million, after a $14 million one-off deferred tax expense from changes in tax
legislation for tax deductibility of buildings.
"Following two challenging seasons, kiwifruit volumes have rebounded with Seeka handling a record 43 million class
1 trays for New Zealand growers. Fruit quality is excellent, and international market demand remains strong.
"Along with its post-harvest business, Seeka also grows and sells fruit in New Zealand and Australia. In New
Zealand, our orcharding business grew 17 million trays, a 53% increase on 2023, and production from our Australian
kiwifruit orchards was up 164%.
"Along with the 34% lift in revenues to $284 million, Seeka restructured in 2023 to create a leaner organisation and
implemented innovative cost saving mechanisms, including a captive insurance structure.
"Net bank debt of $171 million is down $6 million on June 2023. The company continues to focus on debt
management with $53 million received in July 2024.
"Seeka has the capacity to handle more than 50 million trays of kiwifruit with facilities in Northland, the Coromandel,
Bay of Plenty and Gisborne regions. Automated post-harvest systems have delivered efficiency gains and the
packing power to efficiently conduct the harvest. Seeka has co-invested in New Zealand to increase fruit production,
and in Australia we have directly invested in new orchards growing kiwifruit, nashi and jujube.
"Seeka has created a leaner business and we are now focused on preparing for the 2025 harvest. Kiwifruit vines like
the cold winter conditions we are currently having, and early indicators are for a good spring bud break.
"New Zealand's kiwifruit industry has a vibrant outlook, and growers are continuing to invest in new SunGold and
RubyRed orchard developments. Our investments in post-harvest automation means Seeka is well prepared to
handle the upcoming lift in production as we work to supply the world with premium New Zealand kiwifruit."
Updated full year operational guidance.
Seeka’s full year outlook has improved and the forecast NPBT has increased from June 2024's guidance of $15m to
$19m, to a NPBT between $17m to $21m for FY24.
New Zealand dollars
FY24
Guidance
Lower range
FY24
Guidance
Upper range
FY23
Audited
Net profit / (loss) before tax
$ 17 m$ 21 m($ 21 m)
Seeka reminds stakeholders that it operates in a seasonal industry with substantial earnings occurring in the first six
months as fruit is harvested in New Zealand and Australia.
Dividend
The Board has determined it is not appropriate to pay a dividend at this time. The Board will consider dividends later
in the year on confirmation of full year guidance.
22 August 2024
Company announcement

INTERIM RESULTS ANNOUNCEMENT JUNE 2024 | SEEKA LIMITED2
Operational performance
The following table outlines Seeka’s performance to 30 June.
New Zealand dollars
6 months to
June 2024
Unaudited
6 months to
June 2023
UnauditedChange
Total revenue ($m)
$ 284.2$ 212.734%
EBITDA before impairments and revaluations ($m)
$ 68.4$ 36.488%
EBIT ($m)
$ 54.5$ 21.8150%
NPBT ($m)
$ 45.0$ 13.6230%
NPAT ($m)
$ 17.1$ 10.563%
Net bank debt ($m)
$ 170.9$ 177.0( 3%)
Basic earnings per share
$ 0.41$ 0.2564%
Basic earnings per share before removal of tax on buildings
1
$ 0.74$ 0.25196%
1. June 2024 earnings prior to the $14 million one-off deferred tax expense from changes in tax legislation for tax
deductibility of buildings.
This announcement should be read in conjunction with Seeka Limited's June 2024 interim report (unaudited), and
December 2023 annual report (audited). Seeka reports can be found on Seeka's website www.seeka.co.nz/reports.
ENDS
For more information, visit www.seeka.co.nz or please call:
Michael FranksNicola Neilson
Chief executive
+ 64 21 356 516
Chief financial officer
+ 64 21 841 606

---

Analyst Briefing Pack
Unaudited Interim Results
Six months to 30 June 2024

To be read in conjunction with Seeka Interim Report, June 2024, and Seeka Annual Report, December 2023, see Seeka.co.nz/investors
Agenda
2
5
Contact
4
Focus
3
Operating segment performance
2
Balance sheet
1
Six month highlights

Six month highlights

Summary – Financial performance rebounds with volumes
Rebound in kiwifruit volumes in New Zealand and Australia from improved growing conditions
17m kiwifruit trays grown by Seeka in NZ – up 53% | 43m Class 1 kiwifruit trays packed in NZ – up 44% | Australia kiwifruit volumes – up 164%
Financial performance lifts with volumes
$284.2m Revenue | $68.4 EBITDA | $45.0m NPBT | $0.41 EPS ( $0.74 EPS prior to the impact of deferred tax adjustment to buildings )
Delivered excellent operational performance
Excellent quality from growers | Full labour availability | Efficiency gains from new automation | Low fruit loss | Quality produce to markets
$625.6m total assets, $5.92 net tangible asset backing per share
Investment in core business, capacity and automation
$170.9m net bank debt
Focus on bank debt reduction | $53.0m received in July 2024
Cost management and focused capital expenditure
Innovative captive insurance company structure delivers cost savings | Capacity and systems in place to manage forecast volumes
Outlook continues to improve
Favourable weather pattern | Positive winter chill | Continued quality focus | Success in retail services | Developments in Australia
1
2
3
4
5
4
6
7

Group financial performance
$284.2m Revenue
Up 34% on pcp
$79.0m Gross profit
Up 63% on pcp
$68.4m EBITDA
Up 88% on pcp
$45.0m Net profit before tax
Up 230% on pcp
$17.1m Net profit after tax
After a one-off, non-cash impact from change in tax
legislation of $13.9m
Seeka operates a seasonal business
−H1 is main operating period for core kiwifruit business
5
Interim results – six months to June 2024, unaudited
H1 FY24H1 FY23FY23
$ millions
UnauditedUnauditedChangeAudited
Revenue284.2212.7
34%
300.9
Cost of sales186.5147.9
26%
252.2
Change in fair value of
biological assets - crop
( 18.7)( 16.3)-
Gross profit79.048.4
63%
48.7
EBITDA68.436.4
88%
26.0
EBIT54.521.8
150%
( 4.1)
Net profit before tax45.013.6
230%
( 21.0)
Net profit after tax17.110.5
63%
( 14.5)

Trends in financial performance
EBITDA, NPBT and Total Assets
6
$30.4m
$46.9m
$49.4m
$36.4m
$68.4m
H1FY20H1FY21H1FY22H1FY23H1FY24
EBITDA
$416m
$519m
$594m
$583m
$626m
H1FY20H1FY21H1FY22H1FY23H1FY24
Total assets
$17.4m
$30.8m
$30.1m
$13.6m
$45.0m
H1FY20H1FY21H1FY22H1FY23H1FY24
NPBT

Trends in operating segment performance
EBITDA
7
$4.2m
$5.7m
$5.1m
($1.9)m
$3.2m
H1FY20H1FY21H1FY22H1FY23H1FY24
Orcharding
$30.3m
$49.1m
$52.9m
$47.4m
$69.3m
H1FY20H1FY21H1FY22H1FY23H1FY24
Post harvest
$1.3m
$1.9m
$0.5m
$1.7m
$1.1m
H1FY20H1FY21H1FY22H1FY23H1FY24
SeekaFresh retail services
$1.9m
$2.7m
$2.6m
$0.9m
$4.9m
H1FY20H1FY21H1FY22H1FY23H1FY24
Australia

Balance sheet

H1 FY24H1 FY23FY23
$ millionsUnauditedUnauditedChangeAudited
Current assets - excludes cash
Trade and other receivables111.194.3
18%
32.6
Biological assets - crop3.12.1
48%
21.8
Assets held for sale8.93.1
187%
3.2
Inventories and water rights21.014.7
43%
10.9
144.1114.2
26%
68.4
Current liabilities - excludes debt
Trade and other payables( 57.2)( 35.2)
62%
( 25.3)
Tax liability / benefit( 5.3)( 1.9)
183%
0.4
( 62.5)( 37.1)
68%
( 24.9)
Net working capital81.677.1
6%
43.5
Non current assets
Property, plant and equipment383.2 364.6
5%
387.7
Lease assets49.0 55.0
( 11%)
50.5
Intangibles24.2 26.8
( 10%)
24.2
Investments, receivables & deferred tax21.0 17.0
24%
12.3
477.4 463.4
3%
474.8
Capital employed559.0 540.5
3%
518.3
Balance sheet
$18.5m increase in capital employed on H1 FY23
$18.6m increase in PP&E since H1 FY23
−End of year revaluations of land and buildings
−Automation and capacity investments
−Investment in switchboards and plant rooms
−Orchard developments capitalised into producing
orchards
Capital employed at 30 June
9

H1 FY24H1 FY23FY23
$ millions
UnauditedUnauditedChangeAudited
Non current liabilities -excludes debt
Lease liabilities
(current and non current )
( 63.0)( 69.2)
( 9%)
( 64.8)
Deferred tax( 47.5)( 21.6)( 21.2)
( 110.5)( 90.8)
22%
( 86.0)
Cash( 4.1)( 5.2)( 5.2)
Borrowings175.0182.2
( 4%)
177.6
Net bank debt170.9177.0
( 3%)
172.4
Total equity277.6272.6
2%
259.9
Net bank debt170.9 177.0
( 3%)
172.4
Net bank debt
less assets held for sale
162.0173.9
( 7%)
169.2
EBITDA multiple2.37x 4.77x 6.51x
EBITDA multiple pre NZ IFRS 16 Leases2.69x6.14x16.37x
Balance sheet
$170.9m net bank debt at June 2024
−$6.1m decrease on June 2023
−Automation and capacity investments
−$53.0m received in July 2024
$201m facility from banking syndicate
−Full support of banking syndicate
−$20m additional credit facility from 5 February
to 16 July 2024
1
Net bank debt at 30 June
10
1. Total banking facility during this period is $221m.

1.As required by NZ IAS 1,892,994 shares held by Seeka Trustee Limited for the Grower Loyalty and Employee Share Schemes are excluded from EPS calculations. If included, the weighted average EPS would be $0.40 (FY23: ($0.34) ).
2.Recalculated from the 2023 Annual Report to reflect weighted average ordinary shares on issue excluding treasury stock
Earnings per share and dividends
$0.41 earnings per share
1

−Up from $0.25 pcp
−$0.35 cost per share after one-off, non-cash impact
from change in tax legislation
$5.92 net tangible assets per share – down 2%
The Board has determined it is not appropriate
to pay a dividend at this time. The Board will
consider dividends later in the year on
confirmation of full year guidance.
11
H1 FY24H1 FY23FY23
$ millions
UnauditedUnauditedChangeAudited
Net profit $ 17.1 m $ 10.5 m
63%
( $ 14.5m)
Weighted shares on issue 41.6 m 41.6 m 41.6 m
2

Earnings per share$ 0.41 $ 0.25
64%
( $ 0.35)
2
Net tangible assets257.4 m 252.4 m 239.8 m
Shares at period end43.5 m 42.0 m 42.0 m
Net tangible assets per share$ 5.92 $ 6.01
( 2%)
$ 5.71
Net assets per share$ 6.38 $ 6.49
(2%)
$ 6.19
Total assets per share$ 14.38 $ 13.88
4%
$13.07

FY24 full year operational guidance
Forecasting full-year net profit before tax between
$17m and $21m
12
Seeka updates 2024 guidance
FY24FY24FY23
GuidanceGuidanceFull year
Lower rangeUpper rangeActuals
Net profit / (loss) before tax
$17.0m$21.0m( $21.0m)

Operating segment performance

Orchard operations
$56.9m Revenue – up 42% on pcp
$3.2m EBITDA – up from ($1.9m) loss in pcp
Yields rebound on better growing conditions
−SunGold up 44%
−Hayward up 66%
Top-20 SunGold exceeded 21,500 trays per hectare
Top-20 Hayward exceeded 14,200 trays per hectare
$19.3m invested in developing orchards for future
growth
Continued partnerships with iwi and regional
investments
Growing kiwifruit, avocado and Kiwiberry for New Zealand orchard owners
14
H1 FY24H1 FY23FY23
$ millionsUnauditedUnaudited
Change
Audited
Revenue56.9 39.9
42%
86.5
EBITDA3.2 ( 1.9)
266%
1.0
EBIT1.8 ( 3.1)
157%
( 1.6)
Segment assets101.0 75.9
33%
84.8
EBITDA pre NZ IFRS 161.9 ( 3.3)
157%
( 1.4)
Crop grown - class 1 trays (millions)
Total kiwifruit trays grown17.1 11.2
53%
SunGold trays (millions)8.5 6.2
37%
SunGold yields - average per hectare13,473 9,333
44%
Hayward trays (millions)8.5 5.0
66%
Hayward yields - average per hectare11,2246,750
66%
Organic and RubyRed0.3 0.2
50%

Post harvest operations
$193.9m Revenue – up 28% on pcp
$69.3m EBITDA – up 46% on pcp
Kiwifruit volumes rebound
−SunGold up 36%
−Hayward up 60%
Oakside and Transpack automation upgrades
completed
Timely service delivered to growers
Operating margins achieved
Continued focus on quality
Packing, coolstoring and shipping fruit for New Zealand orchard owners
15
H1 FY24H1 FY23FY23
$ millionsUnauditedUnaudited
Change
Audited
Revenue193.9 151.1
28%
182.4
EBITDA69.3 47.4
46%
43.8
EBIT60.0 37.0
62%
25.1
Segment assets397.6 397.8
( 0%)
360.2
EBITDA pre NZ IFRS 1665.5 42.9
53%
35.3
Trays packed (millions)
SunGold27.2 19.9
36%
Hayward and other varieties15.8 9.9
60%
Total class 143.0 29.8
44%
Class 21.9 1.9
Total packed44.9 31.7
41%

SeekaFresh retail services operations
$13.4m Revenue – up 36% on pcp
$1.1m EBITDA – down 34% on pcp
Reflective of domestic market
Continued success expected
Marketing Class 2 kiwifruit and avocado, packing Kiwiberry, selling imported fruit, and Kiwi Crush production
16
H1 FY24H1 FY23FY23
$ millionsUnauditedUnaudited
Change
Audited
Revenue13.4 9.8
36%
20.7
EBITDA1.1 1.7
( 34%)
2.6
EBIT0.6 1.2
( 47%)
1.5
Segment assets13.6 15.2
( 10%)
13.2
EBITDA pre NZ IFRS 160.6 1.3
( 50%)
1.6

Australian operations
$19.5m Revenue – up 67% on pcp
$4.9m EBITDA – up 455%
Australia benefitting from rebound in yields and
crop from new orchard developments
Kiwifruit volumes up 164% to 2.3m kgs
Continued developments in Jujube variety
A total of $16.4m invested in developing orchards
for future growth
−Kiwifruit, Nashi pears, Jujube
17
Growing, packing and retailing kiwifruit and other Australian produce on owned and leased
orchards
H1 FY24H1 FY23FY23
NZD millionsUnauditedUnaudited
Change
Audited
Revenue19.5 11.6
67%
10.4
EBITDA4.9 0.9
455%
0.7
EBIT3.9 ( 0.5)( 3.1)
Segment assets63.7 54.1
18%
51.5
EBITDA pre NZ IFRS 163.8 ( 0.2)
2201%
( 1.4)

Focus
18

Forward focus
Deliver operational excellence and financial results
Active cost management and innovation
−Continual cost focus
−New HRIS being implemented
Capacity targeted
−Projects initiated ahead of next year’s harvest
−Capacity in place for 50m trays
−Focus on switchboard and plant rooms
−Further consideration of automation opportunities
19
Purpose-built RSE accommodation remains for sale
Winter conditions support good kiwifruit yields 2025
−Good winter chill aids spring budbreak
Sustainability and ethical ethos
−Carbon footprint reduction plan
−Coolstore refrigeration retrofitting
−Further solar installation planned for Kerikeri

Contact
Michael Franks
Chief executive
+64 21 356 516
20
For more information see www.seeka.co.nz or please call
Nicola Neilson
Chief financial officer
+64 21 841 606

Appendix
21

EBITDA
22
EBITDA before revaluations and impairments is considered by Seeka's Board to be a key
measure of performance and reflection of cash flow generation
H1 FY24H1 FY23FY23
NZD ($000s)
UnauditedUnauditedChangeAudited
Net profit / (loss) before tax45,006 13,635
230%
(20,988)
Interest expense7,103 5,751 12,028
Lease interest expense2,435 2,408 4,842
EBIT54,544 21,794
150%
(4,118)
Impairments and revaluations
Impairments-547 3,465
Loss on revaluation of PPE-959 294
Depreciation expense8,183 7,695 15,520
Lease depreciation expense5,514 5,250 10,462
Amortisation of intangible assets143 180 365
EBITDA before impairments and revaluations68,384 36,425
88%
25,988

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