Annual & Sustainability Reports for Year to 30 June 2024

For the year ended 30 June 2024 Mō te tau i mutu i te 30 Hune 2024
Pūrongo ā-tau
Annual Report
Helping grow the country

ANNUAL REPORT 2024
|
1
Contents | Ngā Kaupapa
Our CompanyKey Financial
Disclosures
GovernanceOur Year
90
02
43
2024 Financial Year Performance Results 2
Financial Performance 4
Delivering Technical Expertise to Benefit our Clients 5
Chair and Chief Executive Officer’s Report 6
Board of Directors 16
Executive Team 18
In Memoriam:
• Grant Edwards 20
• Victor Schikker 21
The Year in Review 22
Launch of the Inaugural PGW Research
& Development Internship Programme 34
SkyCount
TM
: Revolutionising Stock Audits
With No On-Farm Disruption 37
Growing Strong Relationships
Through Delivering Multiple Services 40
Key Financial Disclosures 43
Directors’ Responsibility Statement 44
Additional Financial Disclosures including
Notes to the Financial Statements 53
Independent Auditor’s Report 86
Corporate Governance and Board Charter 90
Statutory Disclosures 102
Remuneration Report 104
General Disclosures 109
Shareholder Information 110
Glossary 112
Corporate Directory 113
Cover: PGW Real Estate Branch Manager Mike Direen discusses options for selling some of the
Northburn terrace titles with Tom Pinckney owner of Northburn Station in Central Otago.
PGW is pleased to present our 2024 Annual Report,
covering the financial year ended 30 June 2024.
This report differs slightly from our previous Annual Reports
given that our Sustainability Report is now a standalone
document available online via our website.
www.pggwrightson.co.nz/investor-centre
Annual Shareholders’ Meeting 15 October 2024
Half-year earnings announcement 25 February 2025
Year-end earnings announcement 12 August 2025
Calendar | Maramataka
Sustainability | Toitūtanga
As part of our commitment to sustainability, this Annual Report
is printed using soy-based inks, no chemicals have been used in
the process of platemaking and the Annual Report is printed on
environmentally responsible paper, produced using Elemental
Chlorine Free (ECF), third party certified pulp from responsible
sources, and manufactured under the strict ISO14001
Environmental Management System.

2
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2024
|
3
2024 FINANCIAL YEAR
Performance Results
Ngā Otinga Whakatutukitanga
Operating
EBITDA of
Revenue of
t
$17. 0 m on prior
financial year
t
$14. 5m on prior
financial year
$44.2m
Net profit
after tax
( " N PAT " ) o f
$3.1m
t
$59.7m on prior
financial year
$915.9m
PGW Technical Field Representative Bradley Stone
discusses the fast establishment and rust tolerance of Vast
Tetraploid Ryegrass with Richard Brewer owner of Brewer
Farms in South Taranaki. Photo credit: PGG Wrightson Seeds

Sustainability
16% reduction in
operational GHG
emissions, compared
to the FY21 baseline
Partnership
PGW is ALT’s
first merchant partner
Intern
programme
First year of
the Summer
R&D Internship
Programme
Chatbot
Developing two
chatbots for internal
report writing
Crowd/Staff sourcing
First year of our Crowd/
Staff sourced R&D ideas
13 trials delivered
tangible value back to
our front-line teams
Retail & Water
Technical Team
Conducted c.70 trials
80% Horticultural
20% Rural
c.25% of trial treatments
were biological
4
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2024
|
5
SkyCount
TM
Revolutionising
stock audits with no
on-farm disruption
BUY & SELL
2020 2021 2022 2023 2024
Revenue
1000
800
600
400
200
0
788
848
953
976
916
$ MILLION
All Business Units Total Revenue
1
2
3
4
5
6
$
Share Price Post Share Consolidation (NZ$)
PGW share price (from 13 August 2019 to 30 June 2024).
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0
13 AUG 19

13 FEB 20
13 AUG 20
13 FEB 21
13 AUG 21
13 FEB 22
13 AUG 22
13 FEB 23
13 AUG 23
13 FEB 24
30 JUN 24
2020 2021 2022 2023 2024
Profit or Loss
30
25
20
15
10
5
0
8
23
24
18
3
All Business Units
$ MILLION
Total Profit or Loss
70
60
50
40
30
20
10
0
-10
2020 2021 2022 2023 2024
$ MILLION
54
41
Operating EBITDA
Retail & Water
Agency
Other
Total Operating EBITDA
33
38
52
16
25
22
-7-7-7
Five-year summary post divestment of PGG Wrightson Seeds Ltd.
16
12
-9-9
56
67
61
44
42
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
report. For a comprehensive discussion
on the use of non-GAAP profit
measures, please refer to the policy
“Non-GAAP Accounting Information”
available on our website www.
pggwrightson.co.nz.
Other: Other (non-operating segment)
relates to certain Group Corporate
activities including Governance,
Finance, Treasury, Risk and Assurance,
and other support services (including
corporate property services and
marketing).
Te whakarato pūkenga
mātanga mō te painga o
ā mātou kiritaki
Delivering
Technical
Expertise to
Benefit our
Clients
Financial Performance | Whakaaturanga Pūtea
NZ's Virtual Saleyard
Over 950 auctions held
during the year
Weekly livestreamed
sales from 13 saleyards
nationwide

6
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2024
|
7
Chair and
Chief Executive
Officer’s Report
Te Pūrongo a te Heamana me te Tumuaki
PGW Water Technical Advisor Rose Barker and PGW Water
Service Technician Luke Bain inspect a newly installed
sprinkler pack whilst on-site at Springdale Farming
Company Limited in Mid Canterbury.

ANNUAL REPORT 2024
|
98
|
PGG WRIGHTSON LIMITED
Garry Moore
Chair
Stephen Guerin
Chief Executive Officer
Reporting on a
challenging year
PGG Wrightson Limited (“PGW”, “the Group”, or “the
Company”) delivered Operating Earnings before
Interest, Tax, Depreciation, and Amortisation (Operating
EBITDA) for the year ended 30 June 2024 of $44.2
million. Net profit after tax (NPAT ) was $3.1 million.
Trading performance | Te Mahi Tauhokohoko
The agricultural sector continues to navigate challenging
market conditions and the cyclical volatility is reflected in
PGW’s financial results. PGW’s Operating EBITDA of $44.2
million is well below the strong results of recent years. This
is largely a product of the economic environment and is
being felt across the agricultural sector. We often say that
PGW prospers when our farmer and grower clients do well.
Our clients have faced difficult conditions over the past
year and consequently this is shared in our results.
PGW has done well to continue to maintain share in the
markets in which we operate, however we have seen
farmers and growers cutting back where they can and
deferring discretionary spending. We have continued
to strive to support our clients with all their essential
production requirements, but the sector is in the grips of a
period of austerity where non-essential and discretionary
spend have been paused in many cases.
Despite the challenging environment our receivables have
held up well and gross margins have also largely remained
steady across the business.
While most of the agricultural sector has been impacted,
some subsectors have been hit very hard. Sheep farmers
experienced soft export demand and weaker commodity
pricing and the rural real estate market is 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 the sale of the PGG Wrightson Seeds
business. The Retail & Water businesses accounted for the
majority of this revenue decline. There remains a carry-over
effect from the devastation caused by Cyclone Gabrielle
last year with some areas not yet replanted.
In view of the current operating environment, there has
been increased focus within PGW on cost control.
The NPAT of $3.1 million included the negative impact of a
one-off non-cash $0.9 million deferred tax expense due to
the change in legislation for tax depreciation on long-life
commercial buildings.
Financial Performance | Whakaaturanga Pūtea
2024 $m2023 $m2022 $m2021 $m2020 $m
Revenue915.9975.7952.7847.8788.0
Gross Profit235.7252.8248.5223.2204.0
Operating EBITDA44.261.267.256.042.2
Net Profit After Tax3.117.524.322.77.7
Net Cash Flow from Operating Activities57.725.523.757.731.5

Chair and Chief Executive Officer’s report | continued
10
|
PGG WRIGHTSON LIMITED
Right: PGW South Island
Wool Procurement
Manager Doug McKay at
the Canterbury Merino
Association’s Merino
Two-Tooth Ewe Flock
Competition 2024.
Below: PGW Real Estate
and Livestock joined
forces to hold the clearing
sale at Raidale Farm in
Marlborough.
Below right: An apple a day.
Photographed by

Mark Edwards, Tasman,
for the PGW Landmarks
Photo Collection.
Business Improvement Programme | Hōtaka Whakapiki
Pakihi
The implementation of our company-wide Business
Improvement Programme to simplify PGW’s IT systems
continued through the year and is now in a comprehensive
testing phase. This is a significant investment with
both operating expenditure and capital expenditure
components.
This programme will improve our technical IT environment
and standardise business processes, providing greater
efficiencies and better utilisation of our data. “Go Live” is
expected to occur in FY25. During the year Retail Pricing
and Batch Tracking for some products were implemented
and we are now in the first stages of realising the
implementation benefits. Moving our retail system to
Microsoft D365 will provide a more efficient and stable
platform for our business.
PGW Group Strategy |
Rautaki Rōpū a PGW
In early FY22, we refreshed PGW’s Group Strategy and
since then we have been committed to implementing and
developing the central strategic priorities. Our approach
balances our proud heritage in the agricultural sector with
a forward-looking vision for growth through delivering
technical expertise to our clients. By investing in the
technical knowledge of our people, we position ourselves
to best assist our clients with their production needs. Our
clients prize the value-add technical support they receive
from PGW and this investment in people expertise grows
our market share, which ultimately provides positive
returns to our shareholders.
During the year, we reviewed our strategic priorities to
respond to the ever-changing demands of the market.
We also reassessed the landscape of the markets in which
we operate and the underlying strategic initiatives and
performance indicators for our business units. We will look
to roll out our strategic refresh across the business in the
coming months and elements of this will be evident in our
future public reporting.
Market conditions |
Ngā Āhuatanga o te Mākete
Symptomatic of market sentiment, the Federated Farmers
Farm Confidence Survey released in July 2024 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 financing costs, volatile commodity prices,
regulatory compliance, and the inflationary impacts on
input costs.
The agricultural sector is cyclical, 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, interest rates declining,
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. By leveraging technological advancements,
New Zealand’s provenance strengths and adhering to
sound regulatory requirements, the sector can capitalise on
the global demand opportunities that will emerge. In this
regard, the Ministry for Primary Industries' recent Situation
and Outlook for Primary Industries report notes that New
Zealand’s food and fibre export revenue the year to June
2024 is approximately $54.6 billion and is forecast to
continue to increase to a record $66.6 billion by 2028. The
government has set an aspirational goal for New Zealand
to double its exports by value in 10 years with the primary
sector a significant contributor to this growth objective.
With our expertise, client relationships and strategy, PGW is
well placed to benefit from this upside in forecast growth
in export revenue.
IHC Calf & Rural Scheme has raised
$42 million over 42 years
A principal sponsor for 23 years of the
New Zealand (NZ) National Shearing Circuit
ANNUAL REPORT 2024
|
11

Chair and Chief Executive Officer’s report | continued
1,247 elective online training
courses were completed
by PGW staff in FY24
Personal Locator Beacons
• 130 PLB's available (pool) for work or personal time
• 150 PLB's permanently allocated to staff working alone
12
|
PGG WRIGHTSON LIMITED
Top: PGW Regional Manager Upper
North Island Dave McMillin presents
Wairapapa Moana ki Pouakani
Incorporation (WMI) General Manager
Anaru Smiler (both centre) with a $7,000
PGW store voucher as winners of the
2024 Ahuwhenua Trophy for Dairy which
PGW is a silver sponsor.
(Left to right): PGW Iwi Relationship
Manager Mike Pritchard, PGW Livestock
Area Sales Manager Brad Osbourne, WMI
Operations Manager Gareth Hughes,
WMI Dairy Manager Farm 4 Kim Turner,
and PGW Taupō Rual Supplies Store
Manager David Gash.
Below: Fruitfed Supplies Technical
Horticultural Representative Jonny
Richards discusses vine health with
Kelly Le Frantz Vineyard Manager and
Emmanuelle David Winemaker at
Heaphy Vineyards in Tasman.
Our people | Ā Mātau Tāngata
At 30 June 2024, PGW had 1,565 permanent and
temporary (fixed term) employees and 334 casual and
commission agents, totalling 1,899 people.
We recognise that our people are our greatest asset, and
we are focused on driving a culture of excellence and
safety, ensuring employees are supported, engaged and
able to perform at their best.
We have refreshed our People and Safety Strategy to
prioritise future workforce needs, aimed at attracting and
retaining talent.
We have maintained our commitment to developing our
workforce through targeted investment in competency-
based and technical skills training. Our core leadership
programme (TO LEAD) has continued, and this year we
launched new Management Skills training. This is a series
of stand-alone training modules that build capability in key
people processes. We have built on our offering of courses
that support career pathways in PGW and build readiness
for promotion.
Health, safety, and wellbeing |
Te Hauora, te
haumarutanga, me te toiora
In the past year, our commitment to enhancing our safety
culture has continued to be a priority. To strengthen
our foundation in workplace safety, we partnered with
Impac Training to deliver a two-day programme focusing
on Health, Safety, and Wellbeing Fundamentals. This
programme provides our employees with practical
insights and skills to promote a safer and healthier work
environment. We also created Safety Induction training,
Mental Fitness at Work and online modules to address
critical risk controls.
Management of critical risks is a priority and significant
progress has been made in defining safe practice
expectations. While it is important for our people to
understand the impact of decisions they make, we have
worked closely with the business to create a “no blame”
culture and feedback from this year’s Safety and Wellbeing
Survey shows real improvement in this area. This culture
assists us to complete more robust investigations and
learning from experiences across the business. Our team
members are celebrated for identifying potential hazards
and root causes of accidents, and for sharing learnings to
prevent future harm.
Sustainability |
Toitūtanga
FY24 marks the first year that PGW has produced a
standalone Sustainability Report which is released
alongside our Annual Report and available on PGW’s
website. This reporting will support PGW’s commitment
to provide increased transparency through public
sustainability disclosures.
The Sustainability Report provides our stakeholders with
disclosure of our sustainability performance and activities
over the past financial year, including our climate-related
activities. The climate-related disclosures comply with
the Aotearoa New Zealand Climate Standards issued by
the External Reporting Board and include information
on governance, strategy, risk management, metrics and
targets.
Sustainability is a key strategic pillar in our PGW Group
Strategy. In FY24, we began to refresh our Sustainability
Strategy (Te Rautaki mō e Toitūtanga) to align with PGW’s
maturing approach. Key initiatives include the formation of
a group level Sustainability Committee with representation
across the business, continued reported reduction in
PGW’s operational greenhouse gas emissions, and a
commitment to transparency and action with regards to
the Gender Pay gap.
ANNUAL REPORT 2024
|
13

Chair and Chief Executive Officer’s report | continued
14
|
PGG WRIGHTSON LIMITED ANNUAL REPORT 2024
|
15
Top left: Fruitfed Supplies
Cromwell store in Central Otago.
Top right: PGW Technical Field
Representative Gerard McCarthy
inspects a fodder beet paddock
to check how the cattle are
transitioning onto the crop with
Maddy Calder Farm Manager at
Tarras Farms in Central Otago.
Right: Fruitfed Supplies Customer
Service Representatives Paige
Robinson and Lily Campbell
discuss a client’s order for the
upcoming season at the Cromwell
Fruitfed Supplies store in
Central Otago.
Garry Moore
Chair
Stephen Guerin
Chief Executive Officer
Cashflow and debt | Te Kapewhiti me te Nama
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, and lower income tax payments.
PGW also preserved cash by not declaring a dividend in
FY24.
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 System’s Business
Improvement Programme and the acquisition of our co-
owner's half-share of the Frankton saleyards in 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 February 2026. These facilities
provide extended term and working capital limits and
allow for potential growth in our GO-STOCK book.
Distributions |
Ngā Utu Whaipānga
PGW paid its final FY23 dividend of $7.8 million on 3
October 2023. No interim FY24 dividend was declared and
following a review of the full year result and the continued
difficult trading conditions impacting the primary sector
and wider economy, no final FY24 dividend was declared.
Outlook |
Matapae
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
underpin a cautious approach from growers and farmers.
Geopolitical tensions are contributing to volatility. A slower
than expected recovery of the key China export market
continues to dampen commodity prices.
Economic pressures through elevated funding costs
remain as interest rates continue to exert pressure on the
agricultural sector. Interest rate and inflationary relief are
expected 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 anticipate these pressures to
ease and increasing demand for rural inputs and services as
farmers and growers invest in their productive operations
and attend to deferred expenditure.
New Zealand’s producers are celebrated for their ingenuity
as they develop innovative solutions to improve efficiency.
PGW’s market leading technical offering and retail network
are well-positioned to support our clients in meeting this
demand.
Governance changes |
Ngā Panonitanga Mana
Whakahaere
The PGW Board had a number of membership changes
over the past year.
Lee Joo Hai stepped down as Board Chair and a member
of the Audit Committee on 4 July 2023. He resigned from
the Board on 24 October 2023 having served as a Director
since 31 October 2017.
U Kean Seng was appointed as Acting Chair on 4 July
2023 and relinquished the role when Garry Moore was
appointed Chair of the Board on 16 February 2024.
Executive team changes |
Ngā Panonitanga Rōpū
Whakahaere
The PGW Executive team had three changes this year
following the sad passing of Grant Edwards, General
Manager Wool. Rachel Shearer, General Manager People
& Safety took on the role of General Manager Wool (Acting)
and Sarah Mears became General Manager People & Safety
(Acting). These roles were made permanent in August
2024.
MPI expects New Zealand’s food and fibre
export revenue to grow to a new high of around
$67 billion by June 2028 from the c. $55 billion
recorded this year
Acknowledgements | Ngā whakamihi
Grant Edwards, General Manager Wool, sadly passed away in
April 2024. Grant started as a Stock Agent in 1983 for a PGW
predecessor company before joining the wool business
(see page 20).
Victor Schikker, a valued member of our livestock team, passed
away in August 2024 following a tragic accident having given
nearly 50 years of quality service to the business and our
clients (see page 21).
Our thoughts are with Grant’s and Victor’s families.
The results achieved in the challenging market conditions
of the past year have highlighted our team's talent and
dedication.
The results PGW has delivered in this challenging year would
not have been possible without the steadfast support of
our clients and suppliers during this period. We extend our
gratitude to our shareholders and assure you of our ongoing
commitment to deliver growth.

16
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2024
|
17
Board of Directors | Te Poari Tumuaki
Garry Moore
B.Com, M.B.A, C.A.
Chair and Independent Director
Garry Moore was appointed Chair of PGG
Wrightson Limited Board on 16 February
2024 and has been an Independent
Director since 1 July 2022. He is a member
of the Audit Committee.
Garry was raised on farms in rural Mid-
Canterbury before attending Canterbury
University, graduating with a B.Com in
Accounting and Economics, and an MBA.
He brings a wealth of finance knowledge
with 40 years of extensive investment
advisory experience together with trustee
and corporate governance experience in
rural services, viticulture, pastoral farming,
and education.
Garry is a Chartered Member of the
New Zealand Institute of Directors. He
is a registered Financial Service Provider
and a former member of the national
Forsyth Barr Investment Committee.
Garry is Chair of DairyCool Limited and
South Canterbury based farm owner
Burnett Valley Trust. He is a past Chair of St
Andrew’s College, Greystone Wines, and
the Canterbury Branch of the NZ Institute
of Chartered Accountants.
Sarah Brown
BA, LLB, CFInstD
Deputy Chair and Independent Director
Sarah Brown was appointed Deputy Chair
of the PGG Wrightson Limited Board on 4
July 2023, is Chair of the Audit Committee,
and has been an Independent Director
since 30 April 2019. Sarah is from a rural
background, having grown up on a
Southland sheep farm.
Sarah is a former commercial lawyer who
is now a professional director and has had
extensive governance experience as a
director, chair and committee chair. She
has a Bachelor of Laws and a Bachelor of
Arts.
Sarah is a Chartered Fellow of the Institute
of Directors. She was previously on
the Southern Institute of Technology
Council for 11 years, six of them as Chair.
She has also served on the Boards of
Electricity Invercargill and PowerNet.
Sarah is currently on the Boards of Blue
Sky Meats Limited, SBS Bank Limited and
Southsure Limited. She brings a wealth
of cross sector experience at multiple
organisational levels.
Meng Foon
Independent Director
Meng Foon was appointed to the PGG
Wrightson Limited Board on 1 July
2022 as an Independent Director. He
has extensive business experience in
horticulture, agriculture, private wealth
creation, and property development.
Meng is currently Chair of M Y Trust, a
shareholder and Director of M Y Gold
Investments Limited, and a Trustee of the
New Zealand Philanthropic Foundation.
He served as the Mayor of Gisborne from
2001 to 2019 and has held governance
roles for several New Zealand entities.
Meng is knowledgeable about best
practice organisational structures and
operating systems, and he is experienced
in mediation and facilitation. He believes
that data, science, and technology
will help ensure future sustainability
in environment and land business
profitability.
Meng has worked with Māori landowners
and believes that Māori land businesses
are important contributors to the
leadership of Aotearoa. He aha te mea nui
o te ao – he Tangata, inclusive people and
relationships are the success of all things
he does.
U Kean Seng
LLB (Hons), B.Ec
Director
U Kean Seng was appointed to the PGG
Wrightson Limited Board on 4 December
2012. U Kean Seng previously practiced
as a partner at Singaporean law firm,
Shooklin & Bok LLP, focused on East Asia,
and he led a corporate finance team in
Allen & Overy Shooklin & Bok, JLV, an
international law venture partnership with
London based Allen & Overy LLP.
U Kean Seng previously sat as an
Independent and non-executive director
of several public listed corporations. He
received a Bachelor of Laws (Honours)
degree from Monash University Australia.
He is a Barrister and Solicitor, Supreme
Court of Victoria, Australia, Advocate and
Solicitor, Supreme Court of Singapore
and Solicitor of England and Wales. In
addition to his extensive legal knowledge,
Kean Seng is also a qualified economist,
having completed his degree majoring
in Economics and Accounting, B.Ec at
Monash University, Australia.
Dr Charlotte Severne
MSc, PhD (Geology), ONZM
Independent Director
Dr Charlotte Severne (Tūwharetoa, Tūhoe)
was appointed to the PGG Wrightson
Limited Board on 18 June 2021 as an
Independent Director. She is also Chair
of PGG Wrightson's Health, Safety and
Environment Committee.
Charlotte was a commercial scientist
and executive for 20 years. She was also
Deputy Vice Chancellor at both Lincoln
and Massey Universities.
In 2017 she received an ONZM for her
contribution to Science and Māori. In 2018
she was appointed the Māori Trustee, with
various governance and agency roles for
whenua Māori across New Zealand.
Retired
Joo Hai Lee
Joo Hai Lee resigned from the Board
of PGG Wrightson Limited effective
24 October 2023.

18
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2024
|
19
Executive Team | Ngā Kaihautū
Stephen Guerin
Chief Executive Officer
Stephen was appointed Chief
Executive Officer (CEO) of PGG
Wrightson Limited in June
2019. Stephen is a director of
several Group subsidiaries and
a Director of the PGG Wrightson
Employee Benefits Plan Trustee
Limited. He holds a Bachelor of
Business Studies (Accounting)
from Massey University and
is a Chartered Member of
the Institute of Directors and
Chartered Accountants Australia
& New Zealand. Stephen is also
a Director of Safer Farms and a
director on a community charity
board.
Prior to this appointment as CEO,
Stephen was responsible for all
aspects of the Retail & Water
group business which includes
the Rural Supplies, Fruitfed
Supplies, Agritrade, and Water
businesses. He has worked for
PGG Wrightson Limited and its
predecessor companies since
1988.
Nick Berry
General Manager Retail & Water
Nick was appointed General
Manager Retail & Water in August
2019. Nick joined PGG Wrightson
Limited as New Business Growth
Manager for Agritrade in 2014
and through his five-year period
with Agritrade, he grew the
business substantially.
Before joining PGG Wrightson
Limited, Nick was General
Manager at RD1 for eight
years and prior to that he was
National Operations Manager.
Nick has an extensive track
record of experience at general
management level. Nick’s
strengths are leadership, business
management, along with strong
sales and service focus, backed up
with a strong affinity for retail and
the agribusiness sector.
Julian Daly
General Manager Corporate Affairs
Julian is responsible for the
Group Strategy, Marketing, Legal,
Corporate Communications,
Business Services, and Investor
Relations functions for PGG
Wrightson Limited. He is
also Company Secretary and
previously held a number
of responsibilities including,
General Manager of PGG
Wrightson Real Estate Limited
and Internal Audit. Julian has
broad operational involvement
across the business and is Chair
of the Credit Committee and Risk
Committee, director of several
Group subsidiaries and a Director
of the PGG Wrightson Employee
Benefits Plan Trustee Limited.
He is a former General Counsel
of DB Breweries Limited and
has previously worked for law
firms in the Middle East and
New Zealand. Outside of his PGG
Wrightson Limited role, Julian
also has a number of governance
and voluntary positions, including
as a Director of Trade Aid New
Zealand, Chair of Selwyn House
School and as a Citizens Advice
Bureau community lawyer.
Sarah Mears
General Manager People & Safety
Sarah joined PGG Wrightson
Limited in 2011 and was
appointed the role of General
Manager People and Safety
in August 2024. Sarah is
responsible for the design and
delivery of our Group People
& Safety strategy, through
Leadership of our Health,
Safety & Wellbeing, Human
Resources Business Partnering
and HR Shared Services teams.
She has provided direct HR
Business Partnering services and
Leadership across all Business
Units before moving into her
current role.
Sarah is a former Area Human
Resources Manager for
Intercontinental Hotels Group
where she spent 15 years in
generalist HR and Learning
Development roles which saw
her work and travel across New
Zealand, Australia and Southeast
Asia.
Peter Newbold
General Manager Livestock
& Real Estate
Peter is General Manager
Livestock & Real Estate. Peter has
led the PGG Wrightson Limited
Real Estate business since
September 2013 and he took
responsibility for PGG Wrightson
Limited Livestock in October
2020. Peter was previously
General Manager of New
Zealand Sotheby’s International
Realty.
Peter was employed by
Wrightson Limited from 1995-
2005 during which time he
held a range of roles including
Marketing Manager and Business
Development Manager. Prior to
this, he had an extensive career
in retail ownership management
and franchising.
Peter Scott
Chief Financial Officer
Peter was appointed as PGG
Wrightson Limited’s Chief
Financial Officer in March 2015
and leads the finance and
technology functions. Peter
started his career at Fletcher
Challenge and has broad
multinational experience
spending five years in
Scandinavia where he was the
Vice President of Accounting
and Tax for Norske Skog, a large
global newsprint and magazine
paper producer.
He relocated to Australia in 2005
and was appointed to the lead
finance role for the Australasian
region for Norske Skog. In 2008
Peter joined Gloucester Coal
Limited, an Australian Securities
Exchange listed mining company
as the Chief Financial Officer.
In 2010 he joined the majority
shareholder Noble Group, a
leader in managing the supply
chain of agriculture, energy,
metals and mining resources,
headquartered in Hong Kong
and listed in Singapore. He was
the Chief Financial Officer for
Noble Group in Australia.
Rachel Shearer
General Manager Wool
Rachel joined PGG Wrightson
Limited in 2016 as the General
Manager People & Safety. She
was appointed the General
Manager Wool in August 2024
to provide leadership in all
aspects of Wool procurement,
logistics, sales, and wool export.
Rachel stepped into the role
as a trusted Executive leader at
PGW – she is a strategic thinker,
is passionate about continually
improving business (particularly
in the primary sector) and holds
strengths in both operational
and people leadership.
Rachel is a member of the
Institute of Directors. She is
PGW’s Executive Director of bidr®,
New Zealand's leading online
platform for livestock trading, as
well as a director of other Group
subsidiaries. Prior to joining
PGW, Rachel was the GM Human
Resources at Solid Energy New
Zealand Limited, after time spent
as a human resource consultant
specialising in organisational
design, workforce planning and
business transformation.
In Memoriam
Grant Edwards
General Manager Wool
Grant passed away in April 2024
(see page 20).

20
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2024
|
21
HONOURING THE LIFE OF
Grant Edwards,
General Manager Wool
It is with profound sadness that we acknowledged the passing of Grant
Edwards, General Manager of PGW Wool in April 2024. Grant was a friend to
many within the business and a very dedicated member of the PGW family.
His passing was a great loss for those who had the pleasure of working with
him in the wool and livestock industries.
Over the past 40 years, Grant built a strong foundation of knowledge and
leadership within the business. Having graduated from Lincoln University with
a Bachelor of Agricultural Science, majoring in Wool Science, Grant started
his career as a Stock Agent at Reid Farmers in Ranfurly in 1983. After several
years, Grant joined the wool business where he became Wool Manager, based
in Dunedin. Following the merger with Pyne Gould Guinness Limited, Grant
became General Manager Wool until the merger with Wrightson Limited in
2005. Grant was appointed General Manager Regions for PGW until 2016.
Since 2017 Grant was based in Christchurch, leading our wool business.
Grant’s strength was navigating industry politics to ensure outcomes were
good for growers, the wool industry and the business. Highly regarded by
his peers, Grant was a member and often chair of various industry bodies.
He could slice through what was meaningful to wool growers and had an
exceptional understanding of how the wool business operated through all
economic cycles.
What made Grant special was his duty of care for his staff, he always cared for
his team. Grant had a keen attention to detail and was firm in his conviction
of sticking to our knitting. As a stalwart of wool, his passion for the wool
industry was unwavering and his leadership will leave a lasting influence.
Grant’s catchphrase was “Once you have a passion for wool it never leaves.”
The PGW Wool team will continue Grant’s rich legacy of dedication to the
wool industry and our wool growers.
Grant was very proud of his family and loved his home province of Otago. Our
thoughts and deepest sympathies remain with Grant's family and friends.
HONOURING THE LIFE OF
Victor Schikker,
Livestock Rep Mid Canterbury
We are deeply saddened by the passing of Victor Schikker in August 2024. Victor was
a company man, having started at Wrightson Limited in Ashburton, Mid Canterbury,
in January 1975. He spent the next nearly 50 years with Wrightson Limited and then
PGW, following the merger with Pyne Gould Guinness Limited in 2005. For the first
six years, Victor worked in various office roles before becoming a sheep and beef
trainee representative in 1981. He progressed through the ranks culminating in his
appointment to Mayfield in March 1989, a position he held until October 1992.
Wrightson Limited recognised the change in land use in Mid Canterbury and Victor
became a specialist dairy representative, having had some dairy experience. Victor
spent the next 32 years building his reputation in the dairy industry through his
honesty, hard work, sense of humour and the pride he took in getting the job done.
Many of Victor’s clients became lifelong friends and many are still farming based on
the original herd that he had sourced for them, which he took pride in.
Victor was a much loved and popular member of staff in Ashburton. His willingness to
help, welcoming attitude, and sense of humour made Victor a pleasure to be around.
He was a true team player, and he spent many years on the social club committee
organising events.
As the Mid Canterbury IHC Calf Scheme Coordinator, Victor put countless hours
in canvassing, tagging, scanning, selling calves and helping to raise hundreds of
thousands of dollars for Mid Canterbury and the IHC.
Victor was a valued member of our team, and he will be remembered by all who knew
him as a man with a big heart, his sharp-witted sense of humour and will be sorely
missed by all who knew him. Our thoughts are with Victor’s family and loved ones
during this difficult time.
In Memoriam:
He Whakamaharatanga

22
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2024
|
23
The year
in review

Te arotake i te tau
PGW has two operating groups:
Retail & Water and Agency
E rua ngā rōpū whakahaere o PGW:
Hokohoko me te Wai me te Umanga
Fruitfed Supplies Technical Horticultural
Representative Stephen Hall reviews
cucumber vines with Arie van der Houwen
owner of the House of Taste in Auckland.

24
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2024
|
25
Our Retail & Water business, along with many others in the agricultural sector had
a challenging financial year and experienced a drop in demand with farmers and
growers alike reducing their spend levels in response to market conditions. This is
due to multiple influences impacting the market such as adverse weather conditions,
aggressive competitor pricing, all-time lows in farmer confidence, and economic
uncertainty with interest rates, farmgate returns, inflationary pressures and subdued
commodity prices.
Despite the more challenging market conditions, our retail business continued to
consolidate market share in most categories. Even in these difficult times, client
feedback and market research indicators support the view that PGW is on the right track
and compares favourably in the market with regard to our professionalism, technical
knowledge, and service. When budgets are tight, we understand the heightened need
for our clients 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 client proposition.
Our Batch Tracking and Retail Pricing projects were completed this year as part of the
wider Business Improvement Programme. A comprehensive batch tracking service
continues to be asked for by our clients and this is a chance for our retail stores to set
themselves apart from our competitors in the area of traceability.
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 on the
prior year. Revenue of $733.6 million, was down $51.7 million.
Retail & Water group
Rōpū Hokohoko me te Wai
Revenue
$
733.6m
t $51.7m
Operating
EBITDA
$
41.0m
t $13.1m
The PGW Water Technical team completes a
specialised electrical service on this Valley
Corner Arm in preparation of the irrigation
season ahead in South Otago.

26
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2024
|
27
We currently have a
strong footprint in
horticultural R&D and
are moving to extend
this capability into the
rural servicing parts
of our business with
product focused R&D.
This initiative fits well
with our strategy of
delivering technical
know-how and value
add to our customers
who increasingly look
to PGW to fulfil this role
of facilitating leading
innovation.
More AI tools were integrated into our eCommerce platform, enhancing its
efficiency and user experience.
We hosted successful events at Southern Fieldays and National Fieldays that saw
increased visitor engagement and sales volume on-site.
Over the course of the year the Retail & Water business refreshed its five-year
strategy. The strategy focuses on areas that will generate real growth and
value and set the business up to respond to the changing needs of our clients.
Underpinning our strategy is the strength of our offering and core competency in
agronomy categories (seed, ag-chem and fertiliser) along with our sustainability
credentials.
Rural Supplies | Ngā Whakaratonga Taiwhenua
A reduction in cow, sheep and beef
numbers has created a tougher
market. High farm input costs and
lower sheep returns affected farmer
profitability which impacted our
sales. However, Rural Supplies has
nevertheless grown market share in
this difficult environment.
Drench resistance is accelerating at
an increasing rate and the financial
impact on sheep and beef farmers
will be significant. PGW sees this as an
important issue where our team can
provide good technical advice and
support to our clients. We are building
our frontline staff ’s awareness of the
issue, increasing our knowledge of
how best to manage drench resistance
through farm management practices
and building “toolboxes” that will allow
our teams to assist clients through this
challenge.
We currently have a strong footprint
in horticultural R&D and are moving
to extend this capability into the rural
servicing parts of our business with
product focused R&D. This initiative
fits well with our strategy of delivering
technical know-how and value add to
our customers who increasingly look
to PGW to fulfil this role of facilitating
leading innovation. Initial R&D trials
have been selected and work has
begun in this area.
On the marketing front, Rural
Supplies began the year with a new
campaign focused on explaining
and demonstrating the value of our
Technical Field Representatives via
“Day in a Life” video blog style videos
on social media and print coverage.
In January 2024, our Takaka store
suffered significant damage as a result
of a fire in the neighbouring building.
PGW is a key part of the town and
local community, and we look forward
to reopening the full site in the new
financial year.
We continue to invest in our store
network, with the opening of the
new Timaru Retail and Water stores
together with a new bulk store
extension in Geraldine. These new
developments provide improved
working environments that benefit
both our people and our clients. The
developments further demonstrate
our commitment to support farmers
and growers throughout regional New
Zealand.
We have also invested in upgrading
the Waimate store, along with future
upgrades scheduled for our Winton,
Invercargill, and Heriot Rural Supplies
stores, as well as our Ohakune Fruitfed
Supplies store.
Fruitfed Supplies Technical Specialist Chris
Lambert (right) with Fruitfed Supplies Crop
Monitoring Manager Anna Graham (centre)
undertaking brassica pest and disease
identification training with Crop Monitoring
Scout Jack McKenzie (left) at Waitatapia
Station in Manawatū-Whanganui.

28
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2024
|
29
Even in the trading conditions we
have experienced 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.
Fruitfed Supplies | Ngā Whakaratonga ā-Huawhenua
Even in the trading conditions we have experienced 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 over the past year. 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.
Following the launch of a dedicated Facebook page at the end of the previous
financial year, we continued to grow Fruitfed Supplies’ following on social media by
delivering engaging content showcasing our people, our technical value and our
support for the horticultural industry.
Water & Irrigation | Te Wai me te Whakamākūkū
Economic pressures constrained spend on irrigation system upgrades. With less
transactional activity the Water team took the opportunity to engage with clients and
analyse opportunities. Our Service team spent time fostering relationships through
on-farm conversations and advising on irrigation audits and system operations.
PGW Water continued to invest in specific field training for our technicians. This
has seen increased client referrals with new and returning clients across our service
branches.
There has been a progressive increase in marketing initiatives for the Water business
with a refreshed and expanded water website hosted on PGW’s eCommerce platform,
and increased content and promotion on the Retail & Water social media channels.
Above: Fruitfed Supplies
Technical Advisor Erin
Garnett discusses
alternative budbreaker
products for use in kiwifruit
with Michael Hope Valagro
Senior Territory Manager -
North Island Specialist and
Nathan Burt Strathboss
Kiwifruit Orchard Manager
at Stratboss Kiwifruit
Limited in Bay of Plenty.
Right: Fruitfed Supplies
Technical Horticultural
Representative Louise
Shepherd discusses the
survivability of the radiata
pine seedlings with Kevin
Strawbridge and his son
Mark of Northland Forestry
Nursery in Northland.
Agritrade | Tauhokohoko Ahuwhenua
Agritrade, our wholesale business
division, experienced a solid financial
year. There has been a strong focus
on improving our operations within
the business, through optimising the
logistics function, encouraging bulk
ordering, and inventory reduction
to concentrate on preferred product
lines.
Due to lower incidence in facial
eczema in livestock over the past
season, there were fewer sales of
our proprietary Time Capsule® bolus
treatment which impacted our
Agritrade performance.

30
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2024
|
31
Livestock | Ngā Kararehe
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 feed surplus throughout
much of the year led to farmers holding
stock for longer. Whereas cattle trading
was robust in the South Island, with tallies
up slightly compared to the prior fiscal
year as drier conditions led to increased
stock turnover.
Whilst pressure on sheep pricing is
anticipated to continue into the current
financial year, there is an expectation we
will see robust trading across the major
stock types as farmer confidence improves
and the spring season arrives.
We saw continued growth in our meat
processor partnerships with increased
volumes and terms negotiated across all
our key procurement arrangements.
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 it
continues to prove popular with sheep,
beef, dairy and deer farmers.
Our Agency group incorporates the Livestock, Wool, and Real
Estate businesses. Operating EBITDA was $12.3 million which
was down $3.8 million on the prior year’s strong result. Revenue
was $180.7 million, which was broadly in line with the prior
year’s result, down $8.1 million.
Agency group
Rōpū umanga
Revenue
$
180.7m
t $8.1m
Operating
EBITDA
$
12.3m
t $3.8m
Live online bidding being relayed
through bidr® to the Auctioneer at
an on-farm dairy sale in Waikato.

32
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2024
|
33
Our Deer velvet business delivered
another good trading performance,
with new contracts entered into with
both local and international buyers. A
visit to key clients in South Korea and
China by PGW’s CEO, General Manager
Livestock and National Velvet Manager
strengthened relationships and identified
opportunities for further growth.
Our bidr® database of buyers continued
to show healthy 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.
Our bidr® business strategy was also
reviewed and refreshed over the course
of the year. New markets and user
functionality will be explored in the next
year to underscore the benefits that bidr®
can bring to agricultural markets and to
extend our auction footprint further.
Our investment in proprietary technology
continues. The Blue Notebook app has
become indispensable to our Livestock
staff, as a source for all internal resources
and information. PGW Livestock’s new
agOnline app has seen significant
uptake with Livestock Reps. Improved
functionality in the app allows Livestock
Reps to manage their listings from start to
finish, ensuring the number and quality
of listings stays high for our clients to
browse on the agOnline website. This,
combined with agOnline’s expanded
offering, has further improved our
position as the leading livestock trading
website in New Zealand.
PGW Livestock launched SkyCount™, an
innovative new way to tally livestock,
at National Fieldays at Mystery Creek.
SkyCount™ integrates aerial imagery and
Artificial Intelligence software to conduct
livestock audits at a new level of speed,
accuracy and efficiency (see pages 37-39).
Wool | Wūru
In addition to the sad passing of Grant Edwards, General Manager Wool, two
stalwarts of the wool industry retired. Our North Island Wool Manager Allan
Jones retired after 57 years, and South Island Wool Manager Rob Cochrane
retired after 50 years. Both Allan and Rob spent their entire careers at PGW and
its predecessor companies.
The season delivered a degree of stability for wool growers with prices for 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. Crossbred wools finished the season with some positive signs
as well-prepared crossbred fleeces commanded premiums. Most strong wool
sold which is a positive for growers as we go into the start of the new season
without large volumes of older stock in inventory.
Our wool exporting subsidiary, Bloch & Behrens Wool (NZ) Limited, saw
increased interest in their flagship Wool Integrity NZ™ brand offering, including
some well-known local brands coming onboard.
A review of the leadership and operating structure of our PGW Wool business
was initiated during the year. The leadership team has now been realigned with
a view to implementing a refreshed and future focused strategy for the Wool
business.
Real Estate | Hokohoko Whenua
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.
Macroeconomic conditions have also impacted the lifestyle market. This
has been keenly felt in the North Island, however the South Island held up
reasonably well, especially in Southland where there was growth compared to
the prior year. Lifestyle block sales have slowed significantly post the pandemic.
Whilst some exceptional quality listings have been brought to market, sales are
heavily influenced by values achieved in the large metropolitan areas.
Sheep and beef property sales were slower due to low farmgate 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.
Our share of the real estate market has held up despite the challenging
conditions that have been felt across the industry. Our Real Estate business
continues to target organic share growth through targeted recruitment,
particularly in the Lower North Island where we have increased our footprint
along the East Coast. With some strategic appointments we are also expanding
our residential offerings, particularly in Mid and South Canterbury.
The first half of the current financial year is expected to remain challenging,
particularly in the rural market where uncertainty remains and with limited
listing stock. However, dairy sales are projected to continue their steady growth
and residential and lifestyle property markets are also expected to see a gradual
upswing as interest rates ease and confidence returns.
Right: PGW Wool
Representative Danielle Boyd
discusses the high quality
of the wool with Harvey
Stewart R&D Manager at
Kaiwaka Clothing at Oneriri
Station in Northland.
Above: PGW Livestock Genetics
Representative Emma Pollitt with
Dean McHardy Stud Master at
Tangihau Angus and Andrew
Powdrell Stud Master at Turiroa
Angus, the bull's new co-owner.
Turiroa Angus bought the bull in
partnership with Kaharau Angus.
Photo credit: Rebecca Williams
Photography.
Right: PGW Real Estate’s new
Tauranga office in Te Puna.

ANNUAL REPORT 2024
|
35
Celebrating the Launch
of the Inaugural PGW
Research & Development
Internship Programme
PGW Summer Interns Meg Gordon and
Jenna Meikle inspect a barley growth
regulator trial in Mid Canterbury.
A strategic priority of PGW is Customer Focused Innovation,
which includes cultivating a deep understanding of our
customers' businesses and pinpointing opportunities for
solutions based on advancements in science and systems
innovation. Of equal priority is fostering the growth of
upcoming talent in the primary industry. With these dual
objectives, we were delighted to launch a 10-week Internship
Programme tailored for university students nationwide in the
summer of 2023/24.
PGW found that many university students
want to work in the primary industries, but
they do not have a good understanding
of what job prospects exist. Having
undertaken internships during his
studies, PGW’s Technical Team Manager,
Milton Munro, initiated and curated
the Internship Programme. Milton says,
“I wanted to provide a fundamentally
different internship which still involves
R&D projects but at the same time interns
get to see just how vibrant an industry
we’ve got and the varied careers it offers.
It’s symbiotic, it’s not just the intern giving
PGW a research project, it’s a case of
hoping they get just as much out of it as
we get from their R&D.
"Our Internship Programme provides
university students the opportunity to pair
with an experienced mentor from either
our Rural Supplies and Fruitfed Supplies
Extension teams or our R&D team and
immerse themselves in real-world research
and field trials. As well as undertaking
research, interns work in the field with
Technical Horticultural Representatives
and Technical Field Representatives,
complete trials with the R&D team, join in-
field training, and spend time in our stores,
Wool, and Livestock businesses.”
The inaugural cohort of interns included
students from Lincoln, Waikato and
Canterbury Universities. While the research
the interns undertook provided them with
a paid job for the summer, it also exposed
them to careers and opportunities
within PGW and the primary industries.
Their research forms the foundation
for initiatives that have the potential to
influence key products and services on
offer within PGW.
Jenna Meikle (Lincoln University)
undertook a fodder beet aphid survey,
measuring the influence of potential virus
infection, being research which enhances
our understanding of pest dynamics and
disease management strategies in fodder
beet crops.
Beth Williams (Waikato University) focused
on scale monitoring and life cycle studies
in kiwifruit, with a special emphasis on
exploring the use of biological control
agents to combat PSA in stressed and
unhealthy kiwifruit vines.
Our People | Ā Mātou Tāngata
34
|
PGG WRIGHTSON LIMITED

36
|
PGG WRIGHTSON LIMITED
Meg Gordon (Canterbury University)
investigated the use of summer
crops as a potential cultural control
mechanism for reducing sheep
internal parasite loads. Her research
holds promise for sustainable parasite
management practices in the livestock
sector.
Following the research, the students
presented their findings to a panel
of leaders within the business. Their
reports were disseminated across
PGW, and we will use their findings
to help hone our strategies for the
coming season. The internship was
so successful that all the interns
changed their courses to reflect where
they want to end up in the primary
industries market.
Jenna had completed her second year
of her Bachelor of Commerce majoring
in Agriculture when she joined the
internship. Jenna says, “Being part
of the inaugural PGW Internship
Programme provided me with eye-
opening, insightful, and career-driven
experiences that ignited a passionate
path for my future. Initially, I entered
with a vague career direction, but
by the conclusion of the internship
I obtained a focused career goal for
post university. Discovering a genuine
passion for hands-on trial work and
agronomy, moments like discussing
aphids with Milton were unexpectedly
rewarding. Engaging with field and
horticultural representatives, as well as
the Technical team, led to invaluable
learning experiences from practical
skills like setting up trials to gaining
industry insights and mentorship.
"These experiences not only
contributed to my personal growth
but also enhanced the contributions
in my current role as a part-time
Customer Service Rep at the PGW
Fruitfed Supplies store in Christchurch.
My utmost gratitude extends to my
supportive Store Manager Anne-
Marie Forsyth and store colleagues,
whose flexibility and encouragement
were instrumental during my time
completing the internship. As both a
PGW employee and final-year student
at Lincoln University, the internship
was profoundly transformative,
solidifying a newfound passion
and inspiring excitement for future
endeavours. My fullest gratitude also
goes to Milton and the entire team for
this incredible opportunity.”
Milton enjoys the teaching aspect of
the internship and personally finds
the programme rewarding. “Last
year we took on three interns, this
year we hope to take on four to five.
We’ll advertise these roles across the
country, wherever we have someone
to support them. It’s an exciting way to
showcase what we practically do in the
business and the industry, and we get
some good research at the end. The
internships promote PGW as a career
option to young people at a time
where they are often thinking about
their future career options. We are
grateful for the support of Callaghan
Innovation for assisting with these
intern positions”, says Milton.
Our People | Ā Mātou Tāngata
SkyCount
TM
:
Revolutionising Stock
Audits with No On-Farm
Disruption
In the ever-evolving agricultural industry PGW is committed
to continually advancing initiatives to enhance our Customer
Focused Innovation offerings. Innovation continues to
revolutionise traditional farming practices and PGW’s Livestock
team has harnessed modern technology, developing a
pioneering method to conduct livestock counts by integrating
aerial imagery and artificial intelligence (AI) technology.
“Being part of the
inaugural PGW
Internship Programme
provided me with eye-
opening, insightful,
and career-driven
experiences that
ignited a passionate
path for my future".
Jenna Meikle
PGW Summer Intern Beth Williams
inspects kiwifruit looking for any
signs of insect or disease damage in
Bay of Plenty.
ANNUAL REPORT 2024
|
37

38
|
PGG WRIGHTSON LIMITED
Livestock counts are conducted
regularly across a range of different
farming operations, such as corporate
farming entities with annual reporting
requirements, mid-to-large scale dry
livestock properties, or farms with
large herds or expansive properties.
Livestock Reps are contracted to
complete livestock audits, ensuring
independent, objective counts are
performed.
Traditionally these audits are
conducted on the ground, with a
mob of livestock moving through a
gate to allow an accurate count. Two
individuals are required for each count
to ensure accuracy. When the counts
of each differ, the count is performed
again until a consensus is reached.
This action is performed for each mob
on the property, and depending on
the property size, number of livestock
and conditions on the ground, it can
take several staff a number of days to
complete.
During livestock audits, farm
operations are disrupted. Livestock
are not grazing while they are being
counted, and farm staff are often
required to assist with audits, so they
are not performing their regular duties.
Movement of livestock with staff in
close proximity increases chances
of animal stress and injury, as well as
injury risk to staff. This time, effort, and
disruption can be challenging for our
staff and our clients.
To solve these issues and reduce
business interruption for clients PGW
developed SkyCount™. PGW General
Manager Livestock & Real Estate, Peter
Newbold says, “SkyCount™ is one of
many projects PGW is undertaking
across the livestock business which use
technological solutions to enhance
our clients’ efficiency to free up time
so they can focus on productivity and
increasing returns.”
PGW Business Development
Coordinator Livestock, James
Steele explains, “We fly a drone over
paddocks on pre-programmed flight
plans, collecting high-precision
imagery. The drone takes off at a
distance from livestock and flies at
a height up to the legal limit of 120
metres which is high enough not
to frighten livestock and allows the
recording of most paddocks in a
single pass. Modern drone technology
provides high quality imagery with
pinpoint precision, allowing us to
accurately identify and count livestock
across a wide range of terrain types.
“Our AI analyses the footage,
accurately identifying and counting
both cattle and sheep separately.
The AI algorithm tracks each animal
and if the level of confidence is high
enough it is counted. Identifications
with lower levels of confidence are
visually verified by the operator to
ensure accuracy. SkyCount™ software
combines information provided by
the farmer, such as stock types and
age, with the tally captured by the
programme to automatically generate
a comprehensive audit report for the
farmer.”
Frano Staub, General Manager at
Theland Purata Farm Group Limited
near Hororata in Mid Canterbury has
been involved in the SkyCount™ trials.
Frano has been impressed with the
technology and enjoys being involved
in the future of farming. “PGW has
been providing our physical livestock
counts for a number of years. Recently
we spoke about the possibility of
aerial counting, so we were pretty
excited when they came to us to
discuss SkyCount™. Testing SkyCount™
with the PGW team has been a
great experience. Using aerial and
AI technology to count livestock will
transform my stock audit process.
After I have provided the farm map
and confirmed which paddocks are
to be counted, my team does not
have to do anything else, saving me
valuable time and resources. Within
an hour or two, I will receive my report
with an accurate count of my livestock
saving countless hours, removing
business interruption, and improving
productivity.”
PGW Key Account Coordinator
Livestock, Ben Southen sees the
advantages of using SkyCount™ for
his clients, “Drone and aerial systems
use in agriculture is growing steadily
and by harnessing its benefits PGW’s
modern aerial counting service
will improve efficiency, staff safety,
animal welfare, and increase accuracy
allowing farmers to streamline their
operations and help grow the country.
“The aerial system is operated by a
livestock specialist who is trained to
fly without disturbing livestock or
farm operations. A benefit to PGW
of moving to aerial-based audits is
freeing up my time to focus on value-
add services for my farmer clients
rather than the time-consuming job
of manually counting livestock. This is
also advantageous to farmers as they
can focus on more productive tasks in
growing their farming operations.”
Although there are other livestock
counting products available,
SkyCount™ has been developed
specifically as an independent
aerial-based livestock audit system
where accuracy and efficiency are
required. For more information about
SkyCount™ please contact your PGW
Rep.
“We fly a drone over
paddocks on pre-
programmed flight plans,
collecting high-precision
imagery. The drone takes
off at a distance from
livestock and flies at a
height up to the legal
limit of 120 metres which
is high enough not to
frighten livestock and
allows the recording
of most paddocks in a
single pass."
James Steele
PGW Marketing Manager Agency Duncan
Stirling and PGW Business Development
Coordinator Livestock James Steele review
the flight plans for the stock count at
Colosseum Farm in Mid Canterbury.
ANNUAL REPORT 2024
|
39

PGW Te Kuiti Rural Supplies Store Manager
Carlos Cressy plants a mānuka seedling at
Waiatara Station in Waikato.
ANNUAL REPORT 2024
|
41
PGW is committed to its Sustainability Strategic Priority
which addresses sustainability across the three pillars of
environment, social and governance. As one of the largest
and oldest agricultural supplies businesses in New Zealand we
have an important role to play to influence our suppliers and
to assist our clients to address their sustainability objectives
and reduce their environmental impacts.
Growing Strong Relationships
Through Delivering
Multiple Services
A unique collaboration between PGW and
Nufarm saw more than 100,000 mānuka trees
planted along 150 kilometres of waterways
for protection last year. "Doing Wright by
Waterways" was so well-received, it was
expanded from Rural Supplies clients to
include Fruitfed Supplies clients this season.
Clients who purchased Nufarm products
received mānuka seedlings which help
increase water filtration, reduce erosion, and
significantly reduce pathogens and nitrates
leaching into waterways.
The Te Kuiti store Rural Supplies clients Tiroa
E and Te Hape B Trusts (the "Trusts"), which
comprises four sheep and beef breeding
and finishing unit farms in the King Country,
took part in the programme. The Trusts are
ultimately under the ownership of more than
900 shareholders affiliated to the Rereahu
Iwi. What makes these farms unique are the
waterways travelling through them which
feed into the Mōkau, Whanganui and Waikato
rivers. With 150 kilometres of waterways
across the farms, the iwi’s decade-long goal is
to riparian plant along them.
Mānuka seedlings provided by the PGW
and Nufarm programme and seedlings from
the Trusts own native nursery were planted
along the farms’ waterways. Last year planting
occurred over three of the farms covering 11
kilometres. The seedlings were collected from
the farms along with a portion being donated
by PGW and Nufarm. On one of the planting
days at Waiatara Station PGW Store Manager
Carlos Cressy, Technical Field Representative
Russell Smith, and Iwi Relationship Manager
Mike Pritchard were part of the crew.
Mike says, “As the Iwi Relationship Manager
servicing the King Country, it’s been great to
support the Trusts to balance the aspirations
of the whenua. The "Doing Wright by
Waterways" initiative assists the Trusts’ riparian
programme which balances economic,
social, cultural and environmental needs of
its people.”
Tiroa Station Farm Manager Wayne Fraser
manages Tiroa Station comprising 3,150
hectares of productive land with 36,000
stock units (70/30 sheep to cattle) which is
mainly a breeding block with predominantly
Angus cows and Romney sheep. Wayne
works alongside PGW Technical Field
Representative, Russell Smith to implement
the farm’s cropping and grassing programme,
which has delivered pleasing results and
improved efficiencies on-farm.
PGW has been working with the Trusts’ farms
over many years across their farming business
but with a particular emphasis on agronomy
and animal health with a view to growing
quality feed and quality animals. Russell says,
“PGW has a strong understanding of the
shareholders ethos of leaving the land in
better shape for future generations and we
work with the Trusts to help them achieve
their sustainability objectives. When the Trusts
started looking at doing quite large areas
of riparian planting, we made contact with
some experts in pest control, and we linked
them up with the Trusts to put a plan in place,
so when the trees were planted, they weren’t
going to get taken out by pests.”
Wayne appreciates Russell’s technical
knowledge and advice on-farm. “With
Russell’s help, we’ve implemented a targeted
approach to our cropping programme. He’s
a great sounding board. I might have lots of
ideas, but having a yarn with him helps me
see what will work. The farm needs to be a
viable income source for whānau. Russell
gives us options, so when we choose a crop,
it matches our stock class and growing
conditions, so we make a financial return,”
says Wayne.
Our Clients | Ā Mātou Kiritaki
40
|
PGG WRIGHTSON LIMITED

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
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.
42
|
PGG WRIGHTSON LIMITED
Above: Planting mānuka seedlings at
Waiatara Station in Waikato.
Lower: PGW Te Kuiti Rural Supplies Store
Manager Carlos Cressy and Trustees take
part in the mānuka seedlings planting at
Waiatara Station in Waikato.
A unique collaboration
between PGW and Nufarm
saw more than 100,000
mānuka trees planted along
150 kilometres of waterways
for protection last year.
"Doing Wright by Waterways"
was so well-received, it
was expanded from Rural
Supplies clients to include
Fruitfed Supplies clients
this season.
The Trusts also engage PGW’s Livestock team and
local Livestock Rep Bill Harrison has a long and trusted
relationship with the Trustees having worked alongside
them for over 15 years. “I appreciate the size and scale of
the Trusts’ farms and I enjoy working alongside the farm
managers on the day-to-day management with them.
Whether it’s ensuring they buy in the best quality stock or
they get the best price on sale. It’s rewarding working with
the Trustees on the Trusts’ long-term strategy to achieve
their multiple goals.”
PGW’s Livestock Genetics team is utilised when selecting
bulls and rams. Ian Valler manages Te Hape station and
he values the technical expertise he receives from Callum
Stewart, PGW Livestock Genetics National Manager.
Callum introduced Ian to bidr®, a PGW subsidiary that
delivers real-time live auctions online as well as integrated
online bidding at saleyard and on-farm auctions. With
over 100 two-year old bull auctions available to access
via the bidr platform, Ian was able to gain easier access
to more genetic sales throughout the country. Callum
says, “Through regular sales, on-farm transactions and
bidr, we work with Ian to identify bulls that will enhance
the genetic quality of his commercial beef herd. An
effective breeding programme focuses on addressing
flaws in the herd and identifying what needs improving,
so the programme best addresses the needs of the farm’s
topography, climate and farming system. We have helped
Ian to establish the specific criteria in the bulls he needs to
improve his herd, and we assist him to find and purchase
those bulls, thereby helping to optimise productivity on Te
Hape Station."
Ian says, “Callum has worked alongside us for more than 15
years. He has a clear understanding of what we need our
breeding programmes to deliver. Our relationship operates
on openness and trust. We communicate frequently and
the PGW team has a bit of scope, whatever we ask for, they
will find someone who can provide it for us. We support
them, and they definitely support us.
“What we have done on the genetics side of the farm
has developed because of the relationship we have with
Callum and PGW and continues to develop as time goes
on. Relationships take time and effort from both parties,
though in farming the good ones can help to create
substantial value in your business. This is certainly one of
those relationships.
“We make decisions about our breeding programme
together, after detailed discussions on farm. We all try to
look at the situation objectively and PGW provides us with
a trusted relationship we can rely on."
ANNUAL REPORT 2024
|
43

PGG WRIGHTSON LIMITED
Consolidated Statement of Profit or Loss
For the year ended 30 June 2024
44
|
PGG WRIGHTSON LIMITED ANNUAL REPORT 2024
|
45
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 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 45 to 85 for the year
ended 30 June 2024.
The consolidated financial statements contained on pages 45 to 85
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
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.

ANNUAL REPORT 2024
|
4746
|
PGG WRIGHTSON LIMITED
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.
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.

ANNUAL REPORT 2024
|
49
PGG WRIGHTSON LIMITED
Segment Report (continued)
For the year ended / as at 30 June 2024
48
|
PGG WRIGHTSON LIMITED
Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
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.
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.

ANNUAL REPORT 2024
|
5150
|
PGG WRIGHTSON LIMITED
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.
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.

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
52
|
PGG WRIGHTSON LIMITED
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
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.
ANNUAL REPORT 2024
|
53

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2024
|
5554
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
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.
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

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2024
|
5756
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
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.
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
– page 60.
Refer to
Accounting
Policies
– page 60.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2024
|
5958
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
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)
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).

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2024
|
6160
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
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.
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.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2024
|
6362
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
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.
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.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2024
|
6564
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
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)
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.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2024
|
6766
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
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.
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.

Refer to
Accounting
Policies
– page 69.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2024
|
6968
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
PGG WRIGHTSON LIMITED
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).
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.

Refer to
Accounting
Policies
– page 71.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2024
|
7170
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
PGG WRIGHTSON LIMITED
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.
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

Refer to
Accounting
Policies
– page 74.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2024
|
7372
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
PGG WRIGHTSON LIMITED
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)
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

Refer to
Accounting
Policies
– page 80.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2024
|
7574
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
PGG WRIGHTSON LIMITED
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.
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.

Refer to
Accounting
Policies
– page 80.
Refer to
Accounting
Policies
– page 80.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2024
|
7776
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
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)
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.
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 80.
Refer to
Accounting
Policies
– page 80.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2024
|
7978
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
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)
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.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2024
|
8180
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
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.
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.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2024
|
8382
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
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 –
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

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2024
|
8584
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2024
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.
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.

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 45 to 85, 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 45 to 85 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 the Auditor’s responsibilities for the
audit of the financial statements section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
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 the Auditor’s responsibilities for the audit of the
financial statements section of the audit report, including in relation to these matters. Accordingly,
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 significant How 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 the following:
•
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 significant How 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;
86
|
PGG WRIGHTSON LIMITED ANNUAL REPORT 2024
|
87

A member firm of Ernst & Young Global Limited A member firm of Ernst & Young Global Limited

Why significant How 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.
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
88
|
PGG WRIGHTSON LIMITED ANNUAL REPORT 2024
|
89

A member firm of Ernst & Young Global Limited A member firm of Ernst & Young Global Limited