Comvita Limited – Annual Report 2024

Agility in
unpredictable
times
2024
ANNUAL REPORT / PŪRONGO-Ā-TAU
COMVITA.CO.NZ

FY24 has proven to be an extremely challenging
year for the group with revenue significantly impacted
by aggressive price-driven competition, loss of
distribution with one major customer and macro-
economic trading conditions affecting the honey
category in our biggest market – China.

This negative revenue performance came at a
time when we were investing in internal systems for
long-term growth and has therefore meant we
reported an operating loss for the year.

Our immediate focus is on reducing debt,
generating cash, resetting our cost base and
simplifying the organisation to ensure assets
are deployed in market to enable us to deliver
profitable growth. In addition, the last year has
shown the need to build agility into the organisation,
particularly in unpredictable times.

We recognise and understand shareholder
frustration and loss of trust following our
announcement that we would be reporting
an operating loss for the year. The Board and
management are absolutely focused on returning
to positive group performance and restoring
shareholder value.

Despite the challenges in FY24 and our focus
in FY25, we see increasing demand globally for
consumers seeking natural, efficacious health
and wellbeing products.
Focused
1
COMVITA.CO.NZ
2024
ANNUAL REPORT / PŪRONGO-Ā-TAU
AGILITY IN UNPREDICTABLE TIMES / MŌRUKI I NGĀ WĀ WHANOKĒ
ANNUAL REPORT / PŪRONGO-Ā-TAU

ISSUES
China market demand The issue: Total honey market revenue in China changed from 16% growth
in the first six month of 2023 to -17% decline in first 6 months of 2024.
The primary reasons for the abrupt change in demand relate to consumer
confidence following macro-economic challenges in China and increased
competition in entry-point categories. Comvita revenue reduced by -22.9%
vs PCP in line with this change.
Context: Mainland China is our biggest single market representing 30% of
Group sales, with knock-on benefits to the surrounding APAC region. During
FY24, we saw the cancellation in full or in part of both 12.12 and 6.18 shopping
festivals, which are normally material contributors to Comvita revenue
and profit.
Action to date: Reviewed revenue performance in offline and online channels,
harmonised pricing and added extra resource to enable offline retail to grow,
following its challenges during Covid times. In online channels, we pivoted to
new channels including Douyen (Chinese TikTok). In April, we launched our new
brand to target consumers seeking value-for-money products and to target
competition in entry point segments. In addition, we have undertaken pricing
activity to target trade-up of consumers to Comvita, which will roll out in FY25.
For more details on this see page 34.
Lost distribution in US The issue: At the start of FY24, we lost a region of distribution with one of our
biggest customers due to them listing a cheaper competitor. This has had a
material impact on our revenue in North America. Outside this one customer,
we have grown revenue in grocery, natural and online channels. We remain the
fastest-growing Mānuka brand in natural and grocery combined (sell out).
Action to date: Strengthened the team and appointed a new Country
Manager. Strengthened online performance (+6.7%). Developed new offline
retail distribution adding circa 900 stores in April 2024. Planning to launch
regional new product development to target new users to the category.
For more details on this see page 35.
Honey supply glut The issue: Between 2008 and 2018, hive numbers in Aotearoa New Zealand
trebled, reaching a peak of circa 1M in 2019. Between 2020 and 2023, exports
of Aotearoa New Zealand honey dropped by 26%. This drop in exports was
misaligned with the increase in production coming from the growth in hive
numbers and created a honey supply glut. Heavy discounting of raw bulk honey
ensued during 2024 to clear surpluses. Current estimates are that total hive
numbers have dropped to around 500K, restoring a greater level of balance
between supply and demand.
Context: The glut of honey and beekeepers/exporters has created significant
price-driven competition in entry-point categories around the world. As balance
in supply and demand of quality Mānuka honey is restored, pricing advantages
are expected to stabilise.
Action to date: We shared details of our Good, Better, Best plan in FY24 and
have launched a Good range targeting value-seeking consumers in our biggest
market. In addition, we have undertaken price volume analysis and have
optimised pricing in our Comvita brand to target consumers who demand
the highest quality, enabling us to trade up entry-point consumers. Our forests
give us economies of scale and cost advantages into the future along with
surety of long-term supply and requisite quality.
For more details on this see page 28.
High inventory
and Debt
The issue: Comvita net debt finished the year at $79.7M – an improvement of
$6.1M vs our half year reported net debt though above our targeted leverage
ratio of 1–1.5 x. Given elevated interest rates, this net debt meant that we
incurred interest charges of $8.7M in FY24 – an increase of $3M vs PCP.
Significant cash is tied up in elevated inventory levels that has prevented
early pay-down of debt. Inventory finished the year at $134.4M, a reduction
of $1.7M vs PCP.
Action to date: Primary action is to reduce inventory, freeing up cash and
paying down debt along with sale of non-core assets such as our Makino
forest investment. Operating cash flow of $5.3M down -$2.8M on PCP,
however positive operating cash flow in H2 of $11.4M. In addition, capital
investment has been reduced in line with sales performance as we focus on
operating cash flowing FY25.
For more details on this see page 21.
NBIOThe issue: We announced to the market on 22 February 2024 that we had
received a highly conditional non-binding indicative offer (NBIO) from a credible
offshore party to purchase the company and that we had granted a limited
period of due diligence.
Context: Significant amounts of management time and costs were incurred
during this process. This inevitably means that there was some loss of focus
on daily business during this time.
Action to date: The credible party decided not to progress with their indicative
offer on 30 May 2024 in part due to the short-term challenges that we were
experiencing in our biggest market, China.
Challenges
and actions
3
COMVITA.CO.NZ
2024
2
ANNUAL REPORT fi PffRONGO/Ō/TAU
AGILITY IN UNPREDICTABLE TIMES / MŌRUKI I NGĀ WĀ WHANOKĒ

Inside
Comvita
AGILITY IN
UNPREDICTABLE TIMES /
MŌRUKI I NGĀ WĀ WHANOKĒ
Our platform for
long-term growth
1.
REPORTING /
NGA PŪRONGO
Results summary, Adapting
at pace, Financial review
6.
LONG-TERM THINKING /
KO TE PAE TAWHITI
Ecommerce, Quality science,
Leadership, Ma ̄nuka forests,
Value creation
22.
GLOBAL MARKETS/
TE MĀKETE AO WHĀNUI
Comvita globally
32.
OUR HARMONY PLAN /
TE MAHERE KAITIAKITANGA
O TE TAIAO
Deeply responsible
40.
CONTENTS
E kimi ana te mōhiotanga, engari e kore e
whakaumu, ka whakamātau me te manatokona
a tātou kīnaki pakititi-a-pī, heoi ki roto o tātou
ake kawanatanga- āhukahuka ka whakaatu
ana te kounga papai rawa atu ki roto a tātou
tawhainga tohutuku.
Kei te tipu he mātauranga pūtaiao mō ngā rākau
Mānuka, ā, me ngā painga o te miere Mānuka me
te propolis me te oranga pī. Kua whakatō tātou
he maha ngā rākau Māori, e whakapai haere ana
te taiao pūnaha hauropi me te rerenga rauropi,
a me te whakamauru tauāki āhuarangi e tūhono
ana ki tā mātou arotahinga mō te whakaiti
ngā puha haukino, hei awhina te hoatutanga te
kounga o te miere Mānuka.
I te tau 2023, i riro a Comvita te tiwhikete B
Corp, he hapori ao whānui o ngā kamupene me a
rātou whakaaro orite, ka whakarīrā te oritetanga
o te huamoni me te tikanga, ā, e kimi ana hei
kamupene mahi pai. Kei ngā wāhi kē ngā mahi a
Comvita, pērā ki Ahitereiria, Haina, Amerikā ki te
Raki, Āhia ki te pitonga me Ūropi – a, me te wāhi
e kaha tipu ana ngā pī, ko Aotearoa.
Seeking to understand, but never to alter,
we test and verify that all our bee-product
ingredients are of the highest quality
in our own government-recognised and
accredited laboratory.
We are growing industry scientific knowledge on
bee welfare, Mānuka trees and the many benefits
of Mānuka honey and propolis. We have planted
millions of native trees, improving our natural
ecosystems and biodiversity, and mitigating
climate change in conjunction with our focus
on carbon emissions reduction, while helping
ensure the supply of high-quality Mānuka honey.
In 2023, Comvita became a certified B Corp,
joining a global community of like-minded
companies that strive to balance profit with
purpose, seeking to use business as a force for
good. Comvita has operations in Australia, China,
North America, South East Asia, and Europe –
and of course, Aotearoa New Zealand, where
our bees are thriving.
ABOUT
COMVITA
LEADERSHIP, GOVERNANCE
AND FINANCIALS/
TE MANA O COMVITA
Board, Leadership team,
Governance, Financial
statements, Appendices,
and Directory
52.
I rokohanga a Comvita
NZX:CVT i te tau 1974/5
hei whakaora ai, me te
manaaki i te ao whānui mai
te mana taiao o te wharepī.
He tīma atu ki te 550 rau
tangata whānui o te ao
whānui, i rōpine atu ki te 1.6
piriona pī, a, ko tatou ngā
kaiarataki whānui o te ao
mō te miere Mānuka, me
ngā kiritaki hoko.
Comvita NZX: CVT was
founded in 1974/5 with
a purpose to heal and
protect the world through
the natural power of
the hive. With a team
of 550+ people globally,
united with more than
1.6 billion bees, we are the
global market leader in
Mānuka honey and bee
consumer goods.
ANNUAL REPORT ā PūRONGOōīōTAU
45
COMVITA.CO.NZ
2024

FY19
FY20
FY21
FY22
102263031
FY23
5
FY24
FY19
FY20
FY21
FY22
FY23
FY24
89165265380
FY19
FY20
FY21
FY22
132113101132136
FY23
134
FY24
FY19
FY20
FY21
FY22
–
4263034
FY23
10
FY24
FY19
FY20
FY21
FY22
(28)
(10)
91313
FY23
(9)
FY24
FY19
FY20
FY21
FY22
171196192
209234
FY23
204
FY24
FY19
FY20
FY21
FY22
(28)
(10)
91311
FY23
(77)
FY24
Inventory ($M)
FY19
FY20
FY21
FY22
FY23
FY24
23%32%34%39%42%39%
Ecommerce (%)
Underlying EBITDA
3
($M)
Underlying NPAT ($M)
FY19
FY20
FY21
FY22
37%49%54%60%60%
FY23
55%
FY24
Gross profit (%)
Reported EBITDA
pre-impairment
2
($M)
Net debt ($M)
1 Gross profit excluding stock write off from Cyclone Gabrielle.
2 Reported EBITDA pre-Impairment is a non-GAAP financial measure calculated as earnings before interest, tax, depreciation, amortisation
and impairment and does not have a standardised meaning prescribed by GAAP.
3 Underlying EBITDA is also a non-GAAP financial measure under which EBITDA is adjusted for one-off matters, including non-cash
impairment and one-off non-recurring costs.

At the end of an extremely challenging FY24,
we look at our performance since FY19 and show that,
despite these challenges, we have still seen significant
increase in revenue, gross profit, investment in our
brand and EBITDA from FY21 to FY23. In addition,
we have undertaken investments designed to create
a platform for long-term growth and have reduced
capital needs going forward as a result.
In FY24, we experienced difficult trading
conditions, as we outline in this report, along with a
significant number of one-off or non-recurring costs
impacting our earnings. In addition, the non-cash
impairment of $64.2M had a further impact on
earnings, hence reporting underlying and reported
results for comparison year on year.
Our immediate focus for FY25 is to stabilise
performance, reduce debt and deliver our cost-out
programme in order to return to profitable growth.
Progress
report
FY24
RESULTS SUMMARY
Sales ($M)
Reported NPAT ($M)
1
ANNUAL REPORT / PŪRONGO-Ā-TAU
67
COMVITA.CO.NZ
2024
REPORTING / NGA PŪRONGO

$4.5M
REPORTED EBITDA
PRE-IMPAIRMENT
$10.3M
UNDERLYING EBITDA
—$77.4M
REPORTED NPAT
—$9.3M
UNDERLYING NPAT

FY24 Group revenue of $204M, -$30M or
-13% vs PCP, with Greater China market down
$19.2M or 17.6% due to macro-economic challenges
and aggressive price competition in entry-point
categories. The US market was down by $9.5M or
26.6% vs PCP due to the loss of distribution in one
major customer.

Total Group gross profit was $112M (55%),
-17% vs PCP and -300bps.

Due to a material gap between net total assets
and market capitalisation, we incurred a non-cash
impairment of $64.2M before tax.

Below you can see our reported and underlying
EBITDA and NPAT for FY24.
INCOME STATEMENT FY24
NZ$K for the year ended
30 June
2024
30 June
2023
Variance
NZ$000
Variance
%
Revenue204,341234,195(29,854)(12.7%)
Gross profit %55.0%58.0%(3.0%)
Marketing24,33130,509(6,178)(20.2%)
ERP and transformation9,8545,4154,43982.0%
Operating (loss)/profit before
financing items(7,342)23,920(31,262)(130.7%)
Net profit after tax(77,388)11,062(88,450)(799.6%)
RECONCILIATION OF GROUP RESULTS
Reported to underlying FY24
NZ$KRevenue
Gross
profitEBITDA
1
EBITNPAT
Reported results204,341112,389(59,651)(73,506)(77,388)
Remove ERP
2
costs––7,2457,2455,216
Remove NBIO
3
and restructure costs––2,5022,5022,217
Remove Makino sale, insurance
proceeds and HoneyWorld™ earn
out release––(3,966)(3,966)(3,478)
Remove impairment––64,19064,19060,490
Remove other one-off negative
tax impacts––––3,693
Underlying results204,341112,38910,320(3,535)(9,250)
1 Underlying EBITDA and NPAT excluding ERP and non-recurring, sales variable and transformation are non-GAAP measures. We monitor these as
key performance indicators and believe they assist investors in assessing the performance of the core operations of our business.
2 Investment in company ERP system.
3 Non-binding indicative offer.
ANNUAL REPORT / PŪRONGO-Ā-TAU
89
COMVITA.CO.NZ
2024
REPORTING / NGA PŪRONGO

BRETT HEWLETT — CHAIR
DAVID BANFIELD — CEO
Adapting
at pace
CHAIR + CEO
AN INTERVIEW
STRATEGY
Macro-economics and
key market dynamics
Q: The major reason for revenue
decline was a slowdown in
China. What caused that?
BRETT: China is our biggest
market and we enjoy a premium
positioning. The slowdown in
consumer spending observed
across all categories in China
has been driven by a decline
in consumer sentiment and a
steady search for more value-
oriented offerings. At the
same time, a glut in supply
has brought a return to the
market of new entry-level
Mānuka honey brands that are
attacking Comvita’s category
leading premium price position.
Competition has intensified over
the last 12 months and heavy
price discounting is the weapon
of choice.
DAVID: We have a significant
market share and are recognised
as the authoritative brand and
market leader in China with
a highly capable team on the
ground. But that also means,
given the importance of China’s
performance to the Group,
that we are disproportionally
impacted when the China
market suffers a slowdown. If we
look at the total honey market in
China, calendar year 2023 saw
total revenue increase by 16%
in the first six months of the
year (to June 2023). But then,
in the second six months (from
July to December 2023), we saw
revenue decline materially by
22% compared to last year. The
whole Mānuka honey category
followed this trend, though sell-
out for us remained robust until
October 2023. A major cause
of revenue decline was a lack of
consumer confidence to invest
in discretionary categories and
increased price competition in
entry-point UMF™ products.
This competition was caused
by a glut of honey in Aotearoa
New Zealand and by beekeepers
liquidating their inventory to
exit the category altogether. We
know that Chinese consumers
continue to desire high-quality
health and wellness products
that support wellbeing,
but currently, regularity of
consumption has reduced –
particularly in some of the lower-
grade products.
Q: FY24 was very challenging. Is
your strategy still appropriate?
BRETT: We started this year very
encouraged by the resilience of
sales and our earnings growth
through the Covid-challenged
period 2020/23. For the past
four years, we have been steadily
investing in growing both
demand and supply capability to
drive the business forwards, so
the full extent of the impact of
the global economic slowdown
on our sales decline and the
severe knock-on effect this has
had on company performance
and on our share price has been
confronting for the Board.
Faced with the reality of an
extremely poor financial result
and anticipated slow recovery
in global demand, we have
paused some of the longer-term
investment strategies, taken
a more cautious approach to
the deployment of capital and
resources and focused more
sharply on immediate value
opportunities.
DAVID: Whenever you have a
year that sees revenue decline
and a reported operating loss,
it would be churlish to suggest
we are still on the right path.
While a significant proportion
of the loss was one-off, non-
recurring or attributable to
investments designed to
futureproof Comvita, we clearly
need to review strategy, agility
and short-term focus. As Brett
points out, we have successfully
grown revenue and earnings
over the last few years, but our
FY24 result clearly proves the
need for further simplification
and a cost-out focus. I absolutely
believe in the long-term growth
potential of Comvita and our
categories. However, we need to
temper long-term ambition with
short-term action to address
business shortfalls and build
resilience so that the business is
better placed to navigate future
periods of unforeseen disruption.
The difficulties of the last year have generated
a lot of questions among investors and stakeholders.
This year’s in-depth interview with the Chair and CEO
probes what has happened, where Comvita finds
itself at the end of FY24 and the plan going forward,
in their words.
11
COMVITA.CO.NZ
2024
10
ANNUAL REPORT fi PffRONGO/Ō/TAU
REPORTING / NGĀ PŪRONGO

In 2025, Comvita
will turn 50. It
is my conviction
and my mission
to ensure that
Comvita can
continue and
succeed for
another 50 years”
BRETT HEWLETT
Q: Why did your in-market
teams not pick up the changes
happening in the market during
the year?
BRETT: Predicting the impact of
changes in consumer sentiment
and the global economic
slowdown has been a huge
challenge for most companies
this year, across a broad range
of sectors. With more than 20
years of trading experience in
the Asian markets, and seeing
our way through many economic
cycles and social crisis (SARS,
bird flu, swine flu and Covid),
we felt confident that we could
adjust to meet this one. What
we were slow to understand
was the impact on the domestic
honey industry in China and
the speed with which new
players acted to destabilise the
category with low-price entry-
level products. Our response was
arguably too little, too late to
turn things around during FY24.
I am confident of our ability to
adjust and adapt in-market,
and expect to see the impact
of these adjustments having
a positive impact in the year
ahead. We are working through
ways to improve agility and
both more accurately forecast
and speed up our response in
our supply chain. The benefits
of these changes are more
realistically going to be felt in
FY26 and beyond.
Q: So how do you plan to return
to growth in China?
BRETT: As the clear market
leader, Comvita is holding steady
on prices at the premium end
of the category. We still enjoy
a market share of greater than
50%. We continue to innovate
and have been very successful in
launching several value-added
health and wellness product lines
to further develop the category
and drive brand loyalty with
existing customers.
Where we have lost market
share has been more at the entry
level, so we need to also defend
our position in this price-sensitive
end of the Mānuka honey
category. We are responding
with value offers of our own.
Comvita is also the best placed
of any company in the China
honey category to benefit when
positive trends in consumer
spending return. We have
a strong marketing and
distribution capability in most
major Tier 1 cities across the
country, and we are looking
to expand our reach.
DAVID: It is important to
analyse our performance in
China over the longer term to
assess the best way forward.
Between FY20 and FY23, total
Mānuka honey exports from
Aotearoa New Zealand grew
by 3% in terms of compound
annual growth rate. By contrast,
Comvita has grown at 15%
compound annual growth rate,
which shows the strength of our
performance and highlights just
how well we have done.
Q: In the US, you lost a key
distribution deal. What lessons
can be learned from this loss
and what are you doing to
return to growth in FY25?
BRETT: The US is a tough and
competitive market for premium
fast-moving consumer goods.
Consumers there do not have
the same affinity for ‘food
as medicine’ as we see in our
leading Asian markets. Our
focus in the year ahead will be
on educating consumers on the
quality differential between us
and our competitors and at the
same time working to shape
the category towards a more
premium health and wellness
offering with local new product
offerings. We also will work to
bring greater balance to our
offline and online distribution.
DAVID: The US market remains
the biggest single market for
Mānuka honey in the world.
Clearly, the loss of distribution
with one major customer was
a significant blow in the short
term. This loss was mainly due
to the customer undertaking
a price test with a competitor.
This is being reviewed as they
look to balance price and
quality. Excluding this loss, our
underlying business in the US
grew by 10.1% this year, but that
was insufficient to offset the
loss in distribution. It’s important
to note that we remain the
fastest-growing brand in the US
in natural and grocery channels
combined and that the premium
sector is also the fastest-
growing in these channels.
Q: This year, the South East
Asia segment, while reporting
revenue growth, delivered a
net contribution loss in this
period. Are you still happy
with the acquisition of
HoneyWorld™ in Singapore?
What is the outlook for both
revenue and profitability into
FY25 and beyond?
DAVID: HoneyWorld™ represents
a highly strategic deployment
of capital for Comvita in a
country where East meets
West. We are not happy with
topline progress this year and
are clearly disappointed in the
net contribution loss. There
are three major reasons why
performance in this market was
below expectations. We tried to
accelerate the Comvita share
of total HoneyWorld™ sales
too quickly, discontinuing some
HoneyWorld™ products in the
process that were targeted to
more value-driven consumers.
This has recently been reversed.
We incurred integration costs
to bring HoneyWorld™ into the
Comvita team and there were
fixed costs that we were unable
to change in the short term.
Finally, we invested more in
marketing, particularly brand
building and sales expenses, as
we added new distribution for
long-term growth.
Despite the short-term
performance, we are delighted
to welcome HoneyWorld™ to our
Comvita Group and strategically
believe this acquisition will help
us to further premiumise the
category and test and learn with
consumers at pace in a market
that demands high quality and
world-class service.
FINANCIAL PERFORMANCE
AND RESILIENCE
Q: You have reported a number
of one-off and non-recurring
costs in FY24. What are these
costs, why were they important
and why will they not reoccur?
DAVID: This included a planned
major investment of $7.2M
(before tax) in an ERP system,
costs related to responding
to a non-binding indicative
offer (NBIO), organizational
restructuring expenses of $2.5M
(before tax), and a decision to
exit our legacy Medibee joint
venture in Australia, amounting
to $4.4M (before tax). These
costs were partially offset by
positive adjustments, including
$4M from the Makino sale,
business interruption insurance
proceeds, and the HoneyWorld™
earn-out release, resulting in
an underlying net loss after
tax of $9.3M.
The investment in our computer
systems and processes is
designed to move us from a
basic operating system with
lots of manual interfaces to an
integrated, scalable, automated
system. It was crucial to invest in
this system as it will significantly
increase speed, accuracy and
quality of information.
Q: A high fixed cost base
means the slowdown in sales
has significantly impacted the
Group’s profit margins. What
are you doing to resize the
business to align with current
market dynamics?
BRETT: Comvita is the biggest
and most advanced player in
the world of Mānuka honey. As
well as protecting our premium
price position, we must look to
underpin our profit margins by
being cost-efficient operators at
all levels of our value chain.
We have always been a company
that has looked to the future
positively and we have tended to
spend ahead of the curve when
making investments in things
like research and development
and brand marketing. We will be
careful to not pull back too hard
on these things. However, our
cost structure had become too
large for our current reality. We
are in the process of right-sizing
of the business and will continue
Brett
Hewlett,
Chair.
to explore more efficient ways
to operate so that we can see a
return to profitable growth as
soon as possible.
DAVID: We’ve taken an in-depth
look at our cost base and the
investments and returns that
we need to make for long-term
profitable growth. With that
in mind, we have reduced our
total headcount by more than
50 positions this year, with
annualised fixed cost savings of
$5M–$7M forecast.
Q: Net debt finished the year at
$79.7M. This gives a leverage
ratio of 5.47 x earnings. How do
you propose to reduce debt and
in the process strengthen your
balance sheet? Do you see any
need to raise capital to reduce
debt to your strategic aim of
1–1.5 x?
BRETT: Firstly, we need to be
clear that we have no intention
or need to capital raise. We
remain well supported by
our bank syndicate. Through
the second half, we operated
with a net positive operating
cash flow of $11.4M and were
able to reduce debt by $6.1M
from where it was at the end
of December 2023. Given the
one-off nature of many of the
expenses incurred this year and
as the impact of management’s
cost-out initiatives start to pay
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off, we have a clear line of sight
to both increasing operating
cash flows and paying down
debt. Inventory reduction
remains our biggest and most
immediate opportunity to
generate cash, and we continue
to explore other opportunities
for selling non-strategic assets
in the near term.
DAVID: We have a number of
initiatives under way to deliver
against this plan and have a
pathway back to our leverage
range without any need for
a capital raise. We recognise
that a key pillar to restoring
shareholder confidence is
lowering net debt and, in
the process, giving ourselves
flexibility to respond to
market opportunities.
Q: Inventory finished the year
at $134.4M, and while in line
with your market guidance,
this is still above your original
target of circa $100M. What is
your plan to reduce inventory,
free up cash and return to your
original target?
BRETT: In the year ahead, we
plan to significantly reduce
inventory and free up cash in
the process. While we will not
get back to our $100M target,
we will show a significant
improvement as we focus on
sell-through over the course
of the year. The integrity of
our inventory has stood up
to scrutiny for any risk of
impairment. We have a high-
quality asset that can be
securely converted to cash as
we sell through and we have
relatively low requirements
to purchase new season raw
material from third parties.
DAVID: When you look at our
inventory profile, we have
successfully reduced the value
of our raw materials but this
has been offset by higher
finished goods in market
that were prepared for sales
that failed to materialise
during the year. While this is
disappointing, it does mean we
have finished goods in market
ready to sell and generate
positive cash flows.
Q: You’ve reported resilient
gross margin and pricing. In
light of competitors focusing
on price, how do you intend to
maintain your pricing premium
while growing share?
BRETT: We accept that being
too rigid around our gross
margin percentages may not be
sustainable or even strategically
advantageous. We must
continue to earn the right to be
the premium price holder of the
category by leading the charge
on quality and innovation. We
are also on a test-and-learn
process to understand how to
optimise price/volume elasticity
across the various segments
within the category. We do not
want to participate in a race to
the bottom in the entry-level
segments, but equally, we don’t
enjoy losing market share. We
are looking to understand how
to strike the right balance.
DAVID: We are really pleased
with the progress that we’ve
made in growing our gross
margin over the last few years
(from 37% in FY19 to 55% this
year) and in taking a premium
position in the market. That said,
we have to be agile to respond
to macro-economic, competitive
and geographical challenges
as they emerge to ensure our
focus remains on growing
market share and supporting our
customers’ needs with relevant
local new product development.
Our cost-out programme is
targeting to reduce annualised
costs by $10M–$15M, of which
around $5M–$8M will be
through cost-of-sale. With these
efficiencies, we can either return
them to consumers in price, with
the aim of lifting volume, fund
investments to drive category
awareness and growth or use
them to reduce debt.
PLATFORM FOR GROWTH
Looking back over the past
10+ years, how do you feel
the business has evolved?
BRETT: I have been involved
with Comvita and the Aotearoa
New Zealand honey industry
for almost 20 years. There
have been significant changes
and economic cycles over that
time. With each crisis, we
learn, adapt, reset and carry
on. In 2025, Comvita will turn
50. It is my conviction and my
mission to ensure that Comvita
can continue and succeed for
another 50 years.
DAVID: Since January 2020,
we have made significant
investments to deliver against
our long-term growth targets.
These investments were
carefully considered and are
now primarily in place, meaning
significantly lower capital needs
going forward. We delivered
profitable growth while still
investing for the long term in
the first six months of 2020
and then the full year in FY21,
FY22 and FY23. I’m naturally
extremely disappointed that the
momentum we felt up to FY23
was halted this year. However,
I do believe that we have
built resilience and agility and
futureproofed the organisation.
Q: The goal over this time
has been to build a resilient
platform for growth. What are
the component parts and how
do you see this supporting your
long-term growth aspirations?
(Long-term strategy)
BRETT: First and foremost,
over 50 years, we have
continued to invest in building
our brand value proposition
with discerning consumers. The
second platform of note would
be our continued investment in
science, quality and innovation.
We have achieved many firsts
in the industry and are primed
to achieve many more. Lastly,
our 20+ year focus on building
an industry-beating sustainable
supply chain with apiary and
forest development provides us
with robust supply. Together,
these three pillars offer a
platform for long-term growth
opportunities. We aim to deliver
sustainable tangible value for all
our stakeholders – consumers,
shareholders, employees and
the communities we serve.
DEVELOPMENTS
DURING THE YEAR
Q: In February 2024, you
announced a highly conditional
non-binding indicative
proposal to acquire Comvita.
Why did this not proceed? Is
there anything that existing
shareholders should be
concerned about?
BRETT: Some background and
context is helpful. We received
the proposal from a credible
offshore party, with the proposal
contemplating a significant
premium. We engaged with
that party and progressed
appropriate due diligence and
discussions with them over a
number of months. At the same
time, we experienced unexpected
and significant weakening
demand, particularly in China,
with growing uncertainty around
the economic slowdown in China,
its duration and the impact
that it would have on near-term
growth for Comvita.
DAVID: Naturally, we can’t speak
on behalf of the interested
party, but from my perspective
one of the areas that prevented
the proposal proceeding was
near-term concerns about when
demand in the China market
would return to normal - in line
with the trading performance
that we saw between 2020 and
FY23.
During 2024 the team and I
spent a significant amount of
time with the interested party.
The benefits of going through
this type of process and the
associated level of rigour means
it gives you an extra opportunity
internally to assess what’s
working, what we can do better
and also future opportunities
and new insights that a potential
acquirer sees. Some learnings
and insights generated have
already been actioned and will
We have paused some
of the longer term investment
strategies, taken a more cautious
approach to the deployment of
capital and resources, and focused
more sharply on immediate value
opportunities.”
BRETT HEWLETT
David
Banfield,
CEO.
help the organisation to become
more resilient in the future.
LONG-TERM DRIVERS
OF BUSINESS
Q: What do you see as the long-
term opportunity for Comvita?
How will you grow your share of
this addressable market?
BRETT: The total global market
potential for our core Mānuka
honey and propolis-based
products remains vast. Even
within our current target regions
of Asia and North America,
we see significant potential
for increasing household
penetration, upselling to
existing customers and growing
the category once consumer
sentiment normalises. We can
be confident that the current
pricing volatility caused by the
supply/demand misalignment
within the Aotearoa New
Zealand honey industry is short
term and will gradually stabilise
over the next one to two years.
A more stable supply side will
help to stabilise the demand
side as well. The competitive
landscape will normalise over
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time and premium leading
brands such as Comvita will
prevail in the long term.
DAVID: The global total
addressable market is forecast
to grow at a compound annual
growth rate of around 6.5%
to 2030. Consumers will be
increasingly demanding about
the standards that they expect
brands to deliver (social,
environmental, carbon footprint,
circular ). In addition, quality
expectations will only increase
and visibility of quantifiable
performance will increasingly
differentiate competing brands.
These attributes all support
our core Comvita strengths,
underpinned by our world-
leading patented science
and innovation programme,
including Lepteridine™.
SHARE PRICE
Q: Your current share
price means that market
capitalisation is now materially
below your net total assets.
How does this impairment
impact business performance?
BRETT: In late July, we advised
of the need to consider an
impairment that arose due
to the material gap between
the company’s net total assets
our shareholders, and the Board
take it upon their shoulders to
restore that confidence through
the actions we are undertaking.
We believe that through the
course of the year ahead, we
will return the business to
profitability, improve operating
cashflows, pay down debt and
reduce base costs. As operating
performance improves, we aim
to provide evidence of a stable
and growing business, with
sustainable earnings. Then,
I am sure that shareholder
confidence will be restored.
LOOKING AHEAD
Q: Can you talk us through the
changes at Board and senior
management levels?
BRETT: Recognising that we
need to make the strategic
reset I referred to earlier,
we’ve made changes at both
governance and leadership
roles. David has resigned as
CEO and Managing Director
and will assume a project-
based role of Strategic Advisor
to the Board. I have resigned
as a Director and Chair of the
Comvita Board and assumed
the role of Acting CEO. Bridget
Coates is our new Chair and
Mike Sang is the new Chair of
the Audit and Risk Committee.
The Board itself has also
reduced from eight Directors
to six, with the majority as
independent Directors.
I want to take this opportunity
to acknowledge the significant
contribution that David Banfield
has made since he joined Comvita
as CEO in January 2020. He led
a very successful turnaround
of the business, with a tightly
focused premium product and
consumer proposition, based on
our core ingredients of Mānuka
honey and propolis. During his
tenure, Comvita reported all-
time record revenue in FY23 and
was awarded the Deloitte 200
Best Growth Strategy for 2023.
David was also instrumental
in developing Comvita’s
ESG corporate platform,
which saw the company
achieve an international
B Corp certification.
Q: How do you intend balancing
investment for long-term
growth with short-term
variability in demand and
associated earnings?
BRETT: Our 50-year legacy has
been based on thinking long
term, so it’s in our DNA. Over
the years, we have invested
ahead of the curve and tried to
see the opportunities that lay
beyond the current crisis. We
have also had to operate with
constraints of key resources at
times and that has encouraged
us to be innovative in our
thinking. Organisationally, we
are getting better at striking
the right balance between
short-term adjustments and
long-term strategy. We need to
demonstrate both agility and
vision in how we go about our
strategic initiatives.
DAVID: The good news is that,
with our computer system
investment nearly complete, we
have now concluded the biggest
capital projects that we need
to invest in for the next few
years. We now have the ability
to deploy any available capital
in our market-facing operations
to bring to life the Comvita
story and, in the process,
bring excitement, energy and
experience to the category.
Q: Given significant uncertainty
in the market over the short
term, how are you thinking
about the year ahead?
BRETT: We are looking at FY25
with a large degree of cautious
optimism. The global situation
remains uncertain, and we are
preparing for a period of sluggish
general economic recovery.
We are taking every measure
possible to ensure that the
business will be resilient, starting
with resizing the business for
current market realities. We
will also be very conservative on
investments during this period.
This resizing has the added
benefit of positioning us well
to leverage off a lower cost
base when top line growth does
return. We are ready to move on
near-term opportunities as and
when they present themselves.
I have every confidence in our
people in market to continue
to chase down every sales
opportunity while protecting
the global category.
DAVID: We have already shared
an outline of our $10M–$15M
cost-out programme to reduce
our cost of sale, simplify the
business and deliver fixed
cost savings from our Group
head-count of over $5M–$7M
annualised. We remain
cautious on short-term
trading conditions.
Q: What will be your focus in
your new role as Acting CEO?
BRETT: I have been in senior
leadership roles for Comvita
for the past 20 years. I joined
in 2005 as CEO and led
Comvita through a programme
of significant growth and
transformational change
through to 2015. I then returned
to Comvita in 2017 as an
independent Director and
became Chair in January 2020.
My focus in my new role will be
on cost-reduction initiatives,
organisational resilience,
driving bottom line growth
and restoring shareholder value.
I am anticipating that I will be in
the role for approximately one
year – sufficient time to stabilise
the business and have a positive
impact to set us up for the next
phase under a new leader. The
Board will commence a process
for recruitment of a new CEO
over the coming months.
Q: Why did the Board choose
Bridget Coates to become the
new Chair?
BRETT: Before I answer
that, I do want to take
this opportunity to thank
shareholders and my fellow
Directors for their support
over the period of my tenure
as Chair. It has been both a
privilege and a challenge to lead
the Board through this period
of unprecedented change and
global turmoil. While I have a
feeling of deep disappointment
in the difficult state Comvita
has found itself in recent times,
I know that I am handing over
We are in the process of right-
sizing of the business and
will continue to explore more
efficient ways to operate so that
we can see a return to profitable
growth as soon as possible.”
BRETT HEWLETT
(tangible and intangible)
and its market capitalisation.
We commissioned Deloitte
to provide a comprehensive
study on the valuation of the
company’s assets. The upshot
was to make impairments
of $64.2M ($60.5M after
tax), predominantly for
intangible assets.
While the impairment was
sizeable, it largely related to
goodwill on subsidiaries that had
been directly impacted by the
near-term global slowdown and
industry changes. It is important
to note that the impairment is
non-cash and does not impact
Comvita’s future profitability
nor strategic direction.
Q: Given the low share price,
the value of current assets
and the fact that you already
had a takeover approach,
are you concerned that there
may be further approaches
to buy the business at an
opportunistic value?
BRETT: The Board are at
pains to quickly address the
value gap between prevailing
market cap (circa $87M)
and NTA ($220M), or even
consensus analyst valuation
($120M). Clearly, there has
been a loss of confidence by
the reins to a highly capable
governance team under new
Chair Bridget Coates.
Bridget joined the Comvita
Board in September 2021 as
an independent Director, has
served as a member of both the
Audit and Risk Committee and
the Safety and Performance
Committee and is the Chair
of the company’s Investment
Committee. Bridget has a
background in capital markets
in a range of governance roles,
including NZ Superannuation
Fund, Reserve Bank of
New Zealand and Fonterra
Sustainability Panel, and as
Chair of the Centre for
Sustainable Finance. She
has been involved in building
food and beverage businesses
in the US market based on
their Aotearoa New Zealand
provenance. She will be a
strong and decisive Chair,
and I look forward to working
closely with her as we all
work to see Comvita realise
its true potential.
Q: You’ve removed FY25
targets at this stage. When do
you expect to update investors
on targets going forward?
BRETT: Naturally, we will
continue to update the market
on trading conditions as the year
progresses. We will be sharing
an update during our Annual
Shareholders’ Meeting at the
end of October. We hope to
be in a position then to provide
some form of earnings guidance
for FY25.
BRETT HEWLETT — CHAIR
DAVID BANFIELD — CEO
ANNUAL REPORT / PŪRONGO-Ā-TAU
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REPORTING / NGA PŪRONGO

Financial
review
CHIEF FINANCIAL OFFICER
REVIEW

Very weak trading conditions in our key markets
and a number of non-recurring expenses and tax
impacts meant an extremely disappointing result.
We are now focused on delivering
significant cost-reduction targets of $10M
– $15M on an annualised basis and returning
Comvita to the profitable growth that we
delivered between FY20 and FY23.
FINANCIAL PERFORMANCE
Reported revenue for the period decreased to
$204.3M, down 12.7% or $29.8M on the prior
period. This decline was mostly related to our
growth markets, with Greater China revenue
down $19.2M and North America down $9.5M.
Reported gross profit percentage of 55.0%
declined by 300 bps compared to the prior
year. The low percentage this year reflects
lower formulation benefits generated than
in the prior year.
In line with poor trading conditions, marketing
investment has decreased to $24.3M in the current
year, down from $30.5M in FY23, a decrease of
$6.2M year on year or 11.9% of revenue compared
to 13.0% last year.
All Operating expenses increase of $7.9m or
7.1%. The two main reasons for this are ERP
implementation costs, which increased by $4.4M
(discussed below), and $6.8M new operating
expenditure related to the HoneyWorld™ business
in Singapore. Transformation investment within
operating expenses for FY24 totalled $2.6M, largely
consistent with the prior year’s spend of $2.5M.
INTERNAL DIGITAL
TRANSFORMATION – ERP COSTS
In FY23, we commenced a digital transformation
programme focusing on upgrading our core
enterprise (ERP), sales and operating (S&OP) and
reporting systems, redefining internal inefficient
processes and refreshing master data. This project
was due to finish June 2024 but is now expected
to complete by the end of FY25. It is designed
to update and scale our internal systems and
processes and significantly increase reporting
capability. Because these changes are cloud-
based, all expenditure related to this project is
expensed as incurred. In line with market practice,
these costs are normalised in the results and are
also shown separately in our income statement.
The costs related to this project this year totalled
$7.2M compared to $2.9M in FY23.
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION, AMORTISATION AND IMPAIRMENT
EBITDA pre-impairment at $4.5M decreased 85.2% on the previous year.
NZ$K
30 June
2024
30 June
2023
(Loss)/profit before tax(81,889)13,006
Add back: net finance cost8,383 5,427
EBIT(73,506)18,433
Add back: depreciation and amortisation13,85512,190
Add back: impairment and other asset write-downs64,190–
EBITDA pre-impairment 4,53930,623
IMPAIRMENT
During the period, the Group identified impairments related to financial assets. Subsequent to this,
given the identification of impairment indicators such as a significant market capitalisation deficit, we
undertook an assessment of the carrying value of our cash-generating units and non-financial assets.
This assessment was supported by an independent valuation completed in accordance with Advisory
Engagement Standard 2. As a result, various impairments have been recognised and are summarised
as follows:
NZ$M
Pre-
impairmentimpairment
Post-
impariment
Cash8.2–8.2
Debtors35.0–35.0
Other current assets13.52.516.0
Inventory134.4–134.4
Fixed assets and leases95.7(3.4)92.3
Non current assets and deferred tax assets14.6–14.6
Intangible assets50.4(43.0)7.4
Investments12.2(12.2)–
Total assets364.0(56.1)307.9
Medibee–(4.4)–
Total impairment post tax–(60.5)–
Tax impact–(3.7)–
Total impairment Pre tax–(64.2)–
This impairment expense is a non-cash charge and does not affect our core business activities.
ANNUAL REPORT / PŪRONGO-Ā-TAU
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REPORTING / NGA PŪRONGO

HoneyWorld™. The purchase price allocation has
now been completed, with brands and intangibles
valued at $9.1M. The HoneyWorld™ business
contributed sales of NZ$12.8M in FY24. Contingent
consideration based on FY24 revenue targets was
not met, resulting in other income of $1.0M.
Investments
Investments were impaired to zero at 30 June 2024.
Prior to impairment, investments totalled $12.2M
and had increased by $1.9M in the current year,
largely due to the increased investment in Apiter
of $3.4M, offset by an equity accounted loss
of $0.9M and the disposal of Makino ($0.6M).
Having provided an initial loan to Apiter in FY23
of US$545,000, the remaining US$1,445,000
was funding in FY24 and both amounts have
now converted to equity to increase ownership
from 20% holding to 32% holding, effective
October 2023.
In June 2024, Comvita sold its share in the Makino
joint venture to the other shareholder. As part of
the transaction, the shareholder loan to Makino
was also assigned to the purchaser. A gain on
disposal of $1.4M was recognised in other income.
Inventory
Inventory on hand has decreased slightly by $1.7M
(1%) from the prior year to $134.4M. Inventory
balances were expected to remain high this year
as previously advised. Finished goods inventory at
$64.6M was up $17.0M on FY23 due to lower sales
than anticipated, while raw materials and work
in progress inventory was down $18.7M on FY23.
This reflected significantly reduced raw honey
purchases on the prior year.
Trade receivables
At $35.0M, trade receivables decreased by $4.3M
in FY23. June 2024 sales were $8.2M lower than
June 2023. Bad debts written off during the
year were minimal at $0.1M, and 89% of trade
receivables are not past due at 30 June 2024.
Bank facilities and total net debt
Total net debt at year end, including term
debt facilities less cash on hand, was $79.7M.
This has decreased from December 2023 by
$6.1M, but increased from FY23 by $26.3M.
Our bank debt was shown as current in our
financial statements, as at 30 June 2024, as we
subsequently identified that we had breached
a bank covenant tested by reference to EBITDA
at 30 June 2024. As part of our year-end process,
when we identified the possibility that the
covenant may have been breached at the testing
date, we obtained a waiver confirming that no
action will be taken for that breach from our
banking syndicate. We are currently in discussions
to agree a covenant structure for FY25 that will
be acceptable to both the bank syndicate and the
company. The bank syndicate continues to confirm
its ongoing support for the company. The revised
bank covenant structure is expected to be
confirmed in September.
Trade and other payables
Trade and other payables are largely consistent
with the prior year at $35.8M, up by $1.5M.
A decrease in employee benefits payable of
$4.5M and accruals of $2.9M has been offset
by the recognition of deferred amounts payable
and contingent consideration accrual for the
HoneyWorld™ acquisition of $4.0M and the
Medibee guarantee of $4.2M.
NIGEL GREENWOOD — CFO
ECONOMIC VALUE DISTRIBUTED
AND RETAINED
In accordance with GRI 201-1, economic value
distributed was $208.2M (2023: $210.0M)
while economic value retained was $3.9M
(2022: $24.2M). Economic value distributed
is calculated as FY24 operating costs,
employee wages and benefits, dividends,
interest, community investments and tax
paid. Economic value retained is revenue
less economic value distributed.
OPERATING CASH FLOWS
The company generated a positive operating
cash flow this year of $5.3M compared to $8.1M
last year. Receipts from customers were down
$18.6M from FY23, with payments to suppliers
and employees down $15.0M.
FOREIGN EXCHANGE
A foreign exchange loss of $1.1M has been
recognised this year compared to a loss of $4.6M
in the prior year. Management of foreign exchange
risk is important to smooth volatility of earnings in
foreign currencies. This is particularly relevant for
our growth markets where we have exposure to
United States dollars and Chinese yuan renminbi.
We actively manage these risks.
SHARE OF PROFIT FROM EQUITY
ACCOUNTED INVESTEES
Total share of loss this year was $0.9M, with
$0.7M being our share of expenses from Caravan
Honey Company. This compares to a loss last year
of $0.8M. As Apiter and Caravan investments
have been impaired to zero this year, there will be
no equity accounted profits or losses from these
investments in FY25.
EARNINGS PER SHARE (EPS)
Reported EPS for FY24 was (110.33)cps and diluted
earnings per share of (110.33)cps. This compares to
15.84cps and 15.66cps respectively last year.
DIVIDEND
An interim dividend was paid in March 2024 of
1 cent per share. Due to the poor result, no final
dividend was declared.
FINANCIAL POSITION
Capital expenditure
Property, plant and equipment at $72.0M
decreased by $0.8M in the current year. This
decrease comprised $7.5M of additions, offset
by $4.9M depreciation and $3.4M of impairments
related to apiary assets. $4.4M of the additions
related to Mānuka forests. Software and other
intangibles at $7.4M decreased $7.0M, which
was mostly the result of the impairment expense
recognised totalling $10.5M and amortisation of
$2.5M offset by additions of $6.0M. The main
addition was the purchase of the HoneyWorld™
brand in Singapore valued at $4.2M.
Goodwill
Goodwill initially increased by $4.7M in the
current year due to the HoneyWorld™ acquisition.
However, as part of the impairment review at
year end, the full goodwill balance was impaired
to zero, resulting in a goodwill impairment
expense of $32.2M.
Business combinations
As per last year’s Annual Report, in July 2023,
Comvita acquired the assets of Swift Health
Food (Singapore) Pte Ltd, a specialised honey
retail business located in Singapore, trading as
In line with poor trading conditions,
marketing investment has decreased
to $24.3M in the current year, down
from $30.5M in FY23.”
NIGEL GREENWOOD
ANNUAL REPORT / PŪRONGO-Ā-TAU
2021
COMVITA.CO.NZ
2024
REPORTING / NGA PŪRONGO

Our
platform
for long
term
growth
01.
02.
03.
04.
05.
06.
Clinical research in health benefits: digestive
health, metabolic health, skin health, immunity
and heart health.
Competitive advantage through global IP.
New product development (including regional)
supporting natural health and wellness.
Driving velocity (rate of sale) in distribution channels.
Native forests provide supply assurity and long-term
cost and quality competitive advantage.
IT investments to deliver a scalable, integrated
and efficient global platform for growth.
Experiential retail has always been at
the heart of Comvita. We started with one small
store in Paengaroa in 1974 and have always seen
the opportunity in being able to engage directly
with consumers to share the power of the hive.
In 2020, we successfully launched our Wellness
Lab in Auckland – a unique experiential store that
offers consumers a ground-breaking physical and
virtual experience.
Our intention was always to roll out this concept
in markets around the world to connect with
consumers in a unique and inspiring way. This
ambition was somewhat thwarted by Covid, so
we were delighted to launch our first stand-alone
wellness lab in Auckland Airport in November 2023.
This store includes a representation of the hive
and a tasting experience and shares the essence
of Comvita. This store gives us the opportunity to
reach our global consumer in transit and gather
data from this strategic vantage point to feed
into our global customer engagement programme.
Since launch in November 2023, our sales have
improved by over 73% vs PCP. Further iterations of
this concept will be rolled out in FY25 and beyond.
Our experiential retail footprint now stretches
across Asia Pacific with our network of owned
stores and pop-ups located across Hong Kong SAR,
Korea, Singapore and China. Comvita’s experiential
store network across Hong Kong SAR is strong and
growing with c30 owned stores and a database
of >150K members.
In Singapore, we acquired the HoneyWorld™
network of 18 stores in July 2023 and have seen
positive sales growth of +5.9% vs FY23. Further, in
May 2024, we delivered a world-class experiential
pop-up in Takashimaya, Singapore to celebrate
World Bee Day.
The future power
of combining experiential
retail with ecommerce
01.
ECOMMERCE
2223
COMVITA.CO.NZ
2024
LONG-TERM THINKING / KO TE PAE TAWHITI
ANNUAL REPORT fi PffRONGO/Ō/TAU

Lepteridine™: unlocking Mānuka’s
power to heal the gut
FY24 was a breakthrough year in Comvita’s
pioneering history of science with the
announcement of positive results from our
SOOTHE clinical trial showing that consumption
of our patent-protected Lepteridine™ Mānuka
Honey improves digestive health symptoms in
people with functional dyspepsia, a common
The significant symptom response seen
in this clinical trial points to the potential of Lepteridine™
Mānuka Honey as a promising treatment for patients
suffering from inflammatory digestive conditions. ”
SOOTHE INVESTIGATOR PROF ESSOR RICHARD GEARRY, PROFESSOR OF MEDICINE AT,
UNIVERSITY OF OTAGO AND CONSULTANT GASTROENTEROLOGIST AT CHRISTCHURCH HOSPITAL
Food as medicine
Comvita was co-founded in 1975 by Claude
Stratford and Alan Bougen on their fundamental
belief that food is the best medicine. It is on this
belief that Comvita continues to invest in our
world-leading quality and science programmes
to deliver a sustainable competitive advantage
for Comvita and prove the health benefits of our
products in growing consumer health markets,
including digestive health, cardiovascular health,
skin health and antimicrobial resistance to deliver
long-term growth. FY24 delivered on this belief and
more with positive efficacy results from two of our
clinical trials and a third clinical trial commencing.
Comvita’s investment and expertise in science
is a key differentiator for our brand. In FY24, we
invested $5M in research and development activity,
more than the rest of the industry combined. To
ensure that our research is of the highest quality
and credible and supports health claims, we
partner with world-leading research experts.
Our research programmes are informed by
our Scientific Advisory Board of world-leading
gastroenterologists and our international
research partnerships with expert immunity,
antimicrobial and metabolic researchers.
02.
QUALITY SCIENCE
LEADERSHIP
The power to heal
inflammatory digestive condition characterised
by symptoms such as heartburn, stomach pain
and discomfort.
Co-funded by the High-Value Nutrition
National Science Challenge and undertaken
by the University of Otago, SOOTHE was a
groundbreaking $1.4M randomised, double-blind,
placebo-controlled clinical trial. The first results
from SOOTHE, co-presented by Dr Jackie Evans,
Comvita’s Chief Science Officer, at the Foodomics
conference in Wellington in March 2024, showed
that 50% more people treated with Lepteridine™
Mānuka Honey experienced a clinically meaningful
improvement in their digestive health symptoms
compared with a placebo. In addition, there
was also a noticeable dose response, with 71%
of subjects treated with the highest dose of
Lepteridine™ Mānuka Honey reporting more than
a 40% improvement in their digestive health
symptoms. Further analysis of SOOTHE data is
ongoing, with full results to be published in FY25.
In FY24, we also published new research,
undertaken in collaboration with Professor Kerry
Loomes and Distinguished Professor Dame
Margaret Brimble from the University of Auckland,
demonstrating the anti-inflammatory bioactivity
and stability of Lepteridine™ that underpins the
health outcomes seen in the SOOTHE clinical trial.
Together, these research findings are unprecedented
and represent the most important advance in
Mānuka honey science since its unique antibacterial
activity and topical wound-healing properties were
I am incredibly proud that our patent -
protected Lepteridine™ research has
established its positive impact on
improving gut health . I believe this creates
a significant competitive advantage for
Comvita and has the power to deliver in
line with our purpose to heal and protect
the world .
DR JACKIE EVANS, CSO
discovered by Dr Peter Molan from the University
of Waikato over 30 years ago.
Dr Molan’s research led to the transformation
of the Mānuka category from a commodity
honey to a premium health and wellness product,
growing it to the NZ$400M export industry we
see today.
We believe that our research showing Lepteridine™
Mānuka Honey as an efficacious solution for
digestive health is the start of an exciting future
for us in this huge and growing market.
The digestive health market is forecast to grow
to US$80B by 2030 with functional food and
beverages representing two-thirds of this market.
With more than one-third of Chinese and US
consumers looking for more products to support
their gut health and scientific credibility and
proven efficacy being two of the most important
purchasing factors, Comvita is well positioned
to capture this market with Lepteridine™
Mānuka Honey.
Underpinning our Lepteridine™ science programme
is our comprehensive intellectual property and
commercialisation strategy. Today, we have 44
patents granted and a further 20 patents pending.
This year, the strength of our proprietary position
on Lepteridine™ was tested when we successfully
defended potential infringement of one of our
key patents protecting Comvita’s differentiated
and unique ability to commercialise Lepteridine™
Mānuka Honey.
ANNUAL REPORT / PŪRONGO-Ā-TAU
2425
COMVITA.CO.NZ
2024
LONG-TERM THINKING / KO TE PAE TAWHITI

The availability of integrated scalable
processes providing real-time data to enable
decision making at pace is a critical requirement
for Comvita. During FY23 and FY24, we have
invested significantly to upgrade our systems,
our processes, our data and our capability to
ensure this real-time view. While the launch
has been delayed, this project is forecast to go
live in FY25 and is the last major investment to
facilitate long-term performance.


Our operating model of having team
members close to market enables us to reflect
local consumer needs in unique regional product
development and increase purchase occasions
and brand loyalty.
In previous years, it would have been possible to
amortise this investment over a number of years.
However, due to a change in accounting standards
(SAAS), this has now been expensed through FY23
and FY24.
Key benefits of this upgrade will be real-time
sales visibility globally and efficient monthly close,
and it’s estimated it will increase the quality and
accuracy of data within the business and save
around 40,000 hours per year in efficiencies.
03.
GLOBAL INDUSTRY
LEADERSHIP
04.
NEW PRODUCT
DEVELOPMENT
05.
NEW COMPUTER
SYSTEMS AND PROCESSES


The launch of
Lepteridine™ at CIIE
in November 2023
In Asia, we’ve launched a number of regional
products targeting specific consumer needs.
These include collagen drinks, night honey, probiotic
sachets for consumption on the go and ginseng in
partnership with the Korean Ginseng Corporation.
ANNUAL REPORT / PŪRONGO-Ā-TAU
2627
COMVITA.CO.NZ
2024
LONG-TERM THINKING / KO TE PAE TAWHITI

Given the significant changes in industry
supply capability and consumer demand, we
embarked on our forest planting programme
in 2017.
In 2020, we accelerated this planting programme
and shared our hypothesis that forests would
enable us to deliver 40% improvement in yield,
a 60% improvement in quality of yield and a
20% reduction in cost per hive.
By the end of FY24, we have planted over 6,300
hectares of Mānuka (exclusive varieties) across
15 sites. These forests are forecast to provide
circa 50% of our demand requirements by 2030
at a significant cost advantage for premium
supply as well as sequestering carbon, generating
New Zealand Emissions Trading Scheme NZUs
and delivering beneficial biodiversity outcomes.
In FY24, in line with that hypothesis, one of our
forests delivered a 600% increase in supply of
20+ and 25+ UMF™ honey at a significant cost
advantage. This 600% increase is from one forest
vs the maximum supply of 20+ and 25+ UMF™
honey that the Group has ever produced from
all forests in any one year.
From a consumer perspective, we understand
that the more efficacious the product that the
consumer uses, this creates higher loyalty and
increased consumption due to the noticeable
impact on immunity and health. As such, this
increase in supply of more premium monofloral
Mānuka honey enables us to actively trade
consumers up, and in that process, we also
increase satisfaction.
In FY24, we delivered strong performance through
our apiary division with over 80% of all honey
that we harvested being market compliant (from
a regulatory perspective). This brings significant
operational simplification and also higher quality
that is inherent in our brand value proposition.
06.
MĀNUKA
FORESTS
HIGHER POTENCY
DRIVES GREATER
LOYALTY AND HIGHER
REPEAT RATES
25% OF COMVITA
CONSUMERS TRADE UP
IN EFFICACY ON THEIR SECOND
PURCHASE
600% INCREASE IN UMF 20+
AND 25+ SUPPLY IN FY24
FORECAST TO PROVIDE ~44% OF
COMVITA’S REQUIREMENTS BY 2030
The multiple benefits
of growing scale in
Mffnuka forests
2829
COMVITA.CO.NZ
2024
LONG-TERM THINKING / KO TE PAE TAWHITI
ANNUAL REPORT / PŪRONGO-Ā-TAU

THE RESOURCES WE EMPLOY
Our unique Comvita
knowledge and know-how,
curated and refined since
1974. The intellectual
property and processes
that strengthen our
competitive advantage.
Top talent
globally, with
international
FMCG expertise
and empowered
teams in
market to drive
innovation
and consumer
relevance.
Science, nature and quality at the heart of the Comvita difference. Highest
frequency and range of testing in industry and Aotearoa New Zealand’s only
private honey laboratory to be government accredited.
—
Development of unique cultivars and patents. Nearly 50 years of scientific
discovery, embracing and evidencing the healing power of nature.
—
Doing business for good. 1% reinvested for social and environmental impact.
Our role as kaitiaki
(guardians) for 1.6 billion
bees and 6.8 million
trees . The Mānuka tree,
Mānuka honey and other
nutrients from the hive hold
incomparable power to
protect and heal.
Our world-class team.
The pure talent and
capability of our people,
with shared (and overt)
passion and ambition.
Our growth-supporting
capital structure. Healthy
balance sheet and access
to capital to implement
our strategies.
Our fully integrated global
business model. Our unique
business model with circa
400 people in markets
outside Aotearoa
New Zealand making us
closer to our consumers.
Global leadership.
Underpinned by long-
standing and mutually
valuable relationships
and partnerships.
HOW WE CREATE VALUE THROUGHOUT
OUR END-TO-END MODEL
RIGHT
PRODUCTS AND PREMIUMISATION
ROUTE TO
MARKET
INVESTMENT IN BRAND,
IP AND SCIENCE
Working in harmony with bees and nature in Aotearoa
New Zealand to heal and protect the world
VERTICAL INTEGRATION
IMPROVED QUALITY
RIGHT MARKETS
SUBSIDIARIES
How we
create value
Leading
apiculturists
and beekeepers
from around the
world with
a deep affinity
for their craft
and calling.
Arotahi (focus)
on performance
and return on
capital. Trusted
connections
with our
consumers,
customers and
communities.
Digitised,
unified and
scalable
organisation.
Leveraging
processes,
data and
insights to drive
continuous
improvement.
World-leading products
see pages 32–39, 51
Committed to climate action,
regeneration and biodiversity
see pages 45–47, 50
Climate action
and circularity
See pages 28–29,
45–46, 49
Leading and progressive
employee value proposition,
enabling Comvita to
attract talent from
anywhere in the world
see page 40–51
Safe, engaged and
empowered team
See pages 40–50
Revenue growth and
financial returns
See pages 6–9, 18–21, 32–39
Reduced emissions, waste and
resource usage
See pages 28–29, 45–47, 49
Driving a brighter future
for our industry
See pages 24–29, 32–39,
48, 51
Industry leadership
and investment in
our community
See pages 40–42, 48–50
PROUD TO BE PART OF THE SOLUTION
THROUGH THE VALUE WE CREATE
OUR UNIQUE OUTPUTS UNDERPINNED BY
KAITIAKITANGA (GUARDIANSHIP)
Improved health and wellbeing
for millions of consumers
See pages 24–25, 27, 32–39, 51
Restoring native forests
and biodiversity
See pages 28–29, 45–47
Personalised consumer
and customer experience
See pages 23, 32–39
ANNUAL REPORT / PŪRONGO-Ā-TAU
3031
COMVITA.CO.NZ
2024
LONG-TERM THINKING / KO TE PAE TAWHITI

Our unique model includes positioning teams in our
core markets. Here’s what they achieved this year.
—— —— Our team now totals 577,
of which 347 are in eight markets
outside Aotearoa New Zealand.
CHINA
126
HONG KONG
SAR
75
KOREA
34
JAPAN
4
EMEA
11
28
AUSTRALIA
230
AOTEAROA
NEW ZEALAND
62
SEA/SINGAPORE
7
UNITED
STATES
GLOBAL
SNAPSHOT
Comvita
globally
FY23 segment revenue share
45%
5%
3%
18%
13%
17%
FY24 segment revenue share
43%
5%
2%
19%
17%
14%
FY23 sales by category
69%
65%
1%
1%
3%
4%
7%
8%
1%
1%
7%
7%
3%
3%
5%
6%
5%
5%
FY24 sales by category
UMF™
honeyHoneyOlivePropolis
Winter
wellnessLozenges
Medical
honey
Oral
careOther
Greater
China
North
America
Rest of
AsiaANZEMEAOther
65%
UMF SHARE OF TOTAL REVENUE
DROPPED FROM 69% IN FY23 TO 65%
IN FY24 WITH PRICE COMPETITION IN
ENTRY-POINT UMF SEGMENTS MATERIALLY
IMPACTING PERFORMANCE.
ANNUAL REPORT / PŪRONGO-Ā-TAU
3233
COMVITA.CO.NZ
2024
GLOBAL MARKETS / TE MĀKETE AO WHĀNUI

GREATER CHINA
Greater China
Reported currency basis
This year
FY24
NZ$000
Last year
FY23
NZ$000
vs

last year
NZ$000
vs

last year
%
Sales89,820109,005(19,185)(17.6%)
Net contribution17,20426,821(9,617)(35.9%)
Net contribution %19.2%24.6%(5.4%)
Greater China is the biggest single segment for Comvita, representing 44% of
total Group revenue for FY24.
LOOKING FORWARD ————
In-market activity to support our 20-year anniversary of Comvita in
China including unique products and themed activity.
Rolling out distribution to Tier 1.5 and Tier 2 cities to enable a broader
Comvita brand availability and consumption.
Focus on top and bottom line performance to deliver net contribution
% in line with FY23.
GROW TOTAL ADDRESSABLE MARKETBUILD EXPERIENCE AND AFFINITY
NORTH AMERICA
LOOKING FORWARD ————
Leveraging our patent-protected science to evidence efficacy.
Absolute focus on sales velocity, including premium SKU management
by channel.
Expansion of our experiential, integrated activation plans.
DISTINCTIVE BRAND MARKETINGLEADING PRODUCT STRATEGYCONSUMER/DATA-DRIVEN PLATFORM
North America
Reported currency basis
This year
FY24
NZ$000
Last year
FY23
NZ$000
vs

last year
NZ$000
vs

last year
%
Sales26,13535,608(9,473)(26.6%)
Net contribution4,6578,868(4,211)(47.5%)
Net contribution %17.8%24.9%(7.1%)
Our ambition is to be the premium Mānuka health and wellbeing company in North America and
to significantly grow household penetration. Despite the loss of distribution in one major customer, we
remain the fastest-growing Mānuka honey brand in the natural and grocery channels combined.
Total honey category sales in the United States
exceeded US$1B for the first time in 2023 with
an 8.2% compound annual growth rate with
household penetration of only 32%. Brand sales
are outperforming private label, and in the biggest
retailer in the US, the Mānuka honey category
is outperforming other honeys (volume and
value). Mānuka growth is predicted to accelerate
through market penetration (currently 0.6%) plus
a forecast increase in consumer spending in the
broader natural health and wellness category.
Scientifically proven efficacy and
premiumisation will drive higher category
consumption and consumer loyalty.
We knew a distribution change for one
material US customer would negatively impact
performance vs FY23, and we focused the year on
three core deliverables: stronger foundations to
drive improved return on investment, simplification
of strategy and tactics, and ruthless prioritisation
of resources. Although there is a lot more to be
done, our underlying FY24 results are encouraging:
• Double-digit underlying sales growth (excluding
distribution change) +10.1%.
• Total ecommerce revenues +7% vs PCP.
• Amazon Seller sales +78% vs PCP.
• Leading national offline accounts secured Q4
with $1.5M–$2.0M run rate (full benefit FY25).
• Integrated marketing strategy driving key retail
account velocity 2X through physical and digital
reach and engagement.
• Premium Mānuka (UMF 15+ and above) share
of total sales +620bps vs PCP.
• Fastest-growing Mānuka brand and #1 Mānuka
brand by sales revenue in natural grocery
(per June SPINS reporting).
The China honey market and Mānuka within it
experienced significant performance challenges vs
FY23 with both down by around 20% vs a strong
FY23. Household penetration of the Mānuka honey
category remains low at less than 1%, and the
majority of distribution and revenue is focused
on the four or five Tier 1 cities.
Comvita revenue was -17.6% vs FY23, with
Mainland China -23% or $20M vs PCP.
Net contribution in Greater China was $17.2M
(-35.9% or $9.6M), and Mainland China contribution
was $12.4M (-42%) as our high fixed model
impacted net contribution disproportionately.
Regional new product development was rolled
out during this period, further differentiating us
from competition increasingly focused on entry
point pricing.
During this period, we launched our own secondary
brand to directly target value-seeking consumers
whilst focusing on premium Mānuka honey quality
and efficacy under the Comvita brand for our core
Comvita brand advocates.
ANNUAL REPORT / PŪRONGO-Ā-TAU
3435
COMVITA.CO.NZ
2024
GLOBAL MARKETS / TE MĀKETE AO WHĀNUI

Our ANZ market was impacted by weakened China consumer demand through
daigou export channels. However we continued to perform strongly in our domestic
channels, which were up +12% vs PCP.
LOOKING FORWARD ————
FY25 focus will include the continued evolution of our brand expression
and winning at point of purchase, supported by an omnichannel approach.
This will enable ongoing momentum to win at home with local consumers
and international visitors to support brand strength for offshore markets.
GROW DOMESTIC PERFORMANCE STABILISATION OF DAIGOU CHANNEL WIN AT POINT OF PURCHASE
LOOKING FORWARD ————
We continue to to see long-term opportunity in this crucial segment and
will aim to deliver profitable growth in FY25.
GROW CATEGORYGROW MARGINEFFICIENT OPERATION
AUSTRALIA + AOTEAROA NEW ZEALAND
Continued focus on local customer engagement is
core to our strategy to win at home. We achieved
strong double-digit growth in domestic Aotearoa
New Zealand revenue and high single-digit growth
in Australian domestic channels. Combined,
this marks the third consecutive year of double-
digit growth with our Australia and Aotearoa
New Zealand domestic channels.
Our performance has been achieved through
increasing distribution, strengthening partnerships
to win at point of purchase and improving our
presence and brand expression at major consumer
shopping points.
REST OF ASIA
Rest of Asia
Reported currency basis
This year

FY24
NZ$000
Last year
FY23

NZ$000
vs

last year
NZ$000
vs

last year
%
Sales37,05931,7715,28816.6%
Net contribution2,7478,291(5,544)(66.9%)
Net contribution %7.4%26.1%(18.7%)
ANZ
Reported currency basis
This year

FY24
NZ$000
Last year
FY23

NZ$000
vs

last year
NZ$000
vs

last year
%
Sales36,37840,770(4,392)(10.8%)
Net contribution10,31011,573(1,263)(10.9%)
Net contribution %28.3%28.4%(0.1%)
Revenue in our Rest of Asia segment grew by $5.3M to $37.1M in FY24 and in the
process became our second-largest segment, primarily as a result of our acquisition of
HoneyWorld™ in July 2023. Revenue in Japan and Korea declined by $2.6M vs PCP.
The relaunch of our new mini Wellness Lab shop in
shop at Auckland Airport supported growth in our
tourism channels, which were up +49% vs PCP.
Total ANZ revenue which includes both domestic
and cross-border channels was down -11% due to
sales impacts in the daigou (cross-border) market.
This revenue impact flowed through to a net
contribution, which was also down year on year
by -11% and represented 28% of sales.
Our net contribution for the year of $2.7M was
adverse to PCP by $5.5M with contribution
reduction in all markets. This was primarily
due to manufacturing variances year on year,
HoneyWorld™ share of total segment performance
and integration costs and the impact of year-on-
year revenue declines in Korea and Japan flowing
through to net contribution.
While the performance of HoneyWorld™ was below
our expectations at both top and bottom line, we
believe that the majority of these impacts were
due to the short-term transition from independent
ownership to Comvita ownership, including the
time it took to transfer leases and the team to
our Group.
Our underlying belief in the strategic importance
of Singapore to connect the world with Asia and
Asia with the world remains unchanged, and we
believe that there is significant untapped potential
in Singapore and will use this to connect into
Malaysia and Indonesia.
For our Japanese subsidiary, this was very much
a transitional year as we look to bring more
premium product solutions to market and in the
process trade consumers up to our higher grade,
more efficacious product categories. In addition,
we are changing our distribution priorities after
a successful premiumisation trial in Tokyo.
ANNUAL REPORT / PŪRONGO-Ā-TAU
3637
COMVITA.CO.NZ
2024
GLOBAL MARKETS / TE MĀKETE AO WHĀNUI

KEY ECOMMERCE PERFORMANCE METRICS
EMEA
Reported currency basisFull year

This year
FY24
NZ$000
Last year

FY23
NZ$000
vs
last year
NZ$000
vs
last year
%
Sales3,6285,862(2,234)(38.1%)
Net contribution(921)604(1,525)(252.5%)
Net contribution %(25.4%)10.3%(35.7%)
Revenue in the EMEA segment failed to deliver anticipated performance with revenue
-38% to $3.6M and net contribution reducing from a modest profit of $604K in FY23 to a
loss of $912K in FY24 (-$1.5M).
ECOMMERCE
We have seen ecommerce share
of total revenue drop this year as we
returned to a more balanced distribution
model. The balancing of offline, online
and direct sales followed the ending of
Covid disruption and with it the need for
a highly competitive ecommerce offering.
Our strategic focus on the online channel
is unchanged, as this gives us the best
ability to gain first-party data and better
understand consumer dynamics, including
rate of sale, purchase behaviour, repeat
purchases and brand loyalty.
Our ecommerce channel continues to play
a foundational role for our business and has a
margin-accretive impact with a direct margin.
Data and insights remain critically important
and are central in our refined strategy. These
are a competitive advantage and give us a deep
understanding of our global consumer.
Loyalty is a platform for growth, and this year,
we launched our online loyalty programme
‘The Royal Treatment’. This investment in building
LOOKING FORWARD ————
We will focus on retention of existing consumers and deepen our insights
through extended test and learn, driving innovation via fast feedback
loops. Regional NPD to drive relevance and additional usage occasions.

FREQUENCY OF USELIFETIME VALUE AND LOYALTY
* Analysis of variance based on Australia, Aotearoa New Zealand and US only.
LOOKING FORWARD ————
Focus on translation of Middle East listings into profitable growth.
Review of UK and EU business model.

PROFITABLE GROWTHBUSINESS MODEL
loyalty has generated strong year-on-year growth
in our Registered D2C Users of +14% and our
Champion Users of +36%.
Our D2C Repeat Rate was up +1200bps vs last
year, demonstrating the commercial impact of
understanding consumers and building loyalty.
As the global landscape evolves, we have
recognised the need to pivot and reflect the role
of ecommerce within an omnichannel world. This
means we need to continue to optimise both our
ecommerce channel and also our other channels,
like our experiential stores, in order to offer a
world-class omnichannel experience.
We know that once consumers buy into Comvita,
their loyalty and repeat rates are strong. Our focus
for FY25 and beyond will be on continuing our
momentum – utilising our consumer insights and
our attribution metrics to drive more consumers
to our sites and converting them to become loyal
Comvita buyers.
Our digital-first strategy remains a central part
of our omnichannel strategy and a strong platform
for growth.
65.5%
+1200bps+14%+36%
ECOMMERCE
DIRECT MARGIN
(+260 BPS VS PCP)
VS FY23
FY24 D2C
REPEAT RATE
VS FY23
REGISTERED
D2C USERS
VS FY23
CHAMPION
D2C USERS
EUROPE, MIDDLE EAST & AFRICA
Looking at individual countries, the UK revenue was
down by $257K (-9.4%) vs PCP with an improved
net contribution, though it remains subscale and
therefore unprofitable. In the EU, our business
declined by 26% vs PCP and this flowed through
to net contribution which was adverse to PCP
by $230K.
Revenue in the Middle East was down by $1.7M
vs PCP due to orders postponed in FY24 and a
one-off credit of $1M due to trade activity being
cancelled. New listings were gained in the two
major pharmacy channels in Saudi Arabia, and
our expectation is for roll-out of distribution in
up to 900 stores expected throughout FY25.
ANNUAL REPORT / PŪRONGO-Ā-TAU
3839
COMVITA.CO.NZ
2024
GLOBAL MARKETS / TE MĀKETE AO WHĀNUI

214.62.722
EMPLOYEE NET
PROMOTER SCORE
+0% VS FY23 (21)
SAFET Y
MATURITY INDEX
+105% VS FY23 (2.24)
TRIFR
-28% VS FY23 (3.8)
ETHNICITIES IN
GLOBAL TEAM
+0% VS FY23 (22)
Deeply
responsible
We achieved significant advances in our
social and environmental impacts, reinforcing
our unwavering commitment to sustainability
and community wellbeing.
Key highlights
• Empowering our team: We implemented
flexible working approaches, a new Whānau
Support Policy and continuous learning
programmes, fostering an inclusive culture
of growth and innovation.
• Health, safety and wellbeing: We achieved a
163% increase in hazard reporting and received
high performance recognition from an external
SafePlus assessment, enhancing safety culture
and reinforcing Comvita as an industry leader.
• Climate change mitigation: We reduced net
global greenhouse gas (GHG) emissions by
16% compared to FY23, with cumulative
removals from native plantings increasing
to 120,785 tCO
2
.
• Environmental footprint reduction: We increased
recoverable packaging outputs to 95% and
recycled material inputs to 10.9%.
• Community wellbeing: We partnered with
Garden to Table, helping enable Aotearoa
New Zealand tamariki to grow, harvest,
prepare and share their own nutritious food,
promoting sustainability and healthy living.
Our Harmony Plan encapsulates our sustainability
strategy, aiming to maximise positive impacts
and create a lasting legacy. Achieving B Corp
certification across all our entities validates
our high social and environmental standards
and reinforces our belief that business can be
a force for good.
Moving forward, our focus on unleashing our
people’s potential, embracing agility and fostering
continuous improvement will ensure Comvita is
well positioned to thrive. We remain committed
to making a profound impact – caring for our
communities, preserving our planet, and ensuring
a brighter future for all.
CARING FOR PEOPLE, PLANET AND COMMUNITIES
Our vision has always been to build
a business that would help people
to live well naturally .”
ALAN BOUGEN, CO-FOUNDER
47%65%
24,591tCO
2
e0.128kgCO
2
e
PER $ OF REVENUE
GHG GROSS
EMISSIONS INTENSITY
-14% VS FY23
(0.149 kg CO
2
e)
CARBON REMOVALS SINCE
FOREST ESTABLISHMENT
+15% VS FY23
(105,104 tCO
2
)
120,785tCO
2
e
95%
10.9%
1,101HRS
OVERVIEW
DIRECTORS &
EXECUTIVES
ARE FEMALE
+6% VS FY23 (41%)
RECOVERED
PACKAGING INPUTS
+1% VS FY23 (9.9%)
NET GHG EMISSIONS
-16% VS FY23
(29.102 tCO
2
e)
GLOBAL
EMPLOYEES
ARE FEMALE
-2% VS FY23 (67%)
STAFF
COMMUNITY
SERVICE
+9% VS FY23 (1,008)
RECOVERABLE
PACKAGING
OUTPUTS
+3% VS FY23 (92%)
ANNUAL REPORT / PŪRONGO-Ā-TAU
4041
COMVITA.CO.NZ
2024
OUR HARMONY PLAN / TE MAHERE KAITIAKITANGA O TE TAIAO

MATERIAL TOPICS
Focused on material impacts
This year we completed a comprehensive
refresh of our materiality assessment. This process
aligned with the Global Reporting Initiative (GRI)
Standards, enabling us to objectively identify and
evaluate the significance of actual and potential
impacts – negative and positive – on the economy,
environment and people across all our activities
and business relationships.
Unleashing potential
Our culture and wellbeing drive our
performance. Our holistic approach integrates
wellbeing, engagement and continuous growth,
enabling our people to excel. This creates
sustainable opportunities for personal
and professional development, leading
to meaningful contributions.
• Connection and engagement: We prioritise
fostering a strong sense of connection
and engagement within our global team,
recognising that a clear sense of purpose is
crucial for performance and job satisfaction.
• Global onboarding: 84% of new hires
completed our comprehensive onboarding
module, immersing them in the Comvita
story from day one.
65%
GLOBAL EMPLOYEES
ARE FEMALE
-2% VS FY23 (67%)
83%
GLOBAL EMPLOYEES ARE
SATISFIED WITH COMVITA’S
EFFORTS TO SUPPORT DE&I
565
GLOBAL FULL-TIME
EQUIVALENT ROLES
+1% VS FY23 (559)
21
EMPLOYEE NET
PROMOTER SCORE
+0% VS FY23 (21)
100%
WORKERS PAID
LIVING WAGE
+0% VS FY23 (100%)
5.7YRS
GLOBAL LENGTH OF
SERVICE (AVERAGE)
+33% VS FY23 (4.3 YRS)
• Deepening connections: In Aotearoa New Zealand,
our employees experienced our apiaries and
production sites through our Hive to Home
programme, deepening their connection to our
mission and values.
• Maintaining engagement: Despite constant
changes, we maintained an eNPS of +21 and
an 80% engagement level, reflecting our
commitment to supporting our team.
• Business efficiency: Through automation and
process improvements, we allow employees
to focus on meaningful work, enhancing
productivity and job satisfaction.
• Whānau (Family) Support Policy: Embarking
on the parental or caregiving journey is both
a monumental milestone and a significant life
adjustment. We offer our Aotearoa New Zealand
employees six months of paid primary care leave,
10 days of paid secondary care leave and ongoing
KiwiSaver contributions. This support provides
flexibility and peace of mind, allowing our team
to focus on family. The positive response we have
received to this policy highlights its significant
impact on employees’ lives.
Driving continuous learning and leadership
Continuous learning is central to our strategy.
Our online portal offers over 200 courses for
skill enhancement at employees’ own pace.
Quarterly leadership workshops and our
We All Lead value foster a culture of shared
responsibility and empowerment, reshaping
our leadership philosophy.
Streamlined processes with self-service portals
and online toolkits enable leaders to focus on
strategic initiatives and team development.
During the year, 43% of roles were filled internally,
emphasising our commitment to career growth
and development.
FUTURE FOCUS ———
• Fostering a Thriving Workplace:
Through inclusion, continuous learning
and meaningful work, we will continue
to build a resilient and adaptive workforce
ready for tomorrow’s challenges.
• Leveraging Data for Growth: We aim
to use data to gain actionable insights,
enhancing our organisational capabilities
and employee experience.
SAFE, ENGAGED AND
EMPOWERED
GLOBAL TEAM
55%
EXECUTIVES REPORTING
TO CEO ARE FEMALE
+15% VS FY23 (40%)
13%
GLOBAL EMPLOYEE
TURNOVER
-2% VS FY23 (15%)
82%
FEEL COMVITA IS INCLUSIVE
OF PEOPLE OF ALL
BACKGROUNDS
We used a double materiality assessment
approach to consider our impacts on external
stakeholders and the potential ramifications
for our financial performance.
The material topics identified from this assessment
are summarised below. They have been reviewed
and approved by our Board in line with our ESG
processes outlined in the Governance section.
We are committed to transparently reporting on
the material impacts of our business activities
and how we manage these. Further details can
be found in Appendix 1.
Material topics
Consumer health
and wellbeing
Safe, engaged
and empowered
global team
Environmental
protection and
regeneration
Thriving industry and
communities
• Consumer
engagement
and loyalty
• Product efficacy
and quality
• Data protection
and privacy
• Workforce culture
and wellbeing
• GHG emissions
and climate change
resilience
• Packaging circularity
• Ecosystem
restoration
• Agricultural
chemical emissions
• Bee health and
wellbeing
• Mānuka honey
industry leadership
• Supply chain –
respect for human
rights
• Supply chain –
agricultural impacts
• Māori engagement
and respect for
te ao Māori
• Community
contribution
ANNUAL REPORT / PŪRONGO-Ā-TAU
4243
COMVITA.CO.NZ
2024
OUR HARMONY PLAN / TE MAHERE KAITIAKITANGA O TE TAIAO

Elevating health,
safety and wellbeing
We believe health, safety, and wellbeing are
paramount. As a global health and wellness brand,
we ensure our team is supported and safe across
all markets.
Safety maturity journey: Our internal safety
maturity audit scores have significantly improved.
An external SafePlus assessment this year
rated us at a robust performing level, with
advancements into leading areas. This recognition
from SafePlus, an industry-standard evaluation,
positions Comvita towards becoming a leader
in health and safety, reinforcing our commitment
to a safer, more resilient workplace.
4.6PTS
SAFET Y
MATURITY SCORE
1

+105% VS FY23 (2.24)
2.7
TRIFR
34
-29% VS FY23 (3.8)
3:1
LEAD: LAG
2

+32% VS FY23 (3:2)
1.1
LTIFR
56
-59% VS FY23 (2.7)
274
INDIVIDUAL
WELLBEING CHECKS
0.13
MVIFR
78
-75% VS FY23 (0.53)
1 Calculated as average score across all operational teams.
2 The lead:lag ratio is the number of reported proactive vs reactive
health and safety events
3 Total recordable injury frequency rate (TRIFR) is used to measure
recordable work-related injuries
4 Lost-time injury frequency rate (LTIFR) is used to represent high
consequence injuries and includes all lost-time injuries, not injuries
defined by recovery time. There have been no reported injuries in
FY24 that have taken up to or more than 6 months to recover from
5 Motor vehicle injury frequency rate (MVIFR) is a specific metric
created by Comvita given the nature of our hazards and for our
reporting requirements. Rates have been calculated based on
200,000 hours worked.
Streamlined Health & Safety Management:
We have simplified health and safety processes,
increasing accessibility and employee engagement.
Input from front-line employees improved design
and addressed workplace hazards. Enhanced
training for our Safer Hive (H&S Committee)
resulted in a 163% increase in hazard reporting,
enabling more effective risk mitigation.
Empowering health and safety leadership:
Our We All Lead value promotes shared
responsibility for safety and wellbeing. We provide
tools for risk identification and healthy practices
along with comprehensive benefits such as
health insurance, free doctor consultations, flu
vaccinations, counselling and annual health checks.
Employee feedback on these tools and practices
highlights the positive impact of these initiatives.
Climate action and adaptation
We are already adapting our business
operations as weather patterns change, as
well as focusing on decarbonisation to mitigate
transition risks.
Comvita Limited is a climate-reporting entity
under the Financial Markets Conduct Act 2013 and
we have prepared our FY24 Climate Statement in
accordance with the Aotearoa New Zealand Climate
Standards (NZ CS) issued by the External Reporting
Board. Our FY24 Climate Statement includes our
GHG inventory information.
Key activities this year
• Climate-related risk and opportunity assessment:
We completed a first pass risk and opportunity
identification and assessment to better inform
our adaptation and mitigation strategies
moving forward.
• Completing our global GHG inventory: Our annual
GHG inventory focuses our carbon reduction
activity. We are investigating setting near-term
and longer-term (net zero) carbon reduction
targets in line with Science Based Targets
Initiative (SBTi) guidance.
FY24 GHG emissions and removal results
• Gross emissions: Total gross Scope 1, Scope 2 and
Scope 3 emissions this year were 26,079 tCO
2
e, a
26% reduction vs FY23 and a 20% reduction vs our
FY22 baseline.
• Removals: Net removals included in the GHG
inventory declined significantly to 1,488 tCO
2

due to more properties being or intended to
be registered in the New Zealand Emissions
Trading Scheme (ETS). Estimated NZUs
increased significantly.
Comvita Global GHG emissions and removals results summary
Comvita‘s GHG inventory has been prepared in accordance with the relevant GHG Protocol. FY24 total gross
emissions all scopes and net biogenic removals were subject to limited assurance by KPMG. Further detail
can be found in the Comvita Limited Climate Statement 2024.
Global GHG
emissions tCO
2
e
Trend
% changeFY24FY23
Total gross emissions all scopes (excluding optional and biogenic)26,07934,944(25%)
Net biogenic removals(1,488)(5,842)(75%)
Net GHG emissions 24,59129,102(16%)
Comvita NZ ETS NZUs
1
(3,730)(743)402%
Adjusted net GHG emissions including Comvita NZUs20,86128,359(26%)
Enabled NZ ETS NZUs
2
(10,436)(4,263)145%
Adjusted net GHG emissions including Comvita and other NZUs10,42524,096(57%)
Emissions intensity – gross GHG emissions kgCO
2
e per NZ$1
of revenue0.1280.149(14%)
1 Estimated annual NZUs accrued to Comvita. Interest in Makino JV has been removed from FY24 and FY23 figures.
2 Estimated annual NZUs accrued to other landowners from Comvita plantings. Makino JV has been removed from FY24 and FY23 figures.
FUTURE FOCUS ———
• World-Class Safety Leadership: We aim
to embed health, safety and wellbeing into
our culture, elevating our standards and
solidifying our leadership in workplace safety.
• Expanding Global Wellbeing Initiatives:
We will enhance global wellbeing programmes
by expanding mental health support and
physical wellness resources, ensuring every
employee feels supported and valued.
FUTURE FOCUS ————
Refining our transition planning and investigating our science-based targets.
ENVIRONMENTAL
PROTECTION
AND REGENERATION
ANNUAL REPORT / PŪRONGO-Ā-TAU
4445
COMVITA.CO.NZ
2024
OUR HARMONY PLAN / TE MAHERE KAITIAKITANGA O TE TAIAO

Packaging circularity
We are focused on improving the circularity
of our finished goods packaging, particularly
waste from end-of-life product packaging
where honey pots are the largest contributor.
Performance highlights this year
• Recoverable packaging (recyclable, reusable and
compostable) increased to 95% and recovered
packaging (recycled input) increased to 11%.
• We developed a Material Circularity Index
(MCI) baseline score of 0.36, with a target
of 0.4 in FY25.
• Improvements were achieved through increased
recycled PET usage, phased implementation
of recyclable lozenges packaging and ongoing
collaboration with our honey pot packaging
supplier to trial new material options
(benefiting Comvita and the wider industry).
1 All packaging purchased directly by Comvita.
Regeneration and restoration
Cloaking the land in native Mānuka through
our planting programme helps support improved
biological diversity, water quality, soil health and
flood resilience.
Since 2017, we have planted a total of 15 Mānuka
forests, covering 6,300 hectares across the central
North Island and Wairarapa regions of Aotearoa
New Zealand.
Collectively, our plantings and owned land have
now sequestered 120,785 tCO
2
. Scientific research
has also validated the other positive environmental
impacts from our regeneration – showing
improvements in biodiversity and freshwater health.
We do have to apply some chemicals to nurture
and maximise the survival of Mānuka seedlings.
Our preferred approach is pre-plant spot spraying,
followed by sheep grazing, reducing herbicide use
by approximately 80%.
During the year, we worked with Plant and
Food Research to develop a bespoke science-
based Ecological Impact Monitoring (EIM) Tool
to holistically measure ecological health and
environmental impacts across a number of
indicators and to guide our environmental practices.
FUTURE FOCUS ————
In the year ahead, we will continue
to investigate innovative recycled
packaging materials and improvements
with our external manufacturers.
FUTURE FOCUS ————
Implementing our EIM Tool to enable
scientific measurement of nature-
related impacts over time, supported by
predator trapping and other initiatives.
95%
RECOVERABLE
OUTPUTS PRODUCED
1
+2% VS FY23 (92%)
10.9%
RECYCLED INPUT
MATERIALS USED
1
+1% VS FY23 (0.9%)
0.36
MATERIAL CIRCULARITY
INDICATOR SCORE
1
NO FY23 SCORE
AVAILABLE
6,251HA
CUMULATIVE
MĀNUKA PLANTINGS
+14% VS FY23 (5,475 HA)
120,785tCO
2
CUMULATIVE CARBON REMOVALS
+15% VS FY23 (105,104 tCO
2
)
TOTAL
CLIMATE CHANGE
AND ADAPTATION
Protection of bees
We recognise the invaluable partnership we
share with bees and are committed to promoting
positive bee welfare outcomes and supporting the
growth of bee populations as crucial pollinators.
This will deliver environmental, food security, and
other downstream socioeconomic benefits.
Highlights this year
• We delivered ongoing best-practice hive and
bee welfare management as enshrined in
our Bee Welfare Code. This was supported
by our Mānuka forests providing additional
nectar sources for bees and other pollinators,
and our rigorous testing programme.
10%
WINTER BEEHIVE LOSSES
+6% VS FY23 (4%)
2,710
PEOPLE ENGAGED
THROUGH BEE EDUCATION
+1,068% VS FY23 (232)
• We continued our responsible and effective
varroa management in line with best-practice
guidance, while researching innovative organic
miticide treatments and varroa-resistant
strains to incorporate in our queen bee
breeding programme.
• We supported the creation of new bee-friendly
habitats globally and educated others on
the importance of bees and pollinators.
We entered into a high-level agreement
with the China Biodiversity Conservation
and Green Development Foundations to
help protect native Chinese bees and create
opportunities for rural beekeepers.
ANNUAL REPORT / PŪRONGO-Ā-TAU
4647
2024
OUR HARMONY PLAN / TE MAHERE KAITIAKITANGA O TE TAIAO
COMVITA.CO.NZ

FUTURE FOCUS ————
Nurturing Tapuika partnership.
Continuing to support the Mānuka
Charitable Trust to safeguard the
New Zealand Mānuka honey industry.
FUTURE FOCUS ————
Human rights risk assessment and
increasing supplier due diligence
and engagement.
Pre-screening of suppliers and rolling
out our Supplier Code of Conduct
to key suppliers.
THRIVING
INDUSTRY
AND COMMUNITIES
Mānuka honey industry leadership
As the global market leader in Mānuka
honey, we understand that long-term industry
sustainability and growth rely on awareness
of the health benefits of Mānuka honey and
ensuring trust in product efficacy and quality.
Comvita looks to inform industry policies,
strategy, and priorities through our membership
and involvement in key industry organisations for
the benefit of all Aotearoa New Zealand honey
producers. We draw on our end-to-end value
chain knowledge and scientific understanding
to help shape the direction of our industry.
We are particularly focused on supporting a
clear set of shared industry quality standards
and sustainability credentials, which we believe
is essential for future industry success.
Ethical and sustainable
supply chain
We are on a journey with our suppliers to
ensure responsible sourcing and transparency
across our supply chain – helping to protect
workers’ human rights and achieve our
environmental objectives.
We see an increasing focus on human rights by
many of our global customers. We have internal
processes for staff to raise concerns, and we
respond to any issues identified as part of our
procurement process and supplier onsite audits.
In the year ahead, we will be focusing on improving
our understanding of risks and increasing supplier
due diligence and engagement in this area.
We also engage with our suppliers to support our
carbon reduction and environmental objectives.
One focus area is supplementary sugar feed. Like
other commercial beekeepers, we need to feed
our bees at certain times of the year when natural
food sources are limited. Agricultural effluents
from sugar cane production in some regions can
harm freshwater and marine ecosystems and
contribute to water scarcity. We are committed
to better understanding the actual environmental
and social impacts associated with the sugar we
purchase and are exploring sustainable sourcing
options and alternative bee food sources.
Māori engagement and
respect for te ao Māori
We acknowledge Tapuika, the mana
whenua of the area surrounding Comvita’s
birthplace and head office in Paengaroa.
Through our partnership, we seek to build
the local community collectively.
Key activities this year
• Our ongoing work to legally protect Mānuka
supports tikanga Māori principles and benefits
Māori landowners. While strengthening Mānuka
honey standards may exclude more multifloral
crops, we believe such standards are crucial for
product quality and industry reputation.
• We donated Mānuka seedlings to Māori-
led and other regeneration programmes
in areas impacted by extreme weather events.
Our efforts help rebuild and enhance the mauri
of these areas.
I feel so proud that
Comvita can hōnonga not
only to our mana whenua
but also to our rich
Comvita history, and it’s a
story that I love to share
whenever I can.”
NIKKI REEDY,
CUSTOMER EXPERIENCE
MANAGER
FUTURE FOCUS ————
Support of industry groups and advocacy, particularly in relation to quality standards.
Key activities this year
• We helped develop the New Zealand Honey
Strategy 2024-2030 Thriving Together:
Futureproofing New Zealand Apiculture.
• We provided ongoing support to the Mānuka
Charitable Trust in protecting Mānuka as a
taonga (treasure) and ensuring that the Mānuka
honey brand exclusively includes honey produced
from Aotearoa New Zealand Mānuka trees.
• We were involved in industry support and
advocacy through our memberships of
Apiculture New Zealand and the Unique
Mānuka Factor Honey Association.
ANNUAL REPORT / PŪRONGO-Ā-TAU
4849
COMVITA.CO.NZ
2024
OUR HARMONY PLAN / TE MAHERE KAITIAKITANGA O TE TAIAO

Save the Kiwi Hatchery, Wairakei
Supporting thriving communities
We are dedicated to creating positive and
enduring health, social and environmental impacts
within our communities. We have committed to
investing 1% of our profits each year in community
initiatives and to supporting community wellbeing.
Mānuka honey production and planting initiatives
create vital economic opportunities for rural
communities, including jobs in planting, pest
management, beekeeping and transportation.
We have long-term land-use agreements with
12 landowners and hive placement agreements
with 94 others. Currently, Comvita employs
approximately 60 beekeepers and purchases
honey from about 55 external suppliers.
Through our Time to Heal programme, our staff
globally have had a direct and positive impact this
year, building connections with local communities,
and raising brand awareness. Mahi (work) has
included street clean-ups, beach clean-ups,
community garden development and preparing
meals for the homeless.
We are proud to announce the Saving the Wild
Beekeeping Project we initiated in Kenya is now
economically sustainable and the Saving the
Wild WOMEN project, helping local Maasai
women achieve self-sufficiency in apiculture,
had its first honey harvest this year.
We have continued to support Save the Kiwi and
are continuing with initiatives to provide safe
habitats for kiwi within our Mānuka forests.
Mānuka Seedlings, Blue Sky Station, Retaruke
Data protection and privacy
Our consumer data and understanding
is our competitive advantage and places
reciprocal obligations around privacy and
security of that data.
We had no substantiated complaints concerning
breaches of consumer or customer privacy
this year.
We have appropriate systems and cyber security
measures in place, while acknowledging that
constant monitoring and improvement is required.
These measures include understanding the nature
and location of all the personal information we
hold, ensuring third-party provision of the highest
levels of data security and privacy, maintaining a
robust network security service for our network,
regularly undertaking data cleanses and having
appropriate external facing and internal policies.
During the year, an external provider completed
a comprehensive cyber security review. We were
assessed as being well placed but recommended
future improvements were also identified.
Quality and intellectual
property leadership
Our product efficacy and competitive
advantage is underpinned by our industry-
leading scientific research, our comprehensive
intellectual property and commercialisation
strategy and our uncompromising commitment
to product quality.
Our Product Quality and Safety Policy
outlines our commitment to ensuring that our
quality management systems and processes
are underpinned by science and continuous
improvement and that they deliver strong
food safety and product quality outcomes.
We undertake more laboratory testing on our
Mānuka honey than anyone else in the category
and have the highest level of independent food
safety and quality certifications in the industry.
This year, we successfully achieved unannounced
BRC AA+ food safety certification, the highest
grade possible. We hold more than 25 independent
external food safety and quality certifications,
enabling us to access new markets, channels
and customers around the world. There were no
instances of non-compliance with food safety
regulations this year.
FUTURE FOCUS ————
Continuing to deliver the most
efficacious and top-quality products
for our global consumers.
FUTURE FOCUS ————
Ongoing monitoring and implementation
of cyber security improvements.
FUTURE FOCUS ————
Increase global participation in team Time to Heal programme and supporting Garden to Table
and other partnerships for greater impact.
CONSUMER
HEALTH
AND WELLBEING
1%
% EBITDA COMMUNITY
INVESTMENT
+0% VS FY23 (1%)
35%
STAFF PARTICIPATION IN
TIME TO HEAL
+18% VS FY23 (17%)
1,101HRS
STAFF COMMUNITY
SERVICE
+9% VS FY23 (1,008)
Garden to Table
We are thrilled to announce a new sponsorship
arrangement with Garden to Table. Garden
to Table empowers Aotearoa New Zealand
school children to grow, harvest, prepare
and share their own fresh, nutritious and
affordable kai (food).
This initiative aligns perfectly with our purpose to
work in harmony with nature, supporting positive
health outcomes and creating a legacy for future
generations. As part of this partnership, we will
donate honey to participating Garden to Table
schools for use in food preparation and recipes
as a healthier, gut-friendly alternative to sugar.
We are confident the schools will love our
delicious, tummy-friendly, healthy honey!
ANNUAL REPORT / PŪRONGO-Ā-TAU
5051
COMVITA.CO.NZ
2024
OUR HARMONY PLAN / TE MAHERE KAITIAKITANGA O TE TAIAO

KEEPING US
OUR BOARD
FOCUSED
04.
YAWEN
WU
DIRECTOR
02.
BOB
MAJOR
INDEPENDENT
DIRECTOR,
CHAIR OF
SAFETY AND
PERFORMANCE
COMMITTEE
05.
JULIA
HOARE
1
INDEPENDENT
DIRECTOR,
CHAIR OF
AUDIT AND RISK
COMMITTEE
06.
DAVID
BANFIELD
1
MANAGING
DIRECTOR
01.
BRETT
HEWLETT
1
DIRECTOR,
CHAIR
07.
BRIDGET
COATES
2
INDEPENDENT
DIRECTOR
08.
MICHAEL
SANG
2
INDEPENDENT
DIRECTOR
03.
ZHU
GUANGPING
DIRECTOR
VISIT COMVITA.CO.NZ FOR BIOGRAPHIES OF OUR BOARD AND LEADERSHIP
04.
NIGEL
GREENWOOD
CHIEF FINANCIAL
OFFICER
05.
DR JACKIE
EVANS
CHIEF
SCIENCE OFFICER
01.
DAVID
BANFIELD
3
CHIEF EXECUTIVE
OFFICER
BUILDING OUR
OUR LEADERSHIP TEAM
BUSINESS
03.
HOLLY
BROWN
REGIONAL CEO
NORTH AMERICA
AND EUROPE,
MIDDLE EAST &
AFRICA (EMEA)
06.
TERRY
CHEN
CHIEF
SUPPLY CHAIN
OFFICER
07.
ADRIAN
BARR
CHIEF
BUSINESS
DEVELOPMENT
OFFICER
09.
TANIA VAN
PADDENBURG
CHIEF PURPOSE &
TRANSFORMATION
OFFICER
10.
CHRIS
FRANCE
CHIEF
TECHNOLOGY
OFFICER
08.
MONICA
YIANAKIS
CHIEF DIGITAL
& MARKETING
OFFICER
11.
JESSICA
SANDERS
EXECUTIVE
ASSISTANT
02.
ANDY
CHEN
DEPUTY GROUP
CEO AND
REGIONAL CEO
APAC
1. No longer a Director as at the date of this report. Brett Hewlett is acting CEO and Luke Bunt has rejoined the Board effective 1 September 2024.
2. Effective 31 August 2024, Bridget Coates is Chair and Michael Sang is Chair of Audit and Risk Committee.
3. No longer CEO as at the date of this report.
01. 02.
03.
05. 08. 06.
07.
04.
01. 02.
05. 06.
09. 10. 11.
07.
04.
08.
03.
5253
COMVITA.CO.NZ
2024
ANNUAL REPORT / PŪRONGO-Ā-TAU
LEADERSHIP AND GOVERNANCE /
MANA WHAKATIPU ME TE MANA WHAKAHAERE

Comvita Limited is committed to taking
a holistic view of how it creates long-term
value and the impact of its decisions on
all stakeholders – including shareholders,
employees, customers, suppliers, community
and the environment.

Comvita Limited is a company domiciled
in Aotearoa New Zealand, registered under the
Companies Act 1993 and listed on the New Zealand
Stock Exchange. The company is an issuer in terms
of the Financial Reporting Act 2013 and Financial
Markets Conduct Act 2013. Comvita has subsidiaries
operating in Australia, China, Hong Kong SAR, Japan,
South Korea, Malaysia, Singapore, United States,
United Kingdom and the Netherlands.

The Board’s Charter sets out the governance
principles, authority, responsibilities, membership and
operation of the Board of Directors. This governance
statement outlines the main corporate governance
practices as at 27 September 2024. The full statement
is available to view at www.comvita.co.nz.

Any questions in relation this report should
be directed to investor.relations@comvita.com.
Compliance
The Board has adopted codes and policies relating
to the conduct of all Directors, executives and
staff, taking guidance from the NZX Main Board
Listing Rules relating to corporate governance
and the NZX Corporate Governance Code.
For the purpose of Listing Rule 3.8.1, the Board
considers that, as at 27 September 2024, the
governance structures, principles, policies and
practices it has adopted are in compliance
with the NZX Corporate Governance Code
dated 1 April 2023 (NZX Code) except to the
extent set out in the following pages.
Comvita’s Constitution, the Board and
Committee Charters, codes and policies
referred to in this section are available to
view at www.comvita.co.nz.
Comvita makes the documents listed below
available on its website.
Constitution/ChartersCodes/Policies
ConstitutionCode of Ethics
Board CharterContinuous Disclosure
Policy
Safety and
Performance
Committee Charter
Financial Product
Dealing Policy
Audit and Risk
Committee Charter
Diversity and Inclusion
Policy
Directors and Officers
Remuneration Policy
Environmental Policy
Further detail
Further detail as required by the NZX Listing
Rules and Companies Act 1993 is included in the
Financial Statements included.
GOVERNANCE
5455
COMVITA.CO.NZ
2024
ANNUAL REPORT / PŪRONGO-Ā-TAU
LEADERSHIP AND GOVERNANCE /
MANA WHAKATIPU ME TE MANA WHAKAHAERE

Principle 1 – Ethical Standards
Code of Ethics (Recommendation 1.1)
Directors set, observe and foster high ethical
standards. Comvita expects its Directors, officers,
and employees to act legally, to maintain high
ethical standards and to act with integrity
consistent with Comvita’s policies, guiding
principles and values.
A Director-specific Code of Ethics sets out these
standards for all Directors and can be found in
the Appendix to the Board Charter on Comvita’s
website. Further, Comvita has a Code of Ethics
applicable to all Directors, officers and employees
in accordance with Recommendation 1.1 of the NZX
Code, a copy of which is available on the website.
Training on ethical behaviour is incorporated within
Comvita’s induction programme, with refresher
training provided periodically.
Company rules, which all employees and officers
are expected to adhere to, provide clear guidance
across a range of ethical and legal matters
to ensure high standards of performance and
behaviour are maintained when dealing with
the company’s customers, suppliers, shareholders
and staff.
Specific policies are also available on the
company’s website as noted above.
Mechanisms are provided within the company-wide
Code of Ethics and general company rules for the
safe reporting of breaches of ethical standards
or other policies or laws, and the consequences
of non-compliance are made explicit.
Financial Product Dealing Policy – Trading in
Comvita securities (Recommendation 1.2)
Directors, officers and employees are restricted
in their trading of Comvita securities and
must comply with Comvita’s Financial Product
Dealing Policy, which is available on the Comvita
website. The policy provides guidance on insider
trading rules and outlines process and approval
requirements for dealing in Comvita securities.
Principle 2 – Board Composition and
Performance
Board Charter (Recommendation 2.1)
The Board operates in accordance with the
Board Charter, which sets out the roles and
responsibilities of the Board. A copy of the
charter is available on Comvita’s website.
There is a balance of independence, skills,
knowledge, experience and perspective among
Directors that allows the Board to work effectively.
Responsibility for the day-to-day operations and
administration of the company is delegated by
the Board to the Chief Executive Officer and the
Leadership Team.
Nominations and appointments
(Recommendation 2.2)
The nomination of candidates for appointment
to the Board is overseen by the Safety and
Performance Committee and the procedure for
nomination and appointment is detailed in the
Safety and Performance Committee Charter.
Such procedure includes processes to be followed
to ensure proper checks are carried out on all
candidates and key information is obtained to
enable the Board and shareholders to make
an informed decision about whether to elect
or re-elect a candidate. It also provides for an
assessment of independence.
Written agreements (Recommendation 2.3)
The Directors have each signed a written
agreement with the company outlining the terms
of their appointment. The agreement includes
expectations of the director, expected time
commitments, remuneration, indemnity and
insurance provisions, disclosure requirements,
confidentiality obligations, term and expectation
of compliance with relevant corporate policies.
Board size and composition (Recommendation 2.4)
The Board is comprised of Directors with a mix of qualifications, skills and experience appropriate
to the company’s business. The number of Directors and rotation requirements are determined in
accordance with the company’s Constitution, the Board Charter and the NZX Main Board Listing Rules.
The Constitution provides for the Directors to elect one of their number as Chair of the Board, and the
Board Charter provides that the Chair should be an independent Director unless otherwise approved
by all Directors. To encourage the process of constant evolution of the Board and succession of key
roles within the Board, the Board Charter states that Directors are discouraged from standing for
re-election a second time (i.e. after serving six years) unless by unanimous support from the whole Board.
For the year ended 30 June 2024, the company complied with the current Listing Rules with regard to
the composition of the Board and the appointment and rotation of Directors.
Director profiles (with details of their experience), ownership interests, meeting attendance, length
of service and independence of each Director are available on the company’s website and/or in this
Annual Report.
Director ownership interests (including beneficial ownership) as at 30 June 2024 are detailed in the
Statutory Information section at the back of the 2024 Financial Statements.
For a Director to be considered independent, the fundamental consideration in the opinion of the Board
is that the Director is independent of the Executive and not have any direct or indirect interest, position,
association or relationship that could or could be perceived to influence in a material way the Director’s
capacity to bring an independent view to decisions, to act in the best interests of the company and to
represent the interests of shareholders generally. In accordance with the NZX Code, any Director who is
or who is associated with a substantial product holder is considered by the Board to not be independent.
The Board has reviewed which of its Directors are deemed to be independent in terms of the NZX Listing
Rules and has determined that four of the eight Directors as at 30 June 2024 were independent.
1
Of the
Directors that are independent, none of the factors listed in the NZX Code are relevant.
Board and Committee meeting attendance for the year ended 30 June 2024 is set out below:
Board memberBoard
2
Conference
calls and special
meetings
Audit and Risk
Committee
3
Safety and
Performance
Committee
4
Tenure
on
Board
EligibleAttendedEligibleAttendedEligibleAttendedEligibleAttended
Brett Hewlett12124455667
Julia Hoare12124455––1
Robert Major121244––665
Zhu Guangping12732––––5
David Banfield121233––––3
Yawen Wu1212
5
33––––3
Bridget Coates121244––663
Michael Sang
6
984233––1
Lucas Bunt
7
330022––9
1. Brett Hewlett is not considered independent due to Comvita being his sole directorship and accordingly the majority of his income comes from
Comvita fees. Mr Zhu Guangping and Ms Yawen Wu are not considered independent as they are associated with substantial product holders.
Zhu Guangping is associated with Li Wang, the largest shareholder in the company with a shareholding of greater than 5%. Yawen Wu is
associated with China Resources, which also has a shareholding of greater than 5%. David Banfield is not considered independent as he is
Managing Director and CEO.
2. Chair of the Board has no casting vote.
3. Chair of the Audit and Risk Committee has no casting vote.
4. Chair of the Safety and Performance Committee has no casting vote.
5. Yawen Wu’s alternative Ching Ho Luk attended 12 of these meetings on her behalf.
6. Michael Sang was appointed director effective 5 October 2023.
7. Lucas Bunt resigned effective 30 September 2023.
GOVERNANCE
PRINCIPLES
AND GUIDELINES
5657
COMVITA.CO.NZ
2024
ANNUAL REPORT / PŪRONGO-Ā-TAU
LEADERSHIP AND GOVERNANCE /
MANA WHAKATIPU ME TE MANA WHAKAHAERE

Gender composition of Directors and officers and diversity
Comvita is committed to diversity (race, gender, sexuality etc.) in its employment of individuals at all levels
in the organisation.
As at 30 June 2024 (the prior year’s comparison is in brackets):
Board
Audit and Risk
Committee
Safety and
Performance
CommitteeOfficers
Gender
Male 5 (5) 62%2 (2)2 (2)5 (8)
Female 3 (3) 38%1 (1)1 (1)5 (4)
Gender diverse 0 (0) 0%0 (0)0 (0)0 (0)
Age
Under 30 years 0 0%
30–50 years 1 12%
Over 50 years 7 88%
Executive100
Non-executive733
Independent422
Number of each individual’s
other significant positions
and commitments, and the
nature of the commitments
Please refer to
the Statutory
Information
section of
the Financial
Statements
Please refer to
the Statutory
Information
section of
the Financial
Statements
Please refer to
the Statutory
Information
section of
the Financial
Statements
Membership of under-
represented social groups
2 x Chinese
ethnicity
1 x British
ethnicity
3 x female
1 x female1 x female
Stakeholder representationNoneNoneNone
Director competencies
Board skills and competenciesB. HewlettJ. HoareB. MajorZ. GuangpingD. BanfieldY. WuB. CoatesM. Sang
Commercial expertise, corporate governance
and risk management
●●●●●○●●
Key market insights, leadership and sales
and marketing   
●○●●●●●○
Financial, investment, capital markets
and corporate finance
●●●○○●●●
Technology and digital innovation○○○○○
Innovation and commercialisation of science○○●○○○○
Agriculture industry ●○●○○●
Manufacturing and supply chain ●○○○○○○
Sustainability○●○●●●
Stakeholder engagement●●●○○○●●
People, culture, health and safety●●●●○○○
KEY: ● High capability ○ Medium capability
Diversity Policy (Recommendation 2.5)
Comvita has maintained its commitment to diversity, equity, and inclusion – a stance that is reflected
in the core values and behaviours of the company. Comvita has a Diversity Policy that is available
on the company’s website. The Safety and Performance Committee is monitoring set diversity
objectives and targets, specifically relating to pay policies and equity, development and growth,
and the diversity of senior executives (gender, and global experiences and perspectives). The Safety
and Performance Committee is positive about current progress and strategies to maintain equality
on a scheduled approach.
Further details on Comvita’s diversity and inclusion are outlined on page 41.
Director training and performance (Recommendations 2.6 and 2.7)
Board members are encouraged to regularly participate in learning and self-development opportunities
provided by the Institute of Directors or other professional groups to ensure they remain current on how
best to perform their duties as a Director.
Comvita has a procedure to assess Director, Board and Committee performance, which is set out in
the Board Charter. In particular, the Board periodically undertakes a self-assessment of its performance,
processes and procedures as well as periodically seeking support of an external independent advisor
to assist.
In the reporting year, the Directors undertook a session on futurology presented by Miriam Raymen
specifically on wellness 2030 trends.
There have also been a number of sessions held with the Board and Audit and Risk Committee in relation
to education and upskilling on Climate Related Disclosure requirements, concepts and processes required
under the Aotearoa New Zealand Climate Standards.
5859
COMVITA.CO.NZ
2024
ANNUAL REPORT / PŪRONGO-Ā-TAU
LEADERSHIP AND GOVERNANCE /
MANA WHAKATIPU ME TE MANA WHAKAHAERE

Independence of Directors (Recommendations
2.8, 2.9 and 2.10)
As at 30 June 2024 the Board was made up of
50% independent and 50% non-independent
Directors, and the Chair was no longer considered
independent as announced to the market on
30 August 2023. However, as at the date of this
report, the Board is made up of 67% independent
and 33% non-independent directors and the Chair
is independent. The Chair and the Chief Executive
Officer positions are not held by the same person.
It is viewed that the Chairs of the Audit and Risk
Committee and the Safety and Performance
Committee are independent, as are the
Committee members.
Principle 3 – Board Committees
(Recommendation 3.5)
The Board uses Committees where this enhances
the effectiveness in key areas while retaining
Board responsibility. The Board operates two
Committees to assist in the execution of the
Board’s duties: the Safety and Performance
Committee and the Audit and Risk Committee.
Each Committee has a specific Charter,
which can be viewed on the company’s website
www.comvita.co.nz. Committee members are
appointed from members of the Board for
an initial two-year term, with reappointment
reviewed on an annual basis.
All matters determined by Committees are
submitted to the full Board as recommendations
for Board decision. Staff members attending
those Committees are at the invitation of the
specific Committee.
The Board did not consider it necessary to have
any other Committees for the reporting period
as a standing Board Committee.
Audit and Risk Committee (Recommendations 3.1
and 3.2)
The Audit and Risk Committee at 30 June 2024
comprised of Julia Hoare (Chair), Brett Hewlett
and Michael Sang and met five times during the
period. For FY24, the majority of the Committee
members were independent and all were non-
executive Directors. The Committee reviews
the annual audit process, the financial, non-
financial and operational information provided
to stakeholders and others, including climate
statements, the management of risks facing
the organisation relating to insurance, tax and
treasury and the framework of internal control
and governance that the Leadership Team and
the Board have established. The Chief Executive
Officer, Chief Financial Officer and Group Financial
Controller regularly attend meetings by invitation.
Comvita’s external auditors attend Committee
meetings as deemed necessary by the Committee.
Further detail on the Committee’s roles and
responsibilities is set out in the Audit and Risk
Committee Charter.
The Audit and Risk Committee will also provide
guidance and review of Comvita’s non-financial
reporting and non-financial reporting audits
(including GHG inventory report) and recommend
to the Board the adoption of (or otherwise).
Safety and Performance Committee
(Recommendations 3.3 and 3.4)
The Safety and Performance Committee as at
30 June 2024 comprised of Bob Major (Chair),
Brett Hewlett and Bridget Coates. The Committee
met six times during the period.
For FY24, the majority of the Committee members
were independent and all were non-executive
Directors. The Committee provides oversight
to health and safety by ensuring the business
maintains a strong health and safety culture
that meets or exceeds the company’s obligations
under legislation and best-practice standards. The
Committee also recommends the remuneration
policies and packages, including performance
incentives for the Chief Executive Officer and the
Chief Financial Officer. Additionally, it reviews
the performance targets of the Chief Executive
Officer, succession planning for the Leadership
Team and the Board, risk and compliance
monitoring in relation to the company’s human
resources and operational health and safety
oversight and remuneration policies and guidelines
for Directors. In determining remuneration,
external independent consultants are engaged
where appropriate in accordance with the Safety
and Performance Committee Charter but the
views of other stakeholders are not sought at
this stage.
The Committee also carries out the functions of
a nominations committee, recommending new
Director appointments to the full Board. Further
detail on the Committee’s roles and responsibilities
is set out in the Safety and Performance
Committee Charter.
The Committee is also responsible for overseeing
Comvita’s purpose, values, strategies and goals
related to sustainable development, including
environmental, social and governance aspirations,
making recommendations to the Board as
appropriate. Comvita’s sustainability framework
is articulated through its Harmony Plan. The
Committee delegates responsibility for identifying
and managing stakeholder engagement and
impacts on the economy, environment and
people to the Chief Purpose & Transformation
Officer (CPTO). The CPTO is supported by the
Sustainability Steering Group, which meets at least
every two months and consists of a sub-group of
Leadership Team members and senior managers
from relevant functions, and by the Sustainability
team and other employees. Monthly updates on
Comvita’s sustainability activities and impacts
are provided to the full Board, with a detailed
update and presentation of relevant topics to the
Committee every quarter where the Committee
will review recommendations and recommend to
the Board annual, measurable ESG objectives,
ESG strategies and policies and other ESG tasks
as appropriate. Comvita also undertakes a
stakeholder engagement process and materiality
assessment at least every two years using external
experts to assist. The results and process itself are
reviewed by the Committee and the results are
communicated to the Board.
Takeover protocols (Recommendation 3.6)
The Board has established experience in respect of
the various NZX and statutory requirements in the
event of a takeover approach for the company. The
key requirements of the Takeover Code are well
understood by the Board.
Further, Comvita has established formal protocols
that set out the procedure to be followed if
there is a takeover offer in accordance with
Recommendation 3.6 of the NZX Code.
Principle 4 – Reporting and Disclosure
The Board demands integrity both in financial
reporting and in the timeliness and balance of
disclosure on entity affairs.
Comvita is committed to ensuring integrity and
timeliness in its financial reporting and in providing
information to the market and shareholders that
reflects a considered view on the present and
future prospects of the company.
Continuous disclosure (Recommendation 4.1)
Continuous disclosure obligations of NZX require all
listed companies to advise the market about any
material events and developments as soon as the
company becomes aware of them. The company
has policies and monitoring in place to ensure that
it complies with these obligations. In particular,
the company has a Continuous Disclosure Policy
applicable to all Directors, officers and employees
that is available on Comvita’s website.
Charters and policies (Recommendation 4.2)
Key corporate governance documents are available
on Comvita’s website.
Financial reporting (Recommendation 4.3)
The Audit and Risk Committee oversees the
quality and integrity of external financial
reporting, including the accuracy, completeness
and timeliness of financial statements. It reviews
half-year and annual financial statements and
makes recommendations to the Board concerning
accounting policies, areas of judgement,
compliance with accounting standards, stock
exchange and legal requirements and the results of
the external audit. Management accountability for
the integrity of the company’s financial reporting
is reinforced by the certification from the Chief
Executive Officer and Chief Financial Officer in
writing that the company’s financial statements
are fairly stated in all material aspects.
Non-financial reporting (Recommendation 4.4)
Comvita is committed to non-financial reporting
that is balanced, clear and objective, including
reporting transparently on the material impacts of
our business activities and how we are managing
these. Broader reporting of environmental, social
and governance factors is contained in this Annual
Report. These disclosures have been developed in
line with the Global Reporting Initiative Standards. 
Comvita’s consolidated financial statements and
GHG inventory are subject to independent external
assurance. The organisation that conducts the
audits complies with the relevant independence
and ethical requirements and there were no
impairments of its independence for the purposes
of the engagements. Where external assurance
is not currently undertaken, data is gathered by
appropriate internal business owners/experts,
compared to the previous reporting period and
cross-checked against other data.
Comvita has also released its first Climate
Statement under the Aotearoa New Zealand
Climate Standards, which can be found at
comvita.co.nz/investor. This Climate Statement
includes Comvita’s GHG inventory for all scopes
and removals and the related assurance report.
Principle 5 – Remuneration
The remuneration of Directors and senior
executives is transparent, fair and reasonable.
Making sure team members and Directors get the
rewards they deserve is the responsibility of the
Safety and Performance Committee.
Comvita has a Remuneration Policy for Directors
and officers, a copy of which is available on the
company’s website.
Non-executive Directors’ remuneration
(Recommendation 5.1)
The fees payable to Non-executive Directors are
determined by the Board within the aggregate
amount approved by shareholders. The Board
considers external information of peer companies
in terms of scale and complexity when setting
remuneration levels. The current Directors’ fee pool
limit is $610,000, approved at the 2016 Annual
Shareholders’ Meeting. Information on payments
to each Director is set out in the Statutory
Information section at the back of the 2024
financial Statements.
6061
COMVITA.CO.NZ
2024
ANNUAL REPORT / PŪRONGO-Ā-TAU
LEADERSHIP AND GOVERNANCE /
MANA WHAKATIPU ME TE MANA WHAKAHAERE