PGG Wrightson announces FY25 half year result
PGG Wrightson Ltd | NZX Announcement
25 FEBRUARY 2025
PGG Wrightson announces FY25 half year result
GROUP PERFORMANCE
PGG Wrightson Limited
1
(PGW) today announced its results for the first half of FY25.
Key items for the first six months to 31 December 2024 include:
❖ Operating EBITDA
2
of $41.4 million (up $4.7 million or 13%*).
❖ Operating Revenue of $570.3 million (up $9.4 million or 2%*).
❖ Net profit after tax of $16.0 million (up $3.2 million or 25%*).
❖ Interim dividend declared of 2.5 cents per share.
❖ Reaffirmed FY25 full year Operating EBITDA guidance of around $51 million.
(* compared to the prior corresponding six months to 31 December 2023)
PGW Chair, Garry Moore said “PGW started the first six months of the financial year with
improved returns in Rural Supplies. Stronger demand for beef underpinned our Livestock
results and there was a positive rebound in Real Estate. Continued focus by the business in
the prudent control of operating expenses also assisted.
The sector is competitive, with customers remaining cost sensitive and limiting discretionary
spend. However, our service offering and technical expertise are valued by our customers,
and we continue to consolidate our position as leader in the markets where we operate.
Economic conditions are showing early signs of improvement, with several indicators
pointing to a healthier outlook with lower inflation and interest rates easing. Agricultural
input prices stabilised in the past six months but remain above historical norms. In addition,
a higher forecast milk payout, strong beef export returns, and generally solid commodity
prices are beginning to positively impact farmer and grower sentiment.”
The Board declared a fully imputed interim dividend of 2.5 cents per share which will be paid
on 3 April 2025 to shareholders on PGW’s share register as at 5pm on 26 March 2025.”
Retail & Water Group
PGW CEO, Stephen Guerin commented that “Our Retail & Water business which incorporates
Rural Supplies, Fruitfed Supplies, Water, and Agritrade saw Operating EBITDA of $39.5 million
(down $0.5 million), and revenue of $490.3 million (up $12.0 million) on the prior
corresponding period.
The reduction in interest rates and the improved dairy payout have bolstered confidence.
This budding optimism is beginning to be demonstrated through farmers looking to invest in
their operations again, after several years of budgetary restraint. As farmer confidence levels
gradually return, Rural Supplies has seen a positive impact, with nearly all categories showing
some growth compared to last year. This has been most evident in the animal health, seed,
stockfood, fertiliser, water and fencing categories.
PGG Wrightson Ltd | NZX Announcement 2
Favourable growing conditions across most regions have contributed to growers reporting
excellent crops across a range of fruit and vegetables. This should provide support for
growers, although the true value will only be known once crops have been harvested and sent
to market.
Agency Group
Our Agency group includes Livestock, Wool, and Real Estate. Agency delivered an Operating
EBITDA of $6.8 million for the first six months of the 2025 financial year, an increase of $5.4
million compared with the same period last year. Revenue was $79.1 million, down $2.4
million compared to the prior period.
Favourable spring conditions across much of the country boosted sheep and cattle values,
supporting farmer confidence. Good feed throughout the country, strong processor demand,
and a general shortage of cattle have underpinned values. Sheep pricing has improved,
particularly in recent months. The reduction in lamb processing volumes out of Australia has
provided an opportunity for New Zealand sheep meat to command better export prices than
last year.
Buoyant milk payout prices are predicted within the dairy industry. Fonterra’s current mid-
point forecast price of $10.00 per kg of milk solids is at the highest levels since the Co-
operative’s formation.
We have seen improved crossbred wool prices with the highest levels in seven years, driven
by supply and demand dynamics. Declining sheep numbers and reduced wool volumes are
creating a more competitive environment amongst buyers. The weakness of the New Zealand
dollar has encouraged buyers to fill their order books.
The increased demand and more competitive pricing for strong wool is an encouraging sign
for growers and the industry. However, there is still a way to go to achieve more sustainable
prices and provide much needed confidence for wool growers. Ultra-fine wool remains
sought after, with strong competition from international buyers.
Improving market dynamics, including ongoing official cash rate reductions, have resulted in
increased real estate activity. November and December were busy with good sales and a
diverse range of properties, with average prices up on the previous year.
Demand has remained high in the dairy sector, buoyed by improving dairy prices, however
there are a limited number of dairy properties on the market. PGW Real Estate facilitated 10
transactions exceeding $10 million, with the highest surpassing $50 million during the period.
The number of sheep and beef farms converting to forestry has slowed. Horticultural
properties are showing signs of revived activity after a quiet 18 months. As we approach the
autumn selling season, the residential, lifestyle, and rural sectors are showing good growth.
Cashflow and Debt
PGW recorded an operating cash outflow of $31.0 million for the first six months of the
financial year. This was a $24.2 million higher outflow versus the prior comparative period of
$6.8 million.
The higher operating cash outflow is a result of the seasonal increase in working capital for
the Group, with GO-STOCK receivable movements $27.4 million higher. This was partially
PGG Wrightson Ltd | NZX Announcement 3
offset by $4.7 million higher Operating EBITDA, $1.5 million lower income tax payments on
the FY2024 financial result, and no final FY24 dividend being declared.
Cashflows from investing activities included $8.2 million of capital expenditure during the
period, an increase of $1.3 million and included further investment in our Business
Improvement Programme. The Group sold its interest in the Kauri and Kauroa Saleyards
during the period, with fixed asset disposals generating $2.7 million.
Lease liability payments increased $0.9 million versus the prior period to $11.2 million.
Net interest-bearing debt was up $9.8 million from 31 December 2023 to $106.7 million.”
Outlook
Mr Moore noted, “PGW’s outlook for New Zealand's agricultural sector is promising yet
cautious. With economic signals improving, including lower inflation and interest rates
together with increased commodity prices, farmer and grower confidence is on the up. The
weaker New Zealand dollar is benefitting exporters though this raises the costs of imported
inputs.
Favourable feed conditions nationwide, good demand from processors, and export demand
have underpinned solid cattle pricing, and improved sheep values. With a positive payout
predicted for dairy farmers, the outlook for the livestock sector is more positive than a year
ago. There is also strength in horticulture prices, with the kiwifruit industry likely on track for
record exports.
While new trade agreements will be beneficial for our primary producers and exporters over
time, speculated trade tariffs could create a less certain export environment.
A recent report issued by MFAT anticipates that exporters should benefit in the current year
from the strengthening of global commodity prices and the weaker New Zealand dollar.
Supply and demand fundamentals are expected to underpin more optimistic farmgate pricing
for many key commodities in 2025.
A summary of key factors we expect to influence the sector through the remainder of the
current financial year and beyond include:
❖ Dairy:
Dairy farm margins are likely to benefit through 2025 from strong export
demand and farmgate milk pricing.
❖ Beef:
Beef farmgate pricing is expected to remain above the five-year average
throughout 2025.
❖ Sheepmeat:
Sheepmeat values are looking stronger in 2025 with current lamb
farmgate pricing now above the five-year average.
❖ Horticulture:
Horticultural export outlook is positive with strong kiwifruit signals for
2025, and exports projected to reach $3.5bn for the first time.
❖ Farm inputs:
While farm input pricing is generally predicted to be more stable during
2025 a weak NZ dollar is likely to keep imports such as fertiliser and
chemical pricing at elevated levels.
New Zealand's agricultural sector is well-positioned to respond to global demand and PGW is
well placed to support our farmer and grower customers with their production needs. We are
cautiously optimistic about the remainder of the financial year and note that PGW remains on
track to deliver our forecast FY25 full year Operating EBITDA guidance of around $51 million.”
PGG Wrightson Ltd | NZX Announcement 4
For investor relations and media enquiries contact:
Julian Daly
General Manager Corporate Affairs / Company Secretary
PGG Wrightson Limited
Phone: 0800 10 22 76 / +64 3 477 4520
Email: companysecretary@pggwrightson.co.nz
Registered Office:
PGG Wrightson Limited
1 Robin Mann Place, Christchurch Airport
Christchurch 8053, New Zealand
Phone: 0800 10 22 76 / +64 3 477 4520
Website: www.pggwrightson.co.nz
1
All references to PGG Wrightson Limited refer to the company, its subsidiaries and interests in
associates and jointly controlled entities.
2
Operating EBITDA: Earnings before net interest and finance costs, income tax, depreciation,
amortisation, the results from discontinued operations, impairment and fair value adjustments and
non-operating items. PGW has used non-GAAP profit measures when discussing financial performance
in this document. Please refer to our full accounts for details of how Operating EBITDA relates to GAAP.
For a comprehensive discussion on the use of non-GAAP profit measures, please refer to the policy
“Non-GAAP Accounting Information” available on our website (www.pggwrightson.co.nz).
---
2025 HALF YEAR RESULTS
PRESENTATION
—
For the six months ended 31 December 2024
25 February 2025
Text
Description automatically generated
TRADING PERFORMANCE
—
Half year operating earnings
before interest, tax,
depreciation, and amortisation
(“Operating EBITDA”) was up
$4.7 million or 13% from the
comparative period.
Operating Revenue was up $9.4
million or 2% from the
comparative period.
Net Profit After Tax was up
$3.2 million or 25% from the
comparative period.
OPERATING REVENUE
$570.3 million
NET PROFIT AFTER TAX
$16.0 million
OPERATING EBITDA
$41.4 million
DIVIDENDS
Post Share Consolidation
—
* No final dividend paid during COVID-19.
** No dividends paid in FY24 due to difficult trading conditions impacting the agricultural sector and wider economy.
0.09
0.12
0.14
0.12
0.025
0.16
0.16
0.10
0.09
0.28
0.30
0.22
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
FY20*FY21FY22FY23FY24**HY25
InterimFinalTotal Full Year Dividend
$ dividends per share
•A fully imputed interim
dividend of 2.5 cents
per share has been
declared.
•To be paid on 3 April
2025 to shareholders
on PGW’s share
register as at 5pm on
26 March 2025.
OPERATING EBITDA
First Half Financial Year Summary
—
Operating EBITDA: Earnings before net interest and finance costs, income tax, depreciation, amortisation, the results from discontinued operations, impairment and fair value
adjustments, and non-operating items. PGW has used non-GAAP profit measures when discussing financial performance in this presentation. For a comprehensive discussion on
the use of non-GAAP profit measures, please refer to the policy “Non-GAAP Accounting Information” available on our website www.pggwrightson.co.nz.
Other: Other (non-operating segment) relates to certain Group Corporate activities including Governance, Finance, Treasury, Risk and Assurance, and other support services
(including corporate property services and marketing).
35
40
47
48
37
41
-10
0
10
20
30
40
50
60
HY20HY21HY22HY23HY24HY25
AgencyRetail & WaterOtherTotal Operating EBITDA
34
7
44
-4
9
-3
7
-3
31
-5
4
49
39
$ million
40
1
-5
7
-5
OPERATING REVENUE
First Half Financial Year Summary
—
469
499
552
586
561
570
0
100
200
300
400
500
600
700
HY20HY21HY22HY23HY24HY25
$
million
Operating Revenue
NET PROFIT AFTER TAX
First Half Financial Year Summary
—
13
17
23
21
13
16
0
5
10
15
20
25
HY20HY21HY22HY23HY24HY25
$
million
Net Profit After Tax
OPERATING CASH FLOW
First Half Financial Year Summary
—
-15
4
-17
-35
-7
-31
49
54
41
60
65
34
58
24
26
58
-40
-20
-
20
40
60
80
FY20FY21FY22FY23FY24HY25
$
million
1st Half2nd HalfFull Year
Operating cash flows in the first half of the financial year reflect the seasonal build in working
capital which is recovered in the second half of the financial year.
SHARE PRICE
Post Share Consolidation
—
0
1
2
3
4
5
6
13-Aug-1913-Feb-2013-Aug-2013-Feb-2113-Aug-2113-Feb-2213-Aug-2213-Feb-2313-Aug-2313-Feb-2413-Aug-24
$
PGW Share Price
552
476
430
PGW share price from 13 August 2019 (post share consolidation) to 31 December 2024.
31-Dec-24
TOTAL SHAREHOLDER RETURN (TSR)
Post Share Consolidation
—
PGW total shareholder return vs NZX50G (indexed to 100) from 13 August 2019 (post share
consolidation) to 31 December 2024.
31-Dec-24
0
50
100
150
200
250
300
13-Aug-1913-Feb-2013-Aug-2013-Feb-2113-Aug-2113-Feb-2213-Aug-2213-Feb-2313-Aug-2313-Feb-2413-Aug-24
PGW TSR (Inc Dividends)NZX50G
PGW TSR +10.7%
NZX50G +20.8%
NET INTEREST-BEARING DEBT (NIBD)
NIBD Development - June 2023 to December 2023
—
65.3
-36.6
5.7
1.5
69.3
-33.2
-0.1
6.9
10.3
7.8
96.9
June 2023
NIBD
Operating
EBITDA
Interest &
Financing
Costs
Tax
Payments
Working
Capital
Movements
(ex. GO-STOCK)
GO-STOCK
Movements
Asset
Disposals
Asset
Purchases
Lease
Principal
Repayment
Dividends
Paid
Other
December 2023
NIBD
$ millions
0
20
40
60
80
100
120
IncreaseDecreaseTotal
NET INTEREST-BEARING DEBT (NIBD)
NIBD Development - June 2024 to December 2024
—
59.2
-41.4
5.1
72.6
-5.8
-2.7
8.2
11.2
0.3
106.7
June 2024
NIBD
Operating
EBITDA
Interest &
Financing
Costs
Tax
Payments
Working
Capital
Movements
(ex. GO-STOCK)
GO-STOCK
Movements
Asset
Disposals
Asset
Purchases
Lease
Principal
Repayment
Dividends
Paid
Other
December 2024
NIBD
$ millions
0
20
40
60
80
100
120
IncreaseDecreaseTotal
OUTLOOK FOR FY2025 &
GUIDANCE UPDATE
—
•PGW’s outlook for New Zealand's agricultural sector is promising yet cautious. With economic
signals improving, including lower inflation and interest rates together with increased commodity
prices, farmer and grower confidence is improving. The weaker New Zealand dollar is benefitting
exporters though this raises input costs.
•PGW is well placed to support our farmer and grower customers in their production needs as they
navigate the complexities of the market and current geopolitical landscape.
•We remain cautiously optimistic about the remainder of the financial year and note that PGW
remains on track to deliver our forecast 2025 full year Operating EBITDA guidance of around $51
million.
DISCLAIMER
—
This presentation has been prepared by PGG Wrightson Limited (‘PGW’) with due care and attention for the purpose of
general information.
The 2025 Half Year Results are for the six months to 31 December 2024.
Forward looking statements regarding the potential future performance of PGW have been expressed by management
using information currently available. These are based on current expectations, estimates and assumptions and do
not guarantee or predict future performance.
Actual results may differ from those predicted as there are a number of uncertainties and risks beyond PGW’s control
that may affect the results.
Figures are in New Zealand dollars, unless otherwise stated. Values on the graphs are rounded to the nearest million.
Total may not add due to rounding.
Please read this presentation in conjunction with 2025 Half Year Results Announcement and Report.
---
For the six months ended 31 December 2024 | Mō ngā marama e ono ki te 31 o Tīhema 2024
Half Year Report
Te Pūrongo mō te Tau Haurua
Front page caption: Dan Van Der Salm, PGW Real Estate
Salesperson, discusses how far this iconic farm has come since new
ownership and the huge future potential for the next owners with
Grant and Charlotte McNaughton, current owners of The Dasher
Station, near Oamaru in North Otago.
Highest price for more
than 20 years in our
Christchurch Wool Auction
room of $155/kg greasy for
12.5-micron wool
Highest Real Estate
transaction surpassing
$50 million
Performance Highlights | Ngā Whakatutukitanga Hira
$3.2 m or 25%
from the comparative period
$4.7 m or 13%
from the comparative period
$9.4 m or 2%
from the comparative period
$41. 4m
$570.3m
Helping
grow the
country
Fully imputed
$16.0m
2.5¢/share
Operating
Revenue of
Net profit
after tax
(‘ N PAT ’ ) o f
Interim
Dividend of
Operating
EBITDA of
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
|
PGG WRIGHTSON LIMITED
SkyCount
TM
Completed multiple
commercial counts across
properties in both North
and South Islands
Operating EBITDA: Earnings before net interest and finance costs, income tax, depreciation, amortisation, the results from discontinued operations, impairment and fair value adjustments, and non-operating items. PGW has used
non-GAAP profit measures when discussing financial performance in this presentation. For a comprehensive discussion on the use of non-GAAP profit measures, please refer to the policy “Non-GAAP Accounting Information” available
on our website www.pggwrightson.co.nz.
Other: Other (non-operating segment) relates to certain Group Corporate activities including Governance, Finance, Treasury, Risk and Assurance, and other support services (including corporate property services and marketing).
HY20 HY21 HY22 HY23 HY24 HY25
Net Profit After Tax
25
20
15
10
5
0
13
17
23
21
13
16
$ million
FY20 FY21 FY22 FY23 FY24 FY25
Operating Cash Flow
80
60
40
20
0
-20
-40
49
-15
54
4
41
-17
60
-35
65
-7
-31
$ million
Operating cash flows in the first half of the financial
year reflect the seasonal build in working capital
which is recovered in the second half of the
financial year.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
2
|
PGG WRIGHTSON LIMITED
First Half Financial Year Summary
Operating Revenue
700
600
500
400
300
200
100
0
HY20 HY21 HY22 HY23 HY24 HY25
469
499
552
586
561
570
$ million
60
50
40
30
20
10
0
-10
Retail & Water
Agency
Other
Total Operating EBITDA
31
34
44
49
40
39
7
9
77
4
-3-3
-4
-5-5-5
35
40
HY20 HY21 HY22 HY23 HY24 HY25
$ million
1
Operating EBITDA
34
58
24
26
58
1st Half 2nd Half Full Year
47
48
37
41
Financial Performance | Whakaaturanga Pūtea
Share Price
PGW share price from 13 August 2019 (post share consolidation) to 31 December 2024.
6
5
4
3
2
1
0
$
13 AUG 19 13 FEB 20 13 AUG 20 13 FEB 21 13 AUG 21 13 FEB 22 13 AUG 22 13 FEB 23 13 AUG 23 13 FEB 24 13 AUG 24 31DEC 24
13 AUG 19 13 FEB 20 13 AUG 20 13 FEB 21 13 AUG 21 13 FEB 22 13 AUG 22 13 FEB 23 13 AUG 23 13 FEB 24 13 AUG 24 31DEC 24
Total Shareholder Return
300
250
200
150
100
50
0
PGW total shareholder return vs NZX50G (indexed to 100) from 13 August 2019 (post share consolidation)
to 31 December 2024.
PGW TSR (Inc Dividends) NZX50G
PGW TSR +10.7%
NZX50G +20.8%
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
3
|
PGG WRIGHTSON LIMITED
First Half Financial Year Summary
Financial Performance | Whakaaturanga Pūtea
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
4
|
PGG WRIGHTSON LIMITED
First Half Financial Year Summary
Financial Performance | Whakaaturanga Pūtea
Net Interest-Bearing Debt increased by $47.5 million over HY25 (1 July 2024 - 31 December 2024). This compared to a $31.6 million increase over the prior HY period.
The driver of the variance related to the GO-STOCK balance reduction which was significantly more in HY24 due to a higher 30 June 2023 balance (balance of $74.0 million) compared to the 30 June 2024 (balance of $52.6 million).
Net Interest-Bearing Debt (NIBD) Development
June 2023 – December 2023
120
100
80
60
40
20
0
$ million
June 2023Operating
EBITDA
I
nterest &
Financing
Costs
Tax
Payments
Working
Capital
Movements
(excl)
GO-STOCK
GO
-STOCK
Movements
Asset
Purchases
(
excl
Intangibles)
Asset
Disposal
L
ease
Principal
Repayment
Dividends
Paid
Other December
2023 NIBD
96.9
-36.6
5.7
6.9
1.5
10.3
69.3
7.8
-33.2
-0.1
96.9
Increase Decrease Total
Net Interest-Bearing Debt (NIBD) Development
June 2024 – December 2024
120
100
80
60
40
20
0
$ million
June 2023Operating
EBITDA
I
nterest &
Financing
Costs
Tax
Payments
Working
Capital
Movements
(excl)
GO-STOCK
GO
-STOCK
Movements
Asset
Purchases
(
excl
Intangibles)
Asset
Disposal
L
ease
Principal
Repayment
Dividends
Paid
Other December
2023 NIBD
59.2
-41.4
5.1
8.2
11.20.3
72.6
-5.8
-2.7
106.7
Increase Decrease Total
Scott Tapp, PGW Real Estate Salesperson,
discusses the suitability of the property for
upscaling their beef finishing operation
with Vanessa and Shaun Russell, owners of
Russell Farms, near Silverdale in Auckland.
5
|
PGG WRIGHTSON LIMITED
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
Positive market signals
Garry Moore
Chair
Stephen Guerin
Chief Executive Officer
PGG Wrightson Limited (‘PGW’, ‘the Group’, or ‘the
Company’) delivered operating earnings before
interest, tax, depreciation, and amortisation (‘Operating
EBITDA’) of $41.4 million (up $4.7 million or 13 per cent
compared to the prior corresponding period). Operating
revenue was $570.3 million (up $9.4 million or 2 per
cent) and net profit after tax (‘NPAT’) was $16.0 million
(up $3.2 million or 25 per cent versus the prior period).
PGW started the first six months of the financial year
with improved returns in Rural Supplies. Stronger
demand for beef underpinned our Livestock results
and there was a positive rebound in Real Estate. In the
current trading environment, the business focused
on the prudent control of operating expenses, which
assisted the Group’s results.
The sector is competitive, with customers remaining cost
sensitive and limiting discretionary spend. However, our
service offering and technical expertise remain valued
by our customers, and we continue to consolidate our
position as a leader in the markets where we operate.
Economic conditions are showing early signs of
improvement, with several indicators pointing to a
healthier outlook with lower inflation and interest rates
easing. Agricultural input prices stabilised in the past six
months but remained above historical norms. In addition,
a higher forecast milk payout, strong beef export returns,
and generally solid commodity prices are beginning to
positively impact farmer and grower confidence levels.
6
|
PGG WRIGHTSON LIMITEDHALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
Chair and Chief Executive Officer’s report
Te Pūrongo a te Heamana me te Tumuaki
Garry Moore
Chair
Stephen Guerin
Chief Executive Officer
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
7
|
PGG WRIGHTSON LIMITED
Cashflow and Debt
|
Te Kapewhiti me te Nama
PGW recorded an operating cash outflow of
$31.0 million for the first six months of the
financial year. This was a $24.2 million higher
outflow versus the prior comparative period
of $6.8 million.
The higher operating cash outflow is a result
of the seasonal increase in working capital
for the Group, with GO-STOCK receivable
movements $27.4 million higher. This
was partially offset by $4.7 million higher
Operating EBITDA, $1.5 million lower income
tax payments on the FY2024 financial result,
and no final FY24 dividend being declared.
Cashflows from investing activities included
$8.2 million of capital expenditure during
the period, an increase of $1.3 million and
included further investment in our Business
Improvement Programme. The Group sold
its interest in the Kauri and Kauroa Saleyards
during the period, with fixed asset disposals
generating $2.7 million.
Lease liability payments increased $0.9 million
versus the prior period to be $11.2 million.
Net interest-bearing debt was up $9.8 million
from 31 December 2023 to be $106.7 million.
Distributions
|
Hua pakihi ki te hunga whai
pānga
The Board declared a fully imputed interim
dividend of 2.5 cents per share which will be
paid on 3 April 2025 to shareholders on PGW’s
share register as at 5pm on 26 March 2025.
People & Safety
|
Ngā Tāngata me te
Haumarutanga
Sarah Mears was appointed to the GM People
& Safety role. The newly configured People &
Safety team undertook a refresh of the People
& Safety strategy, rescoping our Leadership
and Safety pillars, and introducing two
new pillars focused on Diversity, Equity and
Inclusion, and Employee Experience.
We relaunched our induction training with
a greater emphasis on leveraging PGW
Group’s collective strength. We have a focus
on ensuring that new team members are
trained on understanding how our full-
service offering can assist our customers. This
complements our Onboarding portal to help
drive a great induction for new starters.
The People & Safety team continues to
leverage opportunities with secondary and
tertiary training providers with a focus on
promoting our employment brand.
Business Improvement Programme
|
Hōtaka Whakapiki Pakihi
Work continues on our company-wide
Business Improvement Programme to simplify
PGW’s IT systems, which includes significant
investment (both operating expenditure and
capital expenditure).
This programme will streamline our technical
IT environment and standardise business
processes, providing greater efficiencies and
better utilisation of our data. We are now
preparing for its Go-Live phase.
Max Rewards Loyalty Programme
|
Whiwhinga Mōrahi pono hōtaka
The Max Rewards loyalty programme
continues to make positive strides in
impacting customer metrics. The reporting
received from the loyalty platform is proving
to be a valuable data source.
A challenge remains in awareness and
customer consideration, and our team has
been working with internal stakeholders to
develop new methods of attracting customers
to the programme. With wider internal
support throughout the business, awareness
and membership will grow, which will lead
to a bigger base of customers receiving extra
benefits and growing their loyalty with PGW.
Executive Team Changes
|
Ngā Panonitanga
Rōpū Whakahaere
The PGW Executive team had two changes
during the period with Rachel Shearer,
General Manager Wool and Sarah Mears,
General Manager People & Safety, taking on
their acting roles permanently in August 2024.
Outlook and Guidance Update
|
Whakahoutanga Matapae me te Tohutohu
PGW’s outlook for New Zealand’s agricultural
sector is promising yet cautious. With
economic signals improving, including lower
inflation and interest rates together with
increased commodity prices; farmer and
grower confidence is improving. The weaker
New Zealand dollar is benefitting exporters
though this raises input costs.
Good feed conditions throughout the country
and strong processor and export demand
have underpinned solid cattle and improved
sheep values. With a positive payout predicted
within the dairy industry, the outlook for
the livestock sector is more positive than
a year ago. There is continued strength in
horticulture prices, with the kiwifruit industry
likely on track for record export values.
Recent regulatory changes governing land
conversion to forestry will help protect
productive farmland from being converted
in an uncontrolled manner. It is hoped that
this regulation will be effective in ensuring
valuable agricultural land remains in food
production, while also permitting more
marginal land to be utilised for forestry where
this makes more sense.
While new trade agreements will be beneficial
for our primary producers and exporters,
some speculated trade tariffs proposed under
the Trump administration could create a less
certain export environment.
A recent report issued by MFAT anticipates
that exporters should benefit in the current
year from the strengthening of global
commodity prices, a weaker New Zealand
dollar, and rising primary production. Supply
and demand fundamentals are expected to
underpin more optimistic farmgate pricing for
many key commodities in 2025.
A summary of key factors we expect to
influence the sector through the remainder of
the current financial year and beyond include:
Dairy: Dairy farm margins are likely to
benefit through 2025 from strong export
demand and farmgate milk pricing.
Beef: Beef farmgate pricing is expected
to remain above the five-year average
throughout 2025.
Sheepmeat: Sheepmeat values are
looking stronger in 2025 with current
lamb farmgate pricing now above five-
year average.
Horticulture: Horticultural export
outlook is positive with strong kiwifruit
signals supporting prices for 2025 and
exports projected to reach $3.5 billion for
the first time.
Farm inputs: While farm input pricing
is predicted to be relatively stable during
2025 a weak New Zealand dollar is likely
to keep imports such as fertiliser and
chemical pricing at elevated levels.
New Zealand’s agricultural sector is well-
positioned to respond to global demand.
PGW is equally well placed to support
our farmer and grower customers in their
production needs as they navigate the
complexities of the market and current
geopolitical landscape. We remain cautiously
optimistic about the remainder of the financial
year and note that PGW remains on track to
deliver our forecast 2025 full year Operating
EBITDA guidance of around $51 million.
Acknowledgements
|
Ngā whakamihi
We extend our gratitude to all our
stakeholders for their support. We are grateful
for our valued customers’ loyalty, trust, and
for their support. We also recognise our
dedicated nationwide team, whose passion
and expertise are critical to our success.
8
|
PGG WRIGHTSON LIMITEDHALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
Jesse Clark, Fruitfed Supplies Technical
Horticultural Representative, discusses
different spray options to utilise against the
crop disease Alternaria with Laura Torpey,
Crop Team Leader at A. S. Wilcox and Sons
Limited, near Pukekawa in Waikato.
Land use change is impacting our customer base with a
discernible number investing in other areas and diversifying
their portfolios. These changes can provide new opportunities
across our core categories.
Customers have been watching their spend but indications
of recovery are evident with increased on-farm maintenance,
including renewed interest in water and fencing categories.
Spend on these items is more typically seen when there
is higher confidence in the market. We interpret this as a
positive sentiment indicator.
We continue to invest in our store network with the
refurbishment of the Waimate Rural Supplies store and office
areas completed in September 2024. The new Invercargill
Rural Supplies store and regional office and Ohakune retail
store are under construction and due for completion this
financial year.
Rural Supplies
|
Ngā Whakaratonga Taiwhenua
The reduction in interest rates and the improved dairy
payout have bolstered confidence. This budding optimism
is beginning to be demonstrated through farmers looking
to invest in their operations again, after several years of
budgetary restraint. As farmer confidence levels gradually
return, Rural Supplies has seen a positive impact, with nearly
all categories showing some growth compared to last year.
This has been most evident in the animal health, seed,
stockfood, and fertiliser categories.
Beef prices have remained buoyant and lamb prices are
improving, although the market remains cautious. There
is continued decline in overall stock numbers across the
country, with more land going into forestry ahead of the
regulatory changes and early drought conditions in some
areas resulting in some destocking.
The team is focused on growing and consolidating market
share through our superior customer service and offering. This
objective is supported by our training and ability to attract
quality people, which benefits our customers and reinforces
the competitive positioning of our business.
Fruitfed Supplies
|
Ngā Whakaratonga ā-Huawhenua
Favourable growing conditions across most regions have
contributed to growers reporting excellent crops across a
range of fruit and vegetables. This should provide support
for grower confidence, although the true value will only be
known once crops have been harvested and sent to market.
The grape crop in Marlborough is on track for a record harvest.
However, there is still a surplus of grape juice and wine in
tanks from previous seasons. For the first time, there are yield
caps in place for some vineyards. Only fruit and juice volumes
that have been contracted will be taken by some wine makers
following this season’s harvest.
The Fruitfed Supplies Hastings store recently underwent
an audit by a major customer to assess their suitability as a
supplier. During the audit, internal processes, products, and
PGW’s Quality Management System were reviewed. Feedback
was positive and highlighted that our systems and controls
are effective and well supported by our dedicated team. We
are continually focusing on upskilling our people and working
with our Technical team to showcase the strength of our
Fruitfed Supplies team in the horticultural market.
Water & Irrigation
|
Te Wai me te Whakamākūkū
Concerns around farm expenditure saw fewer projects at
the beginning of the financial year. However, the improving
outlook for new irrigation projects provides cause for
optimism. Stronger dairy returns have generated increased
appetite for on-farm investment, which we would expect to
materialise into increased business for PGW Water.
During the winter months our team were engaged in
preventative servicing. Through preventative maintenance
and proactive measures, we can ensure optimal system
performance and reliability for our customers.
Throughout the period, PGW Water focused on growing
its market share in the service sector. This was driven by
increased customer referrals by returning and new customers
and is a testament to our service team’s growing operational
expertise. To support this, we continue to invest in specialised
training for our service technicians, ensuring they remain at
the forefront of industry capabilities.
We have further refined our service sales strategy and
enhanced our team’s product knowledge, enabling us to
maximize opportunities across all aspects of the irrigation
service sector. Our strategy emphasises expanding our reseller
network across New Zealand to enhance both our reach and
that of key suppliers in service and new project sales.
Agritrade
|
Tauhokohoko Ahuwhenua
Our Agritrade wholesale business division’s results reflect the
sentiment experienced by our retail businesses, with reduced
spend in the retail space flowing onto subdued demand.
However, business from vets and independent agri businesses
has continued to grow and these customers are looking to us
to provide more product options for resale.
We continue to work with suppliers to ensure as many
products as possible are sold in packaging that can either be
recycled or reused. We also support Agrecovery containers at
a number of our sites and work with clients to encourage the
return of used containers for recycling.
The Retail & Water business
incorporates Rural Supplies, Fruitfed
Supplies, Water, and Agritrade.
Operating EBITDA for Retail &
Water was $39.5 million (down $0.5
million), and operating revenue was
$490.3 million (up $12.0 million) on
the prior corresponding period.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
9
|
PGG WRIGHTSON LIMITED
Retail SuppliesFruitfed SuppliesWater & Irrigation
Retail & Water Group
Rōpū Hokohoko me te Wai
Doug McKay, PGW Wool South Island Procurement
Manager, Helen Cameron, The Schneider Group
Fine Wool Procurement Specialist for The Schneider
Group (the buyer of the merino wool from The
Bend), and Dave Burridge, PGW Wool South Island
Sales Manager, discuss the ultra-fine quality of The
Bend’s wool which sold at a 20-year high in our
Christchurch Wool Auction Room.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
10
|
PGG WRIGHTSON LIMITED
Prime Steer & Heifer - 270-295kg - c/kg
750
700
650
600
550
500
c/kg
Jul 2022 Jan 2023 Jul 2023 Jan 2024 Jul 2024 Dec 2024
HY25 Beef – Continues to enjoy strong demand and high prices
out of the United States, due mainly to the United States herd
being the smallest size in 75 years.
All Grades Lamb - $/head
220
200
180
160
140
120
100
$/head
Jul 2022 Jan 2023 Jul 2023 Jan 2024 Jul 2024 Dec 2024
Source: Beef + Lamb New Zealand
HY25 Lamb – Demand out of United States is underpinning a
price recovery. This improvement is also being driven by strong
demand from the United Kingdom, Europe and Asia, although
the China market remains subdued.
Source: Beef + Lamb New Zealand
Livestock
|
Ngā Kararehe
Favourable spring weather across much of the country
boosted sheep and cattle values, supporting farmer
confidence. However, the season was approximately one
month later than usual, with less heat and sunshine in parts
of the country causing lambs to reach optimum weights
more slowly. This delay is positively impacting values
through supply and demand factors.
Favourable feed conditions nationwide, high demand from
processors, and a general shortage of cattle have seen
increased numbers of cattle sold, with well-bred cattle
selling better than last year.
Sheep pricing has improved in recent months. The reduction
in lamb processing volumes from other major exporters,
particularly Australia, has provided an opportunity for New
Zealand sheepmeat to command better export prices than
last year.
Dairy beef weaner calves are selling well, with demand
exceeding levels seen in recent years. Buoyant milk payout
prices are predicted within the dairy industry. Fonterra’s
current mid-point forecast price of $10.00 per kilogram of milk
solids is at the highest level since the cooperative’s formation.
The deer velvet market remains finely balanced. Although
the Chinese government’s restrictions on the importation
of frozen velvet were lifted in early November, demand in
both China and Korea has been constrained due to increased
buying ahead of the importation restrictions that came into
effect in 2024. As these inventory stocks reduce, we would
expect demand and pricing to bounce back.
Saleyard performance has been strong, particularly in the
North Island where increased livestock trading has driven
higher throughput. Sheep tallies were back in the South
Island due to a number of factors such as land use change,
drought conditions in some regions, and a shift in some areas
to alternative livestock.
We have seen positive demand for GO-STOCK sheep, beef,
dairy, and deer, as this product continues to prove useful for
farmers as an innovative way to free up capital. In December
we launched Defer-a-Stag, a new deferred payment product
developed to address the specific challenges faced by our deer
farming clients this season.
SkyCount, PGW’s drone operated AI technology solution
for efficient and accurate in-field livestock count auditing,
continues to drive enquiry. We have now completed multiple
commercial counts across properties in both the North and
South Islands utilising this technology solution.
The bidr® database of buyers continued to grow throughout
HY25, totalling more than 11,000 users and 400 livestock
agents. bidr installed weekly sales at Kaikohe saleyard in
October 2024, bringing our total weekly saleyard footprint
to 14 nationwide with 12 in the North Island and two in the
South Island.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
11
|
PGG WRIGHTSON LIMITED
Agency Group
Rōpū umanga
LivestockWoolReal Estate
Our Agency group includes Livestock, Wool,
and Real Estate. Agency delivered an Operating
EBITDA of $6.8 million for the first six months
of the 2025 financial year, an increase of $5.4
million compared with the same period last year.
Operating revenue was $79.1 million, down $2.4
million compared to the prior period.
Neil Common, PGW Hawke’s Bay Area
Livestock Manager, bid spotting, Will
Eyre, PGW Livestock Rep, bid spotting and
recording, Andrew Holt, PGW Livestock
Rep and Head Auctioneer, auctioneering,
and Paul Bayes, PGW Livestock Rep, bid
spotting, at Reece and Debbie Whitelock’s
inaugural on-farm lamb sale at Waikareao
Station, in Te Aute, Hawke’s Bay.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
12
|
PGG WRIGHTSON LIMITED
Agency Group continued
Monthly Real Estate Sales Values - Rural and Lifestyle Markets
700
600
500
400
300
200
100
0
$ millions
Jan 2023 Apr 2023 Jul 2024 Oct 2024 Jan 2024 Apr 2024 Jul 2024 Oct 2024 Dec 2024
Source: Real Estate Institute of New Zealand
There has been a significant increase in market activity from the lows seen
in recent times.
Lifestyle Rural
Wool
|
Wūru
We have seen improved crossbred wool prices with
the highest levels in seven years, driven by supply and
demand dynamics. Declining sheep numbers and
reduced wool volumes are creating a more competitive
environment amongst buyers, with exporters striving
to fill orders amidst strengthening global demand. The
weakness of the New Zealand dollar has encouraged
buyers to fill their order books.
The increased demand and more competitive pricing for
strong wool is an encouraging sign for growers and the
industry. However, there is still a way to go to achieve
more sustainable prices and provide much needed
confidence for wool growers.
Ultra-fine wool remains highly sought after, with strong
competition from international buyers, predominantly
from Europe. We congratulate The Bend station for
achieving a new high at our Christchurch auction room
with $155 per kilogram greasy paid for their ultra-fine 12.5-
micron wool.
Our wool exporting subsidiary, Bloch & Behrens Wool (NZ)
Limited, is seeing increased interest in its flagship Wool
Integrity NZ™ brand, with some well-known local brands
coming on board.
Real Estate
|
Hokohoko Whenua
Improving market dynamics, including ongoing official
cash rate reductions, have resulted in increased real estate
activity. The rural market has experienced a resurgence
after a couple of years of low activity, most notably in
the Bay of Plenty, Waikato, and Mid Canterbury regions.
November and December were particularly busy with
record sales and a diverse range of properties, with
average prices up on the previous year. The higher
volumes of properties listed have been driven by
retirements, succession, and downsizing, which were
delayed in many cases during the recent challenging
market conditions.
Demand has remained high in the dairy sector, buoyed
by improving dairy prices, however, there are a limited
number of dairy properties currently on the market. PGW
Real Estate facilitated 10 transactions exceeding $10
million, with the highest surpassing $50 million during the
period. The majority of these large transactions come from
the greater Canterbury region. The number of sheep and
beef farms converting to forestry has slowed. Horticultural
properties, particularly kiwifruit, are showing signs of
revived activity after a quiet 18 months.
There has been renewed enthusiasm for residential and
lifestyle markets, with people moving from residential
properties to lifestyle homes, particularly in provincial
New Zealand.
As we approach the autumn selling season, the residential,
lifestyle, and rural sectors are showing good growth.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
13
|
PGG WRIGHTSON LIMITED
Derek Ayson, Real Estate Branch Manager, and
Andrew Patterson, PGW Real Estate Manager,
discuss the improvements made to the
property with Gillian and Mark Evans, owners
of Glenquoich Station, near Athol in Southland.
PGW’s partnership with
IHC is one of the longest-
running sponsorships of
its kind in New Zealand,
spanning 43 years.
Members of the Canterbury IHC
community celebrate the IHC Calf & Rural
Scheme with PGW at a Ngāi Tahu dairy
farm in North Canterbury.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
14
|
PGG WRIGHTSON LIMITED
Climate Reporting and Emissions
PGW released its first climate statement under the climate-related disclosures
legislation in our Sustainability Report covering governance, strategy, risk
management, and metrics and targets. As we prepare our second climate
statement, work is underway to expand disclosures to include our Climate
Transition Plan and current climate-related financial impacts.
We continue to make reductions to our emissions footprint, replacing more than
20 diesel vehicles with petrol-hybrids within our fleet. Addressing fleet emissions
is crucial as they make up over 90 per cent of our operational emissions. The
number of petrol-hybrid vehicles is expected to increase as existing leases reach
their renewal windows. We are actively engaging manufacturers for fit-for-
purpose alternative vehicles that could offer meaningful emissions reductions.
We are also modifying internal policy settings to enable future electrification of
the fleet. We remain committed to purchasing renewable energy, with 100 per
cent renewable electricity powering our operations.
Our value chain is a significant source of greenhouse gas emissions through
the provision of goods and services, transportation, end-of-life of sold products,
and investments. We are refining our scope 3 calculation methodologies and
implementing an emission database to improve reporting integrity. In the first
half of FY25, we issued greenhouse gas data requests to large suppliers through
a formal supplier due diligence assessment process. Scope 3 data is expected to
be reported in future sustainability reports.
Sustainability
Toitūtanga
PGW continues to demonstrate its
dedication to sustainability through
transparent and regular reporting. Over
the past six months, we have achieved
significant milestones in our Sustainability
Strategy, which focuses on environmental,
social, and governance pillars. Here are
some key highlights from this period,
reflecting our commitment to reducing our
greenhouse gas emissions and supporting
the wellbeing of our people.
IHC Partnership
PGW’s partnership with IHC is one of the longest-running sponsorships of
its kind in New Zealand, spanning 43 years. The impact of this partnership
has been extraordinary, raising $43 million and changing countless lives and
futures for people with intellectual disabilities and their families. In 2024,
local members of the IHC community and PGW were invited for a day of
connection at a Ngāi Tahu dairy farm in North Canterbury, including calf
feeding and kapa haka performances. The occasion weaved together threads
of connection and demonstrated the important impact of the Calf & Rural
Scheme.
Cash for Communities
PGW and Ballance Agri-Nutrients joined together to create the Cash for
Communities programme over 13 years ago, raising more than $820,000 in
that time. The programme enables farmers, growers, and contractors to give
back to a local community cause of their choice, with their spring fertiliser and
agrichemical purchases.
In 2024, we broke all previous records with the programme generating
donations of $150,000, with over 3,200 farmers, growers, and contractors taking
part. Donations are going towards organisations, emergency services, and
schools that support our rural communities nationwide.
15
|
PGG WRIGHTSON LIMITED HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
The Interim Consolidated Financial Statements contained on pages 16–22
have been approved by the Board of Directors on 24 February 2025.
Garry Moore
Chair
Sarah Brown
Director and Audit Committee Chair
Key Financial Disclosures
Ngā Whakapuakanga Pūtea Hira
For the six months ended 31 December 2024 | Mō ngā marama e ono ki te 31 o Tīhema 2024
Pete Barnes, PGW Area Livestock Manager, and
Simon Eddington, PGW Genetics Livestock Rep,
discuss bull sale details at Chris and Amanda
Jeffries' Grassmere Hereford & Riverlands J Angus
bull sale day in Cheviot, North Canterbury.
16
|
PGG WRIGHTSON LIMITED HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
PGG WRIGHTSON LIMITED
Interim Consolidated Statement of Profit or Loss
For the six months ended 31 December 2024
Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Interim Consolidated Statement of Other Comprehensive Income
For the six months ended 31 December 2024
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
D
EC 2024
J
UN 2024
D
EC 2023
$000 $000 $000
Net profit after tax 15,972 3,064 12,738
Items that will never be reclassified to profit or loss
Remeasurements of defined benefit liability
273 184 (1,096)
Tax on remeasurements of defined benefit liability (186) (13) 307
Total other comprehensive income/(loss) for the period 87 171 (789)
Total comprehensive income for the period 16,059 3,235 11,949
T
he accompanying notes form an integral part of these consolidated financial statements.
UNAUDITED AUDITED UNAUDITED
6
MONTHS TO
1
2 MONTHS TO
6
MONTHS TO
DEC 2024 JUN 2024 DEC 2023
N
OTE
$000 $000 $000
Operating revenue 570,281 915,946 560,878
Cost of sales
(430,976)
(680,245)
(425,247)
Gross profit 139,305 235,701 135,631
Other income 213 252 124
Employee expenses
(72,568)
(138,867)
(70,634)
O
ther operating expenses
(25,584)
(52,916)
(28,503)
O
perating EBITDA
41,366
44,170
36,618
Non-operating gains
1,255
(67)
151
I
mpairment and fair value gains
–
–
–
D
epreciation and amortisation expense
(15,014)
(28,748)
(14,522)
EBIT 27,607 15,355 22,247
Net interest and finance costs
1
(5,910)
(10,026)
(4,720)
P
rofit before income tax
21,697
5,329
17,527
Income tax expense (5,725) (2,265) (4,789)
N
et profit after tax
15,972
3,064
12,738
B
asic & diluted earnings per share (EPS)
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
DEC 2024 JUN 2024 DEC 2023
$ $ $
Basic & diluted EPS 2 0.212 0.041 0.169
The accompanying notes form an integral part of these consolidated financial statements.
17
|
PGG WRIGHTSON LIMITED HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Interim Segment Report
For the six months ended / as at 31 December 2024
A. Operating segments
The Group has two primary operating segments, Agency and Retail
& Water, which are the Group's strategic divisions. These operating
segments operate within New Zealand. The two operating
segments offer different products and services, and are managed
separately because they require different skills, technology and
marketing strategies. Within each segment, further business
unit analysis may be provided to management where there are
significant differences in the nature of activities. The Chief Executive
Officer or Chairman of the Board reviews internal management
reports on each strategic business unit on at least a monthly basis.
The Group's segments are described below:
–
Agency: This segment derives its revenue primarily from
commissions in respect of rural Livestock, Wool and Real Estate
transactions. This segment also derives revenue from wool and
velvet product sales, and interest revenue from its GO-STOCK
receivables.
–
Retail & Water: This segment includes the Rural Supplies and
Fruitfed Supplies retail operations, Agritrade, PGG Wrightson
Water, ancillary sales support and supply chain functions. This
segment derives its revenue primarily from the sale of goods
as well as the design, installation and servicing of irrigation
solutions.
–
Other (non-operating): Other relates to certain Group
Corporate activities including Governance, Finance, Treasury,
Risk and Assurance, and other support services (such as
corporate property services and marketing). The Marketing
function derives sales revenue from the Group's rewards and
on-charging programmes.
Assets and liabilities allocated to each business unit combine to
form total assets and liabilities for the Agency and Retail & Water
business segments. Certain other assets and liabilities are held at a
Corporate level including those for the Corporate functions noted
above. Similarly, the profit or loss for each business unit combines
to form total profit or loss of the Agency and Retail & Water business
segments. Certain other revenues and expenses are recorded at the
Corporate level for the Corporate functions noted above.
Corporate costs allocation
The Group allocates certain corporate costs to an operating
segment where they can be directly attributed to that segment or
using the following methods:
–
IT har
dware, support, licence and other costs are allocated on a
per user basis.
– Property costs which are not directly attributable are allocated
on a property space utilisation basis.
–
Business operations costs (
Accounts Payable, Accounts
Receivable, Call Centre) are allocated based on FTE usage by each
operating segment or transactional volumes. Credit Services costs
are allocated to the operating segment to which the overdue
accounts relate.
Other costs such as non-operating gains/(losses), impairment
and fair value gains/(losses), net interest and finance costs and
income tax expense are not fully allocated by the Group across the
operating segments. The Group Governance, Finance, Treasury, and
Risk and Assurance functions continue to be reported outside of
the operating segments.
B. Geographical segment
The Group operates within New Zealand only and its revenue is
derived primarily from New Zealand.
C. Operating segment information
AGENCY RETAIL & WATER OTHER (NON-OPERATING) TOTA L
UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO 6 MONTHS TO 12 MONTHS TO 6 MONTHS TO 6 MONTHS TO 12 MONTHS TO 6 MONTHS TO 6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
DEC 2024 JUN 2024 DEC 2023 DEC 2024 JUN 2024 DEC 2023 DEC 2024 JUN 2024 DEC 2023 DEC 2024 JUN 2024 DEC 2023
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Sales revenue 29,713 89,021 40,430 482,445 719,961 471,171 754 1,364 868 512,912 810,346 512,469
Commission revenue
45,536
83,347
36,583
58
102
62
(13)
95
50
45,581
83,544
36,695
C
onstruction contract revenue
–
–
–
7,221
12,107
6,474
–
–
–
7,221
12,107
6,474
I
nterest revenue on GO-STOCK receivables
3,397
7,294
4,003
–
–
–
–
–
–
3,397
7,294
4,003
Interest revenue on overdue debtor accounts 278 552 333 336 1,003 387 16 54 11 630 1,609 731
Sublease income 217 485 240 202 403 207 121 158 59 540 1,046 506
Total external operating revenues 79,141 180,699 81,589 490,262 733,576 478,301 878 1,671 988 570,281 915,946 560,878
O
perating EBITDA
6,846
12,314
1,431
39,498
41,042
39,962
(4,978)
(9,186)
(4,775)
41,366
44,170
36,618
Non-
operating gains/(losses)
1,155
(61)
24
22
(38)
37
78
32
90
1,255
(67)
151
Impairment and fair value gains/(losses) – – – – – – – – – – – –
D
epreciation and amortisation expense
(4,907)
(8,552)
(4,771)
(8,586)
(17,019)
(8,214)
(1,521)
(3,177)
(1,537)
(15,014)
(28,748)
(14,522)
EBIT
3,094
3,701
(3,316)
30,934
23,985
31,785
(6,421)
(12,331)
(6,222)
27,607
15,355
22,247
Net int
erest and finance costs
(3,095)
(3,624)
(1,035)
(747)
(3,399)
(2,019)
(2,068)
(3,003)
(1,666)
(5,910)
(10,026)
(4,720)
P
rofit/(loss) before income tax
(1)
77
(4,351)
30,187
20,586
29,766
(8,489)
(15,334)
(7,888)
21,697
5,329
17,527
I
ncome tax benefit/(expense)
405
(94)
1,154
(8,446)
(5,604)
(8,412)
2,316
3,433
2,469
(5,725)
(2,265)
(4,789)
N
et profit/(loss) after tax
404
(17)
(3,197)
21,741
14,982
21,354
(6,173)
(11,901)
(5,419)
15,972
3,064
12,738
S
egment assets
177,242
191,647
154,251
439,889
243,537
449,395
42,700
41,049
38,701
659,831
476,233
642,347
A
ssets held for sale
–
1,402
–
–
–
–
–
–
–
–
1,402
–
Total segment assets
177,242
193,049
154,251
439,889
243,537
449,395
42,700
41,049
38,701
659,831
477,635
642,347
T
otal segment liabilities
(64,328)
(91,394)
(54,25
2)
(287,096)
(142,298)
(286,169)
(127,615)
(79,210)
(128,479)
(479,039)
(312,902)
(468,900)
T
he accompanying notes form an integral part of these consolidated financial statements.
18
|
PGG WRIGHTSON LIMITED HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Interim Consolidated Statement of Cash Flows
For the six months ended 31 December 2024
PGG WRIGHTSON LIMITED
Reconciliation of Net Profit After Tax with Net Cash Flow from Operating Activities
For the six months ended 31 December 2024
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
D
EC 2024
J
UN 2024
D
EC 2023
$000 $000 $000
Net profit after tax 15,972 3,064 12,738
Add/(deduct) non-cash/non-operating items:
Depreciation and amortisation 15,014 28,748 14,522
Bad debts written off (net)
(194)
391
145
L
oss/(profit) on sale of assets and investments, and lease terminations (1,240) 144 (111)
F
oreign exchange loss/(gain)
212
(211)
(442)
D
eferred tax expense/(benefit)
202
2,205
2,465
D
efined benefit expense/(gain)
(41)
(47)
(40)
P
ension contributions not expensed through profit or loss (308) (128) –
O
ther non-cash/non-operating items
(175)
(69)
(117)
A
dd/(deduct) movement in working capital items:
Change in inventories
(18,112)
12,341
(22,588)
Change in accounts r
eceivable, GO-STOCK receivables and prepayments
(171,653)
29,479
(116,400)
Change in trade creditors, provisions and accruals
121,060
(14,580)
98,916
Change in other cur
rent assets/liabilities 2,754 (1,561) 3,308
A
dd/(deduct) movement in taxation items:
Change in income tax payable/receivable 5,495 (2,043) 771
N
et cash inflow/(outflow) from operating activities
(31,014)
57,733
(6,833)
The accompanying notes form an integral part of these consolidated financial statements.
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
D
EC 2024
J
UN 2024
D
EC 2023
NOTE $000 $000 $000
Cash flows from operating activities
Cash was provided from:
Receipts from customers
397,212
936,313
441,633
Dividends received
2
5
1
I
nterest received 4,244 9,601 5,063
401,458
945,919
446,697
C
ash was applied to:
Payments to suppliers and employees
(427,171)
(875,584)
(446,690)
L
ump sum contribution to PGG Wrightson Employee Benefits Plan
(308)
(128)
–
Interest paid
(2,711)
(6,096)
(3,367)
I
nterest paid on lease liabilities (2,254) (4,276) (1,920)
Income tax paid
(28)
(2,102)
(1,553)
(432,472) (888,186) (453,530)
N
et cash inflow/(outflow) from operating activities
(31,014)
57,733
(6,833)
C
ash flows from investing activities
Cash was provided from:
Proceeds from sale of property, plant and equipment and assets held for sale
2,749 66 147
Dividend received from jointly controlled entity
232
134
67
2,981 200 214
Cash was applied to:
Purchase of property, plant and equipment (2,663) (11,417) (1,561)
P
urchase of intangibles
(5,584)
(11,428)
(5,347)
A
dvance to jointly controlled entity (17) (20) (20)
(8,264)
(22,865)
(6,928)
N
et cash inflow/(outflow) from investing activities
(5,283)
(22,665)
(6,714)
Cash flows from financing activities
Cash was provided from:
Increase in external borrowings and working capital debt
46,050
–
45,040
46,050 – 45,040
Cash was applied to:
Dividends paid to shareholders
–
(7,763)
(7,763)
R
epayment of external borrowings and bank overdraft
–
(6,960)
(4,810)
R
epayment of principal portion of lease liabilities
(11,174)
(21,203)
(10,256)
(11,174)
(35,926)
(22,829)
N
et cash inflow/(outflow) from financing activities
34,876
(35,926)
22,211
Net incr
ease/(decrease) in cash held
(1,421)
(858)
8,664
Opening cash and cash equivalents at the beg
inning of the period
3,785
4,643
4,643
C
ash and cash equivalents at the end of the period
3
2,364
3,785
13,307
T
he accompanying notes form an integral part of these consolidated financial statements.
19
|
PGG WRIGHTSON LIMITED HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Interim Consolidated Statement of Financial Position
For the six months ended 31 December 2024
UNAUDITED AUDITED UNAUDITED
D
EC 2024
J
UN 2024
D
EC 2023
NOTE $000 $000 $000
ASSETS
Current
Cash and cash equivalents
3
2,364
3,785
13,307
Shor
t-term derivative assets
629
584
474
Trade and other receivables 313,932 136,259 294,198
GO-STOCK receivables 3 46,517 50,215 40,578
Income tax receivable – 3,229 415
Inventories
113,965
95,192
130,769
A
ssets classified as held for sale
–
1,402
–
O
ther current assets
1,486
3,936
1,316
Total current assets 478,893 294,602 481,057
Non-current
Long-term derivative assets – 99 331
Deferred tax asset 6,114 6,501 6,562
Investments in equity accounted investees
455
484
376
A
dvance to equity accounted investees
17
–
20
GO-STOCK receivables
3
208
2,336
158
Other investments 398 422 508
Intangible assets 35,088 30,023 24,692
Right-of-use assets
4
87,407
91,570
83,451
P
roperty, plant and equipment
5
51,251
51,598
45,192
Total non-current assets 180,938 183,033 161,290
Total assets
659,831
477,635
642,347
LIABILITIES
C
urrent
Short-term debt
3
–
–
65,000
Shor
t-term derivative liabilities
861
192
433
A
ccounts payable and accruals
270,944
149,540
265,312
I
ncome tax payable
2,267
–
–
Shor
t-term lease liabilities
21,914
20,609
20,189
T
otal current liabilities
295,986
170,341
350,934
N
on-current
Long-term debt
3
109,050
63,000
45,190
L
ong-term derivative liabilities
112
–
–
L
ong-term lease liabilities
71,038
76,057
67,899
O
ther long-term liabilities
2,758
2,787
2,745
D
efined benefit liability
95
717
2,132
T
otal non-current liabilities
183,053
142,561
117,966
T
otal liabilities
479,039
312,902
468,900
EQUIT
Y
Share capital
372,318
372,318
372,318
R
eserves
16,560
16,371
15,369
R
etained earnings
(208,086)
(223,956)
(214,240)
T
otal equity
180,792
164,733
173,447
T
otal liabilities and equity
659,831
477,635
642,347
T
he accompanying notes form an integral part of these consolidated financial statements.
PGG WRIGHTSON LIMITED
Interim Consolidated Statement of Changes in Equity
For the six months ended 31 December 2024
REALISED
C
APITAL AND
DEFINED RE
TAINED
SHARE REVALUATION BENEFIT PLAN FAIR VALUE EARNINGS/ TOTAL
C
APITAL
RESER
VES
RESER
VE
RESERVE
(DEFICIT) EQUIT
Y
$000 $000 $000 $000 $000 $000
Balance as at 1 July 2023 372,318 24,662 (8,504) – (219,215) 169,261
Total comprehensive income for the period
Net profit after tax
– – – – 12,738 12,738
Other comprehensive income
Defined benefit plan actuarial gain/(loss), net of tax
– – (789) – – (789)
Total other comprehensive income
–
–
(789)
–
–
(789)
T
otal comprehensive income for the period
–
–
(789)
–
12,738
11,949
T
ransactions with shareholders recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders – – – – (7,763) (7,763)
T
otal contributions by and distributions to shareholders
–
–
–
–
(7,763)
(7,763)
B
alance as at 31 December 2023 372,318
24,662
(9,293)
–
(214,240)
173,447
Balance as at 1 J
anuary 2024
372,318
24,662
(9,293)
–
(214,240)
173,447
T
otal comprehensive income for the period
Net profit after tax
–
–
–
–
(9,674)
(9,674)
Other comprehensive income
Defined benefit plan actuarial gain/(loss), net of tax
–
–
960
–
–
960
T
otal other comprehensive income
–
–
960
–
–
960
T
otal comprehensive income for the period – – 960 – (9,674) (8,714)
T
ransactions with shareholders recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders
–
–
–
–
–
–
T
otal contributions by and distributions to shareholders
–
–
–
–
–
–
T
ransfer to retained earnings
–
–
42
–
(42)
–
B
alance as at 30 June 2024
372,318
24,662
(8,291)
–
(223,956)
164,733
Balance as at 1 July 2024
372,318
24,662
(8,291)
–
(223,956)
164,733
T
otal comprehensive income for the period
Net profit after tax
–
–
–
–
15,972
15,972
O
ther comprehensive income
Defined benefit plan actuarial gain/(loss), net of tax
–
–
87
–
–
87
T
otal other comprehensive income
–
–
87
–
–
87
T
otal comprehensive income for the period
–
–
87
–
15,972
16,059
T
ransactions with shareholders recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders
–
–
–
–
–
–
T
otal contributions by and distributions to shareholders
–
–
–
–
–
–
T
ransfer to retained earnings
–
–
102
–
(102)
–
B
alance as at 31 December 2024
372,318
24,662
(8,102)
–
(208,086)
180,792
T
he accompanying notes form an integral part of these consolidated financial statements.
20
|
PGG WRIGHTSON LIMITED HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
PGG WRIGHTSON LIMITED
Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2024
1 Net Interest and Finance Costs
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
D
EC 2024
J
UN 2024
D
EC 2023
$000 $000 $000
Interest income 217 698 328
Interest funding expense:
Bank interest on loans and overdrafts
(2,710) (6,096) (3,367)
Bank facility fees (1,018) (1,086) (485)
(3,728)
(7,182)
(3,852)
N
et interest income/(expense) excluding interest on lease liabilities
(3,511)
(6,484)
(3,524)
I
nterest on lease liabilities (2,254) (4,276) (1,920)
Foreign exchange gain/(loss)
Net gain/(loss) on foreign denominated items
690
(390)
(281)
Fair value gain/(loss) on foreign exchange derivatives (835) 1,124 1,005
(145)
734
724
N
et interest and finance income/(expense) (5,910) (10,026) (4,720)
2 Earnings Per Share (EPS) and Net Tangible Assets (NTA)
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
DEC 2024 JUN 2024 DEC 2023
000 000 000
Issued ordinary shares at the end of reporting period 75,484 75,484 75,484
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
DEC 2024 JUN 2024 DEC 2023
$000 $000 $000
Net profit after tax 15,972 3,064 12,738
Net tangible assets
Total assets
659,831
477,635
642,347
T
otal liabilities
(479,039)
(312,902)
(468,900)
less
intangible assets
(35,088)
(30,023)
(24,692)
less
deferred tax asset
(6,114)
(6,501)
(6,562)
N
et tangible assets
139,590
128,209
142,193
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
D
EC 2024
J
UN 2024
D
EC 2023
$ $ $
Basic EPS 0.212 0.041 0.169
NTA per issued ordinary shares at the end of period 1.849 1.698 1.884
Additional Financial Disclosures
Ngā Whakapuakanga Pūtea Tāpiri
Including Notes to the Consolidated Financial Statements for the six months ended 31 December 2024
Tae atu ki ngā tuhipoka ki Ngā Tōpūtanga Tauākī Ahumoni Taupua mō te ono marama ki te 31 o Tīhema 2024
Dr. Andrew Dowling, PGW
Technical Expert and
veterinarian, is an animal
health and nutrition
specialist who works with
PGW Field Reps to support
farmers and their livestock.
21
|
PGG WRIGHTSON LIMITED
Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
HALF
YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
PGG WRIGHTSON LIMITED
Notes to the Interim Consolidated Financial Statements (continued)
For the six months ended 31 December 2024
PGG WRIGHTSON LIMITED
Notes to the Interim Consolidated Financial Statements (continued)
For the six months ended 31 December 2024
4 Right-of-Use Assets
Additions, modifications & reassessments
During the period to 31 December 2024, the Group had lease additions of $3.24 million (30 June 2024: $13.41 million, 31 December 2023: $4.90
million). Lease modifications and reassessments resulted in an increase in right-of-use assets of $5.21 million (30 June 2024 Increase: $17.04 million,
31 December 2023 Increase: $5.75 million).
Terminations
During the period to 31 December 2024, the Group had lease terminations which resulted in a reduction in right-of-use assets of Nil million
(30 June 2024: $0.94 million, 31 December 2023: $0.61 million).
5 Property, Plant and Equipment
Acquisitions
During the period to 31 December 2024, the Group acquired assets with a cost of $2.66 million (30 June 2024: $11.42 million, 31 December 2023:
$1.56 million).
Disposals
The Group disposed of assets with a net book value of $1.45 million during the period to 31 December 2024 (30 June 2024: $0.11 million,
31 December 2023: $0.07 million), resulting in a gain on disposal of $1.30 million (30 June 2024 Loss: $0.07 million, 31 December 2023
Gain: $0.07 million).
6 Contingent Liabilities
A. PGG Wrightson Max Rewards Loyalty Programme
The Group recognises a provision for the expected level of points redemption from the PGG Wrightson Max Rewards Loyalty Programme. As at 31
December 2024, the balance of live points which does not form part of the recognised provision total $0.09 million (30 June 2024: $0.08 million; 31
December 2023: $0.08 million). Losses are not expected to arise from this contingent liability.
B.
C
ontingent liabilities
The Group may receive client claims as part of the ordinary course of business in the supply of goods and services. The Group will pursue recovery
of claims with suppliers where appropriate under terms of trade. Accordingly, the amount of any obligation in respect of these claims or potential
claims cannot be estimated with sufficient reliability.
7 Seasonality of Operations
The Group is subject to significant seasonal fluctuations. The Group's earnings are weighted towards the first half of the financial year and are
primarily related to the Retail business, as demand for New Zealand farming inputs is generally weighted towards the spring season. The second
half earnings predominantly relate to Livestock trading as farmers seek to maximise their income following New Zealand's spring calving and
lambing season. Other business units have similar but less material seasonal fluctuations. The Group recognises that this seasonality is the nature
of the industry and plans and manages its business accordingly.
3 Cash and Financing Facilities
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
DEC 2024 JUN 2024 DEC 2023
$000 $000 $000
Cash and cash equivalents 2,364 3,785 13,307
Current financing facilities – – (65,000)
T
erm financing facilities (109,050) (63,000) (45,190)
Net interest-bearing (debt)/cash and cash equivalents (106,686) (59,215) (96,883)
GO-STOCK receivables 46,725 52,551 40,736
Net interest-bearing (debt)/cash and cash equivalents
after adjusting for GO-STOCK receivables (59,961) (6,664) (56,147)
Financing facilities
The Company has a syndicated bank facility agreement. The syndicated facilities provide the following:
–
C
ore debt facilities of up to $100.00 million maturing on 27 February 2026. This facility had $75.05 million drawn at 31 December 2024 (30 June
2024: $63.00 million drawn, 31 December 2023: $45.19 million drawn).
–
W
orking capital facilities of up to $85.00 million maturing on 27 February 2026. This facility had $34.00 million drawn at 31 December 2024 (30
June 2024: $13.00 million drawn, 31 December 2023: $65.00 million drawn).
The syndicated facilities fund the general activities of the Group, the seasonal fluctuations in working capital, and the GO-STOCK receivables.
Interest on these syndicated facilities is determined based on floating rates (i.e. OCR or BKBM plus a margin).
The Company has granted a general security deed and mortgage over all its wholly-owned New Zealand assets to a security trust. Bank of New
Zealand acts as facility agent and security trustee for the banking syndicate, which comprises Bank of New Zealand, Cooperatieve Rabobank U.A.
(New Zealand branch) and Westpac New Zealand Limited. The agreement contains various financial covenants and restrictions that are standard
for facilities of this nature, including maximum permissible ratios for debt leverage and operating leverage, together with limitations for GO-STOCK
receivables, capital expenditure and asset disposals. Financial covenants are reported to the facility agent on a quarterly basis.
The syndicated facility agreement allows the Group, subject to certain conditions, to enter into additional facilities outside of the Company's
syndicated facility. The additional facilities are guaranteed by the security trust. These facilities amounted to $4.77 million as at 31 December 2024.
–
O
verdraft facilities of $3.00 million. This facility was undrawn at 31 December 2024 (undrawn at 30 June 2024, undrawn at 31 December 2023).
–
Guarant
ees and letters of credit of $1.77 million.
22
|
PGG WRIGHTSON LIMITED HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2024
Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
PGG WRIGHTSON LIMITED
Notes to the Interim Consolidated Financial Statements (continued)
For the six months ended 31 December 2024
Acronym / TermDefinition
$New Zealand Dollar
BoardBoard of Directors for PGG Wrightson Limited
c/kg cents per kilogram
CompanyPGG Wrightson Limited
DirectorA director of PGG Wrightson Limited
EBIT
Earnings before net interest and finance costs,
income tax and the results from discontinued
operations
Operating
EBITDA
Earnings before net interest and finance costs,
income tax, depreciation, amortisation, the results
from discontinued operations, impairment and fair
value adjustments and non-operating items
EPSEarnings Per Share
FY
Financial Half Year ended or ending 31 December of
the relevant year
Group
PGG Wrightson Limited and its subsidiaries and
interests in associates and jointly controlled entities
IFRSInternational Financial Reporting Standards
ISOInternational Organisation for Standardisation
ITInformation Technology
kgkilogram
M FATMinistry of Foreign Affairs and Trade
NIBD Net Interest-Bearing Debt
N PATNet Profit After Tax
N TANet Tangible Assets
NZDNew Zealand dollar
NZ GAAP
New Zealand Generally Accepted Accounting
Practice
NZ IFRS
New Zealand equivalents to International Financial
Reporting Standards
NZX50GNew Zealand Stock Exchange 50 Index Gross
PGWPGG Wrightson Limited
RepRepresentative
TSRTotal Shareholder Return
Glossary | Rārangi Kupu
8 Subsequent Events
Dividend
On 24 February 2025, the Directors of PGG Wrightson Limited resolved to pay an interim dividend of 2.5 cents per share on 3 April 2025 to the
shareholders on the Company's share register as at 5.00pm on 26 March 2025. This dividend will be fully imputed.
9 Reporting Entity
PGG Wrightson Limited (the "Company") is a company domiciled in New Zealand and registered under the Companies Act 1993 in New Zealand.
The Company's registered office is at 1 Robin Mann Place, Christchurch. The Company is listed on the New Zealand Stock Exchange and is an FMC
Entity for the purposes of the Financial Markets Conduct Act 2013.
The interim consolidated financial statements of PGG Wrightson Limited for the six months ended 31 December 2024 comprise the Company and
its subsidiaries (together referred to as the "Group").
The Group is primarily involved in the provision of goods and services within the agricultural and horticultural sectors.
10 Basis of Preparation
Statement of compliance
These interim consolidated financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice
("NZ GAAP"). They comply with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board,
the New Zealand equivalents to International Financial Reporting Standards ("NZ IFRS") and other applicable Financial Reporting Standards as
appropriate for a Tier 1 for-profit entity, and in particular NZ IAS 34 Interim Financial Reporting.
These interim consolidated financial statements do not include all of the information required for full annual consolidated financial statements.
Unless otherwise specified, the same accounting policies and methods of computation are followed in the interim consolidated financial
statements as applied in the Group's latest annual audited consolidated financial statements.
These interim consolidated financial statements were approved by the Board of Directors on 24 February 2025.
Standards issued but not yet effective
A number of new standards and interpretations are not yet effective for the period ended 31 December 2024 and have not been applied in
preparing these interim consolidated financial statements. These standards are not expected to have a material impact on the Group's
financial results.
23
|
PGG WRIGHTSON LIMITED
Board of Directors
as at 31 December 2024
Garry Moore
Chair, Audit Committee member
and Independent Director
Sarah Brown
Deputy Chair,
Chair of Audit Committee
and Independent Director
Meng Foon
Independent Director
U Kean Seng
Director and Audit Committee
member
Dr Charlotte Severne
Chair of Health, Safety and
Environment Committee and
Independent Director
Executive Team
as at 31 December 2024
Stephen Guerin
Chief Executive Officer
Nick Berry
General Manager Retail & Water
Julian Daly
General Manager Corporate Affairs
/Company Secretary
Sarah Mears
Acting General Manager People &
Safety (until 20 August 2024)
General Manager People & Safety (from
21 August 2024)
Peter Newbold
General Manager Livestock & Real
Estate
Peter Scott
Chief Financial Officer
Rachel Shearer
Acting General Manager Wool
(until 20 August 2024)
General Manager Wool & bidr
(from 21 August 2024)
Registered Office
PGG Wrightson Limited
1 Robin Mann Place
Christchurch Airport
Christchurch 8053
PO Box 292
Christchurch 8140
Telephone:
0800 10 22 76 (NZ only)
+64 3 372 0800 (International)
Email: enquiries@pggwrightson.co.nz
Auditors
Ernst & Young
Level 4
93 Cambridge Terrace
PO Box 2091
Christchurch 8140
Telephone: +64 3 379 1870
Corporate Directory | Whaiaronga Rangatōpū
Company number 142962
NZBN 9429040323497
Laura Pattie, PGW Technical Expert and
veterinarian, is a veterinary ruminant
nutritionist who works with PGW Field
Reps to support farmer customers and
their livestock.
Managing your
shareholding online
Te whakahaere tuihono i tō pānga hea
T
o change your address, update your
payment instructions and to view
your investment portfolio, including
transactions, please visit:
www.investorcentre.com/nz
General enquiries can be directed to:
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna, Auckland 0622
enquiry@computershare.co.nz
Private Bag 92119, Auckland 1142,
New Z
ealand
Telephone +64 9 488 8777
Please assist our registrar by quoting
your CSN or shareholder number.
---
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of issuer PGG Wrightson Limited
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$570,281 1.7%
Total Revenue $570,494 1.7%
Net profit/(loss) from
continuing operations
$15,972 25.4%
Total net profit/(loss) $15,972 25.4%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.02500000
Imputed amount per Quoted
Equity Security
$0.00972222
Record Date 26 March 2025
Dividend Payment Date 3 April 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.85 $1.88
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the accompanying commentary and unaudited
interim consolidated financial statements.
Authority for this announcement
Name of person
authorised
to make this announcement
Julian Daly
Contact person for this
announcement
Julian Daly
Contact phone number 027 553 3373
Contact email address jdaly@pggwrighston.co.nz
Date of release through MAP
25/02/2025
Unaudited financial statements accompany this announcement.
---
Distribution Notice
Section 1: Issuer information
Name of issuer PGG Wrightson Limited
Financial product name/description Ordinary Shares
NZX ticker code PGW
ISIN (If unknown, check on NZX
website)
NZREIE0001S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 26/03/2025
Ex-Date (one business day before the
Record Date)
25/03/2025
Payment date (and allotment date for
DRP)
03/04/2025
Total monies associated with the
distribution
1
$1,887,102.07500000
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.03472222
Gross taxable amount
3
$0.03472222
Total cash distribution
4
$0.02500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00441176
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputed
Fully imputed
Partial imputation
1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.
No imputation
If fully or partially imputed, please
state imputation rate as % applied
6
28%
Imputation tax credits per financial
product
$0.00972222
Resident Withholding Tax per
financial product
$0.00173611
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for
determining market price for DRP
Date strike price to be announced (if
not available at this time)
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
Section 5: Authority for this announcement
Name of person
authorised to make
this announcement
Julian Daly
Contact person for this
announcement
Julian Daly
Contact phone number 027 553 3373
Contact email address jdaly@pggwrightson.co.nz
Date of release through MAP
25/02/2025
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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