Seeka Announces its 31 December 2024 result

FULL YEAR RESULTS ANNOUNCEMENT FY24 | SEEKA LIMITED1
SEEKA 2024 FULL YEAR RESULT
Audited results for year ended 31 December 2024 (FY24)
Listed New Zealand produce handler Seeka Limited, with operations in New Zealand and Australia, reports its audited
results for the year ended 31 December 2024.
$411 million operating revenue — up 37% on FY23
$76 million EBITDA — up 193% on FY23's $26 million
$30 million net profit before tax — up from $21 million loss FY23
51 cents earnings per share, pre deferred tax adjustment — up from $0.35 loss FY23
10 cents dividend paid January 2025
5 cents dividend to be paid 15 April 2025
Seeka is pleased to announce its audited financial results for the year ended 31 December 2024.
Seeka reports a return to profitability with a record $29.7 million profit before tax, within the $27.5 million to $31.5 million
range signalled to the market.
"Seeka’s 2024 revenue of $411 million was up 37% on 2023’s $301 million. The $110 million increase in revenue was driven
by higher volumes handled in New Zealand and Australia,” says Seeka chief executive Michael Franks.
"Better growing conditions lifted yields with Seeka's New Zealand post-harvest operations handling 43 million class 1 trays
of kiwifruit, a 44% jump from 2023. Seeka also achieved an 166% increase in production from our Australian kiwifruit
orchards, selling 2.3 million kilograms of our Australian-grown kiwifruit.
"Seeka's focus is to lift its financial profitability, reduce debt and improve its balance sheet ratios while delivering excellence
and an outstanding service to its growers and customers.
"Profit before tax was up 242% to $30 million, which is a $51 million turnaround from a $21 million loss before tax in 2023.
"Profit after tax was $8.8 million compared to a $14.5 million loss after tax in 2023. Seeka's financial results in 2024 include
a $12.5 million one-off non-cash deferred tax charge due to the government’s removal of tax deductibility of depreciation on
buildings.
"Earnings per share, excluding the deferred tax adjustment, was 51 cents, compared with 2023’s loss of 35 cents per share.
"Record profit before tax was achieved during a period of high interest rates and higher debt levels. Seeka is set to benefit
from lower interest rates, having also lowered net debt by $35 million in 2024.
"Seeka’s improved financial position and compliance with long-term banking covenants enabled the Board to resume
dividends, with a 10 cents per share payment to shareholders in January 2025.
"The Board has announced a further 5 cents per share dividend to be paid on 15 April. The dividend reinvestment plan will
apply with a 2% discount to the strike price. This will deliver dividend payments of 15 cents per share from the 2024
financial year.
"Seeka has made targeted investments to optimise capacity from our post-harvest facilities, with automation upgrades that
allow us to pack more fruit using significantly less labour. Capacity was not stretched in 2024, and while it is too early to
make a reliable prediction on 2025 crops, growing conditions have been good and indicative volumes consistent or better
than 2024.
“Seeka delivered results closer to its potential in 2024, with a 10% return on capital employed through tight cost control and
innovation driving efficiencies. As a result, Seeka enters 2025 in a much stronger position. Seeka will provide an update to
shareholders at our Annual Shareholder Meeting on 16 April,” says Franks.
27 February 2025
Company announcement

FULL YEAR RESULTS ANNOUNCEMENT FY24 | SEEKA LIMITED2
Financial performance
The following table outlines Seeka’s performance in FY24.
New Zealand dollarsFY24FY23Change
Total revenue
$ 411.4 m $ 300.9 m 37%
Earnings before interest, tax, depreciation, amortisation and impairments - EBITDA
$ 76.1 m $ 26.0 m 193%
Earnings before interest and tax - EBIT
$ 46.8 m ( $ 4.1 m)1237%
Net profit before tax - NPBT
$ 29.7 m ( $ 21.0 m)242%
Net profit after tax - NPAT
$ 8.8 m ( $ 14.5 m)160%
Net bank debt
$ 137.3 m $ 172.4 m ( 20%)
Basic earnings / (loss) per share
$ 0.21 ( $0.35)160%
Diluted earnings / (loss) per share
$ 0.21 ( $0.35)160%
Basic earnings / (loss) per share - pre deferred tax adjustment
$ 0.51 ( $0.35)-
Net tangible assets per share
$ 5.66 $ 5.71 ( 1%)
This announcement should be read in conjunction with Seeka Limited's 2024 annual report.
A copy of the 2024 annual report can be found on Seeka's website www.seeka.co.nz/reports.
EBITDA
EBITDA before revaluations and impairments is considered by Seeka's Board to be a key measure of performance.
New Zealand dollars ($000s)FY24FY23
Net profit before tax
29,713( 20,988)
Interest expense
12,32712,028
Lease interest expense
4,7764,842
EBIT
46,816( 4,118)
Impairment charges and revaluations
Impairments
7653,465
Loss on revaluation of property, plant and equipment
-294
Depreciation expense
17,09915,520
Lease depreciation expense
11,13910,462
Amortisation of intangible assets
302365
EBITDA before impairments and revaluations
76,12125,988
ENDS
For more information, visit www.seeka.co.nz or please call:
Michael FranksNicola Neilson
Chief executive
+ 64 21 356 516
Chief financial officer
+ 64 21 841 606

---

Analyst Briefing Pack
Audited Results for the year ended 31 December 2024

Agenda
2
6
5
Outlook
4
Operating segments performance
3
Capital management
2
Financials
1
Overview
Delivering on Strategy

Delivering on Strategy
and Overview

Delivering on Seeka’s Strategy
4
Connecting sustainable produce to the world
Delivered operational and financial excellence to our growers
Excellent planning, disciplined execution and quality fruit to the market
Lifted financial performance to our shareholders
Record profit, restarted dividends, managed capex, lowered risk profile, significantly lowered bank debt
Optimised post harvest capacity
Automation delivered efficiency gains
Building revenue streams
Contract packing utilising assets in off-season
Select Excellence
Progressed our aspiration to deliver excellent service, produce and value to our stakeholders
1
2
3
4
5

Overview
Crop yields and volumes rebounded in 2024
43m class 1 kiwifruit trays packed – up 44% I Volume growth benefited core business I Australia kiwifruit volumes up 166%
Record $76m EBITDA
2023 restructure lowered overhead costs I Capacity in place | Tight focus on costs and margins
Excellent operational performance
Low onshore fruit loss I Excellent offshore performance I Competitive orchard gate returns for our growers
Automation
Automation upgrades at Oakside and Seeka Gisborne I Balance of manual and automated packing | Pack more fruit using less labour
Forward focus
Improve profitability I Further reduce debt I Maintain excellent operational performance I Risk adjusted return on capital employed
Harvest 2025
Normal crop numbers of SunGold & Hayward kiwifruit I Australia harvest underway I Infrastructure, systems & personnel ready
1
2
3
4
5
5
6

Financials

1. ROCE excludes $0.4m of other income (FY23 $3.3m). See appendix for ROCE calculation.
These financials should be read in conjunction with Seeka’s Annual Report 2024 and the attached appendix.
Group financial performance
$411.4m Revenue
37% up on $300.9m FY23
$76.1m EBITDA
193% up on $26.0m FY23
$29.7 Net profit before tax
Up from ( $21.0m) loss FY23 – increase of $50.7m
−Guidance range $27.5m ~ $31.5m
$8.8m Net profit after tax
Up from ( $14.5m) loss FY23 – increase of $23.2m
Impacted by removal of tax deductibility on buildings
All results and comparatives consistent with NZ IFRS 16 Leases
7
NZD $millionsFY24FY23
Change
Revenue411.4 300.9
37%
Cost of sales306.5 252.2
22%
Gross profit104.9 48.7
115%
EBITDA76.1 26.0
193%
EBIT46.8 ( 4.1)
1237%
Net profit before tax29.7 ( 21.0)
242%
Net profit8.8 ( 14.5)
160%
Return on capital employed10.0%( 2.0%)
600%
Net tangible asset backing per share$ 5.66 $ 5.71
( 1%)

$43m
$57m
$46m
$26m
$76m
$49m
FY20FY21FY22FY23FY24
EBITDA
Trends in financial performance
8
FY21 EBITDA included a one-off $7.6m benefit
from the Crown’s settlement of a Kiwifruit Claim.
NZ Class 1 kiwifruit trays packed
$7.6m
claim
settlement
$251m
$310m
$348m
$301m
$411m
31.8m
39.2m
42.0m
29.8m
43.0m
FY20FY21FY22FY23FY24
Revenue
$375m
$482m
$548m
$549m
$550m
FY20FY21FY22FY23FY24
Total assets
$16.3m
$23.5m
$7.6m
($21.0)m
$29.7m
$15.2m
$14.9m
$6.5m
($14.5)m
$8.8m
FY20FY21FY22FY23FY24
NPBT & NPAT
NPAT
NPAT impacted by changes in tax deductibility of
depreciation of buildings
- FY20 one-off $5.6m tax benefit
- FY24 one-off $12.5m tax charge
All results and comparatives consistent with NZ IFRS 16 Leases.

Trends in operating segment performance
9
Class 1 kiwifruit trays grownClass 1 kiwifruit trays packedTurnoverThousands of tonnes handled
$1.2m
$5.4m
$5.2m
$4.6m
$1.0m
$6.2m
13.0m
14.4m
17.0m
11.4m
17.3m
FY20FY21FY22FY23FY24
Orcharding EBITDA
$6.2m
gain
on sale
$41.9m
$61.6m
$59.0m
$43.8m
$84.5m
31.8m
39.2m
42.0m
29.8m
43.0m
FY20FY21FY22FY23FY24
Post-harvest EBITDA
$3.0m
$2.3m
$0.8m
$2.6m
$2.6m
$64m
$68m
$54m
$63m
$67m
FY20FY21FY22FY23FY24
SeekaFresh EBITDA
$7.4m
$1.6m
$1.0m
$0.7m
$3.2m
4.4
5.0
4.9
3.3
4.5
FY20FY21FY22FY23FY24
Seeka Australia EBITDA

Capital management

NZD $millionsFY24FY23Change
Current assets - excludes cash & tax assets
Trade and other receivables29.3 32.6
( 10%)
Biological assets - crop25.3 21.8
16%
Assets held for sale3.3 3.2
3%
Inventories and water rights10.3 10.9
( 6%)
Total current assets68.1 68.4
-
Current liabilities - excludes debt
Trade and other payables( 34.8)( 25.3)
38%
Tax (liability) / asset( 3.7)0.4
-
Net working capital29.6 43.5
( 32%)
Non current assets
Property, plant and equipment388.3 387.7
-
Right-of-use lease assets48.4 50.5
( 4%)
Investments in associates and joint
arrangements
8.0 4.6
73%
Derivatives (liability) / asset( 0.3)1.2
( 126%)
Financial assets1.3 1.3
4%
Deferred tax assets5.0 1.8
177%
Intangibles and receivables27.7 27.6
-
Total non current assets478.4 474.8
1%
Capital employed508.0 518.3
( 2%)
All results and comparatives comply with NZ IFRS 16 Leases. Values may not always sum due to rounding.
Balance sheet
$10.3m decrease in capital employed in FY24
No increase in PP&E
−Capacity in place, Capex within depreciation
−Investing to mitigate material damage risk
$3.5m increase in biological assets
−Crop to be harvested FY25
$3.4m increase in investments in associates
−Partnering with iwi to develop and operate orchards
between Ōpōtiki and East Cape
Capital employed 31 December
11

All results and comparatives comply with NZ IFRS 16 Leases. Values may not always sum due to rounding.
Balance sheet
$137.3m net bank debt at December 2024
−$35.1m net repaid since December 2023 – 20% decrease
Syndicated five-bank funding
−Led by Westpac NZ, alongside Westpac Corporation, ASB,
BNZ and Rabobank
−Within all long-term banking covenant ranges
$3.3m of assets held for sale – 13.5 hectare orchard
−Orchard sold with settlement due February 2025
Net bank debt 31 December
12
NZD $millionsFY24FY23
Change
Non current liabilities - excludes debt
Lease liabilities (current and non current )( 62.6)( 64.8)
( 3%)
Deferred tax liability( 41.7)( 21.2)
96%
( 104.3)( 86.0)
21%
Cash( 3.0)( 5.2)
( 43%)
Borrowings140.3 177.6
( 21%)
Net bank debt137.3 172.4
( 20%)
Total equity266.4259.9
2%
Total borrowings137.3172.4
( 20%)
Net bank debt
Less assets held for sale
134.0169.2
( 21%)
EBITDA multiple1.76x 6.51x
EBITDA multiple pre NZ IFRS 16 Leases2.24x 16.37x

1.As required by NZ IAS 33, 1,892,994 shares held by Seeka Trustee Limited for the Grower Loyalty and Employee Share Schemes are excluded from EPS calculations.
If included, the weighted average EPS would be $0.20 (FY23: ( $0.34)).
Earnings per share and dividends
21 cents EPS
1
51 cents EPS – pre $12.5m deferred tax adjustment
15 cents total dividend from FY24
10 cents dividend paid January 2025
5 cents dividend to be paid 15 April 2025
−Record date 20 March 2025
−Fully imputed
−Dividend reinvestment plan will apply with 2% discount
$5.66 net tangible assets per share
13
FY24FY23
Net profit / (loss)$ 8.8 m ( $14.5 m)
160%
Weighted shares on issue 41.6 m 41.6 m
-
Earnings per share
1
$ 0.21 ( $0.35)
160%
Dividends paid January 2025$ 0.10 -
Dividends to be paid April 2025$ 0.05-
Total dividends from financial year$ 0.15-
Net tangible assets $246 m $240 m
3%
Shares at year end 43.5 m 42.0 m
4%
Net tangible assets per share $ 5.66 $ 5.71
( 1%)

Operating segment performance

Orchard operations – led by Barry Penellum
$102.7m Revenue – up 19% on FY23
Increased crop volumes from leased orchards
$6.2m EBITDA – up from $1.0m in FY23
−Improved kiwifruit yields and returns
$7.1m invested in long-term leased land developments
−15 hectares of kiwifruit
−13 hectares of avocado
Co-investing with landowners and funding agencies
−65 hectares under development
−Includes long-term supply commitments
Orchards holding good crop volumes for harvest 2025
Growing kiwifruit, avocado and Kiwiberry in New Zealand
15
NZD $millionsFY24FY23
Change
Revenue102.7 86.5
19%
EBITDA6.2 1.0
548%
EBIT2.8 ( 1.6)
271%
Segment assets86.2 84.8
2%
EBITDA pre NZ IFRS 163.7 ( 1.4)
369%
Crop grown - class 1 trays (millions)
Total kiwifruit trays grown - all varieties17.311.4
52%
SunGold trays (millions)
8.66.3
37%
SunGold yields - average per hectare
13,4649,295
45%
Hayward and other trays (millions)
8.75.1
71%
Hayward yields - average per hectare
11,2246,730
67%

Post harvest operations – led by Paul Crone
$246.6m Revenue – up 35%
−Hayward volumes up 58%
−SunGold volumes up 37%
$84.5m EBITDA – up 93%
−Packhouses and coolstores volumes up
Revenue from handling more fruit
−Contract packing service
−Assets used outside kiwifruit season
Capacity set for 2025
−Network to pack more kiwifruit using less labour
−Risk management with plantroom and switchboard renewal
−Continuing automation upgrades at Oakside and Gisborne
Packing, coolstoring and shipping kiwifruit and avocado for New Zealand orchard owners
16
NZD $millionsFY24FY23
Change
Revenue246.6 182.4
35%
EBITDA84.5 43.8
93%
EBIT65.6 25.1
162%
Segment assets349.6 360.2
( 3%)
EBITDA pre NZ IFRS 1677.2 35.3
119%
Trays packed - class 1 trays (millions)
SunGold27.219.8
37%
Hayward (and other varieties)15.810.0
59%
Total packed43.029.8
44%

SeekaFresh retail services operations – led by Kate Bryant
$30.9m Revenue – up 49% on FY23
−Increase in imported produce
−Increase in kiwifruit and avocado sales
$2.6m EBITDA – in line with FY23
−Lower commission on avocado sales from weaker
pricing
−Better earnings from tropical imports
Growth in tropical fruits import and ripening service,
Kiwiberry, wholesale market and Kiwi Crush
Working with industry partners to rationalise the
avocado supply and marketing system
Marketing Class 2 kiwifruit and avocado, packing Kiwiberry, selling imported fruit, and Kiwi Crush production
17
NZD $millionsFY24FY23
Change
Revenue30.9 20.7
49%
EBITDA2.6 2.6
( 1%)
EBIT1.6 1.5
6%
Segment assets12.7 13.2
( 4%)
EBITDA pre NZ IFRS 161.6 1.6
4%

Australian operations – led by Jon van Popering
$19.2m Revenue – up 85% on FY23
−Kiwifruit volumes up 166%
−Improved kiwifruit crop protection programme
$3.2m EBITDA compared to $0.7m FY23
Good pricing and demand for Australian-grown fruit
$17.2m invested in new orchard developments
−64 hectares of kiwifruit – first crop expected in 2026
−New variety pears and nashi
−Jujube development
Positive outlook
−Nashi and pear harvest underway with good volumes
−Kiwifruit crop protection programme will benefit new developments
Growing, packing and retailing kiwifruit and other Australian produce on owned and leased orchards
18
NZD $millionsFY24FY23
Change
Revenue19.2 10.4
85%
EBITDA3.2 0.7
373%
EBIT0.7 ( 3.1)
123%
Segment assets63.4 51.5
23%
EBITDA pre NZ IFRS 161.0 ( 1.4)
172%
Kiwifruit (tonnes)2,285 859
166%
Nashi (tonnes)1,072 979
10%
Pears (tonnes)1,029 1,403
( 27%)
Other fruit (tonnes)119 69
73%
Total tonnes grown4,505 3,309
36%

Outlook
Indicative kiwifruit volumes consistent or better than 2024
−Normal growing season
−Pre-season grower signups - good
Australian crop looks excellent
−Benefit of new kiwifruit crop programme – delivered better yields in 2024
−Pear volumes harvesting well
Operationally ready
−Labour supply excellent
−Infrastructure set for 50m+ kiwifruit trays
−Health and safety focus
−New machine ordered for Kerikeri
19

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

Appendix
21

EBITDA
22
EBITDA before revaluations and impairments is considered by Seeka's Board
to be a key measure of performance and reflection of cash flow generation.
NZD $millions
FY24FY23
Net profit / (loss) before tax
29,713( 20,988)
Interest expense
12,32712,028
Lease interest expense
4,7764,842
EBIT
46,816( 4,118)
Impairment charges and revaluations
Loss on revaluation of land and buildings
-294
Impairments
7653,465
Depreciation expense
17,09915,520
Lease depreciation expense
11,13910,462
Amortisation of intangible assets
302365
EBITDA before impairments and revaluations
76,12125,988

1. Lease liability less the right-of-use lease asset. 2. Notes to Seeka’s 2024 financial statements.
ROCE calculation
23
Return on capital employed is calculated as below
NZD $millions
Notes
2
FY24FY23FY22
EBIT46,816( 4,118)19,086
Adjust for non-recurring items
Other income
3
( 446)( 3,270)( 755)
Lease interest expense( 4,776)( 4,842)( 4,289)
Acquisition and restructuring costs
4
123534419
Impairments7653,4651,016
EBIT - operating activities42,482( 8,231)15,477
Capital employed
Shareholder funds266,403259,949270,943
NZ IFRS 16 adjustment
1
13
14,19214,25514,260
Interest-bearing bank debt
17
140,290177,583150,942
Cash( 2,983)( 5,207)( 3,554)
Assets under construction
10
( 907)( 8,690)( 20,916)
Assets classified as held for sale
9
( 3,287)( 3,205)( 6,293)
Total capital employed413,708434,685405,382
Average capital employed424,197420,034376,979
Return on capital employed10.0%( 2.0%)4.1%

seeka.co.nz

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)

Results for announcement to the market
Name of issuer Seeka Limited
Reporting Period 12 months to 31 December 2024
Previous Reporting Period 12 months to 31 December 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$411,412 36.7%
Total Revenue $411,412 36.7%
Net profit/(loss) from
continuing operations
$8,751 160.5%
Total net profit/(loss) $8,751 160.5%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.05000000 cash dividend
Imputed amount per Quoted
Equity Security
$0.01944444
Record Date 20 March 2025
Dividend Payment Date 15 April 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$5.66 $5.71
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Net tangible asset per share is calculated by dividing the
Group’s net assets less goodwill by the total shares on issue at
the end of the period.
Authority for this announcement
Name of person

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

27/02/2025

Audited financial statements accompany this announcement.

---

ANNUAL REPORT
2024

SEEKA LIMITED | ANNUAL REPORT 2024
Contents
Our 2024 Annual Report updates our progess to deliver excellence to stakeholders, and
value for shareholders, as we implement our strategy to be a leader in the sustainable
production and supply of quality fruit to the international and domestic markets.
2 Overview
4 Our operations
4 Seeka's strategy
6 From the Chair and Chief Executive
10 Financial review
13 Group financial performance
14 Orcharding
15 Post-harvest
16 SeekaFresh retail services
17 Australia
18 Greenhouse gas reporting
21 Financial statements
22 Statement of profit or loss
23 Statement of comprehensive income
24 Statement of financial position
25 Statement of changes in equity
26 Statement of cash flows
27 Notes to the financial statements
68 Independent auditor's report
73 Governance
95 Directory
Main contents
The best way to view this online version of Seeka's annual report is with
Adobe Acrobat Reader. To navigate, click the section headers listed
above. You can also click any light blue text for direct links to additional
information. To return to a contents page, click the navigation header at
the top of each page.

ANNUAL REPORT 2024 | SEEKA LIMITED2
Overview
43m trays
of kiwifruit packed in New Zealand
44%
69 tonnes
of kiwifruit donated to NZ Food Hubs
220kW
of additional solar installed at Kerikeri
4505 tonnes
of kiwifruit, nashi and pears grown on Seeka's Australian orchards
36%
Main contents

3SEEKA LIMITED | ANNUAL REPORT 2024
Operating revenue
$411m
37%
EBITDA
$76m
193%
Net profit before tax
$30m
up from $21m loss
Earnings per share - pre deferred tax adjustment
51cents
up from $0.35 loss
Main contents

ANNUAL REPORT 2024 | SEEKA LIMITED4
Our operations
Seeka delivers orcharding, post harvest and retail
services to the fresh produce industry. We help grow
highly-nutritious crops and our supply chain links local
orchards to the international markets. We supply the
global marketer Zespri and directly service large-format
retailers in Australia, Asia and New Zealand.
Seeka's strategy
In 2024 we progressed Seeka's strategy to connect the
world with a sustainable supply of quality produce.
Delivered operational excellence to our growers
Harvest management allowed growers to target harvest and
storage premiums, with quality fruit delivered on time and in spec
to the markets.
Lifted financial performance to our shareholders
Seeka generated a record profit, restarted dividend payments,
lowered capital expenditure and significantly lowered bank debt.
Optimised post-harvest capacity
Automation projects at KKP, Oakside and Gisborne lifted site
throughput, and delivered efficiency gains to supplying growers
and Seeka shareholders.
Building revenue streams
As Seeka's core NZ kiwifruit business returned to profitability,
revenue from complementary services continues to grow, including
the packing of persimmon and citrus, banana import and ripening,
and Seeka's wholesale market.
Select Excellence
In 2024 Seeka progressed our aspiration to deliver excellent
service, produce and value to our stakeholders.
Operations calendar
JANFEBMARAPRM AYJUNJULAUGSEPOCTNOVDEC
KIWIBERRY
CITRUS
PERSIMMON
KIWIFRUIT
AVOCADO
AVOCADO
JUJUBE
NASHI AND PEAR
FRESH FRUIT AND VEGETABLES WHOLESALE MARKET
BANANA AND TROPICAL FRUITS IMPORT AND SUPPLY
KIWI CRUSH™ PRODUCTION AND SALE
AVOCADO OIL PRODUCTION AND SALE
PLUMPLUM
AUSTRALIAN KIWIFRUIT
NEW ZEALAND
SEEKAFRESH
AUSTRALIA
Main contents

1,2
3
4,5,6
8,9,10
7
11
12
13
14
5SEEKA LIMITED | ANNUAL REPORT 2024
NZ post-harvest
1. Kerikeri
2. Orangewood
3. Peninsula
4. Aongatete
5. Katikati
6. Work Road
7. Huka Pak
8. Oakside
9. KKP
10. Transpack
11. OPAC
12. Gisborne
Operating facilities
15,16
Australian facilities
15. Kiwi Shed, Bunbartha, Victoria
16. Nashi Shed, Bunbartha, Victoria
NZ SeekaFresh sites
13. SeekaFresh retail services
14. DNFC production centre
Main contents

ANNUAL REPORT 2024 | SEEKA LIMITED6
We are pleased to present Seeka Limited's annual report for the year
ended 31 December 2024. Seeka's clear strategy and strong business
unit performance have delivered an excellent service and results to our
growers, and record operating profits for shareholders.
It’s a pleasing turnaround driven by:
–the strategic steps taken to reduce regional risk through diversification,
–improved operational performance,
–close management of costs and capital expenditure, and
–better growing and weather conditions resulting in a significant increase in kiwifruit
volumes and quality.
Seeka’s improved financial position and compliance with long-term banking covenants
enabled the Board to resume dividends, with a 10 cents per share payment to shareholders
in January 2025. The Board has declared a further 5 cents per share dividend to be paid
15 April 2025. This will deliver dividend payments of 15 cents per share from the 2024
financial year.
Seeka enters 2025 in a much stronger financial position and is well positioned for the
future.
Higher volumes drive revenue growth
Seeka’s 2024 revenue of $411.4 million was up 37% on 2023’s $300.9 million.
The $110.5 million increase in revenue reflects higher volumes handled by Seeka’s New
Zealand and Australian operations, with better growing conditions benefitting yields in all
regions. Kiwifruit volumes to Seeka's New Zealand post-harvest operations were up 44%
to 43.0 million class 1 trays (2023 - 29.8 million trays), with Seeka’s Australian kiwifruit
production up 166% to 2.3 million kilograms (2023 – 0.9 million kgs).
With revenues up on higher volumes, all business units contributed to Seeka’s financial
performance.
Delivering the benefits of Seeka's strategy
Seeka’s strategy is to deliver operational excellence and an outstanding service. This
includes resolute attention to cost control and making investments that address risk and
enhance efficiency. The focus has been on fundamental earnings to improve profitability,
reduce debt and lift financial performance. Your Company has resolutely implemented its
strategy.
From the Chair and Chief Executive
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7SEEKA LIMITED | ANNUAL REPORT 2024
Restructuring in 2023 created a leaner organisation with innovative cost saving
mechanisms.
Prudent financial management together with higher fruit volumes have lifted financial
performance. Profit before tax was up 242% to $29.7 million, which is a $50.7 million
turnaround from a $21.0 million loss before tax in 2023.
Profit after tax was $8.8 million compared to a $14.5 million loss after tax in 2023. Seeka's
financial results in 2024 includes a $12.5 million one-off non-cash deferred tax charge due
to the government’s removal of tax deductibility of depreciation on buildings. Earnings per
share, excluding the deferred tax adjustment, were 51 cents, compared against 2023’s loss
of 35 cents per share.
Record profit before tax was achieved during a period of high interest rates and higher debt
levels. Seeka is set to benefit from lower interest rates, having also lowered net debt by
$35.1 million in 2024.
Seeka has operated with the full support of its banking syndicate and reestablished long-
term covenant ratios. The focus is on prudent debt management and improving facility
utilisation. Capital investment has been held to maintenance levels, with a review of fire
risk at Seeka facilities driving the targeted renewal of core infrastructure to mitigate risk.
Seeka continues to review its asset mix and consider viable opportunities to sell and
leaseback facilities. No major assets were sold in 2024.
Management remains focused on improving profitability and directing cash flow to debt
reduction while sustainably investing in Seeka’s long-term future.
Improved growing conditions
In New Zealand, yields rebounded and total volumes increased. Growing conditions across
all regions were significantly better, although lingering water stress impacted production
from Northland, Coromandel, Gisborne and the Hawke’s Bay. To build resilience, growers in
these regions are switching to rootstocks that perform better in wet conditions.
While some wind damage occurred near Katikati, in the Te Puke, Ōpōtiki and wider Bay of
Plenty region, where Seeka sources about 85% of its kiwifruit, growing conditions were far
better than the prior two seasons and yields were excellent.
Seeka’s Australian operations also benefited from better growing conditions and a new
kiwifruit crop protection programme that enhances production in a Psa environment. Seeka
Australia produced 2.3 million kilograms of kiwifruit, up 166% on the prior year. The much
improved crop protection programme will benefit new orchards that are scheduled to start
producing in 2026.
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ANNUAL REPORT 2024 | SEEKA LIMITED8
Operational excellence
All aspects of Seeka's operations performed well. The detailed and disciplined planning
process together with a full labour supply and quality fruit from our growers, ensured all
fruit was packed and stored in an efficient and timely manner.
Labour supply constraints have eased with the industry benefitting from an increased
supply of workers for growing, harvesting and post-harvest operations. For the first time in
five years, post-harvest shifts were fully staffed across all regions.
The KKP automated packing machine, in its second full season of operation, continued
to deliver incremental performance improvements. Our mix of automated and manual
packlines gives Seeka the flexibility to efficiently handle variable fruit quality. Quality lines
with low rejects can be quickly and efficiently processed on Seeka’s highly automated
packing machines, while orchards with compromised fruit can be cared for with manual
grading. This mix of packing technology allowed Seeka to provide a timely harvest to
all supplying growers including those that had to contend with challenging growing
conditions.
Seeka’s continuing focus on quality has once again delivered low onshore fruit loss and
excellent offshore quality in 2024.
Capacity
Capacity was not stretched in 2024, positioning Seeka well for future volume increases.
Forward capacity planning remains key, and Seeka is carefully planning and navigating for
future crop in all growing regions.
Significant investments have been made in capacity and automation, with upgrades at
both Oakside and Seeka Gisborne enhancing capacity and throughput. Seeka continues to
invest in automation that delivers rewarding financial benefits.
In 2025 a new highly-automated packing machine will be commissioned in Kerikeri
in preparation for the 2026 season. Incorporating new technology and innovations,
the packline with be the most advanced and efficient in Seeka’s portfolio. The Kerikeri
investment will ensure Seeka has the capacity to handle Northland’s forecast volume
growth.
Seeka has invested in quality accommodation for seasonal workers, with Seeka’s Turanga
Whetu (“Star Base”) accommodation facility in Katikati, which opened in 2023, being
marketed for sale and leaseback. Current offers to purchase this facility are below
expectations.
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9SEEKA LIMITED | ANNUAL REPORT 2024
Dividends
The Board declared a 10 cents per share dividend, which was paid to shareholders on
20 January 2025. The dividend was fully imputed and the dividend reinvestment plan
applied.
Following the finalisation of record net profit before tax, the Board has approved a further
dividend of 5 cents per share, bringing the total dividends related to 2024 to 15 cents per
share. The final dividend for 2024 will be paid on 15 April 2025.
Director changes
Ashley Waugh resigned from the Board on 31 December 2024, having been a director
since 2014. Ashley has chaired the Audit and Risk Committee and was involved with
Seeka’s growth including acquisitions of Aongatete, OPAC, New Zealand Fruits and
Orangewood.
Two new directors have been appointed; Mark Dewdney on 1 December 2024 and Hayley
Gourley on 1 January 2025.
Our thanks to Ashley for his service and a warm welcome to Mark and Hayley.
Forward focus
Seeka has been through an extended period of challenges, with last year’s low volumes,
in particular, impacting profitability. We have successfully managed these challenges and
come out stronger, with 2024’s record kiwifruit crop of 43 million class 1 trays restoring
profitability, and confirming the previous growth strategy through record profits at both
a company level and per share. The business has repaid debt, restored the dividend and
ended the year in a resilient position.
While it is too early to make a reliable prediction on 2025 crops, growing conditions have
been good and indicative volumes consistent or better than 2024. Having delivered a solid
operational performance, and achieved a high rate of pre-season grower signups, Seeka
enters 2025 in a good position.
Your Company and its people have worked hard to deliver an important turnaround in
results. We remain focused and committed to continuing improvements.
We thank our people, stakeholders and growers for their hard work and continuing
support.
Fred Hutchings Michael Franks
Chair Chief executive
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ANNUAL REPORT 2024 | SEEKA LIMITED10
The profitability of Seeka's post-harvest and orcharding operations benefited from
improved kiwifruit volumes in 2024. Following two challenging growing seasons,
New Zealand kiwifruit production grew by 44%, aided by the rebound in yields and
a 5% increase in harvest area as more orchards enter production.
Financial review
Net profit after tax
Seeka recorded net profit after tax of $8.8 million compared
to a loss of $14.5 million loss in the previous year. The profit
after tax was impacted by a one-off non-cash $12.5 million
deferred tax charge from the legislated removal of tax
deductibility of building depreciation. Normalised net profit
excluding this one-off charge would have been $21.2 million,
a $35.7 million increase on 2023.
Gross profit was up 115% to $104.9 million, driven by
volumes, operational efficiencies, and prudent financial
management. The result includes $0.8 million of non-cash
impairments and $17.1 million in finance expenses reflecting
high interest rates on borrowings at the start of 2024.
Revenue
Total Group revenue of $411.4 million was up 37% on 2023.
New Zealand post-harvest revenue was 35% up to $246.6
million as packing and coolstorage revenues benefited from
a 44% lift in kiwifruit volumes.
Higher yields also benefited orcharding operations, with
revenue up 19% to $102.7 million, aided by a substantial lift
in fruit volumes. Orchard gate returns generated by Seeka's
portfolio of leased kiwifruit orchards was up 47% on better
yields.
SeekaFresh also reported higher revenues, with a strong
performance of the imported fruits and fresh market
programmes contributing to a 49% lift in revenues to $30.9
million. Seeka Australia revenue of $19.2 million was up 85%
on 2023, with fruit volumes up 36%.
Operating expenses and operating cash flow
Total Group expenses of $382.2 million were up 17% on
2023, driven by labour and components costs required to
handle the larger crop. Total expenses per tray handled,
however, was down 1 9%, as investments in post-harvest
automation delivered efficiencies from handling more
product.
251.5
309.6
348.4
300.9
411.4
Group revenue
NZD Millions
FY20FY21FY22FY23FY24
42.9
56.8
46.1
26.0
76.1
Group EBITDA
1
NZD Millions
FY20FY21FY22FY23FY24
Group net profit / (loss) after tax
NZD Millions
15.2
9.6
2
14.9
6.5
21.2
3
(14.5)
8.8
FY20FY21FY22FY23FY24
1. EBITDA is earnings before interest, tax, depreciation, amortisation, impairments and revaluations.
2. Normalised net profit FY20, excluding one-off non-cash $5.6 million deferred tax benefit.
3. Normalised net profit FY24, excluding one-off non-cash $12.5 million deferred tax charge.
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11SEEKA LIMITED | ANNUAL REPORT 2024
176
246
271
260
266
Net assets
NZD Millions
FY20FY21FY22FY23FY24
78
101
147
172
137
Net debt, 31 December
NZD Millions
FY20FY21FY22FY23FY24
375
482
548549
550
Total assets
NZD Millions
FY20FY21FY22FY23FY24
Cost savings from captive insurance structure
Seeka’s captive insurance structure, Seeka Risk
Management Limited, delivered significant cost savings
from material damage and business interruption insurance
in 2024. As a fully-owned Seeka subsidiary, Seeka Risk
Management Limited provides the Group with direct access
to the international insurance markets, lowering insurance
premiums and avoiding inflationary increases.
Balance sheet
Total assets remained stable at $549.9 million, with $388.3
million invested in property, plant and equipment. Following
a sustained period of investment, Seeka has a post-harvest
infrastructure capable of handling more than 50 million trays
of kiwifruit. This is forecast to efficiently handle short-term
growth from our supplying growers.
The Group focused on lifting asset utilisation and holding
capital investment to maintenance levels. Investments were
made in key infrastructure to mitigate material damage
risk. This included renewing plant rooms, and installing fire
detection and suppressant systems, and stand-apart forklift
charging facilities.
Total assets include $48.4 million of right-of-use assets,
comprised of $26.7 million of land and building, $16.5
million of orchard leases and $5.2 million of equipment and
vehicles.
Net debt fell $35.1 million to $137.3 million. At 31 December
2024, Seeka had $61.1 million of available headroom from
the syndicated banking facility, compared to $23.2 million at
the start of 2024.
Net assets were up $6.5 million to $266.4 million.

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ANNUAL REPORT 2024 | SEEKA LIMITED12
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13SEEKA LIMITED | ANNUAL REPORT 2024
Group financial performance
Key indicators
New Zealand dollarsFY24FY23Change
Total revenue
$ 411.4m$ 300.9m37%
EBITDA before impairments and revaluations
$ 76.1m$ 26.0m193%
Depreciation expense
$ 17.1m$ 15.5m10%
Lease depreciation expense
$ 11.1m$ 10.5m6%
Impairments, revaluations and amortisation of intangibles
$ 1.1m$ 4.1m( 74%)
EBIT
$ 46.8m( $4.1m)1,237%
Interest expense
$ 12.3m$ 12.0m2%
Lease interest expense
$ 4.8m$ 4.8m( 1%)
Net profit before tax
$ 29.7m( $21.0m)242%
Income tax charge
$ 9.1m( $8.3m)210%
Deferred tax charge
( $0.6m)$ 1.7m( 136%)
Deferred tax adjustment FY24
$ 12.5m-
Net profit attributable to equity holders
$ 8.8m( $14.5m)160%
Basic earnings per share
$0.21( $0.35)160%
Basic earnings per share - pre deferred tax adjustment FY24
$0.51( $0.35)246%
Dividends per share paid / payable from the financial year
1
$0.15--
Cash flow from operating activities
$ 66.0m$ 2.7m2,372%
Total assets
$ 549.9m$ 548.8m-
Property plant and equipment
$ 388.3m$ 387.7m-
Net assets
$ 266.4m$ 259.9m2%
Net bank debt
$ 137.3m$ 172.4m( 20%)
1. $0.10 paid 20 January 2025, $0.05 to be paid 15 April 2025.
Values may not always sum due to rounding.
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ANNUAL REPORT 2024 | SEEKA LIMITED14
Seeka's orcharding operations grew 40% of the crop handled by
post-harvest in 2024. Production increased to 17.3 million class
1 trays of kiwifruit, up 52% on 2023's 11.4 million trays. Hayward
averaged 11,224 trays per hectare, up 67% on 2023, with SunGold
up 45% to 13,464 trays per hectare.
Seeka's managed portfolio of orchards produced 12.7 million trays of kiwifruit,
with the leased portfolio producing 4.6 million trays, up from 2.7 million in 2023.
Revenue per hectare was up 19% from better production.
Seeka also grew 1,780 tonnes of avocado (2023: 1,900 tonnes) and 169 tonnes of
Kiwiberry (2022: 163 tonnes), on orchards which it either owned or managed.
2024 orchard operations revenue of $102.7 million was up $16.1 million, driven by
the rebound in yields. Higher revenues delivered a $5.2 million increase in EBITDA
to $6.2 million, up on 2023's $1.0 million.
Seeka continues to co-invest alongside landowners and funding agencies to
develop high-value orchards, with 65 hectares currently under development with
long-term supply commitments. Seeka has also directly invested $7.1 million to
develop 15 hectares of kiwifruit and 13 hectares of avocado on long-term leased
land. Fruit volumes and the profitability of Seeka's orcharding operations are
expected to increase as these orchards reach full production.
Orcharding
Led by GM Orchards, Barry Penellum
Orchard operations span from Northland through the Coromandel, Bay of Plenty, Ōpōtiki and Te Kaha. Orchard operations
include all aspects of growing and harvesting kiwifruit, avocado and Kiwiberry on leased, long term leased, and Seeka-owned
orchards. The orcharding business provides comprehensive orchard and vine management services to owners together with
contract work on an as-required basis. The business develops orchards for landowners on contract or under long term leases
and in partnership with iwi.
FY20FY21FY22FY23FY24FY20FY21FY22FY23FY24
13.0
5.4
14.4
1 7. 0
11.4
1 7. 3
5.2
4.6
1.0
6.2
Kiwifruit grown
Millions of Class 1 kiwifruit trays
Orchard EBITDA
NZD Millions
$
102.7m
REVENUE
Up 19% on FY23
25
%
of Group revenue
Main revenue streams
Leased and long term leased
orchards: costs plus profit share
Managed orchards: costs plus
management fees
$
86.2m
ASSETS
Up 2% on FY23
16
%
of Group assets
Main assets
Leased orchards: growing crops
Long-term leased orchards:
developing orchards and growing
crops
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15SEEKA LIMITED | ANNUAL REPORT 2024
$
349.6m
ASSETS
Down 3% on FY23
64
%
of Group assets
Main assets
12 packing facilities with
16 graders
Coolstores
Post-harvest
Led by GM Post-harvest, Paul Crone
Post-harvest operates twelve packhouse facilities along with a network of coolstores. These packhouse facilities pack, cool
and dispatch all produce from our orcharding operations and from our independent growers along with packing citrus and
persimmons on contract for external marketers.
Post-harvest packed 43.0 million class 1 trays of kiwifruit, up from 29.8
million trays in 2023, with Hayward volumes up 58% and SunGold up
37%. Post-harvest also packed avocado, citrus and persimmon.
Seeka’s kiwifruit packing operations started early so growers could access early-
harvest premiums. Fruit was moved between packhouses to optimise grower
returns and deliver machine and labour efficiency.
Kiwifruit inventory performance was excellent across all Seeka sites, with high-
quality, in-spec fruit delivered to the marketer Zespri.
New data visualisation technology was introduced across Seeka facilities, providing
decision-makers with real-time information, with growers able to follow their fruit's
performance in New Zealand and offshore via the Seeka app.
Avocado volumes improved on the prior season with better fruit quality plus
contract packing for third parties. Seeka continues to work with industry partners to
rationalise the avocado supply chain service.
Seeka also packed 14.0 million kilograms of citrus and 1.5 million kilograms of
persimmon on contract for third party marketers. Contract packing volumes and
revenue continue to grow, and improve asset utilisation in Northland and Gisborne.
Post-harvest revenue of $246.6 million was up 35% from last season (2023:
$182.4m) from the large increase in volumes. EBITDA was $84.5 million compared
to $43.8 million in 2023, as Seeka realised the efficiency gains from the highly-
automated facilities.
Targeted investments to optimise capacity from Seeka's post-harvest facilities,
including automation upgrades at Seeka Gisborne and Oakside, has Seeka well
positioned to handle 2025 kiwifruit volumes, with the network and capacity to pack
more fruit using significantly less labour.
FY20FY21FY22FY23FY24FY20FY21FY22FY23FY24
31.8
41.9
39.2
42.0
29.8
43.0
61.6
59.0
43.8
84.5
Kiwifruit packed
Millions of Class 1 kiwifruit trays
Post-harvest EBITDA
NZD Millions
$
246.6m
REVENUE
Up 35% on FY23
60
%
of Group revenue
Main revenue streams
Grading and packing service fee per
unit handled
Coolstorage and loadout fees
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ANNUAL REPORT 2024 | SEEKA LIMITED16
Turnover was up 7% to $67.5 million. This flowed through to a 49%
increase in revenue to $30.9 million, supported by returns from
imported produce and SeekaFresh's wholesale market.
EBITDA of $2.6 million was in line with 2023, as weak export pricing contributed to
a challenging season for New Zealand avocado growers, and lowered SeekaFresh's
commission on avocado sales. This was balanced by stronger earnings from
SeekaFresh's tropical imports operations.
The extension of Seeka's operations into retailing continues to add valuable
revenue streams and Seeka is building volumes and momentum in this component
of our business; connecting produce to the market.
Seeka is working with industry partners to rationalise the supply chain and
marketing functions, and generate better returns while delivering optimum prices
to growers. Returns for Kiwiberry growers remain high.
SeekaFresh includes the production and sale of Kiwi Crush™ and avocado oil
from otherwise unmarketable fruit. Both initiatives contributed to Group earnings,
returned value to supplying growers, and further lifted the sustainability of supply
chain operations.
SeekaFresh retail services
Led by GM Grower Relations, Kate Bryant
SeekaFresh retail services includes the supply, export and sale of avocado, Kiwiberry and Class 2 New Zealand kiwifruit, sale
of New Zealand kiwifruit through collaborative programmes, operation of the New Zealand wholesale marketing business
including imported tropical fruits, and the manufacture and sale of Kiwi Crush™ and avocado oil.
63.9
3.068.0
54.4
62.8
67. 5
2.3
0.8
2.62.6
SeekaFresh retail services turnover
NZD Millions
SeekaFresh retail services EBITDA
NZD Millions
FY20FY21FY22FY23FY24FY20FY21FY22FY23FY24
$
30.9m
REVENUE
Up 49% on FY23
8
%
of Group revenue
Main revenue streams
Sales commission
Service fee for imported fruit
Processing fees
$
12.7m
ASSETS
Down 4% on FY23
2
%
of Group assets
Main assets
Auckland service facility
Te Puke processing facility
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17SEEKA LIMITED | ANNUAL REPORT 2024
$
63.4m
ASSETS
Up 23% on FY23
12
%
of Group assets
Main assets
162 hectares of owned orchards
105 hectares of kiwifruit and 21
hectares of jujube, nashi and pears
on long-term leased orchards
Two packhouse and coolstores
Australia
Led by GM Australian Operations, Jonathan van Popering
Seeka Australia Pty Limited, a 100% Seeka-owned company, leases and operates kiwifruit orchards, and owns and operates
nashi and pear orchards along with associated post-harvest facilities in Victoria, directly marketing Seeka’s Australian produce
domestically and to export customers.
Seeka Australia grew and sold 4,505 tonnes of fresh fruit in 2024,
up 36% on 2023 as yields rebounded on better growing conditions.
Kiwifruit volumes were up 166% and nashi up 10%, while pear
production was down 27% from seasonal growing conditions.
The kiwifruit volume uplift follows a new crop protection programme implemented
by Seeka to improve yields. Seeka’s crop handling innovations and new
products have delivered good results. Innovations continue with new varieties in
development that will bring new products to the market.
Higher volumes flowed through to an 85% increase in revenue to $19.2 million, and
an EBITDA of $3.2 million.
Seeka is forecasting strong growth in its Australian business, with $17.2 million
invested in new orchard developments, including 64 hectares of kiwifruit, new pear
varieties, and an expansion of jujube plantings.
Seeka has established strong market demand for Seeka-branded produce in
Australia, and is selectively exporting to Asia where it returns value. The new
plantings and varieties are poised to deliver significant growth.
4.4
5.0
4.9
3.3
4.5
7. 4
1
1.6
1.0
0.7
3.2
Seeka Australia volumes handled
Thousands of tonnes handled
Seeka Australia EBITDA
NZD Millions
FY20FY21FY22FY23FY24FY20FY21FY22FY23FY24
1. FY20 EBITDA included a $6.2m gain on the sale and leaseback of 199 hectares of orchards.
$
19.2m
REVENUE
Up 85% on FY23
5
%
of Group revenue
Main revenue streams
Kiwifruit, nashi, pear, and jujube
fruit sales
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ANNUAL REPORT 2024 | SEEKA LIMITED18
Greenhouse gas reporting
Seeka is committed to reducing its emissions and the
environmental footprint of growing, handling and connecting
the world to quality fresh fruit. Seeka has transparently
reported its carbon footprint since 2019 and has set
meaningful targets to reduce emissions.
Seeka's approach to its environmental footprint is to prevent carbon
emissions, then to reduce, and offset as a last resort.
No carbon offsets were purchased between 2019 and 2024.
2024 performance
A 44% increase in kiwifruit volumes increased Seeka’s emissions in 2024.
More fruit had to be cooled, and stored for a longer period, increasing
electricity consumption and refrigerant loss. Seeka is progressively
improving coolstore efficiency and improving refrigerant use across its
facilities to reduce coolstore-related emissions.
A challenging avocado season increased category 3 emissions with
avocado air freighted to access new markets and improve grower returns.
Seeka is working to minimise transport emissions from the orchard to the
markets, while supporting sustainable fruit production.
Annual CO2e footprint
Absolute carbon footprint in tonnes CO2e


19,220
19,864
22,839
17,987
26,682
Category20202021202220232024Emissions
1
3,8033,9004,4655,6856,060
Direct emissions controlled by Seeka
2
3,6964,4875,7082,8923,626
Indirect emissions from purchased electricity
3
4,4523,9874,6184,48711,128
Indirect transport emissions from Seeka's supply chain
4
7,2697,4908,0484,9235,868
Other indirect emissions from Seeka's supply chain
Total
19,22019,86422,83917,98726,682
Seeka's main
category 1 emissions
Refrigerants
Leaks from coolstore
equipment
Fossil fuels
Burnt by Seeka's
transport fleet
Fertilisers
Applied to Seeka long-
term leased and owned
orchards
Seeka's main
category 2 emissions
Electricity
Powering Seeka's
packhouses and
coolstores
Seeka's main
category 3 & 4
emissions
Fossil fuels
Burnt during the
inbound transport of
fruit to Seeka facilities,
the outbound transport
to the markets, and
employee air travel
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19SEEKA LIMITED | ANNUAL REPORT 2024
Climate-related risks and opportunities
Seeka is committed to growing sustainable futures for our employees, growers, communities, and shareholders. Addressing climate
change and creating appropriate mitigation and adaptation strategies are core to enabling a sustainable future.
Seeka's climate disclosures provide insights into potential risks and opportunities, and how Seeka is building resilience in a changing
environment. The disclosures comply with the External Reporting Board’s (XRB’s) Climate-related Disclosures (NZ CS 1-3).
See www.seeka.co.nz/climate-change for details.
Seeka is committed to reducing its emissions and the
environmental footprint of growing, handling and connecting
the world to quality fresh fruit. Seeka has transparently
reported its carbon footprint since 2019 and has set
meaningful targets to reduce emissions.
Seeka's approach to its environmental footprint is to prevent carbon
emissions, then to reduce, and offset as a last resort.
No carbon offsets were purchased between 2019 and 2024.
2024 performance
A 44% increase in kiwifruit volumes increased Seeka’s emissions in 2024.
More fruit had to be cooled, and stored for a longer period, increasing
electricity consumption and refrigerant loss. Seeka is progressively
improving coolstore efficiency and improving refrigerant use across its
facilities to reduce coolstore-related emissions.
A challenging avocado season increased category 3 emissions with
avocado air freighted to access new markets and improve grower returns.
Seeka is working to minimise transport emissions from the orchard to the
markets, while supporting sustainable fruit production.
Annual CO2e footprint
Absolute carbon footprint in tonnes CO2e


19,220
19,864
22,839
17,987
26,682
Category20202021202220232024Emissions
1
3,8033,9004,4655,6856,060
Direct emissions controlled by Seeka
2
3,6964,4875,7082,8923,626
Indirect emissions from purchased electricity
3
4,4523,9874,6184,48711,128
Indirect transport emissions from Seeka's supply chain
4
7,2697,4908,0484,9235,868
Other indirect emissions from Seeka's supply chain
Total
19,22019,86422,83917,98726,682
Emissions intensity
Alongside a commitment to reduce absolute
emissions, Seeka also monitors emission
intensity to better understand performance.
In 2024, alongside the large increase in volumes,
there was an increase in emissions intensity.
Seeka continues to progress projects that reduce
emissions and will provide a detailed update in
the annual June Sustainability Report.
76.4
64.2
65.6
59.8
64.7
20202021202220232024
Emissions intensity
on Group revenue
Tonnes CO2e per $1,000,000 of revenue
251
310
348
301
411
Group revenue NZD Millions
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ANNUAL REPORT 2024 | SEEKA LIMITED20
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21SEEKA LIMITED | ANNUAL REPORT 2024
22 Statement of profit or loss
23 Statement of comprehensive income
24 Statement of financial position
25 Statement of changes in equity
26 Statement of cash flows
27 Notes to the financial statements
Financial statements
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ANNUAL REPORT 2024 | SEEKA LIMITED22
Statement of profit or loss
For the year ended 31 December 2024
The accompanying notes form an integral part of these financial statements
New Zealand dollarsNotes
2024
$000s
2023
$000s
Revenue
3
411,412 300,920
Cost of sales
4
306,485 252,194
Gross profit
104,927 48,726
Other income
3
446 3,270
Share of profit of associates
23
71 282
Other costs
4
29,323 26,290
Earnings (EBITDA)
1
76,121 25,988
Depreciation expense
10
17,099 15,520
Lease depreciation expense
13
11,139 10,462
Impairments
4
765 3,465
Loss on revaluation of property, plant and equipment
10
- 294
Amortisation of intangible assets
11
302 365
Earnings / (loss) (EBIT)
2
46,816 ( 4,118)
Interest expense
12,327 12,028
Lease interest expense
13
4,776 4,842
Net profit / (loss) before tax
29,713 ( 20,988)
Income tax charge / (benefit)
6
9,090( 8,264)
Deferred tax (benefit) / charge
7
( 624) 1,742
Tax charge of removal of tax on buildings
7
12,496 -
Total tax charge / (benefit)

20,962( 6,522)
Net profit / (loss) attributable to equity holders
8,751 ( 14,466)
Earnings per share for profit attributable to the ordinary
equity holders of the company during the year
Basic earnings / (loss) per share
19
$ 0.21( $ 0.35)
Diluted earnings / (loss) per share
19
$ 0.21( $ 0.35)
Earnings / (loss) per share - pre $12.5m deferred tax adjustment 2024

$ 0.51( $ 0.35)
1. EBITDA, a non-GAAP measure, is earnings before interest, tax, depreciation, amortisation, impairments and revaluations, see note 1.
2. EBIT, a non-GAAP measure, is earnings before interest and tax, see note 1.
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23SEEKA LIMITED | ANNUAL REPORT 2024
Statement of comprehensive income
For the year ended 31 December 2024
New Zealand dollarsNotes
2024
$000s
2023
$000s
Net profit / (loss) for the year
8,751( 14,466)
Items that will not be reclassified to profit or loss, net of tax
Gain on revaluation of land and buildings
10
2,708 7,466
Realisation of permanent gain on sale
10
26-
(Loss) on revaluation of water shares
11
- ( 2,756)
Total items that will not be reclassified to profit or loss
2,734 4,710
Items that may be reclassified subsequently to profit or loss, net of tax
Movement in cash flow hedge reserve
20
( 1,133) ( 1,576)
Movement in foreign currency translation reserve
20
( 173) 3
Movement in foreign currency revaluation reserve
20
508 216
Total items that may be reclassified subsequently to profit or loss
( 798) ( 1,357)
Total net profit / (loss) for the year attributable to equity holders
10,687( 11,113)
The accompanying notes form an integral part of these financial statements
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ANNUAL REPORT 2024 | SEEKA LIMITED24
Statement of financial position
As at 31 December 2024
New Zealand dollarsNotes
2024
$000s
2023
$000s
Equity
Share capital
18
162,900 162,865
Reserves
20
60,849 58,790
Retained earnings
20
42,654 38,294
Total equity
266,403 259,949
Current assets
Cash and cash equivalents
2,983 5,207
Trade and other receivables
14
29,329 32,604
Biological assets - crop
12
25,254 21,766
Inventories
15
10,272 10,640
Irrigation water rights
- 231
Assets classified as held for sale
9
3,287 3,205
Tax assets
6
- 369
Total current assets
71,125 74,022
Non current assets
Trade and other receivables
14
3,572 3,367
Property, plant and equipment
10
388,312 387,710
Intangible assets
11
24,080 24,239
Right-of-use lease assets
13
48,376 50,507
Investment in associates and joint arrangements
23
8,048 4,639
Derivative financial instruments
29
- 1,249
Investment in financial assets
22
1,310 1,261
Deferred tax assets
7
5,039 1,817
Total non current assets
478,737 474,789
Total assets
549,862 548,811
Current liabilities
Trade and other payables
16
34,829 25,278
Tax liabilities
6
3,739 -
Lease liabilities
13
10,213 9,941
Interest bearing liabilities
17
11,621 49,291
Total current liabilities
60,402 84,510
Non current liabilities
Interest bearing liabilities
17
128,669 128,292
Lease liabilities
13
52,355 54,821
Derivative financial instruments
29
325 -
Deferred tax liabilities
7
41,708 21,239
Total non current liabilities
223,057 204,352
Total liabilities
283,459 288,862
Net assets
266,403 259,949
The accompanying notes form an integral part of these financial statements
On behalf of the Board.
F Hutchings S Cresswell
Chair Director Dated: 27 February 2025
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25SEEKA LIMITED | ANNUAL REPORT 2024
Statement of changes in equity
For the year ended 31 December 2024
New Zealand dollarsNotes
Share
capital
$000s
Cash
flow hedge
reserve
$000s
Foreign
currency
revaluation
reserve
$000s
Foreign
currency
translation
reserve
$000s
Share
reserve
$000s
Water
share
revaluation
reserve
$000s
Land and
buildings
revaluation
reserve
$000s
Retained
earnings
$000s
Total
$000s
2024
Equity at 1 January 2024
162,865 900 214 ( 158) - - 57,834 38,294 259,949
Net profit
- - - - - - - 8,751 8,751
Foreign exchange movement
- - 508 ( 173) - - - - 335
Other comprehensive income / (loss)
- ( 1,133) - - - - 2,708 26 1,601
Total comprehensive income / (loss)
- ( 1,133) 508 ( 173) - - 2,708 8,777 10,687
Transactions with owners
Employee share scheme receipts
18
35 - - - - - - - 35
Movement in employee share
entitlement reserve
20
- - - - 49 - - - 49
Movement in grower share
entitlement reserve
20
- - - - 100 - - - 100
Dividends declared
21
- - - - - - - ( 4,417) ( 4,417)
Total transactions with owners
35 - - - 149 - - ( 4,417) ( 4,233)
Equity at 31 December 2024
162,900 ( 233) 722 ( 331) 149 - 60,542 42,654 266,403
2023
Equity at 1 January 2023
162,746 2,476 ( 2) ( 161) - 2,756 50,368 52,760 270,943
Net (loss)
- - - - - - - ( 14,466) ( 14,466)
Foreign exchange movement
- - 216 3 - - - - 219
Other comprehensive (loss) / income
- ( 1,576) - - - ( 2,756) 7,466 - 3,134
Total comprehensive (loss) / income
- ( 1,576) 216 3 - ( 2,756) 7,466 ( 14,466) ( 11,113)
Transactions with owners
Employee share scheme receipts
18
119 - - - - - - - 119
Total transactions with owners
119 - - - - - - - 119
Equity at 31 December 2023
162,865 900 214 ( 158) - - 57,834 38,294 259,949
The accompanying notes form an integral part of these financial statements
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ANNUAL REPORT 2024 | SEEKA LIMITED26
Statement of cash flows
For the year ended 31 December 2024
New Zealand dollarsNotes
2024
$000s
2023
$000s
Operating activities
Cash was provided from:
Receipts from customers
414,280 304,715
Interest and dividends received
163 44
Insurance proceeds
1 1,002
Cash was disbursed to:
Payments to suppliers and employees
( 331,839) ( 287,264)
Interest paid
( 11,773) ( 12,847)
Lease interest paid
( 4,776) ( 4,842)
Income taxes (paid) / refunded
( 19) 1,863
Net cash inflows from operating activities
5
66,037 2,671
Investing activities
Cash was provided from:
Sale of property, plant and equipment
10
464 460
Distributions and share buy backs from investments
74 475
Proceeds from sale of assets classified as held for sale
9
- 5,266
Repayment of grower or grower entity advances
33,604 22,462
Cash was applied to:
Purchase of property, plant, equipment and intangibles
( 12,917) ( 16,574)
Development of bearer plants
( 5,379) ( 6,162)
Acquisition of associate
23
( 1,412) ( 100)
Advances to growers or grower entities
( 33,604) ( 22,462)
Net cash flows (used in) investing activities
( 19,170) ( 16,635)
Financing activities
Cash was provided from:
Proceeds of non-current bank borrowings
17
30,000 38,000
Proceeds of current bank borrowings
17
78,036 119,919
Proceeds from employee and grower loyalty share schemes
18
35 119
Cash was applied to:
Principal lease payments
13
( 11,406) ( 10,814)
Repayment of non-current bank borrowings
17
( 30,000) ( 38,000)
Repayment of current bank borrowings
17
( 115,870) ( 93,445)
Net cash (outflow) / inflow from financing activities
( 49,205) 15,779
Net (decrease) / increase in cash and cash equivalents
( 2,338) 1,815
Effect of foreign exchange rates
114 ( 162)
Opening cash and cash equivalents
5,207 3,554
Closing cash and cash equivalents
2,983 5,207
The accompanying notes form an integral part of these financial statements
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27SEEKA LIMITED | ANNUAL REPORT 2024
Notes to the financial statements
For the year ended 31 December 2024
This section contains the notes to the consolidated financial statements (financial statements) for Seeka Limited, its
subsidiaries and associates (the Group). To give stakeholders a clear insight into how Seeka organises its business, the note
disclosures are grouped into seven sections.
NoteDetailsPage
Basis of preparation 28
Accounting policies that apply to Seeka's full set of financial statements
Performance 30
Where Seeka generates its revenues and their associated operating costs
1. Segment information 30
2. Turnover 32
3. Revenue and other income 32
4. Cost of sales and operating expenses 34
5. Reconciliation of net operating surplus after taxation with cash flows from operating activities 35
6. Income tax expense 36
7. Deferred tax 37
8. Events occurring after balance date 37
Assets 38
How Seeka allocates resources across its operations
9. Assets classified as held for sale 38
10. Property, plant and equipment 39
11. Intangible assets 41
12. Biological assets - crop 44
13. Right-of-use lease assets and lease liabilities 45
Working capital 47
How Seeka manages its operating cash flow
14. Trade and other receivables 47
15. Inventories 47
16. Trade and other payables 48
Funding 49
How Seeka organises its capital structure
17. Interest bearing liabilities 49
18. Share capital 50
19. Earnings and net tangible assets per share 52
20. Retained earnings and reserves 52
21. Dividends 54
Investments 55
How Seeka manages its investments in shares, subsidiaries, associates and joint arrangements
22. Investment in financial assets 55
23. Investment in associates and joint arrangements 55
Other notes 58
All other note disclosures
24. Contingencies 58
25. Commitments 58
26. Related party transactions 58
27. Risk management 60
28. Determination of fair values of financial and non-financial assets and liabilities 63
29. Derivative financial instruments 65
30. Financial instruments summary 66
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ANNUAL REPORT 2024 | SEEKA LIMITED28
Reporting entity and statutory base
The financial statements presented are those of the consolidated
Seeka group. Seeka Limited is referred to as Seeka Limited or the
Company. The group, which is the Company and all subsidiaries
controlled by Seeka Limited, is referred to as the Group, Seeka, or
Seeka Group.
Seeka Limited is a profit-orientated company registered in New
Zealand under the Companies Act 1993 and a Financial Markets
Conduct Reporting Entity for the purposes of the Financial Markets
Conduct Act 2013. Seeka Limited is listed and its ordinary shares are
quoted on the NZX main board equity security market (NZX Main
Board).
Nature of operations
Seeka is a produce business operating in New Zealand and Australia.
In New Zealand the Group provides orchard management, orchard
leasing, post-harvest and retail services to New Zealand’s kiwifruit,
avocado, citrus, persimmon, and Kiwiberry industries. Seeka
manufactures and sells the Kiwi Crush™ and Kiwi Crushies product
range along with avocado oil. The Group also provides retail and
ripening services for imported tropical produce, and operates a
wholesale market.
In Australia, Seeka owns, leases and operates orchards and associated
post-harvest assets, making the Group one of the largest producers
and suppliers of Australian kiwifruit and nashi pears, a major supplier
of European pears, plus other fruits, including plums and jujube dates.
Summary of material accounting policies
The accounting policies have been applied consistently throughout the
periods presented in the financial statements.
Statement of compliance and basis of preparation
The financial statements for the Group have been prepared in
accordance with the requirements of Part 7 of the Financial Markets
Conduct Act 2013. The financial statements have been prepared
in accordance with New Zealand Generally Accepted Accounting
Principles (GAAP), incorporating New Zealand Equivalents to
International Financial Reporting Standards (NZ IFRS) and other
applicable financial reporting standards as appropriate for profit-
oriented entities. The Group financial statements also comply with
International Financial Reporting Standards (IFRS).
The financial statements are prepared on a historical cost basis, with
the exception of:
–Assets classified as held for sale at fair value (note 9)
–Land and buildings at fair value (note 10)
–Biological assets - crop at fair value (note 12)
–Right-of-use lease assets and lease liabilities at present value of
expected cash payments (note 13)
–Investment in financial assets held at fair value (note 22)
–Financial assets and liabilities (including derivative instruments) at
fair value through comprehensive income (note 29 and note 30)
The material accounting policies applied in the preparation of the
financial statements are set out below and those that are considered
material to an understanding of the financial statements are provided
throughout the notes in grey shading.
The financial statements were approved by the Board of Directors (the
Board) on 27 February 2025.
Basis of consolidation
Subsidiaries
Subsidiaries are fully consolidated from the date of acquisition, being
the date on which the Group obtains control, and continue to be
consolidated until the date when such control ceases. The financial
statements of the subsidiaries are prepared for the same reporting
period as the Company, using consistent accounting policies.
The acquisition method of accounting is used to account for the
acquisition of subsidiaries by the Group. The cost of an acquisition is
measured as the fair value of the assets exchanged, equity instruments
issued and liabilities incurred or assumed at the date the acquisition is
settled. Direct acquisition costs are expensed as incurred.
Intercompany transactions, balances and unrealised gains on
transactions between companies are eliminated. Unrealised losses
are also eliminated unless the transaction provides evidence
of the impairment of the asset transferred. Accounting policies
of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
Foreign currency transactions
Foreign currency transactions are translated into the functional
currency (NZD) using the exchange rates prevailing during the month
of that transaction. Foreign exchange gains and losses resulting from
the settlement of such transactions are recognised in the statement of
profit or loss. The presentational currency is the New Zealand dollar
(NZD).
Foreign operations
The results and financial position of all the Group entities (none of
which has the currency of a hyper-inflationary economy) that have
a functional currency different from the presentation currency are
translated into the presentation currency as follows:
–Assets and liabilities for each entity's balance sheet within the
Group are translated at the closing rate at the date of that balance
sheet;
–Income and expenses for each entity's income statement
and statement of comprehensive income, are translated at
average exchange rates (unless this average is not a reasonable
approximation of the cumulative effect of the rates prevailing on
the transaction dates, in which case income and expenses are
translated at the rate on the dates of the transactions); and
–All resulting exchange differences are recognised in other
comprehensive income.
Basis of preparation
This section sets out the Group’s accounting policies that apply to the full set of financial statements. Accounting policies
which are limited to a specific note are described in that note.
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29SEEKA LIMITED | ANNUAL REPORT 2024
Critical accounting estimates and judgements
The Group makes estimates and judgements concerning future
operational and financial performance. By definition, these judgements
may not always equal actual results. The estimates and judgements
that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities are identified in the notes
below. Estimates and judgements are continually evaluated and
are based on historical experience as adjusted for current market
conditions and other factors, including expectations of future
events that are believed to be reasonable under the circumstances.
Judgements underlying management’s estimates can be found in the
following notes to the financial statements.
NoteArea of estimation or judgement
10.Property, plant and
equipment
Valuation and impairment
assessment
11.Intangible assetsImpairment assessment and CGU
allocation
20.Retained earnings and
reserves
Valuation of share based payments
and grower loyalty share scheme
Going concern assumption
The Directors have carefully considered the ability of the Group to
operate as a going concern for at least the next 12 months from the
date of signing these financial statements.
The Directors have concluded that the Group will continue to operate
as a going concern and the financial statements are prepared on that
basis.
Climate impact
The longer-term impacts of climate change continue to be analysed
and Seeka is mitigating these risks through regional diversification,
innovative growing techniques, and research and development. Climate
change brings both opportunities and risks for the business, which are
detailed in the climate reporting under the Aotearoa New Zealand
Climate Standards NZ CS 1-3. The risks and opportunities and
mitigation strategies that could impact the estimates and judgements
in the financial statements are incorporated where known. Unforeseen
events and the implications of these cannot be estimated with
certainty. See www.seeka.co.nz/climate-change for more details.
Goods and services tax (GST)
The statement of profit or loss and statement of comprehensive
income have been prepared so that all components are stated
exclusive of GST. All items in the statement of financial position are
stated net of GST, with the exception of receivables and payables,
which include GST invoiced.
Impact of standards issued but not yet applied by the
entity
In May 2024, the External Reporting Board (XRB) introduced NZ IFRS
18 Presentation and Disclosure in Financial Statements (effective for
reporting periods beginning on or after 1 January 2027). This standard
replaces NZ IAS 1 Presentation of Financial Statements. The Group has
not yet assessed the impact of NZ IFRS 18.
There are no other accounting standards that are not yet effective that
will have a material impact on the Group's financial statements.
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ANNUAL REPORT 2024 | SEEKA LIMITED30
Performance
1. Segment information
The Group’s operating segments engage in business activities that
earn revenues, incur expenses and are reported in a manner consistent
with the internal reports provided to the chief decision makers, being
the Directors, who regularly evaluate the allocation of resources
alongside operational outcomes, such as EBITDA and EBIT, and are
responsible for setting strategic direction.
The Group has five operating segments:
–Four New Zealand segments express the range of complementary
services delivered to New Zealand’s produce industries and the
retail sector.
–A single Australian operating segment covers the integrated supply
chain service for the Group’s Australian-grown fruit.
Direct segment revenues and operating costs are allocated to each
segment. Administration costs, overheads, grower service costs
and other income from the sale of assets recorded in the statement
of profit or loss are allocated to All other segments. Transactions
between segments are conducted on normal commercial terms and at
market rates and are eliminated on consolidation.
New Zealand segments
Orchard operations
The Group provides on-orchard management services to orchard
owners who produce kiwifruit, avocado, citrus and Kiwiberry crops.
The Group produces kiwifruit, avocado, citrus and Kiwiberry from:
–Short term leased orchards (typically three-year rolling contracts)
whereby the Group recovers costs and shares any profits with the
orchard owners.
–Long term leased land which the Group has developed into
productive orchards, pays all development and production costs,
owns all crops for the term of the lease, and shares profit with the
landowner after all costs are recovered from crop proceeds.
–Owned orchards whereby the Group incurs growing and harvest
costs and receives all orchard income from crop sales.
Post-harvest operations
The Group provides post-harvest services to the kiwifruit, avocado,
citrus and persimmon industries. This includes all crops from the
Group’s orchard management and lease operations, plus crops from
independent orchard owners.
Retail service operations
The Group provides fruit marketing services in New Zealand and
internationally, particularly in the Australian and Asian markets. This
includes fruit from the Group’s New Zealand based orchard and post-
harvest operations. In New Zealand the Group also provides retail and
ripening services for imported fruit, and operates a wholesale market.
Retail service operations include the production and selling of Kiwi
Crush™, Kiwi Crushies and avocado oil to the retail sector and
hospitals, along with post-harvest services for Kiwiberry.
All other segments - New Zealand
This represents the Group’s aggregated administration, grower
services and overhead sections recorded in the condensed statement
of profit or loss, and impairment and revaluations of other assets not
attributed directly to any other segment. It also includes the gain on
sale from assets that had been classified as held for sale, and are not
attributed directly to any other segment.
Australian operations
The Group grows, provides post-harvest services, and retails all
produce from orchards the Group owns or leases in Australia. The
main products are kiwifruit, nashi pears, European pears, jujubes and
plums which are primarily sold in Australia.
This section focuses on the Group’s financial performance and details the contributions made from the individual operating segments.
EBITDA and EBIT
EBITDA is earnings before interest, tax, depreciation, amortisation, impairments and revaluations. EBITDA is an indicator of profitability and
reflects operating cash flow generation.
EBIT is earnings before interest and tax; an indicator of profitability that excludes interest and income tax expenses.
Non-GAAP financial information does not have a standard meaning prescribed by GAAP and therefore may not be comparable to similar financial
information presented by other entities. The Board considers EBITDA and EBIT as useful measures of financial performance for both investors
and management as they are indicators of the Group's operating profitability that remove the impact of tax and the interest expenses associated
with debt and leases (EBIT), along with depreciation, amortisation, impairment and revaluation expenses associated with the Group's large
investments in fixed and leased assets (EBITDA).
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31SEEKA LIMITED | ANNUAL REPORT 2024
The following table details the operating segments at balance date.
New ZealandAustraliaGroup
New Zealand dollars
Orchard
operations

$000s
Post-harvest
operations
$000s
Retail service
operations
$000s
All other
segments
$000s
Australian
operations
$000s
Total
$000s
2024
Income statement
Turnover
1
102,652246,62367,49712,06719,160447,999
Gross segment revenue
102,945249,25530,90912,06719,160414,336
Eliminations
( 293)( 2,631)---( 2,924)
Total segment revenue
102,652246,62430,90912,06719,160411,412
EBITDA
2
6,18184,4852,572( 20,293)3,17676,121
Depreciation expense
4
( 1,707)( 12,223)( 312)( 1,723)( 1,134)( 17,099)
Lease depreciation expense
5
( 1,718)( 6,259)( 647)( 1,597)( 918)( 11,139)
Impairments
-( 362)--( 403)( 765)
Amortisation of intangible assets
- - - ( 302) - ( 302)
EBIT
3
2,75665,6411,613( 23,915)72146,816
Lease interest expense
5
( 801)( 2,013)( 249)( 911)( 802)( 4,776)
EBIT
3
(after lease interest expense)
1,95563,6281,364( 24,826)( 81)42,040
Interest expense
6
( 10,730)( 1,597)( 12,327)
Tax charge on profit
( 21,823)861( 20,962)
Profit / (loss) after tax
1,95563,6281,364( 57,379)( 817)8,751
Balance sheet
Segment assets
86,193349,57612,67138,05363,369549,862
Total assets
86,193349,57612,67138,05363,369549,862
Segment liabilities
40,432131,89814,49359,26037,376283,459
Total liabilities
40,432131,89814,49359,26037,376283,459
2023
Income statement
Turnover
1
86,504 182,386 62,841 931 10,356 343,018
Gross segment revenue
86,798 185,018 20,743 931 10,356 303,846
Eliminations
( 293) ( 2,633) - - - ( 2,926)
Total segment revenue
86,505 182,385 20,743931 10,356 300,920
EBITDA
2
954 43,758 2,585 ( 21,980) 671 25,988
Depreciation expense
4
( 962) ( 11,635) ( 304) ( 1,531) ( 1,088) ( 15,520)
Lease depreciation expense
5
( 1,599) ( 6,647) ( 667) ( 686) ( 863) ( 10,462)
Impairments
- ( 118) ( 90) ( 1,413) ( 1,844) ( 3,465)
Loss on revaluation of property, plant & equipment
- ( 294) - - - ( 294)
Amortisation of intangible assets
- - - ( 365) - ( 365)
EBIT
3
( 1,607) 25,064 1,524( 25,975) ( 3,124) ( 4,118)
Lease interest expense
5
( 696) ( 2,126) ( 303) ( 858) ( 859) ( 4,842)
EBIT
3
(after lease interest expense)
( 2,303) 22,938 1,221 ( 26,833) ( 3,983) ( 8,960)
Interest expense
6
( 10,642) ( 1,386) ( 12,028)
Tax charge on profit
4,575 1,947 6,522
Profit / (loss) after tax
( 2,303) 22,938 1,221 ( 32,900) ( 3,422) ( 14,466)
Balance sheet
Segment assets
84,799 360,184 13,189 39,121 51,518 548,811
Total assets
84,799 360,18413,189 39,121 51,518 548,811
Segment liabilities
42,746 160,769 12,735 31,281 41,331 288,862
Total liabilities
42,746 160,769 12,735 31,281 41,331 288,862
1. Turnover is a non-GAAP measure, see calculations in note 2.
2. EBITDA, a non-GAAP measure, is earnings before interest, tax,
depreciation, amortisation, impairments and revaluations.
3. EBIT, a non-GAAP measure, is earnings before interest and tax.
4. Depreciation includes the depreciation of fixed assets.
5. Lease interest and lease depreciation are as a result of NZ IFRS 16
Leases, see note 13.
6. Interest includes finance costs for borrowings.
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ANNUAL REPORT 2024 | SEEKA LIMITED32
The following table reconciles segment EBITDA before and after applying NZ IFRS 16.
New ZealandAustraliaGroup
New Zealand dollars
Orchard
operations

$000s
Post-harvest
operations
$000s
Retail service
operations
$000s
All other
segments
$000s
Australian
operations
$000s
Total
$000s
2024 - EBITDA
EBITDA pre NZ IFRS 16
3,66977,2341,626( 23,610)1,02059,939
Capitalised lease costs
2,512 7,251 946 3,317 2,156 16,182
EBITDA after applying NZ IFRS 16
6,18184,4852,572( 20,293)3,17676,121
2023 - EBITDA
EBITDA pre NZ IFRS 16
( 1,365) 35,279 1,562 ( 23,721) ( 1,423) 10,332
Capitalised lease costs
2,319 8,479 1,023 1,741 2,094 15,656
EBITDA after applying NZ IFRS 16
954 43,758 2,585 ( 21,980) 671 25,988
2. Turnover
The following table reconciles turnover to revenue.
New Zealand dollars
2024
$000s
2023
$000s
Turnover
447,999 343,018
Value of sales made as agent
( 36,587) ( 42,098)
Revenue
411,412 300,920
Turnover
The Board considers turnover a useful measure of the Group's operating activity as it represents the total transactional value of goods and
services provided to external customers during the year. As such turnover includes the value of fruit sales made on behalf of growers and suppliers
where the Group acts as the agent, and is considered the supplier by the purchasing party. This includes all produce sales both local and export.
3. Revenue and other income
New Zealand dollarsNotes
2024
$000s
2023
$000s
Total revenue
411,412 300,920
Other income
Interest
21 24
Gain on sale of assets classified as held for sale
9
- 1,833
Dividends received
142 1
Increase in fair value of irrigation water rights
- 144
Insurance income
1 1,090
Grower loyalty share scheme
( 100)-
Other income
382 178
Total other income
446 3,270
Total revenue and other income
411,858 304,190
During the year the Group recognised $0.10m of costs relating to the measurement of the grower share schemes issued based on the Black
Scholes Model (Dec 2023 - Nil).
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33SEEKA LIMITED | ANNUAL REPORT 2024
Accounting policies
The Group’s major revenue streams are post-harvest operations,
orchard management, retail services and Australian operations in
accordance with NZ IFRS 15: Revenue from contracts with customers (NZ
IFRS 15).
Post-harvest
The Group enters into two standardised post-harvest contracts:
–The first has two performance obligations; to collect the supply
of fruit via picking and transportation, and maturity testing. The
charges are separated in the contract. All revenue is recognised
when the service is performed.
–The second has three performance obligations; to pack fruit, to cool
and dispatch fruit, and to sell Class 2 fruit to authorised markets.
These are stand-alone services provided by the Group. Each
performance obligation has a separate transaction price detailed in
the contract and the obligations are recognised when services are
performed; packing revenue as fruit is packed, cooling revenue as
fruit is loaded out from cool storage, and Class 2 as fruit is sold and
delivered.
Orchard management
The Group enters into two orchard management contracts that are
largely standardised:
–The first has one performance obligation; to manage fruit growing.
Revenue is recognised as the service is performed and calculated at
cost plus a margin per the contract or at a fixed per-hectare charge.
The management fee included in the contract is recognised evenly
over the contract's 12 month period.
–The second has one performance obligation; to collect the supply
of fruit on short term or long term leased orchards. The transaction
price is determined using a forecasted OGR. Revenue is recognised
when crops are picked (in the June interim accounts for kiwifruit).
Retail services
The Group enters into three retail service contracts which are
customised to the service being offered:
–The first has one performance obligation; to sell fruit on the owner’s
behalf. As the sales agent, the Group only collects a marketer’s
commission which is recognised when the fruit is sold and delivered.
–The second has one performance obligation; to either store or ripen
fruit. Revenue is recognised as the fruit is stored or ripened.
–The third has one performance obligation; to provide ordered
product. The transaction price is based on the agreed price with
revenue recognised when the fruit is sold and delivered.
Australia
The Group has one type of contract that is entered by the Australian
business; for the sale and supply of fruit.
–The fruit sale and supply contracts are entered on a one-to-one
basis with the fruit purchaser and are largely standardised. They
have one performance obligation; to provide the fruit to the
customer. The transaction price is based on the agreed price and
recognised when the fruit is sold and delivered.

Principal versus agent relationship
A principal relationship is one where the Group has the performance
obligation to provide the good or service directly and has control of the
asset or has a right to direct the asset. An agency relationship is one
where the performance obligation is to arrange for the good or service
on behalf of the supplier. The Group currently has agent relationships
for the sale of some fruit and vegetables in the retail services segment.
Impact of seasonality
Group revenues are generated from seasonal horticultural operations,
with post-harvest revenues recognised as services are provided and
orcharding revenues recognised once the fruit is harvested. Retail
revenues are generated at the point of sale. In New Zealand kiwifruit
are harvested from March to June, avocados from July to February, and
Kiwiberry from February to March. In Australia nashi and European
pears are harvested January to March, and kiwifruit from March to
May. As a result of these harvest timings around 45~70% of orchard
revenues are recognised in the first six months of the financial year.
Due to seasonal fluctuations, the timing of the provision of post-
harvest services can vary from year to year, however normally 70~85%
is recognised in the first six months of the financial year, but can be
impacted by seasonal fluctuations.
Interest income
Interest income is recognised on a time-proportion basis using the
effective interest method.
Dividend income
Dividend income is recognised when the right to receive payment is
established.
Gain on sale of assets classified as held for sale
The gain on sale of assets classified as held for sale is recognised when
a sale and purchase agreement is unconditional and the consideration
is paid or payable at that date.
Insurance income
Insurance income is recognised when the right to receive payment is
established.
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ANNUAL REPORT 2024 | SEEKA LIMITED34
4. Cost of sales and operating expenses
New Zealand dollarsNotes
2024
$000s
2023
$000s
Operating materials and services
228,591 183,168
Direct employee benefits
81,382 72,384
Increase in fair value of biological assets - crop
12
( 3,488) ( 3,358)
Total cost of sales
306,485 252,194
Total other employee benefits
15,459 13,514
General administrative expenses
11,400 10,007
Audit fees paid to principal auditors - paid on a Group basis
472 421
Audit fees paid to previous auditor - paid on a Group basis
- 96
Debt covenant compliance agreed upon procedures paid to principal auditors
5 5
Acquisition and restructuring costs
123 534
Directors' fees and expenses
609 605
Short term lease expenses
1,255 1,108
Total other costs
29,323 26,290
Depreciation expense
10
17,099 15,520
Lease depreciation expense
13
11,139 10,462
Amortisation of intangible assets
11
302 365
Impairments and revaluations
Loss on revaluation of property, plant and equipment
10
- 294
Impairment of property, plant and equipment
10
295 1,476
Impairment of biological assets
12
79 486
Impairment of associates
23
- 1,413
Impairment of assets classified as held for sale
9
265 -
Impairment of irrigation water rights and other impairments
125 -
Impairment of onerous right of use lease asset
13
1 90
Total impairment and revaluation
765 3,759
Interest expense
12,327 12,028
Lease interest expense
13
4,776 4,842
Total expenses
382,216 325,460
During the year the Group recognised $0.05m of costs relating to the measurement of the employeee share scheme issued based on the Black
Scholes Model (Dec 2023 - Nil).
Accounting policies
Operating expenses are recognised in the statement of profit or loss as incurred, except where future economic benefits arise and they are
recorded as a prepayment.
Wages and salaries, annual leave and sick leave
Liabilities for wages and salaries, including non-monetary benefits and annual leave expected to be settled within 12 months of the reporting date, are
recognised in other payables. The employee liabilities are measured at the amounts expected to be paid when settled. Liabilities for non-accumulating
sick leave are recognised when the leave is taken and measured at the rates paid or payable.
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35SEEKA LIMITED | ANNUAL REPORT 2024
5. Reconciliation of net operating surplus after taxation with cash flows from operating activities
New Zealand dollars
2024
$000s
2023
$000s
Net operating surplus / (loss) after taxation
8,751 ( 14,466)
Add / (less) non cash items:
Depreciation
17,099 15,520
Lease depreciation
11,139 10,462
Impairments
765 3,465
Loss on revaluation of property, plant and equipment
- 294
Revaluation of employee share scheme
49 -
Revaluation of grower share scheme
100 -
Movement in deferred tax
17,247 ( 3,382)
Movement in fair value of biological assets - crop
( 3,488) ( 3,358)
Amortisation of intangible assets
302 365
43,213 23,366
(Less) items not classified as an operating activity:
Gain on sale of property, plant and equipment
( 131) ( 16)
Gain on sale of assets classified as held for sale
- ( 1,833)
Decrease in current water allocation account
- ( 170)
( 131) ( 2,019)
Decrease / (increase) in working capital:
Increase / (decrease) in accounts payable
7,250 ( 3,261)
Decrease / (increase) in accounts receivable/prepayments
3,240( 887)
Decrease in inventory
234 1,260
Increase / (decrease) in taxes due
3,480( 1,322)
14,204 ( 4,210)
Net cash flow from operating activities
66,037 2,671
Accounting policies
The statement of cash flows is prepared using the direct approach. Cash and cash equivalents are shown exclusive of GST.
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ANNUAL REPORT 2024 | SEEKA LIMITED36
6. Income tax expense
New Zealand dollarsNotes
2024
$000s
2023
$000s
a. Current tax expense
Current year
9,044( 5,204)
Prior period adjustment
46( 3,060)
Total current tax charge / (benefit)
9,090( 8,264)
Deferred tax expense
Origination and reversal of temporary differences
11,731( 199)
Prior period adjustment
141 1,941
Total deferred tax charge
11,872 1,742
Total income tax charge / (benefit)
20,962( 6,522)
b. Numerical reconciliation of income tax expense to prima facie tax payable
Profit / (loss) before income tax expense
29,713 ( 20,988)
Tax at the New Zealand tax rate of 28%
8,319( 5,876)
Tax at the Australian tax rate of 30%
( 72)( 132)
Tax effect of amounts which are not deductible (taxable) in calculating taxable income
60 365
Under / (over) provision in prior years - temporary differences
187( 1,119)
Benefit of tax credits
( 87)( 181)
Tax paid in respect of acquisitions pre-Group liabilities
- 647
Removal of depreciation from buildings
12,496-
Deferred tax movement recognised in reserves
87-
Tax paid as agent of non-resident insurer
41-
Other
( 69)( 226)
Income tax charge / (benefit)
20,962( 6,522)
c. Imputation credit account
Imputation credits available for use in subsequent reporting periods
34,455 30,240
The above amounts represent the balance of the imputation account as at the end of the reporting
period, adjusted for:
a. Imputation credits that will arise from the payment of the amount of the provision for income tax
b. Imputation debits that will arise from the payment of dividends recognised as a liability at the
reporting date; and
c. Imputation credits that will arise from the receipts of dividends recognised as receivables at the
reporting date.
d. Current tax asset / (liability)
Opening balance of current tax (liability) / asset
369 ( 337)
Adjustments for prior periods
( 46) 3,060
Current year tax
( 9,044) 5,204
Less tax paid / (refund)
256 ( 1,751)
Transfer tax losses to deferred tax
( 103)( 5,763)
Utilise tax losses brought forward
4,837-
Exchange differences
( 8)( 44)
Current tax (liability) / asset
( 3,739) 369
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37SEEKA LIMITED | ANNUAL REPORT 2024
Accounting policies
Income tax expense comprises both current and deferred tax and is recognised in the statement of profit or loss.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date,
and any adjustment to the tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the tax losses of assets and liabilities
and their carrying amounts in the financial statements. Deferred tax is not accounted for if it arises from initial recognition of an asset or liability
in a transaction other than a business combination and that affects neither accounting or taxable profit. Differences relating to investments in
subsidiaries and jointly controlled entities are not recognised to the extent that they probably will not reverse in the foreseeable future.
Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that
have been enacted or substantively enacted at balance date.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilised.
7. Deferred tax
Deferred tax assets and liabilities are offset when there is a legally-enforceable right to offset current tax assets against current tax liabilities and
when the deferred income taxes relate to the same fiscal authority.
The following table details the offset amounts.
New Zealand dollarsNotes
2024
$000s
2023
$000s
Net deferred tax liabilities:
Opening balance
19,422 22,804
Adjustments for prior periods
141 1,941
Exchange differences
24 22
Charged / (received) to the statement of profit or loss
293( 199)
Change in tax depreciation on building assets
12,496-
Charged to revaluation reserve
1,058 2,416
(Credited) to hedge reserve
( 441)( 613)
(Benefit) of tax losses recognised
( 103)( 5,763)
(Benefit) of denied debt deductions carried forward
( 1,058)-
Utilisation of tax losses
4,837-
Remeasurement of water shares
-( 1,186)
Closing balance at end of year
36,669 19,422
The balance comprises temporary differences attributable to:
Temporary differences on non-current assets
40,858 24,515
Current liabilities
( 3,419)( 898)
Prepayments and accrued income
2,1161,568
Losses reclassified as deferred tax
( 1,828) ( 5,763)
Denied debt deductions carried forward
( 1,058)-
Total deferred tax liability
36,669 19,422
Deferred tax assets are recognised for tax loss carry-forwards to the extent that the realisation of the related tax benefit through the future taxable
profits is probable and these losses will be utilised in the near future. $1.83m was recognised at balance date and there were no unrecognised tax
losses (Dec 2023 - $5.76m).
The deferred tax liability recognised in the financial statements does not represent the tax that would be payable on the disposal of the buildings;
actual tax payable is limited to the reversal of tax depreciation claimed on that asset in prior period tax returns.

8. Events occurring after balance date
The Group has an unconditional sales agreement to sell its remaining orchard asset classified as held for sale, with settlement due 28 February 2025,
see note 9.
On 26 February 2025, the Group declared a further dividend of $0.05 per share in relation to the financial year ended 31 December 2024. The
dividend will be fully imputed, and the dividend reinvestment plan will apply. The dividend record date is 20 March 2025 and the dividend will be
distributed on 15 April 2025, see note 21.
There are no other material events occurring subsequent to balance date requiring adjustment to or disclosure in the financial statements (Dec
2023 - nil).
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ANNUAL REPORT 2024 | SEEKA LIMITED38
Assets
This section focuses on the physical and intangible assets used by the Group to operate the business, deliver benefits to
stakeholders, add new income streams and generate revenues. Assets include post-harvest facilities, retail service facilities,
and software. Assets also include Group-owned land, vines, trees and crop on Group-owned and leased orchards. The Group
also has interests in water shares, leases and goodwill arising from Group acquisitions.
Disclosures are made on additions, disposals, revaluations, depreciation, impairments and amortisation.
9. Assets classified as held for sale
New Zealand dollarsNotes
2024
$000s
2023
$000s
Opening balance at 1 January
3,205 6,293
Development costs incurred
347 264
Impairment of assets classified as held for sale
( 265) -
Sales settled by third parties at carrying value
- ( 3,352)
Total assets classified as held for sale
3,287 3,205
The following table details the assets classified as held for sale by asset class.
New Zealand dollars
2024
$000s
2023
$000s
Asset class
Land and buildings
874 874
Property, plant and equipment
380 380
Intangible assets
500 500
Bearer plants
1,533 1,451
Total assets classified as held for sale
3,287 3,205
At 31 December 2024, a 13.5 hectare Northland orchard (Dec 2023 - 13.5 hectares) was classified as held for sale. No growing costs have been
attributed to the remaining orchard at 31 December 2024 as it is valued on a crop-off basis.
All assets classified as held for sale are included in the orchard operations segment.
Assets are classified as held for sale when their carrying amount will be recovered principally through a sale transaction rather than through
continuing use. This condition is met when the sale is highly probable and the assets are available for immediate sale in their present condition,
and the Group is committed to the sale and expects it to be completed within one year from the date of classification. The accounting standards
allow for the period to extend past 12 months if the circumstances causing the delay are out of Seeka's control.
As at 31 December 2024, one orchard of 13.5 hectares (Dec 2023 - one orchard of 13.5 hectares) has taken longer than 12 months to find a buyer,
however there is an unconditional sales agreement with settlement due 28 February 2025.
Assets held for sale are recorded at the lower of the carrying value or fair value less costs to sell.
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39SEEKA LIMITED | ANNUAL REPORT 2024
10. Property, plant and equipment
New Zealand dollars
Land and
buildings
$000s
Plant and
equipment
$000s
Motor
vehicles
$000s
Bearer
plants
$000s
Assets under
construction
$000s
Total
$000s
At 1 January 2024
Cost or valuation
306,804161,0872,92842,1609,085522,064
Accumulated depreciation and impairment
( 35,960)( 91,402)( 1,504)( 5,093)( 395)( 134,354)
Net book amount
270,84469,6851,42437,0678,690387,710
Year ended 31 December 2024
Opening net book amount
270,84469,6851,42437,0678,690387,710
Additions and transfers - net
12,8447,805( 440)3,787( 7,740)16,256
Depreciation
( 6,312)( 9,442)( 224)( 1,121)-( 17,099)
Disposals and transfers
( 100)( 115)-( 2,641)-( 2,856)
Impairment of property, plant and equipment
-( 250)--( 45)( 295)
Revaluation
3,791----3,791
Foreign exchange
3068254102805
Closing net book amount
281,37367,76576537,502907388,312
At 31 December 2024
Cost or valuation
323,645168,3842,48243,7161,347539,574
Accumulated depreciation and impairment
( 42,272)( 100,619)( 1,717)( 6,214)( 440)( 151,262)
Net book amount
281,37367,76576537,502907388,312
At 1 January 2023
Cost or valuation
280,850 150,667 3,131 37,187 21,311 493,146
Accumulated depreciation and impairment
( 29,912) ( 82,056) ( 1,249) ( 3,746) ( 395) ( 117,358)
Net book amount
250,938 68,611 1,882 33,441 20,916 375,788
Year ended 31 December 2023
Opening net book amount
250,938 68,611 1,882 33,441 20,916 375,788
Additions and transfers - net
16,211 10,505 74 4,831 ( 12,226) 19,395
Depreciation
( 5,928) ( 8,937) ( 255) ( 400) - ( 15,520)
Disposals
- ( 133) ( 280) - - ( 413)
Impairment of property, plant and equipment
( 120) ( 409) - ( 947) - ( 1,476)
Revaluation
9,614 - - - - 9,614
Foreign exchange
129 48 3 142 - 322
Closing net book amount
270,844 69,685 1,424 37,067 8,690 387,710
Assets under construction are assets that are yet to be used and are not depreciated. When the asset is ready for use it is transferred to the
appropriate asset class. At 31 December 2024, assets under construction relate to deposits for packhouse equipment and building upgrades.
Land and buildings
Land and buildings are revalued to their estimated market value on at least a three-year rolling cycle (excluding assets under construction), plus
any subsequent additions at cost, less subsequent depreciation for buildings. In New Zealand valuations are undertaken by CBRE Group Inc.,
independent registered valuer. At 31 December 2024, 38% (Dec 2023 - 52%) of Seeka's New Zealand land and building portfolio was externally
revalued in line with policy. The remaining properties that were not revalued this year could cause a movement in land and buildings of between
1.34% and 8.92% (Dec 2023 - 0.82% and 3.79%). This is not considered a material movement in land and building values.
In Australia, valuations were completed at 31 December 2024 by Opteon (Goulburn North East Vic) Pty Limited, independent valuers based in
Victoria, Australia.
The valuers consider three different approaches in concert to arrive at a fair value;
1. Sales comparison - considers sales of other comparable properties.
2. Capitalisation of rentals - assumes a hypothetical lease of the property with a current market rental being established and capitalising this at an
appropriate rate of return that would be expected by a prudent investor. The 2024 year saw capitalisation rates move between 0.50% - 1.00%
since the previous valuations of the same properties, some of which may have been up to three years prior.
3. Discounted cash flow - a variation of the investment method whereby it takes the current market rental calculated under the investment method
and forecasts net cash flows over a ten-year period. Cash flows are adjusted for expected growth in market rentals and estimated costs incurred
to maintain land and buildings in operational use. This method assumes land and buildings are sold in the terminal year (year 11).
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ANNUAL REPORT 2024 | SEEKA LIMITED40
Accounting policies
Bearer plants
Bearer plants are the Group's investment in kiwifruit vines, pear, jujube, avocado and other fruiting vines and trees on Group-owned and leased land. Bearer
plants are stated at historical cost less depreciation. Historical cost includes all costs incurred to purchase or establish the asset.
Land and buildings
Land and buildings are shown at fair value, based on periodic, but at least triennial valuations by independent valuers, plus any subsequent
improvements at cost, less depreciation. At each annual balance date, no less than one third of assets classified as land and buildings are revalued
and those valuations are used to assess the appropriateness of the carrying values of all land and building assets held by the Group, which effectively
revalue all land and buildings annually. Revaluations are performed more frequently if changing industry conditions may cause their carrying value
to differ significantly from fair value. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the
asset and the net amount is restated to the revalued amount of the asset.
Changes in the carrying amounts arising on revaluation of land and buildings are accounted for through comprehensive income and other reserves,
except where an asset's assessed fair value is less than the original cost, in which case the change is recognised in the statement of profit or loss.
Property, plant and equipment
All other property, plant and equipment are stated at historical cost less depreciation. Historical cost includes all costs incurred to purchase the
asset.
Subsequent additions at cost are included in the asset’s carrying value or recognised as a separate asset, as appropriate, only when it is probable
that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs
and maintenance are charged to the statement of profit or loss during the financial period in which they are incurred.
Asset impairments are recognised in the statement of profit or loss.
Significant unobservable inputs inherent in the land and building valuation process include potential market comparative rentals, and the market
rental capitalisation rates. The higher the rental rate, the higher the fair value, and the higher the capitalisation rate, the lower the fair value.
Significant changes in either of these inputs would result in significant changes to the fair value measurement. See below;
1. Market rental rates - Packhouse rental rates as described in the valuation reports obtained in 2024 between $50/m
2
- $125/m
2
(Dec 2023 - $55/
m
2
- $130/m
2
). Coolstore rental rates were between $0.38/tray - $0.68/tray (Dec 2023 - $0.40/tray - $0.63/tray).
2. Rental capitalisation rates - Capitalistion rates as described in the valuation reports obtained in 2024 were between 7.00% – 9.50% (Dec 2023 -
8.25% - 9.50%).
3. Discount rates – Discount rates as described in the valuation rates obtained in 2024 were between 7.60% - 10.77% (Dec 2023 – 9.23% - 10.37%).
The net book value of land is $50.23m (Dec 2023 - $47.24m) and buildings is $230.15m (Dec 2023 - $223.61m), see note 28.
The following table details the gain on revaluation of land and buildings recognised in the revaluation reserve, net of tax, of $2.71m (Dec 2023 - $7.47m).
New Zealand dollars
Land
$000s
Buildings
$000s
Total
$000s
Land and buildings revaluation reserve
1,467 1,240 2,707
As a consequence of the building revaluations conducted December 2024, $2.61m (Dec 2023 - $9.08m) of accumulated depreciation was offset
directly against the assets' cost or valuation, prior to revaluation.
In the year ended 31 December 2024, the Group assessed the useful lives of property, plant and equipment, and did not identify any material
situations where the useful life of an asset or group of assets was not appropriate or within the existing accounting policy.
The following table details the depreciated value of land and buildings if they were to be stated on a historical cost basis.
New Zealand dollars
2024
$000s
2023
$000s
Cost
280,914 268,168
Accumulated depreciation
( 69,201) ( 62,884)
Depreciated historical cost
211,713 205,284
Net book amount
281,373 270,844
Impairment of bearer plants
For the year ended 31 December 2024 no assets were impaired (Dec 2023 - $0.95m). The 2023 impairment was for bearer plants in Australia
that were removed.
Impairment of land, buildings, plant and equipment
For the year ended 31 December 2024 $0.30m (Dec 2023 - $0.53m) of assets were impaired.
The 2024 impairments were for wind-damaged hail netting in Australia which has been removed while other risk management solutions are
identified, and orchard equipment in New Zealand which has been removed as part of planned machinery replacement.
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41SEEKA LIMITED | ANNUAL REPORT 2024
11. Intangible assets
New Zealand dollarsNotes
Software
$000s
Goodwill
$000s
Water shares
$000s
Other
intangibles
$000s
Total
$000s
At 1 January 2024
Cost
4,458 20,181 2,991 377 28,007
Accumulated amortisation and impairment
( 3,753) - - ( 15) ( 3,768)
Net book amount
705 20,181 2,991 362 24,239
Year ended 31 December 2024
Opening net book amount
705 20,181 2,991 362 24,239
Additions
75 - - - 75
Foreign exchange
- - 68 - 68
Amortisation
( 287) - - ( 15) ( 302)
Closing net book amount
493 20,181 3,059 347 24,080
At 31 December 2024
Cost
4,533 20,181 3,059 377 28,150
Accumulated amortisation and impairment
( 4,040) - - ( 30) ( 4,070)
Net book amount
493 20,181 3,059 347 24,080
At 1 January 2023
Cost
4,380 22,212 5,399 377 32,368
Accumulated amortisation and impairment
( 3,403) ( 2,031) - - ( 5,434)
Net book amount
977 20,181 5,399 377 26,934
Year ended 31 December 2023
Opening net book amount
977 20,181 5,399 377 26,934
Additions
78 - - - 78
Remeasurement
- - ( 2,460) - ( 2,460)
Foreign exchange
- - 52 - 52
Amortisation
( 350) - - ( 15) ( 365)
Closing net book amount
705 20,181 2,991 362 24,239
The amortisation period of software is four to five years.
Critical accounting estimates and judgements
At 31 December 2024, 38% (Dec 2023 - 52%) of Seeka's New Zealand land and building portfolio was externally revalued in line with policy.
Sensitivity analysis suggests the remaining properties that were not revalued this year could cause a movement in land and buildings of between
1.34% and 8.92%. This is not considered a material movement in land and building values.
Depreciation
Land is not depreciated. Depreciation on other assets is calculated
using the straight line or diminishing value method to allocate their
cost or revalued amounts, net of their residual values, over their
estimated useful lives. The depreciation of bearer plants on leased
land orchards is aligned to the term of the lease.
The estimated useful lives of assets from revaluation date are:
– Buildings and fit outs 7 - 50 years
– Machinery 5 - 30 years
– Vehicles 4 - 15 years
–Furniture, fittings and equipment 5 - 15 years
– Bearer plants 4 - 25 years
Asset residual values and useful lives are reviewed, and adjusted
if appropriate, at balance date and an asset’s carrying amount is
immediately written down to its recoverable amount.
Gains and losses on disposals are determined by comparing proceeds
with the carrying amount, and any gain or loss is included in the
statement of profit or loss. When revalued assets are sold, the
amounts included in the revaluation reserve in respect of those assets
are transferred to retained earnings.
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ANNUAL REPORT 2024 | SEEKA LIMITED42
Water shares
The Group remeasured the value of water shares to historical cost as at 1 January 2023.
Water shares are an integral part of land and irrigation infrastructure required to grow pears, kiwifruit and other annual crops in Australia and are
carried at historical cost. Such rights have an indefinite life and are not amortised but are tested annually for impairment. If events or changes in
circumstances indicate impairment, the carrying value is adjusted to take account of any impairment losses.
The Group’s portfolio of water rights is currently recorded at a historical cost value of $3.1m (Dec 2023 - $3.0m). A market value assessment was
performed at the end of the financial year. This was completed by accessing the Victorian Water Register and determining the weighted average
sales price for the applicable class of water rights. This value is then applied on a like for like basis to the Group’s water portfolio. As water prices
fluctuate due to seasonal factors, current market rates have been valued internally for impairment testing purposes at $5.1m (Dec 2023 - $5.9m).
Impairment tests for goodwill
At 31 December 2024 Seeka's market capitalisation was less than net assets which is an indicator of impairment. In response the Group has
performed impairment tests on all cash generating units (CGUs), in addition to CGUs with goodwill balances to ensure that future cash flows of
the CGUs and the Group support the fair value of the assets.
Goodwill balances are assessed annually for impairment. The impairment tests were performed using a value in use calculation model.
The recoverable amount is based on the net present value of the five-year after-tax cash flow projection (value-in-use), with a terminal value
beyond five years. Cash flows beyond the five year period are extrapolated using estimated growth rates and discount rates stated in this note.
The assumptions used for the analysis of the net present value of forecast gross margins for the cash generating units are determined based on
forecast crop volumes, past financial performance and the Board's expectation of future market dynamics, plus the Group's current year forecasts
and five year financial plans.
The goodwill and asset value allocated to the post-harvest CGU is supported by historical profitability, increasing volume forecasts, and forecast
growth of the kiwifruit industry and returns.
Any financial impact of climate change is expected to fall outside of the planning period given the long-term nature of climate change. However,
scenario planning is being carried out across the Group to prepare for the impact of climate change on future yields, varieties, and growing
methods. Seeka has a long history of adapting to the environment, such as when Psa arrived in New Zealand and the industry pivoted to the
SunGold variety, alongside past climatic events such as droughts, hail, and floods. Climate change risks may result in unforeseen events, which
may have possible implications that cannot be estimated with certainty. The business will continue to adapt to the changing environment.
No impairment was noted in the CGUs as a result of the impairment test, either on the CGUs with or without goodwill allocated to them.
The annual impairment tests of goodwill were performed at 30 November 2024. Impairment indicators were considered at 31 December 2024,
however no indicators were identified that required any further impairment testing.
Additions to goodwill
There were no additions to goodwill in 2024 (Dec 2023 - Nil).
Cash generating units (CGUs)
All goodwill at 31 December 2024 is allocated to the post-harvest CGU. The post-harvest CGU reflects the operationally coordinated and
financially interdependent nature of post-harvest operations across the regions serviced by Seeka. To best handle fruit at optimum maturity, and
maximise post-harvest efficiency and flexibility, the regions are managed as one unit with mature fruit allocated to the next available facility. This
means fruit flows and the associated cash flows are intrinsically linked across all regions. Due to this, a single CGU best reflects the nature of the
post-harvest business.
The following table details the key assumptions used for value-in-use calculations and the recoverable amount.
Group cash generating unitOperating segment
Goodwill
carrying
amount
$000s
Pre tax
discount rate
1
EBITDA
3

growth rate
1-5 years
Terminal
growth rate
2
2024
Post-harvest Post-harvest operations
20,181 8.9%4% - 5%2.0%
2023
Post-harvest Post-harvest operations
20,181 9.6%0% - 10%2.0%
1. The discount rate is calculated based on the specific circumstances of the cash generating unit and its operations, and is derived from its
weighted average cost of capital.
2. The long term growth rate is based on the long term expected inflation rate, being within the RBNZ inflationary target of 1%-3%. The Group has
set its terminal growth rates at 2% to ensure a long term conservative growth estimate has been applied in the impairment tests.
3. EBITDA, a non-GAAP measure, is earnings before interest, tax, depreciation, amortisation, impairments and revaluations.
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43SEEKA LIMITED | ANNUAL REPORT 2024
Post-harvest CGU
The goodwill relating to the post-harvest CGU is supported by historical profitability, with a positive outlook and significant growth path ahead.
Following several difficult seasons, 2024 had a rebound of volumes and exceptional returns culminating in record profits for the post-harvest
CGU and the Group as a whole. The forecast cash flows for 2025 and onwards assume a return to average yields, a return to normal growing
conditions, and a stable sales market, which translates into consistent and steadily increasing returns to the CGU.
The impairment and recoverable amount of the CGU were calculated using the value-in-use method.
No other reasonable changes to key assumptions would require an impairment of goodwill.
Accounting policies
Intangible assets
Assets with a finite useful life are subject to depreciation and
amortisation and reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
Intangible assets that have an indefinite life are not subject to amortisation
and are tested at least annually for impairment, with impairment losses
recognised when the carrying amount exceeds the recoverable amount.
When assessing impairment, assets are grouped at the lowest identifiable
unit able to generate cash flow.
Software
Acquired computer software licences are capitalised on the basis of
the costs incurred to acquire and bring to use the specific software.
Internally developed computer software is capitalised when it enters
the development phase and includes costs incurred to develop and
test the software for use. Intangible assets are amortised over their
estimated useful life (typically four to five years).
Goodwill
Goodwill represents the excess of the cost of an acquisition over the
fair value of the Group’s share of the net identifiable assets at the
date of acquisition. Goodwill on a business acquisition is included
in intangible assets, and on acquisition of an associate is included in
investments in associates. When acquired in business combinations,
the goodwill is annually tested for impairment (or more frequently if
there are impairment indicators) and carried at cost less accumulated
impairment losses. Gains and losses on the disposal of a business
include the carrying amount of goodwill relating to that business.
Water shares
The Group records permanent water shares at historical cost. Such
rights have an indefinite life and are not amortised but are tested
annually for impairment. If events or changes in circumstances
indicate impairment, the carrying value is adjusted to take account of
any impairment losses.
Other intangibles
The Group records permanent water shares at historical cost. Such
rights have an indefinite life and are not amortised but are tested
annually for impairment. If events or changes in circumstances
indicate impairment, the carrying value is adjusted to take account of
any impairment losses.
Impairment of assets
Goodwill and intangible assets that have an indefinite useful life are
not subject to amortisation and are tested annually for impairment,
or more frequently if events or changes in circumstances indicate
that they might be impaired. Other assets are tested for impairment
whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable. An impairment loss is
recognised for the amount by which the asset’s carrying amount
exceeds its recoverable amount. The recoverable amount is the higher
of an asset’s fair value less costs of disposal and value in use. For the
purposes of assessing impairment, assets are grouped at the lowest
levels for which there are separately identifiable cash inflows which are
largely independent of the cash inflows from other assets or groups
of assets (cash-generating units (CGUs)). Non-financial assets other
than goodwill that suffered an impairment are reviewed for possible
reversal of the impairment at the end of each reporting period.
Critical accounting estimates and judgements
The intangible assets impairment tests require judgement to determine the appropriate forecast cash flows and inputs into the calculations. The
primary estimates relate to the forecast EBITDA growth rates, discount rates and terminal growth rates.
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12. Biological assets - crop
Crops growing on bearer plants are classified as biological assets and measured at fair value.
Crop assets are kiwifruit, nashi pears, Packham pears, Corella pears and other crops growing on leased and owned orchards and yet to be
harvested at balance date.
The following table reconciles beginning balances to end balances for biological assets crop measured at fair value defined as level 3 in note 28.
New Zealand dollars
2024
$000s
2023
$000s
Carrying amount at beginning of period
21,766 18,408
Crop harvested during the period
Fair value movement from the beginning of the period to point of harvest
27,329 12,427
Fair value when harvested
( 49,095) ( 30,835)
Crop growing on bearer plants at end of period
Crop at cost
25,027 21,531
Crop at fair value
227 235
Carrying value at end of period
25,254 21,766
The following table reconciles fair value movement of biological assets - crop.
New Zealand dollars
2024
$000s
2023
$000s
Movement in carrying amount
3,345 3,310
Exchange differences
143 48
Net fair value movement in crop
3,488 3,358
The following table details the classification of biological assets - crop.
New Zealand dollars
2024
$000s
2023
$000s
Australia - all varieties
6,354 5,179
New Zealand - kiwifruit crop
18,651 16,134
New Zealand - avocado crop
249 453
Carrying value at end of period
25,254 21,766
Crop where fair value cannot be measured reliably
Kiwifruit, nashi, Packham and Corella pear crops are not considered to have achieved sufficient biological transformation at balance date therefore
fair value is not able to be measured reliably and, as such, these crops are measured initially at cost less impairment.
Crop valued at fair value
Where a crop has achieved sufficient biological transformation, it is measured at fair value less costs to sell using unobservable inputs in the fair
value assessment. These unobservable inputs include forecasted sales prices achieved once the crop is harvested and marketed for sale, if the
forecast price was to increase so would the fair value of the crop.
The following table details the unobservable inputs used for the crop at fair value calculations.
CountryCategoryUnobservable inputs20242023
New ZealandKiwifruitOrchard gate return (OGR) per tray carton equivalent (TCE) (NZD$s)
$7.00 - $20.00$7.31 -$33.73
Picking costs per TCE (NZD$s)
$0.92 - $1.05$0.42 - $4.58
Orchard yield (TCE per hectare)
2,021 - 22,049930 - 16,036
New ZealandAvocadoOGR per TCE (NZD$s)
$6.21 - $7.06$10.31 - $15.97
Picking costs per TCE (NZD$s)
$0.33 - $3.35$1.24 - $4.20
Orchard yield (TCE per hectare)
2,945 - 5,925896 - 1,305
AustraliaAll produceSales price per kilogram (AUD$s)
$0.67 - $7.47$0.67 - $7.28
Combined costs to sell per kilogram (AUD$s)
$0.22 - $2.46$0.11 - $2.48
Orchard yield (kilograms per hectare)
11,043 - 49,8656,846 - 62,293
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45SEEKA LIMITED | ANNUAL REPORT 2024
Accounting policies
The Group's biological assets are the crops growing on bearer plants in the Group's leased and owned orchards. All crops have a maturity period of
less than one year and will be harvested within 12 months from the Group's balance date.
Biological assets are measured at fair value less costs to sell provided this can be measured reliably, otherwise they are measured at cost.
When insufficient biological transformation has occurred fair value is not able to be measured reliably. Biological assets at cost are not depreciated as
they are in the process of maturing.
Fair value is determined as the estimated net market return.
13. Right-of-use lease assets and lease liabilities
The Group reports all leases on the balance sheet where it has the right to obtain substantially all of the economic benefits from the use of the asset
throughout the period of the lease, with the exception of low value leases or leases less than 12 months.
The following table details leases where the Group is a lessee.
New Zealand dollars
2024
$000s
2023
$000s
Right-of-use lease assets
Land and buildings
26,70429,824
Orchard leases
16,49316,117
Equipment
1,5711,907
Motor vehicles
3,6082,659
Total right-of-use lease assets
48,37650,507
Right-of-use lease assets movements
Opening balance
50,50755,805
The movements for the year are as follows:
Additions and renewals
8,9336,220
Disposals, reclassifications and early terminations
(64)(984)
Impairment of onerous lease
( 1) (90)
Exchange rate differences
14018
Depreciation
(11,139)(10,462)
Closing balance
48,37650,507
Right-of-use lease assets classification for depreciation
The classification for depreciation of right-of-use lease assets is as follows:
Land and buildings
4,7754,467
Orchard leases
2,1161,771
Equipment
2,0241,914
Motor vehicles
2,2242,310
Total depreciation of right-of-use lease assets
11,13910,462
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ANNUAL REPORT 2024 | SEEKA LIMITED46
Accounting policies
Lease liabilities are measured as the present value of the remaining lease payments, including any renewal periods that are likely to be exercised,
discounted using the Group’s incremental borrowing rate which ranges between 7.57% and 16.50%. The discount rate is based on the Group's
incremental borrowing rate, being the rate the Group would borrow the funds required to purchase the asset. When determining the discount rate,
Seeka considers that the value of the right-of-use lease asset should not be greater than the fair value of the underlying asset being leased.
The Group’s right-of-use lease asset is equal to the lease liability on the day of lease inception, with the exception of sale and leaseback
transactions where the asset is measured as the proportion of the carrying value of the asset sold of which the benefit is retained by the Group.
The right-of-use lease asset is depreciated on a straight line basis over the period of the lease. Costs incurred with a lease that are not part of the
cost of the right-of-use lease asset are expensed.
All leases have been classified into one of the following asset classes:
–Land and building - leases for rental of all properties, including packhouses and coolstores
–Orchard - leases held for the development of productive orchards
–Equipment - leases for equipment, including plant equipment and forklifts
–Motor vehicles - leases for motor vehicles
The Group leases various properties for the packing and cooling of kiwifruit, leases orchards to grow kiwifruit and avocados, and leases equipment
and vehicles. The terms of the leases vary, with land and building leases ranging from 10 - 15 years, with one 99 year lease. Orchard leases range
from 3 - 25 years, and equipment and vehicle leases range from 1 - 5 years.
Contracts may contain both lease and non-lease components. In the case of orchard leases, only the fixed rental is recognised as a lease liability.
Any variable consideration relating to profit share on the orchard leases is not accounted for as the profit share is only determined after a crop has
been harvested and is not identifiable at the commencement of the lease. Lease terms are negotiated on an individual basis and contain a range
of different terms and conditions. The lease agreements do not impose any covenants other than the security interest in the leased assets that are
held by the lessor. Leased assets may not be used as security for borrowing purposes.
The Group is exposed to potential future increases in land and building lease payments based on contractual market rent reviews that are not
included in the lease liability until the rent review takes place.
Lease payments are allocated between principal and lease interest. The lease interest is charged to the statement of profit and loss over the term
of the lease.
New Zealand dollars
2024
$000s
2023
$000s
Lease liabilities
Current
10,213 9,941
Non-current
52,355 54,821
Total lease liabilities
62,56864,762
Lease liabilities classification
The liabilities are classified as follows:
Land and buildings
31,89935,045
Orchard leases
24,93724,731
Equipment
1,8772,139
Motor vehicles
3,8552,847
Total lease liabilities
62,56864,762
Lease liabilities movements
Opening balance
64,76270,065
The movements for the year are as follows:
Additions and renewals
8,9926,289
Disposals, reclassifications and early terminations
(72)(829)
Exchange rate differences
29251
Principal lease payments
(11,406)(10,814)
Closing balance
62,56864,762
Additions
During the period ended 31 December 2024, the Group renewed $1.11m (Dec 2023: $1.77m) of leases relating to post-harvest coolstorage
facilities, $0.30m (Dec 2023: $0.55m) of leases relating to retail service facilities, and $4.92m (Dec 2023: $2.31m) of leases relating to vehicles
and equipment leases.
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47SEEKA LIMITED | ANNUAL REPORT 2024
Working capital
Accounting policies
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost, less provision for doubtful debts.
Collectability of trade receivables is reviewed on an ongoing basis including debts past due, but not considered impaired. Debts which are known
to be uncollectible are written off. A provision for doubtful receivables is established based on the expected default rates over the balance of trade
receivables. See note 27 for calculation details.
15. Inventories
New Zealand dollars
2024
$000s
2023
$000s
Total packaging at cost
5,254 7,062
Other inventories at cost
5,018 3,578
Total inventories
10,272 10,640
In the current year, $39.90m (Dec 2023 - $28.95m) of packaging inventory costs were expensed to cost of sales in the statement of profit or loss.
This section focuses on how the Group manages inventories, accounts receivable and accounts payable to ensure an
appropriate level of working capital is available to operate the business, deliver benefits to stakeholders and generate revenues.
14. Trade and other receivables
New Zealand dollars
2024
$000s
2023
$000s
Current trade receivables (net of provision for doubtful debts)
17,559 22,298
Prepayments
4,371 5,593
Prepaid deposits
252 255
GST refund due
- 405
Accrued income and other sundry receivables
7,147 4,053
Current trade and other receivables
29,329 32,604
Non current trade and other receivables
3,572 3,367
Total trade and other receivables
32,901 35,971
Within current trade receivables, $4.19m are past due (Dec 2023 - $6.66m), of which 54.11% are more than 90 days (Dec 2023 - 10.36%).
Prepaid deposits includes $0.25m for avocado trees and kiwifruit vines not yet received (Dec 2023 - $0.25m).
Accrued income and other sundry receivables includes income to be received from orcharding operations on 440 hectares of leased and owned
orchards (Dec 2023 - 382 hectares).
A $0.76m provision for doubtful debts is recognised in the accounts (Dec 2023 - $0.26m).
Non-current trade receivables includes $0.83m losses carried forward on Hayward short term leased orchards to be recovered in a future period
(Dec 2023 - $1.81m). Non current receivables also include $2.74m (Dec 2023 - $1.56m) of long term receivable balances with agreed long-
term payment terms. The remaining balance of non-current trade receivables relates to debtors secured against crop supply commitments with
repayment terms of up to five years and is considered recoverable.
Accounting policies
Raw materials, work in progress, finished goods and produce are stated at the lower of cost or net realisable value. Cost comprises direct
materials and direct labour, and are assigned to individual items of inventory on the basis of weighted average cost. Net realisable value is the
estimated selling price less estimated costs of completion and sales costs.
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ANNUAL REPORT 2024 | SEEKA LIMITED48
16. Trade and other payables
New Zealand dollars
2024
$000s
2023
$000s
Trade payables
6,586 6,050
Accrued expenses
15,450 11,948
Employee expenses
6,747 7,140
GST payable
923-
Accrued dividend payable
4,417-
Other payables
706 140
Total trade and other payables
34,829 25,278
Trade payables include $0.75m for capital works in progress (Dec 2023 - $0.47m) and accrued expenses includes $0.13m for capital purchases
(Dec 2023 - $0.72m).
Accrued expenses include costs to be incurred from orcharding operations on 440 hectares (Dec 2023 - 382 hectares) of leased and owned
orchards. Accrued expenses also include costs relating to the retail service segment and the export and domestic sales of avocado.
Accounting policies
Trade payables are recognised initially at fair value (the invoiced amount). If the Group has been provided with extended terms of trade, they are
then recognised at amortised cost using the effective interest method.
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49SEEKA LIMITED | ANNUAL REPORT 2024
Funding
This section focuses on how the Group manages its capital structure to protect shareholder value while funding operations that
deliver benefits to stakeholders and grow shareholder returns.
Disclosures are made on the Group’s bank facilities, retained earnings, dividends paid to shareholders, and earnings per share. Details on the
Company’s share capital include shares issued during acquisition through amalgamation, and under the dividend reinvestment plan, grower
incentive and employee share schemes.
17. Interest bearing liabilities
New Zealand dollars
2024
$000s
2023
$000s
Current secured
Interest bearing liabilities
11,861 49,597
Capitalised loan fees to be amortised in the next 12 months
( 240) ( 306)
Total current interest bearing liabilities
11,621 49,291
Non current secured
Interest bearing liabilities
128,743 128,322
Remaining capitalised loan fees to be amortised
( 74) ( 30)
Total non-current interest bearing liabilities
128,669 128,292
Total interest bearing liabilities
140,290 177,583
Analysis of movements in borrowings:
At 1 January
177,583 150,942
Cash flow - additional borrowings
108,036 157,919
Cash flow - repayment of borrowings
( 145,870) ( 131,445)
Capitalised loan fees - amortised over the life of the loan
22 ( 17)
Exchange differences
519 184
At 31 December
140,290 177,583
Analysis of total facilities:
Drawn
140,290 177,583
Available
61,069 23,205
Total facilities at 31 December
201,359 200,788
The Board has assessed the fair value of the term loans as the outstanding balance at balance date.
At 28 June 2024, Seeka extended 69% of the facilities to 31 January 2026, and 31% to 31 January 2027. The 30 June 2024 and 31 December 2024
banking covenants are set on a “step down” basis to enable Seeka to reach its long-term covenants of 3.25x for the net leverage ratio and 2.00x
for the interest cover ratio. Seeka remains committed to reducing debt and building headroom into its banking covenants.
Seeka’s $201 million banking facility is provided as a Sustainability-Linked Loan that incentivises Seeka to reduce greenhouse gas emissions,
increase solar energy generation capacity, and improve health and safety across its workforce. Seeka will pay a lower interest rate for achieving
annual sustainability targets, and a higher interest rate if they are not met.
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ANNUAL REPORT 2024 | SEEKA LIMITED50
Accounting policies
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost.
When it is probable that part or the entire loan will be drawn down, any loan facility establishment fee paid is recognised as a loan transaction cost.
When the loan will probably remain undrawn, any loan fee paid is capitalised as a pre-payment for liquidity services and amortised over the period of
the facility.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after
balance date.
18. Share capital
Shares20242023
Authorised and issued share capital
Ordinary shares - fully paid and no par value:
Opening balance
41,988,282 41,988,282
Shares issued under:
Employee share scheme offer dated 19 April 2024
623,000 -
Seeka grower share scheme offer dated 19 April 2024
898,659 -
Total shares issued
43,509,941 41,988,282
Ordinary shares - classified as follows:
Held by ordinary shareholders
41,619,947 41,569,447
Held by Seeka Share Trustee Limited
1,889,994 418,835
Total shares issued
43,509,941 41,988,282
The following table details the amounts of the term loans drawn down at balance date and their maturities.
Balance due
$000sInterest rateMaturity
Term loans as at 31 December 2024
AUD $17m
18,743 6.77%31 January 2027
NZD $40m
40,000 6.63%31 January 2026
NZD $50m
50,000 6.83%31 January 2027
NZD $20m
20,000 6.63%31 January 2026
Term loans as at 31 December 2023
AUD $17m
18,322 7.43%31 January 2026
NZD $40m
40,000 8.40%31 January 2025
NZD $50m
50,000 8.64%31 January 2026
NZD $20m
20,000 8.42%31 January 2025
The Group’s policy is to protect the term portion of the loans from exposure to changing interest rates via the use of derivatives, see note 29.
Assets pledged as security
Bank loans and overdrafts are secured by first mortgages over the
freehold land and buildings, and a General Security Agreement over all
the assets of the following trading entities within the Group, as either
borrowers or guarantors. These entities make up the bank Charging
Group.
The value of the Group’s assets that are not part of the Charging Group is
$11.02m, being less than 2.01% of the total Group assets.
The Charging Group comprises the following entities:
Borrowers and guarantors:
–Seeka Limited
–Seeka Australia (Pty) Limited
Guarantors:
–Aongatete Coolstores Limited
–Delicious Nutritious Food Company Limited
–Kiwi Coast Growers (Te Puke) Limited
–Northland Horticulture Limited
–OPAC Properties Limited
–Seeka East Limited
–Seeka OPAC Limited
–Seeka Te Puke Limited
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Accounting policies
Ordinary shares are classified as equity.
Where any Group company purchases the Company's equity share capital (treasury shares), the consideration paid, including any directly
attributable incremental costs (net of income taxes), is deducted from equity attributable to the Company's equity holders until the shares are
cancelled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental
transaction costs and the related income tax effects, is included in equity attributable to the Company's equity holders.
New Zealand dollars
2024
$000s
2023
$000s
Movements in ordinary paid up share capital:
Opening balance of ordinary shares
164,512 164,512
Closing balance of ordinary share capital
164,512 164,512
Movements in treasury share capital:
Opening balance of ordinary shares
1,647 1,766
Employee share scheme receipts
( 35) ( 119)
Closing balance of shares held as treasury capital
1,612 1,647
Net share capital
162,900 162,865
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of fully
paid shares held.
Share-based incentive schemes
The Group operates two equity-settled, share-based incentive schemes:
–A compensation scheme for employees; 623,000 shares were issued under this scheme on 6 May 2024.
–A grower loyalty share scheme approved by shareholders 18 April 2024; 898,659 shares were issued under this scheme on 20 May 2024.
The employee share scheme is managed by a trust deed established September 2014. The grower loyalty share scheme is managed by a trust
deed established 15 March 2019. The trustee for both trusts is 'Seeka Share Trustee Limited', whose directors are also directors of Seeka.
The shares held by the trustee on behalf of employees and growers carry the same voting rights as other issued ordinary shares with votes only
able to be made via the trustees. The trustees are not able to vote, other than at the direction of the individual member employees and growers.
While monies are owed on the shares they remain with the trustee.
Grower loyalty share scheme
On 19 April 2024, the Group invited eligible growers of kiwifruit, avocado and Kiwiberry to participate in a three-year grower loyalty share scheme,
whereby each participant would be allocated a parcel of shares based on the greater of their orchard's class 1 production from harvest 2023 (harvest
2023/24 for avocado), or potential production using baseline yields by product. Shareholders approved a resolution to issue up to 2.4m shares, and fund
the issue price through a loan, at the 18 April 2024 annual shareholders meeting.
On 20 May 2024, 898,659 shares were issued to the scheme's trustees on behalf of 203 growers. The issue price of $2.5444 per share was funded
by the Group making a $2.29m non-interest-bearing loan to the trustees. Upon meeting the terms of the scheme by supplying all product from the
participating orchards for three consecutive seasons, the shares will vest and participating growers can elect to pay the outstanding balance of their
loans, less any dividend payments made on the shares, and have the shares transferred to them. The supply commitment period for kiwifruit and
kiwiberry growers ends 30 June 2026, and for avocado growers 31 March 2027.
Employee share scheme
On 19 April 2024, the Group invited eligible employees to participate in a three-year employee share scheme, whereby each participant would be
allocated a parcel of shares based on their role in the business.
On 6 May 2024, 623,000 shares were issued to the scheme's trustees on behalf of 346 participating employees. The issue price of $2.8679 per
share was funded by the Group making a $1.79m non-interest-bearing loan to the trustees. Upon meeting the terms of the scheme by continuing
employment for three consecutive years, participating employees can elect to pay the outstanding balance of their loans, less any dividend payments
made on the shares, and have the shares transferred to them. Shares issued under this scheme vest in 2027.
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ANNUAL REPORT 2024 | SEEKA LIMITED52
19. Earnings and net tangible assets per share
20242023
Basic earnings per share
Net profit / (loss) attributable to equity holders of the Company ($000s)
8,751 ( 14,466)
Weighted average number of ordinary shares in issue (000s)
41,603 41,566
Basic earnings per share ($)
$ 0.21( $ 0.35)
Diluted earnings per share
Net profit / (loss) attributable to equity holders of the Company ($000s)
8,751 ( 14,466)
Weighted average number of ordinary shares in issue plus dilutive employee and grower share
schemes (000s)
41,603 41,566
Diluted earnings per share ($)
$ 0.21( $ 0.35)
Net tangible assets per share
Net tangible assets ($000s)
246,222 239,768
Total ordinary shares issued at the end of the period (000s)
43,510 41,988
Net tangible assets per share ($)
$ 5.66$ 5.71
Basic earnings per share
Basic earnings per share is calculated by dividing the profit / (loss) attributable to equity holders of the Company by the weighted average number
of ordinary shares outstanding during the period, adjusted for bonus elements in ordinary shares issued and outstanding during the period.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax
effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed
to have been issued for no consideration in relation to dilutive potential ordinary shares.
Net tangible asset per share
Net tangible asset per share is calculated by dividing the Group’s net assets less goodwill by the total shares on issue at the end of the period.
20. Retained earnings and reserves
Retained earnings
The following table details movements in retained earnings.
New Zealand dollars
2024
$000s
2023
$000s
At 1 January
38,294 52,760
Net profit / (loss) for the year
8,751( 14,466)
Dividends paid or declared
( 4,417) -
Realisation of permanent gain on sale
26 -
At 31 December
42,654 38,294
Reserves
The following table details the closing balances of reserve accounts.
New Zealand dollars
2024
$000s
2023
$000s
Reserves
Cash flow hedge reserve
( 233) 900
Land and buildings revaluation reserve
60,542 57,834
Foreign currency translation reserve
( 331) ( 158)
Foreign currency revaluation reserve
722 214
Share entitlement reserve
149-
Total reserves
60,849 58,790
The cash flow hedge reserve records increases and decreases on the revaluation of derivative financial instruments.
The land and buildings revaluation reserve records increments and decrements on the revaluation of land and buildings.
The foreign currency translation reserve records foreign currency translation differences of Group entity results and financial position. The amounts
are accumulated in other comprehensive income and recognised in profit or loss when the foreign operation is partially disposed of or sold.
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53SEEKA LIMITED | ANNUAL REPORT 2024
The foreign currency revaluation reserve records unrealised gains and losses on Group assets and liabilities held in foreign currencies.
The share entitlement reserve records the value of option benefits recognised on the Group's grower loyalty and employee share schemes as
detailed in this note.
The options element of the schemes are valued using the Black Scholes pricing model on the grant date, which is the date the shares are first
issued to the trust. Volatility is forecasted into the model.
Employee share scheme
Under the employee share scheme, shares were issued to a share trust in return for a debt owed back to the Company. Scheme shares vest in 2027.
At the end of the vesting period, eligible employees have the option to settle any outstanding debt on their shares and have the shares transferred
to them, see note 18. The option benefit is recognised as a share-based payment expense and recorded as an expense over the vesting period.
The following table details movement in the share entitlement reserve relating to the employee share scheme.
New Zealand dollars
2024
$000s
2023
$000s
At 1 January
- -
Movement in employee share entitlement reserve
49 -
At 31 December
49 -
At balance date the number of shares in respect of which options have been granted to employees and remain outstanding under the scheme was
623,000 (Dec 2023 - 42,000), representing 1.43% (Dec 2023 - 0.10%) of the shares of the Company on issue at that date.
Grower loyalty share scheme
Under the grower loyalty share scheme, shares were issued to a share trust in return for a debt owed back to the Company. Shares vest when the
grower ends their supply commitment; 30 June 2026 for kiwifruit and Kiwiberry growers, 31 March 2027 for avocado growers, see note 18. The
option benefit is recognised as a discount against revenue over the vesting period.
The following table details the movement in the grower loyalty share scheme.
New Zealand dollars
2024
$000s
2023
$000s
At 1 January
- -
Movement in grower share entitlement reserve
100-
At 31 December
100 -
Share scheme pricing model
The following table details inputs to the Black Scholes pricing model used to value the cost of the share schemes to the Group.
Inputs into the model
Grower loyalty
share scheme
Employee
share scheme
Issue date
20 May 20246 May 2024
Shares issued
898,659623,000
Grant date share price
$2.4300$2.7800
Exercise price
$2.5444$2.8679
Expected life (interest free loan period)
2 - 3 years3 years
Maximum loan period
3 years5 years
1
Time to vest
2 - 3 years3 years
Expected volatility (% per year)
30% - 35%29%
Risk-free interest rate
4.46%4.58%
Value of option
$0.53 - $0.56$0.67
1. Interest charged after three years.
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ANNUAL REPORT 2024 | SEEKA LIMITED54
Accounting policies
Provision is made for the amount of any dividend declared on or before the end of the period but not distributed at balance date.
21. Dividends
Dividends paid Per share$000s
2024
December 2024 - declared, paid January 2025
$ 0.10 4,417
Total dividend 2024
$ 0.10 4,417
2023
Total dividend 2023
- -
On 16 October 2024, the directors declared a fully-imputed dividend of $0.10 per share. The dividend was paid 20 January 2025 with a record
date of 20 December 2024. The dividend reinvestment plan applied with a 2% discount to the strike price.
Dividends are imputed to the fullest extent allowable in the tax year. The total dividend paid includes the non-cash amounts for the dividend
reinvestment plan. No cash dividend payment was made to and on behalf of shareholders during the year (Dec 2023 - Nil), including the dividend
declared October 2024 which was paid January 2025.
On 26 February 2025, the Group declared a fully-imputed dividend of $0.05 per share. The dividend will be paid on 15 April 2025 to those
shareholders on the register at 5pm on 20 March 2025. The dividend reinvestment plan will apply with a 2% discount to the strike price
Seeka dividend policy
Seeka’s dividend policy during the year was to declare and distribute dividends between 65% and 75% of Net Profit After Tax (NPAT) annually in
conjunction with the release of the half year and full year results subject to due consideration of the Board.
On 26 February 2025, Seeka updated its dividend policy to declare and distribute dividends between 50% and 75% of underlying Net Profit After
Tax (NPAT), normally to be paid in October and April, subject to due consideration of the Board.
Accounting policies
The fair value of the employee services received in exchange for the grant of options is recognised as an expense in the statement of profit or loss with
a corresponding increase in the share entitlement reserve. For the Grower Loyalty Share Scheme (GLSS), the fair value of the grower loyalty received
in exchange for the grant of the option is recognised as a discount against other income in the statement of profit or loss with a corresponding
increase in share entitlement reserve. The fair value is determined by reference to the fair value of the options granted, calculated using the Black
Scholes pricing model, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets).
When the shares vest, the amount of the reserve relating to those shares is transferred to retained earnings.
Employee share scheme shares may be issued at the Board’s discretion at a price set by the Board based on the Volume Weighted Average Price
(VWAP) calculation of the Company's shares during the period prior to issue. The Employee Share Scheme (ESS) cannot be issued with further
shares if that issue would result in the ESS having an interest of more than 5% of the Company’s issued capital.
Shares are issued fully paid in exchange for a loan to the share scheme trust. Dividends paid on the shares are applied towards repaying the debt
between ESS and GLSS and the Group on behalf of the employee or the grower.
Proceeds received along with any employee contributions are credited to share capital when payment for the shares is received.
The ESS and GLSS have a non-beneficial interest in all the shares allocated to employees and growers. Annually the Group reviews the ESS scheme
and decides upon the allocation of further shares and the price at which those shares will be issued to the ESS. Trustees of ESS and GLSS are
appointed for an unspecified term and may be removed by the Company at any time.
Critical accounting estimates and judgements
The initial fair values of the employee share scheme and grower loyalty share scheme require estimates to be made of expected price volatility and
the risk free rate as detailed in this note.
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