Seeka Limited — AGM Information 2017

Apr 27, 2017

Annual Shareholder Meeting

27 April 2017

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Agenda

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1. Directors and proxies

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1. Chairman’s introduction

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1. Chief executive’s report

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1. Resolutions

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1. General business

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Directors

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Malcolm Cartwright Deputy Chairman

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Mel Diaz

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Ratahi Cross

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Marty Brick

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John Burke

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Fred Hutchings Chairman

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Ashley Waugh

▪ Apology

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Proxies

Proxies received by the company are as follows

Chair	3,019,371
Ratahi Cross	1,267,410
Marty Brick	10,000
Malcolm Cartwright	2,000
Michael Franks	11,509
Ian Greaves	21,000
Guy Pearless	33,810
Jan Jacob Van Eden	13,736
NZ Shareholders Association	19,338
Total	4,398,174

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Chairman’s Introduction

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Year in review

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Revenue EBITDA

$ 191m up 35% $ 25m up 78%

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Record profit $ 10.4m up 143% on previous year Insurance settlement $ 3.6m concludes Oakside Earnings per share $ 0.65 up 124% [ $0.18 insurance ] Dividend $ 0.20 up 5%

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Year in review

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$197m total assets

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Investing in growth ▪ $34m infrastructure ▪ $8m orchards and strategic properties

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$73m net debt

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▪ Up $20m on previous year New Seeka 360 office and complex First year of Australian operations Rebrand to Seeka

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Year in review

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Record New Zealand kiwifruit volumes

▪ 32m trays

▪ Excellent fruit loss results

0.35% SunGold, 2.68% Hayward

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Excellent avocado returns to growers ▪ $26.40 average tray returns 2016/17 ▪ 3[rd] year as number one

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New coolstores

▪ Planned, built and fully utilised for the season

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Consistent delivery of strategy

New Zealand’s “Premier Produce Business”

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Sustainable and profitable growth

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Focus on core strengths

▪ Kiwifruit is our foundation

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Integrated from orchard to market

▪ A produce company

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Value accretive acquisitions

▪ Build on core competencies - what we are good at

▪ Vertically integrated

▪ Extend geographical and produce spread

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Grow size and profitability

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Key steps

Focusing on brand attributes, people and customers

Select Excellence

Our key brand attribute

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Safety always Core focus in a dynamic, moving environment

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Founded on relationships

Without our growers we have no business As we grow, we remain grounded on core business

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Inspirational people Our most important asset

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Growing futures Sustainability with an environmental focus

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Independently ingenious Delivering solutions, services and outcomes beyond the norm

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Quality obsession

Seeka mark of quality

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Seeka people

Major employer in our community

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Seeka – the employer of choice 283 salaried staff 3500 seasonal staff 465 RSE workers in 2016 $47m spent on salaries and wages $100k sponsoring community activities

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Seeka customers

Key relationships for sustainable growth

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Growers

▪ All varieties of kiwifruit, avocados and kiwiberry

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Contractors Zespri

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▪ New Zealand kiwifruit Market participants and retailers for non-Zespri fruit ▪ Including Australia

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Chief executive’s report

Michael Franks

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Financial highlights

135% lift in net profit after tax

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Net profit after tax
$10.4m net profit after tax $Millions 10.6
Guidance 10.4
▪ October 2016 Actual NPAT
Up $6.1m on 2015 9.5
Upper end of guidance
▪
$9.5m ~ $10.6m
4.3
3.2
2014 2015 2016
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Revenue growth comes on volume growth

Revenue and packed kiwifruit volumes

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$191 m
Revenue $139 m $142 m
$116 m 33.0m Australia
$108 m
Total kiwifruit 27.1m $97 m 27.8m Class 2
trays packed 7.5m Gold
21.8m 21.4m 4.4m
6.3m 19.6m
3.5m 1.8m
0.8m
32.4m
New Zealand
19.4m 17.2m 17.8m 18.3m 22.1m 23.5m Green
2011 2012 2013 2014 2015 2016
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Earnings up on volume growth

Lift in net profit after tax and earnings per share

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$0.65
$0.47
Earnings
$0.41
per share
$10.4m
$0.29
$0.22
Net profit $5.9m $0.19
after tax
$4.3m
$3.2m
$2.3m
2012 2013 2014 2015 2016
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Earnings accelerating on revenues

Earnings increasing faster than revenue growth

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$0.65
Normalised EPS excludes
$0.47 2016 insurance settlement
Earnings
$0.41
per share
+62 [%]
$0.29
+35 [%]
$0.22
$0.19
Revenue $108m $97m $116m $142m $191m
2012 2013 2014 2015 2016
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17 Seeka Annual Shareholders Meeting | April 2017

Key operating segments Orcharding Post Harvest Retail Services Seeka Australia

New Zealand orcharding

Volume and market returns

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Exceptional Green yields
▪
Impacted Green tray
returns
Continued growth in Gold
▪
SunGold volumes
recovering from Psa
$5.6m EBITDA
▪
Up 42%
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2016 2015
Millions of trays
Green cultivars (Hayward) 8.9 8.0
Gold cultivars 2.3 1.2
Total 11.2 9.2
Turnover / Revenue ( $m ) 47.9 42.3
EBITDA ( $m ) 5.6 4.0
New Zealand kiwifruit grown
Millions of class 1 trays
11.2 Total
9.2
2.3 Gold
7.4 6.9 7.2
1.2
1.2 0.1
0.4
8.9
8.0
6.2 6.8 6.8 Green
2012 2013 2014 2015 2016
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New Zealand post harvest

Volume and profit increases

32.4m trays handled ▪ Up 17%

$26.8m EBITDA

Includes $2.9m cost of grower share scheme (2015: $2.5m) ▪ Last year of scheme Includes $3.6m insurance proceeds

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2016 2015
Millions of trays
Green cultivars packed 25.0 23.4
Gold cultivars packed 7.4 4.4
Total trays 32.4 27.8
Turnover / Revenue ( $m ) 110.8 88.3
EBITDA ( $m ) 26.8 13.3
Class 1 & 2 kiwifruit trays
32.4
Millions
27.8
21.8 21.4
19.6
2012 2013 2014 2015 2016
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New Zealand retail services

Flat earnings

$1.9m EBITDA Avocado export revenue up on volumes and market returns

	$ millions	2016	2015
	Turnover	53.7	52.2
	Revenue	16.8	9.6
	EBITDA	1.9	1.7

Kiwifruit export revenue down on market returns

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Seeka Australia

Integrated orchard to market

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First year of full operations $1.0m EBITDA $3.3m invested in growth ▪New packhouse and coolstore ▪Upgrading orchards Business integrated into Seeka systems Fully funded by bank debt	Tonnes 2016 2015 Kiwifruit (tonnes) 1,915 - Nash pears (tonnes) 1,432 - Revenue ( $m ) 15.2 1.2 EBITDA ( $m ) 1.0 ( 1.4) Seeka is largest grower and supplier of Australian kiwifruit and nashi pears > Own the orchards, pack, market and distribute all the produce throughout Australia > Also grow European pears, apricots, plums & cherries

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Share price

70% total shareholder return over 2-year period

$1.88 lift in price + 39 cents paid in dividends

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Announce Australian acquisition
9 cents dividend 10 cents dividend 10 cents dividend 10 cent
$5.50
$5.25
$5.13
$5.00
$4.75
$4.50
$4.25
$4.00
$3.75
$3.50
$3.25 $3.25
$3.00
$2.75
1 Apr Q2 1 Jul Q3 1 Oct Q4 1 Jan Q1 1 Apr Q2 1 Jul Q3 1 Oct Q4 1 Jan Q1 1 Apr
FY15 FY15 FY15 FY16 FY16 FY16 FY16 FY17
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2017 Outlook

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Forecasting lower New Zealand kiwifruit volumes 2016 included one-off Oakside insurance settlement 2016 Net profit after tax ( NPAT ) $ 10.4 m Less insurance settlement for grower fruit loss payment $ 2.6 m NPAT from operational earnings $ 7.8 m

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Questions

Fred Hutchings

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Resolutions

Fred Hutchings ALL VOTES TO BE BY POLL

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Resolution 1

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To adopt the Annual Report of the Company and the Financial Statements for the year ended 31 December 2016 together with the Auditor’s Report thereon.

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Resolution 2

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Director elections

▪ 3 directors standing for election ▪ Board supports the candidates for election

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Resolution 2a

2a. To re-elect Martyn Brick as a Director.

Martyn Brick to address the meeting

3 minutes to address the meeting

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Resolution 2b

2b. To re-elect John Burke as a Director.

John Burke to address the meeting

3 minutes to address the meeting

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Resolution 2c

2c. To elect Cecilia Tarrant as a Director.

Cecilia Tarrant to address the meeting

3 minutes to address the meeting

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Resolution 3

To record the re-appointment of PwC (PricewaterhouseCoopers) as auditor of the Company and to authorise the Directors to fix the remuneration of the auditor for the coming year.

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My thanks

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Directors

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▪ For diligent attention to the company Management and staff ▪ For an excellent year Growers and contractors ▪ For ongoing support Customers and consumers ▪ For buying our produce

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Shareholders

▪ For continuing interest in the company

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General Business

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Malcolm Cartwright

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END

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