Seeka Limited — Investor Presentation 2017

Dec 11, 2017

Welcome to Seeka Analyst Briefing Pack

Disclaimer

This presentation has been prepared by Seeka Limited (“Seeka”) solely to provide interested parties with further information about Seeka and its business and activities as at the date of this presentation. The information in this presentation is of a general nature only. It is not a complete description of Seeka and does not constitute a product disclosure statement or other disclosure document for the purposes of the Financial Markets Conduct Act 2013 or any other applicable law. No part of this presentation may be reproduced or distributed in any jurisdiction outside New Zealand or used for any other purpose. Any distribution in jurisdictions outside of New Zealand may be restricted by law, and persons into whose possession this presentation comes should observe any such restrictions. Any failure to comply with such restrictions may violate applicable securities laws.

This presentation is not a recommendation or offer of financial products for subscription, purchase or sale, or an invitation or solicitation for such offers, in any jurisdiction other than New Zealand. This presentation is not intended as investment, financial or other advice and must not be relied on by any prospective investor. It does not take into account any particular prospective investor’s objectives, financial situation, circumstances or needs, and does not purport to contain all the information that a prospective investor may require. Any person who is considering an investment in Seeka financial products should obtain independent professional advice prior to making an investment decision, and should make any investment decision having regard to that person’s own objectives, financial situation, circumstances and needs.

Past performance information contained in this presentation is given for illustrative purposes only and should not be relied upon (and is not) an indication of future performance. This presentation may also contain forward looking statements with respect to the financial condition, results of operations and business, and business strategy of Seeka. Information about the future, by its nature, involves inherent risks and uncertainties. Seeka gives no assurance that the assumptions upon which Seeka based its forward-looking statements on will be correct, or that its business and operations will not be affected in any substantial manner by other factors not currently foreseeable by Seeka or beyond its control. Nothing in this presentation is a promise or representation as to the future or a promise or representation that a transaction or outcome referred to in this presentation will proceed or occur on the basis described in this presentation. Statements or assumptions in this presentation as to future matters may prove to be incorrect.

A number of financial measures are used in this presentation and should not be considered in isolation from, or as a substitute for, the information provided in Seeka’s financial statements available at www.seeka.co.nz/reports or www.nzx.com under ticker code SEK. This presentation includes non-GAAP financial measures. This information has been included on the basis that Seeka management and directors consider that this non-GAAP information assists with an understanding of the key drivers of Seeka’s performance which are not disclosed as GAAP measures in Seeka’s financial statements.

Certain market and industry data used in connection with this presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Seeka nor any of its respective related companies, shareholders, directors, officers, employees, partners, agents or advisers have independently verified any such market or industry data provided by third parties or industry or general publications.

To the maximum extent permitted by law, Seeka and its respective related companies, shareholders, directors, officers, employees, partners, agents and advisers: make no representation or warranty, express or implied, as to the accuracy, content, legality, reliability or completeness of the information in this presentation, including, without limitation, any historical financial information and any opinions, views, forecasts, projections, estimates and other financial information contained therein or derived therefrom; do not accept responsibility for any interpretation any person may place on the information in this presentation, or for any opinion or conclusion any person may form as a result of, or in reliance on, the information in this presentation; do not accept any liability, whether direct or indirect, or special or consequential, for any loss, damage, cost, expense, outgoing, interest, loss of profits or other loss or cost of any kind (“Losses”) suffered or incurred by any person (whether foreseeable or not) as a result of, by reason of, or in connection with, the provision or use of this presentation, or of any person acting on or relying on any information in this presentation, whether the Losses arise in connection with any negligence, recklessness, default or lack of care on the part of Seeka, and its respective related companies, shareholders, directors, officers, employees, partners, agents and advisers, or any other cause; and disclaim any responsibility for the accuracy or completeness of any information in this presentation, and any responsibility to update any person in respect of the information in this presentation after the date of this presentation.

By receiving this presentation, you agree to the above terms and conditions.

2

Introduction

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3
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Operations snapshot

Seeka is an international orchard-to-market business based in Te Puke, New Zealand

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Grow, handle and market

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Grow, handle and market

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• Kiwifruit – largest grower & supplier

• Nashi pears – largest grower & supplier

▪ European pears – major grower ▪ Stone fruit and kiwifruit pollen

Own 505 hectares in Shepparton, Victoria

▪ 9 large orchards

• Onsite post harvest facilities

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• Kiwifruit – largest grower and major supplier (to Zespri)

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• Avocado

• ▪ Kiwiberry

Lease and manage orchards

Manufacturing (Delicious Nutritious Food)

▪ Kiwi Crush, Avocado oil, Kiwifruit pollen

Import, ripen and supply

▪ Bananas, Pineapple, Papaya

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Wholesale seasonal produce

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Develop bare land into orchards

• Turnkey orchard developments

• Long-term land leases

4

Our business model

Seeka is a publicly-listed company with 1400+ shareholders[1]

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Large international shareholders

• Farmind Corporation of Japan

• ▪ Sumifru – Asian produce distributor

• Te Awanui Huka Pak is our largest New Zealand shareholder

• 100% Māori-owned company with extensive shareholder land holdings

• Nearly all supplying Seeka kiwifruit growers are shareholders

• ~ 25% of company shares owned by supplying growers

• Many employees are shareholders

• 3% of company shares owned by the employee share scheme

• Seeka is the NZX entry point to New Zealand’s kiwifruit industry[2]

• Plus gain exposure to the Australian produce industry, and New Zealand avocados

Group stats	FY16A3
Revenue	$ 191.3 m
EBITDA	$ 24.8 m
NPAT	$ 10.4 m
Total assets	$ 197.3 m
Shares	17.5 m
Basic EPS	$ 0.65
FTEs4	1,175

1. Seeka management – Shareholder details

2. Turners and Growers own a kiwifruit business in Kerikeri

3. Seeka Annual Report 2016, p3, p13, p15

4. Seeka management - FTE

5

Our brand attributes – Seeka’s value compass

We deliver premium returns to our growers and stakeholders. To do this, we think of new ways to deliver on our brand promise

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1
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Safety always
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Founded on 4 relationships

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2 Inspirational 5
Quality obsession
people
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3
Growing
futures
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6 Independently
ingenious
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6

We operate in highly productive orcharding regions

AUSTRALIA

NEW ZEALAND

Australian Operations

Shepparton, Victoria

Own and operate 505 hectares

• 228 in production

Orchard operations

Operate 224 orchards in the Bay of Plenty, Coromandel, Northland, Hawkes Bay and the East Coast under contract for orchard owners

Five Seeka interest/ownership orchards[1]

• 63 in development

Onsite packing and coolstore facilities

Post harvest sites and support services

Seven post harvest complexes

Three support centres in Te Puke region

• Seeka 360

• VLS testing laboratory

Post harvest sites

Seeka Keripack, Kerikeri Peninsula, Coromandel Main Road, Katikati Huka Pak, Tauranga Oakside, Te Puke Transpack, Te Puke KKP, Te Puke

• Delicious Nutritious Food Company

Retail services

North Island service centre and wholesale market

• Glassfields Auckland

South Island service centre

• Glassfields Christchurch

Founded on kiwifruit, Seeka is transforming into an Australasian produce business adding avocados, nashi and pears to its core produce lines

7

1. Seeka orchard ownership share in New Zealand ranges from 100% to 7%

Led by an experienced management team

NEW ZEALAND

AUSTRALIA

	Australian Operations Rob Towgood Commercial manager Orcharding Operations Simon Wells GM Orchards Post Harvest Operations Kevin Halliday GM Post Harvest Services Retail Service Operations Ray Hook GM Retail Services Supply Kate Bryant GM Supply Grower Services Annmarie Lee GM Growers & Marketing
	Fully integrated orchard, to market-supply service Grow all products Kiwifruit, kiwiberry, avocado Harvest, pack, coolstore and supply all products Domestic marketing of local and imported fruit Manage the supply chain interface to market clients Manage relationship with orchard owners
	Own 9 large orchards Sell domestically and via direct export to Asia and Europe Orchard and infrastructure development programme Management, lease and long-term lease contracts 224 orchards in 2017 Fruit from Seeka’s orchard operations plus contract growers Handling fruit from ~700 orchards in 2017 7 post harvest facilities 3 support facilities Bananas, tropical fruits and seasonal produce 2 retail service centres - Auckland, Christchurch Includes supplying the legislated single-desk exporter Zespri and all other sales Includes all corporate marketing and communication
Revenue	Managed - cost recovery Toll fee per unit handled Sales commission 100% of sales revenue Leased - orchard fruit returns and ripening fees
Drivers	Yields and fruit returns Volumes Volumes and sales value Volumes and sales value
FY16A1 Revenue EBITDA Assets	$ 47.9 m $ 110.8 m $ 16.8 m $ 15.2 m $ 5.6 m $ 26.8 m $ 1.9 m $ 1.0 m $ 33.6 m $ 111.7 m $ 4.7 m $ 35.5 m

Information systems

Jason Swain , GM Information Services. Develop and deliver information services across the full supply chain

Financial management

Stuart McKinstry , Chief Financial Officer and Company Secretary. Financial management reporting services across the full business

Michael Franks , Chief Executive Officer

Our operating segments collect revenue from each step of value chain

1. Seeka Annual Report 2016, Segment information, p20

8

Growth founded on New Zealand kiwifruit

Seeka has added new products, new regions, and captured more value from the supply chain

Expanding product portfolio

Kiwifruit

Expanding geographical reach

Expanding along the value chain

Avocado oil Avocado Kiwiberry Pollen Kiwi Crush Stone fruit Pears Nashi Bananas Tropical fruits Northland Coromandel Western BoP Tauranga East Cape Hawke ’s Bay Australia Orchard ownership Orchard development Orcharding Manufacturing Retail services Marketing Laboratory Psa Revenue $191m

Revenue

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$1.2m
1987 1992 1997 2002 2007 2012 2016
Seeka has delivered significant revenue growth since 1987
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9

Financial snapshot

Seeka has delivered consistent revenue growth over the past four years as the industry recovered from the kiwifruit disease Psa. FY17F revenues are down on a smaller green kiwifruit harvest.

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Total revenue
NZ$million
191.3
~172.1-173.7
142.1
115.7
97.4
FY13A FY14A FY15A FY16A FY17F
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Total EBITDA
NZ$million
24.8
Insurance ~22.1-22.6
settlement
21.1
13.9
11.3
9.5
FY13A FY14A FY15A FY16A FY17F
Market update 22 November 2017
Seeka expects FY17 NPAT to be plus or minus 5% of FY16’s NPAT of $7.8 million
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Seeka has delivered growth in revenue and EBITDA since 2013

Seeka has delivered significant EBITDA growth since 2013

1. Seeka Annual Report 2016, Key indicators, p3

2. FY13A EBITDA was restated down to $9.5m from $9.9m due to amendments to NZ IAS 41 'Agriculture' and IAS 16 and 'Property, Plant and Equipment’

10

Our growth outlook

11

Seeka’s key investment attributes

• 1 Seeka is anticipating volume growth in kiwifruit, avocados, nashi and new variety pears

• 2 The New Zealand kiwifruit industry is predicting export earnings to increase 165% by 2025[1]

• 3 New Zealand avocados are experiencing major growth in planted area and demand - with market access now granted to China

• 4 Australian kiwifruit sales anticipated to grow 153% by 2024, including new red and gold varieties[2 ]

• 5 As a grower, packer and distributor, Seeka has a significant share of New Zealand kiwifruit, New Zealand avocados and Australian pears, and a dominant share of Australian kiwifruit and nashi

• 6 New ventures expected to deliver material value – Delicious Nutritious Food Company

1. Zespri 5 Year Outlook, November 2017, p5

2. Seeka management

12

NZ is the world’s largest kiwifruit exporter, achieving premium pricing

Seeka is a key supplier to the global kiwifruit trade and an entry point for investors

• Through Zespri, New Zealand is the world’s largest kiwifruit exporter capturing 50.5% of the total export market value in 2015¹

• New Zealand is growing its global kiwifruit trade using plant variety right protected fruit such as SunGold

• New Zealand achieves a pricing premium which delivers higher returns to industry investors[2]

• Seeka had a 19.7% market share of New Zealand kiwifruit production in 2017[3] ( and more than 80% of Australia’s production )

NZ is capturing more of the global kiwifruit export value[4]

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50.5%
23.6%
14.3%
11.6%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
New Zealand Italy Chile Other countries
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• Seeka secures supply in New Zealand through its orchard service operations, competitive post harvest pricing, and a grower loyalty programme that resulted in nearly all supplying kiwifruit growers becoming Seeka shareholder investors

Kiwifruit is New Zealand’s largest produce sector export[5] NZ$million, 2015

Kiwifruit is a premium world fruit poised for significant volume growth

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Emerging
Nuts
fruit
3
225
Vegetables
413
Kiwifruit
1,461
Apples
630
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1,2,4,5. Investors guide to the New Zealand produce industry 2017, Coriolis Report, p45~p48. Based on a NZD / USD exchange rate of $0.69 3. Seeka management – NZ kiwifruit market share

13

The global kiwifruit export trade is growing in volume and value

Seeka benefits from higher kiwifruit export values

• 18.6% CAGR in export value of New Zealand kiwifruit from 2013 to 2016¹

• Zespri has a $4.5 billion export target by 2025 - 9.4% CAGR over a 9- year period²

• Strong consumer demand for New Zealand kiwifruit in Asia

• 214,540 tonnes exported in 2015, NZ’s largest kiwifruit market³

• Strong export value growth in China (18.3% CAGR) and Taiwan (9.4% CAGR ) from 2009 to 2015[4 ]

• Seeka positioned to benefit from bigger kiwifruit volumes

New Zealand fresh kiwifruit exports by destination[5] Thousands of tonnes

	2009 2011 2013 2015 CAGR 2009 - 15
Japan	57.9	63.7	68.6	76.9	4.8%
China	21.7	33.0	32.2	59.5	18.3%
Taiwan	19.7	26.1	24.9	33.7	9.4%
Total Asia	137.3	170.7	163.5	214.5	7.7%
European Union	175.0	178.2	162.0	191.7	1.5%
North America	26.1	25.3	10.9	19.9	(4.4%)
Oceania	15.3	18.1	16.1	15.8	0.4%

NZ kiwifruit export value[6, 7] NZ$billion

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4.5
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New Zealand kiwifruit enjoy good consumer demand, particularly in the high-value Asian markets

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2.0
1.7
1.4
1.2
2013 2014 2015 2016 Zespri
2025 target
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1,6. Zespri Annual Report 2017, p9

2,7. Zespri 5 Year Outlook, November 2017, p5

14 3,4,5. World kiwifruit review 2016, Belrose Report, p43

The supply of New Zealand kiwifruit is growing

Seeka benefits from higher kiwifruit volumes

• Kiwifruit volumes increasing with Zespri planning to sell 750 hectares of gold licences per year for the next 5 years[1]

• New orchards are being developed and converted to gold

• Greenfield orchard developments underway

• SunGold (Gold) kiwifruit yields higher volumes than Hayward (Green) once in full production

• More product available for Seeka’s post harvest operations (total processing)

• Gold kiwifruit has commanded premium pricing and a better market mix over green kiwifruit

• Higher revenues to orchard operations

• Higher revenues to post harvest from a bigger margin

• Seeka has invested in pack lines and coolstores to handle more volume

• $34 million invested in 2016[2]

• Post harvest profitability improves on economies of scale

• Zespri and the kiwifruit industry are looking at offshore infrastructure to manage volume growth[3]

• Contains capital expenditure

• Using offshore infrastructure in peak periods will improve New Zealand asset utilisation and revenues

• Seeka’s New Zealand pack lines and coolstores will operate at capacity for longer periods

• Packing and coolstorage are tolled revenue points

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Seeka has invested in personnel, systems and capacity to handle more volume

1, 3. Zespri 5 Year Outlook, November 2017, p16, p46 2. Seeka Annual Report 2016, p5

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New Zealand industry volumes growing with new gold variety

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Trays submit
250 m
SunGold/Gold OB
Green Organic
SunGold/Gold
Green/Sweet Green
200 m
150 m
100 m
50 m
0 m
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
ACTUALS, NEW ZEALAND CLASS 1 SUBMIT ZESPRI FORECAST
Harvest year
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Seeka is poised for significant volume growth

1. Class 1 submit is the industry-standard measure of kiwifruit volumes, being kiwifruit graded for export as the crop is harvested measured in trays (~3.5kg) of kiwifruit.

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2. Zespri forecast from Zespri 5 Year Outlook, November 2017, p44

Australian operations poised for growth

Seeka will maximise its position as Australia's largest producer and supplier of kiwifruit and nashi

• Own 505 hectares in Shepparton, Victoria with additional hectares under contract

• 228 hectares in production

• 63 hectares in development

• Orchard investments will deliver growth over the next 5 years

• Planting green kiwifruit plus new red and gold varieties that are exclusive to Seeka Australia

• Seeka estimates it has over 80% market share of Australian kiwifruit, and 90% of Australian nashi

Seeka Australia production metrics

Nashi volumes[1] Millions of kg

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Kiwifruit volumes
Millions of kg 2.9
2.1
FY16A FY17A
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Pear volumes Millions of kg

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1.8
1.5
1.5 Forecast
1.2
FY16A FY17A FY16A FY17F
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• Upgraded onsite packing and coolstore facilities to handle growth

Sales by fruit FY16A

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Forecast sales by fruit
FY17F
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• 2,650 mega litres of high priority and temporary water shares

• EBITDA anticipated to increase ~130% over the next 5 years to exceed AUD$8m

Seeka has a dominant market share in Australian kiwifruit and nashi, and is investing to grow volumes and margins

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Packham Other pears Stone fruit
Packham Other Stone fruit pears 1% 2%
pears 3% 4%
pears 2%
7% Corella
pears
Corella 7%
pears
10%
NZD15.1 million ~NZD17.6 – 18 million
Kiwifruit
58%
Nashi
28%
Kiwifruit
44%
Nashi
34%
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17 1. 2017 Nashi volumes were reduced due to a hail event and mites. Seeka has put measures in place to prevent further mite issues

Avocados are an emerging fruit

Seeka is capturing value in new markets

• 15.4% CAGR in export value of New Zealand avocados from 2013 to 2016[1]

• $155.5m generated from NZ exports from 2016 season[2]

• Seeka handles 8% to 10% of New Zealand’s avocado crop[3]

• Market share growing through orchard syndication

• Seeka delivers a full orchard-to-market service, drawing revenue along the full supply chain

• Seeka exports most of its New Zealand avocados to the high-returning Australian market where they are sold under the Seeka brand

• Phytosanitary protocols agreed with China provide an alternative market (plant disease border controls)

• Reduces industry dependency on Australia

• Seeka positioned to benefit from bigger avocado volumes

Seeka provides an entry point to NZ avocados; a true phenomenon in the produce world

Seeka avocado volumes handled by season[4] Thousands of avocado trays

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707
492
443
309
2013-14 2014-15 2015-16 2016-17
Local Market Export
Avocados are prone to biennial bearing
producing larger crops on alternate years
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Australian avocado production, imports from New Zealand and consumption[5]

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100 4.0
90
3.5
80
3.0
70
2.5
60
50 2.0
40
1.5
30
1.0
20
0.5
10
- -
1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
Australian production volume Imports Consumption / capita
Consumption (kg/capita)
Volume (thousands of tonnes)
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1,2. New Zealand Avocado Annual Report 2017, p22

3,4. Seeka management – Seeka avocado volumes. Volumes handled refers to volumes packed and marketed by harvest season, which spans two financial years. Volumes are measured in industry standard trays (~5.5kg) of avocados

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5. Talking Avocados, Spring 2017, Australian Avocados state of play: 2016/2017, p16

Barriers to new entrants

Industry experience , knowledge and relationships

• Establishing a kiwifruit orchard requires specialist experience, expertise and partnerships

• Seeka has 37 years experience as a key player in the kiwifruit industry and strong relationships with orchard owners and service providers

Capital[2]

• Seeka has invested in advanced information systems, automated post harvest technology and new capacity developments

• The investments will enhance revenues and margins

Seeka capital investment

NZ$million

2015 2016 2017 $13 m $34m $15m

Seasonal workforce

• Orchard, harvest and packing operations are labour intensive

• Seeka’s annual payroll is ~1175 FTEs in New Zealand and Australia, employing more than 250 permanent staff and 3000 seasonal workers[1]

• Workers must be trained and managed according to strict employment, health and safety regulations

• Seeka has invested in workforce recruitment, training and management practises

Time [3]

• Kiwifruit - four to five year gap between initial investment and first returns

• Avocado, nashi and European pears - three to four year gap between initial investment and first returns

• Seeka and its growers have already made this time investment, with 3,200 hectares actively producing for Seeka across New Zealand and Australia[4]

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Year 1 Year 2 Year 4 Year 4 - 5
Prepare new orchard Plant vines First harvest First returns
Year 1 Year 3 - 4 Year 3 - 4
Prepare and plant First harvest First returns
new orchard
Kiwifruit
Avocado
Nashi, Pears
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1. Seeka management - FTE

2. Seeka Annual Report 2016, p5

3. Orchard development timeline depends on the property

4. 3,200 hectares actively producing includes Seeka’s contract growers

19

20

Operational overview

20

Key metrics of Seeka’s four operating segments

New Zealand orchard, New Zealand post harvest, New Zealand retail services and Seeka Australia

Revenue by segment[1] NZ$million

FY14A	FY15A	FY16A	FY16A
68.5	88.3	110.8	~93.9 – 94.3
38.0	42.3	47.8	~41.7 – 42.1
8.7	9.6	16.8	~18.9 – 19.3
-	1.2	15.1	~17.6 – 18.0
115.2	141.4	190.5	~172.1 – 173.7

New Zealand orchard supply arrangements[3] Hectares, FY17A

New Zealand orchard supply arrangements3 Hectares, FY17A	New Zealand orchard supply arrangements3 Hectares, FY17A	New Zealand orchard supply arrangements3 Hectares, FY17A	New Zealand orchard supply arrangements3 Hectares, FY17A	New Zealand orchard supply arrangements3 Hectares, FY17A
	Kiwifruit	Avocado	Kiwiberry
Contract supply	1,680	375	5	2,060
Managed	401	13	4	418
Orchard lease	402	7	3	412
Long term lease	57	25		82
Total	2,540	420	12	2,972

EBITDA by segment2
NZ$million		FY14A		FY15A		FY16A		FY17F
New Zealand Post Harvest		10.8		13.3		26.8		~23.0 – 23.5
New Zealand Orchard		4.2		4.0		5.6		~5.4 – 5.8
New Zealand Retail Services		1.8		1.7		1.9		~2.5 – 2.7
Seeka Australia		-		(1.4)		1.0		~2.7 – 2.9
Corporate		(5.4)		(3.7)		(10.6)		~(12.2 – 12.4)
Total		11.4		13.9		24.7		~22.1–22.6

Seeka Australia owned orchards and land[4] Hectares, FY17A (all fruit)

Hectares, FY17A (all fruit)
Production		228		3,200
Currently in development		63		Total hectares of
Potential development land		151		supply across New Zealand and
Bare land		63		Australia
Total		505

1, 2. Seeka Annual Report 2016, Segment information p21. Seeka Annual Report 2015, Segment information p22. Revenue excludes other revenue 3, 4. Seeka management – Orchard operations

21

New Zealand orchard operations

Adding orchard revenue while securing supply to post harvest and retail services

• Grew 860 hectares of kiwifruit, 45 hectares of avocado and 7 hectares of kiwiberry in FY17[1]

• Produced 8.4m trays of class 1 kiwifruit in FY17[2]

• Down on FY16 as industry yields were impacted by low Hayward (green) kiwifruit harvest (11.2 million FY16A)

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Orcharding services 33.0% of Seeka’s supply base [3]
Current 3.0%
14.5% External
Orchard lease
15.5%
67.0%
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External – third party growers

Managed orchards – Seeka is contracted to grow an orchard crop

Orchard lease – established orchards leased by Seeka

Long term lease – Seeka leases bare land, develops an orchard and operates it for a long period

• Services provided through orchard management, lease, and long term lease contracts with orchard owners

• Seeka operates a small number of orchards that it directly owns, or holds an ownership interest

• Developing new orchards on long-term-leased land

• Syndicating avocado orchards in the Far North

Seeka is a large kiwifruit grower through managed, and long term based operations and also grows avocados in the same arrangement

Orchard operations revenue and class 1 kiwifruit production[4, 5] NZ$million, millions of kiwifruit trays

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$47.8 ~$41.7-
$42.3 $42.1
$38.1
$33.5 11.2
9.2
7.0 8.4
7.2
FY13A FY14A FY15A FY16A FY17A
Green Gold
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Orchard Division EBITDA[6] NZ$million

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~5.4-5.8
5.6
4.2
4.0
2.8
FY13A FY14A FY15A FY16A FY17F
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1, 2, 3. Seeka management – Orchard operations

4. FY17 production impacted by low green kiwifruit harvest 5, 6, Seeka Annual Report 2016, p7

22

New Zealand post harvest operations

Revenue driven by the lift in New Zealand kiwifruit volumes

• Seeka manages the harvest, packing, coolstorage and supply logistics for kiwifruit, avocados and kiwiberries

• Operate seven post harvest sites

• 1 in Northland (to be replaced)

• 1 in the Coromandel

• 5 in the Bay of Plenty

Post harvest assets[2] NZ$million

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111.7
83.4
66.9
FY14A FY15A FY16A
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• Revenue driven by New Zealand kiwifruit production, which is projected to grow

• Post harvest assets at $112 million¹ following recent infrastructure expansion

• Modern packing machinery improves site throughput and reduces labour unit costs

• Post harvest is a toll operator – more volume, more profit

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Post harvest revenue and packed
kiwifruit volumes [3, 4] Post harvest EBITDA [5]
NZ$million, millions of kiwifruit trays NZ$million
$110.8 26.8
~$93.9-
23.0-
$94.3
$88.3 35.5
$68.5
$59.7
32.4 13.3
27.8 12.6
25.5 10.8
21.4
19.6
FY13A FY14A FY15A FY16A FY17A FY13A FY14A FY15A FY16A FY17F
Green Gold
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1, 2. Seeka Annual Report 2016, Segment information, p21. Book value 3. FY17 impacted by low green kiwifruit harvest 4, 5. Seeka Annual Report 2016, p6

23

Seeka Australia

Seeka Australia is Australia’s largest kiwifruit and nashi grower

• Seeka Australia acquired Bunbartha Fruit Packers in 2015 for AUD$23.3m[1]

Own 9 orchards with 505 hectares of land[6]

• 228 hectares in production

• Land, orchards and post harvest facilities in Shepparton, Australia

• Access to water: 2,650 mega litres of high priority and temporary water shares[2]

• 63 hectares in development

• 151 hectares with development potential

• Produce kiwifruit, nashi, pears, and stone fruit

Seeka Australia fully controls the orchard to market value chain

• New green, red and gold kiwifruit developments

• EBITDA forecast to increase as new developments come into production

• Seeka Australia’s EBITDA margin increasing from 6.8% in 2016 to ~17% in 2017[3]

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Grows Packs Markets Distributes
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• Seeka Australia sells domestically and exports to Europe and Asia

Development programme[7]

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Seeka Australia producing hectares 2017 [4] Seeka Australia producing hectare 2022 target [5]
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Other fruit Other fruit Avocado
9.4 European 8.1 2.0
pears
European 44.1
pears Kiwifruit
48.2 103.6
Kiwifruit
169.7
Nashi
Pear
67.5
Nashi pear
67.9
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• AUD$8 million being invested over the next 4 years

• Adds a further 61 hectares of kiwifruit

• Adds 2 hectares of avocados

• Ongoing renewal of European pear varieties

• EBITDA potential of AUD$9m by 2024

• A further 40 hectares being prepared for syndication (bare land orchard development)

1,2,3,4,5,7. Seeka management

24

6. Seeka management – Orchard operations. Total Australian hectares includes 63 hectares of non-horticultural land (pack houses, cool stores, rental houses etc)

Retail services

Seeka’s retail services business markets produce from group operations

• Marketing domestically and for export kiwifruit, avocados and other products under Seeka’s own brand

Retail Services Operations

• Importing produce and tropical fruit for the New Zealand market and ripening fruit ready for retail

• Marketing product from Seeka’s Delicious Nutritious Food Company which turns waste into premium functional food for hospitals and retail

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International NZ Domestic
New Zealand
Bananas, pineapples and Glassfields
Kiwifruit, Avocados,
papayas
Kiwiberries
Locally sourced fresh
Australia produce
Kiwifruit, Nashi, Pears, Avocados and kiwifruit,
Cherries, Apricots,
Kiwi Crush, Kiwi Crushies
Plums
and avocado oil
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Banana ripening
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Retail Services EBITDA[1] NZ$million

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NZ$million ~2.5-2.7
1.9
1.8 1.7
0.7
FY13A FY14A FY15A FY16A FY17F
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25 1. Seeka Annual Report 2016, p3

Appendix

26

Risks and mitigants

Risks to production
	•	Every year, there is a risk of adverse weather events	Seeka actively seeks to mitigate climate risk:
	•	These could damage orchards (e.g. via flooding), damage crops (e.g. via hail) or affect	•	Geographical dispersion of orchards
Climate	•	crop yields In Australia there is risk of drought which would reduce water available for crops and	• •	Crop protection measures (e.g. frost protection) Access to weather and frost forecasting technology
		would heighten the risk of fires	•	Good communication with orchard managers
			•	Seeka owns permanent water rights in Australia
	•	Plant stock and crops could be damaged or destroyed by disease or pests	Seeka actively seeks to mitigate disease and pest risk:
	•	Residue could be found on fruit post harvest	•	Geographic separation of orchards
Disease and	•	Disease / pests could lead to crops being unable to be sold, closure of overseas	•	Orchard hygiene program and spraying / pest control program
pests		markets, loss of market share and revenue	•	Bio-security controls to prevent introduction of disease / vectors to orchards
	•	A quarantine pest could be located in a fruit production or handling region e.g. the	•	Active management of fruit drop on the ground specifically works to minimise the risk of
		Queensland Fruit Fly		PSA to fire blight pears
	•	Yield variability needs to be managed to maximise profitability	Seeka actively seeks to mitigate the variability of crop yields:
Crop yields	•	Variability in yields can be due to excessive operating costs or poor management practises	• •	Innovation in growing practises Production forecasting
	•	Inter-orchard variability and inter-region variability	•	Optimised orchard locations and fertiliser application programs
Strategic risks
	•	Zespri’s single desk could be continued its efficient operating lifespan	Seeka actively works to maintain international trading standards and international market
Industry	•	International trading standards and regulations could negatively impact Seeka through	access whilst minimising financial risk;
structure		restrictive laws and regulations; punitive tax regimes; product recalls or similar	•	Monitoring political activity and policy development; and regular audit and review of
				systems to ensure compliance with standards, law and regulation
Government / political risk	•	Imposition of restrictive laws and regulation; punitive tax regimes; and inappropriate bylaws would negatively impact Seeka	Seeka actively seeks to have a positive influence on relevant policy and regulation through; • Active involvement in industry associations; regular submissions on relevant legislation; and actively building relationships with regulators
Risks to property
	•	Premises occupied or owned by Seeka could be burned down and the contents	To	reduce the risk of fire Seeka has:
		destroyed	•	Approved protection equipment including smoke and fire detectors, alarms, sprinklers,
Fire				fire hoses and extinguishers
			•	Employ a third party company to regularly service and maintain fire detection
				equipment
	•	Premises, property and assets are exposed to risk of unlawful entry, theft and criminal	To	improve physical security Seeka has:
Physical security	•	damage In the event of the above there could be loss of critical equipment	• •	Taken appropriate security measures to prevent unauthorised access Installed monitored alarms in buildings and a program to increase security of fencing at sites
			•	Access to technology equipment and systems is restricts to authorised persons

27

Senior management team

Michael Franks

CEO More than 20 years commercial experience and has held numerous senior finance roles. Joined Seeka in 2003 as Chief Financial Officer. Appointed CEO in 2006.

Jason Swain

GM Information Services 19 years experience in agribusiness, spent 10 years in Post-Harvest operations before moving into the Information Systems Division

Simon Wells

GM Orchards

20 years experience in management in kiwifruit industry; having owned both a kiwiberry and avocado orchard. Joined Seeka in 2007

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Stuart McKinstry

Chief Financial Officer Charted accountant , with more than 25 years experience in accounting and 18 years experience in the kiwifruit industry. Became CFO in 2006

Kate Bryant

GM Supply Joined Seeka in 2015, and has had 19 years experience in the kiwifruit industry, focussing on the kiwifruit supply chain

Ray Hook

GM Retail Services Joined Seeka in April 2014 following the completion of the Glassfields (NZ) acquisition. Extensive experience in senior management especially in agribusiness

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Rob Towgood

Commercial Manager Works on the interface with the Seeka Australian operations; also responsible for planning and construction of new infrastructure in New Zealand .

Kevin Halliday GM Post Harvest Joined Seeka in 2003 through the acquisition of Eleos, Kevin has significant experience in kiwifruit supply chain management.

Annmarie Lee

GM Growers 30 years experience in the kiwifruit industry, with 25 years owning a kiwifruit orchard. Joined Seeka in 2005

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28

Board members

Fred Hutchings

Independent Chairman Appointed September 2012. Extensive commercial and business experience as a partner of PwC for 27 years. Chair of Tui Products and a director of Speirs Group and Spiers Limited.

John Burke

Director Appointed April 2012. Extensive agribusiness experience including in kiwifruit, having been the general manager of KVH and CEO of Te Awanui Huka Pak.

Peter Ratahi Cross Director Chair of several Trust Boards throughout the Eastern North Island. Chair of Te Awanui Huka Pak and Ngā Tūkairangi Trust, the largest Māori kiwifruit grower.

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Cecilia Tarrant

Independent Director Elected April 2017. Professional company director, with directorships on Fletcher Building, Payments NZ, and chair of Government Superannuation Fund.

Ashley Waugh

Independent Director Appointed May 2014. Extensive experience in fresh foods industry, and was CEO of Australia’s National Foods until its merger with Lion Nathan in 2009.

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Martyn Brick Director Elected April 2013. Extensive experience in agribusiness having worked in rural banking, finance and horticulture. Former director of Te Awanui Huka Pak.

Amiel Diaz

Director Appointed August 2009. 30 years executive management experience in the fresh produce industries. Head of the Philippine subsidiaries of Farmind Corporation.

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29

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