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PGG Wrightson Trading Update

PGG Wrightson | Media Release

Tuesday, 14 May 2013

PGG Wrightson Trading Update

PGG Wrightson Trading Update

PGG Wrightson Limited (PGW) has today provided an earnings guidance update.

Earnings before interest, tax and depreciation for the financial year ending 30 June 2013 is forecast to be in the range of $48 - $40 million as compared with $55 million for the corresponding period last year.

The three main factors contributing to the change in earnings have been climatic conditions across Australia and New Zealand, lower livestock values and when compared to the last financial year, less earnings from Agri-feeds post disposal to the 4Seasons Feeds Limited joint venture.

Climatic extremes in Australia with two record wet years followed by record-breaking high temperatures this year have frustrated the company’s efforts to build earnings in Australia. Consequently, the Australian seed business, whilst important to the group strategically, is not forecast to contribute significantly to group earnings this year.

Climatic conditions in New Zealand have also been a factor with the whole of the North Island and

much of the South Island in one of the most extensive droughts on record.

PGW Managing Director, George Gould said that livestock values have been in decline since the beginning of the current financial year, first in sheep and more latterly in beef, deer and dairy. “While volumes and market share remain solid, prices are back approximately 30% compared with last year and this has had a material impact on group earnings. The business of PGG Wrightson reflects to a great degree the fortune of our farmer clients and this has been an extremely difficult trading year, which is forecast to impact on PGG Wrightson’s final result.” Mr Gould said.

For further information contact:

George Gould

Managing Director

+64 3 372 0976
Resignation of GM-PGW Seeds Australia
Half-Year Results Announcement

PGG Wrightson | Media Release

Wednesday, 27 February 2013

Half-Year Results Announcement

PGG Wrightson Limited (NZX:PGW) today announced an increased profit of $4.8 million for the six months to 31 December 2012, up from $3.1 million a year ago. PGW also reported strong cash flows from operating and investing activities, delivering a combined total of $24.4 million (up from $6.0 million last year). This result follows a strong profit for the full year to 30 June 2012 announced last August and has allowed the company to halve its net debt position over the course of the last 12 months. PGW Managing Director, George Gould, credited the improvement to stronger operating earnings across all major businesses along with working capital efficiencies and collection of the Crafar Farms debt in December.

In line with the dividend policy announced in December, directors have declared a fully imputed dividend of 2.2 cents per share which will be paid to shareholders registered at the record date of 14 March 2013. The dividend will be paid on 28 March 2013.

Mr Gould said that the improved earnings reflected strong operating performance across all major activities of the company. “The tougher conditions being faced by farmers clearly impact on some areas of our business, but overall our businesses have performed strongly and most have lifted earnings yearon-year,” Mr Gould said.

“We are especially pleased with the performance of our New Zealand Seed, Retail, Wool and Irrigation & Pumping businesses – all of which showed sizeable gains.”

Mr Gould said he was pleased with progress being made in PGG Wrightson Rural Supplies and Fruitfed Supplies, both being retail businesses facing intense competition from farmer owned co-operatives.

“Our job is to add value to our farmer clients, helping them make their farming businesses more profitable. If we do add value, there is worthwhile margin for us, and the track record shows we are achieving success on this front.”

“It’s about having the best rural servicing reps across all businesses, in every region throughout New Zealand.”

“While our trading businesses such as Livestock, Grain and Real Estate are more susceptible to overall market conditions, their underlying performance remains solid. In Livestock, our tallies remain broadly inline with last year but the decline in sheep and deer values impacted on earnings.”

“Our investment in R&D continues to underpin the performance of our Seeds businesses and we achieved outstanding growth in sales from the newly launched CleanCrop™ Brassica system and continue to see strong growth from the AR37 range of rye-grass seeds. Confirmation last week of arrangements for the Primary Growth Partnership for Seed and Nutritional Technology Development were positive and will be valuable in further enhancing our R&D programmes.”

Revenue for the Retail business is not directly comparable to last year due to a move to transacting some categories as an agent rather than a principal. This did not impact on profit but resulted in a $91.2 million reduction in stated revenue.
PGP - Seed and Nutritional Technology Development
PGG Wrightson delivers cash for communities

Events

PGG Wrightson IHC Calf & Rural Scheme

		With your help, IHC can make New Zealand a better place for people with an intellectual disability.

		Your donation makes a big difference "For the past 29 years IHC has experienced the generosity of the New Zealand Farming Community, with the help of PGG Wrightson. We are thrilled to take this a step further, now all PGG Wrightson clients can donate to IHC so that people with an intellectual disability can truly be supported by the rural community. Please donate to IHC, so we can keep doing the great work we do in every community in New Zealand. By donating to IHC you are investing in a brighter future for all people with intellectual disabilities.” IHC National Manager Fundraising Development, Adele Blackwood “I’ve supported the Calf & Rural Scheme since it started in 1984 and I think you should too.” Sir Colin Meads, Patron of the PGG Wrightson IHC Calf & Rural Scheme
		Make a donation to the PGG Wrightson IHC Calf & Rural Scheme Click here to download a donation form to donate any of the following:
		Cull cow Steer Bull Heifer Bale of wool	Lamb Sheep Goat Deer Virtual animal
		Thank you for your donation and to all of our supporters in the rural community, we’ve been here for the long haul, for people with intellectual disabilities because of generous New Zealanders like you, thanks!

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						With your help, IHC can make New Zealand a better place<br />
						for people with an intellectual disability.</h4>
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					Your donation makes a big difference</h3>
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					&nbsp;</p>
				<p>
					<em>&quot;For the past 29 years IHC has experienced the generosity of the New Zealand Farming Community, with the help of PGG Wrightson. We are thrilled to take this a step further, now all PGG Wrightson clients can donate to IHC so that people with an intellectual disability can truly be supported by the rural community. </em></p>
				<p>
					<em>Please donate to IHC, so we can keep doing the great work we do in every community in New Zealand. By donating to IHC you are investing in a brighter future for all people with intellectual disabilities.&rdquo;</em></p>
				<strong>IHC National Manager Fundraising Development, Adele Blackwood </strong><br />
				<br />
				<hr />
				<p>
					<br />
					<em>&ldquo;I&rsquo;ve supported the Calf &amp; Rural Scheme since it started in 1984 and I think you should too.&rdquo; </em></p>
				<p>
					<strong>Sir Colin Meads, Patron of the PGG Wrightson IHC Calf &amp; Rural Scheme</strong><br />
					&nbsp;</p>
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					Make a donation to the PGG Wrightson<br />
					IHC Calf &amp; Rural Scheme</h3>
				<p>
					<br />
					<a href="/Userfiles/files/PGW%20IHC%20Calf%20and%20Rural%20Scheme%20Donation(1).pdf"> Click here to download a donation form to donate any of the following:</a></p>
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				<ul>
					<li>
						Cull cow</li>
					<li>
						Steer</li>
					<li>
						Bull</li>
					<li>
						Heifer</li>
					<li>
						Bale of wool</li>
				</ul>
			</td>
			<td>
				<ul>
					<li>
						Lamb</li>
					<li>
						Sheep</li>
					<li>
						Goat</li>
					<li>
						Deer</li>
					<li>
						Virtual animal</li>
				</ul>
			</td>
		</tr>
		<tr>
			<td colspan="2">
				&nbsp;</td>
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				<p>
					Thank you for your donation and to all of our supporters in the rural community, we&rsquo;ve been here for the long haul, for people with intellectual disabilities because of generous New Zealanders like you, thanks!</p>
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