Ann: FORECAST: PGW: PGG Wrightson Trading Update

• Release Date: 22/12/14 08:31
• Summary: FORECAST: PGW: PGG Wrightson Trading Update
• Price Sensitive: No
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					PGW
22/12/2014 08:30
FORECAST
PRICE SENSITIVE
REL: 0830 HRS PGG Wrightson Limited

FORECAST: PGW: PGG Wrightson Trading Update

PGG Wrightson Trading Update

Chief Executive Mark Dewdney announced today that PGG Wrightson Limited's
(PGW) trading performance is holding up well despite lower forecast dairy
payouts.  He reiterated previous guidance in October that PGW is on track to
better last year's Operating EBITDA excluding earnings of associates* of
$58.7 million.

Mr. Dewdney said "The current market conditions highlight the benefit to PGW
of having a diverse product and service portfolio across New Zealand and
international agricultural sectors.  Confidence remains high in the sheep and
beef sectors and this strength should see the business well placed if we
encounter reduced dairy related spend over the remainder of the financial
year."

"Our first half results will be strong compared to the corresponding period
last year which is very pleasing" Mr. Dewdney said.  "Revenue in our Retail
segment is weighted towards the first half of the year and has performed
well.  We believe that market share gains have contributed to this revenue
growth we have seen in our Retail business.  New Zealand Seeds is another
business unit that has performed well on the back of a strong spring season."

Mr. Dewdney contributes these successes to the renewed focus on the customer.
 "Over the past few years we've invested substantially in our people, our
infrastructure and our products to improve our offering to our customers.
This investment continues to deliver improved results".

"Further guidance will be provided when our half year results are announced"
Mr. Dewdney said.  "There remains some uncertainty with respect to the second
half of the financial year as we are starting to see some signs of market
softness in areas related to dairy.  Livestock, Seeds Australia and South
America all make their biggest contributions in the second half, and results
are also impacted by weather and commodity prices".

PGW expects to announce its half year results on 24 February 2015 with
details of the announcement to be confirmed closer to the time.

For further information:
Mark Dewdney
Tel: +64 27 248 3151

*Disclosure Statement: Non-GAAP profit reporting measures:

PGW's standard profit measure prepared under New Zealand GAAP is
profit/(loss) for the period. PGW has used non-GAAP profit measures when
discussing financial performance in this document. The directors and
management believe that these measures provide useful information as they are
used internally to evaluate performance of business units, to establish
operational goals and to allocate resources. They also represent some of the
performance measures required by PGW's debt providers. For a more
comprehensive discussion on the use of non-GAAP profit measures, please refer
to the policy "Non-GAAP Financial Information" available on our website
(www.pggwrightson.co.nz).

Non-GAAP profit measures are not prepared in accordance with NZ IFRS and are
not uniformly defined, therefore the non-GAAP profit measures reported in
this document may not be comparable with those that other companies report
and should not be viewed in isolation or considered as a substitute for
measures reported by PGW in accordance with NZ IFRS.

PGW's definition of non-GAAP profit measures used in this document:

Operating EBITDA excluding earnings of associates: Earnings before net
finance costs, income tax, depreciation, amortisation, fair value
adjustments, non-operating items and equity accounted earnings of associates.

Operating EBITDA including earnings of associates: Earnings before net
finance costs, income tax, depreciation, amortisation, fair value adjustments
and non-operating items.

Please see attached for June 2014 financials.
End CA:00259214 For:PGW    Type:FORECAST   Time:2014-12-22 08:31:02