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Directors' Review of 2003/04 Operations

Mon, 24 May 2004

Directors' Review of 2003/04 Operations & Final Dividend Announcement

The Board of Seeka Kiwifruit Industries Limited is pleased to provide this preliminary report covering the 12 months of operations ending 31 March 2004. This report includes an announcement of final dividend and accompanies the un-audited financial statements.

Final dividend announcement The Board of Seeka Kiwifruit Industries Limited has announced a final dividend for the 2004 financial year of 9 cents per share fully imputed, bringing the total full-year dividends to 18 cents per share. Imputation credits lift the full year dividend to 26.86 cents per share gross. The total amount of the dividend payment will be $721,252 and will be made on 15 September 2004 applying to shares held on the Company's Register at 5pm 10 September 2004. The Dividend Reinvestment Plan will operate for the final dividend.

Financial review The Company has recorded an un-audited Net Profit after Tax for the 12 months ended 31 March 2004 of $3.087m, up 55% from last year's $1,991m and up 13% on the 2001/02 result of $2.736m. This result is 10% better than the $2.793m forecast issued to shareholders October 2003. The significant lift in profit reflects a number of highlights for the Company compared to 2002/03: " Total revenue of $51.032m, increase of 19% " A 50% increase in earnings per share at 39 cents per share " NPAT on assets at 12% - increase of 33% " Orchard yields per hectare average at 6,461 increase of 13% further assisted by record fruit returns. " Class 1 Harvest trays packed totalled 8.83m, up 8% on 2002/03. These improvements were achieved by: " Strengthening and refining our orchard lease arrangements to optimise the benefits and returns to both orchard owners and Seeka. " Implementing best practice orchard management techniques and independent peer-review processes to improve sustainable yields. " Improving the utilisation of assets in Post Harvest Operations.

These measures have improved the Company's profitability and the service we provide our grower clients. The improved financial result reflects the commitment and focus of our grower suppliers, and people right across the business.

The Company during the year has also taken a number of significant steps in its development as a Corporate. Specifically the Company has: " Moved to list on the NZAX. " Implemented a new Dividend Reinvestment Plan " Appointed BK Registries as Share Registrar to the Company.

The Company enters the 2004/05 year positively looking toward: " Forecast increased tray volumes estimated at 10.97m trays, up 24% on 2003/04. " Further forecast improvements in orchard yields offset by expected lower fruit returns.

The Directors take this opportunity to thank our grower suppliers, staff, management and advisers for their efforts in 2003/04 and look forward to a positive year ahead.

Background information For harvest 2004, Seeka is employing more than 1200 people to get 11 million trays of kiwifruit picked, packed, stored and then shipped to Zespri's international markets.

Seeka's outstanding record for corporate governance, plus transparent business processes, lead to Seeka being selected for the NZAX First XV - as one of the first 15 companies to be listed on the NZAX.



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