Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Record 2016/17 season recounted at Zespri AGM

MEDIA RELEASE: 24 August 2017

Record 2016/17 season recounted at Zespri AGM

Zespri reported to around 500 grower-shareholders today at its Annual Meeting on a record 2016/17 season, with global sales up 19 percent from last season to $2.26 billion on the back of exceptionally high yields.

Pool results
Zespri Chairman Peter McBride explains the high yields and late start to the New Zealand season meant lower per-tray returns for Zespri Green but continued strong per-hectare returns for the Green business.

“A particular highlight was the performance of SunGold which saw a sharp increase in both volume and per-tray returns – up 39 percent to $98,838 per hectare and five percent per tray to $8.64,” says Mr McBride.

The Annual Meeting reported on Zespri’s financial year to 31 March, covering the performance of NZ kiwifruit sold in the 2016 season with sales running from April to November each year and Zespri’s counter-seasonal Northern Hemisphere season with fruit sold from October to March. Most of Zespri’s fruit is from New Zealand and the company also sources fruit from Italy, France, Korea and Japan to supply key retail customers with Zespri-branded fruit all year round.

Here in New Zealand, Zespri runs four product pools to supply the market: Zespri Green, Zespri Green Organic, Zespri Gold and Zespri Sweet Green.

Pools (Fruit Categories)2016/17 final
(per tray)
2016/17 final
(per hectare)
2015/16 final
(per tray)
2015/16 final
(per hectare)
Zespri Green$4.36$53,555$5.13$56,673
Zespri Organic Green$6.86$54,427$7.18$52,917
Zespri Gold varieties$8.64$98,838$8.21$71,080
Zespri Green14$5.79$45,853$7.01$42,995

Zespri’s Northern Hemisphere supply
Mr McBride outlined to shareholders the growth in Zespri Global Supply, Zespri’s 12 month business.

“Volumes in this business grew from 14.5 million trays to 16.6 million trays for the reported season with sales in this business growing from $183.6 million in 2015/16 to $215.6 million in the reported period with contributing operating profit growing from $10.4 million to $11.9 million. A highlight was the strong gold growth of 46 percent from the previous season (from 3.6 million trays in 2015/16 to 5.3 million trays) and the extra 1,800 hectares of SunGold licence to be allocated in Europe over the next five years will see European volumes quadruple over the next five years,” says Mr McBride.

Corporate results
Mr Jager explained Zespri’s corporate income comes from four main revenue streams as outlined below.

Corporate revenue streamAmountIncrease on last seasonEarned from
Commission income from selling NZ fruit (less loyalty premium to growers)$159.0 million


$2.02 billion sales
Commission income from offshore grown fruit$26.5 million
$216.0 million sales
Royalty income from proprietary products$16.7 million
54.7 million trays sold
Revenue from SunGold licence sales$67.2 million
400 hectares licence released plus treasury stock and shelter belt issuances. No issue in previous year.

Net profit after tax more than doubled from $35.8 million to $73.7 million, due mainly to the $67.2 million in licence revenue from the New Zealand SunGold tender in 2016.

Upcoming consultation with shareholders over constitutional changes
Official resolutions from the meeting including elections for the Zespri Board and the Director Remuneration Board, along with approving the annual accounts and appointing the auditor.

More significantly Mr McBride spoke about an upcoming Special General Meeting planned for March next year where Zespri will seek shareholder approval for constitutional changes to align shareholding more closely with production following the recently announced changes to the Kiwifruit Export Regulations.

Zespri Chief Executive Lain Jager says the industry is in good heart. “Strong returns and confidence are underpinning strong orchard values in the sector and Zespri is focused on delivering value for growers by investing to grow demand around the world,” says Mr Jager.


Zespri global volume (trays sold)154.3 million131.6 million17%
New Zealand-grown137.7 million117.1 million18%
- Green83.3 million77.9 million7%
- Organic Green3.9 million3.9 million1%
- Gold47.9 million32.3 million48%
- Green141.5 million1.4 million13%
- Other1.1 million1.6 million-31%
Non-New Zealand-grown16.6 million14.5 million14%
- Green11.3 million10.9 million4%
- Gold5.3 million3.6 million46%

© Scoop Media

Business Headlines | Sci-Tech Headlines


Air New Zealand: Employees Recognised With $1,000 Share Award

The efforts Air New Zealand employees made during one of the airline’s toughest years will be recognised via an award of $1,000 worth of company shares to all permanent employees... More>>

Consumer NZ: Bank Complaints On The Rise, Survey Shows

Nearly one in five Kiwis had a problem with their bank in the past year, Consumer NZ’s latest satisfaction survey finds. Consumer NZ chief executive Jon Duffy said the number of bank customers reporting problems had jumped to 18%, up from 11% in 2020... More>>

Federated Farmers: Applauds UK-Australia Free Trade Deal

News that Australia and the UK have signed a free trade agreement is a promising step forward in the fight against tariffs and protectionism, Federated Farmers says.
"It reinforces the international rules-based trading framework and is important for rural producers and global consumers," Feds President Andrew Hoggard says... More>>

ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>

Stats NZ: GDP Climbs 1.6 Percent In March 2021 Quarter Following December Dip

Gross domestic product (GDP) rose by 1.6 percent in the March 2021 quarter, following a 1.0 percent fall in the December 2020 quarter, Stats NZ said today. "After an easing of economic activity in the December quarter, we’ve seen broad-based growth in the first quarter of 2021... More>>

Reserve Bank: Debt Serviceability Restrictions Added To Policy Toolkit

The Reserve Bank – Te Pūtea Matua and the Minister of Finance have agreed to update their shared Memorandum of Understanding (MoU) on macro-prudential policy and add debt serviceability restrictions to the list of potential tools available... More>>