Seeka, New Zealand’s largest fully integrated kiwifruit supply company, has highlighted the impact that the outbreak of Psa has had on its operations by reporting a full-year loss of NZ$7.1m (US$6m, €4.4m) for 2011, down from a profit of NZ$6.4m (US$5.4m, €4m) in 2010.
Cashflow from operations of NZ$18.3m (US$15.3m, €11.4m) reduced debt by over NZ$9.3m (US$7.8m, €5.8m), down to NZ$30.7m (US$25.7m, €19.1m), the group noted, while earnings before interest, taxation, depreciation, amortisation and fair value adjustments (EBITDAF) came to NZ$20.8m (US$17.4m, €13m).
'The outbreak of Psa-V has had a significant impact on the carrying value of Seeka's assets,' the group said in a statement. 'The carrying value of biological assets (vines) on the company's 105ha of gold orchards has been impaired, resulting in a charge of NZ$9.7m (US$8.1m, €6m).
'In addition, the board has reviewed the valuation of post harvest, investment assets and goodwill in light the downturn across the whole kiwifruit industry resulting in an impairment charge of NZ$8.8m (US$7.4m, €5.5m).'
Seeka commented that it had looked to reshape its business in response the impact of Psa, with 44 roles removed from the company, and said it was now looking forward to progress – although the group noted that Psa-V's presence meant 'continuing uncertainty'.
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