SEED CO LIMITED

1 SEED CO LIMITED REVIEWED abridged GROUP RESULTSFOR THE HALF YEAR ENDED 30 SEPTEMBER 2021 ONIONTEXAS GRANOSQUASHAVALON F1 SNOWBALLCAULIFLOWERCABBAGEDELIGHT F1 GIANT ENGLISHRAPETOMATOALAMBRAHIGHLIGHTSLIMITE D abridged GROUP REVIEWED RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2021 abridged GROUP INCOME STATEMENTABRIDGED GROUP STATEMENT OF financial POSITION abridged GROUP STATEMENT OF OTHER COMPREHENSIVE INCOME Directors abridged GROUP STATEMENT OF CASH FLOWSABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY46%46%43%161%-50%66%96%96% 30 SEPT 2021(Reviewed) RESTATED (Reviewed) Revenue2,119,5751,478,0011,965,283751,64 8 Cost of sales(1,551,457)(402,662)(1,098,710)(258 ,809)Gross profit568,1181,075,339866,573492,839 Other income547,982262,134442,769148,101 Operating expenses(908,630)(727,220)(853,713)(369, 265)Operating profit207,470610,253455,629271,675 Finance income291594271266 Finance cost(318,713)(161,503)(294,354)(89,877)N et monetary (loss)/gain(1,010,988)2,858,993--Share of (loss)/profit from associates and joint venture (JV)(72,536)161,05352,687124,974(Loss)

2 /Profit before tax(1,194,476)3,469,390214,233307,038 Income tax expense(758,857)(286,324)(137,788)(12,83 8)(Loss)/Profit for the period(1,953,333)3,183,06676,445294,200 Attributable to:Equity holders of the parent(1,953,333)3,183,06676,445294,200 Earnings per shareBasic (loss)/gain per share( )1, earnings per shareINFLATION ADJUSTEDUNAUDITED HISTORICAL COST*cents ZWL$'000 30 SEPT 2020 30 SEPT 2021 30 SEPT 2020 Profit/(loss) for the period(1,953,333)3,183,06676,445294,200 Other comprehensive (loss)/incomeShare of other comprehensive income/(loss) from associates and 295,193(163,321)295,193(107,768)Total comprehensive income/(loss) for the period, net of tax(1,658,140)3,019,745371,638186,432 Attributable to.

3 Equity holders of the parent(1,658,140)3,019,745371,638186,432 30 SEPT 2021(Reviewed) RESTATED (Reviewed) INFLATION ADJUSTEDUNAUDITED HISTORICAL COST* ZWL$'000 30 SEPT 2020 30 SEPT 2021 30 SEPT 2020 Opening shareholders' equity11,429,9441,806,3636,345,1031,149, 500 Profit for the period(1,953,333)3,292,70276,445294,200 Other comprehensive (loss)/income 295,193(163,321)295,193(107,768)Decrease in investment in associate(2,376)-(2,376)-Closing shareholders' equity9,769,4284,935,7436,714,3651,335,9 32 30 SEPT 2021(Reviewed) RESTATED (Reviewed) INFLATION ADJUSTEDUNAUDITED HISTORICAL COST* ZWL$'000 30 SEPT 2020 30 SEPT 2021 30 SEPT 2020 Operating activitiesProfit before tax(1,194,476)3,469,389214,233307,038 Non-cash adjustments510,381591,828350,263278,736 Working capital adjustments1,467,418(2,074,152)(1,116,28 3)(1,148,037)Tax paid(610,216)(325,659)(606,470)(46,633)O perating cash flows173,1061,661,407(1,158,257)(608,896 )Investing activitiesProceeds from sale of PPE7,1704,9846,4683,008 Purchase of PPE(203,411)(170,574)(201,388)(65,741)

4 Loans and receivables net (advances)/receipts(23,835)(1,020)(22,15 3)(673)Dividends received-2,420-1,597 Interest received29137,436271266 Investing cash flows(219,786)(126,754)(216,802)(61,544) Financing activitiesFinancing activities1,607,577894,1191,272,689829,4 16 Interest paid(318,713)(53,534)(294,354)(89,877)Fi nancing cash flows1,288,865840,585978,335739,539 Movement in cash and cash equivalentsNet cash flows during the year1,242,1852,375,237(396,723)69,098 Effects of net monetary movement on cash and cash equivalents(1,207,666)(2,358,761)--Effec ts of exchange rate on forex35,854(53,592)34,818(35,363)Cash and cash equivalents at beginning of period102,395139,510534,67333,830 Cash and cash equivalents at end of period172,768102,395172,76867,565 30 SEPT 2021(Reviewed) RESTATED (Reviewed)

5 INFLATION ADJUSTEDUNAUDITED HISTORICAL COST* ZWL$'000 30 SEPT 2020 30 SEPT 2021 30 SEPT 2020 ASSETSPPE3,337,9723,324,0522,831,0462,74 4,993 Investment in associates and joint venture5,903,5925,683,3112,590,0342,244, 530 Other financial assets23,8352,03723,8351,682 Inventories2,457,0311,944,9622,268,85777 8,594 Trade and other receivables3,624,4554,558,0783,612,3673, 752,477 Cash and cash equivalents172,768647,463172,768534,673 Total assets15,519,65316,159,90311,498,90710,0 56,949 EQUITY AND LIABILITIESE quity Share capital 33,30733,3072,4722,472 Non-distributable reserves6,504,1186,208,9253,908,4043,613 ,211 Retained earnings3,232,0035,187,7122,803,4892,729 ,420 Total equity9,769,42811,429,9446,714,3656,345, 103 LiabilitiesDeferred tax liability1,561,213863,780595,530519,166 Bank borrowings3,579,2052,750,9153,579,2052,2 71,698 Trade and other payables609,8071,115,264609,807920,982 Total liabilities5,750,2254,729,9594,784,5423, 711,846 Total equity and liabilities15,519,65316,159,90311,498,90 710,056,949 30 SEPT 2021(Reviewed) (Audited)

6 INFLATION ADJUSTEDUNAUDITED HISTORICAL COST* ZWL$'000 30 MAR 2021 30 SEPT 2021 30 MAR 2021 Headline earnings per share( )1, ( )1, headline earnings per share( )1, E B Long (Group Chairman), P Gowero (Group Deputy Chairman), M Nzwere (Group CEO)*, J Matorofa (Group CFO)*, R C D Chitengu, Dr D Garwe, D Jacquemond, M S Ndoro, F Savin, P Spadin. *ExecutiveThe Company condensed inflation adjusted interim financial statements from which these abridged results have been extracted, should be read in conjunction with the complete set of the interim condensed inflation adjusted financial statements for the half year ended 30 September have been reviewed by the Company s external auditors, Ernst & Young Chartered Accountants (Zimbabwe).

7 The auditors have issued an adverse review conclusion with respect to prior year and current year matters: non-compliance with International Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates , including historical errors not adjusted in terms of international Accounting Standards 8 Accounting Policies, Changes in Accounting Estimates and Errors , equity accounting of associates and joint ventures with underlying matters; associate property,plant and equipment accounting policy unadjusted to conform with the group accounting policy and valuation of property, plant and equipment, due to lack of market evidence to support property valuation inputs; and the consequential impact on the inflation adjusted amounts determined in terms of IAS 29 financial Reporting in Hyper inflationary Economies.

8 The independent auditors review conclusion on the condensed inflation adjusted interim financial statements is available for inspection at the registered office of the engagement partner responsible for this review is Fungai Kuipa (PAAB Practising Certificate Number 335).SUPPLEMENTARY INFORMATIONCOMMENTARY1. Corporate informationSeed Co LIMITED is a company which is incorporated and domiciled in Zimbabwe and listed on the Zimbabwe Stock Exchange (ZSE).2. Basis of preparationThese abridged financial statements are presented in Zimbabwe Dollars (ZWL$).

9 The basis of preparation of these financial statements is International financial Reporting Standards (IFRS) with the exception of IAS 8 and IAS 21 as documented in the audit report for the year ended 30 September. Inflation adjusted financial statements have been drawn up using the conversion factors derived from the Consumer Price Index (CPI) prepared by the Zimbabwe Central Statistical Office. The conversion factors used to restate the financial statements are as follows:Overview The period under review was characterised by a harsh operating environment where effects of the COVID-19 pandemic, hyperinflationary pressures, liquidity challenges, acute foreign currency shortages and the widening disparity between the auction and alternative market exchange rates had a negative impact on business operations.

10 Despite the foregoing adverse conditions, the economy is still earmarked to grow by at least 5% in 2021 buttressed by the agricultural sector which bodes well for the Group s Performance The Group s revenue was buoyed by strong demand for winter cereals and early maize seed sales during the margin dropped because of a huge increase in the cost of