Thematic Analysis

Ravensdown Investigation

Investigation document: Ravensdown Investigation

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RAVENSDOWN NAPIER INVESTIGATION

Investigation Date: December 26, 2025

COMPANY OVERVIEW

Basic Information

| Field | Value |

|-------|-------|

| Company Name | Ravensdown Limited (formerly Ravensdown Fertiliser Co-operative) |

| Type | Farmer-owned Co-operative |

| Headquarters | 312 Main South Road, Hornby, Christchurch, New Zealand |

| Industry | Fertiliser, agrochemicals, animal health products |

| Founded | 1978 (takeover of Kempthorne Prosser) |

| Ownership Status | Privately Held (Venture Capital-Backed per PitchBook) |

NAPIER WORKS FACILITY

Location

| Field | Value |

|-------|-------|

| Address | 90 Waitangi Road, Awatoto, Napier 4110 |

| Phone | 06 835 5469 |

| Email | [email protected] |

Operations

  • Fertiliser manufacturing plant
  • Sulphuric acid production
  • $50 million upgrade announced (August 2024)

Incidents

December 2016: Major sulphur fire at Ravensdown Napier Works
  • 12 fire trucks responded
  • 60 firefighters attended

OWNERSHIP STRUCTURE

Co-operative Model

According to Ravensdown website:

> "As a co-operative, Ravensdown is owned by its shareholders and governed by a Board of Directors who are both elected by shareholders, and appointed."

Subsidiaries

  • Ravensdown Shipping Services Pty Limited (Australia) - shipping arm

FINANCIAL INFORMATION

2024 Annual Report

Ravensdown published their 2024 Annual Report in August 2024, presenting financial statements to shareholders.

PRODUCTS

  • Fertilisers
  • Lime
  • Agrochemicals
  • Animal health products
  • Application services
  • Advisory services

NOTES FOR FURTHER INVESTIGATION

  • Need to access full 2024 Annual Report for detailed financials
  • Need to identify individual shareholders/directors
  • Need to investigate any connections to pharmaceutical industry
  • Need to investigate any laboratory facilities

BOARD OF DIRECTORS (2024)

| Name | Role | Notes |

|------|------|-------|

| Bruce Wills | Chair | | | Mike Davey | Director | | | Nicky Hyslop | Director | | | Jane Montgomery | Director | | | Pete Moynihan | Director | | | Jacqueline Rowarth | Director | | | David Biland | Director | | | Tony Carter | Director | Joined 1 September 2023 | | Graham Stuart | Chair, Audit & Risk Committee | Joined 27 May 2024 |

| Jason Dale | Former Director | Left 24 May 2024 |

FINANCIAL SUMMARY (Year Ended 31 May 2024)

| Metric | Value |

|--------|-------|

| Total Revenue | $756.8 million |

| Net Profit (before tax, after impairments) | $4.8 million |

| Equity Ratio | 79.4% |

| Volumes | 891,000 metric tonnes |

| Debt Reduction | $52 million better than previous year |

Key Notes

  • Napier Works Restoration: Insurance-related work continued for restoring the Napier Works at Awatoto following a fire and Cyclone Gabrielle damage
  • Impairments: Higher impairments reflected constrained buying by a challenged primary sector
  • Working Capital: Improved working capital structure

NAPIER WORKS INCIDENTS

2016 Sulphur Fire

  • Major fire at Ravensdown Napier Works
  • 12 fire trucks, 60 firefighters responded

Cyclone Gabrielle (2023)

  • Damage to Napier Works
  • Insurance-funded restoration ongoing

$50 Million Upgrade (2024)

  • Major upgrade to Napier facility announced August 2024

SUBSIDIARIES AND ASSOCIATES

  • Ravensdown Shipping Services Pty Limited (Australia)
  • Various joint ventures (details in full annual report)

REGULATORY COMPLIANCE

  • Complies with New Zealand Generally Accepted Accounting Practice (GAAP)
  • Subject to Financial Markets Conduct Act 2013