Sanford Limited – Interim Result Announcement

23 May 2018

Name of Listed Issuer: SANFORD LIMITED (SAN)
INTERIM FINANCIAL RESULTS for the 6 months ended 31 March 2018

Sanford Reports Strong Sales Growth, International Markets a
Highlight

Image above: Sanford’s Big Glory Bay salmon is an example of a premium product which
epitomises our focus on fresh, high quality seafood, maximising the use and value of existing
resources grown or harvested in a sustainable way.
Sanford Limited (NZX: SAN) has today posted a 14.2% increase in adjusted EBIT* to $35.4m
for the half year to 31 March, 2018.
The Group reports improved revenue of $272.8m (from $230.4m for the same period last
year) for the first half of its financial year, an increase of 18.4%. This has been boosted by a
continuing focus on fresh - shifting the production plan towards higher value items such as
fish fillets, rather than frozen commodity product. It has also been driven by strong sales

growth, in both domestic and international markets. Europe and China were two highlights:
overall sales in these territories increased by 85.4% and 78.6% respectively.
Other positive contributors to this result were stronger global squid prices, good demand for
Greenshell mussels and local support from an increasing number of contract fishers who
supplement Sanford’s inshore catching capacity by harvesting premium, line-caught species.
Group CEO Volker Kuntzsch says it is pleasing to be able to report a strong result despite a
variety of challenges.
Mr Kuntzsch says “weather has continued to be an issue for us. Cyclones, heavy rains and
warmer ocean water temperatures impacted on our operations across the country. That
meant smaller vessels had to seek shelter from the weather on several occasions and our
farmed salmon in Stewart Island’s Big Glory Bay also felt the effects of warmer waters during
the summer.”
Chief Operating Officer Clement Chia commented on the reduced growth rates for the in-
demand salmon.
“The result of that has been lower harvest volumes as we seek to balance the needs of
customers now, with the priority of providing plentiful supplies for the peak-demand,
Christmas period.”
Sanford's mussel business performed above the same period last year, with both volume and
pricing trending higher. The company continues to focus on diversifying its mussel product
portfolio in order to reduce dependence on the frozen half-shell mussel market.
Chief Customer Officer Andre Gargiulo says “with that in mind, we are very pleased to see
growing demand for Greenshell mussel powder from our recently acquired Enzaq plant in
Blenheim. We are investing in greater production capacity there, with the aim of doubling
output over the next few months. Our broader focus on innovation can only benefit us, as we
continue to seek to extract more value from existing resources.”
Mr Kuntzsch says Sanford has now made significant progress on its journey to embed
sustainable thinking and a focus on the future.
“New Zealand’s fisheries management system and our intention to always fish sustainably
naturally limits the amount of fish we can catch. As a result, our focus is firmly on generating
greater value through innovation and branding and by leveraging our niche position within
the global industry in conjunction with New Zealand’s reputation in sustainable fisheries
management.

“We will not shy away from our ambition to become the best seafood company in the world.
That ambition is at the front of our minds as we shape our strategy for the next five years.
Key pillars of that will be continuing to invest in our asset base as well as into innovation,
brand development and the training and development of our most important asset - our
people.”

Information required by NZX
SANFORD LIMITED

Unaudited results for announcement to the market
Reporting Period 6 months to 31 March 2018
Previous Reporting Period 6 months to 31 March 2017

Amount Percentage change
Revenue from ordinary activities $NZ 272.8m 18.4%
Profit (loss) from ordinary activities after tax
attributable to security holders
$NZ 27.3m 43.2%
Net profit (loss) attributable to security holders $NZ 27.3m 43.2%

Interim Dividend Amount per security Imputed amount per security
9 cents per share 3.5 cents per share
Record Date 8 June 2018
Dividend Payment Date
15 June 2018

*Adjusted EBIT is a Non GAAP term which is defined in the interim financial statements at page 8.



P G Norling V Kuntzsch
Chairman Chief Executive Officer

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SANFORD LIMITED
DEAN McINTOSHDIRECTORS' RESOLUTION
S:\Executive\Stock Exchange\Year Ended 2018\Interim Result\NZX Appendix 7 - March 2018

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INTERIM RE PORT 2018

ABOVE: Children perfecting their creations at the
Auckland Seafood School
BELOW: Paulie Hooton, Sanford’s Head Chef and Mike
Thomson, Sales Director at the Auckland Fish Market.

–
PURPOSE AND
PARTNERSHIPS
–
Sanford is New Zealand’s biggest and oldest
seafood company. Not only do we have a
proud history, we have a continuing purpose:
to share the natural goodness of our oceans
with uncompromising care. For us, this
requires partnerships: a partnership with
nature, so we can preserve the ecosystems
we work in, ensuring we not only do the right
thing but have a business with a long future;
partnerships in the communities we work in
and give back to wherever we can and
partnerships at work where we need to
collaborate to produce a great result for not
only our shareholders but everyone
connected to Sanford.
–

−
CHAIRMAN AND
CEO STATEMENT
−
PERFORMANCE UPDATE
VALUE CREATION THROUGH
CUSTOMER FOCUS AND
IMPROVED PRICING
The underlying result is certainly
pleasing as it continued in line with
our strategy of adding more value to
the natural resources available to us.
While sales volume increased by 6.8%,
revenue improved by 18.4% from
$230.4m to $272.8m.
Earnings improvement was primarily
driven by the focus on channel and
customer diversification. The increasing
share of high end foodservice in our
portfolio was augmented by the further
development of important markets.
The focus on foodservice leads to
greater volumes of fresh fish remaining
in New Zealand, but it also enabled us
to develop new markets for fresh fish
internationally over the last six months.
Total sales (including fresh and frozen
product) relative to the 2017 half year
to China and Europe experienced
strong growth and with both regions
now representing more than 10% of
total revenue.
The Directors are
pleased to present
the Interim Report
of Sanford Limited
for the six months
ended 31 March
2018.
For and on behalf
of the Board of
Directors:
Paul Norling
CHAIRMAN
Volker Kuntzsch
CHIEF EXECUTIVE
OFFICER
We are pleased to report that the company’s reported profit
after tax for the six months to 31 March 2018 increased by
43.3% to $27.3m with our adjusted (i.e. underlying) earnings
before interest and tax (EBIT) increasing by $4.4m (+14.2%)
to $35.4m. Included in our reported result was a one-off receipt
of $9.9m being the settlement of our Kaikoura earthquake
insurance claim in respect to our Havelock mussel processing
plant. This amount was offset in part by a vessel impairment
charge of $2.5m.
Robert McLeod
DIRECTOR
23 May 2018
Paul Norling
CHAIRMAN
23 May 2018
2
Sanford Interim Report 2018

35.4M
FOR THE SIX MONTHS ENDING 31
MARCH 2018, AN IMPROVEMENT
OF 14.2% ON THE SAME PERIOD
LAST YEAR.
Sales volume increase was in part due to
a further reduction in inventories, which
has a positive consequence on supply
chain cost, coupled with the impact of
the now fully operational San Granit,
the factory vessel we acquired towards
the end of 2016. Above mentioned
volume increase was also possible due
to the support from an increasing
number of contract fishers who
supplement Sanford’s inshore catching
capacity by harvesting high value line
caught species for our premium
product portfolio. We are very grateful
for their commitment to our business.
Sanford’s teams in Auckland, Timaru,
Bluff and Tauranga have done a great
job in bringing our emphasis on fresh,
chilled quality product to life.
Our annual Antarctic toothfish season
in the Ross Sea was also successful,
although the newly established Marine
Protected Area concentrated all
international fishing effort into much
smaller areas this year. Offsetting this,
however, were slower catches and
lower than expected prices, which again
had a detrimental impact on our pelagics business (mackerels, tuna). Squid prices
remained high this season as catches of this species in other parts of the world were
well below market expectations.
We have also moved considerable volumes of hoki into higher value products like
fillets, which is an important development for Sanford. Demand is increasing for
this sustainably caught product, which was previously processed into lower value
commodity blocks for further processing in overseas facilities.
CLIMATIC CHALLENGES
Our fishing and aquaculture divisions back home were both challenged by the
unusual weather New Zealand experienced over the summer. Cyclones, heavy
rains and warmer ocean water temperatures impacted on our operations across the
country. Smaller vessels had to seek shelter from the weather on several occasions.
Our King salmon in Stewart Island’s Big Glory Bay also experienced higher than
normal mortality rates and reduced appetite due to warmer water. The latter had
an impact on growth rates, which in turn led to lower harvest volumes. In order to
meet demand for the coming Christmas holidays we had to strictly limit deliveries
of salmon to our customers for an extended period this year. This is also reflected
in the reduced value of our salmon (and mussel) stocks in the water.
Sanford’s mussel business performed above prior year, with both volume and
pricing trending higher. Diversification of our mussel product portfolio remains
a key deliverable, as we want to reduce our dependency on the frozen half-shell
mussel market. To this end we are pleased with the increasing demand for mussel
powder from our plant, Enzaq, in Blenheim and are installing a new dryer to double
capacity over the next few months. We were also excited about the consistent quality
delivered from mussel seed originating from our hatchery SpatNZ near Nelson.
EBIT (EARNINGS BEFORE
INTEREST AND TAX):
CHALLENGES:
Our fishing and
aquaculture
divisions back home
were both
challenged by the
unusual weather
New Zealand
experienced over
the summer.
Cyclones, heavy
rains and warmer
ocean water
temperatures
impacted on our
operations across
the country.
3

CHINA
A CONSIDERABLE
GROWTH MARKET
FOR HIGH VALUE
SPECIES
REVIEW
The Havelock mussel processing
site was impacted by the Kaikoura
earthquake in November 2016 and –
following initial repairs – further
remedial work will be undertaken in
the second half of this financial year.
We have reached a settlement
agreement with our insurers in
respect of the earthquake damage.
ORGANISATIONAL CAPABILITY
AND PEOPLE ENGAGEMENT
The introduction of internal Business
Management Teams during the
reporting period enables greater
strategic focus across the fishing
(fresh and frozen) and aquaculture
(salmon and mussels) divisions.
A Business Innovation Team ensures
alignment of innovation across divisions
and supports faster scaling and market
implementation of ideas. These teams
consist of colleagues from relevant
departments and provide excellent
opportunity of addressing challenges
and implementing strategic objectives
with a companywide perspective.
how we treat the marine resources
we are privileged to fish and farm.
Sanford has continued to invest in
building management and leadership
capability across our front line and
middle management groups with
a further 70 people leaders from
operations, logistics and our skipper
group graduating from our San Ignite
and San Activate staff training
programmes in the first half of this
financial year. We celebrated another
group graduation from our literacy
and numeracy communication
programme in Auckland and extended
this programme to more groups in
Tauranga and Timaru at the start of
the calendar year.
Our engagement levels continue
to rise, although very slowly, and
we remain focused on improving
communication, interaction and
recognition across the business
to improve overall employee and
sharefisher engagement. One of the
key initiatives supporting this is the
inaugural ideas generation programme
for Sanford staff and sharefishers called
Ideas Net. Launched in January we were
delighted to receive a total of 194
submissions of ideas to improve the
business. Each submission focused
on at least one of our business
sustainability outcomes i.e. healthy
food, healthy oceans, communities and
partnerships, our people, protecting the
environment and building a sustainable
seafood business.
A FOCUS ON HEALTH,
SAFETY AND WELLBEING
FOR OUR PEOPLE
Having embarked on a significant
culture change at Sanford a few years
ago, it is natural that much of our work
continues to be focused on the people
within our company. This is particularly
so with the emphasis on health, safety
and wellbeing where we have seen
some early signs of a positive trend
leading to reduced serious harm injuries
at the half year compared to prior year,
but success differs from site to site. We
have continued to challenge ourselves
on our health and safety performance
and introduced Sitewise pre-requisite
accreditation to manage the risk of
engaging third party contractors across
the business. We have further reduced
manual handling by reconfiguring
factory layout, process flow and by
introducing vac-u-lift technology at
our Bluff processing site.
It goes without saying that our people
are the foundation of our business.
Our shared values are passion, care and
integrity and we strive to ensure that
these values apply equally well to how
we relate to each other as well as to
4
Sanford Interim Report 2018

COMMUNITY INVOLVEMENT
In our communities, Sanford is proud
to be local in each of the New Zealand
regions in which we operate. We have
farms or factories or offices in ten
New Zealand centres across eight
provinces. In each of these places,
our staff give so much more than their
economic contribution. They are local
firefighters, band members, coaches
and trainers. And as a business, we take
the lead from our staff, always aiming to
do the right thing for our communities.
On Stewart Island we recently held an
aquaculture open day where we invited
members of the Island community to
come and see our salmon farm. This was
a natural outcome of our ongoing
commitment to transparency.
In Havelock, where we farm most of our
Greenshell mussels, open days are not
new. Here we are also working closely
with the community to respond to their
needs. In the first half of 2018, this has
taken the form of assisting with wasp

LOCAL PRESENCE:
In our
communities,
Sanford is proud
to be local in
each of the
New Zealand
regions in which
we operate. We
have farms or
factories or
offices in ten
New Zealand
centres across
eight provinces.
eradication, beach clean-ups and
providing high visibility vests for local
children walking to school.
Our community involvement also
extends to the penguin rescue charities
in Oamaru and Dunedin which we
provide with fish to feed their patients.
Our relationship with Penguin Place
on the Otago peninsula has been
a long one and we are proud to
have been supplying them with fish
for three decades.
We don’t always share these passionate
and caring stories with the wider public
but when we do, we are pleased to be
able to dispel some of the myths about
fishing and aquaculture that still exist.
We relished the chance to do this in
Auckland at SeePort over Auckland
Anniversary Weekend in January. There
we told our story to around 72,000
people, aiming to make the connection
for them between the fish or shellfish
on their plates and the work we do to
make sure it gets there sustainably.
IDEAS TO IMPROVE
THE SANFORD
BUSINESS WERE
RECEIVED THROUGH
IDEAS NET
194
CHARITY SUPPORT
30 YEARS SUPPORTING
OTAGO’S PENGUIN
PLACE RESIDENTS.
Back in our Auckland Seafood School,
we try to make that connection for
the dozens of budding chefs who take
our classes.
CHANGES ON THE
EXECUTIVE TEAM
Earlier this year, Greg Johansson,
our Chief Operating Officer,
embarked on new opportunities
after 27 successful years at Sanford.
Clement Chia, previously our Chief
Financial Officer, took over Greg’s role
and we are currently searching for a
replacement CFO.
OUR AMBITION
Given the natural limitations imposed
by New Zealand’s Quota Management
System, catch volume growth for key
raw materials will not continue. Our
efforts are, therefore, concentrated
on leveraging our niche position within
the global industry and New Zealand’s
reputation in sustainable fisheries
5

REVIEW
management. Our industry has extended its national campaign
to promote the fact that we are serious about the long term
health of New Zealand’s marine resources, and with that the
health of our businesses, so that any transgression of our
published code of conduct will be dealt with accordingly.
Our ambition to become the best seafood company in the
world is undisputed. We are currently in the process of shaping
our strategy for the next five years and will ensure sufficient
investment into innovation, brand development, training and
development and the long term use of our operational assets.
The opportunities our business holds are very exciting, but
overcoming historic shortfalls in investment into our asset
base while shifting traditional mind-sets is a challenging
journey that takes all of us outside our comfort zone time
and again. It is, therefore, very pleasing to see the progress
towards our vision.
We sincerely thank the Sanford team for their dedicated
hard work under sometimes very demanding conditions.
Your commitment and never-ending enthusiasm to make
things work is highly appreciated by the Board and the
Executive Team alike. We now look forward to a similarly
challenging and positive second half and trust that the
outcome will again bear the fruit of our care, passion
and integrity.
MEMBERS OF THE PUBLIC
FROM STEWART ISLAND
VISITING SANFORD’S
SALMON FARM AT BIG
GLORY BAY
AMBITION:
Volker Kuntzsch
CHIEF EXECUTIVE
OFFICER
Paul Norling
CHAIRMAN
We are currently
in the process
of shaping our
strategy for
the next five
years and will
ensure sufficient
investment into
innovation, brand
development,
training and
development
and the long
term use of our
operational assets.
6
Sanford Interim Report 2018

7

GAAP TO NON-GAAP RECONCILIATION
Sanford’s standard profit measure prepared under New Zealand GAAP is net profit. Sanford have used non-GAAP measures
when discussing financial performance in this document. The Directors and management believe that these measures
provide useful information as they are used internally to evaluate divisional and total Group performance and to establish
operating and capital budgets. Non-GAAP profit measures are not prepared in accordance with NZ IFRS (New Zealand
equivalents to International Reporting Standards) and are not uniformly defined, therefore the non-GAAP profit measures
included in this report are not comparable with those used by other companies. They should not be viewed in isolation or
as a substitute for GAAP profit measures as reported by Sanford in accordance with NZ IFRS.
DEFINITIONS
EBITDA: Earnings before interest, taxation, depreciation, amortisation, restructuring, adjusting items, impairment
and gain (loss) on sale of investments, intangible and long term assets.
Reported EBIT: Earnings before interest, taxation and gain (loss) on sale of investments, intangible and long term assets.
GAAP TO NON-GAAP RECONCILIATION
Unaudited
6 months ended
31 March 2018
$000
Unaudited
6 months ended
31 March 2017
$000
Audited
12 months ended
30 September 2017
$000
Reported net profit for the period (GAAP) 27,296 19,043 37,478
Add back:
Income tax expense 11,076 7,016 14,172
Net interest expense 4,156 4,186 8,492
Net loss on sale of investments and property, plant and equipment – 502 580
Deduct:
Net (profit) on sale of investments and property, plant and equipment (44) – –
Non-trading exchange (gains) – (1) –
Reported EBIT42,484 30,746 60,722
Adjustments:
Havelock earthquake insurance settlement (9,853) – –
Impairment of assets 2,451 52 2,130
Provision for one-off vessel disposal costs – – 474
Restructuring costs 327 200 418
Adjusted EBIT 35,409 30,998 63,744
Add back:
Depreciation and amortisation 10,066 8,696 18,803
EBITDA 45,475 39,694 82,547
8
Sanford Interim Report 2018

−
INTERIM
FINANCIAL
STATEMENTS
2018
−
9

FOR THE SIX MONTHS ENDED 31 MARCH 2018
Note
Unaudited
6 months ended
31 March 2018
$000
Unaudited
6 months ended
31 March 2017
$000
Audited
12 months ended
30 September 2017
$000
Revenue3c272,773230,363477,940
Cost of sales(211,940)(173,641)(365,661)
Gross profit60,83356,722112,279
Other income1013,1742,9096,464
Distribution expenses(12,140)(12,255)(24,457)
Administrative expenses(12,389)(12,700)(23,329)
Other expenses7(7,082)(4,901)(11,676)
Operating profit42,39629,77559,281
Finance income182210389
Finance expense(4,331)(4,396)(8,853)
Net finance expense(4,149)(4,186)(8,464)
Share of profit of equity accounted investees125470833
Profit before income tax38,37226,05951,650
Income tax expense(11,076)(7,016)(14,172)
Profit for the period27,29619,04337,478
Profit attributable to:
Equity holders of the Company27,28719,05937,486
Non controlling interest9(16)(8)
27,29619,04337,478
Earnings per share attributable to equity holders of the
Company during the period (expressed in cents per share)
Basic and diluted earnings per share (cents)29.220.440.1
CONSOLIDATED CONDENSED INCOME STATEMENT
10
Sanford Interim Report 2018

CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2018
Unaudited
6 months ended
31 March 2018
$000
Unaudited
6 months ended
31 March 2017
$000
Audited
12 months ended
30 September 2017
$000
Profit for the period (after tax)27,29619,04337,478
Other comprehensive income
Items that may be reclassified to the income statement:
Foreign currency translation differences(108)217189
Change in fair value of cash flow hedges recognised in
other comprehensive income(2,453)(839)2,254
Deferred tax on cash flow hedges687235(631)
Cost of hedging losses recognised in other
comprehensive income(12)(330)(385)
Deferred tax on cost of hedging392108
Items that may not be reclassified to the income statement:
Amount of treasury share cost expensed in relation to
share-based payment(26)(4)62
Other comprehensive income for the period(1,909)(629)1,597
Total comprehensive income for the period25,38718,41439,075
Total comprehensive income for the period is attributable to:
Equity holders of the Company 25,383 18,42039,075
Non controlling interest4(6)–
Total comprehensive income for the period25,38718,41439,075
11

CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2018
Note
Unaudited
6 months ended
31 March 2018
$000
Unaudited
6 months ended
31 March 2017
$000
Audited
12 months ended
30 September 2017
$000
Current assets
Cash on hand and at bank5,0615,3815,150
Trade receivables69,83267,64755,362
Derivative financial instruments11,144 8,314 12,450
Other receivables and prepayments21,81311,2077,277
Tax receivable – 537 –
Biological assets 17,96115,49418,048
Inventories45,37041,97243,576
Assets held for sale917,9988,8098,500
Total current assets189,179159,361150,363
Non-current assets
Property, plant and equipment127,517128,905132,000
Investments1,59311,78210,940
Derivative financial instruments 4,545 5,358 5,816
Biological assets15,16717,46116,448
Intangible assets505,202502,582504,398
Total non-current assets654,024666,088669,602
Total assets 843,203825,449819,965
Current liabilities
Bank overdraft and borrowings (secured)455,39955,18255,121
Current portion of bank loans (secured)436,000 – 36,000
Derivative financial instruments 2,2832,6962,631
Trade and other payables36,09534,52329,354
Tax payable3,730 – 576
Total current liabilities133,50792,401123,682
Non-current liabilities
Bank loans (secured)494,800146,10095,000
Contributions received in advance3,6123,8593,756
Employee entitlements1,9021,8771,964
Derivative financial instruments 3,8653,4043,496
Deferred tax17,38513,45615,781
Lease obligation – 891450
Total non-current liabilities121,564169,587120,447
Total liabilities255,071261,988244,129
Equity
Paid in capital94,69094,69094,690
Retained earnings486,343462,135472,147
Other reserves6,5686,2448,472
Shareholder funds587,601563,069575,309
Non controlling interest531392527
Total equity588,132563,461575,836
Total equity and liabilities843,203825,449819,965
12
Sanford Interim Report 2018

CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2018
Note
Unaudited
6 months ended
31 March 2018
$000
Unaudited
6 months ended
31 March 2017
$000
Audited
12 months ended
30 September 2017
$000
Cash flows from operating activities
Receipts from customers257,000224,323490,102
Interest received176194361
Dividends received6 16 28
Payments to suppliers and employees(224,189)(200,559)(418,078)
Income tax paid(5,628)(8,938)(13,505)
Interest paid(4,530)(4,361)(8,628)
Net cash flows from operating activities22,83510,67550,280
Cash flows from investing activities
Sale of property, plant and equipment362169419
Contributions received in advance(145)45(58)
Dividends received from associates – –1,206
Purchase of property, plant and equipment and
intangible assets(9,623)(20,675)(36,803)
Purchase of business(510) – (1,478)
Net cash flows from investing activities(9,916)(20,461)(36,714)
Cash flows from financing activities
Proceeds from borrowings49,80029,70023,600
Repayment of bank loans4(10,000)(5,000)(14,000)
Dividends paid to Company shareholders5(13,091)(13,088)(21,503)
Dividends paid to non controlling shareholders in subsidiaries – –(27)
Net cash flows from financing activities(13,291)11,612(11,930)
Net (decrease) increase in cash and cash equivalents(372)1,8261,636
Effect of exchange rate fluctuations on cash held51838
Cash and cash equivalents at beginning of the period(49,971)(51,645)(51,645)
Cash and cash equivalents at end of the period (50,338)(49,801)(49,971)
Represented by:
Bank overdraft and borrowings (secured)(55,399)(55,182)(55,121)
Cash on hand and at bank5,0615,3815,150
(50,338)(49,801)(49,971)
13

CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2018
Reconciliation of profit for the period with
net cash flows from operating activities
Note
Unaudited
6 months ended
31 March 2018
$000
Unaudited
6 months ended
31 March 2017
$000
Audited
12 months ended
30 September 2017
$000
Profit for the period (after tax)27,29619,04337,478
Adjustments for non-cash items
Depreciation and amortisation10,0668,69618,803
Impairment of property, plant and equipment72,451 52 1,865
Impairment of assets held for sale9–– 265
Share-based payment expense(26)(4)62
Change in fair value of biological assets 1,368(3,101)(4,642)
Change in fair value of foreign currency options(327)(115)(479)
Change in fair value of forward exchange contracts459650(515)
Share of profit of equity accounted investees(125)(470)(833)
Increase in deferred tax2,2941,6553,130
Unrealised foreign exchange (gains) losses(318)7482,658
15,8428,11120,314
Movement in working capital
(Increase) decrease in trade and other receivables and prepayments(28,761)(10,233)4,034
(Increase) in inventories(1,804)(7,818)(8,913)
Increase (decrease) in trade and other payables and other liabilities7,1524,647(749)
Increase (decrease) in tax payable3,154(3,577)(2,464)
(20,259)(16,981)(8,092)
Items classified as investing activities
(Profit) loss on sale of property, plant and equipment(44)502580
(44)502580
Net cash flows from operating activities22,83510,67550,280
14
Sanford Interim Report 2018

CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2018
Note
Share
Capital
$000
Share
Based
Payment
Reserve
$000
Translation
Reserve
$000
Cashflow
Hedge
Reserve
$000
Cost of
Hedging
Reserve
$000
Retained
Earnings
$000
Total
$000
Non
Controlling
Interest
$000
Total
equity
$000
Balance at 1 October
2017 (audited)94,6903304576,739946472,147575,309527575,836
Profit for the period
(after tax) – – – – 27,287 27,287 9 27,296
Other comprehensive
income
Foreign currency
translation differences – – (103) – – – (103) (5) (108)
Hedging losses
recognised in other
comprehensive income – – – (2,453) (12) – (2,465) – (2,465)
Deferred tax on change
in reserves – – – 687 3 – 690 – 690
Amount of treasury share
cost expensed in relation
to share-based payment – (26) – – – – (26) – (26)
Total comprehensive
income – (26) (103) (1,766) (9) 27,287 25,383 4 25,387
Distributions to
shareholders5 – – – – – (13,091) (13,091) – (13,091)
Balance at 31 March
2018 (unaudited)94,6903043544,973937486,343587,601531588,132
Balance at 1 October
2016 (audited)94,6902682765,116 1,223 456,164557,737398558,135
Profit for the period
(after tax) – – – – – 19,05919,059(16)19,043
Other comprehensive
income
Foreign currency
translation differences – – 207 – – – 207 10 217
Hedging losses
recognised in other
comprehensive income – – – (839)(330) – (1,169) – (1,169)
Deferred tax on change
in reserves – – – 23592 – 327 – 327
Amount of treasury share
cost expensed in relation
to share-based payment – (4) – – – – (4) – (4)
Total comprehensive
income–(4)207(604)(238)19,05918,420(6)18,414
Distributions to
shareholders5–––––(13,088)(13,088)–(13,088)
Balance at 31 March
2017 (unaudited)94,6902644834,512985462,135563,069392563,461
15

CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2018
Note
Share
Capital
$000
Share
Based
Payment
Reserve
$000
Translation
Reserve
$000
Cashflow
Hedge
Reserve
$000
Cost of
Hedging
Reserve
$000
Retained
Earnings
$000
Total
$000
Non
Controlling
Interest
$000
Total
equity
$000
Balance at 1 October
2016 (audited)94,6902682765,116 1,223 456,164557,737398558,135
Profit for the period
(after tax)– – –––37,48637,486(8)37,478
Other comprehensive
income
Foreign currency
translation differences– – 181–––1818189
Hedging gains (losses)
recognised in other
comprehensive income– – –2,254(385)–1,869–1,869
Deferred tax on change
in reserves– – –(631)108–(523)–(523)
Amount of treasury share
cost expensed in relation
to share-based payment – 62 – – – – 62 – 62
Total comprehensive
income – 621811,623(277)37,48639,075–39,075
Shares issued to non
controlling shareholders
in subsidiaries – – – –– – – 156 156
Distributions to
shareholders5– – –––(21,503)(21,503)(27)(21,530)
Balance at 30 September
2017 (audited)94,6903304576,739946472,147575,309527575,836
16
Sanford Interim Report 2018

1. GENERAL INFORMATION
Sanford Limited (‘the parent’ or ‘the Company’)
is a profit-oriented company that is domiciled and
incorporated in New Zealand. The Company is
registered under the Companies Act 1993 and
listed on the New Zealand Stock Exchange (NZX).
The Company is an FMC entity for the purposes of
Part 7 of the Financial Markets Conduct Act 2013.
The interim financial statements presented are for
Sanford Limited (‘Sanford’ or ‘the Group’) as at and
for the six months ended 31 March 2018.
The Group comprises the Company, its subsidiaries and
its investments in joint arrangements and associates.
The interim financial statements are prepared in accordance
with NZ IAS 34: Interim Financial Reporting. The interim
financial statements and the comparative information
for the six months ended 31 March 2017, are unaudited.
The comparative information for the year ended
30 September 2017 is audited.
The Group is a large and long-established fishing and
aquaculture business devoted entirely to the farming,
harvesting, processing, storage and marketing of quality
seafood products and investments in related activities.
2. ACCOUNTING POLICIES
The Group’s accounting policies have been applied
consistently to all periods presented in these interim
financial statements, and have been applied consistently
by Group entities.
There have been no changes in accounting policies or
methods of computation. To ensure consistency with the
current period, comparative figures have been restated
where appropriate. The interim financial statements should
be read in conjunction with the financial statements for the
year ended 30 September 2017.
3. SEGMENT REPORTING
Executive management of the Group monitors the
operating results of the wildcatch and aquaculture
(mussels and salmon) divisions. Divisional performance
is evaluated based on operating profit or loss. Capital
expenditure consists of additions of property, plant and
equipment and intangible assets.
The Group’s key operating divisions are:
• wildcatch - responsible for catching and processing
inshore and deepwater fish species; and
• aquaculture - responsible for farming, harvesting and
processing mussels and salmon.
The Group has determined that the divisions above
should be aggregated to form one reportable segment to
reflect the farming, harvesting, processing and selling of
seafood products, due to the aggregated manner in which
performance is monitored. Further information on segment
reporting is included in the financial statements for the year
ended 30 September 2017.
17
FOR THE SIX MONTHS ENDED 31 MARCH 2018
NOTES TO THE INTERIM FINANCIAL STATEMENTS

3. SEGMENT REPORTING (CONTINUED)
(a) Income and expenditure
New ZealandAustraliaEliminationsTotal
Unaudited
6 months ended
31 March
2018
$000
Unaudited
6 months ended
31 March
2017
$000
Audited
12 months ended
30 September
2017
$000
Unaudited
6 months ended
31 March
2018
$000
Unaudited
6 months ended
31 March
2017
$000
Audited
12 months ended
30 September
2017
$000
Unaudited
6 months ended
31 March
2018
$000
Unaudited
6 months ended
31 March
2017
$000
Audited
12 months ended
30 September
2017
$000
Unaudited
6 months ended
31 March
2018
$000
Unaudited
6 months ended
31 March
2017
$000
Audited
12 months ended
30 September
2017
$000
Total external revenues258,559216,244451,78614,21414,11926,154 – – – 272,773 230,363 477,940
Inter-segment revenue1,8881,5912,824 – – –(1,888)(1,591)(2,824) – – –
Segment revenue260,447217,835454,61014,21414,11926,154(1,888)(1,591)(2,824) 272,773 230,363 477,940
Segment profit (loss) for
the period27,24318,51236,657(72)61(12)
– – – 27,171 18,573 36,645
Share of profit of equity
accounted investees
125 470 833
Reported profit for the period 27,296 19,043 37,478
Intersegment Transactions
Inter-segment revenue is eliminated upon consolidation and reflected in the eliminations column.
(b) Assets and liabilities
New ZealandAustraliaTotal
Unaudited
6 months ended
31 March
2018
$000
Unaudited
6 months ended
31 March
2017
$000
Audited
12 months ended
30 September
2017
$000
Unaudited
6 months ended
31 March
2018
$000
Unaudited
6 months ended
31 March
2017
$000
Audited
12 months ended
30 September
2017
$000
Unaudited
6 months ended
31 March
2018
$000
Unaudited
6 months ended
31 March
2017
$000
Audited
12 months ended
30 September
2017
$000
Segment assets835,782807,292802,7475,9176,4636,367841,699813,755809,114
Investment in equity
accounted investees1,50411,69410,851–––
1,50411,69410,851
Total assets837,286818,986813,5985,9176,4636,367843,203825,449819,965
Segment liabilities234,725240,874223,04620,34621,11421,083255,071261,988244,129
Total liabilities234,725240,874223,04620,34621,11421,083255,071261,988244,129
Capital expenditure9,61120,62436,228 12 51 131 9,62320,67536,359
Depreciation and amortisation9,9928,63218,669 74 64 134 10,0668,69618,803

18
Sanford Interim Report 2018
FOR THE SIX MONTHS ENDED 31 MARCH 2018
NOTES TO THE INTERIM FINANCIAL STATEMENTS

3. SEGMENT REPORTING (CONTINUED)
(a) Income and expenditure
New ZealandAustraliaEliminationsTotal
Unaudited
6 months ended
31 March
2018
$000
Unaudited
6 months ended
31 March
2017
$000
Audited
12 months ended
30 September
2017
$000
Unaudited
6 months ended
31 March
2018
$000
Unaudited
6 months ended
31 March
2017
$000
Audited
12 months ended
30 September
2017
$000
Unaudited
6 months ended
31 March
2018
$000
Unaudited
6 months ended
31 March
2017
$000
Audited
12 months ended
30 September
2017
$000
Unaudited
6 months ended
31 March
2018
$000
Unaudited
6 months ended
31 March
2017
$000
Audited
12 months ended
30 September
2017
$000
Total external revenues258,559216,244451,78614,21414,11926,154 – – – 272,773 230,363 477,940
Inter-segment revenue1,8881,5912,824 – – –(1,888)(1,591)(2,824) – – –
Segment revenue260,447217,835454,61014,21414,11926,154(1,888)(1,591)(2,824) 272,773 230,363 477,940
Segment profit (loss) for
the period27,24318,51236,657(72)61(12)
– – – 27,171 18,573 36,645
Share of profit of equity
accounted investees
125 470 833
Reported profit for the period 27,296 19,043 37,478
Intersegment Transactions
Inter-segment revenue is eliminated upon consolidation and reflected in the eliminations column.
(b) Assets and liabilities
New ZealandAustraliaTotal
Unaudited
6 months ended
31 March
2018
$000
Unaudited
6 months ended
31 March
2017
$000
Audited
12 months ended
30 September
2017
$000
Unaudited
6 months ended
31 March
2018
$000
Unaudited
6 months ended
31 March
2017
$000
Audited
12 months ended
30 September
2017
$000
Unaudited
6 months ended
31 March
2018
$000
Unaudited
6 months ended
31 March
2017
$000
Audited
12 months ended
30 September
2017
$000
Segment assets835,782807,292802,7475,9176,4636,367841,699813,755809,114
Investment in equity
accounted investees1,50411,69410,851–––
1,50411,69410,851
Total assets837,286818,986813,5985,9176,4636,367843,203825,449819,965
Segment liabilities234,725240,874223,04620,34621,11421,083255,071261,988244,129
Total liabilities234,725240,874223,04620,34621,11421,083255,071261,988244,129
Capital expenditure9,61120,62436,228 12 51 131 9,62320,67536,359
Depreciation and amortisation9,9928,63218,669 74 64 134 10,0668,69618,803

19
FOR THE SIX MONTHS ENDED 31 MARCH 2018
NOTES TO THE INTERIM FINANCIAL STATEMENTS

(c) Revenue by geographical location of customers
Unaudited
6 months ended
31 March 2018
$000
Unaudited
6 months ended
31 March 2017
$000
Audited
12 months ended
30 September 2017
$000
New Zealand109,71679,666169,247
China35,82820,06240,488
Australia31,64233,39165,542
Europe30,81416,61945,554
North America26,74939,93685,083
Japan9,8689,11718,261
Korea8,8937,09712,351
Other Asia7,5248,96612,749
Other3,6511,0551,820
Middle East2,5943,2435,623
Africa2,4187,33313,589
Hong Kong1,9732,2174,326
Pacific1,1031,6613,307
Revenue272,773230,363477,940
The revenue information above is based on the delivery destination of sales.
Sales to one customer for the period accounted for $19.7m or 7% of sales (March 2017: $26.3m and 11%,
September 2017: $49.8m and 10%).
3. SEGMENT REPORTING (CONTINUED)
20
Sanford Interim Report 2018
FOR THE SIX MONTHS ENDED 31 MARCH 2018
NOTES TO THE INTERIM FINANCIAL STATEMENTS

4. BANK LOANS AND BORROWINGS (SECURED)
Carrying and face value
Unaudited
31 March 2018
$000
Unaudited
31 March 2017
$000
Audited
30 September 2017
$000
Balance at beginning of period186,121176,634176,634
Bank loans
Proceeds9,80029,70023,600
Repaid(10,000)(5,000)(14,000)
Bank overdraft and short term borrowings
Movement278(52)(113)
Balance at end of period186,199201,282186,121
Interest rates applicable2.51% - 3.41%2.62% - 3.06%2.50% - 2.87%
Bank loans are secured by a general security interest over property and a mortgage over quota shares.
All borrowings are subject to covenant arrangements. The Group has complied with all covenants during the period
(March and September 2017: all covenants were complied with).
The repayment dates of secured term loans outstanding at 31 March 2018 are - 30 April 2018: $36m , 30 April 2019:
$59.8m, 30 April 2020: $35m. The term loans expiring 30 April 2018 have subsequently been extended to 31 October 2022.
Interest rates for all loans are floating based on the bank bill rate plus a margin. The Group’s policy for term loans is to hedge
between 25% and 75% of floating rate debt by using interest rate swaps.
5. DIVIDENDS
The following dividends were declared and paid by the Company:
Unaudited
6 months ended
31 March 2018
$000
Unaudited
6 months ended
31 March 2017
$000
Audited
12 months ended
30 September 2017
$000
Ordinary dividend ($0.14 per share) December 2017
($0.14 per share December 2016, $0.09 per share June 2017)13,09113,08821,503
On 23 May 2018 the Directors approved an interim dividend of 9 cents per share (fully imputed) to be paid on 15 June
2018. This dividend has not been provided for in the accounts at 31 March 2018.
21
FOR THE SIX MONTHS ENDED 31 MARCH 2018
NOTES TO THE INTERIM FINANCIAL STATEMENTS

6. CONTINGENT LIABILITIES AND COMMITMENTS
(a) Contingent liabilities
Unaudited
31 March 2018
$000
Unaudited
31 March 2017
$000
Audited
30 September 2017
$000
Guarantees592 566 779
The Group considers guarantees to be insurance arrangements and accounts for them as such. In this respect the Group
treats the guarantee contracts as contingent liabilities until such times as it becomes probable that the Group will be
required to make payments under the guarantees.
(b) Commitments
The estimated capital expenditure for property, plant and equipment contracted for at reporting date but not provided is
$3.5m for the Group (31 March 2017: $3.2m, 30 September 2017: $1.0m).
7. IMPAIRMENT OF NON-CURRENT ASSETS
31 March 2018
Following its failure to meet survey, it has been deemed uneconomic to repair the Auckland-based inshore fishing vessel,
San Hikurangi. On this basis the vessel has been decommissioned from the fleet. An impairment loss of $2.45m has been
recognised in other expenses in the six month period ended 31 March 2018.
30 September 2017
An impairment charge of $1.8m was recognised in respect of an inshore vessel which was acquired during the 2017 financial
year. This vessel was subsequently found to have structural weakness that requires significant remediation work in order for
the vessel to meet compliance standards for fishing. The Company continues to pursue legal remedy, however no recoveries
have been recorded at balance date due to the early stage of the process (30 September 2017: none). A provision of $0.5m
was recognised at 30 September 2017 in respect of the anticipated disposal costs of this vessel.
31 March 2017
An impairment of $0.1m was recognised in respect of the Auckland Fish Market hospitality equipment as a result of
management’s decision to close this portion of the business in February 2017.
22
Sanford Interim Report 2018
FOR THE SIX MONTHS ENDED 31 MARCH 2018
NOTES TO THE INTERIM FINANCIAL STATEMENTS

8. FINANCIAL INSTRUMENTS
Carrying amounts and fair values
The following table shows the carrying amounts and fair values of financial assets and financial liabilities at reporting date.
Unaudited
6 months ended
31 March 2018
$000
Unaudited
6 months ended
31 March 2017
$000
Audited
12 months ended
30 September 2017
$000
Non-derivative financial assets not measured at fair value
(i)
Trade receivables69,83267,64755,362
Insurance settlement receivable (note 10)8,853––
Cash and cash equivalents5,0615,3815,150
Other receivables - advances to associates416420363
Non-derivative financial assets measured at fair value
(ii)
Shares in other companies (Level 3)898989
Non-derivative financial liabilities not measured at fair value
(i)
Bank overdraft and short term borrowings (secured)(55,399)(55,182)(55,121)
Trade and other payables(27,979)(26,941)(20,658)
Bank loans (secured)(130,800)(146,100)(131,000)
Total non-derivative financial assets (liabilities)(129,927)(154,686)(145,815)
Derivative financial assets (liabilities) measured at fair value
(ii)
Forward exchange contracts (Level 2)7,7735,6608,960
Foreign currency options (Level 2)5,6016,4607,521
Interest rate swaps (Level 2)(5,843)(4,584)(5,458)
Fuel swaps (Level 2)2,010361,116
Total derivative financial assets (liabilities)9,5417,57212,139
(i) Presented at carrying value which is equivalent to fair value.
(ii) Presented at fair value.
Other payables that are not financial liabilities are excluded above (provisions and employee entitlements: March 2018 $8.1m,
March 2017 $7.6m, September 2017 $8.7m).
23
FOR THE SIX MONTHS ENDED 31 MARCH 2018
NOTES TO THE INTERIM FINANCIAL STATEMENTS

9. ASSETS CLASSIFIED AS HELD FOR SALE
Unaudited
31 March 2018
$000
Unaudited
31 March 2017
$000
Audited
30 September 2017
$000
Property, plant and equipment at fair value less costs to sell 8,527 8,8098,500
Equity accounted investment at carrying amount 9,471 ––
Total assets held for sale 17,998 8,8098,500
Property, plant and equipment classified as held for sale reflects the Christchurch mussel processing facility, which was
closed during the 2015 financial year and continues to be marketed for sale. During the 2017 financial year, an impairment
of $0.3m was recognised against the carrying value. No further impairment has been recognised during the six months to
31 March 2018.
The Group is at an advanced stage of negotiations for the sale of its 50% equity accounted investment in Weihai Dong Won
Food Company Ltd. The seafood processing business located in Weihai, China is not core to the strategy of the Group and
consequently the decision has been made to sell the business. It is anticipated the sale will be completed within the next
six months and the investment is classified as held for sale at 31 March 2018.
10. HAVELOCK EARTHQUAKE UPDATE
Sanford’s Havelock mussel processing site was impacted by the 14 November 2016 Kaikoura earthquake. The Group’s
insurer has agreed a settlement of $11m in respect of this event, of which $1m was received during the period.
The insurance recovery has been recognised in other income net of the $1.1m insurance excess payable.
11. SUBSEQUENT EVENTS
No subsequent events have been identified.
24
Sanford Interim Report 2018
FOR THE SIX MONTHS ENDED 31 MARCH 2018
NOTES TO THE INTERIM FINANCIAL STATEMENTS

DIRECTORY
Board of Directors
Paul Norling, Chairman
Abby Foote
Dr Bruce Goodfellow
Peter Goodfellow
Peter Kean
Robert McLeod
Executive Management
Volker Kuntzsch, Chief Executive Officer
Clement Chia, Chief Operating Officer
Karen Duffy, Chief People Officer
Andre Gargiulo, Chief Customer Officer
Stuart Houliston, Acting Chief Financial Officer
Registered Office
22 Jellicoe Street
Freemans Bay
Auckland 1010
New Zealand
PO Box 443
Shortland Street
Auckland 1140
New Zealand
Telephone +64 9 379 4720
Facsimile +64 9 309 1190
Email info@sanford.co.nz
Website www.sanford.co.nz
Principal Bankers
ANZ Bank New Zealand Limited
Bank of New Zealand
Rabobank New Zealand Limited
Solicitors
Chapman Tripp
Russell McVeagh
Group Auditors
KPMG, Auckland
Stock Exchange
The Company’s shares trade on the
New Zealand Stock Exchange (NZX).
NZX Trading Code: SAN
The minimum marketable parcel on the Exchange
is 100 shares (price $2 to $5 per share) or 50 shares
(price $5 to $10 per share)
Share Registrar
Computershare Investor Services Limited
Private Bag 92 119
Auckland 1142
New Zealand
159 Hurstmere Road
Takapuna
Auckland 0622
New Zealand
Managing your Shareholding Online
To change your address, update your payment
instructions and to view your investment portfolio
including transactions please visit:
www.investorcentre.com/nz
General Enquiries
General enquiries can be directed to:
enquiry@computershare.co.nz
Private Bag 92 119
Auckland 1142
New Zealand
Telephone +64 9 488 8777
Please assist our registrar by quoting your
CSN or shareholder number.
Other queries should be directed to the
General Manager Risk and Corporate Affairs
at the Registered Office.
insight
creative.co.nz
SAN065
25

FOR VELOUTÉ
1 litre fish stock
200gm butter diced
2/3 cup potato starch
1.25 litre milk
METHOD
1.
To make the velouté (white sauce) heat the fish stock in a pot. In
another pot melt the butter and add the potato flour, mix well together
then add the hot fish stock and stir vigorously, making sure there are
no lumps. Add the 1.25 litre of milk and stir. Once you have a nice sauce
take off the heat and place to the side.
2.
In another large sauce pot on a medium high heat add the olive oil,
carrots, celery and onion and sweat until the vegetables are softened.
Add white wine and cook for 5-10 minutes.
3.
Add chopped mussels and thyme and mix well, then add the white
sauce. Stir and cook for 5-10 minutes on a low setting.
4.
Add remaining milk and stir.
4.
Add a tablespoon of salt and a tablespoon of white pepper, mix and
taste. Add add another tablespoon of salt if needed.
6.
Mix & serve.
MUSSEL CHOWDER
AUCKLAND SEAFOOD SCHOOL / SERVES 10
R
FOR CHOWDER
3 carrots, diced
3 onions, diced
300gm celery
1 tablespoon dried thyme
200ml olive oil
1 litre milk
400ml white wine
1.5kg chopped mussel meat (2kg fresh
mussels steamed open)
2 tablespoon fine salt
1 tablespoon white pepper