2018 Full Year Results

Part A (Rules 10.3.2 and 10.4.2)
Reporting periodTwelve months to 31 December 2018
Previous reporting periodTwelve months to 31 December 2017
2018Restated 2017*
$'000$'000
Revenue from ordinary activities - continuing operations$1,188,203$1,068,14511.2%
Profit from ordinary activities after tax attributable to
security holders - continuing operations
$5,657$37,028-84.7%
Net profit attributable to security holders$3,581$19,379-81.5%
Dividend to shareholders
Amount per share
Imputed amount
per share
No final dividend planned.
--
Dividend record date
Dividend payment date
20182017
$3.08$3.17
$0.029$0.158
Comments
Appendix 1 - Preliminary Announcements - Full Year Results
Net tangible assets per share
Earnings and diluted earnings per share
Financial commentary, audited financial statements are
attached as part of this announcement.
T&G GLOBAL LIMITED AND SUBSIDIARY COMPANIES
Results for announcement to the market
Based on audited financial statements
N/A
N/A
Percentage
change

---

Media release
27 February 2019
Growing in a challenging market – T&G Global announces 2018 financial year results
T&G Global Limited (T&G) increased its revenue by $120 million in the 2018 financial year to
$1.2 billion. Challenges in its business divisions and markets however, impacted on both
volumes and prices. These factors, combined with increases in operating expenses, saw
T&G’s operating profit decrease by $11.5 million to $15.6 million in 2018.
Operational and environmental challenges in key business divisions and markets impacted
T&G’s 2018 financial result, including a poor New Zealand growing season for apples and
the impact of Chinese tariffs.
The International Produce division saw adverse weather conditions impact on its cherry
season in Australia and the quality of its grape harvest in Peru. Despite these climatic
challenges, the division saw an increase in operating profit of $3.1 million in 2018 due to
favourable trading conditions in most of its markets, particularly the Pacific Islands.
After a record result in 2017, trading in the New Zealand Produce division returned to more
familiar levels. Poor growing conditions for tomatoes in early 2018 and an oversupply in the
domestic market late in 2018 contributed to a decline in operating profit of $8.2 million from
2017 to 2018.
Outside of its trading divisions, T&G’s share of income from associates increased from $0.4
million in 2017 to $2.5 million in 2018, mainly driven by the first full year of returns from its
investment in The Oppenheimer Group.
Total assets reduced by $50.5 million, mainly through the sale of kiwifruit post-harvest
facilities and orchard land, the sale of assets related to the processed foods business and
the sale of property in Christchurch.
T&G’s capital expenditure in 2018 was up $6.5 million to $30.2 million. The increase related
mainly to the significant investment in new bearer plants as part of a focus on key categories
and securing long term supply of key apple varieties.
T&G’s net profit after tax from continuing operations reduced by $29.8 million from $40.2
million in 2017 to $10.4 million in 2018.
T&G’s strategic focus is on strengthening core business and building vertically integrated
produce categories. A major part of this strategy is to divest of non-core assets and
businesses and reinvesting the capital in higher performing business activities.
With a new CEO, Gareth Edgecombe, who joined the company in July 2018, T&G has
undergone a major strategic review and developed a Roadmap for Growth which includes
driving global growth in apples and building new global categories, simplifying the operating
model, leveraging a strong New Zealand base and streamlining non-core assets.

For further information, please contact;
Belinda Abernethy, Corporate Communications Manager T&G Global
+64 (0) 27 564 7436
Belinda.abernethy@tandg.global

---

Annual Report
December
2018

Contents
56911
Chairman's
Report
CEO's
Report
2018 Financial
Summary
Our
Divisions
24323896
Corporate
Governance
Auditor's
Report
Financial
Satements
Five Year
Summary

5T&G Global Limited Annual Report 20184 T&G Global Limited Annual Report 2018
Chairman's
Report
The Board of Directors presents the Annual
Report for T&G Global Limited and its subsidiary
companies (“T&G” or “the Group”) for the year
ended 31 December 2018.
While 2018 was a difficult year, the financial results belie the
significant efforts made by the management team and the
progress made on a number of key initiatives. We have made real
progress in our Asian markets, achieved strong results in many
of our international trading offices, and invested further in our
sustainability programme.
Although much of the adverse impact on the result can be attributed
to factors beyond management control, particularly weather events, the
2018 financial performance highlighted the need for improvement and
increased efficiency in several operational areas. As a consequence,
substantial work has been done over the year in evaluating existing
processes across the Group and determining the optimal processes
and structures to support the Group’s strategy of growth.
Following a global recruitment search, the Board was delighted
to appoint Gareth Edgecombe as CEO in June 2018 to lead T&G
through the next phase of growth. A number of key areas of focus
have been identified, centred around propelling international
growth, developing new global categories, and further simplifying
T&G’s operating model. The scale of these changes will require
further investment in our people and in developing a high
performance culture.
Leveraging T&G’s strong intellectual property, particularly in Jazz
TM

and Envy
TM
, is fundamental to driving this growth. We have recently
announced our investment in the Hot Climate Breeding Programme,
a new partnership (with Plant & Food Research, the Institute of
Agriculture and Food Research Technology (IRTA) and Fruit Futur)
to advance the commercialisation of exciting new apple and pear
cultivars designed specifically to tackle challenges associated with
a warming global climate. Opportunities for investment in additional
brands and varieties are currently being evaluated and the Board
looks forward to updating shareholders in the near future.
To fund these growth initiatives, we will continue our programme of
divesting underperforming and non-core assets over the medium
term. This programme progressed in 2018 with the sale of the
ENZAFoods business, the Northland kiwifruit operation and the
distribution centre in Christchurch.
Preserving and improving the health and safety of our employees
continues to be a critical area of focus, and our investment in this
area has resulted in a marked improvement in the reporting and
management of critical risks.
While the near-term future global trading environment remains
uncertain, particularly with regard to Brexit and the US-Chinese
trade dispute, the Board is confident that the changes the Group
is making to its structure and processes will provide T&G with the
flexibility and resilience to perform strongly in the years ahead.
In Memoriam
It was with great sadness that the Board of Directors received the
news of the passing of two former Directors – Sir John Anderson in
November 2018 and John Wilson in January 2019.
Sir John Anderson and John Wilson were both appointed
independent Directors in April 2012 and made significant
contributions to the governance and leadership of T&G. Sir John
also served as Deputy Chairman, resigning in December 2017.
John Wilson served as Director until August 2018 and was a
member of the Human Resources Committee and Finance Risk
and Investment Committee.
Thank you
On behalf of the Board, I would like to thank the management and
employees of T&G around the world, who have worked so hard in
a challenging year to serve our customers and growers.
The Board is very excited about T&G’s prospects and
opportunities for 2019.
Prof. Klaus Josef Lutz
Chairman

7T&G Global Limited Annual Report 20186 T&G Global Limited Annual Report 2018
CEO's

Report
Overall 2018 was a challenging year for T&G,
impacted by adverse market conditions, climatic
events including a poor growing season for
apples and the impact of Chinese tariffs.
In addition to external factors, our financial
results could have been improved through
tighter operational execution.
On a positive note, we have seen continued strong growth in Asia,
excellent apple sales performance in Europe and the UK and solid
export results from our export trading offices in New Zealand, Australia,
US and Chile.
We also made progress in our commitment to a sustainable future.
In December, we launched our key platform for driving sustainability
– Kaitiakitanga. Kaitiakitanga expresses our guardianship
responsibilities and outlines our commitments to building
a sustainable business in our community.
Starting from my commencement in the role in July 2018, the
executive team has conducted a comprehensive strategic review,
working closely with our Board of Directors to determine a Roadmap
for Growth – growth in the expansion of our global business, and
growth in our financial performance.
Critically this review has concluded that we have very strong
foundations – high quality people, a network of 1,500 staff
in offices across 12 countries providing us with a truly global
footprint. We have great brands and intellectual property, including
an internationally unique position with a large-scale controlled
programme of superior apples in Jazz
TM
and Envy
TM
.
The market opportunities for capturing the growth in premium
global produce, particularly in Asia, are very attractive and we are
well placed to capitalise on this with our proximity, relationship
network and intellectual property.
The strategic review also concluded that our organisation is overly
complex with structural duplication, internal transactions, and
associated high costs. Relative to performance benchmarks, the
business needs to improve margins, reduce costs and increase
returns on capital employed.
The Roadmap for Growth that we are now in the process of
implementing is focused on the following few key themes:
Driving global growth in apples and building new global
category pillars
• We will continue to accelerate our global supply of our Jazz
TM
and
Envy
TM
brands, focusing on building strong consumer connections
with these brands in key markets through closer retail engagement
and improved quality and planning execution.
• We will concentrate our international trading on specific categories
and in particular we will build out a strong differentiated position in
table grapes and blueberries.
Simplifying our operating model, building capability and
a high performance culture
• We have taken action to simplify our organisation, reducing the
number of standalone business divisions, standardising common
processes and reducing overhead cost. This task will continue
as we build systems and processes.
• We will continue to build out our in-market capability with
increased resources in key markets.
Leveraging a strong New Zealand base
• New Zealand is our heritage and a key source of innovation
and talent. We will continue to invest in building our categories
through enhanced grower and customer relationships.
Reviewing and streamlining non-core assets
• As we invest to grow in our core global categories, we have
identified a range of non-core or low returning assets that will be
divested or restructured, providing funding for our growth initiatives.
All of these initiatives are focused on building a stronger and more
resilient business with improved customer service, returning better
financial results.
Our executive team is clear on priorities and will work with diligence
and energy to execute with excellence, delivering results that are
worthy of this incredible business.
Gareth Ed
g
ecombe
Chief Executive Officer

9T&G Global Limited Annual Report 20188 T&G Global Limited Annual Report 2018
During the 2018 financial year T&G increased its
revenue by $120.0 million from $1.1 billion in 2017
to $1.2 billion in 2018.
After surpassing a billion dollars of revenue for the first time in 2017, this
increase continues T&G’s trend of revenue growth over the past five years.
Despite this increase, challenges encountered by T&G in some of its
business divisions and markets impacted on both volumes and prices of
produce sold. Combined with an $11.6 million increase in other operating
expenses from 2017 to 2018, particularly in fleet costs, promotional costs,
and quality management costs, T&G saw its operating profit decrease
$11.5 million from $27.1 million in 2017 to $15.6 million in 2018.
Growing in a challenging market
Although revenue growth was achieved in the 2018 financial year, T&G
faced operational and environmental challenges in key business divisions
and markets. T&G’s overall gross margin decreased from 25.3% in 2017
to 22.8% in 2018 due to large price reductions in key products in certain
markets, particularly North America.
In Europe a strong demand for premium apples was heightened by a
lower than average supply of Northern Hemisphere grown fruit. The
Pipfruit division capitalised on this demand and returned a strong result
from selling into its European markets which partly compensated for the
weaker performance from North America.
Adverse weather conditions resulted in a poor cherry season in Australia,
and challenging climatic conditions in Peru caused quality issues for our
grape harvest. Despite this, the International Trading division saw an
increase in its operating profit of $3.1 million from 2017 to 2018 due to
favourable trading conditions in most of its markets, particularly in the
Pacific Islands.
After a record result in 2017, the New Zealand Produce division saw
trading return to more familiar levels. Although revenue only decreased by
$0.9 million from 2017 to 2018, poor growing conditions for tomatoes in
early 2018 and an oversupply of tomatoes in the New Zealand domestic
market in the second half of 2018 contributed to a decline in operating
profit of $8.2 million from 2017 to 2018.
Outside of its trading divisions, T&G saw its share of income from
associates increase from $0.4 million in 2017 to $2.5 million in 2018,
mainly driven by the first full year of returns from its investment in
Grandview Brokerage LLC (The Oppenheimer Group). Other income
decreased by $18.7 million from $25.3 million in 2017 to $6.6 million in
2018. This decrease was not unexpected as the prior year result included
one-off gains from revaluations and the accounting for acquisitions.
T&G’s net profit after tax from continuing operations reduced by $29.8
million from $40.2 million in 2017 to $10.4 million in 2018. Earnings per
share declined from 15.8 cents per share in 2017 to 2.9 cents in 2018.
Solid financial position
Total assets have reduced by $50.5 million, mainly through the sale of the
kiwifruit post-harvest facilities, the sale of assets related to the processed
foods business as well as the sale of property in Christchurch. T&G’s
total borrowings decreased by $32.4 million due to a lower utilisation of
available facilities, and higher repayments made possible by proceeds from
disposal of these assets.
T&G’s capital expenditure during the year was $30.2 million, up by $6.5
million on 2017. This increase related mainly to the significant investment
in new bearer plants as part of a focus on key categories and securing long
term supply of key apple varieties. The decrease in net assets has seen net
tangible assets per share decrease from $3.17 in 2017 to $3.08 in 2018,
driven by a lower asset base due to the sale of the assets mentioned above.
Integrate and simplify
T&G’s strategic focus is on strengthening the core business and using
its knowledge and international networks to build vertically integrated
produce categories. A major part of this strategy is to recycle non-core
assets and businesses and reinvesting the capital in higher performing
business activities.
This was demonstrated during the year with the sale of T&G’s processed
foods business in April 2018, and its kiwifruit orchards and packhouses
around Northland in May 2018. Proceeds from the sales are being
reinvested in core operating activities with stronger growth prospects and
higher margins.
T&G has a rich history of producing and supplying fresh fruit and
vegetables to consumers in New Zealand and around the world. The
renewed focus on integration and simplification of core businesses will
ensure T&G is well positioned to meet the growing demands of customers
across the globe in the coming years.
Bastian von Streit
Chief Financial Officer
2018 Financial
Summary

11T&G Global Limited Annual Report 201810 T&G Global Limited Annual Report 2018
Apples
T&G’s global apple business has continued to expand
on the strength of the premium Jazz™ and Envy™
brands, combined with a global market development
network and a global growing programme
providing year-round supply.
The 2018 New Zealand growing season was challenging, mainly due to
high temperatures late in the growing season which saw reduced fruit
pressure and larger sizing of fruit.
Some of the key highlights for the apples business include;
• UK and Europe achieved strong retail pricing as a result of market
activation, including consumer promotions and increased ranging
with key retailers.
• A review of New Zealand post-harvest operations and quality systems
was completed with significant investment earmarked for IT systems
and post-harvest processes. This will ensure ongoing increased
capacity and quality assurance to meet market growth requirements.
• Sales across all key Asian markets have continued to grow strongly as
a result of increased market penetration and enhanced relationships
with key customers. Envy™, in particular, has developed a loyal
following in many Asian markets and sales are expected to continue
to grow strongly in the coming years.
• Partnerships in international apple growing regions continue to build
strongly. The recent investment in Envy™ orchards in the US state of
Washington are now beginning to demonstrate productive yield. The
Envy™ crop in the 2018 US apple season has doubled and will double
again for the 2019 year.
• To ensure ongoing innovation and a pipeline of potential new
apple varieties, T&G joined Plant & Food Research, the Institute of
Agriculture & Food Research Technology (IRTA) and Fruit Futur, as
the exclusive partner for the commercialisation of new varieties. The
world-class breeding programme is designed specifically to tackle
challenges such as sunburn, colour and firmness associated with a
warming global climate.
• Our premium apple brands continued their winning run. Envy™
was voted by US consumers as their favourite apple in a consumer
competition run by the US Apple Association in 2018. In the UK,
Jazz™ took out the ‘tastiest apple’ title at the UK’s National Fruit
show, a title it has won four times before.
Milestone for
Pioneer of Pipfruit

A key team member and leader of T&G’s
European business, Tony Fissette, reached
a significant milestone marking 45 years of service
to the industry.
His role in pioneering a place for New Zealand
apples and pears on the European stage was
recognised when he was presented with the
2018 New Zealand Apples & Pears award for
outstanding contribution at the Horticulture NZ
conference in Christchurch.
Mr Fissette, who retires from T&G in 2019,
introduced the New Zealand Royal Gala and
Braeburn varieties into the European market,
and in more recent years premium JAZZ
TM
and
Envy
TM
apples.
Just 10 years ago, Tony and his team celebrated
selling 100 million cartons of New Zealand apples
in Europe. In 2018, they reached
10 million carton sales of JAZZ
TM
alone thanks to
his leadership and passion.
Tony Fissette & Christiane Bell

13T&G Global Limited Annual Report 201812 T&G Global Limited Consolidated Financial Statements 2018
International
markets
The International Trading division has progressed
well through 2018, establishing a strong platform
for further expansion in 2019.
Some of the key highlights in the International Trading
portfolio include;
• The Pacific Islands business, primarily involving the export of
New Zealand fruit and vegetables, and a marketplace operation in
Fiji, has continued to grow strongly both in revenue and profitability.
• In Australia, T&G’s partnership with Vizzarri to market
asparagus has been a solid performer. T&G has also
experienced strong growth in exports of stone fruit and
grapes into the Asian market.
• Expansion of the grape category has seen record volumes
of US and South American table grapes exported by T&G into
the Asian market. This will continue to be a key focus for
growth going forward.
• In addition, strong growth continues in the blueberry segment with
increasing exports from New Zealand and South America as well as
successful early trials of new varieties in Australia through
a partnership with Fall Creek.
1312 13T&G Global Limited Annual Report 2018T&G Global Limited Annual Report 2018

15T&G Global Limited Annual Report 201814 T&G Global Limited Annual Report 2018
NZ Produce
New Zealand is the home base of T&G which
continues to partner with more than 1,500
domestic and international growers of fruit and
vegetables to provide local customers with fresh
produce all year-round.
These relationships are complemented with T&G’s own growing
operations, 12 New Zealand-wide market floors and a 50-strong
fleet and transport network, all of which enable the business to
continue to source and sell fresh produce throughout the year.
Bee-pollinated tomato brand Beekist
®
had a packaging makeover
in 2018, moving from plastic punnets to 98% cardboard. The
cardboard punnets were embraced by consumers and introduced
new buyers to Angel
®
, Tasty Mix
TM
, Jellybean
TM
, Tomato Melody
TM
,
Heritage, Farmers Harvest, Sunshine Mix, Chefs Selection and
Kumato
®
.
T&G’s own-grown Beekist
®
tomatoes remain the leading tomatoes in
the pre-pack category in New Zealand with the category second only
to potatoes in terms of vegetable spend.
Sales of New Zealand’s first lower carb and calorie potato brand
Lotatoes
TM
continue to outstrip supply aided by three significant
marketing accolades for the brand.
T&G continued its strategy of focusing on its core business in 2018
with the sale of its Northland kiwifruit orchards, packhouse facilities
and assets to Seeka Ltd (Seeka). The agreement saw Seeka purchase
T&G’s post-harvest facilities in Northland for the packing and storing
of avocados, kiwifruit and citrus. T&G also sold approximately 80
hectares of orchards in and around Northland to Seeka containing
the Hayward, ENZAGold
TM
and ENZARed
TM
kiwifruit as well as
Zespri Sungold varieties. T&G remains the trademark owner of
the kiwifruit brands and has access to fruit grown by Seeka for its
customer-base in New Zealand and overseas.
The sale was part of T&G’s intention to focus on its key produce
categories. As part of this focus, T&G is redeveloping its citrus
and berry growing operations in Northland and other parts of the
country with a focus on enhanced varieties and protected cropping.
Health, safety and wellbeing continues to be one of the key focus
areas for our business, and 2018 saw improvements in traffic
management across the network of trading and growing sites.
In terms of technology and innovation, the business has seen
steady growth and acceptance of T&G’s wholesale online ordering
application FirstPick, which will form the basis for further technology
enhancements in the future.
T&G’s marketing team won the PMA Australia-New
Zealand 2018 marketer of the year award for its
Lotatoes™ potato brand campaign. The awards are
the premier celebration for marketing excellence in
the Australasian fresh produce and floral industries.
In September 2018, T&G also won an award for
best campaign at the TVNZ-NZ Marketing awards
for Lotatoes™.
Lotatoes
TM
win!

16 17T&G Global Limited Annual Report 2018T&G Global Limited Annual Report 2018
As part of a strategy refresh through to 2025, T&G
introduced a new strategic pillar – Kaitiakitanga,
which means guardianship, care and protection.
For T&G, Kaitiakitanga means that we treat our land, people,
produce, resources and community with the greatest respect and
care as guardians of their future.
Kaitiakitanga is essentially how we do business at T&G and holds
great significance for the culture being built at T&G, one of care
and protection for our people, our resources, our communities
and the land on which we work and grow.
T&G held a blessing ceremony on its Mt Wellington market floor
which was livestreamed to all sites with the unveiling of a Māori
carving that represents Kaitiakitanga.
Our new strategic pillar is supported by eight aspirations for 2025
and outlines the initiatives T&G will take.
The aspirations are:
• CARBON NEUTRAL GROWTH
To achieve carbon neutral growth, T&G will increase
its revenue with no net increase in emissions.
• LOWER INPUT, SMARTER GROWING
Do more and use less through continuous
improvement in our resource management.
• 100% ETHICALLY CERTIFIED SOURCING
To reach 100% ethically certified sourcing of our produce,
all T&G grown or handled produce will be either GRASP
or SEDEX certified.
• PROTECT AND CONSERVE OUR HABITATS
Take pride in our wider environment and support
surrounding ecosystems.
• ZERO WASTE TO LANDFILL
All T&G sites across New Zealand will send zero waste
to landfill by 2025.
• HOME HEALTHY AND SAFE
Home Healthy and Safe is about making health and safety
what we do at T&G.
• OWN BRAND PACKAGING
100% recyclable and made from 100% renewable resources.
• HEALTHY COMMUNITIES
T&G encourages everyone to enjoy ‘Healthy Eating, Active
Living’ or as we say, H.E.A.L.
Strategic Pillar
d
“Treat our land, people, produce,
resources and community with
the greatest respect and care as
guardians of their future .
”

18 19T&G Global Limited Annual Report 2018T&G Global Limited Annual Report 2018
Sustainability
A key aspiration for T&G is to have 100% recyclable,
renewable packaging for our own brands by 2025.
Our Beekist
®
brand has started T&G off on our
sustainability journey towards establishing more
sustainable packaging solutions. Beekist
®
tomatoes
are now packed in cardboard punnets with a soft
plastic window, a packaging solution that we are
looking at developing further based on feedback
from consumers and retail partners.
To achieve carbon neutral growth by 2025, T&G is actively
monitoring its natural gas consumption to identify inefficiencies.
Through its collaboration with the Energy Efficiency Conservation
Authority, T&G is able to develop a proof of concept for machine
learning in its glasshouses to increase accuracy of production
predictions and reduce food and energy wastage in the supply chain.
T&G is engaging its sites in understanding what solutions are
needed to achieve a zero-waste goal.
In early 2018, T&G conducted waste audits at all New Zealand
sites to identify waste streams created onsite and increase access
to recycling bins. The business built an online waste reporting
platform with automated data feeds and site access for managers
to ensure progress towards a zero waste to landfill goal is tracked.
Smarter water controls have been developed to support lower
input and smarter growing. With the onset of El Niño weather
patterns predicted to bring drier summers to New Zealand,
conservation and smart use of water is paramount in T&G's orchards.
T&G has partnered with Pessl Instruments from Austria, who
has installed an iMetos Eco reader on a trial orchard in Hawke’s
Bay. This device provides moisture and temperature readings
every 10 centimetres through the soil profile via solar powered
technologies. It gives growers the ability to read soil moisture
directly on their smartphones in combination with weather
forecasting from the onsite weather station. T&G is able to
use both the real time effect of irrigation and likely rain events
to manage tree health including fruit sizing, tree vigour, and
nutrient uptake.
T&G is trialling the planting of phacelia down boundary hedges,
especially boundaries with crops like potatoes. Phacelia harbours
beneficial insects like hover fly, lacewing and parasitic wasps
to help protect plants from other pests that are attracted to
neighbouring crops.
Health
& Safety
T&G is committed to getting its people
home safe and helping them be healthy.
The business is focused on managing
its critical risks, especially those where
there is potential for serious harm.
T&G has developed a good understanding
of these risks and the controls needed
to mitigate them.
For 2018, an area of focus was on the risk of
pedestrians being hit by forklifts and other site
vehicles, as well as machine guarding. This has seen
traffic management plans established for all of T&G's
New Zealand sites which will be fully implemented
early in 2019. T&G’s risk reduction programme will
continue in 2019, with key areas of focus being falls
from heights, general vehicle safety, hazardous
substances and psychosocial risks.

20 21T&G Global Limited Annual Report 2018T&G Global Limited Annual Report 2018
Our
Community
T&G continued its strong community support in
2018 including partnering with Garden to Table
Charitable Trust, Fruit in Schools (providing fresh fruit
to lower decile New Zealand schools), 5+A Day and
Kiwi Harvest and supporting more than one hundred
community events by supplying healthy produce.
It’s part of T&G’s commitment to promoting healthier
futures through fresh fruit and vegetables.
The Garden to Table sponsorship sees T&G work with New Zealand
schools to nurture children’s passion for growing, harvesting, preparing
and sharing fresh fruit and vegetables.
As well as providing garden beds and equipment for schools, T&G also
developed a nationwide awards programme - Young Gardener of the Year
awards, designed to encourage more schools and kids to take
up the school gardening challenge. In 2018, more than 130 entries
from 45 primary schools were received from across New Zealand
in the eagerly contested awards.
Young Gardener of the Year awards 2018

22 23T&G Global Limited Annual Report 2018T&G Global Limited Annual Report 2018
Our Board

of Directors
Prof. Klaus Josef Lutz
Chairman & Non-Independent Director
Director since April 2012
Prof. Klaus Josef Lutz has been Chief Executive Officer of BayWa
Aktiengesellschaft (BayWa) since July 2008. He began his career
initially as a lawyer but soon assumed managerial positions in a
number of different sectors which enabled him to gain extensive
experience, above all in the restructuring and development of
companies.
He is a member of the supervisory boards of a number of listed
and private companies including Euro Pool System International
B.V. (chairman), RWA Raiffeisen Ware Austria AG, Unser
Lagerhaus Warenhandelsgesellschaft m.b.H and Giesecke
& Devrient GmbH (chairman).
In 2013, Prof. Lutz was appointed as an honorary professor
of Managerial Economics of Co-operative Societies at the
Technische Universität München.
Andreas Helber
Non-Independent Director
Director since April 2012

Board committees: Member of the
Finance, Risk and Investment Committee
Andreas Helber has been BayWa’s
Chief Financial Officer since 2010.
Mr Helber began his career at KPMG
in Munich where he qualified as a tax
consultant and auditor.
Mr Helber is a member of the supervisory
boards of a number of private and
listed companies including R+V
Pensionversicherung AG, RWA Raiffeisen
Ware Austria AG, and Unser Lagerhaus
Warenhandelsgesellschaft m.b.H.
Carol Campbell
Independent Director
Director since June 2010
Board committees: Chair of the Finance,
Risk and Investment Committee, Member
of the Human Resources Committee
Carol Campbell is a chartered accountant
and a member of Chartered Accountants
Australia and New Zealand. Mrs Campbell
has extensive financial experience and
sound understanding of efficient
Board governance.
Previously a partner of Ernst & Young for
25 years she is also director of a number
of other companies including NZ Post Ltd,
Kingfish Ltd, Marlin Global Ltd, Barramundi
Ltd, Kiwibank Ltd and NZME Ltd.
Mau Wah Liu
Non-Independent Director
Director since April 2017
Mau Wah Liu has more than 30 years of
experience in the produce industry and
enterprise management. In 1998, he
founded Golden Wing Mau Enterprise
Development Co. Ltd. He is the Chairman
of Golden Wing Mau Agricultural Produce
Corporation (Joy Wing Mau Group), which
he established in 2003.
Mr Liu has won numerous industry
honours and awards including receiving
the China Fruit Marketing Association
Award – Person of the Year in 2016.
Rob Hewett
Independent Director
Director since August 2018
Board committees: Chair of the Human
Resources Committee, Member of the
Finance, Risk and Investment Committee.
Rob Hewett is also co-chair of Silver Fern
Farms Ltd and chair of Silver Fern Farms
Co-operative Ltd as well as of Clutha
Development Incorporated. Furthermore,
he is a director of Farmlands Co-operative
Society Ltd, Hilton Haulage LP Ltd
and Pioneer Energy Ltd.
Mr Hewett holds a Master’s Degree in
Commerce and Marketing (Hons), a BCom
(Ag) Economics and is a chartered member
of the New Zealand Institute of Directors.
Christiane Bell
Non-Independent Director
Director since February 2014
Christiane Bell has sat on T&G’s
Board as a representative of majority
shareholder, BayWa, since 2014.
Ms Bell is the General Manager Fruit at
BayWa and responsible for BayWa's Global
Produce. She is also currently a director of
Obst vom Bodensee Vertriebsgesellschaft
m.b.H. and TFC Holland B.V.
Previously, Ms Bell served as head of
fruit, vegetables and baked goods at
discounters Penny and as Sales Director
Germany/Scandinavia with The Greenery.
Ralf Tobias Priske
Non-Independent Director
Director since December 2017
Board committees: Member of the
Human Resources Committee
Ralf Tobias Priske started working for
BayWa in 1998 as a member of the legal
department providing advice to the
various branches of the company and
had a leading role in the acquisition of the
majority of the shares of T&G by BayWa in
2012. From 2013 to 2015 he worked for
the renewable energy sector of the BayWa
Group as Deputy Legal Counsel focusing
on establishing the renewable energy
business in the US.
In July 2015 Mr Priske was appointed
as BayWa’s Company Secretary.

24 25
The Board has not at this stage established a
Nominations Committee owing to a belief that director
appointments are of such significance that they should be
a direct responsibility of the full Board. This matter is kept
under review.
Interests register
The Company and each subsidiary of the Company
are required to maintain an interests register in which
particulars of certain transactions and matters involving
the directors must be recorded. The interests registers
for the Company and its subsidiaries are available for
inspection at its registered office.
Details of all matters that have been entered in the
interests register of a company by individual directors
during the year are outlined in the statutory information
section of these accounts, and should be read in
conjunction with the individual directors’ profiles.
T&G management structure
T&G’s organisational structure is focused on its five
business divisions being Pipfruit, International Produce,
New Zealand Produce, Processed Foods
and Other. These operations are managed separately
with direct reporting to the CEO and to the Board which
exercises overall control.
Risk identification and management
T&G has adopted a system of internal control, based on
written procedures, policies and guidelines. To reinforce
this, an internal audit function exists that reports to the
Board through the FRIC.
The Board acknowledges that it is responsible for
the overall internal control framework. In discharging
this responsibility the Board has in place a number
of strategies designed to safeguard T&G’s assets and
interests and to ensure the integrity of reporting.
Procedures are in place to identify areas of significant
business risk and to remediate and effectively manage
those risks. As required, the Board obtains advice from
external advisors.
While the Board acknowledges that it is responsible for
the overall control framework of T&G, it recognises that
no cost effective internal control system will preclude all
errors and irregularities.
Directors’ and Officers’ insurance
The Company has arranged directors’ and officers’
liability insurance covering directors acting on behalf of
the Company. Cover is for damages, judgements, fines,
penalties, legal costs awarded and defence costs arising
from wrongful acts committed while acting for the
Company.
The types of acts that are not covered are dishonest,
fraudulent and malicious acts or omissions; wilful breach
of statute, regulations or duty to the Company; improper
use of information to the detriment of the Company; and
breach of professional duty.
Tax strategy and governance
T&G operates within a framework of prudent and
proactive tax risk management.
T&G’s tax strategy is focused on providing high quality
management and governance, which results in ensuring
that T&G pays the appropriate amount of tax within each
market that it operates.
T&G implements this strategy through the tax risk
management principles within its Risk Management
Framework.
In conducting its activities in New Zealand and offshore,
T&G ensures that it:
• Complies with all relevant tax legislation in each tax
jurisdiction in which it operates;
• Meets all its tax obligations on time;
• Pays the correct amount of tax that is due;
• Obtains expert advice as required where complex
international transactions are involved.
The statutory corporate tax rate in New Zealand is 28%
and on average over the five-year period (2014 to 2018),
T&G’s effective tax rate was 21%. T&G’s average effective
tax rate is lower than the statutory corporate tax rate
in New Zealand due to the different corporate tax rates
applicable for T&G’s subsidiaries operating in foreign
jurisdictions, and the impact of non-deductible and non-
taxable items.
Role of the Board
The Board is responsible to shareholders for the
performance of the Company, which includes setting
the objectives and the strategies for achieving those
objectives, identifying significant areas of business risk and
implementing policies to deal with those risks, setting the
overall policy framework and monitoring the continuing
performance of the Company and its management. The
Board also ensures that procedures are in place to provide
effective internal financial control.
Responsibility for the day-to-day management of T&G is
delegated by the Board to the Chief Executive Officer (CEO).
The Board is committed to act with integrity and expects
high standards of behaviour and accountability from all
staff members.
Board membership
There are no executive directors across the Board
but a broad mix of skills and industry experience relevant
to the guidance of the Company’s businesses. Mrs C.A.
Campbell and Mr R. Hewett are independent directors for
the purposes of the NZX listing rules.
Conduct of the Board
The Board has adopted a formal Code of Ethics which
sets out the expected standards of professional conduct
of its members.
The Board meets at regular intervals and conducts its
affairs to ensure matters can be discussed openly, frankly
and confidentially. Any potential conflicts of interest
relating to directors are identified and disclosed. Affected
directors are usually not permitted to vote on any related
matter where a conflict exists.
The Board operates a code of conduct that forbids
directors and other affected parties to deal in the
Company’s shares at any time when they are in
possession of insider information and during periods
which are deemed by the Board to be ‘closed’ periods.
These closed periods customarily include the end of the
six and 12 month reporting cycles, and until such time
as profit announcements have been publicly disclosed.
Closed periods include any additional period when the
Board is engaged in matters that are likely to have an
impact on the market value of the shares.
Board access to advice
All directors have access to the advice and services of the
Secretary to the Board and the Board has established
a procedure whereby directors and Board committees
have the right, in connection with their duties and
responsibilities, to seek independent professional advice
at the Company’s expense, with the prior approval of the
chairman.
Independent professional advice includes professional
legal and financial advice, but excludes any advice on
the personal interests of a director. The Board regularly
invites key managers and executives to attend and
present at Board meetings, and interaction with directors
is routinely encouraged.
Board committees
The Board has two constituted committees, the Finance,
Risk and Investment Committee (FRIC) and the Human
Resources Committee (HRC), both of which operate
under Board approved charters.
The FRIC meets at least four times per year and is
responsible for overseeing compliance with statutory
financial regulations and related responsibilities, ensuring
that effective systems of accounting and internal control
are established and maintained, overseeing internal
and external audit, and liaising with T&G’s independent
auditors. This committee is chaired by Mrs C.A. Campbell,
and comprises Mr R. Hewett and Mr A. Helber. The FRIC
members also meet separately with the auditors as
required.
The HRC is responsible for reviewing, approving and
monitoring T&G’s Health and Safety Policy, Strategy,
Annual Plan and programme of work. This ensures the
health and safety of all those who work for or come into
contact with T&G. Additional responsibilities include
ensuring that the remuneration strategy, policies and
practices reward fairly and responsibly with a clear link to
T&G’s strategic objectives and corporate and individual
performance; and assisting the Board in succession
planning for the CEO and senior management positions
which identifies and targets individuals for development.
This Committee meets at least four times per year and
comprises Mr R. Hewett (chair), Mrs C.A. Campbell and
Mr R.T. Priske.
The Board is the governing body of T&G Global Limited (the Company) and its
subsidiary companies (T&G).
CORPORATE GOVERNANCE
T&G Global Limited Annual Report 2018T&G Global Limited Annual Report 2018

26 27
The current year total remuneration spread takes into
account the impact of exchange rate movements on
employees paid in foreign currencies.
CEO remuneration
The CEO remuneration consists of fixed remuneration,
short-term incentive and long-term incentive.
Fixed remuneration
Mr Edgecombe commenced employment on 9 July
2018, and received remuneration of $790,145 during
the 2018 Financial Year. This amount includes employer
kiwisaver contributions, a vehicle allowance and 50% of a
signing bonus, the balance of which is payable at the first
anniversary of his employment. His base salary for 2018
was $850,000.
Short term incentive
Subject to the achievement of targets set by the Board
at the start of each year, Mr Edgecombe will be entitled
an annual bonus of up to 40% of base salary. This bonus
can be over- and underachieved; no bonus will be paid if
the achievement rate is less than 50% and the maximum
amount is capped at 150%. The targets are related to
profitability, and no bonus will be payable should the
relevant targets not be met.
Long term incentive (LTI)
Mr Edgecombe will be entitled to participate in a LTI
scheme set by the Board, based on an earnings before
interest and tax growth plan. The fulfilment of 100% of
the goals under the scheme will entitle Mr Edgecombe to
a LTI payment of 50% of his base salary, payable in equal
portions over a three year period. The goals relate to long-
term shareholder value creation, and can be over- and
underachieved; no bonus will be paid if the achievement
rate is less than 50% and the maximum amount is capped
at 150%.
Details of the previous CEO’s remuneration have not been
disclosed for reasons outlined in the 2017 Annual Report.
Directors’ shareholdings
As at 31 December 2018, no current directors or parties
associated with current directors held ordinary shares
(2017: nil).
There were no share transactions during the year ended
31 December 2018 in which directors held 'relevant
interests'.
Indemnification and insurance of directors
and officers
The Company indemnifies all directors named in this
report, and current and former executive officers of
T&G against all liabilities (other than to the Company or
members of T&G) which arise out of the performance of
their normal duties as director or executive officer, unless
the liability relates to conduct involving lack of good faith.
To manage this risk, T&G has indemnity insurance. The
total cost of this insurance including directors and officers
of offshore companies during the 12 months was $32,000
(2017: $32,000).
Information used by directors
No member of the Board of the Company, or any
subsidiary, issued a notice requesting to use information
received in their capacity as director which would not
otherwise have been available to them.
Interested transactions
No directors disclosed the existence of any transactions with
T&G during the 12 months in which they held an interest.
NZX waiver from listing rule 5.2.3
During the year, the Company held a waiver from New
Zealand Exchange (NZX) listing rule 5.2.3 Spread that was
granted in April 2012. NZX listing rule 5.2.3 provides that
an issuerʼs securities will generally not be considered for
quotation on the NZX unless those securities are held by
at least 500 members of the public holding at least 25%
of the number of securities of that class issued, and those
requirements are maintained, or the NZX is otherwise
satisfied that the issuer will maintain a spread of security
holders sufficient to ensure a sufficiently liquid market in
the class of securities.
As BayWa Aktiengesellschaft and Wo Yang Limited are not
considered members of the public for the purpose of the
listing rules, less than 25% of the quoted securities of T&G
are held by members of the public and therefore the
Company does not meet the requirements of listing rule 5.2.3.
The NZX granted the Company a waiver from listing rule
5.2.3 under the following conditions:
a. The waiver, its conditions, and its effect on the
Companyʼs shareholders are disclosed in each annual
report for the year upon which it was relied; and
b. The Company notifies the NZX if there are any
material changes to its spread.
The waiver has the effect of ensuring security holders have
a ready market to purchase or sell securities.
Substantial shareholders
The following information is given pursuant to Section 26
of the Security Markets Act 1988.
The following parties are recorded by the Company as
at 31 January 2019 as substantial security holders in
the Company, and have declared the following relevant
interest in voting securities under the Securities Markets
Act 1988:
BayWa Aktiengesellschaft90,671,206
Wo Yang Limited24,496,386
The total number of voting securities issued by the
Company as at 31 January 2019 was 122,543,204.
STATUTORY INFORMATION
Auditors
Deloitte Limited has continued to act as the principal
auditor of T&G and has undertaken the audit of the
financial statements for the year ended 31 December
2018.
Directors’ loans
No director is in receipt of any loans from T&G.
Directors’ remuneration
The following persons held office as director during
the year. Remuneration paid or accrued included incentive
payments, vehicles, superannuation and other benefits,
where applicable. On top of fees, directors also receive an
annual travel allowance of $1,000.
12 months to 31 December 2018
DIRECTORS OF T&G$’000
Prof. K.J. Lutz45
C.U.G. Bell 36
C.A. Campbell (director fees)93
C.A. Campbell (committee work)10
A. Helber36
M.W. Liu36
R.T. Priske38
J.S. Wilson (resigned on 9 August 2018)56
R. Hewett (appointed on 9 August 2018)37
Directors and Officers composition
At 31 December 2018 the gender composition of T&G’s
directors and officers was as follows:
MALEFEMALE
Directors52
Officers53
Employee remuneration
T&G paid remuneration including benefits in excess of
$100,000 to employees (other than directors) during
the 12 months. The salary banding for the employees is
disclosed in the following table:
12 months to 31 December 2018
NUMBER OF EMPLOYEES
$’000 NZD EQUIVALENT20182017
100-1103548
110-1203430
120-1302023
130-1402117
140-1502227
150-1602811
160-170916
170-180713
180-19089
190-20067
200-21055
210-22043
220-23025
230-24054
240-25021
250-2601-
260-27034
270-280--
280-29033
290-30022
300-310-1
310-320-2
320-3303-
330-34012
340-35011
350-36021
360-37011
380-3901-
390-400-1
400-41032
420-430-1
430-440-1
440-4501-
460-470-1
490-500-2
530-540-1
570-5802-
660-670-1
1,090-1,100-1
1,260-1,2701-
Total233247
T&G Global Limited Annual Report 2018T&G Global Limited Annual Report 2018

28 29
Spread of security holders
as at 31 January 2019
RANGE
TOTAL
HOLDERS
% OF TOTAL
HOLDERSUNITS
% OF ISSUED
CAPITAL
1 to 4996110.89%15,3920.01%
500 - 9998515.18%62,0950.05%
1,000 - 1,99911821.07%160,2460.13%
2,000 - 4,99910919.47%343,0390.29%
5,000 - 9,9998415.00%574,6000.47%
10,000 - 49,9998314.82%1,756,2241.43%
50,000 - 99,99991.61%546,3180.45%
100,000 - 499,99971.25%887,6310.72%
500,000 - 999,999----
1,000,000 and above40.71%118,197,65996.45%
Total560100%122,543,204100%
Domicile of shareholders
as at 31 January 2019
LOCATION
TOTAL
HOLDERS
% OF TOTAL
HOLDERSUNITS
New Zealand 53795.89%7,282,794
Australia 142.50%43,602
Hong Kong 30.53%24,502,941
United Kingdom20.36%5,247
Germany 10.18%90,693,154
Malaysia 10.18%11,716
United States of America10.18%2,750
Singapore 10.18%1,000
Total560100.00%122,543,204
20 largest shareholders
as at 31 January 2019
NAMEUNITS
% OF ISSUED
CAPITAL
BayWa Aktiengesellschaft 90,671,20673.99%
Wo Yang Limited 24,496,38619.99%
National Nominees New Zealand Limited 1,258,7681.03%
Bartel Holdings Limited 1,172,9970.96%
HSBC Nominees (New Zealand) Limited 404,5270.33%
R.J. Turner, C.E. Turner, Redoubt Trustees Limited & Evans Penell Trustees Limited 202,6890.17%
FNZ Custodians Limited 139,0150.11%
H.J. Goodwin 117,9860.10%
S.J. Turner, C.M. Turner & D.H. Turner 117,2830.10%
Tribal New Zealand Traders Limited 108,3740.09%
L.R. Hotham101,4820.08%
A.E. Waite 100,8020.08%
BNP Paribas Nominees (NZ) Limited96,1700.08%
P.J.S. Rowland93,5070.08%
M.C. Goodson, D.D. Perron, Goodson & Perron Independent Trustee Limited 79,3390.06%
TEA Custodians Limited Client Property Trust Account 69,0000.06%
R.M. Scott 63,4940.05%
Epic Trustees Limited 55,1080.04%
E.M. Wood, L.A. Wood & B.L. Wood 54,5860.04%
D.W. Browne, J.F. Browne & M.R. Bangma 50,2840.04%
119,453,00397.48%
T&G Global Limited Annual Report 2018T&G Global Limited Annual Report 2018

30 31T&G Global Limited Consolidated Financial Statements 2018T&G Global Limited Consolidated Financial Statements 201830 T&G Global Limited Consolidated Financial Statements 201831T&G Global Limited Consolidated Financial Statements 2018

32 33T&G Global Limited Consolidated Financial Statements 2018T&G Global Limited Consolidated Financial Statements 2018
Independent Auditor’s Report
To the Shareholders of T&G Global Limited
Opinion
Basis for opinion
Audit materiality
Key audit matters
Other information
Directors’ responsibilities
for the consolidated
financial statements
We have audited the consolidated financial statements of T&G Global Limited and its subsidiaries (the
‘Group’), which comprise the consolidated balance sheet as at 31 December 2018, and the consolidated
income statement, statement of comprehensive income, statement of changes in equity and statement
of cash flows for the year then ended, and notes to the consolidated financial statements, including a
summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements, on pages 38 to 95, present fairly, in
all material respects, the consolidated financial position of the Group as at 31 December 2018, and its
consolidated financial performance and its consolidated cash flows for the year then ended in accordance
with New Zealand Equivalents to International Financial Reporting Standards (‘NZ IFRS’) and International
Financial Reporting Standards (‘IFRS’).
We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and International
Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of
our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised) Code
of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board
and the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants,
and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Other than in our capacity as auditor including the provision of audit related services, the provision of
whistle blower hotline services, and administration of the corporate tax payer group of which the Group
is a member, we have no relationship with or interests in the Company or any of its subsidiaries. These
services have not impaired our independence as auditor of the Company and Group.
We consider materiality primarily in terms of the magnitude of misstatement in the financial statements
of the Group that in our judgement would make it probable that the economic decisions of a reasonably
knowledgeable person would be changed or influenced (the ‘quantitative’ materiality). In addition, we
also assess whether other matters that come to our attention during the audit would in our judgement
change or influence the decisions of such a person (the ‘qualitative’ materiality). We use materiality both in
planning the scope of our audit work and in evaluating the results of our work.
Based on our professional judgement, we determined the quantitative materiality for our audit of the
Group’s financial statements as a whole to be $7.0 million.
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the consolidated financial statements of the current period. These matters were addressed in
the context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
The directors are responsible on behalf of the Group for the other information. The other information
comprises the information in the Annual Report that accompanies the consolidated financial statements
and the audit report.
Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially inconsistent with
the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated. If so, we are required to report that fact. We have nothing to report in this regard.
The directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the
directors determine is necessary to enable the preparation of consolidated financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group
for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless the directors either intend to
liquidate the Group or to cease operations, or have no realistic alternative but to do so.
KEY AUDIT MATTERSHOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTERS
Valuation of Biological Assets (Note 14)
The Group’s biological assets of $28.2 million (2017: $27.0 mil-
lion) predominantly represent produce like apples, blueberries,
citrus fruit and tomatoes growing on bearer plants (e.g. trees
and vines) at balance date.
Biological assets are measured at fair value less estimated
point-of-sale costs. This is determined by the Group using
discounted cash flow models.
The valuation of biological assets is a key audit matter due to
the subjective judgements and assumptions in the valuation
models, many of which are specific to the present location
and condition of the asset and therefore unobservable in the
market. As disclosed in Note 14 of the Group’s financial state-
ments, these unobservable inputs and assumptions include
the forecast production per hectare per annum by weight,
prices expected to be received per season, costs expected to
be incurred and a discount rate reflecting the risks inherent in
growing the crops.
The discount rate takes into account the risk of unknown
adverse events including natural events, the possible impact of
diseases and other adverse factors that may impact the quality,
yield or price of the crop.
We held discussions with management to understand if there were
changes in market or environmental conditions, or other risks
inherent in the current crop valuations. Our audit procedures were
focused on the higher value biological assets, or where in our pro-
fessional judgement there is a greater level of uncertainty associated
with the cash flow forecasts.
We engaged our internal valuation specialist to consider whether the
valuation methods applied were reasonable.
We compared the forecast production per hectare, forecast prices,
and forecast costs to the approved budgets for the relevant fruit
growing activities, and assessed the historical accuracy of the Group’s
forecasts.
With input from our internal valuation specialist, we assessed the
discount rates assumed in the model and evaluated changes from
the prior year. We also performed sensitivity analysis to assess the
impact that a change in the discount rate has on the valuation of the
biological assets.
We checked the mechanical accuracy of the discounted cash flow
models.

35
T&G Global Limited Consolidated Financial Statements 2018
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Auditor’s responsibilities
for the audit of the
consolidated financial
statements
Restriction on use
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs and ISAs (NZ) will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located
on the External Reporting Board’s website at:
http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/
This description forms part of our auditor’s report.
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so
that we might state to the Company’s shareholders those matters we are required to state to them in
an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company’s shareholders as a body, for our audit work, for
this report, or for the opinions we have formed.
Andrew Dick, Partner
for Deloitte Limited
Auckland, New Zealand
27 February 2019

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TABLE OF CONTENTS
Income statement..............................................................................................................................................................................................................38
Statement of comprehensive income...........................................................................................................................................................................39
Statement of changes in equity......................................................................................................................................................................................40
Balance sheet......................................................................................................................................................................................................................41
Statement of cash flows...................................................................................................................................................................................................42
Notes to the financial statements
1General information............................................................................................................................................................................................43
2Basis of preparation............................................................................................................................................................................................43
3New accounting standards, amendments and interpretations................................................................................................................44
4Segment information..........................................................................................................................................................................................48
5Revenue..................................................................................................................................................................................................................50
6Other income........................................................................................................................................................................................................51
7Expenses................................................................................................................................................................................................................52
8Net financing expenses......................................................................................................................................................................................55
9Taxation..................................................................................................................................................................................................................55
10Reconciliation of profit after income tax to net cash flow from operating activities...........................................................................57
11Trade and other receivables.............................................................................................................................................................................58
12Inventories.............................................................................................................................................................................................................60
13Derivative financial instruments.......................................................................................................................................................................60
14Biological assets...................................................................................................................................................................................................61
15Property, plant and equipment........................................................................................................................................................................64
16Investment property...........................................................................................................................................................................................70
17Intangible assets..................................................................................................................................................................................................71
18Commitments.......................................................................................................................................................................................................72
19Discontinued operations...................................................................................................................................................................................74
20Investments in subsidiaries...............................................................................................................................................................................75
21Investments in joint ventures...........................................................................................................................................................................78
22Investments in associates..................................................................................................................................................................................78
23Trade and other payables..................................................................................................................................................................................81
24Loans and borrowings........................................................................................................................................................................................81
25Contingencies.......................................................................................................................................................................................................83
26Reconciliation of liabilities from financing activities......................................................................................................................................84
27Capital and reserves............................................................................................................................................................................................85
28Dividends...............................................................................................................................................................................................................87
29Earnings per share..............................................................................................................................................................................................87
30Financial risk management...............................................................................................................................................................................87
31Related party transactions.................................................................................................................................................................................94
32Events occurring after the balance date........................................................................................................................................................95

38
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For the year ended 31 December 2018
INCOME STATEMENT
NOTES
2018
$’000
Restated*
2017
$’000
Continuing operations
Revenue51,188,2031,068,145
Other operating income614,9398,465
Purchases, raw materials and consumables used(917,417)(798,084)
Employee benefits expenses7(160,113)(155,494)
Depreciation and amortisation expenses7(23,246)(20,775)
Other operating expenses7(86,741)(75,164)
Operating profit15,62527,093
Financing income8841891
Financing expenses8(13,029)(12,028)
Share of profit from joint ventures21694908
Share of profit from associates222,534435
Other income66,57725,289
Other expenses7 - (634)
Profit before income tax from continuing operations13,24241,954
Income tax expense9(2,848)(1,708)
Profit after income tax from continuing operations10,39440,246
Discontinued operations
Loss for the year from discontinued operations19(2,076)(17,649)
Profit for the year8,31822,597
Attributable to:
Equity holders of the Parent3,58119,379
Non-controlling interests4,7373,218
Profit for the year8,31822,597
Profit attributable to equity holders of the Parent relates to:
Profit from continuing operations5,657 37,028
Loss from discontinued operations(2,076)(17,649)
3,581 19,379
Earnings per share (in cents)
Basic and diluted earnings from continuing and discontinued operations292.915.8
Basic and diluted earnings from continuing operations294.630.2
* The prior year comparative numbers have been restated as set out in note 19.
The accompanying notes form an integral part of these financial statements.
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2018
NOTES
2018
$’000
Restated*
2017
$’000
Profit for the year8,31822,597
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
(Loss) / gain on revaluation of property, plant and equipment:
Held by subsidiaries of the Group -55,120
Held by equity-accounted associate -600
(Loss) / gain on revaluation of investment in unlisted entity27(177)1,265
Deferred tax effect on revaluation of property, plant and equipment9 -(8,300)
Deferred tax effect on sale of property, plant and equipment93,885 -
3,70848,685
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations(1,165)3,167
Cash flow hedges:
Fair value (loss) / gain, net of tax(11,691)4,913
Reclassification of net change in fair value to profit or loss6,934(8,414)
(5,922)(334)
Other comprehensive (expense) / income for the year(2,214)48,351
Total comprehensive income for the year 6,10470,948
Total comprehensive income for the year is attributable to:
Equity holders of the Parent 1,49566,664
Non-controlling interests4,6094,284
6,10470,948
* The prior year comparative numbers have been restated as set out in note 19.
The accompanying notes form an integral part of these financial statements.

40
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For the year ended 31 December 2018
STATEMENT OF CHANGES IN EQUITY
NOTES
Share
capital
$’000
Revaluation
and other
reserves
$’000
Retained
earnings
$’000
Total
$’000
Non-
controlling
interests
$’000
Total
equity
$’000
2017
Balance at 1 January 2017176,35781,28986,793344,4392,383346,822
Profit for the year - -19,37919,3793,21822,597
Other comprehensive income
Revaluation of property, plant and equipment27 -55,720 -55,720-55,720
Deferred tax effect on revaluation of property, plant
and equipment
27 -(8,300) -(8,300) -(8,300)
Revaluation of investment in unlisted entity27 -1,265 -1,265 -1,265
Exchange differences on translation of foreign
operations
-2,108 -2,1081,0593,167
Movement in cash flow hedge reserve27 -(3,508) -(3,508)7(3,501)
Total other comprehensive income -47,285 -47,2851,06648,351
Transactions with owners
Dividends28 - -(7,353)(7,353)(2,261)(9,614)
Purchase price adjustment to acquisition of
non-controlling interest in subsidiary
- -387387 -387
Total transactions with owners - -(6,966)(6,966)(2,261)(9,227)
Sale of shares in subsidiary -2159,4229,6372,74712,384
Acquisition of subsidiary -(25)25 -4,6664,666
Balance at 31 December 2017176,357128,764108,653413,77411,819425,593
2018
Balance at 1 January 2018176,357128,764108,653413,77411,819425,593
Adjustment on initial application of NZ IFRS 93 - -(300)(300) -(300)
Adjusted balance at 1 January 2018176,357128,764108,353413,47411,819425,293
Profit for the year - -3,5813,5814,7378,318
Other comprehensive income / (expense)
Deferred tax effect on sale of property, plant and
equipment
27 -3,885 -3,885 -3,885
Revaluation of investment in unlisted entity27 -(177) -(177) -(177)
Exchange differences on translation of foreign
operations
-(1,003) -(1,003)(124)(1,127)
Movement in cash flow hedge reserve27 -(4,753) -(4,753)(4)(4,757)
Total other comprehensive expense -(2,048) -(2,048)(128)(2,176)
Transactions with owners
Dividends28 - -(14,708)(14,708)(3,107)(17,815)
Total transactions with owners - -(14,708)(14,708)(3,107)(17,815)
Transfer from asset revaluation reserve due to asset
disposal
27 -(15,736)15,736 - - -
Transfer from revaluation reserve due to sale of
investment in unlisted entity
27 -(1,650)1,650 - - -
Balance at 31 December 2018176,357109,330114,612400,29913,321413,620
The accompanying notes form an integral part of these financial statements.
BALANCE SHEET
As at 31 December 2018
NOTES
2018
$’000
2017
$’000
Current assets
Cash and cash equivalents36,77826,400
Trade and other receivables11152,086153,729
Inventories1224,51537,536
Taxation receivable6,9946,087
Derivative financial instruments131,8643,682
Biological assets1428,18527,047
Total current assets250,422254,481
Non-current assets
Trade and other receivables118,42810,037
Derivative financial instruments138841,648
Investments in unlisted entities1062,192
Property, plant and equipment15396,546450,981
Investment property1615,316-
Intangible assets1736,59737,632
Investments in joint ventures214,4904,543
Investments in associates2235,38037,202
Total non-current assets497,747544,235
Total assets748,169798,716
Current liabilities
Trade and other payables23133,875135,444
Borrowings244,15918,497
Derivative financial instruments135,9632,018
Total current liabilities143,997155,959
Non-current liabilities
Trade and other payables232371,148
Borrowings24146,100164,162
Derivative financial instruments135,2304,976
Deferred tax liabilities938,98546,878
Total non-current liabilities190,552217,164
Total liabilities334,549373,123
Equity
Share capital27176,357176,357
Revaluation and other reserves27109,330128,764
Retained earnings114,612108,653
Total equity attributable to equity holders of the Parent400,299413,774
Non-controlling interests13,32111,819
Total equity413,620425,593
Total liabilities and equity748,169798,716
Approved for and on behalf of the Board
Prof. K.J. Lutz C.A. Campbell
Director (Chairman) Director (Chair of Finance, Risk and Investment Committee)
27 February 2019 27 February 2019
The accompanying notes form an integral part of these financial statements.

43
T&G Global Limited Consolidated Financial Statements 2018
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For the year ended 31 December 2018
STATEMENT OF CASH FLOWS
NOTES
2018
$’000
2017
$’000
Cash flows from operating activities
Cash was provided from:
Cash receipts from customers1,219,3711,111,642
Income tax refund - 56
Other406527
Cash was disbursed to:
Payments to suppliers and employees(1,164,258)(1,080,642)
Interest paid(9,128)(8,952)
Income taxes paid(7,142)(8,909)
Net cash inflow from operating activities1039,24913,722
Cash flows from investing activities
Cash was provided from:
Dividends received from joint ventures and associates1,8535,167
External loan repayments from suppliers, customers, joint ventures and
associates
-228
Proceeds from sale of other property, plant and equipment104140
Proceeds from sale of investment in associate3,350 -
Proceeds from sale of kiwifruit post-harvest and orchard assets33,436 -
Proceeds from sale of processed foods business4,799 -
Proceeds from sale of distribution centre14,851 -
Proceeds from sale of wholesale flower business - 2,280
Acquisition of business - 2,094
Cash was disbursed to:
Purchase of property, plant and equipment15(28,875)(20,374)
Purchase of intangible assets17(1,304)(3,284)
Purchase of equity interest - (1,045)
Other(90)(224)
Net cash inflow / (outflow) from investing activities28,124(15,018)
Cash flows from financing activities
Cash was provided from:
Net proceeds from short-term borrowings - 12,100
Proceeds from long-term borrowings22,00025,000
Cash was disbursed to:
Dividends paid to non-controlling interests28(3,107)(2,261)
Dividends paid to Parent's shareholders28(14,708)(7,353)
Repayment of borrowings(53,746)(9,812)
Deferred consideration on purchase of non-controlling interests(1,060)(3,094)
Deferred consideration on purchase of business(593)(500)
Bank facility fees and transaction fees(3,721)(3,480)
Payments on finance leases(654)(514)
Net cash (outflow) / inflow from financing activities26(55,589)10,086
Net increase in cash and cash equivalents11,7848,790
Foreign currency translation adjustment(1,406)546
Cash and cash equivalents at the beginning of the year26,40017,064
Cash and cash equivalents at the end of the year36,77826,400
The accompanying notes form an integral part of these financial statements.
1. GENERAL INFORMATION
Reporting entity and statutory base
T&G Global Limited (the Parent) and its subsidiary companies (the
Group), are recognised as one of New Zealand’s leading growers,
distributors, marketers and exporters of premium fresh produce
in over 60 countries around the world. Key categories for the
Group include apples, pears, grapes, citrus (lemons, mandarins
and navel oranges), asparagus, berries and tomatoes.
These consolidated financial statements presented are for the
Group which comprises the Parent and its subsidiaries, joint
ventures and associates as at 31 December 2018.
The Parent is registered in New Zealand under the Companies Act
1993 and is a FMC Reporting Entity under the Financial Market
Conducts Act 2013, and the Financial Reporting Act 2013.
The Parent is a limited liability company incorporated and
domiciled in New Zealand and is listed on the New Zealand Stock
Exchange. The address of its registered office is 1 Clemow Drive,
Mount Wellington, Auckland.
BayWa Aktiengesellschaft (the Ultimate Parent) is the ultimate
parent of the Group.
2. BASIS OF PREPARATION
These consolidated financial statements have been prepared in
accordance with New Zealand Generally Accepted Accounting
Practice (NZ GAAP). They have been prepared in accordance with
New Zealand equivalents to International Financial Reporting
Standards and other applicable New Zealand Financial Reporting
Standards as appropriate for profit-oriented entities (NZ IFRS), and
International Financial Reporting Standards (IFRS).
These consolidated financial statements are expressed in New
Zealand dollars which is the presentation currency of the Group.
All financial information has been rounded to the nearest
thousand ($’000) unless otherwise stated.
Measurement basis
The measurement basis adopted in the preparation of these
consolidated financial statements is historical cost except for
certain assets and liabilities identified in specific accounting
policies which are stated at fair value.
Basis of consolidation
In preparing these consolidated financial statements, subsidiaries
are fully consolidated from the date on which the Group gains
control until the date on which control ceases. All intercompany
transactions, balances, income and expenses between the Group’s
companies are eliminated. Accounting policies of subsidiaries, joint
ventures and associates have been aligned where necessary to
ensure consistency with policies adopted by the Group.
The Group applies the acquisition method to account for business
combinations. The consideration transferred for the acquisition of
a subsidiary is the fair value of the assets transferred, the liabilities
incurred to the former owners of the acquiree and the equity
interests issued by the Group. The consideration transferred
includes the fair value of any asset or liability resulting from a
contingent consideration arrangement.
Identifiable assets acquired, and liabilities and contingent liabilities
assumed in a business combination are measured initially at fair
values at the acquisition date. The Group recognises any non-
controlling interest in the acquiree on an acquisition-by-acquisition
basis, either at fair value or at the non-controlling interest’s
proportionate share of the recognised amounts of the acquiree’s
identifiable assets.
Acquisition related costs are expensed as incurred.
If the business combination is achieved in stages, the acquisition
date fair value of the acquirer’s previously held equity interest in
the acquiree is initially remeasured at fair value at the acquisition
date through profit or loss.
Goodwill is initially measured as the excess of the aggregate of the
consideration transferred and the amount of any non-controlling
interest and fair value of the acquirer’s previously held interest
(if any) over the net identifiable assets acquired and liabilities
assumed. If this consideration is lower than the fair value of the
net assets of the subsidiary acquired, the difference is recognised
in profit or loss.
Basis of accounting
Significant accounting policies are set out within the notes to
which those policies are applicable and are designated with a
symbol. All other significant accounting policies are set out on the
following page. Other than the first time adoption of NZ IFRS 15
Revenue from Contracts with Customers (NZ IFRS 15) and NZ IFRS 9
Financial Instruments (NZ IFRS 9) (refer note 3), there have been no
changes made to accounting policies during the year.
NOTES TO THE FINANCIAL STATEMENTS

44 T&G Global Limited Consolidated Financial Statements 2018
45
T&G Global Limited Consolidated Financial Statements 2018
2. BASIS OF PREPARATION (CONTINUED)
Foreign currency translation
The assets and liabilities of the Group’s subsidiaries that do
not have New Zealand dollars as their functional currency are
translated to New Zealand dollars at foreign exchange rates
ruling at balance sheet date. The revenues and expenses of these
foreign operations are translated to New Zealand dollars at rates
approximating the foreign exchange rates ruling at the dates of
the transactions. Exchange differences arising from the translation
of foreign operations are recognised in other comprehensive
income and accumulated in the foreign currency translation
reserve.
Non-monetary assets and liabilities that are measured at historical
cost in a foreign currency are translated using the exchange rate
on the date of the transaction. Non-monetary assets and liabilities
denominated in foreign currencies that are stated at fair value are
translated to New Zealand dollars at the foreign exchange rate on
the dates that the fair value was determined.
Fair value estimation
Where fair value measurement has been applied, a symbol
designates the paragraph describing the valuation method used.
The Group uses various valuation methods to determine the fair
value of certain assets and liabilities. The inputs to the valuation
methods used to measure fair value are categorised into three
levels:









Goods and Services Tax (GST)
The income statement, statement of comprehensive income
and statement of cash flows have been presented with all items
exclusive of GST. All items in the balance sheet are stated net
of GST, except for receivables and payables, which include GST
invoiced.
Critical accounting estimates and judgments
The Group makes estimates and judgments concerning the future.
The resulting accounting estimates may, by definition, not equal
the related actual results. The estimates and judgments that have
a potential risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year
are discussed within the notes to which those judgments are
applicable and are designated with a symbol.
3. NEW ACCOUNTING STANDARDS,
AMENDMENTS AND INTERPRETATIONS
New standards, amendments and interpretations adopted in
the current year
The Group adopted NZ IFRS 9 and NZ IFRS 15 during the current
reporting period. As a result of the adoption, the Group had to
change its accounting policies and make certain adjustments
disclosed below.
NZ IFRS 15 Revenue from Contracts with Customers (NZ IFRS 15)
NZ IFRS 15 establishes a comprehensive framework for
determining whether, how much and when revenue is recognised.
This new standard replaces the guidance in NZ IAS 18 Revenue
(NZ IAS 18), which covers revenue from contracts for goods and
services, and NZ IAS 11 Construction Contracts (NZ IAS 11), which
covers accounting for revenue earned through construction
contracts.
The Group has adopted NZ IFRS 15 using the modified
retrospective method, with the effect of initially applying this
standard recognised at the date of initial application at 1 January
2018. Accordingly, the information presented for 2017 has not
been restated. It is presented, as previously reported, under NZ
IAS 18 and related interpretations.
NZ IFRS 15 is based on the core principle that revenue is
recognised when control of goods or services transfers to a
customer, and that the amount of revenue recognised reflects
the consideration to which an entity expects to be entitled to
in exchange for those goods or services which are delivered or
performed under contracts with customers.
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
Level 1: Quoted prices (unadjusted) in active markets for
identical assets or liabilities.
Level 2: Inputs other than quoted prices included within
level 1 that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from
prices).
Level 3: Inputs for the asset or liability that are not based on
observable market data (that is, unobservable inputs).
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
3. NEW ACCOUNTING STANDARDS,
AMENDMENTS AND INTERPRETATIONS
(CONTINUED)
New standards, amendments and interpretations adopted in
the current year (continued)
NZ IFRS 15 Revenue from Contracts with Customers (NZ IFRS 15)
(continued)
The Group recognises revenue from the following major sources:
• Sale of fresh fruit and vegetables to local and export markets.
• Provision of coolstore and packhouse services.
• Agency commission earnt on fresh fruit and vegetables and
processed food products sold on behalf of third parties.
• Royalties based on a percentage of sales of the Group’s
licensed apple varieties.
Sale of fresh fruit and vegetables to local and export markets
Revenue from sale of fresh fruit and vegetables is recognised
either when the goods are dispatched or when goods have
reached their destination, depending on the terms and
agreements with customers and when documentary evidence
supports the customer taking ownership and control of the
product. Due to the perishable nature of produce there is the
potential of returns, claims and rejects from the customer. The
impact of claims and returns have been assessed and found to be
not significant to the revenue recognised and hence there are no
impacts on the Group’s revenue recognition.
The adoption of NZ IFRS 15 did not have a significant impact on
the Group’s revenue recognition.
There are no significant impacts at 31 December annually due to
the seasonality of the business as the Group generates most of its
revenue during the middle of the year and completes its seasonal
processes before the final quarter of the year. Any uncertainty in
revenue recognition is eliminated by year-end.
Provision of coolstore and packhouse services
The Group earns revenue through the provision of coolstore and
other storage services.
These services involve the Group providing coolstore and other
storage space to its partner growers and third parties for the
purposes of storing fruit. The fruit is stored, on average, between
four to five months depending on market demand and contracts
for service are initiated and concluded within the same calendar
year. Revenue is recognised over time as these services are being
performed.
The Group also provides packing services for its partner growers
and third parties. These services relate to the preparation and
packing of fruit for distribution. Revenue from these services are
recognised at a point-in-time.
There are no other obligations to perform services under such
contracts that will impact the revenue being recognised as services
are performed.
Commissions revenue
The Group acts as an agent in specific arrangements as it does not
have:
• Primary responsibility for fulfilling the promise to provide the
goods or services to the end-customer.
• Inventory risk before goods are transferred to the end-
customer.
• The discretion to establish the price of goods and services
above.
Under NZ IFRS 15, to determine if the Group is acting as a
principal or an agent the Group is required to assess whether it
controls a specified good or service before it is transferred to the
customer. This is not dissimilar to the Group’s previous practice in
determining if it is acting as a principal or agent and there are no
significant impacts on the adoption of NZ IFRS 15 on the Group’s
accounting policies.
Royalty revenue
The Group recognises royalty revenue on its licenced apple
varieties when actual sales of those apple varieties occur. This is
in line with the requirements of NZ IFRS 15 and the adoption of
the new standard did not have a significant impact on the Group’s
accounting policies.
NZ IFRS 9 Financial Instruments (NZ IFRS 9)
NZ IFRS 9 sets out requirements for recognising and measuring
financial assets, financial liabilities and some contracts to buy or
sell non-financial items. This standard replaces NZ IAS 39 Financial
Instruments: Recognition and Measurement (NZ IAS 39).
The Group has applied the transition requirements of NZ IFRS
9. No comparative information was restated. Instead, the impact
of adopting the new standard is reflected in opening equity on 1
January 2018.
The Group has assessed that the new classification and
measurement requirements will not have a material impact on its
balance sheet or equity. The impact of the change related solely
to the new impairment requirements, as described further on the
next page.

46 T&G Global Limited Consolidated Financial Statements 2018
47
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
3. NEW ACCOUNTING STANDARDS,
AMENDMENTS AND INTERPRETATIONS
(CONTINUED)
New standards, amendments and interpretations adopted in
the current year (continued)
NZ IFRS 9 Financial Instruments (NZ IFRS 9) (continued)
Corresponding amendments made to NZ IFRS 7 Financial
Instruments: Disclosures (NZ IFRS 7) as a result of NZ IFRS 9 being
effective in the current year have impacted disclosures relating to
financial instruments for the year ended 31 December 2018 (refer
note 30).
Classification of financial assets and liabilities
There are new measurement categories under NZ IFRS 9 for each
class of the Group’s financial assets as at 1 January 2018. These
changes are listed below -
• The Group’s cash and cash equivalents, loans receivable and
trade and other receivables are held to collect contractual
cash flows that are expected to represent solely payments
of principal and interest. On transition to NZ IFRS 9, these
financial assets will continue to be measured at amortised
cost and classified as ‘Measured at amortised cost’.
• The Group has investments in unlisted entities which
it intends to hold for the foreseeable future. Fair value
movements in the shares have previously been recorded
in other comprehensive income and classified as ‘Available-
for-sale’. On transition to NZ IFRS 9, the Group has elected
to classify these as ‘Fair value through other comprehensive
income’ with changes in fair value continuing to be
accumulated in the revaluation reserve.
The change in categories does not affect the carrying values of
the financial assets with all balances remaining the same as at 1
January 2018.
There is no significant impact on the Group’s accounting for
financial liabilities.
Impairment of financial assets
NZ IFRS 9 introduces a new impairment model that requires the
recognition of impairment provisions based on expected credit
losses (ECL) rather than only incurred credit losses as was the case
under NZ IAS 39.
The new impairment model applies to the Group’s financial assets
measured at amortised cost and consequently the Group will be
required to record expected credit losses, either on a 12-month
or lifetime basis, on all loans receivable and trade and other
receivables.
The Group has applied the simplified approach and records
lifetime expected losses on all receivables.
For assets in the scope of the NZ IFRS 9 impairment model, this
has resulted in an earlier recognition of credit losses, and an
increased amount of loss allowance recognised on applicable
terms. The Group has determined that the application of NZ
IFRS 9’s impairment requirements at 1 January 2018 results in an
additional impairment as follows:
Impact of adoption
NZ IFRS 9 at
1 January 2018
$’000
Retained Earnings
31 December 2017 closing balance
under NZ IAS 39
108,653
Recognition of NZ IFRS 9 expected
credit losses
(300)
Opening balance at 1 January 2018108,353
Hedging
The Group has determined that all existing hedge relationships
that are currently designated in effective hedging relationships will
continue to qualify for hedge accounting under NZ IFRS 9.
For its foreign exchange options, the Group continues to designate
both the intrinsic value and time value of the option as the hedging
instrument. Changes in the fair value of options continue to be
recorded in ‘cash flow hedge reserve’ within equity.
For its forward exchange contracts, the Group continues to
designate both the spot element and the forward element of the
forward contract as the hedging instrument. Changes in the fair
value of the forward contract continue to be recorded in ‘cash flow
hedge reserve’ within equity.
Hedge ratios are specifically determined for each operating
segment within the Group and by referencing the Group’s
Treasury Policy. Hedge ineffectiveness is measured based on
reference to the timing of cashflows and hedge implementation.
Any ineffectiveness from the hedge relationship will be recognised
in profit or loss.
3. NEW ACCOUNTING STANDARDS,
AMENDMENTS AND INTERPRETATIONS
(CONTINUED)
New standards, amendments and interpretations not yet
adopted
New standards, amendments and interpretations have been
published that will be mandatory for the Group’s accounting
periods beginning on or after 1 January 2019. The standards that
will have an impact on the Group are discussed below. None of
these have been early adopted:
NZ IFRS 16 Leases (NZ IFRS 16)
NZ IFRS 16 is effective for annual periods beginning on or
after 1 January 2019. The standard deals with the recognition,
measurement, presentation and disclosure of leases and replaces
the current guidance in NZ IAS 17 Leases (NZ IAS 17). The new
standard introduces a single model for lessees which recognises
all leases on the balance sheet through an asset representing
the rights to use the leased item during the lease term and a
liability for the obligation to make lease payments. This removes
the distinction between operating and finance leases and aims to
provide users of the financial statements relevant information to
assess the effect that leases have on the balance sheet, income
statement and cash flows of the reporting entity. One of the key
judgment areas in applying the new requirements relates to the
assessment of whether an option to extend or terminate the
lease contract will be exercised. Lessor accounting remains largely
unchanged from NZ IAS 17 for the Group.
The Group reviewed leases where the Group is the lessee and
these leases primarily relate to building leases for properties, and
leases of orchards and trucks.
The Group intends to use the modified retrospective approach
with the right-of-use (ROU) asset being equal to the lease liability
as at commencement date for all existing leases at 1 January 2019.
The ROU assets are subsequently depreciated using the straight
line method over the shorter of the estimated useful lives of the
ROU assets or the remaining estimated lease term. The estimated
useful lives of ROU assets are determined on the same basis as
similar owned assets within property, plant and equipment. The
lease liabilities are initially measured at the present value of the
unpaid lease payments at commencement date, discounted using
a discount rate.
The discount rates used are the Group’s incremental borrowing
rates (IBR). The Group’s IBR will be the average of the IBR rates
obtained from financial institutions for each asset type based on
terms similar to the lease term and for similar assets.
The Group will be applying the following practical expedients when
applying the new lease standard NZ IFRS 16 to leases previously
classified as operating leases under NZ IAS 17:
• The use of a single discount rate to a portfolio of leases with
similar characteristics.
• Not recognising ROU assets and liabilities for leases with less
than 12 months of lease term.
• Not recognising ROU assets and liabilities if the leased asset is
considered a low value asset.
The estimated impact of adopting NZ IFRS 16 for the period
beginning 1 January 2019 is shown below:
1 January 2019
$’000
Balance Sheet
Right-of-use assets 59,400
Lease obligations (59,400)
Under NZ IAS 17, all lease payments on operating leases are
presented as part of cash flows from operating activities. The
estimated impact of the changes under NZ IFRS 16 would be to
reduce the cash generated by operating activities by $15.4 million
and to increase net cash used in financing activities by the same
amount.
Other standards, amendments and interpretations
There are other standards, amendments and interpretations
which have been approved but are not yet effective. The Group
expects to adopt other standards when they become mandatory.
None are expected to materially impact the Group’s financial
statements, although may result in change in disclosure.
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)

48 T&G Global Limited Consolidated Financial Statements 2018
49
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
4. SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-makers. The
chief operating decision-makers have been identified as the Chief Executive Officer, the Chief Operating Officer and the Chief Financial
Officer for the Group.
The chief operating decision-makers assess the performance of the operating segments based on operating profit, which reflects earnings
before net financing expenses, share of profit from joint ventures and associates, other income, other expenses and income tax expense.
Inter-segment pricing is determined on an arm’s length basis. Segment results include items directly attributable to a segment as well as
those that can be allocated on a reasonable basis.
No single external customer’s revenue accounts for 10% or more of the Group’s revenue.
Operating segments
The Group comprises the following main operating segments:
Segment information provided to the chief operating decision-makers for the reportable segments is shown in the following tables:
Pipfruit
$’000
International
Produce
$’000
New Zealand
Produce
$’000
Processed
Foods
$’000
Other
$’000
Total
$’000
2018
Total segment revenue663,236271,032239,57427,150381,201,030
Inter-segment revenue(502)(4,254)(8,071) - - (12,827)
Revenue from external customers662,734266,778231,50327,150381,188,203
Purchases, raw materials and consumables used(523,579)(232,826)(133,138)(23,004)(834)(913,381)
Depreciation and amortisation expenses(13,765)(586)(6,472)(774)(1,649)(23,246)
Net other operating expenses(97,677)(30,085)(90,615)(9,496)(8,078)(235,951)
Segment operating profit / (loss)27,7133,2811,278(6,124)(10,523)15,625
Net financing expenses(12,188)
Share of profit from joint ventures694
Share of profit from associates2,534
Other income6,577
Profit before income tax from continuing
operations
13,242
OPERATING SEGMENTSIGNIFICANT OPERATIONS
PipfruitGrowing, packing, cool storing, sales and marketing of pipfruit worldwide.
International Produce
International trading activities other than pipfruit. Major markets are Asia, Australia and the Pacific. Product
is sourced from New Zealand, Australia, North America, South America and Europe.
New Zealand Produce
Growing, trading and transport activities within New Zealand. This incorporates the New Zealand wholesale
markets and the tomato, kiwifruit and citrus growing operations until the sale of the kiwifruit operations in
April 2018.
Processed Foods
Includes the sale and marketing of processed foods, and trading activities in Australia, New Zealand and
North America.
OtherIncludes properties and corporate costs.
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
4. SEGMENT INFORMATION (CONTINUED)
The Group is domiciled in New Zealand. The total revenues from external customers in New Zealand and other regions are:
The total non-current assets other than trade and other receivables, derivative financial instruments and investment in unlisted entities
located in New Zealand and other countries are:
Pipfruit
$’000
International
Produce
$’000
New Zealand
Produce
$’000
Processed
Foods
$’000
Other
$’000
Total
$’000
2017 (Restated)
Total segment revenue575,897231,754242,61536,3367881,087,390
Inter-segment revenue(672)(8,357)(10,216) - - (19,245)
Revenue from external customers575,225223,397232,39936,3367881,068,145
Purchases, raw materials and consumables used(442,792)(198,861)(124,737)(32,013)319(798,084)
Depreciation and amortisation expenses(11,877)(749)(6,341)(26)(1,782)(20,775)
Net other operating expenses(92,995)(23,608)(91,856)(3,110)(10,624)(222,193)
Segment operating profit / (loss)27,5611799,4651,187(11,299)27,093
Net financing expenses(11,137)
Share of profit from joint ventures908
Share of profit from associates435
Other income25,289
Other expenses(634)
Profit before income tax from continuing
operations
41,954
2018
$’000
Restated
2017
$’000
New Zealand276,619285,908
Australia and Pacific Islands117,596121,469
Asia316,788271,464
Americas92,41277,711
Europe384,788311,593
Total revenues from continuing operations1,188,2031,068,145
2018
$’000
2017
$’000
New Zealand438,601480,086
Other49,72850,272
Total488,329530,358

50 T&G Global Limited Consolidated Financial Statements 2018
51
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
5. REVENUE
The Group records revenue from the following sources:
Sale of produce
Revenue from the sale of produce is recognised either on dispatch or when the produce has reached its destination, depending
on the terms and agreements with customers and when there is supporting evidence that control and ownership of the produce
has transferred to the customer.
Commissions
The Group acts as an agent in certain revenue generating transactions where it facilitates the sale of produce into markets and
customers. Commission revenue is recognised in these instances when there is supporting evidence that control and ownership
of goods have transferred to the end-customer.
Services
The Group derives the majority of its service revenue through the provision of cool storage and packing services during the
growing and selling seasons. Revenue from the provision of services is recognised simultaneously as the services are being
performed over the length of the service contract or at a point-in-time depending on the specifics of the contract.
Royalties
The Group recognises revenue from royalties when actual sales of the Group’s licenced apple varieties occur.
Principal and agency arrangements
The Group holds arrangements in which it acts as the principal and other arrangements in which it acts as the agent. The
following factors have been used by the Group in distinguishing whether it acts as the principal or the agent in specific
arrangements:
• Primary responsibility for fulfilling the promise to provide the goods or services to the end-customer.
• Inventory risk before goods are transferred to the end-customer.
• The discretion to establish the price of goods and services above.
Pipfruit
$’000
International
Produce
$’000
New Zealand
Produce
$’000
Processed
Foods
$’000
Other
$’000
Total
$’000
2018
Nature of revenue
Sale of produce 606,385 266,507 172,500 25,875 - 1,071,267
Commissions 15,535 (601) 23,377 1,142 - 39,453
Services 34,659 872 35,565 133 38 71,267
Royalties 6,155 - 61 - - 6,216
Revenue from external customers 662,734 266,778 231,503 27,150 38 1,188,203
Timing of revenue recognition
At a point in time
Sale of produce 606,385 266,507 172,500 25,875 - 1,071,267
Commissions 15,535 (601) 23,377 1,142 - 39,453
Services 25,927 872 35,319 133 38 62,289
Royalties 6,155 - 61 - - 6,216
654,002 266,778 231,257 27,150 38 1,179,225
Over time
Services8,732 - 246 - - 8,978
8,732 - 246 - - 8,978
Revenue from external customers 662,734 266,778 231,503 27,150 38 1,188,203
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
5. REVENUE (CONTINUED)

6. OTHER INCOME
Other income
Other operating income consists of the following:
NOTES
2018
$’000
Restated
2017
$’000
Net exchange gains1,180631
Net gain from changes in fair value of biological assets1410,3603,819
Net gain from reversal of previous property, plant and equipment revalua-
tion changes through profit and loss
6001,002
Rent2,5842,559
Other215454
Total14,9398,465
Pipfruit
$’000
International
Produce
$’000
New Zealand
Produce
$’000
Processed
Foods
$’000
Other
$’000
Total
$’000
2017 (Restated)
Nature of revenue
Sale of produce519,008222,435172,01134,714531948,699
Commissions17,494(81)24,8721,56037644,221
Services32,4011,04335,38662(119)68,773
Royalties6,322 - 130 - - 6,452
Revenue from external customers 575,225 223,397 232,399 36,336 788 1,068,145
Timing of revenue recognition
At a point in time
Sale of produce519,008222,435172,01134,714531948,699
Commissions17,494(81)24,8721,56037644,221
Services24,5341,04335,11962(305)60,453
Royalties6,322 - 130 - - 6,452
567,358 223,397 232,132 36,336 602 1,059,825
Over time
Services7,867 - 267-1868,320
7,867 - 267 - 1868,320
Revenue from external customers 575,225 223,397 232,399 36,336 788 1,068,145

52 T&G Global Limited Consolidated Financial Statements 2018
53
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
6. OTHER INCOME (CONTINUED)
Other income consists of the following non-operating activities:

7. EXPENSES
Depreciation and amortisation expenses
2018
$’000
2017
$’000
Gain on sale of kiwifruit post-harvest and orchard assets 4,814 -
Gain on disposal of investment in associate 120 -
Gain on disposal of distribution centre 1,643 -
Gain on acquisition of equity interest in associate -15,381
Gain on disposal of wholesale flower business - 1,702
Gain on revaluation of investment in subsidiary - 8,206
Total6,57725,289
NOTES
2018
$’000
Restated
2017
$’000
Continuing operations
Depreciation1521,76519,107
Amortisation171,4811,668
23,24620,775
Discontinued operations
Depreciation152982,507
Amortisation17 - 97
2982,604
Total23,54423,379
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
7. EXPENSES (CONTINUED)
Other operating expenses
Other operating expenses includes the following:
Employee benefits expenses
Defined contribution plans
Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as
incurred.
Short-term employee benefits
Employee entitlements to salaries and wages and annual leave, to be settled within twelve months of the reporting date, rep-
resent present obligations resulting from employees’ services provided up to the reporting date, calculated at undiscounted
amounts based on remuneration rates that the Group expects to pay.
During the year, contributions of $4.0 million were made by the Group towards employees’ superannuation schemes (2017: $3.8 million).
Audit fees
Audit fees of the Group and related services from the Group’s auditors consist of the following:
2018
$’000
2017
$’000
Deloitte Limited and affiliated firms
Audit of the financial statements597679
Audit related services916
Other services4036
Other auditors
Audit services provided309314
NOTES
2018
$’000
Restated
2017
$’000
Directors' fees31387455
Fleet costs20,54820,003
Net impairment of trade receivables13169
Net loss on disposal of property, plant and equipment2,077224
Professional fees11,57810,052
Promotion costs8,1947,001
Rental and property related costs21,23319,995
Repairs and maintenance9,7988,544
Research and development1,3731,769
Travel and accommodation4,9815,497

54 T&G Global Limited Consolidated Financial Statements 2018
55
T&G Global Limited Consolidated Financial Statements 2018
7. EXPENSES (CONTINUED)
Audit expenses (continued)
Services performed by Deloitte Limited in 2018 comprise the following:
• Audit of statutory financial statements for the Group and individual subsidiary companies, including offshore subsidiaries with local
statutory audit requirements where Deloitte Limited, or a member of its network, is the auditor.
• Audit related services including procedures relating to the interim financial statements.
• Review of solvency return for a captive insurance subsidiary.
• Other services including whistleblower hotline services and administration of the corporate tax payer group.
During the year, subsidiaries of the Group engaged other auditors to perform audit services and the fees paid were as follows:
Other expenses
Other expenses consists of the following non-operating activities:
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
2018
$’000
2017
$’000
BDO for Delica (Shanghai) Fruit Trading Company Limited119
Burgess Hodgson LLP for Worldwide Fruit Limited7549
HLB Mann Judd for Delica Australia Pty Limited, Delica Domestic Pty Limited and T&G
Vizzarri Farms Pty Limited
7495
Hutchinson and Bloodgood LLP for Delica North America, Inc.95120
Moss Adams LLP for ENZAFRUIT Products Inc.5441
Total309314
NOTES
2018
$’000
Restated
2017
$’000
Impairment of intangible assets
From continuing operations17-634
From discontinued operations17-256
Total-890
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
8. NET FINANCING EXPENSES
9. TAXATION
Income tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the relevant taxation
authorities based on the current period’s taxable income and any adjustments in respect of previous years.
Deferred tax
Deferred tax is provided on all temporary differences at the reporting date between the tax bases of assets and liabilities and
their carrying amounts for financial reporting purposes.
Income tax is recognised in the income statement apart from when it relates to items recognised directly in other comprehensive
income or equity, in which case it is recognised in other comprehensive income or equity.
(a) Taxation on profit before income tax
2018
$’000
Restated
2017
$’000
Finance income
Interest income719784
Other122107
Total841891
Finance expenses
Interest expense on borrowings(12,342)(11,161)
Effective interest on long-term receivables(206)(252)
Effective interest on deferred consideration(16)(102)
Interest expense on finance lease liabilities(22)(32)
Bank fees(443)(481)
Total(13,029)(12,028)
Net financing expenses(12,188)(11,137)
2018
$’000
Restated
2017
$’000
Current tax expense(6,856)(5,789)
Deferred tax credit4,0084,081
Total(2,848)(1,708)

56 T&G Global Limited Consolidated Financial Statements 2018
57
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
9. TAXATION (CONTINUED)
(b) Reconciliation of prima facie taxation and tax expense
The taxation expense that would arise at the standard rate of corporation tax in New Zealand is reconciled to the tax expense as follows:
(c) Deferred taxation
Balance of temporary differences

Expected settlement
Property,
plant and
equipment
$’000
Intangible
assets
$’000
Biological
assets
$’000
Provisions
and accruals
$’000
Other
$’000
Total
$’000
2017
Balance as at 1 January(37,397)(995)(6,560)3,25188(41,613)
Recognised in income statement2,837(47)(1,013)(490)2,7944,081
Recognised in equity(8,300) - - - - (8,300)
Recognised on acquisition(399)(647) - - - (1,046)
Balance as at 31 December(43,259)(1,689)(7,573)2,7612,882(46,878)
2018
Balance as at 1 January(43,259)(1,689)(7,573)2,7612,882(46,878)
Recognised in income statement(5,033)(12)(319)(1,396)10,768 4,008
Recognised in equity3,885 - - - - 3,885
Balance as at 31 December(44,407)(1,701)(7,892)1,36513,650(38,985)
2018
$’000
2017
$’000
Deferred tax assets / (liabilities) expected to be settled within 12 months3,801(1,930)
Deferred tax (liabilities) expected to be settled in more than 12 months(42,786)(44,948)
Total(38,985)(46,878)
2018
$’000
Restated
2017
$’000
Profit before income tax13,24241,954
Prima facie taxation at 28% (2017: 28%)(3,708)(11,747)
(Add) / deduct tax effect of:
Non-deductible items(674)(364)
Non-taxable items3,68510,301
(Understatement) / overstatement of prior year's provision(1,565)516
Imputation credit / foreign tax credits available for future periods - 164
Other(586)(578)
Total(2,848)(1,708)
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
9. TAXATION (CONTINUED)
(d) Imputation credits
The Group had a negative imputation credit account balance of $5.6 million as at 31 December 2018 (2017: $0.4 million negative balance)
and the Group will be making a voluntary payment before 31 March 2019 to ensure the balance is in credit at that time.
10. RECONCILIATION OF PROFIT AFTER INCOME TAX TO NET CASH FLOW FROM
OPERATING ACTIVITIES
NOTES
2018
$’000
2017
$’000
Profit for the year8,31822,597
Adjusted for non-cash items:
Amortisation expense171,4811,765
Depreciation expense1522,06321,614
Effective interest on deferred consideration816102
Movement in deferred tax9(4,008)(4,081)
Movement in provision for loss allowance13169
Share of profit of joint ventures21(694)(908)
Share of profit of associates22(2,534)(435)
Other movements3,6292,373
20,08420,499
Adjusted for investing and financing activities:
Bank facility and line fees3,7213,480
Net gain from reversal of previous property, plant and equipment revalua-
tion changes through profit and loss
6(600)(1,002)
Gain on disposal of investment in associate6(120) -
Gain on disposal of distribution centre6(1,643) -
Gain on disposal of wholesale flower business6 - (1,702)
Gain on disposal of kiwifruit post-harvest and orchard assets6(4,814) -
Gain on acquisition of equity interests in associate6 - (15,381)
Gain on revaluation of investment in subsidiary6 - (8,206)
Loss on sale of other property, plant and equipment72,077224
Impairment of intangible assets - 890
Impairment of property, plant and equipment15 - 11,351
(1,379)(10,346)
Impact of changes in working capital items net of effects of non-cash
items, and investing and financing activities
Decrease / (increase) in debtors and prepayments4,021(25,411)
(Increase) in biological assets(1,138)(4,104)
(Decrease) / increase in creditors and provisions(2,333)11,191
Decrease in inventories12,5836,263
(Increase) in taxation receivable(907)(6,967)
Total12,226(19,028)
Net cash inflow from operating activities39,24913,722

58 T&G Global Limited Consolidated Financial Statements 2018
59
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
11. TRADE AND OTHER RECEIVABLES
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest
method, less any provision for expected credit losses.
The following categories of trade and other receivables are subject to the expected credit loss model:
• Trade receivables
• Related party receivables
• Receivables from joint ventures and associates
• Receivables from the Ultimate Parent and associates of the Ultimate Parent
The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected credit loss
allowance for all the above receivables as they all display the same risk profile. Related party receivables are mainly trade in
nature and are on terms consistent with external customers.
The measurement of expected credit losses is a function of the probability of default, loss given default and the exposure at
default. The Group considers an event of default as occurring when information obtained (internally and externally) indicates
a debtor (this includes trade receivables, loan receivables, and receivables from related parties) is unlikely to pay its creditors
including the Group. The assessment of the probability of default and loss given default is based on historical data adjusted
by forward looking information relating to the debtor and general economic conditions of the debtors. As for the exposure at
default, this is represented by the assets’ gross carrying amount at the reporting date.
NOTES
2018
$’000
2017
$’000
Current
Gross trade receivables121,130132,806
Less: provision for loss allowance(772)(540)
Prepayments13,97813,748
GST and other taxes5,5184,990
Receivables from joint ventures2117148
Receivables from associates221,9481,768
Receivables from related parties317,900-
Receivables from Ultimate Parent31455536
Receivables from Ultimate Parent's associate31 - 83
Other receivables1,758290
Total152,086153,729
Non-current
Trade receivables 7,5017,744
Prepayments4851,677
Receivables from associates22150179
Other receivables292437
Total8,42810,037
Total trade and other receivables160,514163,766
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
11. TRADE AND OTHER RECEIVABLES (CONTINUED)
Analysis of receivables


Although the Group has a number of receivables aged more than 30 days past due, the risk of financial loss is mitigated as the Group has
a policy of only dealing with creditworthy customers. Credit worthiness and customer limits are determined by reference to credit ratings
and country ratings provided the Group’s credit insurer. The Group’s exposure and the credit ratings of its customers are continuously
monitored.
All trade and other receivables are individually reviewed regularly for impairment as part of normal operating procedures and provided for
where appropriate.

The Group has numerous credit terms for various customers. These credit terms vary depending on the services provided and the
customer relationship. A receivable is considered impaired if there has been any indications of significant financial difficulties for the
customer or default or late payments more than 90 days overdue unless there are prior arrangements.
The Group makes advances to customers, suppliers, joint ventures and associates. All advances are within the agreed credit periods. The
Group’s policy requires security to be taken for advances to third parties. This security ranges from charges over property and assets to
personal guarantees. The Group does not hold any collateral over these balances.
Included in the expected credit loss allowance are individually impaired receivables amounting to $0.47 million for certain balances being
past due. The remaining loss allowance balance represents the expected amount of default from customers as well as advances made to
customers, suppliers, joint ventures and associates over their lifetime based on historical trends of defaults from customers.
The following table details the risk profile of amounts due from customers based on the Group’s provision matrix. As the Group’s historical
credit loss experience does not shows significantly different loss patterns for different customer segments, the provision for loss allowance
based on past due status is not further distinguished between the Group’s different customer base.
2018
$’000
2017
$’000
Analysis of movements in the provision for loss allowance
Balance at 1 January5404,190
Expected credit loss on adoption of NZ IFRS 9300-
Net remeasurement of loss allowance13169
Amount written off during the year (199)(3,719)
Balance at 31 December772540
Expected credit loss allowance
2018
$’000
2017
$’000
Probability of default0.28%0.33%
Loss given default rate60%60%
Estimated exposure at default 178,105 143,890
Expected loss allowance as at 31 December 300 300
Gross receivablesImpaired receivables
2018
$’000
2017
$’000
2018
$’000
2017
$’000
Not past due109,868121,978300 -
Past due 1-30 days42,83328,589 - 118
Past due 31-60 days5,1656,610 - -
Past due 61-90 days7384,469 - 76
Past due over 90 days2,6822,660472346
Total161,286164,306772540

60 T&G Global Limited Consolidated Financial Statements 2018
61
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
12. INVENTORIES
Inventories are stated at the lower of cost (first in, first out basis) or net realisable value. Net realisable value is the estimated
selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.

The cost of inventories recognised as an expense and included in ‘Purchases, raw materials and consumables used’ in the income
statement for the year ended 31 December 2018 amounted to $831.0 million (2017 (restated): $727.9 million).
13. DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments are used to hedge exchange rate and interest rate risks. The Group does not hold or issue
derivative financial instruments for trading purposes. Derivative financial instruments are recognised at fair value. Any resulting
gains or losses are recognised in the income statement unless the derivative financial instrument has been designated into a
hedge relationship that qualifies for hedge accounting.
Cash flow hedges
Cash flow hedges are currently applied to forecast transactions that are subject to foreign currency fluctuations and future
interest cash flow on loans. The Group recognises the effective portion of changes in the fair value of derivative financial
instruments that qualify as cash flow hedges in other comprehensive income. These accumulate as a separate component of
equity in the cash flow hedge reserve.
Gains or losses relating to the ineffective portion of a cash flow hedge are recognised in the income statement in other operating
expenses. Amounts taken to equity are transferred to the income statement when the hedged transaction affects the income
statement in revenue and cost of goods sold.
2018
$’000
2017
$’000
Finished and semi-finished goods18,75231,003
Raw materials290689
Consumables (including packaging)5,4735,844
Balance at 31 December24,51537,536
2018
$’000
2017
$’000
Current assets
Cash flow hedges
Forward foreign exchange contracts1,4612,521
Foreign currency options3341,056
Fair value through profit or loss (held for trading)
Forward foreign exchange contracts69105
Total1,8643,682
Non-current assets
Cash flow hedges
Forward foreign exchange contracts7201,293
Foreign currency options164297
Interest rate swaps -58
Total8841,648
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
13. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)



14. BIOLOGICAL ASSETS
Biological assets consists of unharvested fruit growing on bearer plants, and are stated at fair value based on their present
location and condition less estimated point-of-sale costs. Any gain or loss from changes in the fair value of biological assets is
recognised in the income statement.
Point-of-sale costs include all other costs that would be necessary to sell the assets.
The fair value of the Group’s apples, blueberries, citrus fruit, kiwifruit and tomatoes is determined by management using a
discounted cash flow approach.
Costs are based on current average costs and referenced back to industry standard costs. The costs are variable depending on
the location, planting and the variety of the biological asset. A suitable discount rate has been determined in order to calculate
the present value of those cash flows. The fair value of biological assets at or before the point of harvest is based on the value of
the estimated market price of the estimated volumes produced, net of harvesting and growing costs. Changes in the estimates
and assumptions supporting the valuations could have a material impact on the carrying value of biological assets and reported
profit.
The following significant assumptions and considerations have been taken into account in determining the fair value of the
Group’s biological assets:
• Forecasts for the following year based on management’s view of projected cash flows, including sales and margins, adjusted
for inflation, location and variety of crops.
• The Group has unhedged projected cash flows from sales in foreign currencies. These have been translated to the Group’s
functional currency at average exchange rates sourced from financial institutions based on forecasted sales profiles.
• Discount rates to adjust for risks inherent to the crop, including natural events, disease or any other adverse factors that
may impact the quality, yield or price.
• Any significant changes to management of the crop in the current and following year.
2018
$’000
2017
$’000
Current liabilities
Cash flow hedges
Forward foreign exchange contracts5,1771,256
Foreign currency options262466
Interest rate swaps416253
Fair value through profit or loss (held for trading)
Forward foreign exchange contracts10843
Total5,9632,018
Non-current liabilities
Cash flow hedges
Forward foreign exchange contracts930963
Foreign currency options -250
Interest rate swaps4,3003,763
Total5,2304,976

62 T&G Global Limited Consolidated Financial Statements 2018
63
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
14. BIOLOGICAL ASSETS (CONTINUED)
Valuation Process
Within the Group’s finance team are individuals who work closely with the Group’s key biological asset categories during the
year. These finance team members are also responsible for performing valuations of the Group’s biological assets for financial
reporting purposes.
Discussions of valuation processes and results are held between the Chief Financial Officer, the Financial Controller, business
division finance managers, and the finance team at least once every six-months in line with the Group’s reporting requirements.
The main level 3 inputs used by the Group are derived and evaluated as follows:
• Production yields, including tray carton equivalents per hectare and tonnes per hectare, are determined based on historical
production trends for each orchard and forecasted expected yields based on the underlying age and health of the
orchards.
• Annual gate prices represent management’s assessment of expected future returns for the biological assets based on
historical trends, current market pricing, and known market factors at reporting date.
• Discount rates are determined by reference to historical trends and loss events, and an assessment of the time value of
money and any risks specific for the current crop being valued.
The fair value of biological assets and the level 3 inputs to the fair value model are analysed at the end of each reporting period
as part of the half-yearly discussion held with the Chief Financial Officer.
As part of the analysis the level 3 inputs are reviewed and assessed for reasonableness with reference to current market
conditions. The calculated fair value of biological assets is also reviewed to determine if it is a fair reflection of management’s
expected returns for each crop type.
The cash outflows used in the fair value calculation include notional cash flows for land and bearer plants owned by the Group.
They are based on market rent payable for orchards of similar size.

Kiwifruit has been included in the ‘Other’ category as the Group is moving away from its kiwifruit operations. Bluberries are a developing
operation and therefore have been included in the ‘Other’ category.
Apples
$’000
Tomatoes
$’000
Citrus
$’000
Grapes
$’000
Other
$’000
Total
$’000
2017
Balance at 1 January17,822 1,065 2,236 32 1,788 22,943
Capitalised costs20,437 2,049 10,384 - 3,703 36,573
Change in fair value less costs to sell802 3,515 (669) - 171 3,819
Decrease due to harvest(19,135)(4,120)(9,748)(32)(3,253)(36,288)
Balance at 31 December 19,926 2,509 2,203 - 2,409 27,047
2018
Balance at 1 January19,926 2,509 2,203 - 2,409 27,047
Capitalised costs30,737 1,817 8,011 1,792 4,270 46,627
Change in fair value less costs to sell6,137 4,014 468 - (259) 10,360
Decrease due to harvest(32,927)(6,160)(8,949)(1,792)(6,021)(55,849)
Balance at 31 December 23,873 2,180 1,733 - 399 28,185
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
14. BIOLOGICAL ASSETS (CONTINUED)
Fair value measurement
Techniques applied by the Group which are used to value biological assets are considered to be level 3 in the fair value
hierarchy. Inputs are not based on observable market data (that is, unobservable inputs). There have been no transfers between
levels during the year.

The unobservable inputs used by the Group to fair value its biological assets are detailed below:
PRODUCEUNOBSERVABLE INPUTS
RANGE OF UNOBSERVABLE INPUTS
20182017
Apples
Tray carton equivalent (TCE) per hectare per annum
Weighted average TCE per hectare per annum
Export prices per export TCE
Weighted average export prices per export TCE per annum
Risk-adjusted discount rate
1,400 to 6,500
3,652
$10 to $65
$29.22
25%
1,800 to 6,000
3,848
$20 to $60
$31.31
25%
Blueberries
Tonnes per hectare per annum
Weighted average tonnes per hectare per annum
Annual gate price per kilogram (kg) per season
Weighted average gate price per kg per season
Risk-adjusted discount rate
6.5
6.5
$8.50 to $28.00
$19.21
18%
6.1
6.1
$12.95 to $19.65
$18.82
18%
Citrus
Tonnes per hectare per annum
Weighted average tonnes per hectare per annum
Annual gate price per tonne per season
Weighted average gate price per tonne per season
Risk-adjusted discount rate
29
29
$950 to $2,670
$2,070
14%
16 to 35
26
$1,000 to $1,800
$1,270
14%
Kiwifruit
Trays per hectare per annum
Weighted average trays per hectare per annum
Annual gate price per trays per season
Weighted average gate price per tray per season
Risk-adjusted discount rate
-
-
-
-
-
8,500 to 15,000
8,656
$2.20 to $8.77
$4.33
18%
Tomatoes
Tonnes per hectare per annum
Weighted average tonnes per hectare per annum
Annual price per kg per season
Weighted average price per tonne per season
Risk-adjusted discount rate
180 to 605
420
$1.43 to $18.28
$4.10
25%
174 to 620
430
$1.21 to $17.59
$3.50
25%

As the yield per hectare and gate price or export price per TCE increases, the fair value of biological assets increases. As the discount rate
used increases, the fair value of biological assets decreases.

64 T&G Global Limited Consolidated Financial Statements 2018
65
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
14. BIOLOGICAL ASSETS (CONTINUED)
Risk
Being involved in agricultural activity, the Group is exposed to financial risks arising from adverse climatic or natural events. Financial risk
also arises through adverse changes in market prices or volumes harvested, and adverse movements in foreign exchange rates.
Price risk is mitigated by close monitoring of commodity prices and factors that influence those commodity prices. The Group also takes
reasonable measures to ensure that harvests are not affected by climatic and natural events, disease, or any other factors that may
negatively impact on the quality and yield of crop. Foreign currency risk is mitigated by using derivative instruments such as foreign
currency hedging contracts to hedge foreign currency exposure.
Activity on productive owned and leased land
The productive owned and leased land growing different types of biological assets and by agricultural produce types are detailed in the
table below:

15. PROPERTY, PLANT AND EQUIPMENT
Commercial land and improvements, orchard land and improvements, and buildings are stated at their fair value less
accumulated depreciation and impairment losses. All other items of property, plant and equipment are stated at their cost less
accumulated depreciation and impairment losses.
Revaluations
The Group’s policy is to revalue commercial land and improvements, orchard land and improvements, and buildings every three
years with valuations being performed by independent registered valuers based on the price that would be received to sell
the asset in an orderly transaction between market participants under current market conditions. Valuation assessments are
performed earlier than every three years if market evidence suggests that property values have moved materially since the time
of the last valuation assessment.
All property valuers used are members of the New Zealand Institute of Valuers, with the exception of the valuers appointed in
Belgium, Peru and the United Kingdom who have the appropriate expertise as required in those jurisdictions.
The revaluations are conducted on a systematic basis across the Group so that the asset revaluations are performed with
sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair
value at balance date. Where valuations are not obtained for land and improvements, and buildings, the carrying values of these
assets are reassessed for any material change.
Any increase in value that offsets a previous decrease in value of the same asset is charged to the income statement. Any other
increase is recognised directly in other comprehensive income and accumulated in the asset revaluation reserve. Any decrease
in value that offsets a previous increase in value of the same asset is charged against the revaluation reserve. Any other decrease
in value is charged to the income statement.
HECTARES
PRODUCTION UNITS
2018201720182017Unit Measure
Apples7107561,610,4351,800,272TCE
Blueberries111150,83958,996kg
Citrus1331533,975,3073,825,968kg
Grapes744899,000 - kg
Kiwifruit4646682,168340,712class 1 trays
Tomatoes282911,889,01512,265,000kg
Other1120,83332,870kg
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
15. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Depreciation
Depreciation of property, plant and equipment, other than commercial and orchard land which is not depreciated, is calculated
on a straight-line basis so as to expense the cost of the assets, or the revalued amounts, to their expected residual values over
their useful lives as follows:
• Commercial land improvements 15 to 50 years
• Orchard land improvements 15 to 50 years
• Buildings 15 to 50 years
• Bearer plants 7 to 40 years
• Glasshouses 33 years
• Motor vehicles 5 to 7 years
• Plant and equipment and hire containers 3 to 15 years
Impairment
Items of property, plant and equipment are assessed for indicators of impairment at each reporting date. Impairment losses are
recognised in profit or loss in the period in which they arise.
Commercial
land and
improvements
$’000
Orchard
land and
improvements
$’000
Buildings
$’000
Bearer
plants
$’000
Glasshouses
$’000
Motor
vehicles
$’000
Plant and
equipment
and hire
containers
$’000
Work in
progress
$’000
Total
$’000
At 1 January 2017
Cost or valuation67,74555,697152,28125,49527,8506,626207,65128,202571,547
Accumulated depreciation
and impairment
(1,057)(856)(10,648)(3,459)(9,297)(4,270)(147,986) - (177,573)
Net carrying amounts 66,68854,841141,63322,03618,5532,35659,66528,202393,974
Year ended 31 December
2017
Opening net carrying
amounts
66,68854,841141,63322,03618,5532,35659,66528,202393,974
Additions and transfers(1,403)2,8743,4306,94749967,753(227)20,374
Additions through business
acquisition
1,725 - 8,323 - - - 2,895 - 12,943
Depreciation(925)(461)(6,160)(1,695)(1,247)(629)(10,497) - (21,614)
Impairment through profit
or loss
- - (1,870) - - (7)(9,254)(220)(11,351)
Disposals(4)(6)(473) - - (103)(291)(234)(1,111)
Revaluations12,29515,13515,999 - - - - - 43,429
Depreciation write back on
revaluations
1,72059410,379 - - - - - 12,693
Foreign exchange
movements
221341,107 - - (63)499(154)1,644
Closing net carrying
amounts
80,31773,011172,36827,28817,3102,55050,77027,367450,981
At 31 December 2017
Cost or valuation80,56473,682178,49832,65227,8547,122204,42227,367632,161
Accumulated depreciation(247)(671)(6,130)(5,364)(10,544)(4,572)(153,652) - (181,180)
Net carrying amounts 80,31773,011172,36827,28817,3102,55050,77027,367450,981

66 T&G Global Limited Consolidated Financial Statements 2018
67
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
15. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Leased assets
‘Glasshouses’ and ‘Plant and equipment and hire containers’ asset classes include the following amounts where the Group is a lessee
under a finance lease:
The Group leases glasshouses and other sundry equipment under non-cancellable finance lease agreements. The lease terms are
between three and six years, and ownership of the assets lies with the Group.
2018
$’000
2017
$’000
Cost of capitalised finance leases1,7503,114
Accumulated depreciation(1,604)(2,439)
Carrying amount146675
Commercial
land and
improvements
$’000
Orchard
land and
improvements
$’000
Buildings
$’000
Bearer
plants
$’000
Glasshouses
$’000
Motor
vehicles
$’000
Plant and
equipment
and hire
containers
$’000
Work in
progress
$’000
Total
$’000
At 1 January 2018
Cost or valuation80,56473,682178,49832,65227,8547,122204,42227,367632,161
Accumulated depreciation
and impairment
(247)(671)(6,130)(5,364)(10,544)(4,572)(153,652) - (181,180)
Net carrying amounts 80,31773,011172,36827,28817,3102,55050,77027,367450,981
Year ended 31 December
2018
Opening net carrying
amounts
80,31773,011172,36827,28817,3102,55050,77027,367450,981
Additions4711,3241,1863,648 - 3774,42617,44328,875
Reclassifications971191,992715 - 633,170(6,156)-
Transferred to prepay-
ments
-------(4,584)(4,584)
Transferred to investment
property
(6,037) - (9,279) - - - - - (15,316)
Depreciation(1,647)(691)(6,217)(1,662)(1,244)(591)(10,011) - (22,063)
Disposals(5,495)(8,826)(15,294)(2,207) - (108)(3,700)(5,526)(41,156)
Reversal of impairment - 600 - - - - - - 600
Depreciation write back on
revaluations
- - (10) - - - - - (10)
Foreign exchange
movements
(83)23(1,027)(280) - (45)424207(781)
Closing net carrying
amounts
67,62365,560143,71927,50216,0662,24645,07928,751396,546
At 31 December 2018
Cost or valuation69,39166,999156,56534,15127,8546,613153,03128,751543,355
Accumulated depreciation(1,768)(1,439)(12,846)(6,649)(11,788)(4,367)(107,952) - (146,809)
Net carrying amounts 67,62365,560143,71927,50216,0662,24645,07928,751396,546
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
15. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Revaluations
The methods and valuation techniques used for assessing the current market value of commercial land and improvements,
orchard land and improvements, and buildings by external valuers are disclosed on the following page. Changes in the estimates
and assumptions underlying the valuation approaches could have a material effect on the carrying amounts of the properties,
with changes in value reflected either in other comprehensive income or through the income statement as appropriate in
accordance with the Group’s accounting policy.
The following table presents the valuers and valuation techniques of the most recent valuation of the Group’s commercial land and
improvements, and buildings. The last revaluation was carried out in the prior year between September and November 2017.
PROPERTYVALUER
Depreciation replacement cost / discounted cash flow / income capi-
talisation approach
153 Waipapa Road, KerikeriTelfer Young
29 Stuart Road, PukekoheTelfer Young
20 Mihaere Drive, Roslyn, Palmerston NorthTelfer Young
39 Dakota Crescent, Wigram, ChristchurchTelfer Young
484 Nayland Road, Stoke, NelsonTelfer Young
220 Fryatt Street, Dunedin Central, DunedinTelfer Young
Depreciation replacement cost / discounted cash flow / income capi-
talisation / market comparison approach
2-6 Monahan Road, Mt Wellington, AucklandTelfer Young
Depreciation replacement cost / income capitalisation approach
5125 Roxburgh-Ettrick Road, Ettrick, RoxburghTelfer Young
Depreciation replacement cost / market comparison approach
153 Harrisville Road, Tuakau, WaikatoTelfer Young
292 Harrisville Road, Tuakau, Waikato Telfer Young
133 Lynd Road, Ohaupo, WaipaTelfer Young
3057 Broadlands Road, Broadlands, RotoruaTelfer Young
657 Main Road, Riwaka, MotuekaTelfer Young
99 Swamp Road, Riwaka, MotuekaTelfer Young
83 Swamp Road, Riwaka, MotuekaTelfer Young
101 Motueka River West Bank Road, Brooklyn, MotuekaTelfer Young
Income capitalisation approach
241 Evenden Road, Twyford, HastingsLogan Stone
22-32 Whakatu Road, Whakatu, HastingsLogan Stone
2 Anderson Road, Whakatu, HastingsLogan Stone
Market comparison approach
37 Goodall Road, Riwaka, MotuekaTelfer Young
655 Main Road, Riwaka, MotuekaTelfer Young
3800 Sint-Truiden, BelgiumVangronsveld & Vranken
Apple Way, Pinchbeck, Spalding, United KingdomJones Lang LaSalle

68 T&G Global Limited Consolidated Financial Statements 2018
69
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
15. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Revaluations (continued)
The following table presents the valuers and valuation techniques of the most recent valuation of the Group’s orchard land and
improvements. The last revaluation was carried out in the prior year between October and December 2017.
The principal valuation approaches used by the valuers during their valuations of commercial land and improvements, orchard land and
improvements, and buildings, and the impact of a change in a significant unobservable valuation input are described below.
PROPERTYVALUER
Depreciation replacement cost / market comparison approach
Kerikeri orchards, KerikeriLogan Stone
Apollo orchards, Heretaunga Plains, Hawke's BayLogan Stone
2 Anderson Road, WhakatuLogan Stone
66 Trotter Road, Twyford, HastingsLogan Stone
Ormond Road, Twyford, HastingsLogan Stone
Raupare Road, Twyford, HastingsLogan Stone
Tambo Grande District, Sullana Province, Piura, PeruInvalsa
PRINCIPAL VALUATION APPROACH AND DESCRIPTION OF
APPROACH
RELATIONSHIPS OF UNOBSERVABLE INPUTS
TO FAIR VALUE
Depreciation replacement cost approach
This approach involves assessing the replacement cost of building and site
improvements, adjusting this cost for depreciation and any obsolescence
and the market value of land.
The higher the replacement cost after adjustments, the
higher the fair value.
Discounted cash flow approach
This approach is based on the future projection of rental income cash flows
discounted back to their present value, with inputs which include:
• Discount rates with a range from 8.5% to 13.5% The higher the discount rate, the lower the fair value.
• Terminal yield rates with a range from 7.5% to 12.3%The higher the terminal yield rate, the lower the fair value.
• Investment horizon of 10 years
The longer the investment horizon, the higher the fair
value.
• Rental growth estimated at between 0.1% to 9.3% per annum.
The higher the rental growth rate, the higher the fair
value.
Income capitalisation approach
This approach capitalises the actual contract and / or potential income at
an appropriate market derived rate of return. Capitalisation rates applied
range from 7.3% to 12.0%.
The higher the capitalisation rate, the lower the fair value.
Market comparison approach
This approach analyses comparable sales evidence to a sale price per
square metre of floor area and makes adjustment to these rates to reflect
differences in the location, size and quality of the buildings, together with an
adjustment for any market movement since the sales occurred.
The higher the sale price per square metre after adjust-
ments, the higher the fair value.
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
15. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Land and buildings at historical cost
If land and buildings were stated on the historical cost basis, the amounts would be as follows:
Fair value measurement
Techniques applied by the Group which are used to value certain classes of property, plant and equipment are considered to
be level 3 in the fair value hierarchy. Inputs are not based on observable market data (that is, unobservable inputs). There have
been no transfers between levels during the year.
The following values represent fair value at the time of valuation, plus additions and less disposals and accumulated depreciation, since
the date of valuations. Management have assessed that these values represent fair value.
2018
$’000
2017
$’000
Commercial land and improvements
Cost 27,76136,470
Accumulated depreciation and impairment(7,716)(6,220)
Net carrying amount20,04530,250
Orchard land and improvements
Cost 65,64874,149
Accumulated depreciation and impairment(20,296)(19,893)
Net carrying amount45,35254,256
Buildings
Cost 134,638146,643
Accumulated depreciation and impairment(48,909)(50,080)
Net carrying amount85,72996,563
2018
$’000
2017
$’000
Commercial land and improvements67,62380,317
Orchard land and improvements65,56073,011
Buildings143,719172,368
Total276,902325,696

70 T&G Global Limited Consolidated Financial Statements 2018
71
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
16. INVESTMENT PROPERTY
Investment properties are properties held either to earn rental income, for capital appreciation or for both.
Investment properties are measured at fair value as determined by property valuers who are members of the New Zealand
Institute of Valuers. Revaluations are conducted annually.
The fair value is determined based on quoted market prices and is the estimated amount for which a property could be
exchanged on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper
marketing wherein the parties have each acted knowledgeably, prudently and without compulsion.
Transfers are made to investment properties when there is a change in use of the property. This may be evidenced by ending
owner occupation, commencement of an operating lease to another party or commencement of construction or development
for future use as investment property.
Investment properties are derecognised when they have been disposed of. Any gains arising from a change in fair value are
recognised in the income statement as part of ‘other operating income’. Any losses arising from a change in fair value are
recognised in the income statement as part of ‘other operating expenses’.
Investment property comprises of the commercial property on 490 Nayland Road, Stoke, Nelson which was previously an owner occupied
property. During the year this property was leased to external parties for the operation of a food ingredients and juicing business.
Subsequent renewals are negotiated with the lessee. No contingent rents are charged.

Valuation approach
The carrying amount of investment property is the fair value of the property as determined by a registered independent appraiser having
an appropriate recognised professional qualification and recent experience in the location and category of the property being valued.
The property was valued by Telfer Young in the prior year between September and November 2017. The property was valued at the
average of the depreciation replacement cost, discounted cash flow and income capitalisation approach methods. Refer to note 15 for
details of the methods of valuation and key assumptions used.
The property is leased out under an operating lease. Rental income earned by the Group from its investment property amounted to $0.1
million (2017: nil).
2018
$’000
At fair value
Balance at 1 January -
Transfers from property, plant and equipment 15,316
Balance at 31 December 15,316
17. INTANGIBLE ASSETS
Intangible assets, except for goodwill acquired by the Group, are stated at cost less accumulated amortisation and impairment
losses.
Software, licences and capitalised costs of developing systems are recorded as intangible assets, unless they are directly related
to a specific item of hardware and recorded as property, plant and equipment, and are amortised over a period of three to eight
years.
Acquired brands are amortised over their anticipated useful lives of 10 to 25 years where they have a finite life.
Goodwill is recorded at cost less any accumulated impairment losses. Goodwill and any other intangible assets with indefinite
useful lives are tested for impairment at each balance date.
Goodwill
$’000
Software
$’000
Plant variety
rights
$’000
Other
intangibles
$’000
Total
$’000
At 1 January 2017
Cost14,85820,8923,9265,97845,654
Accumulated amortisation - (14,990)(3,670)(659)(19,319)
Net carrying amounts14,8585,9022565,31926,335
Year ended 31 December 2017
Opening carrying amounts14,8585,9022565,31926,335
Additions - 2,2447093313,284
Additions through business acquisition5,595111 - 3,5829,288
Amortisation - (1,338)(2)(425)(1,765)
Impairment through profit or loss from
continuing operations
- (634) - - (634)
Impairment through profit or loss from
discontinued operations
- (256) - - (256)
Disposals - 47 - (5)42
Foreign exchange movements6162616951,338
Net carrying amounts21,0696,1029649,49737,632
At 31 December 2017
Cost21,06922,8224,63710,63259,160
Accumulated amortisation - (16,720)(3,673)(1,135)(21,528)
Net carrying amounts21,0696,1029649,49737,632
Year ended 31 December 2018
Opening carrying amounts21,0696,1029649,49737,632
Additions - 1,2883131,304
Amortisation - (1,031)(5)(445)(1,481)
Disposals - (237)(5)(16)(258)
Foreign exchange movements(253)(10)2(339)(600)
Net carrying amounts20,8166,1129598,71036,597
At 31 December 2018
Cost20,81622,6014,63710,06758,121
Accumulated amortisation - (16,489)(3,678)(1,357)(21,524)
Net carrying amounts20,8166,1129598,71036,597
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)

72 T&G Global Limited Consolidated Financial Statements 2018
73
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
17. INTANGIBLE ASSETS (CONTINUED)
Impairment tests for goodwill
The discount rate used for the purposes of goodwill impairment testing is based on a calculated weighted average cost of capital
adjusted for risks specific to the cash-generating units. The weighted average cost of capital is based on the cost of debt and cost
of equity weighted accordingly between the relative percentages of debt and equity. The cost of debt is the actual cost of debt
and the cost of equity is calculated using the capital asset pricing model.
The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations
require the use of estimates as to future profitability of the relevant cash-generating units to which goodwill has been allocated
and the choice of a suitable discount rate in order to calculate the present value of those cash flows.
Goodwill held by the Group relates to acquisitions of Status Produce Limited, the Delica Group (including cash-generating units of Delica
Limited, Delica Australia Pty Limited and T&G Vizzarri Farms Pty Limited) and Worldwide Fruit Limited.
Goodwill
The key assumptions used for the value-in-use calculations are as follows:
The calculations support the carrying amount of recorded goodwill. Management believes that any reasonable change in the key
assumptions used in the calculations would not cause the carrying amount to exceed its recoverable amount.
18. COMMITMENTS
Capital commitments
As at 31 December, the Group is committed to the following capital expenditure:
2018
$’000
2017
$’000
Property, plant and equipment7,1662,876
Intangible assets3 -
Total7,1692,876
EBIT growth rateDiscount rateTerminal growth rate
201820172018201720182017
Cash-generating units
Delica Limited2.00%2.00%10.60%10.60%2.00%2.00%
Delica Australia Pty Limited2.00%2.00%10.60%10.60%2.00%2.00%
Status Produce Limited2.00%2.00%10.60%10.60%2.00%2.00%
T&G Vizzarri Farms Pty Limited2.00%2.00%10.60%10.60%2.00%2.00%
Worldwide Fruit Limited2.00%2.00%13.00%13.00%2.00%2.00%
2018
$’000
2017
$’000
Delica Limited2,104 2,104
Delica Australia Pty Limited3,247 3,414
Status Produce Limited7,989 7,989
T&G Vizzarri Farms Pty Limited1,587 1,673
Worldwide Fruit Limited5,889 5,889
Total20,816 21,069
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
18. COMMITMENTS (CONTINUED)
Operating leases
When the Group is the lessee
The Group leases certain property, plant and equipment. Payments made under operating leases (net of any incentives received
from the lessor) are expensed on a straight-line basis over the lease term.
When the Group is the lessor
Rental revenue (net of any incentives given to lessees) is recognised as revenue on a straight-line basis over the lease term. All
properties leased to third parties under operating leases are included in ‘Property, plant and equipment’ on the balance sheet.
They are depreciated over their expected useful lives on a basis consistent with similar property, plant and equipment.
Operating leases payable
Operating leases held over properties give the Group the right, in most cases, to renew the lease subject to a redetermination of the lease
rental by the lessor. There are no renewal options or options to purchase in respect of the leased operating plant and equipment.
The following amounts have been committed to by the Group as payable to lessors in future periods, but are not recognised in the
financial statements:
Operating leases receivable
The following amounts are minimum committed lease payments receivable from tenants / sub-tenants in future periods, but are not
recognised in the financial statements:

Operating leases receivable amounts are generated from the following classes of assets:
2018
$’000
2017
$’000
Within one year12,05715,940
One to two years8,92312,417
Two to five years17,75624,802
Later than five years24,18125,721
Total62,91778,880
2018
$’000
2017
$’000
Within one year1,9591,584
One to two years1,4091,060
Two to five years1,5411,695
Later than five years - 19
Total4,9094,358
2018
$’000
2017
$’000
Commercial land and buildings
Cost or valuation at 31 December8,2728,654
Accumulated depreciation(264)(23)
Carrying amounts8,0088,631
Depreciation charged during the year243227

74 T&G Global Limited Consolidated Financial Statements 2018
75
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
18. COMMITMENTS (CONTINUED)
All properties, including those leased to third parties, are revalued on a cyclical basis (refer to note 15). This results in accumulated
depreciation up to the date of revaluation being reversed and subsequently the asset is depreciated on the revalued amount from the
date of revaluation.
For the properties leased to third parties that are partly occupied by the Group, the proportion leased externally has been estimated
based on land area occupied by third party tenants and this estimation method has been applied consistently across all leased properties.
19. DISCONTINUED OPERATIONS
Sale of processed foods business
In line with the Group’s strategy to focus on its core business, on 20 April 2018 the Group’s processed food assets in Hastings and the fruit
ingredient assets in Nelson were sold to Cedenco Foods New Zealand Limited. In addition, the Group’s small fruit pouch assets in Nelson
were sold to NZ Apple Products Limited. Together the assets sold comprised the processed foods business of ENZAFOODS New Zealand
Limited.
Analysis of loss for the year from discontinued operations
The combined results of the discontinued operations included in the Group’s income statement for the year are set out below. The
comparative profit and loss and cash flows from discontinued operations have been re-presented to include those operations classified as
discontinued in the current year.
2018
$’000
2017
$’000
Profit for the year from discontinued operations
Revenue 9,249 38,321
Other gains - 329
9,249 38,650
Expenses(11,325)(58,279)
Loss before income tax(2,076)(19,629)
Attributable income tax benefit - 1,980
Loss for the year from discontinued operations attributable to equity holders(2,076)(17,649)
2018
$’000
2017
$’000
Cashflow from discontinued operations
Net cash inflow from operating activities8591,095
Net cash inflow / (outflow) from investing activities4,799(562)
Net cash outflow from financing activities(7,926)(36)
Net cash (outflow) / inflow(2,268)497
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
20. INVESTMENTS IN SUBSIDIARIES
Significant subsidiaries of the Group are listed below:
NAME OF ENTITY
PLACE OF BUSINESS
AND COUNTRY OF
INCORPORATION
OWNERSHIP
INTEREST (%)
PRINCIPAL ACTIVITY
20182017
Apollo Apples (2014) Limited
(1)
New Zealand-100Horticulture operations
Berryfruit New Zealand Limited
(2)
New Zealand-100Horticulture operations
Delica LimitedNew Zealand100100Fruit exporter
Delica Australia Pty LimitedAustralia100100Fruit exporter
Delica Domestic Pty LimitedAustralia8080Fruit and produce wholesale distributor
Delica North America, Inc.United States of America5050Fruit exporter
Delica (Shanghai) Fruit Trading Company
Limited
China100100In-market services and fruit importer
ENZAFRUIT New Zealand (CONTINENT)Belgium100100Pipfruit marketing
ENZAFRUIT New Zealand International
Limited
New Zealand100100Pipfruit sales and marketing
ENZAFRUIT Peru S.A.CPeru100100Horticulture operations
ENZAFRUIT Products Inc.United States of America100100Fruit variety development and propagation
Fruit Distributors LimitedNew Zealand100100Investment company
Fruitmark NZ Limited
(3)
New Zealand-100Processed foods broking
Fruitmark Pty LimitedAustralia100100Processed foods broking
Fruitmark USA Inc.United States of America100100Processed foods broking
Status Produce LimitedNew Zealand100100Horticulture operations
Status Produce Favona Road LimitedNew Zealand100100Leased property holding
T&G Fruitmark HK LimitedHong Kong100100Processed foods broking
T&G Insurance LimitedNew Zealand100100Captive insurance provider
T&G Japan LimitedJapan100100In-market services and fruit importer
T&G Processed Foods Limited
(4)
New Zealand100100Processed foods sales and marketing
(4)
T&G South East Asia LimitedThailand100100In-market services and fruit importer
T&G Vizzarri Farms Pty LimitedAustralia5050Fruit and produce wholesale distributor
Taipa Water Supply LimitedNew Zealand6565Water supply
Turners & Growers (Fiji) LimitedFiji7070Fresh produce importer
Turners & Growers Fresh LimitedNew Zealand100100Fresh produce wholesale distributor
Turners & Growers New Zealand LimitedNew Zealand100100Shared services provider
Turners and Growers Horticulture LimitedNew Zealand100100Horticulture operations
Worldwide Fruit LimitedUnited Kingdom5050Pipfruit importer and packing services

The balance date of all subsidiaries is 31 December.
(1)
On 1 January 2018, Apollo Apples (2014) Limited was amalgamated into ENZAFRUIT New Zealand International Limited.
(2)
On 27 July 2018, Berryfruit New Zealand Limited was amalgamated into Turners and Growers Horticulture Limited.
(3)
On 18 May 2018, Fruitmark NZ Limited was amalgamated into Berryfruit New Zealand Limited.
(4)
On 20 April 2018, ENZAFOODS New Zealand Limited changed its name to T&G Processed Foods Limited with its principal activity changing from
manufacturer of processed fruit and vegetable products to the sales and marketing of processed food. Refer to note 19 for further information.

76 T&G Global Limited Consolidated Financial Statements 2018
77
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
20. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
Details of non-wholly owned subsidiaries that have material non-controlling interests
The table below shows details of non-wholly owned subsidiaries of the Group that have material non-controlling interests:



Summarised financial information in respect of each of the Group’s subsidiaries that have material non-controlling interests is set out
below. The summarised financial information represents amounts before intragroup eliminations.
Delica North America, Inc.
The terms of the shareholders’ agreement of Delica North America, Inc. specify that the Group has the right to appoint three of the entity’s
five directors. The Group therefore has the ability to approve the annual business plan and annual budget, as well as dictate the direction
of other fundamental business matters of the entity.
This satisfies the criteria set out in NZ IFRS 10 Consolidated Financial Statements around achieving control over an entity and consequently,
Delica North America, Inc. is accounted for as a subsidiary by the Group.
NAME OF ENTITY
PLACE OF BUSINESS AND
COUNTRY OF INCORPORATION
OWNERSHIP INTEREST HELD
BY NON-CONTROLLING
INTERESTS
20182017
Delica North America, Inc.United States of America50%50%
Worldwide Fruit LimitedUnited Kingdom50%50%
NAME OF ENTITY
PROFIT ALLOCATED TO
NON-CONTROLLING
INTERESTS
ACCUMULATED
NON-CONTROLLING
INTERESTS
2018
$’000
2017
$’000
2018
$’000
2017
$’000
Delica North America, Inc.1,1782333,9933,195
Worldwide Fruit Limited2,1421,7966,7886,080
Individually immaterial subsidiaries with non-controlling interests1,4171,1892,5402,544
2018
$’000
2017
$’000
Balance sheet
Current assets31,494 27,084
Non-current assets151 148
Current liabilities24,435 21,213
Non-current liabilities47 43
Equity attributable to owners of the company3,170 2,780
Non-controlling interests3,993 3,196
Income statement
Revenue113,673 99,504
Expenses(111,317)(97,841)
Profit for the year2,356 1,663
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
20. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
Delica North America, Inc. (continued)
2018
$’000
2017
$’000
Income statement (continued)
Profit attributable to owners of the Company1,178 1,430
Profit attributable to non-controlling interests1,178 233
Profit for the year2,356 1,663
Dividends paid to non-controlling interests1,170 1,108
Cashflow
Net cash inflow from operating activities2,374 773
Net cash outflow from investing activities(1,015)(881)
Net cash outflow from financing activities(70)(70)
Total net cash inflow / (outflow)1,289(178)
Worldwide Fruit Limited
The shareholders’ agreement specifies that the Group has the right to approve Worldwide Fruit Limited’s annual business plan and annual
budget, and the right to approve the appointment of the Chief Executive Officer.
This satisfies the criteria set out in NZ IFRS 10 Consolidated Financial Statements around achieving control over an entity and
consequently, Worldwide Fruit Limited is accounted for as a subsidiary by the Group.
2018
$’000
2017
$’000
Balance sheet
Current assets35,92129,349
Non-current assets15,61516,706
Current liabilities35,37132,699
Non-current liabilities95186
Equity attributable to owners of the company8,4267,190
Non-controlling interests6,7886,080
Income statement
Revenue258,406215,490
Expenses(254,122)(211,898)
Profit for the year4,2843,592
Profit attributable to owners of the Company2,1421,796
Profit attributable to non-controlling interests2,1421,796
Profit for the year4,284 3,592
Dividends paid to non-controlling interests594 -
Cashflows
Net cash inflow from operating activities7,2042,088
Net cash outflow from investing activities(1,783)(241)
Net cash outflow from financing activities(3,170)(2,985)
Total net cash inflow / (outflow)2,251(1,138)

78 T&G Global Limited Consolidated Financial Statements 2018
79
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
21. INVESTMENTS IN JOINT VENTURES
Under the equity method, an investment in a joint venture is initially recognised in the balance sheet at cost. The investment is
adjusted for the Group’s share of the profit or loss and other comprehensive income of the joint venture which is recognised
from the date that joint control begins, until the date that joint control ceases.
Investments in joint ventures are assessed for indicators of impairment at each reporting date.
Set out below are the joint ventures of the Group as at 31 December 2018. The joint ventures have share capital consisting solely of
ordinary shares, which are held directly by the Group.
The Group’s investments in joint ventures in 2018 and 2017 are:
The balance date of all joint ventures is 31 December.
For the purposes of applying the equity method of accounting, management accounts of the companies for the period ended 31
December 2018 have been used. Differences in accounting policies between the Group and the joint ventures have been adjusted for.
None of the Group’s joint ventures as at 31 December 2018 are considered to be material to the Group during the period.
The Group’s share of profit and the carrying amounts of the Group’s interest in all joint ventures are presented below:
Transactions with joint ventures of the Group
The Group has entered into the following transactions with its joint ventures during the year:

22. INVESTMENTS IN ASSOCIATES
Under the equity method, an investment in an associate is initially recognised in the balance sheet at cost. The investment is
adjusted for the Group’s share of the profit or loss and other comprehensive income of the associate which is recognised from
the date that significant influence begins, until the date that significant influence ceases.
Investments in associates are assessed for indicators of impairment at each reporting date.
Set out on the following pages are the associates of the Group as at 31 December 2018. The associates have share capital consisting
solely of ordinary shares, which are held directly by the Group.
2018
$’000
2017
$’000
Group's share of profit and comprehensive income of joint ventures694908
Carrying amount of the Group's interest in joint ventures4,4904,543
NAME OF ENTITY
PLACE OF BUSINESS
AND COUNTRY OF
INCORPORATION
OWNERSHIP
INTEREST (%)
PRINCIPAL ACTIVITY
20182017
Growers Direct LimitedUnited Kingdom5050Pipfruit importer
Wawata General Partner LimitedNew Zealand5050Horticulture operations
2018
$’000
2017
$’000
Sale of produce to joint ventures1,8441,726
Purchase of produce from joint ventures(63)(371)
Services provided to joint ventures1,2771,040
Current receivables owing from joint ventures17148
Dividends from joint ventures received by the Group750950
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
22. INVESTMENTS IN ASSOCIATES (CONTINUED)
The Group’s investments in associates in 2018 and 2017 are:

1)
On 30 April 2018, the Group sold its 25% ownership in McKay Shipping Limited.
(2)
Although the Group holds less than 20% of the ownership of Mystery Creek Asparagus Limited (Mystery Creek), the Group is deemed to have significant
influence over this entity. A member of the Group’s management sits on the Board of Directors of Mystery Creek, and transactions between Mystery Creek
and the Group are significant to its operations.
POP Worldwide Limited has a balance date of 28 February, and Allen Blair Properties Limited, Mystery Creek Asparagus Limited and The
Fruit Firm Limited have a balance date of 31 March. These were the balance dates established when the companies were incorporated
and it is impractical for the companies to change their balance dates. The remaining associates of the Group have a balance date of 31
December.
For the purposes of applying the equity method of accounting, management accounts of the companies for the period ended 31
December 2018 have been used. Differences in accounting policies between the Group and the associates have been adjusted for.
Summarised financial information for material associate
Set out below is the summarised financial information for Grandview Brokerage LLC, the associate considered to be material to the Group
for the period.
Grandview Brokerage LLC
2018
$’000
2017
$’000
Balance sheet
Current assets127,205113,303
Non-current assets15,67317,436
Current liabilities(114,121)(117,971)
Non-current liabilities(13,513)-
The above amounts of assets includes the following:
Cash and cash equivalents2,7901,609
Income statement
Revenue861,121643,292
Depreciation and amortisation expenses(258)(214)
Interest expense(1,238)(675)
Income tax expense(1,557)(1,382)
Profit after tax and total comprehensive income4,236(1,992)
NAME OF ENTITY
PLACE OF BUSINESS
AND COUNTRY OF
INCORPORATION
OWNERSHIP
INTEREST (%)
PRINCIPAL ACTIVITY
20182017
Allen Blair Properties LimitedNew Zealand3333Property investment
Grandview Brokerage LLCUnited States of America3939Investment company
Intelligent Fruit Vision LimitedUnited Kingdom2424Orchard technology development
McKay Shipping Limited
(1)
New Zealand-25Shipping
Mystery Creek Asparagus Limited
(2)
New Zealand1515Horticulture operations
POP Worldwide LimitedUnited Kingdom2424Stonefruit importer
The Fruit Firm LimitedUnited Kingdom2020
Stonefruit importer and packing
services

80 T&G Global Limited Consolidated Financial Statements 2018
81
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
22. INVESTMENTS IN ASSOCIATES (CONTINUED)
Grandview Brokerage LLC (continued)
2018
$’000
2017
$’000
Group's share of carrying amount
Carrying amount from Group's share in associate6,0055,029
Goodwill on acquisition26,76725,796
Other adjustments(3,090)(2,176)
Group's adjusted share of carrying amount in associate29,68228,649
Group's share of profit from continuing operations
Gain / (loss) from Group's share in associate1,700(785)
Other adjustments3681,361
Group's adjusted share of profit from continuing operations in associate2,068576
Dividend received from associate1,036 -

The Group’s share of profit and the carrying amounts of the Group’s interest in all associates are presented below:

Transactions with associates of the Group
The Group has entered into the following transactions with its associates during the year:
2018
$’000
2017
$’000
Group's share of profit and comprehensive income of associates
Grandview Brokerage LLC2,068576
David Oppenheimer & Company I, L.L.C. - 108
Other466(249)
Total2,534435
Carrying amount of the Group's interest in associates
Grandview Brokerage LLC29,68228,649
Other5,6988,553
Total35,38037,202
2018
$’000
2017
$’000
Sale of produce to associates43,93045,650
Purchase of produce from associates(181)(20,880)
Services provided to associates291314
Services received from associates(2,613)(2,694)
Current receivables owing from associates1,9481,768
Non-current receivables owing from associates150179
Current payables owing to associates(7,907)(8,239)
Dividends received from associates1,1034,217
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
23. TRADE AND OTHER PAYABLES
Trade and other payables are initially recognised at fair value and then subsequently measured at amortised cost.

24. LOANS AND BORROWINGS
Borrowings are recognised initially at fair value less directly attributable transaction costs. Subsequent to initial recognition,
borrowings are stated at amortised cost using the effective interest method.
NOTES
2018
$’000
2017
$’000
Current
Trade payables88,60584,103
Employee entitlements11,55314,281
Accrued expenses25,31126,538
Payables to associates227,9078,239
Payables to Ultimate Parent31 - 16
Payables to Ultimate Parent's subsidiary3179586
Deferred payments - 611
Deferred payments to related parties314201,070
Total133,875135,444
Non-current
Employee entitlements10384
Deferred payments - 1,064
Deferred payments to related parties31134 -
Total2371,148
2018
$’000
2017
$’000
Current
Secured borrowings3,86517,964
Unsecured borrowings - -
Finance lease liabilities294533
Total4,15918,497
Non-current
Secured borrowings146,046163,778
Finance lease liabilities54384
Total146,100164,162

82 T&G Global Limited Consolidated Financial Statements 2018
83
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
24. LOANS AND BORROWINGS (CONTINUED)
Interest rates
As at 31 December 2018 the weighted average interest rate on the secured and unsecured borrowings is 3.3% (2017: 3.1%), fixed for
periods up to three months.
Security and bank facilities
As at 31 December 2018 the Group had a term debt facility from the Bank of New Zealand, HSBC, Rabobank and Westpac amounting to
$180.0 million (2017: $200.0 million). The seasonal facility is renewed annually and is not drawn as at 31 December 2018. These facilities
are secured by a guarantee from the Ultimate Parent for no consideration.
The banking facilities for the 2019 year are as follows:
2018
$’000
2017
$’000
Secured and unsecured borrowings repayment schedule
Within one year3,86517,964
Between one and two years-163,778
Between two and five years146,046-
Total149,911181,742
Amount
$’000Expiry date
Banking facilities in New Zealand
Term debt facility180,000July 2021
Seasonal facility90,000November 2019
Money market facility40,000July 2021
Overdraft facility3,000Uncommitted
Banking facilities in the United Kingdom
Term debt facility7,597March 2019
Overdraft facility3,798Uncommitted
Banking facilities in Australia
Overdraft facility3,253Uncommitted
Related party facilities
Term debt facility5,300Uncommitted
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
24. LOANS AND BORROWINGS (CONTINUED)
Gross finance lease liabilities – minimum lease payments
25. CONTINGENCIES
The Group has the following guarantees:
2018
$’000
2017
$’000
Within one year330554
Between one and five years73394
403948
Future finance charges on finance leases(55)(31)
Present value of finance lease liabilities348917
The present value of finance lease liabilities is as follows:
Within one year294533
Between one and five years54384
Total348917
2018
$’000
2017
$’000
Bonds and sundry facilities7580
Guarantees of bank facilities for associated companies25,80124,595
Total25,87624,675

84 T&G Global Limited Consolidated Financial Statements 2018
85
T&G Global Limited Consolidated Financial Statements 2018
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
26. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
The tables on the following pages details changes in the Group’s liabilities from financing activities, including both cash and non-cash
changes.
Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s
statement of cash flows from financing activities.
(1)
Financing cash flows are made up of the net cash inflow / (outflow) from financing activities in the statement of cash flows with the exception of dividends
paid, bank facility fees and transaction fees, which do not result in liabilities on the balance sheet.
Notes
Balance at
1 January
2017
$’000
Reclassifications
$’000
Non-cash
changes
$’000
Recognised
o n
acquisition
$’000
Non-
financing
cash flows
$’000
Financing
cash flows
(1)

$’000
Balance at
31 December
2017
$’000
Current borrowings
Secured borrowings245,00086436776 - 11,28817,964
Unsecured borrowings24150 - - - (150) - -
Finance lease liabilities24353533161 - - (514)533
Total5,5031,397197776(150)10,77418,497
Non-current borrowings
Secured borrowings24144,000(864)4714,171 - 16,000163,778
Finance lease liabilities24564(533)353 - - - 384
Total144,564(1,397)8244,171 - 16,000164,162
Other current liabilities
Deferred payments23 - 557554 - - (500)611
Deferred payments to
related parties
233,4451,070(351) - - (3,094)1,070
Total3,4451,627203 - - (3,594)1,681
Other non-current
liabilities
Deferred payments232,828(557)(108) - (1,099) - 1,064
Deferred payments to
related parties
231,023(1,070)47 - - - -
Total3,851(1,627)(61) - (1,099) - 1,064
Total liabilities arising
from financing activities
157,363 - 1,1634,947(1,249)23,180185,404
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
26. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
(CONTINUED)

(1)
Financing cash flows are made up of the net cash inflow / (outflow) from financing activities in the statement of cash flows with the exception of dividends
paid, bank facility fees and transaction fees, which do not result in liabilities on the balance sheet.

27. CAPITAL AND RESERVES
Share capital
All ordinary shares on issue are fully paid and have no par value. All ordinary shares rank equally with one vote attached to each fully paid
ordinary share. There are no other classes of shares issued and no ordinary shares were issued during the year.
Notes
Balance at
1 January
2018
$’000
Reclassifications
$’000
Non-cash
changes
$’000
Recognised
o n
acquisition
$’000
Non-
financing
cash flows
$’000
Financing
cash flows
(1)

$’000
Balance at
31 December
2018
$’000
Current borrowings
Secured borrowings2417,9643,001 - - - (17,100)3,865
Finance lease liabilities24533415 - - - (654)294
Total18,4973,416 - - - (17,754)4,159
Non-current borrowings
Secured borrowings24163,778(3,086) - - - (14,646)146,046
Finance lease liabilities24384(330) - - - - 54
Total164,162(3,416) - - - (14,646)146,100
Other current liabilities
Deferred payments23611(116)98 - - (593) -
Deferred payments to
related parties
231,070420(10) - - (1,060)420
Total1,68130488 - - (1,653)420
Other non-current
liabilities
Deferred payments231,064(438)(626) - - - -
Deferred payments to
related parties
23 - 134 - - - - 134
Total1,064(304)(626) - - - 134
Total liabilities arising
from financing activities
185,404 - (538) - - (34,053)150,813
2018
Shares
2017
Shares
2018
$’000
2017
$’000
Balance at 31 December122,543,204122,543,204176,357176,357