Interim Result Announcement

23 May 2019

Name of Listed Issuer: SANFORD LIMITED (SAN)
INTERIM FINANCIAL RESULTS for the 6 months ended 31 March 2019

Sanford Reports Lift in Earnings per Kilogram, Despite Challenges,
in 2019 Interim Result

Above: Sanford’s Big Glory Bay salmon made to a recipe from the Seafood School in Auckland. The company
continues to see a positive contribution from its strategy to focus on maximising value for its beautiful New
Zealand seafood.

New Zealand seafood company Sanford Limited (NZX: SAN) has today reported Adjusted
Earnings Before Interest and Tax (EBIT) of $32.6m for the six months to 31 March 2019.
This represents a decrease of 8% on the same period last year ($35.4m). The company saw
a Net Profit After Tax (NPAT) of $22.9m, which is a 16% reduction on the same period last
year ($27.3m). The prior year included a one-off insurance settlement for earthquake
damage to Sanford’s Havelock mussel processing plant of $9.9m, whereas the 2019 result
included a gain on sale of $4.1m for some of Sanford’s pelagic quota.

Sanford has achieved a slight lift in its EBIT per greenweight kilogram from $0.56 per
kilogram in the first six months of 2018 to $0.57 per kilogram in the same period for 2019.

Group CEO Volker Kuntzsch says the result is satisfactory, considering the challenges
Sanford faced during the period.

“The first half of the 2019 year was marked by the sad loss of crew member Steffan Stewart
on board our deepwater vessel San Granit. Following Steffan’s death, we undertook an
extensive review of all factory equipment and processes with a view to trying to identify
further ways of mitigating potential health and safety risks. The Granit remained in port for
three months, which impacted on our catches and subsequently on our financial result.”

The reduced catches resulted in a decrease in sales volume of 12% year-on-year, with
revenue flat on a comparable basis at $272m.

One key development in the first half of the 2019 financial year was the divestment of the
pelagic assets which Mr Kuntzsch says was in line with Sanford’s strategy to focus on areas
where maximum value can be achieved.

“Our ability to improve returns on species like mackerel is limited and depends on factors
such as global commodity pricing where we have a negligible influence. We are thankful to
the teams who have given Sanford great service in this part of the business over many years
and we are pleased that many of them have found work with Pelco, the Tauranga based
purchaser of our pelagic assets.”

Sanford Chief Financial Officer, Katherine Turner says, the challenges of the first half are
reflected in the result.

“The sad loss of Steffan certainly had an impact, both on our result and on Sanford as a
family. Plus we have faced some ongoing climatic challenges such as increased biofouling
on our mussel lines in the Coromandel. However, the result confirms that our push towards
achieving maximum value for our beautiful New Zealand seafood is the right one. Our
mussel and salmon business units are performing better and the focus on delivering more
fresh fish has helped to strengthen the results from our inshore fleet. On our deepwater
fishing vessels, we are increasing the proportion of high value products we produce from
species such as hoki and this has resulted in a pleasing improvement of returns for that
species.”

The company has reported several highlights for the 2019 first half trading period, including
the opening of a beautifully refreshed Auckland Fish Market in the increasingly fashionable
and food conscious Wynyard Quarter.

Mr Kuntzsch says the Market opening was a great success.

“Sanford has been present in this area for many decades and now we are delighted to be
able to offer seafood lovers from Auckland and far beyond a modern, dynamic and world
class Fish Market. The opening was a significant event with a number of high profile guests
and the feedback from media and from all our visitors has been extremely positive. As well
as the eight seafood-focused eateries in the Market, we have opened a rebranded Sanford &
Sons fishmonger, which sells a wide range of Sanford caught and farmed seafood and
highlights our sustainability story.”

Sanford has also celebrated the launch of its wholly owned supplements brand Sea to Me in
the first half of 2019. With Greenshell mussel powder capsules for natural inflammation
management the launch represents Sanford’s first foray into online commerce and coincides
with positive developments at the company’s mussel powder plant in Blenheim, which has
already doubled in size in recent months.

A further positive development in Sanford’s aquaculture business has been the granting of a
consent variation allowing a higher nitrogen cap in the company’s salmon farming operations
in Stewart Island. Mr Kuntzsch says “we are grateful to everyone who took part in this
process and particularly to the Stewart Island and wider Southland communities who took the
time to understand the proposal. We believe these changes will bring significant benefits to
the area in a sustainable way.”

Mr Kuntzsch says the outlook for the rest of the fishing and financial year is, on balance,
positive.

“Overall we feel that our result for the first half of 2019 has been satisfactory, despite the
setbacks. We are cautiously optimistic about the second half of our financial year as our
fishing volumes are encouraging and our salmon business is developing well, but an algal
bloom in the Marlborough Sounds has limited the mussel harvest season for an extended
period. We will continue on our path towards maximum value, while putting sustainable
fishing and farming and the success and safety of our people front and centre.”


Above: Minister of Fisheries Stuart Nash (left) and Sanford CEO Volker Kuntzsch (standing right) with Auckland
Mayor Phil Goff (seated) at the opening of the Auckland Fish Market in February 2019. The company has seen a
slight rise in a key measure for the company – EBIT per greenweight kilogram – for the first half of 2019,
compared to the same period last year.

For more information or to arrange interviews, please contact:
Fiona MacMillan
GM Corporate Communications
Sanford
fmacmillan@sanford.co.nz
021 513 522
For investor relations queries, please contact:
Volker Kuntzsch
Chief Executive Officer
vkuntzsch@sanford.co.nz

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 8 May 2019


Results for announcement to the market
Name of issuer Sanford Limited
Reporting Period 6 months to 31 March 2019
Previous Reporting Period 6 months to 31 March 2018
Currency NZD

Amount (000s) Percentage change
Revenue from continuing
operations
$265,046 (2.8%)
Total Revenue $265,046 (2.8%)
Net profit/(loss) from
continuing operations
$22,862 (16.2%)
Total net profit/(loss) $22,862 (16.2%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.09000000
Imputed amount per Quoted
Equity Security
$0.03500000
Record Date 7 June 2019
Dividend Payment Date 14 June 2019
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.08758637 $0.88709986
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For explanation on the operational results please refer to the
announcement commentary, the investor presentation and the
Interim Report for the six months ended 31 March 2019
Authority for this announcement
Name of person

authorised
to make this announcement
Dean McIntosh
Contact person for this
announcement
Volker Kuntzsch
Contact phone number 027 527 4858
Contact email address vkuntzsch@sanford.co.nz
Date of release through MAP

23/05/2019

Unaudited financial statements accompany this announcement.

---

Distribution Notice

Updated as at 8 May 2019


Section 1: Issuer information
Name of issuer Sanford Limited
Financial product name/description Ordinary Shares
NZX ticker code SAN
ISIN (If unknown, check on NZX
website)
NZSANE0001S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 7 June 2019
Ex-Date (one business day before
the Record Date)
6 June 2019
Payment date (and allotment date for
DRP)
14 June 2019
Total monies associated with the
distribution
1

$8,415,552
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.12500000
Total cash distribution
3
$0.09000000
Excluded amount (applicable to listed
PIEs)
$ n/a
Supplementary distribution amount $0.01588235
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
100%
Imputation tax credits per financial
product
$0.03500000
Resident Withholding Tax per
financial product
$0.00625000

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for
determining market price for DRP
[dd/mm/yyyy] [dd/mm/yyyy]
Date strike price to be announced (if
not available at this time)
[dd/mm/yyyy]
Specify source of financial products
to be issued under DRP programme
(new issue or to be bought on
market)

DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
[dd/mm/yyyy]
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Dean McIntosh
Contact person for this
announcement
Volker Kuntzsch
Contact phone number 027 527 4858
Contact email address vkuntzsch@sanford.co.nz
Date of release through MAP

23/05/2019

---

INTERIM RE PORT 2019

—
CHAIRMAN AND
CEO REVIEW
—
Upon completing a further six months on our journey to
realising our vision to be the best seafood company in the
world, we are confident that we are on the right track. This is in
spite of sometimes unforeseen circumstances, challenging us
to the core and provoking our creativity to innovate and solve.
The first half of our financial year 2019 was marked by the sad loss of
crew member Steffan Stewart in a tragic accident on board San Granit on
14 November 2018. Losing Steffan had a significant personal impact on his
crewmates and colleagues throughout the company.
Prior to originally launching the vessel in New Zealand waters, extensive work
had been undertaken to align San Granit with regulatory and internal safety
requirements, but following this accident we undertook a further in-depth review
and risk analysis of all factory equipment and processes, which kept our largest
fishing vessel out of action for three months.
Although this review had a considerable impact on our financial result, it was
important to determine whether there were further ways to safeguard the lives
of our people. The Sanford team did an outstanding job, both on a personal and
professional level. We would like to acknowledge the spirit and dedication that
the team put forward during these testing times.
Paul Norling
CHAIRMAN
Volker Kuntzsch
CEO
The Directors are
pleased to present the
Interim Report of
Sanford Limited for
the six months ended
31 March 2019.
For and on behalf of
the Board of Directors:
Sir Robert McLeod
DIRECTOR
22 May 2019
Paul Norling
CHAIRMAN
22 May 2019
Chairman and CEO Review
2Sanford Interim Report 2019

At the same time, we took the opportunity to also bring forward maintenance and
process improvements planned for the second half and since San Granit has been
back at sea, we have been very pleased with her performance.
With this challenge in mind, we are reporting adjusted (underlying) Earnings
before Interest and Tax (EBIT) of $32.6m for the six months to 31 March, 2019,
which is 8% down on our result for the same period last year. Statutory net profit
after tax (NPAT) for the six months was $22.9m being 16% behind last year’s first
half result of $27.3m. This half’s result includes a gain on sale of $4.1m for our
pelagic quota whereas the first half of last year’s result included the benefit of the
Havelock earthquake insurance settlement of $9.9m.
Our EBIT per greenweight kg of fish increased slightly from $0.56 for the first
half in FY18 to $0.57 for the first 6 months this year. We estimate San Granit’s
impact on this number to amount to approximately -$0.04 for the period. With
reduced catches (-13%), sales volume (product weight) for the period dropped by
12% year-on-year, sales revenue of $272.1m for the period, however, remained on
par with prior year ($272.8m) on a like for like basis (refer note 2 of the financial
statements). While these results fall short of our performance in the first half of
2018, we are satisfied with what has been achieved under challenging
circumstances and we are heartened with our recovery in aquaculture after the
climatic challenges in the second half of FY18. The outcome clearly highlights the
effectiveness of our strategy of focusing on value as opposed to volume in an
environment that can at times be very unpredictable, but generally offers
tremendous opportunity to generate greater returns.
FISHING – PARTLY MITIGATING THE VOLUME SHORTFALL
The volume shortfall caused by San Granit’s absence from fishing was exacerbated
by capacity constraints in our inshore fleet, which resulted from changes in our
vessel portfolio and the need to upgrade our fleet to align with stricter
expectations around product quality. However, reducing traditional commodity
items in favour of more preferred product options, primarily with hoki, had the
desired effect and improved returns of our deepwater fleet on those species.
Also, the focus on fresh fish continued to strengthen the result of our inshore
vessels. Additional supplies from our fishing partners and improved market prices
for species like squid helped offset the volume shortfalls described above to some
degree. It also compensated for softer pricing of toothfish in the North American
market, traditionally a very important contributor to our first half result.
AQUACULTURE – DELIVERING ON OUR EXPECTATIONS
Warmer waters around New Zealand caused our Greenshell mussel lines in the
Coromandel to exhibit a high degree of biofouling, i.e. growth of a variety of
different organisms like barnacles on the mussels. This impacted negatively on
mussel quality and yield and the performance of our joint-venture operation
North Island Mussels Limited in Tauranga. Algal blooms in the Marlborough
Sounds had a limited impact on our mussel harvests in the South Island during the
first half, however our mussel farming operations and the Havelock processing
plant performed well, with the availability of workers in remote areas being the
only constraint to full capacity utilisation. Much of the inner Sounds have
subsequently been closed for harvesting with harvests now shifting to alternative
locations. This will lead to a reduction in throughput at the Havelock plant at the
start of the second half of this financial year.
An algal bloom and elevated water temperatures in Big Glory Bay, Stewart Island,
resulted in slower than expected growth of our king salmon biomass. However,
our sales volume exceeded prior year’s due to an improved harvesting plan in
preparation for the Christmas 2018 period. The quality of our king salmon
continued to attract high-end customers from around the world to this excellent
sought after fish.
EBIT PER GREENWEIGHT KG
OF FISH INCREASED
$0.57
FIRST HALF 2018: $0.56
During the first half of FY19 our
mussel farming operations and
the Havelock processing plant
performed well, with the
availability of workers in remote
areas being the only constraint
to full capacity utilisation.
—
Chairman and CEO Review
3Sanford Interim Report 2019

BRANDING AND MARKET STRATEGY
– SELECTIVELY BUILDING OUR PRESENCE
The activation of our market and channel strategy in selected markets supported
improved pricing for a number of our key products. For example, prices for
mussels have continued to strengthen in the wake of product diversification and
the shortening of the supply chain to customers.
This ensured increasing revenue despite reduced volumes, leading to significantly
improved gross margins in our total export business during the period. Investment
into key personnel at the customer facing end of our business is ongoing, with
results that exceed expectations.
Despite the impact of slower salmon growth in the second quarter, we have
benefited from continued strong demand and pricing in salmon. Our focused
channel strategy in this segment has put us in an excellent position for the second
half of our financial year. Our Big Glory Bay branded salmon is being welcomed
into a rapidly increasing number of high end restaurants in the North American
market, and the introduction of the species into selected Asian markets is proving
successful as well.
A major highlight of the first half of our year was the successful opening of the
Auckland Fish Market. The refreshed offering includes the rebranded Sanford &
Sons fish monger, which showcases the best of Sanford’s beautiful New Zealand
seafood and eight high profile eateries, which have garnered a great deal of
positive attention on Auckland’s culinary scene. Our official opening event was
attended by Fisheries Minister Stuart Nash and Auckland Mayor Phil Goff amongst
a host of high profile New Zealanders. We were delighted to receive excellent
feedback from all who attended and the compliments about the new Fish Market
have been reflected in positive media coverage about the arrival of this significant
addition to Auckland’s dining options and tourist attractions.
Sanford has also launched its first wholly owned supplements brand, the Sea to Me
Greenshell mussel powder capsules, a high quality nutraceutical for natural
inflammation management, which represents our first foray into pure online
commerce. The soft launch of this brand in December included a social media
campaign and some focused media coverage.
The Sea to Me launch has coincided with increased efficiencies in our Enzaq plant in
Blenheim, which turns fresh Greenshell mussels into a high quality powder. A
second dryer installed at the plant last year continues to offer good results and a
further two dryers have been ordered.
Compliments about the
new Fish Market have been
reflected in positive media
coverage about the arrival
of this significant addition
to Auckland’s dining options
and tourist attractions.
AUCKLAND FISH MARKET OPENING
SEA TO ME – INNOVATION AT WORK
Chairman and CEO Review
4Sanford Interim Report 2019

The acquisition of Fresh Catch, a home delivery service, primarily in Auckland at
this stage, complements the Auckland Fish Market’s offering of the freshest
seafood directly to consumers and has contributed to realising more value in
Sanford’s domestic market.
DIVESTMENTS – DELIVERING ON STRATEGY
The sale of our 50% shareholding in the Weihai Dong Won Foods processing
facility in Weihai, China, to Japanese restaurant group Plenus, was finalised during
the first quarter of FY19 with the cash receipt of $9.0m. The sale included a
mutually beneficial multi-year supply agreement of raw material from Sanford to
Weihai to ensure continued value addition to remaining volumes of commodity
product, for which we currently have no in-house opportunity for conversion into
higher value items.
Another significant change enacted in the first half of this year was the sale of our
pelagic assets in Tauranga to local company Pelco. The assets included three purse
seine fishing vessels, processing equipment and pelagic quota in Fisheries
Management Area 1. The quota sale reduces Sanford’s overall quota holding under
New Zealand’s Quota Management System from around 22% to approximately 19%
of the total volume available for commercial catch. In value terms, the sale of
quota represents just 3.75% of the company’s quota book value.
While the transfer of these physical assets took effect on 23rd April, the majority
of the planning and work to achieve a smooth transition was completed in the first
half and the quota sale completed on 29th March, with cash settlement on 3rd
April. We are pleased that this was achieved with minimal impact on employees at
our Tauranga site. Going forward, this site will be dedicated to processing and
packing fresh fish from our inshore fleet.
The sale strongly aligns with our value-focused strategy. Sanford’s ability to
improve returns on species like mackerel is dependent on economies of scale,
global commodity pricing and consumer preferences, which we cannot influence
globally. We are, however, retaining a sizeable share of pelagic quota in Fisheries
Management Area 7 and will continue to investigate innovative ways of extracting
value from these species.
We are grateful to the fishermen and support teams who have given their service
to Sanford in this area of our business and are pleased that many of them will be
working with Pelco, and their newly acquired economies of scale, which we believe
creates additional value to the New Zealand economy as a whole.
APPROX. QUOTA HOLDING
19%
OF TOTAL VOLUME AVAILABLE
FOR COMMERCIAL CATCH
The pelagic sale strongly
aligns with our value-focused
strategy. Sanford’s ability to
improve returns on species
like mackerel is dependent
on economies of scale, global
commodity pricing and
consumer preferences, which
we cannot influence globally.
Chairman and CEO Review
5Sanford Interim Report 2019

OUTLOOK – BALANCING GROWTH AND INNOVATION
WITH OPERATIONAL REJUVENATION
Our strategic thrust in operations is dominated by the need to rejuvenate assets
and we have made good progress in determining how and where to place priorities
in order to align with our expectations around value creation and future customer
and consumer preferences. Investments in fishing assets will primarily be made into
capacity that will deliver improved returns in the short term by allowing for the
continuing utilisation of high value species in a sustainable manner.
In our aquaculture operations our efforts have focused on renewing and improving
on-water infrastructure. Considerable effort went into applying for and receiving a
higher nitrogen cap in Big Glory Bay to reflect the latest scientific research.
This will allow for a considered increase in salmon farming volume with the
understanding of all relevant stakeholders in the Stewart Island community. Our
mussel operation continues to be diversified and innovative to ensure greater
utilisation of this unique New Zealand seafood and its health benefits.
Other innovations have seen the only Greenshell mussel hatchery in the world,
SPAT
nz, continuing to deliver improved results in settling spat in the wild, and our
precision seafood harvesting is now deployed across an ever growing number of our
fishing vessels, following MPI’s approval for the inshore sector.
These investments as well as operating expenditure investment in marketing,
people, systems and processes, prepare us well to capture the significant potential
of our diverse portfolio of marine resources. While we expect challenges to persist,
especially from a climatological perspective, we are strongly encouraged by the
results we are seeing as a result of being a more innovative and consumer
driven company.
Paul Norling Volker Kuntzsch
CHAIRMAN CEO
22 May 2019 22 May 2019
Great effort went into
applying for and receiving
a higher nitrogen cap in
Big Glory Bay to reflect
updated science and ensure
a considered increase in
salmon farming volume with
the understanding of all
relevant stakeholders in the
Stewart Island community.
Chairman and CEO Review
6Sanford Interim Report 2019

GAAP TO NON-GAAP RECONCILIATION
Sanford’s standard profit measure prepared under New Zealand GAAP is net profit. Sanford have used non-GAAP measures
when discussing financial performance in this document. The Directors and management believe that these measures provide
useful information as they are used internally to evaluate divisional and total Group performance and to establish operating
and capital budgets. Non-GAAP profit measures are not prepared in accordance with NZ IFRS (New Zealand equivalents to
International Reporting Standards) and are not uniformly defined, therefore the non-GAAP profit measures included in this
report are not comparable with those used by other companies. They should not be viewed in isolation or as a substitute for
GAAP profit measures as reported by Sanford in accordance with NZ IFRS.
DEFINITIONS
EBITDA: Earnings before interest, taxation, non-trading currency exchange gains (losses), depreciation,
amortisation, restructuring, adjusting items, impairment and gain (loss) on sale of investments,
intangible and long-term assets.
Reported EBIT: Earnings before interest, taxation non-trading currency exchange gains (losses) and gain (loss)
on sale of investments, intangible and long-term assets.
Adjusted EBIT: Reported EBIT adjusted for impairment, restructuring and other one-off items.
GAAP TO NON-GAAP RECONCILIATION
Unaudited
6 Months ended
31 March 2019
$000
Unaudited
6 Months ended
31 March 2018
$000
Audited
12 Months ended
30 September 2018
$000
Reported net profit for the period (GAAP) 22,862 27, 2 9 6 42,300
Add back (deduct):
Income tax expense 9,0 0 4 11,076 17, 6 6 4
Net interest expense 4,209 4,156 8,065
Non-trading currency exchange losses 26 – 116
Net gain on sale of investments, property, plant and
equipment and intangibles (3,580) (44) (463)
Reported EBIT 32,521 42,484 67, 6 8 2
Adjustments:
Havelock earthquake insurance settlement, net of repair cost– (9,853) (6,835)
Impairment of assets 25 2,451 3,387
Provision for one-off vessel disposal costs–– 60
Restructuring costs 44 327 377
Adjusted EBIT 32,590 35,409 64,671
Add back:
Depreciation and amortisation 10,317 10,066 19,731
EBITDA 42,907 45,475 84,402
7Sanford Interim Report 2019
GAAP to Non-GAAP Reconciliation

Consolidated Condensed Income Statement 9
Consolidated Condensed Statement of Comprehensive Income10
Consolidated Condensed Statement of Financial Position11
Consolidated Condensed Statement of Cash Flows12
Consolidated Condensed Statement of Changes in Equity14
Notes to the Interim Financial Statements16
FOR THE SIX MONTHS ENDED 31 MARCH 2019
−
INTERIM
FINANCIAL
STATEMENTS
−
8Sanford Interim Report 2019

CONSOLIDATED CONDENSED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MARCH 2019
Note
Unaudited
6 months ended
31 March 2019
$000
Unaudited
6 months ended
31 March 2018
$000
Audited
12 months ended
30 September 2018
$000
Revenue3c265,046272,773514,976
Cost of sales(210,869)(211,940)(401,069)
Gross profit54,17760,833113,907
Other income77, 3 3 713,17414,448
Distribution expenses(4,725)(12,140)(22,873)
Administrative expenses(15,998)(12,389)(26,072)
Other expenses8(4,797 )( 7, 0 8 2 )(12,453)
Operating profit35,99442,39666,957
Finance income245182462
Finance expense(4,474)(4,331)(8,628)
Net finance expense(4,229)(4,149)(8,166)
Share of profit of equity accounted investees1011251,173
Profit before income tax31,86638,37259,964
Income tax expense(9,0 0 4)(11,076)( 17, 6 6 4 )
Profit for the period22,86227, 2 9 642,300
Profit attributable to:
Equity holders of the Company22,8532 7, 2 8 742,303
Non controlling interest99(3)
22,86227, 2 9 642,300
Earnings per share attributable to equity holders of the
Company during the period (expressed in cents per share)
Basic and diluted earnings per share (cents)24.429.2
45.2
Interim Financial Statements
9Sanford Interim Report 2019

CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2019
Unaudited
6 months ended
31 March 2019
$000
Unaudited
6 months ended
31 March 2018
$000
Audited
12 months ended
30 September 2018
$000
Profit for the period (after tax)22,86227, 2 9 642,300
Other comprehensive income
Items that may be reclassified to the income statement:
Foreign currency translation differences(213)(108)20
Change in fair value of cash flow hedges recognised in
other comprehensive income2,994(2,453)(20,055)
Deferred tax on cash flow hedges(838)6875,616
Cost of hedging gains (losses) recognised in other
comprehensive income70(12)(566)
Deferred tax on cost of hedging(20)3158
Items that may not be reclassified to the income statement:
Amount of treasury share cost expensed in relation to
share-based payment(99)(26)72
Other comprehensive income (loss) for the period1,894(1,909)(14,755)
Total comprehensive income for the period24,75625,38727, 5 4 5
Total comprehensive income for the period is attributable to:
Equity holders of the Company 24,756 25,3832 7, 5 47
Non controlling interest–4(2)
Total comprehensive income for the period24,75625,38727, 5 4 5
Interim Financial Statements
10Sanford Interim Report 2019

CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2019
Note
Unaudited
6 months ended
31 March 2019
$000
Unaudited
6 months ended
31 March 2018
$000
Audited
12 months ended
30 September 2018
$000
Current assets
Cash on hand and at bank3,6695,0612,630
Trade receivables70,93469,83249,759
Derivative financial instruments3,410 11,144 3,438
Other receivables and prepayments32,61521,8137, 31 4
Biological assets 32,13117, 9 6128,393
Inventories48,47345,37045,869
Assets held for sale108,52717, 9 9 817, 6 9 2
Total current assets199,759189,179155,095
Non-current assets
Property, plant and equipment139,6 051 2 7, 517130,787
Investments1,5781,5931,494
Derivative financial instruments 1,524 4,545 669
Biological assets12,13415,16715,077
Intangible assets491,903505,202506,249
Total non-current assets6 4 6,74 4654,02465 4, 276
Total assets 846,503843,203809,371
Current liabilities
Bank overdraft and borrowings (secured)468,76155,39955,000
Current portion of bank loan (secured)4– 36,000 –
Derivative financial instruments 4,6702,2837, 9 3 6
Trade and other payables48,39836,09532,434
Taxation payable2,313 3,730 4,125
Total current liabilities124,142133,50799,495
Non-current liabilities
Bank loans (secured) 4100,00094,800100,000
Contributions received in advance3,3343,6123,469
Employee entitlements1,3481,9021,355
Derivative financial instruments 7, 1 8 03,8657, 9 47
Deferred taxation16,90017, 3 8 515,171
Total non-current liabilities128,762121,5641 27,9 42
Total liabilities252,904255,0712 27, 4 37
Equity
Paid in capital94,69094,69094,690
Retained earnings502,705486,343492,943
Other reserves(4,381)6,568(6,284)
Shareholder funds593,0145 8 7, 6 0 1581,349
Non controlling interest585531585
Total equity593,599588,132581,934
Total equity and liabilities846,503843,203809,371
Interim Financial Statements
11Sanford Interim Report 2019

CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2019
Note
Unaudited
6 months ended
31 March 2019
$000
Unaudited
6 months ended
31 March 2018
$000
Audited
12 months ended
30 September 2018
$000
Cash flows from operating activities
Receipts from customers245,288257,000525,823
Havelock earthquake insurance settlement,
net of deductible – – 10,096
Interest received239176447
Dividends received6 6 15
Payments to suppliers and employees(220,944)(224,334)(446,319)
Income tax paid(9,947)(5,628)(8,950)
Interest paid(4,251)(4,530)(8,752)
Net cash flows from operating activities 10,39122,69072,360
Cash flows from investing activities
Sale of property, plant and equipment83622,101
Sale of intangible assets1,329 – –
Sale of investments8,958 – –
Dividends received from associates – –894
Purchase of property, plant and equipment
and intangible assets(20,261)(9,623)(24,739)
Purchase of business – (510) (510)
Acquisition of other investments(9)––
Net cash flows used in investing activities(9,975)(9,771)(22,254)
Cash flows from financing activities
Proceeds from borrowings415,0009,80 040,000
Repayment of term loans4(15,000)(10,000)(71,000)
Dividends paid to Company shareholders5(13,091)(13,091)(21,507)
Dividends paid to non controlling shareholders
in subsidiaries – –(27)
Net cash flows used in financing activities(13,091)(13,291)(52,534)
Net decrease in cash and cash equivalents(12,675)(372)(2,428)
Effect of exchange rate fluctuations on cash held(47 )529
Cash and cash equivalents at beginning of the period(52,370)(49,971)(49,971)
Cash and cash equivalents at end of the period (65,092)(50,338)(52,370)
Represented by:
Bank overdraft and borrowings (secured)(68,761)(55,399)(55,000)
Cash on hand and at bank3,6695,0612,630
(65,092)(50,338)(52,370)
Interim Financial Statements
12Sanford Interim Report 2019

CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (CONTINUED)
RECONCILIATION OF PROFIT FOR THE PERIOD WITH NET CASH FLOW FROM OPERATING ACTIVITIES
FOR THE SIX MONTHS ENDED 31 MARCH 2019
Note
Unaudited
6 months ended
31 March 2019
$000
Unaudited
6 months ended
31 March 2018
$000
Audited
12 months ended
30 September 2018
$000
Profit for the period (after tax)22,86227, 2 9 642,300
Adjustments for non-cash items
Depreciation10,31710,06619,731
Impairment of investments25 – –
Impairment of property, plant and equipment8 – 2,451 2,314
Impairment of assets held for sale10 – – 560
Impairment of advance – – 513
Share-based payment expense(99)(26)72
Change in fair value of biological assets (794)1,368(8,974)
Change in fair value of foreign currency options(968)(327)372
Change in fair value of forward exchange contracts(828)4592,922
Share of profit of equity accounted investees(101)(125)(1,173)
Increase in deferred tax8702,2945,164
Unrealised foreign exchange losses (gains)342(318)(2,894)
8,76 415,84218,607
Movement in working capital
(Increase) decrease in trade and other receivables
and prepayments(29,058)(28,761)7, 9 31
Increase in inventories(2,628)(1,804)(2,291)
Increase in trade and other payables and
other liabilities15,9797, 1 5 23,015
Decrease in contributions received in advance(135)(145)(287)
(Decrease) increase in taxation payable(1,813)3,1543,548
( 17, 6 5 5 )(20,404)11,916
Items classified as investing activities
Loss (gain) loss on sale of property, plant and
equipment124(44)(463)
Gain on disposal of intangible assets(3,911)– –
Loss on disposal of investments207 – –
(3,580)(44)(463)
Net cash flows from operating activities10,39122,69072,360
Interim Financial Statements
13Sanford Interim Report 2019

CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2019
Share
Capital
$000
Share
Based
Payment
Reserve
$000
Translation
Reserve
$000
Cash
Flow
Hedge
Reserve
$000
Cost of
Hedging
Reserve
$000
Retained
Earnings
$000
Total
$000
Non
Controlling
Interest
$000
Total
Equity
$000
Balance at 1 October 2018
(audited)94,690402476( 7, 70 0 )538492,943581,349585581,934
Profit for the period
(after tax) – – – – – 22,853 22,853 9 22,862
Other comprehensive
income
Foreign currency
translation differences – – (204) – – – (204) (9) (213)
Hedging gains (losses)
recognised in other
comprehensive income – – – 2,994 70 – 3,064 – 3,064
Deferred tax on change
in hedging reserves – – – (838) (20) – (858) – (858)
Amount of treasury share
cost expensed in relation
to share-based payment – (99) – – – – (99) – (99)
Total comprehensive income – (99) (204) 2,156 50 22,853 24,756 – 24,756
Distributions to shareholders – – – – – (13,091) (13,091) – (13,091)
Balance at 31 March 2019
(unaudited)94,690303272(5,544)588502,705593,014585593,599
Balance at 1 October 2017
(audited)94,6903304576,739 946 472,147575,309527575,836
Profit for the period
(after tax) – – – – – 42,30342,303(3)42,300
Other comprehensive
income
Foreign currency
translation differences – – 19 – – – 19 1 20
Hedging gains (losses)
recognised in other
comprehensive income – – – (20,055)(566) – (20,621) – (20,621)
Deferred tax on change
in hedging reserves – – – 5,616158 – 5,7 74 – 5,7 74
Amount of treasury share
cost expensed in relation
to share-based payment – 72 – – – – 72 – 72
Total comprehensive income–7219(14,439)(408)42,3032 7, 5 47(2)2 7, 5 4 5
Shares issued to non-
controlling shareholders
in subsidiaries – – – –– – – 87 87
Distributions to shareholders–––––(21,507)(21,507)(27)(21,534)
Balance at 30 September
2018 (audited)94,690402476( 7, 70 0 )538492,943581,349585581,934
Interim Financial Statements
14Sanford Interim Report 2019

FOR THE SIX MONTHS ENDED 31 MARCH 2019
Share
Capital
$000
Share
Based
Payment
Reserve
$000
Translation
Reserve
$000
Cash
Flow
Hedge
Reserve
$000
Cost of
Hedging
Reserve
$000
Retained
Earnings
$000
Total
$000
Non
Controlling
Interest
$000
Total
Equity
$000
Balance at 1 October 2017
(audited)94,6903304576,739 946 472,147575,309527575,836
Profit for the period
(after tax)– – –––2 7, 2 8 72 7, 2 8 792 7, 2 9 6
Other comprehensive
income
Foreign currency
translation differences– – (103)–––(103)(5)(108)
Hedging gains (losses)
recognised in other
comprehensive income– – –(2,453)(12)–(2,465)–(2,465)
Deferred tax on change
in hedging reserves– – –6873–690–690
Amount of treasury share
cost expensed in relation
to share-based payment – (26) – – – – (26) – (26)
Total comprehensive income – (26)(103)(1,766)(9)27,28725,383425,387
Distributions to shareholders– – –––(13,091)(13,091) – (13,091)
Balance at 31 March 2018
(unaudited)94,6903043544,973937486,3435 8 7, 6 0 1531588,132
CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
Interim Financial Statements
15Sanford Interim Report 2019

NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2019
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2019
NOTE 1 - GENERAL INFORMATION
Sanford Limited (‘the parent’ or ‘the Company’) is a profit-
oriented company that is domiciled and incorporated
in New Zealand. The Company is registered under the
Companies Act 1993 and listed on the New Zealand
Stock Exchange (NZX). The Company is an FMC entity
for the purposes of Part 7 of the Financial Markets
Conduct Act 2013.
The interim financial statements presented are for
Sanford Limited (‘Sanford’ or ‘the Group’) as at and
for the six months ended 31 March 2019.
The Group comprises the Company, its subsidiaries and
its investments in joint arrangements and associates.
The interim financial statements are prepared in accordance
with NZ IAS 34: Interim Financial Reporting. The interim
financial statements and the comparative information
for the six months ended 31 March 2018, are unaudited.
The comparative information for the year ended
30 September 2018 is audited.
The Group is a large and long-established fishing and
aquaculture farming business devoted entirely to the
farming, harvesting, processing, storage and marketing
of quality seafood products and investments in
related activities.
NOTE 2 - ACCOUNTING POLICIES
The Group’s accounting policies have been applied
consistently to all periods presented in these interim
financial statements, and have been applied consistently
by Group entities.
There have been no changes in accounting policies
or methods of computation except as detailed below.
The interim financial statements should be read in
conjunction with the financial statements for the
year ended 30 September 2018.
NZ IFRS 15 Revenue from Contracts with Customers
NZ IFRS 15 supersedes NZ IAS 11 Construction Contracts,
NZ IAS 18 Revenue and related interpretations and it applies,
with limited exceptions, to all revenue arising from contracts
with customers. NZ IFRS 15 establishes a five-step model to
account for revenue arising from contracts with customers
and requires that revenue be recognised at an amount that
reflects the consideration to which an entity is expected to
be entitled in exchange for transferring goods or services
to a customer.
NZ IFRS 15 requires entities to exercise judgement, taking
into consideration all of the relevant facts and circumstances
when applying each step of the model to contracts with their
customers. The standard also specifies the accounting for
the incremental costs of obtaining a contract and the costs
directly related to fulfilling a contract. In addition, the
standard requires extensive disclosures.
The Group adopted NZ IFRS 15 with the date of initial
application of 1 October 2018. The initial application of
NZ IFRS 15 has had no cumulative effect on previously
reported earnings. Therefore, no adjustment is made to
the opening statement of financial position. As the Group
has elected to use the cumulative effect method of transition,
the comparative information in the income statement has not
been restated and continues to be reported under NZ IAS 11,
NZ IAS 18 and related interpretations.
The nature of the adjustment and the reasons for the
change in the consolidated condensed income statement for
the six months ended 31 March 2019 are due to performance
obligations as described below:
Domestic Sales
The performance obligation for domestic sales is satisfied
upon delivery of the products to the customer or collection
of the goods by the customer. Payment terms generally
range between seven days and 20th of the month following
invoice date. Consequently the recognition of revenue from
domestic sales is unchanged between NZ IFRS 15 and previous
financial reporting standards.
Interim Financial Statements
16Sanford Interim Report 2019

NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2019
Export Sales
Certain export sales arrangements have resulted in a change in the amount of revenue recognised under NZ IFRS 15 and
previous standards. The performance obligation for the sale of goods is satisfied upon transfer of legal title in line with the
relevant incoterms. The Group typically acts as agent in arranging transport and insurance under such arrangements. Revenue
is recognised net of the associated costs of these arrangements, which accounts wholly for the disclosure change below.
The adoption of NZ IFRS 15 in the current period has had the following effect on the reported amounts of profit or loss,
with the effect of the change in accounting policy shown below:
CONSOLIDATED CONDENSED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MARCH 2019Amounts prepared under
Previous NZ IFRS
$000
Increase / (Decrease)
$000
NZ IFRS 15
$000
Revenue 272,109 (7,063) 265,046
Cost of sales (210,869) – (210,869)
Gross profit61,240 ( 7, 0 6 3 )54,177
Other income 7, 3 3 7 – 7, 3 3 7
Distribution expenses (11,788) 7, 0 6 3 (4,725)
Administrative expenses (15,998) – (15,998)
Other expenses (4,797 ) – (4,797 )
Operating profit 35,994 – 35,994
Profit before income tax 31,866 – 31,866
Income tax expense (9,0 0 4) – (9,0 0 4)
Profit for the period 22,862 – 22,862
The change in accounting policy has had no impact on the reported amounts of assets and liabilities or cash flows of the Group
for the period ended 31 March 2019.
NOTE 3 - SEGMENT REPORTING
Executive management of the Group monitors the operating results of the wildcatch and aquaculture (mussels and salmon)
divisions. Divisional performance is evaluated based on operating profit or loss. Capital expenditure consists of additions of
property, plant and equipment and intangible assets.
The Group’s key operating divisions are:
• wildcatch – responsible for catching and processing inshore and deepwater fish species; and
• aquaculture – responsible for farming, harvesting and processing mussels and salmon.
The Group has determined that the divisions above should be aggregated to form one reportable segment to reflect the
farming, harvesting, processing and selling of seafood products, due to the aggregated manner in which performance is
monitored. Further information on segment reporting is included in the financial statements for the year ended
30 September 2018.
NOTE 2 - ACCOUNTING POLICIES (CONTINUED)
NZ IFRS15 Revenue from Contracts with Customers (continued)
Interim Financial Statements
17Sanford Interim Report 2019

NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2019
(a) Income and expenditure
New ZealandAustraliaEliminationsTotal
Unaudited
6 months ended
31 March
2019
$000
Unaudited
6 months ended
31 March
2018
$000
Audited
12 months ended
30 September
2018
$000
Unaudited
6 months ended
31 March
2019
$000
Unaudited
6 months ended
31 March
2018
$000
Audited
12 months ended
30 September
2018
$000
Unaudited
6 months ended
31 March
2019
$000
Unaudited
6 months ended
31 March
2018
$000
Audited
12 months ended
30 September
2018
$000
Unaudited
6 months ended
31 March
2019
$000
Unaudited
6 months ended
31 March
2018
$000
Audited
12 months ended
30 September
2018
$000
Total external revenues252,995258,559490,59212,05114,21424,384Total external revenues – – – 265,046 272,773 514,976
Inter-segment revenue1,8701,8882,934 – – – Inter-segment revenue(1,870)(1,888)(2,934) – – –
Segment revenue254,865260,447493,52612,05114,21424,384Segment revenue(1,870)(1,888)(2,934) 265,046 272,773 514,976
Segment profit (loss)
for the period22,86627, 2 4 341,428(105)(72)(301)
Segment profit (loss)
for the period – – – 22,761 27,171 41,127
Share of profit of equity
accounted investees
Share of profit of equity
accounted investees 101 125 1,173
Reported profit for
the period
Reported profit for
the period 22,862 27, 2 9 6 42,300
Inter-segment Transactions
Inter-segment revenue is eliminated upon consolidation and reflected in the eliminations column.
(b) Assets and liabilities
New ZealandAustraliaTotal
Unaudited
6 months ended
31 March
2019
$000
Unaudited
6 months ended
31 March
2018
$000
Audited
12 months ended
30 September
2018
$000
Unaudited
6 months ended
31 March
2019
$000
Unaudited
6 months ended
31 March
2018
$000
Audited
12 months ended
30 September
2018
$000
Unaudited
6 months ended
31 March
2019
$000
Unaudited
6 months ended
31 March
2018
$000
Audited
12 months ended
30 September
2018
$000
Segment assets839,757835,782802,8125,2655,9175,154Segment assets845,022841,6998 0 7, 9 6 6
Investment in equity
accounted investees1,4811,5041,405–––
Investment in equity
accounted investees1,4811,5041,405
Total assets841,2388 37, 2 8 6804,2175,2655,9175,154Total assets846,503843,203809,371
Segment liabilities233,101234,725207,20519,80320,34620,232Segment liabilities252,904255,0712 2 7, 4 3 7
Total liabilities233,101234,725207,20519,80320,34620,232Total liabilities252,904255,0712 27, 4 37
Capital expenditure20,2459,61124,049 16 12 56 Capital expenditure20,2619,62324,105
Depreciation and
amortisation10,2469,99219,582 71 74 149
Depreciation and
amortisation10,31710,06619,731
Interim Financial Statements
18Sanford Interim Report 2019

NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2019
(a) Income and expenditure
New ZealandAustraliaEliminationsTotal
Unaudited
6 months ended
31 March
2019
$000
Unaudited
6 months ended
31 March
2018
$000
Audited
12 months ended
30 September
2018
$000
Unaudited
6 months ended
31 March
2019
$000
Unaudited
6 months ended
31 March
2018
$000
Audited
12 months ended
30 September
2018
$000
Unaudited
6 months ended
31 March
2019
$000
Unaudited
6 months ended
31 March
2018
$000
Audited
12 months ended
30 September
2018
$000
Unaudited
6 months ended
31 March
2019
$000
Unaudited
6 months ended
31 March
2018
$000
Audited
12 months ended
30 September
2018
$000
Total external revenues252,995258,559490,59212,05114,21424,384Total external revenues – – – 265,046 272,773 514,976
Inter-segment revenue1,8701,8882,934 – – – Inter-segment revenue(1,870)(1,888)(2,934) – – –
Segment revenue254,865260,447493,52612,05114,21424,384Segment revenue(1,870)(1,888)(2,934) 265,046 272,773 514,976
Segment profit (loss)
for the period22,86627, 2 4 341,428(105)(72)(301)
Segment profit (loss)
for the period – – – 22,761 27,171 41,127
Share of profit of equity
accounted investees
Share of profit of equity
accounted investees 101 125 1,173
Reported profit for
the period
Reported profit for
the period 22,862 27, 2 9 6 42,300
Inter-segment Transactions
Inter-segment revenue is eliminated upon consolidation and reflected in the eliminations column.
(b) Assets and liabilities
New ZealandAustraliaTotal
Unaudited
6 months ended
31 March
2019
$000
Unaudited
6 months ended
31 March
2018
$000
Audited
12 months ended
30 September
2018
$000
Unaudited
6 months ended
31 March
2019
$000
Unaudited
6 months ended
31 March
2018
$000
Audited
12 months ended
30 September
2018
$000
Unaudited
6 months ended
31 March
2019
$000
Unaudited
6 months ended
31 March
2018
$000
Audited
12 months ended
30 September
2018
$000
Segment assets839,757835,782802,8125,2655,9175,154Segment assets845,022841,6998 0 7, 9 6 6
Investment in equity
accounted investees1,4811,5041,405–––
Investment in equity
accounted investees1,4811,5041,405
Total assets841,2388 37, 2 8 6804,2175,2655,9175,154Total assets846,503843,203809,371
Segment liabilities233,101234,725207,20519,80320,34620,232Segment liabilities252,904255,0712 2 7, 4 3 7
Total liabilities233,101234,725207,20519,80320,34620,232Total liabilities252,904255,0712 27, 4 37
Capital expenditure20,2459,61124,049 16 12 56 Capital expenditure20,2619,62324,105
Depreciation and
amortisation10,2469,99219,582 71 74 149
Depreciation and
amortisation10,31710,06619,731
Interim Financial Statements
19Sanford Interim Report 2019

NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2019
NOTE 3 - SEGMENT REPORTING (CONTINUED)
(c) Revenue by geographical location of customers
Unaudited
6 months ended
31 March 2019
$000
Unaudited
6 months ended
31 March 2018
$000
Audited
12 months ended
30 September 2018
$000
New Zealand106,02910 9,716220,669
North America35,00626,74956,810
Europe34,76930,81461,546
Australia26,71231,64255,016
China26,05435,82857, 3 5 3
Other Asia10,6107, 5 2414,557
Japan9,4279,86817, 31 2
South Korea3,7098,89311,399
Hong Kong3,2601,9734,634
Africa3,2092,4186,007
Middle East2,9172,5943,552
Other2,4823,6513,841
Pacific8621,1032,280
Revenue265,046272,773514,976
The revenue information above is based on the delivery destination of sales.
The Group has no individual customer accounting for more than 10% of total sales for the current period, prior period and
September 2018 year.
NOTE 4 - BANK LOANS (SECURED)
Carrying and face value
Unaudited
31 March 2019
$000
Unaudited
31 March 2018
$000
Audited
30 September 2018
$000
Balance at beginning of period155,000186,121186,121
Bank loans
Proceeds15,0009,80 040,000
Repaid(15,000)(10,000)(71,000)
Bank overdraft and short term borrowings
Movement13,761278(121)
Balance at end of period168,761186,199155,000
Interest rates applicable2.65% - 3.53%2.51% - 3.41%2.47% - 3.47%
Bank loans are secured by a general security interest over property and a mortgage over quota shares.
All borrowings are subject to covenant arrangements. The Group has complied with all covenants during the period (March
and September 2018: all covenants were complied with).
The repayment dates of secured term loans outstanding at 31 March 2019 are - 30 April 2019: $55m, 30 April 2020: $65m,
30 April 2022: $28.8m, 31 October 2022: $20m. The $55m secured loans expiring on 30 April 2019 have been extended post
reporting date to 30 April 2020.
Interest rates for all loans are floating based on the bank bill rate plus a margin. The Group’s policy for term loans is to hedge
between 25% and 75% of floating rate debt by using interest rate swaps.
Interim Financial Statements
20Sanford Interim Report 2019

NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2019
NOTE 5 - DIVIDENDS
The following dividends were declared and paid by the Company:
Unaudited
6 months ended
31 March 2019
$000
Unaudited
6 months ended
31 March 2018
$000
Audited
12 months ended
30 September 2018
$000
Ordinary dividend ($0.14 per share) December 2018
($0.14 per share December 2017, $0.09 per share June 2018)13,09113,09121,507
On 22 May 2019 the Directors approved an interim dividend of 9 cents per share (fully imputed) to be paid on 14 June 2019.
This dividend has not been provided for in the accounts at 31 March 2019.
NOTE 6 - CONTINGENT LIABILITIES AND COMMITMENTS
(a) Contingent liabilities
Unaudited
31 March 2019
$000
Unaudited
31 March 2018
$000
Audited
30 September 2018
$000
Guarantees642 592 592
The Group considers guarantees to be insurance arrangements and accounts for them as such. In this respect the Group treats
the guarantee contracts as contingent liabilities until such times as it becomes probable that the Group will be required to make
payments under the guarantees.
(b) Commitments
The Group has commenced a capital reinvestment programme as approved by the board of directors. The estimated capital
expenditure for property, plant and equipment contracted for at reporting date but not provided is $8.1m (31 March 2018:
$3.5m, 30 September 2018: $4.6m).
NOTE 7 - OTHER INCOME
31 March 2019 – Sale of Tauranga based pelagic business assets
On 19 November 2018, the Company agreed to sell its Tauranga based pelagic business to Pelco NZ Limited for $24.3m.
The sale included quota of various pelagic species, three fishing vessels and associated processing equipment. The quota sale
was completed on 29 March 2019, with a gain of $4.1m being recognised within other income for the six month period ended
31 March 2019. The cash settlement of $17.8m (net of a deposit of $1.5m) on the quota sale was received on 3 April 2019 and
is disclosed within other receivables at reporting date. The remainder of the assets were sold on 23 April 2019 for $5m.
30 September 2018 and 31 March 2018 – Havelock earthquake insurance settlement
In the 2018 year the Group’s insurer paid a settlement of $11.1m in respect of the damages to the Havelock mussel processing
plant resulting from the 2016 Kaikoura earthquake. This amount is recognised in other income net of the $1m insurance excess
and cost of all remedial works, which were completed in August 2018.
NOTE 8 - IMPAIRMENT OF NON-CURRENT ASSETS
31 March 2019
No material impairment losses have been recognised during the period.
30 September 2018 and 31 March 2018
San Hikurangi, an Auckland-based inshore fishing vessel failed to meet its survey requirements and was deemed uneconomic
to repair. The vessel was decommissioned from the fleet and sold in August 2018. A $2.2m impairment charge was recognised
in the comparative figures.
Interim Financial Statements
21Sanford Interim Report 2019

NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2019
NOTE 9 - FINANCIAL INSTRUMENTS
Carrying amounts and fair values
The following table shows the carrying amounts and fair values of financial assets and financial liabilities at reporting date.
Unaudited
6 months ended
31 March 2019
$000
Unaudited
6 months ended
31 March 2018
$000
Audited
12 months ended
30 September 2018
$000
Non-derivative financial assets not measured at fair value
(i)
Trade receivables70,93469,83249,759
Other receivables – sale of pelagic fishing quota17, 8 0 0––
Insurance settlement receivable– 8,853 –
Cash and cash equivalents3,6695,0612,630
Other receivables - advances to associates381416381
Non-derivative financial assets measured at fair value
(ii)
Shares in other companies (Level 3)988989
Non-derivative financial liabilities not measured at fair value
(i)
Bank overdraft and short term borrowings (secured)(68,761)(55,399)(55,000)
Trade and other payables(40,263)(27,979)(24,812)
Bank loans (secured)(100,000)(130,800)(100,000)
Total non-derivative financial assets (liabilities)(116,142)(129,927)(126,953)
Derivative financial assets (liabilities) measured at fair value
(ii)
Forward exchange contracts (Level 2)3487,7 7 3(8,600)
Foreign currency options (Level 2)1,2905,601928
Interest rate swaps (Level 2)(9,030)(5,843)(6,536)
Fuel swaps (Level 2)4762,0102,432
Total derivative financial (liabilities) assets(6,916)9,541(11 ,776)
(i) Presented at carrying value which is equivalent to fair value.
(ii) Presented at fair value.
Other payables that are not financial liabilities are excluded above (provisions and employee entitlements: March 2019 $8.1m,
March 2018 $8.1m, September 2018 $7.6m).
Interim Financial Statements
22Sanford Interim Report 2019

NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2019
NOTE 10 – ASSETS CLASSIFIED AS HELD FOR SALE
Unaudited
31 March 2019
$000
Unaudited
31 March 2018
$000
Audited
30 September 2018
$000
Property, plant and equipment 8,527 8,5278,527
Equity accounted investment– 9,471 9,165
Total assets held for sale 8,527 17,9 9 817, 692
Property, plant and equipment classified as held for sale reflects the Christchurch mussel processing facility, which was
closed during the 2015 financial year and continues to be marketed for sale. It is recognised at fair value less cost to sell.
No impairment has been recognised during the six months to 31 March 2019.
In November 2018, the Group completed the sale of its 50% equity accounted investment in Weihai Dong Won Food Company
Ltd. This seafood processing business located in Weihai, China was not core to the strategy of the Group and consequently the
decision was made to sell the business. An impairment loss of $0.6m was recognised in the year ended 30 September 2018,
reflecting the anticipated selling price at that date.
NOTE 11 - SUBSEQUENT EVENTS
Other than the matter disclosed in notes 4 and 7, no subsequent events have been identified.
Interim Financial Statements
23Sanford Interim Report 2019

Directory
Board of Directors
Paul Norling, Chairman
Sir Robert McLeod, Deputy Chairman
Peter Cullinane
Abigail (Abby) Foote
Peter Goodfellow
Peter Kean
Executive Management
Volker Kuntzsch, Chief Executive Officer
Clement Chia, Chief Operating Officer
Karen Duffy, Chief People Officer
Andre Gargiulo, Chief Customer Officer
Katherine Turner, Chief Financial Officer
Registered Office
22 Jellicoe Street
Freemans Bay
Auckland 1010
New Zealand
PO Box 443
Shortland Street
Auckland 1140
New Zealand
Telephone +64 9 379 4720
Email info@sanford.co.nz
Website www.sanford.co.nz
Principal Bankers
ANZ Bank New Zealand Limited
Bank of New Zealand
Rabobank New Zealand Limited
Solicitors
Chapman Tripp
Russell McVeagh
Group Auditors
KPMG, Auckland
Stock Exchange
The Company’s shares trade on the
New Zealand Stock Exchange (NZX).
NZX Trading Code: SAN.
The minimum marketable parcel on the Exchange
is 100 shares (price $2 to $5 per share) or 50 shares
(price $5 to $10 per share).
Share Registrar
Computershare Investor Services Limited
Private Bag 92 119
Auckland 1142
New Zealand
159 Hurstmere Road
Takapuna
Auckland 0622
New Zealand
Managing your Shareholding Online
To change your address, update your payment
instructions and to view your investment portfolio
including transactions please visit:
www.investorcentre.com/nz
General Enquiries
General enquiries can be directed to:
enquiry@computershare.co.nz
Private Bag 92 119
Auckland 1142
New Zealand
Telephone +64 9 488 8777
Please assist our registrar by quoting your
CSN or shareholder number.
Other queries should be directed to the
General Manager Risk and Corporate Affairs
at the Registered Office.
insight
creative.co.nz
SAN083

FOR THE CAULIFLOWER SALAD
2 cups quinoa, cooked
40g butter
1 cup corn kernels
½ head cauliflower, cut into
small florets
30ml Lupi Extra Virgin Olive Oil
10g salt
10g black pepper
¼ cup fresh dates
3 tbsp toasted sesame seeds
¾ cup coriander leaves
1 cup cherry tomatoes,
cut into halves
INGREDIENTS
600g salmon fillet skin off,
bone out
1 lemon, quartered, for garnish
METHOD
1.
To cook the quinoa: place quinoa in a fine strainer, rinse with
cold water and drain. Place two cups of water and some salt in
a saucepan and bring to a rolling boil. Turn heat down to a low
setting, add the quinoa and cook for 15-20 minutes. Remove
from the heat and let stand for five minutes with the lid on.
2.
To cook the corn: add butter and corn to a pan and toss until
warm, season and taste.
3.
For the cauliflower: in a large roasting dish or pan toss the
florets with olive oil. Season with salt and pepper and roast in
a hot oven (or BBQ) until the cauliflower is tender and lightly
brown, approximately 15-20 minutes. Toss the cauliflower half
way through cooking and watch carefully as you are looking for
an even colour.
4.
For the miso sauce: in a bowl combine all the ingredients for the
sauce and whisk/blend until smooth. Taste and check seasoning.
5.
For the salmon: heat a pan with olive oil (or use BBQ hot plate)
place in seasoned salmon fillets, and cook on a medium heat for
five minutes until the protein starts to come out (this is a white
foam that appears on the surface of the fish). Turn and cook sides
evenly for another four minutes. Remove from heat.
6.
To ser ve: toss roasted cauliflower with cooked quinoa, corn,
tomatoes, dates, sesame seeds and coriander. Dress with miso
sauce, garnish with lemon, coriander and sesame seeds.
PAN ROASTED SALMON,
ROASTED CAULIFLOWER,
BUTTERED CORN WITH
MISO AND SESAME
AUCKLAND SEAFOOD SCHOOL (SERVES 4)
R
FOR THE MISO SAUCE
2 tbsp white miso
2 tbsp rice wine vinegar
1 tsp Lee Kum Kee sesame oil
1 tsp tamari soy sauce
1 tbsp maple syrup
1 tsp fresh ginger, finely grated
1 tbsp water

---

This presentation contains not only a review of operations, but also some forward looking statements about Sanford
Limited and the environment in which the company operates. Because these statements are forward looking, Sanford
Limited’s actual results could differ materially. Media releases, management commentary and analysts presentations,
including those relating to the previous results announcement, are all available on the company’s website and contain
additional information about matters which could cause Sanford Limited’s performance to differ from any forward
looking statements in this presentation. Please read this presentation in the wider context of material previously
published by Sanford Limited.
DISCLAIMER
2

The safety, health and wellbeing of our people is the top priority
3
•Sad loss of SteffanStewart in a tragic
accident on board the San Granit
on 14 November 2018
•Extensive work previously undertaken to align
San Granitwith regulatory and internal safety
requirements
•Following this accident, a further in-depth
review and risk analysis of all factory
equipment and processes were undertaken and
officers and crew were consulted, resulting in
further modifications being made. The
resulting changes were primarily outside the
accident site.

Climate change remains our top enterprise risk
•Warmer waters impacting by way of algal blooms, bio-fouling, adverse weather conditions
•Continuing to mitigateeffects of climate change through geographic spread, diversity and
innovation

Challenging conditions mark the first half of FY19, partly mitigated by
strategy of focusing on value
* Would have been 61c if San Granit was operational throughout
** Including gain on sale of pelagic quota of $4.1m, prior year includes earthquake insurance settlement of $9.9m
*** Like for like views revenue and gross profit comparable to 2018 without implementing the new revenue accounting standard (NZIFRS 15)
-13%
EBIT GW kg
+1c/kg
57c*
CATCH/HARVEST VOLUME
55kGWT
REVENUE (Like for like***)
$272M
-12%
ADJUSTED EBIT
$32.6M
Flat
Up from
22.3%
GROSS PROFIT % (Like for like***)
22.5%
NPAT
$22.9M**
-16%
INTERIM DIVIDEND
9 CPS
Stable
SALES VOLUME
39kPWT
-8%

Key Drivers of Half Year ADJUSTED EBIT change
Strategy in Action +3m
Timing -4m
Value strategy driving adjusted EBIT improvement
6
Fair Value +2mOne-off -4m
NZD m

2014
Balancing growth and innovation with operational rejuvenation
2019
Creating value: commodity fish -> seafood -> beyond food

Wild Catch
8
Headwinds
•San Granit outage ($4.1m negative EBIT impact)
•Capacity constraints in our inshore fleet and unplanned
vessel outages reduced catch
•Toothfish pricing down due to an oversupply in the
North American market
•Not able to replicate strong orange roughy sales of PY
Wins
•Sale of the pelagic quota and assets fully completed in
April –considerable team effort
•Strong skipjack tuna and squid fisheries delivered
incremental volume
•Hoki product cascade change delivering significantly
more fillet on freezer vessels and $3.1m incremental
EBIT
0
10
20
30
40
50
H1 17H1 18H1 19
GWT (000’s)
Wild catch sales volumes -14%
DeepwaterInshoreFishing partnersPelagics
0
2
4
6
-
50
100
150
200
H1 17H1 18H1 19
$ millions
Wild catch sales revenue -5%
DeepwaterInshoreFishing partners
PelagicsRev $/GWkg
H1 performance down vs prior half year
FRESH
FROZEN

9
Strategic Priorities
•Catching beautiful fresh fish using precision
seafood harvesting (PSH) net technology
•Moving hoki products further up the value chain,
through
•Improved crew training and retention
•Improved cold chain controls on the vessels
•Use of PSH technology
•Alignment of product specifications with
market requirements
•Vessel improvement programme in progress
aligned to Fresh and Value Add Frozen strategies
•New build scampi vessel project is underway -
concept design drawings are expected in Q3
•Automation of orange roughyfilleting
H2 Outlook: Positive
•Continuing strong squid catches providing good
volume
•Expected cascade change for hoki during the
hoki season
•Granit now operating and building in capability
Wild Catch
FRESH
FROZEN

GreenshellMussels
10
Wins
•Strong halfshellmussel pricing
•Product sales mix change driving margin
•Channel development has created strong demand at
increased returns
•Full 6 months of 2 operational dryers at Enzaqled to
production and sales volume growth
•Havelock processing plant operating as expected post
the shut down for strengthening work but does face
labour shortage issues
•sea to melaunch www.seatome.co.nz
Headwinds
•Issues with warmer waters –led to high degree of
biofouling particularly in Coromandel
•Algal bloom in Marlborough minimal H1 impact –will
impact H2
-
5
10
15
20
H1 17H1 18H1 19
GWT (000’s)
Greenshell mussel sales volumes -2%
-
1
2
3
4
-
10
20
30
40
50
60
H1 17H1 18H1 19
Rev $/ GWkg
$ millions
Greenshell mussel sales revenue +10%
H1 outperformed prior half year
MUSSELS

11
Strategic Priorities
•Explore expansion of Sea to Me in USA and China
•Selective spat breeding at SPAT
NZ
-progressing
well with excellent line retentionfrom strategic
spat deployments to new spat farms chosen for
colder water and different fouling regime
•Development of consented space in Golden Bay
to meet growth plans and provide geographical
risk mitigation to algal blooms
H2 Outlook: Challenging
•Biotoxinin the Marlborough Sounds is limiting
supply, factory throughput and sales
•Continued strong demand is keeping prices
high
•Mussel powder growth continues to be strong
with good forward orders
GreenshellMussels
MUSSELS

12
Wins
•Greater volume available over Q1 due to improving
focus on biomass management
•Margin growth resulting from investment in optimising
the S&OP process
•Increased pricing on the core business –principally NZ
•Sales penetration into the premium branded segment -
both in NZ and overseas
Headwinds
•Salmon did not grow as expected in Q2 due to algal
bloom in Big Glory Bay –has repercussions for H2
-
500
1,000
1,500
2,000
H1 17H1 18H1 19
GWT
Salmon sales volumes +13%
-
5
10
15
20
-
5
10
15
20
25
30
H1 17H1 18H1 19
Rev $/
GWkg
$ millions
Salmon sales revenue +20%
H1 outperformed prior half year
SALMON
King Salmon

13
Strategic Priorities
•Big Glory Bay brand activation and expansion in
domestic and export markets
NZ premium food service customers increased
to 29 (+22 v Mar 18)
Importers and distributors appointed in USA and
Australia (building blocks for expansion in H2)
•Continued infrastructure investmentto improve fish
performance, quality, and volume growth
•BGB nitrogen variationprovides opportunities for future
volume led growth and farming flexibility (2020-2024)
H2 Outlook: Mixed
•Volume availability for key export markets
expected to be tight due to slower growing
salmon
•Increased capital spend on asset rejuvenation
and preparation for increased farmed volumes
SALMON
Salmon

•Drive to leverage cross functional teams to ensure effective planning and review of business results
•Hugely important system and data capability upgrade (Sancore) -further advanced with investment in a
dedicated expert team
•Focuson training to leverage our value of CARE and improve safety performance
•Investment in creating a ‘just and collaborative culture’ to drive safety excellence
•The Timaru plant has achieved GOLD standard for our wellbeing programme –Sanwell. Bluff has also
begun the accreditation programme and achieved Bronze status
•Continued investment in management and leadership development through“San Ignite” and “San
Activate” development programmes
•Literacy and numeracy training as part of the “Keeping it Fresh” programme
Strategic priorities
14
ORGANISATIONAL
CAPABIILTY

•Continue to drive awareness and foot traffic to the Auckland Fish Market
•Integrate Fresh Catch E-commerce platform into Sanford & Sons fishmongers
•Develop Nutraceutical NPD pipeline using a variety of marine based sources
15
BRANDING
INNOVATION
SOCIAL LICENSE
•Relationship building with iwi stakeholders and communities to drive value
through collaboration for NZ
•Working with Government, Councils and communities to provide agreed and
cost effective outcomes for marine farm renewals
•Improving industry reputation through increased transparency
Strategic priorities

Sanford Strategy
Business Excellence Framework
Sustainability as theFoundation
AMBITION
$1 EBIT GW kg by
2023
VISION
To be the Best Seafood
Company in the World
PURPOSE
We share the natural
goodness of our oceans with
uncompromising care
ORGANISATIONAL
CAPABIILTY
OPERATIONAL
EXCELLENCE
INNOVATION
BRANDING
INVESTMENT PLAN
SOCIAL LICENCE
Cross Functional Business Teams
SALMONMUSSELS
FROZEN
FRESH
INNOVATION
Integrated thinking and delivery across our businesses

17
APPENDICES

downfrom 31.7%
Operating Cash Flow
$10.4m
-9%
DEBT
$168.8M
TOTAL EQUITY
$594M
DEBT / EBITDA*
2.06x
GEARING
28.4%
Improving Gearing and Balance Sheet vs 2018 half year
-55%
+1%
FY18 2.11x
18
* Rolling basis
Movement largely driven
by timing of customer
receipts

YTD Capital Investments
19
•Capital expenditure of $20.3m in H1is more than double last year’s spend.
•Focus has been on:
•Supporting the brand and drive to sell more fresh fish through the Auckland Fish Market
•‘Beyond food’ strategy –2new dryers for Enzaq to expand mussel powder sales
•Vessel optimisation improvements such as new fish finder and sonar technologies, vessel
surveys and safety improvements
•Value add initiatives on the vessels to improve the return per kg included cascade
improvements arising from improved handling techniques and greater use of PSH
•Salmon farm optimisation through investing in a new feed barge

HY19 Financial Results -GAAP to Non GAAP reconciliation
20
* 2019 Revenue without NZ IFRS 15
adjustment
$m
20192018
Revenue 272.1 272.8
Gross Profit61.260.8
GP %22.5%22.3%
Comparable*
Unaudited
Six months ended 31 March ($m)
20192018
Revenue265.0 272.8
Gross Profit54.260.8
Reported Net profit (GAAP)22.927.3
Add back (deduct):
Net interest and tax expenses 13.215.2
Net gain on sale of investments, property, plant and
equipment and intangibles(3.6)-
Reported EBIT32.542.5
Adjustments:
Havelock earthquake insurance settlement-(9.9)
Impairment of assets and restructuring costs0.12.8
Total one off items0.1(7.1)
Adjusted EBIT32.635.4
Depreciation and amortisation10.310.1
Adjusted EBITDA42.945.5

GAAP TO NON-GAAP RECONCILIATION
Non-GAAP Profit measures
Sanford's standard profit measure prepared under New Zealand GAAP is net profit. Sanford has used non-GAAP measures when discussing
financial performance in this document. The Directors and management believe that these measures provide useful information as they are used
internally to evaluate divisional and total Group performance and to establish operating and capital budgets. Non-GAAP profit measures are not
prepared in accordance with NZ IFRS (New Zealand Equivalents to International Financial Reporting Standards) and are not uniformly defined,
therefore the non-GAAP profit measures included in this report are not comparable with those used by other companies. They should not be
viewed in isolation or as a substitute for GAAP profit measures as reported by Sanford in accordance with NZ IFRS.
Definitions
Reported EBIT: Earnings before interest, taxation, non-trading currency exchange gain/(loss) and gain (loss) on sales of investments, intangible and
long term assets
Adjusted EBIT: Reported EBIT adjusted for impairments, restructuring and other one-off items
EBITDA: Earnings before interest, taxation, non-trading currency exchange gain/(loss), depreciation, amortisation, restructuring, adjusting items,
impairment and gain (loss) on sale of investments, intangible and long term assets
21

USD FX HEDGING PATTERN FOR THE YEAR
22
0.6300
0.6500
0.6700
0.6900
0.7100
0.7300
0.7500
0.7700
Week
USD Exchange Rate
Rolling 12 months comparison
2017/2018 Spot RatesActual Achieved 2017/2018Av Effective Rate 2017/2018
2018/2019 Spot RatesActual Achieved 2018/2019Av Effective Rate 2018/2019