Half-Year Results 2019

HALF YEAR FINANCIAL STATEMENTS
JUNE 2019

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T&G Global Limited and subsidiary companies
The accompanying notes form an integral part of these interim financial statements.
For the six months ended 30 June 2019
INCOME STATEMENT
NOTES
Unaudited
6 months to
30 Jun 2019
$’000
Unaudited
6 months to
30 Jun 2018
$’000
Audited
12 months to
31 Dec 2018
$’000
Continuing operations
Revenue5560,835581,6811,188,203
Other operating income6,1737,32414,939

Purchases, raw materials and consumables used(418,149)(439,099) (917,417)
Employee benefits expenses(85,881)(85,480) (160,113)
Depreciation and amortisation expenses(18,473)(11,289)(23,246)
Other operating expenses(37,711)(42,688)(86,741)
Operating profit6,79410,44915,625

Financing income257404841
Financing expenses(7,427)(6,888)(13,029)
Share of (loss) / profit from joint ventures(5)25694
Share of profit from associates8558002,534
Other income63,1371,9166,577
Other expenses6(616)--
Profit before income tax from continuing
operations
2,995 6,70613,242
Income tax credit / (expense)7977(1,373)(2,848)
Profit for the period from continuing operations3,9725,33310,394
Discontinued operations

(Loss) for the period from discontinued operations, net
of tax
- (1,994)(2,076)
Profit for the period3,9723,3398,318

Attributable to:
Equity holders of the Parent1,4121,0233,581
Non-controlling interests2,5602,3164,737
Profit for the period3,9723,3398,318

Profit attributable to equity holders of the Parent
relates to:
Profit from continuing operations
1,4123,0175,657
Loss from discontinued operations
- (1,994)(2,076)
1,4121,0233,581
Earnings per share (in cents)

Basic and diluted earnings from continuing and
discontinued operations
1.20.82.9
Basic and diluted earnings from continuing operations1.22.44.6

T&G Global Limited and subsidiary companies
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The accompanying notes form an integral part of these interim financial statements.
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2019
Unaudited
6 months to
30 Jun 2019
$’000
Unaudited
6 months to
30 Jun 2018
$’000
Audited
12 months to
31 Dec 2018
$’000
Profit for the period3,9723,3398,318

Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
(Loss) / gain on revaluation of investment in unlisted entity -(177)(177)
Deferred tax effect on sale of property, plant and equipment --3,885
-(177)3,708

Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations(1,371)98(1,165)
Cash flow hedges:
Fair value loss, net of tax(545)(10,840)(11,691)
Reclassification of net change in fair value to profit or loss1,4241526,934
(492)(10,590)(5,922)
Other comprehensive expense for the period(492)(10,767)(2,214)

Total comprehensive income / (expense) for the period 3,480(7,428)6,104

Total comprehensive income / (expense) for the period is
attributable to:

Equity holders of the Parent 959(9,993)1,495
Non-controlling interests 2,5212,5654,609
3,480(7,428)6,104

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T&G Global Limited and subsidiary companies
The accompanying notes form an integral part of these interim financial statements.
For the six months ended 30 June 2019
STATEMENT OF CHANGES IN EQUITY
Unaudited
NOTES
Share
capital
$’000
Revaluation
and other
reserves
$’000
Retained
earnings
$’000
Total
$’000
Non-
controlling
interests
$'000
Total
equity
$’000
2019
Balance at 1 January 2019 176,357109,330114,612400,29913,321413,620
Profit for the period - -1,4121,4122,5603,972
Other comprehensive income / (expense)
Exchange differences on translation of foreign
operations
-(1,332) -(1,332)(39)(1,371)
Movement in cash flow hedge reserve -879 -879 -879
Total other comprehensive expense -(453) -(453)(39)(492)
Transactions with owners
Dividends9 - - - -(2,153)(2,153)
Total transactions with owners - - - -(2,153)(2,153)
Transfer from asset revaluation reserve due to
asset disposal
-(83)83---
Balance at 30 June 2019176,357108,794116,107401,25813,689414,947
2018
Balance at 1 January 2018 176,357128,764108,653413,77411,819425,593
Adjustment on initial application of NZ IFRS 9 - -(300)(300) -(300)
Adjusted balance at 1 January 2018 176,357128,764108,353413,47411,819425,293
Profit for the period - -1,0231,0232,3163,339
Other comprehensive income / (expense)
Revaluation of investment in unlisted entity -(177) -(177) -(177)
Exchange differences on translation of foreign
operations
-(155) -(155)25398
Movement in cash flow hedge reserve -(10,684) -(10,684)(4)(10,688)
Total other comprehensive income / (expense) -(11,016) -(11,016)249(10,767)
Transactions with owners
Dividends9 - -(7,353)(7,353)(1,576)(8,929)
Total transactions with owners - -(7,353)(7,353)(1,576)(8,929)
Transfer from asset revaluation reserve due to
asset disposal
-(6,563)6,563 - - -
Transfer from revaluation reserve due to sale of
shares in unlisted entity
-(1,650)1,650---
Balance at 30 June 2018176,357109,535110,236396,12812,808408,936

NOTES
Unaudited
30 Jun 2019
$’000
Unaudited
30 Jun 2018
$’000
Audited
31 Dec 2018
$’000
Current assets
Cash and cash equivalents44,56647,05436,778
Trade and other receivables207,669229,675152,086
Taxation receivable13,7998,0396,994
Inventories156,170182,41724,515
Derivative financial instruments2,5981,5831,864
Biological assets8,1489,28928,185
Non-current assets classified as held for sale119,447 - -
Total current assets442,397478,057250,422
Non-current assets
Trade and other receivables9,3538,6628,428
Derivative financial instruments2,239792884
Investments in unlisted entities106106106
Property, plant and equipment379,292434,416396,546
Right-of-use assets1253,739 - -
Investment property14,700 -15,316
Intangible assets37,35436,85036,597
Investments in joint ventures4,4844,5684,490
Investments in associates36,05434,76835,380
Total non-current assets537,321520,162497,747
Total assets979,718998,219748,169
Current liabilities
Trade and other payables227,640264,653133,875
Borrowings90,92685,4964,159
Lease liabilities129,710--
Derivative financial instruments5,4996,7175,963
Total current liabilities333,775356,866143,997
Non-current liabilities
Trade and other payables8295237
Borrowings142,731178,616146,100
Lease liabilities1245,068--
Derivative financial instruments6,4948,5805,230
Deferred tax liabilities36,62145,12638,985
Total non-current liabilities230,996232,417190,552
Total liabilities564,771589,283334,549
Equity
Share capital176,357176,357176,357
Revaluation and other reserves108,794109,535109,330
Retained earnings116,107110,236114,612
Total equity attributable to equity holders of the Parent401,258396,128400,299
Non-controlling interests13,68912,80813,321
Total equity414,947408,936413,620
Total liabilities and equity979,718998,219748,169
T&G Global Limited and subsidiary companies
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Prof. K.J. Lutz
Director (Chairman)
8 August 2019
C.A. Campbell
Director (Chair of Finance, Risk and Investment Committee)
8 August 2019
The accompanying notes form an integral part of these interim financial statements.
BALANCE SHEET
As at 30 June 2019

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T&G Global Limited and subsidiary companies
The accompanying notes form an integral part of these interim financial statements.
For the six months ended 30 June 2019
STATEMENT OF CASH FLOWS
NOTES
Unaudited
6 months to
30 Jun 2019
$’000
Unaudited
6 months to
30 Jun 2018
$’000
Audited
12 months to
31 Dec 2018
$’000
Cash flows from operating activities
Cash was provided from:
Receipts from customers528,064521,3211,219,371
Other103526406
Cash was disbursed to:
Payments to suppliers and employees(522,182)(511,032)(1,164,258)
Interest paid(5,485)(4,379)(9,128)
Income taxes paid(6,122)(3,151)(7,142)
Net cash (outflow) / inflow from operating activities13(5,622)3,28539,249
Cash flows from investing activities
Cash was provided from:
Dividends received from joint ventures and associates182 - 1,853
Proceeds from sale of shares in associate - 3,3503,350
Proceeds from sale of processed foods business - 4,7994,799
Proceeds from sale of kiwifruit post-harvest and orchard assets9,77419,47233,436
Proceeds from sale of other property, plant and equipment8110104
Proceeds from sale of distribution centre - -14,851
Cash was disbursed to:
Purchase of property, plant and equipment(13,782)(10,497)(28,875)
Purchase of intangible assets(1,586)(245)(1,304)
Other - (198)(90)
Net cash (outflow) / inflow from investing activities(5,404)16,791 28,124
Cash flows from financing activities
Cash was provided from:
Net proceeds from borrowings27,10014,62622,000
Proceeds from seasonal funding60,00070,000-
Proceeds from Parent entity loan5,000 - -
Cash was disbursed to:
Dividends paid to non-controlling interests9(2,153)(1,576)(3,107)
Dividends paid to Parent's shareholders9 - (7,353)(14,708)
Repayment of borrowings(7,000)(2,864)(53,746)
Repayment of lease liabilities(6,852) - -
Net advances to growers(54,418)(68,053) -
Deferred consideration on purchase of non-controlling interests - (1,060)(1,060)
Deferred consideration on purchase of business - (593)(593)
Bank facility fees and transaction fees(1,596)(1,967)(3,721)
Other - (309)(654)
Net cash inflow / (outflow) from financing activities20,081851(55,589)
Net increase in cash and cash equivalents9,05520,92711,784
Foreign currency translation adjustment(1,267)(273)(1,406)
Cash and cash equivalents at the beginning of the year36,77826,40026,400
Cash and cash equivalents at the end of the period44,56647,05436,778

NOTES TO THE 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 New Zealand’s leading grower, distributor,
marketer and exporter of premium fresh produce in over 60 countries around the world. Key categories for the Group include apples,
grapes, berries, citrus (lemons, mandarins and navel oranges), asparagus and tomatoes.
These unaudited condensed interim financial statements presented are for the Group which comprises the Parent and its subsidiaries,
joint ventures and associates as at 30 June 2019.
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, Munich, Germany (the Ultimate Parent) is the ultimate parent of the Group.
2. BASIS OF PREPARATION
These unaudited condensed interim financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP), NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting. The unaudited condensed
interim financial statements should be read in conjunction with the annual report for the year ended 31 December 2018 (2018 Annual
Report), which has been prepared in accordance with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS),
other applicable New Zealand Financial Reporting Standards as appropriate for profit-oriented entities, and International Financial
Reporting Standards (IFRS).
This is the first set of the Group’s financial statements where NZ IFRS 16 Leases (NZ IFRS 16) has been applied. Changes from the
application of NZ IFRS 16 are described in Note 3.
Operating lease commitments have been restated by $7.9 million from the 2018 Annual Report to account for leases not previously
disclosed.
These unaudited condensed interim financial statements are expressed in New Zealand dollars which is the Group’s presentation
currency. All financial information has been rounded to the nearest thousand ($’000) unless otherwise stated.
Other than the first time adoption of NZ IFRS 16, there have been no changes to accounting policies subsequent to the presentation of
the 2018 unaudited condensed interim financial statements and Annual Report.
Critical accounting estimates and judgments
The Group makes estimates and judgments concerning the future. Apart from the judgments used in the first time adoption of NZ IFRS
16 (refer Note 3), the estimates and judgments used in the preparation of these unaudited condensed interim financial statements are
consistent with those used in the 2018 Annual Report.
3. CHANGES IN SIGNIFICANT ACCOUNTING POLICIES
Except as described below, the accounting policies applied in these unaudited condensed interim financial statements are the same as
those applied in the Group’s consolidated financial statements as at and for the year ended 31 December 2018.
The changes in accounting policies due to the adoption of new standards are also expected to be reflected in the Group’s consolidated
financial statements as at and for the year ending 31 December 2019.
New standards adopted by the Group
The following standard is mandatory for the Group’s current accounting period:
• NZ IFRS 16 Leases (NZ IFRS 16)
The impact of the adoption of NZ IFRS 16 and the accompanying new accounting policies are disclosed on the next page and Note 12.
T&G Global Limited and subsidiary companies
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T&G Global Limited and subsidiary companies
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
3. CHANGES IN SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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. 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 leases for properties, glasshouses, orchard
land, motor vehicles and plant and machinery.
The Group adopted NZ IFRS 16 using 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 Group has made use of the practical expedient available on
transition to NZ IFRS 16 not to reassess whether a contract is or contains a lease. Accordingly, the definition of a lease in accordance with
NZ IAS 17 will continue to be applied to those leases entered or modified before 1 January 2019. Comparative numbers have not been
restated.
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. An additional depreciation expense of $7.4 million has been recognised in
relation to the adoption of NZ IFRS 16. The lease liabilities are initially measured at the present value of the unpaid lease payments at
commencement date, discounted using a discount rate.
Lease incentives are recognised as part of the measurement of the ROU assets and lease liabilities whereas under NZ IAS 17 they resulted
in the recognition of a lease incentive liability, amortised as a reduction of rental expense on a straight-line basis.
Under NZ IFRS 16, ROU assets are tested for impairment in accordance with NZ IAS 36 Impairment of Assets. This replaces the previous
requirements to recognise a provision for onerous lease contracts.
The main difference between NZ IFRS 16 and NZ IAS 17 with respect to assets formerly held under a finance lease is the measurement of
residual value guarantees provided by a lessee to a lessor. NZ IFRS 16 requires that the Group recognises as part of its lease liability only
the amount expected to be payable under a residual value guarantee, rather than the maximum amount guaranteed as required by NZ
IAS 17. This change did not have a material effect on the Group’s financial statements.
Key judgment areas in applying the new standards are:
• The use of discount rates; and
• The assessment of whether options to extend or terminate a lease will be exercised.
The discount rates used are the Group’s incremental borrowing rates (IBR). The Group’s IBR is the average of the borrowing rates obtained
from financial institutions as if the Group had purchased the leased asset, with the term of the borrowing similar to the lease term. The
weighted average rate applied for each leased asset class are:
Weighted
average IBR %
Properties5.22%
Glasshouses5.22%
Orchard land5.22%
Motor vehicles6.01%
Plant and machinery6.18%

T&G Global Limited and subsidiary companies
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NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
3. CHANGES IN SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NZ IFRS 16 Leases (NZ IFRS 16) (continued)
The assessment of whether a lease contract will be extended or terminated at the end of the lease contract is dependent on the asset
class and type. For property leases, this will be determined by the Group’s intention to exercise contractual right of renewal at the end of
the initial lease term. For motor vehicles, an extension of two months has been applied to all vehicles expiring in the 2019 financial year as
this is the average time taken to either return the vehicle to the lessor, or to extend the lease contract.
The Group has applied the following practical expedients when applying 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; and
• Not recognising ROU assets and liabilities if the underlying leased asset is considered a low-value asset.
For short-term leases (lease term of 12 months or less) and leases of low-value assets, the Group has opted to recognise a lease expense
on a straight-line basis as permitted by NZ IFRS 16. This expense is presented within other operating expenses in the income statement.
Reconciliation of lease commitment to opening lease liability as at 1 January 2019:

Impact on the statement of cash flows for the six months ended 30 June 2019
Under NZ IFRS 16, lessees must present:
• Short-term lease payments and payments for leases of low-value assets as part of operating activities. The Group has included these
payments as part of payments to suppliers and employees;
• Cash paid for the interest portion of lease liability as operating activities; and
• Cash payments for the principal portion of lease liabilities, as part of financing activities.
Under NZ IAS 17, all lease payments on operating leases were presented as part of cash flows from operating activities. Consequently, for
the 6 months to 30 June 2019, the net cash generated by operating activities has increased by $6.9 million and net cash used in financing
activities increased by the same amount. Comparative numbers have not been restated.
The adoption of NZ IFRS 16 did not have an impact on net cash flows.
New accounting policies adopted by the Group
The Group as a lessee
The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a ROU asset and a
corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases and leases of low-
value assets. For these leases, the Group recognises the lease payments as an other operating expense on a straight-line basis over the
term of the lease.
$’000
Restated operating lease commitments at 31 December 2018 70,780
Effect of discounting using incremental borrowing rates at 1 January 2019(19,824)
Finance lease liabilities recognised as at 31 December 2018 348
Recognition exemption for:
- short-term leases(130)
- leases of low-value assets(291)
Extension and termination options reasonably certain to be exercised 9,116
Lease liabilities recognised at 1 January 2019 59,999

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T&G Global Limited and subsidiary companies
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
3. CHANGES IN SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The Group as a lessee (continued)
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted
by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate (IBR).
Lease payments included in the measurement of the lease liability comprise:
• Fixed lease payments, less any lease incentives;
• Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;
• The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
• Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
The lease liability is presented as a separate line in the consolidated balance sheet.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective
interest method) and by reducing the carrying amount to reflect the lease payments made.
The Group remeasures the lease liability if:
• The lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is
remeasured by discounting the revised lease payments using a revised discount rate;
• The lease payments change due to changes in an index or rate, in which case the lease liability is remeasured by discounting the
revised lease payments using the initial discount rate; or
• A lease contract is modified and lease modification is not accounted for as a separate lease, in which case the lease liability is
remeasured by discounting the revised lease payments using a revised discount rate.
The ROU assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
commencement date and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment
losses.
Wherever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or
restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured
under NZ IAS 37 Provisions, contingent liabilities and contingent assets (NZ IAS 37). The costs are included in the related ROU asset, unless
those costs are incurred to produce inventories.
ROU assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The estimated useful lives of
ROU assets are determined on the same basis as similar owned assets within property, plant and equipment. Depreciation starts at the
commencement date of the lease.
The ROU assets are presented as a separate line in the balance sheet.
The Group applies NZ IAS 36 to determine whether a ROU asset is impaired and accounts for any identified loss under the same policy
adopted for property, plant and equipment.
Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the ROU asset. The
related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are
included in other operating expenses in the income statement.
The Group as a lessor
The Group enters into lease agreements as a lessor with respect to some of its properties. Leases for which the Group is a lessor are
classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to
the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.
When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is
classified as a finance or operating lease by reference to the ROU asset arising from the head lease.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred
in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line
basis over the lease term.
Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group’s net investment in the leases.
Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group’s net investment
outstanding in respect of the leases.

T&G Global Limited and subsidiary companies
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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 financing income, 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.
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 and citrus growing operations.
Processed Foods
Includes the sale and marketing of processed foods, and trading activities in Australia and North
America.
OtherIncludes property and corporate costs.
Pipfruit
$’000
International
Produce
$’000
New Zealand
Produce
$’000
Processed
Foods
$’000
Other
$’000
Total
$’000
Unaudited six months ended 30 June 2019
Total segment revenue
298,099147,013109,80413,03727567,980
Inter-segment revenue
- (2,621)(4,524) - - (7,145)
Revenue from external customers
298,099144,392105,28013,03727560,835
Purchases, raw materials and consumables used
(220,455)(129,435)(58,670)(11,247)(143)(418,149)
Depreciation and amortisation expenses
(8,911)(497)(7,799)(192)(1,074)(18,473)
Net other operating expenses
(57,339)(12,175)(39,285)(1,802)(5,017)(117,419)
Segment operating profit / (loss)11,3942,285(474)(204)(6,207)
6,794
Financing income
257
Financing expenses
(7,427)
Share of loss from joint ventures
(5)
Share of profit from associates
855
Other income
3,137
Other expenses
(616)
Profit before income tax from continuing
operations
2,995

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T&G Global Limited and subsidiary companies
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
4. SEGMENT INFORMATION (CONTINUED)
Pipfruit
$’000
International
Produce
$’000
New Zealand
Produce
$’000
Processed
Foods
$’000
Other
$’000
Total
$’000
Unaudited six months ended 30 June 2018
Total segment revenue
329,641129,248116,77013,81850589,527
Inter-segment revenue
(502)(2,517)(4,827)--(7,846)
Revenue from external customers
329,139126,731111,94313,81850581,681
Purchases, raw materials and consumables
used
(249,311)(113,531)(64,302)(11,974)19(439,099)
Depreciation and amortisation expenses
(6,832)(288)(3,343)(14)(812)(11,289)
Net other operating expenses
(59,856)(10,833)(44,946)(2,462)(2,747)(120,844)
Segment operating profit / (loss)13,1402,079(648)(632)(3,490)10,449
Financing income
404
Financing expenses
(6,888)
Share of profit from joint ventures
25
Share of profit from associates
800
Net other income
1,916
Profit before income tax from continuing
operations
6,706
Audited year ended 31 December 2018
Total segment revenue
663,236271,032239,57427,150381,201,030
Inter-segment revenue
(502)(4,254)(8,071) - - (12,827)
Revenue from external customers
662,734266,778231,50327,150381,188,203
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
Financing income
841
Financing expenses
(13,029)
Share of profit from joint ventures
694
Share of profit from associates
2,534
Net other income
6,577
Profit before income tax from continuing
operations
13,242

T&G Global Limited and subsidiary companies
I
13
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
5. REVENUE
Pipfruit
$’000
International
Produce
$’000
New Zealand
Produce
$’000
Processed
Foods
$’000
Other
$’000
Total
$’000
Unaudited six months ended 30
June 2019
Nature of revenue
Sale of produce265,403144,55776,02112,122(2)498,101
Commissions10,253(502)11,315814 - 21,880
Services17,91433717,9311012936,312
Royalties4,529 - 13 - - 4,542
Revenue from external customers 298,099 144,392 105,280 13,037 27 560,835
Timing of revenue recognition
At a point in time
Sale of produce265,403144,55776,02112,122(2)498,101
Commissions10,253(502)11,315814 - 21,880
Services13,05533717,9191012931,441
Royalties4,529 - 13 - - 4,542
293,240 144,392 105,268 13,037 27 555,964
Over time
Services4,859 - 12 - - 4,871
4,859 - 12 - - 4,871
Revenue from external customers 298,099 144,392 105,280 13,037 27 560,835
Unaudited six months ended 30
June 2018
Nature of revenue
Sale of produce291,958126,69981,14112,823(19)512,602
Commissions10,947(278)12,229932 - 23,830
Services22,49531018,562636941,499
Royalties3,739 - 11 - - 3,750
Revenue from external customers 329,139 126,731 111,943 13,818 50 581,681
Timing of revenue recognition
At a point in time
Sale of produce291,958126,69981,14112,823(19)512,602
Commissions10,947(278)12,229932 - 23,830
Services16,69731018,360636935,499
Royalties3,739 - 11 - - 3,750
323,341 126,731 111,741 13,818 50 575,681
Over time
Services5,798 - 202 - - 6,000
5,798 - 202 - - 6,000
Revenue from external customers 329,139 126,731 111,943 13,818 50 581,681

14
I
T&G Global Limited and subsidiary companies
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
5. REVENUE (CONTINUED)
6. OTHER INCOME AND EXPENSES
For the six months ended 30 June 2019 there were $0.6m of other expenses from the impairment of assets (six months ended 30 June
2018: nil; year ended 31 December 2018: nil).
Pipfruit
$’000
International
Produce
$’000
New Zealand
Produce
$’000
Processed
Foods
$’000
Other
$’000
Total
$’000
Audited year ended 31 December
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
Unaudited
6 months to
30 Jun 2019
$’000
Unaudited
6 months to
30 Jun 2018
$’000
Audited
12 months to
31 Dec 2018
$’000
Gain on sale of kiwifruit post-harvest and orchard assets 3,137 1,7964,814
Gain on disposal of investment in associate - 120120
Gain on disposal of distribution centre --1,643
Total3,1371,9166,577

7. INCOME TAX
The taxation expense that would arise at the standard rate of corporation tax in New Zealand is reconciled to the tax expense as follows:
8. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Set out in the table below are the joint ventures and associates of the Group as at 30 June 2019. The joint ventures and associates have
share capital consisting solely of ordinary shares which are held directly by the Group.
The Group’s investments in joint ventures and associates in 2019 and 2018 are:
T&G Global Limited and subsidiary companies
I
15
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
NAME OF ENTITY
PLACE OF BUSINESS AND COUNTRY
OF INCORPORATION
OWNERSHIP INTEREST (%)
30 Jun 201930 Jun 201831 Dec 2018
Joint ventures
Growers Direct LimitedUnited Kingdom505050
Wawata General Partner LimitedNew Zealand505050
Associates
Allen Blair Properties LimitedNew Zealand333333
Grandview Brokerage LLC United States of America393939
Intelligent Fruit Vision Limited United Kingdom242424
Mystery Creek Asparagus Limited
(1)
New Zealand151515
POP Worldwide Limited United Kingdom242424
The Fruit Firm LimitedUnited Kingdom202020
(1)
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.
Contributions from joint ventures and associates
During the period ended 30 June 2019, contributions from joint ventures and associates included $0.8 million from Grandview Brokerage
LLC (30 June 2018: $0.9 million; 31 December 2018: $2.1 million).
Unaudited
6 months to
30 Jun 2019
$’000
Unaudited
6 months to
30 Jun 2018
$’000
Audited
12 months to
31 Dec 2018
$’000
Profit before income tax2,9956,70613,242
Prima facie taxation at 28% (2018: 28%)(839)(1,878)(3,708)
(Add) / deduct tax effect of:
Non-deductible items(103)(72)(674)
Non-taxable items1,9195773,685
(Understatement) of prior year's provision - - (1,565)
Other - - (586)
Total977(1,373)(2,848)

9. DIVIDENDS
Unaudited
6 months to
30 Jun 2019
$’000
Unaudited
6 months to
30 Jun 2018
$’000
Audited
12 months to
31 Dec 2018
$’000
Unaudited
6 months to
30 Jun 2019
Cents per share
Unaudited
6 months to
30 Jun 2018
Cents per share
Audited
12 months to
31 Dec 2018
Cents per share
Ordinary shares
Final dividend for prior year - 7,3537,353 - 66
Interim dividend - -7,355 - -6
Dividends to non-controlling
interests in Group subsidiaries
2,1531,5763,107 - --
Total2,153 8,92917,815



10. PROPERTY, PLANT AND EQUIPMENT
11. NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE
In June 2019, the Group’s management committed to sell the commercial building and certain plant and machinery at 220 Fryatt Street,
Dunedin. The sale is expected to be settled before 31 December 2019.

12. LEASES
Right-of-use assets

Lease liabilities - Maturity analysis
16
I
T&G Global Limited and subsidiary companies
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
Orchard Land
$’000
Properties
$’000
Glasshouses
$’000
Motor Vehicles
$’000
Plant and
equipment
$’000
Total
$’000
As at 1 January 2019 17,015 23,063 3,507 12,131 4,283 59,999
Additions - 44 - 761 363 1,168
Depreciation expense(979) (1,920) (390) (2,797) (1,342) (7,428)
As at 30 June 2019 16,036 21,187 3,117 10,095 3,304 53,739
Unaudited
6 months to
30 Jun 2019
$’000
Less than one year 9,710
Between one and five years 19,217
More than five years 25,851
Total lease payable 54,778
Current 9,710
Non-current 45,068
Unaudited
6 months to
30 Jun 2019
$’000
Unaudited
6 months to
30 Jun 2018
$’000
Audited
12 months to
31 Dec 2018
$’000
Asset acquisitions and disposals
Cost of assets acquired13,78210,49728,875
Net book value of assets disposed8,82925,42041,156
Net gain on assets disposed2,9031,7144,284

12 LEASES (CONTINUED)
Amounts recognised in the income statement

13. RECONCILIATION OF PROFIT AFTER INCOME TAX TO NET CASH FLOW FROM
OPERATING ACTIVITIES

Notes
Unaudited
6 months to
30 Jun 2019
$’000
Unaudited
6 months to
30 Jun 2018
$’000
Audited
12 months to
31 Dec 2018
$’000
Profit for the period3,9723,3398,318
Adjusted for non-cash items:
Amortisation expense7387521,481
Depreciation expense17,73510,96222,063
Effective interest on deferred consideration(154)(192)16
Movement in deferred tax(2,085)(1,843)(4,008)
Movement in provision for receivables impairment54 88131
Share of loss / (profit) of joint ventures5(25)(694)
Share of profit of associates(855)(800)(2,534)
Other movements3282,1503,629
15,76611,09220,084
Adjusted for investing and financing activities:
Bank facility and line fees1,5961,9673,721
Gain on sale of kiwifruit post-harvest and orchard assets6(3,137)(1,714)(4,814)
Gain on disposal of investments - (216)(120)
Gain on disposal of distribution centre - (1,643)
Gain on reversal of previous property, plant and equipment
revaluation changes through profit and loss
- - (600)
Loss on sale of other property, plant and equipment234 - 2,077
Impairment of assets6616 - -
(691)37(1,379)
Impact of changes in working capital items net of effects of
non-cash items and investing and financing activities:

(Increase) / decrease in debtors and prepayments(56,506)(76,727)4,021
Decrease / (increase) in biological assets20,03714,713(1,138)
Increase / (decrease) in creditors and provisions150,260197,031(2,333)
(Increase) / decrease in inventories(131,655)(144,248)12,583
(Increase) in taxation receivable (6,805)(1,952)(907)
(24,669)(11,183)(12,226)
Net cash (outflow) / inflow from operating activities
(5,622)3,28539,249
T&G Global Limited and subsidiary companies
I
17
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
Unaudited
6 months to
30 Jun 2019
$’000
Rent expense on short-term leases 647
Rent expense on leases of low-value assets 392
Interest expense on lease liabilities 1,613

18
I
T&G Global Limited and subsidiary companies
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
14. FINANCIAL INSTRUMENTS
Financial instruments by category
Financial assets
Measured at
amortised cost
$’000
Fair value
through
profit or loss
(mandatory)
$’000
Derivatives for
hedging
$’000
Equity
instruments
designated at fair
value through OCI
$’000
Total
$’000
As at 30 June 2019 (unaudited)
Cash and cash equivalents44,566 - - - 44,566
Trade and other receivables (excluding
prepayments and taxes)
199,044 - - - 199,044
Investment in unlisted entities - - - 106106
Derivative financial instruments - 814,756 - 4,837
Total
243,610814,756106248,553
As at 30 June 2018 (unaudited)
Cash and cash equivalents47,054---47,054
Trade and other receivables (excluding
prepayments and taxes)
218,936---218,936
Investment in unlisted entities---106106
Derivative financial instruments-1882,187-2,375
Total
265,9901882,187106268,471
As at 31 December 2018 (audited)
Cash and cash equivalents36,778 - - - 36,778
Trade and other receivables (excluding
prepayments and taxes)
140,533 - - - 140,533
Investment in unlisted entities - - - 106106
Derivative financial instruments - 692,679 - 2,748
Total
177,311692,679106180,165
Financial liabilities
Measured at
amortised cost
$’000
Fair value through
profit or loss
(held for trading)
$’000
Derivatives for
hedging
$’000
Total
$’000
As at 30 June 2019 (unaudited)
Borrowings233,657 - - 233,657
Trade and other payables (excluding employee entitlements
and taxes)
214,577 - - 214,577
Lease liabilities54,778 - - 54,778
Derivative financial instruments - 7311,92011,993
Total
503,0127311,920515,005
As at 30 June 2018 (unaudited)
Borrowings263,572--263,572
Trade and other payables (excluding employee entitlements
and taxes)
252,534--252,534
Lease liabilities (NZ IAS 17)540--540
Derivative financial instruments-8215,21515,297
Total
516,6468215,215531,943

As at 31 December 2018 (audited)
Borrowings149,925 - - 149,925
Trade and other payables (excluding employee entitlements
and taxes)
122,456 - - 122,456
Lease liabilities (NZ IAS 17) 348 - - 348
Derivative financial instruments - 10811,08511,193
Total
272,72910811,085283,922

18
I
T&G Global Limited and subsidiary companiesT&G Global Limited and subsidiary companies
I
19
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
14. FINANCIAL INSTRUMENTS (CONTINUED)
Fair value hierarchy
All financial assets and liabilities that use methods and assumptions to estimate fair value at 30 June 2019 are considered to be level 2 in
the fair value hierarchy (30 June 2018: level 2; 31 December 2018: level 2).
Valuation techniques used to value financial instruments are consistent with those used in the 2018 Annual Report.
For both the 2019 and 2018 financial years, the estimated fair values of all of the Group’s other financial assets and liabilities approximate
their carrying values.
15. CAPITAL COMMITMENTS
As at 30 June 2019, the Group is committed to the following capital expenditure:
Unaudited
30 Jun 2019
$’000
Unaudited
30 Jun 2018
$’000
Audited
31 Dec 2018
$’000
Property, plant and equipment8,2711,0487,166
Intangible assets4101713
Total
8,6811,2197,169
16. CONTINGENCIES
There has been no material change in contingent liabilities during the period.
17. SEASONALITY OF BUSINESS
The Group’s operating segments are subject to seasonal fluctuations. The Pipfruit operating segment generates most of its revenue during
the middle of the year and completes its seasonal programmes before the final quarter of the year. The Group’s other operating segments
are also impacted by the availability of fresh produce which varies during the year.
18. EVENTS AFTER THE REPORTING PERIOD
There are no material events that occurred after the reporting date that would require adjustment or disclosure in these unaudited
condensed interim financial statements.

---

2019 half-year results commentary
The first six months of 2019 has seen improvements in revenue for the International Produce division,
but also presented a challenging operating environment for T&G Global Limited and its subsidiary
companies (the Group). Volume issues and fruit quality in the Pipfruit division combined with a mild
winter and lower than average prices in the domestic market led to a decrease in revenue of $20.9
million, from $581.7 million to $560.8 million for the six-month period of January to June 2019.
Unaudited profit of $3.9 million for the six months ended 30 June 2019 represented a $0.6 million
increase from prior year. This increase was driven by a stronger gross profit margin* in the operating
business combined with a $3.1 million gain on sale realised through the Group’s strategy of recycling
non-core assets. The unaudited profit for the period also includes expenses of $2.0 million related to a
business reorganisation of the Group in early 2019.
During the year the Group applied NZ IFRS 16 Leases for the first time leading to a reduction in operating
expenses of $7.7 million. This was offset by additional depreciation and amortisation expenses of $7.4
million and additional financing expenses of $1.6 million.
Pipfruit
During the first six months of the financial year, the Group’s Pipfruit division has experienced a
challenging operating environment. Adverse weather conditions in New Zealand led to harvested apple
volumes and apple sizing being smaller than expected. Additionally, quality issues in the New Zealand
and European Pipfruit operations resulted in less fruit available to the market. Although these impacts
were offset by better pricing for the Group’s controlled apple varieties Envy™ and Jazz™, the division
saw revenue decrease $31.0 million from $329.1 million at the end of June 2018 to $298.1 million for
the period ended 30 June 2019.
With the decrease in revenue and the resulting lower gross profit, the Pipfruit division recorded a
decrease in operating profit of $1.7 million from last year’s $13.1 million to $11.4 million for the six
months ending 30 June 2019.
International Produce
The International Produce division saw an increase in its revenue compared to the same period last
year, improving by $17.7 million from $126.7 million in 2018 to $144.4 million in 2019. This
improvement was driven mainly by sales of produce exported from Australia, particularly exported
grapes. Within the domestic Australian market, the division recorded a good result from citrus and berry
sales and benefited from a strong plum programme.
Overall the International Produce division recorded a $0.2 million increase in its operating profit, from
$2.1 million in the first six months of 2018 to $2.3 million in the first six months of 2019.
New Zealand Produce
Revenue for the New Zealand Produce division decreased by $6.6 million from $111.9 million in the six
months ended 30 June 2018 to $105.3 million in the first half of 2019. This is mainly due to the
divestment of the Northland kiwifruit business during the 2018 financial year reducing the volume of
kiwifruit available to market in 2019. In addition to this, the mild start to winter in New Zealand has

caused unusually low prices on several key products, including tomatoes and most green vegetables,
impacting revenue for the first six months of 2019.
Operating result for the division remained relatively consistent with 2018 due to an increased gross
margin and a reduction of net operating expenses.
Looking ahead
Despite the difficult start to the 2019 financial year, the outlook for the remainder of the year is positive
compared to the second half of 2018, when the Group faced several operational challenges. T&G should
also begin to see the benefits of the reorganisation in the second half of 2019.
In the long-term, the Group will continue to focus on the recycling of non-core assets, investments in
future growth of Envy™ and Jazz™, and on developing new vertically integrated categories to meet the
demands of the global market.



* defined as the difference between purchases, raw materials and consumables and revenue from
external customers, as a percentage of revenue from external customers

---

Results for announcement to the market
Name of issuer T&G Global Limited and subsidiary companies
Reporting Period 6 months to 30 June 2019
Previous Reporting Period 6 months to 30 June 2018
Currency New Zealand Dollar
Amount (000s) Percentage change
Revenue from continuing
operations
$560,835 -4%
Total Revenue $560,835 -4%
Net profit/(loss) from
continuing operations
$3,972 -26%
Total net profit/(loss) $3,972 19%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend proposed
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$3.08 $3.04
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the financial commentary and unaudited
condensed interim financial statements attached as part of this
announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
Doug Bygrave
Contact person for this
announcement
Doug Bygrave
Contact phone number +64 9 573 8899
Contact email address Doug.Bygrave@tandg.global
Date of release through MAP

08/08/2019

Unaudited financial statements accompany this announcement.