2019 Full Year Results

28 February 2020


T&G Global builds strong foundations for future growth

T&G Global Limited’s (T&G) results for the year to 31 December 2019 demonstrate progress
on its three-year roadmap for growth, with improvements in its underlying business despite a
difficult operating environment.

• Operating profit of $16.5 million, compared to $15.6 million in 2018
• Net assets for the Group $474.4 million, compared to $413.6 million in 2018
• Revenue maintained at $1.2 billion
• Profit for the year $6.6 million, compared to $8.3 million in 2018

T&G Global Chief Executive Gareth Edgecombe says 2019 was a year of continued
transition for the Company as it creates the foundation for strong growth and improved
financial returns.

“With consumers increasingly seeking out healthier foods, the growing global population and
the premiumisation of global produce, T&G sits in a position with significant potential,” says
Mr Edgecombe.

“To unleash our full potential, our business has to evolve. In 2019, our team put in a lot of
hard work to turn around our business, and while we have some way to go until we’re
delivering to our full financial potential, it’s pleasing to see the green shoots coming through.”

“While a number of factors adversely impacted the overall financial result, the underlying
performance of the organisation is showing improvement.

“Our operating profit for the year increased to $16.5 million, compared to $15.6 million in
2018. This increase came despite incurring $7.1 million in costs relating to the reorganisation
of our business, strategic transactional activities and the Holidays Act remediation.”

Revenue was maintained at $1.2 billion, the same level as 2018, with profit for the year at
$6.6 million, compared to $8.3 million in 2018.

In many of its key export markets, including Asia, the United States, Australia, the United
Kingdom and the Pacific Islands, T&G experienced strong sales and margin growth.

“Our International Produce division had a strong close to the year, increasing revenue by
14%, to $305.1 million, largely driven by our Asian trading business boosting revenue by
$40.6 million.

“A critical aspect of realising the potential of our Apples division, is the increased focus on
premium varieties. In 2019, this saw us re-planting some orchards which, while vital for
setting us up for the future, had a cost impact. This, combined with weather challenges and
an oversupply of commodity apple varieties in the European market, impacted our Apples
revenue. Strong sales in North America and the United Kingdom partly offset this, resulting in
a 1% decline in revenue for our Apples division, to $656.9 million,” says Mr Edgecombe.

“In the United States, as a result of bolstering our sales and marketing expertise and an
integrated activation programme, we accelerated the growth of our premium apple brands,
delivering 43% growth in Envy™ sales.

“In New Zealand, favourable growing conditions throughout 2019 resulted in an abundance
of supply and this adversely affected sales values across most product groups, resulting in a
2% decline in revenue for our New Zealand Produce division, to $227.0 million.”

Mr Edgecombe said freeing up capital to reinvest in growth is central to T&G’s strategy.

“This year, we sold our Mt Wellington site in Auckland for $65.0 million. By divesting non-
core assets, we’re able to invest our cash more productively into new capabilities and future
growth opportunities.

“This sale and the uplift in the site’s value, combined with an increase in the fair value of
other T&G properties, contributed to an increase in net assets, from $413.6 million in 2018 to
$474.4 million in 2019.

“A key part of our growth strategy is our planned acquisition of the New Zealand domestic
fresh produce division of Freshmax New Zealand, which is subject to Commerce
Commission approval. It will expand and strengthen our presence in New Zealand and
deliver better services to growers and customers.

“Looking to the year ahead, we will focus on delivering improved shareholder returns by
harnessing our vertical model strengths, from genetics and growing, through to sales and
marketing, to strengthen our existing categories and develop our emerging categories of
blueberries and grapes,” says Mr Edgecombe.



For further information, please contact:
Adrienne Sharp
Head of Corporate Affairs
Ph: +64 (0)27 801 5534
adrienne.sharp@tandg.global


About T&G Global
Established more than 122 years ago, global fresh produce company T&G Global is one of New
Zealand’s largest growing, packing, shipping and marketing companies, and one of the largest New
Zealand exporters of apples to the world. Our success comes from having the best genetics,
sustainable growing practices, a robust supply chain, trusted brands and a passionate team of people
around the world. Our apples, including the premium, kiwi-bred varieties JAZZ™ and Envy™, are
grown in 14 countries and sold in more than 60 countries year-round. Our emerging global categories,
berries and grapes, are earmarked for future growth. We’re passionate about growing healthier futures
through fresh fruit and vegetables.

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Results for announcement to the market
Name of issuer T&G Global Limited and subsidiary companies
Reporting Period Twelve months to 31 December 2019
Previous Reporting Period Twelve months to 31 December 2018
Currency New Zealand Dollar
Amount (000s) Percentage change
Revenue from continuing
operations
$1,216,409 2%
Total Revenue $1,216,409 2%
Net profit/(loss) from
continuing operations
$901 -84%
Total net profit/(loss) $901 -75%
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
$3.56 $3.08
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the financial commentary and audited financial
statements 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

28/02/2020

Audited financial statements accompany this announcement.

---

ANNUAL
REPORT
2019

2 | T&G GLOBAL LIMITED ANNUAL REPORT 2019

CONTENTS
ABOUT THIS REPORT 4
CHAIRMAN’S REPORT 6
CEO REVIEW 8
CFO REVIEW 10
HOW WE CREATE VALUE 14
T&G’S PURPOSE, VISION AND STRATEGIC PRIORITIES 16
REALISE GLOBAL APPLE POTENTIAL 18
BUILD NEW GLOBAL CATEGORIES 20
LEVERAGE STRONG NEW ZEALAND BASE 23
SIMPLIFY OPERATING MODEL 25
BUILD CAPABILITY AND PERFORMANCE CULTURE 26
FREE UP CAPITAL FOR GROWTH 29
KAITIAKITANGA 31
BOARD OF DIRECTORS 42
CORPORATE GOVERNANCE 44
OUR BUSINESS LEADS 46
STATUTORY INFORMATION 48
AUDITOR'S REPORT 52
FINANCIAL CONTENTS 56
INCOME STATEMENT 58
STATEMENT OF COMPREHENSIVE INCOME 59
STATEMENT OF CHANGES IN EQUITY 60
BALANCE SHEET 61
STATEMENT OF CASH FLOWS 62
NOTES TO THE FINANCIAL STATEMENTS 64
FIVE YEAR FINANCIAL REVIEW 120
DIRECTORY 121
T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 3

4 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
ABOUT
THIS
REPORT
BACKGROUND & METHODOLOGY
T&G Global Limited's (T&G) 2019 Annual Report marks
a significant step as the Company transitions from a
more traditional annual reporting format towards the
Integrated Reporting framework <IR>, incorporating
Environmental, Social and Governance (ESG) principles.
In late 2018, T&G published its
sustainability strategy ‘Kaitiakitanga’.
Kaitiakitanga is aligned with the
sustainability strategy and activities of

the BayWa Group, to both contribute
to Group-wide targets and maximise
sustainability synergies.
T&G annually contributes to the Global
Reporting Initiative (GRI) Reports for

parent company BayWa AG.
T&G has developed its business strategy
to respond to market issues relevant to
its internal and external stakeholders.
Kaitiakitanga sets out its sustainability
intention and goals, incorporating the
most material environmental and

social topics.
To embed its strategy and establish
targets, T&G has embarked on a mission
to introduce sustainable initiatives and
programmes through the business. It is
one of only a few New Zealand companies
committed to climate targets that follow
the science based targets initiative.
T&G has incorporated non-financial
information into this Annual Report,
referencing the Integrated Reporting <IR>
framework. The focus of the 2019 report is
to demonstrate how the Company creates
value in all areas of its business, across its
six capitals – human, intellectual, financial,
physical, natural and social, and to
demonstrate progress against its strategy.
ABOUT THE
<IR> FRAMEWORK
<IR> is an ideal framework for T&G as it
focuses on value creation for shareholders
and stakeholders. It looks to demonstrate
how an organisation utilises its six capitals
and, through integrated thinking and
process, creates value for shareholders and
stakeholders.
<IR> was developed initially for resource-
intensive businesses. It has evolved
and been adopted by a wider range of
businesses and organisations which seek
to tell a value creation and an integrated
strategy story. <IR> can be used in
conjunction with GRI principles and
indicators.

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 5
T&G GLOBAL SUPPORTS THE UNITED NATIONS
(UN) SUSTAINABLE DEVELOPMENT GOALS
T&G recognises the important role businesses play in helping to achieve the
Sustainable Development Goals (SDGs). The SDG framework provides a blueprint
to achieve a better and more sustainable future for all. This report matches the
Company’s strategic goals with the relevant SDGs as shown below.
For more information on the SDGs, please visit www.un.org/sustainabledevelopment

6 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
CHAIRMAN’S
REPORT
PROF. KLAUS JOSEF LUTZ
CHAIRMAN
“
The 2019 financial year has
been a period of transition for the
T&G Group as it builds a strong
platform for growth.
”

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 7
On behalf of the Board of Directors, I am pleased
to present the Annual Report for T&G Global
Limited and its subsidiary companies (T&G) for
the year ended 31 December 2019.
The 2019 financial year has been a period
of transition for the Group as it builds
a strong platform for growth. While a
number of factors have adversely impacted
the overall financial result, the underlying
performance of the organisation is
beginning to improve.
In New Zealand, it was a difficult apple
season with smaller fruit size and
quantities, however trading conditions
improved over the second half of the

year, particularly in the international arena.
Costs that impacted the results included
restructuring and transaction-related

costs, and the replanting of some of
our orchards.
FOUNDATIONS FOR
FUTURE GROWTH
The Board has worked closely with
management throughout the year and is
fully supportive of its strategic priorities
and continued transformation of the
business and its culture.
In 2019, good progress was made
to set T&G up for the future. This
included significant asset disposals to
free up capital for further investment,
improving operational efficiency through
restructuring, development of our in-
market sales teams, and further expansion
of our Plant Variety Rights (PVR) and
genetics business.
The Board was pleased to announce in
December the planned acquisition of the
New Zealand domestic fresh produce
division of Freshmax New Zealand Limited.
While the transaction currently remains
subject to Commerce Commission approval,
the acquisition will enhance trading
relationships and strengthen ongoing supply
across key categories in New Zealand. The
symbiotic nature of these two businesses is
expected to yield efficiency improvements in
the short to medium term.
We are continually exploring and evaluating
global opportunities for investment in
other businesses and varieties which
offer significant growth potential and
complement our existing business. T&G
has significantly reduced its debt level over
the last year, largely through divestment
of non-core assets to provide headroom to
act on potential investment opportunities.
Particularly noteworthy in this regard was
the sale of our 5.8 hectare Mt Wellington
site, announced in September. T&G is
leasing back the site for a period of up to
four years while we consider alternative
options for the future. Other disposals
during the year included our Dunedin

cool store facility and additional Northland
kiwifruit operations. The Board continues
to monitor the efficiency of capital
allocation.
HEALTH AND SAFETY
Looking after our people and ensuring
everyone gets home safely, every day,
are critical priorities. We are continually
improving our management of critical
risks and developing the right systems and
culture to ensure that safety is everyone’s
responsibility. Our behavioural safety
programme (CARE) was introduced in the
second half of the year and is designed to
deliver real behavioural change across

the Group.
LOOKING AHEAD
T&G’s business is not immune to current
heightened global economic risks,
including the impacts of Brexit, Chinese
trade negotiations, political uncertainties
and most recently the potential effect of
the coronavirus (COVID-19). Additionally,
climatic changes and the intensity of
weather events continue to test our
operations. We are confident that the
strategic and structural changes we
have implemented will ensure T&G is
well-positioned to respond and optimise
outcomes for its stakeholders.
While it has been a difficult year, I would
like to acknowledge the commitment and
hard work of the management team and
all of our people. Through their efforts in
supporting our growers and customers,
T&G is positioning itself for a sustainable
strong future.

8 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
We sit in a position with significant
potential, fuelled by consumers
increasingly seeking out healthier foods,
the growing global population, and the
premiumisation of global produce.

But we’re coming from a low base.
Over the past few years our financial
performance has been weak, with market
forces putting pressure on our operating
model and our investments for the long
term yet to see yields.
To unleash our full potential, we had to
evolve. This hasn’t been easy and some of
the decisions we’ve made have been tough,
but they were needed.
We’re now one year into our three-year
roadmap for growth, and a lot of hard work
by our people has resulted in significant
progress and many green shoots coming
through, including:
• Operating profit increasing to $16.5
million, from $15.6 million in 2018.
This increase came despite incurring
$7.1 million of costs in the current year
associated with the reorganisation of
the business, strategic transactional
initiatives, and Holidays Act remediation.
Current year operating profit also
includes a $3.9 million lower change in
the fair value of biological assets.
• Achieving strong sales and margin
growth in key export markets, including
Asia, Australia, the United States, United
Kingdom and Pacific Islands.
• Building an enviable premium position
in the United States for Envy™, with
sales revenues increasing by 43%.
• Continuing the transition to premium
apples, including the re-planting of
some orchards. While this has had a
cost impact, it’s vital for setting us up for
the future.
• Divesting low returning or non-core
assets so we can use our cash more
productively and re-invest it into
capability and infrastructure to support
our future growth. This included
the sale of our Mt Wellington site in
Auckland for $65 million, a strong result
when benchmarked against industry
standards.
• Harnessing our vertical model strengths
to develop two new categories –
blueberries and grapes. We’re one
year into this plan and expect it to take
another few years to see the value. We
see a strong future for these emerging
categories.
• Boosting our in-market sales presence
in Asia and moving us globally towards a
world-class sales model.
• Progressing towards acquiring the New
Zealand domestic fresh produce division
of Freshmax New Zealand, which will
provide us with a significant opportunity
to expand and strengthen our presence
in New Zealand.
2019 was an important year for T&G as we set a
clear direction for future growth and continued our
transformation to create the foundation to become
the world’s leading premium fresh produce company.
However, it was not without its challenges.
CEO REVIEW
BUILDING FOR THE FUTURE
GARETH EDGECOMBE
CHIEF EXECUTIVE OFFICER

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 9
• Winning the inaugural Sustainability
Award at Countdown's annual Suppliers
Awards, in New Zealand.
• Investing in leadership and building new
capabilities across our global team.
• Focussing investment in creating a

high-performance culture, as part of our
commitment to make T&G a great place

to work.
However, our 2019 annual results have
been impacted by a number of factors.
Our Apples division experienced a number
of challenges. Adverse weather conditions
in New Zealand led to reduced apple
volumes and smaller size apples. And
with an oversupply of non-PVR apples in
Europe, it made it difficult to get our apples
into the market. Likewise, New Zealand
tomatoes experienced a mild winter, price
volatility and an oversupply in the market.
This resulted in a disappointing financial
performance and will be a key area of focus
in the year ahead.
Throughout the year, we’ve worked
closely with BayWa, benefiting from the
collaboration and opportunities which our
global network provides. We look forward
to continuing this close partnership in
years to come.
LOOKING AHEAD
2020 will see us focused on delivering
on our commitments and continuing
our transformation to future-proof our
business. It will be the second year for our
new strategy, and we expect to see strong
momentum across the business. Key areas
of focus include:
• Subject to Commerce Commission
approval, bolstering our New Zealand
market proposition with the acquisition
and integration of Freshmax New
Zealand.
• Investing in new genetics and
partnerships.
• Continuing Envy’s™ growth trajectory.
• Executing our blueberry and grape
emerging category strategies.
• Capturing greater growth and value
across Asia.
• Embedding Kaitiakitanga in our
business.
T&G is an incredible business with great
potential, talented and passionate people
and growers, premium genetics and fresh
produce, and an unrivalled global reach.
We have a healthy future ahead of us.

The foundations laid in 2019 will help set us
up for the future, well positioned to deliver
increased value to our shareholders.

10 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
CFO REVIEW
BASTIAN VON STREIT
CHIEF FINANCIAL OFFICER
However, the overall profit for the year
has decreased by $1.7 million, from
$8.3 million to $6.6 million, largely due
to a number of items. These included
expenses of $7.1 million, comprising
transaction-related costs, costs relating
to the reorganisation of the business and
costs related to Holidays Act remediation.
The full benefit of the restructure will be
realised from 2020 onwards. Also, the
replanting of some of our orchards in
premium varieties caused a reduction of
the fair value of our biological assets in

the short term.
Additionally, the initial application of
the new lease standard (NZ IFRS 16) has
resulted in an increase in depreciation of
$15.9 million and interest expenses of $2.6
million, partially offset by a $15.3 million
reduction in lease and rental expenses.
INCREASING OPERATING
PERFORMANCE IN
CHALLENGING MARKETS
APPLES
The Apples business experienced another
challenging year, as late frost in the 2018
spring negatively impacted volumes and
sizes of New Zealand grown apples. The
result was also affected by an oversupply
of commodity varieties in the European
market resulting in the extended
availability of Northern Hemisphere apples,
with an associated impact on prices.
These effects were partly offset by a
strong performance of the North American
business and Worldwide Fruit in the United
Kingdom.
Overall, revenue for the Apples business
declined by 1% to $657.0 million. Operating
profit decreased from $27.7 million in 2018
to $19.7 million in 2019 as the division’s
overheads related to growing costs
remained constant despite lower volumes.
The decrease in operating profit was also
driven by a reduction of the fair value of
the biological assets due to the replanting
of some orchards.
INTERNATIONAL PRODUCE
The International Produce division saw
a 14% uplift of revenue, from last year’s
$266.8 million to $305.1 million in 2019.
This was largely driven by our Asian trading
business which increased its revenue by
$40.6 million as a result of significantly
increasing traded volumes, especially in
Thailand.
Additionally, both the Australian and
Pacific Island operations finished the
year strongly, offsetting unfavourable
trading conditions in our North and
South American business. The prior
year’s challenges for the Peruvian grape
operation were successfully addressed in
2019, with a resultant increase in harvested
and sold volumes.
As a result of increased revenue and
the delivery of cost savings from the
restructuring of our Australian operations,
the International Produce division
increased its operating profit from $3.3
million in 2018 to $8.1 million in 2019.
NEW ZEALAND PRODUCE
Revenue for the New Zealand Produce
business slightly declined by 2% to
$227.0 million. This was largely driven
by our tomatoes business which, due to
weather-related oversupply, experienced
lower pricing for a large part of the year.
Pressure on margins in the wholesale
business also presented challenges for the
New Zealand Produce business during the
year. Despite these impacts, cost savings
across the division saw operating profit
increase from $1.3 million in 2018 to

$3.6 million in 2019.
In 2019, T&G was able to maintain its revenue
at the previous year’s level of $1.2 billion, despite
challenges with its Apples and New Zealand Produce
businesses.

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 11
PROCESSED FOODS AND
OTHER BUSINESSES
After selling the former ENZAFOODS
business in 2018, the company’s Processed
Foods segment solely comprises the
remaining Fruitmark business in Australia
and the United States. The segment
reported an improvement of $6.9 million

in its result, with the loss from the sale of
the ENZAFOODS business impacting last
year’s operating result.
The Other business division contains
the overhead expenses not allocated
to the company’s business divisions,
and its operating loss of $15.8 million is
comparable to the previous year.
Outside of its trading divisions, T&G saw
its share of profit from associates and joint
ventures slightly increase from $3.2 million
in 2018 to $3.3 million in 2019. Other
income decreased by $2.7 million to

$3.8 million, as the prior year result
included gains from the sale of assets,
particularly the sale of the post-harvest
facility and orchards in Kerikeri.
Due to the aforementioned adoption
of NZ IFRS 16, interest expenses on
lease arrangements of $2.6 million have
increased T&G’s financing expenses, which
were partly offset by a reduction of interest
on banking facilities due to reduced
borrowings.
T&G’s overall profit for the year decreased
by $1.7 million, from $8.3 million in 2018
to $6.6 million 2019. Earnings per share
declined from 2.9 cents per share in 2018
to 0.7 cents per share in 2019.

FINANCIAL POSITION
IMPACTED BY CAPITAL
RECYCLE
Total assets increased from $753.7 million
at the end of 2018, to $854.2 million at 31
December 2019. This was primarily driven
by the adoption of NZ IFRS 16, which added
$60.1 million of right-of-use assets to

non-current assets. Other contributing
factors included additions to our fixed
assets and intangibles, as well as the
cyclical revaluation of assets, offsetting the
effect of the sales of the Mt. Wellington site
in Auckland, the Dunedin facility and the
land in Northland. Current assets increased
by $37.9 million compared to last year as
a result of higher trade receivables, partly
offset by a reduction in the fair value of
biological assets.
Total liabilities increased by $39.7 million,
reflecting the adoption of NZ IFRS 16
with additional lease liabilities of $61.6
million. The proceeds from the sale of
the Mt. Wellington site and other smaller
properties were used to reduce long-term
borrowings by $61.2 million.
The equity of the T&G Group increased by
$60.4 million, with the gain from the sale of
the Mt. Wellington site included in retained
earnings and the revaluation gains from
the cyclical revaluation included in the
revaluation reserve.
T&G’s capital expenditure during the year
was $36.4 million, up by $7.5 million on
2018. This increase related mainly to the
significant investment in new bearer plants
as part of a focus on key categories and
securing long term supply of key apple
varieties. The increase in net assets has
seen net tangible assets per share increase
from $3.08 in 2018 to $3.56 in 2019.

12 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
NORTH AMERICA
SOUTH AMERICA
EUROPE
GERMANY
UK
H
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We are passionate about growing healthier futures.
That’s why we insist on delivering the highest quality
fresh produce to consumers. We grow in multiple
continents across multiple time zones, sourcing the
best produce from across the world, year-round.
GROWING
HEALTHIER
FUTURES

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 13
AUSTRALIA
PACIFIC ISLANDS
NEW ZEALAND
SOUTH EAST ASIA
CHINA
JAPAN
K
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Our story began in Auckland, New Zealand, in 1897 when Edward Turner
started a fruit auction business which went on to become the city’s largest.
Today, we’re a kiwi-based company with a global footprint, and we’re still
keeping it fresh thanks to a team of dedicated growers, valued customers and
a passionate team of people around the world.
We are one of the largest growers of fresh produce in New Zealand and one
of the largest exporters of apples to the world, responsible for a third of the
country’s annual crop.
With a focus on technology and innovation, T&G continues to invest extensively
in new varieties while driving growth of our premium apple brands and forging
new global categories, including blueberries and grapes.
We’re proud to work alongside more than a thousand growers around the
globe. Like us, they love fresh food and thrive on growing world-class fruit and
vegetables that are helping to grow healthier futures.
OUR LOTATOES
™
HAVE
40% LOWER CARBS
THAN STANDARD POTATOES
OUR FRESH
PRODUCE IS
EATEN IN
60 COUNTRIES
ENVY
™
WAS VOTED
THE #1 APPLE
IN THE US
CONSUMER RESEARCH 2019
WE IMPORT
One Million
BOXES OF BANANAS
EVERY YEAR
BUMBLE BEES POLLINATE
OUR BEEKIST
®
TOMATOES
EVERYDAY
12,000
OUR CARDBOARD
PUNNETS REPLACE
5.5 Million
PUNNETS OF PLASTIC
FROM NEW ZEALAND
SUPERMARKET SHELVES
EVERY YEAR
WE EMPLOY
1,500 PEOPLE
IN 13 COUNTRIES

14 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
SOCIAL CAPITAL
T&G relies on strong and trusted
relationships with growers, distributors,
customers and external stakeholders
around the world to enable year-round
supply of key varieties into global
markets.
INTELLECTUAL CAPITAL
Intellectual property, including PVRs
and premium brands, and in-market
expertise are key to our competitive
advantage and future growth.
FINANCIAL CAPITAL
We invest financial capital across
our operations (including land,
glasshouses, orchards and post-harvest
infrastructure), support growers and
invest in genetics and facilities.
PHYSICAL CAPITAL
Tangible assets including land,
packhouses, cool stores, trucks,

post-harvest facilities, 12 market
locations, vehicles, equipment and

our in-market presence enables us
to supply key global markets.
HUMAN CAPITAL
A diverse, talented, global workforce,
with the best knowledge and insights,
ensures we have the skills to develop,
grow, pick, sell and deliver our produce
to the world’s consumers.
NATURAL CAPITAL
Natural resources are fundamental to
our business and future prosperity.
Soil, water, atmosphere, energy and
sunshine, and our precious pollinators
are utilised to grow healthy and
nutritious produce.
HOW WE CREATE VALUE
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GROWING HEALTHIER
FUTURES THROUGH
FRESH FRUIT
&
VEGETABLES
®

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 15
Growing healthier futures
LEADERSHIP
Creating a sustainable business model
creates prosperity for our growers,
employment in our communities and
year-round supply of fresh produce for
our customers.
LOYALTY
Meeting consumer and customer needs
through high quality premium produce
and brands, and the rights to unique
PVRs, drives loyalty from our customers
and consumers and enhanced returns
for our growers.
FUEL FOR GROWTH
Recycling capital is future-proofing our
business for a more sustainable future,
including improved efficiencies, stronger
yields, enhanced returns and fit-for-
purpose assets.
GLOBAL REACH
Our infrastructure gives us the scope to
drive sustainable performance across
our supply chain, and provide a secure
global network for year-round supply
of healthy produce and our premium
brands.
GREAT WORKPLACE
Creating a high performing, exciting,
global workplace that attracts the
best talent armed with the best global
knowledge, invests in its people, has
efficient processes and is a safe place
to work.
GUARDIANSHIP
Land that is healthy and continues
to support fresh produce production.
A strong focus on conserving water,
reducing our greenhouse gas emissions
and reusing resources, while providing
healthy and nutritious produce to the
world.
We grow, partner, source and supply high quality fresh produce
which is desired by consumers and customers around the world.
OUTCOMES

























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GROWING HEALTHIER
FUTURES THROUGH
FRESH FRUIT
&
VEGETABLES

OUR PURPOSE
GROWING HEALTHIER
FUTURES THROUGH
FRESH FRUIT
&
VEGETABLES
16 | T&G GLOBAL LIMITED ANNUAL REPORT 2019

OUR STRATEGIC PRIORITIES
KAITIAKITANGA
LEVERAGE STRONG
NEW ZEALAND BASE
FREE UP CAPITAL
FOR GROWTH
BUILD CAPABILITY &
PERFORMANCE CULTURE
BUILD NEW GLOBAL
CATEGORIES
REALISE GLOBAL
APPLE POTENTIAL
SIMPLIFY OPERATING
MODEL
THE WORLD’S LEADING
PREMIUM FRESH PRODUCE
COMPANY
OUR VISION
OUR MINDSETS
T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 17

18 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
With its premium Envy™ and JAZZ™ brands,
and its ability to maximise opportunities
across its global network, the future

growth potential of T&G’s apple category
is significant.
The Company has two protected premium
apple varieties which trade under the
Envy™ and JAZZ™ brands. These are
exclusively licenced by T&G and grown

by the Company or under licence by 1,100
growers across multiple continents.
In 2019, T&G distributed more than 14
million cartons of apples, including Envy™
and JAZZ™, globally. Forty two percent
of this, equating to $284 million in sales
revenue, was supplied by T&G’s New
Zealand business.
To drive increased growth and stronger
customer partnerships, this year T&G
invested in building sales and supply chain
expertise in Asia and the United States
– the key growth regions for its apples
business.
By bolstering sales and marketing expertise
in the United States, an integrated
sales and marketing programme was
implemented in the last quarter of 2019.
This accelerated the growth of T&G’s
premium brands, delivering 43% growth

in Envy™ apple sales – a significant result
in a saturated market.
REALISE
GLOBAL APPLE
POTENTIAL
T&G is one of the largest exporters of New Zealand
apples to the world, with around 95% of its crop picked
and packed for international markets.
OUR STRATEGIC PRIORITIES

JAZZ™ TIME
T&G celebrates JAZZ™ Apple Anniversary
Day in Japan annually. JAZZ™ apples
are now the number one premium
imported apple in Japan.
This year, the snack-sized JAZZ™ Snackers
were launched into Asian markets with an
integrated marketing campaign,

while an even smaller apple, JAZZ™ Juniors,
were trialled in the New Zealand market
as a healthy addition to the lunchbox.
Due to the sales success of JAZZ™ Juniors,
the apple could appear on supermarket
shelves in international markets in

the future.
GROWTH OF ENVY™
Since its introduction, Envy™ has
emerged as the apple with everything:
a large apple with beautiful skin,
sweet flavour, and bright, crisp flesh,
which remains white even after
being cut.
Today, Envy™ is seen by growers,
customers and consumers alike as
arguably the best apple in the world. In the
United States, it was the fastest growing
premium apple brand in 2019, helping
grow the overall category.
This year, as part of independent research
undertaken in the United States, the apple
was ranked No.1 for flavour, texture, aroma
and appearance, after being tested against
category stalwarts. Consumers viewed
Envy™ as ‛the ideal eating experience’.
Envy™ is grown in the United States,
United Kingdom, Europe, South Africa,
South America and South Korea, as well

as in Gisborne, Hawke’s Bay and Nelson,
in New Zealand.
This year, four million cartons of Envy™
were produced and T&G’s global
production is expected to increase to

15 million cartons by 2030.
WORLD-FIRST ROBOTIC HARVEST
In a world-first, T&G trialled a robotic
harvester for the Hawke’s Bay
apple harvest in 2019, reflecting the
Company’s commitment to innovation-
led growth.
Working with US-based technology
company Abundant Robotics, of which
BayWa is an investor, the robot was used
to pick a range of apple varieties, including
the Envy™ and JAZZ™ brands. High density
planting and specific pruning methods
were used at the orchards to make them
suitable for the technology.
Developing an automated apple
harvester requires solving a number of
complex technical issues, from visually
identifying harvestable fruit and physically
manipulating it to pick without bruising, to
safely navigating the orchard.
While it may be some years before all T&G
orchards are harvested in this way, this
first pilot with Abundant Robotics is an
exciting step forward.
T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 19

20 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
Commencing at the end of 2018,
development began for two new global
categories - blueberries and table grapes.
These emerging categories have a strong
future, with the strategic goal of maintaining
an advantage over global competitors and
supplying high quality, premium blueberries
and grapes 365 days of the year in key
markets around the world.
With another few years until the strategy
is fully implemented, this year production
agreements were secured with growers,
with more contracts and initiatives to be
announced in 2020.
Over the past year, the Company has also
invested in its sales team, and supply chain
and logistics within its major markets. With
additional capacity and capability, and
increased investment in marketing, T&G is
well positioned to trial new products and
extend its market and seasonal reach.
GROWING A GRAPE
BUSINESS
T&G made its move into the global grape
category under its Orchard Rd brand, with
the launch of the first grapes into South
East Asia in September 2019.
Since then, Orchard Rd grapes have
appeared in retail stores throughout South
East Asia, as well as Australia, New Zealand,
Fiji, South Korea, Japan, Taiwan and China.
As a trader, the Company has shipped
grapes to Asia for many years and is able

to take advantage of this position and
evolve into a vertical grower and marketer.
To help create a differentiated position,
new varieties are being explored,
producing grapes which grow, taste and
transport better.
Along with growers in South America and
Australia, the Company is partnering with
reputable, high-calibre growers in the
West Coast of the United States, selecting
market-leading growers who can deliver
the highest quality fruit.
BACKING BLUEBERRIES
This year, the Company made great
progress with its emerging blueberry
category, bringing together genetics,
growing, partnerships and the aggregation
of its markets and brands.
Discussions commenced with potential
grower partners in the United States,
Australia and South America, with the
view to establishing strategic sourcing
partnerships. The Company’s Orchard Rd
brand was successfully rolled out to new
markets across Asia, including Singapore
and China. And in June 2019, T&G was
one of the first companies to service the
newly opened Vietnamese market out
of the United States, with its Orchard Rd
blueberries.
The Company has continued to
commercialise its blueberry genetics as
part of its partnership with Oregon-based
Fall Creek Farm & Nursery, and Plant
& Food Research in New Zealand. This
programme is looking to provide Australian
consumers with high quality, locally-
produced blueberries at different times
of the year – thereby helping extend the
availability of blueberries in Australia.
In 2020, T&G will continue to build-
out its blueberry category with further
partnerships throughout its supply chain.
BUILD NEW
GLOBAL CATEGORIES
INTERNATIONAL
MARKETING SUCCESS
An innovative campaign for the Orchard Rd
brand was named a National Winner at the
2019 Australian Marketing Institute Awards.
Launched in 2018 in selected Australian
fruit stores, and across ALDI stores,
the Orchard Rd brand, which includes
blueberries, cherries, gold kiwifruit, citrus,
sugar plums and grapes, has had an
outstanding response from consumers.
The marketing campaign created brand
awareness, achieving outstanding sales
growth.
As part of future-proofing T&G, significant growth opportunities
have been identified by leveraging the Company’s vertical
business model into new categories.
OUR STRATEGIC PRIORITIES

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 21

22 | T&G GLOBAL LIMITED ANNUAL REPORT 2019

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 23
In order to provide New Zealanders with high quality,
year-round fruit and vegetables, T&G’s New Zealand
Produce division partners with more than 700
domestic and international growers.
Favourable growing conditions throughout
2019 resulted in an abundance of supply
which adversely affected sales values
across most product groups. In the case

of tomatoes, strong volumes were available
throughout the year, resulting in high
volumes available for export markets,

but at lower prices.
Across all products market share was
maintained, with a significant increase
in volumes traded throughout the year.
However, the average price achieved per
unit on key products was around $1-$1.50
lower than the previous year.
On the other hand, the higher volumes of
produce available boosted the division’s
non-apple export businesses. Both the
Diversified Export and Pacific Island
Export business units performed above
expectations, as they benefited from
favourable exchange rates, increased
volumes of product available and high-
quality produce due to good growing
conditions.
This year T&G's Pacific Island Export
business was boosted by the opening

of the Company's third branch in Lautoka,
Fiji. This will support the growth of
T&G's business in Fiji and better service
customers.
A focus early in the year was to reorganise
management teams to provide greater
functional expertise across the New
Zealand Produce division. This resulted in
improved cost control, yields and quality
across the Company’s growing operations.
LEVERAGE
STRONG
NEW ZEALAND BASE
T&G’s recognised brands of Beekist®,
Lotatoes™ and JAZZ™ continued to perform
well, with Beekist® recognised as the
number one tomato brand in New Zealand.
The low-calorie potato brand Lotatoes™
continued to gain momentum, providing
a challenge in meeting growing consumer
demand.
A highlight of the year was winning
the inaugural Sustainability Award at
Countdown’s annual Suppliers Award.
T&G was praised for its commitment to
Kaitiakitanga. The award recognised the
Company’s efforts on recycling, sustainable
packaging, carbon reductions, reduced
waste and lower impact growing.
WITH SEASONAL
CHALLENGES COMES
OPPORTUNITY
This year, an unusual apple growing
season in New Zealand resulted in a high
proportion of small fruit. However, through
the development of JAZZ™ Juniors as an
ideal apple for lunchboxes, T&G was able to
move high volumes of the small sized fruit
and dominate the small apple category.
A successful JAZZ™ Junior market has now
been established, providing the Company
and its contract growers with an outlet
for small fruit which may have been left
unpicked in the past. Creating a higher yield
for JAZZ™ is a win-win for the environment,
consumers, growers and T&G.
ACQUISITION HELPS
JOURNEY TO BECOME
PARTNER OF CHOICE
At the end of 2019, T&G entered into
an agreement to acquire the domestic
fresh produce division of Freshmax

New Zealand.
The acquisition, which is subject to
Commerce Commission approval, is a
significant opportunity to expand and
strengthen T&G’s presence in New Zealand.
It will deliver better service to growers
and customers, provide a platform for an
enhanced supply chain, and supply the
highest quality fresh produce to customers
year-round.
OUR STRATEGIC PRIORITIES

24 | T&G GLOBAL LIMITED ANNUAL REPORT 2019

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 25
SIMPLIFY
OPERATING
MODEL
T&G has made a number of acquisitions and
divestments in recent years which resulted in
inefficiencies in some parts of its business.
At the same time, as the grower base
and consumer market increases, the
Company’s historical trading model is
facing increasing pressure.
To help address this, in 2019 T&G was
reorganised to deliver efficiencies and
get closer to markets and customers.
In-market expertise was boosted, and
changes in Information Technology will
lead to more robust data and analytics to
help inform better decisions.
Project Reshape was also initiated.

By standardising and simplifying the way
the Company does business, the project
will remove complexity for growers,
customers and employees. Going forward,
continued investment in automation and
standardisation will continue.
During the year, low returning or non-core
assets were divested to free up capital
for growth. This included the sale and
subsequent leaseback of the Company’s

Mt Wellington site in Auckland.
OUR STRATEGIC PRIORITIES

26 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
In order to ready the business for future
growth, the Company needs the right
structure and leadership to move the
business forward.
During the first quarter of 2019,

T&G underwent a significant structural
change as it reset the operating model
and aligned the broader leadership teams
with the new executive team structure,
which had been set in late 2018.
The restructure removed duplication of
roles and created functional heads for
both the global and New Zealand Produce
businesses.
A key focus of the year has been
recruiting external talent to build skills
and capabilities in a number of strategic
areas: category management, sales and
operational planning (matching supply to
demand), and continuous improvement.

At the same time, the Company has
bolstered the resources and scope of
its critically important genetics and IP
management function.
In the second quarter, the Company
focused on performance and leadership
development for around 60 senior leaders
across the business.
A performance management philosophy
focusing on key performance goals was
introduced, along with a Reward and
Recognition programme to reward people
who are delivering against strategic
and cultural objectives, including the
Kaitiakitanga aspirations.
In the third quarter, T&G introduced a
targeted programme focused on building

a performance-oriented culture.
With many company-owned orchards and
glasshouses in New Zealand, T&G employs
a relatively high number of seasonal
workers who come to the country under
the Recognised Seasonal Employer (RSE)
scheme.
RSE workers are critical to the operations of
T&G and are employed throughout growing
operations in New Zealand. The Company
provides accommodation and pastoral
care for the workers and encourages their
community and cultural activities.
Many of the RSE workers are into their
eighth or ninth season with T&G. Their
earnings, along with their skills and
knowledge, are often reinvested back into
building new enterprises in their home
villages in the Pacific Islands.
BUILD CAPABILITY
AND PERFORMANCE
CULTURE
Creating a high-performance culture where everyone
is in the right role, has the right skills, and is focused
on delivering the business strategy has been a major
focus in 2019.
OUR STRATEGIC PRIORITIES

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 27
FROM A SMALL SEED
TO BIG SUCCESS
Being out of the workforce for 20 years,
Keri-ann Rapira found the thought of
getting a job after such a long time out of
work daunting. For over three years, she
has now been working at the T&G Evenden
Road orchard, after entering the Company’s
SEED programme.
SEED is a programme helping Hawke’s
Bay locals, many of them solo parents,
back into work. The joint project, with the
Ministry of Social Development, has been
running for the past eight years, helping
break the cycle of unemployment and get
locals back into work.
Another SEED member, Dani Gibson had
been raising her two children at home but
wanted to get back into work. Through
the programme, working on T&G orchards
and in a packhouse, she was given the
opportunity to work flexible hours so
she was able to drop off and pick up her
children from school. Four years later, Dani
is a Compliance Administrator for the New
Zealand growing team and loves her job.
SEED offers flexible working hours

and wrap-around support, which is key.
The programme also enables access to
a health nurse, literacy and numeracy
training, and computer skills.
Around 1,000 seasonal workers work at
T&G during peak season, with over 100
having participated in the SEED programme
over the past eight years. The remainder
are made up largely of locals and RSE
workers.
FAREWELL TO
BRUCE BEATON
Following the merger of T&G and family-
owned Apollo Apples in 2014, and after

20 years in the apple industry, Bruce
Beaton finished working with the Company
in late 2019.
Bruce made a huge contribution to the
apple industry over the past two decades.
His industry knowledge and experience,
along with the respect he commands in the
industry, has been greatly valued by T&G,
and we wish him well in the future.
T&G's Kristen Nash (left) and Maurice Windle (back right) with SEED programme participants.

28 | T&G GLOBAL LIMITED ANNUAL REPORT 2019

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 29
The 5.8 hectare Mt Wellington site in
Auckland, which includes a significant
logistics centre, trading market and
corporate office, was sold to Goodman
Property in September 2019. Planning
work is underway on future property
requirements.
Other New Zealand divestments included
the sale and leaseback of a cool store in
Dunedin and land in Northland.
This divestment programme has enabled
the business to reinvest in capability and
infrastructure to support future growth
opportunities.
In 2019, T&G invested significantly in its
people. A new senior executive team was
assembled over the year to provide the
bench-strength and expertise to implement
the Company’s strategic agenda.
Significant investment into the wider
leadership group has begun, with new
high-performance frameworks providing
the business with the capabilities it needs
to excel in the future.
The Company has also invested in its
intellectual capital, securing PVRs. T&G has
rights to several premium PVRs, including
JAZZ™ and Envy™, and is continuing to
invest in new varieties - the building blocks

of future global growth.
Blueberries are an emerging global
category and a key strategic priority for
T&G. To support the significant growth
potential, the Company is looking into
strategic partnerships with plant breeders
and large-scale global growers, so it
can secure exclusive rights to the best
varieties. T&G is focused on bringing the
best blueberries to the world and creating
consumer demand through strong brands.
A number of new cultivars of blueberries,
licensed from Fall Creek Farm & Nursery in
Oregon, USA, and Plant & Food Research
in New Zealand, are part of large-scale
commercial trials in Australia. Full
production of these cultivars is expected
in 2020.
FREE UP CAPITAL
FOR GROWTH
From left to right, Moisés González (a berry fruit breeder), Peter Landon-Lane (T&G),
Janice Turner (Berry Fruit Team Leader) and David Hughes (CEO Plant & Food Research)
discussing new blueberry cultivars.
To provide necessary fuel for growth, T&G freed up
capital in 2019 by selling low returning or non-core
assets.
OUR STRATEGIC PRIORITIES

30 | T&G GLOBAL LIMITED ANNUAL REPORT 2019

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 31
KAITIAKITANGA
CARBON
NEUTRAL
PROTECT &
CONSERVE
OUR HABITATS
ZERO
WASTE TO
LANDFILL
SOCIALLY
RESPONSIBLE
SOURCING
RESPONSIBLE
PACKAGING
PROTECT
& GROW
LOWER INPUT,
SMARTER
GROWING
HEALTHY
COMMUNITIES
Kaitiakitanga is an integral part of how T&G does business.
For T&G, it means treating the land, people, produce, resources
and community with the greatest of respect and care, as guardians
of their future. It was introduced as a key strategic pillar in 2018
and holds great significance for the culture at T&G.
Kaitiakitanga is guided by eight aspirations:
OUR STRATEGIC PRIORITIES

REDUCING CO
2
EMISSIONS
Removing refrigerants with high global
warming potentials (GWP) and reducing
leakage from market floors is a key
component of the Company’s emissions
reduction strategy.
In 2019, T&G achieved a 66% decrease in
CO
2
emissions from refrigerant leakage,
compared to 2017. A replacement strategy
for high GWP refrigerants has been
developed and in 2019 the Company
completed replacements at the Pukekohe
packhouse and Mt Wellington market floor.
Another initiative T&G is implementing
across its New Zealand sites is the
replacement of LPG forklifts with electric
forklifts. There are now 43 electric forklifts,
with only 14 LPG forklifts remaining on
sites where higher load capacities are
required.
The aspiration and targets follow the climate strategy developed by the BayWa Group.
The BayWa Group was guided by the Intergovernmental Panel on Climate Change (IPCC)
Special Report on 1.5°C global warming and the criteria of the Science Based Targets
Initiative of 2018.
The climate strategy comprises four climate targets which are relevant to the operations

of T&G:
CO
2
EMISSIONS
• Reduce CO
2
emissions (Scope 1 and 2
*1
) by 22%, compared to 2017, by 2025
• Carbon neutrality (Scope 1 and 2) by 2030
RENEWABLE ELECTRICITY
• Use of 100% renewable electricity by the end of 2020
ENERGY CONSUMPTION
• Reduce energy consumption by 11%, compared to 2017, by 2025
To achieve these targets, T&G is implementing a strategy focused on energy efficiency,
replacing fossil fuels with renewable energy alternatives, and ensuring electricity

is sourced from renewable energy.
*1. Under the Greenhouse Gas (GHG) Protocol of the World
Resources Institute and the World Business Council for Sustainable
Development, Scope 1 and 2 emissions are:
• Scope 1: Direct GHG emissions from sources owned or
controlled by the company. For example, emissions from
combustion of fuel in vehicles owned or controlled by the
company.
• Scope 2: Indirect GHG emissions from the generation of
purchased energy (in the form of electricity, heat or steam)

that the organisation uses.
CARBON
NEUTRAL
T&G’s Carbon Neutral aspiration aims to limit global
warming with reduction targets for CO
2
emissions
and energy consumption.
KAITIAKITANGA
32 | T&G GLOBAL LIMITED ANNUAL REPORT 2019

REDUCE ENERGY
CONSUMPTION
Progress is being made in reducing the use
of energy across the business, from lighting
to refrigeration to glasshouse heating.
T&G invested $1.4 million in replacing

end-of-life automation equipment at its
apple packhouse operations in Whakatu
in the Hawke’s Bay, as well as investing
$480,000 in new sealing technology for
controlled atmosphere rooms in the
cool store facility. These investments are
expected to deliver an energy reduction

of up to 10% for the site.
Process changes have been made to
reduce the refrigeration load and energy
demand in the storage of late season fruit
across Hawke’s Bay sites. These changes
have delivered electricity savings of
approximately $80,000 in the last quarter
of 2019. The Company has also invested in
new rapid roller door technology to further
reduce electricity demand, minimising loss
of refrigerated air, improving temperature
maintenance, and providing greater quality
control.
FROM WASTE TO ENERGY
Every year, in excess of 327,000 tonnes
of food waste and organic products go to
landfill in New Zealand. Approximately a
third of all waste sent to landfill is organic
matter. With over 134 consented landfills
in New Zealand, this presents a sizeable
opportunity to turn it into biogas and use it
as an energy source, and at the same time
reduce carbon emissions.
To source renewable energy, T&G is
working with Ecogas LP, who are building
and operating New Zealand’s first
commercial-scale, fully-integrated, biogas-
to-energy plant, also referred to as an
anaerobic digestor facility.
The facility will take more than 50,000
tonnes of food waste and 20,000 tonnes

of commercial organic waste and convert
this into biogas and biofertiliser.
The proposed Reporoa anaerobic
digestor facility will be built on T&G
owned land, in proximity to its tomato
glasshouse operation, however accessed
independently and operated in isolation
from T&G’s current operations. T&G would
buy the renewable energy from Ecogas and
supply its own organic waste back to the
facility, both at commercial terms.
The Ecogas anaerobic digestor would
also support T&G’s sustainability and low
emissions targets, by using biogas as a
renewable energy supply for glasshouse
heating and producing CO
2
to enhance
growing conditions.
GROWING PRODUCE
IN THE FACE OF A
CHANGING CLIMATE
As the climate changes, T&G is also actively
pursuing strategies to respond to climate
change.
The increasing number of extreme weather
events in New Zealand and abroad, such
as hail and storms, are an immediate
challenge for T&G’s growing activities.
Damage from storms and flooding can
impact crop quality, power networks,
transport routes and irrigation equipment.
Sudden power outages can destroy an
entire crop through physical damage,

lack of irrigation or damage produce
in cool stores.
The strategies T&G is pursuing are:
1. Adapt and mitigate risk by investing
in infrastructure, such as protective
netting or water recycling, to increase
self-sufficiency and protect against
adverse impacts;
2. Implement innovative growing
solutions, such as breeding new
varieties to cope with hotter or

dryer conditions.
APPLES BRED FOR
HOT CLIMATES
T&G has joined Plant & Food Research, the
Institute of Agriculture and Food Research
Technology (IRTA) and Fruit Futur as the
exclusive partner for the commercialisation
of new apple cultivars, designed specifically
to tackle challenges such as sunburn,
colour and firmness, associated with a
hotter global climate.
The Hot Climate Programme (HCP) was
initiated in 2002 by Plant & Food Research
and IRTA to address challenges that were
being experienced by Spanish growers,
particularly those of the Catalan region,
with traditional apple and pear varieties.
As the global climate continues to change,
it was recognised that other apple growing
regions would begin to experience these
issues, and that varieties developed for
these niche environments would be in
increasing demand worldwide.
Several new varieties have been
identified in the HCP with potential for
commercialisation, and the programme
partners have selected T&G as the
preferred partner for managing the
commercialisation of the varieties
worldwide.
These hot climate-tolerant new varieties
will ensure that consumers continue to
enjoy crisp, tasty apples and that growers

have a promising option to keep producing
apples and make a living despite

climate change.
From left to right, Andrew Keaney (T&G) and Minister Shane Jones, announcing
Provincial Growth Funding to develop the biogas project at T&G’s Reporoa site.
T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 33

GROWING TOMATOES WHILE
REDUCING LANDFILL WASTE
The Company is trialling and implementing
initiatives to deliver on its target to reduce,
reuse or recycle its resources, and send
zero waste to landfill by 2025.
As New Zealand’s largest producer of
tomatoes, growing 12 million kilograms
each year, T&G is testing commercially
compostable string alternatives to find
the best solution to replace the metres of
plastic string used to keep the 12-metre
high tomato vines upright in glasshouses.
INVESTIGATING
CROP WASTE
To help achieve T&G’s zero waste goal,
the Company investigated food (crop)
waste volumes and improvement
opportunities at tomato growing and
root vegetable packing operations.
Tomato production waste (which is sent
to compost) was found to sit within the
industry standard of 2 to 5%. This waste is
derived from cropping and fruit dropping
to the ground, as well as T&G's quality
requirements. T&G is actively working to
further reduce this, including exploring
opportunities for lower grade fruit. These
actions have the additional benefit of
contributing to T&G’s carbon neutral goal.
Food waste is a very small part of T&G’s
carbon footprint.
HAWKE’S BAY PACKHOUSE
HEADS TOWARD ZERO
WASTE
Staff at T&G’s packhouses in Whakatu,
Hawke’s Bay, are on a mission to reduce
waste from their operations and implement
circular systems for resources. Within the
first month, the site reduced the use of
daily hair nets by two-thirds, increased
paper recycling, and doubled tray reuse in
the packhouse. Tray wastage has declined
from 5,000 trays to 2,355 per month.
In the staff cafeteria, utensils are
compostable, cardboard packaging has
replaced plastic, and empty milk bottles
are recycled into fence posts. Individual
rubbish bins in the offices have been
removed, and more than 3,000 plastic bin
liners used each year have been replaced
by compostable bags.
Resource waste is a growing global concern. With
a broad business spanning growing, packing and
distribution, there are multiple locations that create
food and packaging waste which can be reduced,
reused and recycled. T&G is committed to finding
sustainable solutions where it can.
ZERO
WASTE TO
LANDFILL
KAITIAKITANGA
34 | T&G GLOBAL LIMITED ANNUAL REPORT 2019

Following a packaging audit of T&G brands,
it was found that 46% of T&G’s packs (by
SKU) are recyclable and 29% are made
from renewable resources. The Company is
actively working with customers, suppliers
and in-market teams to identify alternatives
to the non-renewable packs and implement
those across its brands.
BEING RESOURCE EFFICIENT
WITH PACKAGING
T&G supplies loose apples in wooden
bulk bins to several markets, including the
United Kingdom, however it is becoming
increasingly difficult to find second use
opportunities for wooden bins in-market.
To address this, the Company has begun
trialling collapsible plastic bins. These bins
are returned for re-use to help minimise
waste in the supply chain. T&G hopes
to extend the bin return and re-use trials
in its United States and Asian markets
in 2020.
EMBRACING LOW IMPACT
MATERIALS
JAZZ™ apple prepack Snackers (1kg) and
newly launched JAZZ™ Juniors 6 packs
have transitioned to PEFC-certified
cardboard punnets and trays.
PEFC is the Programme for the
Endorsement of Forest Certification and is
a leading global alliance of national forest
certification systems which promotes
sustainable forest management through
independent third-party certification.
T&G is transitioning all of its global grape
shipping cartons from styrofoam to fully
recyclable corrugated cardboard. Orchard
Rd started with the majority of its United
States grapes when it launched in Asia, and
this will be followed by the Australian and
South American grape seasons.
QUARTERLY PACKAGING
FORUM
T&G has established a quarterly internal
packaging forum. The forum aims to better
understand current packaging materials,
share global innovations in produce
packaging, and provide a forum to discuss
market pressures and opportunities.
CONSUMER AWARENESS
T&G was identified as a brand leader in
sustainability in the 2019 Colmar Brunton
Better Futures Report.
The report is an annual survey of attitudes
towards sustainability, and highlights
the value New Zealanders place on their
natural environment. Of the 1,000 people
surveyed, when prompted, 68% named
T&G as a brand leader in sustainability.
An example of the Company’s commitment
to sustainability was the 2018 introduction
of new cardboard punnets for its Beekist®
tomato brand, removing 5.5 million plastic
punnets from supermarket shelves - or 100
tonnes less plastic that Kiwis take home
every year.
Packaging is vital for protecting fresh produce and
keeping it safe and fresh. It is also a component of
T&G’s direct and indirect waste.
The Company aims to minimise the impact of
packaging by being resource efficient and embracing
low impact materials made from renewable and
recyclable resources.
RESPONSIBLE
PACKAGING
PERCENTAGE OF PACKS (SKUS)
THAT ARE RENEWABLE
RENEWABLE ONLY
RENEWABLE &
NON-RENEWABLE
NON-RENEWABLE ONLY
UNKNOWN
58%
29%
8%
5%
PERCENTAGE OF PACKS (SKUS)
THAT ARE RECYCLABLE
RECYCLABLE
CONDITIONALLY
RECYCLABLE*
NON-RECYCLABLE
UNKNOWN
27%
46%
20%
7%
®
*Recycling facilities exist but are not available curbside.
KAITIAKITANGA
T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 35

PROMOTING THE USE OF
BENEFICIAL INSECTS
Insects, such as whitefly, are an ongoing
threat to the health of tomato plants. To
reduce whitefly populations and increase
local populations of beneficial insects
(enemies of whitefly), the Company
has planted ‘insectary’ plants, including
Buckwheat, Phacelia and Alyssum.
Insectary plants are plants with high
volumes of quality nectar or pollen which
make them highly attractive food sources
for beneficial insects. These plants are
being established on land surrounding
tomato glasshouses to attract a diversity
of beneficial insects and increase their
population, longevity and effectiveness.
Inside the glasshouses, a small innovation
is making a big difference. Yellow bug
tape has been used as a natural deterrent
directly above the crops for some time and
now additional tape is being placed at the
end of the rows of crop to target whitefly,
which has already led to a notable decrease
in populations.
T&G is committed to lower impact and smarter growing
by harnessing innovation and increasing efficiencies
with its resources. To do this, the Company is currently
focused on three key areas: promoting and increasing
the use of beneficial insects; increasing water use
efficiency; and improving soil quality and structure.
INCREASING WATER
SELF-SUFFICIENCY
A number of T&G’s glasshouses utilise
water capture systems from the roof,
coupled with water recycling systems to
minimise their demand for water.
In 2019, as part of a continued focus
on water self-sufficiency, the Ohaupo
glasshouse invested in a water reservoir
on-site. This enabled the site to minimise
water required from the local water
scheme and supported its ability to recycle
water from the glasshouse.
LOWER INPUT,
SMARTER
GROWING
Buckwheat growing at T&G's
tomato glasshouses.
KAITIAKITANGA
36 | T&G GLOBAL LIMITED ANNUAL REPORT 2019

T&G protects its waterways by using
barriers, setbacks, buffers and riparian
planting, and protects local biodiversity
by implementing integrated pest
management, supporting pollination
services and bee-safe protocols.
INTEGRATED PEST
MANAGEMENT
Its orchards utilise Integrated Pest
Management technology. This reduces the
application of agrichemicals by spraying
only when the number of pests exceeds
prescribed thresholds, thereby minimizing
the risk of the pest adapting to the spray
and protecting local biodiversity. The
pesticides used do not harm natural
predators of the targeted pests, and
monitoring is undertaken for the presence
of pests and diseases on the crops.
In 2019, T&G made further improvements
to its approach for controlling apple leaf
curling midge, a pest to New Zealand
apples. The approach involves luring
midge directly to an insecticide by applying
pheromones at the base of each tree. If the
results from these trials are positive, the
Company hopes to further reduce usage of
agrichemical control for the pest.
To improve the utilisation of pollination
services, T&G supported Plant & Food
Research to assess the role insects
(other than managed honeybees) play
in the pollination of New Zealand apple
orchards. Pollinator diversity is known
to improve yields in many crops because
different insects can be more active when
honeybees aren’t active. Utilising T&G’s
JAZZ™ orchards in the Hawke’s Bay and
Nelson, the study found the presence of
bumble bees, other bee species, flies and
beetles. The next steps will assess their
efficiency as pollinators and determine
whether there are potential strategies
available to boost their numbers.
T&G’s business relies on healthy soil and waterways,
so protecting and giving back to the land is critical.

A key part of this is land management which supports
biodiversity. The Company’s target is to keep its water
clean and pollinators healthy.
PROTECT &
CONSERVE
OUR HABITATS
KAITIAKITANGA
T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 37

Shane O'Brien (T&G) fourth from left, visiting banana growers in Ecuador.
T&G is aware that socially responsible
sourcing is an increasingly important
commercial driver for large retailers. While
price and fruit quality remain the leading
considerations for buyers, increasingly,
they look at sustainable environmental and
labour practices.
THIRD PARTY CERTIFICATION
IN SUPPLY CHAIN
Several years ago, the T&G New
Zealand apple business achieved Sedex
membership for all packers. Sedex
supports companies to improve their
responsible and sustainable business
practices, and to source responsibly.
This year, the Company has increased
the number of growers utilising Sedex to
meet customer requirements for both the
Self-Assessment Questionnaire and Farm
Sustainability Assessment compliance
under Sedex.
Over the past two years, T&G has also
ensured all apple growers have GRASP
certification. The Company proactively
works with its customers to meet their
certification requirements.

BEYOND CERTIFICATION –
ACTIVE ENGAGEMENT WITH
SUPPLIERS
In November 2019, T&G’s Head of Imports,
Shane O’Brien, visited the All Good
Organics banana growers in El Guabo,
Ecuador.
All Good Organics is a New Zealand
organisation that has been importing
sustainably grown bananas directly from
small, independent growers for nine years.
Through All Good Organics, New Zealand
consumers pay a small premium for the
bananas which is returned to the grower
communities to fund social projects.
During the trip, Shane and the All Good
Organics founders visited grower farms,
met their families and witnessed first-hand
the positive impact that the social projects
are having on the communities. The
New Zealand group visited Escuela fiscal
mixta Francia, a school that the All Good
Fairtrade Premium has supported. The
visit was marked with the opening of a new
classroom. Other key social projects visited,
included a plastic recycling centre and a
bio plant - a site that manufactures organic
pesticide made from natural resources.
Socially responsible sourcing is caring for the welfare
and safety of all workers across the supply chain. It’s
about being aware of the impact a business has on
the world beyond its own operations, and making
sure products and services are produced and sourced
ethically and sustainably throughout each level of the
supply chain.
SOCIALLY
RESPONSIBLE
SOURCING
KAITIAKITANGA
38 | T&G GLOBAL LIMITED ANNUAL REPORT 2019

To help achieve this, in 2019 the Company
commissioned an independent WorkSafe
SafePlus review, which highlighted a range
of improvement areas with a particular
focus on the identification and mitigation
of key risks. At the same time, T&G also
internally reviewed its health and safety
performance and supporting framework.
The Company has since reset its health and
safety strategy based on these findings and
developed a roadmap for improvement.
The new strategy is focused on three key
areas: leadership, worker engagement and
risk management.
The ‛CARE’ programme, which is focused on
safety conversations, was introduced in the
second half of 2019. This is the first module
in an on-going programme to deliver
meaningful behavioural change throughout
the organisation and will be followed by
further modules in 2020, including incident
management and investigation.
This year, T&G also introduced a new
leadership development programme,
high performing culture principles and
reinstated key performance indicators.
Health and safety is a performance goal
metric for all operational leaders.
It also introduced autosense cameras to a
number of its truck fleet, helping its truck
drivers get home safely. The cameras can
sense if a driver’s eyes are off the road
for more than four seconds or closed for
more than one and a half seconds, alerting
the driver by vibrating the driver’s seat
and making an alarm-sound to regain
the driver’s attention. Following the trial,
the cameras will now be rolled out across
T&G’s entire fleet.
For T&G, safety is not a compliance and
process-driven exercise, it’s a change in
people’s behaviour to ensure that safety

is everyone’s responsibility.
1
Lost time injury frequency rate (LTIFR) = number of LTIs/number of hours worked x 200,000.
2
LTI = Lost time injury, MTI = Medical treatment injury, RWI = Restricted work injury
3
Total recordable injury frequency rate (TRIFR) = number of LTI+MTI+RWI/ number of hours worked 200,000
T&G is committed to addressing health and safety
as a critical priority. It is unwavering in its focus that
everyone gets home safely, every day.
20182019
LOST TIME INJURIES134137
LTIFR
1
6.27.2
RECORDABLE INJURIES
(LTI+MTI+RWI)
2
214190
TRIFR
3
9.89.9
PROTECT
& GROW
KAITIAKITANGA
T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 39

The Company partners with a range of
community groups and programmes to
promote healthy nutrition and distribute
fresh produce to communities-in-need.
T&G is a proud supporter of the following
initiatives:
• 5+A Day, a charitable trust that runs a
nationwide education and promotional
campaign in New Zealand to encourage
more fresh fruit and vegetables as part
of a daily diet.
• Waste Not Kitchen. This Trust provides
healthy, nutritious soups for New
Zealand Women’s Refuges. T&G
contributes fresh vegetables to the
Trust’s kitchen for the soups.
• KiwiHarvest collects surplus food from
growers, retailers and wholesalers,
including T&G, and distributes it to

New Zealand families-in-need.
• Garden to Table is a charity that works
with thousands of New Zealand primary
school children, helping them discover
a love for fresh food by learning how
to grow, harvest, prepare and share
fresh, seasonal food. T&G is a national
supporting partner of Garden to Table.
The Company also supports the growing
horticulture industry and helps nurture
young talent via sponsorship of various
events and awards, such as the annual
Young Horticulturist of the Year and
Horticulture New Zealand’s Grower of the
Year awards.
SUPPORTING COMMUNITIES
T&G provides its employees with a
volunteer day per year to support their
community. In 2019, this opportunity was
supported by a number of employees who
took up the opportunity to help a cause
they’re passionate about.
FEEDING FAMILIES
T&G’s Australian team used their volunteer
day to pack food boxes for Foodbank
Australia. The charity is Australia’s largest
hunger-relief organisation, servicing over
2,600 charities and enabling them to provide
food to 710,000 people every month.
The team packed 13,862 kilograms of

food orders. That’s equivalent to
approximately 24,978 meals - or feeding

a family of four three meals a day, for over
five and a half years.
Every week, the Company provides fresh fruit and
vegetables to more than 120,000 New Zealand school
children in regions of high social and health need via
the Ministry of Health’s Fruit in Schools Programme.
That’s more than 23 million servings of fresh fruit
and vegetables every year. The weekly contribution
is part of T&G’s commitment to growing healthier
communities.
HEALTHY
COMMUNITIES
KAITIAKITANGA
40 | T&G GLOBAL LIMITED ANNUAL REPORT 2019

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 41

42 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
PROF. KLAUS JOSEF LUTZ
CHAIRMAN & NON-INDEPENDENT DIRECTOR

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

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 43
BENEDIKT MANGOLD
NON-INDEPENDENT DIRECTOR

Director since September 2019
Benedikt Mangold joined BayWa in 2011,
working initially in the Agricultural
Equipment Business Unit. In 2016, Benedikt
moved to New Zealand, working for T&G
Global Ltd as an export trader before
moving into the role as Head of Strategic
Planning and Transformation for T&G's
International Business Unit. Since returning
to BayWa in early 2019, Benedikt has been
recently appointed Head of Global Produce
at BayWa AG.
Mr Mangold is a director of Al Dahra BayWa
Agriculture LLC and Afrupro Investments
(Pty) Ltd.
CAROL CAMPBELL
INDEPENDENT DIRECTOR

Director since June 2010
Board committees: Chair of the Finance,
Risk and Investment Committee, Member
of the Human Resources Committee.
Carol Campbell is a Chartered Accountant
and Chartered Member of the Institute
of Directors. She was a partner at Ernst
& Young for over 25 years and has been
a professional Director for the last nine
years. Carol has extensive financial
experience and a sound understanding

of efficient board governance.
She is a director of NZ Post Limited,
Kiwibank Limited, Asset Plus Limited,
Chubb Insurance Limited and a number

of other private companies.
ANDREAS HELBER
NON-INDEPENDENT DIRECTOR

Director since April 2012
Board committees: Member of the Finance,
Risk and Investment Committee.
Andreas Helber has been BayWa’s Chief
Financial Officer since 2010. Mr Helber
began his career at KPMG in Munich where
he qualified as a tax consultant

and auditor.
Mr Helber is a member of the supervisory
boards of a number of private and
listed companies including R+V
Pensionversicherung AG, RWA Raiffeisen
Ware Austria AG, and Unser Lagerhaus
Warenhandelsgesellschaft m.b.H.
MAU WAH LIU
NON-INDEPENDENT DIRECTOR
Director since April 2017
Mau Wah Liu has more than 30 years of
experience in the produce industry and
enterprise management. In 1998, he
founded Golden Wing Mau Enterprise
Development Co. Ltd. He is the Chairman
of Golden Wing Mau Agricultural Produce
Corporation (Joy Wing Mau Group), which
he established in 2003.
Mr Liu has won numerous industry
honours and awards including receiving the
China Fruit Marketing Association Award –
Person of the Year in 2016.
RALF TOBIAS PRISKE
NON-INDEPENDENT DIRECTOR
Director since December 2017
Board committees: Member of the Human
Resources Committee.
Ralf Tobias Priske started working for
BayWa in 1998 as a member of the legal
department providing advice to the
various branches of the Company and
had a leading role in the acquisition of the
majority of the shares of T&G by BayWa
in 2012. From 2013 to 2015 he worked for
the renewable energy sector of the BayWa
Group as Deputy Legal Counsel focusing on
establishing the renewable energy business
in the US.
In July 2015 Mr Priske was appointed

as BayWa’s Company Secretary.
He is a director of Al Dahra BayWa
Agriculture LLC.
ROB HEWETT
INDEPENDENT DIRECTOR

Director since August 2018
Board committees: Chair of the Human
Resources Committee, Member of the
Finance, Risk and Investment Committee.
Rob Hewett is also chair of Farmlands

Co-operative Ltd, co-chair of Silver Fern
Farms Ltd and director and immediate past
chair of Silver Fern Farms Co-operative
Ltd. He is a director and chair-elect of
Pioneer Energy Ltd, a director of Southern
Generation Partnership Ltd, Pulse Energy
Ltd and the Lincoln University Council.
Mr Hewett holds a Master’s Degree in
Commerce and Marketing (Hons), a BCom
(Ag) Economics and is a chartered member
of the New Zealand Institute of Directors.
He won the 2019 Outstanding Contribution
to New Zealand Co-operatives award.

44 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
ROLE OF THE BOARD
The Board is responsible to shareholders
for the performance of the Company,
which includes setting the objectives
and the strategies for achieving those
objectives, identifying significant areas of
business risk and implementing policies
to deal with those risks, setting the overall
policy framework and monitoring the
continuing performance of the Company
and its management. The Board also
ensures that procedures are in place to
provide effective internal financial control.
Responsibility for the day-to-day
management of T&G is delegated by the
Board to the Chief Executive Officer (CEO).
The Board is committed to act with integrity
and expects high standards of behaviour
and accountability from all staff members.
BOARD MEMBERSHIP
There are no executive directors across the
Board but a broad mix of skills and industry
experience relevant to the guidance of the
Company’s businesses. Mrs C.A. Campbell
and Mr R.J. Hewett are independent
Directors for the purposes of the NZX
Listing Rules.
CONDUCT OF THE BOARD
The Board has adopted a formal Code
of Ethics which sets out the expected
standards of professional conduct of its
members.
The Board meets at regular intervals and
conducts its affairs to ensure matters
can be discussed openly, frankly and
confidentially. Any potential conflicts of
interest relating to Directors are identified
and disclosed. Affected Directors are
usually not permitted to vote on any
related matter where a conflict exists.
The Board operates a code of conduct
that forbids Directors and other affected
parties to deal in the Company’s shares
at any time when they are in possession
of insider information and during periods
which are deemed by the Board to be
‘closed’ periods. These closed periods
customarily include the end of the six and
12 month reporting cycles, and until such
time as profit announcements have been
publicly disclosed. Closed periods include
any additional period when the Board is
engaged in matters that are likely to have
an impact on the market value of the
shares.
BOARD ACCESS TO ADVICE
All Directors have access to the advice
and services of the Secretary to the
Board and the Board has established a
procedure whereby Directors and Board
Committees have the right, in connection
with their duties and responsibilities, to
seek independent professional advice at
the Company’s expense, with the prior
approval of the Chairman.
Independent professional advice includes
professional legal and financial advice,
but excludes any advice on the personal
interests of a Director. The Board regularly
invites key managers and Executives to
attend and present at Board meetings,
and interaction with Directors is routinely
encouraged.
BOARD COMMITTEES
The Board has two constituted
Committees, the Finance, Risk and
Investment Committee (FRIC) and the
Human Resources Committee (HRC), both
of which operate under Board approved
charters.
The FRIC meets at least three times per
year and is responsible for overseeing
compliance with statutory financial
regulations and related responsibilities,
ensuring that effective systems of
accounting and internal control are
established and maintained, overseeing
internal and external audit, and liaising
with T&G’s independent auditors. This
Committee is chaired by Mrs C.A. Campbell,
and comprises Mr R.J. Hewett and Mr
A. Helber. The FRIC members also meet
separately with the auditors as required.
The HRC is responsible for reviewing,
approving and monitoring T&G’s Health
and Safety Policy, Strategy, Annual Plan
and programme of work. This ensures the
health and safety of all those who work for
or come into contact with T&G. Additional
responsibilities include ensuring that
the remuneration strategy, policies and
practices reward fairly and responsibly
with a clear link to T&G’s strategic
objectives and corporate and individual
performance; and assisting the Board in
The Board is the governing body of T&G Global Limited
(the Company) and its subsidiary companies (T&G).
CORPORATE GOVERNANCE
succession planning for the CEO and senior
management positions which identifies and
targets individuals for development. This
Committee meets at least four times per
year and comprises Mr R.J. Hewett (chair),
Mrs C.A. Campbell and Mr R.T. Priske.
The Board has not at this stage established
a Nominations Committee owing to a belief
that director appointments are of such
significance that they should be a direct
responsibility of the full Board. This matter
is kept under review.
INTERESTS REGISTER
The Company and each subsidiary of the
Company are required to maintain an
interests register in which particulars of
certain transactions and matters involving
the Directors must be recorded. The
interests registers for the Company and its
subsidiaries are available for inspection at
its registered office.
Details of all matters that have been
entered in the interests register of the
Company by individual Directors during
the year are outlined in the statutory
information section of these accounts, and
should be read in conjunction with the
individual Directors’ profiles.
T&G MANAGEMENT
STRUCTURE
T&G’s organisational structure is focused
on its five business divisions being Apples,
International Produce, New Zealand
Produce, Processed Foods and Other.
These operations are managed separately
with direct reporting to the CEO and to the
Board which exercises overall control.
RISK IDENTIFICATION
AND MANAGEMENT
T&G has adopted a system of internal
control, based on written procedures,
policies and guidelines. To reinforce this, an
internal audit function exists that reports to
the Board through the FRIC.
The Board acknowledges that it is
responsible for the overall internal
control framework. In discharging this
responsibility the Board has in place
a number of strategies designed to
safeguard T&G’s assets and interests and
to ensure the integrity of reporting.

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 45
Procedures are in place to identify areas of
significant business risk and to remediate
and effectively manage those risks. As
required, the Board obtains advice from
external advisors.
While the Board acknowledges that it
is responsible for the overall control
framework of T&G, it recognises that no
cost effective internal control system will
preclude all errors and irregularities.
DIRECTORS’ AND
OFFICERS’ INSURANCE
The Company has arranged directors’
and officers’ liability insurance covering
directors acting on behalf of the Company.
Cover is for damages, judgements, fines,
penalties, legal costs awarded and defence
costs arising from wrongful acts committed
while acting for the Company.
The types of acts that are not covered are
dishonest, fraudulent and malicious acts
or omissions; wilful breach of statute,
regulations or duty to the Company;
improper use of information to the
detriment of the Company; and breach of
professional duty.
TAX STRATEGY AND
GOVERNANCE
T&G operates within a framework
of prudent and proactive tax risk
management.
T&G’s tax strategy is focused on providing
high quality management and governance,
which results in ensuring that T&G pays
the appropriate amount of tax within each
market that it operates.
T&G implements this strategy through the
tax risk management principles within its
Risk Management Framework.
In conducting its activities in New Zealand
and offshore, T&G ensures that it:
• Complies with all relevant tax legislation
in each tax jurisdiction in which it
operates;
• Meets all its tax obligations on time;
• Pays the correct amount of tax that is
due;
• Obtains expert advice as required where
complex international transactions are
involved.
The statutory corporate tax rate in New
Zealand is 28% and on average over the
five-year period (2015 to 2019), T&G’s
effective tax rate was 22%. T&G’s average
effective tax rate is lower than the statutory
corporate tax rate in New Zealand due to
the different corporate tax rates applicable
for T&G’s subsidiaries operating in foreign
jurisdictions, and the impact of non-
deductible and non-taxable items.

46 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
Our
Business
Leads
PETER LANDON-LANE
DIRECTOR INNOVATION & TECHNICAL
As Director Innovation and Technical,
Peter leads T&G’s team responsible for
identifying and commercialising new plant
varieties and technologies. Peter joined
in April 2018 as Chief Operating Officer,
having previously been CEO of Plant &
Food Research for nine years. Peter has
significant international experience, having
led Fonterra businesses in Europe, Japan
and Taiwan. Earlier in his career he served
as the New Zealand Trade Commissioner in
the Philippines and in Beijing.
HEATHER KEAN
DIRECTOR PEOPLE & CULTURE
Heather joined T&G as Director People
& Culture in June 2018, with overall
responsibility for shaping the change
programme to transform T&G into a high
performance organisation. Heather also
leads the Health & Safety function at T&G.
With over thirty years of HR experience,
she deeply understands the role of
organisational culture in driving business
success. Previously, Heather was Head of
HR with Goodman Fielder NZ, and before
that Director Global HR at Fonterra. She
was a founding partner of New Zealand
recruitment agency, Pohlen Kean.
RACHEL STOTTER
DIRECTOR INTERNATIONAL SALES
As Director International Sales, Rachel
leads an international sales team who
sell apples, grapes, berries and a number
of other categories into more than 40
countries. She joined T&G in March 2019,
having previously been Head of Sales
and General Manager Dairy Category at
Goodman Fielder New Zealand. Prior to
that, Rachel held a number of sales and
transformation roles across a ten-year
period with Fonterra, including Director
New Zealand Ingredients and General
Manager Sales Excellence.
BASTIAN VON STREIT
CHIEF FINANCIAL OFFICER
Bastian joined T&G as Chief Financial
Officer from his homeland Germany in
October 2018. He leads T&G’s global
finance team across 12 countries.
Previously, he was Head of Group
Accounting at parent company BayWa AG,
and Director of Finance and Accounting
at Willy Bogner GmbH & Co KGaA in
Munich, responsible for financial and
group accounting, credit control, taxes and
treasury. Bastian is a graduate of Ludwig
Maximilians University in Munich.
GARETH EDGECOMBE
CHIEF EXECUTIVE OFFICER
Gareth joined T&G as Chief Executive
Officer in July 2018. He has extensive
experience in business turnarounds,
building high performing teams and
developing brands across the Asia Pacific
region. Prior to joining T&G he was CEO of
Comfort Group, President of the Campbell
Soup Company for the Asia Pacific region,
and President of The Coca-Cola Company’s
South Pacific business. A former general
manager of Puhoi Valley Cheese, Gareth
has also served on the board of the
Australian Food and Grocery Council.

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 47
ANDREW KEANEY
MANAGING DIRECTOR NZ PRODUCE
As Managing Director New Zealand
Produce, Andrew leads a team responsible
for partnering with domestic and
international growers and customers to
provide year-round fresh, safe, sustainable
produce to New Zealand and global
consumers. Andrew joined T&G in May
2014 with extensive experience in the
industry, having previously held senior
roles with Foodstuffs New Zealand,
Freshmax and Primor Produce.
JODI REDDELL
DIRECTOR CATEGORY & MARKETING
Jodi is responsible for driving the growth
for T&G’s apple category and its premium
brands, including JAZZ™ and Envy™, along
with building new global categories in
blueberries and grapes. Prior to joining
in May 2019, Jodi was Global Senior
Marketing Director - McVities for United
Biscuits/pladis, based in London. She has
previously worked with both GSK and
Frucor Suntory as Regional Marketing
Director Asia (Beverages) and Category
Marketing Manager China and Asia Pacific
for Lucozade and Ribena.
TIM CLARKSON
DIRECTOR STRATEGY
Tim joined T&G as Director Strategy in
November 2013, with responsibility for
the Company’s group strategy, M&A
investments, divestments, joint ventures
and sustainability. He leads a team focused
on building long term growth for T&G’s
key produce categories and major trading
activities in domestic and international
markets. Previously, Tim was Executive
Director, Leader M&A with EY, and held
senior roles with KPMG, Interesource and
Kaupthing Singer & Friedlander.
MONIQUE MALLON
DIRECTOR IT
Monique joined T&G in September 2018,
and has more than 25 years’ experience in
IT and large-scale business transformation
programmes. Having spent nine years as
a senior consultant and 14 years working
in lead roles with New Zealand businesses,
Monique understands the need to deliver
value through robust technology solutions
which enable businesses to achieve their
strategic objectives.
ADRIENNE SHARP
HEAD OF CORPORATE AFFAIRS
Adrienne joined T&G in January 2020 and
has overall responsibility for protecting
and enhancing T&G’s reputation with
its stakeholders. She leads internal and
external communications, government
and industry engagement, and brand
marketing. Adrienne has previously held
senior communications roles at Fonterra,
including General Manager Innovation
Communications and General Manager
News and Content. Prior to that, she was
the Australian Managing Director for
Baldwin Boyle Group.
CRAIG BETTY
DIRECTOR OPERATIONS
Craig joined T&G as Director Operations in
October 2019. Based at its Hawke's Bay site
at Whakatu, Craig is responsible for leading
T&G’s apple business, including its growing,
packing and distribution operations. Prior
to this, he was Chief Operating Officer
for Westland Milk Products, and General
Manager Operations for Fonterra. Craig
has extensive operations and supply chain
management experience across a broad
range of industries, including agribusiness.

48 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
AUDITORS
Deloitte has continued to act as the principal auditor of T&G and
has undertaken the audit of the financial statements for the year
ended 31 December 2019.
DIRECTORS’ LOANS
No director is in receipt of any loans from T&G.
DIRECTORS’ REMUNERATION
The following persons held office as director during the year.
Remuneration paid or accrued included incentive payments,
vehicles, superannuation and other benefits, where applicable.

On top of fees, directors also receive an annual travel allowance
of $1,000.
12 MONTHS TO 31 DECEMBER 2019
DIRECTORS OF T&G$’000
Prof. K.J. Lutz45
C.A. Campbell (director fees)93
C.A. Campbell (Committee work)11
A. Helber36
R.J. Hewett (Director fees)93
R.J. Hewett (Committee work)3
M.W. Liu36
R.T. Priske36
B.J. Mangold (appointed on 6 September 2019)12
C.U.G. Bell (resigned on 31 July 2019)21
DIRECTORS AND OFFICERS COMPOSITION
At 31 December 2019 the gender composition of T&G’s directors
and officers was as follows:
MALEFEMALE
Directors61
Officers64
EMPLOYEE REMUNERATION
T&G paid remuneration including benefits in excess of $100,000 to
employees (other than directors) during the 12 months. The salary
banding for the employees is disclosed in the following table:
12 months to 31 December 2019
NUMBER OF EMPLOYEES
$’000 NZD EQUIVALENT20192018
100-1104535
110-1203334
120-1302220
130-1402221
140-1501922
150-1601728
160-170109
170-18067
180-19098
190-20086
200-21045
210-22054
220-23022
230-24045
240-25012
250-26021
260-270-3
270-2803-
280-29013
290-300-2
300-3103-
320-330-3
330-34021
340-35011
350-36012
360-370-1
370-3802-
380-390-1
400-410-3
420-4302-
440-450-1
450-4601-
460-4701-
470-4801-
480-4902-
570-580-2
1,260-1,270-1
1,300-1,3991-
Total230233
STATUTORY INFORMATION
The current year total remuneration spread takes into account
the impact of exchange rate movements on employees paid in
foreign currencies.

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 49
The NZX granted the Company a waiver
from the previous listing rule 5.2.3 under
the following conditions:
• The waiver, its conditions, and its effect
on the Companyʼs shareholders are
disclosed in each annual report for the
year upon which it was relied; and
• The Company notifies the NZX if there
are any material changes to its spread.
On 19 November 2018, NZX granted a class
ruling to all issuers transitioning to the new
listing rules. Pursuant to this class ruling,
waivers granted prior to 1 January 2019 will
continue to have effect from a transitioning
issuer’s transition date to 30 June 2020, in
respect of the application of such waivers
and/or rulings to the comparable new
listing rule.
The Company was notified by NZX that new
listing rule 1.1.1(b)(ii) (being the equivalent
to the previous listing rule 5.2.3) only
applies to new issuers. Therefore, as an
existing issuer, the Company is not subject
to the quotation thresholds.
Therefore, the existing waiver will not be
re-documented and, from 30 June 2020, the
Company will not be relying on the waiver
described above.
SUBSTANTIAL
SHAREHOLDERS
The following information is given
pursuant to Section 26 of the Security
Markets Act 1988.
The following parties are recorded by
the Company as at 30 January 2020
as substantial security holders in the
Company, and have declared the following
relevant interest in voting securities under
the Securities Markets Act 1988:
BayWa Aktiengesellschaft90,671,206
Wo Yang Limited24,496,386
The total number of voting securities
issued by the Company as at 30 January
2020 was 122,543,204.
CEO REMUNERATION
The CEO remuneration consists of fixed
remuneration, short-term incentive and
long-term incentive.
Fixed remuneration
Mr Edgecombe received remuneration of
$1,327,199 during the 2019 Financial Year.
This amount includes employer kiwisaver
contributions, a vehicle allowance and
the balance of a signing bonus which was
payable at the first anniversary of his
employment. His base salary for 2019

was $884,000.
Short term incentive
Subject to the achievement of profitability
targets set by the Board at the start of each
year, Mr Edgecombe will be entitled an
annual bonus of up to 40% of base salary.
This bonus can be over and underachieved
with a maximum payment of 150%.
Long term incentive (LTI)
Mr Edgecombe will be entitled to
participate in a LTI scheme set by the
Board, based on an earnings before
interest and tax growth plan. The fulfilment
of 100% of the goals under the scheme will
entitle Mr Edgecombe to a LTI payment of
50% of his base salary.
From 2020, the LTI payment will partially
vest in year three (50%) and close out in
year five (50%). No bonus will be paid if the
achievement rate is less than 90% and the
maximum amount is capped at 150%.
DIRECTORS
SHAREHOLDINGS
As at 31 December 2019, no current
directors or parties associated with current
directors held ordinary shares (2018: nil).
There were no share transactions during
the year ended 31 December 2019 in which
directors held 'relevant interests'.
INDEMNIFICATION AND
INSURANCE OF DIRECTORS
AND OFFICERS
The Company indemnifies all Directors
named in this report, and current and
former executive officers of T&G against
all liabilities (other than to the Company
or members of T&G) which arise out of
the performance of their normal duties
as Director or executive officer, unless the
liability relates to conduct involving lack of
good faith. To manage this risk, T&G has
indemnity insurance. The total cost of this
insurance including directors and officers
of offshore companies during the 12
months was $38,500 (2018: $35,000).
INFORMATION USED
BY DIRECTORS
No member of the Board of the Company,
or any subsidiary, issued a notice
requesting to use information received in
their capacity as director which would not
otherwise have been available to them.
INTERESTED
TRANSACTIONS
No directors disclosed the existence of
any transactions with T&G during the 12
months in which they held an interest.
NZX WAIVER FROM
LISTING RULE 5.2.3
The Company was granted a waiver from
the previous NZX listing rule 5.2.3 on 23
April 2012. NZX listing rule 5.2.3 provided
that an issuerʼs securities would generally
not be considered for quotation on the
NZX unless those securities were held by
at least 500 members of the public holding
at least 25% of the number of securities of
that class issued, and those requirements
were maintained, or the NZX was otherwise
satisfied that the issuer would maintain
a spread of security holders sufficient to
ensure a sufficiently liquid market in the
class of securities.
The Company required a waiver from
the previous listing rule 5.2.3 as BayWa
Aktiengesellschaft and Wo Yang Limited are
not considered members of the public for the
purposes of the listing rules and, therefore,
less than 25% of the quoted securities of T&G
are held by members of the public.

50 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
20 LARGEST SHAREHOLDERS
as at 30 January 2020
NAMEUNITS
% OF ISSUED
CAPITAL
BayWa Aktiengesellschaft 90,671,20673.99%
Wo Yang Limited 24,496,38619.99%
National Nominees New Zealand Limited 1,232,0781.01%
Bartel Holdings Limited 1,172,9970.96%
HSBC Nominees (New Zealand) Limited 400,7330.33%
R.J. Turner, C.E. Turner, Redoubt Trustees Limited & Evans Penell Trustees Limited 202,6890.17%
FNZ Custodians Limited 127,4790.10%
BNP Paribas Nominees (NZ) Limited 125,1700.10%
H.J. Goodwin 117,9860.10%
S.J. Turner, C.M. Turner & D.H. Turner 113,6960.09%
Tribal New Zealand Traders Limited 108,3740.09%
L.R. Hotham101,4820.08%
A.E. Waite 100,8020.08%
Tribal Nominees Limited 98,5350.08%
P.J.S. Rowland93,5070.08%
Aotearoa Rental Enterprises Limited 82,5000.07%
TEA Custodians Limited Client Property Trust Account80,7370.07%
M.C. Goodson, D.D. Perron, Goodson & Perron Independent Trustee Limited 79,3390.06%
R.M. Scott 63,4940.05%
Penmaen Limited 60,0000.05%
Total119,529,19097.54%

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 51
SPREAD OF SECURITY HOLDERS
as at 30 January 2020
RANGE
TOTAL
HOLDERS
% OF TOTAL
HOLDERSUNITS
% OF ISSUED
CAPITAL
1 to 499
6311.50%15,4950.01%
500 - 999
7814.23%57,0450.05%
1,000 - 1,999
11520.99%156,5220.13%
2,000 - 4,999
10619.34%334,0390.27%
5,000 - 9,999
7714.05%528,0730.43%
10,000 - 49,999
8615.69%1,762,1461.44%
50,000 - 99,999
101.83%718,8060.59%
100,000 - 499,999
91.64%1,398,4111.14%
500,000 - 999,999
----
1,000,000 and above
40.73%117,572,66795.94%
Total
548100%122,543,204100%
DOMICILE OF SHAREHOLDERS
as at 30 January 2020
LOCATION
TOTAL
HOLDERS
% OF TOTAL
HOLDERSUNITS
New Zealand 52295.26%7,261,382
Australia 162.92%65,014
Hong Kong 30.55%24,502,941
United Kingdom20.36%5,247
Germany 20.36%90,693,154
Malaysia 10.18%11,716
United States of America
10.18%2,750
Singapore 10.18%1,000
Total
548100.00%122,543,204

52 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
INDEPENDENT
AUDITOR’S REPORT
TO THE SHAREHOLDERS OF T&G GLOBAL LIMITED
OpinionWe have audited the consolidated financial statements of T&G Global Limited and its subsidiaries (the ‘Group’),
which comprise the consolidated balance sheet as at 31 December 2019, and the consolidated income
statement, statement of comprehensive income, statement of changes in equity and statement of cash flows
for the year then ended, and notes to the consolidated financial statements, including a summary of significant
accounting policies.
In our opinion, the accompanying consolidated financial statements, on pages 58 to 119, present fairly,
in all material respects, the consolidated financial position of the Group as at 31 December 2019, and its
consolidated financial performance and its consolidated cash flows for the year then ended in accordance with
New Zealand Equivalents to International Financial Reporting Standards (‘NZ IFRS’) and International Financial
Reporting Standards (‘IFRS’).
Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and International
Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised) Code of
Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board and
the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants, and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Other than in our capacity as auditor including the provision of audit related services, the provision of whistle
blower hotline services, and administration of the corporate tax payer group of which the Group is a member,
we have no relationship with or interests in the Company or any of its subsidiaries. These services have not
impaired our independence as auditor of the Company and Group.
Audit materialityWe consider materiality primarily in terms of the magnitude of misstatement in the financial statements
of the Group that in our judgement would make it probable that the economic decisions of a reasonably
knowledgeable person would be changed or influenced (the ‘quantitative’ materiality). In addition, we also
assess whether other matters that come to our attention during the audit would in our judgement change or
influence the decisions of such a person (the ‘qualitative’ materiality). We use materiality both in planning the
scope of our audit work and in evaluating the results of our work.
Based on our professional judgement, we determined the quantitative materiality for our audit of the Group’s
financial statements as a whole to be $7.0 million.
Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the consolidated financial statements of the current period. These matters were addressed in the context of
our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 53
Key audit mattersHow our audit addressed the key audit matters
Valuation of Biological Assets (Note 8)
The Group’s biological assets of $22.6 million (2018: $28.2 million)
predominantly represent produce such as apples, grapes, citrus
fruit and tomatoes growing on bearer plants (e.g. trees and vines)
at balance date.
Biological assets are measured at fair value less estimated point-
of-sale costs. This is determined by the Group using discounted
cash flow models.
The valuation of biological assets is a key audit matter due to the
subjective judgements and assumptions in the valuation models,
many of which are specific to the present location and condition of
the asset and therefore unobservable in the market. As disclosed
in Note 8 of the Group’s financial statements, these unobservable
inputs and assumptions include the forecast production per
hectare per annum by weight, prices expected to be received
per season, costs expected to be incurred and a discount rate
reflecting the risks inherent in growing the crops.
The discount rate takes into account the risk of unknown adverse
events including natural events, the possible impact of diseases
and other adverse factors that may impact the quality, yield or
price of the crop.
We held discussions with management to understand if there
were changes in market or environmental conditions, or
other risks inherent in the current crop valuations. Our audit
procedures were focused on the higher value biological assets,
or where in our professional judgement there is a greater level of
uncertainty associated with the cash flow forecasts.
We engaged our internal valuation specialist to consider whether
the valuation methods applied were reasonable.
We compared the forecast production per hectare, forecast
prices, and forecast costs to the approved budgets for the
relevant fruit growing activities, and assessed the historical
accuracy of the Group’s forecasts.
With input from our internal valuation specialist, we assessed
the discount rates assumed in the model and evaluated changes
from the prior year. We also performed sensitivity analysis to
assess the impact that a change in the discount rate has on the
valuation of the biological assets.
We checked the mechanical accuracy of the discounted cash flow
models.
Valuation of Land and Improvements and Buildings (Note 9)
Commercial and orchard land, improvements and buildings (‘land
and buildings’) of the Group amounting to $259.3 million (2018:
$276.9 million) are measured at fair value less accumulated
depreciation and impairment losses at balance date. Revaluations
are performed with sufficient regularity to ensure that the carrying
amount does not differ materially from the fair value. Land and
buildings have been revalued this year and have increased by
$61.8 million.
As disclosed in Note 9, land and buildings were valued using a
combination of market comparison, income capitalisation and
depreciated replacement cost methodologies.
The valuation of land and buildings is a key audit matter because
changes to key assumptions used in the valuation methods
could have a material impact on the carrying amount of land and
buildings, with changes recognised in either other comprehensive
income or profit or loss, as appropriate.
Our procedures have focused on the appropriateness of
the valuation methodologies and the reasonableness of the
underlying inputs and assumptions.
We obtained an understanding of the Group’s process for

valuing the commercial and orchard land and buildings as at
31 December 2019.
We evaluated the independence and competence of the Group’s
external valuers engaged to perform the valuation of land and
buildings.
On a sample basis:
• We considered whether the underlying assumptions used by
the external valuers were consistent with our knowledge of
the properties in their specific locations; and
• We compared capitalisation rates used to market reports to
check that those rates were within reasonable range of those
market reports.
We also performed sensitivity analysis to assess the robustness
of the methods used by the Group’s external valuers on valuation
of the land and buildings.

54 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
Key audit mattersHow our audit addressed the key audit matters
Adoption of new accounting standards – NZ IFRS 16
This is the first year of adoption for NZ IFRS 16: Leases (‘NZ IFRS
16’) which will require all operating leases to be recognised on
the balance sheet. At 1 January 2019, the Group recognised $58.5
million of right-of-use assets and lease liabilities on the balance
sheet so application of NZ IFRS 16 has had a significant impact on
the financial statements. The Group applied the standard using
the modified retrospective method of application.
The adoption of NZ IFRS 16 is a key audit matter because of
the significance of the right-of-use asset and lease liability
balances to the financial statements as a whole and the level of
judgement that was required when applying the requirements
of the standard to the Group’s contractual arrangements, these
judgements being:
• Determining whether extension or termination options are
reasonably certain to be exercised when identifying the lease
term, and
• Determining the incremental borrowing rate to be used to
discount each lease.
We reviewed the accounting papers prepared by management
and updated our understanding of the Group’s processes and
controls for leases with respect to NZ IFRS 16.
We obtained an understanding of the Group’s accounting policy
and assessed compliance with the requirements of NZ IFRS 16.
We obtained an understanding of how the required data has
been captured in the Group’s leasing software and how the
software was set up in order to calculate lease balances in
accordance with the standard.
We agreed a sample of leases to the original lease contract
terms or other supporting documentation. We recalculated
the expected right-of-use asset and lease liability for each of
those leases included in our sample to assess the accuracy of
management’s calculation as at 1 January 2019.
We tested completeness of management’s calculation by:
• Reconciling the Group’s existing lease commitments as at

31 December 2018 to management’s calculation;
• Selecting a sample of assets from outside the lease software
to trace through to management’s calculation; and
• Reviewing transaction level breakdowns of rent expense
general ledger accounts for any leases that should be
recognised on the balance sheet.
• We evaluated and challenged the assumptions used in
determining the impact of NZ IFRS 16 which included:
• Determining lease terms including extension options that are
reasonably certain to be exercised; and
• Assessing the appropriateness and consistency of the
incremental borrowing rate used.
We challenged the appropriateness of including extension
options by, for a sample of arrangements, assessing whether
the contract was enforceable and also whether the lessee would
be reasonably certain to exercise such options by corroborating
supporting information.
We performed sensitivity analyses over the incremental borrowing
rates applied by the Group to assess the impact that a change in
discount rate would have on the recorded lease liability.
We evaluated whether the financial statements include the
required disclosures regarding leases, including disclosures on
transition.

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 55
Other informationThe directors are responsible on behalf of the Group for the other information. The other information
comprises the information in the Annual Report that accompanies the consolidated financial statements and
the audit report.
Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially inconsistent with
the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated. If so, we are required to report that fact. We have nothing to report in this regard.
Directors’
responsibilities for
the consolidated
financial
statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the
directors determine is necessary to enable the preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the directors either intend to liquidate the
Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s
responsibilities
for the audit of
the consolidated
financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs and ISAs (NZ) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located on
the External Reporting Board’s website at:
http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/
This description forms part of our auditor’s report.
Restriction on useThis report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so
that we might state to the Company’s shareholders those matters we are required to state to them in an
auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company’s shareholders as a body, for our audit work, for this report,
or for the opinions we have formed.
Andrew Dick, Partner
for Deloitte Limited
Auckland, New Zealand
28 February 2020

56 | T&G GLOBAL LIMITED ANNUAL REPORT 2019

T&G GLOBAL LIMITED ANNUAL REPORT 2019 | 57
TABLE OF CONTENTS
INCOME STATEMENT 58
STATEMENT OF COMPREHENSIVE INCOME 59
STATEMENT OF CHANGES IN EQUITY 60
BALANCE SHEET 61
STATEMENT OF CASH FLOWS 62
NOTES TO THE FINANCIAL STATEMENTS 64
General information
1Basis of preparation
64
2New accounting standards, amendments and interpretations
65
Financial performance
3Segment information
69
4Revenue
71
5Other income
72
6Other expenses
73
7Taxation
75
Operating assets
8Biological assets
78
9Property, plant and equipment
81
10Intangible assets
87
Funding
11Leases
89
12Loans and borrowings
90
13Net financing expenses
92
14Capital and reserves
92
15Earnings per share
94
16Dividends
94
17Reconciliation of liabilities arising from financing activities
95
Working capital
18Trade and other receivables
97
19Inventories
100
20Trade and other payables
100
Group structure
21Investments in subsidiaries
101
22Investments in joint ventures
104
23Investments in associates
104
Other disclosures
24Investment property
107
25Related party transactions
108
26Financial risk management
109
27Derivative financial instruments
117
28Contingencies
118
29Commitments
118
30Events occurring after the balance date
119

58 | T&G GLOBAL LIMITED ANNUAL REPORT 2019
FOR THE YEAR ENDED 31 DECEMBER 2019
INCOME STATEMENT
NOTES
2019
$’000
2018
$’000
Continuing operations
Revenue4
1,216,409
1,188,203
Other operating income5
14,299
14,939
Purchases, raw materials and consumables used
(931,807)
(917,417)
Employee benefits expenses6
(155,347)
(160,113)
Depreciation and amortisation expenses6
(37,753)
(23,246)
Other operating expenses6
(89,300)
(86,741)
Operating profit
16,501
15,625
Financing income13
748
841
Financing expenses13
(14,084)
(13,029)
Share of profit from joint ventures22
14
694
Share of profit from associates23
3,302
2,534
Other income5
3,830
6,577
Profit before income tax from continuing operations
10,311
13,242
Income tax expense 7
(3,700)
(2,848)
Profit after income tax from continuing operations
6,611
10,394
Discontinued operations
Loss for the year from discontinued operations, net of tax
-
(2,076)
Profit for the year
6,611
8,318
Attributable to:
Equity holders of the Parent
901
3,581
Non-controlling interests
5,710
4,737
Profit for the year
6,611
8,318
Profit attributable to equity holders of the Parent relates to:
Profit from continuing operations
901
5,657
Loss from discontinued operations
-
(2,076)
901
3,581
Earnings per share (in cents)
Basic and diluted earnings from continuing and discontinued operations15
0.7
2.9
Basic and diluted earnings from continuing operations15
0.7
4.6
The accompanying notes form an integral part of these financial statements.