Half Year Results 2020

6 August 2020


T&G reports its 2020 Interim Results

At a glance
• Revenue: $671.3 million, up from $560.8 million
• Operating profit: $19.5 million, up from $6.2 million
• Net profit before tax: $13.7 million, up from $3.0 million
• Net profit after tax: $9.5 million, up from $4.0 million
• Net assets: $479.8 million, up from $414.9 million

T&G Global today announced its unaudited financial results for the six months to 30 June
2020, which show the Group’s performance has improved, compared to the same period last
year, with increased revenue and operating profit.

T&G Global Chief Executive Gareth Edgecombe says despite unprecedented COVID-19
challenges, the Group’s results demonstrate that its ongoing transformation is shifting the
business forward.

“Two years ago, we began our transformation from a commodity exporter to a customer-led
premium fresh produce business. It’s pleasing to see the results of this hard work - and our
strong focus on cost reduction - lift our financial performance and improve the fundamentals
of the business,” says Gareth.

“Without a doubt, it’s a tough environment and its been a very challenging start to the year.
However, our vertically integrated supply chain, combined with our people’s expertise,
determination and in-market presence, positioned us well to not only respond quickly to
COVID-19, but maintain our focus on delivering our financial targets.”

In the first half of 2020, T&G increased its revenue by 20% to $671.3 million, and its
operating profit lifted to $19.5 million, from $6.2 million in 2019. Its net profit before tax was
up $10.7 million on last year, to $13.7 million.

A key driver of these results has been the performance of the Group’s Apples division which
increased its revenue to $440.5 million, from $315.4 million in 2019. Additionally, its New
Zealand domestic business, T&G Fresh, increased its revenue to $153.8 million, from $135.4
million in 2019, assisted by the 30 April acquisition of Freshmax New Zealand.

“It was a privilege to operate as an essential service during New Zealand’s lockdown, and
across all of our global markets we’ve maintained continuous operations. While this resulted
in increased costs and some productivity losses, our top priority has been the safety of our
people and our communities,” says Gareth.

“Our decision to charter a ship early in the season, to move apples to Europe and the United
Kingdom, meant we got ahead of any potential logistical challenges and could support our
customers in maximising retail sales. We were able to get fruit to our markets early, and this
was a key factor behind our significant uplift in apple sales for the period.

“Here in New Zealand, we worked incredibly hard to keep fresh produce flowing to Kiwis.
While some of our customers were impacted by not being able to physically open during
lockdown, increased sales through retail channels helped lift revenue for T&G Fresh.

“We strengthened our position as the backbone of the country’s fresh produce sector, with
the acquisition of Freshmax New Zealand, which was merged with our local business to
create T&G Fresh. We are already realising synergies from this transaction and expect
significant benefits over the coming years as we work through the integration of these two
businesses.”

In talking about the second half of 2020, Mr Edgecombe says T&G is by no means out of the
woods.

“Across all markets, we’re witnessing incredible volatility and uncertainty. This is particularly
the case in Asia, where sales continue to be impacted by the full or partial closure of
wholesale markets, and large quantities of commodity apples remain unsold. This situation
continues to unfold globally and we’re managing our costs tightly as we navigate through it.

“While it’s too early to see the full effects of COVID-19 on our business, including the impact
it has on the sale of apples in the second half of the year, I’m very positive about the long-
term future of T&G.

“More so than ever, consumers are seeking out safe, trusted, healthy food, and this puts
T&G and New Zealand in a very unique position. With an increasingly strong financial
position, T&G is positioned well to maximise this opportunity and deliver increased value to
our shareholders.”




For further information, please contact:

Adrienne Sharp
Head of Corporate Affairs
Ph +64 (0)27 801 5534
adrienne.sharp@tandg.global

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019


Results for announcement to the market
Name of issuer T&G Global Limited and subsidiary companies
Reporting Period 6 months to 30 June 2020
Previous Reporting Period 6 months to 30 June 2019
Currency New Zealand Dollar
Amount (000s) Percentage change
Revenue from continuing
operations
$671,313 20%
Total Revenue $671,313 20%
Net profit/(loss) from
continuing operations
$9,501 139%
Total net profit/(loss) $9,501 139%
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
$3.31 $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 unaudited
condensed interim financial statements attached as part of this
announcement.
Authority for this announcement
Name of person

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

06/08/2020

Unaudited financial statements accompany this announcement.

---

INTERIM
REPORT
2020

2 | T&G GLOBAL LIMITED INTERIM REPORT 2020

TABLE OF CONTENTS
Chairman and CEO Review4
Income statement7
Statement of comprehensive income8
Statement of changes in equity9
Balance sheet10
Statement of cash flows11
Notes to the financial statements13
T&G GLOBAL LIMITED INTERIM REPORT 2020 | 3

Over the last two years, we have focused on transforming T&G Global from a
commodity exporter to a customer-led premium fresh produce business. While
the journey is by no means finished, the Group’s financial performance for the six
months to 30 June 2020 demonstrates our team’s hard work is starting to deliver
the right results and setting us up for future growth.
Across the world, our 2,500 people are united by our purpose
to grow healthier futures through fresh fruit and vegetables. It
is pleasing to see our ongoing transformation not only growing
healthier futures for our people, customers and communities,
but also a healthier financial future for our business.
The results have been delivered in what has been a very
challenging start to 2020. Across the world, people, industries
and countries are being significantly affected by COVID-19,
and this volatility and uncertainty will continue into the future.
Throughout this time, our number one focus has been the
safety of our people and our communities.
We were privileged to operate as an essential service during
New Zealand’s lockdown, and this ensured fresh produce
flowed to Kiwis and consumers across the world. In all of our
markets, we maintained continuous operations.
Our vertically integrated supply chain, combined with our
people’s expertise and determination, and our on-the-ground
presence in key markets, meant we were able to respond
quickly to COVID-19 while maintaining a steadfast focus on
delivering our financial targets.
Good financial progress
For the first six months of 2020, total revenue for the Group
increased by 20% to $671.3 million, compared to the same
period last year, and operating profit lifted to $19.5 million,
from $6.2 million. Net profit before tax increased to $13.7
million, up from $3.0 million, and net assets increased to
$479.8 million.
A key driver of these results was the performance of our
Apples division and our New Zealand domestic business.
The Apples business increased revenue for the period to
$440.5 million, from $315.4 million.
The 2020 New Zealand growing season produced a good
harvest, with conducive weather in autumn and summer
contributing to 6.3 million TCEs of apples picked by our
growers and ourselves. To mitigate any potential supply chain
challenges arising in light of COVID-19, we moved quickly
to hire a charter ship to transport apples to Europe and the
United Kingdom. This strategic decision paid off. Our fruit
arrived in-market early and this was a key factor behind our
uplift in apple sales in the first half of the year.
Chairman and CEO Review
PLATFORM FOR GROWTH
4 | T&G GLOBAL LIMITED INTERIM REPORT 2020

PROF. KLAUS JOSEF LUTZ
CHAIRMAN
GARETH EDGECOMBE
CHIEF EXECUTIVE OFFICER
Following the acquisition of Freshmax New Zealand on
30 April, we have integrated it with our local New Zealand
business to create T&G Fresh. This strengthened our position
as the backbone of Aotearoa’s fresh fruit and vegetable sector.
Synergies have begun to be realised from this transaction, and
we expect significant benefits over the coming years as we
work through the integration of these two businesses.
While some of our New Zealand customers were impacted
by not being able to physically operate during New Zealand’s
lockdown, the Freshmax New Zealand acquisition and
increased sales through retail channels contributed to a 14%
increase in T&G Fresh’s revenue to $153.8 million, from $135.4
million in 2019.
Strong team driving our business
forward
We are very proud of what our people have achieved.
The ongoing transformation of our business has required
some tough decisions. It hasn’t always been easy as we’ve
reorganised ourselves, built new capabilities, and introduced
new processes, ways of working and a tight control on costs.
However, these results reflect our team’s hard work and the
momentum in our business.
Together, our people have worked tirelessly to adapt quickly
to the impact of COVID-19. They kept our business running
by making fast decisions, responding to opportunities and
T&G Global Chairman Prof. Klaus Josef Lutz (left) and
Chief Executive Officer Gareth Edgecombe (right)
challenges, working collaboratively, and keeping each other
and our communities safe at every step of the way.
Across many of our markets, we supported communities
facing food insecurity. Fresh produce was donated to food
hubs, rescue agencies and charities, and we supported the
repurposing of New Zealand’s Fruit in Schools programme
during lockdown, providing fruit and vegetable boxes to those
in need.
Looking ahead in an uncertain world
The second half of the year will continue to be volatile and
uncertain. Across many markets, there are risks outside
our control. This is particularly the case in Asia, where
sales continue to be impacted by the full or partial closure
of wholesale markets, and large quantities of domestic
commodity apples remain unsold. To help us navigate
potential challenges, we are managing costs tightly.
It is too early to see the full effects of COVID-19 on our
business, and while apple sales are largely to plan, we still have
a sizeable percentage to sell for the season. Notwithstanding
this, we are very positive about the long-term future of T&G.
In a world where consumers are seeking out sustainable
nutrition which is safe and trusted, both T&G and New Zealand
have everything in their favour. With T&G’s increasingly
strong financial position, we are well placed to maximise this
opportunity and deliver increased value to our shareholders.
T&G GLOBAL LIMITED INTERIM REPORT 2020 | 5

6 | T&G GLOBAL LIMITED INTERIM REPORT 2020

The accompanying notes form an integral part of these interim financial statements.
For the six months ended 30 June 2020
Income statement
NOTES
Unaudited
6 months to
30 Jun 2020
$’000
Unaudited
6 months to
30 Jun 2019
$’000
Audited
12 months to
31 Dec 2019
$’000
Revenue3671,313560,8351,216,409
Other operating income6,0776,17314,299
Purchases, raw materials and consumables used(505,372)(418,149)(931,807)
Employee benefits expenses(88,789)(85,881)(155,347)
Depreciation and amortisation expenses(21,279)(18,473)(37,753)
Other operating expenses(42,446)(38,327)(89,300)
Operating profit19,5046,17816,501

Financing income741257748
Financing expenses(7,503)(7,427)(14,084)
Share of profit / (loss) from joint ventures8160(5)14
Share of profit from associates88428553,302
Other income-3,1373,830
Profit before income tax13,744
2,99510,311
Income tax (expense) / credit4(4,243)977(3,700)
Profit after income tax9,5013,9726,611

Attributable to:
Equity holders of the Parent6,6131,412901
Non-controlling interests2,8882,5605,710
Profit for the period9,5013,9726,611
Earnings per share (in cents)

Basic and diluted earnings5.41.2 0.7
T&G GLOBAL LIMITED INTERIM REPORT 2020 | 7

The accompanying notes form an integral part of these interim financial statements.
Statement of comprehensive income
For the six months ended 30 June 2020
Unaudited
6 months to
30 Jun 2020
$’000
Unaudited
6 months to
30 Jun 2019
$’000
Audited
12 months to
31 Dec 2019
$’000
Profit for the period9,5013,9726,611

Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Gain on revaluation of property, plant and equipment:
Held by subsidiaries of the Group - -57,481
Deferred tax effect on revaluation of property, plant and equipment - -(10,505)
Deferred tax effect on sale of property, plant and equipment - -6,988
- -53,964
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations1,877(1,371)(328)
Cash flow hedges:
Fair value loss, net of tax(4,420)(545)(4,854)
Reclassification of net change in fair value to profit or loss(102)1,42411,057
(2,645)(492)5,875
Other comprehensive expense for the period(2,645)(492)59,839

Total comprehensive income for the period 6,8563,48066,450

Total comprehensive income for the period is attributable to:
Equity holders of the Parent 4,01495960,407
Non-controlling interests2,8422,5216,043
6,8563,48066,450
8 | T&G GLOBAL LIMITED INTERIM REPORT 2020

The accompanying notes form an integral part of these interim financial statements.
For the six months ended 30 June 2020
Statement of changes in equity
Unaudited
NOTES
Share
capital
$’000
Revaluation
and other
reserves
$’000
Retained
earnings
$’000
Total
$’000
Non-
controlling
interests
$'000
Total
equity
$’000
2020
Balance at 1 January 2020176,357111,623172,726460,70613,697474,403
Profit for the period - -6,6136,6132,8889,501
Other comprehensive income / (expense)
Exchange differences on translation of foreign
operations
-1,911 -1,911(34)1,877
Movement in cash flow hedge reserve -(4,510) -(4,510)(12)(4,522)
Total other comprehensive expense -(2,599) -(2,599)(46)(2,645)
Transactions with owners
Dividends6 - - - -(1,059)(1,059)
Acquisition of non-controlling interest in subsidiary - -(309)(309)(62)(371)
Total transactions with owners - -(309)(309)(1,121)(1,430)
Balance at 30 June 2020176,357109,024179,030464,41115,418479,829
2019
Balance at 1 January 2019 176,357109,330114,612400,29913,321413,620
Profit for the period - -1,4121,4122,5603,972
Other comprehensive income / (expense)
Exchange differences on translation of foreign
operations
-(1,332) -(1,332)(39)(1,371)
Movement in cash flow hedge reserve -879 -879 -879
Total other comprehensive income / (expense) -(453) -(453)(39)(492)
Transactions with owners
Dividends6 - - - -(2,153)(2,153)
Total transactions with owners - - - -(2,153)(2,153)
Transfer from asset revaluation reserve due to
asset disposal
-(83)83 - - -
Balance at 30 June 2019176,357108,794116,107401,25813,689414,947
T&G GLOBAL LIMITED INTERIM REPORT 2020 | 9

Prof. K.J. Lutz
Director (Chairman)
6 August 2020
C.A. Campbell
Director (Chair of Finance, Risk and Investment Committee)
6 August 2020
The accompanying notes form an integral part of these interim financial statements.
Balance sheet
As at 30 June 2020
NOTES
Unaudited
30 Jun 2020
$’000
Unaudited
30 Jun 2019
$’000
Audited
31 Dec 2019
$’000
Current assets
Cash and cash equivalents66,38644,56636,208
Trade and other receivables224,862207,669188,574
Inventories175,102156,17028,316
Taxation receivable11,65313,79911,842
Derivative financial instruments2,4442,5983,929
Biological assets10,7178,14822,633
Non-current assets classified as held for sale -9,447 -
Total current assets491,164442,397291,502
Non-current assets
Trade and other receivables21,3649,35321,575
Derivative financial instruments3,4842,2394,035
Deferred tax assets2,800 -1,804
Investments in unlisted entities9310693
Property, plant and equipment5396,227379,292386,079
Right-of-use assets94,313 53,739 60,066
Investment property15,00014,70015,000
Intangible assets74,78037,35438,576
Investments in joint ventures84,1854,4844,006
Investments in associates832,31136,05431,496
Total non-current assets644,557537,321562,730
Total assets1,135,721979,718854,232
Current liabilities
Trade and other payables275,997227,640174,744
Borrowings106,24090,9266,557
Lease liabilities19,6529,71013,547
Taxation payable2,153 -2,025
Derivative financial instruments4,0495,4991,680
Total current liabilities408,091333,775198,553
Non-current liabilities
Trade and other payables1798242
Loans and borrowings120,529142,73184,895
Lease liabilities77,34045,06848,016
Derivative financial instruments7,6866,4945,617
Deferred tax liabilities442,06736,62142,706
Total non-current liabilities247,801230,996181,276
Total liabilities655,892564,771379,829
Equity
Share capital176,357176,357176,357
Revaluation and other reserves109,024108,794111,623
Retained earnings179,030116,107172,726
Total equity attributable to equity holders of the Parent464,411401,258460,706
Non-controlling interests15,41813,68913,697
Total equity479,829414,947474,403
Total liabilities and equity1,135,721979,718854,232
10 | T&G GLOBAL LIMITED INTERIM REPORT 2020

The accompanying notes form an integral part of these interim financial statements.
For the six months ended 30 June 2020
Statement of cash flows
NOTES
Unaudited
6 months to
30 Jun 2020
$’000
Unaudited
6 months to
30 Jun 2019
$’000
Audited
12 months to
31 Dec 2019
$’000
Cash flows from operating activities
Cash was provided from:
Receipts from customers644,582528,0641,220,136
Other173103406
Cash was disbursed to:
Payments to suppliers and employees(632,631)(522,182)(1,152,104)
Interest paid(4,778)(5,485)(10,959)
Income taxes paid(62)(6,122)(6,470)
Net cash inflow / (outflow) from operating activities7,284(5,622)51,009
Cash flows from investing activities
Cash was provided from:
Dividends received from joint ventures and associates-1827,617
Loan repayments from suppliers, customers, associates and joint
ventures
2,339--
Proceeds from sale of coolstore and packhouse- -9,918
Proceeds from sale of kiwifruit orchard- -9,774
Proceeds from sale of Mt. Wellington site- -65,000
Proceeds from sale of other property, plant and equipment213862
Proceeds from sale of kiwifruit post-harvest and orchard assets-9,774 -
Cash was disbursed to:
Purchase of Freshmax New Zealand Limited7(27,904)--
Purchase of property, plant and equipment5(13,675)(13,782)(36,422)
Purchase of intangible assets(2,105)(1,586)(3,106)
Purchase of non-controlling interest in subsidiary(371)--
Loans to suppliers, customers, associates and joint ventures- -(15,657)
Net cash (outflow) / inflow from investing activities(41,503)(5,404)37,186
Cash flows from financing activities
Cash was provided from:
Net proceeds from short-term borrowings25,80027,1001,364
Proceeds from long-term borrowings47,654 - -
Proceeds from seasonal funding75,00060,000 -
Loans from related party-5,0005,000
Cash was disbursed to:
Dividends paid to non-controlling interests6(1,059)(2,153)(5,667)
Repayment of long-term borrowings(13,311)(7,000)(65,094)
Repayment of lease liabilities(10,974)(6,852)(21,242)
Seasonal advances to growers(58,350)(54,418) -
Bank facility fees and transaction fees(1,776)(1,596)(3,303)
Net cash inflow / (outflow) from financing activities 62,984 20,081(88,942)
Net increase in cash and cash equivalents 28,765 9,055(747)
Foreign currency translation adjustment 1,413(1,267)177
Cash and cash equivalents at the beginning of the year 36,208 36,77836,778
Cash and cash equivalents at the end of the period 66,386 44,56636,208
T&G GLOBAL LIMITED INTERIM REPORT 2020 | 11

Statement of cash flows (continued)
Unaudited
6 months to
30 Jun 2020
$’000
Unaudited
6 months to
30 Jun 2019
$’000
Audited
12 months to
31 Dec 2019
$’000
Profit for the period9,5013,9726,611
Adjusted for non-cash items:
Amortisation expense8347381,470
Depreciation expense20,44517,73536,283
Effective interest on deferred consideration-(154) -
Movement in deferred tax(1,411)(2,085)(3,951)
Movement in provision for receivables impairment1554293
Share of (profit) / loss of joint ventures(160)5(14)
Share of (profit) / loss of associates(842)(855)(3,302)
Other movements4613283,106
19,34215,76633,885
Adjusted for investing and financing activities:
Bank facility and line fees1,7761,5963,303
Gain on sale of kiwifruit post-harvest and orchard assets-(3,137)(3,137)
Gain on sale and leaseback of coolstore - - (693)
Net gain from reversal of previous property, plant and equipment
revaluation changes through profit and loss
- - (4,419)
Loss on sale of other property, plant and equipment4882342,327
Impairment of investment property -616316
Loan write off from investment in Intelligent Fruit Vision - - 791
2,264(691)(1,512)
Impact of changes in working capital items net of effects of non-
cash items, and investing and financing activities:
(Increase) in debtors and prepayments(36,091)(56,506)(35,915)
Decrease in biological assets11,91620,0375,552
Increase in creditors and provisions147,455150,26049,012
(Increase) in inventories(146,786)(131,655)(3,801)
(Increase) in net taxation receivable(317)(6,805)(2,823)
(23,823)(24,669)12,025
Net cash inflow from operating activities7,284(5,622)51,009
RECONCILIATION OF PROFIT AFTER INCOME TAX TO NET CASH FLOW FROM OPERATING ACTIVITIES
For the six months ended 30 June 2020
12 | T&G GLOBAL LIMITED INTERIM REPORT 2020

Notes to the financial statements
1. BASIS OF PREPARATION
Reporting entity and statutory base
T&G Global Limited (the Parent) and its subsidiary companies (the Group), are recognised as one of New Zealand’s leading growers,
distributors, marketers and exporters of premium fresh produce in over 45 countries around the world. Key categories for the Group include
apples, grapes, berries, citrus (lemons, mandarins and navel oranges) and tomatoes.
These unaudited condensed interim financial statements presented are for the Group which comprises the Parent and its subsidiaries, joint
ventures and associates, as at 30 June 2020.
The Parent is registered in New Zealand under the Companies Act 1993 and is a FMC Reporting Entity under the Financial Market Conducts
Act 2013, and the Financial Reporting Act 2013.
The Parent is a limited liability company incorporated and domiciled in New Zealand and is listed on the New Zealand Stock Exchange. The
address of its registered office is 1 Clemow Drive, Mount Wellington, Auckland.
Statement of compliance
These unaudited condensed interim financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP), NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting. The unaudited condensed interim
financial statements should be read in conjunction with the annual report for the year ended 31 December 2019 (2019 Annual Report), which
has been prepared in accordance with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS), other applicable New
Zealand Financial Reporting Standards as appropriate for profit-oriented entities, and International Financial Reporting Standards (IFRS).
These unaudited condensed interim financial statements are expressed in New Zealand dollars which is the Group’s presentation currency.
All financial information has been rounded to the nearest thousand ($’000) unless otherwise stated.
Critical accounting estimates and judgments
The Group makes estimates and judgments concerning the future. The resulting accounting estimates may, by definition, not equal the
related actual results. The estimates and judgments used in the preparation of these unaudited condensed interim financial statements are
consistent with those used in the 2019 Annual Report.
COVID-19 Pandemic
On 11 March 2020 the World Health Organisation declared a global pandemic as a result of the outbreak and spread of COVID-19.
To combat the spread of the virus in New Zealand, the New Zealand Government moved the country into a full lockdown of non-essential
services from Wednesday 25 March 2020 to Monday 27 April 2020. The Group's New Zealand operations were classified as an essential
service, and continued operations with strict safety procedures implemented. However, the lockdown did impact the Group's operations.
As the spread of the virus slowed in New Zealand, lockdown measures eased between Tuesday 28 April 2020 and Tuesday 12 May 2020
allowing for more activity to resume. Social distancing measures continued easing until Tuesday 9 June, when activity largely resumed as
normal, with border controls.
The Group has assessed the impact of COVID-19 on items on the balance sheet, specifically considering the carrying value of items held at fair
value, or where management judgment is applied in the valuation of an asset or liability. This assessment is based on information available at
the time of preparing these interim financial statements.
Trade receivables
The Group did not see a significant increase in local customer default during the lockdown or post-lockdown period to 30 June 2020. There
were also no significant increases in instances of customer default in the Group’s international customer base during this time. Because of
this, there were no material changes in the inputs used in the recalculation of the Group’s allowance for expected credit losses, namely the
Probability of Default and the Loss Given Default.
The recalculation showed no additional allowances for expected credit losses were required at 30 June 2020 and the carrying value of trade
receivables is assessed as appropriate.
The Group continues to monitor customer activity and any changes that may affect the allowance for expected credit losses and the carrying
value of trade receivables.
T&G GLOBAL LIMITED INTERIM REPORT 2020 | 13

Notes to the financial statements (continued)
1. BASIS OF PREPARATION (CONTINUED)
Critical accounting estimates and judgments (continued)
COVID-19 Pandemic (continued)
Inventory
The Group noted no significant impact on ageing of inventory or inventory written off during the lockdown period. There has been a normal
turnaround of produce in the domestic market, and produce can be moved internationally despite early logistical challenges. Once fruit is
in-market internationally, the Group’s current experience is that produce can be moved given demand for fresh produce and that the sale of
produce internationally is occurring.
The carrying value of inventories at 30 June 2020 is assessed as appropriate and will be reviewed on an ongoing basis throughout the year.
Carrying value of commercial land and buildings, orchard land and improvements, and investment property
The Group holds these assets at fair value with valuations provided by independent valuers. COVID-19 may have an impact on the carrying
value of property though there is currently limited transactional activity in the market to draw conclusions from.
In assessing the carrying value of property, management has looked at market conditions existing prior to COVID-19, the most recent
valuations carried out during November 2019 and consulted with external parties. This assessment has not uncovered any indicators that fair
values have materially changed at 30 June 2020 and the carrying value of commercial land and buildings, orchard land and improvements, and
investment property is assessed as appropriate at balance date.
The carrying value of these assets will be assessed in line with the Group’s policy and developing market trends throughout the rest of the
financial year.
Carrying value of biological assets
The carrying value of biological assets at 30 June 2020 represents initial growing costs incurred to grow the upcoming season’s apple crop,
and the fair value of citrus and tomatoes. The fair values of citrus and tomatoes are based on expected volume yields and forecasted market
prices based on current market evidence at 30 June 2020.
The fair value of apples is considered as part of the valuation exercise towards the end of the financial year when there is more measurable
biological transformation. This valuation relies on unobservable inputs such as Export Prices per Tray Carton Equivalent (TCE), volumes of TCE’s
per hectare, and a risk adjusted discount rate. COVID-19 may negatively impact on these inputs though at 30 June 2020 the extent of that
impact is uncertain. An assessment of the carrying value of the Group’s apple crop will be made in the full-year financial statements.
Goodwill
The carrying value of goodwill was assessed to consider the impacts of COVID-19. This was done using discounted cash flow (DCF) models
consistent with those used in the Group’s impairment tests for the 2019 financial year. Assumptions used in the DCF model reflected
forecasted impacts of COVID-19 on the profitability of the Group’s cash-generating units to which goodwill is allocated.
The calculations at 30 June 2020 supported the carrying value of goodwill. The Group continues to monitor market conditions on an ongoing
basis and any impact this may have on the carrying value of goodwill.
Investments in associates and joint ventures
Carrying values of the Group’s material investments in associates and joint ventures were assessed to consider the impact of COVID-19 on
these investees. In the six months to 30 June 2020, these investees have returned positive share of income to the Group, and reviews of
forecasted profitability have indicated no significant downturns in trading that would give rise to indicators of impairment.
The carrying value of material investments in associates and joint ventures is assessed as appropriate at 30 June 2020 and will continue to be
monitored through the rest of the financial year.
Borrowings
The Group’s seasonal and term debt facilities are subject to a number of externally imposed bank financial covenants. These covenants are
calculated monthly and reported to the banks on a monthly and quarterly basis. As an essential service provider, the Group traded during the
lockdown period and generated the required cashflow and earnings to meet its covenants at 30 June 2020.
The Group’s seasonal facilities are expected to be repaid before the end of the financial year, and the Group’s classification of its term
borrowings as non-current liabilities is appropriate at 30 June 2020.
14 | T&G GLOBAL LIMITED INTERIM REPORT 2020

Notes to the financial statements (continued)
2. SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-makers. The
chief operating decision-makers have been identified as the Chief Executive Officer, the Chief Financial Officer and the Business Leads of the
Group.
The chief operating decision-makers assess the performance of the operating segments based on operating profit, which reflects earnings
before financing income and expenses, share of profit from joint ventures and associates, other income, other expenses and income tax
expense. Inter-segment pricing is determined on an arm’s length basis. Segment results include items directly attributable to a segment as
well as those that can be allocated on a reasonable basis.
No single external customer’s revenue accounts for 10% or more of the Group’s revenue.
Operating segments
The Group comprises the following main operating segments:
In line with the Group’s strategy to focus on its core business, Processed Foods is not considered a main operating segment for the Group
in 2020. Results from the business units that previously formed this segment have been included in the International Trading and Other
operating segment in the current year. There have been other changes made to the composition of business segments to reflect the Group’s
internal reporting. Prior year segment results have been re-presented to ensure consistency with the current period.
Segment information provided to the chief operating decision-makers for the reportable segments is shown in the following tables.
OPERATING SEGMENTSIGNIFICANT OPERATIONS
ApplesGrowing, packing, cool storing, sales and marketing of apples worldwide.
International Trading
International trading activities other than apples. Major markets are Asia, Australia and the Pacific.
Product is sourced from New Zealand, Australia, North America, South America and Europe.
T&G Fresh
Growing, trading and transport activities within New Zealand. This incorporates the New Zealand
wholesale markets, the newly acquired Freshmax New Zealand business, and the tomato and citrus
growing operations.
OtherIncludes property and corporate costs.
Apples
$’000
International
Trading
$’000
T&G Fresh
$’000
Other
$’000
Total
$’000
Unaudited six months ended 30 June 2020
Total segment revenue
440,500
85,747
160,109
122686,478
Inter-segment revenue
- (8,826)(6,339) -
(15,165)
Revenue from external customers
440,50076,921153,770122
671,313
Purchases, raw materials and consumables used
(343,601)
(68,916)
(93,852)
997(505,372)
Depreciation and amortisation expenses
(9,833)
(393)
(9,849)
(1,204)(21,279)
Net other operating expenses
(56,246)(5,688)(42,606)(20,618)(12 5 ,15 8)
Segment operating profit / (loss)30,8201,9247,463(20,703)19,504
Financing income741
Financing expenses(7,503)
Share of loss from joint ventures160
Share of profit from associates842
Profit before income tax13,74 4
T&G GLOBAL LIMITED INTERIM REPORT 2020 | 15

Notes to the financial statements (continued)
2. SEGMENT INFORMATION (CONTINUED)
Apples
$’000
International
Trading
$’000
T&G Fresh
$’000
Other
$’000
Total
$’000
Unaudited six months ended 30 June 2019
(restated)
Total segment revenue
315,355112,632139,91974
567,980
Inter-segment revenue
- (2,621)(4,524) -
(7,145)
Revenue from external customers
315,355110,011135,39574
560,835
Purchases, raw materials and consumables
used
(238,602)(98,415)(80,989)(142)(418,148)
Depreciation and amortisation expenses
(8,928)(392)(7,989)(1,164)
(18,473)
Net other operating expenses
(50,968) (11,340)(39,124)(16,604)(118 , 0 3 6 )
Segment operating profit / (loss)16, 857(136)7,293(17,836)6,178
Financing income257
Financing expenses(7,427)
Share of profit from joint ventures(5)
Share of profit from associates855
Net other income3,137
Profit before income tax2,995
Audited year ended 31 December 2019
(restated)
Total segment revenue
742,583232,179288,912150
1,263,824
Inter-segment revenue
(35,576)(5,643)(6,196) -
(47,415)
Revenue from external customers
707,007226,536282,716150
1,216,409
Purchases, raw materials and consumables
used
(559,976)(203,681)(168,142)(8)(931,807)
Depreciation and amortisation expenses
(19,354)639(16,765)(2,273)
(37,753)
Net other operating expenses
(94,203)(22,635)(70,504)(43,006)(230,348)
Segment operating profit / (loss)33,47485927,305(45,137)16,501
Financing income748
Financing expenses(14,084)
Share of profit from joint ventures14
Share of profit from associates3,302
Net other income3,830
Profit before income tax10 , 311
16 | T&G GLOBAL LIMITED INTERIM REPORT 2020

Notes to the financial statements (continued)
3. REVENUE
Apples
$’000
International
Trading
$’000
T&G Fresh
$’000
Other
$’000
Total
$’000
Unaudited six months ended 30 June
2020
Nature of revenue
Sale of produce404,25075,419121,746 -601,415
Commissions11,90883810,480 -23,226
Services19,93266421,54412242,262
Royalties4,410 - - -4,410
Revenue from external customers440,50076,921153,770122671,313
Timing of revenue recognition
At a point in time
Sale of produce404,25075,419121,746 -601,415
Commissions11,90883810,480 -23,226
Services13,87066421,53112236,187
Royalties4,410 - - -4,410
434,43876,921153,757122665,238
Over time
Services6,062 -13 -6,075
6,062 -13 -6,075
Revenue from external customers440,50076,921153,770122671,313
Unaudited six months ended 30 June
2019 (restated)
Nature of revenue
Sale of produce282,706109,195106,200 -498,101
Commissions10,20142711,252 -21,880
Services17,91938917,9307436,312
Royalties4,529 -13 -4,542
Revenue from external customers315,355110,011135,39574560,835
Timing of revenue recognition
At a point in time
Sale of produce282,706109,195106,200 -498,101
Commissions10,20142711,252 -21,880
Services13,06038917,9187431,441
Royalties4,529 -13 -4,542
310,496110,011135,38374555,964
Over time
Services4,859 -12 -4,871
4,859 -12 -4,871
Revenue from external customers 315,355 110,011 135,395 74 560,835
T&G GLOBAL LIMITED INTERIM REPORT 2020 | 17

Notes to the financial statements (continued)
3. REVENUE (CONTINUED)
Apples
$’000
International
Trading
$’000
T&G Fresh
$’000
Other
$’000
Total
$’000
Audited year ended 31 December
2019 (restated)
Nature of revenue
Sale of produce650,756223,005224,414 -1,098,175
Commissions17,4782,53721,462 -41,477
Services30,84599436,61815068,607
Royalties7,928 -222 -8,150
Revenue from external customers707,007226,536282,7161501,216,409
Timing of revenue recognition
At a point in time
Sale of produce650,756223,005224,414 -1,098,175
Commissions17,4782,53721,462 -41,477
Services22,89799436,60515060,646
Royalties7,928 -222 -8,150
699,059226,536282,7031501,208,448
Over time
Services7,948 -13 -7,961
7,948 -13 -7,961
Revenue from external customers707,007226,536282,7161501,216,409
4. TAXATION
Current tax

Current tax expense for the interim periods presented is the expected tax payable on the taxable income for the period, calculated as the
estimated average annual effective income tax rate applied to the pre-tax income of the interim period and adjusted for any permanent and
timing differences.

Deferred tax

The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amounts of the assets and
liabilities, using the estimated average annual effective income tax rate for the interim periods presented.
COVID-19 Pandemic
The tax impact of the reinstatement of tax depreciation on buildings which was passed in the COVID-19 Response (Taxation and Social Assis-
tance Urgent Measures) Act 2020 is yet to be determined.
18 | T&G GLOBAL LIMITED INTERIM REPORT 2020

5. PROPERTY, PLANT AND EQUIPMENT
6. DIVIDENDS
Unaudited
6 months to
30 Jun 2020
$’000
Unaudited
6 months to
30 Jun 2019
$’000
Audited
12 months to
31 Dec 2019
$’000
Dividends to non-controlling interests in Group subsidiaries1,0592,1535,667





7. BUSINESS COMBINATIONS
Summary of acquistion
On 17 December 2019, the Group announced the acquisition of Freshmax New Zealand Limited (Freshmax NZ), subject to a number of
conditions. These conditions were satisfied on 2 April 2020 with the acquisition being approved by New Zealand Commerce Commission on
the same date. The Group completed the transaction and acquired 100 per cent of Freshmax NZ on 30 April 2020.
Freshmax NZ consists of three market sites and distribution services throughout New Zealand. A large proportion of Freshmax NZ’s business is
the sale of fresh produce and provision of distribution services to its customers, which is complementary to the Group’s T&G Fresh business.
Freshmax NZ was acquired to grow the Group’s domestic fresh produce business and supply chain. The acquisition will bring enhanced
trading and strong ongoing supply relationships in key categories.
The acquisition qualifies as a business as defined in NZ IFRS 3.
Freshmax NZ contributed $18.2 million to revenue and $0.6 million to the Group’s profit after tax for the period between the date of
acquisition and the reporting date.
If the acquisition of Freshmax NZ had been completed on the first day of the financial year, the Group’s revenue for the year would have been
$712.1 million and profit after tax would have been $11.5 million.
Preliminary goodwill arose from the acquisition of Freshmax NZ because the cost of combination included amounts relating to its future
profitability expectations, forecast revenue growth, future market development, and synergies with existing Group operations. These benefits
are not recognised separately from goodwill because they do not meet the recognistion criteria for identifiable intangible assets. None of the
goodwill is expected to be deductible for income tax purposes.
The gross value of trade and other receivables is $5.2 million which also represents the fair value of trade and other receivables. At acquisition
date, it is estimated that all amounts are collectable. The fair value of other identifiable assets and liabilities is assessed as their carrying value
at 30 April 2020.
Acquisition related costs have been excluded from the consideration transferred and recognised in ‘Other operating expenses’ in the income
statement for the period ended 30 June 2020.
On the following page is a preliminary analysis of the identifiable assets acquired and liabilities assumed at the acquisition date. At the date of
finalisation of these unaudited condensed interim financial statements, some of the necessary calculations related to intangible assets, right-of-
use assets and lease liabilities had not been finalised and have only been provisionally determined based on best estimates of the likely values.
Notes to the financial statements (continued)
Unaudited
6 months to
30 Jun 2020
$’000
Unaudited
6 months to
30 Jun 2019
$’000
Audited
12 months to
31 Dec 2019
$’000
Asset acquisitions and disposals
Cost of assets acquired13,67513,78236,422
Net book value of assets disposed7018,82988,422
Net (loss) / gain on assets disposed(488)2,9031,503
T&G GLOBAL LIMITED INTERIM REPORT 2020 | 19

Notes to the financial statements (continued)

7. BUSINESS COMBINATIONS (CONTINUED)
30 Apr 2020
$’000
Current assets
Cash and cash equivalents 605
Trade and other receivables 5,176
Inventories 1,559
Derivatives financial instruments 14
Total current assets 7, 3 5 4
Non-current assets
Deferred tax assets 737
Property, plant and equipment 3,379
Right-of-use assets 23,304
Intangible assets 5,476
Total non-current assets 32,896
Current liabilities
Trade and other payables(16,414)
Employee entitlements(1,084)
Lease liabilities(3,126)
Total current liabilities(20,624)
Non-current liabilities
Employee entitlements(3)
Lease liabilities(20,378)
Deferred tax liabilities(1,533)
Total non-current liabilities(21,914)
Total identifiable net assets(2,288)
Preliminary goodwill on acquisition30,192
Total consideration27,904
Purchase consideration - cash outflow
30 Apr 2020
$’000
Net cash outflow arising on acquisition
Cash consideration 30,000
Less: Working capital adjustment(2,096)
Total consideration transferred27,904
Less: Cash and cash equivalent balances acquired(605)
Net outflow of cash - investing activities27,299
20 | T&G GLOBAL LIMITED INTERIM REPORT 2020

8. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Set out in the table below are the joint ventures and associates of the Group as at 30 June 2020. The joint ventures and associates have share
capital consisting solely of ordinary shares which are held directly by the Group.
The Group’s investments in joint ventures and associates in 2020 and 2019 are:
Notes to the financial statements (continued)
NAME OF ENTITY
PLACE OF BUSINESS AND COUNTRY
OF INCORPORATION
OWNERSHIP INTEREST (%)
30 Jun 202030 Jun 201931 Dec 2019
Joint ventures
Growers Direct LimitedUnited Kingdom505050
Wawata General Partner LimitedNew Zealand505050
Associates
Allen Blair Properties LimitedNew Zealand333333
Grandview Brokerage LLC United States of America393939
Intelligent Fruit Vision Limited United Kingdom242424
Mystery Creek Asparagus Limited
(1)
New Zealand151515
POP Worldwide Limited United Kingdom-2424
The Fruit Firm LimitedUnited Kingdom202020
(1)
Although the Group holds less than 20% of the ownership of Mystery Creek Asparagus Limited, a member of the Group’s management sits
on the Board of Directors of this entity, and transactions between this entity and the Group are significant to its operations. Therefore, the
Group is deemed to have significant influence over this entity and accounts for it as an associate of the Group.
Contributions from joint ventures and associates
During the period ended 30 June 2020, contributions from joint ventures and associates include $0.7 million from Grandview Brokerage LLC
(30 June 2019: $0.8 million; 31 December 2019: $2.0 million).
T&G GLOBAL LIMITED INTERIM REPORT 2020 | 21

Notes to the financial statements (continued)
9. FINANCIAL INSTRUMENTS
Financial instruments by category
Financial assets
Measured at
amortised
cost
$’000
Fair value
through
profit or loss
(mandatory)
$’000
Derivatives
for hedging
through OCI
$’000
Equity
instruments
designated
at fair value
through OCI
$’000
Total
$’000
As at 30 June 2020 (unaudited)
Cash and cash equivalents66,386 - - - 66,386
Trade and other receivables (excluding pre-
payments and taxes)
227,340 - - - 227,340
Investment in unlisted entities - - - 9393
Derivative financial instruments - 7195,209 - 5,928
Total
293,7267195,20993299,747
As at 30 June 2019 (unaudited)
Cash and cash equivalents44,566 - - - 44,566
Trade and other receivables (excluding pre-
payments and taxes)
199,044 - - - 199,044
Investment in unlisted entities - - - 106106
Derivative financial instruments - 814,756 - 4,837
Total
243,610814,756106248,553
As at 31 December 2019 (audited)
Cash and cash equivalents36,208 - - - 36,208
Trade and other receivables (excluding pre-
payments and taxes)
187,034 - - - 187,034
Investment in unlisted entities - - - 9393
Derivative financial instruments - 6357,329 - 7,964
Total
223,2426357,32993231,299
Financial liabilities
Measured at
amortised
cost
$’000
Fair value
through
profit or loss
(held for
trading)
$’000
Derivatives for
hedging though
OCI
$’000
Total
$’000
As at 30 June 2020 (unaudited)
Borrowings226,769 - - 226,769
Trade and other payables (excluding employee entitlements and
taxes)
261,384 - - 261,384
Lease liabilities96,992 - - 96,992
Derivative financial instruments - 5211,68311,735
Total
585,1455211,683596,880
As at 30 June 2019 (unaudited)
Borrowings233,657 - - 233,657
Trade and other payables (excluding employee entitlements and
taxes)
214,577 - - 214,577
Lease liabilities54,778 - - 54,778
Derivative financial instruments - 7311,92011,993
Total
503,0127311,920515,005

As at 31 December 2019 (audited)
Borrowings91,452 - - 91,452
Trade and other payables (excluding employee entitlements and
taxes)
163,008 - - 163,008
Lease liabilities61,563 - - 61,563
Derivative financial instruments - 367,2617,297
Total
316,023367,261323,320
22 | T&G GLOBAL LIMITED INTERIM REPORT 2020

Notes to the financial statements (continued)
9. FINANCIAL INSTRUMENTS (CONTINUED)
Fair value hierarchy
All financial assets and liabilities that use methods and assumptions to estimate fair value at 30 June 2020 are considered to be level 2 in the
fair value hierarchy (30 June 2019: level 2; 31 December 2019: level 2).
Valuation techniques used to value financial instruments are consistent with those used in the 2019 Annual Report.
For the six months ended 30 June 2020 and for the financial year ended 31 December 2019, the estimated fair values of all of the Group’s
other financial assets and liabilities approximate their carrying values.
10. CONTINGENCIES
There has been no material change in contingent liabilities during the period.
11. CAPITAL COMMITMENTS
As at 30 June 2020, the Group is committed to the following capital expenditure:
Unaudited
30 Jun 2020
$’000
Unaudited
30 Jun 2019
$’000
Audited
31 Dec 2019
$’000
Property, plant and equipment3,2878,27112,274
Intangible assets80410300
Total
3,3678,68112,574
12. SEASONALITY OF BUSINESS
The Group’s operating segments are subject to seasonal fluctuations. The Apples operating segment generates most of its revenue during the
middle of the year and completes its seasonal programmes before the final quarter of the year. The Group’s other operating segments are
also impacted by the availability of fresh produce which varies during the year.
13. EVENTS AFTER THE REPORTING PERIOD
There are no material events that occurred after the reporting date that would require adjustment or disclosure in these unaudited
condensed interim financial statements.
T&G GLOBAL LIMITED INTERIM REPORT 2020 | 23

GROWING HEALTHIER
FUTURES THROUGH
FRESH FRUIT
&
VEGETABLES
1 CLEMOW DRIVE, MT WELLINGTON, AUCKLAND 1060
TEL: +64 9 573 8700
INFO@TANDG.GLOBAL