Interim Results Announcement

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 Sanford Limited
Reporting Period 6 months to 31 March 2021
Previous Reporting Period 6 months to 31 March 2020
Currency NZD

Amount (000s) Percentage change
Revenue from continuing
operations
$233,506 (4.9%)
Total Revenue $233,506 (4.9%)
Net profit/(loss) from
continuing operations
$16,202 (14.8%)
Total net profit/(loss) $16,202 (14.8%)
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay an interim dividend.
Imputed amount per Quoted
Equity Security
n/a
Record Date n/a
Dividend Payment Date n/a
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.56958682 $0.95481433
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For explanation on the operational results please refer to the
announcement commentary, the investor presentation and the
Interim Report for the six months ended 31 March 2021
Authority for this announcement
Name of person

authorised
to make this announcement
Dean McIntosh
Contact person for this
announcement
Katherine Turner
Contact phone number 021 470 436
Contact email address kturner@sanford.co.nz
Date of release through MAP

21/05/2021

Unaudited financial statements accompany this announcement.

---

—
INTERIM REPORT
—

2021

Revenue
$233.5m
▼ 5%
2020 $245.5M
Employee Engagement
77%
▲ 4pp
2020 73%
NPAT
$16.2m
▼ 15%
2020 $19.0M
Sales Volumes
54.9k GWT
▲ 6%
2020 51.7k GWT
Adjusted EBIT
$10.7m
▼ 54%
2020 $23.2M
EBIT / KG
19¢
▼ 27¢
2020 46¢
2Sanford Interim Report 2021
Key Figures

—
CHAIRMAN AND
CEO REVIEW
—
This report on Sanford’s half year results to 31 March 2021 reflects
continuing market challenges from Covid-19, with its adverse effects
on foodservice demand, prices, labour, and supply chains (in particular
freight). However, we have been able to switch markets, processing
plants and product formats to retain profitability. Our people are
facing these changes with strong commitment along with a continued
focus on safe operations.
This Review has been prepared by our newly arrived CEO, Peter Reidie and our
Chair, Sir Robert McLeod and supplemented by Andre Gargiulo, who was Sanford’s
Acting CEO through the period recorded here. CEO Peter Reidie, who joined us in
April, also shares his views about Sanford’s future separately in this report.
We are reporting net profit after tax (NPAT) for the first half of $16.2 million, which
is 15% behind last year’s result for the same period ($19.0 million).
Adjusted Earnings Before Interest and Tax (EBIT) was $10.7 million for the six
months to 31 March 2021. This represents a 54% decrease on adjusted EBIT from
the same period last year ($23.2 million), which largely was a Covid free period.
Overall sales volumes were 54.9k greenweight tonne (GWT) for the 2021 first half
up 6% against the same period last year (51.7k GWT), reflecting volume growth
across all our divisions except mussels.
Revenue however decreased 5% to $233.5 million (versus $245.5 million in the first
half of 2020), as we experienced falling prices across the business, due to falling
demand across sales channels and a less favourable mix of products.
Sir Robert McLeod
CHAIRMAN
Andre Gargiulo
CCO AND
ACTING CEO
The Directors are
pleased to present the
Interim Report of
Sanford Limited for
the six months ended
31 March 2021.
For and on behalf of
the Board of Directors:
Fiona Mackenzie
DIRECTOR
20 May 2021
Sir Robert McLeod
CHAIRMAN
20 May 2021
Peter Reidie
CEO
Chairman and CEO Review
3Sanford Interim Report 2021

Gross profit decreased 35% to $31.1 million (versus $47.6 million in the first half of
2020) and operating expenses decreased 19% from managing costs tightly and
introducing further cost saving initiatives.
We continue to respond to the challenges and opportunities presented by Covid’s
impacts to ensure we are best positioned for when foodservice markets reopen.
Our salmon division saw strong revenue growth driven by higher sales volumes into
retail both in New Zealand and the US. The salmon division delivered the largest
profit contribution to the group in absolute terms.
Our Australian business continues to grow strongly with revenue for the half growing
39% on last year. We acknowledge the hard work of our Melbourne based team who
have dealt with the disruptions and lockdowns proactively.
We concluded the sale of our Tauranga based cold storage facility in the first half of
2021. This and the sale of a property asset in Christchurch, realised $24 million in
cash receipts and a gain on sale of $13.3 million. This assisted our net profit after tax
performance of $16.2 million. The proceeds were utilised on integrity capital and
debt reduction.
Your board has decided not to pay an interim dividend for the 2021 financial year
given the ongoing uncertainty regarding market disruptions. A decision regarding
the final dividend will be made once the year has concluded.
WILDCATCH – STEADY AS SHE GOES
Overall catch volumes for the first half at 31.5k GW tonne were solid, flat on the
same period last year. Strong hoki catches, up 11% were in part countered by lower
squid catches this season, down 25% on the same period this year. Squid is a cyclical
fishery, dependent on the cephalopods arriving on ocean currents which leads to
highly variable catches both within a season and across seasons.
In the 2020 prior comparable period, performance was adversely impacted by poor
toothfish catch volumes in the Antarctic. By contrast, this season’s toothfish catch
volumes were good, even above the 2019 season. However, current prices were
depressed in these market conditions, so profitability was flat year-on-year.
Sales volumes for the first half were up 20% to 36.7k GW tonne as a result of a focus
on selling down our hoki inventory built up over the 2020 calendar year to return
back to historical levels. Although our squid sales volumes are down significantly due
to lower catches, squid size was good and pricing held up.
Sales revenue was $136.3 million, 6% down on the first half of 2020 ($144.3 million)
reflecting the change we made in product mix from hoki fillets to block to match
demand. Lower demand saw prices decline for our more valuable products, such as
scampi and ling sounds.
Cost savings were realised from the closure of our Tauranga processing site in August
2020 and we have continued to exercise tight cost control overall in our fishing and
processing operations.
Overall, the profit contribution of our wild-catch division of $11.9 million was
comparable to the same period last year ($11.4 million).
We have entered a guilty plea to charges of fishing in a protected area by the
San Waitaki vessel. We continue to operate the San Waitaki under a covenant, while
the matter remains before the courts. We have installed special electronic geo-
fencing technology to avoid this situation reoccurring.

Strong hoki catches, up 11%
were in part countered by
lower squid catches this
season, down 25% on the
same period this year.
Squid is a cyclical fishery,
dependent on the
cephalopods arriving
on ocean currents which
leads to highly variable
catches both within a
season and across seasons.
Chairman and CEO Review
4Sanford Interim Report 2021

MUSSELS – A FOOD SERVICE STORY
Our Greenshell mussel division has been the hardest hit by Covid-19 in terms of
out-of-home dining, with many restaurant closures around the world.
Harvest volumes were down 5.3% to 17.3k GW tonne, compared to 18.3k GW tonne
in the first half of 2020 as we sought to reduce production of half shell mussels
due to low demand and high inventory.
Sales volumes were down 18% to 15.6k GW tonne and sales revenue has decreased
$25 million or 38%, from $65.7 million to $40.7 million, reflecting poor pricing for
half-shell mussels, predominantly a food service product.
Although inventory levels of half-shell remain high, we are seeing positive lifts in
demand particularly from markets such as the US and Asia, which should reduce
inventory levels to historical levels in the second half of 2021. However, pricing
remains challenged while international order levels are subdued.
Our mussel powder business remained stable, with our premium powder in high
demand, although the overall market for mussel powder was down. Our work to
consent our new marine extracts plant in Blenheim is continuing.
Mussel volumes in the water are stable, however lower pricing has also led to a
reduction of the value of the mussels in water. Lower throughput has led to an
under-recovery of harvest and processing costs.
The combination of these adverse impacts has produced a result just above
break-even for our mussel division in the first half, with a profit contribution of
$0.8 million, which compares to a pre-Covid result of $15.1m for the same period
last year and an $8.2 million result for the second half of the 2020 financial year.
Despite the current challenges, we are seeing a lift in demand volume for the
second half of 2021.
SALMON – SALES GROWTH IN CHALLENGING TIMES
As mentioned, salmon volume performance has been a highlight for the first half
of 2021, rebounding strongly from the second half of the 2020 year. This has been
driven by strong retail growth including in the US where we now have our fresh
product in top retailers such as Yokes and Harmon’s. In Asia, we are seeing the
retail market strengthen through our partnerships with the Ole supermarket chain
in China. In New Zealand, we have seen a strong performance into local retail
through our Foodstuffs North Island partnership.
Harvest volumes are up 28% to 2.8k GW tonne (versus 2.1k GW tonne in the first
half of 2020).
In Asia, we are seeing the retail
market strengthen through
our partnerships with the Ole
supermarket chain in China.
In New Zealand, we have seen
a strong performance into local
retail through our Foodstuffs
North Island partnership.
SALMON PERFORMANCE
SALMON HARVEST VOLUMES
– INCREASE OF
28%
TO 2.8K GW TONNE
(VERSUS 2.1K GW TONNE
IN THE FIRST HALF OF 2020)
Chairman and CEO Review
5Sanford Interim Report 2021

Sales volumes were up 26% to 2.5k GWT and sales revenue was up 12% to
$31.5 million (versus $28.2 million in the first half of 2020), which reflects lower
average pricing into retail rather than foodservice. Despite the pricing pressure,
our salmon historically has a strong track record of good levels of profitability,
which we are seeing return, due to our ability to move out of foodservice and into
high end retail.
We are very focused on ensuring the quality of our salmon continues to be
exceptional, through animal welfare, high-quality feed and environment. We grow
our salmon in cool southern waters, surrounded by a national park free from most of
the pests and problems that occur in other parts of the world. Our salmon do not
require antibiotics or vaccinations. We recently renewed our BAP (Best Aquaculture
Practices) certification.
Our farming upgrades mean our salmon have more space to grow and our new
harvest barge means our people also have more space and a modern work
environment in the remote and pristine waters of Stewart Island.
In the 2020 comparable period, there was a significant uplift in the fair value of the
salmon in water driven by salmon growth and market pricing. During this reporting
period, lower pricing resulted in a lower uplift in the fair value for this period. This led
to a dip in the profit contribution of our salmon division versus the prior comparable
period to $12.1 million, which compares to a $15.6m result for the same period last
year and a $2.2 million result for the second half of the 2020 financial year.
SUPPLY CHAIN CHALLENGES
Global supply chain disruption continues to create significant challenges, which is
affecting many New Zealand export and import businesses. Container shortages and
shipping disruptions have seen space constrained and freight prices rise significantly.
Our supply chain costs have risen overall by 12% on a cost per tonne basis, mainly due
to airfreight costs and also by holding higher inventories in third party cold stores.
Unfortunately, we do not anticipate any short-term relief in global freight congestion.
BALANCE SHEET AND CASH FLOW
Our balance sheet remains strong with a gearing ratio (debt as a proportion of debt
plus equity) at 24% and our net debt of $181m is $3 million lower than our closing
position on September 30, 2020.
We continue to have good support from our lenders and substantial debt headroom.
Our inventory levels remain higher than pre-Covid levels, however they have
stabilised over recent months. We have no aged inventory concerns with improved
levels of contracted inventory for the second half of the financial year.
Our supply chain costs
have risen overall by 12%
on a cost per tonne basis,
mainly due to airfreight costs
but also by holding higher
inventories in third party
cold stores. Unfortunately,
we do not anticipate any
short-term relief in global
freight congestion.
Chairman and CEO Review
6Sanford Interim Report 2021

Our operating cashflow for the reporting period was a cash inflow of $7.9 million
which is $4.7 million lower than for the same period last year.
We are focussed on protecting Sanford’s cash position.
OUR PEOPLE
Despite the difficulties of this half year, our people engagement scores remain high
with a recent staff survey showing our engagement score sitting at 77% (measured
in March 2021, up from 73% in February 2020). Highly engaged staff are more
motivated, therefore safer and more productive.
There is much extra pressure and strain caused by Covid and the measures
implemented to manage its impacts. We acknowledge and thank our people for their
response to these challenges. We see great examples every day of our values in action
around the business as our people operate with care, passion and integrity to ensure
they are achieving together.
We continue our focus on the safety and wellbeing of our people and we are on track
towards our target of lowering our recordable injuries year-on-year. We recorded 428
in the first half of 2021 (versus 602 for the same period last year). Our voluntary
reporting has increased, with 411 observed potential safety issues (versus 312 for the
same period in 2020), reflecting a growing safety awareness.
IN CONCLUSION
We are working through our second year of Covid-19 impacts and continue to
respond to the challenges presented and the opportunities we have to improve our
business performance.
Although Covid’s impact is significant, it is abating. We remain confident in Sanford’s
long-term prospects.
Sir Robert McLeod Peter Reidie Andre Gargiulo
Chairman Chief Executive Officer Chief Customer Officer and
Acting Chief Executive Officer
We continue our focus on the
safety and wellbeing of our
people and we are on track
towards our target of lowering
our recordable injuries
year-on-year. We recorded
428 in the first half of 2021
(versus 602 for the same
period last year).
Chairman and CEO Review
7Sanford Interim Report 2021

The opportunity to join a New Zealand company with as distinguished
a heritage as Sanford, was one too good to turn down and I am very
proud to be leading Sanford into the next chapter in its history.
My tenure as CEO started in April, after the first half reporting period for 2021 was
complete. We were very ably helmed through that period by Andre Gargiulo as
Acting CEO and I thank him not just for his great work in that role, but also the
comprehensive handover he has given me and continues to give, as I immerse myself
in the company and the sector.
My early observations are that Sanford’s incredible heritage, diverse assets and
dedicated people are a platform for strong growth. Focus and prioritisation will be key,
as we chart our course towards a post-Covid world.
A key message for our stakeholders at this early juncture is there are some things at
Sanford which will not change. One of those is our commitment to sustainability. We
know this is important to our investors and it is important to us. It is the basis for any
successful seafood business – we must not take out more than nature can put in and
we must treat our environment with respect. We can and should run a sustainable
business that is profitable. An unprofitable business cannot be a market leader that can
fund the initiatives and innovations which will, in turn, drive greater sustainability. We
seek to be recognised by customers, consumers, communities and shareholders for
our very real commitment to sustainability. When these stakeholders choose us, they
need to know they are supporting a company with a commitment to core values and
the desire to grow in the right way. This is something that is very important to Sanford
and to me personally.
It is early for me to comment on the strategic direction of Sanford under my
leadership but on the question of commodity or value add I would state my view is, it is
the genius of the “and.” Commodities are a large part of our operations and we need
to be focused on producing, supplying and, ideally, differentiating them at least as
efficiently and effectively as our competition. At the same time the future growth of
a business with a limited resource such as ours is through growing value, hence adding
value also needs to be a focus. The genius of the “and” - commodity and value add.
People are the head and heart of any business and I am impressed by the team at
Sanford. They have managed the company through an incredibly difficult period and
I will be looking to minimise any negative personal impacts of Covid-19 on our people,
who have been working so hard to meet the challenges the pandemic has brought.
My starting point at Sanford has been that the heritage of this company is something
to be very proud of. We began well over a hundred years ago as a provider of beautiful
New Zealand seafood and we remain a seafood company. No other company in
New Zealand has this history, heritage and consistency of tenure in the one industry.
We produce amazing products, products New Zealand can be proud of and which the
world is going to want more of, and we are well placed to make the most of that
demand. In short, I believe in what Sanford has to offer and I look forward to being
part of a vibrant, profitable and sustainable future for this great New Zealand business.
Peter Reidie
Chief Executive Officer
—
PETER REIDIE: A PERSPECTIVE
ON SANFORD TWO MONTHS IN
—
My early observations are
that Sanford’s incredible
heritage, diverse assets
and dedicated people are a
platform for strong growth.
Focus and prioritisation will
be key, as we chart our course
towards a post-Covid world.
8Sanford Interim Report 2021
Peter Reidie, CEO future focus

9Sanford Interim Report 2021
GAAP TO NON-GAAP RECONCILIATION
Sanford’s standard profit measure prepared under New Zealand GAAP is net profit. Sanford have used non-GAAP measures when
discussing financial performance in this document. The Directors and management believe that these measures provide useful
information as they are used internally to evaluate divisional and total Group performance and to establish operating and capital
budgets. Non-GAAP profit measures are not prepared in accordance with NZ IFRS (New Zealand Equivalents to International
Reporting Standards) and are not uniformly defined, therefore the non-GAAP profit measures included in this report are not
comparable with those used by other companies. They should not be viewed in isolation or as a substitute for GAAP profit
measures as reported by Sanford in accordance with NZ IFRS.
DEFINITIONS
Adjusted EBITDA: Earnings before interest, taxation, non-trading currency exchange losses, depreciation, amortisation,
restructuring, adjusting items, impairment and gain (loss) on sale of investments, intangible and long-term
assets.
Reported EBIT: Earnings before interest, taxation, non-trading currency exchange losses and gain (loss) on sale of investments,
intangible and long-term assets.
Adjusted EBIT: Reported EBIT adjusted for impairment, restructuring and other one-off items.
GAAP TO NON-GAAP RECONCILIATION
Unaudited
6 Months ended
31 March 2021
$000
Unaudited
6 Months ended
31 March 2020
$000
Audited
12 Months ended
30 September 2020
$000
Reported net profit for the period (GAAP) 16,202 19,019 22,433
Add back:
Income tax expense 2,585 5,064 8,324
Net interest expense 4,656 4,412 8,995
Non-trading currency exchange losses – – –
Net gain on sale of investments, property, plant and equipment
and intangibles (13,221) (4,047) (4,037)
Reported EBIT 10,222 24,448 35,715
Adjustments:
Impairment of assets – 527 1,193
Restructuring costs 233 29 3,452
Other one-off items 219 (1,771) (2,082)
Adjusted EBIT 10,674 23,233 38,278
Add back:
Depreciation and amortisation 15,140 13,438 28,016
Adjusted EBITDA 25,814 36,671 66,294

10Sanford Interim Report 2021
Consolidated Condensed Income Statement 11
Consolidated Condensed Statement of Comprehensive Income12
Consolidated Condensed Statement of Financial Position13
Consolidated Condensed Statement of Cash Flows14
Consolidated Condensed Statement of Changes in Equity16
Notes to the Interim Financial Statements18
FOR THE SIX MONTHS ENDED 31 MARCH 2021
−
INTERIM
FINANCIAL
STATEMENTS
−

Interim Financial Statements
11Sanford Interim Report 2021
CONSOLIDATED CONDENSED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MARCH 2021
Note
Unaudited
6 months ended
31 March 2021
$000
Unaudited
6 months ended
31 March 2020
$000
Audited
12 months ended
30 September 2020
$000
Revenue4233,506245,512468,849
Cost of sales(202,416)( 19 7, 8 6 3 )(386,367)
Gross profit31,09047, 6 4982,482
Other income815,89810,05115,191
Distribution expenses(4,893)(5,049)(9,688)
Administrative expenses(12,328)(16,247)(30,120)
Other expenses9(6,265)( 7, 8 6 4 )(18,199)
Operating profit23,50228,54039,666
Finance income135192331
Finance expense(4,791)(4,598)(9,315)
Net finance expense(4,656)(4,406)(8,984)
Share of (loss) profit of equity accounted investees(59)(51)75
Profit before income tax18,78724,08330,757
Income tax expense(2,585)(5,064)(8,324)
Profit for the period16,20219,01922,433
Profit attributable to:
Equity holders of the Company16,19519,01822,444
Non controlling interest71(11)
16,20219,01922,433
Earnings per share attributable to equity holders of the Company
during the period (expressed in cents per share)
Basic and diluted earnings per share (cents)17. 320.324.0

Interim Financial Statements
12Sanford Interim Report 2021
CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2021Unaudited
6 months ended
31 March 2021
$000
Unaudited
6 months ended
31 March 2020
$000
Audited
12 months ended
30 September 2020
$000
Profit for the period (after tax)16,20219,01922,433
Other comprehensive income
Items that may be reclassified to the income statement:
Foreign currency translation differences267(452)161
Change in fair value of cash flow hedges recognised in other
comprehensive income19,382(11,318)25,248
Deferred tax on cash flow hedges(5,427)3,169(7,069)
Cost of hedging gains (losses) recognised in other
comprehensive income(455)(880)1,165
Deferred tax on cost of hedging127246(326)
Items that may not be reclassified to the income statement:
Amount of treasury share cost expensed in relation
to share-based payment–(150)(401)
Other comprehensive income (loss) for the period13,894(9,385)18,778
Total comprehensive income for the period30,0969,63441,211
Total comprehensive income for the period is attributable to:
Equity holders of the Company 30,087 9,6 4 441,221
Non controlling interest9 (10)(10)
Total comprehensive income for the period30,0969,63441,211

Interim Financial Statements
13Sanford Interim Report 2021
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2021
Note
Unaudited
6 months
ended
31 March 2021
$000
Unaudited
6 months
ended
31 March 2020
$000
Audited
12 months ended
30 September 2020
$000
Current assets
Cash on hand and at bank19,0118,0702,957
Trade receivables69,50 476,63451,813
Derivative financial instruments11,601 665 1,682
Other receivables and prepayments12,04113,81111,456
Biological assets 2 7, 9 1 346,58428,127
Inventories85,10156,44685,468
Assets held for sale11–8,0008,172
Taxation receivable2,633 2,534 4,002
Total current assets2 27, 8 0 4212 ,74 4193,677
Non-current assets
Property, plant and equipment168,190150,910163,048
Right-of-use assets34,91243,18440,381
Investments3,9911,7804,050
Derivative financial instruments 14,846 468 10,306
Biological assets28,26014,06125,806
Intangible assets494,285494,779494,633
Total non-current assets74 4 , 4 8 4705,182738,224
Total assets 972,288917,926931,901
Current liabilities
Bank overdraft and borrowings (secured)555,00056,89257, 2 1 0
Derivative financial instruments 3,42826,5975,597
Trade and other payables53,57362,73946,818
Lease obligations4,501 10,476 11,183
Total current liabilities116,502156,704120,808
Non-current liabilities
Bank loans (secured) 5145,000109,000130,000
Contributions received in advance2,7953,1392,951
Employee entitlements1,2511,3561,410
Derivative financial instruments 5,47020,5809,396
Deferred taxation32,16013,52026,434
Lease obligations2 7, 317 28,902 29,275
Total non-current liabilities213,993176,497199,466
Total liabilities330,495333,201320, 274
Equity
Paid in capital94,69094,69094,690
Retained earnings534,005519,059517, 8 1 0
Other reserves12,356(29,689)(1,538)
Shareholder funds641,051584,060610,962
Non controlling interest742665665
Total equity641,793584,725611,627
Total equity and liabilities972,288917,926931,901

Interim Financial Statements
14Sanford Interim Report 2021
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
Note
Unaudited
6 months ended
31 March 2021
$000
Unaudited
6 months ended
31 March 2020
$000
Audited
12 months
ended
30 September 2020
$000
Cash flows from operating activities
Receipts from customers222,604240,814494,636
Interest received135186320
Dividends received– 6 11
Payments to suppliers and employees(20 9,221)(216,550)(456,656)
Income tax paid(771)( 7, 1 3 5 )(10,131)
Interest paid(4,805)(4,652)(9,393)
Net cash flows from operating activities7,9 4212,66918,787
Cash flows from investing activities
Sale of property, plant and equipment24,01137148
Sale of intangible assets– 5,501 5,501
Dividends received from associates – 208 208
Purchase of property, plant and equipment and
intangible assets(19,726)(21,890)(43,200)
Purchase of business – (1,936) (1,936)
Purchase of investments – – (4,454)
Net cash flows from investing activities4,285(18,080)(43,733)
Cash flows from financing activities
Proceeds from borrowings520,00045,00066,000
Repayment of term loans5(5,000)(20,000)(20,000)
Lease payments(9,130) (8,602)(10,940)
Dividends paid to Company shareholders6–(13,091)( 17,76 6 )
Dividends paid to non controlling shareholders in subsidiaries (27) – –
Net cash flows from financing activities5,8433,30717, 2 9 4
Net (decrease) increase in cash and cash equivalents18,070(2,104)( 7, 6 52 )
Effect of exchange rate fluctuations on cash held194(40)77
Cash and cash equivalents at beginning of the period(54,253)(46,678)(46,678)
Cash and cash equivalents at end of the period (35,989)(48,822)(54,253)
Represented by:
Bank overdraft and borrowings (secured)(55,000)(56,892)( 57, 2 1 0 )
Cash on hand and at bank19,0118,0702,957
(35,989)(48,822)(54,253)

Interim Financial Statements
15Sanford Interim Report 2021
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (CONTINUED)
RECONCILIATION OF PROFIT FOR THE PERIOD WITH NET CASH FLOW FROM OPERATING ACTIVITIES
FOR THE SIX MONTHS ENDED 31 MARCH 2021
Note
Unaudited
6 months ended
31 March 2021
$000
Unaudited
6 months ended
31 March 2020
$000
Audited
12 months ended
30 September 2020
$000
Profit for the period (after tax)16,20219,01922,433
Adjustments for non-cash items
Depreciation and amortisation15,14013,43828,016
Depreciation - ACE3,4443,4446,888
Impairment of assets9, 1125271,193
Share-based payment expense–(150)(401)
Change in fair value of biological assets (2,239)(11,119)(4,172)
Change in fair value of forward exchange contracts and
foreign currency options(1,616)1,878(2,551)
(Decrease) increase in deferred tax4231,5403, 274
Unrealised foreign exchange (gains) losses481(638)(2,079)
Other(41)51(561)
15,5948,97129,607
Movement in working capital
(Increase)/decrease in trade and other receivables and
prepayments(18,777)(21,850)7, 0 6 6
Decrease/(increase) in inventories379( 7, 8 9 3 )(36,880)
Increase in trade and other payables and other liabilities6,53022,2476,034
(Decrease) in contributions received in advance(156)(167)(354)
Increase/(decrease) in taxation payable1,391(3,611)(5,079)
(10,633)(11 , 274)(29,213)
Items classified as investing activities
Loss (gain) loss on sale of property, plant and equipment(13,221)1,3411,348
(Gain) on disposal of intangible assets–(5,388)(5,388)
(13,221)(4,047)(4,040)
Net cash flows from operating activities7,9 4212,66918,787

Interim Financial Statements
16Sanford Interim Report 2021
CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2021
Share
Capital
Share
Based
Payment
Reserve
Translation
Reserve
Cash Flow
Hedge
Reserve
Cost of
Hedging
Reserve
Retained
EarningsTotal
Non
Controlling
Interest
Total
Equity
Balance at 1 October 2020
(audited)94,690–570(2,943)835517, 8 1 0610,962665611,627
Profit for the period (after tax) – – – – – 16,195 16,195 7 16,202
Other comprehensive income
Foreign currency translation
differences – – 267 – – – 267 2 269
Hedging gains/(losses) recognised
in other comprehensive income – – – 19,382 (455) – 18,927 – 18,927
Deferred tax on change in
reserves – – – (5,427) 127 – (5,300) – (5,300)
Total comprehensive income – – 267 13,955 (328) 16,195 30,0899 30,098
Shares issued to non-controlling
shareholders in subsidiaries – – – – – – – 95 95
Distributions to shareholders – – – – – – – (27) (27)
Balance at 31 March 2021
(unaudited)94,690–83711,012507534,005641,051742641,793
Balance at 1 October 2019
(audited)94,690401410(21,122) (4)513,132587,507675588,182
Profit for the period (after tax) – – – – – 22,44422,444(11)22,433
Other comprehensive income
Foreign currency translation
differences – – 160 – – – 160 1 161
Hedging gains/(losses) recognised
in other comprehensive income – – – 25,2481,165 – 26,413 – 26,413
Deferred tax on change in
reserves – – – (7,069)(326) – ( 7, 3 9 5 ) – ( 7, 3 9 5 )
Amount of treasury share cost
expensed in relation to share-
based payment. – (401) – – – – (401) – (401)
Total comprehensive income–(401)16018,17983922,44441,221(10)41,211
Distributions to shareholders – – – – – ( 17,76 6 )( 17,76 6 ) – ( 17,76 6 )
Balance at 30 September 2020
(audited)94,690–570(2,943)835517, 8 1 0610,962665611,627

Interim Financial Statements
17Sanford Interim Report 2021
CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2021
Share
Capital
Share
Based
Payment
Reserve
Translation
Reserve
Cash Flow
Hedge
Reserve
Cost of
Hedging
Reserve
Retained
EarningsTotal
Non
Controlling
Interest
Total
Equity
Balance at 1 October 2019
(audited)94,690401410(21,122) (4)513,132587,507675588,182
Profit for the period (after tax) – – – – – 19,01819,018119,019
Other comprehensive income
Foreign currency translation
differences – – (441) – – – (441)(11)(452)
Hedging gains/(losses) recognised
in other comprehensive income – – – (11,318)(880) – (12,198) – (12,198)
Deferred tax on change in
reserves – – – 3,169246 – 3,415 – 3,415
Amount of treasury share cost
expensed in relation to share-
based payment. – (150) – – – – (150) – (150)
Total comprehensive income – (150)(441)(8,149)(634)19,0189,644(10) 9,634
Distributions to shareholders– – –––(13,091)(13,091) – (13,091)
Balance at 31 March 2020
(unaudited)94,690251(31)(29,271)(638)519,059584,060665584,725

Interim Financial Statements
18Sanford Interim Report 2021
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
NOTE 1 – GENERAL INFORMATION
Sanford Limited (‘the parent’ or ‘the Company’) is a profit-
oriented company that is domiciled and incorporated in
New Zealand. The Company is registered under the Companies
Act 1993 and listed on the New Zealand Stock Exchange (NZX).
The Company is an FMC entity for the purposes of Part 7 of the
Financial Markets Conduct Act 2013.
The interim financial statements presented are for Sanford
Limited (‘Sanford’ or ‘the Group’) as at and for the six months
ended 31 March 2021.
The Group comprises the Company, its subsidiaries and its
investments in joint arrangements and associates.
The interim financial statements are prepared in accordance
with NZ IAS 34: Interim Financial Reporting. The interim financial
statements and the comparative information for the six months
ended 31 March 2020, are unaudited. The comparative
information for the year ended 30 September 2020 is audited.
The Group is a large and long-established fishing and
aquaculture farming business devoted entirely to the farming,
harvesting, processing, storage and marketing of quality
seafood products and investments in related activities.
NOTE 2 – ACCOUNTING POLICIES
The Group’s accounting policies have been applied consistently
to all periods presented in these interim financial statements,
and have been applied consistently by Group entities.
There have been no changes in accounting policies or methods
of computation. The interim financial statements should be read
in conjunction with the financial statements for the year ended
30 September 2020.

Interim Financial Statements
19Sanford Interim Report 2021
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
Interim Financial Statements
NOTE 3 – COVID-19
The Group continues to experience market challenges caused by the impacts of Covid-19 in global food services markets. The Group has
taken action to reduce inventory levels and to preserve cash and cash equivalents during the first half of the 2021 financial year.
An assessment of the impact of Covid-19 on the Group’s 31 March 2021 statement of financial position is set out below:
Balance Sheet itemCovid-19 Assessment
Trade and other receivablesDue to the negative impact on the global foodservice channel, sales prices continue to be
constrained however sales volumes have increased since the prior half year. This in turn has led to an
increase of trade receivables since September 2020, but with no noted issues in respect of credit
risk at this time.
Biological AssetsSalmon and mussel farming has been impacted by Covid-19 through lower selling prices over the
half year. In order to maintain the health of both species they are harvested at maturity, which has
resulted in increased frozen inventory for mussels as sales have lagged relative to the timing of
harvest. The Group has focused on the reduction of inventory levels of frozen Salmon as customers
switch from frozen to fresh salmon.
InventoriesInventory levels of frozen product has fallen by 4% in terms of value relative to September 2020.
Lower wild catch inventory levels have been countered by increasing mussel and to a lesser extent
salmon over this half-year period. The key area of inventory build is in respect of frozen mussels,
which a fall in harvest quantities did not stall due to an 18% drop in sales volume relative to the
comparative half-year performance. The inventory balance reflects the inclusion of a $2.7 million
provision in order to appropriately value inventory to its net realisable value. The provision
increased over the last six months due to lower selling prices. The Group does not have ageing
issues in respect of its inventory.
Borrowings
The Group has continued to focus on initiatives to preserve cash, with the net debt of $181m being $3.2m
improved over that at September 2020. This position was aided by the sale of a storage facility in Mount
Maunganui as well as the Christchurch site for a total of $24.3m.

Interim Financial Statements
20Sanford Interim Report 2021
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
NOTE 4 – SEGMENT REPORTING
The Group’s key operating divisions are:
• wildcatch – responsible for catching and processing inshore and deepwater fish species; and
• aquaculture – responsible for farming, harvesting and processing mussels and salmon.
Executive management of the Group monitors the operating results of the wildcatch and aquaculture divisions. Divisional
performance is evaluated based on operating profit or loss. Capital expenditure consists of additions of property, plant and
equipment and intangible assets.
The Group has determined that the divisions above should be aggregated to form one reportable segment to reflect the farming,
harvesting, processing and selling of seafood products, due to the aggregated manner in which performance is monitored.
Further information on segment reporting is included in the financial statements for the year ended 30 September 2020.
Revenue by geographical location of customers
Unaudited
6 months ended
31 March 2021
$000
Unaudited
6 months ended
31 March 2020
$000
Audited
12 months ended
30 September 2020
$000
New Zealand9 7, 0 47106,739205,725
Australia35,87025,68947, 4 5 6
North America31,02323,33050,845
Europe26,86243,05165,957
China22,21224,27654,815
Other Asia8,3428,46014,704
Japan5,6354,63910,676
South Korea2,2065,27910,081
Hong Kong1,8301,0613,587
Middle East1 ,7 741,9062,594
Africa38443930
Pacific2466321,072
Other75407407
Revenue233,506245,512468,849
The revenue information above is based on the delivery destination of sales.
The Group has no customers accounting for more than 10% of total sales for the current period, prior half year and
September 2020 year.

Interim Financial Statements
21Sanford Interim Report 2021
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
NOTE 5 – BANK LOANS (SECURED)
Carrying and face value
Unaudited
31 March 2021
$000
Unaudited
31 March 2020
$000
Audited
30 September 2020
$000
Balance at beginning of period1 8 7, 21 0139,000139,000
Bank loans
Proceeds20,00045,00066,000
Repaid(5,000)(20,000)(20,000)
Bank overdraft and short term borrowings
Movement(2,210)1,8922,210
Balance at end of period200,000165,8921 8 7, 21 0
Interest rates applicable0.95% - 1.46%1.38% - 2.32%0.95% - 1.43%
Bank loans are secured by a general security interest over property and a mortgage over quota shares.
All borrowings are subject to covenant arrangements. The Group has complied with all covenants during the period (March and
September 2020: all covenants were complied with).
The repayment dates of secured term loans outstanding at 31 March 2021 are - 30 April 2021: $55m, 30 April 2022: $20m,
30 April 2023: $35m, 1 October 2024: $50m and 30 November 2024: $40m. On 16 April 2021, the secured term loans expiring
on 30 April 2021 were extended to 30 April 2022.
Interest rates for all loans are floating based on the bank bill rate plus a margin. The Group’s policy for term loans is to hedge
between 25% and 75% of floating rate debt by using interest rate swaps.
NOTE 6 – DIVIDENDS
The following dividends were declared and paid by the Company:
Unaudited
6 months ended
31 March 2021
$000
Unaudited
6 months ended
31 March 2020
$000
Audited
12 months ended
30 September 2020
$000
The following dividends were declared and paid by the Company:
– Final dividend in respect of the 2020 year was nil. (2019 year of
$0.14 per share)– 13,091 13,091
– Interim dividend in respect of the 2021 half year - nil (2020 half
year: $0.05 per share )– – 4,675
–13,09117, 76 6
On 20 May 2021 the Directors determined that no interim dividend will be paid in respect of the half-year ended 31 March 2021
(2020: $0.05 cents per share).

Interim Financial Statements
22Sanford Interim Report 2021
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
NOTE 7 – CONTINGENT LIABILITIES AND COMMITMENTS
(a) Contingent liabilities
Unaudited
31 March 2021
$000
Unaudited
31 March 2020
$000
Audited
30 September 2020
$000
Guarantees801 1,029 772
The Group has guarantees with its commercial banking partners. In this respect the Group treats the guarantee contracts as
contingent liabilities until such times as it becomes probable that the Group will be required to make payments under the guarantees.
(b) Commitments
The estimated capital expenditure for property, plant and equipment contracted for at reporting date but not provided is $8.0m
(31 March 2020: $17.7m, 30 September 2020: $20.8m).
NOTE 8 – OTHER INCOME
31 March 2021- Sale of Mt Maunganui cold store
On 17 December 2020, the Group disposed of it’s Mt Maunganui cold store for a total consideration of $16.1m. The gain of $13.3m
on this disposal has been recognised within other income at 31 March 2021.
31 March and 30 September 2020 - Sale of Australian fishing quota
On 20 March 2020, the Group disposed of certain of it’s statutory fishing rights granted under the Australian Fisheries
Management Act 1991 for a total consideration of $5.5m. This included rights to fish blue grenadier and orange roughy.
The gain of $5.4m on this disposal was recognised within other income at 31 March 2020 and 30 September 2020.
Relocation compensation
In November 2019, the Group received compensation of $2.0m from the Victorian Major Transport Infrastructure Authority
(“the Authority”) for interruption to its business in Melbourne, Australia as a result of the acquisition of it’s leased premises
at 1/29 Youell Street by the Authority. This compensation was recognised within other income at 31 March 2020. The Group’s
Australian operations was relocated to new premises in December 2019.
NOTE 9 – IMPAIRMENT OF NON-CURRENT ASSETS
31 March 2021 and 31 March 2020 and 30 September 2020
No material impairment losses have been recognised during the period.

Interim Financial Statements
23Sanford Interim Report 2021
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
NOTE 10 – FINANCIAL INSTRUMENTS
Carrying amounts and fair values
The following table shows the carrying amounts and fair values of financial assets and financial liabilities at reporting date.
Unaudited
6 months ended
31 March 2021
$000
Unaudited
6 months ended
31 March 2020
$000
Audited
12 months ended
30 September 2020
$000
Non-derivative financial assets not measured at fair value
(i)
Trade receivables 69,50 4 76,63451,813
Cash and cash equivalents 19,011 8,0702,957
Other receivables - advances to associates 622 291378
Non-derivative financial assets measured at fair value
(ii)
Shares in other companies (Level 3) 97 9797
Non-derivative financial liabilities not measured at fair value
(ii)
Bank overdraft and short term borrowings (secured) (55,000)(56,892)( 57, 2 1 0 )
Trade and other payables (45,576)(54,328)(38,148)
Bank loans (secured) (145,000)(109,000)(130,000)
Total non-derivative financial assets (liabilities)(156,342)(135,128)(170,113)
Derivative financial assets (liabilities) measured at fair value
(ii)
Forward exchange contracts (Level 2) 17,7 8 1 (25,191)7, 6 61
Foreign currency options (Level 2) 5,282 (5,271)2,611
Interest rate swaps (Level 2) ( 7, 5 2 9 )(11,800)(12,389)
Fuel swaps (Level 2) 2,015 (3,782)(888)
Total derivative financial (liabilities) assets17,549(46,044)(3,005)
(i) Presented at carrying value which is equivalent to fair value.
(ii) Presented at fair value.
Other payables that are not financial liabilities are excluded above (provisions and employee entitlements: March 2021 $8.0m,
March 2020 $8.4m, September 2020 $8.7m).
NOTE 11 – ASSETS CLASSIFIED AS HELD FOR SALE
Property, plant and equipment classified as held for sale in 2020 reflected the Christchurch mussel processing facility, which was
closed during the 2015 financial year and was sold in October 2020 for $8.2m. As the property was measured at its fair value less
cost to sell, per level 3 of the fair value hierarchy, there was no gain nor loss on sale recorded.
NOTE 12 – SUBSEQUENT EVENTS
No events have been identified between the end of the reporting period and date of issue of the interim financial statements that
require disclosure except for the renewal of the term loans detailed in Note 5.

24Sanford Interim Report 2021
Board of Directors
Sir Robert McLeod, Chairman
Peter Cullinane
Abigail (Abby) Foote
Peter Goodfellow
Peter Kean
Fiona Mackenzie
Executive Management
Peter Reidie, Chief Executive Officer
Clement Chia, Chief Operating Officer
Karen Duffy, Chief People Officer
Andre Gargiulo, Chief Customer Officer
Katherine Turner, Chief Financial Officer
Registered Office
22 Jellicoe Street
Freemans Bay
Auckland 1010
New Zealand
PO Box 443
Shortland Street
Auckland 1140
New Zealand
Telephone +64 9 379 4720
Email info@sanford.co.nz
Website www.sanford.co.nz
Principal Bankers
ANZ Bank New Zealand Limited
Bank of New Zealand
Rabobank New Zealand Limited
Solicitors
Chapman Tripp
Russell McVeagh
Group Auditors
KPMG, Auckland
Stock Exchange
The Company’s shares trade on the
New Zealand Stock Exchange (NZX).
NZX Trading Code: SAN.
The minimum marketable parcel on the Exchange
is 100 shares (price $2 to $5 per share) or 50 shares
(price $5 to $10 per share).
Share Registrar
Computershare Investor Services Limited
Private Bag 92 119
Auckland 1142
New Zealand
159 Hurstmere Road
Takapuna
Auckland 0622
New Zealand
Managing your Shareholding Online
To change your address, update your payment
instructions and to view your investment portfolio
including transactions please visit:
www.investorcentre.com/nz
General Enquiries
General enquiries can be directed to:
enquiry@computershare.co.nz
Private Bag 92 119
Auckland 1142
New Zealand
Telephone +64 9 488 8777
Please assist our registrar by quoting your
CSN or shareholder number.
Other queries should be directed to the
General Manager Corporate Affairs at the
Registered Office.
insight
creative.co.nz

SAN116
Directory

SEAFOOD AND
CHORIZO PAELLA
(SERV E S 6)
R
INGREDIENTS
2 tablespoons olive oil
200 grams cured chorizo, sliced
1 onion, thinly sliced
1 red capsicum, thinly sliced
sea salt and ground pepper
4 vine tomatoes, quartered
3 cloves garlic, crushed
2 teaspoons smoked paprika
1 teaspoon chilli flakes
1½ cups paella rice (we used
Calasparra)
5 cups good-quality fish stock
1½ teaspoons sea salt
12 raw banana prawns
12 mussels, cleaned and debearded
400 grams firm white fish fillets,
cut into large bite-sized pieces
TO SERVE
2 tablespoons finely chopped
parsley
purchased garlic aioli and lemon
wedges
EQUIPMENT
34cm paella pan or sauté pan
METHOD
1.
Heat the oil in the pan and add the chorizo, onion and capsicum.
Season and cook over a medium heat for 10 minutes.
2.
Add the tomatoes, garlic, paprika and chilli and cook for 2 minutes.
3.
Add the rice, stock and salt and stir to combine. Simmer for
15 minutes without stirring, until the rice at the top still has
a little bite.
4.
Poke the prawns and mussels into the rice and once the mussels
have started opening, add the fish and cook for a further 5 minutes.
Discard any mussels that don’t open.
5.
Take off the heat, cover with foil and leave for 5 minutes.
6.
Dollop over some of the aioli and scatter over the parsley.
Serve with lemon wedges.

---

21 May 2021

Name of Listed Issuer: SANFORD LIMITED (SAN)
INTERIM FINANCIAL RESULTS for the 6 months ended 31 March 2021
Sanford Sees Continued Impact of Covid-19
New Zealand’s largest seafood business, Sanford Limited (NZX: SAN), reports that its 2021
interim results are consistent with its most recent update to the market on 17
th
March 2021.
Challenging conditions continued during the six months due to the impact of the Covid-19
pandemic on the demand for seafood and on international supply chains.
Sanford reports net profit after tax (NPAT) of $16.2 million, which included a $13.3 million
gain on sale for two non-core properties. This was 15% below the $19.0 million NPAT for
HY20.
Its revenue for the six months ended 31 March 2021 (HY21) decreased 5% to $233.5 million.
Adjusted Earnings Before Interest and Tax (Adjusted EBIT)
1
for HY21 was $10.7 million,
54% lower year-on-year than HY20 $23.2 million, a period that largely preceded the impact
of Covid-19. Overall conditions during HY21 are similar to the Covid-impacted second half of
FY20, which had Adjusted EBIT of $15.0 million, a similar year-on-year decrease of 53%.
Sanford says its second half tends to be seasonally stronger and it expects the same in
FY21.
Key highlights:
 Impacts from Covid-19 continue. Some early positive signs as markets start to
reopen and new markets gain traction, although supply chain challenges continue
 Results consistent with recent market update
 Wildcatch performance was comparable to HY20, salmon strong volume growth,
mussels remain under pressure
 Team engagement at all-time highs
 Ready for reopening: positioned for foodservice reopening in key markets as
vaccinations lessen Covid-19 impacts
 Balance sheet remains strong and net debt reduced by $3m since September 2020
CEO Peter Reidie, who commenced the role in early April, says lockdowns and other
necessary Covid responses taken worldwide have had wide-ranging effects.
“Covid-19 has had adverse effects on foodservice demand, prices, labour and supply chains,
especially freight. However, we have been able to switch markets, processing plants and
product formats to retain profitability. We continue to manage the Covid impact as best we
can, whilst ensuring that we are better positioned for when foodservice markets reopen.”

1
Adjusted Earnings Before Interest and Tax (EBIT) is a non-GAAP measure. Reported Earnings Before Interest
and Tax (EBIT) was $10.2m. The reconciliation is available in the presentation released today.

On a divisional basis, performance became more differentiated during this period. Wildcatch
and salmon, which were impacted earlier in the pandemic, began to show early signs of
recovery, particularly in volume. However, prices for mussels, which held up in the six
months to September 2020, came under substantial pressure during this period due to an
excess of supply over demand.
Wildcatch consistent: wildcatch profitability remains below pre-Covid levels with reduced
global demand impacting price. It has started to stabilise with wildcatch profit contribution
largely unchanged.
Salmon volume improving: Sanford’s efforts to switch into the retail channel during 2020
are starting to pay off, with salmon seeing strong revenue growth of 12% from HY20 (+39%
from H2 FY20). This was driven by a growing retail presence in both New Zealand and the
US. Salmon made the largest profit contribution to the group in this half.
Mussels challenged: current trading headwinds are centred on Greenshell mussels, which
has the highest exposure to foodservice and was hardest hit by Covid-19 because of the
restrictions on restaurants globally around the world. Mussels are expected to lag in their
recovery.
Mr Reidie says “we are encouraged by the consistency in our wildcatch performance and
volume growth in salmon. Whilst inventory levels of mussels remain high, we have seen
some early signs of demand returning, which we are expecting to reduce inventory levels to
historical levels by year end. We expect mussel pricing to remain under pressure for the
remainder of FY21.”
Supply chain, balance sheet and outlook
Mr Reidie notes that “global supply chain disruptions are also creating significant challenges.
Container shortages and shipping disruptions have seen space constrained and freight
prices rise significantly. Our supply chain costs have risen overall by 12% on a cost per
tonne basis, mainly due to airfreight costs. At this point we do not see any short-term relief in
global freight congestion.”
Sanford’s balance sheet remains strong. Net debt of $181m was $3 million lower than
September 30, 2020 and the gearing ratio (debt as a proportion of debt plus equity) was at
23.8% (from 23.4% at September). Sanford continues to have good support from its lenders
and sufficient debt headroom.
Mr Reidie says “Covid’s impact has been significant and remains so. However, we can see
some signs of improvement as we focus on adapting by opening new channels where we
need to, but also preserving our position in key sectors. We are ready for the reopening of
foodservice in our key markets, and our response to the challenges arising from Covid-19 will
leave Sanford a better and more dynamic business.”



For information, please contact:
Fiona MacMillan
GM Corporate Communications
+64 (0)21 513 522
fmacmillan@sanford.co.nz

---

1

Important Notice
This presentation contains not only a review of operations and information about Sanford Limited (the Company), but also contains some forward-looking statements about
the Company and the environment in which it operates. This disclaimer applies to this presentation and any written or verbal communications in relation to it.
Information has been prepared by the Company with due care and attention. However neither the Company, nor any of its directors,employees or shareholders nor any other
person gives warranties or representations (express or implied) as to the accuracy or completeness of this information. To the maximum extent permitted by law, none of the
Company, its directors, employees, shareholders or any other person shall have any liability whatsoever to any person for anyloss (including, without limitation, arising from
any fault or negligence) arising from this presentation or any information supplied in connection with it.
This presentation contains financial information taken from management accounts and from the Company’s audited results for the year ended 30 September 2020.
This presentation also contains forward-looking statements regarding a variety of items. Such forward-looking statements are based on current expectations, estimates and
assumptions and are subject to a number of risks, and uncertainties, including material adverse events, significant one-off expenses and other unforeseeable circumstances,
including further impacts from COVID-19 on the Company. There is no assurance that results contemplated in any of these forward-looking statements will be realised, nor is
there any assurance that the expectations, estimates and assumptions underpinning those forward-looking statements are reasonable. The Company’s actual results may differ
materially from the forward-looking statements in this presentation. No person is under any obligation to update this presentation at any time after its release. Investors are
strongly cautioned not to place undue reliance on forward-looking statements.
Media releases, management commentary and analysts’ presentations, including those relating to the previous results announcement, are all available on the Company’s
website and contain additional information about matters which could cause Sanford Limited’s performance to differ from any forward-looking statements in this presentation.
This presentation should be read in conjunction with the material published by Sanford Limited.
The information in this presentation is of a general nature and does not constitute financial product advice, investment advice or any recommendation. The presentation does
not constitute an offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection with the purchase or sale of any security. Nothing in
this presentation constitutes legal, financial, tax or other advice.
DISCLAIMER
2
Please note : All financial metrics provided in this document are management figures and are unaudited.

3

4
Market conditions remain challenging:
•Conditions and expectations consistent with our March 17
th
market update, driven by Covid-19
•Potential for H2 improvement:expect some typical seasonal improvement in H2
•Uncertainty: freight and international supply chain reliability (compromised and unlikely to improve much in H2)
Conditions now vary more by division:
•Wildcatch: comparable profit versus last year
•Salmon: strong volume growth, with momentum in new retail channels
•Mussels: now most impacted by foodservice market demand and price. Lagged impact vs others
Achievements during HY21:
•Salmon: top profit contribution, with +12% revenue growth driven by new retail channels (NZ, US)
•Australia: continues to grow strongly with revenue for the half growing 39% year-on-year
•Property sales: Tauranga cold storage and Christchurch property, realised $24m cash ($13m gain on sale)
HY21 Summary

¹ See Appendix for Adjusted EBIT and Adjusted EBITDA reconciliation to GAAP Reported NPAT
Note: Comparative is HY20
flat
EBIT GW kg
19₵
Catch/Harvest Volume
51.6kGWT
Revenue
$233.5M
Adjusted EBIT
1
$10.7M
EPS
17CPS
NPAT
$16.2M
No Interim
Dividend
AdjustedEBITDA
1
$25.8M
-5%+6%
Sales Volume
54.9kGWT
HY21 Results snapshot
A continuation of the impacts of Covid-19
-54%
-27₵/kg-30%-15%-3₵Down 5₵

Key drivers of Adjusted EBIT change vs HY20
1
Changein profitability driven by Greenshell mussels
NZD m
Mussels drivers
-$13m
Salmon drivers
-$3m
Group-wide drivers
+$5m
Wildcatch drivers
-$1m
6
¹ The driver sub-totals above differs to the profit contribution by division change in slides 14,17,20. Wildcatch above includes Australia & group-wide supply chain & cost savings have been separated out from the divisions

Mar 20 |22.1%
Operating Cashflow
$7.9m
+15%vs Mar 20
Net Debt
$181.0M
Gearing
1
23.8%
7
1
Debt/(Debt + Equity) –a change in definition from last reporting period
2
Net cash flows from operating activities + net cash flows used in investing activities
3
Liquidity ratio –Net debt facility/Utilised facility
-2% vs Sep 20
Free Cashflow
2
$12.2m
HY21 Balance Sheet and Cash flow
Balance Sheet remains strong, debt levels contained
+10% vs Mar 20
Total Equity
$642M
Net Debt / Adjusted EBITDA
3.3X
Return on Average Total Equity
3.1%
-37% vs Mar 20
Mar 20 |-$5.4m
Liquidity Ratio
149%
Mar 20 |146%
Mar 20 |6.4%
Mar 20 |1.9x
Sep20 |2.8x

43%
18%
10%
10%
10%
8%
1%
0%
44%
10%
10%
14%
12%
9%
1%
0%
42%
12%
15%
9%
13%
8%
1%
0%
New ZealandEuropeAustraliaChinaNorth AmericaOther AsiaMiddle East &
Africa
Pacific & Other
Revenue by geographic distribution -H1 FY21 vs. H1 & H2 FY20
1
H1 FY20H2 FY20H1 FY21
Geographic diversity of revenue
•Diverse footprint allows us to move
sales around as markets change
•Europeimpacted by Covid-19
lockdowns
•Wildcatch growth in Australia
•Wildcatch and salmon growth in
North America
1
Revenue information above is based on the delivery destination of sales.
8

Seafood inventory value stabilised, with mix changing
$29.1
$48.3
$35.6
$15.0
$20.2
$30.2
$1.0
$6.3
$6.4
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
H1 FY20H2 FY20H1 FY21
Inventory Value ($m)
Wildcatch*MusselsSalmon
$71.7
YOY increase +6%
YOY increase +60%
VOLUME (PWT)
VALUE ($M)
•Wildcatch inventory includes stock on board vessels not yet available for sale
•Inventory value differs to financial statements as above excludes non-seafood inventory
6.8
8.9
5.9
2.9
2.8
4.1
0.1
0.5
0.5
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
H1 FY20H2 FY20H1 FY21
Inventory Volume (tonnes 000’s)
Wildcatch*MusselsSalmon
9.8
12.2
$44.9
$74.8
9
10.4

Global supply chain disruptions creating significant challenges
10

11
27.3
24.8
23.3
0
5
10
15
20
25
30
H1 FY20H2 FY20H1 FY21
$ millions
Operating Expenses -15% vs HY20
1
PeopleInsuranceITConsultancyTravelOther
1
Operating expenses adjusted for one-off restructuring and impairment costs.
Managing expenditure carefully for Covid conditions

People engagement score improved through Covid
72% Oct 19
73% Feb 20
75% Jun 20
76% Oct 20
77% Mar 21
‘Mullet Over’ engagement survey results Oct 19 –Mar 21
12
•More engaged staff are more
motivated and therefore safer and
more productive
•Drives higher returns
•Attracts and retains talent

13

Wildcatch HY21
14
*Profit contribution is Adjusted EBIT before head office overheads
FRESH
FROZEN
11.4
18.7
11.9
$0.37
$0.53
$0.32
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0
2
4
6
8
10
12
14
16
18
20
H1 FY20H2 FY20H1 FY21
$ millions
Profit contribution* +4% YoY
Profit contributionProfit contbn $/GWkg (RHS)
144.3
137.3
136.3
$4.73
$3.86
$3.71
1.8
2.2
2.6
3.0
3.4
3.8
4.2
4.6
5.0
0
20
40
60
80
100
120
140
160
H1 FY20H2 FY20H1 FY21
$ millions
Revenue -6% YoY
RevenueRev $/GWkg (RHS)
30.5
35.5
36.7
0
20
40
H1 FY20H2 FY20H1 FY21
GWT (000’s)
Sales Volumes +20% YoY
Solid volumes for catch and sales. Prices are low, but stabilising

Wildcatch HY21
15
Positives
•20% increase in sales volumes (incl. clearing of hoki
inventory back to historical levels)
•Deepwater catch volumes +2% (incl. +11% for hoki
catch)
•Antarctic toothfish catch +93% vs HY20, +113% vs HY19
•Cost savings from closure of Tauranga processing site
•Pricing low, but has stabilised and beginning to
improve
Challenges
•Average wildcatch pricing 22% lower than HY20
•Squid: catch down 25%, impacting second half;
reduced pricing and margins
•Antarctic toothfish pricing 17% lower than HY20
•San Waitaki ruling
FRESH
FROZEN

18.0
21.1
12.6
17.9
12.3
23.2
16.5
20.2
$5.69
$4.70
$4.74
$4.72
$4.12
$3.73
$3.56
$3.84
0
5
10
15
20
25
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
FY19
Q3
FY19
Q4
FY20
Q1
FY20
Q2
FY20
Q3
FY20
Q4
FY21
Q1
FY21
Q2
GWT (000's)
FOB PRICE / GW KG
GWT AND AVERAGE PRICING TREND
Sales volume GWTAverage FOB price / GW kg
Wildcatch HY21
16
Prices are low, but stabilising. Volume and inventory normalising
9.0
10.2
13.0
11.9
16.4
14.3
15.1
9.4
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
FY19
Q3
FY19
Q4
FY20
Q1
FY20
Q2
FY20
Q3
FY20
Q4
FY21
Q1
FY21
Q2
GWT (000's)
INVENTORY GWT (000’s)
FRESH
FROZEN

Greenshell Mussels HY21
17
Hardest hit this reporting period, ongoing disruption to global foodservice channel
MUSSELS
15.1
8.2
0.8
$0.79
$0.50
$0.05
0.0
0.4
0.8
1.2
0
2
4
6
8
10
12
14
16
H1 FY20H2 FY20H1 FY21
$ millions
Profit contribution* -95% YoY
Profit contributionProfit contbn $/GWkg (RHS)
65.7
54.8
40.7
$3.43
$3.30
$2.60
1.0
1.4
1.8
2.2
2.6
3.0
3.4
3.8
0
10
20
30
40
50
60
70
H1 FY20H2 FY20H1 FY21
$ millions
Revenue -38% YoY
RevenueRev $/GWkg (RHS)
19.1
16.6
15.6
0
5
10
15
20
25
H1 FY20H2 FY20H1 FY21
GWT (000’s)
Sales volume -18% YoY
*Profit contribution is Adjusted EBIT before head office overheads

Greenshell Mussels HY21
18
Positives
•Consistent reduction in growth time from spat to final
harvest (from 18-24 to 10-16 months)
•Starting to see positive lifts in demand in US and Asia
•Mussel powder pet market continues to grow and is
resilient to the current climate
Volume and pricing for half shell mussels significantly impacted
MUSSELS
Challenges
•Mussels are foodservice reliant
•Sales volumes fell 18%
•Inventories climbed 46% in volume (PWT) and
44% in value since September 2020
•Lower pricing impacting stock in water valuation
•Lower throughput impacted cost recoveries

8.0
8.2
10.0
9.1
7.7
9.1
6.7
9.1
$3.07
$3.10
$3.37
$3.50
$3.49
$3.07
$2.47
$2.40
0
2
4
6
8
10
12
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
FY19
Q3
FY19
Q4
FY20
Q1
FY20
Q2
FY20
Q3
FY20
Q4
FY21
Q1
FY21
Q2
GWT (000’s)
FOB PRICE / GW KG
GWT AND AVERAGE PRICING TREND
Sales volume GWTAverage FOB price / GW kg
Greenshell Mussels HY21
19
Covid impact was coming off record prices and volumes. Inventories climbed
MUSSELS
4.9
4.9
4.5
7.1
8.5
8.6
11.7
12.4
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
FY19
Q3
FY19
Q4
FY20
Q1
FY20
Q2
FY20
Q3
FY20
Q4
FY21
Q1
FY21
Q2
GWT (000’S)
INVENTORY GWT (000’s)

King Salmon HY21
Strong production and sales growth in challenging times
SALMON
15.6
2.2
12.1
$7.87
$1.34
$4.88
0.0
2.0
4.0
6.0
8.0
10.0
12.0
0
2
4
6
8
10
12
14
16
18
H1 FY20H2 FY20H1 FY21
$ millions
Profit contribution
1,2
-22% YoY
Profit contributionProfit contbn $/GWkg (RHS)
28.2
22.6
31.5
$14.21
$13.77
$12.68
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
15.0
0
5
10
15
20
25
30
35
H1 FY20H2 FY20H1 FY21
$ millions
Revenue +12% YoY
RevenueRev $/GWkg (RHS)
1,984
1,641
2,490
0
500
1,000
1,500
2,000
2,500
3,000
H1 FY20H2 FY20H1 FY21
GWT
Sales volumes +26% YoY
¹ P&L impact of fair value movement in salmon biomass, net of change in feed costs (H1 FY20 +$8m, H2 FY20 -$9m, H1 FY21 +$5m)
2
Profit contribution is Adjusted EBIT before head office overheads
20

21
Positives
•Harvest volumes and processing efficiencies
•Maintained focus on sustainability and licence to
operate initiatives e.g. 10c per salmon fund
•Switch into new Retail channels was a highlight:
•Strong retail growth in top US retailers -Yokes and
Harmon’s
•Ole supermarket chain in Asia
•Foodstuffs
•Resource on ground in US
Long-term strategic opportunity validated, but responding to changing near-term environment
SALMON
King Salmon HY21
Challenges
•Lower pricing impacting fair value of salmon stock in
water
•Frozen market in Japan

726
847
1,145
839
725
916
1,206
1,281
$13.78
$13.74
$14.32
$14.07
$14.14
$13.48
$12.86
$12.51
0
500
1,000
1,500
2,000
2,500
3,000
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
FY19
Q3
FY19
Q4
FY20
Q1
FY20
Q2
FY20
Q3
FY20
Q4
FY21
Q1
FY21
Q2
GWT
FOB PRICE / GW KG
GWT AND AVERAGE PRICING TREND
Sales volume GWTAverage FOB price / GW kg
22
Long-term strategic opportunity validated, but responding to changing near-term environment
SALMON
King Salmon HY21
124
186
184
114
186
703
898
702
-
100
200
300
400
500
600
700
800
900
1,000
FY19
Q3
FY19
Q4
FY20
Q1
FY20
Q2
FY20
Q3
FY20
Q4
FY21
Q1
FY21
Q2
GWT
INVENTORY GWT

23

24
•Covid-19 tactical response plan:
1.Focus on fundamentals
2.Build agility to respond to change
3.Spend aligned to integrity projects
4.Reduce costs and protect EBIT
5.Safe and high-performance culture
•Maintain the momentum that allows us to return to growth
•Leverage the commitment and talents of our people to respond to ongoing Covid-19
challenges and business opportunities
FY21 Focus recap

25
Wildcatch
•Focus on profitable inventory
reduction plan
•San Granit back in service in June
for hoki season
•Meet demand and drive
favourable product mix
King Salmon
•Big Glory Bay in-market activation
•RAS (Recirculation Aquaculture
System Hatchery) investment work
•Continued infrastructure investment
for volume increase (e.g. nets and
pens)
H2 21 Focus
Greenshell Mussels
•Traditional markets reopening
•Marine extracts consent process
•Harvest vessel asset rejuvenation

•Marine Extracts facility 2022, consent process the priority
•Interim collagen facilities up and running
Marine extracts
26
Hoki Collagen Powder
Collagen Manufacturing Equipment
Concept Marine Extracts Plant
Note: Marine extracts included in Mussel division

King Salmon retail in Asia, US and NZ
27
Products that allow us to respond to not only changing channels, but also high value consumer trends
Ole Supermarket, China
New World North Island, New Zealand
Ryan’s Grocery, Singapore
Yokes Fresh Market, Idaho, US

Capital expenditure
•We maintain our previously signalled expected level of spend in FY21 of ~$45-55m
•Spend aligned to business performance for next 18 months, with integrity capex prioritised
•We maintain an eye on the future and will respond accordingly
•Scampi project remains on hold for now
28
H1 FY21H2 FY21
Integrity$15m~$25m
Vessel surveys (incl. San Aspiring
+ San Granit) $10m
Processing equipment $2m
IT system “SanCore” $3m
Vessel surveys (incl. San
Granit) $15m
Processing equipment $1m
IT system “SanCore” $9m
Growth$5m ~$5m
Marine extracts $3m
Salmon development $2m
Salmon development $5m
Total$20m~$30m

29
Near term –“Adaptable and robust”:
•Adaptability to rapidly changing market conditions will help business recover from Covid-19 impacts
•However, as demand returns, supply chain congestion a challenge
•Strong balance sheet with sufficient covenant headroom
Medium term –“Ready for reopening”:
•Positioned for reopening of foodservice in key markets, driven by vaccines
•Seafood pricing to lag recovery for foodservice operators (time for inventory to normalise)
•Mussels expected to lag wildcatch and salmon
Long term –“Continuation of strategy”:
•Core strategy remains appropriate, but to be refined with benefit of recent learnings
•Compelling trend of growing global demand for clean protein
Looking ahead ...

30
Strengths:
•Scale, diversity, growth potential of all four business areas: wildcatch, mussel, salmon, innovation
•Heritage, legacy, tenure and knowledge of our fishing. We have been doing it for over 150 years
•Engagement, positivity, skills and capability of our people during what has been a very challenging time
•Sustainability and licence to operate
Opportunities:
•Prioritisation, roadmap and delivery of growth initiatives
•Building on existing partnerships in key markets
•Genius of the “and”: commodity andvalue-add
•Ensuring sustainability andprofitability run hand in hand
Early impressions: Peter Reidie

31
•The essence of our long-term strategy is unchanged. We are focused on creating
sustainable long-term value for all our stakeholders.
•The challenges of the pandemic have offered insights, which we will factor into our
long-term strategy. We will share this strategic refinement at the appropriate time.
•We are excited about the opportunities in front of us as demand returns and we
continue to provide high quality seafood to a world that is going to want more of it.
Strategic direction

32

33

APPENDIX : USD FX HEDGING PATTERN FOR THE YEAR
34

APPENDIX : HY21 Financial Results -GAAP to Non GAAP reconciliation
Definitions
ReportedEBIT:Earningsbeforeinterest,taxation,non-tradingcurrency
exchangelossesandgain(loss)onsalesofinvestments,intangibleandlong
termassets
AdjustedEBIT:ReportedEBITadjustedforimpairment,restructuringand
otherone-offitems
AdjustedEBITDA:Earningsbeforeinterest,taxation,non-tradingcurrency
exchangelosses,depreciation,amortisation,restructuring,adjustingitems,
impairmentandgain(loss)onsaleofinvestments,intangibleandlong
termassets
Non-GAAPProfitmeasures
Sanford'sstandardprofitmeasurepreparedunderNewZealandGAAPisnet
profit.Sanfordhasusednon-GAAPmeasureswhendiscussingfinancial
performanceinthisdocument.TheDirectorsandmanagementbelievethat
thesemeasuresprovideusefulinformationastheyareusedinternallyto
evaluatedivisionalandtotalGroupperformanceandtoestablishoperating
andcapitalbudgets.Non-GAAPprofitmeasuresarenotpreparedin
accordancewithNZIFRS(NewZealandEquivalentstoInternationalFinancial
ReportingStandards)andarenotuniformlydefined,thereforethenon-GAAP
profitmeasuresincludedinthisreportarenotcomparablewiththoseused
byothercompanies.Theyshouldnotbeviewedinisolationorasa
substituteforGAAPprofitmeasuresasreportedbySanfordinaccordance
withNZIFRS.
35
H1 FY21H1 FY20FY20
$m$m$m
UnauditedUnauditedAudited
Revenue233.5245.5468.8
Gross Profit31.147.682.5
%13.3%19.4%17.6%
Reported net profit (GAAP)16.219.022.4
Add back:
Net interest and tax expense7.29.417.3
Net gain on sale of investments, property, plant and
equipment and intangibles
(13.2) (4.0) (4.0)
Reported EBIT10.224.435.7
Adjustments:
Impairment of assets and restructuring csots0.20.54.6
Other one-off items0.3(1.8) (2.1)
Total one off items0.5 (1.3) 2.6
Adjusted EBIT10.723.238.3
Depreciation and amortisation15.113.528.0
Adjusted EBITDA25.836.766.3