Half Year Results 2021

INTERIM
REPORT
2021

2 | T&G GLOBAL LIMITED INTERIM REPORT 2021

CONTENTS
Chairman and CEO Review4
Income statement6
Statement of comprehensive income7
Statement of changes in equity8
Balance sheet9
Statement of cash flows10
Notes to the financial statements12
T&G GLOBAL LIMITED INTERIM REPORT 2021 | 3

CHAIRMAN
AND CEO REVIEW
In the first half of 2021, we have seen a
continuation of the industry-wide challenges
we saw last year, and this has had an impact
on our financial results for the six months to 30
June 2021.
Like many companies around the world, we continue to find
ourselves in a period of uncertainty and volatility, and COVID-19
continues to impact our business. In responding to this, we’ve
stayed absolutely focused on what we can control and our long-
term strategic growth plans, and we’d like to thank our people
and our growers for everything they’ve done.
We are incredibly proud of our T&G whanāu. While it’s been a
difficult start to the year, they’ve supported each other, brought
our purpose to life, delivered on our strategy, solved challenges
as they’ve come up, and kept fruit and vegetables flowing to our
consumers and customers in more than 60 countries.
Globally, there’s unabated demand for high-quality fresh
produce and we’re seeing very strong growth potential for our
premium brands. Accordingly, while we continue to operate in a
challenging COVID-19 environment, we are very optimistic about
the future and our ability to harness the opportunities ahead.
PERFORMANCE
For the first six months of 2021, total revenue for the Group
decreased by 2.9% ($19.3 million) to $652.1 million, compared
to the same period last year, and operating profit decreased
to $10.9 million from $19.5 million. Profit before income tax
decreased 63% to $5.1 million, down from $13.7 million.
Industry-wide challenges across several parts of our business -
particularly in our Apples business, contributed to the lower first-
half result. The Apples business reported decreased revenue
for the period of $425.0 million, down $15.5 million from the
corresponding 2020 period.
International supply chain challenges, including disrupted
shipping schedules and a shortage of containers, had more
of an impact in the first half of 2021 than we experienced
proportionately last year. This affected our ability to get fresh
produce to market on-time. Our team worked hard to address
this, sourcing several charter ships and partnering with other
businesses and industries to help meet global customer
demand for our produce. While this enabled us to smooth the
transition from northern hemisphere to southern hemisphere
supply, these supply chain issues contributed to our financial
performance.
Adverse weather conditions at the start of the season in Nelson
impacted a significant portion of our apples, and that of our
growers. In addition, the apples ripened early, creating a race to
get the fruit off trees with a shortage of skilled workers ready to
work in the regions.
To overcome the shortage, our team worked hard to hire more
than 950 New Zealanders throughout the season to work
alongside a reduced number of Recognised Seasonal Employer
(RSE) team members. We also invested heavily in automation,
welcoming eight new state-of-the-art automated picking
platforms to increase productivity on our Hawke’s Bay orchards,
while also assisting in reducing injuries. Despite these efforts,
at the peak of the season we were still short around 300 people
per day, which meant we had to leave some apples unpicked,
including some destined for export.
Just over a year has passed since the creation of our New
Zealand domestic business, T&G Fresh, following our acquisition
of Freshmax New Zealand Limited. The business has also
experienced challenges in the first six months of the year, with
tough trading conditions across the entire primary industry
sector further exacerbated by labour constraints. COVID-related
issues and weather also played its part, with early stone fruit
adversely affected by hail and complexities with the importing
of bananas. Our own-grown tomatoes were also impacted,
resulting in significant price decreases due to an oversupply in
the market.
4 | T&G GLOBAL LIMITED INTERIM REPORT 2021

We continue to look at ways to improve operating efficiencies
and business performance by embedding best practice systems
across T&G. Furthermore, we continue to divest non-essential
assets, with the recent sale of our 490 Nayland Road property in
Nelson, which will settle in November (following last year’s sale-
and-leaseback of 484 Nayland Road). By freeing up cashflow it
allows us to reinvest in new growth activities, including exploring
new genetics opportunities globally, investing in our Apples
business and continuing to invest in higher-returning physical
assets and technology.
LOOKING AHEAD
We’re well progressed on our pathway to transition to a high-
tech, automated growing and post-harvest model, as well as
building capabilities amongst our local workforce, however this
is a process which will take years to transition to.
In the six months ahead, we’ll further progress our ambitious
growth strategy by harnessing the best genetics, building
premium brands and in-market capabilities, and delivering
strong sales momentum. To do this, we’ll continue to optimise
our supply chain.
The long-term growth of our premium Apples category, including
our Envy™ brand, is a critical priority. To support Envy’s™ ability
to meet future worldwide demand, the Board recently approved
significant capital investment which will be used to further
redevelop orchards, invest in new on-orchard technology, as well
as in new state-of-the-art post-harvest systems.
Our underlying financial strength and our team’s resilience,
expertise and ability to rapidly adapt to the changing operating
environment, means we’re well positioned to not only meet
the current challenges head-on but maximise our future
global growth.
BENEDIKT MANGOLD
CHAIRMAN
GARETH EDGECOMBE
CHIEF EXECUTIVE OFFICER
T&G GLOBAL LIMITED INTERIM REPORT 2021 | 5
T&G Global Chairman Benedikt Mangold (left)
and Chief Executive Officer Gareth Edgecombe (right)

For the six months ended 30 June 2021
INCOME STATEMENT
NOTES
Unaudited
6 months to
30 Jun 2021
$’000
Unaudited
6 months to
30 Jun 2020
$’000
Audited
12 months to
31 Dec 2020
$’000
Revenue3652,063671,3131,412,590
Other operating income3,9636,07710,019
Purchases, raw materials and consumables used(479,069)(505,372)(1,086,876)
Employee benefits expenses(93,400)(88,789)(177,458)
Depreciation and amortisation expenses(25,655)(21,279)(45,879)
Other operating expenses(46,998)(42,446)(80,020)
Operating profit10,90419,50432,376

Financing income6997411,334
Financing expenses(7,491)(7,503)(14,108)
Share of profit from joint ventures and associates79621,0022,422
Profit before income tax
5,07413,74422,024
Income tax expense4(1,658)(4,243)(5,434)
Profit after income tax3,4169,50116,590

Attributable to:
Equity holders of the Parent7166,61311,056
Non-controlling interests2,7002,8885,534
Profit for the period3,4169,50116,590
Earnings per share (in cents)

Basic and diluted earnings0.6 5.4 9.0
The accompanying notes form an integral part of these interim financial statements.
6 | T&G GLOBAL LIMITED INTERIM REPORT 2021

STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2021
Unaudited
6 months to
30 Jun 2021
$’000
Unaudited
6 months to
30 Jun 2020
$’000
Audited
12 months to
31 Dec 2020
$’000
Profit for the period3,4169,50116,590

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- -38,582
Deferred tax effect on revaluation of property, plant and equipment- -(2,976)
Deferred tax effect on sale of property, plant and equipment- -(61)
- -35,545
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations1,7081,877(3,861)
Cash flow hedges:
Fair value (loss) / gain, net of tax(7,350)(4,420)14,420
Reclassification of net change in fair value to profit or loss876(102)(4,178)
(4,766)(2,645)6,381
Other comprehensive (loss) / income for the period(4,766)(2,645)41,926

Total comprehensive (loss) / income for the period (1,350)6,85658,516

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

Equity holders of the Parent (4,497)4,01453,563
Non-controlling interests3,1472,8424,953
(1,350)6,85658,516
The accompanying notes form an integral part of these interim financial statements.
T&G GLOBAL LIMITED INTERIM REPORT 2021 | 7

For the six months ended 30 June 2021
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
2021
Balance at 1 January 2021176,357113,289216,961506,60713,147519,754
Profit for the period - -7167162,7003,416
Other comprehensive income / (loss)
Exchange differences on translation of foreign
operations
-1,257 -1,2574511,708
Movement in cash flow hedge reserve -(6,470) -(6,470)(4)(6,474)
Total other comprehensive loss -(5,213) -(5,213)447(4,766)
Transactions with owners
Dividends6 - - - -(3,483)(3,483)
Total transactions with owners - - - -(3,483)(3,483)
Balance at 30 June 2021176,357108,076217,677502,11012,811514,921
2020
Balance at 1 January 2020 176,357111,623172,726460,70613,697474,403
Profit for the period - -6,6136,6132,8889,501
Other comprehensive income / (loss)
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 income / (loss) -(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
The accompanying notes form an integral part of these interim financial statements.
8 | T&G GLOBAL LIMITED INTERIM REPORT 2021

NOTES
Unaudited
30 Jun 2021
$’000
Unaudited
30 Jun 2020
$’000
Audited
31 Dec 2020
$’000
Current assets
Cash and cash equivalents84,98366,38644,664
Trade and other receivables194,654224,862184,948
Inventories190,802175,10239,666
Taxation receivable15,51111,6539,942
Derivative financial instruments12,2552,44414,832
Biological assets6,27210,71723,449
Non-current assets classified as held for sale15,500- -
Total current assets519,977491,164317,500
Non-current assets
Trade and other receivables21,48121,36417,087
Derivative financial instruments2,3343,4846,561
Deferred tax assets1,3272,8001,166
Investments in unlisted entities879387
Property, plant and equipment5392,661396,227392,700
Right-of-use assets116,989 94,313 119,198
Investment property -15,00013,500
Intangible assets77,54674,78077,842
Investments in joint ventures and associates736,09336,49635,100
Total non-current assets648,518644,557663,242
Total assets1,168,4951,135,721980,742
Current liabilities
Trade and other payables276,511275,997179,098
Borrowings92,700106,24024,729
Lease liabilities21,66519,65221,282
Taxation payable3,7252,1531,861
Derivative financial instruments2,0164,0491,547
Total current liabilities396,617408,091228,517
Non-current liabilities
Trade and other payables1791791,320
Borrowings104,584120,52976,400
Lease liabilities100,50177,340102,457
Derivative financial instruments5,6777,6865,623
Deferred tax liabilities446,01642,06746,671
Total non-current liabilities256,957247,801232,471
Total liabilities653,574655,892460,988
Equity
Share capital176,357176,357176,357
Revaluation and other reserves108,076109,024113,289
Retained earnings217,677179,030216,961
Total equity attributable to equity holders of the Parent502,110464,411506,607
Non-controlling interests12,81115,41813,147
Total equity514,921479,829519,754
Total liabilities and equity1,168,4951,135,721980,742
B.J. Mangold
Director (Chairman)
5 August 2021
C.A. Campbell
Director (Chair of Finance, Risk and Investment Committee)
5 August 2021
BALANCE SHEET
As at 30 June 2021
The accompanying notes form an integral part of these interim financial statements.
T&G GLOBAL LIMITED INTERIM REPORT 2021 | 9

For the six months ended 30 June 2021
STATEMENT OF CASH FLOWS
NOTES
Unaudited
6 months to
30 Jun 2021
$’000
Unaudited
6 months to
30 Jun 2020
$’000
Audited
12 months to
31 Dec 2020
$’000
Cash flows from operating activities
Cash was provided from:
Receipts from customers648,361644,5821,442,418
Other36717371
Cash was disbursed to:
Payments to suppliers and employees(607,823)(632,631)(1,374,939)
Interest paid(2,387)(4,778)(10,997)
Income taxes paid(1,792)(62)(272)
Net cash inflow from operating activities36,7267,28456,281
Cash flows from investing activities
Cash was provided from:
Loan repayments from suppliers, customers, associates and joint
ventures
2472,3392,808
Sale of other property, plant and equipment2,674213605
Dividends received from joint ventures and associates- -2,430
Cash acquired with business- -605
Sale of 484 Nayland Road site- -50,514
Cash was disbursed to:
Purchase of property, plant and equipment5(15,793)(13,675)(41,193)
Purchase of intangible assets(1,067)(2,105)(5,584)
Loans to suppliers, customers, associates and joint ventures(1,985) -(449)
Purchase of Freshmax NZ Limited-(27,904)(27,904)
Purchase of non-controlling interest’s share in subsidiary-(371)(371)
Net cash outflow from investing activities(15,924)(41,503)(18,539)
Cash flows from financing activities
Cash was provided from:
Net proceeds from short-term borrowings -25,80022,600
Proceeds from long-term borrowings39,35247,65448,953
Proceeds from seasonal funding73,00075,000 -
Cash was disbursed to:
Dividends paid to non-controlling interests6(3,483)(1,059)(5,441)
Dividends paid to Parent's shareholders - -(7,353)
Net repayment of short-term borrowings(3,000)--
Repayment of long-term borrowings(13,398)(13,311)(56,512)
Repayment of lease liabilities(15,213)(10,974)(21,658)
Repayment of related party loan --(5,270)
Seasonal advances to growers(52,874)(58,350) -
Bank facility fees and transaction fees(1,321)(1,776)(3,311)
Net cash inflow / (outflow) from financing activities23,06362,984(27,992)
Net increase in cash and cash equivalents43,86528,7659,750
Foreign currency translation adjustment(3,546)1,413(1,294)
Cash and cash equivalents at the beginning of the year44,66436,20836,208
Cash and cash equivalents at the end of the period84,98366,38644,664
The accompanying notes form an integral part of these interim financial statements.
10 | T&G GLOBAL LIMITED INTERIM REPORT 2021

STATEMENT OF CASH FLOWS (CONTINUED)
Unaudited
6 months to
30 Jun 2021
$’000
Unaudited
6 months to
30 Jun 2020
$’000
Audited
12 months to
31 Dec 2020
$’000
Profit for the period3,4169,50116,590
Adjusted for non-cash items:
Amortisation expense1,6638342,672
Depreciation expense23,99220,44543,207
Movement in deferred tax(2,147)(1,411)882
Movement in provision for receivables impairment(79)151,837
Share of profit of joint ventures and associates(962) (1,002)(2,422)
Other movements1,101461(1,422)
23,56819,34244,754
Adjusted for investing and financing activities:
Bank facility and line fees1,3211,7763,311
Loss on sale of other property, plant and equipment4,8604882,838
Net gain from reversal of previous property, plant and equipment
revaluation changes through profit and loss
- - (13)
Fair value adjustment of investment property(2,000) - 1,500
Impairment of loans to associates- - 921
4,1812,2648,557
Impact of changes in working capital items net of effects of
non-cash items, and investing and financing activities:
(Increase) / decrease in debtors and prepayments(16,499)(36,091)6,278
Decrease / (increase) in biological assets13,98111,916(816)
Increase / (decrease) in creditors and provisions159,724147,455(9,468)
Increase in inventories(147,940)(146,786)(11,350)
(Increase) / decrease in net taxation receivable(3,705)(317)1,736
5,561(23,823)(13,620)
Net cash inflow from operating activities36,7267,28456,281
RECONCILIATION OF PROFIT AFTER INCOME TAX TO NET CASH FLOW FROM OPERATING ACTIVITIES
For the six months ended 30 June 2021
The accompanying notes form an integral part of these interim financial statements.
T&G GLOBAL LIMITED INTERIM REPORT 2021 | 11

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 60 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 are for the Group which comprises the Parent and its subsidiaries, joint ventures
and associates, as at 30 June 2021.
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 2020 (2020 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). The accounting policies used in the preparation of these unaudited condensed interim financial statements
are consistent with those used in the 2020 Annual Report.
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 2020 Annual Report.
Combined information
In the current period, the share of profits from equity accounted investments (joint ventures and associates) have been combined and
presented as a single line item in the Income Statement. The prior period numbers have also been combined. Previously, the share of
profits from joint ventures and associates were presented as separate line items.
12 | T&G GLOBAL LIMITED INTERIM REPORT 2021

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:
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, 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 2021
Total segment revenue
424,95176,336168,686112
670,085
Inter-segment revenue
- (12,252)(5,770) -
(18,022)
Revenue from external customers
424,95164,084162,916112
652,063
Purchases, raw materials and consumables used(323,460)(58,671)(96,934)(4)(479,069)
Depreciation and amortisation expenses
(11,887)(331)(12,184)(1,253)
(25,655)
Net other operating (expenses) / income
(65,130)(10,799)(50,042)(10,464)(136,435)
Segment operating profit / (loss)24,474(5,717)3,756(11,609)10,904
Financing income699
Financing expenses(7,491)
Share of profit from joint ventures and associates962
Profit before income tax5,074
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
T&G GLOBAL LIMITED INTERIM REPORT 2021 | 13

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 2020
Total segment revenue
440,50085,747160,109122
686,478
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)(125,158)
Segment operating profit / (loss)30,8201,9247,463(20,703)19,504
Financing income741
Financing expenses(7,503)
Share of profit from joint ventures and associates1,002
Profit before income tax13,74 4
Audited year ended 31 December 2020
Total segment revenue
947,338199,392370,546930
1,518,206
Inter-segment revenue
(72,111)(20,676)(12,829) -
(105,616)
Revenue from external customers
875,227178,716357,717930
1,412,590
Purchases, raw materials and consumables used
(695,568)(168,679)(222,564)(65)(1,086,876)
Depreciation and amortisation expenses
(20,170)(776)(22,433)(2,500)
(45,879)
Net other operating expenses
(107,382)(6,935)(94,316)(38,826)( 247, 459)
Segment operating profit / (loss)52,1072,32618,404(40,461)32,376
Financing income1,334
Financing expenses(14,108)
Share of profit from joint ventures and associates2,422
Profit before income tax22,024
14 | T&G GLOBAL LIMITED INTERIM REPORT 2021

3. REVENUE
Apples
$’000
International
Trading
$’000
T&G Fresh
$’000
Other
$’000
Total
$’000
Unaudited six months ended 30
June 2021
Nature of revenue
Sale of produce389,05159,128123,192 - 571,371
Sale of licences 2,741 - - - 2,741
Commissions12,6894,95612,024- 29,669
Services15,711 -27,700 112 43,523
Royalties4,759 - - - 4,759
Revenue from external customers 424,951 64,084 162,916 112 652,063
Timing of revenue recognition
At a point in time
Sale of produce389,05159,128123,192 - 571,371
Sale of licences 2,741 - - - 2,741
Commissions12,6894,95612,024- 29,669
Services11,770 -27,690 112 39,572
Royalties4,759 - - - 4,759
421,010 64,084 162,906 112 648,112
Over time
Services3,941 -10 -3,951
3,941 -10 -3,951
Revenue from external customers424,95164,084162,916112652,063
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 customers 440,500 76,921 153,770 122 671,313
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
T&G GLOBAL LIMITED INTERIM REPORT 2021 | 15

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
2020
Nature of revenue
Sale of produce813,072173,136287,198 -1,273,406
Commissions20,9152,46521,294 -44,674
Services32,8403,11549,22593086,110
Royalties8,400 - - -8,400
Revenue from external customers875,227178,716357,7179301,412,590
Timing of revenue recognition
At a point in time
Sale of produce813,072173,136287,198 -1,273,406
Commissions20,9152,46521,294 -44,674
Services23,3353,11549,21093076,590
Royalties8,400 - - -8,400
865,722178,716357,7029301,403,070
Over time
Services9,505 -15 -9,520
9,505 -15 -9,520
Revenue from external customers875,227178,716357,7179301,412,590
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.
16 | T&G GLOBAL LIMITED INTERIM REPORT 2021

5. PROPERTY, PLANT AND EQUIPMENT
6. DIVIDENDS
Unaudited
6 months to
30 Jun 2021
$’000
Unaudited
6 months to
30 Jun 2020
$’000
Audited
12 months to
31 Dec 2020
$’000
Unaudited
6 months to
30 Jun 2021
Cents per share
Unaudited
6 months to
30 Jun 2020
Cents per share
Audited
12 months to 31
Dec 2020
Cents per share
Interim dividend -
-
7,353--6
Dividends to non-controlling
interests in Group subsidiaries
3,4831,0595,441---
Total3,4831,05912,794






7. 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 2021. 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 2021 and 2020 are:
Unaudited
6 months to
30 Jun 2021
$’000
Unaudited
6 months to
30 Jun 2020
$’000
Audited
12 months to
31 Dec 2020
$’000
Asset acquisitions and disposals
Cost of assets acquired15,79313,67541,193
Net book value of assets disposed5,15970154,622
Net loss on assets disposed(4,860)(488)(2,838)
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
NAME OF ENTITY
PLACE OF BUSINESS AND COUNTRY
OF INCORPORATION
OWNERSHIP INTEREST (%)
30 Jun 202130 Jun 202031 Dec 2020
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 Zealand-15-
The Fruit Firm LimitedUnited Kingdom202020
(1)
Mystery Creek Asparagus Limited was wound down in November 2020.
Contributions from joint ventures and associates
During the period ended 30 June 2021, contributions from joint ventures and associates include $1.0 million from Grandview Brokerage
LLC (30 June 2020: $0.7 million; 31 December 2020: $2.7 million).
T&G GLOBAL LIMITED INTERIM REPORT 2021 | 17

NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
8. 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 2021 (unaudited)
Cash and cash equivalents84,983 - - - 84,983
Trade and other receivables (excluding
prepayments and taxes)
196,525 - - - 196,525
Investment in unlisted entities - - - 8787
Derivative financial instruments - 51314,076 - 14,589
Total
281,50851314,07687296,184
As at 30 June 2020 (unaudited)
Cash and cash equivalents66,386 - - - 66,386
Trade and other receivables (excluding
prepayments 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 31 December 2020 (audited)
Cash and cash equivalents44,664 - - - 44,664
Trade and other receivables (excluding
prepayments and taxes)
175,195 - - - 175,195
Investment in unlisted entities - - - 8787
Derivative financial instruments - 1,38820,005 - 21,393
Total
219,8591,38820,00587241,339
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 2021 (unaudited)
Borrowings197,284 - - 197,284
Trade and other payables (excluding employee entitlements
and taxes)
263,960 - - 263,960
Lease liabilities145,470 - - 145,470
Derivative financial instruments - 1437,5507,693
Total
606,7141437,550614,407

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 31 December 2020 (audited)
Borrowings101,129 - - 101,129
Trade and other payables (excluding employee entitlements
and taxes)
165,467 - - 165,467
Lease liabilities123,739 - - 123,739
Derivative financial instruments - 1307,0407,170
Total
390,3351307,040397,505
18 | T&G GLOBAL LIMITED INTERIM REPORT 2021

8. FINANCIAL INSTRUMENTS (CONTINUED)
Fair value hierarchy
All financial assets and liabilities that use methods and assumptions to estimate fair value at 30 June 2021 are considered to be level 2 in
the fair value hierarchy (30 June 2020: level 2; 31 December 2020: level 2).
Valuation techniques used to value financial instruments are consistent with those used in the 2020 Annual Report.
For the six months ended 30 June 2021 and for the financial year ended 31 December 2020, the estimated fair values of all of the Group’s
other financial assets and liabilities approximate their carrying values.
9. CONTINGENCIES
There has been no material change in contingent liabilities during the period.
10. CAPITAL COMMITMENTS
As at 30 June 2021, the Group is committed to the following capital expenditure:
Unaudited
30 Jun 2021
$’000
Unaudited
30 Jun 2020
$’000
Audited
31 Dec 2020
$’000
Property, plant and equipment4,5523,28712,085
Intangible assets17180445
Total
4,7233,36712,530
11. 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.
12. EVENTS AFTER THE REPORTING PERIOD
During the six months ended 30 June 2021, the Board resolved to pay a fully imputed final dividend to the shareholders of 6.0 cents per
share in respect of the 2020 financial year. The dividend was fully paid on 8 July 2021.
There are no other material events that occurred after the reporting date that would require adjustment or disclosure in these unaudited
condensed interim financial statements.
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
T&G GLOBAL LIMITED INTERIM REPORT 2021 | 19

1 CLEMOW DRIVE, MT WELLINGTON, AUCKLAND 1060
TEL: +64 9 573 8700
INFO@TANDG.GLOBAL

---

5 August 2021

T&G Global reports its 2021 Interim Results

At a glance
• Revenue: $652.1 million, down from $671.3 million
• Operating profit: $10.9 million, down from $19.5 million
• Net profit before tax: $5.1 million, down from $13.7 million
• Net profit after tax: $3.4 million, down from $9.5 million
• Net assets: $514.9 million, up from $479.8 million

T&G Global today announced its Interim Results for the six months to 30 June 2021, which show
the Group has not been immune to the pressure of continuing industry-wide challenges.

Total revenue for the Group decreased by 2.9% to $652.1 million, compared to the same period
last year, and operating profit decreased to $10.9 million from $19.5 million. Profit before income
tax decreased 63% to $5.1 million, down from $13.7 million.

Chief Executive Gareth Edgecombe says while COVID-19 continues to impact the business, T&G
has stayed absolutely focused on what it can control and its long-term strategic growth plans.

“The first half of the year has been challenging, with ongoing uncertainty and volatility. Our T&G
whānau responded strongly to this, supporting each other, delivering on our strategy and keeping
fresh produce flowing to consumers and customers around the world. I’m incredibly proud of our
people and our growers,” says Gareth.

“Globally, high-quality fresh produce is more in demand than ever before and we’re seeing
incredible growth potential for our premium brands. Despite this, continuing international supply
chain challenges, including disrupted shipping schedules, had more of an impact than we
experienced proportionately last year. This affected our ability to get fresh produce to market on-
time. We worked hard to address this, sourcing several charter ships and partnering with other
businesses and industries, however these issues contributed to our financial performance.”

T&G’s Apples business reported a decrease in revenue for the period to $425.0 million, down
$15.5 million from the corresponding 2020 period.

“We had a challenging start to the season for our Apples business, with adverse weather
conditions in Nelson impacting a significant portion of our crop and our growers. In addition, the
apples ripened early, creating a race to get the fruit off trees with a shortage of skilled workers
ready to work in the regions. This meant we saw an unprecedented amount of unpicked fruit.

“We worked hard to address the shortage of skilled and experienced workers, hiring more than 950
New Zealanders throughout the season. We also invested heavily in automation, welcoming eight
new state-of-the-art automated picking platforms to increase productivity on our Hawke’s Bay
orchards, while also assisting in reducing injuries. Despite these efforts, at the peak of the season
we were still short around 300 people per day.

“Looking ahead, we’re well progressed on our pathway to transition to a high-tech, automated
growing and post-harvest model, and building capabilities amongst our local workforce, however
this is a process which will take years to transition to.”

The company remains firmly committed to investing in its premium Apples business and in
particular, growing its Envy™ brand to meet worldwide demand.

“Across our business, we’re focused on harnessing the best genetics, building premium brands
and in-market capabilities, and delivering strong sales momentum. To do this, we’re continually
optimising our supply chain and are pleased that significant capital investment has been approved
by our Board to support our future strategic direction.”

Challenges were also felt by T&G Fresh, T&G’s domestic New Zealand business, as tough trading
conditions across the entire primary industry sector were further exacerbated by labour constraints.
COVID-related issues and weather also played its part, with early stone fruit adversely affected by
hail, complexities with the importing of bananas and the exporting of T&G’s own-grown tomatoes,
which, in relation to tomatoes, led to significant price decreases due to an oversupply in the
market.

New Chairman, Benedikt Mangold, says despite the financial performance, T&G’s underlying
financial strength, combined with its strategy and capabilities, means its well positioned to
maximise future global growth.

“In these uncertain times, T&G’s resilience, strategy and team has enabled the company to remain
well positioned to meet future growth objectives. The Board is proud of the team’s ability to remain
agile and rapidly adapt to its changing operating environment, and I’m confident that we’ll be able
to meet the current challenges head on.”




For further information, please contact:

Kelly Gunn
Communications Manager
Kelly.Gunn@tandg.global
+64 (0)27 213 5625

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


About T&G Global. Our story began over 124 years ago as Turners and Growers, and today T&G Global
helps grow healthier futures for people around the world through fresh fruit and vegetables. Located in 13
countries, our team of 2,000 people both grow and partner with over 1,200 growers to market, sell and
distribute nutritious fresh produce to customers and consumers in over 60 countries. As Kaitiaki, we do this
guided by Kaitiakitanga. For us, this means we treat the land, people, produce, resources and community
with the greatest of respect and care, as guardians of their future.

---

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 2021
Previous Reporting Period 6 months to 30 June 2020
Currency New Zealand Dollar
Amount (000s) Percentage change
Revenue from continuing
operations
$652,063 -2.9%
Total Revenue $652,063 -2.9%
Net profit/(loss) from
continuing operations
$3,416 -64%
Total net profit/(loss) $3,416 -64%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.06
Imputed amount per Quoted
Equity Security
$0.02
Record Date 1 July 2021
Dividend Payment Date 8 July 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$3.57 $3.31
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

05/08/2021

Unaudited financial statements accompany this announcement.