Interim Results Announcement

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019
S:\Executive\Stock Exchange\Year Ended 2022\Interim Result\NZX Releases 19 May 2022\Sanford Results Announcement HY22 -
No Div.docx


Results for announcement to the market
Name of issuer Sanford Limited
Reporting Period 6 months to 31 March 2022
Previous Reporting Period 6 months to 31 March 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$270,923 16.0%
Total Revenue $270,923 16.0%
Net profit/(loss) from
continuing operations
$6,120 (55.5%)
Total net profit/(loss) $6,120 (55.5%)
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
$1.55918108 $1.49691779
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 2022.
The Previous Reporting Period figures have been restated as
detailed in Note 2 of the Interim Report.
Authority for this announcement
Name of person

authorised
to make this announcement
Dean McIntosh
Contact person for this
announcement
Paul Alston
Contact phone number 021 918 033
Contact email address palston@sanford.co.nz
Date of release through MAP

19/05/2022

Unaudited financial statements accompany this announcement.

---

19 May 2022

Name of Listed Issuer: SANFORD LIMITED (SAN)
INTERIM FINANCIAL RESULTS for the 6 months ended 31 March 2022

Sanford Interim Results Boosted by International Post-Covid Recovery
Sanford Limited (NZX: SAN) has reported a solid recovery in the first half of its 2022 financial
year, with Adjusted (underlying) Earnings Before Interest and Tax (Adjusted EBIT) of $19.2
million for the six months to 31 March. This represents a 79.4% increase on Adjusted EBIT
from the same period last year ($10.7 million). Total revenue was $270.9 million for the
period, a 16.0% increase on the same period in 2021 ($233.5 million).
Statutory net profit after tax (NPAT) for the period was $6.1 million, 55.5% behind last year’s
interim result of $13.8 million
1
which included a one-off gain of $13.4 million from the sale of
non-core property.
Sanford is New Zealand’s largest and oldest seafood company and has a diverse range of
interests across fishing and aquaculture.
Key highlights from the first half of the 2022 financial year include:
• The profit contribution from Sanford’s wildcatch division is up 108.4% versus the prior
comparable period, driven by a significant lift in global demand for whitefish
• Maintenance of salmon profitability through increasing revenues by 35.9% to
compensate for additional cost in feed, freight and some increased investment to
minimise a minor increase in mortality due to warmer water temperatures
• Sanford’s balance sheet is strong, with net debt at $175.6 million and around $90
million in headroom with current banking facilities
• Significantly improved operating cashflows of $35.8 million versus $4.5 million for the
same period last year
CEO Peter Reidie says the result is pleasing, although challenges continue on the domestic
front.
“The uplift in EBIT and revenue is satisfying and we are pleased we have been in a good
position to take advantage of the post-Covid recovery in many of our international markets.
Now the challenges we face have shifted from demand to supply, with Covid-19 continuing to

1
The Previous Reporting Period figures have been restated as detailed in Note 2 of the
Interim Report.

make its presence felt in New Zealand. This is impacting our operations, particularly in
processing where reduced staff availability has impacted productivity and increased costs.
“The good news is that our plans to minimise the impact on fishing, farming and production are
paying off. We have a 100% vaccinated workforce and we are using Rapid Antigen Testing at
the majority of sites, including before entry to our vessels.”
Divisional Highlights
Wildcatch Performs Strongly
Sanford’s wildcatch division has performed well and demand is strong in this seafood category.
Sales volumes however have been depressed by supply availability, with the squid season
starting somewhat later than usual.
Improved margins for species such as hoki, scampi and toothfish have driven a lift in
profitability for this division.
Looking forward, Sanford anticipates continuing, short term Covid-19 impacts on crewing and
processing which it is managing thorough testing, staff attentiveness and policies and
procedures.
Mussels Stable, Labour Shortage Impacts Processing
Sanford’s mussel division is seeing strong signs of demand recovery and its profit contribution
was stable compared to the first half of 2021, but improvement is hampered by a processing
bottleneck caused by domestic labour shortages.
Mr Reidie says “we face serious production constraints in both our Havelock processing facility
and in our joint venture operations with North Island Mussels Limited in Tauranga, despite
sustained attempts to recruit more workers to these areas. There simply aren’t enough work-
ready New Zealanders available to fill all the positions we have.”
Salmon Solid, Risks Well Managed
The profit contribution from salmon was flat versus the prior comparable period, but revenue
was up 35.9% with strong demand internationally.
CEO Peter Reidie says “we are fortunate to farm our prized salmon in Stewart Island waters,
where risks from warmer temperatures are reduced and are also being well managed by our
farming team. Reduced stocking densities alongside aeration and oxygenation technologies
have shown their value during the last six months, keeping seasonal mortalities across all fish
at 3.5% from January to March.”
People, Supply Chain and Outlook
Sanford has recorded stable personnel engagement rates in its recent survey of 7.5/10, which
Mr Reidie describes as pleasing. “Our people have had to work very hard over the last two
years, responding to the Covid pandemic and we are pleased they are generally in good spirits,
despite the challenges.”

The company reports few current concerns about supply chain impacts, thanks in large part to
its relationship with supply chain collaboration group Kotahi.
Mr Reidie says “our overall outlook is positive as we expect strong demand improvements to
continue. The limiting factors for us now are working our way through the domestic impacts of
Covid-19 and addressing staff shortages in key areas such as mussel processing.”
Given the early stage of its recovery, Sanford’s Board has determined it will not be paying an
interim dividend. It remains focused on returning to normalised dividend payments as soon as
it is financially prudent to do so. The Board is committed to taking a step towards this with a
modest final dividend payment at the end of this financial year.


For more information or to arrange interviews or request imagery or video, please contact:
Fiona MacMillan
GM Corporate Communications, Sanford
fmacmillan@sanford.co.nz
+64 (0)21 513 522

---

RESULTS BRIEFING
FOR THE SIX MONTHS ENDED
31 MARCH 2022
19.05.22

DISCLAIMER
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 any loss
(including, without limitation, arising from any fault or negligence) arising from this presentation or any information suppliedin connection with it.
This presentation contains financial information taken from management accounts and from the Company’s unaudited results for thesix months ended 31
March 2022.
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 uponin connection with the purchase or
sale of any security. Nothing in this presentation constitutes legal, financial, tax or other advice.
Please note : All financial metrics provided in this document are unaudited.
2

HALF YEAR (HY22)
RESULTS SUMMARY

H1 FY22 SUMMARY
4
Market Conditions Have Improved
•In-Market conditions are improving with pricing and demand lifting across most categories
•Revenue up16% to $271m from $234m last half year
•N PAT of $6.1m vs $13.8m for last year, which included a $13.4m one off gain
•Adjusted EBIT of $19.2m, a 79.4% increase on the same period last year of $10.7 million
Supply Side Challenges Continue
•Labour shortages hampering a full recovery causing supply side constraints
•Covid still impacting domestic recovery with slow hospitality sector return
•Cost pressures on freight, fuel and feed costs
HY 22 Achievements
•WildcatchDeepwater strong performance with profit contribution up 108% on last year
•Salmon maintaining a strong result in line with last year
•Mussels lagged recovery but price and demand continues to improve
•Inventory managedto pre Covid levels
•Normalised EBIT growth margin gains due to market demand lift, while continued pressure
on supply volume and cost

HY22 RESULTS SNAPSHOT
5
Note: Comparative is HY21
¹ See Appendix for Adjusted EBIT and Adjusted EBITDA reconciliation to GAAP Reported NPAT
2
NPAT comparative has been adjusted per the IFRS Interpretations Committee findings in 2021 on the accounting for software as a service cloud computing
arrangements. This is explained in note 2 of the Interim Report
flat
Adjusted EBIT / GW kg
39₵
Catch/Harvest Volume
51.6kGWT
Revenue
$270.9M
Adjusted EBIT
1
$19.2M
EPS
7CPS
N PAT
$6.1M
No Interim
Dividend
AdjustedEBITDA
1
$32.5M
16%-11%
Sales Volume
48.6kGWT
79%
20₵/kg 26% -56%
2
-8₵
2
flat
Recovery in challenging conditions

IMPROVED PROFITABILITY DRIVEN BY WILDCATCH
6
Wildcatch drivers +$12mSalmon drivers +$0.1mMussel drivers +$0.1m
Group drivers -$4.0m
NZD $M
Key drivers of Adjusted EBIT change vs H1 FY21

GROSS MARGIN IMPROVING
•Gross margin is recovering
•Rising global seafood prices key driver
of increase
•Growth constrained through rising
costs
•Cost increases impacting business,
predominantly:
•labourcosts, overhead recovery
•freight
•feed costs for salmon
7
19.7%
19.4%
17.6%
14.2%
14.6%
17.8%
5.0%
7.0%
9.0%
11.0%
13.0%
15.0%
17.0%
19.0%
21.0%
Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22
Gross Margin %

HY22 BALANCE SHEET AND CASH FLOW
8
1
Debt/(Debt + Equity)
2
Net cash flows from operating activities + net cash flows used in investing activities
3
Total available facility – total drawn facility
4
Adjusted for restatement in HY21, see note 2 of the Interim Report
Balance Sheet remains strong, debt levels contained
Mar 21 |23.8%
-3%vs Mar 21
Net Debt
$175.6M
Gearing
1
21.9%
1.7% vs Mar 21
Total Equity
$646.1M
Net Debt / Adjusted EBITDA
4
3.0X
Return on Average Total Equity
4
1.0%
Mar 21| 2.2%
Mar 21 |3.3x
Operating Cashflow
$35.8m
Free Cashflow
2
$11.9m
689% vs Mar 21
-2.5% vs Mar 21
Debt Facility Headroom
3
$89m
Mar 21 | $70m
5
27
36
-
10
20
30
40
H1 FY21H2 FY21H1 FY22
Operating cashflows $m

42%
11%
15%
10%
13%
8%
1%
0%
41%
10%
19%
11%11%
7%
1%
0%
39%
10%
13%
14%
16%
7%
1%
0%
New ZealandEuropeAustraliaChinaNorth AmericaOther AsiaMiddle East &
Africa
Pacific & Other
Revenue by geographic distribution - H1 FY22 vs. H1 & H2 FY21
1
H1 FY21H2 FY20H1 FY22
GEOGRAPHIC DIVERSITY OF SALES BY REVENUE ($)
9
1
Revenue information above is based on the delivery destination of sales.
•Diverse footprint allows
us to move sales around
as markets change
•Australiaimpacted by
Covid-19 lockdowns
•Food services reopened
and recovered in China
andNorth America
H2 FY21

SEAFOOD INVENTORY TRENDING DOWNWARD
* Wildcatch Inventory includes stock on board vessels not yet available for sales
** Inventory value differs to financial statements as above excludes non-seafood inventory
10
Inventory Volume (PWT)Inventory Value ($m)**
12.2
10.4
10.4
8.5
$74.8
$72.2
$58.9
$50.1
H1 FY22 vs H1 FY21 decrease -18%
H1 FY22 vs H1 FY21 YOY decrease -31%

DEBT WELL MANAGED IN CHALLENGING TIMES
11
•Successful management of debt
through Covid challenged trading
period
•Strong headroom between debt used
and available facilities
•Certain facilities renewed in period
•Positive position for the funding of
planned capex for growth
•7 x growth in operating cash flows to
$35.8 million compared to prior half-
year
138
158
184
181
179
176
80
100
120
140
160
180
200
Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22
$m
Net Debt ($m)

CAPITAL EXPENDITURE IN H1 FY22 VS FY21
12
•Spend aligned to business performance for next 18 months, with integrity capex prioritised
•We maintain an eye on the future and will respond accordingly
H1 FY22H1 FY21
Integrity$16m$15m
Vessel surveys (incl. San Discovery) $11m
Processing equipment $2m
IT system “SanCore” $3m
Vessel surveys (incl. San Aspiring + San
Granit) $10m
Processing equipment $2m
IT system “SanCore” $3m
Growth$8m $5m
Marine extracts $4m
Salmon development $4m
Marine extracts $3m
Salmon development $2m
To t a l$24m$20m

ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG)
– H1 FY22 SUMMARY
13
Climate
•Seafood sector wide climate adaptation
strategy (2021-2030) launched
•Mapped our own emissions reduction pathway
•Emission reduction goal to reduce operational
carbon emissions by 25% by 2030
•To be achieved through:
•More energy efficient vessels in the fleet,
and tier 3 engine replacements
•Phased rollout of sustainable marine fuels
•Operational improvements - more efficient
boilers, waste treatment systems and
modern refrigeration technologies used
across the business
Ocean and Environment
•Full support of cameras on fishing vessels to
ensure transparency of our work to the
community
•Expand the application of net technology (PSH)
to ensure more targeted fishing practices
People and Community
•Focus on keeping people safe with strong Covid
practices
•Supported numerous New Zealand charities as
well as 10 tonnes of seafood donated over H1
(56k meals)

PEOPLE ENGAGEMENT SCORE IMPROVED THROUGH COVID
14
‘Mullet Over’ engagement survey results Feb 20 –Mar 22
•More engaged staff are more
motivated and therefore safer and
more productive
•Drives higher returns
•Attracts and retains talent
•Engagement remains strong though
Covid
73%
75%
76%
77%
75%
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
Feb '20Jun '20Oct '20Mar '21Mar '22

UPDATE BY DIVISION

WILDCATCHH1 FY22
* Profit contribution is Adjusted EBIT before head office overheads
16
Decline in volume offset by improved pricing

WILDCATCHH1 FY22
Positives
Average wildcatchpricing +30% higher than
HY21, driving improved margin
Scampi performed strongly with volumes +22%
and pricing +59%
Strong pricing +81% for toothfish
Ability to maintain supply despite Covid
disruptions
17
Challenges
20% decrease in sales volumes impacted by a
late start to the squid season and lapping
clearance of a year ago
Impact of Covid on deepwater vessel crew
availability, vessel departures and catch rates
Covid disruption across processing sites, in
particular Auckland, has affected fresh fish
volume
Slow start to the squid season impacting
inventory available to be sold
Access to future Patagonian toothfish catch

WILDCATCHH1 FY22
Pricing significantly improving across key species offsetting volume decline. Inventory normalised.
18
12.6
9.6
9.0
10.2
13.0
11.9
16.4
14.3
15.1
9.4
9.0
11.3
11.5
10.4
-
2
4
6
8
10
12
14
16
18
FY19
Q1
FY19
Q2
FY19
Q3
FY19
Q4
FY20
Q1
FY20
Q2
FY20
Q3
FY20
Q4
FY21
Q1
FY21
Q2
FY21
Q3
FY21
Q4
FY22
Q1
FY22
Q2
GWT (000's)
INVENTORY GWT (000's)

GREENSHELLMUSSELSH1 FY22
Pricing improved as global food service channel recovering. Volume uplift partly restrained by
processing capacity constraints.
19
* Profit contribution is Adjusted EBIT before head office overheads

GREENSHELLMUSSELSH1 FY22
Positives
Pricing +28% on a product weight basis, as global
food service channels recover
Halfshell(+21%) driving total volume recovery
Mussel powder demand is strong with volume +89%
Development underway of the ENZAQ Marine
Extract site
Arrested profitability decline
Challenges
Impact of Covid on processing capacity due to limited
labour availability, impacting potential growth in half shell
volume. Total production volume down (7%) vs last year
Adverse weather conditions/rain events across the
summer impacting harvest capacity in the Marlborough
region
Harvest volumes constrained by laboursupply, (20%)
lower vs HY21
20

GREENSHELLMUSSELSH1 FY22
Pricing uplift relative to Covid impacted lows. Inventory levels normalised.
21
3.9
5.1
4.9
4.9
4.5
7.1
8.5
8.6
11.7
12.4
12.8
5.5
5.5
5.1
-
2
4
6
8
10
12
14
FY19
Q1
FY19
Q2
FY19
Q3
FY19
Q4
FY20
Q1
FY20
Q2
FY20
Q3
FY20
Q4
FY21
Q1
FY21
Q2
FY21
Q3
FY21
Q4
FY22
Q1
FY22
Q2
GWT (000's)
INVENTORY GWT

SALMON H1 FY22
Sales and pricing continue to perform strongly. Profitability constrained by biomass YOY movements
largely attributable to timing.
22
* Profit contribution is Adjusted EBIT before head office overheads

SALMON H1 FY22
Positives
Strong volume growth +17% mainly from Big Glory
Bay branded products
Pricing +16% compared to HY21
Installation of portioning machine opens new sales
opportunities
New primary line installed providing greater
capacity and efficiency
Decreased inventory levels lower due to strong
demand
Challenges
Elevated mortality and lower growth rates across the
summer due adverse climatic conditions
Increased feed cost due to inflation
Covid impacts on production and staffing levels
23

SALMON H1 FY22
Pricing uplift driven by favourable mix/BGB growth. Inventory levels well managed.
24

LOOKING FOWARD

GLOBAL DEMAND NOW BACK (SLIGHTLY ABOVE) PRE 2019 LEVELS
26
Data source: Open Table state-of-the-industry, sample of 20,000 restaurants

FY22 BUSINESS PLAN – STEPS TO ENABLE OUR RECOVERY
Covid has been a shock to the Business, FY22 is about business recovery and investment for growth
27
PRIORITIES FOR FY22
Rebuild mussel profitability
1.
Grow developing opportunities
in wildcatch
2.
Retain salmon profitability and
prepare for future growth
3.
Establish cross-business
fundamentals
4.

PRIORITY 1 –REBUILD MUSSEL
PROFITABILITY
•Demand has increased across all international markets
and prices are lifting from Covid low towards pre-Covid
highs
•Alternate revenue streams - marine extracts facility under
construction, completion expected 4
th
quarter 2022
•Lower value contracted sales largely complete in second
quarter. Second half sales at higher rates
•Supply chain improvements through Kotahi partnership
improving freight access
•Domestic labour constraints slowing recovery and ability
to achieve full profit potential
•Labour issues to be addressed through wage rate
adjustment, additional contractor packing, seasonal
recruiting, providing accommodation and utilising return
of the Working Holiday Visa
•Longer term -accelerating automation opportunities
28

PRIORITY 2 –GROW DEVELOPING
OPPORTUNITIES IN WILDCATCH
•Development of direct scampi sales into China to fulfil
strong latent demand
•Focus on diversification of sales by country and
channel, targeting the higher value foodservice
market
•Sanford and Sons frozen product development and
channel diversification. Introducing 5 new SKUs for
US retail, domestic and Australian markets
•Continued growth in Sanford Australia – expecting
further growth through H2
•Further co-ordination of ocean to plate with better
understanding customer base - catch cascade
matching markets for optimal returns
•Longer term investment in a new scampi fleet likely
29

PRIORITY 3 –RETAIN SALMON
PROFITABILITY AND PREPARE FOR
FUTURE GROWTH
•Big Glory Bay investment and growth – now over
45% of salmon revenue
•Channel diversification now allowing sizing matched
to markets (helps with smaller fish)
•Introduction of automation with deboning and
portioning capability – more efficient which assists
with labour/processing constraints
•Committed to RAS Hatchery build – site selection
underway
•Demand increasing across all markets – plans to
increase volume
30

PRIORITY 4 –ESTABLISH
CROSS-BUSINESS FUNDAMENTALS
•Divisional management team introduced with
increased accountability
•Project management function implemented –
promoting executional excellence
•Developing a performance culture
•Risk management part of all investment decisions
31

LOOKING FORWARD -SECOND HALF 2022
Positives
Strong export prices and demand continue
Leadership changes embedded
Increased Snapper 8 quota
Key capital initiatives:
‒Marine Extracts build on track for completion
pre-year-end
‒RAS hatchery site confirmation pending
‒Continued vessel refurbishment
‒Scampi fleet investment
Continued momentum in Australia, Marine
Extracts and Big Glory Bay
salmon brand
Early stage of recovery
Committed to a modest final dividend
Focused on returning to normalised dividend
payments as soon as is financially prudent
Challenges
Domestic labour challenges impacting ability to meet
increased demand
Inshore Covid impact risk including operational/people
risks and demand side rate of recovery
Salmon elevated mortality and lower growth rates due to
adverse climatic conditions
32

LOOKING FOWARD
QUESTIONS?

LOOKING FOWARD
CLOSE
CLOSE

APPENDIX 1 : USD FX HEDGING PATTERN FOR THE YEAR
35
0.6200
0.6300
0.6400
0.6500
0.6600
0.6700
0.6800
0.6900
0.7000
0.7100
0.7200
SepOctNovDecJanFebMar
USD EXCHANGE RATE
2022 HALF YEAR
Actual Achieved 2021/20222021/2022 Spot RatesAve Effective 2021/2022

APPENDIX 2 : HY22 FINANCIAL RESULTS
- GAAP TO NON GAAP RECONCILIATION
36
Definitions
Reported EBIT: Earnings before interest, taxation, net gain on
sale of investments, intangible and long-term assets.
Adjusted EBIT: Reported EBIT adjusted for impairment,
restructuring and other one-off items.
Adjusted EBITDA: Earnings before interest, taxation,
depreciation, amortisation, one-off adjusting items,
impairment and net gain on sale of investments, intangible
and long-term assets.
Non-GAAP Profit measures
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 Financial
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
* Refer to note 2 of the interim financial statements for details on restatement for the
period ended 31 March 2021

THANK YOU

---

INTERIM REPORT 2022

2
SANFORD INTERIM REPORT
2022
—
KEY FIGURES
—
REVENUE
$270.9m
▲ 16.0%
2021: $233.5M
SALES VOLUMES
48.6kGWT
▼ 11.3%
2021: 54.9k GWT
ADJUSTED EBIT
$19.2m
▲ 79.4%
2021: $10.7M
NET DEBT
$175.6m
▼ 3.0%
2021: $181.0M
NPAT
$6.1m
▼ 55.5% FROM ADJUSTED REPORTED HY21
2021: $13.8M
EMPLOYEE ENGAGEMENT
7.5/10
▼ 2%
2021: 7.7/10

3
SANFORD INTERIM REPORT
2022
Welcome to Sanford’s 2022 Interim
Report, which lays out our results to
31st March, 2022. In the six months
covered here, we have seen evidence
of a global demand recovery, as food
service re-bounds from the impacts of
Covid-19. Through these six months,
we have leveraged this recovery to
focus on the priorities we previously
laid out for 2022:
• Rebuild mussel profitability
• Grow developing opportunities
in wildcatch
• Retain salmon profitability and
prepare for future growth
Our challenges over this period have
moved from demand for seafood, to
challenges of supply. This explains the
overall picture you will see laid out in the
following pages, of increased revenue and
higher margins, alongside lower volumes.
Adjusted Earnings Before Interest and
Tax (Adjusted EBIT) was $19.2 million,
representing a 79.4% increase on the same
period last year ($10.7 million).
Net profit after tax (NPAT) for the first
half is $6.1 million. This would be an
improvement on NPAT for the prior
comparable period, except that in 2021’s
first half NPAT was $13.8 million due to a
gain on sale of $13.4 million, from the sale
of our cold store facility in Tauranga.
Revenue has increased by 16.0% from
$233.5 million in the first half of 2021
to $270.9 in 2022, due to stronger pricing.
We are seeing this increased pricing in
the majority of our product categories,
particularly in some of our whitefish
species. Details of this can be found in
the section on wildcatch in this Review.
Naturally we have a limited accessible
resource in our wildcatch division, as
our share of New Zealand’s Quota
Management System remains fixed
and caps our ability to grow volumes.
Greenshell mussel volume growth has
also been impacted by the serious
labour shortage being experienced by
New Zealand’s primary industries. We
can only harvest what we can process and
the shortage of local labour coupled with
few available workers on working holiday
visas has meant we have been unable to
expand our processing capacity to meet
the increased demand.
The first half of 2021 was impacted
by Covid-induced closures to foodservice
worldwide. Results from OpenTable, an
organisation which surveys approximately
—
CHAIRMAN AND
CEO REVIEW
—
Sir Robert McLeod
CHAIRMAN
Peter Reidie
CHIEF EXECUTIVE OFFICER
ABOVE Seafood on display at Sanford and Sons at the Auckland Fish Market.
CHAIRMAN AND CEO REVIEW

4
SANFORD INTERIM REPORT
2022
20,000 restaurants globally (mostly in
North America, Europe and Australia),
showed that numbers of seated diners in
food service restaurants dropped 100%
compared to pre-pandemic levels from
March through to May of 2020. In March
2021, numbers hovered around 40% below
pre-pandemic levels.
This year, we have seen the return of out of
home dining in the key markets surveyed.
Diner numbers for March 2022 have sat at
or above comparable pre-pandemic levels
in 2019. With around 70% of seafood
consumed out of home, this is good news
for our industry and for Sanford.
Our overall sales volumes were 48.6k
greenweight tonne (GWT) for the first half
of our 2022 year, down by 11.3% on the
prior comparable period (54.9k GWT)
where we were clearing frozen inventory,
which had built up due to covid demand
impacts. It is worth noting that last year
we were maintaining sales volumes by
clearing frozen product. That is no longer
the case, and our sales volumes in the first
half of 2022 are a more direct reflection
of what we are harvesting, rather than
selling down inventory.
Given the early stage of our recovery, the
Board has determined not to pay an
interim dividend. It remains focused on
returning to normal dividend payments as
soon as it is financially prudent to do so.
We are committed to taking a step towards
this with a modest final dividend payment
at the end of this financial year.
WILDCATCH – FEELING THE GLOBAL
BOUNCE BACK
Wildcatch Financial Overview
% Versus
Last Year
FY
2021
H1
2021
H2
2021
H1
2022
Sales volumes
7.4%20.1%-3.5%-20.4%
Revenue
1.6%-5.6%2.3%9.2%
Profit
contribution
11.0%4.4%18.7%108.4%
Sales volumes for our wildcatch division at
29.3k GWT were lower than the previous
comparable period in 2021 (36.7k GWT). The
profit contribution from this division was
strong (up 108.4% on the prior comparable
period). This was due to improved pricing,
driven by a significant lift in global demand
for whitefish. Sales volumes for deepwater
species such as squid and orange roughy
were depressed somewhat, due partly to
a slightly later than usual start to the squid
season which we are not expecting to
catch up, but also some unexpected vessel
outages. The strong margins were
particularly evident in scampi, toothfish
and hoki.
In the last two weeks of March, we did see
some disruption from Covid related impacts
on crew numbers, which meant we were
not able to operate our deepwater fleet at
full capacity. This has been well managed
by the team in Timaru who have been adept
at sourcing crew at short notice and
minimising disruptions to fishing schedules.
ABOVE Sanford’s Ikawai and crew at work.
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Mar 20
June 20
Sep 20
Dec 20
Mar 21
June 21
Sep 21
Dec 21
Mar 22
CHANGE RELATIVE TO PREPANDEMIC2019
Seated Diners in Foodservice Restaurants – Change Relative to 2019, Global
Data source: OpenTable state-of-the-industry, sample of 20,000 restaurants.
CHAIRMAN AND CEO REVIEW

5
SANFORD INTERIM REPORT
2022
ABOVE Harvesting mussels in Coromandel.
FISHING METHODS
Despite the excellence of our product,
our real and ongoing commitments to
sustainability and the importance of our
industry to New Zealand, commercial
fishing’s reputation is often under attack.
Certain groups have fixated on criticism of
fishing, using exaggeration or distortion to
paint a picture of the industry which simply
does not match the reality of the one we
work in every day. An area where this is
particularly acute is trawling. The vast
majority of our seafood in New Zealand is
caught this way – Ministry for Primary
Industries (MPI) figures show that around
80% of New Zealand’s commercial catch is
caught by a trawl method.
The proportion of catch may be large,
but the areas where trawling happens
are small. New Zealand commercial fishers
trawl in less than five percent of our
territorial waters. A huge proportion
(thirty percent) of our territorial seas
are locked up in benthic protection
areas where bottom trawling is excluded.
This is something Sanford supports.
Our vessels habitually return to the
same, well established fishing grounds
because that is where the fish are.
Typically, these grounds are over a
mud or sand bottom. Venturing outside
our usual spots can result in the snagging
of fishing gear, an expensive and time-
consuming mistake which no fisher would
seek to make.
In our view, the argument about trawling
needs to mature and take a step forward
to focus on location rather than fishing
method. We support working with all
interested parties to make decisions about
where to allow fishing and what areas to
set aside for conservation, as long as these
decisions are guided by science. Ensuring
fishing happens in the right places is
something that is much easier with
today’s technology, including the recent
developments in electronic geo-fencing
which help ensure our vessels go only
where they should. Mistakes can happen,
but we seek, and are making, continuous
improvements in our fishing, something
which is not acknowledged by critics
whose minds are often still on the
pre-Quota Management System failures
of four decades ago.
MUSSELS – CONSTRAINTS SHIFT TO
PRODUCTION
Greenshell Mussels Financial Overview
% Versus
Last Year
FY
2021
H1
2021
H2
2021
H1
2022
Sales volumes
4.1%-18.3%22.9%5.8%
Revenue
-16.4%-38.1%9.7%24.1%
Profit
contribution
-94.7%-95.2%-93.9%4.5%
Sales volumes for our Greenshell mussels
were up on the previous comparable
period at 16.5k GWT (versus 15.6k GWT for
the first half of the 2021 year).
ABOVE Looking out from the wheelhouse
on the San Granit.
CHAIRMAN AND CEO REVIEW

6
SANFORD INTERIM REPORT
2022
Our Greenshell mussel division was the last
to be hit by Covid-related market impacts
and has been the last to recover. This is
partly because of the nature of our supply
contracts for this product, where prices
are locked in for defined durations.
Our mussels are mostly sold frozen to food
service venues in the US and Asia and
these areas are now benefiting from the
return to out of home dining. As a result,
we are seeing an improvement in pricing
and our outlook for mussel demand is
positive. The challenge we face is on the
supply side with an increase in freight
costs and with labour shortages in
New Zealand impacting our ability to
process our mussel products. Our
Havelock and NIML plants are currently
understaffed and our best efforts to
attract new talent have not yielded
significant results. We, like most primary
production businesses, are finding there
are simply not enough work-ready
New Zealanders available to fill the roles
we have and competition for labour is
intense. This is a nationwide issue but is
one that is particularly acute in the
regional areas where Sanford’s operations
are based.
We are seeking to address this challenge
as best we can with a number of initiatives,
including increasing the competitiveness
of our employment terms. However, we
do not see any immediate relief from
the current situation while current
immigration settings remain in place.
We are pleased to report that
construction work on our Marine Extracts
Centre is well underway. This site will allow
us to double our mussel powder output,
going from the current two dryers to four.
We already have the demand to absorb this
increased production and the new site will
have the space to allow us to eventually
house eight dryers. With building
progressing rapidly, we are confident we
will have this facility open and producing
mussel powder from four dryers by the
end of the 2022 calendar year.
SALMON – STEADY GROWTH IN VOLUMES
AND REVENUE
Salmon Financial Overview
% Versus
Last Year
FY
2021
H1
2021
H2
2021
H2
2022
Sales volumes
40.6%25.4%58.9%16.9%
Revenue
32.0%11.8%57.2%35.9%
Profit
contribution
8.5%-22.3%226.8%0.8%
Our salmon division has seen continued
volume and revenue growth in the first
six months of our 2022 year. Sales volumes
were up at 2.9k GWT (versus 2.5k GWT
for the prior comparable period), as was
revenue for this area. However, salmon’s
profit contribution was only marginally
higher than the prior comparable period,
partly due to increased costs associated
with managing the risks from warmer
waters, increased feed costs and covid
impacts on production and staffing levels.
Readers of this report will have likely
encountered recent publicity about
elevated water temperatures in the
Marlborough Sounds, aggravating
mortality levels for farmed salmon.
Our farm is in the waters of Stewart Island,
seven degrees of latitude south of the
Sounds. We are grateful to be there,
in the cooler southern waters, surrounded
by a national park.
That is not to say we are immune
from climate change impacts. Water
temperatures were unusually high in
January 2022, spiking earlier than we would
normally see, but have returned to average
levels in subsequent months. This initiated
an earlier rise in summer fish mortalities.
These were slower to reduce than we would
normally observe, however remained small,
at around 3.5% of all fish stock from
January to March and were well managed
by our Stewart Island team, who have made
several changes to the farm to minimise
temperature impacts, such as reducing
stocking densities and introducing
oxygenation and aeration measures.
Demand for our salmon remains high,
both domestically, where it is available
through Foodstuffs’ North Island
supermarkets, and internationally.
Our North American customers continue
ABOVE Sanford’s Big Glory Bay branded salmon.
CHAIRMAN AND CEO REVIEW

7
SANFORD INTERIM REPORT
2022
carries cameras already – and we are
currently working positively with the
regulator to expand this number.
This is a challenging time to be in
commercial fishing when there are
considerable forces ranged against our
profession. We seek to communicate
with all stakeholders, to dispel
misinformation and always make
sustainable choices in our business.
We intend to lead by example.
SANFORD PEOPLE
– COVID’S DOMESTIC IMPACT
While we have clearly seen the recovery
in international markets, Covid-19
made its presence felt domestically in
our second quarter. After two years
of keeping the pandemic largely at bay,
Omicron began its march across
New Zealand, after first being detected
in the country on the 16th of December,
2021. Many weeks passed before
Sanford was impacted directly. This was
not simply a result of good luck. Our
emphasis on health, safety and wellbeing
ensured we had a full suite of controls in
place to minimise the risks to our people
and to production. We worked closely
with our people to introduce a Covid-19
vaccine mandate, requiring our staff,
visitors, contractors and sharefishers
to have had two doses of an approved
Covid-19 vaccine in order to enter a
Sanford site. This, alongside PPE,
to appreciate the quality of our King
salmon and we have continued to see
our Big Glory Bay brand go from
strength to strength. This brand is now
represented in approximately 150 retail
stores in America with ambitions
to reach 500 over the next 12 months.
SUSTAINABILITY – NO COMPROMISE
Sustainability remains a non-negotiable
for Sanford. We understand the business
fundamental that there is no Sanford if
there are no fish. We have been fishing
since Albert Sanford first went out on the
Hauraki Gulf in 1864. We intend to fish
and farm in such a way that we are still
fishing, proudly and with respect, in the
next century and beyond.
We have mapped our carbon reduction
pathway in line with our emissions
reduction goals, targeting a 25% reduction
in our operational carbon emissions by
2030. Steps on this path will include new
vessels and Tier 3 engine replacements,
which will introduce lower emissions
profiles to our fleet; phased rollout of
sustainable marine fuels; new ballast water
systems; changes to newer more efficient
boilers; innovative waste treatment
systems; lighting upgrades and changes
to our refrigeration technologies.
We also seek to be a leader in transparency
and in our work with the wider community.
We have long supported cameras on
fishing vessels – half of our inshore fleet
ABOVE Luis Fidalgo and Tailo Duffy, members of Sanford’s sales team in the Auckland Office.
distancing and other hygiene and safety
controls, was another tool to keep our
people safe from Delta, which was the
then dominant strain. This policy came into
effect from the 1st of January 2022.
We sought to acquire Rapid Antigen Tests
from November, when we applied to the
Ministry of Health for a licence to import
our own kits. We introduced these into the
business as soon as we received stocks in
December, prioritising our deepwater fleet
based in Timaru. Our focus was on
reducing the probability of a positive case
on any vessel which would be at sea for a
period of weeks at a time. In this, we had
considerable success, although when
Covid community case numbers
rose dramatically, we were forced to make
many last minute crew changes, which
challenged our usual efficiency with
getting our vessels to sea.
In the latter part of this half, we also
faced considerable staffing challenges in
our production facilities. Covid-19 induced
CHAIRMAN AND CEO REVIEW

8
SANFORD INTERIM REPORT
2022
absenteeism became an issue in our
Auckland factory first, seeing absences
peak at around 52%. The high numbers
off work were a combination of actual
Covid cases and staff impacted by the
requirement to isolate because of sick
family members or housemates. The use
of Rapid Antigen Testing kept positive
cases away from our production facilities,
but the necessary work to maintain
Covid-free sites has impacted production
levels. Post the close of the half year, by
mid-April, our Auckland team were seeing
a return to normal absenteeism. South
Island production facilities however, saw
Covid hit later and subsequently are
delayed in emerging from its effects.
Our ongoing focus on health, safety
and wellbeing sees us continue to use
Rapid Antigen Testing, masks, other
PPE, screening and all requisite hygiene
measures to keep our people safe.
Great credit is due to our teams for
managing their way through these
challenges. The careful planning done in
2021 paid off. With Covid management
procedures shared, understood and tested,
teams knew what to expect and how to
minimise impacts, making good on our
pandemic response mission: to continue
to feed New Zealand and the world while
keeping our people safe and secure.
It is heartening to see that our
engagement scores have not decreased
significantly over the last six months,
despite the difficulties introduced by the
pandemic. Our overall engagement
score remains 7.5/10.
SUPPLY CHAIN PICTURE IMPROVES
Capacity remains constrained in sea and
air freight and we are seeing increased
costs in this area. However, we have
benefited from our contract with Kotahi
which began on the 1st of October, 2021.
This arrangement will operate for a
minimum of two years and gives Kotahi
responsibility for all of our frozen export
product. So far, we have had no issues
getting our seafood onto vessels, thanks
to this arrangement – supply chain access
and capacity issues are better than twelve
months ago, although we recognise that
global capacity is reduced, and we are
continuing to see localised constraints.
For example, issues remain with some
foreign ports particularly into parts of
China and the US. We are also seeing
rising fuel costs produce a significant
cost impost and we expect this to
continue in the second half of the year
with both a domestic impact and an
impact on the cost of exporting. We
expect to see a reduction in air freight
capacity in the second half of 2022, with
passengers returning to the skies, capacity
for freight is reduced but there is a lag
before additional flights are introduced.
We do not anticipate this impact will
continue in the longer term.
Our inventory is back to pre-Covid levels.
We are seeing good sell-through of
product as it is produced or landed and we
expect this to continue. We do not intend
to hold significant levels of inventory over
the second half of 2022.
Labour shortages are also impacting our
supply chain partners from trucking
companies to cold stores as businesses
across New Zealand feel the effects of the
tight jobs market. This has meant we have
had to cast our net wider than usual in
order to get temporary labour to help load
containers and perform other duties
typically handled by contractors. So far, we
ABOVE Crew member Quinten Kino on the San Aspiring berthed in Timaru.
CHAIRMAN AND CEO REVIEW

9
SANFORD INTERIM REPORT
2022
have managed this situation satisfactorily
and were able to work to plan in the first
half of the year.
BALANCE SHEET AND CASHFLOW
We would describe our current debt levels
as satisfactory, putting us in a strong
position to commence with our strategic
plans, including capital spend.
We have managed our debt position out of
Covid well and have kept net debt to a
minimum at $175.6 million. Our balance
sheet strength is good, operating cash
flows are strong, and we have around
$90 million headroom on our current
banking facilities.
CRAYFISH QUOTA SALE AND STRATEGY
Our five year strategic plan will be shared
in detail with the market and via
publication on the NZX in June. However,
we have previously reported that we seek a
number of primary strategic outcomes and
three of these, as mentioned at the start
of this Review are to:
To do this, we need to invest in vessels and
plants such as our RAS (Recirculating
Aquaculture Systems) hatchery in
Southland. The sale of our spiny rock
lobster quota in areas CRA2, CRA7 and
CRA8, announced on April 29th, will assist
with this. Sanford’s shareholding
supporting our hardworking teams,
growing our profitability and delivering
what we have promised.
THANKS
As we continue to navigate our way
through the impacts of Covid-19, it is
fitting to end this Review with another
acknowledgement of the work of our
people. Every single person at Sanford has
been affected by Covid-19 in one way or
another. Despite this, they have continued
to do what we have asked of them, while
operating in very challenging circumstances.
This is greatly appreciated and it is
gratifying to see their efforts driving a far
more palatable result than a year ago. We
are not yet where we would like to be, but
our people continue to make an immense
contribution to getting us there.
Sir Robert McLeod
CHAIRMAN
Peter Reidie
CHIEF EXECUTIVE OFFICER
represented 5.0% of CRA2, 0.3% of CRA7
and 2.3% of CRA8. The sale of our rock
lobster shareholding in CRA7 and CRA8 to
Fiordland Lobster Company and CRA2
shareholding to Southern Ocean Seafoods
Limited will release a total of $54.1 million
for reinvestment into the business.
We also continue the work to replace our
legacy business and information systems
through our SanCore programme. During
the six months covered by this report we
successfully introduced Innova, a data
management system which tracks and
labels our seafood, in our processing plant
in Timaru and onto two of our deepwater
vessels.
LEADERSHIP CHANGES
We now have an expanded and
strengthened Executive Team at Sanford.
We said goodbye to Chief Operating
Officer Clement Chia in mid-January. We
are grateful for the work he did developing
our outstanding operations team which is
now ably lead by Acting Chief Operating
Officer Peter Young and GM Fishing Colin
Williams, who also serves on the Executive.
Also strengthening our operational hand is
Chief Supply Chain Officer Louise Wood,
who has been part of the Executive since
January 1st. We are grateful for the depth
of experience these three represent as
they and the wider leadership team
continue to take Sanford forward,
NET DEBT
$175.6m
▼ 3.0%
2021: $181.0M
Rebuild mussel
profitability
Grow developing
opportunities
in wildcatch
Retain salmon
profitability and
prepare for
future growth
CHAIRMAN AND CEO REVIEW

10
SANFORD INTERIM REPORT
2022
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 Financial 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, depreciation, amortisation,
one-off adjusting items, impairment and net gain on sale of investments, intangible and
long-term assets.
Reported EBIT: Earnings before interest, taxation, net gain 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
GAAP TO NON-GAAP RECONCILIATION
Unaudited
6 Months
ended
31 March
2022
Unaudited
6 Months
ended
31 March
2021
(Restated)*
Audited
12 Months
ended
30 September
2021
dollars$000 $000
Reported net profit for the period (GAAP) 6,120 13,753 16,235
Add back:
Income tax expense
3,171 1,632 3,800
Net interest expense 4,291 4,656 9,011
Net gain on sale of investments, property,
plant and equipment and intangibles
– (13,221) (12,935)
Reported EBIT 13,582 6,820 16,111
Adjustments:
Restructuring costs
91 233 288
Software as a Service (SaaS) expenditure 5,078 3,402 6,183
Other one-off items 428 219 711
Adjusted EBIT 19,179 10,674 23,293
Add back:
Depreciation and amortisation
13,274 15,140 29,310
Adjusted EBITDA 32,453 25,814 52,603
* Refer to note 2 of the interim financial statements for details on restatement for the period ended 31 March 2021.

11
SANFORD INTERIM REPORT
2022
SANFORD INTERIM REPORT
2022
11
CONSOLIDATED CONDENSED INCOME STATEMENT 12
CONSOLIDATED CONDENSED STATEMENT
OF COMPREHENSIVE INCOME13
CONSOLIDATED CONDENSED STATEMENT
OF FINANCIAL POSITION14
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS15
CONSOLIDATED CONDENSED STATEMENT
OF CHANGES IN EQUITY17
NOTES TO THE INTERIM FINANCIAL STATEMENTS19
INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2022

12
SANFORD INTERIM REPORT
2022
Unaudited
6 months ended
31 March 2022
Unaudited Restated*
6 months ended
31 March 2021
Audited
12 months ended
30 September 2021
Note$000 $000 $000
Revenue3270,923233,506489,625
Cost of sales(222,615)(200,282)(417,991)
Gross profit48,30833,22471,634
Other income71,74015,89818,092
Distribution expenses(5,728)(4,893)(10,464)
Administrative expenses(19,029)(14,462)(31,490)
Other expenses2(11,747)(9,667)(18,787)
Operating profit13,54420,10028,985
Finance income176135266
Finance expense(4,467)(4,791)(9,224)
Net finance expense(4,291)(4,656)(8,958)
Share of (loss) profit of equity accounted investees38(59)8
Profit before income tax9,29115,38520,035
Income tax expense2(3,171)(1,632)(3,800)
Profit for the period6,12013,75316,235
Profit attributable to:
Equity holders of the Company
6,13213,74616,263
Non controlling interest(12)7(28)
6,12013,75316,235
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)2
6.514.717.4
* Refer to note 2 for details on restatement for the period ended 31 March 2021.
CONSOLIDATED CONDENSED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MARCH 2022
INTERIM FINANCIAL STATEMENTS

13
SANFORD INTERIM REPORT
2022
Unaudited
6 months ended
31 March 2022
Unaudited Restated*
6 months ended
31 March 2021
Audited
12 months ended
30 September 2021
$000 $000 $000
Profit for the period (after tax) 6,120 13,75316,235

Other comprehensive income
Items that may be reclassified to the income statement:
Foreign currency translation differences
402 269(240)
Change in fair value of cash flow hedges recognised in other comprehensive income 7,587 19,38215,302
Deferred tax on cash flow hedges (2,124)(5,427)(4,284)
Cost of hedging gains/ (losses) recognised in other comprehensive income 19 (455)(882)
Deferred tax on cost of hedging (5)127247
Items that may not be reclassified to the income statement:
Amount of treasury share cost expensed in relation to share-based payment
23 – 22
Other comprehensive income (loss) for the period 5,902 13,89610,165
Total comprehensive income for the period 12,022 27,64926,400
Total comprehensive income for the period is attributable to:
Equity holders of the Company
12,025 27,64026,436
Non controlling interest (3) 9 (36)
Total comprehensive income for the period 12,022 27,64926,400
* Refer to note 2 for details on restatement for the period ended 31 March 2021.
CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2022
INTERIM FINANCIAL STATEMENTS

14
SANFORD INTERIM REPORT
2022
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022
Unaudited
6 months
ended
31 March
2022
Unaudited
Restated*
6 months
ended
31 March
2021
Audited
12 months
ended
30 September
2021
Note$000$000$000
Current assets
Cash on hand and at bank
5,417 19,0113,926
Trade receivables 85,731 69,50470,551
Derivative financial instruments 14,360 11,601 10,234
Other receivables and prepayments 7,942 12,0417,529
Biological assets 43,217 27,91340,240
Inventories 64,671 85,10175,499
Taxation receivable – 2,633 498
Total current assets 221,338 227,804208,477
Non-current assets
Property, plant and equipment2
178,591 158,883167,660
Right-of-use assets 30,514 34,91235,655
Investments 3,776 3,9914,096
Derivative financial instruments 8,521 14,846 9,051
Biological assets 16,063 28,26018,286
Intangible assets2 499,624 494,625497,132
Total non-current assets 737,089 735,517731,880
Total assets 958,427 963,321940,357
Unaudited
6 months
ended
31 March
2022
Unaudited
Restated*
6 months
ended
31 March
2021
Audited
12 months
ended
30 September
2021
Note$000$000$000
Current liabilities
Bank overdraft and borrowings (secured)4
46,000 55,00055,000
Derivative financial instruments 1,664 3,4283,321
Trade and other payables 65,987 53,57349,108
Taxation payable 4,459 – –
Lease obligations 4,195 4,501 11,120
Total current liabilities 122,305 116,502118,549
Non-current liabilities
Bank loans (secured) 4
135,000 145,000127,500
Contributions received in advance 2,350 2,7952,576
Employee entitlements 1,214 1,2511,149
Derivative financial instruments 15 5,4703,181
Deferred taxation2 27,710 29,64828,019
Lease obligations 23,717 27,317 25,289
Total non-current liabilities 190,006 211,481187,714
Total liabilities 312,311 327,983306,263
Equity
Paid in capital
94,690 94,69094,690
Retained earnings2 536,199 527,550530,067
Other reserves 14,528 12,3568,635
Shareholder funds 645,417 634,596633,392
Non controlling interest 699 742702
Total equity 646,116 635,338634,094
Total equity and liabilities 958,427 963,321940,357
* Refer to note 2 for details on restatement as at 31 March 2021.
INTERIM FINANCIAL STATEMENTS

15
SANFORD INTERIM REPORT
2022
Unaudited
6 months
ended
31 March
2022
Unaudited
Restated
6 months
ended
31 March
2021*
Audited
12 months
ended
30 September
2021
Note$000$000$000
Cash flows from operating activities
Receipts from customers
268,494 222,607493,500
Interest received 176 135213
Dividends received – – 7
Payments to suppliers and employees2 (227,611)(212,626)(451,165)
Income tax paid (779)(771)(1,191)
Interest paid (4,444)(4,805)(9,131)
Net cash flows from operating
activities
35,836 4,54032,233
Cash flows from investing activities
Sale of property, plant and equipment
– 24,01123,419
Acquisition of shares in other companies(12) – –
Sale of investments 115 – –
Dividends received from associates 250 – 177
Purchase of property, plant and
equipment and intangible assets2
(24,284)(16,324)(39,079)
Net cash flows from investing
activities
(23,931)7,687(15,483)
Unaudited
6 months
ended
31 March
2022
Unaudited
Restated
6 months
ended
31 March
2021*
Audited
12 months
ended
30 September
2021
Note$000$000$000
Cash flows from financing activities
Proceeds from borrowings4
27,500 20,00050,000
Repayment of term loans4 (20,000)(5,000)(52,500)
Lease payments (9,049) (9,130) (11,017)
Dividends paid to non controlling
shareholders in subsidiaries
– (27) –
Net cash flows from financing
activities
(1,549)5,843(13,517)
Net (decrease) increase in cash and
cash equivalents
10,356 18,0703,233
Effect of exchange rate fluctuations on
cash held
135 194(54)
Cash and cash equivalents at beginning
of the period
(51,074)(54,253)(54,253)
Cash and cash equivalents at end of
the period
(40,583)(35,989)(51,074)
Represented by:
Bank overdraft and borrowings
(secured)
(46,000)(55,000)(55,000)
Cash on hand and at bank 5,417 19,0113,926
(40,583)(35,989)(51,074)
* Refer to note 2 for details on restatement for the period ended 31 March 2021.
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2022
INTERIM FINANCIAL STATEMENTS

16
SANFORD INTERIM REPORT
2022
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2022
Reconciliation of Profit for the Period with Net Cash Flows from Operating Activities
Unaudited
6 months
ended
31 March
2022
Unaudited
6 months
ended
31 March
2021*
Audited
12 months
ended
30 September
2021
$000$000$000
Profit for the period (after tax)6,12013,75316,235
Adjustments for non-cash items
Depreciation and amortisation
13,27415,14029,310
Depreciation – ACE3,4023,4446,805
Share-based payment expense 23 – 22
Share of loss (profit) of equity
accounted investees
(38)59(8)
Change in fair value of biological assets (755)(2,239)(4,593)
Change in fair value of forward
exchange contracts and foreign
currency options
(799)(1,616)(1,367)
Decrease in deferred tax(2,425)(528)(893)
Decrease in contributions received
in advance
(266)(156)(375)
Unrealised foreign exchange losses6004811,468
Other 14(100)3
13,03014,48530,372
Unaudited
6 months
ended
31 March
2022
Unaudited
6 months
ended
31 March
2021*
Audited
12 months
ended
30 September
2021
$000$000$000
Movement in working capital
Increase in trade and other receivables
and prepayments
(16,053)(18,777)(16,779)
Decrease in inventories10,86837910,159
Increase in trade and other payables
and other liabilities
16,9236,5301,670
Increase in taxation payable4,9481,3913,504
16,686(10,477)(1,446)
Items classified as investing activities
Loss (gain) loss on sale of property,
plant and equipment
– (13,221)(12,928)
– (13,221)(12,928)
Net cash flows from operating
activities
35,8364,54032,233
* Refer to note 2 for details on restatement for the period ended 31 March 2021.
INTERIM FINANCIAL STATEMENTS

17
SANFORD INTERIM REPORT
2022
Share
Capital
Share Based
Payment
Reserve
Translation
Reserve
Cash Flow
Hedge
Reserve
Cost of
Hedging
Reserve
Retained
EarningsTotal
Non
Controlling
Interest
Total
Equity
$000 $000 $000 $000 $000 $000 $000 $000 $000
Balance at 1 October 2021 (audited) 94,690 22 338 8,075 200 530,067 633,392 702 634,094
Profit for the period (after tax) – – – – – 6,132 6,132 (12) 6,120
Other comprehensive income
Foreign currency translation differences
– – 393 – – – 393 9 402
Hedging gains/(losses) recognised in other comprehensive income – – – 7,587 19 – 7,606 – 7,606
Deferred tax on change in reserves – – – (2,124) (5) – (2,129) – (2,129)
Amount of treasury share cost expensed in relation to
share-based payment
– 23 – – – – 23 – 23
Total comprehensive income – 23 393 5,463 14 6,132 12,025 (3) 12,022
Balance at 31 March 2022 (unaudited) 94,690 45 731 13,538 214 536,199 645,417 699 646,116
Restated Balance at 1 October 2020 (audited)*94,690 – 570(2,943) 835 513,804606,956665607,621
Profit for the period (after tax) – – – – – 16,26316,263(28)16,235
Other comprehensive income
Foreign currency translation differences
– – (232) – – – (232) (8)(240)
Hedging gain/(losses) recognised in other comprehensive income – – – 15,302(882) – 14,420 – 14,420
Deferred tax on change in reserves – – – (4,284)247 – (4,037) – (4,037)
Amount of treasury share cost expensed in relation to
share-based payment
– 22 – – – – 22 – 22
Total comprehensive income – 22(232)11,018(635)16,26326,436(36)26,400
Shares issued to non-controlling shareholders in subsidiaries – – – – – – – 100 100
Distributions to shareholders – – – – – – – (27)(27)
Balance at 30 September 2021 (audited)94,690223388,075200530,067633,392702634,094
* Refer to note 2 and the Sanford 2021 integrated report for details on restatement as at 1 October 2020.
CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2022
INTERIM FINANCIAL STATEMENTS

18
SANFORD INTERIM REPORT
2022
CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2022
Share
Capital
Share Based
Payment
Reserve
Translation
Reserve
Cash Flow
Hedge
Reserve
Cost of
Hedging
Reserve
Retained
EarningsTotal
Non
Controlling
Interest
Total
Equity
Note$000 $000 $000 $000 $000 $000 $000 $000 $000
Restated Balance at 1 October 2020 (audited)*94,690 – 570(2,943) 835 513,804606,956665607,621
Restated profit for the period (after tax)2 – – – – – 13,74613,746713,753
Other comprehensive income
Foreign currency translation differences
– – 267 – – – 2672269
Hedging gains 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) 13,746 27,640 9 27,649
Shares issued to non-controlling shareholders in subsidiaries – – – – – – – 95 95
Distributions to shareholders – – – – – – – (27)(27)
Restated balance at 31 March 2021 (unaudited)94,690 – 83711,012507527,550634,596742635,338
* Refer to note 2 and the Sanford 2021 integrated report for details on restatement as at 1 October 2020.
INTERIM FINANCIAL STATEMENTS

19
SANFORD INTERIM REPORT
2022
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2022
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 2022.
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 restated
comparative information for the six
months ended 31 March 2021 are
unaudited. The comparative information
for the year ended 30 September 2021
are 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 – BASIS OF PREPARATION
(i) Significant 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, except
as detailed below in note 2(ii).
(ii) New and amended accounting
interpretation adopted: IAS 38
Intangible Asset
The IFRS Interpretations Committee
(‘IFRIC’) has issued two final agenda
decisions relating to Software-as-a-
Service (‘SaaS’) cloud computing
arrangements. In the March 2019 agenda
decision, IFRIC considers whether an
entity should recognise an intangible
asset in a cloud computing arrangement
if the contract does not contain a lease
of the underlying software or if the
entity has no control of the underlying
software. The assessment is done at
the commencement of the contract.
The April 2021 IFRIC agenda decision
considers how an entity accounts for
configuration or customisation costs in
a SaaS cloud computing arrangement.
The Group retrospectively adopted the
interpretations at 1 October 2020,
resulting in the derecognition of
previously capitalised configuration
and customisation costs as a cumulative equity adjustment of $4.0m net of tax at
1 October 2020 (refer to the Sanford 2021 integrated report for details). Henceforth,
comparative information for the six months ended and as at 31 March 2021 presented
in these interim financial statements are also restated. The following tables present the
impact from the said restatements:
STATEMENT OF
FINANCIAL POSITION
Previously
reported
Carried
forward
cumulative
adjustment at
1 October
2020AdjustmentRestated
Balance at 31 March 2021$000 $000 $000 $000
Intangible assets494,285340–494,625
Deferred taxation(32,160)1,559953(29,648)
Property, plant and equipment 168,190 (5,905)(3,402)158,883
Other assets/(liabilities) 11,478 – –11,478
Net assets 641,793 (4,006) (2,449) 635,338
Retained earnings 534,005 (4,006) (2,449) 527,550
Other equity balances 107,788 – – 107,788
Total equity 641,793 (4,006) (2,449) 635,338
INCOME STATEMENT
Previously
reportedAdjustmentRestated
For the six months ended 31 March 2021$000 $000 $000
Other expenses(6,265)(3,402)(9,667)
Profit before income tax 18,787 (3,402)15,385
Income tax expense (2,585) 953 (1,632)
Profit for the period 16,202 (2,449) 13,753
Earnings per share 17.3 (2.6) 14.7
INTERIM FINANCIAL STATEMENTS

20
SANFORD INTERIM REPORT
2022
NOTES TO THE INTERIM FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2022
NOTE 2 – BASIS OF PREPARATION (CONTINUED)
(ii) New and amended accounting interpretation adopted:
IAS 38 Intangible Asset
(continued)
STATEMENT OF CASH FLOWS
Previously
reportedAdjustmentRestated
For the six months ended 31 March 2021$000 $000 $000
Payments to suppliers and employees(209,224)(3,402)(212,626)
Net cash flow from operating activities 7,942 (3,402) 4,540
Purchase of property, plant and equipment
and intangible assets
(19,726) 3,402 (16,324)
Net cash flow used in investing activities 4,285 3,402 7,687
(iii) Impact of COVID-19
The Group’s financial performance and financial position continue to be impacted by the
COVID-19 global pandemic. An assessment of the impact of COVID-19 on the Group’s
31 March 2022 statement of financial position is set out below:
Balance Sheet itemCOVID-19 Assessment
Trade and other
receivables
Recovered demand from re-opened international economies and their
foodservice industries, complemented by favourable sales prices achieved
across the Group’s white fish, salmon and mussels businesses, have
contributed to an increase in trade receivables since September 2021.
No significant issues are noted at 31 March 2022 in respect of credit risk.
Inventories
Seaford inventory levels fell in terms of value by 30% relative to
March 2021. In addition the positive reopening of several export
hospitality markets has also seen inventory levels fall in this half-year
by 14%, when compared to the September 2021 year end. Sanford has
been able to take advantage of increasing demand enabling inventory
levels to fall to near pre-Covid levels. The inventory balance reflects the
inclusion of a $2.7 million provision in order to appropriately value
inventory to its net realisable value. The group does not have ageing
issues in respect of inventory.
(iv) Comparative information
Certain expenses in the consolidated condensed income statements for the six months
ended 31 March 2021 and year ended 30 September 2021 have been reclassified from
cost of sales to administrative expenses to align with the nature of the expenses.
NOTE 3 – 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 (mussels and salmon) 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 2021.
INTERIM FINANCIAL STATEMENTS

21
SANFORD INTERIM REPORT
2022
NOTES TO THE INTERIM FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2022
REVENUE BY GEOGRAPHICAL LOCATION
OF CUSTOMERS
Unaudited
6 months
ended
31 March
2022
Unaudited
6 months
ended
31 March
2021
Audited
12 months
ended
30 September
2021
$000$000$000
New Zealand 105,539 97,047201,415
Australia 34,434 35,87085,293
North America 44,170 31,02360,265
Europe 26,961 26,86251,653
China 37,039 22,21249,777
Other Asia 8,488 8,34215,628
Japan 7,204 5,63511,004
South Korea 3,428 2,2064,730
Hong Kong 1,009 1,8304,569
Middle East 2,591 1,7743,757
Africa 18 384693
Pacific 42 246505
Other – 75336
Revenue 270,923 233,506489,625
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 (six months ended 31 March 2021: none, year ended 30 September 2021:
one customer).
NOTE 4 – BANK LOANS (SECURED)
Carrying and face value
Unaudited
31 March
2022
Unaudited
31 March
2021
Audited
30 September
2021
$000 $000 $000
Balance at beginning of period 182,500 187,210187,210
Bank loans
Proceeds
27,500 20,00050,000
Repaid (20,000)(5,000)(52,500)
Bank overdraft and short term borrowings
Movement
(9,000)(2,210)(2,210)
Balance at end of period 181,000 200,000182,500
Interest rates applicable1.7%-2.6%0.95-1.46%0.98% – 1.72%
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 (six months ended 31 March 2021 and year ended
30 September 2021: all covenants were complied with).
In April 2022, the secured term loans expiring on 30 April 2022 were extended to
30 April 2023.
The repayment dates of secured term loans outstanding and totalling $135.0m at
31 March 2022 are:
• 30 April 2023: $25.0m;
• 1 October 2024: $55.0m;
• 30 November 2024: $40.0m and
• 15 April 2026: $15.0m.
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 3 – SEGMENT REPORTING (CONTINUED)
INTERIM FINANCIAL STATEMENTS

22
SANFORD INTERIM REPORT
2022
NOTES TO THE INTERIM FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2022
NOTE 5 – DIVIDENDS
On 22 May 2022 the Directors have determined that no interim dividend will be paid in
respect of the six months ended 31 March 2022 (31 March 2021 interim dividend: $nil,
30 September 2021 final dividend: $nil).
NOTE 6 – 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
2022
Unaudited
6 months
ended
31 March
2021
Audited
12 months
ended
30 September
2021
$000$000$000
Non-derivative financial assets not measured
at fair value
(i)
Trade receivables 85,731 69,504 70,551
Cash and cash equivalents 5,417 19,011 3,926
Other receivables – advances to associates 294 622 457
Shares in other companies (Level 3) 109 97 97
Non-derivative financial liabilities not
measured at fair value
(i)
Bank overdraft and short term borrowings
(secured)
(46,000)(55,000) (55,000)
Trade and other payables (56,927)(45,576) (40,775)
Bank loans (secured) (135,000)(145,000) (127,500)
Total net non-derivative financial liabilities(146,376)(156,342) (148,244)
Unaudited
6 months
ended
31 March
2022
Unaudited
6 months
ended
31 March
2021
Audited
12 months
ended
30 September
2021
$000$000$000
Derivative financial assets (liabilities)
measured at fair value
(ii)
Forward exchange contracts (Level 2) 12,623 17,781 11,554
Foreign currency options (Level 2) 3,531 5,282 3,588
Interest rate swaps (Level 2) 1,360 (7,529) (4,136)
Fuel swaps (Level 2) 3,688 2,015 1,777
Total net derivative financial assets21,20217,549 12,783
(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 2022: $8.6m, March 2021: $8.0m,
September 2021: $9.2m).
INTERIM FINANCIAL STATEMENTS

23
SANFORD INTERIM REPORT
2022
NOTE 7 – OTHER INCOME
31 March 2021 and 30 September 2021 – Sale of Mt Maunganui cold store
On 17 December 2020, the Group disposed of its Mt Maunganui cold store for a total
consideration of $16.1m. The gain of $13.4m on this disposal was recognised as other
income in the six months ended 31 March 2021 and year ended 30 September 2021.
NOTE 8 – IMPAIRMENT OF ASSETS
No impairment losses are recognised in the six months ended 31 March 2022 and
31 March 2021, and in the year ended 30 September 2021.
NOTE 9 – CONTINGENT LIABILITIES AND COMMITMENTS
(a) Contingent liabilities
Unaudited
31 March
2022
Unaudited
31 March
2021
Audited
30 September
2021
$000 $000 $000
Guarantees801 801 797
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 $5.3m (31 March 2021: $8.0m, 30 September 2021:
$12.5m).
NOTES TO THE INTERIM FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2022
NOTE 10 – SUBSEQUENT EVENTS
On 29th April 2022 Sanford completed the unconditional sale of its spiny (red) rock
lobster quota in Fisheries Management Areas CRA7 and CRA8 to Deltop Holdings
Limited, a subsidiary of Fiordland Lobster Company Limited. The sale which included
some annual catch entitlement (ACE) was for a consideration of $49.3m, giving rise
to a gain on sale of $41.8m (net of transaction costs). The financial impact of this sale will
be recognised in the second half of the year.
Additionally, refer to note 4 for the renewal of secured term loans that took place
subsequent to balance date.
INTERIM FINANCIAL STATEMENTS

24
SANFORD INTERIM REPORT
2022
DIRECTORY
BOARD OF DIRECTORS
Sir Robert McLeod, Chairman
Mark Cairns
Peter Cullinane
Craig Ellison
Abigail (Abby) Foote
Peter Kean
Fiona Mackenzie
EXECUTIVE TEAM
Peter Reidie, Chief Executive Officer
Paul Alston, Chief Financial Officer
Karen Duffy, Chief People Officer
Andre Gargiulo, Chief Customer Officer
Peter Young, Acting Chief Operating Officer
Louise Wood, Chief Supply Chain Officer
Colin Williams, General Manager Fishing
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 ($5 to $10 per
share)
SHARE REGISTRAR
Computershare Investor Services Limited
Private Bag 92 119
Victoria Street West
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
Victoria Street West
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.

25
SANFORD INTERIM REPORT
2022
Our delicate scampi sashimi is sure to delight your taste buds
with a beautiful balance of sweet lychee, sour lime and
spice from the chilli.
INGREDIENTS
500g scampi
2 tablespoons fresh lime juice
½ avocado, cubed
4 lychees, stone removed and
sliced into quarters
1 mini cucumber, thinly sliced
1 green chilli, thinly sliced
METHOD
1. In a bowl, combine lime juice, avocado,
lychees, cucumber and green chilli.
2. Carefully break off the scampi heads
and using a sharp knife, split the tail
down the centre and remove the
stomach and intestinal tract.
Remove the flesh and set aside.
TO ASSEMBLE
Place scampi flesh on a plate and the
combined ingredients from step 1.
Drizzle over any leftover lime juice.
Serve immediately.
SCAMPI SASHIMI
SERVES TWO – FOUR
PREP TIME – 20 MINUTES
RECIPE AND IMAGE COURTESY OF SANFORD AND SONS.
KEY FIGURES

SANFORD.CO.NZ