Half Year Results 2022

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 2022
Previous Reporting Period 6 months to 30 June 2021
Currency New Zealand Dollar
Amount (000s) Percentage change
Revenue from continuing
operations
$645,482 -1%
Total Revenue $645,482 -1%
Net profit/(loss) from
continuing operations
$2,928 309%
Total net profit/(loss) $2,928 309%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend proposed
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$3.98 $3.57
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

Unaudited condensed interim financial statements accompany this announcement.
5 August 2022

---

MARKET ANNOUNCEMENT
5 August 2022

T&G Global reports its 2022 Interim Results

At a glance
• Revenue: $645.5 million, down from $652.1 million
• Operating profit: $15.0 million, up from $10.9 million
• Net profit before tax: $7.8 million, up from $5.1 million
• Net profit after tax: $5.7 million, up from $3.4 million
• Net assets: $563.6 million, up from $514.9 million

T&G Global today announced its Interim Results for the six months to 30 June 2022, which show in
spite of the increasingly volatile and complex environment, the Group has continued to make
strong progress on delivering its long-term strategy.

Total revenue for the Group remained largely constant at $645.5 million, compared to $652.1
million in the prior year. Operating profit increased 37.6% to $15.0 million and profit before income
tax increased 52.9% to $7.8 million. T&G’s Apples business reported a decrease in revenue to
$401 million, compared to $421 million in 2021.

T&G Chief Executive Gareth Edgecombe says while it has been a tough start to the year, T&G has
improved its financial results and made solid progress in delivering its strategy.

“We’re operating in an increasingly volatile environment, with ongoing supply chain disruptions,
growing inflationary pressure, rising costs, macroeconomic geopolitical events and COVID-19
continuing to affect some of our key markets,” says Mr Edgecombe.

“This is against a backdrop of more frequent adverse weather events, as we saw with the heavy
rain at the start of the Hawke’s Bay harvest which extended the harvesting window beyond the
optimal period. This, together with disruptions in shipping schedules, led to some quality issues
and the late arrival of fruit into several markets. This made it a challenging start to the year.

“Over the last four years, we’ve repurposed $300 million through property and orchard sales to
reinvest in our growth, including our $100 million state-of-the-art automated packhouse in Hawke’s
Bay, with the first phase due to be operational for the 2023 apple season. We’ve continued to
make progress on our future-proofed orchard optimisation and improvement plans, including the
planting of our premium Envy™ brand on automation-ready 2D structures.”

T&G’s Aotearoa New Zealand domestic business, T&G Fresh, delivered strong results for the
period however its financial performance was impacted by labour constraints and higher
associated costs for the period.

“Our team did an outstanding job to ensure fruit and vegetables remained on shelves across
Aotearoa New Zealand as COVID-19 spread extensively throughout the country. This saw many of
our office-based team stepping in to support their front-line teammates as people isolated and took
care of themselves and their families,” said Mr Edgecombe.

T&G Chair Benedikt Mangold says despite the complex and challenging environment, T&G has a
bright future ahead.

“Over the last six months the team has put in a tremendous amount of effort to tackle the
curveballs as they’ve arisen, while at the same time keeping each other safe and putting in place
the foundations to deliver our long-term strategy,” says Mr Mangold.

“Our strategy, together with our strong financial discipline, provides a clear pathway to deliver
significant future growth and improved financial performance, and this will create a strong and
sustainable business for the next generation.”


ENDS


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


About T&G Global
Our story began over 125 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.

---

1
Interim
Report
2022

Contents
Chair and CEO review2 - 3
Financials
Income statement 4
Statement of comprehensive income5
Statement of changes in equity6 - 7
Balance sheet8 - 9
Statement of cash flows10 - 12
Notes to the financial statements13 - 25

2
3
As part of this, in June, we signed
Aotearoa New Zealand’s first
Sustainability-Linked Loan in the
horticulture sector, refinancing
$180 million and committing to
three ambitious targets. This will
see us decarbonise our business,
develop plans to assist in adapting
to a changing climate and help build
thriving local communities.
Looking ahead
As we continue to navigate our way
through a complex and challenging
environment, we remain absolutely
focused on delivering our long-term
strategy. We have a clear pathway
for significant future growth and
improved financial performance,
and as a team, we’re making great
progress towards this. By focusing
on what’s in our control and
harnessing our drive, resilience and
teamwork, we will create a strong
and sustainable business for future
generations to take forth.
Chair and CEO review
Kia ora,
In the first half of 2022, in spite of the
increasingly volatile and complex
environment, we continued to make solid
progress in creating a vibrant and strong
business for future generations.
Leading into this year’s apple
harvest, every effort was put in to
maximising our crop and ensuring
we had enough labour to harvest
our premium fruit. Innovative
local recruitment campaigns and
incentive programmes, together
with the return of many of our
Recognised Seasonal Employer
(RSE) whānau, positioned us
well. Despite this, the unfortunate
timing of the heavy rain at the
start of the Hawke’s Bay harvest
extended the harvesting window
of our premium apples beyond
the optimum period. This,
together with disruptions in
global shipping schedules and
reduced visits to Nelson, led to
some quality issues and the late
arrival into several markets,
including Asia.
Our team worked hard to get
ahead of supply chain challenges,
partnering with Zespri and other
horticultural exporters to charter
vessels to the United States, and
re-routing Nelson shipments
to other ports in Aotearoa New
Zealand. Naturally, this came with
higher costs.
Globally, COVID-19 continues
to disrupt markets and supply
chains, making it challenging for
exporters to get fresh produce
to customers and consumers on
time. At the same time, there’s
growing inflationary pressure,
rising costs, a tight labour
market – all against a backdrop
of increasing frequency of
adverse weather events.
This made it a tough start to
the year, and our results do not
reflect the tremendous effort our
team put in to keep each other
safe and proactively tackle the
challenges, while staying firmly
focused on delivering our long-
term strategy.
Performance
For the first six months of 2022,
total revenue for the Group
remained largely constant,
down from $652.1 million to
$645.5 million. Operating profit
increased 37.6%, from $10.9
million to $15.0 million this
year, and profit before income
tax increased 52.9%, from $5.1
million in the prior year, to
$7.8 million.
Globally, there’s significant
consumer demand for our premium
brands, however in the short-term
demand is being affected by various
macroeconomic and geopolitical
forces, as well as COVID-19.
Lockdowns in China made it difficult
to move fresh produce in and around
the country, with sales in wholesale,
retail and foodservice channels
affected. In many markets, the
increasing cost of living is altering
buying behaviour and confidence,
and in Europe, the Russia-Ukraine
conflict has led to a surplus of
commodity apples and extensive
pricing pressure.
These factors contributed to a
decrease in revenue for our Apples
business, from $421 million in 2021,
to $401 million this year.
Our T&G Fresh business had a
strong start to the year, although
labour constraints and higher
associated costs impacted its
performance. As COVID-19 spread
extensively across Aotearoa New
Zealand in March, many of our
office-based team stepped in to
support our front-line operational
teams as people isolated and
took care of themselves and
their families.
After having identified berries
and table grapes as two
emerging categories, we are now
entirely focused on establishing a
vertical berries category. Despite
making good progress in table
grapes, we have not been able
to secure a strong competitive
advantage. Going forward, table
grapes will remain a profitable
traded category for us. This year,
as part of building out our berries
category, we invested in a new
joint venture blueberry farm in
Australia and have begun moving
new blueberry varieties to testing
partners in Europe.
As part of our continued
business transformation, we
have begun a multi-year digital
transformation programme to
improve our business processes
and future-proof the way we
work, which will see us move to a
new enterprise resource
planning system.
Critical to the long-term
sustainability of our business
is our ability to embrace
sustainable practices and meet
global consumer needs.
Thanks to this incredible mahi,
we continued to safely pick, pack,
deliver and sell fresh produce
nationwide, ensuring fruit and
vegetables remained on shelves
across the country. Following the
reopening of the Pacific Islands to
international tourists, it has been
pleasing to see the increased
demand from both our Fijian
domestic and our Pacific Island
export businesses. With a new
leadership team, our T&G Fresh
business has stabilised and has a
clear strategy for growth.
Progress on
delivering our
strategy
For 125 years, we have been
growing healthier futures for our
people, growers, communities,
nation and consumers around
the world. This legacy is what
drives us, and over the last four
years we have re-purposed
$300 million through property
and orchard sales to reinvest in
creating a future-fit, strong and
sustainable business for the
next generation.
Announced in late 2021, our
new state-of-the-art automated
packhouse in Hawke’s Bay is
on track, with the first stage set
to be operational for the 2023
apple season. The packhouse
will deliver significant efficiencies
and accommodate increasing
volumes of Envy™ and other
apple varieties. At the same
time, we’ve continued making
progress on our future-proofed
orchard optimisation and
improvement plans.
In July, we completed the second
sale to FarmRight, the New
Zealand Superannuation Fund’s
rural investment manager, with
the proceeds of this 40-hectare
sale helping further fund our
growth strategy.
T&G Global Chair Benedikt Mangold
(left) and Chief Executive Officer
Gareth Edgecombe (right)
Benedikt Mangold
Chair
Gareth Edgecombe
Chief Executive Officer

4
5
Income statement
For the six months ended 30 June 2022
NOTESUnaudited
6 months to
30 Jun 2022
$’000
Unaudited
6 months to
30 Jun 2021
$’000
Audited
12 months to
31 Dec 2021
$’000
Revenue from contracts with customers3645,482652,0631,365,413
Other operating income18,7303,96310,861
Purchases, raw materials and consumables used(480,545)(479,069)(1,007,737)
Employee benefits expenses(97,727)(93,400)(175,775)
Depreciation and amortisation expenses(27,481)(25,655)(52,645)
Other operating expenses(43,435)(46,998)(123,230)
Operating profit15,02410,90416,887
Financing income1,0186991,234
Financing expenses(9,275)(7,491)(16,866)
Share of loss from joint ventures9 - -(114)
Share of profit from associates91,0149622,139
Other income17 -7,384
Other expenses - -(866)
Profit before income tax7,7985,0749,798
Income tax (expense) / credit4(2,049)(1,658)3,754
Profit after income tax5,7493,41613,552
Attributable to:
Equity holders of the Parent2,9287168,876
Non-controlling interests2,8212,7004,676
Profit for the period5,7493,41613,552
Earnings per share (in cents)
Basic and diluted earnings2.4 0.6 7. 2
The accompanying notes form an integral part of these interim financial statements.
Statement of comprehensive income
For the six months ended 30 June 2022
NOTESUnaudited
6 months to
30 Jun 2022
$’000
Unaudited
6 months to
30 Jun 2021
$’000
Audited
12 months to
31 Dec 2021
$’000
Profit for the period5,7493,41613,552
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
(Loss) / gain on revaluation of property, plant and equipment:
Held by subsidiaries of the Group(444) -67,658
Deferred tax effect on revaluation of property, plant and equipment - -(12,961)
Deferred tax effect on sale of property, plant and equipment - -5,977
(444) -60,674
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations4,7331,7082,672
Cash flow hedges:
Fair value loss, net of tax(18,672)(7,350)(13,448)
Reclassification of net change in fair value to profit or loss38762,602
(13,936)(4,766)(8,174)
Other comprehensive (expense) / income for the period(14,380)(4,766)52,500
Total comprehensive (expense) / income for the period(8,631)(1,350)66,052
Total comprehensive (expense) / income for the period is attributable to:
Equity holders of the Parent (11,599)(4,497)60,822
Non-controlling interests2,9683,1475,230
(8,631)(1,350)66,052
The accompanying notes form an integral part of these interim financial statements.

6
7
Statement of changes in equity
NOTESUnaudited
Share
capital
$'000
Revaluation
and other
reserves
$'000
Retained
earnings
$'000
Total
$'000
Non-
controlling
interests
$'000
Total
equity
$'000
Balance at 1 January 2022176,357113,112270,607560,07613,528573,604
Profit for the period - -2,9282,9282,8215,749
Other comprehensive income / (expense)
Revaluation of property, plant and equipment -(444) -(444) -(444)
Exchange differences on translation of foreign
operations
-4,586 -4,5861474,733
Movement in cash flow hedge reserve -(18,669) -(18,669) -(18,669)
Total other comprehensive (expense) / income -(14,527) -(14,527)147(14,380)
Transactions with owners
Dividends7 - - - -(4,666)(4,666)
Movement in equity from sale of shares in
subsidiary
8 - - - -3,3423,342
Total transactions with owners - - - -(1,324)(1,324)
Balance at 30 June 2022176,35798,585273,535548,47715,172563,649
2022
For the six months ended 30 June 2022
NOTESUnaudited
Share
capital
$'000
Revaluation
and other
reserves
$'000
Retained
earnings
$'000
Total
$'000
Non-
controlling
interests
$'000
Total
equity
$'000
Balance at 1 January 2021176,357113,289216,961506,60713,147519,754
Profit for the period - -7167162,7003,416
Other comprehensive income / (expense)
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 (expense) / income -(5,213) -(5,213)447(4,766)
Transactions with owners
Dividends7 - - - -(3,483)(3,483)
Total transactions with owners - - - -(3,483)(3,483)
- -
Balance at 30 June 2021176,357108,076217,677502,11012,811514,921
2021
The accompanying notes form an integral part of these interim financial statements.The accompanying notes form an integral part of these interim financial statements.

8
9
As at 30 June 2022
Balance sheet
NOTESUnaudited
30 Jun 2022
$’000
Unaudited
30 Jun 2021
$’000
Audited
31 Dec 2021
$’000
Current assets
Cash and cash equivalents68,29784,98359,005
Trade and other receivables219,656194,654147,550
Inventories183,961190,80245,560
Taxation receivable16,52215,51112,334
Derivative financial instruments1,54812,2553,630
Biological assets7,6886,27225,129
Non-current assets classified as held for sale613,59615,500 -
Total current assets511,268519,977293,208
Non-current assets
Trade and other receivables46,94621,48139,360
Derivative financial instruments3,4242,3341,311
Deferred tax assets49791,3271,320
Investments in unlisted entities868786
Property, plant and equipment5406,634392,661399,806
Right-of-use assets142,477 116,989 139,461
Intangible assets75,45977,54675,853
Investments in joint ventures93,2343,3523,238
Investments in associates931,28932,74130,637
Total non-current assets710,528648,518691,072
Total assets1,221,7961,168,495984,280
Table continues next page
NOTESUnaudited
30 Jun 2022
$’000
Unaudited
30 Jun 2021
$’000
Audited
31 Dec 2021
$’000
Current liabilities
Trade and other payables241,200276,511162,693
Loans and borrowings100,70092,70010,879
Lease liabilities22,69821,66521,330
Taxation payable10,4633,72511,717
Derivative financial instruments17,8962,0163,397
Total current liabilities392,957396,617210,016
Non-current liabilities
Trade and other payables45179592
Loans and borrowings88,201104,58432,345
Lease liabilities140,572100,501134,745
Derivative financial instruments8,0355,6773,158
Deferred tax liabilities428,33746,01629,820
Total non-current liabilities265,190256,957200,660
Total liabilities658,147653,574410,676
Equity
Share capital176,357176,357176,357
Revaluation and other reserves98,585108,076113,112
Retained earnings273,535217,677270,607
Total equity attributable to equity holders of the Parent548,477502,110560,076
Non-controlling interests15,17212,81113,528
Total equity563,649514,921573,604
Total liabilities and equity1,221,7961,168,495984,280
Approved for and on behalf of the Board
B.J. Mangold
Director (Chair)
5 August 2022
C.A. Campbell
Director (Chair of Finance, Risk and Investment Committee)
5 August 2022
The accompanying notes form an integral part of these interim financial statements.The accompanying notes form an integral part of these interim financial statements.

10
11
Statement of cash flows
Table continues next page
NOTES
Unaudited
6 months to
30 Jun 2022
$’000
Unaudited
6 months to
30 Jun 2021
$’000
Audited
12 months
to 31 Dec
2021
$’000
Cash flows from operating activities
Cash was provided from:
Cash receipts from customers577,739 648,361 1,400,352
Other1,141 367 683
Cash was disbursed to:
Payments to suppliers and employees(605,166)(607,823)(1,336,693)
Interest paid(1,738)(2,387)(6,582)
Income taxes paid(3,000)(1,792)(2,400)
Net cash (outflow) / inflow from operating activities(31,024)36,72655,360
Cash flows from investing activities
Cash was provided from:
Dividends received from joint ventures and associates - -2,854
External loan repayments from suppliers, customers, associates and joint ventures1,6892472,024
Sale of other property, plant and equipment1,4742,6744,194
Sale of shares in subsidiary to non-controlling interest3,833 - -
Sale of apple orchards - - 13,279
Sale of investment property - - 15,500
Sale of Whakatu Road site - - 79,545
Cash was disbursed to:
Purchase of property, plant and equipment5(31,300)(15,793)(49,093)
Purchase of intangible assets(2,300)(1,067)(4,107)
Loans to suppliers, customers, associates and joint ventures(1,840)(1,985)(3,407)
Net cash (outflow) / inflow from investing activities(28,444)(15,924)60,789
For the six months ended 30 June 2022
NOTESUnaudited
6 months to
30 Jun 2022
$’000
Unaudited
6 months to
30 Jun 2021
$’000
Audited
12 months to
31 Dec 2021
$’000
Cash flows from financing activities
Cash was provided from:
Net proceeds from short-term borrowings15,000 - -
Proceeds from long-term borrowings55,00039,35270,325
Proceeds from seasonal funding76,00073,000 -
Cash was disbursed to:
Dividends paid to non-controlling interests7(4,666)(3,483)(4,849)
Dividends paid to Parent's shareholders7 - - (7,353)
Repayment of short-term borrowings -(3,000)(13,000)
Repayment of long-term borrowings(724)(13,398)(115,421)
Repayment of lease liabilities(16,271)(15,213)(30,413)
Seasonal advances to growers(57,418)(52,874) -
Bank facility fees and transaction fees(2,605)(1,321)(3,083)
Net cash inflow / (outflow) from financing activities64,31623,063(103,794)
Net increase in cash and cash equivalents4,84843,86512,355
Foreign currency translation adjustment4,444(3,546)1,986
Cash and cash equivalents at the beginning of the year59,00544,66444,664
Cash and cash equivalents at the end of the period68,29784,98359,005
The accompanying notes form an integral part of these interim financial statements.The accompanying notes form an integral part of these interim financial statements.

NOTESUnaudited
6 months to
30 Jun 2022
$’000
Unaudited
6 months to
30 Jun 2021
$’000
Audited
12 months to
31 Dec 2021
$’000
Profit for the period
5,7493,41613,552
Adjusted for non-cash items:
Amortisation expense2,9881,6634,359
Depreciation expense24,49323,99248,286
Movement in deferred tax(1,058)(2,147)(20,392)
Movement in expected credit loss allowance(59)(79)(125)
Revenue from sale of licences(5,915) - (14,308)
Share of loss of joint ventures9 - - 114
Share of profit of associates9(1,014)(962)(2,139)
Other movements3,0981,101(5,764)
22,53323,56810,031
Adjusted for investing and financing activities:
Bank facility and line fees2,605 1,321 3,083
Fair value adjustment of investment property - (2,000)(2,000)
Gain on sale and leaseback of Whakatu Road site - - (7,384)
Impairment of assets - - 4,821
Impairment of intangible assets - - 1,437
Loss on sale of apple orchards - - 438
(Gain) / loss on disposal of other property, plant and equipment(17) 4,860 7,486
Net gain from reversal of previous impairment losses through profit and loss
5
- - (1,870)
Net gain from reversal of previous property, plant and equipment revaluation
changes through profit and loss
- - (946)
Write down of investment in associate - - 428
2,5884,1815,493
Impact of changes in working capital items net of effects of non-cash
items, and investing and financing activities:
(Increase) / Decrease in debtors and repayments (71,274)(16,499)33,170
Decrease / (Increase) in biological assets17,44113,981(1,680)
Increase / (Decrease) in creditors and provisions 135,789159,724(6,776)
Increase in inventories(138,401)(147,940)(5,894)
(Increase) / Decrease in net taxation receivable (5,449)(3,705)7,464
(61,894)5,56126,284
Net cash (outflow) / inflow from operating activities(31,024)36,72655,360
12
13
Statement of cash flows (continued)
Reconciliation of profit after income tax to net cash flow from operating activities
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. Key categories for the Group include
apples, grapes, berries, citrus (lemons, mandarins and navel oranges) and tomatoes.
These unaudited condensed interim financial statements presented are for the Group which comprises the Parent and its
subsidiaries, joint ventures and associates as at 30 June 2022.
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 Building 1, Level 1, Central Park, 660 Great South Road, Ellerslie,
Auckland.
BayWa Global Produce GmbH (the Immediate Parent) and BayWa Aktiengesellschaft (the Ultimate Parent) are the
parents of the Group and are based in Munich, Germany.
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 2021 (2021 Annual Report), which has been prepared in accordance with New Zealand equivalents to
International Financial Reporting Standards (NZ IFRS) and 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
2021 Annual Report.
These unaudited condensed interim financial statements are expressed in New Zealand dollars which is the presentation
currency of the Group. 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 2021 Annual Report.

14
15
Notes to the financial statements
(continued)
Operating SegmentSignificant Operations
ApplesGrowing, packing, cool storing, sales and marketing of apples worldwide.
International TradingInternational trading activities other than apples. Major markets are Asia, Australia and the
Americas. Product is sourced from Aotearoa New Zealand, Australia, North America, South
America and Europe.
T&G FreshGrowing, trading and transport activities within Aotearoa New Zealand and exports to the
Pacific. This incorporates the Aotearoa New Zealand wholesale markets, the Freshmax New
Zealand Limited business, and the tomato and citrus growing operations.
VentureFruit
TM
VentureFruit
TM
is the Group's global genetics and variety management business. Through its
range of services, VentureFruit
TM
will identify, acquire, develop, build and protect new varieties
of fruit. Revenue from the sale of right-to-grow licences is also included in this business
division.
OtherIncludes property and corporate costs.
Apples
$'000
International
Trading
$'000
T&G Fresh
$'000
VentureFruit™
$'000
Other
$'000
Total
$'000
Unaudited six months ended 30 June
2022
Total segment revenue400,82474,130193,72724,66752693,400
Inter-segment revenue-(25,458)(8,657)(13,803) - (47,918)
Revenue from external customers400,82448,672185,07010,86452645,482
Purchases, raw materials and
consumables used
(311,374)(44,192)(119,818)(5,152)(9)(480,545)
Depreciation and amortisation expenses(13,444)(341)(12,159)(157)(1,380)(27,481)
Net other operating expenses(48,012)(5,411)(48,602)(1,924)(18,483)(122,432)
Segment operating profit / (loss)27,994(1,272)4,4913,631(19,820)15,024
Financing income1,018
Financing expenses(9,275)
Share of profit from associates1,014
Net other income 17
Profit before income tax7,798
Segment information provided to the chief operating decision-makers for the reportable segments is shown in the
following tables:
Apples
$'000
International
Trading
$'000
T&G Fresh
$'000
VentureFruit™
$'000
Other
$'000
Total
$'000
Unaudited six months ended 30 June
2021
(1)
Total segment revenue421,14076,336168,68615,636112 681,910
Inter-segment revenue - (12,252)(5,770)(11,825) - (29,847)
Revenue from external customers421,14064,084162,9163,811112652,063
Purchases, raw materials and
consumables used
(319,335)(58,671)(96,934)(4,125)(4)(479,069)
Depreciation and amortisation expenses(11,842)(331)(12,184)(45)(1,253)(25,655)
Net other operating expenses(63,437)(10,799)(50,042)(1,693)(10,464)(136,435)
Segment operating profit / (loss)26,526(5,717)3,756(2,052)(11,609)10,904
Financing income699
Financing expenses(7,491)
Share of profit from associates962
Profit before income tax5,074
(1)
Prior year segment results have been re-presented to ensure consistency in the composition of business segments to reflect the Group's
internal reporting. This had no impact on the income statement or other primary statements with the only impact being in the 2021 segment
information presentation. Refer to Note 3.
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 and segment
results include items directly attributable to a segment.
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:

Financials
16
17
Apples
$'000
International
Trading
$'000
T&G Fresh
$'000
VentureFruit™
$'000
Other
$'000
Total
$'000
Audited year ended 31 December
2021
Total segment revenue957,673147,394378,59446,0142551,529,930
Inter-segment revenue(106,233)(18,150)(13,070)(27,064) - (164,517)
Revenue from external customers851,440129,244365,52418,9502551,365,413
Purchases, raw materials and
consumables used
(647,150)(126,946)(222,661)(10,967)(13)(1,007,737)
Depreciation and amortisation expenses(24,694)(639)(24,820)(109)(2,383)(52,645)
Net other operating expenses(139,038)(14,074)(100,025)(5,560)(29,447)(288,144)
Segment operating profit / (loss)40,558(12,415)18,0182,314(31,588)16,887
Financing income1,234
Financing expenses(16,866)
Share of loss from joint ventures(114)
Share of profit from associates2,139
Net other income 6,518
Profit before income tax9,798
The VentureFruit™ segment result reported above eliminates intercompany royalties received from the Apples operating segment. These
royalties are derived by the Apples operating segment from external sources and as such, are reported in the Apples operating segment.
3. Revenue from contracts with customers
Apples
$'000
International
Trading
$'000
T&G Fresh
$'000
VentureFruit™
$'000
Other
$'000
Total
$'000
Unaudited six months ended 30 June
2022
Nature of revenue
Sale of produce 361,523 48,135 142,802 160 - 552,620
Sale of licences - - - 8,220 - 8,220
Commissions 13,341 110 12,457 883 - 26,791
Services 21,481 427 29,811 50 52 51,821
Royalties 4,479 - - 1,551 - 6,030
Revenue from external customers 400,824 48,672 185,070 10,864 52 645,482
Timing of revenue recognition
At a point in time
Sale of produce 361,523 48,135 142,802 160 - 552,620
Sale of licences - - - 8,220 - 8,220
Commissions 13,341 110 12,457 883 - 26,791
Services 16,301 427 29,811 50 52 46,641
Royalties 4,479 - - 1,551 - 6,030
395,644 48,672 185,070 10,864 52 640,302
Over time
Services 5,180 - - - - 5,180
5,180 - - - - 5,180
Revenue from external customers 400,824 48,672 185,070 10,864 52 645,482
Table continues next page
Notes to the financial statements
(continued)

Financials
18
19
Apples
$'000
International
Trading
$'000
T&G Fresh
$'000
VentureFruit™
$'000
Other
$'000
Total
$'000
Unaudited six months ended 30 June
2021
(1)
Nature of revenue
Sale of produce389,05159,128123,192 - -571,371
Sale of licenses - - -2,741 -2,741
Commissions12,2254,95612,024464 -29,669
Services15,711 -27,700 -11243,523
Royalties4,153 - -606 -4,759
Revenue from external customers421,14064,084162,9163,811112652,063
Timing of revenue recognition
At a point in time
Sale of produce389,05159,128123,192 - -571,371
Sale of licences - - -2,741 -2,741
Commissions12,2254,95612,024464 -29,669
Services11,770 -27,690 -11239,572
Royalties4,153 - -606 -4,759
417,19964,084162,9063,811112648,112
Over time
Services3,941 -10 - -3,951
3,941 -10 - -3,951
Revenue from external customers 421,140 64,084 162,916 3,811 112 652,063
Apples
$'000
International
Trading
$'000
T&G Fresh
$'000
VentureFruit™
$'000
Other
$'000
Total
$'000
Audited year ended 31 December
2021
Nature of revenue
Sale of produce805,213122,552283,929 - -1,211,694
Sale of licenses - - -16,381 -16,381
Commissions12,6875,40624,224967 -43,284
Services26,7861,28657,37118425585,882
Royalties6,754 - -1,418 -8 ,17 2
Revenue from external customers851,440129,244365,52418,9502551,365,413
Timing of revenue recognition
At a point in time
Sale of produce805,213122,552283,929 - -1,211,694
Sale of licenses - - -16,381 -16,381
Commissions12,6875,40624,224967 -43,284
Services19,8471,28657,36118425578,933
Royalties6,754 - -1,418 -8 ,17 2
844,501129,244365,51418,9502551,358,464
Over time
Services6,939 -10 - -6,949
6,939 -10 - -6,949
Revenue from external customers851,440129,244365,52418,9502551,365,413
(1)
Prior period segment results have been re-presented to ensure consistency in the composition of business segments to reflect the
Group's internal reporting. This has no impact on the income statement or other primary statements with the only impact being in the 2021
segment information presentation.
Notes to the financial statements
(continued)

Financials
20
21
5. Property, plant and equipment
7. Dividends
Unaudited
6 months to
30 Jun 2022
$’000
Unaudited
6 months to
30 Jun 2021
$’000
Audited
12 months to
31 Dec 2021
$’000
Asset acquisitions and disposals
Cost of assets acquired31,30015,79349,093
Net book value of assets disposed1,5575,159(84,421)
Net gain / (loss) on assets disposed17(4,860)(7,486)
Unaudited
6 months to
30 Jun 2022
$’000
Unaudited
6 months to
30 Jun 2021
$’000
Audited 12
months to
31 Dec 2021
$’000
Unaudited
6 months to
30 Jun 2022
Cents per
share
Unaudited
6 months to
30 Jun 2021
Cents per
share
Audited
12 months to
31 Dec 2021
Cents per
share
Ordinary shares
Final dividend - - 7,353 - - 6
Interim dividend - - - - - -
Dividends to non-controlling interests in
Group subsidiaries
4,6663,4834,849 - - -
Total4,6663,48312,202
6. Non-current assets classified as held for sale
On 11 May 2022 the Group's management committed to sell the orchard land and improvements, with certain plant and
equipment at Willowbank Avenue, Napier. The sale was settled on 15 July 2022.
Notes to the financial statements
(continued)
8. Investments in subsidiaries
During the period, the Group incorporated the following subsidiary. As at 30 June 2022 the subsidiary was individually
immaterial with a non-controlling interest.
Unearthed Produce Limited
Unearthed Produce Limited (UPL) is a subsidiary of the Group whose business operations are the procuring, processing,
and selling of root vegetables. On 31 March 2022, 49% of the shares in UPL were sold to Ashadeep Company Limited and
Pukekawa Holdings Limited for $3.3 million. The Group maintains a 51% ownership of UPL through its subsidiary Turners
& Growers Fresh Limited.

The shareholders agreement between the parties specifies that the Group has the right to appoint three of UPL’s five
directors, and the right to approve UPL’s annual business plan and budget. This satisfies the criteria for control set out in
NZ IFRS 10 Consolidated Financial Statements and consequently UPL is accounted for as a subsidiary by the Group.
(1)
Allen Blair Properties Limited operations wound down and distributed their final shareholders distribution in December 2021.
(2)
The Group disposed of shares in Intelligent Fruit Vision Limited and The Fruit Firm Limited in February 2022.
Contributions from joint ventures and associates
During the period ended 30 June 2022, contributions from joint ventures and associates include $1.0 million from
Grandview Brokerage LLC (30 June 2021:$1.0 million; 31 December 2021: $2.1 million).
9. Investments in joint ventures and associates
Set out below are the joint ventures and associates of the Group as at 30 June 2022. 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 2022 and 2021 are:
Name of entityPlace of business and
country of incorporation
Ownership
interest (%)
30 Jun 202230 Jun 202131 Dec 2021
Joint ventures
Growers Direct LimitedUnited Kingdom505050
Wawata General Partner LimitedNew Zealand505050
Associates
Allen Blair Properties Limited
(1)
New Zealand - 33 -
Grandview Brokerage LLCUnited States of America393939
Intelligent Fruit Vision Limited
(2)
United Kingdom - 2424
The Fruit Firm Limited
(2)
United Kingdom - 2020
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.

Financials
22
23
Measured at
amortised
cost
$'000
Fair value
through
profit or loss
(mandatory)
$'000
Derivatives
for hedging
$'000
Equity
instrument
designated
at fair value
through
OCI
$'000Total
As at 30 June 2022 (unaudited)
Cash and cash equivalents68,297 - - - 68,297
Trade and other receivables (excluding prepayments and
taxes)
247,057 - - - 247,057
Investment in unlisted entities - - - 8686
Derivative financial instruments - 8694,103 - 4,972
Total315,3548694,10386320,412
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
Total281,50851314,07687296,184
As at 31 December 2021 (audited)
Cash and cash equivalents59,005 - - - 59,005
Trade and other receivables (excluding prepayments and
taxes)
164,455 - - - 164,455
Investment in unlisted entities - - - 8686
Derivative financial instruments - 4764,465 - 4,941
Total223,4604764,46586228,487
Measured at
amortised
cost
$'000
Fair value
through
profit or loss
(held for
trading)
$'000
Derivatives
for hedging
$'000Total
As at 30 June 2022 (unaudited)
Borrowings188,901 - - 188,901
Trade and other payables (excluding employee entitlements)229,195 - - 229,195
Lease liabilities163,270 - - 163,270
Derivative financial instruments - - 25,93125,931
Total581,366 - 25,931607,297
As at 30 June 2021 (unaudited)
Borrowings197,284 - - 197,284
Trade and other payables (excluding employee entitlements)263,960 - - 263,960
Lease liabilities122,166 - - 122,166
Derivative financial instruments - 1437,5507,693
Total583,4101437,550591,103
As at 31 December 2021 (audited)
Borrowings43,224 - - 43,224
Trade and other payables (excluding employee entitlements)149,155 - - 149,155
Lease liabilities156,075 - - 156,075
Derivative financial instruments - 1026,4536,555
Total348,4541026,453355,009
Financial assets
Financial liabilities
Fair value hierarchy
All financial assets and liabilities that use methods and assumptions to estimate fair value at 30 June 2022 are considered
to be level 2 in the fair value hierarchy (30 June 2021: level 2; 31 December 2021: level 2).

Valuation techniques used to value financial instruments are consistent with those used in the 2021 Annual Report.

For the six months ended 30 June 2022 and the financial year ended 31 December 2021, the estimated fair values of all
the Group's other financial assets and liabilities appropximate their carrying values.
Notes to the financial statements
(continued)
10. Financial instruments
Financial instruments by category

Financials
24
25
11. Contingencies
There has been no material change in contingent liabilities during the period.
13. 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.
14. Events occuring after the reporting period
Other than the event disclosed in Note 6, 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.
Unaudited
30 Jun 2022
$’000
Unaudited
30 Jun 2021
$’000
Audited
31 Dec 2021
$’000
Property, plant and equipment42,8694,55221,983
Intangible assets15171217
Total42,8844,72322,200
12. Capital commitments
As at 30 June 2022, the Group is committed to the following capital expenditure:
Notes to the financial statements
(continued)

26
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info@tandg.global
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660 Great South Road, Ellerslie, Auckland 1051
PO Box 56, Shortland Street, Auckland 1140
Aotearoa New Zealand