Interim Results Announcement

22 May 2023


Sanford Interim Results Show Improving Profitability, On Track for Further
Growth
Sanford Limited (NZX: SAN) has reported further improvement in its financial performance for the six
months ending 31
st
March 2023. Key highlights include:
• Net Profit After Tax (NPAT) for H1 2023 is $11.1 million, which compares favourably to NPAT
for H1 2022 ($6.1 million).
• Adjusted EBIT for H1 2023 is $26.6 million, a 38.7% increase on the same period last year
($19.2 million).
• Revenue of $277.6 million is up 2.5% versus H1 2022 ($270.9 million).
• Salmon division particularly strong with a 45% increase in profit, whilst Wildcatch again
remained steady, and Mussels continues to lag expectations.
• North Island inshore catch rights to be sold to Moana New Zealand through a new long-term
arrangement.
Sanford CEO Peter Reidie says that despite these improvements, labour shortages and cost
pressures have meant the seafood company has not yet returned to pre-Covid levels of profitability.
Sanford is New Zealand’s largest and oldest seafood company and has a diverse range of interests
across fishing and aquaculture. Its profits were heavily impacted by Covid, but Mr Reidie says that
has now changed.
“We have seen very encouraging growth in global sales. There is strong demand across the board.
This ranges from our highly valued scampi and salmon to more everyday products such as hoki and
squid. We have seen record pricing in the period for all these species and more.”
Given the improved performance, Sanford’s Board is pleased to announce an interim dividend of six
cents per share.
Led by our strategy, a focus of the first half of 2023, has been to restructure the business into three
divisions: Wildcatch, Salmon and Mussels, results for which are reported below.
Divisional Highlights
Salmon continues to outperform

Sanford’s Salmon division continues to outperform, with an increase in profit contribution of 45.2%
or $5.5m and revenue growth of 8.6% versus the prior comparable period (pcp).

Mr Reidie notes that “pricing and demand are strong and harvest volumes are stable compared to
the first half of 2022. The reduction of volume is driven by clearance of frozen volume in the prior
comparable period. We can also report that mortalities are low (at 2.9% for H1) and are well
managed with new initiatives such as pen relocation, increased net cleaning and the option to add
oxygenation when required.”

Mussels lagging expectations

Performance in the Mussels division is improving but is below expectations for the half, despite
delivering an increase in profit contribution and revenue relative to H1 2022.

Mr Reidie says “pricing and demand have been strong, but improvements have been limited by our
ability to supply the desired volumes to market. We saw a 13.0% reduction in sales volumes versus
H1 2022. Revenue has risen, despite the volume reduction, partly because we have sold more half
shell format mussels in H1 2023, which is a higher value product of lower weight. In the prior
comparable period, we sold more whole mussels, at lower prices.

“Holding us back has been the slow commissioning of our new Bioactives (marine extracts) plant,
labour shortages in our processing plant in Havelock and difficult weather patterns which have
impacted mussel growth. We are optimistic these three factors will improve in H2 2023.”
Wildcatch steady, inshore performance in focus
Sales volumes in Wildcatch have been consistent with the prior comparable period (down 1.2%).
Revenue for this division is up by 8.6% versus H1 2022 and the profit contribution is also relatively
consistent with H1 2022, up 2.3%. While squid catch volumes were down for the first six months of
our 2023 year, hoki and toothfish harvest volumes were up, hence the relatively flat performance in
this business unit.
Mr Reidie says that “while the deepwater part of the business is stable and profitable, unfortunately
the inshore area of Sanford’s Wildcatch division has been underperforming for some
time. Following a review into this division, we have now agreed to sell much of our North Island
inshore Annual Catch Entitlement (ACE) to Moana New Zealand through a new long-term
agreement. Sanford retains ownership of the North Island inshore quota. This will simplify our
operations and establish a lower-risk passive revenue stream for our North Island inshore ACE."
This arrangement is subject to two conditions, including the Commerce Commission granting Moana
a clearance in respect of the transaction. Settlement is expected to occur in Q4 of FY23, but this will
depend on when the conditions are satisfied.

More details about this transaction can be found in the separate announcement that accompanies
this interim results release on Sanford’s website.
People, Supply Chain and Outlook
Engagement scores remain consistent at 7.5 (out of 10) overall, representing strong engagement with
our work and culture across all areas of our business, with a 59% participation rate.
We continue to see great results from our focus on Food Safety and Quality. Substantiated complaints
are down 42% in 2023 versus H1 2022.

The supply chain for frozen exports remains challenged by both local and global issues. Sanford has
continued to work hard with all its partners to keep product moving to customers. Our sea freight
rates were contracted in mid-2022 and therefore a premium is being paid for current shipments.
These rates will soften for FY24. Supply chain cost increases are being passed to customers.

There have been notable achievements in sustainability with significant emissions upgrades approved
for two large vessels in our deepwater fleet. These will deliver transport energy efficiency
improvement of 7-11% per vessel.
Peter Reidie says that overall, there have been significant performance improvements for the first half
of 2023, but the company is focused on achieving more, and on mitigating or eliminating the issues
that have held back a more rapid return to desired profitability. “We thank our investors for their
patience and our people for their hard work. With the restructure underway and significant projects
such as Bioactives progressing, we look forward to seeing the benefits of that hard work in H2.”


For further information, please contact:
Peter Reidie
Chief Executive Officer
info@sanford.co.nz
+64 (9) 379 4720

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

---

INTERIM REPORT 2023

—
KEY FIGURES
—
REVENUE
$277.6m
▲ 2.5%
2022: $270.9M
CATCH & HARVEST
56.1k GWT
▲ 8.7%
2022: 51.6k GWT
ADJUSTED EBIT
$26.6m
▲ 38.7%
2022: $19.2M
EMPLOYEE ENGAGEMENT
7.5/10
NO CHANGE
2022: 7.5/10
INTERIM DIVIDEND
6 cents
▲ 6 CENTS
2022: NO INTERIM DIVIDEND PAID
NPAT
$11.1m
▲ 82.0%
2022: $6.1M

3
SANFORD INTERIM REPORT
2023
Welcome to Sanford’s 2023 Interim report
which presents our results and key
developments for the six months ending
31st March 2023. We are pleased to report
further improvement in our financial
performance, particularly a strong
Adjusted EBIT improvement on the prior
year. Despite this improvement, labour
shortages and cost pressures have meant
we have not yet returned to pre-Covid
levels of profitability.
Our Adjusted EBIT for H1 2023 is $26.6
million, representing a 38.7% increase on
the same period last year, when Adjusted
EBIT was $19.2 million. Our intention is
to increase our EBIT performance to
historical highs, which peaked between
2017 and 2019 (H1 2018 being the highest
at $35.4 million). Delivering an improved
result across our Mussels division and in
inshore fishing is the key to us securing
this goal. We detail below in our Divisional
breakdowns how we plan to achieve this.
The trend of improved profitability that
we have reported in our last three reporting
periods has us heading in the right direction.
Net Profit After Tax (NPAT) for H1 2023 is
$11.1 million which compares favourably to
NPAT for H1 2022 of $6.1 million (up 82%).
Revenue of $277.6 million for the half
represents a 2.5% increase on H1 2022’s
$270.9 million.
INTERIM DIVIDEND
The Board is pleased to announce that an
Interim Dividend of six cents per share will
be paid, based on the improved financial
performance of the company. This is the
first interim dividend for three years and
will be paid in June.
A POSITIVE SALES STORY
The overall picture in our global sales is
encouraging. Demand is strong across the
board, for our premium products including
scampi and salmon, through to those at
the “commodity” end, including squid and
hoki. Pricing is also strong, and for some
products it is at record levels. We achieved
the highest sales price in Sanford’s history
for salmon, squid, hoki, scampi and certain
mussel formats during this half year.
Strategically, we continue our work to
get closer to our markets and customers.
An outcome of this has been an ability
to get closer to the end use customer,
which has meant a greater proportion of
our volume is being sold with fewer steps
in the supply chain than has previously
been the case. In H1 we have brought on
several high-end supermarket chains in
key US markets including Central Markets
in Texas and New Seasons in the Portland
metropolitan area. Although we do not
supply these customers directly, we do
manage the relationship and support
activity which ensures we are working
to our stated strategy to “Build and
sustain partnerships with customers
aligned to our purpose.”
We are leveraging closer-to-customer
relationships to achieve improved pricing
as evidenced by our improved revenue
per kg to $5.71 from $4.73 in the prior
comparable period (pcp).
—
CHAIRMAN AND
CEO REVIEW
—
Sir Robert McLeod
CHAIRMAN
Peter Reidie
CHIEF EXECUTIVE OFFICER
CHAIRMAN AND CEO REVIEW

4
SANFORD INTERIM REPORT
2023
Highly Valued
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Safe and
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THE STRATEGIC PICTURE
We remain focused on our strategy,
adopted in 2022.
Please see the table below which lists
our achievements against our strategic
initiatives for H1.
CHAIRMAN AND CEO REVIEW

5
SANFORD INTERIM REPORT
2023
STRATEGIC
INITIATIVEDELIVERED IN H1 2023
Build and sustain
partnerships with
customers aligned
to our purpose
• Launch of Big Glory Bay fresh tray packed product with Foodstuffs
• Continued diversification of our global customer base, bringing on
eight new retail partners within the last six months
• Further extension of our portfolio with key customers across
Europe, Asia and US markets. For example one customer has
expanded their Sanford product range from two to five products
in a key Asian market
• New customer partnership in China to expand scampi business
Develop
expertise,
knowledge and
insight to drive
asset
optimisation,
profit, value,
quality and
sustainability
• Appointment of Group Risk Manager
• Results from first of three mussel powder studies showing positive
outcomes in alleviating knee pain
• Climate futures workshopped with our divisional businesses to
prioritise risks, opportunities and ultimately build further climate
resilience into our strategy and planning
• Investment in SPATnz and Bioactives skills & capability
Differentiate
through
innovation,
quality,
provenance,
sustainability,
operational
excellence and
application of
science
• Adoption of super baffler bird mitigation on fishing vessels
• Ongoing work on Big Glory Bay brand including winning
NZ Outstanding Food Producer Awards for our portions product
• Initiated implementation of seafood sector climate
adaptation strategy
• Approved significant emissions reduction upgrades for deepwater
fleet vessels which will deliver up to 11% improved energy efficiency
• Contracted the design and build process for a new diesel-electric
scampi vessel to improve our efficiency and environmental
performance
• Substantiated customer complaints are down 42% in 2023 versus
H1 2022, focusing on our quality strategy of Fast, Cold, Clean
and Labelling
STRATEGIC
INITIATIVEDELIVERED IN H1 2023
Improve value
utilisation of
entire fish and
eliminate waste
• Opening of Sanford Bioactives in Blenheim and ongoing work on
delivery of mussel oil and powder processing
• Changed cascade of frozen at sea ling catch to improve quality
of value adding products and utilisation of whole fish. For example
heads being sold instead of sent to fishmeal
• Launch of salmon fish portions enabling use of higher proportion
of fish
• Circular benefit of wildcatch fishmeal to producers of feed for
our salmon
Invest in systems
and processes to
drive a high
achieving
organisation
• SanCore programme advances with progress on implementation of
our D365 system to manage core finance and supply chain processes
• Adoption of Marel Innova product tracking system at Sanford
Bioactives plant and on vessels in our deepwater fleet with 7 out
of 12 vessels adopting this system by end of H1 and the rest on track
to be converted by end May 2023
• Salmon mortalities well managed using relocated pens, pen cleaning
and oxygenation systems on our Stewart Island salmon farms
Ensure the
welfare, growth
and fulfilment of
our people –
economic,
physical,
emotional
• Move to a divisional structure to take decision making closer to the
drivers of P&L performance
• Appointment of new CPO
• Donated 116,000 meal equivalents of seafood to those affected and
displaced by January flooding and Cyclone Gabrielle
• Focus on talent attraction and retention with good progress in Bluff
and Stewart Island (Salmon division) and programmes ongoing in
Mussels and Wildcatch
• LTI (Lost Time Injuries) improvement from 51 in H1 2022 to 19 in H1
2023, a 63% reduction
CHAIRMAN AND CEO REVIEW

6
SANFORD INTERIM REPORT
2023
Our priorities are to:
• GROW SALMON
• GROW MUSSELS
• SUSTAIN DEEPWATER
(Wildcatch division)
• TURNAROUND INSHORE
(Wildcatch division)
We have made progress to reorganise
Sanford into three key Separate Business
Units (SBUs), namely Wildcatch, Mussels
and Salmon.
The focus on SBUs is to create greater
transparency and accountability for
decisions, execution and profits.
Each SBU is empowered to drive its
own strategy and accountable for the
delivery of a divisional P&L. SBU teams
are expected to make decisions for
harvesting, processing, products,
markets and customers.
This new structure provides greater
simplicity and clarity with less overlap
of roles and responsibilities.
SALMON
Salmon Financial Overview
$m
FY
2021
FY
2022
H1
2021
H1
2022
H1
2023
Sales Volume5.15.12.52.92.5
Revenue66.778.731.542.846.5
Profit
Contribution19.022.912.112.217.7
Our Salmon division continues to
perform strongly with an increase in
profit contribution of 45.2% or $5.5m
and revenue growth versus the prior
comparable period of 8.6%.
Pricing and demand are strong and
harvest volumes are in line with the first
half of 2022. Feed, fuel and wage costs
have increased, although other costs in
this division are relatively stable. The
reduction of volume is driven by
clearance of frozen volume in the prior
comparable period. Fresh sales volumes
have been consistent from H1 2022 to
H1 2023 (down by 0.2%).
Mortalities are down around 30%
versus the same period in 2022, at 2.9%
for H1, as we realise the benefits from
measures such as relocation of pens,
more frequent net cleaning and the
availability of oxygenation for the pens
when required. We continue to do all
we can to mitigate the impact of warmer
summers and warmer waters around our
Stewart Island farms. A key measure
we have taken to protect our fish is to
split our farms, positioning them two
kilometres apart, minimising the risks
of harm which impacts one site, also
affecting the other.
This division is also showing results against
the strategic initiative to “build and sustain
partnerships with customers aligned to our
purpose.” The high-end foodservice and
retail customers who are proud to sell Big
Glory Bay salmon value our sustainability
credentials and the exceptional quality
of product. We have recently introduced
a new, higher value, award winning
fresh pack format for our Big Glory Bay
salmon in Foodstuff’s supermarkets in
New Zealand.
Our salmon is increasingly being
recognised as world leading. This is
reflected in the feedback from our
customers and in two recent awards:
a special award and a gold medal for our
Big Glory Bay Fresh New Zealand King
Salmon Portions in the Outstanding
New Zealand Food Producer Awards.
We continue to work closely with the
local community in Southland as we
carefully expand our salmon operations.
We are pleased to have approval for
increased nitrogen allocations which
will facilitate future growth. We are
continuing to progress a new RAS
(Recirculating Aquaculture Systems)
hatchery in Southland, although
consenting is taking considerable time.
ABOVE Sanford’s Big Glory Bay salmon.
▲

45.2%
INCREASE
IN PROFIT CONTRIBUTION
– $5.5M
SALMON
CHAIRMAN AND CEO REVIEW

7
SANFORD INTERIM REPORT
2023
MUSSELS
Greenshell Mussels Financial Overview
$m
FY
2021
FY
2022
H1
2021
H1
2022
H1
2023
Sales Volume36.034.715.616.514.4
Revenue100.5106.740.750.555.6
Profit
Contribution1.00.40.80.82.1
Despite delivering an increase in profit
contribution and revenue relative
to H1 2022, the Mussels division has
performed below our expectations
for our post-Covid recovery.
Pricing and demand have been strong,
while profitability improvements have
been limited by our ability to supply the
change to El Niño this calendar year,
we expect better growing conditions
in the year ahead.
We are pleased, in these circumstances,
to have the benefits of the work done
by the scientists and technicians at our
SPATnz Greenshell mussel hatchery in
Nelson. There, we are continuing to make
new discoveries that will help us reliably
produce high performing spat (baby
mussels) in commercially significant
quantities. We are constantly adding new
technical capability and knowledge and
we have a minor expansion underway
which will help us deliver a greater
and more consistent volume of spat.
The proportion of hatchery spat that
supports our business continues to grow.
A third challenge in this period has been
the commissioning of our Bioactives
plant in Blenheim, with some aspects
not going to plan. Teething troubles are
to be expected in any new factory, but
we have taken longer than we would like
to get the plant operating optimally.
Part failures in new equipment and
subsequent delays with supply chain
issues slowing the sourcing of
replacements, has impacted production.
The delivery of the plant is a component
of our strategic initiative to “improve value
utilisation of the entire fish and eliminate
ABOVE Sanford’s halfshell mussels.
waste”. We are operational in powder
production, but not yet achieving our
intended volumes. We have successfully
run our new mussel oil extraction
machine for short periods, but we
have had engineering difficulties which
are preventing us running continuously
at this stage.
The mussel division is already seeing the
benefit from the change in focus brought
about through the recent restructure.
The mussel team are firmly focused on
delivering improved performance in the
short term through a range of initiatives
and changes to management practices,
with the objective of delivering significant
sustainable performance and growth in
the medium to longer term.
ABOVE A sample of Greenshell mussel oil.
desired volumes to market. Sales revenues
have grown substantially by 10.0%, despite
sales volumes falling 13.0%, impacted by a
number of factors, such as lower volumes
on sold for further processing, and
slowness in gearing up volumes from the
new Bioactives plant. Halfshell, which
is a key driver of mussel profitability,
sold consistent volumes to the prior
comparable period.
There are three key reasons for this
slower profit growth. One issue has been
insufficient labour, a situation common
to many in the primary industry space.
This has impacted mussel processing
in our South and North Island sites.
Thanks to the hard work of our
operational leaders and HR teams,
the situation is easing somewhat,
although the tight labour supply
generally remains challenging.
The second key challenge has been the
La Niña weather patterns present for the
last three years. We experience reduced
upwelling of new nutrients in coastal seas,
a fundamental driver of coastal primary
production, particularly in areas such
as the west coast of the South Island,
Pelorus Sound, and the north-east coast
of the North Island. This has impacted
mussel growth rates. It means we are
harvesting earlier in their growth cycles
than is optimal. With the expected
CHAIRMAN AND CEO REVIEW

8
SANFORD INTERIM REPORT
2023
WILDCATCH
Wildcatch Financial Overview
$m
FY
2021
FY
2022
H1
2021
H1
2022
H1
2023
Sales Volume70.964.036.729.328.9
Revenue277.7302.2134.0141.1153.2
Profit
Contribution32.352.411.924.525.1
Performance in the Wildcatch division in
this half has been consistent with a strong
prior comparable period. While demand
for products from this business has been
strong and the price mix has been
favourable, we have experienced an
increase in fixed costs, including fuel.
We have also seen disappointing harvests
in squid, a migratory species which can
vary in its arrival patterns and volumes in
ABOVE Sanford’s San Waitaki, deepwater
fishing vessel, berthed in Timaru.
New Zealand waters. As a result, our
squid catch for the first half of 2023 was
down 56.0% on the prior comparable
period. Balancing this, our overall catch
in this division was up 16% driven by
increased catches in hoki, silver warehou,
smooth oreo and black oreo and an
increase in harvested volumes of
toothfish (up by 52.0%), which is a
valuable species (albeit caught in smaller
quantities). Catch volumes of scampi
were relatively stable (down 5.0%). Hoki
catch volumes were up 48.5%. This
species became our focus due to the
catching challenges during the squid
season. We do have alternative species to
catch in H2 to address the squid volume
shortfall, however, we will face some
margin pressure.
Labour challenges are also an issue in this
division, which has had a knock-on effect
on product formats and margins. For
example, if we are working with smaller
crew numbers, we have limited capacity
to produce higher margin, more labour-
intensive formats of product such as
hoki fillets versus lower value hoki block.
We are working to deliver on our
strategic initiative to “ensure the welfare,
growth and fulfilment of our people”
by putting in place a new management
structure in our Deepwater team in
Timaru. This new structure, with
operational leadership for the land-
based and sea-based assets combined will
see the catching and the processing sides
working together more effectively.
This change took effect on April 1st 2023.
Overall, the global demand picture
is strong.
Unfortunately, the picture in the inshore
part of our wildcatch business has been
less positive. Inshore focuses on the
species caught in our fishing operations
ABOVE Fish being unloaded from Precision Seafood Harvesting gear into sorting area.
that mostly happen inside the 12 nautical
mile limit, predominantly processed in
our Auckland factory and sold fresh.
We have been working for many months
to develop a pathway to turnaround
our inshore performance.
We have reached the conclusion
that substantial change is needed
to address the performance of this
part of our business.
CHAIRMAN AND CEO REVIEW

9
SANFORD INTERIM REPORT
2023
SANCORE
SanCore is our programme of
development of new systems and
processes which supports optimisation
of our assets. We remain on track for a
May go-live of Microsoft D365 across the
business. Microsoft D365 is the software
we will use to manage our core finance and
supply chain processes. During H1 we have
conducted extensive testing of this system
which has provided valuable feedback,
confidence and excitement about the
efficiencies and better information it
will deliver.
Marel Innova (our new system for tracking
product as it moves though our processing
systems) is now live at our Bioactives site
and on the first of our six scampi vessels,
which is a significant milestone as these
vessels have never had an onboard system
before. All remaining scampi vessels will
have Innova implemented prior to the
May go-live.
ADDRESSING INSHORE
We are proposing to enter into a deal with
fishing company Moana New Zealand to
buy Sanford’s Annual Catch Entitlement
(ACE) for much of our quota of North
Island inshore species, through a new
long-term agreement. Sanford retains
ownership of the North Island inshore
quota. The value for this package of ACE
starts at nearly $11 million (annualised) for
the first year and scales up to $13 million
over the next five years before increasing
in fixed increments of 1.5% per annum.
This will simplify our operations and
establish a lower-risk passive revenue
stream for this portion of our ACE. The
proposed deal will include the sale of two
of our inshore fishing vessels and a
selection of processing equipment. With
the proposed closure of our Auckland
processing facility, our people are our
priority and the intention is to facilitate
employment at Moana for Sanford staff
affected by these changes.
Currently this agreement is conditional
on Commerce Commission approval and
on Sanford agreeing acceptable terms
for the discontinuation of toll processing
with an existing toll processing customer.
Settlement is expected to occur in Q4
of FY23, but this timing will ultimately
depend on when the conditions are
satisfied, including clearance from the
New Zealand Commerce Commission.
We are pleased to be able to announce
this  proposed change. If it is approved
we believe it will provide the best
outcomes for our business, for inshore
fishing more broadly and for our people.
SANFORD SUPPLY CHAIN AND
FOOD SAFETY AND QUALITY
The supply chain for frozen exports remains
challenged by both local and global issues.
Locally, New Zealand ports are still
experiencing delays and congestion,
although this improved over the period.
Sanford has continued to work hard with its
partners to keep product moving to
customers. Our sea freight rates were
contracted in mid-2022 and therefore a
premium is being paid for current
shipments. These rates will soften for FY24.
Airfreight capacity is still less than pre-
Covid and again rates reflect that reduced
capacity as well as higher airline costs
generally. Supply chain cost increases are
being reflected in pricing to our customers.
We continue to see great results from
our focus on food safety and quality.
Substantiated complaints are down 42%
in H1 2023 versus H1 2022. So far in 2023,
we have had a substantial reduction in
non-conformances in our Quality
Management System, from 26 (all but
one were minor) in H1 2022 to just 11
in H1 2023 (all minor). We are focused
on our quality strategy of Fast, Cold,
Clean and Labelling.
ABOVE Sanford’s high value scampi product.
CHAIRMAN AND CEO REVIEW

10
SANFORD INTERIM REPORT
2023
PEOPLE FOCUS
We are pleased to report that our latest
survey of Sanford people engagement
showed that our overall engagement
score remains consistent at 7.5,
representing strong engagement with
our work and culture across all areas of
our business, with a 59% participation rate.
The survey also shows us that our people
experience at Sanford continues to align
with our values.
SUSTAINABILITY
Progress continues for Sanford in the
sustainability space with significant
emissions upgrades approved for two
large vessels in our deepwater fleet.
These will deliver transport energy
efficiency improvement of 7-11%
per vessel. This work is scheduled
for late 2023 and FY 2024.
We are also deploying “super baffler”
bird mitigation for three large
deepwater fleet vessels. These seabird
mitigation devices go above and
beyond regulatory requirements to
further reduce seabird interactions.
Sanford offered substantial community
support to those affected and displaced
by the January flooding and Cyclone
Gabrielle’s impacts in the upper
North Island, donating 116,000 meal
equivalents of seafood to Auckland,
East Cape, and the Hawkes Bay Region.
OUR THANKS
Much hard work has been done at Sanford
in the first six months of the 2023 year.
We want to thank our investors,
customers, our people and all the
stakeholders who have contributed to
the results reported here. With continued
change underway as we develop our new
divisional structure, we are grateful to our
people who continue to demonstrate
that they are flexible, adaptable and
resourceful. We look forward to seeing
the benefits of their hard work in the
second half of 2023 and beyond.
Sir Robert McLeod
CHAIRMAN
19 May 2023
Peter Reidie
CHIEF EXECUTIVE OFFICER
19 May 2023
CHAIRMAN AND CEO REVIEW

11
SANFORD INTERIM REPORT
2023
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
Reported EBIT: Earnings before interest, taxation, net gain on sale of property,
plant and equipment and intangibles.
Adjusted EBIT: Reported EBIT adjusted for impairment, restructuring costs, software as
a service (SaaS) expenditure, other one-off items and gain from termination of lease.
Adjusted EBITDA: Adjusted EBIT before depreciation and amortisation.
GAAP TO NON-GAAP RECONCILIATION
GAAP TO NON-GAAP RECONCILIATION
Unaudited
6 Months
ended
31 March
2023
Unaudited
6 Months
ended
31 March
2022
Audited
12 Months
ended
30 September
2022
dollars$000 $000
Reported net profit for the period (GAAP)11,1096,12055,772
Add back:
Income tax expense
4,4093,1716,692
Net interest expense5,8494,2918,731
Deduct:
Net gain on sale of property, plant and
equipment and intangibles
(15)–(43,616)
Reported EBIT21,35213,58227,579
Adjustments:
Gain from termination of lease
(2,200)––
Software as a Service (SaaS) expenditure7,0745,07810,312
Impairment of assets–911,301
Restructuring costs341–345
Other one-off items31428639
Adjusted EBIT26,59819,17940,176
Add back:
Depreciation and amortisation
15,52913,27428,086
Adjusted EBITDA42,12732,45368,262

12
SANFORD INTERIM REPORT
2023
SANFORD INTERIM REPORT
2023
12
CONSOLIDATED CONDENSED INCOME STATEMENT 13
CONSOLIDATED CONDENSED
STATEMENT OF COMPREHENSIVE INCOME14
CONSOLIDATED CONDENSED
STATEMENT OF FINANCIAL POSITION15
CONSOLIDATED CONDENSED
STATEMENT OF CASH FLOWS16
CONSOLIDATED CONDENSED
STATEMENT OF CHANGES IN EQUITY18
NOTES TO THE INTERIM FINANCIAL STATEMENTS20
INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2023

13
SANFORD INTERIM REPORT
2023
13
Unaudited
6 months ended
31 March 2023
Unaudited
6 months ended
31 March 2022
Audited
12 months ended
30 September 2022
Note$000 $000 $000
Revenue3277,578270,923531,887
Cost of sales(220,643)(222,615)(435,033)
Gross profit56,93548,30896,854
Other income74,3351,74048,267
Distribution expenses(6,703)(5,728)(12,326)
Administrative expenses(18,175)(19,029)(36,877)
Other expenses(15,175)(11,747)(24,923)
Operating profit21,21713,54470,995
Finance income532176402
Finance expense(6,381)(4,467)(9,133)
Net finance expense(5,849)(4,291)(8,731)
Share of profit of equity accounted investees15038200
Profit before income tax15,5189,29162,464
Income tax expense(4,409)(3,171)(6,692)
Profit for the period11,1096,12055,772
Profit attributable to:
Equity holders of the Company
11,0886,13255,894
Non controlling interest21(12)(122)
11,1096,12055,772
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)
11.96.559.8
CONSOLIDATED CONDENSED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MARCH 2023
INTERIM FINANCIAL STATEMENTS

14
SANFORD INTERIM REPORT
2023
14
Unaudited
6 months ended
31 March 2023
Unaudited
6 months ended
31 March 2022
Audited
12 months ended
30 September 2022
$000 $000 $000
Profit for the period (after tax)11,1096,12055,772
Other comprehensive income
Items that may be reclassified to the income statement:
Foreign currency translation differences
607402573
Change in fair value of cash flow hedges recognised in other comprehensive income34,2697,587(34,972)
Deferred tax on cash flow hedges(9,595)(2,124)9,792
Cost of hedging gains/(losses) recognised in other comprehensive income54419(425)
Deferred tax on cost of hedging(152)(5)119
Items that may not be reclassified to the income statement:
Amount of treasury share cost expensed in relation to share-based payment
6023121
Other comprehensive income (loss) for the period25,7335,902(24,792)
Total comprehensive income for the period36,84212,02230,980
Total comprehensive income for the period is attributable to:
Equity holders of the Company
36,82212,02531,093
Non controlling interest20(3)(113)
Total comprehensive income for the period36,84212,02230,980
CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2023
INTERIM FINANCIAL STATEMENTS

15
SANFORD INTERIM REPORT
2023
15
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
Unaudited
6 months
ended
31 March
2023
Unaudited
6 months
ended
31 March
2022
Audited
12 months
ended
30 September
2022
Note$000$000$000
Current assets
Cash on hand and at bank
11,4125,4179,534
Trade receivables98,09785,73188,206
Derivative financial instruments4,89414,3603,901
Other receivables and prepayments13,0247,94211,073
Biological assets 49,05543,21744,211
Inventories75,90564,67167,171
Total current assets252,387221,338224,096
Non-current assets
Property, plant and equipment
210,955178,591193,032
Right-of-use assets941,36730,51437,574
Investments4,2613,7763,938
Derivative financial instruments 13,9158,5216,925
Biological assets15,82216,06319,019
Intangible assets494,264499,624493,096
Total non-current assets780,584737,089753,584
Total assets 1,032,971958,427977,680
Unaudited
6 months
ended
31 March
2023
Unaudited
6 months
ended
31 March
2022
Audited
12 months
ended
30 September
2022
Note$000$000$000
Current liabilities
Bank overdraft and borrowings (secured)4
55,00046,00045,000
Derivative financial instruments 7,3161,66423,872
Trade and other payables64,98065,98754,585
Taxation payable4,1684,4594,766
Lease obligations95,4554,19511,665
Total current liabilities136,919122,305139,888
Non-current liabilities
Bank loans (secured) 4
140,000135,000110,000
Contributions received in advance2,0462,3502,219
Employee entitlements1,2381,2141,244
Derivative financial instruments 6221514,642
Deferred taxation26,67827,71017,968
Lease obligations933,10723,71726,846
Total non-current liabilities203,691190,006172,919
Total liabilities340,610312,311312,807
Equity
Paid in capital
94,69094,69094,690
Retained earnings587,698536,199585,961
Other reserves9,56814,528(16,166)
Shareholder funds691,956645,417664,485
Non controlling interest405699388
Total equity692,361646,116664,873
Total equity and liabilities1,032,971958,427977,680
INTERIM FINANCIAL STATEMENTS

16
SANFORD INTERIM REPORT
2023
16
Unaudited
6 months
ended
31 March
2023
Unaudited
6 months
ended
31 March
2022
Audited
12 months
ended
30 September
2022
$000$000$000
Cash flows from operating activities
Receipts from customers
281,844268,494549,168
Proceeds from termination of lease2,200––
Interest received532176402
Payments to suppliers and employees(258,904)(227,611)(493,670)
Income tax paid(5,897)(779)(1,619)
Interest paid(6,262)(4,444)(9,377)
Net cash flows from operating activities 13,51335,83644,904
Cash flows from investing activities
Sale of property, plant and equipment
31–11
Sale of intangible assets – crayfish quota––52,739
Sale of investments–115115
Dividends received from associates–250250
Purchase of property, plant and
equipment and intangible assets
(32,463)(24,284)(53,442)
Acquisition of shares in other
companies
(174)(12)(12)
Net cash flows from investing activities(32,606)(23,931)(339)
Unaudited
6 months
ended
31 March
2023
Unaudited
6 months
ended
31 March
2022
Audited
12 months
ended
30 September
2022
Note$000$000$000
Cash flows from financing activities
Proceeds from borrowings4
40,00027,50067,500
Repayment of term loans4(10,000)(20,000)(85,000)
Lease payments(9,543)(9,049)(11,359)
Dividends paid to
Company shareholders5
(9,351)––
Dividends paid to non controlling
shareholders in subsidiaries
(3)–(201)
Net cash flows from financing activities11,103(1,549)(29,060)
Net (decrease) increase in cash and
cash equivalents
(7,990)10,35615,505
Effect of exchange rate fluctuations
on cash held
(132)135103
Cash and cash equivalents at beginning
of the period
(35,466)(51,074)(51,074)
Cash and cash equivalents at
end of the period
(43,588)(40,583)(35,466)
Represented by:
Bank overdraft and borrowings (secured)
(55,000)(46,000)(45,000)
Cash on hand and at bank11,4125,4179,534
(43,588)(40,583)(35,466)
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2023
INTERIM FINANCIAL STATEMENTS

17
SANFORD INTERIM REPORT
2023
17
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2023
Reconciliation of Profit for the Period with Net Cash Flows from Operating Activities
Unaudited
6 months
ended
31 March
2023
Unaudited
6 months
ended
31 March
2022
Audited
12 months
ended
30 September
2022
$000$000$000
Profit for the period (after tax)11,1096,12055,772
Adjustments for non-cash items
Depreciation and amortisation
15,52913,27428,086
Depreciation – ACE3,4873,4026,805
Impairment of goodwill––974
Impairment of property, plant and equipment––327
Share-based payment expense6023121
Change in fair value of biological assets (1,647)(755)(4,704)
Change in fair value of forward exchange
contracts and foreign currency options
(3,738)(799)5,074
Share of profit of equity accounted investees(150)(38)(200)
Increase in deferred tax liabilities(1,043)(2,425)(140)
Unrealised foreign exchange losses/(gains) 3,967600(5,814)
Decrease in contributions received
in advance
(173)(266)(357)
Other(65)14–
16,22713,03030,172
Unaudited
6 months
ended
31 March
2023
Unaudited
6 months
ended
31 March
2022
Audited
12 months
ended
30 September
2022
$000$000$000
Movement in working capital
Increase in trade and other receivables
and prepayments
(16,826)(16,053)(14,810)
(Increase)/decrease in inventories(8,346)10,8688,380
Increase in trade and other payables
and other liabilities
11,81016,9233,883
(Decrease)/Increase in taxation payable(446)4,9485,123
(13,808)16,6862,576
Items classified as investing activities
Loss/(gain) loss on sale of property,
plant and equipment
(15)–38
Gain on disposal of intangible assets
– crayfish quota
––(43,654)
(15)–(43,616)
Net cash flows from operating activities13,51335,83644,904
INTERIM FINANCIAL STATEMENTS

18
SANFORD INTERIM REPORT
2023
18
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
Balance at 1 October 2022 (audited)94,690143902(17,105)(106)585,961664,485388664,873
Profit for the period (after tax)–––––11,08811,0882111,109
Other comprehensive income–––––––––
Foreign currency translation differences––608–––608(1)607
Hedging gains recognised in other comprehensive income–––34,269544–34,813–34,813
Deferred tax on change in reserves–––(9,595)(152)–(9,747)–(9,747)
Amount of treasury share cost expensed in relation
to share-based payment
–60––––60–60
Total comprehensive income–6060824,67439211,08836,8222036,842
Distributions to non controlling shareholders–––––––(3)(3)
Distributions to shareholders5–––––(9,351)(9,351)–(9,351)
Balance at 31 March 2023 (unaudited)94,6902031,5107,569286587,698691,956405692,361
Balance at 1 October 2021 (audited)*94,690223388,075200530,067633,392702634,094
Profit for the period (after tax)–––––55,89455,894(122)55,772
Other comprehensive income
Foreign currency translation differences
––564–––5649573
Hedging losses recognised in other comprehensive income–––(34,972)(425)–(35,397)–(35,397)
Deferred tax on change in reserves–––9,792119–9,911–9,911
Amount of treasury share cost expensed in relation
to share-based payment
–121––––121–121
Total comprehensive income–121564(25,180)(306)55,89431,093(113)30,980
Distributions to non controlling shareholders–––––––(201)(201)
Balance at 30 September 2022 (audited)94,690143902(17,105)(106)585,961664,485388664,873
* Refer to the Sanford 2021 Integrated report for details on restatement as at 1 October 2021.
CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2023
INTERIM FINANCIAL STATEMENTS

19
SANFORD INTERIM REPORT
2023
19
CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2023
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
Restated balance at 1 October 2021 (audited)*94,690223388,075200530,067633,392702634,094
Profit for the period (after tax)–––––6,1326,132(12)6,120
Other comprehensive income
Foreign currency translation differences
––393–––3939402
Hedging gains recognised in other comprehensive income–––7,58719–7,606–7,606
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–233935,463146,13212,025(3)12,022
Balance at 31 March 2022 (unaudited)94,6904573113,538214536,199645,417699646,116
* Refer to the Sanford 2021 Integrated report for details on restatement as at 1 October 2021.
INTERIM FINANCIAL STATEMENTS

20
SANFORD INTERIM REPORT
2023
20
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2023
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 2023.
The Group comprises the Company,
its subsidiaries and its investments in
joint arrangements and associates.
The interim financial statements are
prepared in accordance with NZ IAS 34:
Interim Financial Reporting. The interim
financial statements and the comparative
information for the six months ended
31 March 2022 are unaudited. The
comparative information for the year
ended 30 September 2022 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
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.
There have been no changes in
accounting policies or methods of
computation. The interim financial
statements should be read in conjunction
with the financial statements for the year
ended 30 September 2022.
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. Further information on segment reporting is included in the
financial statements for the year ended 30 September 2022.
Unaudited
6 months
ended
31 March
2023
Unaudited
6 months
ended
31 March
2022
Audited
12 months
ended
30 September
2022
$000$000$000
New Zealand98,846105,539194,625
North America59,72944,17091,081
China31,21337,03975,530
Australia30,13834,43463,218
Europe27,83326,80859,772
Other Asia10,6588,48817,176
Japan7,0287,20413,875
South Korea4,7803,4286,357
Middle East2,9422,5916,895
Hong Kong1,9521,0092,291
Central and South America1,211153604
Africa65018420
Pacific5984243
Revenue277,578270,923531,887
The revenue information above is based on the delivery destination of sales.
The Group has one customer accounting for more than 10% of total sales for
the current period across both wildcatch and aquaculture (six months ended
31 March 2022: no customers, year ended 30 September 2022: two customers).
INTERIM FINANCIAL STATEMENTS

21
SANFORD INTERIM REPORT
2023
21
NOTES TO THE INTERIM FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2023
NOTE 4 – BANK LOANS (SECURED)
Carrying and face value
Unaudited
31 March
2023
Unaudited
31 March
2022
Audited
30 September
2022
$000 $000 $000
Balance at beginning of period155,000182,500182,500
Bank loans
Proceeds
40,00027,50067,500
Repaid(10,000)(20,000)(85,000)
Bank overdraft and short term borrowings
Movement
10,000(9,000)(10,000)
Balance at end of period195,000181,000155,000
Interest rates applicable5.8% - 6.1%1.7% – 2.6%3.65% – 5.08%
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 2022 and year ended
30 September 2022: all covenants were complied with).
The repayment dates of secured term loans outstanding and totalling $140.0m
at 31 March 2023 are:
• 01 October 2024: $25m
• 15 April 2025: $20m;
• 31 October 2025: $40m
• 30 November 2025: $40m;
• 15 April 2026: $15m;
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.
On 28 April 2023, the secured term loans and working capital facilities expiring
on 30 April 2023 were extended to 30 April 2024 (working capital facilities) and
30 April 2028 (secured term loan). On 28 April 2023 the group restructured its
loan portfolio such that the total banking facility limit was reduced from $270 million
to $250 million. The increased facility limit was required in 2020, it was increased
due to the uncertainty of cash requirements arising from Covid-19 at that time.
NOTE 5 – DIVIDENDS
On 19 May 2023 the Board declared an interim dividend for the six months ended
31 March 2023 of six cents per share (31 March 2022: $nil, 30 September 2022: a final
dividend of $9.4m at 10 cents per share was approved by the Board on 14 November
2022 and paid on 9 December 2022).
INTERIM FINANCIAL STATEMENTS

22
SANFORD INTERIM REPORT
2023
22
NOTES TO THE INTERIM FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2023
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
2023
Unaudited
6 months
ended
31 March
2022
Audited
12 months
ended
30 September
2022
$000$000$000
Non-derivative financial assets
not measured at fair value
(i)
Trade receivables 98,097 85,73188,206
Cash and cash equivalents 11,412 5,4179,534
Other receivables - advances to associates 300 294 297
Shares in other companies 104 109 104
Non-derivative financial liabilities
not measured at fair value
(i)
Bank overdraft and short term
borrowings (secured)
(55,000)(46,000) (45,000)
Trade and other payables (55,334)(56,927) (43,567)
Bank loans (secured) (140,000)(135,000)(110,000)
Total net non-derivative financial (liabilities)(140,421)(146,376) (100,426)
Unaudited
6 months
ended
31 March
2023
Unaudited
6 months
ended
31 March
2022
Audited
12 months
ended
30 September
2022
$000$000$000
Derivative financial assets (liabilities)
measured at fair value
(ii)
Forward exchange contracts 8,080 12,623 (30,104)
Foreign currency options 18 3,531 (2,670)
Interest rate swaps 4,784 1,360 5,496
Fuel swaps (2,011)3,688 (410)
Total net derivative financial
assets/(liabilities)
10,87121,202 (27,688)
(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 2023: $9.7m, (March 2022: $8.6m,
September 2022: $11.0m).
INTERIM FINANCIAL STATEMENTS

23
SANFORD INTERIM REPORT
2023
23
NOTES TO THE INTERIM FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2023
NOTE 7 – OTHER INCOME
(i) 31 March 2023
Sanford and Port of Tauranga reached an agreement which was settled on 3 October
2022 for Sanford to surrender leases for the Tauranga processing site. Sanford received
$2.2m in compensation for surrendering its perpetual right to the Cross Road lease.
(ii) 30 September 2022 - Sale of crayfish quota in areas CRA2, CRA7 and CRA8
On 29 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. On 9 May 2022, the
unconditional sale of the CRA2 quota to Southern Ocean Seafoods Limited was also
completed. The sales of the three quotas, which included some annual catch entitlement
(ACE), were for a total consideration of $52.7m, giving rise to a gain on sale of $43.7m
(net of transaction costs). The gain on sale was included in the income statement for the
year ended 30 September 2022.
NOTE 8 – IMPAIRMENT OF ASSETS
No material impairment losses are recognised in the six months ended 31 March 2023
and 31 March 2022, and in the year ended 30 September 2022.
Impairment testing
The group’s market capitalisation has been below the carrying amount of net assets from
September 2020 onwards with an increasing gap over this time. At 31 March 2023 the
group’s market capitalisation was $383m (31 March 2022: $430m and 30 September
2022: $391m) and the carrying value of its net assets was $692m (31 March 2022:
$646m and 30 September 2022: $665m). Accounting standards consider this to be
an indicator of impairment.
Assets are tested for impairment whenever there are indications this may exist,
particularly intangible assets with infinite lives, such as the group’s quota and marine
farm licenses. An assessment of the recoverable amount needs to be made in light
of the indicator. When the carrying value of an asset exceeds its recoverable amount,
the asset is considered impaired and is written down to its recoverable amount.
The recoverable amount is the greater of fair value less cost to sell and its value in use
(‘VIU’). In light of this matter management performed impairment testing at half-year.
For Sanford, impairment testing is in respect of the cash generating units (‘CGU’s’)
which contain the New Zealand fishing quota and marine farm licences, wildcatch and
aquaculture respectively. There has been no change in the value of the New Zealand
fishing quota and marine farm licenses attributed to the CGUs from 30 September
2022. The testing performed as at 31 March 2023 results in positive headroom between
the value of these cash generating units and the carrying amount of their net assets,
indicating that there is no impairment at the cash generating unit level.
The recoverable amount of the CGUs were estimated based on the following significant
assumptions:
• Post tax discount rate of 7.5% to 8.6% were applied (30 September 2022: 6.8% to 7.6%)
• Terminal growth rate of 2.25% (30 September 2022: 2%)
• Compound annual growth rates in respect of earnings for New Zealand wildcatch of
6.4% and for aquaculture of 18.9%, between 2023 to 2027. The assumptions above are
largely based on earnings returning to pre Covid-19 levels, seafood price growth and
profit accretive initiatives.
The recoverable amount of New Zealand wildcatch exceeds its carrying amount by $128m
(30 September 2022: $129m) and aquaculture by $59m (30 September 2022: $125m).
INTERIM FINANCIAL STATEMENTS

24
SANFORD INTERIM REPORT
2023
24
The group has conducted analysis of the sensitivity of the impairment test to changes
in key assumptions used to determine the recoverable amounts for the applicable CGUs.
The recoverable amounts are sensitive to reasonably possible changes in assumptions of
the group’s growth expectations in the CGUs. The following table shows the two key
assumptions used within the sensitivity analysis to determine the base case - earnings
growth and discount rate. Additionally, a separate scenario is shown (breakeven), which
when applied to the analysis provides a breakeven outcome between the carrying amount
of the CGUs assets and their recoverable amount.
WildcatchAquaculture
AssumptionBaseBreakevenBaseBreakeven
Earnings growth6.4%(0.2%)18.9%12.4%
Discount rate8.0%9.32%8.0%9.15%
NOTE 9 – LEASES
The leases of two aquaculture systems, which commenced in February 2023 and March
2023, gave rise to total ROU assets and total lease liabilities of $9.1 million in equal values.
The total lease liabilities relating to these two leases as at 31 March 2023 is $8.7 million,
with $1.6 million repayable within the next 12 months. The total right of use assets as at
31 March 2023 is $8.8 million.
NOTES TO THE INTERIM FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED 31 MARCH 2023
NOTE 10 – CONTINGENT LIABILITIES AND COMMITMENTS
(a) Contingent liabilities
Unaudited
31 March
2023
$000
Unaudited
31 March
2022
$000
Audited
30 September
2022
$000
Guarantees801 801 801
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 $28.6m (31 March 2022: $5.3m,
30 September 2022: $5.0m).
NOTE 11 – SUBSEQUENT EVENTS
In May 2023, Sanford announced an agreement to sell the Annual Catch Entitlement
(“ACE”) for much its quota of North Island inshore species to Moana New Zealand Limited
(‘Moana’) through a new long-term agreement. Sanford retains ownership of the North
Island inshore quota. The arrangement is for a minimum term of 10 years. As part of the
transaction, Sanford will also sell to Moana New Zealand Limited two of its inshore fishing
vessels, a selection of its processing equipment and refrigerated vehicles/trailers.
Three vacant marine farms in the Croisille Harbour have been included in the deal.
The price paid by Moana for these ancillary assets is expected to be between $5m and
$8m (depending, in part, on valuations and final asset selections by Moana). The
transaction will result in the closure of the fish processing plant in Auckland and Sanford
will work with Moana to facilitate the employment of our affected staff where
practicable. The transaction is subject to conditions, including a regulatory condition.
Settlement is expected to occur in Q4 of FY23, but this will depend on when the
conditions are satisfied.
INTERIM FINANCIAL STATEMENTS

25
SANFORD INTERIM REPORT
2023
DIRECTORY
BOARD OF DIRECTORS
Sir Robert McLeod, Chairman
Craig Ellison
Abigail (Abby) Foote
Fiona Mackenzie
David Mair
EXECUTIVE TEAM
Peter Reidie, Chief Executive Officer
Paul Alston, Chief Financial Officer
Andre Gargiulo, Acting Executive GM
Wildcatch, Acting Executive GM Sales
& Marketing
Richard Miller, Executive GM Salmon
Andrew Stanley, Executive GM Mussels
Louise Wood, Executive GM Supply
Chain & Ops
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
E
mail
in
fo@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
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 Counsel and Company
Secretary at the Registered Office.

26
SANFORD INTERIM REPORT
2023
A tasty blend of Indian-inspired flavours paired with creamy coconut, fresh green
vegetables and pieces of hāpuku, served with rustic pappardelle to soak up the flavours.
INGREDIENTS
720g hāpuku fillets
4 tablespoons Pepper & Me
Goan to Bombay Spice blend
1 can coconut milk
200g green beans, cut into bite sized
lengths
1 cup baby spinach leaves
¼ cup peas – fresh or frozen
250g Rustichella d’Abruzzo Pappardelle
Sea salt
Cracked pepper
TO SERVE
1 lime, cut into wedges
Coriander leaves
METHOD
1. Cut the hāpuku fillets into chunky
bite-sized pieces then sprinkle with 1-2
tablespoons of Goan to Bombay spice
blend and mix making sure to coat all
the pieces well. Set aside to marinate.
2. In a large pan toast 1-2 tablespoons of
Goan to Bombay spice blend. When
fragrant add the coconut cream and stir
well to combine.
3. Add marinated hāpuku to the spiced
coconut mix and simmer gently for 2-3
minutes until fish is half cooked.
4. Add in the beans, spinach leaves and
peas and season well with salt and
pepper. Lower the heat and reduce the
sauce till thick and hāpuku and
vegetables are cooked through.
5. At the same time, bring a pot of salted
water to the boil and add in the
pappardelle. Cook until al dente, then
toss with olive oil to prevent sticking.
6. To serve: divide the pappardelle into
bowls or put in one large serving bowl,
then spoon over the creamy spiced
coconut sauce, vegetables, and hāpuku.
7. Garnish with a squeeze of lime and
coriander leaves.
SPICED HĀPUKU WITH CREAMY COCONUT PAPPARDELLE
SERVES TWO – FOUR
PREP TIME: 15 MINUTES, COOK TIME: 25 MINUTES
RECIPE AND IMAGE COURTESY OF SANFORD AND SONS.
CHEFS TIP:

To add more spice, toast chilli flakes with Goan
to Bombay spice blend, and garnish the dish
with fresh chilli before serving.
OR
For a wintery meal, swap out pappardelle
with coconut and ginger rice and serve with a
side of pita or naan bread.
RECIPE

SANFORD.CO.NZ

---

RESULTS BRIEFING
FOR THE SIX MONTHS ENDED
31 MARCH 2023
22.05.23

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 2023.
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 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 (H1 FY23)
RESULTS SUMMARY

H1 FY23 SUMMARY
4
Market Conditions remain positive
•In-market prices and demand remain strong across most products and geographic locations.
•Revenue up3% to $277m from $271m last half year.
•NPAT of $11.1m, a 82% increase on the same period last year of $6.1million.
•Adjusted EBIT of $26.6m vs $19.2m, a 39% increase on H1 FY22.
Domestic Supply Challenges Continue
•Increased costs including fuel, freight, feed and labour impacting returns.
•Labour shortages, particularly in mussels, slowing down recovery.
•Marine extracts plant commissioning taking longer than anticipated.
HY 23 Achievements
•Salmon the standout performer with high demand, reduced mortalities and good growth.
•Wildcatchprofit contribution in line with last year.
•Mussels increased profitability off a low base. Still tracking behind expectations.

H1 FY23 RESULTS SNAPSHOT
5
Note: Comparative is HY22
¹ See Appendix for Adjusted EBIT and Adjusted EBITDA reconciliation to GAAP Reported NPAT
8.7%
Adjusted EBIT / GW kg
58₵/kg
Catch/Harvest Volume
56.1kGWT
Revenue
$277.6M
Adjusted EBIT
1
$26.6M
EPS
12CPS
NPAT
$11.1M
Interim Dividend
AdjustedEBITDA
1
$42.1M
3%-6%
Sales Volume
45.8kGWT
39%
19₵/kg
30%
+82%
2
+5₵
2
+6₵
Growth on prior half year performance
6Cents

IMPROVED PROFITABILITY DRIVEN BY SALMON
6
NZD $M
Key drivers of Adjusted EBIT change vs H1 FY22

IMPROVED PROFITABILITY DRIVEN BY SALMON
7
Wildcatch drivers +$0.6mSalmon drivers +$5.5m
Mussel drivers +$1.3m
Group
Costs
$0.7m
NZD $M
Key drivers of Adjusted EBIT change vs H1 FY22
Australia
($0.6m)

GROSS MARGIN IMPROVING
•Gross margin is above pre-Covid
levels.
•Rising global seafood prices key driver
of increase
•Margin increase is tempered by
higher costs, principally for fuel,
labour and feed for salmon
8

HISTORICAL ADJUSTED EBIT COMPARISON
9
19.6
24.9
26.8
31.0
35.4
32.6
23.2
10.7
19.2
26.6
0
5
10
15
20
25
30
35
40
2014201520162017201820192020202120222023
Half year adjusted EBIT $m
•Objective is to increase performance to historical EBIT highs which peaked for the three
years 2017-2019 and further improve on that base.
•The trend is heading in the right direction. Inshore initiative and improved mussel
performance expected to enable return to historical highs.

GEOGRAPHIC DIVERSITY OF SALES BY REVENUE ($)
10
1
Revenue information above is based on the delivery destination of sales.
•Diverse footprint
•Sales to NZ and North
America increased
•Good geographic spread

HY23 BALANCE SHEET AND CASH FLOW
11
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
Balance Sheet remains strong, debt levels have risen with increased costs
Mar 22 |21.9%
+4.6 %vs Mar 22
Net Debt
$183.6M
Gearing
1
21.9%
+49% vs Mar 22
Total Equity
$692.4M
Net Debt / Adjusted EBITDA
2.36X
Return on Average Total Equity
10%
Mar 22|1.0%
Mar 22 |3.0x
Operating Cashflow
$13.5m
Free Cashflow
2
-$19.1m
-62% vs Mar 22
-260% vs Mar 22
Debt Facility Headroom
3
$75m
Mar 22 |$89m

SEAFOOD INVENTORY NORMALISED
* Wildcatch Inventory includes stock on board vessels
** Inventory value differs to financial statements as above excludes non-seafood inventory
12
Inventory Volume (PWT)Inventory Value ($m)**
H1 FY23 vs H1 FY22 increase +2.4%
H1 FY23 vs H1 FY22 YOY increase +14%
$74.8
$72.2
$58.9
$50.1
$48.1
$57.1
*
*

CAPITAL EXPENDITURE IN H1 FY23 VS H1 FY22
12
H1 FY23H1 FY22
Integrity$15m$16m
Vessel surveys (incl. San Discovery) $7m
Processing equipment $1m
IT system “SanCore” $2m
IT systems -Business $1m
Aquaculture $4m
Vessel surveys (incl. San Discovery) $11m
Processing equipment $2m
IT system “SanCore” $3m
Growth$17m $8m
Marine extracts $4m
Salmon development $4m
Mussels development $1m
Wildcatch Scampi Boat (deposit) $8m
Marine extracts $4m
Salmon development $4m
Total$32m$24m

ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG)
–H1 FY23 SUMMARY
14
Climate
•Sanford climate workshops held; future climate scenarios
assessed.
•Commenced: Implementation phase for sector wide
climate adaptation strategy.
•Approved: significant emissions upgrades for 2 large DWF
vessels (props, nozzles, auxiliaries) to deliver up to 7-11%
efficiency gains per vessel across FY23 and FY24.
Environment and Biodiveristy
•Successful recert. for ISO 14001 Environmental
Management System
•“Super baffler” seabird mitigation devices being deployed
across a further 3 large DWF vessels.
People and Community
•116,000 seafood meal equivalents donated to those
affected and displaced by Jan/Feb flooding and cyclone
events.
•Held engagement score at 7.5 during the period of change.
ESG Transparency
•ESG World Platform –maintained and updated.

DIVISIONAL
PERFORMANCE AND
H2 PRIORITIES

SALMON

SALMON H1 FY23
Sales and pricing continue to perform strongly. Mortality mitigations in place.
17
* Profit contribution is Adjusted EBIT before head office overheads

SALMON H1 FY23
Pricing uplift driven by favourable mix/BGB growth. Inventory levels well managed.
18

SALMON H1 FY23
19
H1 Achievements:
•Positive first half performance with Adjusted
EBIT 45% up on last year.
•Prices and demand are strong and harvest
volumes stable.
•Separation of farms and oxygenation equipment
introduced helping reduce mortalities in high
risk late summer months. H1 FY22 impacted by
higher mortalities.
•Strong feed driven growth.
•Fish size in line with expectations.
•Increased nitrogen allocation in Big Glory Bay
facilitating future growth.
•Channel diversification helping with varying fish
size and good prices.
H2 Priorities
•Balancing strong market demand with supply.
•Mitigating increased costs –in particularly feed and
fuel.
•Investigating and evaluating growth opportunities
such as investment in a new RAS hatchery.
•Carbon emission review on fuel and boats about to
commence.
•Maintaining prices and continued promotion of the
BGB brand.

WILDCATCH

WILDCATCH H1 FY23
* Profit contribution is Adjusted EBIT before head office overheads
21
Flat volume and improved pricing on H1 FY22.

WILDCATCHH1 FY23
Pricing significantly improving across key species. Inventory normalised.
22

WILDCATCH H1 FY23
23
H1 Achievements:
•Adjusted EBIT consistent and in line with H1 FY22.
•Prices and demand remain strong (particularly scampi and
hoki).
•Maintaining profitability with increased fixed costs,
particularly fuel.
•Attraction and retention of staff.
•Contract for new scampi vessel agreed with ship builder
and construction about to commence.
•Hoki and ATO (toothfish) catch strong in the first half,
offsetting reduced squid volumes.
H2 Priorities:
•Adapt operations to compensate for reduced squid
catch and availability.
•Vessel reliability –maintaining fleet and managing
unplanned outages.
•Managing increased costs of the business in
particular fuel price, supply chain, logistics and
labour.
•Adjusting to longer lead times in capital spend
programme.
•Minimising the impact on low squid catch on H2
margin.

INSHORE UPDATE

INSHORE OPTIMISATION -(AGREEMENT WITH MOANA NEW ZEALAND)
25
•Inshore business has been delivering a negative contribution.
•Increased costs, Covid impacts, lack of labour and a factory located in what is now a high density residential area,
all contributing factors to a poor performance and challenges to ongoing ability to operate effectively.
•A number of options considered, including building a new modern site, partnering with another industry player
and exiting the business completely. Cost to redevelop and relocate the factory is prohibitive and will not deliver
an acceptable return on investment.
•The option identified is to retain the asset (quota), lease for an extended period, sell inshore fishing fleet and close
Auckland processing site. Provides lower-risk passive return, while ensuring supply to the parts of the business
that still require product (Australia and Sanford & Sons).
•Sanford has agreed to sell the Annual Catch Entitlement (ACE) for much of its quota of North Island inshore species
to Moana New Zealand through a new long-term agreement. The arrangement is for a minimum term of
approximately 10 years.
•Moana is the identified partner as they already have a processing facility in Auckland, and with increased volume
throughput provides increased economies of scale.
•The value for this package of ACE starts at nearly $11m (annualised) for the first year and scales up to $13m over
the next five years before increasing in fixed increments of 1.5% per annum.
•Approval required from Commerce Commission.
•If approved will deliver a meaningful turnaround in profitability and an important deliverable
to achieve and exceed pre-covid profitability.

INSHORE OPTIMISATION –NEXT STEPS
26
•Commerce Commission approval required for the transaction to complete.
•Application to Com Comend of May. Process to take approximately 4 months (that could vary).
•Intention is to facilitate employment at Moana for Sanford staff affected by these changes.
•Supply will continue to other parts of the business (Australia and retail).
•Sanford retains quota asset and generates a low risk income stream. Focus will move to parts of
the business with stronger growth potential.
•Future of Auckland site is being evaluated.
•Transaction expected to be complete by Q4 this year.

MUSSELS

GREENSHELL MUSSELS H1 FY23
Pricing improved as global food service channel recovering. Volume uplift partly restrained by
processing capacity constraints.
28
* Profit contribution is Adjusted EBIT before head office overheads

MUSSELSH1 FY23
Pricing uplift relative to Covid impacted lows. Inventory levels normalised.
29

MUSSELSH1 FY23
30
H1 Achievements:
•Adjusted EBIT up 160% on last year (off a low base
and behind expectations) but sales volumes down
13% (partly mix related).
•Sales revenues positive up 10% on last year.
•Sales volumes constrained due to processing output,
reduced volumes to third party processing, meat
sales decline and marine extracts production.
•Solomon Island workers introduced to NIML.
•Mussel powder demand remains strong.
H2 priorities:
•Staff shortages remain the biggest challenge for the
business and a priority -this is impacting our ability to meet
demand.
•Delays in commissioning the Bioactives plant (marine
extracts), taking longer than anticipated to get the plant
operating optimally. High focus for H2.
•Weather conditions, particularly in the Coromandel,
impacting performance.
•Managing the business around expected spawning is also a
priority.
•La Nina weather patterns still impacting growth rates.

LOOKING FORWARD

32
STRATEGIC INITIATIVES

BUILD AND SUSTAIN PARTNERSHIPS WITH CUSTOMERS
ALIGNED TO OUR PURPOSE
33
•Launch of Big Glory Bay fresh tray packed product with
Foodstuffs.
•Continued diversification of our global customer base,
bringing on eight new retail partners within the last six
months.
•Further extension of our portfolio with key customers
across Europe, Asia and US markets. For example one
customer has expanded their Sanford product range from
two to five products in a key Asian market.
•New customer partnership in China to expand scampi
business.

DEVELOP EXPERTISE, KNOWLEDGE AND INSIGHT TO DRIVE
ASSET OPTIMISATION, PROFIT, VALUE, QUALITY AND
SUSTAINABILITY
34
•Appointment of Group Enterprise Risk Manager.
•Results from first of three mussel powder studies
showing positive outcomes in alleviating knee pain.
•Climate futures workshopped with our divisional
businesses to prioritise risks, opportunities and
ultimately build further climate resilience into our
strategy and planning.
•Investment in SPATnzand Bioactivesskills & capability.

DIFFERENTIATE THROUGH INNOVATION, QUALITY, PROVENANCE,
SUSTAINABILITY, OPERATIONAL EXCELLENCE AND APPLICATION OF
SCIENCE
35
•Adoption of super baffler bird mitigation on fishing vessels.
•Ongoing work on Big Glory Bay brand including winning NZ
Outstanding Food Producer Awards for our portions product (BGB
now 56% of salmon sales).
•Initiated implementation of seafood sector climate adaptation
strategy.
•Approved significant emissions reduction upgrades for deepwater
fleet vessels which will deliver up to 11% improved energy
efficiency.
•Contracted the design and build process for a new diesel-electric
scampi vessel to improve our efficiency and environmental
performance.
•Substantiated customer complaints are down 42% in 2023 versus
H1 FY22, focusing on our quality strategy of Fast, Cold, Clean and
Labelling.

IMPROVE VALUE UTILISATION OF ENTIRE FISH AND
ELIMINATE WASTE
36
•Opening of Sanford Bioactivesin Blenheim and
ongoing work on delivery of mussel oil and powder
processing.
•Changed cascade of frozen at sea ling catch to
improve quality of value adding products and
utilisation of whole fish. For example heads being
sold instead of sent to fishmeal.
•Launch of salmon fish portions enabling use of
higher proportion of fish.
•Circular benefit of wildcatchfishmeal to producers
of feed for our salmon.

INVEST IN SYSTEMS AND PROCESSES TO DRIVE A HIGH
ACHIEVING ORGANISATION
37
•SanCoreprogramme advances with progress on
implementation of our D365 system to manage core
finance and supply chain processes.
•Adoption of MarelInnova product tracking system at
Sanford Bioactivesplant and on vessels in our deepwater
fleet with 7 out of 12 vessels adopting this system by end
of H1 and the rest on track to be converted by end May
2023.
•Salmon mortalities well managed using relocated pens,
pen cleaning and oxygenation systems on our Stewart
Island salmon farms.

ENSURE THE WELFARE, GROWTH AND FULFILMENT OF OUR
PEOPLE –ECONOMIC, PHYSICAL, EMOTIONAL
38
•Move to a divisional structure to take decision making
closer to the drivers of P&L performance.
•Appointment of new CPO.
•Donated 116,000 meal equivalents of seafood to those
affected and displaced by January flooding and Cyclone
Gabrielle.
•Focus on talent attraction and retention with good
progress in Bluff and Stewart Island (Salmon division) and
programmes ongoing in Mussels and Wildcatch.
•LTI (Lost Time Injuries) improvement from 51 in H1 FY22
to 19 in H1 FY23, a 63% reduction.

LOOKING FOWARD
QUESTIONS?

CONCLUSION
40
•Delivering improved profitability.
•Cost and supply challenges remain, however, looking to improve.
•Incremental growth to be delivered through further recovery of
mussels and delivering Inshore proposal
•Team committed to getting to Pre-Covid profitability and beyond.

LOOKING FOWARD
CLOSE
THANK YOU

APPENDIX 1 : USD FX HEDGING PATTERN FOR THE YEAR
42
0.5400
0.5600
0.5800
0.6000
0.6200
0.6400
0.6600
OctNovDecJanFebMar
U S D E XC H A N G E R AT E
2 0 2 3 H A L F Y E A R
Actual Achieved 2022/20232022/2023 Spot Rates
Ave Effective 2022/2023

HY23 FINANCIAL RESULTS -GAAP TO NON GAAP
43
Non-GAAPProfitmeasures
Sanford’sstandardprofitmeasurepreparedunderNewZealandGAAPisnetprofit.
Sanfordhaveusednon-GAAPmeasureswhendiscussingfinancialperformanceinthis
document.TheDirectorsandmanagementbelievethatthesemeasuresprovideuseful
informationastheyareusedinternallytoevaluatedivisionalandtotalGroup
performanceandtoestablishoperatingandcapitalbudgets.Non-GAAPprofit
measuresarenotpreparedinaccordancewithNZIFRS(NewZealandequivalentsto
InternationalFinancialReportingStandards)andarenotuniformlydefined,therefore
thenon-GAAPprofitmeasuresincludedinthisreportarenotcomparablewiththose
usedbyothercompanies.Theyshouldnotbeviewedinisolationorasasubstitutefor
GAAPprofitmeasuresasreportedbySanfordinaccordancewithNZIFRS
Definitions
ReportedEBIT:Earningsbeforeinterest,taxation,netgainonsaleofintangibleand
long-termassets.
AdjustedEBIT:ReportedEBITadjustedforimpairment,restructuringandotherone-
offitems,softwareasaservice(SaaS)expenditure,andgainfromterminationof
lease.
AdjustedEBITDA:AdjustedEBITbeforedepreciationandamortisation.
GAAP to Non-GAAP Reconciliation
Unaudited
6 months ended 31
March 23 per consol
Unaudited
6 months ended 31
March 22
Audited
12 months ended 30
September 2022
$000
$000
$000
Reported net profit for the period (GAAP)
11,109


6,120


55,772


Add back:
Income tax expense
4,409


3,171


6,692


Net interest expense
5,849


4,291


8,731


Net (gain) on sale of property, plant, and
equipment and intangibles
(15)


-


(43,616)


Reported EBIT
21,352


13,582


27,579


Adjustments:
Impairment of assets
-


-


1,301


Restructuring costs
341


91


345


Software as a Service (SaaS) expenditure
7,074


5,078


10,312


Gain from termination of lease
(2,200)


-


Other one-off items
31


428


639


Adjusted EBIT
26,598


19,179


40,176


Add back:
Depreciation and amortisation
15,529


13,274


28,086


Adjusted EBITDA
42,127


32,453


68,262

---

Sanford Limited

Results announcement



Results for announcement to the market
Name of issuer Sanford Limited
Reporting Period 6 months to 31 March 2023
Previous Reporting Period 6 months to 31 March 2022
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$277,578 2.46%
Total Revenue $277,578 2.46%
Net profit/(loss) from
continuing operations
$11,109 81.51%
Total net profit/(loss) $11,109 81.51%
Final Dividend
Amount per Quoted Equity
Security
$0.06000000

Imputed amount per Quoted
Equity Security
$0.02333333
Record Date 1 June 2023
Dividend Payment Date 9 June 2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.11421214 $1.55918108
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For an explanation on Sanford’s operational results please refer
to the accompanying NZX announcement, investor presentation
and the unaudited Interim Report for the 6 months ended 31
March 2023.
Authority for this announcement
Name of person

authorised
to make this announcement
Roberto Magaraggia
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

22 May 2023

Unaudited financial statements accompany this announcement.

---

Sanford Limited

Distribution Notice





Section 1: Issuer information
Name of issuer Sanford Limited
Financial product name/description Ordinary shares
NZX ticker code SAN
ISIN (If unknown, check on NZX
website)
NZSANE0001S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 1 June 2023
Ex-Date (one business day before the
Record Date)
31 May 2023
Payment date (and allotment date for
DRP)
9 June 2023
Total monies associated with the
distribution
$5,610,368
Source of distribution (for example,
retained earnings)
Retained earnings
Currency New Zealand Dollars
Section 2: Distribution amounts per financial product
Gross distribution $0.08333333
Gross taxable amount $0.08333333
Total cash distribution $0.06000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.01058824
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed

Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.02333333
Resident Withholding Tax per
financial product
$0.00416667

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Roberto Magaraggia
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

22 May 2023