Half Year Results 2023

Interim
Report
2023

Contents
Chair and CEO review2
Financials
Income statement6
Statement of comprehensive income7
Statement of changes in equity8
Balance sheet10
Statement of cash flows12
Notes to the financial statements15
1

Chair and CEO review
Kia ora,
With the challenges of recent years
largely behind us, and strong growth
and contingency plans in place, all
eyes were focused on 2023 and
improved volumes and demand.
Unfortunately, the weather had other ideas, with our half year
financial results heavily impacted by Cyclone Gabrielle.
Performance
For the first six months of 2023, total revenue for the Group
increased from $645.5 million to $765.3 million. Operating
profit decreased from $15.0 million to a loss of $11.6 million
this year and profit before income tax decreased from $7.8
million to a loss of $21.4 million.
In our Apples business, revenue increased from $401 million
to $508 million in 2023, and in T&G Fresh revenue increased
from $185 million to $208 million this year.
It was a difficult growing season for apples in Aotearoa
New Zealand, with heavy rain in Hawke’s Bay during the
September to December growing phase, followed by Cyclone
Gabrielle in February causing devasting damage to parts of
Hawke’s Bay and Tairāwhiti Gisborne.
Thankfully, our people and growers were safe, although some
lost possessions, homes, crops or orchards. The cyclone not
only had a significant physical impact on infrastructure but
also on the wellbeing and mental health of the community.
For T&G, the cyclone caused minor flooding in our office
facilities, packhouses, coolstores and our market and
distribution centre. On our apple orchards, the scale and
impact varied. While most of our owned and leased orchards
were not affected, four orchards were severely impacted,
representing about 13% of our planted Hawke’s Bay hectares.
A further 22% of the planted hectares were impacted to a
varying extent and are expected to have reduced productive
capacity for two-to-three years.
2

Gareth Edgecombe
Chief Executive
Officer (left)
Benedikt Mangold
Chair (right)
Five days following the cyclone, once unaffected
orchards and post-harvest facilities were assessed
as safe and power restored, T&G’s harvest resumed,
with teams concurrently beginning the process of
removing silt and debris and remediating orchards.
Restoration will take considerable time and we will
not know if we have been successful in saving trees
for a few seasons.
While the cyclone reduced apple volumes, the fruit
has good colour. However, given the weather, we
are seeing an increase in quarantine pests which
is impacting volumes entering some key markets,
including China and Taiwan. At each step in the
supply chain we have implemented robust and
stringent quality assessments to monitor the quality
and storage of fruit. This will continue throughout
the second half of the year.
The 2022/23 North American season produced
good quality Envy™ for its domestic and export
markets, and we worked hard to sell the crop at a
good price in Asia, clearing the way for the arrival of
southern hemisphere fruit.
While some shipping delays were experienced
at the start of Aotearoa’s season, supply chain
reliability continues to improve as we move
through the season.
With many global markets experiencing inflationary
pressure, economic activity and demand is subdued
in some markets, including the United Kingdom and
China. Our business model helps us redirect this
fruit to better performing markets across Asia.
In T&G Fresh, the business has continued to
strengthen, with on-plan performance in tomatoes
and continued growth in our Fijian and Pacific
Islands export business.
Higher costs remain a challenge across our
business. This has been most acute in our domestic
transport business, with increased labour costs.
Given the impact of the cyclone and the challenging
economic and inflationary conditions, strict financial
disciplines are being exercised as we adapt to the
changed environment. Capital expenditure has been
reprioritised and projects stopped or paused. We
have moved to a leaner organisational structure,
which is expected to deliver approximately $7 million
in annualised savings from 2024. At the same time,
we continue to work through our insurance claim.
3

Progress made
Despite the impact of the cyclone, we have the right strategy to drive
our business forward and realise increased value. In the first half of
the year, we continued to make excellent progress in putting in place
the building blocks to deliver this.
Having commenced the construction of our new state-of-the-art
automated Hawke’s Bay packhouse in late 2021, the team did a
remarkable job to deliver and commission the first phase of this
world-class facility on time and on budget in May 2023, having
dealt with labour and material constraints during COVID-19. Costing
close to $100 million, the packhouse integrates leading automation
and technology. The first of its planned two 220 metre packing
lines enables our Whakatu team to pack 90 to 100 bins per hour on
the one line, lifting the productivity rate up to 1 bin per person per
hour. When the second line is installed in coming seasons, this will
increase to 190 bins per hour with a similar number of people.
In June, we launched Joli™, a new global premium apple variety,
which complements T&G’s established Envy™ and JAZZ™ brands.
Developed in Aotearoa New Zealand, Joli™ is the result of over ten
years of innovation and is a productive, large, full-flavoured bright
red juicy apple which will appeal to both consumers and growers.
With consumers able to purchase the fruit from 2028, we intend to
plant 27 hectares on our own orchards and are seeking interest from
Aotearoa-based growers to be part of the commercial growing pilot.
Over the next five to six years, as additional trees become available,
we will extend the opportunity to growers in other countries.
Following twenty years of breeding and scientific development, Tutti™,
the world’s first specifically bred hot climate tolerant apple variety, was
commercially launched in February. Tutti™ is the first apple brand to
be commercially released from the Hot Climate Partnership, with our
VentureFruit® business responsible for the commercialisation and
licensing of all new varieties from the partnership.
Our Queensland joint venture berry farm has begun producing its
premium Southern Highbush low chill blueberry varities. With 8
hectares planted and 14 hectares under development, and a further
15 hectares to be planted in the future, the berries will be marketed
under our Orchard Rd brand across Australia.
Early in the year, we exited our Peruvian grape farm, with legal title
and full ownership transferred to the new owner.
Progress continues in sustainability, with ambitious emission
reduction targets submitted for validation to the Science Based
Targets initiative. Climate related risks and opportunities have
been refreshed and are forming the foundation of detailed climate
scenario analysis.
4

5
Outlook
The long-term outlook for fresh produce remains positive.
However, in the short term there are challenges as we
navigate the economic climate and impact of the cyclone.
At this point in the year there is still a way to go until
our Aotearoa New Zealand apple crop is sold. Given the
weather conditions the fruit has endured, combined with
subdued demand in some markets, we are driving sales
and marketing hard and closely watching quality.
Our team are doing this with the full support of our Board
and majority shareholder, BayWa Global Produce, who
are firmly by our side as we steer this incredible business
forward. We have a fantastic and hardworking team at T&G,
who everyday demonstrate their resilience, ingenuity, care
and drive.
We look forward to seeing the results from their hard work
be realised in coming years.
Gareth Edgecombe
Chief Executive Officer
Benedikt Mangold
Chair

6
Income statement
For the six months ended 30 June 2023
NOTES
Unaudited
6 months to
30 Jun 2023
$'000
Unaudited
6 months to
30 Jun 2022
$'000
Audited
12 months to
31 Dec 2022
$'000
Revenue from contracts with customers3765,267645,4821,304,936
Other operating income13,79318,73013,013
Purchases, raw materials and consumables used(610,943)(480,545)(969,319)
Employee benefits expenses(95,674)(97,727)(177,955)
Depreciation and amortisation expenses(28,880)(27,481)(57,643)
Other operating expenses(55,189)(43,435)(92,623)
Operating (loss) / profit(11,626)15,02420,409
Financing income2,2731,0182,383
Financing expenses(12,403)(9,275)(18,705)
Share of loss from joint ventures7--(87)
Share of profit from associates73781,0141,963
Other income-17-
Other expenses(8)-(9,304)
(Loss) / profit before income tax(21,386)7,798(3,341)
Income tax credit / (expense)45,716(2,049)2,480
(Loss) / profit after income tax(15,670)5,749(861)
Attributable to:
Equity holders of the Parent(17,726)2,928(5,471)
Non-controlling interests2,0562,8214,610
(Loss) / profit for the period(15,670)5,749(861)
Earnings per share (in cents)
Basic and diluted earnings(14.5)2.4(4.4)

The accompanying notes form an integral part of these interim financial statements.

7
Statement of comprehensive income
For the six months ended 30 June 2023
Unaudited
6 months to
30 Jun 2023
$'000
Unaudited
6 months to
30 Jun 2022
$'000
Audited
12 months to
31 Dec 2022
$'000
(Loss) / profit for the period(15,670)5,749(861)
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(4,300)(444)(895)
Deferred tax effect on revaluation of property, plant and equipment(92) -139
Deferred tax effect on sale of property, plant and equipment957 -(1,782)
(3,435)(444)(2,538)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations3,8234,7333,321
Cash flow hedges:
Fair value (loss) / gain, net of tax(8,256)(18,672)7,74 0
Reclassification of net change in fair value to profit or loss333216
(4,400)(13,936)11,277
Other comprehensive (expense) / income for the period(7,835)(14,380)8,739
Total comprehensive (expense) / income for the period(23,505)(8,631)7,878
Total comprehensive (expense) / income for the period is attributable to:
Equity holders of the Parent (26,401)(11,599)3 ,17 5
Non-controlling interests2,8962,9684,703
(23,505)(8,631)7,878
The accompanying notes form an integral part of these interim financial statements.
Financials

8
Statement of changes in equity
Unaudited
NOTES
Share
capital
$'000
Revaluation
and other
reserves
$'000
Retained
earnings
$'000
Total
$'000
Non-
controlling
interests
$'000
Total
equity
$'000
Balance at 1 January 2023176,357115,221271,673563,25116,917580,168
(Loss) / profit for the period
- -(17,726)(17,726)2,056(15,670)
Other comprehensive income /
(expense)
-
Revaluation of property, plant and
equipment
-(4,300) -(4,300) -(4,300)
Deferred tax effect on revaluation of
property, plant and equipment
-(92) -(92) -(92)
Deferred tax on sale of property, plant
and equipment
-957 -957 -957
Exchange differences on translation of
foreign operations
-2,988 -2,9888353,823
Movement in cash flow hedge reserve -(8,228) -(8,228)5(8,223)
Total other comprehensive
(expense) / income
-(8,675) -(8,675)840(7,835)
Transactions with owners
Dividends6
- - - -(3,679)(3,679)
Investment from non-controlling interest
- - - -766766
Total transactions with owners
- - - -(2,913)(2,913)
Transfer from asset revaluation reserve
due to asset disposal
-(7,246)7,246 - - -
Balance at 30 June 2023176,35799,300261,193536,85016,900553,750
The accompanying notes form an integral part of these interim financial statements.
2023
For the six months ended 30 June 2023

9
Unaudited
NOTES
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
Dividends6 - - - -(4,666)(4,666)
Movement in equity from sale of
shares in subsidiary
- - - -3,3423,342
Total transactions with owners - - - -(1,324)(1,324)
Balance at 30 June 2022176,35798,585273,535548,47715,172563,649
The accompanying notes form an integral part of these interim financial statements.
2022
Financials

10
Balance sheet
As at 30 June 2023
NOTES
Unaudited
30 Jun 2023
$'000
Unaudited
30 Jun 2022
$'000
Audited
31 Dec 2022
$'000
Current assets
Cash and cash equivalents50,77068,29758,519
Trade and other receivables220,547219,656168,692
Inventories138,426183,96153,930
Taxation receivable19,50616,5227,556
Derivative financial instruments1,8701,5484,044
Biological assets10,0587,68827,602
Non-current assets classified as held for sale12,00013,59627,150
Total current assets453,177511,268347,493
Non-current assets
Trade and other receivables63,99846,94671,830
Derivative financial instruments11,2053,42414,570
Deferred tax assets41,4719792,027
Investments in unlisted entities868686
Property, plant and equipment5431,503406,634401,077
Right-of-use assets144,276 142,477 136,342
Intangible assets79,02375,45976,738
Investments in joint ventures73,1843,2343,142
Investments in associates730,42631,28930,048
Total non-current assets765,172710,528735,860
Total assets1,218,3491,221,7961,083,353
Current liabilities
Trade and other payables212,419241,200161,175
Loans and borrowings113,500100,70026,090
Lease liabilities24,05222,69822,694
Taxation payable10,45210,4631,329
Derivative financial instruments11,85817,8967,218
Total current liabilities372,281392,957218,506
Table continues next pageThe accompanying notes form an integral part of these interim financial statements.

11
NOTES
Unaudited
30 Jun 2023
$'000
Unaudited
30 Jun 2022
$'000
Audited
31 Dec 2022
$'000
Non-current liabilities
Trade and other payables4645279
Loans and borrowings126,96788,201121,388
Lease liabilities145,058140,572135,246
Derivative financial instruments1,5658,035658
Deferred tax liabilities418,68228,33727,108
Total non-current liabilities292,318265,190284,679
Total liabilities664,599658,147503,185
Equity
Share capital176,357176,357176,357
Revaluation and other reserves99,30098,585115,221
Retained earnings261,193273,535271,673
Total equity attributable to
equity holders of the Parent
536,850548,477563,251
Non-controlling interests16,90015,17216,917
Total equity553,750563,649580,168
Total liabilities and equity1,218,3491,221,7961,083,353
The accompanying notes form an integral part of these interim financial statements.
Financials
Approved for and on behalf of the Board
C.A. Campbell
Director (Chair of Finance, Risk and Investment Committee)
4 August 2023
B.J. Mangold
Director (Chair)
4 August 2023

12
Statement of cash flows
For the six months ended 30 June 2023
NOTES
Unaudited
6 months to
30 Jun 2023
$'000
Unaudited
6 months to
30 Jun 2022
$'000
Audited
12 months to
31 Dec 2022
$'000
Cash flows from operating activities
Cash was provided from:
Cash receipts from customers716,193 577,739 1,291,732
Other546 1,141 1,198
Cash was disbursed to:
Payments to suppliers and employees(720,940)(605,166)(1,284,298)
Interest paid(4,598)(1,738)(6,100)
Income taxes paid -(3,000)(3,000)
Net cash outflow from operating activities(8,799)(31,024)(468)
Cash flows from investing activities
Cash was provided from:
Dividends received from joint ventures and associates - -2,190
External loan repayments from suppliers, customers,
associates and joint ventures
3651,6893,189
Investment from non-controlling interest766 - -
Sale of shares in subsidiary to non-controlling interest -3,8333,678
Sale of other property, plant and equipment5351,4742,892
Sale of non-current assets held for sale15,150 - -
Sale of Riwaka orchard - - 19,793
Sale of Steiner orchard - - 13,000
Cash was disbursed to:
Purchase of property, plant and equipment5(36,698)(31,300)(99,951)
Purchase of intangible assets(3,781)(2,300)(6,722)
Loans to suppliers, customers, associates and joint
ventures
(302)(1,840)(2,717)
Net cash outflow from investing activities(23,965)(28,444)(64,648)
The accompanying notes form an integral part of these interim financial statements.Table continues next page

13
NOTES
Unaudited
6 months to
30 Jun 2023
$'000
Unaudited
6 months to
30 Jun 2022
$'000
Audited
12 months to
31 Dec 2022
$'000
Cash flows from financing activities
Cash was provided from:
Net proceeds from short-term borrowings14,90015,00013,900
Proceeds from long-term borrowings5,00055,00091,638
Proceeds from seasonal funding75,00076,000 -
Cash was disbursed to:
Dividends paid to non-controlling interests6(3,679)(4,666)(4,991)
Repayment of long-term borrowings(2,218)(724)(1,155)
Repayment of lease liabilities(16,708)(16,271)(33,455)
Seasonal advances to growers(47,881)(57,418)(750)
Bank facility fees and transaction fees(2,051)(2,605)(3,563)
Net cash inflow from financing activities22,36364,31661,624
Net (decrease) / increase in cash and cash
equivalents
(10,401)4,848(3,492)
Foreign currency translation adjustment2,6524,4443,006
Cash and cash equivalents at the beginning of the year58,51959,00559,005
Cash and cash equivalents at the end of the period50,77068,29758,519
The accompanying notes form an integral part of these interim financial statements.
Financials

14
Statement of cash flows (continued)
Reconciliation of (loss) / profit after income tax to net cash flow from operating activities
NOTES
Unaudited
6 months to
30 Jun 2023
$'000
Unaudited
6 months to
30 Jun 2022
$'000
Audited
12 months to
31 Dec 2022
$'000
(Loss) / profit for the period(15,670)5,749(861)
Adjusted for non-cash items:
Amortisation expense2,3492,9885,666
Depreciation expense26,53124,49351,977
Movement in deferred tax(7,279)(1,058)(6,362)
Movement in expected credit loss allowance5(59)(92)
Revenue from sale of licences(1,163)(5,915)(18,452)
Share of loss of joint ventures7 - - 87
Share of profit of associates7(377)(1,014)(1,963)
Other movements2,4893,098(6,131)
22,55522,53324,730
Adjusted for investing and financing activities:
Bank facility and line fees2,050 2,605 3,563
Impairment of assets - - 3,238
Loss on sale of apple orchards - - 6,066
Loss / (gain) on disposal of other property, plant and
equipment
58(17)(6)
Net loss from property, plant and equipment
revaluation through profit and loss
5 - 138
2,0632,58812,999
Impact of changes in working capital items net
of effects of non-cash items, and investing and
financing activities:
Increase in debtors and prepayments (47,211)(71,274)(30,838)
Decrease / (increase) in biological assets17,545 17,441 (2,473)
Increase in creditors and provisions 99,242 135,789 9,955
Increase in inventories(84,496)(138,401)(8,370)
Increase in net taxation receivable (2,827)(5,449)(5,610)
(17,747)(61,894)(37,336)
Net cash outflow from operating activities(8,799)(31,024)(468)
The accompanying notes form an integral part of these interim financial statements.

15
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, 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 2023.
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 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 2022
(2022 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 2022 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 2022 Annual Report.
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.
Financials

16
Notes to the financial statements (continued)
Operating segments
The Group comprises the following main operating segments:
Operating segmentSignificant operations
ApplesGrowing, packing, cool storing, sales and marketing of apples worldwide.
International Trading
International trading activities other than apples. Major markets are Asia, Australia and the
Americas. Product is sourced from New Zealand, Australia, North America, South America
and Europe.
T&G Fresh
Growing, trading and transport activities within New Zealand and exports to the Pacific Islands.
This incorporates the New Zealand wholesale markets and the tomato and citrus growing
operations.
VentureFruit®
VentureFruit® is the Group's global genetics and variety management business.
Through its range of services, VentureFruit® identifies, acquires, develops, builds and protects
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.
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 2023
Total segment revenue575,857 72,227 218,996 20,565 39 887,684
Inter-segment revenue(68,062)(28,498)(10,565)(15,292) - (122,417)
Revenue from external customers507,79543,729208,4315,27339765,267
Purchases, raw materials and
consumables used
(433,056)(37,032)(135,260)(5,573)(22) (610,943)
Depreciation and amortisation expenses(14,646)(901)(11,864)(66)(1,403) (28,880)
Net other operating expenses(60,698)(3,140)(50,755)(6,044)(16,433)(137,070)
Segment operating (loss) / profit(605)2,65610,552(6,410)(17,819)(11,626)
Financing income 2,273
Financing expenses (12,403)
Share of profit from associates 378
Net other expense (8)
Loss before income tax(21,386)

17
Financials
Apples
$'000
International
Trading
$'000
T&G Fresh
$'000
VentureFruit®
$'000
Other
$'000
Total
$'000
Unaudited six months
ended 30 June 2022
Total segment revenue400,82474,130193,72724,66852 693,400
Inter-segment revenue - (25,458)(8,657)(13,803) - (47,918)
Revenue from external customers400,82448,672185,07010,86552645,482
Purchases, raw materials and
consumables used(311,374)(44,192)(119,818)(5,152)(10) (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)4,4913,632(19,821)15,024
Financing income 1,018
Financing expenses (9,275)
Share of profit from associates 1,014
Net other income 17
Profit before income tax7,798
Apples
$'000
International
Trading
$'000
T&G Fresh
$'000
VentureFruit®
$'000
Other
$'000
Total
$'000
Audited year ended
31 December 2022
Total segment revenue900,445158,338416,08758,39876 1,533,344
Inter-segment revenue(125,798)(57,676)(15,608)(29,326) - (228,408)
Revenue from external customers774,647100,662400,47929,072761,304,936
Purchases, raw materials and
consumables used
(597,039)(100,204)(262,160)(9,909)(7) (969,319)
Depreciation and amortisation expenses(27,792)(1,451)(25,233)(315)(2,852) (57,643)
Net other operating expenses(121,983)(1,575)(95,332)(7,833)(30,842)(257,565)
Segment operating profit / (loss)27,833(2,568)17,75411,015(33,625)20,409
Financing income 2,383
Financing expenses (18,705)
Share of loss from joint ventures (87)
Share of profit from associates 1,963
Net other income (9,304)
Loss before income tax(3,341)

18
3. Revenue from contracts with customers
Notes to the financial statements (continued)
Apples
$'000
International
Trading
$'000
T&G Fresh
$'000
VentureFruit®
$'000
Other
$'000
Total
$'000
Unaudited six months
ended 30 June 2023
Nature of revenue
Sale of produce 481,845 43,617 174,258 65 - 699,785
Sale of licences - - - 1,164 - 1,164
Commissions 2,133 - 12,997 1,091 - 16,221
Services 23,638 112 21,169 1,192 39 46,150
Royalties 179 - 7 1,761 - 1,947
Revenue from external customers 507,795 43,729 208,431 5,273 39 765,267
Timing of revenue recognition
At a point in time
Sale of produce 481,845 43,617 174,258 65 - 699,785
Sale of licences - - - 1,164 - 1,164
Commissions 2,133 - 12,997 1,091 - 16,221
Services19,083 112 21,169 1,192 39 41,595
Royalties 179 - 7 1,761 - 1,947
503,240 43,729 208,431 5,273 39 760,712
Over time
Services 4,555 - - - - 4,555
4,555 - - - - 4,555
Revenue from external customers 507,795 43,729 208,431 5,273 39 765,267

19
Financials
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 produce361,52348,135142,802160 -552,620
Sale of licenses - - -8,220 -8,220
Commissions13,34111012,457883 -26,791
Services21,48142729,811505251,821
Royalties4,479 - -1,551 -6,030
Revenue from external customers400,82448,672185,07010,86452645,482
Timing of revenue recognition
At a point in time
Sale of produce361,52348,135142,802160 -552,620
Sale of licences - - -8,220 -8,220
Commissions13,34111012,457883 -26,791
Services16,30142729,811505246,641
Royalties4,479 - -1,551 -6,030
395,64448,672185,07010,86452640,302
Over time
Services5,180 - - - -5,180
5,180 - - - -5,180
Revenue from external customers 400,824 48,672 185,070 10,864 52 645,482

20
Notes to the financial statements (continued)
Apples
$'000
International
Trading
$'000
T&G Fresh
$'000
VentureFruit®
$'000
Other
$'000
Total
$'000
Audited year ended
31 December 2022
Nature of revenue
Sale of produce698,269100,043316,302 - -1,114,614
Sale of licences - - -25,052 -25,052
Commissions33,16941225,0001,344 -59,925
Services35,01020759,1611967694,650
Royalties8,199 -162,480 -10,695
Revenue from external customers774,647100,662400,47929,072761,304,936
Timing of revenue recognition
At a point in time
Sale of produce698,269100,043316,302 - -1,114,614
Sale of licences - - -25,052 -25,052
Commissions33,16941225,0001,344 -59,925
Services27,04020759,1611967686,680
Royalties8,199 -162,480 -10,695
766,677100,662400,47929,072761,296,966
Over time
Services7,970 - - - -7,970
7,970 - - - -7,970
Revenue from external customers774,647100,662400,47929,072761,304,936
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.

21
Financials
5. Property plant and equipment
Unaudited
6 months to
30 Jun 2023
$'000
Unaudited
6 months to
30 Jun 2022
$'000
Audited
12 months to
31 Dec 2022
$'000
Asset acquisitions and disposals
Cost of assets acquired36,69831,30099,951
Net book value of assets disposed12,1761,55742,934
Net (loss) / gain on assets disposed(8)176
6. Dividends
Unaudited
6 months to
30 Jun 2023
$'000
Unaudited
6 months to
30 Jun 2022
$'000
Audited
12 months to
31 Dec 2022
$'000
Unaudited
6 months to
30 Jun 2023
Cents per
share
Unaudited
6 months to
30 Jun 2022
Cents per
share
Audited
12 months to
31 Dec 2022
Cents per
share
Ordinary shares
Dividends to non-controlling
interests in Group subsidiaries
3,6794,6664,991 - - -
Total3,6794,6664,991
7. Investments in joint ventures and associates
Set out below are the joint ventures and associates of the Group as at 30 June 2023. 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 2023 and 2022 are:
Name of entity
Place of business and
country of incorporation
Ownership interest (%)
30 Jun 202330 Jun 202231 Dec 2022
Joint Ventures
Growers Direct LimitedUnited Kingdom505050
Wawata General Partner LimitedNew Zealand505050
Associates
Grandview Brokerage LLCUnited States of America393939
Contributions from joint ventures and associates
During the period ended 30 June 2023, contributions from joint ventures and associates include $0.4 million from Grandview Brokerage
LLC (30 June 2022:$1.0 million; 31 December 2022: $1.9 million).

22
Notes to the financial statements (continued)
Financial assets
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
$'000
Total
$'000
As at 30 June 2023 (unaudited)
Cash and cash equivalents50,770 - - - 50,770
Trade and other receivables
(excluding prepayments and taxes)
269,038 - - - 269,038
Investment in unlisted entities - - - 8686
Derivative financial instruments - 12112,954 - 13,075
Total319,80812112,95486332,969
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 31 December 2022 (audited)
Cash and cash equivalents58,519 - - - 58,519
Trade and other receivables
(excluding prepayments and taxes)
211,143 - - - 211,143
Investment in unlisted entities - - - 8686
Derivative financial instruments - - 18,614 - 18,614
Total269,662 - 18,61486288,362
8. Financial instruments
Financial instruments by category

23
Financials
Financial liabilities
Measured at
amortised cost
$'000
Fair value through
profit or loss (held
for trading)
$'000
Derivatives for
hedging
$'000
Total
$'000
As at 30 June 2023 (unaudited)
Borrowings240,467 - - 240,467
Trade and other payables
(excluding employee entitlements)
201,201 - - 201,201
Lease liabilities169,110 - - 169,110
Derivative financial instruments - 8613,33713,423
Total610,7788613,337624,201
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 31 December 2022 (audited)
Borrowings147,478 - - 147,478
Trade and other payables
(excluding employee entitlements)
150,597 - - 150,597
Lease liabilities157,940 - - 157,940
Derivative financial instruments - 2807,5967,876
Total456,0152807,596463,891
Fair value hierarchy
All financial assets and liabilities that use methods and assumptions to estimate fair value at 30 June 2023 are considered to be level 2 in
the fair value hierarchy (30 June 2022: level 2; 31 December 2022: level 2).
Valuation techniques used to value financial instruments are consistent with those used in the 2022 Annual Report.
For the six months ended 30 June 2023 and the financial year ended 31 December 2022, the estimated fair values of all the Group's other
financial assets and liabilities appropximate their carrying values.

24
Notes to the financial statements (continued)
9. Impact Of Cyclone Gabrielle
On the 13th and 14th of February 2023, New Zealand suffered from a severe weather event in the form of Cyclone Gabrielle.
This impacted the Group’s operations in the Hawke’s Bay where the Group has offices, packhouses, coolstores, a distribution centre,
and orchards.

There was minor flooding of the Group’s office facilities and the Group’s existing packhouses and coolstores and distribution centre.
None were majorly impacted, and operations resumed shortly after the cyclone.

While most of T&G's orchards (comprising both owned and leased orchards) were not impacted by the cyclone, four orchards were
severely impacted, representing approximately 13% of T&G's planted hectares in Hawke’s Bay. A further 22% of the planted hectares in
Hawke's Bay were impacted to a varying extent and are expected to have reduced productive capacity for two-to-three years. The Group
expects to finalise its provision for the one-off write-down of bearer plants and orchard structures impacted by the cyclone before the
end of this financial year.

As at 30 June 2023, the Group has incurred $5.3 million of costs related to the remediation of impacted orchards and associated clean-
up costs. To date, the Group has received $4 million of insurance proceeds and continues to work with its insurers to assess potential
recovery in respect of the affected locations.
10. Contingencies
There has been no material change in contingent liabilities during the period.
11. Capital commitments
As at 30 June 2023, the Group is committed to the following capital expenditure:
Unaudited
30 Jun 2023
$'000
Unaudited
30 Jun 2022
$'000
Audited
31 Dec 2022
$'000
Property, plant and equipment4,22342,8693,563
Intangible assets6491588
Total4,87242,8843,651

25
Financials
12. 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.
13. Events occurring after the reporting period
On 3rd August 2023, the Group entered into a loan facility with its parent company BayWa AG. This is an unsecured facility for an initial
term of three years for a maximum amount of the lesser of $24 million and an aggregate sum not exceeding 10% of the Group's average
market capitalisation as determined in accordance with NZX Listing Rules. Interest will be charged at the New Zealand Official Cash Rate
(adjusted quarterly) plus 4.5%, with repayments to be made only from net profit after tax.
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.

Building 1, Level 1, Central Park
660 Great South Road, Ellerslie
Auckland 1061, Aotearoa New Zealand
Tel: +64 9 573 8700
info@tandg.global

---

MARKET UPDATE

4 August 2023

T&G Global reports its 2023 Interim Results

At a glance
• Revenue: $765.3 million, up from $645.5 million
• Operating (loss) / profit: ($11.6 million), down from $15.0 million
• Net (loss) / profit before tax: ($21.4 million), down from $7.8 million
• Net (loss) / profit after tax: ($15.7 million), down from $5.7 million
• Net assets: $553.8 million, down from $563.6 million

Announced today, T&G Global’s Interim Results for the six months to 30 June 2023 reflect the
difficult conditions the Group has faced in the first half of the year as a result of Cyclone Gabrielle.

Total revenue for the Group increased 19% to $765.3 million, compared to $645.5 million in the
prior year. A loss in operating profit was recorded of $11.6 million, down from a profit of $15.0
million, and a before-tax loss of $21.4 million, compared to a profit of $7.8 million in 2022.

The Apples business saw revenue increase 27% to $508 million, versus $401 million in the prior
year, and T&G Fresh recorded a 12% increase in revenue to $208 million, up from $185 million in
2022.

T&G Global Chief Executive, Gareth Edgecombe, says the weather and devastating cyclone in
Aotearoa New Zealand, together with subdued consumer demand in some global markets, has
contributed to a challenging first half of the year.

“It was a difficult growing season for apples in Aotearoa New Zealand, followed by Cyclone
Gabrielle in February causing significant damage to parts of Hawke’s Bay and Tairāwhiti
Gisborne,” says Mr Edgecombe.

“Thankfully, our people and growers were safe, but the cyclone’s physical and mental impact on
them, their families and the wider community has been sizeable.

“For T&G, we experienced minor flooding in some facilities, and four orchards were severely
impacted, representing about 13% of our planted Hawke’s Bay hectares. This resulted in a
reduction in our 2023 apple volumes. In addition, a further 22% of planted hectares are expected to
have reduced productive capacity over the next few years.

“At the same time, inflationary pressures have led to reduced consumer demand in some global
markets, including the United Kingdom and China. Our team are working hard to redirect this fruit
to better performing markets across Asia.

“Looking at our T&G Fresh business, it has been great to see it continue to strengthen, with on-
plan performance in tomatoes and continued growth in our Fijian and Pacific Islands export
business.”

T&G Global Chair, Benedikt Mangold, says while the half year results are disappointing, the
business’ response demonstrates its resilience, determination and drive.

“We continue to see the team rise to the challenge, support each other, and adapt and deliver.
While in the short term there remain uncertainties on the horizon as we continue to navigate the

economic climate and impact of the cyclone, the long-term outlook for fresh produce remains
positive,” says Mr Mangold.

“T&G’s growth strategy is centred on growing great brands, winning in key global markets and
leading Aotearoa New Zealand’s fresh produce future. In this half year, excellent progress has
been made in putting in place pivotal strategic building blocks which will deliver increased value.

“Through strong leadership and collaboration, the team commercially launched two innovative new
apple varieties and commissioned a state-of-the-art automated packhouse. This world-class
Hawke’s Bay post-harvest facility was commissioned on time and on budget, and will lift
productivity, further improve fruit quality and underpin our future apple export growth from the
region.”

The company has continued to make progress in sustainability, with ambitious emission reduction
targets submitted for validation to the Science Based Targets initiative, climate related risks and
opportunities refreshed, and detailed work underway to analyse climate change scenarios.

To provide additional funding flexibility while it continues to work through the consequences arising
from Cyclone Gabrielle, T&G has entered into a loan facility on 3 August 2023 with parent
company BayWa AG. This is an unsecured facility for an initial term of three years, subordinated to
T&G’s lenders under its syndicated multi option facility, at an interest rate of New Zealand’s OCR
(adjusted quarterly) plus 4.5%, with repayments to be made only from net profit after tax. The
facility is for a maximum amount of the lesser of (a) $24 million and (b) an aggregate sum not
exceeding 10% of T&G's average market capitalisation (as determined at the relevant time in
accordance with the NZX Listing Rules).

Mr Edgecombe says the company has reprioritised capital expenditure, reduced costs and is
maintaining very strict financial disciplines as it adapts to the changed environment and recovers
from the cyclone.

“It’s imperative we have a resilient future-focused strategy, supported by the fiscal strength to
realise it and pass this business on to the next generation. We are actively doing this, and we look
forward to seeing the team’s efforts realised in improved financial performance in the coming
years,” says Mr Edgecombe.



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
T&G Global’s story began 125 years ago as Turners and Growers. Today, the business helps grow healthier
futures for people around the world. As a part of the BayWa Global Produce family, T&G is located in 13
countries and its team of 1,600 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. It does this guided by
kaitiakitanga - treating the land, people, produce, resources, and community with the greatest of respect and
care, as guardians of their future. www.tandg.global

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at June 2023

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

Results for announcement to the market
Name of issuer T&G Global Limited and subsidiary companies
Reporting Period 6 months to 30 June 2023
Previous Reporting Period 6 months to 30 June 2022
Currency New Zealand Dollar
Amount (000s) Percentage change
Revenue from continuing
operations
$765,267 18.6%
Total Revenue $765,267 18.6%
Net profit/(loss) from continuing
operations
($17,726) -705%
Total net profit/(loss) ($17,726) -705%
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
$3.87 $3.98
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

4 August 2023

Unaudited financial statements accompany this announcement.