2023 Full Year Results

MARKET UPDATE
29 February 2024

Cyclone-related loss clouds positive strategic progress

At a glance:

• Revenue: $1.33 billion, up from $1.30 billion
• Operating (loss)/profit: ($45.6 million), down from $20.4 million
• Net loss before tax: ($64.2 million), down from ($3.3 million)
• Net loss after tax: ($46.6 million), down from ($0.9 million)

The impact of Cyclone Gabrielle and the complexity of T&G Global’s associated insurance claim
have been influential factors in the Company recording a full-year loss before tax of $64.2 million
for the year ending 31 December 2023.

This complexity has resulted in delays in finalising the value of the insurance claim receivable at
balance date.

T&G Global Chair, Benedikt Mangold, said the loss reflected both the cyclone’s physical and fiscal
impact and a challenging year in terms of growing and economic conditions.

“After three seasons of COVID-19 related disruptions, we came into the 2023 financial year
focused on converting increasing demand into higher sales volumes. But the weather had other
ideas. The February cyclone completely disrupted our Apples operations in Hawke’s Bay for five
days, destroyed orchards on some 13% of our planted hectares and interrupted our supply chains
for export and domestic crops. The cyclone, along with five-year highs in rainfall and lows in
sunshine across the year, made conditions more than challenging.”

Mr Mangold said the cyclone was an exceptional event in an exceptional year and while it
influenced the financial result, it did not undermine progress within the business or the strength of
its strategy.

“The impact will add at least 18 months to our strategy’s delivery, but it did not destroy its strong
foundations or our confidence that we are on the right track. This meant we were able to keep
achieving several positive milestones, despite lower volumes, financial constraints and some
challenging growing conditions.

“The confidence of BayWa AG, T&G’s ultimate parent company, in the strategy and its delivery
was demonstrated by its willingness to provide a $24 million subordinated facility to support
cyclone recovery work and working capital through the year,” said Mr Mangold.

T&G Global Chief Executive, Gareth Edgecombe, said that T&G’s strategy guided priorities in the
post cyclone chaos and led to milestone achievements.

“The clear focus on winning in key markets saw our Apples business launch a fast-start
programme to get Envy™ into high value Asian markets as quickly as possible following the March
harvest. With 45,000 tray carton equivalents (TCEs) exported across five to six weeks, the
programme set a record for Aotearoa New Zealand air freight. Its success was a team effort across
harvesting, quality control, packing, freight management and in-market promotional support. We
also achieved good growth in the United States with strong support from our Washington growers,”
said Mr Edgecombe.

Apples revenue increased year-on-year by 3.2% to $799.0 million. Operating profit in Apples was
$10.6 million compared to $27.8 million in 2022. Lower Aotearoa New Zealand volumes, higher
cyclone-related harvesting costs and inflation-driven increases for insurance and fertiliser were
partially offset by a softening in post-pandemic shipping rates.

T&G’s Aotearoa New Zealand apple export volumes were 4 million TCEs - from both its own and
independent growers’ orchards, down from 5.2 million TCEs in 2022. United States apple volumes
for 2022/23 were 4.4 million TCEs compared to the prior year’s 4.1 million TCEs.

In 2024, T&G is forecasting 2.9 million TCEs of Envy™ to be exported from Aotearoa New
Zealand, an increase from 2.2 million in 2023, as the first fruit comes off new plantings and Envy™
trees continue to mature.

T&G Fresh revenue was $434.5 million, an 8.5% increase on the prior year. Its operating profit was
down 37.6% at $11.1 million compared to $17.8 million in 2022 due to the impact of the cyclone on
grower crop volumes and on the transport network. This was offset by strong pricing in tomatoes in
the first half of the year.

“Our T&G Fresh results reflect lower volumes – some due to weather related shortages and some
to consumers tightening their budgets with inflation driving up living costs. Operating costs were
also inflation-impacted, particularly in respect of labour costs,” said Mr Edgecombe.

In Australia the business has been reorganised around our strongest categories of citrus,
blueberries, grapes and asparagus. The Pacific Islands business enjoyed strong trading with the
return of tourism post COVID-19.

VentureFruit® revenue was $9.0 million compared to $29.1 million in 2022, and reported an
operating loss of $14.7 million, compared to a profit of $11.0 million in 2022.

This performance was largely the result of fewer new Envy™ right-to-grow licences being taken up
in Aotearoa New Zealand, mainly because of financial constraints on growers in a difficult year.
2020 Envy™ plantings have yet to produce royalty-earning crops.

VentureFruit® commercially launched Tutti™ in February, the world’s first specifically bred hot
climate tolerant apple variety, and Joli™ in June, T&G’s new premium apple brand. Both varieties
have been well received and there is good grower interest.

“Blueberry consumption continues to increase globally and VentureFruit® is well placed to help
meet growing demand through its breeding, research partnerships and licensing arrangements.
T&G’s own blueberry farm in Queensland is being extended to 62 hectares to meet growing
demand,” said Mr Edgecombe.

International Trading revenue was $91.8 million compared to $100.7 million in 2022, with an
operational loss of $5.1 million compared to $2.6 million in the prior year. This largely reflects the
start-up costs and expected low initial yields for the Queensland blueberry farm.

Mr Mangold said there was much to be encouraged about in the new season with apple volumes
looking strong, growth opportunities for both sales and volumes in the United States and steady
progress in key global markets in Asia. There were also good growth opportunities in blueberries
and the new VentureFruit™ apple varieties.

“Inflation will continue to influence costs, but these will be partly offset by full-year operational
efficiencies from our new Whakatu packhouse in Hawke’s Bay, our continuous improvement
programme in Apples and our ongoing focus on improving operational efficiencies across the
Group.

“We have a strong leadership team and work force who’ve shown considerable resilience,
determination and initiative in a difficult year.”

T&G’s 2023 Annual Report and 2023 Climate-related Disclosure are available at:
https://tandg.global/investors/reporting/

ENDS


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


About T&G Global
Our story began more than 125 years ago as Turners and Growers, and today as T&G Global we
help grow healthier futures for people around the world. Located in 13 countries, our team of 1,600
people grow, market, sell and distribute nutritious fresh produce to customers and consumers in
over 60 countries. We grow apples, tomatoes, citrus and blueberries, and we partner with over 800
independent growers. As kaitiaki, T&G does this guided by kaitiakitanga. For us, this means we
treat the land, people, produce, resources, and community with the greatest of respect and care.
www.tandg.global

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019


Results for announcement to the market
Name of issuer T&G Global Limited and subsidiary companies
Reporting Period 12 months to 31 December 2023
Previous Reporting Period 12 months to 31 December 2022
Currency New Zealand Dollar
Amount (000s) Percentage change
Revenue from continuing
operations
$1,334,338 2%
Total Revenue $1,334,338 2%
Net profit/(loss) from
continuing operations
($51,155) -835%
Total net profit/(loss) ($51,155) -835%
Interim/Final Dividend
Amount per Quoted Equity
Security
No final 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
$3.61 $4.11
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the financial commentary and audited 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

29/02/2024

Audited financial statements accompany this announcement.

---

Annual Report 2023

About this report
This report is for the financial year of 1 January
2023 to 31 December 2023 and includes T&G
Global Limited and its subsidiaries (together
T&G). It is structured to provide our investors and
wider stakeholders with the annual overview of
our progress with our business and sustainability
strategies.
It presents an integrated view of the business,
including our economic, environmental, social
and governance activities, and it is prepared
with reference to the Global Reporting Initiative
(GRI) Standards.
In addition to our own report on T&G's business,
we also contribute annually to the Sustainability
Report published by our ultimate parent company,
BayWa AG.
This report should be read in conjunction with T&G's
first Climate-related Disclosure (CRD) report for
the financial year of 1 January to 31 December 2023,
which includes T&G and our subsidiaries. Our 2023
CRD is available at www.tandg.global/investors/
reporting. The scope of the reporting entity aligns
with that used for T&G's consolidated financial
statements. The disclosures in this CRD comply
with the Aotearoa New Zealand Climate Standards
(NZCS) and T&G has adopted all first-year reporting
provisions provided and detailed under NZCS.
In our reports we use some words in te reo Māori,
including Aotearoa (New Zealand's Māori name);
whānau (a family group, extended family); tamariki
(children); hapori (community); wāhine (female,
women); mahi (to work, accomplish, make);
kai (food, to eat); kaitiaki (a guardian, caregiver,
custodian); manaakitanga (showing respect and
care for others, kindness, hospitality, generosity);
kaitiakitanga (guardianship, stewardship, trustee);
rōpū (group); pōwhiri (to welcome); and iwi (tribe,
extended kinship group).
References to 2021, 2022 and 2023 are for
the financial years ending 31 December 2021,
31 December 2022 and 31 December 2023
respectively, unless otherwise stated.
Contents
Our year
At a glance4
Chair and CEO review6
Year in review12
In the wake of Cyclone Gabrielle14
About T&G18
Our progress
Our strategy22
Grow great brands24
Win in key global markets32
Lead Aotearoa New Zealand's fresh produce future36
High-performance 42
Kaitiakitanga 44
Our people48
Our planet54
Our produce60
Governance
Board of Directors66
Executive team68
Corporate governance70
Statutory information74
Independent auditor’s report 78
Financials81
Appendices
Appendix 1: Stakeholder engagement159
Appendix 2: Associations and memberships159
Appendix 3: Materiality: defining what matters160
Appendix 4: GRI index162
Appendix 5: Employee and workforce data163
Directory166

Our year
AskYourTeam
A people score of 72%*
*A new employee engagement tool was introduced in 2023
Operating (loss)/profit
($45.6m)
2022: $20.4m
Revenue
$1.3b
2022: $1.3b
Apples revenue
$799.0m
2022: $774.6m
Apples operating profit
$10.6m
2022: $27.8m
International Trading
revenue
$91.8m
2022: $100.7m
International Trading
operating loss
($5.1m)
2022: ($2.6m)
Net loss before tax
($64.2m)
2022: ($3.3m)
Net loss after tax
($46.6m)
2022: ($0.9m)
Our year
At a glance
Total recordable injuries
139
2022: 197**
**191 was recorded in the 2022 Annual Report, the
additional six injuries are due to late reporting or
upgraded injury classification post publication
Greenhouse gas emissions***
27,905.3 tCO
2
e
2022: 27,502.5 tCO
2
e
***Greenhouse gas emissions include scope 1 and 2 only,
using a market-based approach
VentureFruit®
revenue
$9.0m
2022: $29.1m
VentureFruit®
operating (loss)/profit
($14.7m)
2022: $11.0m
T&G Fresh revenue
$434.5m
2022: $400.5m
T&G Fresh operating profit
$11.1m
2022: $17.8m
45
OUR YEAR

But the cyclone did not destroy the
strong foundations of our strategy.
We were able to keep achieving
several positive milestones, despite
lower volumes, financial constraints
and some challenging growing
conditions. The cyclone was an
exceptional event in an exceptional
year for weather in Aotearoa New
Zealand, with its five-year highs in rain
fall and five-year lows in solar radiation.
For the year ending 31 December
2023, revenue for the year was $1.33
billion, up 2.3%, and our operating loss
was $45.6 million, $66 million lower
than the prior year's operating profit
of $20.4 million.
A $24 million subordinated facility from
our ultimate parent company, BayWa
AG, supported cyclone recovery work
and the impact of the cyclone on
working capital through the year. We
also appreciated the support provided
by our banking partners who provided
an additional $40 million facility,
executed in December.
Apples
Apples revenue increased year-on-year
by 3.2% to $799.0 million. Operating
profit in Apples was $10.6 million
compared to $27.8 million in 2022.
Lower Aotearoa New Zealand volumes,
primarily due to the cyclone, and higher
cyclone-related harvesting costs
were factors in the reduced Apples
profit, along with inflation-driven cost
increases for insurance and fertiliser.
These higher costs were offset by
some softening in freight rates as post-
pandemic shipping services improved.
However, some export volumes
from Aotearoa New Zealand were
also affected by short-term market
access challenges given phytosanitary
requirements in Asia, while in Europe,
economic conditions affected prices.
Aotearoa New Zealand apple export
volumes were 4 million tray carton
equivalents (TCEs) of both T&G and
independent growers’ apples, down
from 2022’s 5.2 million TCEs. United
States apple volumes for 2022/23
were 4.4 million TCEs compared to the
prior year’s 4.1 million TCEs.
The United States volumes reflect
a stronger North American growing
season, with increased fruit volumes
and improved quality thanks to
favourable weather during harvest.
The cyclone completely disrupted our Apples operations in Hawke's Bay - with no
power for five days, destroyed orchards on some 13% of our planted hectares and
interrupted our supply chains for export and domestic crops. It will also add at least
18 months to our strategy’s delivery. Its impact is covered in full on page 14 of
this report.
Benedikt Mangold
Chair (left)
Gareth Edgecombe
Chief Executive Officer (right)
Cyclone Gabrielle in February
2023 was an undoubted
physical and fiscal blow to
T&G, however this single
incident does not define our
performance, our progress
with our strategy or the
effort of our people this year.
Tēnā koutou
Chair and CEO review
76
OUR YEAR

In Aotearoa New Zealand, post-harvest
operational efficiencies were delivered
through our new Whakatu packhouse
with its high levels of automation. This
world-class facility was completed on
budget and on time – an incredible feat
given it was constructed during the
constraints of COVID-19 and Cyclone
Gabrielle. The new packhouse is pivotal
to our Apples growth strategy. While
throughput volumes were down this
year because of the cyclone, it was
encouraging that Envy™, with its higher
commissions and returns, represented
a higher proportion of the harvest.
Developments this year will further
support our Apples growth strategy
with both branded and non-Plant Variety
Rights (PVR) protected varieties.
With non-PVR varieties such as Pacific
Queen™ and Royal Gala, our strategy
this year was to quickly supply key
markets such as China and Vietnam
to lift sales and returns. Our greater
packhouse capacity supports this speed
to market of high-quality fruit and we
will continue with this sales strategy in
selected markets.
Our fast start programme for our
Aotearoa New Zealand-grown Envy™
crop saw us airfreight fruit into high
value markets like China, Taiwan and
Vietnam earlier than usual. The initiative
was supported by sales and marketing
investments to secure higher returns
for growers.
A new JAZZ™ Collective Marketing
Agreement is performing well and has
developed new distribution channels in
specific markets.
In 2024, we are forecasting 2.9 million
TCEs of Envy™ to be exported from
Aotearoa New Zealand, an increase
from 2.2 million in 2023, as the first fruit
comes off new plantings and Envy™
trees continue to mature.
T&G Fresh
T&G Fresh revenue was $434.5 million,
an 8.5% increase on the prior year. Its
operating profit was down 37.6% at
$11.1 million compared to $17.8 million
in 2022.
The business’ results were influenced
by lower volumes through markets,
some due to weather-related shortages
and some to consumers tightening
budgets because of higher inflation.
Operating costs were also inflation-
impacted, particularly in respect of
labour costs.
A significant improvement in the
performance of covered crops helped
offset lower volumes in our outdoor
crops, with tomatoes achieving a good
result across the year.
T&G Fresh was also impacted by
February’s cyclone, with growers’ crops
damaged and the transport fleet having
to work around closures and repair
work across our roading network.
However, the business also made
considerable progress in strengthening
its structure, including a new
procurement function which has
specialist produce category managers
to support growth plans. This is working
well with growers.
Customers also welcomed our move
to a new fresh produce market on
Carbine Road, Auckland. The large
open market floor, expansive cool
store spaces and purpose-built
efficient truck delivery and collection
area was designed to meet their
needs. The consolidation of
operations to this single site,
completed in just one weekend,
achieved operational efficiencies
and will reduce property costs.
In Australia, the business has been
reorganised around our strongest
categories of citrus, blueberries, grapes
and asparagus. This will enable us to
put time and resources into growth
areas. Australian exports performed
well due to a strong citrus season.
Improved freight access and the return
of tourism post-COVID-19 saw our
Pacific Islands business enjoy strong
trading, particularly in Fiji, our biggest
market, which turned in a record
result through a more diversified
product range.
VentureFruit®
VentureFruit® revenue was $9.0 million
compared to $29.1 million in 2022, and
it reported an operating loss of $14.7
million, down from a profit of $11.0
million in 2022.
This performance was largely
the result of fewer new Envy™
right-to-grow licences being taken up
in Aotearoa New Zealand due to
financial constraints on growers in
a difficult year.
The maturing of the ramped-up Envy™
plantings, which were accelerated in
2020, also had an influence given the
lag between plantings and production
of royalty-producing crops in Aotearoa
New Zealand.
In China, initial volumes of locally-grown
Envy™ went on sale in November. This
follows a licence being granted to Joy
Wing Mau in 2018. China is a significant
strategic market and granting a licence
to grow and sell managed commercial
volumes in-market is an important
part of our domestic growth strategy,
and our overarching dual-hemisphere,
multi-sourcing strategy. In the West,
the high-performing Envy™ encouraged
55 United States growers to extend
their plantings following a season where
Envy™ sales volumes rose 19% year-
on-year.
As part of our continued efforts to
strongly protect and defend our
intellectual property (IP), this year we
achieved a successful milestone with
a PVR judgement under China’s newly
issued seed law. The Court ruled in
favour of our IP protection case which
covered propagation material, growing
trees and the selling of unauthorised
Scilate apples in China. This was a great
outcome for T&G, Chinese consumers
and retailers, and our legitimate
partners, including Chinese wholesalers
and growers.
VentureFruit® commercially launched
Tutti™ in February, the world’s
first specifically bred hot climate
tolerant apple variety – and the first
to be released from the Hot Climate
Partnership after twenty years of
breeding and scientific development.
Tutti™ provides growers with a
sustainable variety able to withstand
high temperatures and interest is
positive. The Partnership has shortlisted
two further varieties which they hope
to progress to commercialisation in
2024/25.
Joli™, a new premium apple variety
and brand, was also released following
over ten years of innovation and six
of evaluation. Joli™ is a high-yielding,
large, full-flavoured bright red juicy
apple which has ranked highly in
sensory testing. It is a promising
complement to our premium apples
portfolio as it targets a different
consumer demographic.
VentureFruit® licenced varieties of
blueberries are also pivotal to our
growth. They were a factor in the
Board’s decision to extend T&G Fresh’s
Queensland blueberry farm in Australia
to 62 hectares. The business also
appointed a berry commercialisation
manager for Europe and the United
Kingdom and has established a testing
network in the Northern Hemisphere.
Blueberry consumption continues to
increase globally and VentureFruit®
is well placed to help meet growing
demand through its breeding,
research partnerships and licensing
arrangements.
International Trading
International Trading revenue was
$91.8 million compared to $100.7
million in 2022, with an operational loss
of $5.1 million compared to $2.6 million
in the prior year.
This reduction is largely due to the
start-up costs and expected low initial
yields for the Australian blueberry
farm. The farm is expected to generate
significant growth in an increasingly
popular category.
Australian exports performed well
thanks to a strong citrus season
however asparagus production
was affected by heavy rains. South
American blueberry volumes from
independent growers were also
weather-affected.
89
OUR YEAR

Sustainability and governance
A review of our Kaitiakitanga
framework this year confirmed that
the three pillars of people, planet
(previously named as 'place') and
produce are enduring, but we
have refined our focus areas to be:
protect and grow, inclusion and
diversity, climate action, low impact
operations, responsible partnerships
and healthy communities.
This year we undertook a detailed
analysis of climate-related risks and
opportunities, with our inaugural
Climate-related Disclosure Report
providing considerable detail.
We are now undertaking work to
further strengthen our human rights
practices and safeguard our team
and the people within our global
value chain, this includes developing
a Human Rights Policy.
Oversight of our Kaitiakitanga
framework and performance was
further strengthened this year by the
establishment of a new Sustainability
Committee of the Board. It
comprises three Directors, including
one Independent Director.
We continued to make progress with
our Health and Safety (H&S) strategy
and our Inclusion and Diversity
(I&D) framework. Recordable
injuries reduced from 197 in 2022
to 139 in 2023. The introduction of
a new employee survey provider,
AskYourTeam, means we now have
a single measure of culture. Our
inaugural survey had a participation
rate of 77.4% with an overall people
score of 72% versus a private sector
benchmark median of 68%.
On behalf of the Board and Executive
team, we want to acknowledge and
thank all of our people, including
our valued Recognised Seasonal
Employer (RSE) team members,
for their incredible mahi, resilience,
energy and support in what has been
a very demanding year.
Our immediate post-cyclone
recovery was executed thoroughly
and safely in difficult circumstances,
especially considering many
workers faced their own concerns
with damage to their homes and
properties. We thought COVID-19 had
tested us, but it appears to have been
a dress rehearsal for 2023 and its
many obstacles. Our thanks for your
hardiness, stamina, spirit and care.
10
OUR YEAR
Outlook
Looking across the business, there
is much to be encouraged about. In
Apples, our Aotearoa New Zealand
crop volumes are looking strong,
with minimal evidence of any lasting
cyclone impacts on production and
quality. In the United States, we look
set to build on the sales and volume
growth achieved this year with our
grower partners in Washington State.
We continue to make progress in
expanding our key global markets
in Asia and ensuring the best, most
consistent eating experience for
consumers to build demand and drive
the best returns to growers.
We expect benefits to flow from
progress with our supply chain
strategy and by working with Kotahi
to have a flexible and scalable ocean
freight model. This is timely, for while
freight costs have been softening,
developments in the Red Sea and
Panama Canal and their implications
for shipping will require close
monitoring and management. The
supply chain strategy focuses on far
more than freight management. Its
goal is to optimise our logistics and
give our growers a competitive supply
chain which supports our growth.
Inflation, while showing signs of
easing, will continue to influence
costs. This will be partly offset by
full-year operational efficiencies
from our Whakatu packhouse, as
well as our continuous improvement
programme in Apples and our ongoing
focus on improving operational
efficiencies across the Group.
We are on a growth path with
VentureFruit® licenced blueberry
varieties in Australia and Aotearoa
New Zealand, with additional
opportunities being developed in the
United States and Europe. The Joli™
apple, released this year, is expected
to gain momentum and there is
strong interest in our high-performing
Envy™ apple brand. In our T&G Fresh
operations, reduced property costs,
higher efficiencies and improving
consumer demand as inflation eases
give us confidence, and we’re also
exploring other opportunities for
growth.
Thank you to all our people, growers,
partners, customers and consumers
for your work and support.
Noho ora mai
Gareth Edgecombe
Chief Executive Officer
Benedikt Mangold

Chair
11

May
We commenced operating
our world-class Whakatu
apples packhouse in
Hawke’s Bay. Costing $85
million, it integrates leading
automation and technology
to manage increased
volumes, lift productivity
and maximise fruit quality.
January
Across Asia, Envy™ celebrated
the Lunar New Year and the ‘year
of the rabbit’, with over 75,000 gift
boxes sold in China and 15,000
sold in Vietnam for TET.
April
Our new Manaakitanga
inclusion and diversity strategy
was launched. Manaakitanga
is a Māori concept which
expresses kindness and
respect for others, emphasising
responsibility and reciprocity.
Our strategy has four pillars:
leadership, talent acquisition,
culture and capability,
and metrics.
October
We began installing thermal
screens at our Geraghty
glasshouse in Tūākau, which is
expected to reduce the site’s
carbon emissions by 29%.
Our visit to Papua New Guinea
furthered our commitment to
building stronger partnerships
with RSE nations and workers.
It followed visits to Samoa and
the Solomon Islands. When it
comes to our workforce, our
RSE team are an integral part
of T&G.
July
T&G celebrated Matariki with
our Hawke’s Bay sustainability
wearable arts event. When the
Matariki star cluster appears
in the early morning sky, it
marks the beginning of the new
year. Ancestral knowledge and
wisdom are at the heart of the
celebrations. Team members
created wearable art from
materials sourced from within the
business, including those which
cannot yet be recycled.
February
Following 20 years of breeding
and scentific development, Tutti™,
the world’s first specifically
bred hot climate tolerant apple
variety from the Hot Climate
Partnership was launched by our
VentureFruit® business.
Two weeks into February, Cyclone
Gabrielle brought 250-400mm
of rain to Tairāwhiti Gisborne and
Hawke’s Bay, causing devastating
damage and severely impacting
four T&G apple orchards, with
additional planted hectares
impacted to a varying extent.
November
We celebrated ten years of
encouraging young Kiwis to grow,
cook and eat nutritious food. A
decade of partnering with Garden
to Table in Aotearoa New Zealand
has seen its impact grow from
21 to 300 schools and more than
30,000 children involved.
August
Jan Buter won Hawke’s Bay Young
Fruit Grower of the Year, before
going on to be awarded Young
Fruit Grower of the Year and
runner up in the national Young
Grower of the Year competition
in October.
Our new Whakatu apples
packhouse was the joint-winner
of the Hawke’s Bay Export Awards
‘Excellence in Innovation Award’.
March
The soggy sandwich is no more.
Our Beekist® The Sandwich
Tomato launched in March, is
a deep red, vine-ripened new
tomato which maintains its shape
when sliced and diced. It yields
up to 40% more slices and has
less water than standard round
tomatoes.
We celebrated the first of our
new season Poppi™ and Royal
Gala apples exported to consumers
and customers in Vietnam, Hong
Kong, Malaysia, Taiwan, Indonesia
and Thailand.
June
Grace Rehu, a leading hand in
our Hawke’s Bay apples business,
won the 2023 Ahuwhenua Young
Māori Grower Award. The Awards
recognise and celebrate Māori
excellence in Aotearoa New
Zealand’s agricultural sectors.
Following ten years of
development, we launched Joli™,
our newest premium global apple
variety. It joins our established
portfolio of Envy™ and JAZZ™
apple brands. The first trees were
planted in September.
December
In a very competitive United
States market, the festive
holidays saw outstanding growth
for Envy™, with record breaking
weekly sales and top 10 key
retailers showing double-digit
growth versus the year prior.
September
We celebrated the opening of
our new modern, fully insulated
temperature-controlled T&G Fresh
Auckland market. It provides
a better experience for our
customers and completes our exit
from the former Monahan Road
and Clemow Drive sites.
We appointed Kotahi to lead the
procurement of all T&G ocean
freight from 2023/24 onwards.
After a COVID-19 related pause
in 2022, our Ka Awatea Māori
and Pasifika leadership programme
returned, with 18 Hawke’s Bay
team members commencing
the five month personal
development programme.
Year in review
1213
OUR YEAR

From 12-14 February 2023, Aotearoa
New Zealand experienced the most
significant storm it has seen this
century, triggering a national state
of emergency – only the third such
declaration in the country's history.
Cyclone Gabrielle dumped more
than half a metre of rain across inland
Tairāwhiti Gisborne and Hawke's Bay.
It occurred just as our apple harvest
was getting underway, leaving trees
and new season apples submerged,
and sticky, choking silt throughout
orchards.
A year on from the cyclone, it's timely
to review the overall impact and put it
into perspective. It is also important
to recognise the incredible care,
mahi and sheer determination of our
people. Given the devastation, we
were relieved our people and our
independent growers were physically
unharmed, but we are acutely aware
of the mental toll on them and the
surrounding communities. That we
were up and running just five days
after the cyclone underlines their
strength of spirit. That we can go
into the new financial year with
confidence is thanks to everyone
across the business.
The cyclone was destructive, but
it did not destroy confidence in
our strategy. We have experienced
setbacks because of COVID-19 and
now Cyclone Gabrielle, but these have
increased our determination to pick
up the pace. The damage caused by
the cyclone is considerable, but in the
context of our global growth strategy it
is not catastrophic.
This in no way underplays its
seriousness. For the nation, the
cyclone statistics are numerous –
11 lives lost, 2,000 people injured,
225,000 homes without power, many
of them buried under sediment. More
than 10,000 people were displaced.
The cyclone caused an estimated $14
billion worth of damages nationally.
In Hawke’s Bay, the entire district
suffered through one of the
worst weather events on record
in the region. Local rivers were
overwhelmed, stopbanks breached,
bridges destroyed, extensive flooding
trapped people on rooftops, and
possessions, pets and livestock were
swept away.
A group of our RSE workers were
forced to the rooftop of their flooded
accommodation. Their immediate
willingness to pitch in and save
others speaks volumes about their
characters. They and our local team
drew heavily on their physical and
mental resources as we faced the
seemingly impossible task of recovery
and restoring some normality.
Hawke’s Bay and Tairāwhiti Gisborne
are particularly important for T&G. All
of our own apple orchards are here, as
are many of our licensed independent
growers, and we have packhouses
(including our new state-of-the-art
automated packhouse which was due
to commence operating one month
after the cyclone), cool stores, and
markets and distribution centres.
It took five days for power to be
restored at our East-site. Our office
and cool stores experienced minor
flooding, however our West-site
packhouse and T&G Fresh distribution
centre were more heavily flooded.
Thankfully, our new packhouse
was unscathed.
In the wake of Cyclone Gabrielle
1415
OUR YEAR

Many of T&G's orchards survived the worst
of the storm, however, four orchards were
severely damaged. This included our fully
mature eight-year-old 47-hectare 2D Ebbett
orchard beside the Tutaekuri River. This was
our first fully 2D orchard and provided the
blueprint for all future developments. It is no
exaggeration to say its loss was felt deeply by
the team responsible for the orchard that they
were so proud to showcase to colleagues and
visitors.
We had to make the difficult decision
to terminate the leases of some orchards
given the impact on them. To put this into
perspective, it took seven months to clear the
silt from our continuing operations.
In total, approximately 13% of T&G's planted
hectares in Hawke’s Bay were impacted. We
expect a further 22% of the planted hectares
in the region will have reduced productive
capacity for two-to-three years given damage
to the trees. We will be closely monitoring the
health of orchards over the coming season.
The cyclone had a long tail. It triggered an
immediate need to reduce costs by pausing
or stopping some work without putting our
long-term strategy at risk. The resulting
organisational restructure achieved material
savings, following restructuring costs, which
will further enhance operational efficiencies in
2024 and beyond.
Our T&G Fresh transport team met the
extensive damage to the country’s roading
infrastructure head on with more than 30
sections of Aotearoa New Zealand’s main
highways severely damaged. Our team
managed to work around road closures,
destroyed bridges and flooding in the
immediate aftermath to keep produce
moving from our own sites and our
independent growers.
This damage, which was off the back
of the 2023 Auckland Anniversary weekend
floods, included a significant proportion of the
state highways serving Northland, Auckland,
Coromandel, Manawatū, the Central Plateau,
Tairāwhiti Gisborne and Hawke's Bay.
Post cyclone conditions put our harvest
and quality teams and our health and safety
leaders under considerable pressure
given the simultaneous need to clean
up our orchards and safely pick fruit,
while maintaining strict food safety risk
management protocols. While the cyclone
wrought damage, it is important to remember
many orchards came through unscathed.
It is a credit to our growing, post-harvest
and supply chain teams that important
programmes, including the fast start to
market, were successfully delivered.
The aftermath also confirmed the inherent
value of our continuous improvement
programme, with its framework of proven
work standards, checklists and problem-
solving ability. The disciplines inherent in it
were certainly put to the test as our people
completed the clean-up and recovery –
building our orchards back better, as the
photo to the right illustrates – and returning
to the normal operational disciplines
needed in our orchards. These tools and
techniques helped our people to stay focused,
methodical and safe, despite the very
demanding conditions.
The cyclone was an exceptional event in
what turned out to be an exceptional year for
weather in Aotearoa New Zealand. It was the
second-warmest year recorded since 1909
and rainfall was well above average in most of
the country. In its 2023 wrap up, the National
Institute of Water and Atmospheric Research
(NIWA) reported it was also a cloudy year with
solar radiation 97% of normal. For us, this
meant a 5-year low in solar radiation and a
5-year high in rainfall.
Understanding the implications – both good
and bad – of a changing climate enables
us to assess, prepare and respond so we
can mitigate the risks and make the most
of opportunities. This year we tested our
strategy and business model against three
possible future climate scenarios and this
work will guide our actions. It is reported
separately in our 2023 Climate-related
Disclosure.
1617
OUR YEAR

Taipa
Tūākau
Ōhaupō
Reporoa
Gisborne
Hawke’s Bay
Nelson
Auckland*
Whangārei
Kerikeri
Hamilton
New Plymouth
Tauranga
Christchurch
Wellington
Palmerston North
Central Otago
Founded in 1897 by visionary
immigrant Edward Turner, our
business has evolved over more
than 125 years. It began as a modest
fruit and flower shop on Auckland’s
Karangahape Road, then grew to
become Auckland’s first produce
market in 1918. The company led the
export of locally-grown strawberries
to the United Kingdom with the first
long distance delivery of the fruit
anywhere in the world, followed by
pioneering the export of Chinese
gooseberries under the name
“kiwifruit” in the 1950s.
Today, guided by our purpose to grow
healthier futures, our 1,600 team
members work to satisfy demand
from our consumers and customers
for nutritious, sustainably grown
fresh produce.
Our Aotearoa New Zealand operations
include orchards and glasshouses
producing apples, blueberries, citrus
and tomatoes, independent grower
partnerships, post-harvest facilities
and distribution centres.
Our premium Envy™, JAZZ™ and Joli™
apple brands are grown under license
in selected prime apple growing
regions across the globe, including
Aotearoa New Zealand, the Americas,
United Kingdom, Europe and South
Africa, and our team source, trade
and import a variety of fresh fruit
and vegetables.
The following pages show our footprint
in Aotearoa New Zealand and across
the world. As kaitiaki, or guardians, we
aim to ensure it is a light footprint in all
our markets and contributes always to
growing healthier futures.
KEY
Sites
(Global Hub*, distribution
centres)
Post-harvest and
packing facilities
T&G facilities
Growing sites/regions
T&G apple, blueberry, tomato and
citrus regions, and independent
apple growers
About T&G
T&G brings the best produce
from Aotearoa New Zealand
and around the world to nourish
people in over 60 countries.
1918
OUR YEAR

®
Growing regions
Austria ■ Steiermark
■ Tyrol
France ■ Alps
■ Loire Valley
■ Occitanie
■ Provence
Germany ■ Bodensee
■ Rheinland-Pfalz
Italy ■ South Tyrol
Portugal
Spain ■ Castilla y León
Switzerland ■ Region Vaud
■ Valais
UK ■ Herefordshire
■ Kent
■ Lincolnshire
■ Suffolk
■ Sussex
UK & Europe
Revenue ($'000)$370,938
Employees (permanent)418
Offices (Group or Sales)3
Growing regions
Egypt
Morocco
South Africa ■ Eastern Cape
■ Western Cape
Zambia
Growing regions
South Korea ■ Boeun
■ Hongcheon
■ Geochang
■ Yesan
Thailand
China
Africa
Growing regions
■ Central Otago
■ Gisborne
■ Hawke's Bay
■ Kerikeri
■ Nelson
■ Ōhaupō
■ Reporoa
■ Taipa
■ Tūākau
Aotearoa
New Zealand
Revenue ($'000)$415,033
Employees (permanent)1 ,174
Offices (Group or Sales)12
Growing regions
New South
Wales
■ Coffs Harbour
■ Griffith
Queensland ■ Wamuran
South
Australia
■ Adelaide
■ Loxton
■ Renmark
Tasmania ■ Huon Valley
■ Ouse
Victoria ■ Koo Wee Rup
■ Mildura
■ Narre Warren
■ Robinvale
■ Shepparton
■ Swan Hill
■ Warragul
West
Australia
■ Bullsbrook
Pacific
Islands
■ New Caledonia
■ Samoa
■ Tonga
Australia &
Pacific Islands
Revenue ($'000)$108,938
Employees (permanent)12
Offices (Group or Sales)3
Asia
Revenue ($'000)$348,659
Employees (permanent)33
Offices (Group or Sales)5
Growing regions
Argentina
Canada ■ British Columbia
Chile ■ Angol
■ Talca
■ Temuco
Ecuador
Guatemala
Mexico
Panama
Peru ■ Ica
■ Piura
USA ■ California
■ New York State
■ Oregon
■ Washington State
Americas
Revenue ($'000)$90,770
Employees (permanent)40
Offices (Group or Sales)4
Global markets
we serve
Offices
Growing regions
Own and independent
KEY
2021
OUR YEAR

T&G’s vision is to be the
world’s leading premium
fresh produce company.
It is certainly ambitious,
but it also goes hand-in-
hand with our purpose of
growing healthier futures.
Our strategy
■Best genetics in apples and berries
■ Unique varieties and brands loved
by consumers
■ World-class in growing and post-
harvest, with global partners
maximising our intellectual property
Grow great
brands
■ Unlock markets selected for
premium and potential
■ Close to customers with capability
in-market
■Most efficient end-to-end supply chain
Win in key
global markets
■Win in chosen categories
■Offer the best channels to market
■Build long-term relationships
Lead Aotearoa
New Zealand's fresh
produce future
Our progress
Our purpose
Growing healthier futures
Our vision
The world's leading premium
fresh produce company
Our measures
■Partner of choice
■Best place to work
■Financial returns
■Brand/category performance
Our strategy defines the three supporting pillars to realising our vision and
purpose. They are grow great brands, win in key global markets and lead
Aotearoa New Zealand’s fresh produce future.
2223
OUR PROGRESS

Grow great brands
For us, 'grow great
brands' means apples
and berries that
stand out in a crowd.
It takes considerable investment in research and development (R&D)
to achieve these unique varieties, and we protect that investment
through our trademarked brands. Our premium apples carry
their own unique brand names - Envy™ and JAZZ™, which are our
established performers.
Envy™, launched 14 years ago is now sold in 60 markets, while JAZZ™
has won consumers’ hearts in 40 markets. This year, Joli™ joined
them in our premium portfolio and has an equally bright future.
However, growing great brands starts well before our apple orchards
or berry farms are established. VentureFruit®, our plant variety
commercialisation and management business, has partnerships
with research institutes, such as Plant & Food Research in Aotearoa
New Zealand, where scientists and plant breeders patiently work to
develop new cultivars capable of creating great premium brands.
2524
OUR PROGRESS

Joli™, a decade in development
What does it take to create a new premium apple?
Patience, investment, knowledge and teamwork.
The launch in June of our new premium apple variety,
Joli™, is the result of over ten years of innovation and six of
evaluation. Developed in Aotearoa New Zealand, Joli™ is a
large full-flavoured apple which appeals to both consumers
and growers, with trees producing high yielding, high
colour fruit.
It was developed by Plant & Food Research and innovation
company, Prevar, using natural breeding techniques and by
working with JAZZ™, Pacific Beauty™, Royal Gala and Fiesta
varieties to develop Joli’s™ unique traits.
Joli™ joins our premium apple portfolio, alongside Envy™
and JAZZ™, and like them, it’s all about appearance and
taste. Joli™ is a bright shiny red apple, with a full-flavoured
balanced sweetness, abundant juiciness and a generous
share-worthy size.
In sensory testing in China, Vietnam, Thailand, Germany
and the United States, consumers ranked it a close match
to their idea of the ideal apple.
This positive performance at the consumer end is mirrored
in its orcharding performance, with significant R&D
investment going into its growing, harvesting and post-
harvest performance.
The thoroughness of this work, carried out over years
of trials and testing, meant Joli™ could be brought to
market with proven credentials for high vigour, fast canopy
establishment, high colour and gross yields on a par with
Envy™. In addition, it grows well in different environments
and copes with various climatic conditions. With a
mid-to-late March harvest in Aotearoa New Zealand, it
matures at a similar time to JAZZ™ and before Envy™, and
complements them by appealing to a young, carefree adult
demographic among global consumers.
Joli™ represents a significant milestone for us. It harnesses
Aotearoa New Zealand’s great intellectual property and its
addition to our premium portfolio will help build a stronger
horticulture sector. We are the global exclusive license
holder for growing, marketing and selling the variety.
This year we planted the first commercial plantings of
Joli™ — which is part of the planned 27 hectares we’ll
plant on our Hawke’s Bay orchards over the next three
years. A further 100 hectares will be grown under license
by independent growers across Aotearoa New Zealand.
Over the next five to six years, as additional trees become
available, we’ll extend the opportunity to growers in
other countries.
Trying for perfect in an imperfect world
When it comes to growing great brands, Envy™ and JAZZ™
are established successes with demand growing around
the world in more than 60 countries.
Our strategy is to realise the full potential of our premium
brands by growing our foothold in our key global markets,
and building and maintaining consumer loyalty through
the brands' year-round presence.
Our integrated global Apples team are working hard to
deliver our 2030 growth strategy, which will see us supply
at least 18 million TCEs to the global market.
To further strengthen our global JAZZ™ programme, this
year we established a Collaborative Marketing Agreement
(CMA) in Aotearoa New Zealand. The CMA enables
fellow exporters to sell JAZZ™ in specific markets to help
grow and develop new distribution channels, support the
continued development of the brand and help preserve
grower returns.
Planning, logistics and especially quality will be critical
to maintaining brand loyalty. It’s not enough to have a
consistent supply in-store. Every apple must deliver
the best, consistent eating experience regardless of the
time of year or point of origin. With the ever-increasing
uncertainty of environmental and economic conditions,
our challenge is to “deliver perfect in an imperfect world”,
a challenge we accept with enthusiasm and approach with
an agile mindset.
We are working very closely with our growers in Aotearoa
New Zealand to ensure our Envy™ quality specifications
and incentives are better aligned to delivering consistent
quality fruit for six months of the season. This enables
Aotearoa New Zealand supply which is bound for global
markets to dovetail with supply from other geographies to
ensure demand is met year-round with a consistent quality
Envy™ presence.
We have improved our approach to incentives,
encouraging and enabling growers to harvest fruit
which tastes great and performs better in post-harvest
storage conditions. While previous incentives focused on
premiums for colour, size and juiciness, we now also
offer growers incentives to harvest fruit which responds
more effectively to SmartFresh and controlled
atmosphere storage, locking in quality and facilitating
longer sales programmes.
Fruit which stores well for the right amount of time and
maintains its quality credentials supports our in-market
teams to hit the key sales windows at the end of the
season which feed into grower returns.
In 2023 we experienced some market access challenges
in codling moth-sensitive markets, such as China and
Taiwan. This was a symptom of high pest levels caused by
poor weather in a challenging growing season. While fruit
that did not achieve market access requirements could
be diverted for sale in other markets, in 2024 it’s vital we
return to normal sales volumes for these strategically
significant markets.
As well as focusing on achieving best quality through our
growing practices, we're also focused on improvements to
our post-harvest processes. We’ve undertaken extensive
work in our packhouse to ensure our management of
pests is robust, including benchmarking ourselves against
other packhouses, testing our equipment and working
with Plant & Food Research on how we can further
improve in 2024.
Despite a difficult year operationally for us and our
growers, grower certifications were completed, enabling
us to provide customers with due diligence from
horticultural practices right through to post-harvest
management. All growers supplying the United Kingdom
completed their SEDEX assessments which cover ethical
and responsible practices.
2627
OUR PROGRESS

Winning in key markets with smart Envy™ promotions
Vincent van Gogh had a fondness for fruit, flowers and
foliage, and this year a selection of his paintings featured
on celebratory Envy™ packaging in China through the
Mid-Autumn Festival.
It’s one of many festivals across our important markets in
Asia. With food so important in celebrations, each festival
is a chance to remind consumers our Envy™ apple is the
perfect festive gift. Whether it’s Lunar New Year or the
TET celebrations in Vietnam, store displays, gift boxes
and beautiful carry bags play a large role in our Envy™
promotions and sales.
In the high-value China market, our partnership with the
Van Gogh Heritage Foundation enabled Vincent’s paintings
to enhance our collectibles and sales rose by 70% this
year. Live online influencer sales sessions reached over 1.7
million consumers, with allocated stocks of the van Gogh
gift boxes selling out. Sales at high-end retailers rose 36%,
reinforcing Envy™ as a premium apple.
In Vietnam, seasonal promotions played a big and effective
role in building brand awareness. Consumer preference
in Vietnam for Envy™ is at 80% — a very strong score,
and brand awareness is up 20% year-on-year. The TET
holiday, which is the Vietnamese New Year, is the leading
celebratory occasion where families and friends share
gifts of food.
This year, our team mounted a roadshow with branded
vehicles and scooters carrying celebrity brand
ambassadors in convoy across the major cities. Our
ambassadors drew crowds to sampling occasions, with
sampling turning into sales through supermarkets and fruit
stores. They also starred in social media and live events.
With red the dominant colour of celebration in many
cultures across Asia, our deep red Envy™ is naturally
appealing, especially when shown at its best in gift boxes.
In addition to Vietnam, festival promotions in Thailand,
Hong Kong, Malaysia and Indonesia increased sales velocity
during the Mid-Autumn Festival. Most markets sold out
of Aotearoa New Zealand-grown Envy™ during the festival
and were smoothly transitioned to supply from our North
American growers.
In Hong Kong, sales grew 40-100% after sampling and
branded bus promotions reached 1.5 million people a
month. In Thailand, outdoor advertising, including 200
digital billboards in Bangkok, reached over 55 million
people a month and supported double digit sales growth.
Fast start a proven success
When it comes to premium apples, getting quickly to
market can lift returns. This year our fast start programme
for our Aotearoa New Zealand grown Envy™ aimed to
get the fruit off the trees and airfreighted into our
high value markets like China, Taiwan and Vietnam
with minimal delays.
The goal was to get fruit to selected markets as early as
possible following the end-of-March harvest, with retail and
wholesale promotional programmes designed to support
fast sales and good returns to growers. While speed to
market was critical to the programme’s success, quality
was equally important in meeting customer and consumer
expectations.
With the growing season far from ideal with low sunshine
hours and high rain volumes, brix (sugar) levels in apple
crops were lower than usual. We worked closely with
growers on specification adjustments which would
allow fruit to be harvested with lower brix levels without
compromising consumer experience. Our quality
inspectors in-market, along with retailers, confirmed the
fruit ate well, with acidity balanced and a great taste. While
due to the cyclone we saw several unusual quality issues,
the challenges were well managed between our Aotearoa
New Zealand and in-market teams.
The fast start harvest was airfreighted to market, a much
faster option than sea freight at three-to-five weeks. The
apples arrival in-market was well supported by marketing
investments to optimise pricing and returns.
Looking across our entire Aotearoa New Zealand apples
business, for the 2023 season we exported 4 million TCEs
of both T&G and independent growers’ apples against an
expectation of over 5 million TCEs, given the impact of
the cyclone.
World-class packhouse demands world-class planning
Commencing operations in the first phase of our
$85 million apple packhouse in Hawke’s Bay in May was
the final step in a very significant project to integrate
leading automation and technology in one of the largest
apples packhouses in the Southern Hemisphere.
In phase one of the two phase project, the packhouse
building, with its 1.7 hectare roof was completed on budget
and on time, and a 100-metre packing line successfully
installed and operational. This is an incredible feat given the
facility was constructed during the constraints of COVID-19
and following Cyclone Gabrielle.
With two shifts of 95 people, 6 days a week, we are able
to process 3,000 apples per minute. Given the high levels
of automation in the facility, about one third of the volume
that currently goes through the packhouse is untouched by
human hands. This helps maximise the high standards of
food safety and quality throughout our supply chain.
The successful delivery of this impressive facility began
even before a single sod was turned on site. To begin,
we researched available leading-edge post-harvest
technologies internationally.
For three years, we trialled both Aotearoa New Zealand and
internationally designed and made robotic fruit packers,
automated tray de-nesters, automated carton packers,
and assessed the optimisation rates for each piece of
equipment. This research included installing a $1.5 million
robotic palletiser in our West packhouse so we could
learn from its operation in the 2022 season and apply
this knowledge to the new development. This extensive
research made us confident our new packhouse had
leading automation and technology, from the wet infeed
area, artificial intelligence and defect sorting, through to
soft fruit handling technology and robotic fruit packers
and palletisers.
Ensuring the health and safety of our people shaped all
decisions regarding our new facility. Throughout the design
and build, our critical risk management disciplines were
applied well in advance of any of the packing lines and
equipment being installed to mitigate risks as thoroughly
as possible.
The packhouse supports our ambitious apples growth
strategy, complements our conversion to 2D orchards
which allow for more maintenance and harvesting
automation, and ensures we can continue to grow
production despite growing labour constraints.
2928
OUR PROGRESS

VentureFruit® gains momentum
VentureFruit® accelerated its
momentum in 2023, supporting
growth in our apples and berries
categories and the commercialisation
of new varietals developed with
research partners.
The business celebrated the end of
its first year as a standalone operation
with the release in February of Tutti™.
This is the world's first specifically
bred hot climate tolerant apple
variety, and the first apple brand to be
commercially released from the Hot
Climate Partnership. This involves
the Spanish Institute of Agrifood
Research and Technology (IRTA),
New Zealand’s Plant & Food Research,
the Catalonian producer association
Fruit Futur, and VentureFruit® as the
commercialisation partner.
Tutti's™ commercial launch at Fruit
Logistica in Berlin saw the culmination
of five years of extensive research and
production trials under the variety
name HOT84A1. For growers, Tutti™
represents a sustainable future
as a variety able to withstand high
temperatures across all continents.
For consumers, it delivers a great
tasting apple with its light, crisp
flavour and red skin.
Having been tested in different
geographies including Italy, France,
Germany, Switzerland and the United
Kingdom, Tutti™ has now been
licensed for more than 300 hectares
of plantings in Europe. Test blocks are
being established in other geographies
including Australia, China and
South America, with material exiting
quarantine in Aotearoa New Zealand,
the United States and South Africa.
In South America, we appointed
ANA® Chile as the master licensee
to develop hot climate varieties,
with seven commercial test blocks
operated by the continent’s top
producers of apples and pears. ANA®
is a leader in the nursery industry
and aims to provide growers with
new alternatives that contribute to
improving competitiveness. This
includes development of their own
varietals as well as representing
companies such as ours. If our test
blocks are successful, we would
expect Tutti™ to be adopted by some
of Chile’s most successful growers.
Our Hot Climate Partnership has also
shortlisted two further varieties which
we are hopeful for progressing to
commercialisation in 2024/25. One is
an earlier variety than Tutti™ and one
is later, extending the growing season
and the potential for this climate
tolerant programme.
In June, a second new apple variety
release was celebrated with Joli™
joining Tutti™ in the VentureFruit®
portfolio. See the story on page 26.
Berries
Our confidence in berries as a growth category was
confirmed this year with the Board’s decision to double
the footprint of T&G Fresh's Queensland blueberry farm
in Australia to 62 hectares, which grows VentureFruit®
licenced varieties. A further 62 hectares of blueberries
will be planted in Tasmania to complement the
Queensland growing season.
We’ve supported growth in the berries category with
the appointment of a berry commercialisation manager
responsible for Europe and the United Kingdom. The
establishment of our Northern Hemisphere testing
network for cultivars is complete and includes Morocco,
Spain, the United Kingdom and Poland. VentureFruit®
also assisted our majority shareholder BayWa Global
Produce with identification, due diligence and ongoing
support for its joint venture with Nufri S.A.T. (T&G's
Spanish Envy™ apple partner). This is an exciting step to
support the Group’s European berry aspirations.
We have a well-established foothold in blueberries,
thanks to a 2017 agreement with Plant & Food Research
and Fall Creek Farm and Nursery, Inc from Oregon in the
United States. From this came exclusive rights to grow
16 blueberry varieties in Australia. VentureFruit® also has
a 2021 co-investment with Plant & Food Research in a
breeding programme for new berry varieties for which we
are the global exclusive commercialisation partner. This
includes their blueberry and rubus genetics.
Consumption of blueberries continues to increase
globally as consumers recognise the benefits they
deliver. In the United States alone, annual consumption
is expected to surpass 1.5 kilograms per person over
the next five years. While blueberries are widely grown,
analysts are forecasting a shift to premiumisation, with
an emphasis on better berry genetics. VentureFruit® has
concluded its go-to-market approach for the Americas
and you can expect to see us active in this market from
2024. The wider soft fruit category, including blackberries
and raspberries, is starting to become of interest for
blueberry growers.
VentureFruit® is well placed with our breeding, research
partnerships and licensing arrangements to participate in
this shift through developing cultivars which can be grown
more efficiently, yield more, are suited to mechanical
harvesting and can command premiums by virtue of their
taste, shelf appeal and shelf life.
Growing Envy™ in China
With growing global consumer demand for our premium
Envy™ brand, T&G is maximising its dual-hemisphere
multi-sourcing strategy to ensure a year-round supply of
consistent high-quality fruit.
China is a significant strategic market and growing a
managed commercial volume in-market is an important
part of our domestic growth strategy.
Doing this helps ensure the continual availability of
Envy™ and that Chinese consumers and retailers have
confidence in the legitimacy and quality of the fruit.
Initially, we’re working with Joy Wing Mau, who were
granted a license in 2018 to grow and sell a managed
commercial volume of Envy™ in China. Initial volumes
went on sale in November 2023. Growing the brand’s
footprint requires us to ensure we have the right
protections in place to vigorously protect and defend our
intellectual property for the benefit of breeders, growers,
retailers and T&G.
VentureFruit® leads and manages the licensing of all
T&G’s plant varieties and brands, as well as leading
action against any unauthorised plantings, propagation,
counterfeiting and trademark infringements.
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OUR PROGRESS
Tutti™ image courtesy of IRTA

Our strategy has 'win in
key global markets' as its
second pillar.
Pace picks up in supply chain strategy
2023 was the year we strengthened our supply
chain strategy. Our team laid the groundwork for a
significant shift in how we manage sea freight, while
also setting a record for our Aotearoa New Zealand
air freight programme and juggling excess sea freight
capacity after Cyclone Gabrielle.
The strategy was developed and approved last year
after we looked at opportunities to optimise our
logistics and provide growers with a competitive
supply chain. With T&G’s clear growth strategy, our
global supply chain has been designed to ensure it
has the capability, sophistication and co-ordination
required to support that growth.
One priority for 2023 was to provide options to move
Aotearoa New Zealand-grown apples into global
markets earlier to enable and capture more value.
This led to our fast start programme to get Envy™
into high value Asian markets as soon as possible
following the March harvest. With 45,000 TCEs
exported across five to six weeks, the programme set
a record for T&G and was Aotearoa New Zealand’s
largest air freight programme in 2023.
The lessons learned from the programme’s success
will be used to inform our export strategy going
forward to support our continued work to capture
value in our key markets.
Our business-as-usual supply chain operations were
tested when harvesting and exports out of Hawke’s
Bay and surrounding areas were disrupted by
Cyclone Gabrielle. With vessel schedules into Napier
compromised, we diverted sea freight capacity to
Nelson and Otago until northern production came
back online.
The appointment of Kotahi to lead the procurement
of all T&G ocean freight from 2024 onwards, followed
nine months of work evaluating options across all
carriers.
Kotahi is Aotearoa New Zealand’s largest supply
chain collaboration. Established in 2011 by its two
shareholders, Fonterra and Silver Fern Farms, Kotahi
works with over 60 exporters to move almost one
third of the country’s containerised exports, making
them the largest containerised and refrigerated
exporter in Aotearoa New Zealand.
We selected Kotahi because of their ability to provide
the flexibility, resilience and scale we need across our
supply chain for the long-term.
With our volumes, we will be their most significant
customer after Kotahi's two founding shareholders.
This puts us in a good position to bring value back to
our business and growers, one of the objectives of our
supply chain strategy.
It also puts us in a stronger position with regional
ports. With Kotahi’s total export volumes across dairy,
meat and produce, they’ll be able to provide ports
with total demand forecasts, sending consolidated
demand signals to carriers to encourage reliable and
aligned scheduling.
The priority will be the export of our Aotearoa New
Zealand-grown apples as well as T&G Fresh produce
for supply into the Pacific Islands, Australia and Japan.
It will also include the export of North American fresh
produce to Australia and Aotearoa New Zealand.
We have been working through our transition to
Kotahi to ensure all the value levers will be working
as anticipated. A major benefit is being able to have
our requirements, including shipping dates and arrival
windows, matched with the appropriate vessels and
either a fast or standard transit, so we best match
demand signals.
Our global supply chain strategy requires us to
look across our end-to-end business to identify
opportunities and ensure our supply chain provides a
competitive platform for our growers. It also requires
us to work with our ocean freight carriers to provide
a scalable and reliable programme for our long-term
growth.
We’ve made good progress in both areas this year.
We have set the stage for more traction in 2024 as we
work towards enabling a resilient and cost-effective
global supply chain in the Northern and Southern
Hemispheres which maximises value for our growers,
customers and consumers.
Win in key global markets
To achieve this, we’re unlocking markets selected for their potential for growth and
good returns for our growers. As we grow globally, we are also growing our volumes
in key markets including Asia, the United States, Europe and the United Kingdom,
supported by the most efficient end-to-end supply chain.
We’re in a business where relationships matter. Food quality and food safety must
go together to ensure consumers are well nourished and happy, and customers
are satisfied.
Each market is unique, so we're building our in-market resources in high growth
geographies like Vietnam. Being close to customers, with capability in each of
our unique markets, ensures we remain in touch with changing consumer trends,
preferences and aspirations.
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OUR PROGRESS

Performance to Envy™
What do you do when American NFL footballer J.J. Watt
posts this to his 5.6 million followers on X?
“Have yet to find an apple that can knock off the Envy™
apple as the #1 rated apple to eat. So crisp, never mealy,
always delicious.”
You say “thanks!”. It’s the least we could say to the man
considered to be one of the greatest defensive linemen of
all time, especially given his shout-out was unsolicited.
In the United States, where consumers have more than 100
types of apples to choose from, unsolicited endorsements
like J.J. Watt's are marketing gold. And just like gold, there’s
a significant effort behind bringing this level of admiration
to the surface.
Envy™ was the result of R&D by T&G and Plant & Food
Research. They developed the Scilate variety, which
is branded as Envy™, with its sweet, crisp and crunchy
taste and distinctive red skin. Our research shows that it
provides the ultimate apple experience – taste, aroma,
crunch and appearance – and when it’s sampled, it is
habitually rated as close to the ideal apple for consumers
around the world.
Our in-market efforts focus on encouraging consumers
to take that first bite of Envy™. We work with our leading
United States supermarket stockists, building interest
and awareness through eye-catching in-store sampling,
promotions, attractive bright red pouch bags and impulse
purchase opportunities located near checkouts.
We know the taste is a winner to building brand loyalty.
Through promotions, influencers and social media,
we consistently encourage consumers to connect
the memorable Envy™ eating experience to the Envy™
branded apple in their local store so it’s always their
first-choice purchase.
This effort has seen Envy™ make its way into 70% of
United States supermarkets, including the major national
and regional chains of Walmart, Costco, Safeway, Kroger
and Sam’s Club. To capture online purchases, our United
States team also works closely with each retailer’s online
platform, ensuring Envy™ is prioritised in apple searches,
accurately barcoded and portrayed with authentic images.
Our team is also casting a wider net for creative sampling
opportunities to drive more in-store sales. We have a
strong brand relationship with the Hallmark Channel,
the most-watched cable network in the United States.
Across the North American apple season, from November
to March, our team creates memorable sampling
opportunities, including occasions with leading Hallmark
actor, Andrew Walker (pictured below). The star of
Christmas movie ‘Three Wise Men and a Baby’ approached
us offering to be a brand ambassador after he discovered
and fell in love with the taste of Envy™ apples.
Supporting our marketing strategy is our United States
sales network of four independent companies licensed to
sell Envy™ and JAZZ™. They include Delica North America,
Oppy (Oppenheimer) and two vertically integrated grower/
shippers, CMI Orchards and the Rainier Fruit Company.
All four have extensive relationships in the mature United
States market which they leverage on our behalf.
This year, our licensed Washington State growers produced
4.3 million TCEs of both conventional and organic Envy™,
with 75% sold domestically – and this is supported by our
growers in Aotearoa New Zealand and Chile, who satisfy
demand when the United States apple season winds down.
The Americas is an important market for T&G. While it’s
a mature market, we believe it has considerable growth
potential, not only for Envy™ but also for our new global
premium Joli™ brand which was launched this year.
As profiled on page 26, Joli™ is a productive, large, full-
flavoured bright red juicy apple which appeals to both
consumers and growers, with trees producing high
yielding, high colour fruit. Where Envy™ is positioned as
the ultimate apple experience demanded by sophisticated
luxury seekers, Joli™ is positioned as a sharing apple,
playful and tasty, aimed at young, carefree adults. Its
growing season complements that of Envy™.
US apples hit new milestone with Envy™
The United States is an important market – and one with
a lot of competition – so our Washington State growers,
packers and sales partners had something to celebrate this
season when our Envy™ brand ceased to be just an
"other" category.
That’s the catch-all description among the list of 22
branded apple varieties which compete with one another
for consumer loyalty in the United States. Sitting in the
category rankings as “other” is by no means small, as
it’s ranked number four in the top 10 apples. However,
when Envy™ broke free this year to be reported as a
standalone brand – and at #7 for popularity – a milestone
had been reached.
It capped off a good end to the year for our Washington
growers who produced an exceptional 2023 crop, not only
of Envy™ branded apples but also our popular JAZZ™ brand.
The harvest was a standout for colour and quality, with
Envy™ achieving expected sales volumes that were up 19%
year-on-year at 3.68 million TCEs. This includes domestic
sales as well as growing export volumes to markets across
Asia including China, Vietnam, Hong Kong and Thailand.
In addition, organic Envy™ volumes were up 117%, all
largely sold domestically in the United States. The JAZZ™
crop, with its very good size and colour, is projected to
deliver sales volumes of 700,000 TCEs, with strong
export demand.
The successful harvest season was a real team effort, with
excellent crop forecasting and a great harvest, supported
by a strong sales plan and creative marketing initiatives to
support the growth of Envy™ and JAZZ™. As a result, the
value of our 2023 crop is estimated to be USD$185 million.
While Envy™ volumes represent around 3% of the total
market, the brand is a strong performer in the premium
apples segment and has achieved double-digit growth
for the past three years. Despite market conditions being
difficult for United States’ orchardists, with rising labour
and material costs squeezing margins, good returns are
encouraging some of our 55 growers to extend their Envy™
plantings. Currently there are almost 2,428 hectares in
production in Washington State.
After years of successful trials, we are establishing Envy™
plantings in upstate New York, with initial commercial
volumes anticipated in the next two to three years to meet
local east coast demand preference and reduce eastern
geography shipping costs.
The United States is also a key market for our Aotearoa
New Zealand apple exports, and in the coming season it is
expected to import some 30% more volume.
Seeing Envy™ reported as a standalone brand and listed
as a top seven branded variety is very encouraging. It
indicates our sales and marketing efforts to raise consumer
awareness is paying dividends.
Taste, texture and appearance are Envy™ strengths and
our campaigns are focused on encouraging consumers to
try then buy, converting them from other apple varieties
and building frequency in-store (see story on page 35).
By demonstrating key indicators to retailers, such as the
basket size and spend per unit and per trip, we aim to
secure additional shelf space for our brand. Organics is also
a big part of our growth in the United States, targeting a
strong and growing segment in the domestic market.
In this highly competitive market we also see potential to
grow beyond the apples category through our VentureFruit®
business, and it has concluded its go-to-market approach
for berries in the Americas for the coming year. See page 31
for further information.
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OUR PROGRESS

Lead Aotearoa
New Zealand's fresh
produce future
T&G Fresh is the
all-important link
between growers and
consumers, satisfying
demand for fresh
fruit and vegetables
year-round.
3637
We're a grower, producing citrus, tomatoes and berries, and we also
work with more than 700 domestic and overseas independent growers.
Together our T&G Fresh business keeps fresh produce moving from
orchards and farms to our distribution centres and out to supermarkets,
retailers and foodservice.
Our produce appears wherever consumers want something fresh,
affordable and high quality, whether it’s in the meal kits delivered to their
doors, the shelves in their local supermarket or the wraps and salads in
their favourite quick-service restaurant.
We also provide the link for global growers of produce such as tropical fruit
and bananas to reach consumers by importing fresh produce which cannot
be grown locally or to fill seasonal gaps. We export to the Pacific Islands,
Australia, Asia, Europe and North America.
OUR PROGRESS
37

A boost for blueberries and citrus
It’s been a year for growth, both in the ground and on the
ground for our diversified crops team, with new plantings
building citrus volumes in Aotearoa New Zealand and
a fast-track expansion of our Australian Queensland
blueberry farm to bring more of our premium blueberries
to market.
Our Afourer mandarin conversion of 20 Northland
hectares will boost the T&G Fresh mandarin volumes
available through August to November, complementing
the Northland early Satsuma season which ends in July.
Continuity of supply is valuable, especially given our lead
category position within Aotearoa New Zealand. The
expansion supports our strategy around full integration
from planting to retail.
This season the sunny far north of Aotearoa New Zealand
did not live up to its name, with lower sunshine hours
and too much rain. With citrus being a bi-annual crop, we
had lower than expected volumes across the total citrus
category, but our well-established Taipa leased orchard
still produced an outstanding crop of sweet Navel oranges.
We are building strong relationships with Ngāti Kahu, a
Māori iwi in the far north of the North Island who own the
36 hectares of land that the crop is grown on.
On a much smaller but more premium scale, our initial
Northland planting of Australian native finger limes,
with pulp resembling citrus caviar, showed a promising
start. The variety looks set to become popular with chefs
and consumers as we build volumes in 2024. The fruit
is difficult to grow and expensive to harvest, but it
commands premium prices because of its flavour,
appearance and versatility.
It was a challenging year for our outdoor blueberry crop in
Northland, but blueberries grown under tunnels performed
well. We have a further 2.5 hectares under tunnels of
premium berries from our VentureFruit® portfolio. We
see blueberries as a growth opportunity and this is
supported thanks to our 2017 agreements with Plant &
Food Research and the Fall Creek Farm and Nursery, Inc
in the United States, which gave us exclusive rights to grow
16 varieties in Australia. VentureFruit® also has a 2021
co-investment with Plant & Food Research in a range of
new and unique berries, which it's also the exclusive global
commercialisation partner for.
The performance of our Queensland berry farm gave the
Board confidence to approve the investment to double
its size. By 2025, we will be a significant presence in the
Australian market, supplying premium and exclusive
blueberries at a time when commodity blueberries have yet
to be harvested.
We have a major push in Queensland to develop 24
hectares of tunnel plantings and 10 hectares of netted
plantings in just nine months, commencing in February
2024. This will beat the initial development’s project timing
by over a year with the goal of having the first fruit from
this new block in market by April 2025. The blueberry
varieties planted on the property are licensed to T&G
Fresh by VentureFruit®, making us even more confident
of market prospects given the variety is an outstanding
performer in terms of size, flavour, colour and shelf life.
The development is a positive example of our R&D and
growing expertise being brought together to create new
revenue streams.
T&G Fresh - refreshed, refocused, reorganised
2023 has been the year where we refreshed, refocused and
reorganised T&G Fresh, with new facilities to better service
our customers, new appointments to strengthen our
relationships with growers and a new structure in Australia
so we can better play to our strengths.
All three were achieved during a year when weather,
including a cyclone, worked against us and our growers,
our transport team faced challenges with damaged roads
and infrastructure, and inflation impacted costs. We also
set ourselves up for more growth in berries in Queensland,
Australia, and Northland, in Aotearoa New Zealand, while
growing our Pacific Island exports as tourism flowed and
their economies recovered.
In January, T&G Fresh established a new produce
procurement function. The team includes specialist
category managers to support our category
development plans, while strengthening our overall
relationships with growers. This move has been well
received by growers, especially as they are working
with people who understand their crops as well as
customer and consumer expectations.
Also well received was our new fresh produce market
on Carbine Road, Auckland. The modern temperature-
controlled facility is fully insulated to provide an improved
refrigerated supply chain, helping to retain the quality and
freshness of the produce so it reaches customers and
consumers at its best.
The produce we both grow and source from our
independent growers is showcased on the market floor,
along with imported produce. An on-site commercial
kitchen enables us to cater for grower and customer
events and allows us to produce seasonal offerings to
educate and inspire.
The large open market floor, expansive cool store spaces
and purpose-built efficient truck delivery and collection
area was designed to meet the diverse needs of customers
from Aotearoa New Zealand’s largest supermarkets to
artisan restaurants.
The shift from the old market site on Monahan Road
was a master-class in logistics, enabling operations to
move over a single weekend. Prior to the move, the team
became familiar with operating systems designed to run
the new site efficiently and cost effectively. After just one
day with lower-than-normal DIFOT (delivered in full and
on time) scores, the site hit its efficiency targets and now
consistently achieves them, saving time and costs.
Our new Auckland market is part of our network of 11 sites
selling fresh produce on behalf of our 700 independent
growers. Our markets are located in Whangārei, Hamilton,
Tauranga, Gisborne, Hastings, New Plymouth, Palmerston
North, Wellington, Nelson and Christchurch. The
consolidation of Auckland operations to fewer sites will
deliver reduced property costs in the coming year.
During the year we extended our lower carbohydrate
Lotatoes™ potato brand beyond Woolworths New Zealand
to include New World, PAK’nSAVE, Farro and Fruit World.
Consumers were also introduced to our Beekist® sandwich
tomatoes, specially grown to reduce their juiciness and the
risk of soggy bread (see story on page 41).
In Australia, our T&G Fresh operations have been refocused
on our strongest categories - citrus, blueberries, grapes
and asparagus. Reducing our produce portfolio has
enabled us to put more time and resource into developing
our winners, particularly the blueberry category. The first
crops from our Queensland growing partnership came
into the market this season and, as profiled on page 39,
we’re now investing to double its growing capacity. Our
Delica business in Australia had a good year for exports,
predominantly citrus.
Improved freight access and the return of tourism post-
COVID-19 restrictions saw our Pacific Islands business
enjoy strong trading, particularly in Fiji, our biggest market
which turned in a very strong result. There, we run a
wholesale operation and our investments last year in a
warehouse and dispatch facility on Labasa was rewarded
with good market growth.
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OUR PROGRESS

Strong result in challenging conditions
While 2023 was the year of the rabbit in our Asian export
markets, for T&G Fresh it was the year of the tomato.
The crop’s performance in a challenging year for growing
produce contributed to T&G Fresh’s ability to meet our
forecast budget at year end. Total T&G Fresh revenue
was up 8.5% to $434.5 million for the year. However, with
inflation forcing up operating costs, our operating profit was
down 37.6% at $11.1 million.
Tomatoes achieved very strong pricing across the first
seven months of the year as consumer demand could not
be met by supply shortages caused by growing difficulties
and poor weather throughout most of the year.
While our tomato crops are covered, sunlight is still
important in the colour and ripening of the fruit and
persistent overcast days did have an impact on
production and volumes were down. Delivery to market
was also affected by the February cyclone’s damage to
roading infrastructure.
Onions and potatoes also made a valuable contribution
to the year-end result, despite difficult growing conditions
which also affected supply. Root crops, particularly kūmara,
were in short supply for much of the year, with yields and
quality affected by the weather.
The weather-related impact was not limited to domestic
crops, with the volume and quality of imported fruit,
including bananas and grapes, also affected.
With produce availability constrained and prices high,
demand was softer through the year with consumers also
having to adapt to higher overall living costs.
Our transport team did an exceptional job to keep produce
moving from our own sites and those of independent
growers to market, especially in the weeks immediately
after the cyclone with flooding cutting off roads, destroying
bridges and affecting inter-island ferry schedules.
The bad weather compounded difficulties for the team who
had both labour and capacity shortages – both overhanging
impacts from COVID-19. While there were lower volumes
to be shifted, produce had to be moved further and more
slowly with workarounds – especially in badly hit areas like
Hastings and Tairāwhiti Gisborne.
Goodbye to soggy sandwiches
We know from research with Kiwi consumers
that the sandwich is their leading tomato-eating
occasion. But when juicy perfection meets a soft
slice of bread, the outcome is inevitably soggy. We
went in search of the perfect tomato, and this year
Beekist® The Sandwich Tomato was served up to
consumers. It’s goodbye to soggy sandwiches,
year-round.
As an exclusive IP to T&G Fresh, we hold the
Aotearoa New Zealand licence to grow and market
this variety – the Intense tomato variety. Developed
over 10 years of R&D, this award-winning variety
looks a little like a Roma tomato on the outside
but, when cut, it reveals a much meatier centre with
a darker, intense red colour, less juice and plenty
of flavour.
Vine-ripened and flavoursome, with up to 40% more
slices and less water, they’re perfect for sandwiches,
burgers, wraps and chunky salsas.
Beekist® The Sandwich Tomato has been quickly
adopted by consumers and is also in demand in
the foodservice and quick service restaurant (QSR)
sectors, given its consistent flavour, appearance
and yield. Like all tomatoes, it’s best kept out of
the fridge.
For consumers, the tomato comes in a branded
four-pack, while loose tomatoes are supplied to
foodservice and the QSR sector.
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OUR PROGRESS

Our five-year cultural transformation programme, initiated in 2018, has made
significant progress and now no longer requires a programmatic approach, as the
high-performance disciplines are embedded in the business.
We knew these disciplines were crucial to delivering the three pillars of our
strategy: grow great brands, win in key global markets and lead Aotearoa New
Zealand’s fresh produce future, and ultimately lifting our performance.
The focus is now on execution and ensuring the disciplines of the high-performance
system are strong, as they are the foundation of our culture. The system balances
performance accountability with ensuring our people are invested in, cared for, and
have a strong sense of purpose built around our mindsets and purpose.
Asking our team
Previously, we had two surveys as measures of culture
— our Connection Meter and HPES (High Performance
Environmental System). In 2023, we moved to a new
single measure, the AskYourTeam survey. Our inaugural
survey was completed in July.
The survey covers eleven key areas: business processes,
leadership, organisational culture, organisational learning,
performance development, strategy, customer focus,
information, internal communications, people experience
and psychological wellbeing.
With a participation rate of 77.4%, we had 998
respondents. AskYourTeam enables us to review results
down to team sizes of 5 or more, accessed through an
intuitive dashboard which is accessible to each manager
to review their results with their teams.
We were pleased with our first-year overall people score
of 72%, versus the private sector benchmark median of
68% - with the categories that contribute to an overall
people score being: leadership, organisational culture,
performance development, people experience and
psychological wellbeing.
Developing our leaders
Leadership capability is key to driving both
organisational performance and employee
experience. Our training programmes
focus on developing leadership skills and
capability across all leadership groups.
Our front-line leadership programme is the
Emerging Leaders Programme (ELP). It
develops the practical and personal skills
needed in our operational leaders. This year
we were honoured to win the Our People
– Our Success award at the German-New
Zealand Chamber of Commerce business
awards held in Auckland.
The award recognised our ELP, which was
developed in 2020 with support from the
New Zealand Government’s Provincial
Growth Fund. The ELP runs over a 14-week
period, equipping front-line and future
leaders with skills including: effective
communication, continuous improvement,
developing people, and leading safety
and wellbeing.
The programme has achieved remarkable
results, with participants growing in
confidence and capability whilst supporting
their peers to grow and learn. Since its
launch, over 200 of our talented front-line
leaders have completed it. Developed
in-house by our People & Culture team,
the ELP has been instrumental in building
capable, confident leaders across
the business, whilst fuelling their
career development.
In 2023 we continued with our Ka Awatea
programme, delivered by Indigenous
Growth Limited. The programme is for
our Māori and Pasifika leaders and future
leaders, providing the opportunity to build
leadership skills and connect with their
cultural heritage to find their unique and
authentic leadership voice. Achievement
of our I&D goals will rely on our ability to
better integrate cultural awareness and
understanding within our business.
Our Ka Awatea programme contributes
by nurturing strong Māori and Pasifika
leaders through an intensive five-month
programme. This enables these leaders
to better connect with their culture,
understand what leadership means to
them and develop their personal skills
and abilities. To help progress our efforts
towards better cultural awareness and
understanding, the programme has
participants working in rōpū and presenting
business cases to the Executive team
for initiatives developed during the
programme.
Great leaders, great growers
We do more than grow great fruit and vegetables at T&G.
Growing great leaders is also an enduring aim and this
year, we had an especially talented crop.
Grace Rehu, a leading hand in our Hawke’s Bay operations
and Hastings-based Jan Buter, a supply and continuous
improvement technician, were both recognised for their
skills and attitude in industry awards. Grace took home
the 2023 Ahuwhenua Young Māori Grower Award, while
Jan was crowned Hawke’s Bay Young Fruit Grower of the
Year and was runner-up in the national Young Grower of
the Year.
The Ahuwhenua Young Māori Farmer and Grower award
celebrates Māori excellence in Aotearoa New Zealand’s
agricultural sectors, alternating each year between dairy,
sheep and beef, and horticulture.
Grace was selected as a finalist in February, competing
against two strong wāhine through a number of fieldays
and events. It was the first time all finalists were wāhine.
Grace, who says she has always loved being outside on
the land, took advantage of the Ahuwhenua competition to
challenge herself, learn new skills and create friendships
and strong bonds. She also wants to help other young
wāhine follow in her footsteps, exploring a career in
horticulture. We see Grace as a great leader, a great
grower and an excellent role model, with a passion for
the land and fresh produce – exactly what we need
in our people. Grace is also participating in our Ka
Awatea programme.
Jan Buter beat a talented field of seven finalists to take
his Hawke's Bay Young Fruit Grower of the year title.
Run by the Hawke’s Bay Fruitgrowers’ Association, the
competition tested his knowledge and expertise in areas
such as tree and bud identification, tree health and water
irrigation, with the final component being a speech at the
Awards gala dinner.
Throughout the competition, Jan won four of the eight
module stations, as well as the Speech Award. In addition
to winning the Young Fruit Grower of the Year title, Jan
was also presented with the Kaimahi Award, gifted by
Ngāi Tukairangi Trust to the participant who consistently
acted with integrity, respect and displayed true leadership
qualities. Jan went on to represent Hawke’s Bay in the
Young Grower of the Year competition in November,
where he was runner up.
We’re proud of Jan’s achievements and the well-
deserved recognition from the awards. Like Grace, he
has a fantastic work ethic, and a commitment to keep
developing his practical and people skills, showing
strong leadership potential. As part of our continuous
improvement team, he’s definitely an inspiration. In 2024
Jan will be based in Europe on a secondment with T&G.
Growing a high-
performance culture
High-performance
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OUR PROGRESS

Generations of growing
and harvesting have
shown us that when we
take care of the land,
it takes care of us.
This understanding is expressed in the Māori world view as kaitiakitanga,
which not only recognises that people, land and nature are interlinked,
but that those who live on and use the land have an obligation to be its
guardians, preserving its benefits for future generations.
We embrace the principles of kaitiakitanga in our business because
experience has taught us that our success and our sustainability rely on
how well we respect, guard and nurture our human and natural resources.
Our Kaitiakitanga environmental, social and governance (ESG) framework
has three pillars – people, planet and produce – and for each we have
focus areas and goals.
Our people pillar speaks to our ambition to grow a safe, healthy and
passionate team, where everyone is empowered to be their best and
thrive. Our planet pillar recognises our role as kaitiaki, or guardians,
creating a healthier planet by protecting and nurturing our natural
environment and using resources responsibly. Our produce pillar relates
to our sustainable produce value chain which provides nutrition to our
customers and consumers and enhances livelihoods. Progress towards
our goals under each of these pillars is discussed in this report.
Refreshing our framework
Our Kaitiakitanga framework is guided
by the views of our stakeholders.
In late 2022, we undertook a
detailed materiality assessment
with stakeholders (see Appendix 3).
This identified sustainable financial
performance, product quality, resilient
and ethical supply chains, customer
and consumer needs, and climate
change and resilience as the most
material topics.
As a result, this year we reviewed and
refreshed our Kaitiakitanga framework
(see page 46). While our three pillars
are enduring, we have clarified and
renamed our second pillar ‘place’ as
‘planet’. Our focus areas and goals
will evolve over time to ensure we
are responsive to the environment
we operate in, and the needs of our
stakeholders and business.
To reflect the most important material
topics, our wider business strategy
incorporates management of topics
including sustainable financial
performance, product quality, and
customer and consumer needs. The
remaining material topics informed the
refresh of our framework.
In 2023, oversight of the framework
and these topics has been further
strengthened by the establishment
of a specific Sustainability Committee
of the Board (see Governance and
management on page 47).
Kaitiakitanga
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OUR PROGRESS

Our updated Kaitiakitanga framework
Focus areaGoalsActivity
Protect and grow ■ Our leaders visibly show their
commitment to health and
safety through their actions
and are continually looking for
opportunities to improve
■ Workers and their
representatives are involved in
decisions impacting on their
health and safety
■ We have effective processes to
protect our workers from short-
term and long-term harm
■ 2023-2025 Health, Safety
& Wellbeing strategy and
action plan
Inclusion and
diversity
■ Accept, respect and celebrate
our similarities and differences
■ 2023-2025 Manaakitanga
(Inclusion and Diversity) strategy
Climate action ■ Thrive in a changing climate
while reducing emissions across
our value chain
■Climate action framework
■ 2023-2030 carbon budget and
decarbonisation pathway
Low impact
operations
■ Protect and enhance our natural
resources
■Reduce waste
■ Regenerative horticulture
partnership with Zespri and
Plant & Food Research
■ Assess water and waste to better
understand and act
Responsible
partnerships
■ Ethical and mutually beneficial
partnerships through our global
value chain
■ 2024-2025 human rights
roadmap
Healthy
communities
■Help reduce food insecurity ■ Food waste assessment across
T&G growing, wholesale and
post-harvest facilities
■ Strengthen partnerships
Our people
Our produce
Our planet
Governance and management
Our Kaitiakitanga framework underpins our business
strategy and is embedded throughout our daily
operations. It is overseen by the Board as a whole
and through Board sub-committees, including the
newly established Sustainability Committee (SC).
The SC comprises three Directors, including
one Independent Director, and is responsible
for reviewing and overseeing our sustainability
framework and strategy, including the key focus
areas of climate action, low impact operations,
responsible partnerships and healthy communities.
It reviews related goals and monitors performance
against them.
As noted in our 2023 Climate-related Disclosure,
which is available at www.tandg.global/investors/
reporting, this committee reviews climate scenarios
and related insights, as well as procedures for
identifying, escalating and the management of
climate-related risks and opportunities.
The Human Resources Committee (HRC) oversees
and monitors the people and culture framework,
including health, safety and wellbeing, and inclusion
and diversity, while the Finance, Risk and Investment
Committee (FRIC) oversees sustainability-related
risks, compliance with Aotearoa New Zealand’s
Climate-related Disclosures, and approves
ESG-related disclosures as published in our
Annual Report.
The Executive team is responsible for our
Kaitiakitanga framework and reviews progress on
key priority areas every two months. During the
year it receives updates on areas including risks and
opportunities, ESG compliance and performance,
the sustainability-linked loan and ESG reporting.
Our Corporate Affairs team is the guardian of our
Kaitiakitanga framework, it monitors and measures
progress, leads ESG reporting and plays an
important role monitoring the external landscape,
identifying opportunities and risks, building capability
and sharing knowledge. Within this team, the
Sustainability Manager has oversight of progress
against our framework, goals and targets, and
supports the business with delivery of key outcomes.
T&G takes a holistic and fully-integrated approach to
sustainability, with activities developed, owned and
executed by our business units and functions.
Emerging strategic areas
We are proactive in ensuring our Kaitiakitanga framework reflects shifts in interest and
concerns among our stakeholders. While we’re confident it covers the crucial areas including
our climate change response and natural capital, we continue to monitor trends and shifts in
consumer and regulatory expectations, concerns around modern slavery and global unease
in areas such as food security. Our relationships in research and development keep us closely
connected to evolving technologies as well as the development of crops suited to the changing
climate.
This year, for example, we have begun developing our approach to establishing and
implementing strategies and policies around modern slavery and its attendant risks.
See page 60.
4647
OUR PROGRESS

Our people
Protect and grow
Keeping our people safe,
well, included and respected
We employ some 1,600 people and our promise to
them is that we will do all we can to keep them safe
at work, whatever their job - as it's all about everyone
going home safe, every day.
Our health and safety ambition is to achieve a
WorkSafe New Zealand SafePlus grading
of “leading”.
SafePlus includes 10 performance
requirements for achieving good health and safety
performance. Our health, safety and wellbeing
policy reflects these performance requirements
which include leadership, worker engagement and
risk management. It includes key performance
indicators, including reductions in Total Recordable
Injuries, for each part of the business.
Our efforts are led centrally by the Head of Health
and Safety, with dedicated business partners across
our operations. Initiatives such as critical risk reviews
and the development of critical risk standards ensure
continuous improvements to how we maintain safe
and healthy working environments.
The team, which reports to the Director People
& Culture, works with business leaders to build
a culture where all our people are aware of the
risks relevant to their work, understand the safe
working practices which will protect them and also
encourage their colleagues to work safely.
Documented on our intranet sharepoint site are our
procedures and safe working protocols, and this
is supported by Haumaru, our incident reporting
system. It enables very simple reporting of incidents,
accidents and near-misses. Our 'everyone home
safe every day' culture is also supported through our
Protect and Grow leadership programme.
Updates on the health, safety and wellbeing of our
people are provided each month to the Executive
team and at every Board meeting.
Recordable injuries down
Recordable injuries showed a definite improvement
from 197 in 2022 to 139 in 2023. In our 2022 Annual
Report we had reported 191 injuries however there
were an additional six injuries due to late reporting
or upgraded injury classification post publication,
therefore in 2022 we had 197 recordable injuries.
The improvements were achieved across our large
operational functions in Aotearoa New Zealand.
Our Apples team reduced recordable injuries by
30% and our T&G Fresh team reduced recordable
injuries by 28%.
We are also pleased to see that our AskYourTeam
results have remained consistent with previous
years, with 82% of respondents believing that T&G
is committed to the health and safety of everyone.
As noted on page 43, AskYourTeam replaced our
previous Connection Meter survey.
These improvements were achieved despite
one-off events, including Cyclone Gabrielle and
the transfer of people, plant and operations in
Auckland when we relocated our T&G Fresh
produce market from Monahan Road to Carbine
Road in a single weekend.
The cyclone and its aftermath, including continued
wet weather, certainly provided a challenge.
Immediate priorities included providing guidelines
around infection control and instructions for
working with silt. We closely monitored the health
of our team, including testing for Hepatitis C given
the contaminated flood waters. Checks were made
to ensure all workers had appropriate personal
protective equipment (PPE) including masks and
gloves appropriate for the work being done.
While our team began the seven-month job of
shifting silt with shovels, it was quickly clear that
machinery could be more effective and safer. A
team from our orchard development operations,
who were familiar with machinery, were rapidly
trained and licensed within days to operate the earth
moving machines. This was a team effort by our
local Health and Safety Manager, the trainers who
stepped up to help and the team members who
learnt quickly to earn their licenses.
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OUR PROGRESS

Haumaru extended to strengthen H&S
With COVID-19 impacting our ability to progress strategic
health and safety projects over the last few years —
followed by Cyclone Gabrielle early this year — in 2023 we
were able to get back on track with work to strengthen our
health and safety framework.
Much of the work focused on extending Haumaru, our
paperless reporting system. Available on desktops, as
well as on mobiles, it’s a user-friendly reporting tool
for reporting incidents, near-misses and hazards, and
for reinforcing safety awareness and protocols. The
report goes immediately to the appropriate supervisor
or manager who can escalate it to our health and safety
leadership team if required.
Haumaru means “safe” in Māori and was rolled out last
year after a two-month pilot. It has received very positive
feedback from our people across our Aotearoa New
Zealand operations because of its ease of use. It is far
more than an incident reporting platform. Users can also
log their safety conversations which reinforce safety
protocols, such as wearing correct PPE gear or using the
safest lifting techniques.
Because Haumaru includes voice to text capability on the
mobile application, it encourages on-the-spot reporting as
it’s as simple as leaving a voicemail. Users can also upload
pictures and documents. This year the phase one rollout
was completed, with site specific risk registers going live
on 1 January 2023.
Haumaru also has a critical risk review module. Our critical
risk areas include motor vehicles, mobile plant, working
at heights, working in confined spaces, fixed machinery
– such as machines found in packing sheds, hazardous
substances, excavation, hot work and falling objects.
Having identified our critical risks, we’ve conducted bow
tie analysis and developed standards for each of the
critical risk areas. After completing three for approval last
year, this year we’ve accelerated progress and developed
standards for all our critical risks and commenced our
critical risk reviews across our Aotearoa New Zealand
operational areas.
In addition to the critical risk reviews, we’ve also launched
an electronic Take Five job safety analysis for dynamic
work not covered under standard operating procedures.
These can include one-off jobs not routinely undertaken
and where risk can arise if workers are unfamiliar with the
correct procedures for the task.
During the year we continued to enhance Haumaru. We
are transferring our contractor management and permits-
to-work processes from a paper-based system to online.
Permits-to-work typically govern higher risk tasks such as
working at heights, in confined space or hot work.
Having been successfully rolled out and expanded in
Aotearoa New Zealand, Haumaru is also going global in our
Fijian business and our international sales and marketing
function.
Our Protect and Grow leadership training programme is
now business as usual. It has four modules, CARE, RISK,
ENGAGE and LEARN and is designed for all people leaders
and health and safety representatives. This year 75 people
completed CARE, 37 RISK, 32 ENGAGE and 39 LEARN.
Manaakitanga - caring for others through
growing ourselves
Manaakitanga in the Māori world is the quality of quality
of showing respect and care for others, kindness,
hospitality and generosity.
It is the principle which guides our work in I&D. Our vision
is to live our purpose of growing healthier futures for our
T&G whānau by accepting, respecting and celebrating our
similarities and differences.
For us, diversity refers to our individual differences
and to how these provide a unique mix of thinking
styles, knowledge, skills and perspectives.
By inclusion we mean a culture where every member of
our organisation feels valued and respected and can fully
contribute to our goals. It is about removing barriers to
make sure everyone can fully participate in
the workplace.
Last year we prepared the ground for our I&D framework,
partnering with Diversity Works New Zealand. We took a
close look at ourselves and how we operated with
the intention to identify any gaps and opportunities.
That initial work fed into the development of our
framework and its four pillars of: metrics, leadership,
talent acquisition, and culture and capability, with
each pillar supported by a statement about what we
want to achieve.
With metrics, we’re committed to collecting data and
tracking our performance against I&D measures. In
leadership, we’re committed to nurturing inclusive
leaders who reflect our diverse communities. In talent
acquisition, our goal is to attract and recruit diverse
talent for the future. With culture and capability, we’re
committing to developing a workplace that is safe,
respectful and inclusive, as well as nurturing.
We’ve made good progress. Under metrics, we partnered
with Diversity Works New Zealand to launch the pilot
of their Employee Perception survey, collecting data
from a random sample of employees. We also collected
voluntarily-provided employee demographic data
from our people as part of our AskYourTeam survey.
Baseline demographics are now established.
In leadership, we established our I&D Executive sponsors
and established an I&D Committee of 12 people
representing the diverse makeup of our workforce.
Since commencing our partnership with the First
Foundation in 2021, we've now sponsored three
Foundation students and identified a fourth who will
be sponsored from 2024. This year, work experience
was also provided for two Foundation students. The
First Foundation provides a hand up to talented young
people from diverse backgrounds, who may be
prevented from achieving their full potential due to
financial circumstances.
As scholarship partners, we provide financial support
over three years for university costs and provide paid
work experience each year to enable students to develop
skills and personal networks. The Foundation provides
each student with a mentor who helps them transition
from school to university and into the professional world.
Our initial work under the culture and capability pillar
saw our I&D committee lead educational and celebratory
initiatives through the year including cultural events
celebrating our diversity. Gender pronouns were
launched through our IT systems and unconscious bias
training was piloted with a leadership group in T&G Fresh.
The third instalment of our Ka Awatea Māori and Pasifika
leadership programme was held in Hawke’s Bay with 14
participants.
In the year ahead, a strategic review of our I&D activities
to-date will set the strategy and activities for 2024. The
first step will be to analyse the demographic data we have
collected to understand gaps, hot spots and areas for
strategic focus. Priority initiatives will include reviewing
the effectiveness of our unconscious bias training pilot to
inform a roll out more widely across the organisation, and
investigating gender pay gap reporting.
We want to grow into an organisation where our people
have an advanced sense of belonging and inclusion. It
will be one where there’s an increase in the diversity
of our people moving through our talent pipeline, and
we will be a business with a heightened understanding
of I&D, achieved through the continuation of our I&D
programmes and initiatives.
Inclusion and diversity
5051
OUR PROGRESS

RSE team members – from cropping to clean-ups
Our RSE team members are valued members of our
seasonal workforce. In 2023 we recruited 734 people.
Just over half were employed in Hawke’s Bay, with the
balance working across our Northland, Auckland, Waikāto
and Nelson operations.
We do not see them as “temporary” workers. They are
highly valued team members whose skills, motivation,
productivity, personalities and cultures helps strengthen
our business. We know from our own research that having
reliable, skilled RSE team members available has given
us the certainty and scale to invest in the growth of our
business and implement new technologies and
business processes.
We further demonstrated our respect and appreciation for
our Hawke’s Bay RSE team through a pōwhiri at Waipatu
Marae at the end of 2022, in preparation for the 2023
apples season. One of the participants in our Ka Awatea
programme, which as detailed on page 42 encourages
personal growth through connecting our people with their
culture, identified for their rōpū project the importance of
connecting our business with local iwi. Through this came
the opportunity to introduce our RSE team to local iwi,
with over 300 team members attending our pōwhiri in
late 2022. A pōwhiri is now part of our RSE workers’
seasonal start-up and provides a chance to renew and
strengthen connections.
With floodwaters from the cyclone levelling orchards in
Hawke’s Bay, destroying buildings and smothering the
land in thick silt, some of our RSE team were forced to the
rooftop of their seasonal accommodation as it became
flooded. With no mobile phone coverage after the cyclone,
rescue co-ordination with Civil Defence was particularly
difficult and we were all very relieved to see them on safe
ground again.
Despite many losing their seasonal accommodation and
their personal possessions and clothing, our Hawke’s Bay
RSE team helped with the clean-up of our operations as
well as volunteering in the wider community. Our People
& Culture team took care of their rehousing and pastoral
care, with T&G team members across the country donating
clothing, personal effects, food and home baking for
both our RSEs and all of our impacted Hawke’s Bay team
members – with our T&G Fresh transport fleet making
regular deliveries to the region.
Our Hawke’s Bay RSE team made a significant contribution
to our post-cyclone clean-up and recovery, and they and
their Pasifika colleagues located in Northland, Auckland,
Waikāto and Nelson are pivotal to our successful growing
and harvesting operations.
5352
OUR PROGRESS

Image courtesy of Ecogas
Climate action
Our planet
Climate action – a need not a want
With global temperatures hitting record highs and extreme
weather events affecting people around the globe, climate
action cannot wait.
The science is clear that to avert the worst impacts of
climate change, global temperature increases need to
be limited to 1.5°C above pre-industrial levels. To achieve
this, according to the United Nations' Intergovernmental
Panel on Climate Change, emissions need to be reduced
by 45% by 2030 and reach net zero by 2050.
As a business relying very much on the natural
environment and climate, we’ve been focused on climate
action for many years. Climate-related influences have
routinely been considered when reviewing and updating
our long-term strategy and capital spend.
These considerations have influenced investments
in areas such as emissions reduction technologies
and partnering in the Hot Climate Partnership to
commercialise new apple and pear varieties specially
created for hot and warming climates (see page 30).
To further strengthen our understanding of climate
change, this year we undertook detailed analysis of
potential climate scenarios, conducted a robust climate-
related risk and opportunity assessment, and prepared
our inaugural Climate-related Disclosure which is
available at www.tandg.global/investors/reporting.
This is an important step in being able to manage these
risks and pursue opportunities.
Committed to reducing emissions
T&G is firmly committed to reducing our greenhouse
gas (GHG) emissions. Our targets, which are detailed
in our 2023 Climate-related Disclosure (available
at www.tandg.global/investors/reporting) are
aligned to our ultimate parent company BayWa
AG's targets, which were set in 2018. Since setting
these targets, we have reduced our absolute scope
1 and 2 emissions by 34.1% (using the market-based
approach), against a 2017 base year of 42,336.9
tCO
2
e.
Unfortunately, in 2023 our scope 1 and 2 emissions
increased slightly from 27,502.5 tCO
2
e in 2022 to
27,905.3 tCO
2
e. This was primarily due to refrigerant
leaks recorded during T&G Fresh’s move to its new
Carbine Road site and the related relocation and
refurbishment of chillers. In addition, we identified
an LPG source which had previously not been
captured in our GHG Inventory Report. Our 2023
Climate-related Disclosure provides further detail
on our footprint.
As part of our commitment to mitigating our GHG
emissions, we are working to set new scope 1 and 2
targets, as well as establish scope 3 targets, aligned
to 1.5°C. These targets will be against a base year
of 2021, as noted in last year’s Annual Report. We
expect this target setting process to be concluded in
the first half of 2024.
To support the achievement of our forthcoming
new targets, we are developing emissions reduction
plans with each of our business units, with the view
to also sharing our knowledge and experience to
help our suppliers reduce their emissions.
We have a pipeline of potential reduction projects,
including: piloting electric vehicles in our fleet and
the use of electric farm equipment in our orchards,
installing glasshouse thermal screens (see story
on page 56), reducing the use of natural gas in
our Reporoa glasshouse by converting to biogas
supplied from the adjacent food waste-to-bioenergy
facility, and the continued roll-out of more fuel-
efficient trucks.
In 2022, hot water was connected to our
Reporoa tomato glasshouse from Ecogas’ adjacent
organics processing facility, and in 2024 the intention
is to have biogas and CO
2
connected as well. The
biogas will reduce our natural gas requirements
and the CO
2
will be used for photosynthesis and
enhancing the growth of our tomatoes.
While there were several reported incidents
of refrigerant leaks in 2023, steps were taken
this year to mitigate the risks associated with
refrigerants, many of which are greenhouse gases.
These interventions included switching to lower
GHG refrigerants when upgrading equipment,
maintenance regimes aimed at lowering the risk of
leaks and installing systems for early leak detection.
Upgrades to lower GHG refrigerants at Hamilton
and our new Carbine Road market site reduced
by 355 tCO
2
e and 210 tCO
2
e respectively. Exiting
our Monahan Road site also contributed to a 2,600
tCO
2
e reduction.
In 2024, we will capture and assure our material
scope 3 emissions.
5455
OUR PROGRESS

Geraghty glasshouse screens targeting
29% GHG reduction
A 29% reduction in GHG emissions is being targeted at our
Geraghty glasshouses in Tūākau, in the Waikato, through
the installation of retractable thermal screens.
This installation, which will be completed in early 2024,
is an important step in decarbonising our North Island
tomato growing operations. If the installation performs as
expected, the annual emissions reductions will equate to
a 29% decrease in the site’s emissions and an overall 5%
reduction in the company’s emissions, based on T&G’s
2023 carbon footprint of 27,905.3 tCO
2
e.
Our investment follows a collaboration with engineering
consultancy Beca and the New Zealand Government’s
Energy Efficiency and Conservation Authority (EECA)
to determine how we could best meet our emissions
reduction goals. In an Energy Transition Accelerator Study,
the use of thermal screens to retain heat during colder
periods was identified as an option that would provide the
most savings in the least time.
The investment was supported by funding from EECA’s
Government Investment in Decarbonising Industry Fund
which supported industries to switch from fossil fuels to
cleaner renewable energy sources.
The retractable screens, made from woven transparent
polyester with a fire-retardant coating, sit under the glass
panels at the top of the glasshouses, supported by a
system of wires. They are controlled by the glasshouse’s
climate computer and measuring equipment, which can
open and close each compartment independently in
response to variables including inside temperature, outside
temperature, humidity, wind speed and sunlight.
Thermal screens trap a layer of air between themselves
and the glasshouse walls, minimising the amount of warm
air that escapes and reducing overall energy consumption.
In summer we also hope to be able to use them to retain
humidity within the glasshouses.
The Tūākau installation will be our guide to considering
future investments in similar systems across our other
glasshouses. We grow over eight million kilograms of
specialty and large loose tomatoes, marketed under
our Beekist® and Classic tomato brands. Glasshouses
provide the ideal growing conditions to enable us to satisfy
customer and consumer demand year-round.
Low impact operations
Making every drop count
According to NIWA, drought is a common feature of
Aotearoa New Zealand's climate. On average, every year or
two a region in the country experiences one.
In other years – like 2023 – there’s too much water. A year’s
worth of rain was recorded in the first six months in the
northern and eastern parts of the North Island.
Whether it’s droughts or downpours, too little or too much,
we see water as a precious resource to be used efficiently
and effectively. Every drop counts, so initiatives across our
operations are ensuring each one is used wisely.
Our new Whakatu packhouse, which commenced
operations this season, is a case in point. Water is essential
for cleaning the apples before being processed and packed,
and our systems allow us to reuse and recycle as much as
we can. As fruit moves through the process, each body of
water has a different level of cleanliness during production.
Across the week we recycle it, to prolong its use. The
packhouse’s filtration system allows for reduced water use
from the consented on-site bore, with final discharges into
the wastewater system meeting drinking quality standards.
The building’s vast roof makes an ideal catchment for
rainwater to fill the 1,200,000 litre water tanks. In the first
six months of 2023 the Napier area received 984mm – over
a year’s worth. The vast tanks are designed to prevent these
high volumes from going directly into the public stormwater
system. Instead, it’s used for watering on-site vegetation
or for firefighting, should the need arise, and otherwise it
controls its slow release into the stormwater system.
In our apple growing operations, water is both a precious
commodity and something requiring careful management
to preserve tree and crop health. In wet seasons (such as
in 2023), much of the irrigation water comes directly from
rainfall. In dry seasons however, where needed, irrigation
water comes from consented bore sources with telemetry
units measuring consumption against our allocations within
the consent.
As part of our commitment to preserving water use,
T&G has undertaken several leading-edge technological
initiatives in the field.
We monitor local growing conditions via Fruition
Horticulture, including parameters like soil moisture, fruit
growth, crop load and maturity, as well as pest and disease
monitoring. With this awareness of growing conditions,
we then only irrigate when target soil moisture levels drop
below ideal parameters.
Irrigation is carried out by precision drip irrigation located
near the root zone of plants. This delivers a measured
amount of water appropriate for each soil type’s absorption
rate. In addition to saving water and not stressing the plant,
this ensures any farm nutrients are retained in the soil,
avoiding leaching into neighbouring waterways.
Further bolstering our intelligence in the field, and in
anticipation of drier conditions with the arrival of El Niño in
2024, this year we began commercial trials of a network of
Croptide sensors. Attached to the plant’s trunks,
the sensors monitor growing information via the cloud.
This enables a better understanding of stem water
potential and linkages of water with fruit development
and quality management.
As growing conditions change, we can use this type
of sensor network to build precision in optimal crop
management, and aim to improve fruit quality and yield
with less water, fertiliser, carbon emissions, labour and
other inputs.
5756
OUR PROGRESS

Water stewardship – assessing
and managing risks
The availability and sustainable management of water
is increasingly critical, given the Food and Agriculture
Organization of the United Nations forecasts that
global demand will double by 2030 and they're
predicting a shortfall of 40%.
T&G’s United Kingdom subsidiary, Worldwide Fruit,
is proactive in this important area. In 2019, it became
a signatory to the Courtauld Commitment 2030, a
voluntary agreement to reduce emissions and water
stress stemming from the food and drink sector.
Through the Waste and Resources Action Programme
(WRAP) Water Roadmap, the Courtauld Commitment
seeks to have 50% of fresh food sourced from areas
with sustainable water management by 2030.
As part of this, Worldwide Fruit this year conducted
water-related risk assessments in catchments in
southern Spain, Chile and Peru. These followed earlier
risk assessments across water catchments in its most
important fruit-growing regions in South Africa.
Informed by the World Wildlife Fund (WWF)
Water Risk Filter assessment as well as WWF in-
country representatives, and following the WWF’s
five-step water stewardship journey, Worldwide
Fruit has documented its assessments and action
plans in publicly-available grower case studies
(www.worldwidefruit.co.uk/sustainability). This has
seen Worldwide Fruit continue its engagement with
South American suppliers in 2023 by creating greater
awareness of the water challenges faced, lessons
learned and showcasing examples of actions growers
are taking to use water more sustainably.
In 2024, Worldwide Fruit will participate in WRAP’s
three-year long collective action project in Peru,
joining forces with existing activities already underway
in priority areas to efficiently pool resources and avoid
duplication of effort.
Adopting compostable labels
They are bright, colourful and provide a wealth of
information about the variety, brand, origin and price
of fruit and vegetables, but it’s fair to say Price Look
Up Labels (PLUs) also pose a tricky challenge.
Their specifications are demanding. They must
adhere to freshly picked produce, survive in cold store
conditions and stay in place when individual pieces
of fruit pass through a checkout scanner. Finally,
they need to break down when they meet the right
combination of moisture, heat and time.
This final requirement is difficult, and while we
successfully transitioned to industrial compostable
PLUs for apples in Europe last year, testing home
compostable options remains a work in progress.
The sticking point is not the label, but the
adhesive, with global manufacturers continuing
to develop a sustainable option suited to home
composting situations. We are working with our
label manufacturers and the wider industry to test
global options. In 2023, our Aotearoa New Zealand
domestically sold produce began a transition
programme to home compostable labels, in line with
local regulations. The aim is to be using fully certified
home compostable PLUs by July 2025.
Regenerative agriculture
Since 2022, T&G has been working with Zespri and Plant & Food Research, with partial funding from the New Zealand
Government’s Ministry for Primary Industries, on a regenerative horticulture project. Regenerative horticulture and
farming have attracted a lot of interest, but it’s important to understand and define what regenerative practices are and
their effectiveness in an Aotearoa New Zealand context. The research, over four stages, will help us better understand
regenerative farming practices and opportunities to further refine our sustainable growing practices.
As part of this project, on a trial block, this year we planted a regenerative seed mix aiming to benefit soil quality, retain soil
carbon and reduce mowing along with related emissions.
5859
OUR PROGRESS

Te Horo School
Fresh produce in schools earns big tick
Fruit & Vegetables in Schools provides daily
fresh produce to children in schools in low
socio-economic areas across Aotearoa New
Zealand. After a successful pilot in 2004, it
has grown to cover 566 schools in 21 regions,
bringing over 27 million servings of fresh fruit
and vegetables to over 120,000 children and
school staff.
T&G Fresh provides fresh produce for 285
schools in the programme, which is funded by
Te Whatu Ora and organised by United Fresh
New Zealand Incorporated.
Fresh fruit and vegetables are our entire
business, so we’re naturally believers in a
programme which encourages children and
their families to eat more in the interests
of good health. This year an independent
evaluation of the initiative has fully confirmed
its effectiveness.
The clear message from principals was
Fruit & Vegetables in Schools remains
the most effective initiative at supporting
a healthy school environment. It is highly
regarded by students and teachers,
integrates well into the school day and
supports healthy behaviours.
The evaluation also confirmed that it meant
a lot to families, given the rising cost of
living. Comments included “it relieves stress
knowing children get fruit every day at school”
and “if Fruit & Vegetables in Schools ended it
would be absolutely disastrous for our kids”.
Ninety-five percent of principals said
the quality of the produce from Fruit &
Vegetables in Schools was good or great,
and the evaluation found schools went to
considerable lengths to ensure the
fruit and vegetables were not wasted,
including teaching children preserving and
stewing produce.
Modern slavery
Worker exploitation and modern slavery can take many forms,
ranging from breaches of minimum employment standards to
more controlling and coercive behaviour. While we are confident
that the risk is very low in our Aotearoa New Zealand operations,
we also recognise modern slavery exists in the world and cannot
be ignored.
The issue is complex, because we have operations, including
partnerships, in multiple geographies.
This year, guided by the United Nations Guiding Principles on
Business and Human Rights and continuing our work with a
specialist human rights consultancy, we conducted due diligence
across our global value chain to identify and assess where
potential risks could be. We also completed a gap analysis across
our approach to human rights management. From this, we’ve
developed a roadmap for the next two years which will further
strengthen our response and engagement with suppliers.
Our intention is to establish a working group in 2024 to carry
this work forward, including the development of a Human Rights
Policy. At the same time, we will continue to closely monitor
whether the New Zealand Government progresses with proposed
Modern Slavery and Worker Exploitation Supply Chain Legislation.
Regardless of any legislation, it's important we undertake this
work to safeguard our team and the people within our global
value chain, and to meet the expectations of our customers and
consumers globally.
Responsible partnerships
Healthy communities
Our produce
6061
OUR PROGRESS

Growing great gardeners (and eaters)
With our purpose of growing healthier futures, there
was no hesitation a decade ago when we thought
about supporting the Garden to Table Trust.
Its values are closely aligned to our own and we have
been proud to be part of its hands-on learning in
around 300 primary schools across the country, with
over 30,000 children growing and cooking over a
million meals a year.
We’re confident that we’ve grown a crop of
great gardeners over the past 10 years, as well
as enthusiastic cooks and consumers
knowledgeable about turning their produce
into tasty, nutritious meals.
Since 2013, the number of schools involved has
increased from 21 to 300 and demand continues
to grow. The Trust’s ambition is growing as big as
its impact in schools, and it is now sowing the
seeds of growing and eating fresh produce in the
preschool generation.
Its new initiative into early childhood education
(ECE) will see tamariki between the ages of two
and five learn to grow, harvest and cook fruit and
vegetables in a tailored programme that links to the
ECE curriculum.
As the Trust sees it, getting young children
gardening and cooking is an investment in their
future and it will bring diverse dividends. These
include helping to achieve longer term health, social,
economic and environmental benefits for tamariki,
whānau and hapori.
To mark the expansion of Garden to Table’s
programme, a team of T&G volunteers joined the
charity at Colwill Kindergarten in Auckland to build
their first garden beds and plant seedlings along
with the kids.
JAZZ™ Apple Foundation
An apple a day keeps the doctor away, and at T&G’s United Kingdom subsidiary,
Worldwide Fruit, the importance of a healthy balanced diet and lifestyle is the
purpose behind its JAZZ™ Apple Foundation.
Established in 2014, the Foundation is one of the ways it supports young people in
the community by providing financial support to sports teams, aspiring athletes,
mental health charities and youth groups.
The Foundation has awarded 176 grants, worth a total of £23,000, which has
benefited over 50,000 people.
In 2023, over 19 applicants successfully secured funds to help with their school
football kits, sports equipment, and entry and travel costs. This included
Tottenham Kickboxing Association Juniors, in London, who received money to
help buy new boxing gloves and pads.
6263
OUR PROGRESS

Growing our supply to those in need in the UK
Worldwide Fruit’s highly valued partnership with
the United Kingdom’s The Bread-and-Butter Thing
(TBBT) charity continues to grow in strength and
scale, with 349,338 kilograms of surplus edible fresh
produce redistributed through TBBT in 2023.
Since the partnership was established in 2021,
Worldwide Fruit has supplied over 886 tonnes of
produce to TBBT, who operate a network of 111 food
hubs across the country, delivering nutritious food to
low-income families, as well as school lunches and
community groups.
This season, some of Worldwide Fruit's fruit partners
including Chandler & Dunn, Figgis Farms, CE Murch
and AJ Bray, supplied over 230,000 kilograms of
apples to TBBT and an additional charity, FareShare.
The partnership follows a pilot in 2021 where
Chandler & Dunn successfully harvested 160,000
surplus apples by doing a final pick from its orchards
for the sole purpose of redistribution. Worldwide
Fruit and its partner growers have now embedded
this into standard operating procedures meaning
the charities can expect to receive the final crop
each season.
Fresh produce fast for food hubs
It’s an old proverb, but “waste not, want not” is the driving philosophy of the New
Zealand Food Network (NZFN). Since their formation in 2020, the network has
distributed 23,037,680 kilograms of food, or 61,164,050 meal equivalents and
supported 65 food hubs. They’ve also prevented 37,815,978 kilograms of CO
2

equivalent emissions.
T&G Fresh is a founding member of NZFN which receives and manages bulk
surplus food and redistributes it to charities, foodbanks and iwi to help vulnerable
communities. In 2023, NZFN ensured 9,486 tonnes of food (equivalent to
25,669,462 meals) reached people in need. It is all good quality kai, where
something such as labelling, packaging, surplus production, a cancelled export
order or reduced shelf life means it cannot be sold.
This year, we channelled some 876 tonnes of edible fresh fruit and vegetables
which did not have a commercial home to NZFN. This included edible green
tomatoes, which food hubs made into chutneys and sauces.
In addition to donating surplus produce to the network, this year T&G purchased
more than $120,000 worth of fresh produce to supplement our in-kind donations.
This included support in the aftermath of the Auckland Anniversary weekend
floods and Cyclone Gabrielle, where NZFN played an essential role in getting
crucial support to those most impacted.
In 2023, we made the decision to wind up T&G’s Fairgrow charity. Established in
2020, Fairgrow was aggregating surplus and donated fruit and vegetables from
across our business, as well as some of our independent growers, for donation
to NZFN. The decision to wind the charity up has no impact on our partnership
with NZFN or our commitment to donate all surplus fresh produce without a
commercial home; all it does is simplify our internal processes and systems.
6564
OUR PROGRESS

Carol Campbell
Independent Director
Ralf Tobias Priske
Non-Independent Director
Andreas Helber
Non-Independent Director
Marcus Pöllinger
Non-Independent Director
Rob Hewett
Independent Director
Benedikt Mangold
Chair and Non-Independent Director
Benedikt Mangold joined the BayWa
Group in 2011 and is CEO of BayWa
Global Produce GmbH - Munich,
which is the majority shareholder of
T&G Global Ltd. Prior to this position,
Mr Mangold spent three years in
New Zealand working for T&G as an
export trader before moving into the
role of Head of Strategic Planning and
Transformation at T&G’s International
Business Unit.
In June 2021, the T&G Board of
Directors appointed Mr Mangold as
Chair. He is also a Director of Profruit
Investments (Pty) Ltd - Tzaneen and
Chair and Director of BayWa Obst
GmbH & Co. KG - Kressbronn.
Board committee:
Chair of the Sustainability Committee.
Andreas Helber has been BayWa’s
Chief Financial Officer since 2010. Mr
Helber began his career at KPMG in
Munich where he qualified as a tax
consultant and auditor.
Mr Helber is a member of the
supervisory boards of a number of
private and listed companies including
R+V Allgemeine Versicherung
AG - Wiesbaden, BayWa Global
Produce GmbH and BayWa r.e. AG in
Munich, RWA Raiffeisen Ware Austria
AG - Vienna, and Cefetra Group
B.V. – Rotterdam.
Board committee:
Member of the Finance, Risk and
Investment Committee.
Rob Hewett is Chair and Director of
Silver Fern Farms Ltd, Silver Fern
Farms Co-operative Ltd, Farmlands
Co-operative Trading Society Ltd,
Hilton Haulage Ltd, Pioneer Energy
Ltd, Woolscour Holdings Ltd, Fern
Energy Ltd and Hewett Farm Ltd.
He is a Director of Pulse Energy Ltd
and Cross Docks Australia Pty Ltd.
Mr Hewett is a member of the Ministry
for Primary Industries think tank
Te Puna Whakaaronui.
He holds a master’s degree in
Commerce and Marketing (Hons),
a BCom (Ag) Economics and is a
Chartered Fellow of the New Zealand
Institute of Directors. Mr Hewett won
the 2019 Outstanding Contribution to
New Zealand Co-operatives award and
the 2023 Chairperson of the Year at
the Deloitte Top 200 awards.
Board committees:
Chair of the Human Resources Committee,
Member of the Finance, Risk and
Investment Committee.
Marcus Pöllinger joined the BayWa
Group in 2008 and was appointed CEO
of BayWa AG on 1 April 2023. Mr
Pöllinger has held various management
positions at the Group including head
of BayWa AG’s Building Materials
business division since 2015, Senior
Executive Vice President of BayWa
AG from 2017 – 2018 and has been
a member of BayWa’s Board of
Management since 1 November 2018.
Mr Pöllinger is a graduate in business
administration, having completed his
professional training in Munich, London
and Sophia Antipolis (France). Mr
Pöllinger is the Chair of the supervisory
boards of BayWa Global Produce
GmbH - Munich, and Cefetra Group
B.V. - Rotterdam and a member of the
supervisory boards of BayWa r.e. AG –
Munich and RWA Raiffeisen Ware
Austria AG - Vienna.
Tobias Priske started working for
BayWa in 1998 as a member of
the legal department providing
advice to the various branches of
the company and had a leading role
in the acquisition of the majority
of the shares of T&G by BayWa in
2012. From 2013 to 2015 he worked
for the renewable energy sector of
the BayWa Group as Deputy Legal
Counsel focusing on establishing the
renewable energy business in the US.
In July 2015 Mr Priske was appointed
as BayWa AG’s Company Secretary.
Mr Priske is a Director of BayWa Agrar
Beteiligungs GmbH – Munich and
Cefetra Group B.V. – Rotterdam and
also Company Secretary of BayWa
Global Produce GmbH – Munich, and
BayWa Canada Ltd - Vancouver.
Board committees:
Member of the Human Resources
Committee and the Sustainability
Committee.
Carol Campbell has extensive finance
experience and a sound understanding
of effective Board Governance. She
was a partner at Ernst & Young for over
25 years and has been a professional
Director for over 10 years.
Mrs Campbell is Chair and Director
of NZ Post Ltd. She is also a Director
and Chair of the Audit and Risk
Committees of NZME Ltd, Asset Plus
Ltd and Chubb Insurance New Zealand
Ltd. Mrs Campbell is also a Director of
a number of other private companies.
She has a Bachelor of Commerce from
Auckland University, is a Fellow of
the Chartered Accountants Australia
and New Zealand, a Chartered Fellow
of the Institute of Directors and a
member of the Disciplinary Tribunal
of New Zealand Institute of Chartered
Accountants.
Board committees:
Chair of the Finance, Risk and
Investment Committee, Member of the
Human Resources Committee and the
Sustainability Committee.
Board of Directors
6667
GOVERNANCE

Shane Kingston
Director International Sales & Marketing
Adrienne Sharp
Head of Corporate Affairs
Monique Mallon
Director IT
Doug Bygrave
Chief Financial Officer
See full bios
Craig Betty
Director Operations
Heather Kean
Director People & Culture
Rod Gibson
Managing Director T&G Fresh
Gareth Edgecombe
Chief Executive Officer
Executive team
6869
GOVERNANCE

Corporate governance
The Board is the governing
body of T&G Global Limited
(the Company) and its
subsidiary companies.
Board membership
Conduct of the Board
Role of the Board
The Board is responsible to shareholders
for the performance of T&G, which
includes setting the objectives and the
strategies for achieving those objectives,
identifying significant areas of business
risk and implementing policies to deal
with those risks, setting the overall
policy framework and monitoring the
continuing performance of T&G and its
management. The Board also ensures
that procedures are in place to provide
effective internal financial control.
Responsibility for the day-to-day
management of T&G is delegated by
the Board to the Chief Executive Officer
(CEO). The Board is committed to act
with integrity and expects high standards
of behaviour and accountability from all
staff members.
There are no Executive Directors across the Board but a broad mix of skills and industry experience relevant to the
guidance of T&G’s businesses. The Board believes that it is important to have a Board consisting of members with
diverse backgrounds, experience and skills. Mrs C.A. Campbell and Mr R.J. Hewett are Independent Directors for the
purposes of the NZX Listing Rules.
Each year the Board considers the independent status of the Independent Directors and has determined that Mrs
C.A. Campbell and Mr R.J. Hewett continue to be independent. The Board has also considered the tenure of Mrs C.A.
Campbell and agreed that this does not affect her independent judgement on any issues before the Board or in her
ability to act in the best interests of the Company and represent the best interests of all shareholders.
The table below summarises the current key skills and experience of the Board.
The Board has adopted a formal Code of Ethics which sets out the expected standards of professional conduct of
its members.
The Board meets at regular intervals and conducts its affairs to ensure matters can be discussed openly, frankly and
confidentially. Any potential conflicts of interest relating to Directors are identified and disclosed. Affected Directors are
usually not permitted to vote on any related matter where a conflict exists.
The Board operates a code of conduct that forbids Directors and other affected parties to deal in the Company’s shares
at any time when they are in possession of insider information and during periods which are deemed by the Board to be
‘closed’ periods. These closed periods customarily include the end of the six and 12 month reporting cycles, and until
such time as profit announcements have been publicly disclosed. Closed periods include any additional period when the
Board is engaged in matters that are likely to have an impact on the market value of the shares.
Board skills
and experience
Benedikt
Mangold
Marcus
Pöllinger
Andreas
Helber
Tobias
Priske
Carol
Campbell
Rob
Hewett
Strategy and
leadership
Accounting
and audit
Market and industry
Governance and risk
management
Health and safety
Climate change and
sustainability
Stakeholder relations
High capability
Medium capability
KEY
GOVERNANCE
7071

Board access to advice
The Board has established a procedure whereby Directors and Board Committees have the right, in connection with their
duties and responsibilities, to seek independent professional advice at the Company’s expense, with the prior approval of
the Chair.
Independent professional advice includes professional legal and financial advice, but excludes any advice on the personal
interests of a Director. The Board regularly invites key managers and Executives to attend and present at Board meetings,
and interaction with Directors is routinely encouraged.
Risk identification and management
T&G has adopted a system of internal control, based on written procedures, policies and guidelines. To reinforce
this, an internal audit function exists that reports to the FRIC.
The Board acknowledges that it is responsible for the overall internal control framework. In discharging this
responsibility the Board has in place a number of strategies designed to safeguard T&G’s assets and interests and to
ensure the integrity of reporting.
Procedures are in place to identify areas of significant business risk and to remediate and effectively manage those
risks. As required, the Board obtains advice from external advisors.
While the Board acknowledges that it is responsible for the overall control framework of T&G, it recognises that no
cost effective internal control system will preclude all errors and irregularities.
Directors’ and officers’ insurance
T&G has arranged directors’ and officers’ liability insurance covering Directors acting on behalf of T&G. Cover is for
damages, judgements, fines, penalties, legal costs awarded and defence costs arising from wrongful acts committed
while acting for T&G.
The types of acts that are not covered are dishonest, fraudulent and malicious acts or omissions; wilful breach of
statute, regulations or duty to the Company; improper use of information to the detriment of T&G; and breach of
professional duty.
Tax strategy and governance
T&G’s tax strategy has been developed in line with its commitment to operate in a manner that is
fair, honest, ethical and legal, and the acknowledgment that collecting and paying tax is an important
contribution to society. In line with this, T&G’s tax strategy encompasses the following principles:
Risk and reputation
■ Effectively managing tax risks and opportunities
by operating within a framework of prudent and
proactive tax risk management and high-quality
tax governance procedures, giving consideration
to T&G's reputation.
■ Ensuring tax positions are at least more likely
than not to be correct and are supported by well-
reasoned and documented conclusions. External
advice and/or certainty on tax positions is sought
from tax authorities where appropriate.
Business partnering
■ Partnering with the business to facilitate
growth and development of the Group’s
business activities.
■ The tax team works with the business on
all significant business decisions to ensure
these align with T&G’s tax principles and any
tax positions are underpinned by a genuine
commercial rationale.
Positive tax authority relationship
■ Developing a positive working relationship
with tax authorities by having an open, honest
and proactive approach and making voluntary
disclosures where incorrect tax positions are
unintentionally taken. Should any dispute arise
regarding the interpretation and application
of tax law, T&G is committed to addressing
the matter promptly with the tax authority and
resolving it in an open and constructive manner.
■ Participating in the development of tax policy
where appropriate.
Compliance
■ Meeting all relevant statutory tax obligations,
ensuring integrity in the reported tax disclosures,
and making tax payments accurately and on
time, in each jurisdiction in which T&G operates.
■ T&G implements this strategy through T&G’s
Tax Risk Management Policy and T&G’s Tax
Operating Model Guideline, together the Tax
Control Framework, which have been designed
to provide a framework for tax risk management
and control processes. All T&G employees must
adhere to the Tax Strategy Policy and the Tax
Control Framework.
Interests register
The Company and each subsidiary of the Company are required to maintain an interests register in which particulars of
certain transactions and matters involving the Directors must be recorded. The interests registers for the Company and its
subsidiaries are available for inspection at its registered office. Details of all matters that have been entered in the interests
register of the Company by individual Directors during the year are outlined in the statutory information section of these
accounts, and should be read in conjunction with the individual Directors’ profiles.
T&G management structure
T&G’s organisational structure is focused on its five business divisions being Apples, T&G Fresh, International Trading,
VentureFruit® and Other Business. These operations are managed separately with direct reporting to the CEO and to the
Board which exercises overall control.
Board Committees
The Board has three constituted Committees, the Finance,
Risk and Investment Committee (FRIC), the Human
Resources Committee (HRC) and the Sustainability
Committee (SC), all of them operating under Board
approved charters.
The FRIC meets four times per year and is responsible for
all matters related to the financial accounting and reporting
of the Company, risk management and the monitoring and
appraisal of investment activities.
It ensures that effective systems of accounting and internal
control are established and maintained, overseeing internal
and external audit, and liaising with T&G’s independent
auditors.
This Committee is chaired by Mrs C.A. Campbell, and
comprises Mr R.J. Hewett and Mr A. Helber. The FRIC
members also meet separately with the auditors as
required.
The HRC is responsible for reviewing, approving and
monitoring T&G’s Health and Safety Policy, Strategy,
Annual Plan and programme of work. This ensures the
health and safety of all those who work for or come into
contact with T&G. Additional responsibilities include
ensuring that the remuneration strategy, policies and
practices reward fairly and responsibly with a clear link to
T&G’s strategic objectives and corporate and individual
performance; and assisting the Board in succession
planning for the CEO and senior management positions
which identifies and targets individuals for development.
This Committee meets at least four times per year and
comprises Mr R.J. Hewett (Chair), Mrs C.A. Campbell and
Mr R.T. Priske.
Established in 2023, the SC oversees T&G’s sustainability
framework and climate strategy, targets, scenarios,
climate-related risks and opportunities, as well as the
Company’s sustainability and Climate-related Disclosures.
The Committee meets at least three times per year, and
comprises Mr B.J. Mangold (Chair), Mrs C.A. Campbell
and Mr R.T. Priske.
The Board has not at this stage established a Nominations
Committee owing to a belief that Director appointments
are of such significance that they should be a direct
responsibility of the full Board. This matter is kept
under review.
GOVERNANCE
7273

Statutory information
Auditors
Deloitte Limited has continued to act as the principal
auditor of T&G and has undertaken the audit of the financial
statements for the year ended 31 December 2023.
The current year total remuneration spread takes
into account the impact of exchange rate movements
on employees paid in foreign currencies.
As Chair of the Board of T&G Insurance Limited, Mrs C.A.
Campbell received additional Director remuneration of
$20,000 in 2023.
Mr. M.A. Pöellinger did not receive any Director’s
remuneration in 2023, in line with BayWa’s Subsidiary
Board Directorship Policy.
There have been no changes to the Director fee pool of
$500,000 set in July 2004.
Directors of T&G
Global Limited
Director Fees
in $’000
Committee
Work in $’000
B.J. Mangold 495
C.A. Campbell 10032.5
A. Helber 3910
R.J. Hewett 10030
R.T. Priske 3912.5
12 months to 31 December 2023
$’000 NZD
equivalent
20232022
100-1104243
110-1203031
120-1304238
130-1402931
140-1503525
150-1601725
160-1701515
170-1801512
180-190711
190-200612
200-210710
210-22085
220-23088
230-24091
240-25067
250-26031
260-27022
270-28014
280-29063
290-30021
300-31022
310-32041
320-33033
330-3401-
340-35011
350-3601-
360-3701-
390-40011
400-410-1
420-4301-
430-440-1
440-450-2
460-47011
470-48013
490-5001-
530-5402-
540-5501-
560-5701-
620-630-1
770-7801-
1,130-1,1401-
1,180-1,190-1
Total314303
12 months to 31 December 2023
Directors and officers composition
At 31 December 2023 the gender composition of T&G’s
Directors and officers was as follows:
GenderMaleFemale
Directors51
Officers4029
Employee remuneration
T&G paid remuneration including benefits in excess of
$100,000 to employees (other than Directors) during the
12 months.
CEO remuneration
The CEO remuneration consists of fixed remuneration,
short-term incentive and long-term incentive.
Fixed remuneration
Mr Edgecombe received remuneration of $1,130,447
during the 2023 Financial Year. This amount includes
employer KiwiSaver contributions, a vehicle allowance
and a long-term incentive payment. His base salary for
2023 was $1,008,000.
Short-term incentive
Subject to the achievement of profitability targets set by
the Board at the start of each year, Mr Edgecombe will be
entitled an annual bonus of up to 40% of base salary. This
bonus can be over and underachieved with a maximum
payment of 150%.
Long-term incentive (LTI)
Mr Edgecombe is entitled to participate in a LTI scheme set
by the Board, based on an earnings before interest and tax
growth plan. The fulfilment of 100% of the goals under the
scheme will entitle Mr Edgecombe to a LTI payment of 50%
of his base salary.
Since 2020, the LTI payment partially vests in year three
(50%) and closes out in year five (50%). No bonus will
be paid if the achievement rate is less than 50% and the
maximum amount is capped at 150%.
Directors shareholdings
As at 31 December 2023, no current Directors or parties
associated with current Directors held ordinary shares
(2022: nil). There were no share transactions during the
year ended 31 December 2023 in which Directors held
‘relevant interests’. There is no requirement for Directors to
hold shares in the Company.
BayWa Aktiengesellschaft 90,671,206
Wo Yang Limited 24,496,386
Indemnification and insurance of
Directors and Officers
The Company indemnifies all Directors named in this
report, and current and former executive officers of
T&G against all liabilities (other than to the Company or
members of T&G) which arise out of the performance
of their normal duties as Director or executive officer,
unless the liability relates to conduct involving lack
of good faith. To manage this risk, T&G has indemnity
insurance.
Information used by Directors
No member of the Board of the Company, or
any subsidiary, issued a notice requesting to use
information received in their capacity as Director which
would not otherwise have been available to them.
Interested transactions
No Directors disclosed the existence of any
transactions with T&G during the 12 months in which
they held an interest.
Substantial shareholders
The following information is given pursuant to Section
26 of the Security Markets Act 1988. The following
parties are recorded by the Company as at 31
December 2023 as substantial security holders in the
Company, and have declared the following relevant
interest in voting securities under the Securities
Markets Act 1988:
The total number of voting securities issued by the
Company as at 31 December 2023 was 122,543,204.
Directors’ loans
No Director is in receipt of any loans from T&G.
Directors’ remuneration
The following persons held office as Director during the
year. Remuneration paid or accrued included incentive
payments, vehicles, superannuation and other benefits,
where applicable. On top of fees, Directors also receive an
annual travel allowance of $1,000. Directors are not entitled
to receive payment in the form of share options.
GOVERNANCE
7475

NameUnits
% of issued
capital
BayWa Global Produce GmbH90,671,20673.99%
Wo Yang Limited 24,496,38619.99%
Bartel Holdings Limited 1,319,1541.08%
Citibank Nominees (New Zealand) Limited 903,5900.74%
HSBC Nominees (New Zealand) Limited392,7360.32%
New Zealand Depository Nominee Limited 292,2100.24%
Tribal Nominees Limited 219,6610.18%
R.J. Turner, C.E. Turner, Redoubt Trustees Limited
& Evans Pennell Trustees Limited
202,6890.17 %
S.A. McCabe131,1810.11%
J. Backhouse 128,0510.10%
Tribal New Zealand Traders Limited 108,3740.09%
L.R. Hotham101,4820.08%
M.F. Waite 100,8020.08%
S.J. Turner, C.M. Turner & D.H. Turner 100,0000.08%
P.J.S. Rowland93,5070.08%
Aotearoa Rental Enterprises Limited 88,0260.07%
M.C. Goodson, D.D. Perron, Goodson & Perron Independent Trustee
Limited
79,3390.06%
FNZ Custodians Limited 67,5550.06%
R.M. Scott 63,4940.05%
Accident Compensation Corporation 58,9330.05%
Total119,618,37697.62%
RangeTotal holders% of total holdersUnits
% of issued
capital
1 to 4998113.97%18,3730.01%
500–9998314.31%60,6680.05%
1,000–1,99912321.21%167,0630.14%
2,000–4,99911620.00%351,4850.29%
5,000–9,9996911.90%470,2500.38%
10,000–49,9998514.65%1,694,0951.38%
50,000–99,99991.55%613,7480.50%
100,000–499,999101.72%1,777,1861.45%
500,000–999,99910.17 %903,5900.74%
1,000,000 and above30.52%116,486,74695.06%
Total580100%122,543,204100%
LocationTotal holders% of total holdersUnits
New Zealand 55495.54%6,337,701
Australia 172.93%950,674
Hong Kong 20.34%24,497,644
Germany 20.34%90,703,154
Singapore 20.34%40,432
Malaysia 10.17 %11,716
Canada10.17 %1,000
United States of America10.17 %883
Total580100.00%122,543,204
20 largest shareholdersDomicile of shareholders
Spread of security holders
as at 31 December 2023as at 31 December 2023
as at 31 December 2023
GOVERNANCE
7677

GOVERNANCE
7879
Independent
Auditor’s Report
To the Shareholders of T&G Global Limited
We have audited the consolidated financial statements of T&G Global Limited and its subsidiaries (the
‘Group’), which comprise the consolidated balance sheet as at 31 December 2023, and the consolidated
income statement, statement of comprehensive income, statement of changes in equity and statement of
cash flows for the year then ended, and notes to the consolidated financial statements, including material
accounting policy information.
In our opinion, the accompanying consolidated financial statements, on pages 82 to 156, present fairly,
in all material respects, the consolidated financial position of the Group as at 31 December 2023, and its
consolidated financial performance and cash flows for the year then ended in accordance with New Zealand
Equivalents to International Financial Reporting Standards (‘NZ IFRS’) and International Financial Reporting
Standards (‘IFRS’).
Opinion
Key audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the consolidated financial statements of the current period. These matters were
addressed in the context of our audit of the consolidated financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matters
We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
We are independent of the Company in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and
the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (including International Independence Standards), and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
Other than in our capacity as auditor, and other assurance services provided relating to solvency return
for the captive insurer, limited assurance over the Group's scope 1 and 2 greenhouse gas emissions,
a gap analysis for Climate-related Disclosures and, the provision of non-assurance services to the
Corporate Taxpayers Group of which the Group is a member, we have no relationship with or interests in
the Company or any of its subsidiaries. These services have not impaired our independence as auditor
of the Company and Group.
Basis for opinion
We consider materiality primarily in terms of the magnitude of misstatement in the financial statements
of the Group that in our judgement would make it probable that the economic decisions of a reasonably
knowledgeable person would be changed or influenced (the ‘quantitative’ materiality). In addition, we also
assess whether other matters that come to our attention during the audit would in our judgement change or
influence the decisions of such a person (the ‘qualitative’ materiality). We use materiality both in planning the
scope of our audit work and in evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be $8.0 million.
Audit materiality
Key audit matterHow our audit addressed the key audit matter
Biological asset valuations (Note 8)
The Group’s Biological Assets of $28.3 million (2022: $27.6
million) predominantly represent produce such as apples,
tomatoes, citrus fruits and blueberries, growing on bearer
plants (e.g., trees and vines) at balance date.
Biological assets are measured at fair value less estimated
point-of-sale costs. This is calculated by the Group using
discounted cash flow models.
The valuation of biological assets is a key audit matter due to
the subjective judgements and assumptions in the valuation
models, many of which are specific to the location of the
asset and therefore unobservable in the market. These
unobservable inputs and assumptions include the forecast
production per hectare per annum by weight, prices expected
to be received, costs expected to be incurred and a discount
rate reflecting the risks inherent in the crops.
Cyclone Gabrielle resulted in damage to apple orchards
primarily in the Hawkes Bay region of New Zealand during
2023 which also impacts the forecast production per hectare
assumption for apples.
The discount rate takes into account the risk of unknown
adverse events including natural events, the possible impact
of diseases and other adverse factors that may impact on the
quality, yield or price.
We held discussions with management to understand if there
were changes in market or environmental conditions, or
other risks inherent in the current crop valuations.
Our audit procedures were focused on the higher value
biological assets, or where in our professional judgement
there is a greater level of uncertainty associated with the cash
flow forecasts.
We engaged our internal valuation specialist to consider
whether the valuation methods applied were reasonable.
We compared the forecast production per hectare, forecast
prices, and forecast costs to the approved budgets for the
relevant fruit growing activities, and assessed the historical
accuracy of the Group’s forecasts. We checked that impacts
of Cyclone Gabrielle on the forecast production have been
taken into account in the valuation of apples.
With input from our internal valuation specialist we assessed
the discount rates assumed in the model and evaluated
changes from the prior year.
We also performed a sensitivity analysis to assess the impact
that a change in the discount rate would have on the valuation
of the biological assets.
We checked the mechanical accuracy of the discounted cash
flow models.
Property, plant & equipment valuations (Note 10)
Commercial and orchard land, improvements, and buildings
(‘land and buildings’) of the group amounting to $223.2
million (2022: $186.6 million) are measured at fair value less
accumulated depreciation and impairment losses at balance
date. Revaluations are performed with sufficient regularity
to ensure that the carrying amount does not differ materially
from the fair value.
Due to the impacts of Cyclone Gabrielle during the year,
orchard land and improvements were valued at 30 June
2023. A desktop valuation was prepared to 31 December
2023 indicating that the 30 June 2023 fair values remained
appropriate. Commercial land and improvements and
buildings were valued at 31 December 2023.
As disclosed in Note 10, land and buildings were valued using
a combination of market comparison, income capitalisation,
and depreciated replacement cost methodologies.
The valuation of land and buildings is a key audit

matter because changes to key assumptions used in
the valuation methods could have a material impact on
the carrying amount of land and buildings, with changes
recognised in either other comprehensive income or

profit or loss, as appropriate.
Our procedures have focused on the appropriateness

of the valuation methodologies and the reasonableness of
the underlying inputs and assumptions.
We obtained an understanding of the Group’s process for
valuing the land and buildings.
We evaluated the independence and competence of the
Group’s external valuers engaged to perform the valuation

of land and buildings.
On a sample basis:
■ We considered whether the underlying assumptions used
by the external valuers were consistent with our knowledge
of the properties in their specific locations, and impacts of
Cyclone Gabrielle.
■ We compared comparable sales data used in the valuations
to independent sources; and
■ We compared capitalisation rates used, as applicable,

to market reports to check that those rates reflected
market trends.
We also performed sensitivity analysis to assess the
robustness of the methods used by the Group’s external
valuers on valuation of the land and buildings.
We challenged whether any assumptions in the 31 December
2023 desktop valuation for orchard land and improvements
should change from the 30 June 2023 external valuation.