Half Year Results 2024

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Updated as at June 2023

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Results for announcement to the market
Name of issuer T&G Global Limited and subsidiary companies
Reporting Period 6 months to 30 June 2024
Previous Reporting Period 6 months to 30 June 2023
Currency New Zealand Dollar
Amount (000s) Percentage change
Revenue from continuing
operations
$820,080 7%
Total Revenue $820,080 7%
Net profit/(loss) from continuing
operations
($21,426) (21%)
Total net profit/(loss) ($21,426) (21%)
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend proposed
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$3.37 $3.86
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Please refer to the financial commentary and unaudited condensed
interim financial statements attached as part of this announcement.

Authority for this announcement
Name of person

authorised to
make this announcement
Doug Bygrave

Contact person for this
announcement
Doug Bygrave

Contact phone number
+64 9 573 8899

Contact email address
Doug.Bygrave@tandg.global

Date of release through MAP

9 August 2024

Unaudited financial statements accompany this announcement.

---

MARKET UPDATE

9 August 2024

T&G Global reports its 2024 interim results

At a glance

• Revenue: $820.1 million, up from $765.3 million
• Operating loss: $2.6 million, compared to a loss of $11.6 million
• Net loss before tax: $8.2 million, compared to a loss of $21.4 million
• Net loss after tax: $18.6 million, compared to a loss of $15.7 million

T&G Global today released its interim results for the six months ending 30 June 2024 which show
solid progress delivering its strategy as the Company continues to recover from the impact of
Cyclone Gabrielle.

Total revenue for the Group increased 7% to $820.1 million, compared to $765.3 million in the prior
year. Operating loss was $2.6 million, compared to a loss of $11.6 million in 2023, and there was a
loss before income tax of $8.2 million compared to a loss of $21.4 million in the year prior. Net loss
after tax for the period was $18.6 million, including a tax expense of $10.4 million. Tax expense as
of 30 June 2024 includes a one-off, non-cash adjustment for deferred tax on buildings of $12.7
million, which relates to New Zealand Government legislation changes.

Chief Executive Officer Gareth Edgecombe said, “Over the last five years, significant investment
and mahi has gone in to building the foundations for our future growth. In the first half of the year,
we’ve seen the benefits of this as we navigated and adjusted to the economic conditions and made
progress executing our strategy. It has however been a slower than expected start to the year.

“This season’s apples are high quality, with great flavour and storability, however the lingering
impact of Cyclone Gabrielle has reduced this season’s Hawke’s Bay apple volumes. While this is
commensurate with the industry-wide experience, it has impacted our financial results. We have
also experienced weak fruit and vegetable pricing in the domestic market due to plentiful supply
combined with subdued consumer sentiment.”

Notwithstanding this, T&G’s Apples business increased its revenue 14% to $589 million, compared
to $518 million in 2023.

“Our Apples strategy is focused on growing great brands and winning in key global markets and
we’ve invested significantly in the building blocks for our growth. In the last six months, it’s been
great to see the maturing of our Apples strategy,” says Mr Edgecombe.

“It’s the first full season for our new, highly automated Whakatu packhouse and it’s operating at
planned efficiency levels – and continuing to improve. In the coming years we expect it to be a
strong contributor to profitability as apple volumes increase. Likewise, our appointment of Kotahi to
procure ocean freight has enabled us to realise savings and logistical efficiencies.

“To meet growing global consumer demand for our premium apples, we operate a dual
hemisphere, multi-country growing strategy, and our 2023/24 North American ENVY™ apple crop
was high quality. The brand is holding up exceptionally well in the challenging United States
domestic market, with it outperforming other premium brands in both pricing and sales. In Asia, the
crop experienced strong sales, and we expect this momentum to continue now that we’ve
transitioned across to Aotearoa New Zealand-grown apples.”

Revenue in T&G’s Australasian business, T&G Fresh, decreased to $218 million, compared to
$232 million in 2023. This was largely due to it being a difficult trading period in Aotearoa New
Zealand with low demand and soft prices, and whitefly impacting tomato volumes.

“While the local market was challenging, given weak consumer sentiment coupled with plentiful
supply, our Fijian and Pacific Islands business continued to trade well.

“In Australia, initial production is coming online at our 20 hectare Queensland berry farm, which is
planted with unique blueberry varieties licensed by our VentureFruit® business. These berries are
outstanding performers in terms of their size, flavour, colour and shelf life. While it’s early in the
season, signs are positive for a high yield and strong prices.

“We’ve also made excellent progress with our expansion of the farm, where we’re planting an
additional 20 hectares of berries. We expect this to be completed by year end.”

T&G’s VentureFruit® business saw its revenue decrease to $4 million, compared to $5.3 million in
the comparable period. While licensing revenue was reduced given the macro-economic
environment, new licensed plantings in Aotearoa New Zealand, the United States and China
demonstrate continued strong demand for T&G’s premium ENVY™ and JOLI™ apples.

“Looking out to the remainder of the year, it’s encouraging to see early signs of easing inflation,
which will not only benefit our business, but also many households,” says Mr Edgecombe.

“Last year’s cyclone and this year’s reduced apple volumes have highlighted the need to continue
to develop resilience across our business to ensure we’re in a strong position, regardless of what
comes our way.

“Our team have responded strongly to this. We’re firmly focused on delivering our strategy and
looking for opportunities to reduce costs, drive efficiences and grow revenue, to ensure we meet
our medium-term strategic and financial objectives.”


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

---

Interim
Report
2024

Contents

Chair and CEO review

Financials
Income statement
Statement of comprehensive income
Statement of changes in equity
Balance sheet
Statement of cash flows
Notes to the financial statements
4

8
9
10
12
14
17
Contents

Chair and CEO review
Kia ora and welcome to
T&G’s six month update
to 30 June 2024.
Over the first half of the year we made solid progress delivering our strategy
and navigating and adjusting to the market and macro-economic conditions
as we continue to recover from the impact of Cyclone Gabrielle.
4

Chair and CEO review
The investment and mahi put in over the last five years
to build the foundations for our growth has set us up well
and we are seeing the benefits of this in our Apples and
T&G Fresh businesses. We are very pleased with the
performance of our new state-of-the-art Hawke’s Bay
packhouse and our Queensland berry farm in this financial
period and look forward to them delivering increased
returns going forward.
It has however been a slower than expected start to the
year due to the lingering impacts of the cyclone, which
has reduced our Hawke's Bay apple volumes. We have
also experienced weak fruit and vegetable pricing in the
domestic market due to plentiful supply coupled with
current economic conditions. This impacted our financial
results for the period.
Total revenue for the Group was $820.1 million, an increase
of 7% from $765.3 million in the comparable half year.
Operating loss was $2.6 million, compared to a loss of
$11.6 million in 2023, and there was a loss before income
tax of $8.2 million compared to a loss of $21.4 million in
the year prior.
Net loss after tax for the period was $18.6 million, including
a tax expense of $10.4 million. Tax expense as of 30 June
2024 includes a one-off, non-cash adjustment for deferred
tax on buildings of $12.7 million. This relates to the New
Zealand Government enacting changes to local tax
legislation to remove the ability for entities to depreciate
commercial buildings with a useful life over 50 years for tax
deduction purposes.
Apples performance
Revenue in our Apples business increased 14% to $589
million, compared to $518 million in 2023.
This season’s Aotearoa New Zealand-grown apples are
high quality, with the fruit flavour profile and storability
among the best we have seen in a number of years. Fruit
colour is generally good, although some Hawke’s Bay
ENVY™ apples did not develop their full colour. However,
as noted, commensurate with the industry-wide experience,
our Hawke’s Bay crop is smaller in size and our packout
subsequently reduced. Following last year’s launch of
our premium JOLI™ apple, we have begun developing
20 hectares of our Hawke’s Bay orchards. This year, six
hectares will be put in the ground, with further plantings
over the next few years.
It is the first full season for both our new Whakatu
packhouse and Kotahi leading the procurement of our
ocean freight services. The packhouse is operating at
planned efficiency levels, and continues to improve. We
expect it to be a strong contributor to profitability in the
coming years as volumes increase. Working with Kotahi
has enabled us to realise cost savings and logistical
efficiencies, and with this year’s disruptions in the Red Sea
and Panama Canal, it has helped minimise the impact on
us and our growers.
With the high quality 2023/2024 North American ENVY™
apple crop, the brand is holding up exceptionally well in the
challenging domestic market. Despite increased price and
competition pressures accompanying the large volumes in
the United States, ENVY™ apples are out-performing other
premium brands in both pricing and sales.
In Asia, the North American crop experienced strong export
sales. Having now transitioned to supplying the region
with Aotearoa New Zealand-grown apples, we expect this
momentum to continue throughout the season.
The reduced volumes out of Aotearoa New Zealand have
further increased our focus on optimising efficiencies
across our Apple operations. As part of this, we have made
improvements in our inventory management and market
planning, and we expect to see the financial benefits flow
through in the second half of the year.
We continue to work through our Cyclone Gabrielle
insurance claim and expect to have this resolved within
the financial year.
5

Outlook
Our strategy is set and over the last few years we have
invested significantly to set the foundations for our growth.
Our focus is now on execution to drive performance and
growth into the future.
At this point in the season, the 2024/2025 North American
apple crop looks to be good quality, with fruit developing
well despite low water supply. It’s estimated our volumes
will be around 5.5 million TCEs, a 17% increase on the
prior year.
It is encouraging to see the early signs of easing inflation,
which will have a consequential impact on interest rates.
Not only will this help ease our own cost pressures, but
it will benefit many New Zealanders. From this, we would
expect to see improved consumer demand and prices.
Last year’s cyclone and this year’s reduced apple volumes –
in spite of a largely favourable growing season – have
highlighted the need to continue to develop resilience
across our business. This will put T&G in a strong position,
regardless of external factors.
We have a great team and they have responded strongly,
looking for opportunities to reduce costs, continually
optimise efficiencies and grow revenue, and develop
pathways to help achieve our Kaitiakitanga sustainability
targets to ensure we meet our medium-term strategic and
financial objectives.
We look forward to seeing the outcome of this mahi in
delivering our growth aspirations.
T&G Fresh performance
T&G Fresh, our Australasian business, saw its revenue
decrease to $218 million, compared to $232 million in
the prior year.
Despite our Fijian and Pacific Islands business continuing
to trade well, weak consumer sentiment in Aotearoa New
Zealand – coupled with abundant produce given favourable
growing conditions – means it has been a difficult trading
period in Aotearoa New Zealand, with soft prices. In
addition, our tomato volumes were reduced, largely due
to the impact of whitefly.
As part of our fresh produce category strategy, in February
we signed an agreement to acquire some of the assets of
Hintons Orchard in Central Otago. This includes leasing
159 hectares of cherry, apricot, nectarine, peach, plum
and peacharine trees, as well as their packhouse, with
the summerfruit being sold domestically and in Asia.
The transaction takes effect on 1 August, in time for the
2024/2025 season.
Initial production from our Queensland berry farm, which
currently consists of 20 planted hectares, is coming
online. At this point in the season, indications are good
for a high yield and strong prices and we look forward to
the new plantings further contributing to this. The entire
farm is planted with unique blueberry varieties licensed by
VentureFruit®, which are outstanding performers in terms
of size, flavour, colour and shelf life.
This year we are expanding the farm and planting an
additional 20 hectares of tunnel and netted plantings.
The project is progressing well and we expect it to be
completed by year end.
Our T&G Fresh business, as with all parts of our business,
is also continuing to focus on maximising operational
efficiencies to reduce its cost-to-serve.
VentureFruit® performance
VentureFruit® continues to explore opportunities globally
to license and sell its unique apple, pear, berry and grape
varieties. Revenue in the first half of the year was
$4 million, compared to $5.3 million in the comparable
2023 period. While licensing revenue is down given the
macro-economic environment, new licensed plantings
in Aotearoa New Zealand, the United States and China
demonstrate continued strong demand for our premium
ENVY™ and JOLI™ apples.
6

Benedikt Mangold
Chair (left)
Gareth Edgecombe
Chief Executive Officer (right)
7

Notes
Unaudited

6 months to
30 Jun 2024
$'000
Unaudited

6 months to
30 Jun 2023
$'000
Audited

12 months to
31 Dec 2023
$'000
Revenue from contracts with customers3820,080765,2671,334,338
Other operating income6,91813,79313,749
Purchases, raw materials and consumables used(642,381)(610,943)(1,007,373)
Employee benefits expenses(101,851)(95,674)(182,974)
Depreciation and amortisation expenses(30,464)(28,880)(58,629)
Other operating expenses(54,933)(55,189)(144,690)
Operating loss(2,631)(11,626)(45,579)
Financing income3,0962,2734,090
Financing expenses(17,661)(12,403)(28,924)
Share of loss from joint ventures7 - - (39)
Share of profit from associates71,1453781,206
Other income7,829 - 17,359
Other expenses - (8)(12,362)
Loss before income tax(8,222)(21,386)(64,249)
Income tax (expense) / credit4(10,413)5,71617,654
Loss after income tax(18,635)(15,670)(46,595)
Attributable to:
Equity holders of the Parent(21,426)(17,726)(51,155)
Non-controlling interests2,7912,0564,560
Loss for the period(18,635)(15,670)(46,595)
Earnings per share (in cents)
Basic and diluted loss(1 7. 5 )(14.5)(41.7)

The accompanying notes form an integral part of these interim financial statements.
Income statement
For the six months ended 30 June 2024
8

Unaudited
6 months to
30 Jun 2024
$'000
Unaudited

6 months to
30 Jun 2023
$'000
Audited

12 months to
31 Dec 2023
$'000
Loss for the period(18,635)(15,670)(46,595)
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Loss on revaluation of property, plant and equipment:
Held by subsidiaries of the Group(1,085)(4,300)(21,128)
Deferred tax effect on revaluation of property, plant and equipment304(92)3,824
Deferred tax effect on sale of property, plant and equipment -957
(201)
(781)(3,435)(17,505)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations1,9703,8235,834
Cash flow hedges:
Fair value (loss) / gain, net of tax(9,111)(8,256)3,823
Reclassification of net change in fair value to profit or loss9833673
(7,043)(4,400)10,330
Other comprehensive expense for the period(7,824)(7,835)(7,175)
Total comprehensive expense for the period(26,459)(23,505)(53,770)
Total comprehensive expense for the period is attributable to:
Equity holders of the Parent (29,660)(26,401)(56,945)
Non-controlling interests3,2012,8963 ,17 5
(26,459)(23,505)(53,770)

The accompanying notes form an integral part of these interim financial statements.
Statement of comprehensive income
For the six months ended 30 June 2024
9
FINANCIALS

Unaudited
Notes
Share
capital

$'000
Revaluation
and other
reserves

$'000
Retained
earnings

$'000
Total

$'000
Non-

controlling
interests
$'000
Total

equity
$'000
Balance at 1 January 2024176,357100,296227,764504,41717,471521,888
(Loss) / profit for the period - -(21,426)(21,426)2,791(18,635)
Other comprehensive income / (expense)
Revaluation of property, plant and equipment -(1,085) -(1,085) -(1,085)
Deferred tax effect on revaluation of property,

plant and equipment
-304 -304 -304
Exchange differences on translation of

foreign operations
-1,561 -1,5614091,970
Movement in cash flow hedge reserve -(9,014) -(9,014)1(9,013)
Total other comprehensive (loss) / income -(8,234) -(8,234)410(7,824)
Transactions with owners
Dividends6 - - - -(2,948)(2,948)
Investment from non-controlling interest - - - -522522
Total transactions with owners - - - -(2,426)(2,426)
Transfer from asset revaluation reserve due

to asset disposal
-(11,675)11,675 - - -
Balance at 30 June 2024176,35780,387218,013474,75718,246493,003

The accompanying notes form an integral part of these interim financial statements.
Statement of changes in equity
For the six months ended 30 June 2024
2024
10

Unaudited
Notes
Share
capital

$'000
Revaluation
and other
reserves

$'000
Retained
earnings

$'000
Total

$'000
Non-

controlling
interests
$'000
Total

equity
$'000
Balance at 1 January 2023176,357115,221271,673563,25116,917580,168
(Loss) / profit for the period - -(17,726)(17,726)2,056(15,670)
Other comprehensive income / (expense)
Revaluation of property, plant and equipment -(4,300) -(4,300) -(4,300)
Deferred tax effect on revaluation of property,

plant and equipment
-(92) -(92) -(92)
Deferred tax on sale of property, plant

and equipment
-957 -957 -957
Exchange differences on translation of

foreign operations
-2,988 -2,9888353,823
Movement in cash flow hedge reserve -(8,228) -(8,228)5(8,223)
Total other comprehensive (loss) / income -(8,675) -(8,675)840(7,835)
Transactions with owners
Dividends6 - - - -(3,679)(3,679)
Investment from non-controlling interest - - - -766766
Total transactions with owners - - - -(2,913)(2,913)
Transfer from asset revaluation reserve due

to asset disposal
-(7,246)7, 2 4 6 - - -
Balance at 30 June 2023176,35799,300261,193536,85016,900553,750

The accompanying notes form an integral part of these interim financial statements.
2023
11
FINANCIALS

Balance sheet
As at 30 June 2024
Notes
Unaudited

30 Jun 2024
$'000
Unaudited

30 Jun 2023
$'000
Audited

31 Dec 2023
$'000
Current assets
Cash and cash equivalents53,43148,24230,508
Term deposits3,4172,5282,277
Trade and other receivables236,958220,547196,810
Inventories164,916138,42667,640
Taxation receivable13,28619,5069,737
Derivative financial instruments3,6561,8707,110
Biological assets14,00710,05828,249
Non-current assets classified as held for sale8,28012,00011,100
Total current assets497,951453,177353,431
Non-current assets
Trade and other receivables38,97463,99844,610
Derivative financial instruments9,39611,20513,268
Deferred tax assets41,3701,4712,574
Investments in unlisted entities798692
Property, plant and equipment5394,519431,503401,007
Right-of-use assets159,032144,276148,592
Intangible assets78,37479,02379,692
Investments in joint ventures72,9453,1842,927
Investments in associates730,16430,42629,019
Total non-current assets714,853765,172721,781
Total assets1,212,8041,218,3491,075,212
Current liabilities
Trade and other payables221,299212,419171,644
Loans and borrowings111,200113,50034,294
Lease liabilities22,62124,05222,051
Taxation payable7,7 1 510,4523,161
Derivative financial instruments1,97411,858955
Total current liabilities364,809372,281232,105

The accompanying notes form an integral part of these interim financial statements.
12

Notes
Unaudited

30 Jun 2024
$'000
Unaudited

30 Jun 2023
$'000
Audited

31 Dec 2023
$'000
Non-current liabilities
Trade and other payables444643
Loans and borrowings181,916126,967163,144
Lease liabilities162,864145,058151,816
Derivative financial instruments7351,565234
Deferred tax liabilities49,43318,6825,982
Total non-current liabilities354,992292,318321,219
Total liabilities719,801664,599553,324
Equity
Share capital176,357176,357176,357
Revaluation and other reserves80,38799,300100,296
Retained earnings218,013261,193227,764
Total equity attributable to equity holders of the Parent474,757536,850504,417
Non-controlling interests18,24616,90017,4 7 1
Total equity493,003553,750521,888
Total liabilities and equity1,212,8041,218,3491,075,212

The accompanying notes form an integral part of these interim financial statements.
Approved for and on behalf of the Board
C.A. Campbell
Director (Chair of Finance, Risk and Investment Committee)
9 August 2024
B.J. Mangold
Director (Chair)
9 August 2024
13
FINANCIALS

Statement of cash flows
For the six months ended 30 June 2024
Notes
Unaudited

6 months to
30 Jun 2024
$'000
Unaudited

6 months to
30 Jun 2023
$'000
Audited

12 months to
31 Dec 2023
$'000
Cash flows from operating activities
Cash was provided from:
Cash receipts from customers791,647716,1931,348,709
Cash receipts from insurance proceeds1,781 -4,060
Other2,3325462,320
Cash was disbursed to:
Payments to suppliers and employees(801,269)(720,940)(1,317,715)
Interest paid(6,521)(4,598)(11,751)
Income taxes paid(1,095) -(60)
Net cash outflow / (inflow) from operating activities(13,125)(8,799)25,563
Cash flows from investing activities
Cash was provided from:
Cash receipts from insurance proceeds5,976 -1,355
Dividends received from joint ventures and associates - -2,235
External loan repayments from suppliers, customers,

associates and joint ventures
461365481
Investment from non-controlling interest5227661,158
Sale of other property, plant and equipment429535767
Sale of Pukekohe property10,799 - -
Sale of non-current assets held for sale -15,150 -
Sale of Palmerston North property - -12,000
Cash was disbursed to:
Purchase of property, plant and equipment5(11,347)(36,698)(68,510)
Purchase of intangible assets(517)(3,781)(7,560)
Loans to suppliers, customers, associates and joint ventures(200)(302)(302)
Current term deposits(1,140)(1,418)(1,167)
Net cash inflow / (outflow) from investing activities4,983(25,383)(59,543)

The accompanying notes form an integral part of these interim financial statements.
14

Notes
Unaudited

6 months to
30 Jun 2024
$'000
Unaudited

6 months to
30 Jun 2023
$'000
Audited

12 months to
31 Dec 2023
$'000
Cash flows from financing activities
Cash was provided from:
Net proceeds from short-term borrowings5,20014,9009,400
Proceeds from long-term borrowings13,0005,00030,000
Proceeds from seasonal funding73,00075,000 -
Proceeds from Ultimate Parent borrowings6,000 -11,000
Cash was disbursed to:
Dividends paid to non-controlling interests6(2,948)(3,679)(5,668)
Repayment of long-term borrowings(620)(2,218)(1,018)
Repayment of lease liabilities(19,854)(16,708)(37,383)
Seasonal advances to growers(42,293)(47,881) -
Bank facility fees and transaction fees(1,892)(2,051)(4,348)
Net cash inflow from financing activities29,59322,3631,983
Net increase / (decrease) in cash and cash equivalents21,451(11,819)(31,997)
Foreign currency translation adjustment1,4722,6525,096
Cash and cash equivalents at the beginning of the year30,50857,40957,409
Cash and cash equivalents at the end of the period53,43148,24230,508

The accompanying notes form an integral part of these interim financial statements.
15
FINANCIALS

Statement of cash flows (continued)
Reconciliation of loss after income tax to net cash flow from operating activities
Notes
Unaudited

6 months to
30 Jun 2024
$'000
Unaudited

6 months to
30 Jun 2023
$'000
Audited

12 months to
31 Dec 2023
$'000
Loss for the period(18,635)(15,670)(46,595)
Adjusted for non-cash items:
Amortisation expense2,2292,3494,736
Depreciation expense28,23526,53153,893
Movement in deferred tax5,219(7,279)(19,413)
Movement in expected credit loss allowance(6,185)516,142
Revenue from sale of licences(199)(1,163)(493)
Share of loss of joint ventures7 - - 39
Share of profit of associates7(1,145)(377)(1,206)
Other movements(8,221)2,489(9,795)
19,93322,55543,903
Adjusted for investing and financing activities:
Bank facility and line fees1,8922,0504,349
Fair value adjustment of asset held for sale - - 870
Impairment of loan - - 5,205
Loss on assets damaged from Cyclone Gabrielle - - 12,362
(Gain) / loss on disposal of other property, plant and equipment5(62)8(238)
Net loss from property, plant and equipment revaluation

changes through profit and loss
- 5253
Insurance proceeds(5,976) - (1,355)
(4,146)2,06321,446
Impact of changes in working capital items net of effects

of non-cash items, and investing and financing activities:
Increase in debtors and repayments (20,432)(47,211)(15,875)
Decrease / (increase) in biological assets14,24217,545(646)
Increase in creditors and provisions 92,18499,24237,388
Increase in inventories(97,276)(84,496)(13,709)
Decrease / (increase) in net taxation receivable 1,005(2,827)(349)
(10,277)(17,747)6,809
Net cash (outflow) / inflow from operating activities(13,125)(8,799)25,563

16

Notes to the financial statements
1. Basis of preparation
Reporting entity and statutory base
T&G Global Limited (the Parent) and its subsidiary companies (the Group), are recognised as one of New Zealand’s leading
growers, distributors, marketers and exporters of premium fresh produce. Key categories for the Group include apples, berries,
citrus (lemons, mandarins and navel oranges) and tomatoes.
These unaudited condensed interim financial statements presented are for the Group which comprises the Parent and its
subsidiaries, joint ventures and associates as at 30 June 2024.
The Parent is registered in New Zealand under the Companies Act 1993 and is a FMC Reporting Entity under the Financial Market
Conducts Act 2013, and the Financial Reporting Act 2013.
The Parent is a limited liability company incorporated and domiciled in New Zealand and is listed on the New Zealand Stock
Exchange. The address of its registered office is Building 1, Level 1, Central Park, 660 Great South Road, Ellerslie, Auckland.
BayWa Global Produce GmbH (the Immediate Parent) and BayWa Aktiengesellschaft (the Ultimate Parent) are the parents of the
Group and are based in Munich, Germany.
Statement of compliance
These unaudited condensed interim financial statements have been prepared in accordance with New Zealand Generally
Accepted Accounting Practice (NZ GAAP), NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting. The
unaudited condensed interim financial statements should be read in conjunction with the annual report for the year ended
31 December 2023 (2023 Annual Report), which has been prepared in accordance with New Zealand equivalents to International
Financial Reporting Standards (NZ IFRS) and other applicable New Zealand Financial Reporting Standards as appropriate for
profit-oriented entities, and International Financial Reporting Standards (IFRS). The accounting policy information used in the
preparation of these unaudited condensed interim financial statements are consistent with those used in the 2023 Annual Report.
These unaudited condensed interim financial statements are expressed in New Zealand dollars which is the presentation
currency of the Group. All financial information has been rounded to the nearest thousand ($'000) unless otherwise stated.
Critical accounting estimates and judgments
The Group makes estimates and judgments concerning the future. The resulting accounting estimates may, by definition, not
equal the related actual results. The estimates and judgments used in the preparation of these unaudited condensed interim
financial statements are consistent with those used in the 2023 Annual Report.

2. Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-
makers. The chief operating decision-makers have been identified as the Chief Executive Officer, the Chief Financial Officer and
the Executive team of the Group.
The chief operating decision-makers assess the performance of the operating segments based on operating profit, which reflects
earnings before financing income and expenses, share of profit from joint ventures and associates, other income, other expenses
and income tax expense. Inter-segment pricing is determined on an arm’s length basis and segment results include items directly
attributable to a segment.
During the period, the Group reorganised its operating segments leading to the International Trading segment being aggregated
into the Group’s remaining operating segments. The aggregation was based on similarities of economic characteristics,
particularly the similarities of long-term gross profit margins, nature of the products and services, methods of distribution of
products and provision of services to customers, and markets involved.
No single external customer’s revenue accounts for 10% or more of the Group’s revenue.
17
FINANCIALS

Notes to the financial statements (continued)
Operating segments
The Group comprises the following main operating segments:
Operating segmentSignificant operations
Apples
Growing, packing, cool storing, sales and marketing of apples worldwide. Includes international
trading activities in Asia and North America.
T&G Fresh
Growing, trading and transport activities within New Zealand and Australia, and exports to the Pacific
Islands, Australia and Asia. This incorporates the New Zealand wholesale markets and the tomato,
citrus and berry growing operations. This includes international trading activities in Australia.
VentureFruit®
Variety management including identification, acquisition, development and protection of new varieties
of fruit. Revenue from the sale of right-to-grow licenses is included in this business division.
OtherIncludes non-Apple related international trading activities in Asia, property and corporate costs.
Segment information provided to the chief operating decision-makers for the reportable segments is shown in the following tables:
Apples
$'000
T&G Fresh

$'000
VentureFruit®

$'000
Other

$'000
Total

$'000
Unaudited six months ended 30 June 2024
Total segment revenue661,955226,92724,230 8,809 921,921
Inter-segment revenue(72,966)(8,597)(20,278) - (101,841)
Revenue from external customers588,989218,3303,9528,809820,080
Purchases, raw materials and consumables used(469,682)(156,451)(5,213)(11,035)(642,381)
Depreciation and amortisation expenses(16,504)(12,614)(104)(1,242)(30,464)
Net other operating expenses(79,047)(60,555)(2,063)(8,201)(149,866)
Segment operating profit / (loss)23,756(11,290)(3,428)(11,669)(2,631)
Financing income3,096
Financing expenses(17,661)
Share of profit from associates1,145
Net other income 7,829
Loss before income tax(8,222)
18

Apples
$'000
T&G Fresh

$'000
VentureFruit®

$'000
Other

$'000
Total

$'000
Unaudited six months ended 30 June 2023
1
Total segment revenue 590,280 270,673 20,566 10,207 891,726
Inter-segment revenue(72,103)(39,064)(15,292) - (126,459)
Revenue from external customers518,177231,6095,27410,207765,267
Purchases, raw materials and consumables used(439,271)(154,658)(5,573)(11,441)(610,943)
Depreciation and amortisation expenses(14,707)(12,703)(66)(1,404)(28,880)
Net other operating expenses(61,763)(52,552)(6,044)(16,711)(137,070)
Segment operating profit / (loss)2,43611,696(6,409)(19,349)(11,626)
Financing income2,273
Financing expenses(12,403)
Share of profit from associates378
Net other income (8)
Loss before income tax(21,386)
Apples
$'000
T&G Fresh

$'000
VentureFruit®

$'000
Other

$'000
Total

$'000
Audited year ended 31 December 2023
1
Total segment revenue968,160577,46741,37621,1141,608,117
Inter-segment revenue(148,274)(93,133)(32,372) - (273,779)
Revenue from external customers819,886484,3349,00421,1141,334,338
Purchases, raw materials and consumables used(639,902)(335,989)(11,526)(19,956)(1,007,373)
Depreciation and amortisation expenses(29,939)(25,859)(140)(2,691)(58,629)
Net other operating expenses(140,035)(112,481)(12,004)(49,395)(313,915)
Segment operating profit / (loss)10,01010,005(14,666)(50,928)(45,579)
Financing income4,090
Financing expenses(28,924)
Share of loss from joint ventures(39)
Share of profit from associates1,206
Net other income4,997
Loss before income tax(64,249)

1. Prior period segment results have been re-presented to ensure consistency in the composition of business segments to reflect the Group's internal reporting. This has no
impact on the income statement or other primary statements with the only impact being in the 2023 segment information presentation.
19
FINANCIALS

Notes to the financial statements (continued)
Apples
$'000
T&G Fresh

$'000
VentureFruit®

$'000
Other

$'000
Total

$'000
Unaudited six months ended 30 June 2024
Nature of revenue
Sale of produce 549,158 181,272 96 8,620 739,146
Sale of licences - - 1,550 18 1,568
Commissions 9,600 12,541 991 149 23,281
Services 30,060 24,517 153 22 54,752
Royalties 171 - 1,162 - 1,333
Revenue from external customers 588,989 218,330 3,952 8,809 820,080
Timing of revenue recognition
At a point in time
Sale of produce 549,158 181,272 96 8,620739,146
Sale of licences - - 1,550 18 1,568
Commissions 9,600 12,541 991 149 23,281
Services 23,725 24,517 153 22 48,417
Royalties 171 - 1,162 -1,333
582,654 218,330 3,952 8,809 813,745
Over time
Services 6,335 - - - 6,335
6,335 - - - 6,335
Revenue from external customers588,989 218,330 3,952 8,809 820,080
3. Revenue from contracts with customers
20

Apples
$'000
T&G Fresh

$'000
VentureFruit®

$'000
Other

$'000
Total

$'000
Unaudited six months ended 30 June 2023
2
Nature of revenue
Sale of produce492,227 197,543 6610,166 700,002
Sale of licences - - 1,164 - 1,164
Commissions 2,133 12,781 1,091 - 16,005
Services 23,638 21,278 1,192 41 46,149
Royalties 179 7 1,761 - 1,947
Revenue from external customers518,177 231,609 5,274 10,207 765,267
Timing of revenue recognition
At a point in time
Sale of produce492,227 197,543 6610,166700,002
Sale of licences - - 1,164 - 1,164
Commissions 2,133 12,781 1,091 -16,005
Services19,083 21,278 1,192 41 41,594
Royalties 179 7 1,761 - 1,947
513,622 231,609 5,274 10,207 760,712
Over time
Services 4,555 - - - 4,555
4,555 - - - 4,555
Revenue from external customers518,177 231,609 5,274 10,207 765,267

2. Prior period segment results have been re-presented to ensure consistency in the composition of business segments to reflect the Group's internal reporting. This has no
impact on the income statement or other primary statements with the only impact being in the 2023 segment information presentation.
21
FINANCIALS

Notes to the financial statements (continued)
Apples
$'000
T&G Fresh

$'000
VentureFruit®

$'000
Other

$'000
Total

$'000
Audited year ended 31 December 2023
3
Nature of revenue
Sale of produce742,403 411,036 103 18,603 1,172,145
Sale of licences - - 2,662 - 2,662
Commissions 17,523 25,794 1,828 - 45,145
Services 51,171 47,497 1,464 2,511 102,643
Royalties 8,789 7 2,947 - 11,743
Revenue from external customers819,886 484,334 9,004 21,114 1,334,338
Timing of revenue recognition
At a point in time
Sale of produce742,403 411,036 103 18,6031,172,145
Sale of licences - - 2,662 - 2,662
Commissions 17,523 25,794 1,828 -45,145
Services 43,561 47,497 1,464 2,511 95,033
Royalties 8,789 7 2,947 - 11,743
812,276 484,334 9,004 21,114 1,326,728
Over time
Services 7,610 - - - 7,610
7,610 - - - 7,610
Revenue from external customers819,886 484,334 9,004 21,114 1,334,338

3. Prior period segment results have been re-presented to ensure consistency in the composition of business segments to reflect the Group's internal reporting.
This has no impact on the income statement or other primary statements with the only impact being in the 2023 segment information presentation.
22

5. Property, plant and equipment
Unaudited
6 months to
30 Jun 2024
$'000
Unaudited

6 months to
30 Jun 2023
$'000
Audited

12 months to
31 Dec 2023
$'000
Asset acquisitions and disposals
Cost of assets acquired11,34736,69868,510
Net book value of assets disposed1,15412,17642,934
Net gain / (loss) on assets disposed62(8)238
4. Taxation
Current tax
Current tax expense for the interim periods presented is the expected tax payable on the taxable income for the period, calculated as the
estimated average annual effective income tax rate applied to the pre-tax income of the interim period and adjusted for any permanent
and timing differences.
Deferred tax
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amounts of the assets
and liabilities, using the estimated average annual effective income tax rate for the interim periods presented.
Income tax (expense) / credit
Income tax expense at 30 June 2024 comprises of:
Unaudited
6 months to
30 Jun 2024
$'000
Unaudited

6 months to
30 Jun 2023
$'000
Audited

12 months to
31 Dec 2023
$'000
Income tax credit2,2625,71617,654
Deferred tax expense on buildings(12,675) - -
Income tax (expense) / credit(10,413)5,71617,654

On 28 March 2024, the New Zealand Government enacted changes to the tax legislation to remove the ability to depreciate buildings
with a useful life over 50 years for tax deduction purposes. For the Group the application of this taxation change under NZ IAS 12 Income
Taxes creates a tax carrying value of nil from 1 April 2024 onwards for these New Zealand buildings. This increases the deferred taxation
liability by $12.7 million and creates a one-off, non-cash accounting adjustment to the taxation expense for deferred tax on buildings for
the period ended 30 June 2024 of $12.7 million.
The application of NZ IAS 12 which creates this large deferred taxation liability does not reflect taxation payable if the assets were sold.
23
FINANCIALS

Notes to the financial statements (continued)
7. Investments in joint ventures and associates
Set out below are the joint ventures and associates of the Group as at 30 June 2024. The joint ventures and associates have share
capital consisting solely of ordinary shares, which are held directly by the Group.
The Group’s investments in joint ventures and associates in 2024 and 2023 are:
Name of entity
Place of business and
country of incorporation
Ownership interest (%)
30 Jun 202430 Jun 202331 Dec 2023
Joint ventures
Growers Direct LimitedUnited Kingdom505050
Wawata General Partner LimitedNew Zealand505050
Associates
Grandview Brokerage LLCUnited States of America393939
Contributions from joint ventures and associates
During the period ended 30 June 2024, contributions from joint ventures and associates include $1.1 million from Grandview
Brokerage LLC (30 June 2023: $0.4 million; 31 December 2023: $1.2 million).
6. Dividends
Unaudited
6 months to
30 Jun 2024
$'000
Unaudited
6 months to
30 Jun 2023
$'000
Audited
12 months to
31 Dec 2023
$'000
Unaudited
6 months to
30 Jun 2024
cents per share
Unaudited
6 months to
30 Jun 2023
cents per share
Audited
12 months to
31 Dec 2023
cents per share
Ordinary shares
Dividends to non-controlling
interests in Group subsidiaries
2,9483,6795,668 - - -
Total2,9483,6795,668---
24

Measured
at amortised
cost
$'000
Fair value
through profit
or loss

(mandatory)
$'000
Derivatives
for hedging
$'0000
Equity

instrument
designated
at fair value
through OCI
$'000
Total
$'000
As at 30 June 2024 (unaudited)
Cash and cash equivalents53,431 - - - 53,431
Term deposits3,417 - - - 3,417
Trade and other receivables

(excluding prepayments and taxes)
256,614 - - - 256,614
Investment in unlisted entities - - - 7979
Derivative financial instruments - 213,050 - 13,052
Total313,462213,05079326,593
As at 30 June 2023 (unaudited)
Cash and cash equivalents48,242 - - - 48,242
Term deposits2,528 - - - 2,528
Trade and other receivables

(excluding prepayments and taxes)
269,038 - - - 269,038
Investment in unlisted entities - - - 8686
Derivative financial instruments - 12112,954 - 13,075
Total319,80812112,95486332,969
As at 31 December 2023 (audited)
Cash and cash equivalents30,508 - - - 30,508
Term deposits2,277 - - - 2,277
Trade and other receivables

(excluding prepayments and taxes)
217,132 - - - 217,132
Investment in unlisted entities - - - 9292
Derivative financial instruments - - 20,378 - 20,378
Total249,917 - 20,37892270,387
8. Financial instruments
Financial instruments by category
Financial assets
25
FINANCIALS

Notes to the financial statements (continued)
Measured
at amortised
cost
$'000
Fair value
through profit
or loss (held
for trading)
$'000
Derivatives
for hedging
$'000
Total
$'000
As at 30 June 2024 (unaudited)
Borrowings293,116 - - 293,116
Trade and other payables (excluding employee entitlements)207,945 - - 207,945
Lease liabilities185,485 - - 185,485
Derivative financial instruments - 1552,5542,709
Total686,5461552,554689,255
As at 30 June 2023 (unaudited)
Borrowings240,467 - - 240,467
Trade and other payables (excluding employee entitlements)201,201 - - 201,201
Lease liabilities169,110 - - 169,110
Derivative financial instruments - 8613,33713,423
Total610,7788613,337624,201
As at 31 December 2023 (audited)
Borrowings197,438 - - 197,438
Trade and other payables (excluding employee entitlements)159,390 - - 159,390
Lease liabilities173,867 - - 173,867
Derivative financial instruments - 491,1401,189
Total530,695491,140531,884
Financial liabilities
Fair value hierarchy
All financial assets and liabilities that use methods and assumptions to estimate fair value at 30 June 2024 are considered to be level 2
in the fair value hierarchy (30 June 2023: level 2; 31 December 2023: level 2).
Valuation techniques used to value financial instruments are consistent with those used in the 2023 Annual Report.
For the six months ended 30 June 2024 and the financial year ended 31 December 2023, the estimated fair values of all the Group's other
financial assets and liabilities appropximate their carrying values.
26

9. Contingencies
During the period ended 30 June 2024, the Group provided a $3.3 million (30 June 2023: nil; 31 December 2023: nil) guarantee to
Blueberry Prop Pty Ltd in relation to the lease obligations of T&G Berries Australia Pty Ltd, a 85% owned subsidiary of the Group.
There were no other changes in contingent liabilities during the period.
12. Events occuring after the reporting period
There are no material events that occurred after the reporting date that would require adjustment or disclosure in these unaudited
condensed interim financial statements.
11. Seasonality of business
The Group’s operating segments are subject to seasonal fluctuations. The Apples operating segment generates most of its revenue
during the middle of the year and completes its seasonal programmes before the final quarter of the year. The Group’s other operating
segments are also impacted by the availability of fresh produce which varies during the year.
10. Capital commitments
As at 30 June 2024, the Group is committed to the following capital expenditure:
Unaudited
30 Jun 2024
$'000
Unaudited
30 Jun 2023
$'000
Audited
31 Dec 2023
$'000
Property, plant and equipment1,9934,2231,222
Intangible assets324649 -
Total2,3174,8721,222
27
FINANCIALS

Building 1, Level 1, Central Park
660 Great South Road, Ellerslie
Auckland 1051, Aotearoa New Zealand
+64 9 573 8700
info@tandg.global