2024 Full Year Results

1
Growing
healthier
futures

Annual Report 2024

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Introduction
T&G Global Annual Report 20242
While we are not financially where we need to be,
we have made great progress.
All of the components for our growth strategy are
now in place and in the coming years we will see
significant upside from that investment.
After two years of setbacks,
it is pleasing to see good
momentum in our business.

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Introduction
T&G Global Annual Report 20243
Strengthening
our world-class
integrated Apples
system
Acquiring Hinton’s
stone fruit business
in Central Otago
Licensing 125 hectares
of JOLI™ branded
apples to be grown
in Canterbury
Building strong
consumer demand for
our premium ENVY™
and JAZZ™ apple
brands
Commercialising
STELLAR™ apple trees
from the Hot Climate
Partnership
Expanding our
Queensland
blueberry farm
A people score
of 73% in our
employee survey
Setting validated
Science-based Targets
for scopes 1, 2 and 3
Notable achievements
this year include:

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Introduction
T&G Global Annual Report 20244
About this report
Welcome to our 2024 Annual Report.
This report covers the financial year of 1 January 2024
to 31 December 2024 and includes T&G Global Limited
and our subsidiaries (together T&G).
Our Annual Report is structured to provide our
investors and wider stakeholders with an overview of
performance and progress with our business strategy
for the year.
As part of this, it also presents an overview of
our Kaitiakitanga sustainability framework and is
prepared with reference to the Global Reporting
Initiative (GRI) Standards.
T&G is a Climate Reporting Entity (CRE) under the
Financial Markets Conduct Act 2013. This Annual
Report should be read in conjunction with our Climate-
related Disclosure for the financial year of 1 January
to 31 December 2024, which includes T&G and our
subsidiaries. It is available at https://tandg.global/
investors/reporting. The scope of the reporting entity
aligns with that used for T&G’s consolidated financial
statements. The disclosures in our Climate-related
Disclosure comply with the Aotearoa New Zealand
Climate Standards (NZ CS 1, NZ CS 2 and NZ CS 3) and
T&G has adopted the second-year transitional adoption
provisions under the standards.
In our reports we use some words in te reo Māori,
including Aotearoa (New Zealand’s Māori name);
iwi (tribe, extended kinship group); kaitiaki (a guardian,
caregiver, custodian); kaitiakitanga (guardianship,
stewardship, trustee); kura (school); mahi (to work,
accomplish, make); manaakitanga (showing respect
and care for others, kindness, hospitality, generosity);
pōwhiri (to welcome); and tamariki (children).
01.

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Contents
02.
01.
Introduction 02
About this report 04
Our year 06
At a glance 06
Chair and
CEO review 07
03.
Our strategy 10
About T&G 11
Our purpose,
vision and strategy 15
04.
Our performance 16
Apples 17
T&G Fresh 27
VentureFruit 32
Other business 38
05.
High-performance 39
06.
Kaitiakitanga 42
I
ntroduction 43
Our people 45
Our planet 48
Our produce 50
07.
Governance 52
Board of Directors 52
Executive team 53
Corporate
governance 54
Conduct of the Board 55
Statutory information 57
Independent auditor’s
report 61
08.
Financials 65
Financial statements 66
Notes to the financial
statements 73
Appendices 141
10.
Directory 147
Click on any of the text
headings to navigate
through this report.
09.

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Our year
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OverallApplesT&G Fresh
$1.3b
Revenue
$12.7m
Operating profit/(loss)
READ Our Chair
and CEO review
on page
7
SEE how our Apples
business performed
on page
17
$859.1m
Revenue
$43.7m
Operating profit
SEE how our T&G Fresh
business performed
on page
27
$455.3m
Revenue
$3.6m
Operating profit
SEE how our VentureFruit

business performed
on page
32
$13.0m
Revenue
($4.3m)
Operating (loss)
2023: $1.3b2023: $819.9m2023: $484.3m2023: $9.0m
2023: ($45.6m)2023: $10.3m2023: $9.8m2023: ($14.7m)
At a glance
VentureFruit
02. Our year
T&G’s International Trading business is now part of its Apples, T&G Fresh and Other business segments.

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Our year
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Chair and CEO reviewTēnā koutou
2024 was a year of continued recovery, following
the devastating effect of Cyclone Gabrielle. It is
pleasing to see the momentum returning in the
business, particularly in Apples where strong demand
and pricing have made a significant contribution to
our performance.
Apples showed both its strength and potential,
increasing both its revenue and pre-tax profit, despite
some challenges with fruit size in Hawke’s Bay due
to lingering impacts of the cyclone and wet spring
conditions. The team’s ability to match available crops
to the best returning markets, while improving sales
opportunities and achieving cost reductions, made
an important contribution to our total revenue of
$1.36 billion for the year ending 31 December 2024,
and our operating profit of $12.7 million, compared
to a loss of $45.6 million in the prior year. The Group
recorded a net loss after tax of $9.9 million, compared
to a loss of $46.6 million in 2023.
Revenue in our Apples business increased by 5% to
$859.1 million, and its operating profit was $43.7 million
compared to $10.3 million in 2023.
However, trading conditions were difficult for T&G
Fresh, with demand lagging supply and suppressing
prices. Its revenue, which included our Australian
business, was 6% lower at $455.3 million compared to
$484.3 million in the prior year, leading to an operating
profit of $3.6 million in 2024. VentureFruit increased its
revenue 44% to $13.0 million and reduced its operating
loss to $4.3 million, from its 2023 operating loss of
$14.7 million.
BENEDIKT MANGOLD
CHAIR
GARETH EDGECOMBE
CHIEF EXECUTIVE OFFICER
($6.8m)
Net loss before tax
2023: ($64.2m)
$12.7m
Operating profit/(loss)
2023: ($45.6m)
($9.9m)
Net loss after tax
2023: ($46.6m)
$1.3b
Revenue
2023: $1.3b

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Our year
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Chair and CEO review continued
A full discussion on the financial performance of
Apples, T&G Fresh and VentureFruit follows in separate
sections, which also discuss their strategic direction
and progress.
This enables us, as Chair and Chief Executive Officer,
to talk about where the business sits in terms of our
investment cycle, our goals for higher value creation
and the steps we are taking to build resilience into the
balance sheet.
We appreciate that shareholders have been patient and
supportive through the disruptions caused by COVID-19
and Cyclone Gabrielle. Over recent years, we have not
met our financial targets. This year has seen a definite
improvement in performance, but it has not been
sufficient to support a dividend. So, understandably,
shareholders want to understand future prospects.
We can certainly demonstrate progress. We have been
investing in the key pieces that will enable our growth,
while also dealing with the considerable impact of the
cyclone. We are now through this.
T&G is on the edge of realising the performance uplift
from the investment made as part of its Apples strategy.
Our long-term growth strategy is funded, with all the
components in place, and while we will keep refining
them, we are confident in our ability to deliver profitable
growth. This will see volumes, revenue and profitability
grow and that will, in time, be reflected in T&G’s share
price and distributions to shareholders.
Shareholders can also be reassured that we have built
resilience into the balance sheet. We are ensuring
financial rigour by being cautious with new capital
expenditure, reducing operating expenses and working
hard to deliver our plan and targets, to continually
improve profitability and reduce debt.
We are confident in our growth strategy. This year we
have demonstrated excellent progress in our end-to-
end Apples business, with strong demand and pricing
from our key global brands. A highlight has been the
continued build-out of our premium brands in key
markets which has helped drive the recovery of strong
returns to growers. This takes teamwork at every step
of our value chain – from growing right through to sales
and marketing.
Our premium ENVY™ branded apple programme is
based around high-quality fruit, 365-days a year, great
growers and a world-class integrated system. And
with the global premium apple market continuing to
grow, particularly in emerging Asian markets, we know
the levers to unlock that growth. It is about the right
markets, expanding our presence across channels
and customers, excellent in-store performance
and connecting with more consumers. Our team
understands this and is focused on consistently
executing it.
To maintain the resilience of our balance sheet and the
confidence of investors, we require a diversified income
stream. While Apples is undoubtedly the growth engine,
it is complemented by T&G Fresh and VentureFruit.
This year, T&G Fresh achieved operational efficiencies,
expanded its Queensland blueberry operations,
delivered strong Australian citrus exports and acquired
the Hinton’s summerfruit business in Central Otago.
Each of these achievements sets the business up for
the growth that has been difficult to achieve this year,
primarily because of poor consumer confidence. In
2024, ideal growing conditions meant excellent supply,
but the rising cost of living and economic uncertainty
meant consumer demand was low, forcing prices down.
Chair and CEO review continued
“T&G is on the edge
of realising the
performance uplift from
the investment made
as part of its Apples
strategy...This will see
volumes, revenue and
profitability grow and
that will, in time, be
reflected in T&G’s share
price and distributions
to shareholders.”
The Aotearoa New Zealand economy appears to be
recovering, with lower interest rates likely to improve
consumer sentiment for the year ahead. With a difficult
operating environment still likely, the T&G Fresh
business has focused on driving further cost efficiencies
across the business and identified new sources of
revenue to protect and improve profitability.

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Our year
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Chair and CEO review continued
VentueFruit is benefitting from the positive market
demand for our premium apples, which are delivering
both royalty income from established orchards and
demand for new right-to-grow licenses. It has made
strong headway with licenses for our premium JOLI™
apple brand, which was released to the market last year,
with good grower interest in the United States, pilot
plantings in Europe, and sizeable commercial scale
plantings in Aotearoa New Zealand scheduled for 2025
and 2026.
Outlook
Shareholders can look to us to deliver a strong financial
performance consistent with our recent investments
in growing and supply chain efficiency. This will enable
us to materially reduce debt and establish a resilient
platform for future growth.
Our 2025 Aotearoa New Zealand apple harvest is
expected to return to a more normalised pattern, and
our focus is on excellent execution at every step of the
value chain.
In T&G Fresh, execution with excellence is again a
priority to ensure unnecessary handling is eliminated
and costs are controlled or recovered to strengthen
margins. This is important to maintain future grower
confidence and supply.
VentureFruit will continue to acquire and commercialise
premium new varieties, develop new market growth
opportunities, and continue to protect and defend our
intellectual property.
Another priority is market development and
supporting efforts to increase market access in
important economies, such as India and the Republic
of Korea. We are also contributing our knowledge
of plant genetics and consumer and grower needs
to discussions on advanced breeding technologies,
and we are exploring the role T&G will play.
As always, we thank our shareholders for their
continued loyalty. We also thank our people across the
business for their contribution to our results this year.
Ngā mihi
Chair and CEO review continued
1,819
3
Employees (permanent)
Team
143
73%
Total recordable injuries
A people score of
Injuries
27,221.83 tC0
2
e
1
Greenhouse gas emissions
2023:139
2
2023:72%
2023: 27,905.25 tCO
2
e
1. Total scope 1 (non-FLAG) and scope 2 (market-based) emissions
2. The 2023 total recordable injury figure was for Aotearoa New Zealand only,
whereas 2024 is for T&G’s global business
3. In 2024, T&G began reporting its workforce metrics as ‘permanent
employees’ instead of ‘full-time equivalents’. As a result, there is no
comparable figure for 2023.
BENEDIKIT MANGOLD
CHAIR
GARETH EDGECOMBE
CHIEF EXECUTIVE OFFICER
Engagement

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Our strategy
T&G Global Annual Report 202410
Guided by our purpose,
vision and mindsets, our
strategy determines how
we create value.
03. Our strategy

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Our strategy
T&G Global Annual Report 202411
About T&G
Our home base is Aotearoa New Zealand, but we
are truly global, operating in 13 countries.
Our team of 1,800 people grow, market, sell and
distribute nutritious fresh produce to customers
and consumers in over 55 countries. We grow
apples, tomatoes, citrus, berries and stone fruit, and
we partner with over 700 independent growers in
Aotearoa New Zealand.
We have world-class apple brands – ENVY™, JAZZ™
and JOLI™, which are grown under license by specially
selected growers around the world, and we are part
With more than 125 years of
experience behind us, T&G is
helping to grow healthier futures
for people around the world.
of a team that brought the world its first climate-
resilient apples; TUTTI™ branded apples and STELLAR™
apple trees.
We continually look to the future, with VentureFruit, our
global plant variety management and commercialisation
business, working with researchers and growers to
bring new, high-value apple, pear and berry varieties
to consumers.
®

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Our strategy
T&G Global Annual Report 202412
Global locations
UK & Europe
Revenue ($'000)$425,438
Employees (permanent)418
Offices (Group or Sales)3
Growing regions
Egypt
Morocco
South
Africa
Eastern Cape
Western Cape
Zambia
Growing regions
South KoreaBoeun
Hongcheon
Geochang
Yesan
Thailand
China
Revenue ($'000)$396,934
Employees (permanent)45
Offices (Group or Sales)5
Africa
Asia
United Kingdom,
Europe, Africa and Asia.
Growing regions
AustriaSteiermark
Tyrol
FranceAlps
Loire Valley
Occitanie
Provence
GermanyBodensee
Rheinland-Pfalz
ItalySouth Tyrol
Portugal
SpainCastilla y León
SwitzerlandRegion Vaud
Valais
UKCambridgeshire
Gloucestershire
Hampshire
Herefordshire
Kent
Suffolk
Sussex
Growing regions (Own and independent)Offices
KEY

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Our strategy
T&G Global Annual Report 202413
Australia & Pacific Islands
Aotearoa New Zealand
Growing regions
New South
Wales
Coffs Harbour
Griffith
QueenslandWamuran
South
Australia
Adelaide
Loxton
Renmark
TasmaniaHuon Valley
Ouse
VictoriaKoo Wee Rup
Mildura
Narre Warren
Robinvale
Shepparton
Swan Hill
Warragul
West
Australia
Bullsbrook
Pacific
Islands
New Caledonia
Samoa
Tonga
Revenue ($'000)$98,654
Employees (permanent)205
Offices (Group or Sales)3
Growing regions
Central Otago
Gisborne
Hawke's Bay
Kerikeri
Nelson
Ōhaupō
Reporoa
Taipa
Tūākau
Revenue ($'000)$404,512
Employees (permanent)1,114
Offices (Group or Sales)11
Americas
Growing regions
Argentina
CanadaBritish Columbia
ChileAngol
Talca
Temuco
Ecuador
Guatemala
Revenue ($'000)$35,353
Employees (permanent)37
Offices (Group or Sales)4
Mexico
Panama
PeruIca
Piura
USACalifornia
New York State
Oregon
Washington State
Global locations
Australia, Aotearoa New Zealand,
the Pacific Islands and the
Americas.
Growing regions (Own and independent)Offices
KEY

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Our strategy
T&G Global Annual Report 202414
Taipa
Tūākau
Ōhaupō
Reporoa
Tairāwhiti
Gisborne
Hawke’s Bay
Nelson
Auckland*
Kerikeri
Hamilton
New Plymouth
Tauranga
Christchurch
Wellington
Palmerston North
Central Otago
KEY
Sites
(*Global Hub, distribution centres)
Post-harvest and packing facilities
T&G facilities
Growing sites/regions
T&G apple, blueberry, tomato,
citrus and stone fruit regions,
and independent apple growers
Aotearoa New Zealand locations

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Our strategy
T&G Global Annual Report 202415
Our purpose, vision and strategy
T&G’s vision is to be the world’s leading premium
fresh produce company, and our purpose is growing
healthier futures.
To achieve our vision and purpose, we have three
strategic priorities: grow great brands, win in key global
markets and lead Aotearoa’s fresh produce future.
Our strategy is unattainable without our people.
We invest and care for our people, ensuring they have
a strong sense of purpose built around our mindsets
and purpose. This is what enables our high-
performance culture.
Underpinning our strategy is our commitment to
Kaitiakitanga – treating the land, people, produce,
resources and community with the greatest of respect
and care, as guardians of their future.
■ 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’s fresh
produce future
Our strategy
futures
healthier
Growing
The world’s leading
fresh produce company
premium
Our purposeOur vision
Figure 1: T&G’s strategy
Be boldDo the mahiOne teamTake good care
Kaitiakitanga guides everything we do
Our mindsets
High-performance culture

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Our performance
T&G Global Annual Report 202416
We deliver the three pillars
of our strategy through our
four business divisions.
04. Our performance
APPLEST&G FRESHVENTUREFRUITOTHER BUSINESS

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Our performance
T&G Global Annual Report 202417
Our Apples business is the engine
room of T&G, with a fully integrated
value chain, from growing and post-
harvest, right through to the sale and
marketing of apples worldwide.
a significant increase in profitability and revenue
in the same period.
Within our apples portfolio is a range of
commercial varieties, such as Royal Gala, Pacific
Queen™ and Pacific Rose™. Through year-on-year
improvements in sales and marketing, we aim to
grow volumes and revenue in this segment, and
outperform the market, recognising the valuable
role commercial varieties play in supporting the
best total orchard return for our growers.
This year, we integrated our end-to-end
Apples business, from orchards through to
markets, under Shane Kingston, Chief Operating
Officer Apples.
This year, our Apples business accounted for
63% of total T&G revenue.
Our premium apples portfolio consists of three
global brands; ENVY™, JAZZ™ and JOLI™. In 2024,
ENVY™ and JAZZ™ branded apples represented
96% of our total global sales of 12.7 million tray
carton equivalents (TCEs). JOLI™ branded apples,
launched in 2023, will be available for consumers
to purchase from 2027.
A world-class integrated system fuels the growth
of our Apples business. As detailed on pages
23 to 26, we expect global consumer demand
for our premium ENVY™ apple brand to grow to
over 15 million TCEs by 2030, which will deliver
Apples
$43.7m
Operating profit
$859.1m
Revenue
2023: $819.9m
2023: $10.3m

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Our performance
T&G Global Annual Report 202418
Apples continued
2024 performance review
The strength and resilience of our integrated Apples
business, and each of the components along its value
chain, was evident this year.
We entered 2024 with high expectations, having put
extensive effort into our post-cyclone recovery and
refining components of our Apples system. However,
as is the case when working with the climate, we
responded quickly to the challenges presented,
working hard to maximise value and deliver the best
possible results.
While the 2024 Hawke’s Bay crop was smaller in fruit
size due to the residual impact of Cyclone Gabrielle and
cold spring weather, it was high-quality, with excellent
storability. Industry-wide volumes for the region were
down by 12% and our own results reflected this trend.
In response, our team focused on targeting the
best returning markets and channels for the crop,
resulting in strong orchard returns for growers in
Aotearoa New Zealand. ENVY™ apple returns increased
$3.65 per carton compared to 2023, and JAZZ™
achieved an increase of $5.60 per carton, delivering
a total of $124 million to T&G growers in 2024. These
were the highest returns for a number of seasons.
In 2024, export volumes from Aotearoa New Zealand
were 3.49 million TCEs, a 14% decline on the year
prior, due, in part to the smaller sized fruit. In the United
States for the 2023/24 season, total volumes were up
11% to 4.95 million TCEs.
3
global brands
12.7m TCEs
of apples sold globally in 2024
55
Sold in over 55 countries
365-days
Available year-round
Over the last 16 years, ENVY™ branded apples have
grown to become one of the leading premium apple
brands in key global markets, including China, Taiwan,
Hong Kong, Viet Nam, Thailand and the United States.
To meet growing global consumer demand, we have
invested in a dual-hemisphere, multi-sourcing strategy,
which sees ENVY™ grown in over 13 countries, and
enjoyed by consumers in over 55 countries. ENVY™
branded apples are on track to be a billion-dollar brand
in the near future.
First exported from Aotearoa New Zealand in
2004, JAZZ™ branded apples are a Kiwi household
favourite and enjoyed by consumers in key
global markets. JAZZ™ apples have built a great
reputation for their distinctive tangy-sweet flavour
and refreshing taste profile. They’re grown in over
11 countries, across both hemispheres, and sold
in more than 50 countries.
JOLI™ joined our premium branded apples portfolio
in 2023, alongside ENVY™ and JAZZ™. JOLI™ apple’s
generous, share-worthy size and unique taste
characteristics are expected to expand our apple
consumption opportunities. They will be available
for consumers to purchase from 2027.

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Our performance
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Apples continued
Building strong consumer demand
In all key markets, demand for ENVY™ branded apples
in 2024 was strong, showing that our approach of
delivering consistently high-quality premium fruit,
365-days of the year, and building strong consumer
demand, is working. This saw us short of product in
some markets.
In the United States, while total category prices
softened by as much as 22%
1
as the total North
American crop grew from 105 million TCEs to
140 million
1
, ENVY™ held its value and outperformed
other varieties, with prices falling by just 1%. While
growers’ investments in additional plantings have
been constrained this year, confidence remains high
in ENVY™ branded apples as a consistent and proven
performer. This has flow on benefits for our wider
portfolio, with growers expressing a strong interest
in plantings of JOLI™ branded apples, our newest
premium apple.
In Asia, the positioning of ENVY™ as a premium every
day apple was supported with sales around major
festivals in China and Southeast Asia, including Lunar
New Year, Têt and Mid-Autumn Festival. Gift packs of
fruit are especially popular. Overall sales volumes in key
Asian markets increased by 63% during Mid-Autumn
Festival. ENVY™ is now the fastest growing apple brand
for our large Asian retail partners.
Our premium JAZZ™ branded apple has significant
growth potential in targeted markets.
1. JAZZ™ branded apple
sales volumes increased
29% in Japan.
2. Despite some smaller-
sized fruit in Hawke’s
Bay, the 2024 crop was
high-quality.
3. Major festivals support
sales of ENVY™ branded
apples as a premium
every day apple.
4. Commercial volumes of
our new premium JOLI™
apple brand will be sold
in 2027.
1.
2.
3.
4.
1. Source: Washington State Tree Fruit Association (WSTFA),
2024 vs. 2023 comparative data.

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Our performance
T&G Global Annual Report 202420
In Australia, it is now among the top three apple brands,
with further in-market plantings designed to support
further growth.
The brand’s performance in Japan has gone from
strength-to-strength with a 29% increase in sales
volume this year. A targeted in-market sales and
marketing plan increased our market penetration,
encouraged repeat purchases by consumers and
maintained positive pricing.
In the United Kingdom, JAZZ™ branded apples are
fourth in the total apples category, and its volume
and pricing outperformed 2023.
This year, we took the time to understand the role
of our JAZZ™ branded apple and further develop its
long-term strategy. From this, we now have a stable
JAZZ™ programme for years to come. It is focused on
maximising returns by growing in or close-to-market.
This sees growers in Aotearoa New Zealand producing
for the domestic and Japan markets, with the brand
continuing to be licensed to growers in other markets
to meet wider consumer demand.
Our commercial varieties also performed well this
season. We achieved strong pricing due to our focus
on quality, partnering with the best customers, selling
and shipping early, and building more effective in-store
activations.
Leading quality, compliance
and supply chain
At every step in the process, consistent high-quality
standards are paramount.
In our Whakatu packhouse, we invested in infrared
artificial intelligence grading technology to minimise
internal browning and cosmetic and spoilt defects.
A new high-pressure washer cleaned the fruit and
helped remove pests, maximising volumes for our
key Asian markets that have strict phytosanitary
access requirements, including China, Taiwan and
Japan. As a result, volumes to these markets increased
by an additional 230,000 TCEs this year.
This attention to quality and compliance throughout
our value chain gives our customers and consumers
additional confidence in our products and brands,
helps maximise sales and reduces customer claims.
We had a 50% year-on-year reduction in the cost of
claims this season.
The first season of our arrangement with Kotahi,
Aotearoa New Zealand’s largest containerised and
refrigerated exporter, streamlined shipping and realised
cost savings and logistical efficiencies. It also helped
minimise the impact of a number of global issues,
including low water levels in the Panama Canal and
unrest in the Red Sea and Suez Canal.
Apples continued

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Growing with our strategic growers
A network of strategic growers underpins the growth of
our ENVY™ and JOLI™ apple brands. Just like T&G has,
they too are investing significantly in modern future-fit
orchards, growing our premium branded varieties that
deliver premium returns.
With most of the ENVY™ plantings required to meet
2030 consumer demand already in the ground, we, with
the support of VentureFruit, are scaling the growth of
JOLI™ branded apples to ensure the fruit comes on at
the rate required as we build consumer demand. The
first commercial volumes of JOLI™ will be sold in 2027.
This year, T&G planted a further 24.2 hectares of JOLI™
branded apples in Hawke’s Bay, bringing our own-
grown volumes to 55 hectares. We have also licensed
FarmRight, the New Zealand Superannuation Fund’s
rural investment manager, to grow 125 hectares of
JOLI
TM
branded apples on their Canterbury orchard in
2025 and 2026. With JOLI
TM
thriving in different growing
environments, Canterbury’s temperature, reliable water
supply, soil types and suitable land makes it an ideal
new growing region for JOLI™ branded apples. The
addition of Canterbury to our Aotearoa New Zealand
growing and supply regions also supports our actions
to diversify our footprint as we work to build increased
climate resilience.
Apples continued
Outlook
We are now through the recovery phase in our
Apples business, with 2025 and beyond focused
on growth.
The work undertaken to establish and embed our
integrated Apples operating model, supported by the
capabilities we have built, puts us in a strong position
for increased growth in the year ahead, and we will
continue to scale this. Our focus is on excellence in
execution at every step of our Apples business.
The high-quality 2024/25 North American crop is
selling strongly domestically and in Asia. This positions
us well for the transition to the southern hemisphere
crop in March. In Aotearoa New Zealand, we expect
the crop to return to a more normalised pattern and
favourable spring weather has resulted in a plentiful
high-quality crop, which is on track for our forecast
of a total of 4.3 million TCEs across all varieties.
With absolute clarity on the markets with the most
opportunities to generate increased value, in 2025
we will expand our presence in existing markets
and look to establish a presence in a new market.
The outlook for our Apples business is strong.
All investments have been made and the focus
is now on delivering our clear growth plan.

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JAZZ™ records beaten
Driven by our strategy to get more consumers
buying more of our premium apples more often,
the team at Worldwide Fruit, our United Kingdom
subsidiary, has set new records for our JAZZ™
apple brand in the United Kingdom.
JAZZ™ branded apples hit record sales in May,
becoming the fourth most popular apple in the
United Kingdom. Then, over a 52-week period
ending 3 November 2024, JAZZ™ outperformed
the market with volume up 8% and spend up 11%,
compared to total market volumes being up 6.8%
and spending up 8.2%*.
In 2024, we sold a record 1.189 million TCEs of
JAZZ
TM
branded apples, with growth across all
consumer metrics.
Our ambition is for JAZZ™ branded apples to
consistently hold fourth place in the United
Kingdom, overtaking Granny Smith apples.
Worldwide Fruit has a plan to achieve this
through targeted marketing activity, increased
JAZZ
TM
presence on supermarket shelves and
impactful promotions.
Throughout 2024, key activations with national retailers
were supported by marketing and communications
in-store, online, through retailers’ high-circulation
magazines and via retailer loyalty cards.
CASE STUDY
Campaigns focused on raising consumer
awareness and sampling. This included presenting
at The Foodies Festival, the United Kingdom’s largest
food and beverage event. Across the six events,
444,000 apples were sampled, with some three
million consumers encouraged to attend through
geotargeted phone messaging.
Great Britain Olympian JAZZ™ ambassadors – the
aptly named long jump star Jasmin Sawyers and
former competitive swimmer Jazz Carlin – capitalised
on the Paris Summer Olympics to raise brand
awareness. These influencers had a combined
reach of 500,000, with sponsored posts reaching
1.9 million people.
JAZZ™ branded apples
were a hit at The Foodies
Festival in the United
Kingdom.
Delivering to
our strategy:
Apples continued
“JAZZ™ branded apples
hit record sales in May,
becoming the fourth
most popular apple in
the United Kingdom.”
Jasmin Sawyers also launched the United Kingdom’s
JAZZ™ apple brand season in November, visiting
British growers and raising consumer awareness
of new season fruit in-store. British growers are an
important part of the brand’s success, with growers
Chandler and Dunn collecting seven prizes at the
National Fruit Show for their JAZZ™ branded apples.
With our Worldwide Fruit team delivering a strong
sales plan at sustainable prices, our British growers
have the confidence to plant more fruit, enabling us
to build a strong growth plan.
* Kantar Worldpanel data

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Our Apples growth strategy
Our Apples business is pivotal to achieving two pillars
of our strategy: grow great brands and win in key global
markets, and over the last six years we have invested
significantly to build an exceptional world-class Apples
business with a well-structured growth strategy.
It is an integrated end-to-end system – a different
model to many other participants in the apples
category. At its core are unique plant varieties, a closed
growing model, fit-for-future assets, great disciplines
and processes, strong capabilities, and a passionate
and committed team. This ensures consumers can
experience great tasting, premium branded apples,
every day of the year.
We have set our Apples business up for growth and
to generate long-term value for our shareholders and
growers. It is strong, resilient and flexible.
It has required patient investment. Building a world-
class business is not easy; it has required significant
upfront investment to ensure all components are
in place and operating with good maturity. With the
planting and each interconnected component of the
system now complete, the task ahead is to continue
building market demand over the coming years in line
with increasing apple volumes. We have set ourselves
a big target, but we are confident that we have the
focus, capabilities and resources in place to achieve
this through excellent execution. We understand the
A world-class system for growth
importance of this task. As we move into 2025 and
beyond, our focus is on delivery and performance.
While COVID-19 and Cyclone Gabrielle slowed progress
and impacted short-to-medium term financial reserves,
we are now largely through the recovery phase. In 2024,
we stabilised the business and in the year ahead, we
enter the growth phase.
At this point in our investment cycle, it is important that
we reflect on the world-class Apples system we have
built and its growth trajectory.
Apples continued

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Superior apple varieties
It starts here; selecting unique and superior apple
varieties that consistently deliver for growers and
consumers. Strong orchard economics are critical,
as is understanding and addressing evolving
consumer preferences. Our premium global apple
brand portfolio of ENVY™, JAZZ™ and JOLI™ do this.
Identifying and meeting specific consumer needs
is a key driver of our varietal development, and the
diverse attributes of our premium apple brands
complement each other and cater to different
shopper needs. For growers, our premium varieties
have strong orcharding attributes. The fruit also
has the ability to be grown consistent with their
respective brands in a range of regions and climates.
Through our VentureFruit business, we operate a
closed licensed model. This ensures we maintain
control of the number of trees grown globally,
providing the optimal balance of fruit, of the same
quality, to meet consumer demand and deliver the
highest of returns.
Pathway to best orchards in the world
With apple trees having a commercial life span of
around 25 years and it taking five years to produce
commercial-size volumes, strategic long-term
planning is required. In 2018, we committed to
progressively redevelop our own orchards, all of
which are currently located in Hawke’s Bay, into
automation-ready, formal trellis horizontal growing
systems, planted with high-performing premium
varieties. It requires significant capital investment
to re-develop orchards. With 248 hectares of T&G
owned and leased orchards planted in ENVY™
branded apples, 63% of these are in formal trellis
growing systems, producing 90 to 120 tonnes of
fruit per hectare. This enables our adoption of
specialised equipment, such as semi-automated
picking platforms, autonomous sprayers and electric
mowers, and positions us to adopt future robotics.
At the same time, we have invested significantly in
our people, capabilities, systems and processes.
Continuous improvement methodology has
embedded a disciplined and consistent way of
working, supported by an empowered, driven and
highly capable orcharding team.
Partnering with the best growers
Alongside our own orcharding operations is an
extensive network of independent licensed growers,
producing our premium branded apples and
commercial varieties. Located in both hemispheres
and in over 11 countries, this network enables
consumers to buy our apples every day of the year.
It also diversifies our geographical spread, ensuring
the right varieties are grown in the right regions, with
proximity to markets, customers and consumers.
Currently, 31% of our apple supply is sourced from
Aotearoa New Zealand, 37% from the Americas,
23% from Europe and the United Kingdom, and
9% from other markets. With a stringent quality
growing system for our premium varieties, we
ensure consumers have a great consistent eating
experience every day.
Commercial varieties are an important part of our
Apples portfolio, with demand strong for the likes of
Royal Gala, Pacific Rose™ and Pacific Queen™. Our
sales team works with growers to target markets
that deliver the best returns for their crop, working
with agility to maximise pricing.
Apples continued

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Leading-edge post-harvest
With consumer demand for ENVY™ branded apples
forecast to be over 15 million TCEs by 2030, an
$85 million highly-automated post-harvest facility
was commissioned in 2023 at our Whakatu site
in Hawke’s Bay. It has the scale and flexibility to
grow in line with increasing apple volumes, and lifts
productivity to 3,000 to 3,500 apples per minute
at the peak of the season. The quality of the fruit
is prioritised at every step, with high-tech sorting,
packing and grading equipment, utilising deep
learning technology to improve yield, optimise
packout and help ensure fruit meets global
market requirements.
Our Whakatu packhouse is supported by our
Nelson post-harvest facility, and a network of
certified independent facilities in all of our global
growing regions. They adhere to stringent global
quality packing and coolstore standards to maximise
the quality and storability of fruit.
Maximising value from the crop
To ensure we get the best possible outcome for the
crop, T&G operates a sales and operations planning
(S&OP) system. It matches supply and demand,
allocating apple sizes and grades to the optimal
market, at the right time, to deliver the best returns.
It is supported by a robust, flexible and scalable
logistics and ocean freight model. In 2023, we
engaged Kotahi, Aotearoa New Zealand’s largest
containerised and refrigerated exporter, to procure
all T&G ocean freight – enabling us to leverage and
benefit from their scale.
Building brands that deliver greater value
A sophisticated framework for growth ensures
we create demand for our premium apple brands
at the right time to match supply. It is focused on
increasing the number of households who purchase
our brands and growing the frequency of consumer
purchases, whilst delivering a price premium.
We do this by:
1. Developing markets
We are intentional in the markets and territories
we operate in, strategically analysing their growth
potential before entering and establishing a
presence. In doing this, we have moved from
working with distributors to establishing our own
in-market offices. Today, we have offices in Europe,
the United Kingdom, North America, Singapore,
China, Japan, Thailand and Viet Nam. We have
built highly-skilled sales, marketing, quality and
operations teams who help accelerate our growth by
responding quickly to insights and building trusted
and mutually-beneficial customer relationships to
drive consumer demand.
Apples continued

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Apples continued
2. Increasing ranging
Ranging is the process a retailer uses to decide
which products appear on-shelf in their stores. We
evaluate each market to ensure we best understand
where fresh produce, including apples, are
purchased, by whom, and for what occasion or need.
This information enables us to actively increase
the ranging of our premium apple brands across
various channels and customers. This ensures we
have better quality distribution in each market, from
which programmes of growth can be built.
3. Every day great execution
With our brands in the right outlets across a market,
it is then vital we excel in in-store execution every
day. This requires 365-day availability and supply
of our premium apples, distinctive branding and
our apples being visible and prominent on-shelf.
The real benefit here is we build shopper trust and
confidence in our offering, and we can then engage
with consumers.
4. Connecting with more consumers
Once the prior three steps are in place, it enables
us to focus on connecting and engaging with our
targeted consumers and shoppers by providing
them with a great experience through branding,
sampling and merchandising. As we build global
brands, quality and consistency of the experience we
create is key to our ongoing growth.
The outcome is increased value
creation
This is the integrated world-class system
we have built in Apples, and with our
determination and culture, it will deliver
profitable and sustainable growth.
Our volumes will increase significantly by
2030, based largely on the maturity of the
plantings already in the ground globally.
This growth requires very limited capital
investment and it will drive an expected
significant increase in profitability and
revenue due to reducing marginal costs
of production.
In coming years, our Apples business
will deliver shareholders with steady and
sustainable long-term financial returns.
Superior product and distinctive branding
More shoppers and households
More purchases
Price premium
Enter and expand
in key markets
Increase ranging across
channels and customers
In-store execution
excellence every day
Connect and engage with
more consumers
Building brands that deliver greater value continued

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T&G Fresh connects local
growers with customers and
consumers in Aotearoa New
Zealand, Australia, the Pacific
Islands and Asia. Collectively
it accounts for 33% of revenue.
Operating Aotearoa New Zealand’s biggest nationwide
market network, T&G Fresh connects growers to
buyers from supermarkets, fruit shops and foodservice
businesses – and ensures customers can access a full
basket of fresh produce. To supplement local supply,
T&G Fresh imports fresh produce from over 100
growers which is unable to be grown locally or to cover
seasonal gaps in local production. It also manages our
Australian and Pacific Islands operations.
In Aotearoa New Zealand, T&G Fresh is one of the
country’s most-established growers, producing
tomatoes, citrus, berries and stone fruit, and building
long-term relationships with over 600 local fresh
produce growers. Through Unearthed™, it grows,
packs and distributes high quality potatoes, onions
and carrots. T&G Fresh’s brands include Beekist™,
Classic™, Orchard Rd™ and Lotatoes™.
T&G Fresh
$3.6m
Operating profit
$455.3m
Revenue
2023: $484.3m
2023: $9.8m

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Good progress but results below expectation
We achieved good progress this year, with operational
efficiencies, expansion of our Queensland blueberry
operations, strong Australian citrus exports and the
acquisition of the Hinton’s stone fruit business in
Central Otago.
However, financially, this year there were fewer
positives. It was a very difficult trading environment
and our results did not meet our expectations nor
reflect our team’s effort.
While growing conditions in Aotearoa New Zealand
supported production of high-quality crops, plentiful
supply was not matched by demand. Consumers felt the
pinch of a weaker economy with rising inflation, costs
and unemployment. In our main Auckland market, for
example, the volumes sold increased by some 11% but
average prices were down by the same percentage.
The business felt the same inflationary pressures with
little relief on energy and other costs, although fuel
prices stabilised slightly. With increasing costs, this year
we reviewed our commission and charging structures for
the first time in over 10 years to help protect our margins.
For growers, this meant a small change to how much
they pay for their product to be sold through our market
sites, and for customers, a standardised site handling
fee was introduced.
To protect margins, we also focused on operational
savings in addition to those achieved in the previous
year when we consolidated our Auckland market
operations into a single site. Savings this year included
right sizing our overheads, investing in cost-effective
new ways of working and improved cost recovery for
transport loads.
T&G Fresh continued
1. The Hinton’s business
acquisition brings
diversity to our growing
footprint, with cherries,
peaches, peacharines,
apricots, nectarines
and plums.
2. Favourable growing
conditions resulted in
our Auckland market
selling increased
volumes, however
average prices were
down.
1.
2.
Our tomato operations in Aotearoa New Zealand
were affected by whitefly and the pepino mosaic virus,
which reduced yields and product quality from some
glasshouses and increased costs. As with other fresh
produce, demand for tomatoes was affected by low
consumer confidence. While demand began firming
into the warmer months, it was insufficient to offset the
weaker half of the year.
With the tomato brown rugose fruit virus detected in
Australia, it was great to see industry-wide steps taken
to help keep Aotearoa New Zealand’s crop free of the
virus, with imposed import restrictions on tomatoes and
tomato seeds from Australia.
Our Australian operations, with their focus on citrus and
berries, had a stronger trading year, helped by positive

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T&G Fresh continued
citrus exports. In their first year of operation under
T&G Fresh, they achieved significant improvements
in sales and returns. We are optimistic of future growth
in Australia.
Trading in Fiji and the Pacific Islands was positive as
economies improved on the back of recovering tourism
demand. Two additional distribution sites in Fiji are
supporting our growth in this market.
Growth potential in blueberries
Blueberries are an important growth category for
T&G Fresh.
The Queensland blueberry farm had its first full year
of commercial production in 2024. High temperatures
at the end of the 2023/24 summer affected the crop
with the farm unable to take full advantage of the
autumn sales period. Nonetheless, the fruit quality
overall was high and in one week in August we
packed and sold 11,500 kilograms of fruit under our
Orchard Rd™ brand.
We are confident that our pruning regime and the
management of fertiliser, irrigation, sun protection and
ventilation will put us in a strong position to hit targets
in 2025. The 17-hectare expansion in 2024 will see us
supply blueberries from over 36 hectares of tunnel
or net plantings, and once mature, it should produce
some 500 tonnes of berries.
Our Kerikeri blueberry farm produced its first
commercial crop of jumbo blueberries for the Aotearoa
New Zealand market under our Beekist™ brand. This
orchard is growing the same cultivar as our Queensland
3. It was a tough year for
tomatoes but we made
considerable progress
with integrated pest
management.
4. Our Kerikeri blueberry
farm produced its
first commercial crop
of premium jumbo
blueberries, marketed
under our Beekist™
brand.
3.
4.
operations. Licensed by VentureFruit, we are the
exclusive grower and marketer of these high-quality
blueberries, which attract a premium by being available
over the winter months.

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Outlook
As part of our plan to lift performance, we have identified
areas to improve across T&G Fresh.
Towards the end of 2024, we saw some firming of
consumer confidence as inflation and interest rates
reduced. While we do expect households to remain
cautious with their budgets, food generally takes priority
over other purchases. We are also confident that a great
deal of the effort put in this year will set us up for better
returns in 2025 and beyond.
We have locked in efficiency across the supply chain,
maintained tight control of costs and ensured appropriate
cost allocations across our operations. Our market
operations have weathered high volumes, low pricing and
high fixed costs; however, the review of commissions and
cost structures means our focus on margin control and
internal cost recovery will give us inherent strength in the
new season.
Savings of time, fuel and emissions will be delivered from
our investment in our new transport management system,
which is crucial to the logistics of moving crops around the
country to our markets and customers. The system went
live in December, so its full potential has yet to be realised.
On the growing side, we have also taken steps to increase
our resilience and give us more control over the volatility
experienced in recent years.
In our Australian berry operations, for example, we have
taken all the steps needed to ensure our plants are hitting
their production peak at the right time of the year. This locks
in our ability to generate more value and better returns.
In citrus, we are in a strong position to target the most
profitable sales windows by managing the harvesting
and storage of fruit.
We have come through a tough year in tomatoes, but we
have also made considerable progress with integrated
pest management. Through the industry programme,
A Lighter Touch, we are steadily shifting away from
managing pests and disease with agrichemicals in
favour of alternatives. Trials using beneficial insects to
manage whitefly indicate we can reduce the impact and
the costs to the business of this pest.
Our 2019 partnership with Ecogas is reaping cost and
emission reduction benefits, with pipelines for heat
and biomethane from Aotearoa New Zealand’s first
large-scale food waste to biogas facility at Reporoa.
The final CO
2
pipeline is scheduled to come on-stream
in early 2025, which will further reduce heating costs.
The installation of thermal screens at our 10.8-hectare
Geraghty glasshouses in Tūākau has also reduced costs
and emissions.
The acquisition of the Hinton’s stone fruit business will
also make a valuable contribution to our performance
next year, as it supports our strategy of building our
supply and growing our strength in key categories.
The reset work undertaken over the last 24 months has
positioned T&G Fresh as a more resilient business, and
this focus will continue in 2025 with further development
in digitalisation and continued efficiencies across the full
value chain to support our strong growth pathway.
T&G Fresh continued

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Diversifying into stone fruit
The Hinton family orchard business has been
part of the Central Otago landscape in Aotearoa
New Zealand since 1910, when the first block of
land was bought and planted in summerfruit.
Five generations have been part of its development,
with their apricot harvest featuring in the first
episode of Country Calendar in March 1966.
The 150-hectare orchard in Alexandra is now part
of T&G Fresh, following this year’s purchase of the
Hinton’s stone fruit business and the leasing of
their stone fruit orchards and packhouse. While the
family remains involved in the transition for the first
few years, the day-to-day operation of the orchard
and packhouse now sits with T&G Fresh.
The arrangement brings immediate diversity to our
domestic and export fresh fruit portfolio, with the
orchard growing cherries, peaches, peacharines,
apricots, nectarines and plums. Last season’s total
production was well over 1,000 tonnes, but with
maturing young plantings and T&G immediately
planting an additional 14 hectares of peaches and
nectarines in winter 2024, that is set to increase
significantly over the next few years.
CASE STUDY
The Hinton orchard business is a long-established
exporter of cherries, supplying cherries to markets
in Taiwan, Viet Nam, Thailand and the Philippines.
The diversity the orchard brings is not solely
related to the crop. Having production in a range
of locations also enables us to mitigate weather-
related supply risks.
The Hinton’s business acquisition and lease
supports our strategy of building our supply and
growing strength in key categories. Together with
our existing supply partnerships in summerfruit, it
provides us with a very strong summerfruit portfolio,
allowing us to support our supply partners and meet
our customers’ summerfruit requirements.
“The Hinton’s business
acquisition and lease
supports our strategy
of building our supply
and growing strength
in key categories.”
The Hinton’s business supplies
cherries to markets in Taiwan,
Viet Nam, Thailand and the
Philippines.
Delivering to
our strategy:
T&G Fresh continued

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In Aotearoa New Zealand, T&G Fresh is one of the
country’s most-established growers, producing
tomatoes, citrus, berries and stone fruit, and building
long-term relationships with over 600 local fresh
VentureFruit is T&G’s global
plant variety management
and commercialisation
business, bringing new,
high-value apple, pear and
berry varieties to consumers.
VentureFruit operates an agile commercialisation
model, spanning global exclusive vertical
brand licenses right through to industry tree
release models.
Established as a standalone operation in 2021,
VentureFruit is an agent for breeders and research
organisations, supporting them to bring their
innovative plant genetics to the world.
VentureFruit licenses plant varieties to growers
and sales and marketing organisations worldwide.
In parallel, it identifies new unique plant varieties
that align with T&G’s growth strategy and manages
the intellectual property within T&G.
VentureFruit
($4.3m)
Operating (loss)
$13.0m
Revenue
2023: $9.0m
2023: ($14.7m)

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As a start-up, with three full years of operations under
its belt, VentureFruit is in the early stages of its growth.
While it launched in a difficult COVID-19 and economic
environment, VentureFruit has excelled due to its strong
networks, operational excellence and heritage. This
is reflective in it commercialising five apple varieties
over the last 18 months – putting it among the top
commercialisation entities for apples globally.
Solid progress in a challenging year
Solid progress has been made in research and
development and licensing, particularly with the
introduction of TUTTI™ branded apples, expanded
ENVY™ branded apple plantings, and commitments
for new plantings of our JOLI™ branded apple. We also
continued to identify strategic opportunities for future
development programmes and emerging market
opportunities with selected research partners.
However, as the financial results indicate, this progress
has been made in a challenging economic environment.
A combination of continued cyclone recovery in
Aotearoa New Zealand and a tough global financial
environment has temporarily constrained growers’
ability to invest in orchard development and the
licensing of varieties.
In the United States, declining apple returns across
most categories – except for our ENVY™ apple brand –
have limited growers’ ability to enter into new licence
agreements. Reduced crop volumes also influenced
revenue from licensed brands.
Towards the end of the year, we saw business
confidence starting to lift in key markets. VentureFruit’s
customers began re-visiting their innovation pipelines
and increasingly seeking premium varieties, with
VentureFruit continued
1. VentureFruit has
licensed the growing of
JOLI™ branded apples
to FarmRight, the rural
investment manager
for the New Zealand
Superannuation Fund.
2. Berries are a high-
growth category
with strong demand
expected in key global
markets.
3. Strong progress has
been made towards
the licensing of 1,200
global hectares of
TUTTI™ branded
apples by 2025. Photo
credit: IRTA.
1.
2.
3.

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heightened interest in sustained business through
investment in climate-tolerant and disease-resistant
plants. VentureFruit is very well positioned to
capitalise on this.
Turning opportunities into results
Despite a difficult environment, VentureFruit was able
to turn opportunities into results.
This included the October release of STELLAR™ apple
trees, the world’s first early season apple specifically
bred for hot and warming climates. The apple from the
Hot Climate Partnership is similar in size to Gala but
matures one to two weeks earlier, has increased yield,
and superior consumer attributes.
Rising temperatures in some growing regions is forcing
apples to mature too quickly, impacting colour, texture
and yields. STELLAR™ apple trees give growers an
option that naturally matures earlier in the season,
maintaining the apple’s quality and taste. It also
performs well in temperate climates.
Its launch follows that of TUTTI™ branded apples, the
Hot Climate Partnership’s first climate-resilient cultivar.
Since coming to market in 2023, there are currently
44 test growing sites across 14 countries. In addition,
there are 120 hectares of commercial plantings in
Europe – primarily in Spain – against a contracted
planned 300 hectares. In December, a license was
granted for 300 hectares in Latin America. This was
a further step towards achieving the business plan
target of 1,200 global hectares by 2025.
VentureFruit continued
In Aotearoa New Zealand, VentureFruit has
commercialised its first apple from a local breeding
programme it co-partners with. Under its varietal
name of ‘MAC12’, the commercialisation of this apple
from Plant IP Partners in Hawke’s Bay, will support the
Mt Erin Group re-establish their operations following
Cyclone Gabrielle. ‘MAC12’ was commercialised
through an asset sale model.
ENVY™ – grow and defend
To help meet increasing demand in the United States
for ENVY™ branded apples, this year VentureFruit
licensed a further 170 acres to growers in upstate
New York. This builds off the success of the initial
10-acre test plantings in the year prior.
Following the initial success in China of locally-planted
commercial ENVY™ volumes, VentureFruit is supplying
further trees under licence to Joy Wing Mau to expand
their plantings. Joy Wing Mau has also expressed
an interest in growing TUTTI™ branded apples and
negotiations are underway.
As reported last year, China is a significant strategic
market and growing a managed commercial volume
of premium ENVY™ branded apples in-market is
an important part of our domestic growth strategy.
As we grow the brand’s footprint, it is critical that we
vigorously protect and defend our intellectual property
for the benefit of breeders, growers, retailers and T&G.
VentureFruit has lodged a number of legal proceedings
relating to unauthorised plantings and propagation,
trademark infringements, and illegal domestic and
export sales.
JOLI™ good progress
Following its commercialisation last year, JOLI™
branded apples have attracted strong interest in the
United States. The strength of our premium ENVY™
branded apple in the United States has supported this,
with the brand maintaining good grower returns in a
market where prices for most varieties declined as
much as 22%
1
.
Being a complementary premium variety in terms of
consumer appeal and availability, JOLI™ branded apples
are attracting firm interest from growers who want to
protect the sustainability of future orchard returns.
They want to replace underperforming varieties with
higher-performing premium apple brands such as
ENVY™ and JOLI™, with the latter available for initial
plantings in 2026. We expect JOLI™ plantings in the
United States to grow to some 242 hectares by 2030.
We are also establishing three commercial pilot
orchards of JOLI™ branded apples in Europe in 2025,
across the most significant apple growing regions,
and establishing test blocks in North America.
In Aotearoa New Zealand, in December, VentureFruit
licensed the growing of 125 hectares of JOLI™ branded
apples to FarmRight, the New Zealand Superannuation
Fund’s rural investment manger. FarmRight will plant
the volumes on their Canterbury orchard in 2025 and
2026. This will be the first plantings on a commercial
scale of JOLI™ branded apples in the region.
1. Source: Washington State Tree Fruit Association (WSTFA),
2024 vs. 2023 comparative data.

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Berries
Within the last year, the global blueberry market has
seen significant pressure on supply and value due to
a surge in early season, low chill, southern high bush
genetics out of South America. This has seen a refocus
from growers and marketers to identify new berry
categories to diversify their offerings in late-season,
moderate to high chill varieties, which VentureFruit
excels in.
VentureFruit sees berries as an attractive, high-growth
category, with positive demand forecast in our key
global markets.
With a base of premium world-class genetics,
VentureFruit continues to build its portfolio. In the
United States, we have signed agreements with two
major producers that will underpin commercialisation
pathways for our blueberry varieties, with a further
partnership to be signed in 2025. In Europe, our
testing programme spans five countries and is running
smoothly, with more imports of plant material through
2025/26.
Test plantings have increased in Poland where there
is high demand for better moderate to high chill
genetics in blueberry cultivars.
In Asia, imports are underway with Korean and
Chinese partners.
With our berries’ category development now at the
end of its second year, we believe a refresh of our
global strategy is timely to capitalise on our strengths
and consider potential future investments and research
partnerships. This work will be completed in the first
half of 2025.
In the three years since
VentureFruit was launched:
7+7
Seven apple and seven berry
varieties have been commercialised
VentureFruit continued
3
Three dragon fruit canker-
resistant varieties developed
10
Established 10 partnerships with
breeders in nine countries

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Outlook
In addition to refreshing its berries’ strategy, in
2025, VentureFruit will develop new market growth
opportunities, such as in India and China, and continue
to protect and defend our intellectual property.
We have plans to commercialise further apple varieties,
strengthen our North American breeding partnership
investment, and continue to seek acquisitions of
unique and superior genetics. Alongside heat-resistant
varieties, VentureFruit will double down on disease-
resistant varieties and evolving consumer attributes,
such as red-fleshed apples. VentureFruit will continue
to support T&G in the licensing of JOLI™ branded apples
in Aotearoa New Zealand, as well as establish pilot
orchards in Europe. We will also continue to build and
adopt improved processes that support repeatability
and sustainability within VentureFruit.
The advent of advanced breeding technologies,
such as gene editing, will provide a unique
opportunity for VentureFruit to retain and build its
market-leading edge and supercharge its business
offering into the future. By harnessing these new
technologies, varieties can be produced with
superior traits, such as better nutritional content,
enhanced disease resistance and improved yield, in
a faster and more efficient way. Advanced breeding
technologies can target precise changes without
introducing new genetic material – essentially
making the same types of changes to plants that
occur naturally. Our ambition is to keep ahead
of these new techniques and VentureFruit is
conducting due diligence globally to understand
what future role we will play.
VentureFruit continued

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Pioneering climate-resilient
cultivars for a changing world
STELLAR™ apple trees are the second apple to be
commercialised from the Hot Climate Partnership,
and VentureFruit is commercialising the fruit at a
time of increasing need.
As temperatures increase around the world, apples
can mature too quickly, with the heat impacting the
colour, texture and yield. Innovations such as the
development of STELLAR™ apple trees are essential
to provide growers with options, specifically bred for
hot and warming climates.
STELLAR™ apple trees are a disruptor in the
early season apple category. The bright red fruit
is similarly sized to Gala apples, with the added
benefit of maturing one to two weeks earlier. The
apple trees also represent the flexible approach we
are taking to commercialise VentureFruit varieties.
Rather than only pay licenses for a branded product,
growers are being offered an open tree release
model. This enables all global growers to purchase
trees and brand the resulting fruit under their own
marketing name.
STELLAR™ apple trees address different grower
needs than TUTTI™, the first branded apple to be
commercialised from the Hot Climate Partnership,
such as its growing window, pricing and seasonal
availability. We are encouraging orchardists to
CASE STUDY
see it as a climate-resilient alternative to Gala. It is a
similar size but has the advantage of maturing earlier.
With the Gala being the number one planted apple, we
are targeting two million STELLAR™ apple trees sold
globally. Since launching in October, we have pre-sold
400,000 trees, which makes us confident that this goal
is feasible.
Both of our commercialised climate-tolerant varieties
are the result of more than two decades of natural
breeding and scientific development. Behind them is
an extensive pipeline of apple and pear varieties in their
final years of evaluation and testing, with two candidates
hopefully progressing to commercialisation in 2025.
The Hot Climate Partnership is a collaboration
between the Catalan Institute of Agrifood Research
and Technology (IRTA), New Zealand’s Plant & Food
Research, the Catalonian fruit producer association,
Fruit Futur, and VentureFruit, who are responsible for
the commercialisation and licensing of new varieties
from the Partnership.
Fruit from a STELLAR™
apple tree.
Photo credit: IRTA
Delivering to
our strategy:
VentureFruit continued
“Since launching in
October, we have
pre-sold 400,000
trees, which makes us
confident that this goal
is feasible.”

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Other business contains
our property and overhead
expenses not allocated to the
Company’s business divisions.
internationally traded produce, such as grapes,
have become less significant by value relative
to Apples. Following the sale of our Peruvian
grape farm in early 2023 and the wind down of
T&G CarSol Fruit Export in the same year, our
International Trading business had become a lot
smaller. Accordingly, this year we re-allocated the
International Trading business into other business
divisions. The performance of our South American
trading business and our Asian kiwifruit trading
business is captured in Other business.
This includes our Cyclone Gabrielle insurance
claim, the provision of Group shared services,
and two areas previously part of our International
Trading business – our South American trading
business and our Asian kiwifruit trading business.
Throughout 2024, there was a continued focus
on cost reduction, removing duplication and
improving efficiencies across all Group shared
services. We also made good progress with our
insurance claim, and it is now close to finalisation.
With the Company’s strategic emphasis on
Apples and its planned growth trajectory, other
Other
business
($30.3m)
Operating (loss)
$33.5m
Revenue
2023: $21.1m
2023: ($51.0m)

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Our people and their talent
are essential to delivering our
strategy. To enable them to
perform at their best, we have
made the disciplines of high-
performance the foundation
of our culture. This balances
performance accountability
with ensuring our people are
invested in, cared for, and have
a strong sense of purpose.
05. High-performance
Our people, our future

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Employee survey
Our employee survey helps us regularly track our
performance against cultural expectations. The survey
covers business processes, leadership, organisational
culture, learning, performance development, strategy,
people experience and psychological wellbeing. Our
survey scores are a valuable indicator of engagement
and results show we are performing well, particularly
compared against survey benchmarks.
Our overall result for 2024, across all questions,
was 72% compared to 71% in 2023 and a benchmark
average of 68%. The survey has a subset of 25
questions, which contribute to a people score (similar
to an engagement score). Our 2024 people score was
73% compared with a 2023 result of 72%. The 2024
benchmark average is 69%.
This year, our participation rate was 73.2% compared
to 77.4% in 2023 and we had 921 respondents (998
in 2023). The benchmark average participation rate
is 69%.
These are good results in a year where we have had
structural changes, grouped our Apples operations into
one end-to-end business unit, and our teams have faced
challenging market conditions.
Developing our people
Building and enhancing our team’s skills and
capabilities helps them be their best, fosters a more
engaged and motivated workplace, and enables our
collective performance.
High-performance continued
A key development focus for 2024 has been identifying
on-the-job development opportunities for our people.
70% of learning/development at T&G is typically the
result of real-work experiences, facilitated through
activities such as projects, stretch assignments and
job enrichment.
This year, we rolled out annual development
planning for employees. It encourages people to
identify their career goals, strengths and development
focus areas, and the actions they will take to achieve
these. Development plans are discussed and refined
with managers and implemented over the following
12 months.
In 2024, we launched LEARN – a new learning
management system – to better meet the evolving
learning needs of our people and enable them to
acquire new skills through a wide range of online
resources and training programmes.
For our senior leaders, we also developed our own
T&G leadership competencies. Leaders self-assess
themselves against eight competencies, and the
behavioural characteristics that demonstrate each
competency. Self-assessments are discussed with
managers and inform the individual’s development plan.
Specialist sales training
Our specialist sales capability training programme,
developed and delivered internally for our Apples
business this year, is an excellent example of T&G
ensuring we have the right people, with the best skills,
in the right place.
This programme supports our in-market strategy to
establish new levels of strategic partnerships with
key customers across our global markets and drive
consumer demand for our brands, especially in Asia.
The end-goal is to drive higher volumes and returns by
utilising market segmentation, compelling activations
and robust pricing, encouraging consumers to buy more
of our premium branded apples, more often. Increasing
per capita consumption provides a stable and more
sustainable revenue stream than seasonal promotions
and enhances our opportunities to capture more value
for every branded apple harvested.
The programme has already delivered an appreciable
lift in the way our sales teams engage with our key
customers and they’ve been able to identify and seize
opportunities to secure category partnerships crucial
to our growth goals.
Lifting engagement and collaboration
This year, T&G Fresh focused on enhancing customer
engagement by introducing a targeted, data-driven
approach for their sales specialists. A two-day workshop
for the domestic sales team highlighted the importance
of alignment across sales, procurement and logistics
on the business’ operating results, and the subsequent
need for transparency and shared responsibility.
Additionally, T&G Fresh further integrated its market
sites to move from independent businesses to a
national network of branches, providing a channel that
supports national key account strategies and direct
channel sales. Continuous improvement remains a
cornerstone of our culture, driving performance and
innovation across T&G Fresh.

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Fostering our talent
In February, 13 employees graduated from our 2023/24
Ka Awatea programme in Hawke’s Bay – the third
cohort to complete this programme.
Ka Awatea is a key part of our Manaakitanga inclusion
and diversity (I&D) strategy. It 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
leadership style.
Our CORE Talent programme, which in 2024 replaced
our SEED programme, is funded by the Ministry of
Social Development (MSD). MSD refers participants
who need additional support to transition into
employment and T&G provides these participants with
the opportunity to gain valuable horticultural work
experience and earn external qualifications by working
on our orchards. We offer comprehensive pastoral care
to participants and support them to achieve sustainable,
permanent employment.
In 2024, we introduced the Pathways pilot programme,
funded by MSD through New Zealand Apples & Pears
Inc., to support employees transitioning from seasonal
or casual employment into permanent roles. The
programme provided one-on-one pastoral care to help
participants successfully navigate this transition. We
had five participants this year, a mix of orchard-based
and packhouse team members, who benefited from the
wrap-around support in this programme.
High-performance continued
The team has an excellent role model in Grace
Fulford, Quality and Compliance Manager in our
Apples business, who was awarded the Hawke’s
Bay Young Fruit Grower of the Year title, followed
by the New Zealand Young Fruit Grower of the Year
and the New Zealand Young Grower of the Year at
the 2024 national competition. We are very proud of
Grace’s achievements.
Two of our 2023/24
Ka Awatea graduates,
Rose Obrien (L) and
Layton Beckham (R).

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Kaitiakitanga describes the
Māori world view which
recognises that people, land
and nature are interlinked and
that those who live on and use
the land have an obligation to
be its guardians, preserving its
benefits for future generations.
06. Kaitiakitanga
The framework for sustainable value

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Our Kaitiakitanga sustainability framework (see
Figure 2) has three pillars: our people, our planet and
our produce, each essential to our purpose of growing
healthier futures.
For our people, we aim to create a safe, healthy and
inclusive environment. Our planet pillar recognises our
dependence on the natural environment and our role
as kaitiaki, or guardians of it. Our produce pillar focuses
on our sustainable produce value chain, which provides
nutrition to our consumers while enhancing livelihoods.
Kaitiakitanga continued
T&G supports the United Nations Sustainability
Development Goals (SDGs), which are 17 global
goals covering environmental, social and economic
development issues. The SDGs are the blueprint to
achieving a better and more sustainable future for
all. T&G’s Kaitiakitanga sustainability framework will
contribute to seven of the goals.
FOCUS AREAGOALS
Our people
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
Inclusion and diversity■ Accept, respect and celebrate our similarities and differences
Our planet
Climate action■ Thrive in a changing climate while reducing emissions across our value
chain
Low impact operations■ Protect and enhance our natural resources
■ Reduce waste
Our produce
Responsible partnerships■ Ethical and mutually beneficial partnerships through our global value chain
Healthy communities■ Help reduce food insecurity
T&G's Kaitiakitanga sustainability framework
Figure 2: T&G’s Kaitiakitanga sustainability framework

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Governance and management
T&G’s Board has overarching responsibility for
sustainability. It is assisted by three Board Committees,
the Sustainability Committee (SC), the Human
Resources Committee (HRC) and the Finance,
Risk and Investment Committee (FRIC), who make
recommendations to the Board.
The SC oversees our Kaitiakitanga sustainability
framework, including the strategy, targets and
initiatives, as well as monitoring performance.
The HRC oversees and monitors the people and
culture framework, including health, safety and
wellbeing, and inclusion and diversity.
The FRIC oversees sustainability-related risks
and opportunities, and approves annual corporate
disclosures, including the Annual Report and
Climate-related Disclosure. In 2025, responsibility
for overseeing sustainability-related risks and
opportunities will shift to the SC.
The Executive team is responsible for developing
and implementing our Kaitiakitanga sustainability
framework. The Head of Corporate Affairs leads the
sustainability team, who partner with the business to
support them in developing, owning and implementing
the strategy and activities.
In 2024, an Our Planet Steering Committee was
established to support the Executive team in governing
the development and implementation of this pillar.
It comprises the Chief Executive Officer, Chief Financial
Officer, Chief Operating Officer Apples, Managing
Director T&G Fresh, Head of Corporate Affairs and
General Manager VentureFruit, and meets at least
four times a year.
The Committee is responsible for overseeing the
development and implementation of the Company’s
climate action and low-impact operations strategies,
targets and initiatives, and monitoring performance.
In addition, it discusses risk appetite on related areas,
identifies areas of alignment and opportunity across
the business, and makes recommendations to the SC.
T&G’s 2024 Climate-related Disclosure, available at
https://tandg.global/investors/reporting/, has further
information on the role of these Committees from a
climate perspective.
Kaitiakitanga continued

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Our people
Protect and grow
Better systems, better protection
We are committed to doing all we can to ensure our
people go home safe, every day. For us, the ideal safety
culture is one where everyone knows how to look after
themselves in their job, looks out for those around
them, and feels confident raising concerns and being
heard. Achieving this goal requires a different way
of working, and we are well advanced in embedding
this approach.
2024 is the final year that we will use the Total
Recordable Injury Frequency Rate (TRIFR) metric as
an indicator of our safety performance. The TRIFR for
2024 was 7.4 (against a target of 7.2), a 7.5% reduction
on the previous year of 8. This means that we had
7.4 recordable employee injuries for every 200,000
hours worked.
The decision to drop this approach was informed by
work done by The Institute of Directors, WorkSafe and
the Business Leaders Health and Safety Forum.
The Institute of Directors’ health and safety good
governance guide, endorsed by WorkSafe, noted that
TRIFR is no longer considered relevant because it
is not a reliable indicator of safety performance and
has many limitations, including being misleading.
Low TRIFR can lead to a false sense of security,
and research has shown no discernible association
between TRIFR and fatalities.
We have other existing indicators of our safety
performance that we will continue, including our
employee survey health and safety score and recording
the number of annual CARE conversations, but we will
predominantly replace TRIFR by expanding our critical
risk management approach. In that sense, we are
shifting away from an absence of injuries and moving
towards a presence of safeguards to measure success.
Managing critical risk
We began shifting to a critical risk management
approach in 2023, defining our critical risk areas and
developing the standards for managing and reviewing
these risks.
This approach aligns with best practice, focusing on
work-specific health and safety processes that account
for the complexity and variability of workplaces.
In 2024, we developed a comprehensive framework
for critical risk assurance. The framework includes
three levels: site-based critical risk control reviews,
internal assurance by the health and safety team, and
governance-level deep dives. Throughout the year, we
refined our approach and completed the first deep dive
in December. As we move into 2025, these assurance
activities will continue to expand and become more
deeply integrated into our business operations.
This approach enables our Executive and leadership
teams, and Board, to identify and focus on areas
that genuinely contribute to safer outcomes, such
as providing enough resources, designing work
well, training people, and testing key health and
safety controls.
Our critical risk areas include motor vehicles, mobile
plants, working at heights, working in confined spaces,
fixed machinery – such as machines found in packing
sheds, hazardous substances, excavation, hot work
and falling objects.
Kaitiakitanga continued

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2.
Recordable injuries
In 2024, we completed the rollout of our incident
reporting system, Haumaru, across our global
operations. This is a significant milestone, providing
T&G with comprehensive health and safety data across
all sites for the first time. Across our entire business,
Total Recordable Injuries (TRI) were 143 in 2024.
This compares to a TRI of 139 in 2023 for our Aotearoa
New Zealand operations only.
Enhanced Hawke’s Bay RSE healthcare
We are proud of a nine-week satellite health clinic pilot
that ran out of our Whakatu packhouse in Hawke’s Bay
this year, to provide easier access of care for some
4,000 Recognised Seasonal Employer (RSE) workers
employed in the region – including 800 of our T&G
RSE team.
We partnered with Hastings Health Centre and Orbit
Health, setting the clinic up in our wellness room.
Hasting Health Centre provided staffing with advanced
care paramedics and registered nurses. The clinic was
open to all RSE workers across Hawke’s Bay, with over
660 people seen during the pilot.
For our RSE team, having the clinic on-site and staffed
by familiar medical practitioners who understood the
demands of harvesting apples encouraged them to
be more proactive about their health. They were seen
quickly, pre-packaged medicine provided as required,
and services such as x-rays and blood tests seamlessly
arranged. People could then return to work, go home to
recover, or be referred to a medical centre or hospital
if needed.
Kaitiakitanga continued
1. The satellite health
clinic pilot at our
Whakatu packhouse
helped provide easier
access of care to over
660 RSE workers.
2. At our Global Hub
and across T&G, we
celebrated Pink Shirt
Day and taking a stand
against bullying.
3. Automated picking
platforms in our apple
orchards help provide
a safe and productive
workplace.
1.
3.

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RSE teams pōwhiri welcome
We strive to be an inclusive and diverse organisation
where everyone feels a genuine sense of belonging and
inclusion. Our pōwhiri for our Hawke’s Bay RSE team is
one way of bringing this to life.
At the start of the season, we show our respect and
appreciation through a pōwhiri at a local marae,
welcoming a large number of our RSE team members
to Aotearoa New Zealand and connecting them with
local iwi.
The event is valued by both RSE teams and iwi alike,
fostering connections as many of our RSE team
members return over subsequent seasons. This year’s
pōwhiri, held in March at Matahiwi Marae and hosted by
Ngāti Kahungunu, saw over 300 team members from
Papua New Guinea, Samoa, Vanuatu and the Solomon
Islands warmly welcomed.
First Foundation scholars
Leadership and talent acquisition are two pillars of our
Manaakitanga strategy. Our support for First Foundation
students relates directly to these pillars. For 25 years,
the Foundation has enabled talented, but financially
disadvantaged, secondary students to achieve their
potential through tertiary education.
This year we awarded our fourth scholarship; assisting
a student through their final year at secondary school
and guiding them through the transition to university.
Students receive mentoring throughout their education
and opportunities to network. They are also offered
work experience through their scholarship providers
like T&G, in addition to us paying their tuition fees during
their studies.
Kaitiakitanga continued
For the Hawke’s Bay community, the clinic helped
ease the pressure on the region’s medical and urgent
care facilities.
The pilot proved so successful that it will be repeated
in the 2024/25 season.
In a related health initiative, we ran a smokefree
education programme with our Hawke’s Bay RSE team,
with 32 of our 71 team members in the country at the
time, signing up to become smokefree. This programme
was provided in partnership with Health New Zealand,
Hawke’s Bay (Te Whatu Ora Te Matau a Māui, Hawke’s
Bay) and Te Taiwhenua o Heretaunga.
Inclusion and diversity
Manaakitanga progress
As part of our Manaakitanga I&D strategy, 2024 was
the first complete calendar year that our Aotearoa
New Zealand I&D committee was operational, with
representatives from various sites reflecting the diverse
makeup of our workforce. The committee is responsible
for spearheading annual I&D events within the business.
This year, we celebrated several key initiatives, including
Pink Shirt Day, Sweat with Pride, Mental Health
Awareness Week and Te Wiki o te Reo Māori, with an
eLearning module rolled out to all employees to support
them with their te Reo knowledge and proficiency.
We also piloted a free period product trial at four of our
operational sites in Aotearoa New Zealand. The trial is
ongoing, but initial feedback and uptake are promising,
and we hope to extend this offering to all domestic
T&G sites next year.
We welcomed RSE team members from
Papua New Guinea, Samoa, Vanuatu and
the Solomon Islands with a pōwhiri at
Matahiwi Marae.

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Our planet
Climate action
As a business reliant on the natural environment,
we know that climate change presents significant
challenges and opportunities. We have been
committed to climate action for many years,
reflecting this dedication through our mitigation
and adaptation efforts.
Reducing emissions
This year, we made steady progress in decarbonising
our operations, guided by our near-term Science-based
Targets (SBTs) for scopes 1, 2 and 3. These targets were
independently validated by the Science-based Targets
initiative (SBTi) in 2024.
Our scope 1 (not related to Forest, Land and
Agriculture – FLAG) and scope 2 (market-based)
emissions decreased 2% from 27,905.25 tCO
2
e
in 2023 to 27,221.83 tCO
2
e in 2024, and likewise
decreased 16% from our 2021 base year of 32,520.74
tCO
2
e. Achievements included replacing natural gas
with renewable heat and biomethane at our Reporoa
tomato glasshouses and completing the installation of
thermal screens at our Geraghty glasshouses in Tūākau,
reducing natural gas emissions across these two sites
by 12% from 2023. The continued addition of more
fuel-efficient trucks in our fleet, coupled with logistics
efficiencies through our new transport management
system which came online near the end of 2024 also
helped reduce transport emissions by 3% from 2023.
We require a further ~5,267 tCO
2
e of abatement initiatives
to deliver our 2030 scope 1 (non-FLAG) and 2 emissions
reduction target. Work is progressing on identifying
commercially available technology solutions. Further data
and details of our emissions reduction projects can be
found in our 2024 Climate-related Disclosure, available at
https://tandg.global/investors/reporting.
Work to capture and measure scope 3 emissions
across our complex value chain continues and this will
be assured and reported for the first time in our 2025
Climate-related Disclosure.
This year, T&G’s United Kingdom subsidiary, Worldwide
Fruit, developed an emissions reduction roadmap with
Kaitiakitanga continued
20 of its suppliers. It also published its aggregated
avocado, apple, pear and stone fruit product carbon
footprint reports. This growing primary data set
supports our scope 3 emissions reductions.
Adapting to climate change
Within our business strategy, we have identified five
priorities that guide our transition planning towards
a low-emissions, climate-resilient future. They
are: diversification, improving climate resilience,
decarbonisation, capability building and capital
allocation. These priorities are discussed fully in our
2024 Climate-related Disclosure, available at https://
tandg.global/investors/reporting.
Adapting to climate change has led to significant
progress in expanding our portfolio of licensed plant
varieties, including those with climate-resilient
qualities. As the global commercialisation partner
of the Hot Climate Partnership, VentureFruit has
launched the world’s first two apple varieties which
have been specifically bred for hot and warming
climates: TUTTI™ branded apples in February 2023,
and STELLAR™ apple trees in October 2024.
Additionally, we continue to diversify the growing
locations of our premium apples portfolio. This
year’s agreement with FarmRight, the New Zealand
Superannuation Fund’s rural investment manager, to
license them to grow 125 hectares of JOLI™ branded
apples on their Canterbury orchard, will be the first
commercial plantings of JOLI™ – and a T&G variety – in
Canterbury. With the apple thriving in different growing
and climatic environments, Canterbury’s temperature,
reliable water supply, soil types and land, makes it a
great new region in Aotearoa New Zealand for JOLI
TM

branded apples.

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Low impact operations
The responsible use of resources underpins our low
impact operations focus area. This year, we made
progress by developing a new framework to guide
activities over the next few years. Our immediate
priorities for 2025 are water, packaging, and edible
food waste diversion.
Water stewardship
This year, Worldwide Fruit engaged with its growers
in high-risk countries such as Peru, Chile and Argentina
about their water stewardship framework. This
framework considers the environmental and social
impacts of water use in crop production, especially
given growing water scarcity concerns. Worldwide Fruit
is also developing a risk management framework to
provide the supply chain across their high-risk sourcing
regions with enhanced due diligence where required.
Fruit labels
Price look-up (PLU) labels play an important role
in the fresh produce sector, helping identify the
origins of fruit, the brand or variety, and supporting
the checkout operator with the price. With certified
home compostable PLU labels being developed and
becoming available, we will explore the best solution
for T&G as we work towards meeting our customer
and market requirements. This includes the New
Zealand Government’s requirement for all produce
sold in Aotearoa New Zealand to have a certified home
compostable label by 1 July 2028.
Crop protection solutions
In our growing operations, we continue to focus on
sustainable pest and disease control, transitioning
from chemical-based solutions to effective biological
controls. T&G Fresh is part of A Lighter Touch, an
industry and New Zealand Government seven-year
programme, which aims to meet consumer demands
for safe, sustainably produced food, while also being
gentle on the environment. As part of this, this year
our Ōhaupō tomato glasshouses achieved their first
full crop cycle without the need of insecticides against
whitefly, reducing total insecticide use significantly.
We successfully bred and deployed two beneficial
insects
Engytatus and Encarsia, in addition to other
controls including sticky traps. This success makes
us confident in expanding this integrated pest
management approach across all of our covered
crop operations from 2025 onwards.
Regenerative horticulture
In 2024, together with Zespri, we decided to not
proceed further with the Sustainable Food and Fibre
(SFF) Futures Partnership Grant, which explored
regenerative horticulture practices within the kiwifruit,
apple and berry industries. For T&G, our decision was
influenced by the impact of Cyclone Gabrielle. Instead,
we will further explore the insights and learnings
captured to-date in the SFF Futures project as part
of our broader orcharding strategy.
Kaitiakitanga continued
Our Ōhaupō tomato glasshouses
completed a full crop cycle without
using insecticides for whitefly control.

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Our produce
Responsible partnerships
Working with growers
Our growers are fundamental to our purpose of growing
healthier futures. Many of our relationships span
decades and we work together to create value for the
produce they grow.
Just as T&G is experiencing the impacts of a changing
climate, it’s likely many of our growers are as well. As
we build our own capability to understand and manage
likely future risks, we are sharing this with our growers,
because it is in everyone’s interest that we collectively
strengthen our resilience.
This year, we ran grower sessions with the National
Institute of Water and Atmospheric Research (NIWA),
to share insights with our independent growers in
Aotearoa New Zealand into climate risks and adaptation
strategies, including our own. We shared our high-level
growing and post-harvest adaptation plans and look
forward to extending this knowledge-sharing to include
decarbonisation strategies going forward.
Human rights
We recognise that worker exploitation and modern
slavery exists in the world. It can take many forms,
ranging from breaches of minimum employment
standards to more controlling and coercive behaviour.
While we are confident that the risk in our own
operations is very low, it is a complex issue.
To support our actions in protecting workers and
combatting modern slavery, in 2025 we will finalise
the development of our Human Rights Policy.
This year, Worldwide Fruit published its Supplier Code
of Conduct that identifies the commitments expected
from their supply chain, along with a modern slavery
statement. Ethical training was also conducted across
its entire business. When procuring fresh produce,
Worldwide Fruit’s due diligence process includes
consideration of any inherent and supplier risks prior
to supply. Programmes are in place to ensure effective
employee feedback, grievance mechanisms and
remediation are present.
Healthy communities
With affordable nutrition an increasing problem
for many families, we recognise the importance of
contributing to programmes which support people
to access and enjoy fresh fruit and vegetables.
New Zealand Food Network
In Aotearoa New Zealand, we donated 780,910 kilograms
of fruit and vegetables to the New Zealand Food Network
(NZFN). Through their network of more than 60 food
hubs across the country, NZFN ensures that nutritious
fresh produce reaches the kitchens and lunchboxes
of those who need it most. We also supported their
year-long “Pitch In” fundraising campaign by providing
12,578 meals, valued at $20,000. Thanks to contributions
from over 60 other organisations, NZFN was able to
double their initial goal and provide 200,000 meals for
New Zealanders in need. T&G is a founding partner of
NZFN, which was established in 2020.
Healthy Family Project
In the United States, we supported the Healthy Family
Project through our premium ENVY™ and JAZZ™ apple
brands. The Healthy Family Project is focused on
Kaitiakitanga continued
T&G team members volunteered at the
New Zealand Food Network, where we
donated more than 780,000 kilograms of
edible fresh fruit and vegetables.

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creating a healthier generation by promoting produce
consumption. It donates 10% of all invoiced fees and a
significant portion of income to non-profit organisations
that are aligned with its mission. In 2024, T&G
contributed USD31,370 to the Healthy Family Project,
including a USD3,137 donation to their not-for-profits,
such as Feeding America.
Fruit & Vegetables in Schools
We continued to support the Fruit & Vegetables in
Schools programme in 2024, now celebrating its
20th anniversary. The programme, which is funded
by Health New Zealand – Te Whatu Ora, provides
daily fresh produce to tamariki in low socio-economic
schools across Aotearoa New Zealand. It covers 21
regions, supplying 565 schools – approximately 25% of
all primary schools in the country. Through T&G Fresh,
we supply more than 14 million servings of fresh fruit
and vegetables each year, serving 308 kura.
The Bread and Butter Thing
Worldwide Fruit’s partnership with award-winning
The Bread and Butter Thing (TBBT) continued in 2024.
In summer, we ran a JAZZ™ healthy snacking campaign,
donating over 6,000 apples to TBBT’s members. This
was supported by ‘The Final Pick’ in autumn. For the
last three years, we have supported ‘The Final Pick’, a
seven-day harvest of the last apples remaining on some
of our partners’ trees at the end of the season. This
year, we saw over 651,000 surplus apples picked and
redistributed to 130 TBBT hubs. In addition, we donated
over 159,000 kilograms of surplus edible fresh produce
to TBBT and an additional charity, FareShare.
Garden to Table
Garden to Table, a charitable trust in Aotearoa
New Zealand that empowers tamariki to grow, harvest,
prepare and share great food, celebrated their 15th
birthday this year. As partners of the Garden to Table
programme for over 10 years, T&G hosted a grower visit
at Haumoana School in Hawke’s Bay this year, where
our team led students through an informative apple
pruning session. We also supported the development
of a comprehensive composting resource for schools,
‘There’s a party in the compost bin’, helping simplify the
process for school and at-home composting. Garden
to Table has grown to operate in 326 schools, involving
over 34,000 tamariki, and resulting in 1,369,200 meals
grown, cooked and eaten annually.
Kaitiakitanga continued
Dame Lisa Carrington
joined Papatoetoe East
School to celebrate
20 years of Fruit &
Vegetables in Schools.

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07. Governance
Board of Directors
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, Benedikt
spent three years in Aotearoa
New Zealand working for T&G as
an export trader before moving
into the role of Head of Strategic
Planning and Transformation
in T&G’s International Business
Unit. In June 2021, the T&G Board
of Directors appointed Benedikt
as Chair. He is also a Director
and Chair of BayWa Obst GmbH
& Co. KG – Germany and is a
Director of Enzafruit New Zealand
(Continent) N.V – Belgium,
Worldwide Fruit Ltd – UK and
Profuit Investments (Pty) Ltd –
South Africa.
Board committee: Chair of the
Sustainability Committee.
MICHAEL BAUR
NON-INDEPENDENT
DIRECTOR
Michael Baur joined the Board
of Management of BayWa AG
as Chief Restructuring Officer
in October 2024. He is a Global
Vice Chair at global consulting
firm, AlixPartners, where he has
previously held several leadership
positions, including German
Country Leader and global
Co-Leader of its Turnaround
& Restructuring Services
practice. Michael has significant
experience as a senior advisor
and manager, including in the
roles of Chief Executive Officer
and Chief Financial Officer. His
broad industry expertise covers
the automotive, industrial goods,
energy, retail, consumer goods,
telecom and media sectors.
He is also a Director and Chair
of BayWa r.e. AG – Germany
and Cefetra Group B.V. – The
Netherlands, and a Director of
RWA Raiffeisen Ware Austria AG
– Austria.
CAROL CAMPBELL
INDEPENDENT
DIRECTOR
Carol Campbell has extensive
finance experience and a sound
understanding of effective board
governance. She was a partner at
EY for over 25 years and has been
a professional Director for over 15
years. Carol is a Director and Chair
of the Audit & Risk Committees
of NZME Ltd, the Fisher Listed
investment companies and Chubb
Insurance NZ Ltd. Carol was
previously a Director of NZ Post Ltd
for 12 years, as Chair of the Audit &
Risk committee for eight years, and
Chair of the Board for three years. She
is also a Director of several private
companies. Carol has a BCom, is a
Fellow of CA ANZ, a Chartered Fellow
of the NZ IoD and a member of the
Disciplinary Tribunal of NZ Institute of
Chartered Accountants.
Board committees: Chair of the
Finance, Risk and Investment
Committee, Member of the Human
Resources Committee and the
Sustainability Committee.
ANDREAS HELBER
NON-INDEPENDENT
DIRECTOR
Andreas Helber has been
BayWa’s Chief Financial
Officer since 2010. He began
his career at KPMG in Munich
where he qualified as a tax
consultant and auditor.
Andreas is a member of the
supervisory Boards of a number
of private and listed companies,
including R+V Allgemeine
Versicherung AG – Germany,
BayWa r.e. AG – Germany and
RWA Raiffeisen Ware Austria
AG – Austria. He is also a
member of the Munich Stock
Exchange Council.
Board committee: Member of
the Finance, Risk and Investment
Committee.
ROB HEWETT
INDEPENDENT
DIRECTOR
Rob Hewett is a Director and
Chair of Silver Fern Farms Ltd,
Farmlands Co-operative Trading
Society Ltd, Hilton Haulage
GP Ltd, Pioneer Energy Ltd,
Woolscour Holdings Ltd, Fern
Energy Ltd, Agrizero Ltd and
Hewett Farm Ltd. Rob is also
Chair of Rewiring Aotearoa and
a Director of Silver Fern Farms
Co-operative Ltd. Rob holds a
master’s degree in Commerce
and Marketing (Hons), a BCom
(Ag) in Economics and is a
Chartered Fellow of the NZ IoD.
Rob 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.
RALF TOBIAS PRISKE
NON-INDEPENDENT
DIRECTOR
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 USA. In July 2015, Tobias
was appointed as BayWa AG’s
Company Secretary. Tobias
is a Director of BayWa Agrar
Beteiligungs GmbH – Germany
and Profruit Investments
(Pty) Ltd – South Africa and is
Company Secretary of BayWa
Global Produce GmbH, Germany,
and BayWa Canada Ltd, Canada.
Board committees: Member
of the Human Resources
Committee and the Sustainability
Committee.

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Executive team
GARETH EDGECOMBE
CHIEF EXECUTIVE
OFFICER
SHANE KINGSTON
CHIEF OPERATING
OFFICER APPLES
DOUG BYGRAVE
CHIEF FINANCIAL
OFFICER
MONIQUE MALLON
DIRECTOR IT
ROD GIBSON
MANAGING DIRECTOR
T&G FRESH
ADRIENNE SHARP
HEAD OF CORPORATE
AFFAIRS
HEATHER KEAN
DIRECTOR PEOPLE
& CULTURE
Governance continued
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The Board is the governing body of T&G Global Limited
(the Company) and its subsidiary companies.
Role of the Board
The Board is responsible to shareholders for T&G’s
performance. This encompasses setting objectives,
formulating strategies to achieve these objectives,
identifying significant business risks, and implementing
policies to manage these risks. Additionally, the Board
oversees establishment of the overall policy framework
and monitors T&G’s ongoing performance and its
management. The Board also ensures that effective
internal financial control procedures are in place.
The day-to-day management of T&G is delegated by
the Board to the Chief Executive Officer (CEO). The
Board is dedicated to acting with integrity and expects
high standards of conduct and accountability from all
staff members.
Board membership
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 has a process to regularly assess the Board’s
composition to ensure it has the relevant skills and
business experience necessary for the Board to fulfil its
governance responsibilities and effectively contribute to
the strategic direction of the Company.
The Board believes that it is important to have a Board
consisting of members with diverse backgrounds,
experience and skills. Carol Campbell and Rob 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 Carol Campbell and Rob Hewett continue to
be independent.
The Board has considered Carol’s tenure and
determined 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.
Carol’s extensive financial advisory background, strong
commercial acumen and broad governance experience
due to her active involvement in a wide variety of Boards
is highly valued.
The table below summarises the current key skills and
experience of the Board.
BOARD SKILLS AND
EXPERIENCE
BENEDIKT
MANGOLD
MICHAEL
BAUR
CAROL
CAMPBELL
ANDREAS
HELBER
ROB
HEWETT
TOBIAS
PRISKE
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
Corporate governance
Governance continued

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Conduct 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 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.
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), with each Committee
operating under Board approved charters.
The FRIC meets four times a 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 Carol Campbell and
comprises Rob Hewett and Andreas 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, safety and wellbeing policies
and protocols, strategic plan, and annual programme
of work. This includes overseeing T&G’s inclusion and
diversity policy, which addresses the promotion of
diversity and inclusiveness within the organisation. The
HRC regularly visits various T&G facilities to evaluate
health and safety practices and procedures, to ensure
a safe environment for all those who work for, or come
into contact with, T&G. The HRC is also responsible
for ensuring T&G’s remuneration strategy, policies
and practices are fair and responsible, with a clear link
to T&G’s strategic objectives and both corporate and
individual performance. Additional responsibilities
include assisting the Board in succession planning for
the CEO and senior management positions through a
programme designed to identify and target individuals
for development. This Committee meets four times
a year and is comprised of Rob Hewett (Chair), Carol
Campbell and Tobias Priske.
The SC oversees the Company’s sustainability
framework, referred to by T&G as ‘Kaitiakitanga’,
together with its climate action strategy, targets and
initiatives, as well as the Company’s sustainability and
Climate-related Disclosures. The Committee meets
four times a year, and comprises Benedikt Mangold
(Chair), Carol Campbell and Tobias 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 continued

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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
this report and should be read in conjunction with
the individual Directors’ profiles.
T&G management structure
T&G’s organisational structure is focused on its
four business divisions, being Apples, T&G Fresh,
VentureFruit and Other Business. These operations
are managed separately with direct reporting to the
CEO and to the Board, which exercises overall control.
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.
Governance continued

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People
■ T&G’s tax strategy policy is carried out by a tax
function with the requisite expertise appropriately
supported by expert advisors. We focus on developing
our people to ensure we continue to meet our
obligations as a responsible taxpayer.
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.
Corporate governance statement
The Board believes that strong principles of corporate
governance protect and enhance the assets of the
Company for the benefit of all shareholders. As such,
the Board is committed to ensuring that the Company
adopts best practice governance principles including
those set by the NZX. T&G’s Corporate Governance
Statement offers an overview of the Company’s
practices, procedures and policies in line with the NZX
Corporate Governance Code. The Statement, as well
as T&G’s key corporate governance documents, can be
found on the investor section of T&G’s website.
Governance continued
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 2024.
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.
12 months to 31 December 2024
DIRECTORS OF
T&G GLOBAL LIMITED
DIRECTOR
FEES IN
$’000
COMMITTEE
WORK IN
$’000
Benedikt Mangold 4920
Michael Baur
1
––
Carol Campbell
2
10040
Andreas Helber3910
Rob Hewett 10030
Marcus Pöllinger
3
––
Tobias Priske 3920
Bastian von Streit
4
27–
Directors’ and officers’ composition
At 31 December 2024, the gender composition of T&G’s
Directors and officers was as follows:
GENDERMALEFEMALE
Directors51
Officers2822
1 Michael Baur was appointed by the Board as a Director on 19 November 2024.
He did not receive Director remuneration in 2024, in line with BayWa’s Subsidiary
Directorship Policy (BayWa policy).
2 Carol Campbell received additional Director remuneration of $20,000 in 2024,
for her role as Board Chair of T&G Insurance Limited.
3 Marcus Pöllinger resigned from the Board effective 31 October 2024. He did not
receive Director remuneration in 2024, in line with the BayWa policy.
4 Bastian von Streit resigned from the Board effective 31 December 2024. His
remuneration was prorated from the date of his appointment on 18 April 2024.
There have been no changes to the Director fee pool of
$550,000 set in July 2004.

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Employee remuneration
T&G paid remuneration including benefits in excess of $100,000 to employees (other than Directors) during the 12 months.
Governance continued
$’000 NZD EQUIVALENT20242023
290-30022
300-31032
310-32014
320-33003
330-34011
340-35021
350-36021
360-37001
370-38010
380-39010
390-40001
400-41020
410-42010
420-43001
450-46020
460-47011
470-48011
490-50011
530-54012
$’000 NZD EQUIVALENT20242023
540-55001
560-57001
630-64010
770-78001
790-80010
1,130-1,14001
1,450-1,46010
Total327316
The current year total remuneration spread takes into
account the impact of exchange rate movements on
employees paid in foreign currencies.
$’000 NZD EQUIVALENT20242023
100-1104742
110-1204430
120-1303842
130-1402729
140-1502435
150-1602217
160-1701816
170-1801116
180-19087
190-200196
200-210117
210-220108
220-23058
230-24049
240-25036
250-26033
260-27022
270-28021
280-29046

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CEO remuneration
The CEO’s remuneration reflects the scope, complexity
and risk profile of this role and is set by the Board based
on comparison to market data of CEO roles of other
similar sized companies.
Gareth received gross remuneration of $1,446,765.59
in the 2024 financial year. This amount was paid in
cash and included base salary, employer KiwiSaver
contributions, a long term incentive, a discretionary
bonus and a vehicle allowance. His base salary from
1 March 2024 was $1,068,480.
Short term incentive (STI) scheme
Subject to the achievement of profitability targets
set by the Board at the start of each year, Gareth will
be entitled to an annual cash reward of 40% of base
salary for 100% achievement of target and capped
at a maximum payment of 150% for overachievement.
No payment was made in 2024 through the STI scheme,
as the performance threshold for the 2023 scheme
was not met.
Long term incentive (LTI)
Gareth is entitled to participate in an LTI scheme set by
the Board which uses a three-year accumulated target,
based on an earnings before interest and tax growth
plan. The LTI component includes entitlement of a cash
reward from 50% of entitlement for 50% achievement
of target and capped at a maximum payment of 150%
for overachievement. From 2020, the LTI payment
partially vests in year three (50%) and closes out in
year five (50%). Gareth received a payment of $124,319
in 2024 (reflected in the total remuneration above),
relating to the 2019 LTI scheme.
Directors shareholdings
As at 31 December 2024, no current Directors or parties
associated with current Directors held ordinary shares
(2023: nil). There were no share transactions during
the year ended 31 December 2024 in which Directors
held ‘relevant interests’. There is no requirement for
Directors to hold shares in the Company.
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 2024 as substantial security holders in
the Company, and have declared the following relevant
interest in voting securities under the Securities
Markets Act 1988:
BayWa Aktiengesellschaft 90,671,206
Wo Yang Limited24,496,386
The total number of voting securities issued by the
Company as at 31 December 2024 was 122,543,204.
Governance continued

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20 largest shareholders
Spread of security holders
Domicile of shareholders
NAME
UNITS% OF ISSUED
CAPITAL
BayWa Global Produce GmbH90,671,20673.99%
Wo Yang Limited 24,496,38619.99%
Bartel Holdings Limited 1,319,1541.08%
Queen Street Nominees Limited 545,4700.45%
New Zealand Depository Nominee Limited 403,4500.33%
HSBC Nominees (New Zealand) Limited383,0170.31%
Queen Street Nominees Limited 295,2660.24%
Tribal Nominees Limited 226,9500.19%
R.J. Turner, C.E. Turner, Redoubt Trustees Limited &

Evans Pennell Trustees Limited 202,6890.17 %
J. Backhouse 197,9660.16%
S.A. McCabe131,1810.11%
NZX WT Nominees Limited 103,9370.09%
L.R. Hotham101,4820.08%
Estate M.F. Waite 100,8020.08%
Aotearoa Rental Enterprises Limited 100,6040.08%
Cathy & Steve Turner Legacy Limited 100,0000.08%
P.J.S. Rowland93,5070.08%
M.C. Goodson, D.D. Perron, Goodson & Perron Independent
Trustee Limited 79,3390.06%
Tribal New Zealand Traders Limited 78,3740.06%
R.M. Scott & C.H. Scott 63,4940.05%
Total119,694,27497.68%
RANGE
TOTAL
HOLDERS
% OF TOTAL
HOLDERS
UNITS
% OF ISSUED
CAPITAL
1 to 4997913.98%17,4320.01%
500 - 9998515.04%61,9850.05%
1,000 - 1,99912021.24%162,3410.13%
2,000 - 4,99910718.94%324,3130.26%
5,000 - 9,9996812.04%459,4600.37%
10,000 - 49,9998214.51%1,601,6981.31%
50,000 - 99,99981.42%536,4150.44%
100,000 - 499,999122.12%2,347,3441.92%
500,000 - 999,99910.18%545,4700.45%
1,000,000 and above30.53%116,486,74695.06%
Total565100%122,543,204100%
LOCATION
TOTAL
HOLDERS
% OF TOTAL
HOLDERS
UNITS
New Zealand 53895.22%7,230,815
Australia 173.01%57,510
Hong Kong 20.35%24,497,644
Germany 20.35%90,703,154
Singapore 20.35%40,432
Malaysia 10.18%11,716
Canada10.18%1,000
United States of America20.35%933
Total565100.00%122,543,204
as at 31 December 2024
as at 31 December 2024
as at 31 December 2024
Governance continued

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Independent Auditor’s Report
To the Shareholders of T&G Global Limited
OpinionWe 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 2024, 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 66 to 139, present fairly, in all material
respects, the consolidated financial position of the Group as at 31 December 2024, and its consolidated financial
performance and cash flows for the year then ended in accordance with New Zealand Equivalents to IFRS Accounting
Standards (‘NZ IFRS’) as issued by the External Reporting Board and IFRS Accounting Standards (‘IFRS’) as issued
by the International Accounting Standards Board.
Basis for opinionWe 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 Group 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 the solvency return for the
captive insurer, limited assurance over the Group’s scope 1 and 2 greenhouse gas emissions 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.

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Material uncertainty
related to going concern
We draw attention to Note 1 in the consolidated financial statements, which indicates that as of 31 December 2024,
the Group’s current liabilities exceeded its current assets by $23 million. This is due to the classification of the Group’s
recently renewed term debt facility as current. During the year, the Group breached a covenant based on the net
worth of its Ultimate Parent. A waiver was provided by the banks until 31 March 2025. As the waiver does not provide
a period of grace to rectify the breach for at least twelve months from the end of the reporting period, the debt has
been reclassified as current. Subsequent to year end, the banks extended the period of grace by one month to 30 April
2025. The Group now has until 30 April 2025 to move from a negative pledge facility (secured by a guarantee from the
Ultimate Parent) to a fully secured facility (without the Ultimate Parent guarantee). This timeline is in accordance with
the financial restructuring timeline of the Ultimate Parent company. As stated in Note 1, these events or conditions,
along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt
on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Audit materialityWe 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 $11.0 million.
Key audit mattersKey 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 MATTERHOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
Biological Asset Valuations (Note 8)
The Group’s Biological Assets of $36.3 million (2023: $28.2 million)
predominantly represent produce such as apples, tomatoes, citrus
fruits, blueberries and stone fruit, growing on bearer plants (e.g.,
trees and vines) at balance date.
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.

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KEY AUDIT MATTERHOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
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.
The discount rate used in the fair value models 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 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.
With input from our internal valuation specialist, we assessed the
discount rates assumed in the models 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.
Other informationThe directors are responsible on behalf of the Group for the other information. The other information includes the
Climate-related Disclosure and comprises the information in the Annual Report that accompanies the consolidated
financial statements and the audit report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If so, we are required to report that fact. We have nothing to report in this regard.

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Directors’
responsibilities for the
consolidated financial
statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated
financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the directors determine is
necessary to enable the preparation of consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s
responsibilities
for the audit of the
consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs and ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located on the
External Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so that we might
state to the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
the Company’s shareholders as a body, for our audit work, for this report, or for the opinions we have formed.
Bruno Dente, Partner
for Deloitte Limited
Hamilton, New Zealand
3 March 2025

08. Financials
Income statement66
Statement of comprehensive income67
Statement of changes in equity68
Balance sheet70
Statement of cash flows71
Notes to the financial statements73
General information73
Basis of preparation73
New accounting standards, amendments
and interpretations76
Financial performance77
Segment information77
Revenue from contracts with customers80
Other income84
Other expenses85
Taxation87
Operating assets89
Biological assets89
Non-current assets classified as held for sale94
Property, plant and equipment95
Intangible assets101
Funding105
Leases105
Loans and borrowings110
Net financing expenses111
Capital and reserves111
Earnings per share112
Dividends112
Reconciliation of liabilities arising
from financing activities113
Working capital115
Trade and other receivables115
Inventories118
Trade and other payables118
Group structure119
Investments in subsidiaries119
Investments in joint ventures123
Investments in associates124
Other disclosures126
Related party transactions126
Financial risk management127
Derivative financial instruments136
Contingencies138
Commitments138
Events occurring after the balance date139
Contents
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For the year ended 31 December 2024
Income statement
NOTE2024
$’000
2023
$’000
Revenue from contracts with customers41,360,8911,334,338
Other operating income513,04313,749
Purchases, raw materials and consumables used(1,009,985)(1,007,373)
Employee benefits expenses6(192,016)(182,974)
Depreciation and amortisation expenses6(58,397)(58,629)
Other operating expenses6(100,872)(144,690)
Operating profit / (loss)12,664(45,579)
Financing income145,4064,090
Financing expenses14(34,236)(28,924)
Share of loss from joint ventures23(26)(39)
Share of profit from associate242,4411,206
Other income57,76717,359
Other expenses6(847)(12,362)
Loss before income tax(6,831)(64,249)
Income tax (expense) / credit7(3,057)17,654
Loss after income tax (9,888)(46,595)
Attributable to:
Equity holders of the Parent(16,034)(51,155)
Non-controlling interests6,1464,560
Loss for the year(9,888)(46,595)
Earnings per share (in cents)
Basic and diluted loss16(13.0)(41.7)
The accompanying notes form an integral part of these financial statements.
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Statement of comprehensive income
NOTE2024
$’000
2023
$’000
Loss for the year(9,888)(46,595)
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Movements in asset revaluation reserve15(4,165)–
Loss on revaluation of property, plant and equipment:
Held by subsidiaries of the Group15–(21,128)
Deferred tax effect on revaluation of property, plant and equipment15–3,824
Deferred tax effect of movements in asset revaluation reserve152,236–
Deferred tax effect on sale of property, plant and equipment15540(201)
(1,389)(17,505)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations10,3715,834
Cash flow hedges:
Fair value (loss) / gain(24,746)3,823
Reclassification of net change in fair value to profit or loss(938)673
(15,313)10,330
Other comprehensive loss for the year(16,702)(7,175)
Total comprehensive loss for the year (26,590)(53,770)
Total comprehensive loss for the year is attributable to:
Equity holders of the Parent (34,277)(58,834)
Non-controlling interests7,6875,064
(26,590)(53,770)
For the year ended 31 December 2024
The accompanying notes form an integral part of these financial statements.
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For the year ended 31 December 2024
Statement of changes in equity
NOTE
Share
capital
$’000
Revaluation
and other
reserves
$’000
Retained
earnings
$’000
Total
$’000
Non-
controlling
interests
$’000
Total
equity
$’000
2024
Balance at 1 January 2024176,357100,296227,764504,41717,471521,888
(Loss) / profit for the year – – (16,034)(16,034)6,146(9,888)
Other comprehensive income / (expense)
Movements in asset revaluation reserve15 –(4,165) –(4,165) –(4,165)
Deferred tax effect of movements in asset revaluation reserve15 –2,236 –2,236 –2,236
Deferred tax effect on sale of property, plant and equipment15 –540 –540 –540
Exchange differences on translation of foreign operations15 –8,830 –8,8301,54110,371
Movements in cash flow hedge reserve15 –(25,684) –(25,684) –(25,684)
Total other comprehensive (loss) / income –(18,243) –(18,243)1,541(16,702)
Transactions with owners
Dividends17 – – – –(5,379)(5,379)
Investment from non-controlling interest – – – –732732
Total transactions with owners – – – –(4,647)(4,647)
Transfer from asset revaluation reserve due to asset disposal15 –(14,286)14,286 – – –
Balance at 31 December 2024176,35767,767226,016470,14020,511490,651
The accompanying notes form an integral part of these financial statements.
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NOTE
Share
capital
$’000
Revaluation
and other
reserves
$’000
Retained
earnings
$’000
Total
$’000
Non-
controlling
interests
$’000
Total
equity
$’000
2023
Balance at 1 January 2023176,357115,221271,673563,25116,917580,168
(Loss) / profit for the year – – (51,155)(51,155)4,560(46,595)
Other comprehensive income / (expense)
Revaluation of property, plant and equipment15 –(21,128) –(21,128) –(21,128)
Deferred tax effect on revaluation of property, plant and equipment15 –3,824 –3,824 –3,824
Deferred tax effect on sale of property, plant and equipment15 –(201) –(201) –(201)
Exchange differences on translation of foreign operations15 –5,333 –5,3335015,834
Movements in cash flow hedge reserve15 –4,493 –4,49334,496
Total other comprehensive (loss) / income –(7,679) –(7,679)504(7,175)
Transactions with owners
Dividends17 – – – –(5,668)(5,668)
Investment from non-controlling interest – – ––1,1581,158
Total transactions with owners – – – –(4,510)(4,510)
Transfer from asset revaluation reserve due to asset disposal15 –(7,246)7, 2 4 6 – – –
Balance at 31 December 2023176,357100,296227,764504,41717,4 7 1521,888
For the year ended 31 December 2024
Statement of changes in equity continued
The accompanying notes form an integral part of these financial statements.
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NOTE2024
$’000
2023
$’000
Current assets
Cash and cash equivalents46,80130,508
Term deposits–2,277
Trade and other receivables19225,372196,810
Inventories2066,52367,640
Taxation receivable5,4839,737
Derivative financial instruments279897,110
Biological assets836,26028,249
Non-current assets classified as held for sale926,49711,100
Total current assets407,925353,431
Non-current assets
Trade and other receivables1931,59244,610
Derivative financial instruments2725913,268
Deferred tax assets719,6392,574
Investments in unlisted entities7992
Property, plant and equipment10406,934401,007
Right-of-use assets12169,123 148,592
Intangible assets1179,24879,692
Investments in joint ventures232,7402,927
Investment in associate2412,00029,019
Total non-current assets721,614 721,781
Total assets1,129,5391,075,212
Current liabilities
Trade and other payables21199,914 171,644
Loans and borrowings13 196,177 32,639
Lease liabilities1224,53123,706
Taxation payable 3,562 3,161
Derivative financial instruments27 6,993 955
Total current liabilities 431,177 232,105
NOTE2024
$’000
2023
$’000
Non-current liabilities
Trade and other payables21 45 43
Loans and borrowings13 18,843 163,144
Lease liabilities12173,953 151,816
Derivative financial instruments27 10,790 234
Deferred tax liabilities7 4,080 5,982
Total non-current liabilities207,711 321,219
Total liabilities638,888553,324
Equity
Share capital15 176,357 176,357
Revaluation and other reserves15 67,767 100,296
Retained earnings 226,016 227,764
Total equity attributable to equity holders of the Parent 470,140 504,417
Non-controlling interests 20,511 17,4 7 1
Total equity 490,651 521,888
Total liabilities and equity 1,129,539 1,075,212
Approved for and on behalf of the Board
Balance sheet
The accompanying notes form an integral part of these financial statements.
As at 31 December 2024
BENEDIKT MANGOLD
DIRECTOR (CHAIR)
03 MARCH 2025
CAROL CAMPBELL
DIRECTOR (CHAIR OF THE FINANCE, RISK
AND INVESTMENT COMMITTEE)
03 MARCH 2025
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For the year ended 31 December 2024
Statement of cash flows
NOTE2024
$’000
2023
$’000
Cash flows from operating activities
Cash was provided from:
Cash receipts from customers1,354,3381,348,709
Cash receipts from insurance proceeds3,8804,060
Other12,3202,320
Cash was disbursed to:
Payments to suppliers and employees(1,299,180)(1,317,715)
Interest paid(10,252)(11,751)
Income taxes paid(440)(60)
Net cash inflow from operating activities60,66625,563
Cash flows from investing activities
Cash was provided from:
Cash receipts from insurance proceeds6,8971,355
Current term deposits2,277–
Dividends received from joint ventures and
associate241,2432,235
External loan repayments from suppliers,
customers, associate and joint ventures871481
Investment from non-controlling interest7321,158
Sale of other property, plant and equipment314767
Sale of Pukekohe property10,799–
Sale of Palmerston North property–12,000
Sale of Belgian property2,148 –
NOTE2024
$’000
2023
$’000
Cash was disbursed to:
Purchase of property, plant and equipment10(45,673)(68,510)
Purchase of intangible assets11(2,382)(7,560)
Loans to suppliers, customers, associate and joint
ventures(200)(302)
Current term deposits –(1,167)
Net cash outflow from investing activities(22,974)(59,543)
Cash flows from financing activities
Cash was provided from:
Net proceeds from short-term borrowings–9,400
Proceeds from long-term borrowings30,00030,000
Proceeds from Ultimate Parent borrowings186,00011,000
Cash was disbursed to:
Dividends paid to non-controlling interests17(5,379)(5,668)
Repayment of long-term borrowings(1,096)(1,018)
Net repayment of short-term borrowings(17,500) –
Repayment of lease liabilities
12(37,544)(37,383)
Bank facility fees and transaction fees(4,235)(4,348)
Net cash (outflow) / inflow from financing
activities18(29,754)1,983
Net increase / (decrease) in cash and cash
equivalents7,938(31,997)
Foreign currency translation adjustment8,3555,096
Cash and cash equivalents at the beginning of the year30,50857,409
Cash and cash equivalents at the end of the year46,80130,508
The accompanying notes form an integral part of these financial statements.
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Reconciliation of loss after income tax to net cash flow from operating activities
Statement of cash flows continued
NOTE2024
$’000
2023
$’000
Loss for the year(9,888)(46,595)
Adjusted for non-cash items:
Amortisation expense64,3204,736
Depreciation expense654,07753,893
Movement in deferred tax7(17,461)(19,413)
Movement in expected credit loss allowance(7,627)16,142
Revenue from sale of licences(3,502)(493)
Share of loss of joint ventures232639
Share of profit of associate24(2,441)(1,206)
Other movements(10,230)(9,795)
Net loss on loan written off1,376–
18,53843,903
Adjusted for investing and financing activities:
Bank facility and line fees4,2354,349
Gain on disposal of other property, plant
and equipment – (238)
Loss on disposal of other property, plant and
equipment684–
Loss on assets damaged from Cyclone Gabrielle649112,362
Net loss from reversal of previous property, plant
and equipment revaluation changes through profit
and loss – 253
Fair value adjustment of asset classified as held
for sale – 870
Insurance proceeds(7,767)(1,355)
Impairment of loan –5,205
(2,357)21,446
NOTE2024
$’000
2023
$’000
Impact of changes in working capital items net
of effects of non-cash items, and investing and
financing activities:
Decrease / (increase) in debtors and prepayments8,175(15,875)
Increase in biological assets(8,011)(646)
Increase in creditors and provisions48,43737,388
Decrease / (Increase) in inventories1,117(13,709)
Decrease / (Increase) in net taxation receivable4,655(349)
Total54,3736,809
Net cash inflow from operating activities60,66625,563
The accompanying notes form an integral part of these financial statements.
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Notes to the financial statements
General information
This section describes the principles and general accounting policies used in the
preparation of the financial statements. Accounting policies that relate to specific
line items on the income statement and balance sheet are described in their
respective notes.
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 Aotearoa 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), tomatoes
and stone fruit.
These consolidated financial statements presented are for the Group which
comprises the Parent and its subsidiaries, joint ventures and associate as at 31
December 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 Aotearoa
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 1051.
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 consolidated financial statements have been prepared in accordance with
New Zealand Generally Accepted Accounting Practice (NZ GAAP). They comply
with New Zealand equivalents to IFRS Accounting Standards (NZ IFRS) and other
applicable New Zealand Financial Reporting Standards as appropriate for profit-
oriented entities, and IFRS Accounting Standards (IFRS). These consolidated financial
statements are prepared in accordance with the requirements of the Financial
Markets Conduct Act 2013.
These consolidated 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.
Going concern
The consolidated financial statements have been prepared on a going concern basis
which contemplates the realisation of assets and the settlement of liabilities in the
normal course of business.
For the year ended 31 December 2024, the Group’s current liabilities are reported as
$431 million and exceed current assets of $408 million by $23 million. This is due to
the classification of the Group’s recently renewed term debt facility set out in Note
13 as current. As outlined in Note 26, during the year the Group breached a covenant
based on the net worth of its Ultimate Parent. A waiver was provided by the banks
on 28 November 2024 until 31 March 2025, at which point the requirement will be
removed if the Group moves from a negative pledge facility (secured by a guarantee
from the Ultimate Parent) to a fully secured facility (without the Ultimate Parent
guarantee). This timeline is in accordance with the financial restructuring timeline
of the Ultimate Parent which disallows granting of security by subsidiary companies
(including the Group) until the termination of its standstill arrangements, scheduled for
31 March 2025. As the waiver does not provide a period of grace to rectify the breach
for at least twelve months from the end of the reporting period, the debt has been
reclassified as current.
Subsequent to year end, a waiver was provided by the banks which extended the
period of grace by one month to 30 April 2025. This waiver was signed and duly
executed on the 27 February 2025.
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