2021 Full Year Results

Growing
healthier
futures
Annual Report 2021

About
this report
Over the last three years, we have
continued to evolve our approach to
reporting to show a more integrated
view of our economic, social and
environmental performance and
activities.
Since 2016, we’ve annually
contributed to the Global Reporting
Initiative (GRI) Reports for our
ultimate parent company, BayWa
AG. This 2021 Annual Report is
T&G Global’s second integrated
report which we’ve prepared in
accordance with the GRI Standards:
Core option. The GRI Standards are
the world’s most widely used global
sustainability reporting standard.
To guide the structure of our
report, we continue to reference
the Integrated Reporting <IR>
framework, in conjunction with GRI
principles and indicators. Integrated
thinking and reporting is a process
of continuous improvement, and we
will continue to strengthen this in the
years to come. One example of this is
in 2021 we sought external assurance
for our Scope 1 and 2 Greenhouse
Gas (GHG) Emissions for the period
from 1 January 2021 to 31 December
2021 to provide certainty in our data
and to highlight gaps and areas of
improvement to ensure best practice
reporting is followed.
This report is for the period 1
January 2021 to 31 December 2021
and includes T&G Global Limited
and its subsidiaries.
In this report we use some words
in te reo Māori, including: Aotearoa,
which is New Zealand’s Māori
name; whānau, which means a
family group, extended family; mahi,
which means to work, accomplish,
make; kaitiaki, which means a
guardian, caregiver, custodian;
and Kaitiakitanga, which means
guardianship, stewardship, trustee.
Please note, the photos in this report were taken both before
and after the arrival of COVID-19 and at different Alert Levels,
so physical distancing and facemasks are not always in place.
Contents
Our year
At a glance 4
Chair and CEO review 6
Year in review10
About T&G14
Our progress
Our strategy18
Grow great brands20
Win in key global markets24
Lead Aotearoa New Zealand's fresh produce future27
High-performance30
Mindsets34
Kaitiakitanga 36
Governance
Board of Directors52
Executive team53
Corporate governance54
Statutory information56
Independent auditor’s report 60
Financials64
Appendices
Appendix 1 — How we create value138
Appendix 2 — Responding to what's important140
Appendix 3 — GRI index142
Appendix 4 — Employee and workforce data
145
Appendix 5 — Associations and memberships148
Directory150

4
5
Our year
Operating profit
$16.9m
2020: $32.4m
Apples revenue
$851.4m
2020: $872.3m
International Trading
revenue
$129.2m
2020: $178.7m
VentureFruit™ revenue
$19.0m
2020: $2.9m
T&G Fresh
operating profit
$18.0m
2020: $18.4m
Employee Connection meter
74%
2020: 75%
Fairgrow donations
1m kg
of fresh produce = 5.5m servings
2020: 264, 475kg
Net profit (before tax)
$9.8m
2020: $22.0m
Revenue
$1.37b
2020: $1.41b
Apples operating profit
$40.6m
2020: $54.7m
International Trading
operational (loss) / profit
($12.4m)
2020: $2.3m
VentureFruit™ operating
profit / (loss)
$2.3m
2020: ($2.6m)
T&G Fresh revenue
$365.5m
2020: $357.7m
Total recordable injuries
167
2020: 175
Greenhouse gas emissions*
32,520 tCO
2
e
Profit (after tax)
$13.6m
2020: $16.6m
At a glance
2017: 35,779 tCO
2
e (our baseline year)
*Greenhouse gas emissions includes
Scope 1 and 2 only

6
7
Our 2021
performance
For the year ending 31 December
2021, our operating profit
decreased from $32.4 million to
$16.9 million, a 48% decline on
last year. This was largely due to
the impact of the aforementioned
hail, labour shortages,
increased shipping costs and
shipping delays, as well as the
COVID-19 influence on market
and customer access - both
in Aotearoa New Zealand and
offshore markets. This was offset
to some extent by increased
Envy™ licensing revenue.
Revenue remained largely
constant, down from $1.41 billion
in 2020 to $1.37 billion this year.
Net profit before tax decreased
from $22.0 million to $9.8 million
in 2021, and profit after tax
decreased by 18%, from $16.6
million to $13.6 million this year.
Total equity grew 10.4%, from
$519.8 million to $573.6 million
in 2021, enhanced by unlocking
significant underlying value
from the Company’s strategic
capital recycling programme.
This followed the sale of 490
Nayland Road in Nelson and the
subsequent sale and leaseback
of our post-harvest facility at
22 Whakatu Road in Hastings.
The Whakatu sale generated
$79.5 million and was one of the
country’s largest commercial
sales in 2021. From these
sales we’ve reduced debt and
invested in the future growth of
our business, including orchard
redevelopment, new automation
technology and a new state-of-
the-art packhouse.
Chair and CEO review
Tēnā koutou
2021 has been a year
that we’ve continued to
make strong progress
in delivering our
strategy and building a
sustainable foundation
for growth. However,
it has also been a year
interrupted by some
significant challenges
which have had a
disappointing impact
on our financial results.
Apples
As a result of the end-to-end
supply chain challenges faced by
our Apples business, including
reduced volumes, variable fruit
sizes, shipping disruptions,
in-market quality issues and a
longer sales window overlapping
with Northern Hemisphere fruit,
our Apples operating profit
decreased by 26%, from $54.7
million in 2020 to $40.6 million in
2021. Revenue decreased from
$872.3 million in 2020 to $851.4
million in 2021.
International
Trading
Revenues in our International
Trading division decreased, from
$178.7 million in 2020 to $129.2
million this year. While margins
remained strong, particularly in
our Asian business, supply was
constrained in many regions due
to labour shortages, shipping
constraints and inclement
weather. Operating profit
decreased from $2.3 million
in 2020 to an operating loss of
$12.4 million in 2021.
Our Peruvian grape operation
posted poor results with a loss
of $17.3 million, largely due to
a review and subsequent write
down of asset values.

T&G Fresh
It has been a year of two halves for
T&G Fresh. In the first six months
we dealt with ongoing COVID-19
shocks from the previous year,
including supply chain challenges
reducing our ability to export and
import fresh produce, combined
with an oversupply of some
categories such as tomatoes. The
second half of the year showed
evidence of stabilisation of the
business, despite protracted
lockdowns in key domestic markets,
and this provides a strong platform
for growth in 2022 and beyond.
In 2021, revenue increased from
$357.7 million in 2020, to $365.5
million. Operating profit decreased
from $18.4 million in 2020 to $18.0
million this year.
VentureFruit™
With the establishment of
VentureFruit™, our global genetics
and variety management business,
all trading income for our plant
variety rights (PVR), such as Envy™
and JAZZ™, has this year moved
into this new reporting segment.
VentureFruit™ receives royalties
from the sale of T&G’s PVR
varieties; and in addition, in 2021
strong demand from growers to
plant Envy™ generated significant
revenue for the business.
Our year
Challenging
environment
Leading into the 2021 apple season,
the December 2020 hail event in
Nelson adversely impacted our apples
in the region, reducing both our own
and independent growers’ volumes.
This was followed by the early
ripening of apples across the country,
compressing the harvest period. Given
COVID-19 related border closures
and the tight labour market, we had
labour shortages of both local and
Recognised Seasonal Employer (RSE)
team members, which meant some
apples were left unpicked.
Global supply chains have been
significantly disrupted, seriously
affecting our apple exports as well as
the importing of tropical produce into
Aotearoa New Zealand. There were
fewer ships visiting Aotearoa New
Zealand, reduced calls at regional
ports, container shortages, delays
to schedules and increased waiting
times in destination ports. We worked
tirelessly to address this, chartering
ships and partnering with primary
sector exporters to get produce to
markets. Despite our best efforts, our
market access was constrained, and
some produce arrived late into market
leading to quality issues and missed
sales opportunities.
Benedikt Mangold
Chair (left)
Gareth Edgecombe
Chief Executive Officer (right)

8
9
Three Hawke’s Bay orchards
were sold to the New Zealand
Superannuation Fund, through
its rural investment manager
FarmRight, with T&G contracted
to provide orchard services
and all post-harvest, export
and marketing services. This
partnership highlights the
strong investment opportunity
and potential in Envy™ and
demonstrates the strength of our
strategy and future direction.
With the proceeds from
recycling capital from the sale
of 490 Nayland Road and 22
Whakatu Road, as well as the
aforementioned orchards, we’ve
not only redeveloped orchards
and acquired new automated
orchard equipment, we’ve
embarked on the construction
of a new $100 million, leading-
edge, automated packhouse
in the Hawke’s Bay. As well
as improving productivity, it
will accommodate increasing
volumes of Envy™ and other
apple varieties.
A critical element in realising
future value and delivering
our strategy is capturing
and maximising intellectual
property (IP). Throughout our
business we have exceptional
IP in a variety of areas, including
deep global expertise in
genetics, IP management
and commercialisation of
plant varieties. Building
off this experience, we
launched VentureFruit™, our
global genetics and variety
management business. We have
big plans for VentureFruit™,
which will bring new and superior
fruit to consumers, retailers and
growers around the world.
Driven by our purpose to grow
healthier futures, this year we
made solid progress against
our strategy and against our
ongoing transformation ambition
to become a customer-driven,
high-performing, premium fresh
produce business.
With global consumer demand for
our premium Envy™ apple brand
projected to increase five-fold by
2030, we’ve continued to build the
platform to support this growth.
In critical and key markets, we’ve
strengthened our in-market
capabilities and expertise to
build deeper partnerships with
customers and consumers.
This has been supported by new
plantings of Envy™ as part of
our development programme
to supply 10 million more tray
carton equivalents (TCEs) from
Aotearoa New Zealand and the
United States. This additional
volume is a key part of the next
phase of our growth which is
grounded in highly productive
orchard and post-harvest
systems that utilise best practice
technology and automation.
In Aotearoa New Zealand, old
orchards have been replanted
with Envy™, on future-proofed,
automation-ready 2D structures,
with a further 300 hectares to be
redeveloped over the next three
years. In addition, a further 400
global hectares of new Envy™
plantings have been contracted.
Significant investment has also
been made on new picking
platforms to further enhance
safety and efficiency.
For T&G Fresh, our Aotearoa
New Zealand business, it’s been a
challenging year - with COVID-19
related issues, labour constraints,
adverse weather and tough trading
conditions in the first half of the year.
Throughout this difficult environment
the team has focused on what’s in
their control, and it’s been pleasing
to see their hard work translate into
positive momentum in the latter
half of the year, particularly in our
tomatoes, Pacific Island exports
and our Fijian domestic businesses.
On top of this, the integration
of Freshmax New Zealand was
completed early in the year.
Early in 2022, we look forward
to welcoming Rod Gibson to the
business in the role of Managing
Director T&G Fresh and seeing
the benefit he’ll bring to T&G from
his extensive fresh produce and
retail experience.
While many challenges have
come our way, we’re incredibly
proud of the continued progress
made in building a high-
performance culture. Leadership
and capability has been a key
focus because we know that when
we improve our team’s skills and
capabilities, we grow careers,
create new opportunities and
drive performance.
Underpinning this is our shared
mindsets, which play a critical
role in culture, performance and
ambition. This year we identified
that as we embark on the next stage
of our growth strategy, we needed
to capture the values required for
success. Our four new mindsets: be

bold, do the mahi, one team and take
good care, are grounded in our unique
identity, uniting and guiding our
behaviour and actions into the future.
Outlook ahead
While 2021 has been challenging,
we’ve delivered on our strategy
and built a solid platform for
growth, while staying focused on
the safety and wellbeing of our
people, growers, customers and
communities.
We have a phenomenal team
who’ve worked together to solve
problems, find opportunities,
keep each other safe and deliver
an essential service. While many
of our people worked from
home during the lockdowns
across Aotearoa New Zealand
and most of our global markets,
for the majority of our people in
front-line operational roles, they
worked on-site to keep fresh
produce flowing to Kiwis and
consumers around the world.
This wasn’t always easy, and on
behalf of everyone, thank you.
We also want to acknowledge
the leadership of Prof. Klaus
Josef Lutz, who stepped down
as Chairman in June. Under his
leadership over the past nine
years, T&G has evolved into
a strong global player in the
premium fresh produce sector,
and we thank Klaus for his
leadership, guidance and support
over the years.
As we look ahead to 2022, we
expect many of the challenges
to continue, with supply chain
constraints, inflation and
rising costs in labour, freight
and utilities. On top of this, in
all of our global markets we
have ongoing uncertainty with
COVID-19 as countries learn to
live and work with it. While we’re
very pleased with the outcome of
the industry’s combined efforts
in working with the Government
on quarantine free travel for
some RSE nations, it’s likely we,
along with many of our growers,
will struggle for enough seasonal
workers this coming harvest,
given low unemployment and the
absence of backpackers.
Despite this and other challenges,
we’ll do everything to find ways to
deliver and mitigate any adverse
impacts. Our tight control on costs
and prudent spending will continue,
as will our ongoing efforts to
capture value and efficiencies from
continuous improvements.
At the same time, together with
BayWa Global Produce, in 2022
we will make solid progress on our
new strategy for managing climate
change. We will establish and verify
an emissions reduction target
through the Science Based Target
initiative (SBTi) and implement
an internal shadow carbon price
to guide business decisions and
strategy. We look forward to
seeing the positive outcome of
these actions and playing a role in
supporting Aotearoa New Zealand’s
climate ambitions.
As we close out 2021, it’s important
we remain resilient in these volatile
and uncertain times. We have an
incredible team doing a great job
to deliver our strategy despite
any curveballs that come our
way. With our confidence, energy,
determination and strong underlying
business momentum, the future
is bright. We look forward to a
stronger and improved 2022.
Noho ora mai,
Benedikt Mangold
Chair
Gareth Edgecombe
Chief Executive Officer
Strong progress against strategy
Our year

Section heading
• In its first year of operation,
our Fairgrow charity donated
more than 1 million kilograms
of fresh fruit and vegetables to
New Zealanders in need.
• Generated $79.5 million from the sale
and leaseback of 22 Whakatu Road
in Hastings.
• Teamed up with Zespri and Plant &
Food Research on a regenerative
horticultural programme within the
kiwifruit, apple and berry industries.
• Sold 40 hectares of orchards to the
New Zealand Superannuation Fund,
through its rural investment manager
FarmRight, with T&G contracted to
provide orchard services and all post-
harvest, export and marketing services.
• JAZZ™ apples
celebrated 10 years of
being sold in Japan –
one of our key export
markets.
• Launched Ka Awatea,
our new Māori and
Pasifika leadership
programme.
July
• Partnered with All
Good to deliver the
first Fairtrade and
Zero Carbon certified
bananas in Aotearoa
New Zealand.
May
• Joined forces with Lincoln
University to offer students
hands-on learning and a
pathway into employment in
the horticulture sector.
SeptemberNovemberDecember
• Welcomed eight new
automated apple picking
platforms in the Hawke’s
Bay, helping increase
productivity and provide
greater safety for our
people.
• Shipped the first of
our refreshed JAZZ™
branded premium apples
from Aotearoa New
Zealand to the world.
March
• Introduced four new mindsets
(company values) to help
propel us into the future.
• Sold 25,000 gift packs of
Envy™ apples in one-minute
on Tmall - China’s largest
business-to-consumer online
retail website.
October
• Launched our early-
ripening apple brand,
Poppi™, enabling
an early entry of
Aotearoa New
Zealand apples into
highly competitive
Asian markets.
February
• Created 150 new
permanent positions
across our Hawke’s
Bay apple operations.
• VentureFruit™,
our new global
genetics and variety
management
business,
is launched.
August
JanuaryJune
10
11
Our year
• Launched
GoodYarn, a peer-
delivered mental
health awareness
programme to
encourage everyday
conversations about
mental health.
April
Year in review

Growing

healthier

futures

14
15
Section heading
Taipa
Kerikeri
Tūākau
Ōhaupō
Reporoa
Gisborne
Hawke's Bay
Nelson
Auckland*
Whangārei
Hamilton
New Plymouth
Tauranga
Christchurch
Dunedin
Wellington
Palmerston North
Central Otago
Our Footprint
SITES
(Group office*, sales, market floors,
distribution centres)

GROWING SITES / REGIONS
T&G apple, blueberry, tomato and citrus regions,
and third party apple suppliers
Note: In addition, T&G Fresh partners with over 1,000 third party
fruit and vegetable growers throughout Aotearoa New Zealand
POST-HARVEST AND PACKING FACIlITIES
T&G facilities
KEy
About T&G
Our footprint
Our team of 2,000 people, located across 13 countries, is united
by our purpose of growing healthier futures. Together we grow
apples, tomatoes, citrus, blueberries and grapes, and partner
with growers around the world who share the same passion for
sustainability and excellence.
With our clear strategy in place, we’re focused on growing great
brands, winning in key global markets and leading Aotearoa
New Zealand's fresh produce future. Enabling the delivery of our
strategy is a high-performance culture and a deep commitment
to Kaitiakitanga. As kaitiaki we’re committed to treating the land,
people, produce, resources and community with the greatest of
respect and care, as guardians of their future. This is central to
who we are and what we do.
Together, with the shared vision and expertise of our global
network, we create value every day for our people, growers,
customers, consumers, communities and shareholders.
Today, as T&G Global,
our fresh, delicious
produce nourishes
people in more than
60 countries around
the world.
Our story began 124
years ago as Turners
and Growers, a fruit
auction business only
located in Auckland.
Our year

16
17
Section heading
Growing regions
Argentina
Canada
Chile
Ecuador
Guatemala
Mexico
Panama
Peru
USA
• British Columbia
• Angol • Talca
• Temuco
• Ica
• Piura
• California • Oregon
• Washington State
Growing regions
Austria
France


Germany
Italy
Portugal
Spain
Switzerland
UK
• Steiermark
• Tyrol
• Alps
• Loire Valley
• Occitanie
• Provence
• Bodensee
• Rheinland-Pfalz
• South Tyrol
• Castilla y León
• Region Vaud
• Valais
• Herefordshire
• Kent
• Lincolnshire
• Suffolk
• Sussex
Growing regions
South Korea
Thailand
• Boeun • Hongcheon
• Geochang • Yesan
Growing regions
New South
Wales
Queensland
South
Australia
Tasmania
Victoria


West
Australia
Pacific
Islands
• Coffs Harbour
• Griffith
• Wamuran
• Adelaide
• Loxton
• Renmark
• Huon Valley
• Ouse
• Koo Wee Rup
• Mildura
• Narre Warren
• Robinvale
• Shepparton
• Swan Hill
• Warragul
• Bullsbrook
• New Caledonia
• Samoa
• Tonga
Growing regions
• Auckland
• Central Otago
• Gisborne
• Hawke’s Bay
• Kerikeri
• Nelson
• Ōhaupō
• Reporoa
• Taipa
• Tūākau
Growing regions
Egypt
Morocco
South Africa
Zambia
• Eastern Cape
• Western Cape
GLOBAL MARKETS
WE SERVE
GROWING REGIONS
Own and third party
OFFICES
KEy
Our year
Americas
Revenue ($'000)$ 75,479
Employees (permanent)350
Offices (Group or Sales)4
Asia
Revenue ($'000)$284,291
Employees (permanent)31
Offices (Group or Sales)5
Africa
UK & Europe
Revenue ($'000)$506,166
Employees (permanent)470
Offices (Group or Sales)3
Australia &
Pacific Islands
Revenue ($'000)$87,760
Employees (permanent)129
Offices (Group or Sales)4
Aotearoa New Zealand
Revenue ($'000)$411,717
Employees (permanent)1,208
Offices (Group or Sales)12
®

19
18
Our strategy
Our progress
Guided by a shared purpose to grow healthier futures, we are
guardians of T&G.

We’re driven by a desire to strengthen and grow our business, while
respecting and caring for the land, resources, people, produce and
communities that help sustain us.
Refined in 2020, our strategy focuses our efforts on three key
areas which leverage our strengths and positions us to seize the
opportunities ahead: grow great brands, win in key global markets and
lead Aotearoa New Zealand's fresh produce future. How we’ll deliver
our strategy is through our people, our high-performance culture, our
mindsets, and our deep and genuine commitment to Kaitiakitanga.
Grow great brands
• Best genetics in apples, berries and grapes
• Unique varieties and brands loved by
consumers
• World class in growing and post-harvest,
with global partners maximising our
intellectual property
Win in key global
markets
• Unlock markets selected for premium and
potential
• Close to customers with capability in-market
• Most efficient end-to-end supply chain
lead Aotearoa
New Zealand's fresh
produce future
• Win in key categories
• Optimise channels to market
• Create valued partnerships
Our purpose
Growing healthier futures
Our vision
The world's leading premium fresh produce company
Our measures
• Partner of choice • Best place to work
• Financial returns • Brand/category performance

20
21
has been supported with new
packaging formats in key
markets, including cardboard
recyclable multipacks.
In mid-2021, we launched a
global marketing campaign
emphasising the new JAZZ™
catchphrase “Is it JAZZ™ time
yet?”. This puts the apple at the
heart of the snacking occasion,
in a conversational and
spontaneous way, promoting it
as a healthier snacking choice.
Following extensive market
research in 2020 across key
global markets, we identified
the opportunity for our JAZZ™
apple brand to develop more
differentiated positioning. With
more people looking for healthier
snacking choices, the unique
premium qualities of JAZZ™
make it the ideal snacking apple.
Shaped by these consumer and
market insights, a broad strategy
was developed to position the
brand in this category.
A key component was this year’s
refresh and the strengthening of
the look and feel of the 25-year-
old brand. JAZZ™ now stands
out and appeals as the ideal
snack on the go, with a more
vibrant colour palette. This
Introducing Poppi™
In February 2021, we launched a new apple
brand Poppi™ for an early ripening variety,
which was developed to strategically extend the
season for our Aotearoa New Zealand export
apples in our key high-growth Asian markets.
The Poppi™ brand name was developed as a
nod to the distinctive red colour of the apple
and
appeals to consumers who prefer sweeter
tasting,
radiant red apples. Thanks to its early
ripening qualities, Poppi™ was one of the first
apples of the 2021 season to arrive in key
Asian markets, helping to fill a seasonal gap
in the market.
Envy™ is a real Kiwi horticultural success story, harnessing local
IP to provide consumers with an exceptional tasting, perfectly
balanced, premium apple, while delivering strong returns to
growers, communities and shareholders.
In the 13 years since we first released Envy™ to Aotearoa New
Zealand growers, it’s now grown under licence in 13 countries –
with Aotearoa New Zealand and North America our key supply
regions, and it’s sold year-round to consumers in over 60 countries.
Over the years, we've developed Envy™ into a brand that
customers can trust and our consumers seek out, and today it’s
on track to be a billion-dollar brand with standout performance
in key markets across Asia and North America. With projected
global consumer demand requiring an additional 10 million TCEs
to meet the required 25 million TCEs by 2030 (an additional 760
million apples), in 2021 we secured and increased new plantings
and strengthened our foundation for the future.
Our progress
Great brands are brands
you love. They build deep
consumer connections
with their clear core
values and differentiated
positioning. At T&G,
we’re focused on growing
great brands and building
consumer demand. We
have unique varieties and
the world’s best genetics
in apples, berries and
grapes; supported by
world class growing and
production systems,
marketing, in-market
teams and partnerships.
Grow
great brands
Envy™ - creating shared value
from Aotearoa New Zealand’s IP
New look for JAZZ™
Envy™ apples are a natural
fit for festivities and gifting
occasions, due to their large size,
sophisticated flavour and fresh
aroma. As part of our marketing
strategy to position Envy™ as
the ultimate celebration apple,
in 2021 we delivered multiple
global integrated marketing
campaigns for key festivities.
In key Asian markets, the Mid-
Autumn Festival represents
one of the largest celebrations
of the year, with millions of
people recognising the full
moon occasion. To celebrate, we
collaborated with key influencers
and developed eye-catching
point of sale displays and special
premium Envy™ gift boxes. This
year we also diversified our
sales channels by trialling Tmall,
China’s largest business-to-
consumer online retail website.
Through our collaboration with
Viya, the number one opinion
leader on Tmall, in just one
minute we sold a record 25,000
Mid-Autumn Festival gift packs
of Envy™ apples, totalling
100,000 apples sold.
In the United States, special
occasions like Valentine’s Day
and Mother’s Day have seen huge
success for Envy™. This year the
brand become the official partner
of Kitchn’s first-ever virtual Brunch
Fest to celebrate Mother’s Day.
Kitchn is one of the United States'
most popular food and lifestyle
media outlets, with 25 million unique
monthly visitors. Our Mother's Day
campaign received over 200 million
views, helping further grow brand
recognition and strong sales growth
in our key United States market.
Envy™, the ultimate
celebration apple

22
23
Building the
packhouse of
the future
With increasing volumes of
Envy™ and other varieties over
the next five to ten years, a
future-ready, highly productive
automated packhouse is
required.
In December 2021, we started
building a new $100 million
state of the art packhouse at
our Whakatu West site in the
Hawke’s Bay.
With the capacity to pack more
than 125 million kilograms of
apples per season, it will be one
of the largest packhouses in the
Southern Hemisphere.
The packing lines have
been designed to allow
for a combination of fully
automated, partly automated
and standard packing lines –
and when operating with its
new automated technology,
we expect to be able to pack
more than twice the volume we
currently pack with a similar
number of team members.
Our two existing packhouses
at our East and West sites in
the Hawke’s Bay will then be
converted to apple cool stores.
In 2021, we made good headway
on our roadmap to a highly
productive future through
automation of orchards and post-
harvest services.
Traditionally, apple orcharding
systems have been grown
and geared towards a manual
harvesting process and our
success has been based on
selling high quality, premium
apples to consumers around
the world. The focus on manual
harvesting has been due to
technology solutions not yet
being commercially available or
viable. This is changing. While
robotic pickers are still some
years away, for the past five years
we have embraced technology
to increase productivity, improve
quality and yields, and help
address workforce shortages.
This tech-driven future requires a
new way of growing apple trees to
provide the density and uniformity
required by future automation. At
T&G we’ve selected 2D orchard
structures as our structure of
choice. It increases the quality,
consistency and yield of our fruit,
and by using automated platforms
- and in future other forms of
new technologies, it delivers
efficiencies for our team by
standardising tasks and making
it easier and safer to access
fruit and conduct a range of
orchard activities.
This year we removed 61
hectares of old orchards and
replanted with Envy™, on new
future-proofed 2D structures.
Of our total 737 hectares of T&G
owned and leased orchards
in Aotearoa New Zealand, we
now have 180 hectares in 2D
structures and over the next
three years we plan to redevelop
a further 300 hectares. As
our leased orchards come up
for renewal, we will look to
recontract them and re-plant
in 2D structures. In addition,
we’ve contracted a further 400
hectares of Envy™ plantings
globally, with 250 hectares
planted in 2021.
Supporting this has been
significant investment in tech-
enabled orcharding equipment.
Eight picking platforms were
purchased in 2021 to further
enhance safety and efficiency,
bringing our total platforms to
12. We partnered with Fruition
Horticulture to trial a pneumatic
defoliator which uses alternating
pulses of air to remove leaves
from the lower parts of trees,
exposing the fruit to sunlight –
which is important for fruit colour
and premium pricing in export
markets. This machine replaces
the manual work done by orchard
crews. And planning is underway
for unmanned automated mowers
and sprayers as part of a five-year
technology programme of work.
150 new roles
In 2021, we created 150 new permanent roles
across our Hawke’s Bay apple operations
to help us meet worldwide demand for our
premium brands.
These new roles help us deliver on our future
growth objectives and provide people with
an opportunity to build skills, capabilities and
career pathways in horticulture.
New team members work across harvest and
post-harvest roles, developing a thorough
understanding of both operational and growing
processes. This also includes spending time
developing our 2D orchards as part of our
pathway to automation.
new and unique berries, of which
VentureFruit™ is the exclusive global
commercialisation partner. In addition,
VentureFruit™ also announced a
partnership with Plant IP Partners
to test and evaluate new varieties
of apples which have been bred in
Aotearoa New Zealand.
With consumers’ needs continually
evolving and costs of production rising,
it’s vital our sector brings new, high
quality fruit to market which delivers
on taste, nutrition, convenience and
sustainability at a premium price.
By working alongside key partners,
VentureFruit
™ will deliver great tasting,
healthy fruit and help alleviate and
adapt to environmental pressures.
T&G has established a track record
in global IP management and
commercialisation, growing, and
sales and marketing, by tapping into
leading genetics from our extensive
network of the world’s best plant
breeding and research partners. In
August, we announced the launch of
VentureFruit
™, a global genetics and
variety management business built on
deep expertise in creating value from
new fruit varieties.
VentureFruit™ has been set up to
collaborate with breeders, research
partners, growers, and sales and
marketing organisations around the world
to bring new, high value and superior
quality fruit to markets and consumers
globally. With this, increased value will
be generated for consumers, retailers,
growers and communities, and we can
help nurture our natural environment
through adaptation and innovation.
Coinciding with the launch of
VentureFruit™, we signed two key
partnerships. Firstly, a co-investment
alongside science organisation
Plant & Food Research in a range of
Our progress
VentureFruit™ – bringing high value
superior fruit to global consumers
Partnering
to accelerate
growth
To help further increase the
supply of Envy™, in November
we partnered with the New
Zealand Superannuation Fund
through its rural investment
manager FarmRight. This saw us
sell 40 hectares of Hawke’s Bay
orchards to the Fund, with T&G
contracted to provide orchard
services and all post-harvest,
export and marketing services.
This freed up capital to invest in
Envy’s™ growth, whilst providing
the Fund with returns to help
fund the future superannuation
costs of New Zealanders.
World-class growing systems

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25
Despite this, our teams worked
creatively to get fruit to market,
stabilise pricing and do whatever
possible to meet global sales
programmes and manage
expectations with our retail
customers. This included working
closely with other primary industry
businesses to get fruit to market,
and sourcing four charter ships of
our own – two to the United States
and two to Europe/United Kingdom.
Less fruit in market did have a
positive impact on pricing, with
prices generally holding. However,
this was offset by increases in costs
of freight and shipping, delayed
shipments and the late arrival of
fruit in some markets, leading to
price erosion.
The United Kingdom performed
well, with excellent quality JAZZ™
apples in market. Customers were
sufficiently supplied, despite lower
volumes given aforementioned
shipping constraints and delays
from Aotearoa New Zealand. In
Europe, due to the slow arrival of
Aotearoa New Zealand fruit, the
season started slowly, however our
team on the ground worked hard to
fill retail programme gaps.
Having a team on the ground in the
United States was invaluable in 2021.
The issues with managing the late
arrival of Envy™ and other varieties
from Aotearoa New Zealand and
the smooth transition to selling
Northern Hemisphere fruit was
managed carefully in order to avoid
competition with local fruit.
Win in key global markets
Our progress
The partnerships we
have with our customers
around the world are vital
in ensuring our global
sales programmes are a
success and continue to
grow year-on-year.
To unlock and deliver this potential,
over the past five years we’ve
established and expanded the
capabilities of our in-market teams
in Asia, the United States, Europe
and the United Kingdom – all
markets where there is significant
future growth potential and where
demand for our produce is high.
Depending on the market size, the
team’s capabilities now include
sales and marketing, supply chain
and quality. With T&G being the
Importer of Record in many of these
markets, we can now import the
fruit ourselves and take a greater
degree of control over that fruit.
We can ensure it gets to our end
customers and consumers at the
right time while maintaining high
quality standards.
This year, our global sales
programme faced a number of
challenges, including severe
hail in the Nelson region in
December 2020 which affected
the region's apple crop.
Further impacting this was
the seasonal worker shortage
experienced during 2021. With
borders still restricted as a
result of COVID-19, there were
significantly fewer RSE workers
in Aotearoa New Zealand and
a lack of backpackers. Our
team undertook an extensive
local recruitment campaign
and partnered with the Ministry
of Social Development to
successfully hire over 950 New
Zealanders during the season,
however despite best efforts, at
the peak of the season we were
still short 300 people per day.
This meant an unprecedented
amount of fruit was unable to be
picked in 2021, thereby reducing
export volumes.
On top of this we experienced
shipping issues, including delays,
congestion in international
ports and ships bypassing some
Aotearoa New Zealand ports. This
impacted not just our Southern
Hemisphere apples but also our
Northern Hemisphere season
and the export of apples from
Washington State in the United
States to Asia. It also impacted
other traded categories, such
as grapes, berries and citrus,
and their movement from
Australia, North America and
South America into our Asian
destination markets.
Due to these factors, our
Aotearoa New Zealand apple
crop for the 2021 season was
5.05 million TCEs, a 20%
reduction on the year prior. Our
United States crop for 2021
was 3.8 million TCEs, an 8.7%
increase from 2020.
The challenges of global trade

26
27
We’re proud of our Aotearoa New Zealand business,
T&G Fresh, and the vital role it plays in growing healthier
futures for generations of New Zealanders.
As a grower in its own right with an expansive, vertically integrated growing
business, we ensure we have the right genetics in our own growing operations
and that we strive for excellence in the categories in which we grow fresh
produce - citrus, berries and tomatoes.
T&G Fresh also represents more than 1,200 independent growers, selling their
produce to retailers and foodservice providers nationwide through our 12 regional
trading floors, and through our direct relationships with the major supermarket
retailers, quick service restaurants and in-home meal kit delivery services.
We also import produce not readily grown or available in Aotearoa New
Zealand, as well as exporting fresh produce to the Pacific Islands, Australia,
Asia, Europe and North America.
A key competitive advantage
to supporting Envy’s™ growth
strategy is T&G’s globally
controlled 365 day a year delivery
programme to key markets. This
ensures consumers enjoy year-
round supply of Envy™.
Our global Envy™ expansion
programme focuses on the
key global markets of Asia, the
United States, Europe and the
United Kingdom, and establishing
in-market offices and in-market
teams with the right capabilities.
This enables us to build strong
relationships with our customers
and partners, and develop
an in-depth understanding of
consumer needs.
In-market teams allows
consistent channel development,
such as the e-commerce
ecosystem in China. We can
also proactively respond to and
manage market and consumer
changes, while enhancing global
reach and the ability to drive
consumer demand and loyalty,
further underpinning and enhancing
the global success of Envy™.
As part of our global consumer
demand programme, in 2021
we created our own simple
framework for demand growth,
which
orientates our focus and
activities across our end-to-end
value chain. This includes the key
success factors for every apple so
that we capture the projected Envy™
demand and deliver the ultimate
apple experience to every consumer.
We have identified the critical and
key markets which we have to win
in and each of these markets has
a specific and tailored accelerated
demand plan. This maps out the
areas of focus and the key actions
required to grow demand and attain
the premium pricing we desire.
Having in-market teams further
strengthens our accelerated demand
plans, as teams are closer to
consumers, and retail and wholesale
customers, and by using their in-
depth knowledge we can proactively
address challenges and identify
future customer focused solutions.
Our progress
Lead Aotearoa
New Zealand's fresh
produce future
Following on from the year prior,
in 2021 our T&G Fresh business
continued to experience supply
chain challenges as a result of
COVID-19. Given global shipping
constraints and delays, this
hampered the importing of
tropical fresh produce and the
exporting of some categories,
such as tomatoes. Severe
weather events including hail
also impacted Nelson apples and
Central Otago summer fruit.
The lack of exports accompanied
with flat local demand impacted
values across our markets and
covered crops divisions in the
first quarter of the year.
Our markets business was also
impacted by COVID lockdowns,
which also had a real impact
on Aotearoa New Zealand’s
foodservice sector. Our T&G
Fresh imports division was
heavily impacted by shipping
disruptions, especially the lack
of consistency of vessels out of
Long Beach, California.
At times, resourcing was also
affected as team members were
identified as close contacts and
required to isolate. This put
pressure on some of our sites,
with office-based colleagues and
workers from temp agencies
stepping in to ensure business
continuity and the ongoing supply
of fresh produce to New Zealanders.
A focus on sales and operations
planning and our decision to
rationalise our footprint by exiting
our Favona glasshouse early, led to
a significant financial turnaround in
the second half of the year.
Consumer demand for Envy™ in
Asia continues to be very robust
and pricing levels in both China
and Singapore in particular were
strong, setting us up for a positive
season ahead in 2022. Consumer
demand in Thailand and Vietnam
was excellent at the beginning
of the season, which was really
pleasing to see. However,
COVID-19 restrictions in both
countries saw the closure of many
wholesale markets, resulting in
significant drops in demand.
While pricing in Japan was very
good towards the start of the
season, we saw some erosion
in price with the late arrivals,
as we ran into competition with
local apples.
Overall, despite the challenges
of this season, we’ve seen some
real pockets of excellence and
great opportunity for 2022.
Demand for our apples is
incredibly high in our markets,
but ensuring our crop is delivered
into markets at the right time is
crucial to maximising prices.
Ensuring year-round supply of
Envy™ in key markets
Continuing COVID-19 challenges

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29
Our progress
Growing through
adversity for our
Pacific Islands
business
In 2021, our Fijian domestic business
experienced very challenging times
due to COVID-19, with the closure
of international borders meaning
one of the country’s main sources of
income - tourism, was significantly
impacted. Furthermore, due to
widespread infection of COVID-19
throughout Fiji and lockdowns,
we were operating with a limited
number of team members.
Despite these challenges, our team
showed extreme resilience and
flexibility. They worked closely with
suppliers and partners to diversify
our product offering, making use of
our infrastructure and reliable supply
chain. This ensured food was able
to get to customers at a challenging
time in Fiji, whilst adhering to strict
COVID-19 safety protocols.
Demand for imported produce also
remained strong from customers
throughout the Pacific region
despite COVID-19 challenges.
The strength of our grower and
customer partnerships, combined
with our fast and adaptive actions,
held the business in good stead,
leading to a positive financial
performance for our Pacific Islands
business, including Fiji.
Surplus
tomatoes from
COVID-19
In the first quarter of the
year, Aotearoa New Zealand
experienced a surplus of cheap
tomatoes as a result of growers
being unable to export fruit to
Australia and the Pacific Islands
given reduced freight space.
While consumers may have
welcomed the low pricing, it
was not beneficial for growers
in terms of covering the costs
of production. This affected our
sales in the first half of the year.
With T&G’s tomato growing
operations spanning sites
at Favona Road in Māngere,
Reporoa, Ōhaupō and Tūākau,
a decision was made to bring
forward the closure of the Favona
Road glasshouse site to June
2021. All team members who
wished to continue working
with us secured new roles, and
production was moved across our
other glasshouses.
With consumer demand for
blueberries increasing, this year
we invested in the future growth
of the category in Aotearoa New
Zealand, positioning ourselves
to provide year-round supply
of superior, premium berries.
Utilising our expertise and
strength in sales, marketing,
brand development and new
genetics through VentureFruit
™,
we have secured the sole rights
to grow new premium Southern
Highbush varieties in Aotearoa
New Zealand. These berries are
currently only grown in Australia.
The results from consumer
trials of the berries have been
very positive. The new varieties
are high yielding and have good
storability as well as fantastic
taste, firmness and size. They also
produce fruit in the months when
supply is lower in Aotearoa New
Zealand and Asian markets.
The first stage of the development
will see 2.5 hectares planted in
Kerikeri, Northland, with production
growing to 60 tonnes over the next
five years. The second stage will
see up to 20 hectares planted by
2024, which will be a combination
of T&G owned and third-party
investment and production, with the
final stage looking to grow to
70 hectares of production.
Investing in the future of blueberries

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31
Strengthening
commercial
acumen
Given the complex nature of
our business, we continually
strengthen the commercial
acumen of our broader
leadership group.
Throughout 2021, we presented
hypothetical scenarios that
challenged our leaders’ decision-
making processes and enhanced
their awareness of team
dynamics. In teams, our leaders
provided recommendations
on the case studies, with the
objective of maximising return to
both T&G and our growers.
In 2022, we will continue to focus
on capability build sessions to
further enhance our leaders’
abilities.
leaders
in Action:
Fostering career
progression
In 2021, we offered our
Leaders in Action development
programme to 48 mid-level
leaders within our global
business. The programme is
designed to foster and support
career progression into greater
leadership positions within our
business.
Designed around our high-
performance framework,
participants took part in eight
modules, building knowledge
on a range of topics, including
design thinking, continuous
improvement, performance
transparency, through to leading
change.
Not only has this programme
had an incredible impact on the
participants, but the skills taught
have positively benefited their
teams, as leaders have increased
their leadership capability.
High-performance
This year our key focus was
building leadership and
capability. By improving
the skills and capabilities
of people at every level
within T&G, we’re able to
grow careers and make
skilled opportunities more
accessible, in turn driving
business performance.
Joining forces
with lincoln
University
As part of our commitment to
provide more accessible pathways
into our industry and support
positive career growth at every
level, in September we partnered
with Lincoln University to offer
students a hands-on learning
experience and pathway into
employment.
The two-year programme sees
students earn a fulltime wage while
gaining valuable, practical work
experience as they study towards
a Level 5 Diploma of Horticulture.
We also provide T&G trained tutors
and paid study time to help with
the academic components of the
course.
This partnership makes obtaining a
qualification, practical experience
and a long-term career pathway,
more attainable and appealing. At
the same time, it provides increased
support during our peak season and
brings new talent into our industry.
Our framework
In 2021, we simplified the well-researched performance framework to fit more effectively
into our business.
The framework below has a focus on empowering our purpose, building belief in our
strategy, ensuring transparency and accountability, growing capability, and having a clear
understanding of, and connection to, our mindsets and our practices.
Building a high-performance culture
We know our success as a business is dependent on our people. That’s why we’re committed to
helping our team be their very best, day after day, year after year.
Our high-performance framework has been developed to foster an environment that enables
everyone at T&G to reach their full potential. Together, we’re purposefully shaping our culture so
everyone understands what we've set out to achieve and we all have the ability to influence outcomes,
operate with autonomy, know our ideas are deeply valued, and have ownership for the outcomes.
Capability
The way we work
Purpose
leadership
Culture
Performance transparency & accountability
Strategy & plan
Our progress

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33
Connection
Meter
It’s been a year of challenges, both
at work and personally, for our
global team given the COVID-19
environment. This meant we had to
find new ways to stay connected,
share what’s going on and support
each other to keep motivation levels
high. One way we’ve done this is
through our Connection Meter
survey, which is run three times
a year by Human Synergistics.
It provides our leaders and their
teams with a clear understanding
of how people feel, their sense of
connection, and the areas where we
can create positive change.
We ended 2021 with 74% of our
people feeling connected, which
is 2% above the global benchmark
and a 2% increase from our March
survey. Guided by these insights,
our leaders work with their teams
to create connection action plans
to help make a positive difference
at T&G. Given the challenges we’ve
faced this year, including extended
lockdowns for many of our people
around the world, we’re pleased we
were able to maintain connection
levels similar to 2020 levels.
Branch Out:
Raising literacy
and numeracy
skills
In 2021, we also saw the return
of our Branch Out programme to
help raise core communication,
literacy and numeracy skills
within our team. With four out
of ten Kiwis having literacy and/
or numeracy challenges, we
want to help our people have the
confidence and skills to thrive –
both at work and personally.
This year, we had two cohorts
complete the programme from
our Ōhaupō and Hawke’s Bay sites.
From the programme, participants
gain confidence in workplace
literacy and numeracy, as well
enhancing their digital skills. Not
only has this programme improved
productivity in our workplace, it’s
also positively impacted people’s
personal lives.
A pathway for our
emerging leaders
Following on from a successful launch in 2020, our Emerging
Leaders programme returned this year and was introduced
to our T&G Fresh business. This programme focuses on
providing a pathway for our frontline and future leaders to
reach their greatest leadership potential.
Throughout the 14-week period, our people build on
various leadership skills including effective communication,
developing people, and leading safety and wellbeing. Since
developing the programme in 2020, we’ve rolled out 13
cohorts within Aotearoa New Zealand, totaling 161 graduates.
Our progress
The first T&G Fresh graduates from
the Emerging Leaders programme.

34
Mindsets
Fundamental to our success are our shared
mindsets. We know our values and attitudes
ultimately impact our ability to achieve what we
set out to do, and having a connected, aligned and
empowered team is critical to our success.
In early 2021, we reviewed our T&G mindsets to see
if they reflected the attitudes we need for the next
stage of our growth strategy. It was decided a new
set of mindsets would better capture the values
needed for us to reach our greatest potential.
Throughout the year, over 100 global team members
came together to form a collaborative cross-
sectional working group, and together they created
four new, uniquely T&G mindsets.
Grounded in our Kiwi roots, and together with our
global ties, our mindsets guide how we act, what we
do, what’s expected of us and what we reward.
In the last quarter of the year, a series of purpose and
mindset workshops began to be rolled out, exploring
our purpose – both what it means and how we
contribute to it as a team, as well as understanding
our own personal values and how they align to our
new mindsets. The impact of these workshops has
been huge, with our people developing a deeper
connection with their teammates and our business,
and it’s from this strong base that we’ll achieve our
growth strategy as one collective team.
One Team
Work together.
Strong partnerships.
Have fun.
Do the
Mahi
Own it. Improve it.
Set high standards.
Take
Good Care
Listen. Support.
Make a difference.
Creating new
mindsets for
future success
Be Bold
Lead. Push boundaries.
Create the future.
Our progress

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At T&G, Kaitiakitanga captures
what sustainability means to
us - treating the land, people,
produce, resources and
community with the greatest of
respect and care, as guardians
of their future. This is central
to who we are and what we do.
We’re committed to wanting
to do and be better, and help
grow a healthier and more
sustainable future.
Kaitiakitanga
Our people
We're growing a safe, healthy
and passionate team, where
everyone's empowered to be
their best and thrive.
Aspirations
• Protect and grow
• Fairness in our workplace
Our place
As kaitiaki, we're building a healthier
planet by protecting and nurturing
our natural environment and using
our resources responsibly.
Aspirations
• Climate action
• Closing the loop
• Lower impact, smarter growing
Our produce
Our safe and sustainable produce
value chain provides nutrition to
our customers and consumers,
and enhances livelihoods.
Aspirations
• Safe food
• Responsible partnerships
• Healthy communities
Our progress
Our Kaitiakitanga
framework
Our Kaitiakitanga framework has
three pillars, each with its own
aspirations and targets. Each
pillar is committed to making a
contribution towards achieving
9 of the 17 United Nations
Sustainable Development Goals
(UN SDGs), and by doing this,
we’ll make progress towards
growing a healthier tomorrow.
Our Kaitiakitanga
governance
and management
Kaitiakitanga is deeply ingrained
in T&G’s business and strategy,
with accountability sitting with
the Chief Executive and Executive
team. To inform our focus, in
2019 we conducted a materiality
assessment to detail the issues
most material to our stakeholders.
This assessment found climate
change, water availability, food
safety, and financial management
and performance are our top
issues. Projects have been
developed to address the identified
material issues. These key projects
are managed by several senior
team members from across the
business, which is in line with our
ambition to embed Kaitiakitanga
within our operations. Projects
of work are supported by T&G’s
Sustainability Manager who
oversees core Kaitiakitanga
strategies and associated projects.
Projects which are material to
the success of our Kaitiakitanga
framework, and which reduce our
impacts and enhance our efforts as
kaitiaki, are regularly reviewed by
the T&G Executive Team to ensure
project cadence and delivery.
Our Kaitiakitanga framework aligns to 9 of the 17
United Nations Sustainable Development Goals.

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To build a strong,
resilient and high-
performing business
it comes down to your
people, and at T&G
we have a talented,
hard working team
powering us forward.
We’re committed to
enhancing their lives
and helping them thrive.
To do this, we’re building a
positive and productive culture,
where health, safety and
wellbeing is paramount and we
can be ourselves. Nurturing an
inclusive and diverse culture is
vital to our success, and we’re
determined to make progressive
steps to ensure everyone is
welcome, regardless of their
gender, age, ethnicity, sexual
orientation or abilities.
Our two aspirations of Protect
and grow, and Fairness in our
workplace are about growing
a safe and healthy team and
creating positive change through
an inclusive and diverse business.
Protect
and grow
We’re determined to have a
leading safety and wellness
culture. To do this, we have a
robust three-year health, safety
and wellbeing strategy which is
designed to move T&G from a
SafePlus grading of ‘developing’
to a business which is ‘leading’.
In 2021 we made good progress
towards achieving this.
Decreasing our Total
Recordable Injuries
As we learned to live and
work with COVID-19, we've
focused on keeping our people
safe and reducing the risk of
transmission in our workplace.
This year, we reduced our Total
Recordable Injuries from 175 in
2020 to 167 in 2021. Whilst the
number remained consistent
with last year’s, there were no
notifiable injuries to WorkSafe.
Although this reduction was not
as large as previous years, it
shows we’re continuing to move
the numbers in the right direction.
In 2022, we will retain the same
key performance indicators and
work towards our ambitious
target of reducing injuries by 15%
on the previous year.
Building strong and safe
role models
Our Protect and Grow leadership
training programme is for site
operational people leaders and
health and safety representatives.
The programme has four modules:
CARE, RISK, ENGAGE and
LEARN. In 2021 we completed
rolling out our RISK and ENGAGE
modules, with 311 people
completing our RISK module and
244 completing ENGAGE. While
we’d intended to develop and
deliver our fourth and final module,
LEARN, in 2021, given the pull of
COVID-19 on our health and safety
team, we decided to complete the
first three modules and roll out
LEARN in 2022. LEARN covers
incident reporting and investigation
processes to ensure our team
supports our continual learning and
improvement programme.
Our progress
Investing in a safe and
productive workplace
With a tight labour market and
border restrictions, this year
presented a challenge with many
new and unexperienced workers
joining our team to help with the
apple harvest in the Hawke’s Bay.
Picking apples is labour-intensive
work, and at times it’s physically
demanding, requiring strength
and endurance. To ensure a safe
and productive workplace, we
invested in eight new state-of-the-
art automated picking platforms
to enable fast, efficient and safe
picking of apples. This enabled
our less fit or new team members
to harvest around six bins per day,
whereas traditional techniques
using ladders would historically
see around two to three bins
harvested per day. Whilst this
greatly contributed to productivity,
it also reduced the number of
injuries on our orchards and
delivered on our commitment of
getting everyone home safe every
day.
Critical hazard and
risk management
This year was intended to be
the second year of a three-year
programme of work to assess
the risks associated with our
critical hazards. Unfortunately,
given COVID-19, this programme
was significantly impacted. We
have employed a dedicated
Health & Safety Manager Critical
Risk to lead this work in 2022.
A new health,
safety and incident
reporting system
As part of our continual
improvement programme, we
have entered into an agreement
with ecoPortal to introduce its
health, safety, environmental
and risk management reporting
system into our global business.
This will provide a central
system to monitor and manage
incidents, hazards and risks.
The system has been configured
to meet our requirements and
will be rolled out as soon as
COVID-19 response activities
allow.
Our people
Managing the risk
of fatigue
Fatigue presents a huge risk
in our workplace, especially
in areas where our people are
doing shift work, driving or
have on-call requirements.
This year, we introduced a new
range of tools and resources
for our people leaders and
team members to help better
understand and effectively
manage and prevent fatigue in
our workplace.
GoodYarn: Helping
our people talk about
mental health
In April, we launched GoodYarn,
a peer-delivered programme
which helps our team understand
and build confidence talking
about mental health and knowing
where and when to get extra
help. Originally started as an
initiative for rural communities
in Aotearoa New Zealand,
GoodYarn has since branched
into urban workplaces.
Thirty-eight team members from
across Aotearoa New Zealand
volunteered to complete the
two-day training course, with
the intention of then facilitating
workshops at each of their sites
afterwards. Unfortunately, due
to COVID-19 lockdowns and
restrictions, the workshops have
not yet been able to take place.
In 2022, once restrictions lift,
we’ve prioritised a full schedule
of workshops across the country.

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Growing healthier
futures for our people
through Pulse
To help strengthen our team’s
health and wellbeing, in August
we launched Pulse, a global
wellbeing digital app. The app
promotes the development of
daily healthy habits, provides
information and resources,
and helps builds company
and team culture through
wellbeing challenges.
Our Pulse app proved incredibly
beneficial during this year's
COVID-19 lockdowns and
restrictions, providing a virtual
space for our global team to
connect and support each
other in our virtual Race Around
the World step challenge.
During September, 206 team
members competed as part of
43 teams, and together walked
an astonishing 47,146 kilometres
– the equivalent of travelling
around the world. The outcome
from the challenge was excellent
with teams feeling energised,
connected and supported, in
what was a challenging and long
lockdown for many of our people.
Fairness in our workplace
At T&G, we know there’s more we can do to build a more inclusive and
representative business, reflecting the diversity of all our communities.
In 2020, we joined Diversity Works and following a stocktake
identified that we’re at ‘starter’ level. This year, Diversity Works
launched its Aotearoa Inclusivity Matrix, a new evidence-based
framework which allows workplaces to identify their diversity, equity
and inclusion maturity and practices across seven areas. Guided by
this new framework, we’ve updated our stocktake and developed
our global Inclusion and Diversity (I&D) strategy, with the intention
of developing a detailed action plan in 2022. At the same time, we’ve
made solid progress on some key initiatives, as outlined below.
Ka Awatea: Nurturing strong Māori and
Pasifika leaders
This year, we introduced a new leadership programme designed
specifically to nurture, develop and support our Māori and Pasifika
team members. Ka Awatea aims to connect people with their cultural
heritage, and explore what leadership means for them, their whānau,
hapū and iwi. Throughout the intensive five-month programme, 29
team members from across Aotearoa New Zealand discovered their
leadership style and grew their confidence and capability in leading.
Ka Awatea not only contributes to developing our team members’
abilities, but it helps progress our journey to better integrating
Māori and Pacifica cultures into our business. It does this through
participants working on rōpū’s and presenting business cases to the
Executive team for initiatives which support inclusion and diversity.
For example, forming a Māori and Pacifica engagement group to help
foster deeper connections with our communities and iwi, and ensure
more diverse celebrations are recognised at T&G. In 2022, we’ll work
with Ka Awatea graduates to refine and implement these ideas.
Our progress
Helping young
Kiwis succeed
Establishing strong partnerships
with people from all backgrounds
is vital to our business and
society’s success. At the beginning
of 2021, we partnered with First
Foundation, an organisation set up
to help support young Kiwis whose
socio-economic circumstances
make it harder for them to attend
university. This year we offered
a four-year scholarship to a
bright young man completing his
final year of high school before
venturing on to tertiary studies at
the University of Auckland. He’ll
be the first in his family to attend
university and will gain valuable
work experience throughout his
studies within our business. In
2022, we’ll extend this sponsorship
to three recipients to help progress
young, talented individuals through
the next stage of their lives.
Standing together to
speak up and stop bullying
Celebrated annually around the
globe, Pink Shirt Day recognises
the importance of making sure
everyone feels safe, valued and
respected. In 2021 our business
turned pink, to strongly support
this important message. Our T&G
whānau came together at each
of our sites and virtually to share
morning tea and hear about the
importance of speaking up. At T&G,
we take a strong stance against
workplace bullying and encourage
anyone to speak to their leaders or
through our anonymous Speak Up
hotline, to ensure our workplace is
one where everyone is supported
and can thrive.
Our T&G Fresh customer service and Auckland administration team celebrating Pink Shirt Day.
Ka Awatea graduates outside the Mataatua Marae in Māngere, Auckland.

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43
Our business started from great
soil, natural resources and care in
our heart, and we’re determined
to keep it that way for future
generations to come. We are
committed to having a positive
impact on our planet and using
our resources responsibly. Our
three aspirations of Climate
action, Closing the loop, and
Lower impact, smarter growing
are grounded in helping build a
healthy environment for tomorrow
and beyond.
Our place
Climate action
As a food producer, the climate is
pivotal to our business. Yet, with
rising global temperatures, reduced
rainfall and increasing weather
events, we could face significant
disruption. That’s why we’re
minimising the effect our operations
have on the planet by reducing our
greenhouse gas (GHG) emissions,
harnessing clean energy and
adapting with innovative solutions.
We’re committed to planning
and preparing for the future
environment and the potential
opportunities and challenges that
may arise.
In December, T&G’s climate
change strategy was refreshed
and will be implemented in 2022.
Our key focuses for next year are
to set a science-based emission
reduction target through our
majority shareholder, BayWa Global
Produce, and to align with the
recommendations set out by the
Task Force on Climate-Related
Financial Disclosures (TCFD). In
addition, we will implement an
internal shadow carbon price to
guide business decision making
and strategy as it relates to carbon
intensity. As part of our ‘carbon
neutral by 2030’ commitment, next
year we’ll look to offset some of our
emissions where reductions are
not possible. We will also prioritise
working with our team and grower
partners on climate
change education.
Our progress
Reducing greenhouse
gas emissions
As part of our commitment towards
best practice reporting, this year
we assured our Scope 1 and 2
emissions to provide certainty in
our data and to help identify gaps
and areas for improvement. Like all
entities embarking on this journey,
integrated reporting is a process of
continual improvements.
Our target is to reduce T&G's Scope
1 and 2 GHG emissions by 22% by
2025, against our 2017 baseline.
And then longer term, achieve
carbon neutral operations by 2030.
Throughout 2021, efforts to reduce
our GHG emissions have been
made, resulting in a 9.1% decrease
from 35,779 tCO
2
e in 2017 to
32,520 tCO
2
e in 2021, for Scope
1 and 2 emissions combined. In
2021, incremental reductions
across T&G were made as a result
of improved efficiencies such as
route optimisation for freight in
Aotearoa New Zealand and reduced
forklift use in Peru. Emissions from
refrigerants increased in 2021 from
2017 levels, this is primarily due to
greater data capture this financial
year compared to our base year. In
2021, T&G consumed 43,770,557
kWh of electricity, a 27% reduction
from 2017 levels of 60,573,523 kWh.
2017 data has not been assured by a
third-party provider. Where feasible,
we will focus on the electrification of
Scope 1 emission sources to ensure
we maintain reductions.

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45
Our progress
Life cycle assessment
of JAZZ™ apples
Together with our majority
shareholder, BayWa Global
Produce, and our UK-based
fruit marketing and distribution
partner, Worldwide Fruit,
we're mapping the baseline
environmental impact and carbon
emissions of JAZZ™ apples –
those that are grown in Aotearoa
New Zealand and sold in the
United Kingdom, as well as those
grown in the United Kingdom and
sold in that market. From this,
we’ll develop a comprehensive
emissions reduction and
environmental management
programme, with the intention of
minimizing and – if still required
– offsetting all emissions
associated with JAZZ™ apples.
This will ultimately enable us to
offer customers and consumers
a carbon neutral JAZZ™ apple.
This year we developed the
proof of concept and in 2022
we'll continue to capture data
from across the end-to-end
supply chain, including
orchards, packhouses and
transport, to complete the life
cycle assessment.
Renewable electricity
Together with BayWa AG, in
2020 we achieved our first
climate objective of sourcing
100% of electricity from
renewable energies. This year,
we’ve continued to deliver on
this. For our Aotearoa New
Zealand sites, we’ve purchased
renewable energy certificates
from Meridian Energy, under its
certified renewable electricity
scheme. For our international
sites, we will be achieving this by
purchasing renewable electricity
certificates through BayWa
using a broker agency. These
renewable electricity certificates
will be purchased by the end
of February 2022 to cover T&G
Global’s international electricity
consumption for the period from
1 January 2021 to 31 December
2021. This has resulted in zero
emissions being reported from
our Scope 2 activities.
Carbon Disclosure
Project: B rating
Since 2019, we’ve participated
in the Carbon Disclosure
Project (CDP) as part of BayWa
AG. This year, in our third year
of participation, BayWa was
awarded a climate rating of B
for its coordinated measures
in response to environmental
and climate action issues. In
maintaining a B rating for the
second year, BayWa scored better
in the ‘direct greenhouse gas
(GHG) emissions’ and ‘energy
consumption categories’, in part
due to achieving our first climate
target at the end of 2020 - using
renewable energy sources to
cover all electricity needs across
the Group. With a CDP rating of
B, BayWa Group’s commitment
to environmental sustainability
remains above the average for
both Europe and the industry.
Aotearoa New Zealand’s
greenest bananas
In partnership with All Good, in
May we delivered the first Fairtrade
and Zero Carbon certified bananas
in Aotearoa New Zealand. By
working alongside Agrofair and
our Ecuadorian growers, we were
able to find a solution to offset
the carbon footprint of every All
Good banana. Now, every All
Good banana is carbon neutral –
certified by EKOS and offset in a
permanent forest protection project
in the Peruvian Andes, close to
the Fairtrade farms in El Guabo,
Ecuador.
The project protects the
Amazonian Rainforest from road
and agricultural development,
with significant benefits to the
indigenous people. It’s also aligned
to the UN SDGs and certified to the
Verified Carbon Standard (VCS).
This is an Aotearoa New Zealand
first, with our T&G Fresh business
the first company to import, sell
and distribute Zero Carbon bananas
across the country.
50 Sustainability and
Climate Leaders
Our ultimate parent company,
BayWa AG, was selected by the
United Nations and Bloomberg
to appear in a film titled “50
Sustainability and Climate Leaders”
for its activities in sustainability
and climate protection. The film
takes a look at how BayWa, as a
traditional conglomerate in the
agriculture, energy and building
materials segments is driving
the industry forward through
sustainable innovation. In addition,
it documents our activities of
launching a climate change-
resistant apple variety that is
reliable in terms of yield and quality,
even in dry and hot climates.
CO
2
emissions - Scope 1 and 2
Diesel
LPG
Resource type (tCO₂e)
Natural
gas
Electricity
consumption
Refrigerants
Heating
oil
Petrol
37.5%
11%
10%
2%
39.5%
2021 tCO₂e
(assured)
32,520
2%
2%
7%
7%
3.5%
38.5%
40%
2017 tCO₂e
(un-assured)
35,779
9.1 %
reduction
ScopeResource typeFy21 tCO
2
e assuredFy17 tCO
2
e un-assured
Diesel12,878.4214,159.57
Natural gas12,165.5013,507.50
Refrigerants2,967.731,155.18
Heating oil3,462.532,582.35
Petrol7 17.9 9845.02
LPG328.57709.91
Scope 1Subtotal Scope 132,520.7533,229.53
Scope 2
Electricity consumption
(market based)
02,548.40
Scope 1 & 2Subtotal Scope 1 & 232,520.7535,779

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Our progress
Closing the loop
Our Closing the Loop aspiration
commits us to finding ways to
design out waste across our
end-to-end supply chain. We
have three key areas of waste
that we’re trying to eliminate:
packaging and materials,
operational waste and food
waste. We are committed to
partnering and collaborating to
create, develop and implement
innovative solutions to help
reduce the amount of waste in
these areas. In 2021, we made
progress in all three areas.
Diverting waste
from landfill
This year, we sent 3,535 tonnes
to landfill, an 8.5% reduction
since 2017, when our waste
disposal levels were 3,865
tonnes. This data has not been
assured by a third-party provider.
In 2021, we conducted an
internal audit of our waste to
landfill data, noting a number
of gaps in data collection. As
such, in 2022 we will address
the gaps found. This will ensure
we have a robust and accurate
understanding of the waste we
send to landfill which will result
in reporting consistency. T&G
has strived to achieve zero waste
to landfill; however, this has
proven to be a difficult task due
to the lack of recycling solutions
for packaging and materials
which we’re currently unable to
avoid as a result of there being
no suitable alternatives. As a
result, in 2022 we will review and
if necessary, refine, our 2025
zero waste to landfill target.
Turning food waste
into bioenergy
In August 2020, construction
began on Aotearoa New
Zealand's first large-scale food
waste-to-bioenergy facility,
which is being built by Ecogas on
our Reporoa site. Construction
has continued this year, under
COVID-19 restrictions. This
included installing equipment
to pre-shred the plant and food
waste and remove contaminants
to achieve the highest degree of
conversion to biogas.
Installation of the reactors and
tanks will commence in January
2022, with the facility due to start
test processing organic waste in
winter 2022. By partnering with
Ecogas to build the facility, in
return for T&G providing 1,600
tonnes of plant waste from our
tomato glasshouse operation,
we’ll purchase renewable heat
and CO
2
, which is needed for
growing the fruit. This will see us
using a carbon neutral, circular
economy alternative to natural
gas at our Reporoa operation.
Home compostable
apple PLU trial
In 2021, we trialled a home
compostable Price Look Up
(PLU) sticker for a shipment
of our Envy™ apples. The trial
identified areas of improvement
were still needed before moving
to this solution for the long term.
More work and collaboration
with our partners will take place
in 2022 to ensure we find a
sufficient alternative.
New recyclable
packing for JAZZ™
As part of our commitment
towards achieving 100%
recyclable packaging by 2025,
this year we rolled out new
recyclable packaging formats
for our JAZZ™ brand.
The new packaging formats
further support JAZZ’s™ new brand
positioning, as the ideal apple on the
go. In 2021, we sold over 3.5 million
cardboard foodtainers of JAZZ™
in Europe.
Finding a home for
our surplus fresh produce
in the UK
Every year, Worldwide Fruit has
surplus produce that doesn’t have
a commercial home, however
in the past we’ve struggled to
redistribute the produce at scale
due to the logistical complexities
of pallets, punnets and trays. This
year, partnering with The Bread and
Butter Thing (TBBT) and Fareshare
provided a solution, by creating
a business-to-consumer model
redistributing food directly to those
who need it.
Not only does this partnership
help support parents in feeding
their families nutritious food, it
also plays a part in reducing our
food waste and its impact on the
environment. Since June, Worldwide
Fruit has redistributed more 65,300
kilograms of fresh fruit to TBBT
- that’s over 350,000 pieces of
fresh fruit. In that time, we’ve also
donated more than one million
apples to Fareshare.
lower impact, smarter growing
With an ever-growing global
population and overall food
demand increasing, we need to
help meet this growing demand.
However, at the same time, the
world’s natural resources are
limited and we need to respect
and help address the scarcity
of resources. To do this, we’re
investing in innovation and
genetics to increase our growing
efficiency and improve the
health and biodiversity of our
land and ecosystem.
Regenerative
horticulture
Sustainable food production is
at the heart of Aotearoa New
Zealand’s horticultural sector
and continually, over generations,
T&G has kept evolving its growing
practices. With consumers and
businesses seeking to consume
and produce food that improves,
enhances and supports the
environment, we want to validate
and advance regenerative
horticultural practices.
In November, we partnered with
Zespri and Crown Research
Institute Plant & Food Research
on a project to research, develop,
define and promote sustainable
and regenerative horticulture
practices within the kiwifruit,
apple and berry industries.
The project, which has the
potential to be one of the most
extensive horticultural research
programmes in Aotearoa New
Zealand, is partially funded
through the Ministry for Primary
Industries’ Sustainable Food
and Fibre Futures Fund. Phase
one of the six-year project is
underway. It involves exploring
regenerative practices and
analysing consumer market
insights with the goal to move
to a longer-term programme
of research, including scientific
and market validation, along with
the implementation of science
and grower-backed practices in
regenerative horticulture.
Collaborating to improve
water resilience
In 2021, T&G’s total recorded
water consumption was 1,517,788
litres, with 5,704 litres being
discharged as wastewater.
This data is incomplete for the
group and has not been assured
internally or by a
third-party provider.
We know many of the areas in
which we grow produce are prone
to drought and, as a result, their
water resources are under stress.
In 2021, Worldwide Fruit became
a signatory to the Courtauld
Water Ambition Project, a
collaborative supply chain
initiative to support South African
growers who supply the United
Kingdom market to improve
water resilience in key priority
catchments and growing areas.
Prior to signing up to the
Courtauld Water Ambition
Project, Worldwide Fruit was
already actively involved in water
stewardship activities within
priority catchments in South
Africa, and had developed
its own water stewardship
framework. This followed
a global assessment of
catchments in 2015.
An initial survey with Worldwide
Fruit’s South African growers
identified numerous positives but
also a number of opportunities
that have the potential to
improve water management,
especially at catchment level. By
working alongside their strategic
growers and non-governmental
organisations to discuss these
issues, share learnings and
collaborate on solutions, they’re
jointly helping protect the long-
term future of water supply in key
production regions.
In 2022, Worldwide Fruit will
extend its water stewardship
framework to its Spanish and
Chilean supply chains, with
the intention of fostering close
collaboration around the water
management at both farm and
catchment level to support
progressive change.

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49
Vendor QA Programme. All growers
and suppliers that T&G Fresh trades
on behalf of, also have recognised
food safety certifications.
All T&G Fresh’s growing and
packing operations, aside from
Northern Prepack which packs only
third party supplied root vegetables,
have GLOBALG.A.P certification.
They also hold GRASP certification,
which assesses social practices on
farms, such as worker health, safety
and welfare.
All T&G Fresh market sites
supplying to supermarkets
now have NZG.A.P. responsible
sourcing certifications and our
T&G Fresh blueberry and citrus
growing operations in Kerikeri
completed their Sedex certification
requirements.
Our responsibility is ensuring that
consumers can trust the safety and
quality of our products. Therefore,
all T&G sites comply with stringent
food quality standards. In order to
comply with these standards, our
focus on food safety and quality
covers the entire production
chain, from growing right through
to consumer. All growers and
suppliers must comply with clear
and strict product specifications,
certifications and accreditations.
We use quality advanced control
systems and inspection equipment,
combined with visual inspections by
experienced quality specialists.
Our produce
Safe food
Vital to our success is ensuring
our produce is of the highest
standards of food safety, quality
and assurance. Our consumers
deserve to know how and where
their food is produced and have
absolute confidence that it’s
safe to consume. That’s why
we’re building a world-class,
transparent supply chain that
has the highest standards of
food safety.
Meeting customer
certifications
T&G is committed to providing
our customers and export
markets with assurances not
only on the safety and quality
of our produce, but also on
our environmental and social
standards. We do this through
the application of our own strict
standards, as well as adhering
to third-party certifications
and audits, and the individual
requirements of our customers.
This year, all our apples met
GLOBALG.A.P standards and our
post-harvest packing operations
were BRC certified. We also met
additional requirements, such as
Sedex and customer audits for
Costco and Tesco.
In our T&G Fresh business, we
met all requirements including
our Food Control Plans, Hazard
Analysis and Critical Control
Point, as well as Woolworths
Given the fundamental role our
customers, growers, suppliers
and partners play in our
business, we’re committed to
building strong, long-lasting and
mutually beneficial partnerships.
From this and a set of shared
social, environmental and
economic objectives, we’ll
together have a positive impact
on people, society and planet.
Responsible sourcing
We are committed to building
sustainable food supply chains
through long-term partnerships
with our growers. We support
them in their efforts to apply
the highest environmental and
social standards. It’s our priority
to ensure that we ensure a
sustainable food chain, requiring
full compliance of growers
and suppliers to all relevant
applicable standards.
Value chain risk
assessment
In 2021, we undertook a value
chain risk assessment in order
to analyse any risks from a social
or environmental perspective
across our global value chain,
and what measures we have in
place within the organisation
currently to address these risks.
With all data and information
now gathered, the focus for
2022 will be on analysing the
results and determining next
steps – defining actions, where
necessary, to address any
potential gaps identified through
the risk assessment.
For more than 124 years,
with the help of our
partners, we’ve provided
communities around
the world with safe,
high-quality fruit and
vegetables. This fresh
produce not only provides
essential vitamins,
minerals and fibre, but
also helps fuel people
and enhances their
livelihoods. Yet, we
know not everyone can
access or afford nutritious
food. At T&G, we’re
committed to helping
address food insecurity
and building Healthy
communities through
Responsible partnerships
and Safe food.
Signing the
United Nations
Global Compact
As part of our commitment
to build strong, long-lasting
and mutually beneficial
partnerships, in 2021 BayWa
AG signed up to the United
Nations (UN) Global Compact
with immediate effect. With
T&G part of BayWa AG, this
displays our commitment to
upholding and promoting the
initiative‘s ten principles in the
areas of human rights, labour,
the environment and anti-
corruption. By becoming a
member of the world’s largest
multi-stakeholder initiative for
corporate social responsibility,
we are demonstrating that our
commitment to sustainability
is serious.
Our progress
Responsible partnerships

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Fairgrow donates one million
kilograms of produce
In December 2020, we established Fairgrow to
help increase the supply of donated fresh fruit
and vegetables across Aotearoa New Zealand.
Together with our network of growers, Fairgrow
aggregates surplus produce and raises funds to
help buy produce when it’s not in abundance or
readily available. We then partner with the New
Zealand Food Network to connect donated fresh
fruit and vegetables with their community of
food rescue organisations, iwi and charities.
Within one year of Fairgrow’s inception, the charity
achieved the incredible milestone of donating its
one millionth kilogram of fresh produce to food
insecure Kiwis across Aotearoa New Zealand.

This is the equivalent of 5.5 million servings.
To help support the New Zealand Food Network
reach more people, this year we established
an agreement to loan our Hastings site outside
work hours so they have space to work from.
A number of our team have taken up the
opportunity to participate in our Matched Giving
Programme, where we match every dollar
donated up to a total of $50,000 per annum.
Other team members regularly volunteer at the
New Zealand Food Network, including using
their annual volunteer day, to help pack food
deliveries for food hubs across the country.
In 2022, Fairgrow will continue to grow and
maximise its impact by recruiting more growers
to join our Fairgrow network and by raising
increased funds to help purchase additional
produce when it’s not readily available. This will
enable Fairgrow to have a greater reach nationally
and help support more local communities and
families in need.
Healthy
communities
We’re passionate about the goodness that
comes from fresh produce and we want
to support our communities to share the
same passion and thrive. That's why we're
partnering with others to help address
food insecurity and encourage a love for
growing and eating fresh produce.
Growing budding gardeners
For over eight years, T&G has partnered
with New Zealand’s Garden to Table
charity, which works with primary school
children to change the way they think
about food by teaching them how to
grow, harvest, prepare and share fresh,
seasonal food.
Garden to Table is now in more than
186 schools and reaches over 13,000
children, aged between 5 to 11 years old.
Despite COVID-19 limiting the extent of
in-person activities this year, some of
our team visited a number of local schools
to garden alongside the children and
share our knowledge. We also developed
the JAZZ™ Real Life Maths resource which
was distributed to all Garden to Table
schools, linking our end-to-end JAZZ™
brand and supply chain to the country’s
maths and science curriculum.
In 2021, we signed a further three-year
partnership with Garden to Table.
Our progress
Supporting Thailand’s
COVID response
In September 2021, as COVID-19
continued to severely impact
Thailand, our local team reached
out to help. We donated 300kg of
JAZZ™ apples to three local non-
profit organisations to help fuel
their generous volunteers and
workers. Food for Fighters, one
of the recipient organisations,
was set up to provide healthcare
workers with lunch during long
days at the hospital.
The other two recipient
organisations, Scholars of
Sustenance Thailand and
Bangkok Community Help
Foundation, have a team of
volunteers who everyday
aggregate food to feed
communities in need. Our local
Thailand team is incredibly
grateful for the work these
organisations do for their local
communities, and we were
honoured to be able to show
thanks for their efforts.
Fuelling Kiwi kids with
fresh fruit
This year we continued our
partnership with 5+ A Day
Charitable Trust to provide Kiwi
kids with fresh fruit through
the Ministry of Health’s Fruit
in Schools programme. Every
school day, our T&G whānau
provided over 260 low-decile
schools – that’s more than
64,000 kids – in Northland,
Auckland, Hamilton, Gisborne,
Hastings and Canterbury with
delicious fresh fruit.
During the COVID-19 lockdown,
when schools were closed,
deliveries destined for over 67
schools across Auckland were
instead redistributed to charities

such as the Auckland City Mission
and Fair Food New Zealand to be
distributed to those in need.
Students from Wesley Primary School, in Auckland,
taking part in the Garden to Table programme.
T&G Global team members
volunteering at the New Zealand
Food Network.

52
53
Doug Bygrave
Chief Financial Officer
Rachel Stotter
Director
International Sales
Craig Betty
Director Operations
Monique Mallon
Director IT
Adrienne Sharp
Head of Corporate
Affairs
Executive teamBoard of Directors
Governance
Carol Campbell
Independent Director
Ralf Tobias Priske
Non-Independent
Director
Andreas Helber
Non-Independent
Director
Marcus Poellinger
Non-Independent
Director
Benedikt Mangold
Chair and Non-
Independent Director
Rob Hewett
Independent Director
See full biosSee full bios
Heather Kean
Director People
& Culture
Peter landon-lane
Managing Director
VentureFruit™
Rod Gibson
Managing Director
T&G Fresh
Gareth Edgecombe
Chief Executive Officer

54
55
Corporate governance
The Board is the
governing body
of T&G Global
Limited (the
Company) and
its subsidiary
companies (T&G).
Role of the Board
The Board is responsible to
shareholders for the performance
of T&G, which includes setting the
objectives and the strategies for
achieving those objectives, identifying
significant areas of business risk
and implementing policies to deal
with those risks, setting the overall
policy framework and monitoring
the continuing performance of T&G
and its management. The Board also
ensures that procedures are in place
to provide effective internal financial
control.
Responsibility for the day-to-day
management of T&G is delegated
by the Board to the Chief Executive
Officer (CEO). The Board is committed
to act with integrity and expects
high standards of behaviour and
accountability from all staff members.
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.
Mrs C.A. Campbell and Mr R.J. Hewett
are independent Directors for the
purposes of the NZX Listing Rules.
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 two constituted
Committees, the Finance, Risk and
Investment Committee (FRIC) and the
Human Resources Committee (HRC),
both of which operate under Board
approved charters.

The FRIC meets at least three
times per year and is responsible
for overseeing compliance with
statutory financial regulations and
related responsibilities, ensuring 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.
Governance
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 Board through
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.
This Committee is chaired by Mrs C.A.
Campbell, and comprises Mr R.J. Hewett
and Mr A. Helber. The FRIC members
also meet separately with the auditors
as required.
The HRC is responsible for reviewing,
approving and monitoring T&G’s Health
and Safety Policy, Strategy, Annual Plan
and programme of work. This ensures
the health and safety of all those who
work for or come into contact with
T&G. Additional responsibilities include
ensuring that the remuneration strategy,
policies and practices reward fairly and
responsibly with a clear link to T&G’s
strategic objectives and corporate and
individual performance; and assisting
the Board in succession planning for the
CEO and senior management positions
which identifies and targets individuals for
development. This Committee meets at
least four times per year and comprises
Mr R.J. Hewett (chair), Mrs C.A. Campbell
and Mr R.T. Priske.

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.
Interests register
The Company and each subsidiary of
the Company are required to maintain
an interests register in which particulars
of certain transactions and matters
involving the Directors must be recorded.
The interests registers for the Company
and its subsidiaries are available for
inspection at its registered office. Details
of all matters that have been entered in
the interests register of the Company
by individual Directors during the year
are outlined in the statutory information
section of these accounts, and should
be read in conjunction with the individual
Directors’ profiles.
T&G management
structure
T&G’s organisational structure is
focused on its five business divisions
being Apples, International Trading,
VentureFruit™, T&G Fresh and Other
Business. These operations are managed
separately with direct reporting to the
CEO and to the Board which exercises
overall control.
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:
Tax value
Substantially minimise tax cost while
complying with the law.
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 and BayWa’s
reputation.
Ensuring tax positions are at least
more likely than not to be correct,
are supported by well-reasoned
and documented conclusions. Seek
external advice and/or obtain certainty
on tax positions from tax authorities
where appropriate.
Business partnering
Partnering with the business to
facilitate growth and development of
the Group’s business activities.
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.
People
Developing and enhancing our people
professionally and personally as part of a
world-class tax team operating under the
principles of integrity and transparency.
Compliance
Meeting statutory requirements and
regulations, filing required tax returns/
disclosures, 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.

56
57
Statutory information
12 months to 31 December 2021
12 months to 31 December 2021
Directors of T&G Global limited $’000
Prof. K.J. Lutz
(resigned on 23 June 2021)
26
B.J. Mangold41
C.A. Campbell (Director fees)93
C.A. Campbell (Committee work)15
A. Helber36
R.J. Hewett (Director fees)93
R.J. Hewett (Committee work)15
R.T. Priske36
MaleFemale
Directors51
Officers44
BayWa Aktiengesellschaft90,671,206
Wo Yang Limited24,496,386
Governance
Mr M.A. Poellinger has been appointed on 14 May
2021, and in line with the recent changes to BayWa’s
subsidiary Board directorship policy received no
Director’s remuneration during 2021.
Directors and officers composition
At 31 December 2021 the gender composition of T&G’s
Directors and officers was as follows:
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 2021.

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.
Employee remuneration
T&G paid remuneration including benefits in excess of $100,000 to
employees (other than Directors) during the 12 months. The salary
banding for the employees is disclosed in the following table:
The current year total remuneration spread takes into account
the impact of exchange rate movements on employees paid in
foreign currencies.
CEO remuneration
The CEO remuneration consists of fixed remuneration,
short-term incentive and long-term incentive.
Fixed remuneration
Mr Edgecombe received remuneration of $1,333,346
during the 2021 Financial Year. This amount includes
employer KiwiSaver contributions, a vehicle allowance
and a short term incentive payment. His base salary for
2021 was $933,239.
Short term incentive
Subject to the achievement of profitability targets set
by the Board at the start of each year, Mr Edgecombe
will be entitled an annual bonus of up to 40% of base
salary. This bonus can be over and underachieved with a
maximum payment of 150%.
long term incentive (lTI)
Mr Edgecombe is entitled to participate in a LTI scheme
set by the Board, based on an earnings before interest
and tax growth plan. The fulfilment of 100% of the goals
under the scheme will entitle Mr Edgecombe to a LTI
payment of 50% of his base salary.

From 2020, the LTI payment partially vests in year three
(50%) and closes out in year five (50%). No bonus will
be paid if the achievement rate is less than 50% and the
maximum amount is capped at 150%
Directors shareholdings
As at 31 December 2021, no current Directors or parties
associated with current Directors held ordinary shares
(2020: nil). There were no share transactions during the
year ended 31 December 2021 in which Directors held
‘relevant interests’.
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. The total cost of this insurance including
Directors and officers of offshore subsidiaries during
the 12 months was $40,765 (2020: $40,765).
NUMBER OF EMPlOyEES
$‘000 NZD EQUIVAlENT 20212020
100-1104143
110-1203336
120-1304431
130-1401417
140-1501718
150-1602516
160-1701719
170-18087
180-19096
190-200810
200-2101010
210-22043
220-23077
230-24031
240-25063
250-26034
260-27033
270-280-1
280-29012
290-3002-
300-3103-
310-320-2
320-3301-
340-35011
350-360-2
360-37031
380-390-1
390-400-1
410-420-1
420-430-2
440-4501-
450-460-1
460-470-1
470-480-1
480-490-1
490-5001-
530-54021
540-5503-
560-5702-
590-600-1
980-9901-
1,070-1,080-1
1,300-1,3401-
TOTAl274255
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 2021
as substantial security holders in the Company, and
have declared the following relevant interest in voting
securities under the Securities Markets Act 1988:
The total number of voting securities issued by the
Company as at 31 December 2021 was 122,543,204.

58
59
Governance
20 largest shareholders
as at 31 December 2021
Spread of security holders
as at 31 December 2021
Domicile of shareholders
as at 31 December 2021
Name
Units% Of issued capital
BayWa Global Produce GmbH90,671,206
73.99%
Wo Yang Limited 24,496,386
19.99%
Bartel Holdings Limited 1,319,154
1.08%
National Nominees New Zealand Limited 915,894
0.75%
HSBC Nominees (New Zealand) Limited 415,649
0.34%
R.J. Turner, C.E. Turner, Redoubt Trustees Limited & Evans Pennell Trustees
Limited
202,689
0.17 %
Tribal Nominees Limited 188,661
0.15%
New Zealand Depository Nominee Limited 156,736
0.13%
S.A. McCabe 131,181
0.11%
S.J. Turner, C.M. Turner & D.H. Turner 108,696
0.09%
Tribal New Zealand Traders Limited 108,374
0.09%
L.R. Hotham101,482
0.08%
A.E. Waite 100,802
0.08%
P.J.S. Rowland93,507
0.08%
FNZ Custodians Limited 93,379
0.08%
J. Backhouse86,173
0.06%
M.C. Goodson, D.D. Perron, Goodson & Perron Independent Trustee Limited 79,339
0.06%
BNP Paribas Nominees (NZ) Limited 74,081
0.06%
R.M. Scott 63,494
0.05%
Accident Compensation Corporation 58,933
0.05%
Total119,465,816
97.49%
Range
Total holders% Of total holdersUnits% Of issued capital
1 to 49984
13.95%
19,156
0.02%
500 - 99986
14.29%
62,317
0.05%
1,000 - 1,999122
20.27%
166,908
0.14%
2,000 - 4,999123
20.43%
380,221
0.31%
5,000 - 9,99977
12.79%
513,942
0.42%
10,000 - 49,99987
14.45%
1,771,950
1.44%
50,000 - 99,99910
1.66%
711,800
0.58%
100,000 - 499,9999
1.49%
1,514,270
1.23%
500,000 - 999,9991
0.17 %
915,894
0.75%
1,000,000 and above3
0.50%
116,486,746
95.06%
Total602
100%
122,543,204
100%
location
Total holders% Of total holdersUnits
New Zealand 578
96.01%
7,225,232
Australia 16
2.66%
63,276
Hong Kong 2
0.33%
24,497,644
Germany 2
0.33%
90,703,154
Singapore 2
0.33%
39,432
Malaysia 1
0.17 %
11,716
United States of America1
0.17 %
2,750
Total602
100.00%
122,543,204

60
61
Auditor's report
Independent
Auditor’s Report
Key audit matter
How our audit addressed the key audit matter
Biological asset valuations (Note 8)
The Group’s biological assets of $25.1 million (2020:
$23.5 million) predominantly represent produce such as
apples, grapes, blueberries, citrus fruits and tomatoes,
growing on bearer plants (e.g. trees and vines) at balance
date.
Biological assets are measured at fair value less
estimated point-of-sale costs. This is calculated by the
Group using discounted cash flow models.
The valuation of biological assets is a key audit matter
due to the subjective judgements and assumptions in
the valuation models, many of which are specific to the
location of the asset and therefore unobservable in the
market. These unobservable inputs and assumptions
include the forecast production yield per hectare per
annum by weight, annual gate prices expected to be
received, costs expected to be incurred and a discount
rate reflecting the risks inherent in the crops.
The discount rate takes into account the risk of unknown
adverse events including natural events, the possible
impact of diseases and other adverse factors that may
impact on the quality, yield or price.
We held discussions with management to understand
if there were changes in market or environmental
conditions, or other risks inherent in the current crop
valuations.
Our audit procedures were focused on the higher value
biological assets, or where in our professional judgement
there is a greater level of uncertainty associated with the
cash flow forecasts.
We engaged our internal valuation specialist to consider
whether the valuation methods applied were reasonable.
We compared the forecast production per hectare,
forecast prices, and forecast costs to the approved
budgets for the relevant fruit growing activities, and
assessed the historical accuracy of the Group’s forecasts.
With input from our internal valuation specialist we
assessed the discount rates assumed in the model and
evaluated changes from the prior year.
We also performed a sensitivity analysis to assess the
impact that a change in the discount rate would have on
the valuation of the biological assets.
We checked the mechanical accuracy of the discounted
cash flow models.
Property, plant & equipment valuations (Note 9)
Commercial and orchard land, improvements and
buildings (‘land and buildings’) of the Group amounting
to $240.9 million (2020: $243.9 million) are measured at
fair value less accumulated depreciation and impairment
losses at balance date. Revaluations are performed with
sufficient regularity to ensure that the carrying amount
does not differ materially from the fair value.
As disclosed in Note 9, land and buildings were valued
using a combination of market comparison, income
capitalisation and depreciated replacement cost
methodologies.
The valuation of land and buildings is a key audit matter
because changes to key assumptions used in the
valuation methods could have a material impact on the
carrying amount of land and buildings, with changes
recognised in either other comprehensive income or
profit or loss, as appropriate.
Our procedures have focused on the appropriateness of
the valuation methodologies and the reasonableness of
the underlying inputs and assumptions.
We obtained an understanding of the Group’s process for
valuing the land and buildings as at 31 December 2021.
We evaluated the independence and competence of the
Group’s external valuers engaged to perform the valuation
of land and buildings.
On a sample basis:
• We considered whether the underlying assumptions
used by the external valuers were consistent with our
knowledge of the properties in their specific locations;
• We assessed comparable sales data used in the
valuations to independent sources; and
• We compared capitalisation rates used, as applicable,
to market reports to check that those rates reflected
market trends.
We also performed sensitivity analysis to assess the
robustness of the methods used by the Group’s external
valuers on valuation of the land and buildings.
Opinion
We have audited the consolidated financial statements of T&G Global Limited and its
subsidiaries (the ‘Group’), which comprise the consolidated balance sheet as at 31 December
2021, 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 a summary of significant
accounting policies.
In our opinion, the accompanying consolidated financial statements, on pages 64 to 135,
present fairly, in all material respects, the consolidated financial position of the Group as at
31 December 2021, and its consolidated financial performance and cash flows for the year
then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (‘NZ IFRS’) and International Financial Reporting Standards (‘IFRS’).
Basis for
opinion
We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
We are independent of the Company in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards
Board and the International Ethics Standards Board for Accountants’ International Code of
Ethics for Professional Accountants (including International Independence Standards), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Other than in our capacity as auditor including the provision of audit related services and
non-assurance services provided 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.
Audit
materiality
We consider materiality primarily in terms of the magnitude of misstatement in the financial
statements of the Group that in our judgement would make it probable that the economic
decisions of a reasonably knowledgeable person would be changed or influenced (the
‘quantitative’ materiality). In addition, we also assess whether other matters that come to our
attention during the audit would in our judgement change or influence the decisions of such a
person (the ‘qualitative’ materiality). We use materiality both in planning the scope of our audit
work and in evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be $7.0 million.
Key audit
matters
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the consolidated financial statements of the current period. These
matters were addressed in the context of our audit of the consolidated financial statements as
a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.
To the Shareholders of T&G Global Limited

62
63
Hamish Anton
Partner
for Deloitte Limited
Wellington, New Zealand
28 February 2022
Other information
The directors are responsible on behalf of the Group for the other information. The
other information 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.
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-for-assurance-practitioners/auditors-
responsibilities/audit-report-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.
Contents
Income statement64
Statement of comprehensive income 65
Statement of changes in equity 66
Balance sheet68
Statement of cash flows70
Notes to the financial statements 73
General information
Basis of preparation73
New accounting standards, amendments
and interpretations
75
Financial performance
Segment information76
Revenue from contracts with customers79
Other income82
Other expenses83
Taxation86
Operating assets
Biological assets88
Property, plant and equipment92
Intangible assets97
Funding
Leases100
Loans and borrowings103
Net financing expenses 105
Capital and reserves105
Earnings per share107
Dividends107
Reconciliation of liabilities arising
from financing activities
108
Working capital
Trade and other receivables109
Inventories112
Trade and other payables112
Group structure
Investments in subsidiaries113
Investments in joint ventures118
Investments in associates119
Other disclosures
Investment property122
Related party transactions123
Financial risk management125
Derivative financial instruments133
Contingencies135
Commitments135
Events occurring after the balance date135
Financials

64
65
NOTES2021
$’000
2020

$’000
Revenue from contracts with customers41,365,4131,412,590
Other operating income5 10,861 10,019
Purchases, raw materials and consumables used (1,007,737)(1,086,876)
Employee benefits expenses6 (175,775)(177,458)
Depreciation and amortisation expenses6 (52,645)(45,879)
Other operating expenses6 (123,230)(80,020)
Operating profit16,88732,376
Financing income13 1,234 1,334
Financing expenses13(16,866)(14,108)
Share of (loss) / profit from joint ventures22 (114)65
Share of profit from associates23 2,139 2,357
Other income5 7,384 -
Other expenses6 (866) -
Profit before income tax 9,798 22,024
Income tax credit / (expense)7 3,754 (5,434)
Profit after income tax 13,552 16,590
Attributable to:
Equity holders of the Parent 8,876 11,056
Non-controlling interests 4,676 5,534
Profit for the year 13,552 16,590
Earnings per share (in cents)
Basic and diluted earnings15 7. 2 9.0
The accompanying notes form an integral part of these financial statements.The accompanying notes form an integral part of these financial statements.
NOTES2021
$’000
2020

$’000
Profit for the year 13,552 16,590
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Gain on revaluation of property, plant and equipment:
Held by subsidiaries of the Group14 67,658 38,582
Deferred tax effect on revaluation of property, plant and equipment14 (12,961)(2,976)
Deferred tax effect on sale of property, plant and equipment14 5,977 (61)
60,674 35,545
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations 2,672 (3,861)
Cash flow hedges:
Fair value (loss) / gain, net of tax (13,448)14,420
Reclassification of net change in fair value to profit or loss 2,602 (4,178)
(8,174)6,381
Other comprehensive income for the year 52,500 41,926
Total comprehensive income for the year 66,052 58,516
Total comprehensive income for the year is attributable to:
Equity holders of the Parent 60,822 53,563
Non-controlling interests 5,230 4,953
66,052 58,516
Income statementStatement of comprehensive income
For the year ended 31 December 2021For the year ended 31 December 2021