Sanford 2023 Full Year Results

FY23 RESULTS BRIEFING
For the 12 months ended 30 September 2023
FY23 Results Presentation
.1

DISCLAIMER
Important Notice
This presentation contains not only a review of operations and information about Sanford Limited (the Company), but also contains some forward-looking statements about the
Company and the environment in which it operates. This disclaimer applies to this presentation and any written or verbal communications in relation to it.
Information has been prepared by the Company with due care and attention. However, neither the Company, nor any of its directors, employees or shareholders nor any other
person gives warranties or representations (express or implied) as to the accuracy or completeness of this information. To the maximum extent permitted by law, none of the
Company, its directors, employees, shareholders or any other person shall have any liability whatsoever to any person for anyloss (including, without limitation, arising from any fault
or negligence) arising from this presentation or any information supplied in connection with it.
This presentation contains financial information taken from management accounts and from the Company’s audited results for the year ended 30 September 2023.
This presentation also contains forward-looking statements regarding a variety of items. Such forward-looking statements are based on current expectations, estimates and
assumptions and are subject to a number ofrisks, and uncertainties, including material adverse events, significant one-off expenses and other unforeseeable circumstances. There is
no assurance that results contemplated in any of these forward-looking statements will be realised, nor is there any assurance that the expectations, estimates and assumptions
underpinning those forward-looking statements are reasonable. The Company’s actual results may differ materially from the forward-looking statements in this presentation. No
person is under any obligation to update this presentation at any time after its release. Investors are strongly cautioned not to place undue reliance on forward-looking statements.
Media releases, management commentary and analysts’ presentations, including those relating to the previous results announcement, are all available on the Company’s website and
contain additional information about matters which could cause Sanford Limited’s performance to differ from any forward-looking statements in this presentation. This presentation
should be read in conjunction with the material published by Sanford Limited.
The information in this presentation is of a general nature and does not constitute financial product advice, investment advice or any recommendation. The presentation does not
constitute an offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection withthe purchase or sale of any security. Nothing in this
presentation constitutes legal, financial, tax or other advice.
2
Please note : Some of the financial metrics provided in this document are management figures and are unaudited.
FY23 Results Presentation

AGENDA TODAY
1.Market and highlights
2.FY23 results
3.Business unit performance
4.Outlook
5.Questions
3
FY23 Results Presentation

FY23 MARKET CONDITIONS
4
•Strong pricing and customer demand across
most business units.
•Inflationary cost pressures across the business –
salary and wage pressure. Fuel, feed and
general cost increases.
•Easing of supply chain constraints and
international freight rates; however, rates
remain elevated.
FY23 Results Presentation
•Water space closures, weather events and tight
labour supply adversely impacting operations,
particularly in the Mussel business. Labour
constraints easing in Q4.
•Lowering NZD foreign exchange rate against
USD – assisting export sales and providing
longer term hedging opportunities.
•Increased interest rates impacting cost of funds.

FY23 RESULTS SNAPSHOT
1.See Appendix for Adjusted EBIT and Adjusted EBITDA reconciliation to GAAP Reported NPAT
2.FY22 NPAT included one-off gain on sale of crayfish quota of $43.7m
EBIT GW kg
54₵
Catch/Harvest Volume
112.5k GWT
Revenue
$553.4M
Adjusted EBIT
1
$49.4M
EPS
10.7CPS
N PAT
2
$10.0M
Final Dividend
Adjusted EBITDA
1

$81.5M
- 12.1%
Sales Volume
92.0k GWT
+22.9%
+ 16
₵ /kg+ 19.4%
- 82.1%
-49₵
+4.0%
+2.8%
5
6.0CPS
-4.0₵
FY23 Results Presentation

GROUP FINANCIAL SUMMARY
6
•Revenue increase of 4.0% to $553.4m; highest result for 5 years reflecting good demand and
strong in-market prices.
•Adjusted EBIT of $49.4m, a 22.9% increase on FY22.
•Catch/harvest volume at 112.5k GWT, up 2.8% on FY22.
•Sales volume down 12.1% due to reduced squid catch as a result of seasonal factors, execution
of the North Island arrangement with Moana and increased stock holdings.
•Reported NPAT of $10.0m, down $45.8m on FY22 which included a one-off $43.7m gain on the
sale of Sanford's crayfish quota.
•Improved operating profit with Adjusted EBIT continuing positive recovery towards pre-covid
levels.
•EBIT per GWT increased 16c to 54c.
•Dividend declared at 6cps bringing the total FY23 dividend to 12cps.
FY23 Results Presentation

CONTINUATION OF EARNINGS IMPROVEMENT IN FY23
7
FY23 Results Presentation

FY23 Results Presentation

FY23 KEY EVENTS AND HIGHLIGHTS
9
FY23 Results Presentation
•Wildcatch delivering consistent earnings –
material decrease in squid catch.
•Outperformance in Salmon business.
•Reset of Mussel business to meet strong
demand – profitability improving.
•Announced sale of North Island inshore Annual
Catch Entitlement (ACE) to Moana New Zealand.
Transaction settled 31 October 2023.
•Challenges in the commissioning of the Sanford
Bioactives centre.
•Implemented the company wide SancoreERP
system change programme.
•Focus on integrity capital expenditure;
construction of new scampi vessel underway
and due to launch in Q1 2025.
•Leadership change with resignation of CEO
Peter Reidie in August 2023 and appointment of
director, Craig Ellison, as Acting CEO.

ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG)
FY23 HIGHLIGHTS
1
10
Climate
•8.7% reduction in absolute Greenhouse Gas emissions relative to base year (2020)
2
.
•Climate scenario analysis complete, voluntary climate related disclosure issued
3
.
•NZ seafood sector climate adaptation strategy implementation progressing with
industry, government and researchers collaborating.
Environment
•Reductions in operational waste volumes to landfill (FY23: 3,667t, FY20: 9,627t).
•Reuse & recycling of wastes a continued focus (diversion rate, FY23: 65%, FY20: 40%).
•Successful process wastewater improvements at Havelock processing site.
Community
•$362k paid to support community organisationsand programmes, including Graeme
Dingle Foundation and 10c salmon fund.
•Foodbank seafood donations equivalent to 178,000 meals –to regional areas affected
by climate events during the year.
1
Refer to Integrated Report for further details
2
Sanford emissions target is a reduction in absolute GHG of 25% by 2030 from a 2020 base year. (Scope 1 & 2 emissions)
3
Aligned with the XRB standards (NZCS1-3); Sanford’s first mandatory period for reporting is FY24
FY23 Results Presentation

2. FINANCIAL RESULTS
11
FY23 Results Presentation

IMPROVED PROFITABILITY DRIVEN BY SALMON & MUSSELS
12
NZD $M
Key drivers of Adjusted EBIT change vs FY22
FY23 Results Presentation

BALANCE SHEET AND CASH FLOW
1. Debt/(Debt+Equity)
2. Net cash flows from operating activities + net cash flows used in investing activities
3. Total available facility – total drawn facility
Note comparatives are FY22
Sep 22 18.9%
Net Debt
$196.2M
Gearing
1
22.9%
+34.8%
+3.0%
Total Equity
$685M
Net Debt / Adjusted EBITDA
2.4x
Return on Average Total Equity
1.5%
Sept 22 8.6%
Sept 22 2.1x
Operating Cashflow
$41.1m
Free Cashflow
2
-$23.0m
-$67.6m
Debt Facility Headroom
3
$47m
Sep 22 $115m
13
-$3.8m
15
33
45
41
0
10
20
30
40
50
FY20FY21FY22FY23
$m
Operating Cashflow
FY23 Results PresentationFY23 Results Presentation

NET DEBT
14
•Net debt increased by $51m to $196m.
•Increased capital spend (including progress
payments on the new scampi vessel).
•Investment in the Sancore technology
programme and Bioactives centre.
•Interest rates increasing.
•Continued dividend payments in FY23.
•Current year does not have benefit of
$53m cash from of one-off sale of crayfish
quota, per 2022.
•Reduction in facility from $270m to $250m
in FY23 to reduce unnecessary costs.
FY23 Results Presentation
138
184
179
145
196
-
50
100
150
200
250
Sep-19Sep-20Sep-21Sep-22Sep-23
$m
Net Debt

SEAFOOD INVENTORY
15
FY23 Results Presentation
35
75
59
48
67
-
10
20
30
40
50
60
70
80
Sept 19Sep-20Sep-21Sep-22Sep-23
$m
Inventory
•Seafood inventory has increased by $19m
from last year.
•Increased inventories in wildcatch (orange
roughy and hoki), will be sold through in
H1 2024.
•Mussel inventory has also increased in all
three categories (meat, powder and half
shell). Focus on selling all stock in H1.

CAPITAL EXPENDITURE
FY23 Results Presentation
•Total FY23 capital spend $64m.
•Sancore capitalised spend of
$1.7m.
•80% of the capital spend was on
integrity projects and H&S.
•Scampi vessel spend $19.3m for
FY23.
FY22FY23
Integrity & H&S$31.3m$51.1m
Vessel surveys $13.8m
Vessel Capex $3.3m
Processing equipment $3.3m
Mussels $4.7m
Salmon $6.2m
Vessel surveys $7.6m
Vessel Capex $10.6m
Processing equipment $4.8m
Mussels $5.5m
Salmon $3.3m
Scampi Vessel $19.3m
Growth$16.8m$11.0m
Marine extracts $11.4m
Salmon development $3.9m
Mussel development $1.5m
Marine extracts $4.4m
Salmon development $5.1m
Mussel development $1.5m
Sancore $5.7m$1.7m
To t a l$53.8m $63.8m
16

3. BUSINESS PERFORMANCE
17
FY23 Results Presentation

STRENGTHEN
WILDCATCH
FY23 Results Presentation
.18

WILDCATCH FY23
19
Performance impacted by low squid catch, partly mitigated by strong pricing on other key species.
FY23 Results Presentation

WILDCATCH FY23
Pricing mix improving across key species.
20
FY23 Results Presentation

WILDCATCH YEAR IN REVIEW
21
•Strong offshore prices and demand for wildcatch,
particularly scampi, hokiand squid.
•Sales volumes reduced due to lower squid catch (down
58% year on year) which affected the entire industry.
The lack of squid resulted in shift to alternative, less
profitable species.
•Economic headwinds, including increasing fuel costs and
labourshortages affecting productivity and ability to
maximisemargin from product cascade.
•Investment in integrity capital remains a priority, with
capital requirements on ageing fleet and infrastructure.
•Commenced construction of new, more efficient and
lower emission scampi vessel as part of fleet
replacement strategy.
FY23 Results Presentation

WILDCATCH: OUTLOOK
22
•Demand and prices expected to be maintained, with
continued pressure on operational costs. Some relief from
FY23 peak fuel prices and freight costs.
•Continue integrity capital investment programme to update
fleet and infrastructure.
•Focus on improving operational efficiency.
•Forecasting a lower-than-average squid catch for FY24 based
on historical trends.
•Future industry collaboration initiatives will be investigated.
FY23 Results Presentation

INSHORE UPDATE (WILDCATCH)
23
•Announced sale of Annual Catch Entitlement for much of
the North Island inshore species to Moana New Zealand
through a new long-term agreement. Commerce
Commission clearance received and transaction settled on
31 October 2023.
•Assets being transferred and processing now passed to
Moana.
•Will result in improved profitability for Sanford.
FY23 Results Presentation

GROW SALMON
FY23 Results Presentation
.24

SALMON FY23
25
Strong pricing and ongoing growth in Big Glory Bay driving improved revenue and profit contribution.
FY23 Results Presentation

SALMON FY23
Pricing uplift driven by favourable mix/BGB growth. Inventory levels well managed.
26
FY23 Results Presentation

SALMON YEAR IN REVIEW
27
•Outperformed FY23 expectations, with profit
growth ahead of schedule.
•Strong pricing continues and demand is high for
premium product. Big Glory Bay branded product is
51% of our volume.
•Challenging summer conditions offset by new farm
and oxygenation equipment - mortalities down 41%
from prior year (4.8%).
•Rising costs, particularly around feed and freight.
•Investment in new farm infrastructure and
improved technology to support growth.
•Received several prestigious food industry awards
for both the product and sustainability.
FY23 Results Presentation

SALMON: OUTLOOK
28
•Strong pricing and demand expected to continue,
although pricing growth likely to moderate in 2024.
•Continued volume focus and managing through El
Nino summer conditions.
•Focus on sustaining margins and cost management,
through lean and efficient ‘smart farming’.
•New feed barge arriving in March 2024 which will
enhance Sanford’s farm infrastructure.
•RAS hatchery business case under review due to
cost and production model considerations.
•Volume growth limited with current waterspace.
FY23 Results Presentation

GROW MUSSELS
FY23 Results Presentation
.29

MUSSELS FY23
30
Profit improved supported by strong pricing. Volumes impacted by operational constraints.
FY23 Results Presentation

MUSSELS FY23
Pricing continues onstrong growth trajectory. Inventory levels remain normalised.
31
FY23 Results Presentation

MUSSELS YEAR IN REVIEW
32
•Strong demand and pricing for half shell mussels.
•Labour shortages impacted ability to leverage the strong
demand. Now resolved with processing teams close to being
fully resourced.
•Challenging year in the Coromandel for NIML (50% JV in North
Island Mussel Ltd) with extreme weather and increased
biotoxin events negatively impacting harvesting downtime.
•Expanded SPATnz mussel hatchery, providing a guaranteed
source of high quality spat and seed.
•Commissioning challenges with Bioactives facility.
FY23 Results Presentation

MUSSELS: OUTLOOK
33
•Strong demand and pricing for half shell mussels
expected to continue in 2024.
•Labour shortages largely resolved and expecting a full
compliment of staff in 2024.
•Change in weather patterns (El Nino) expected to
assist mussel performance, although low seeding,
particularly in Coromandel in 2023, will affect 2024
volumes.
•In a strong position with water space and
infrastructure (growth aspirations achievable with
existing waterspace).
•Focus on improvements in Bioactives plant and
restructuring of NIML JV for stronger performance.
FY23 Results Presentation

4. OUTLOOK
34
FY23 Results Presentation

FY24 OUTLOOK
35
•Wildcatch improvement following the arrangement with Moana
for the inshore business.
•Squid catch expected to remain below historical averages.
•Salmon expected to perform well and maintain current
profitability.
•Mussel improvement planned – low volume year in the North
Island and Bioactives challenges continue.
•Market prices and demand expected to remain at current strong
levels.
•Reduction in fuel and freight costs from 2023 peaks.
•Continued pressure on labour rates.
•More favourable exchange rates for exporting, particularly
NZD/USD.
•Increased labour availability, particularly for the mussel operation.
FY23 Results Presentation

5. QUESTIONS?

KIA ORA

FY23 FINANCIAL RESULTS - GAAP TO NON-GAAP
38
Non-GAAP Profit measures
Sanford’sstandardprofitmeasurepreparedunderNewZealandGAAPisnetprofit.
Sanfordhaveusednon-GAAPmeasureswhendiscussingfinancialperformanceinthis
document.TheDirectorsandmanagementbelievethatthesemeasuresprovideuseful
informationastheyareusedinternallytoevaluatedivisionalandtotalGroup
performanceandtoestablishoperatingandcapitalbudgets.Non-GAAPprofit
measuresarenotpreparedinaccordancewithNZIFRS(NewZealandequivalentsto
InternationalFinancialReportingStandards)andarenotuniformlydefined,therefore
thenon-GAAPprofitmeasuresincludedinthisreportarenotcomparablewiththose
usedbyothercompanies. Theyshouldnotbeviewedinisolationorasa substitutefor
GAAPprofitmeasuresasreportedbySanfordinaccordancewithNZIFRS
Definitions
Reported EBIT: Earningsbeforeinterest,taxation,netgainonsaleofinvestments,
property,plantandequipmentandintangibles.
Adjusted EBIT: ReportedEBITadjustedforimpairment,restructuring,softwareasa
service(SaaS)expenditure,otherone-offitemsandgainfromleasetermination.
Adjusted EBITDA: Adjusted EBIT before depreciationandamortisation.
FY23 Results Presentation
GAAP to Non-GAAP Reconciliation
30-Sep-2330-Sep-22
$000$000
Reported net profit for the period (GAAP)10,011 55,772
Add back:
Income tax expense7,471 6,692
Net interest expense13,522 8,731
Net (gain) on sale of investments, property, plant and equipment and
intangibles
(35) (43,616)
Reported EBIT30,969 27,579
Adjustments
Impairment of assets1,418 1,301
Restructuring costs5,544 345
Software as a Service (SaaS) expenditure12,714 10,312
Receipt from surrender of lease(2,200)
Other one-off items947 639
Adjusted EBIT49,392 40,176
Add back:
Depreciation and amortisation32,142 28,086
Adjusted EBITDA81,534 68,262

---

INTEGRATED REPORT 2023
A
CLEAR
VIEW

CLEAR
ABOUT
WHAT WE’VE
ACHIEVED
ABOUT
OUR
INTENTIONS
VIEW FORWARD
INFORMED BY
OUR RESULTS

As we move forward, reviving and growing our business, we have a
CLEAR VIEW of our vision for Sanford and our pathways for achieving this.
We are focused on running a good business, in every sense of the word: good
for our investors; good for our people; and good for our place in the world.
We have a CLEAR FOCUS on commercial growth and the business
fundamentals that will drive our success.
CARE
At Sanford, we value caring
for the wellbeing of ourselves, the
team around us, our customers and
consumers, key stakeholders and the
communities we work in. Crucially, we
care for the environment we are
privileged to work in.
PASSION
We are passionate about our
relationships with our people,
customers, consumers, resources,
country and future. Our passion
extends to protecting our oceans,
caring for the environment and having
successful partnerships.
INTEGRITY
We strive to live our values every
day in everything we do. This means
having straight-up conversations,
delivering on the expectations of our
key stakeholders and being respectful,
honest, open and transparent, as we
work to always do the right thing.
ACHIEVING TOGETHER
Guided by the underlying
principle of achieving together, we
encourage, respect and value the
contributions of all team members and
utilise the talents of everyone to deliver the
best outcomes across our business
excellence framework. We actively build
partnerships across the business
and wider stakeholder community.

Salmon, mussels and wildcatch are the product sectors
we are focusing on commercially because, collectively,
they offer us attractive, sustainable returns and
opportunities for growth.
—
A CLEAR FOCUS ON
COMMERCIAL GROWTH
—
STRENGTHEN
WILDCATCH
—
Wildcatch continues to
underpin our business, with
our efforts focused on
deepwater opportunities
while inshore provides
lower-risk annuity-like
revenue streams.
SEE PAGES 18 AND 19
GROW SALMON
—
Salmon growth and
performance is already
ahead of expectations with
the Big Glory Bay brand
going from strength to
strength.
SEE PAGES 14 AND 15
GROW MUSSELS
—
We are confident in the
future of our Mussel
business with robust
demand and pricing, a
successful business reset
and the capacity and
capability for growth.
SEE PAGES 16 AND 17

We remain committed to the fundamental elements
on which our business is built and which underpin
our success and everything we do.
—
A CLEAR FOCUS
ON OUR BUSINESS
FUNDAMENTALS
—
PEOPLE
—
Our trusted customer
partnerships, our high
performing teams and
a culture built on care,
passion and integrity, and
guided by the principle of
achieving together.
SEE PAGES 22 TO 29
PLACE
—
Leading by example to
safeguard our environment
and minimise our footprint,
and positive engagement
with our communities.
SEE PAGES 30 TO 36
PERFORMANCE
—
Operational excellence
across our business
to drive success, and
earning the support of our
shareholders by delivering
consistent, sustainable
value and increasing
returns.
SEE PAGES 37 TO 39

04
SANFORD
INTEGRATED REPORT 2023
—
ABOUT THIS REPORT
—
Welcome to Sanford Limited’s 2023 Annual Report for the
year ended 30 September 2023 (FY23). Every day our
people work together to attain our vision of being
New Zealand’s seafood leader for quality, value and
reputation. In this report, we highlight the progress we are
making towards achieving our goal and are proud to share
stories of the initiatives we have undertaken.
FY23 has been a year of change, as we have continued to
rebuild and position our business for growth. With a clear
view on creating value, we have refined our focus and
efforts on those commercial pathways which offer the
most attractive and sustainable value over the long term.
We also recognise the importance of continually improving
and strengthening the fundamental pillars that enable our
business to succeed.
This report follows the principles of the Integrated
Reporting framework. It has been prepared in accordance
with the Global Reporting Initiative (GRI) 2021 standards
and the Integrated Reporting <IR> framework to report on
material ESG activities and provide a view of our
performance. Included in the Appendices are report cards
that clearly set out how we are performing against our
objectives. We have also chosen to voluntarily report on our
progress towards full compliance with the new Climate
Related Disclosures regime in FY24.
The 2023 Annual Report covers the financial year ended
30 September 2023 and is dated 13 November 2023.
The report has been approved by the Board.
Craig Ellison
ACTING CHIEF EXECUTIVE OFFICER
Sir Robert McLeod
CHAIRMAN

05
SANFORD
INTEGRATED REPORT 2023
05
SANFORD
INTEGRATED REPORT 2023
—
CONTENTS
—
2023 OVERVIEW
04
About this report04
About Sanford06
How we create value07
The year in review08
Business highlights and
notable events
09
Chairman and CEO’s report10
COMMERCIAL FOCUS
13
Grow Salmon14
Grow Mussels16
Strengthen Wildcatch18
BUSINESS FUNDAMENTALS
21
Our customer partnerships22
Our team26
Safeguarding our environment30
Positive engagement with our
communities
34
Operational excellence37
Shareholder value39
2024 business targets40
WHAT MATTERS
43
Updating our Material Topics43
Sustainable development goals44
Our Board46
Our Executive Team48
FINANCIALS
49
FY23 Group financial commentary49
Financial statements
53
Notes to the financial statements
61
Combined Independent Auditor’s
and Limited Assurance report
110
CLIMATE & GOVERNANCE
116
Climate related disclosure
116
Corporate Governance report 130
Statutory information
145
APPENDICES & REFERENCE
148
Appendices
148
Awards and accreditations
172
Directory
173
Our fleet
174
2023 Annual meeting
176

06
SANFORD
INTEGRATED REPORT 2023
CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
Our vision is to be New Zealand’s seafood
leader for quality, value and reputation.
Our purpose is providing exceptional
nutritious food from healthy oceans.
Sanford is New Zealand’s oldest and
largest seafood company and has been
listed on New Zealand’s stock exchange
since 1924. Today our team of 1,485
people are spread across 16 locations in
New Zealand and Australia. We hold 19.9%
of New Zealand’s fishing quota
1
and we
harvest, process and sell a wide variety of
beautiful New Zealand seafood, with a
focus on wildcatch, Greenshell
TM
mussels
and New Zealand King salmon. We have a
diverse global sales footprint that gives us
flexibility as markets change.
At Sanford, we are committed to a
sustainable future for our business and
stakeholders, our people, customers and
communities. We are innovative in our
thinking and bring our expertise and
knowledge to the fore in creating new
and sustainable solutions to maximise
value for our stakeholders and safeguard
our environment.
Our business is built on a culture of
Achieving Together, and underpinned by
our values of Care, Passion and Integrity.
SANFORD IN NUMBERS
As at 30 September 2023
2


1,485 people
ON THE TEAM
16 operating sites
ACROSS NEW ZEALAND AND AUSTRALIA
5 processing sites
ACROSS NEW ZEALAND
Bioactives facility
IN BLENHEIM
44 vessels
TOTAL FLEET: FISHING AND AQUACULTURE
15 deepwater
AND INSHORE VESSELS
549 customers
AROUND THE WORLD
Processing
Fishing
Processing
Joint Arrangements
Head Office
Aquaculture
Fish Market
Aquaculture
Joint Arrangements
KEY
Auckland
Tasman Bay
Havelock
Timaru
Bluff
Waitaki
Kaitangata
Stewart Island
Coromandel
Tauranga
Blenheim
Nelson
Golden Bay
Christchurch
Great Barrier Island
1. As at 30 September 2023. Quota
ownership based on New Zealand Annual
Catch Entitlement 19.
2. Numbers reflect Sanford business prior
to the Moana transaction (refer page 9).
—
ABOUT SANFORD
—

CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
07
SANFORD
INTEGRATED REPORT 2023
CUSTOMER
PARTNERSHIPS
Our trusted customer
partnerships and global sales
network
OUR 1,485 PEOPLE
Our high performance
culture, values and talent
RESPONSIBLE
STEWARDSHIP
Ocean management and
resource utilisation
OUR COMMUNITIES
The relationships and support
we have with our communities
OPERATIONAL
EXCELLENCE
Our operational, financial and
governance strength
SHAREHOLDER CAPITAL
The support of our
shareholders
STRONG CUSTOMER
PARTNERSHIPS
INCREASING SALES
AND MARKET SHARE
BENEFITS TO
OUR PEOPLE
HEALTHY OCEANS
AND ECOSYSTEMS
A POSITIVE IMPACT
ON OUR COMMUNITIES
SOCIAL LICENCE
TO OPERATE
STRONG FINANCIAL
PERFORMANCE
INCREASED
SHAREHOLDER VALUE
sales customers
sales revenue per kg sold
staff training hours
Wildcatch harvest with no known
sustainability concerns
1
operational regions where
Sanford provides meaningful
community support
seafood meal equivalents donated
Adjusted EBIT
dividend per share
FISHING AND
AQUACULTURE VESSELS
AQUACULTURE FARMS
AND FACILITIES
COMMERCIAL FOCUS
OPERATIONS / SITES
GROW SALMON
GROW MUSSELS
STRENGTHEN WILDCATCH
CUSTOMERS
549
+22%
24,114
98.1%
7
178,901
$49.4m
12 cents
INPUTSOUR BUSINESSOUTPUTS2023 PROGRESS
Examples of the contributions of our
inputs and how we use these to
create value are demonstrated in our
Business Fundamentals reporting on
pages 21 to 39.
—
HOW WE CREATE VALUE
—
1. Harvest volumes from stocks that are not identified as being below soft limits (the level
below which a stock is deemed to be over fished or depleted.

CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
08
SANFORD
INTEGRATED REPORT 2023
FY23 PERFORMANCE SNAPSHOT
1. Greenweight tonnes (GWT).
2. Adjusted Earnings Before Interest and Tax (EBIT) is reported EBIT excluding any net gain on sale of investments, long term assets and intangibles.
3. FY22 NPAT includes $43.7m from sale of crayfish quota.
4. Total recordable injury rate per 1 million work hours.
5. Reduction in absolute Scope 1 and 2 GHG emissions from 2020 baseline.
CATCH AND HARVEST
112.5k GWT
1
FY22: 109.4K GWT
ADJUSTED EBIT
$49.4m
2
FY22: $40.2m
SALES REVENUE
$553.4m
FY22: $531.9m
NET DEBT
$196.2m
FY22: $145.5m
TOTAL WORKFORCE
1,485
FY22: 1,421
SAFETY (TRIFR)
4
17.40
FY22: 24.53
EARNINGS PER SHARE
10.7cps
FY22: 59.8cps
STAFF TRAINING HOURS
24,114
FY22: 13,872
REDUCTION IN
CARBON EMISSIONS
8.74%
5
2030 TARGET OF 25% REDUCTION
ON FY20 BASE YEAR
RETURN ON AVERAGE EQUITY
1.5%
FY22: 8.6%
TOTAL FY23 DIVIDENDS
12cps
FY22: 10cps
REPORTED NPAT
$10.0m
FY22: $55.8m
3
—
THE YEAR IN REVIEW
—

CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
09
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INTEGRATED REPORT 2023
IMPROVING PROFITABILITY
despite ongoing economic
headwinds and constraints,
particularly labour shortages,
hindering speed of recovery.
FOCUS on rebuilding the business,
with progress being made towards
pre-covid performance levels.
ESTABLISHED new business unit
structure to build greater
accountability focused on
improving efficiency,
effectiveness and profitability.
—
BUSINESS HIGHLIGHTS
AND NOTABLE EVENTS
—
DELIVERED on the systems
change programme, with updated
technology platform in place from
May 2023.
RECOVERY in pricing across all
business units and strong
customer demand.
OUTPERFORMANCE in the
Salmon business, with the
Big Glory Bay brand continuing
to go from strength to strength.
MUSSEL BUSINESS being reset
and resourced to meet strong
demand.
WILDCATCH BUSINESS delivering
consistent, sustainable earnings,
with material decrease in squid
catch volumes partially offset by
other species.
ANNOUNCED SALE of North
Island inshore Annual Catch
Entitlement (ACE) to Moana
New Zealand and closure of
North Island factory, with
settlement completed on
31 October 2023.
FOCUS ON integrity capital
expenditure; construction of new
scampi vessel underway and due
to launch in Q1 2025.
LEADERSHIP CHANGE with
resignation of CEO Peter Reidie
in August 2023 and appointment
of Director, Craig Ellison, as
Acting CEO.

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KIA ORA TĀTOU
The past year brought both challenges
and opportunities as we, like many other
businesses, faced the lingering effects of
the global pandemic. However, we are
pleased to report that Sanford’s
performance improved in FY23 compared
with the prior year. Many of the
headwinds are now easing and we expect
the trend of annual improvement to be
repeated in FY24.
STRATEGIC PROGRESS
We have a clear view of the commercial
goals of our business – to grow Salmon,
grow Mussels and strengthen Wildcatch.
While sales and profitability of Wildcatch
and Mussels were challenging, the Salmon
business, a smaller contributor to the
Group, has performed strongly. We have
continued to invest in state-of-the-art
facilities and technologies to improve the
welfare of our salmon, maintain high
quality, and meet the growing global
demand for this exceptional product.
Eighteen months ago, we presented our five-year
strategy to recover, rebuild and outperform, following
the impact of the pandemic on our business. Our
pathways are clear – to Grow Salmon, Grow Mussels
and Strengthen Wildcatch. We are making good
progress on our plan, despite economic headwinds
for our business and our industry.
—
CHAIRMAN AND
CEO’S REPORT
—
Our Mussel performance was hampered
by labour shortages during the processing
season so we were unable to take
advantage of higher levels of demand.
These teams have now been rebuilt to full
strength, positioning us well to maximise
the season ahead. Water space closures
and inclement weather also adversely
impacted our Mussel business, with low
seeding expected to limit harvest volumes
in FY24. Despite these challenges, market
demand has continued to grow and we
have invested in infrastructure to expand
mussel production to ensure a reliable
supply of top-quality Greenshell
TM
mussels
to markets worldwide.
The Wildcatch business is central to
Sanford’s heritage and sales revenue. The
sale of much of our North Island inshore
Annual Catch Entitlement (ACE) to
Moana New Zealand will simplify our
operations and establish a lower-risk
annuity-like revenue stream. This will
allow us to focus our attention on our
deepwater business, which remains our
largest business segment.
Sir Robert McLeod
CHAIRMAN
Craig Ellison
ACTING CEO

CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
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INVESTING FOR THE FUTURE
Our primary commercial goal remains
improved profitability. We have adopted a
prudent approach to capital expenditure
(CAPEX), focusing primarily on integrity
CAPEX while being selective about
growth investments.
For example, we are investing in a new
scampi vessel, which is currently under
construction and due for launch in Q1
2025. This decision reflects our view of a
profitable scampi opportunity but it also
reflects a maintenance perspective on our
existing scampi vessels and capacity.
The Sanford technology programme,
Sancore, was delivered with new systems
and digital platforms bring rolled out in
FY23. These will enhance our seafood
processing capabilities, improve
resource management, and deliver
operational efficiency.
The processing capability at the Sanford
Bioactives facility, which opened in late
2022 to produce mussel powders and
oils, is operating below our expectations
and we are working with our equipment
suppliers to meet planned production
levels. Fortunately, increasing market
demand and prices for half shell
mussels provides a material substitute
revenue opportunity while we address
these challenges.
FINANCIAL PERFORMANCE
We were pleased to deliver an improved
normalised profit result for the year,
with Adjusted EBIT increasing 23% to
$49.4m. FY23 NPAT of $10.0m compares
to the prior year’s profit of $55.8m which
included a one off $43.7m gain on the sale
of crayfish quota.
FY23 revenue was up year on year,
reflecting strong pricing and despite a
lower squid catch as a result of seasonal
conditions, the transition in the inshore
business and lower mussel sales volumes
due to labour shortages.
The increase in our net debt reflects
our investment in CAPEX, particularly
the new scampi vessel, the Sancore
technology programme, and the Sanford
Bioactives facility.
You can read more on our Financial
Performance on pages 49 to 52 and in
the Financial Statements.
DIVIDENDS AND EARNINGS PER SHARE
The Board is pleased to have declared
a final, fully imputed dividend of 6 cps.
This takes full year dividends to 12 cps and
represents a yield of 3.1%. Earnings per
share are 10.7 cents per share.
OUR CUSTOMERS
Sanford has a strong customer base,
with many long term partnerships
and relationships. The majority of our
business remains commodity based,
with a smaller total contribution coming
from value added products albeit with
higher margins. Although we target
an increased percentage of higher-
value products, Sanford will remain
predominantly a commodity business for
the foreseeable future.
OUR PEOPLE
Sanford’s success will always require a
high performing, engaged and motivated
team of people. Our progress over the
past year is due to the efforts of our
people, who have done a great job in
meeting our challenges and improving
year on year performance.
This year has seen the implementation of
a new organisational structure, new
technology platforms and new leadership,
which reflects very significant change and
sets a strong foundation for the business.
The Board acknowledges and thanks our
people for their commitment and support
of these key reforms.
Our primary commercial
goal remains improved
profitability. We have
adopted a prudent
approach to capital
expenditure (CAPEX),
focusing primarily on
integrity CAPEX while
being selective about
growth investments.
—

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CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
THE VALUE WE CREATE
Sanford has been at the forefront of
New Zealand’s seafood industry for over a
century, delivering quality seafood to
consumers in markets around the world.
Our commitment to fishing, harvesting
and processing quality seafood in a
safe and sustainable manner embodies
our responsibility to New Zealand,
our customers, consumers and
our shareholders.
We understand the importance of
traceability and transparency in today’s
food industry, and we are committed to
ensuring that we safely produce products
that meet the highest standards of quality
and sustainability.
Sanford is a proud Kiwi company, deeply
grounded in New Zealand’s rich maritime
traditions. Our operations support local
communities, providing jobs and
contributing to the economic wellbeing
of our nation. We recognise the
importance of protecting New Zealand’s
natural resources and biodiversity, for
future generations of New Zealanders.
BOARD AND LEADERSHIP CHANGES
During the past year, we were pleased to
welcome David Mair as a new Director,
bringing a wealth of experience and
expertise to the Board. We also farewelled
three directors who stepped down during
the year – Peter Kean, Peter Cullinane
and Mark Cairns. The Board would like to
thank Peter, Peter and Mark for their
invaluable service and support to Sanford.
On 9 November 2023, director Abby
Foote announced her resignation. The
Board acknowledges and thanks Abby for
her contribution, particularly her
leadership of the People, Health and
Safety Committee.
On behalf of the Board, we also want to
acknowledge the significant contribution
of Peter Reidie, who retired as CEO on
1 August 2023. Peter was instrumental
in leading our company through a
period of extremely challenging local
and international business conditions.
He leaves the business with a strong
foundation and a clear pathway to
the future.
Director, Craig Ellison, has been
appointed Acting CEO. Craig has
extensive seafood sector, managerial and
governance experience. The Board is
confident that Craig will provide strong
leadership for the business until a
permanent CEO is appointed.
LOOKING FORWARD
We anticipate a stronger year in FY24 as
we continue to focus our efforts on our
commercial businesses – Salmon, Mussels
and Wildcatch. Sanford still has some way
to go in achieving its commercial and
profitability goals, which are conducive to
achieving other important goals. Sanford
is capable of this and FY24 will be an
important year in that journey.
Ngā mihi
Sir Robert McLeod
CHAIRMAN
Craig Ellison
ACTING CEO
We understand the
importance of traceability
and transparency in
today’s food industry,
and we are committed
to ensuring that we
safely produce products
that meet the highest
standards of quality
and sustainability.
—

13
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INTEGRATED REPORT 2023
SANFORD
INTEGRATED REPORT 2023
13
In 2022, we introduced our five year strategy to restore
and revive our business, and build profitability ahead of
pre-covid levels. This strategy was further refined in 2023
and prioritises three areas – Grow Salmon, Grow Mussels
and Strengthen Wildcatch. The following pages provide an
overview of our performance in each of our business units.
We have reported our progress against our FY23 Targets in
Appendix C. Our FY24 Targets can be seen on pages 40 and 41.
—
COMMERCIAL FOCUS
—
STRENGTHEN
WILDCATCH
—
GROW
SALMON
—
GROW
MUSSELS
—

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CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
REVENUE
$
93.6m
FY22: $79m
SALES VOLUME GWT
4.8k tonnes
FY22: 5.1k tonnes
PROFIT CONTRIBUTION
$
32m
FY22: $23m
SALMON
Our Salmon business is performing
strongly, with our Big Glory Bay brand
going from strength to strength. We
are focused on both growing farm
volumes within existing limits, as well as
seeking the opportunity to expand our
capacity, and introducing new technology
to enhance our salmon growth. King
salmon from New Zealand is a prized,
premium product. We have a unique
farming location, world class expertise
and a premium brand that is seeing
strong demand in New Zealand and
export markets.
—
GROW
SALMON
—

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CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
SALMON
YEAR IN REVIEW
Salmon growth and profitability is already
ahead of schedule, supported by
increased volumes, strong branding and
pricing, and improved efficiencies.
• Challenging 2022/23 summer
conditions were offset by new
farm equipment and technology to
manage conditions.
• Investment in new farm infrastructure
and improved technology to
support growth.
• Acquisition of new vessel, San Little
Glory, proving its value with a
significant reduction in time taken to
move a farm from seven days to
24 hours.
• Mortality down 41% relative to prior
year (FY22: 8.2%, FY23: 4.8%).
• Diversified and derisked with split of
the main Big Glory Bay farm and
introduction of modern oxygenation
equipment. Well positioned to operate
through challenging climate cycles.
• Rising costs, particularly around fish
feed and freight. New freight model
introduced by supplier delivering
cost benefits.
• Change in rostering schedule to 7/7 and
improved accommodation options
attracting more workers from outside
Stewart Island and driving retention.
• Positive uplift in culture and
engagement across the business.
• Further improvement in safety
metrics and achievement of ACC
tertiary accreditation.
• Continued growth of the Big Glory
Bay brand in New Zealand and
offshore, with strong demand for
this premium product.
• Received several prestigious food
industry awards for both the product
and sustainability.
• Reinstatement of 100% of gut and gill
offal, along with mortalities, being
utilised sustainably.
• Long term sector wide climate
adaptation pathway work commenced
via the Aotearoa Circle.
OUTLOOK
• Continued volume focus and
managing through El Niño
summer conditions.
• Focus on sustaining margins and
cost management, through lean and
efficient ‘smart farming’.
• Exploring the use of AI and
automation to further
enhance operations.
• New feed barge arriving in March
2024 which will enhance farm
infrastructure.
• Carbon emissions continue to be a
priority. Third party detailed energy
monitoring programme scoped
and planned to commence as a
pathway to identify future emission
reduction initiatives.
• RAS hatchery business case under
review due to cost and production
model considerations.

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CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
mussels
While a commodity product,
New Zealand’s Greenshell
TM
mussels are
prized around the world. We farm,
process and sell our mussels,
predominantly in the half shell. With a
large customer base and the return to a
full workforce, the Mussel business is set
to capitalise on the strong demand for
half shell mussels. Other commercial
products are being investigated and
trialled, including the health benefits of
mussel powder and oils. New Zealand’s
mussel industry is reliant on wild spat and
seed, with Sanford’s SPAT
nz hatchery
providing, in part, a secure and reliable
source for the company and supporting
our Mussel business.
—
GROW
MUSSELS
—
REVENUE
$
122.9m
FY22: $106m
SALES VOLUME GWT
30.1k tonnes
FY22: 36k tonnes
PROFIT CONTRIBUTION
$
6.9m
FY22: $0.4m

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CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
mussels
YEAR IN REVIEW
The Mussel business has been slower to
recover post-covid, with labour issues,
particularly processing staff, at the fore.
• Reset and resourced the business to
support future growth, with priority
focus on performance and profitability.
• Strong demand and pricing for half
shell mussels.
• Labour shortages impacted ability
to leverage the strong demand for
half shell mussels. Now resolved,
with processing plants close to being
fully resourced.
• Continuing to refine technology
and processing equipment at the
Sanford Bioactives facility to realise
its potential.
• Delivered additional (secondary) waste
water treatment screening unit for our
Havelock mussel processing site.
OUTLOOK
• Strong pricing and demand
expected to continue into 2024.
• Change in weather patterns
expected to assist mussel
performance, although low
seeding, particularly in
Coromandel in 2023, will affect
2024 volumes.
• Introduction of flex capacity to
match mussel conditions in
Havelock.
• In a strong position with water
space and infrastructure.
• Continued diverting mussel shell waste
away from landfill to be repurposed in
land based agriculture activities (FY23:
3,786 tonnes of mussel shell diverted).
• Committed assistance to continuation
of Marine Farming Association mussel
reef restoration projects in
Marlborough-Tasman regions -
restoring habitats and functioning of
these ecosystems.
• Involvement with multiple funded
research and clinical studies to
commercialise health benefits of
marine products.
• Expanded SPAT
nz mussel hatchery,
providing a guaranteed source of high
quality spat and seed.
• New D365 technology platform
will assist in analytics and smarter
decision making.
• Challenging year in the Coromandel
for NIML (50% JV in North Island
Mussel Ltd) with extreme weather and
increased biotoxin events significantly
increasing harvesting downtime.
Labour shortages continued for most
of the year, but have now mostly
been addressed.

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CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
Wildcatch is traditionally the engine room
of the Sanford business. A significant
part of this revenue stream is commodity
based. We catch and process hoki, squid,
orange roughy, scampi, toothfish, ling,
snapper and other species, which provide a
combination of value and volume products.
The quantity that can be caught each year
is defined by the Quota Management
System. Our aim is to sustainably and fully
utilise Sanford’s annual catch entitlement
(ACE) by catching our entitlement and
then processing and selling in the best
formats to maximise margin. Sanford
holds 19.9% of New Zealand’s Quota,
based on ACE allocations for 2023. With
the sale of Sanford’s North Island inshore
ACE business, the commercial focus will be
on deepwater.
—
STRENGTHEN
WILDCATCH
—
WILDCATCH
REVENUE
$
299.8m
FY22: $302m
SALES VOLUME GWT
57.1k tonnes
FY22: 64k tonnes
PROFIT CONTRIBUTION
$
48.8m
FY22: $52m

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CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
YEAR IN REVIEW
The Wildcatch business is being
transformed, with the simplification of
inshore operations and creation of an
annuity-like revenue stream through the
sale of much of our North Island inshore
ACE; and continued investment and focus
on deepwater, South Island inshore
fishing and Australia.
• Announced sale of Annual Catch
Entitlement for much of the North
Island inshore species to Moana New
Zealand through a new long-term
agreement. Commerce Commission
clearance received and transaction
settled on 31 October 2023. Will result
in improved profitability for Sanford.
• Strong offshore prices and demand
for wildcatch, particularly scampi, hoki
and squid.
• Sales volumes were down year
on year, with seasonal factors
impacting on squid catch (down
58%) which affected the industry.
The lack of squid resulted in shift to
alternative, less profitable species.
• Economic headwinds, including
increasing fuel costs and labour
shortages affecting productivity and
ability to maximise margin from
product cascade.
scampi vessel which will expand fishing
capability and capacity.
• Utilisation of technology and
monitoring of ocean conditions,
weather patterns and gear performance
to target operational efficiency.
• Long term sector wide climate
adaptation pathway work commenced
across both deepwater and inshore
fisheries via the Aotearoa Circle.
OUTLOOK
• Inshore ACE sale to Moana will
deliver significant profit
improvement for Wildcatch.
• Focus on improving operational
efficiency.
• Continue integrity capital
investment programme to update
fleet and infrastructure.
• Demand and prices expected to be
maintained, with continued pressure
on operational costs.
• Future industry collaboration
initiatives will be investigated.
WILDCATCH
+19%
+95%
-58%
+9%
-9%
-3%
-4%
-34%
-4%
+16%
+3%
HOKI
Macruronus novaezelandiae
JACK MACKEREL
Trachurus declivis
ARROW SQUID
Nototodarus Sloanii
LING
Genypterus blacodes
BARRACOUTA
Thyrsites atun
SILVER WAREHOU
Seriolella punctata
ORANGE ROUGHY
Hoplostethus atlanticus
SOUTHERN BLUE WHITING
Micromesistius australis
SNAPPER
Pagrus auratus
SMOOTH OREO
Pseudocyttus maculatus
SPINY DOGFISH
Squalus acanthias
TONNES
SPECIES
05,00010,00015,00020,00025,00030,000
• Investment in integrity capital remains
a priority, with capital requirements
associated with ageing fleet
and infrastructure.
• Approved two year, major maintenance
and upgrade programme on four
wildcatch vessels, improving engine and
fuel efficiency and reducing emissions.
• Commenced construction of new,
more efficient and lower emission
WILDCATCH, TOP 10 SPECIES BY HARVEST (FY23* VS FY22)
Harvest FY22
Harvest FY23
*Catch volumes landed on or before 30 September 2023.

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CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
MUSSELING UP
A new study has shown that Sanford’s
Greenshell
TM
mussel powder can help aid
muscle recovery. Yet another thing these
unselfish shellfish can do for us.
The second part of our three-part mussel
study, Musseling Up, is great news for
those who exercise regularly. Conducted
by Plant and Food Research NZ, the study
involved men between the ages of 21 and
45 and tested the rate of recovery as well
as the level of soreness of the men’s
muscles following strenuous exercise. For
those that were given Sanford Bioactives’
PERNAULTRA
®
powder made from our
TURNING THE TIDE ON INSHORE
Sanford has taken an innovative approach
to turning around the North Island
inshore business, with the sale of the ACE
for much of our North Island inshore
species to Moana New Zealand.
The minimum 10-year transaction will
greatly simplify inshore operations and
establishes a lower-risk passive revenue
stream for our North Island inshore ACE.
The value for this transaction starts at
nearly $11m (annualised) for the first year
and scales up to $13m over the next five
years before increasing in fixed
increments of 1.5% per annum, against
modest expenses.
Sanford will retain ownership of the
quota for these North Island species.
We also continue to hold quota in a
number of deepwater and South Island
inshore fisheries.
As part of the deal, we have sold Moana
two inshore fishing vessels, a selection of
processing equipment and refrigerated
vehicles/trailers, and some of our
Croisilles Harbour marine farms.
The transaction resulted in the closure of
the fish processing plant in Auckland and
we worked with Moana to facilitate the
employment of affected staff where
practicable.
Overall, the transaction reduces volatility
for Sanford’s earnings and enables
a refocus on higher return areas of
the business.
EDWIN:
BETTER IMAGE FOR MUSSEL
STORY – LOOSE POWDER?
DIFFERENT IMAGE FOR
INSHORE – VESSEL OR
FISHING ETC. CARLY TO
PROVIDE.
native Greenshell mussels, both the level
of pain, and the time it took to recover
were noticeably reduced – by around 25%.
This follows from the results of the first
study in Musseling Up that showed
Greenshell
TM
mussel powder decreased
pain and inflammation in the knee joints
of post-menopausal women.
This study is breaking new ground in
extending our understanding of what
mussel powder can be used for. Mussel
powder for injury recovery is a big, new
proven benefit.
NEW SALMON WORKBOAT DELIVERS
The new San Little Glory workboat took
to the water in August last year,
immediately proving its value in the
two-yearly salmon farm move.
Every two years we move our salmon
farms to a new site, resting the sea bed on
the previous site for up to five years. At
any one time, we are only farming on circa
30% of our water space. Within our pens
we also keep our salmon at some of the
lowest densities in the world, so our
salmon have more room to move.
Previously, to move one of our farms took
around seven days. With the new San
Little Glory in action, the shift took 24
hours and with less stress on our fish.
The purpose-built $2 million San Little
Glory has been designed to move the
concrete anchors holding each corner of
the company’s salmon cages. It is one of
two new salmon vessels commissioned for
the business during FY23.

21
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INTEGRATED REPORT 2023
Delivery of our growth and value strategy is underpinned by six
essential business fundamentals. In this section, we set out how we
are performing in each of these areas and share some of our stories
and initiatives from the past year.
We have reported our progress against our FY23 Targets in Appendix C.
Our FY24 Targets can be seen on pages 40 and 41.
—
BUSINESS FUNDAMENTALS
—
PEOPLE
Our trusted customer
partnerships
22
Our high performing
teams and a culture
built on care, passion
and integrity, guided
by our principle of
achieving together
26
PLACE
Leading by example to
safeguard our
environment
30
Positive engagement
with our communities
34
PERFORMANCE
Operational excellence
across our business to
drive business success
37
Earning the support of
our shareholders by
delivering consistent,
sustainable value and
increasing returns
39

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—
OUR CUSTOMER
PARTNERSHIPS
—
THE YEAR IN REVIEW
At Sanford, we primarily sell and
distribute our products to consumers
around the world, through trusted
intermediaries. These ‘last mile’
distributors are our trusted customer
partners and we continue to build on our
partnerships with them in new and
existing markets.
Our teams regularly visit key markets and
attend exhibitions, to showcase our
products and stimulate interest in a wider
range of seafood.
We have received recognition for our
innovative thinking with a number of
high-profile awards during the year. Our
Big Glory Bay brand was awarded the
Food and Beverage Producer of the Year
award at the Primary Industries 2023
Awards. Our commitment to sustainable
and traceable farming practices was a
stand-out for the judges. We also became
a two-time winner at the Outstanding NZ
Food Producer Awards. Our retail-ready
Big Glory Bay King Salmon portions won a
gold medal and the FMCG Business
Outstanding New Product Award.
We continue to pursue a strategy of
market diversification. North America,
Asia, Europe and Australia remain
our primary export markets, with
approximately 35% of our products
sold in New Zealand. We are also seeing
emerging sales in new markets for
Sanford, including Central America
and the Middle East.
Our product portfolio provides a mix
of commodity and value revenue, with
wildcatch and mussels predominantly
generating commodity revenue.
Premium salmon and retail ready
products, while niche, are more brand
focused and offer higher margin,
higher value revenue streams.
We work with our customers and consumers to bring
them the best of our sustainably harvested seafood
and marine extracts, driving increasing sales and
market share.
PEOPLE

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OUR GLOBAL MARKETS
We continue to pursue a strategy of
market diversification, with products and
formats tailored to meet different market
needs and consumer demand. Supply
chain pressures eased over the year,
although inflation has put pressure on
consumer spending on high value
products such as seafood.
North America and China remain our
largest export markets, comprising
approximately 33% of sales revenue in
total; with a further 35% revenue
generated in our home market of
New Zealand.
The North American market rebounded
strongly out of covid, although tempered
to some extent by inflationary pressures
on consumer spending. We’ve seen strong
demand and pricing on a range of
products including frozen half shell
mussels, toothfish, and fresh salmon.
While China initially had a slow start to
the year, we have since seen a substantial
uplift in demand and price, particularly for
salmon, mussels and scampi, as the supply
chain has been replenished and lockdown
restrictions have eased. With catch
reduced due to seasonal factors, squid
was in hot demand. Unfortunately the
almost record high prices did not offset
the reduction in volume.
Emerging markets such as Vietnam and
South Korea have performed well this
year as our Market Managers have
returned to market, developing
partnerships with importers and
foodservice distributors, while widening
our portfolio offering.
Europe was relatively flat, while Australia
was down year on year. However our core
commodity line, hoki, has performed well
in these markets and gone some way to
closing the gap on the low squid catch.
In our home market of New Zealand, we
saw some softening of consumer demand
for premium products in FY23 due to cost
of living pressures.
Overall, it has been a challenging year
with reduced catch on squid, markets
emerging from covid, and inflationary
pressures putting pressure on consumer
spending. However, with careful
management of our portfolio of species
across our customer base, plus a keen
focus on managing demand and supply
across markets, we’ve managed to lift
price on key species and finished the year
in a positive position.
NORTH
AMERICA
PERCENTAGE OF GROUP
SALES REVENUE
CHINA
(Incl. Hong Kong)
NEW ZEALAND
20%
FY22: 17%
13%
FY22: 15%
35%
FY22: 37%

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CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
Indian Ocean
South Pacific
North Atlantic
South Atlantic
Tropic of Capricorn
Equator
Tropic of Cancer
Arctic Ocean
North Pacific
Southern Ocean
AUSTRALIA
(INC. PACIFIC ISLANDS)*
8
%
SOUTH
KOREA*
2
%
2022: 1%
2022: 12%
MIDDLE EAST
1
%
2022: 1%
OTHER ASIA*
5
%
2022: 3%
JAPAN*
2
%
2022: 3%
*
EUROPE*
12
%
2022: 11%
NORTH AMERICA*
20
%
2022: 17%
13
%
2022: 15%
CHINA
(INC. HONG KONG)*
NEW ZEALAND
35
%
2022: 37%

KEY
Fishing Area
* Percentage of operations revenue from top
nine geographical locations at point of sale

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CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
PROTECTING THE PROVENANCE
OF OUR SALMON
When it comes to a brand like Big Glory
Bay, the origin of the salmon is important
for consumers to understand. Big Glory
Bay verifies its products to make it easier
for consumers in New Zealand and around
the world to know they’re making a
good choice.
We have partnered with the world leading
product verification company, Oritain, to
forensically track the provenance of our
salmon down to the exact location.
Oritain have created an ‘Origin
Fingerprint’ for Big Glory Bay King
FOOD SAFETY
AND QUALITY
We pride ourselves on delivering
quality products for our customer,
as demonstrated by customer complaints
remaining at very low levels (less than
1.14 complaints per million GW kg sold)
and zero food recalls.
QUALITY COMPLAINTS
BREAKDOWN
20232022

Quality defects43%48%
Foreign material11%7%

Labelling error9%15%

Wrong product9%2%

Under delivered7%5%

Product missing4%0%

Weight control4%3%

Parasites3%2%

Packaging3%4%
Product grading error3%5%
Other3%4%

Date coding error1%0%

Bone0%0%

Temperature abuse0%5%
Total number of quality complaints*71121
Justified complaints
per million kg sold**
1.141.34
Sanford had no food safety product recalls in 2023.
* Includes third party manufacturers.
** Sanford and NIML processing sites only.
Salmon that exists due to the intrinsic
chemical properties in the environment
that the salmon is grown in.
Five years in, Sanford’s partnership with
Oritain is still going strong. Every Big
Glory Bay King salmon bears an Oritain
Trust Mark which is used to prove that
our King salmon is true to source,
adding assurance and transparency.
So consumers can be confident that
they’re enjoying genuine Big Glory Bay
salmon, from the beautiful waters of
New Zealand.
1.14
COMPLAINTS PER
MILLION KILOGRAMS SOLD
AND ZERO FOOD RECALLS

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THE YEAR IN REVIEW
Our people are the heart of our business.
It is their expertise, skills and efforts that
will drive the success of our company.
FY23 was a year of change for our teams
with the rollout of a new technology
platform, the introduction of a new
organisational structure and the
continued focus on health, safety and
wellbeing. Our people have adapted
well, embracing the change and focusing
on the critical activities that will drive
sustainable results for our shareholders,
customers and business.
The labour challenges seen over the
past few years have persisted, although
some easing has been seen. With small
local communities in the areas where
we operate, we are often dependent
on bringing people into the area or
using short term transient labour.
We are overcoming these issues by
offering attractive pay rates, access
to accommodation, and flexible work
conditions. In particular, labour shortages
affected our Mussel business in FY23,
limiting our ability to fully meet the
strong demand seen over the year.
Pleasingly, we are heading into FY24
with a well resourced workforce.
A big focus for the Human Resources
team during the year has been
technology, with the rollout of new HR
and Learning Management systems.
These systems are linked to our D365
IT platform and will enable consistent
data collection and analysis and a more
streamlined approach. Online learning
programmes are being developed and
delivered for the broader workforce with
people able to access and update their
training records online.
We are privileged to have a loyal
workforce with many long service
employees providing strength of
capability, sector and business knowledge.
Succession planning is a priority, with the
focus on both external recruitment as
well as development of talent within our
business. We continue to focus on
improving diversity within our industry.
Our crews operate in high risk
environments, both on the water and
onshore. We require our people to be
mindful of what they do, to ensure
everyone goes home safe every day.
We have robust risk management, audit
and training programmes across the
business and were pleased to report an
improvement in our safety metrics year
on year.
—
OUR TEAM
—
We strive to become an employer of choice and
benefit our people by cultivating a culture where our
team thrive and achieve excellence, guided by our
principle of Achieving Together.
PEOPLE

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BLUFF MANAGER TAKES OUT
FUTURE LEADER AWARD
Sanford’s Bluff site manager, Sarah
Bynevelt, was awarded the Ministry for
Primary Industries Sustainability Future
Leader Award for her transformation of
the site from a traditionally effective unit
to a high-performing hub of innovation.
Sarah’s leadership pathway at Sanford
started when her manager at the time said
to her, ‘I think you’d make a great site
manager’ and ever since then the idea
stuck with her. An opportunity opened
when Sarah and her husband moved down
to Bluff and she “took a leap of faith”.
She now runs a team of 80 across
Sanford’s fresh salmon processing plant in
Bluff and is very focused on sustainability
practices such as reducing plastic,
recycling or repurposing waste materials
as well as inspiring those around her to
make sustainability a priority.
She is most proud of a project she picked
up when she first came into the role,
the replacement of the site’s primary
processing line. This has paid significant
dividends, with the capacity to process
salmon on this line increasing by 40%
and a noteworthy improvement in health
and safety.
Sarah says it was a real privilege to be
recognised by the industry. “Hopefully
there’s other young female leaders out
there. We have quite a male-dominated
industry in the fishing industry, but there’s
certainly great opportunities for women
and young people.”
TALENT DEVELOPMENT IN ACTION
Sanford’s new Timaru Operations
Manager, Hayden Collier, has made the
leap from sea to land to take on his new
role. After gaining hands-on experience
with processing factories on deepwater
vessels and vessel management, Hayden
has now moved to the Timaru processing
facility where he and his team oversee
product as it arrives raw, all the way
through to being consumer ready.
The compact device is installed on
every life jacket which is compulsory for
working crew members on the deck. The
beacon serves as a lifesaving location
device that could potentially make the
difference between life and death in
critical situations.
In the event a crew member was to fall
overboard, the device immediately sends
an alert to the vessel, triggering a rapid
response. A strobe light on the device
starts flashing, providing a visual indicator
of the crew member’s location in the
water. The device also transmits location
coordinates to the vessel’s AIS-equipped
chart plotter, allowing for precise tracking.
When asked what he was most excited
about in his new role, Hayden highlighted
the opportunity to learn more about a
part of the business that he’s always
worked with, knowing that his different
perspective and industry knowledge from
his time at sea will come in handy.
Hayden has worked as a contractor and
employee at Sanford for many years,
although he has a longer family
connection with the company. His father
also works at Sanford as a Vessel/Project
Manager in Timaru.
HEALTH, SAFETY AND WELLBEING
The safety of our crews is paramount in
our deepwater operations, especially
considering the unique challenges of
working on the decks of Sanford vessels
in deep waters. Under Sanford’s Hazard
and Risk Management Framework, we
focus on Man Overboard to prevent the
risk of drowning which, although low
probability, could cause the greatest harm
or even a fatality.
We engage regularly with our teams to
discuss what additional safety controls we
can implement to protect them
effectively. This year, we have introduced
Rescue Me personal locator devices for all
our on-board crew members. These are
specifically designed for crew safety and
rapid onboard response should someone
fall overboard.
Rescue Me
PERSONAL LOCATOR DEVICES –
KEEPING OUR DEEPWATER CREWS SAFE

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TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR*) FY20-FY23
FY23 INJURIES BY TYPE AND EMPLOYMENT CATEGORY
PEOPLE BY THE NUMBERSOUR WORKFORCE IN AGE GROUPS*
2023
2022
* Based on monthly
averages, all
workforce,
inclusive of
permanent,
part-time, casual,
and sharefishers.
STAFF MOVEMENTS
*

Across our entire permanent workforce during FY23: voluntary turnover was 18%
(FY22: 22%); involuntary turnover was 4% (FY22: 5%). Across only those permanent
employees who commenced employment during FY23: voluntary turnover was 20%
(FY22: 24%); involuntary turnover was 4% (FY22: 6%).
TURNOVER BY AGE GROUP AND GENDER 2023 – PERMANENT STAFF
AGE GROUPVOLUNTARY INVOLUNTARY TOTAL TURNOVER
Under 20 4 2 6
20-29 28 5 33
30 to 39 45 10 55
40 to 49 38 5 43
50 to 59 33 5 38
60+ 19 8 27
Total 167 35 202
GENDER
Female 69 10 79
Male 98 25 123
Gender undeclared– – –
Total 167 35 202
PERCENTAGE OF WORKFORCE
<20D.O.B
Not stated
AGE GROUP
50-5920-2930-3960+40-49
0
10
20
30
1.7%
1.3%
21.1%
21.5%
22.0%
22.0%
19.9%
20.1%
22.1%
22.0%
13.1%
12.5%
0.1%
0.5%
050100150200250300
NUMBER OF INJURIES
Sprain or strain
Cuts, laceration,
puncture or sting
Crushing, bruising
Skin irritation
(chemicals, burns)
Bodily function
(discomfort, breathing,
physical or mental illness)
Foreign body
(in orifice or eye)
FY2020FY2021FY2022FY2023
TRIFR*
YEAR
0
5
10
15
20
25
30
35
40
* TRIFR (number of injuries per million hours worked, NZ operationally controlled entities, includes
employees, sharefishers, and contracted labour hire in operations).

Contractor
Sharefisher

Employee

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NEW HIRES BY AGE GROUP AND GENDER 2023 - NZ, PERMANENT EMPLOYEES
AGE GROUPMALEFEMALETOTAL
Under 205510
20 to 29222345
30 to 39192342
40 to 49172138
50 to 59161531
60+7411
Total8691177
WORKFORCE BY GENDER BY EMPLOYMENT TYPE – NZ
GENDERCONTRACT TYPEFY23 (%)
Male
Permanent full time 55.9
Permanent part time1.0
Fixed term 2.9
Casual 3.2
Sharefisher* 37.1
Female
Permanent full time 64.0
Permanent part time8.3
Fixed term 9.6
Casual 4.1
Sharefisher* 13.9
Gender undeclared
Permanent full time –
Permanent part time–
Fixed term 50.0
Casual–
Sharefisher* 50.0
* Fishing boat worker for share of profit.
STAFF LEADERSHIP AND DEVELOPMENT TRAINING (INTERNAL)
PARTICIPANTSTRAINING
HOURS
DELIVEREDFEMALE MALETOTAL
Leadership276145421667.5
Deepwater 116374402.0
Lead Many4261103344.5
Supply Chain9593188564.0
DAMP136261397639.5
Soft Skills7054124146.5
TOTAL6306771,3072,764.0
STAFF TRAINING - ALL NZ WORKFORCE (INCL. SHAREFISHERS)
FEMALEMALE
Average training hours per employee16.2316.47
Total credits achieved 7401,395
NZQA CREDITS* ACHIEVED BY GENDER AND LEVEL
87 Primary ITO programmes completed during FY23; 87 formal qualifications
(national certificates) received; 7 active enrolments at end of quarter.
* One credit is approximately 10 hours training.
Male
Female
0100200300400500600700800900
Level 5
(Seafood Vessel Operations)
Level 4
(Comm. Fishing – Marine Cranes)
Level 3
(Seafood Processing /
Receiving Commercial Fish)
Level 2
(Primary Industry Skills – Seafood)
255
810
130
60
240
80
270
290

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THE YEAR IN REVIEW
Sustainability remains a priority at
Sanford. We know we are privileged to
operate in New Zealand’s pristine waters
and we are focused on safeguarding our
environment. Sustainable practices are
part of everything we do.
We use robust science and data to
inform our commercial decisions, such
as where and how we grow, catch and
harvest our seafood. We also have proven
multi-year programmes in place to
reduce harmful interactions between our
fishing activities and marine mammals or
seabirds. As a leading industry participant,
we engage in fisheries management
forums and advocate for sustainable,
commercial fishing.
We are focused on reducing our carbon
footprint and were pleased to report an
overall emissions reduction of 8.7% in
FY23, compared to FY20 baseline
1
. The
commissioning of our new diesel-electric
scampi boat in Q1 2025 is anticipated to
contribute toward improving the
efficiency of our operations.
Reduction of waste directed to landfill
also contributes to safeguarding our
environment. Repurposing mussel shells
for landscaping and farming use is just
one example of our innovative thinking
coming to the fore in this area. Water
and energy utilisation are also part of
our focus.
We are working closely with our suppliers
to align our values and sustainability goals,
with the preparation and pilot of a
Supplier Code of Conduct over the year.
You can read more about our sustainability
initiatives and progress in the Climate
Related Disclosures on pages 116 to 129.
—
SAFEGUARDING
OUR ENVIRONMENT
—
We will lead by example in ocean management,
maximising resource utilisation, minimising our footprint
and protecting the environment wherever we operate
to create healthy oceans and ecosystems.
PLACE
—
Reduction of waste directed
to landfill also contributes to
safeguarding our environment.
Repurposing mussel shells for
landscaping and farming use is
just one example of our innovative
thinking coming to the fore in
this area.
—
1. For Scope 1 and 2 emissions, being those relevant for our emissions target.

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SUSTAINABILITY UNDERPINNING
BIG GLORY BAY WIN AT OUTSTANDING
NZ FOOD PRODUCER AWARDS
Nestled down the bottom of Aotearoa at
47 degrees South, Big Glory Bay is one
of the most remote aquaculture farms in
the world. It’s that location, and the way
our people operate there, that makes all
the difference.
We’re lucky enough to work in the clean,
isolated waters of Aotearoa, meaning our
fish can happily stay free from antibiotics.
The Southern Ocean current of Rakiura
provides healthy average temperatures,
so our fish can grow slowly and develop as
they should, naturally, free from GMOs
and other additives.
And it was this extra care and attention to
detail the judges of the Outstanding NZ
Food Producer Awards noticed, making
these comments on our fresh salmon
portions: “Very clean, sweet flavour. Fine
texture and delicious.” The gold medal was
no small feat for Sanford’s fresh salmon
portions, a product that only launched in
late 2022, and Big Glory Bay’s very first
product of this kind.
But it wasn’t just the salmon that the
panel was judging, it was also the
sustainability of our product. And in this
aspect, Big Glory Bay passed with flying
colours too.
We were able to tick all their boxes
for sustainable aquaculture practices,
and then some. From the coveted
“Best Choice, Buy First” ranking by the
Monterey Bay Aquarium Seafood Watch
Programme, to our Oritain traceability.
Or the moving of our pens to protect the
sea floor, to all the extra initiatives like
gumboot recycling that the Bluff team
comes up with. We were proud to see
the extra mile our salmon division goes
to everyday to be recognised outside of
the business.
WINNER AT THE PRIMARY
INDUSTRIES AWARDS
Big Glory Bay also took out the Food and
Beverage Producer Award, at this year’s
Primary Industries New Zealand Awards.
Based on the brand’s commitment to
both sustainability and protection of the
New Zealand producers’ image overseas,
it was further recognition of the care and
effort put into Sanford Big Glory Bay
salmon. It was particularly pleasing for a
seafood company to win this award,
demonstrating the success of the sector
in New Zealand.
SANFORD VESSELS FISHING FOR DATA
Sanford’s involvement with the Moana
Project is one example of how we support
sound marine science. New Zealand has
one of the largest Exclusive Economic
Zones in the world, but we don’t really
know how climate-induced ocean
warming will affect our waters. That’s why
Sanford joined the Moana Project, which
is building a picture of how climate
change is driving changes in marine
temperatures, with the potential to affect
fish stocks.
For the duration of the project when our
vessels deploy their fishing gear, they are
also trawling for data, with smart sensors
providing real time information on ocean
depths and temperatures. This
information is sent automatically back to
the MetService for inclusion in their
forecasting models. Sanford skippers can
use these detailed forecasting models to
determine where to go next if they need
to move grounds.
The Moana Project is a five year
$11 million ocean research initiative, with
a 200-strong network of vessels
capturing valuable data. During FY23,
Sanford had sensors on eight deepwater
and three inshore vessels.

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SEABIRD AND MARINE MAMMAL INTERACTIONS
(Sanford total, all areas, all vessels fishing under Sanford permit)
WASTES GENERATED FROM OPERATIONS
MPI SUMMARY OF SANFORD’S REPORTED
INCIDENTAL CATCH DATA
1
JULY 2022 TO JUNE 2023
SEABIRDSMARINE MAMMALS
2
Uninjured1271
Injured 20
Dead18116
Total 31017
Mortality rate(%)
3
58%94%
WASTE REDUCTION TRENDS (NZ)
Sanford prevented 6,924 tonnes of waste* from going to landfill
in FY23. 65% of all Sanford wastes are now being diverted away
from landfill.
* Waste definition includes inorganic and organic materials. Waste diversion is the mass of
waste repurposed and recycled divided by the total waste mass (waste repurposed or
recycled plus waste directed to landfill).
SUSTAINABILITY BY THE NUMBERS
1. Vessels operating under Sanford fishing
permit over the period 1 July to 30 June,
reflecting data availability from MPI.
2. For context, since our records
began, Sanford has never harmed
a Maui dolphin.
3. Mortality rate calculated as the ratio
between total species caught and those
caught dead.
83%
48%
SINCE 2017
TOTAL SEABIRD
INTERACTION RATE
TOTAL MAMMAL
INTERACTION RATE
Mammal interactions totalSeabird interactions total
Waste directed to landfill
(incl. marine)
Waste diverted from landfill
(incl. marine and metals)
Waste diversion rate across
all operations %
9,627 T
3,667 T
2020
2023
0
100
200
300
400
500
600
700
2017201820192020202120222023
0
2,000
4,000
6,000
8,000
10,000
12,000
0
10
20
30
40
50
60
70
80
Financial Year
WASTE DIRECTED TO LANDFILL (TONNES)
WASTE DIVERSION RATE (%)
2020202120222023

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S
C
O
P
E

1

A
N
D

2
S
C
O
P
E

3
SANFORD’S WHOLE VALUE CHAIN
EMISSIONS PROFILE – 2023
(SCOPE 1, 2 AND 3)*
SANFORD’S OPERATIONAL EMISSIONS
PROFILE BY DIVISION - 2023
(SCOPE 1 AND 2)
* Refer to climate related disclosure on pages 116 to 129 for
further details.

Direct emissions
(includes fuel, refrigerants from owned assets)24%
Indirect emissions from electricity 1%

Purchased goods and services
(contract fishers, packaging, feed, PPE, etc.)33%

Capital goods5%

Fuel and energy-related activities
(e.g. fuel refining by others)6%

Upstream transportation and distribution
(freight paid for by Sanford)11%

Waste generated in operations1%

Downstream transportation and distribution
(freight of products paid by others)4%

Use of sold products
(e.g. further processing and cooking of seafood)6%
End-of-life treatment of sold products
(e.g. food waste)8%

Wildcatch85%
Mussels9%

Salmon
5%

Other (Head office, etc.)1%
245,983 t CO
2
-e (FY23)
▼ 6.23% on FY20
61,596 t CO
2
-e (FY23)
▼ 8.74% on FY20

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THE YEAR IN REVIEW
As a proud New Zealand company, we are
rooted in the regional communities that
form the backbone of our operations.
We recognise that our operations have a
direct impact on local communities and,
as such, we take our social responsibility
seriously. Sanford invests in programmes
and initiatives that empower our
communities, creating job opportunities,
supporting education, and contributing to
the overall well-being of the regions our
people call home.
We continue to support the Graeme
Dingle Foundation and their work to build
resilience within children and adults in
New Zealand. For almost 30 years, the
Foundation has taken a special interest in
those who may be at risk and Sanford has
been alongside them for the past 20
years, providing financial, in kind and in
person support.
We also continue to support other
community initiatives such as the NZME
special children’s Christmas event and the
10 cents per salmon fund which provides
funding grants for projects across Stewart
Island and Bluff, such as the re-roofing of
Stewart Island’s community hall.
Supporting people in need is an important
outcome for our community engagement.
More than 178,000 servings of seafood
went out to families in need this year,
through foodbanks and food charities.
Significant donations were made toward
communities affected by the extreme
North Island weather and flooding events,
particularly in Auckland, East Cape, and
the Napier-Hastings areas.
In the case of the Kai Ika project, we
donated fresh fish heads and frames that
would often go to waste, enabling South
Auckland families to add fresh kai moana
to their menu. This helps to address the
growing problem of food insecurity and
ensures maximum value from our
precious marine resources.
—
POSITIVE ENGAGEMENT
WITH OUR COMMUNITIES
—
We aim to support, enrich and be a
positive contributor to the communities
in which we participate.
PLACE

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GROWING MUSSELS TO GROW KIWIS
For ten years now, the revenue from a
mussel line in the Malborough Sounds has
been donated to Queen Charlotte
College in Picton, helping to educate and
inspire young Kiwis interested in the
aquaculture industry.
Sanford’s support of Queen Charlotte
College goes back to 2003 when the
school opened up their Aquaculture
Academy. Sanford has offered education,
rope samples and school visits since the
early days of the programme. However,
ten years ago, Sanford began donating
the profits from a mussel line to the
school, making the fantastic aquaculture
courses a lot easier to access for students.
Students complete Unit Standards on
Aquaculture, Water Care and
Environmental impacts. They are also able
to do diving tickets, boating certificates
and workplace Unit Standards such as
First Aid, Health and Safety in the Work
force. These external Standards would
make the course very expensive if the
students had to cover all of the costs.
But with the support from businesses like
Sanford, the costs are kept at a minimum.
The donations help maintain the school’s
own aquaculture equipment to help the
students learn the ropes, for example, the
Wetlab where tanks of salmon are grown
and hatched, and the school barge which
is used for sea trips and boating skills.
Over the years, hundreds of students
have entered and completed the
aquaculture programme supported by
Sanford at Queen Charlotte College. It
has opened the door for many Picton
students, with many going on to work in
the industry.
STEWART ISLAND LANDS
A NEW HELIPAD
While the water is our field of expertise,
that doesn’t mean we can’t reach for the
skies with the proceeds of our 10 cents
per salmon fund in Southland. In
December 2022, Sanford proudly helped
fund a new rescue helicopter pad,
allowing better support and access for the
community and its visitors.
10 cents per salmon really adds up, and
with Community Trust South and the
Southland District Council’s Stewart
Island visitors levy joining in, this $75,000
project was brought to life. Now that the
new helipad is up and running, visitors and
locals can rest easy, knowing helicopter
access is now that much better.
$75,000
HELIPAD PROJECT
10¢
PER SALMON – COMMUNITY SALMON FUND,
HELPING FUND THIS COMMUNITY PROJECT
10+years
SUPPORTING STUDENTS
IN AQUACULTURE

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CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
COMMUNITY COMMITMENT
COMMUNITY FOODBANK SUPPORT
2022
294,576
2023
178,901
2020
76,173
2021
132,535
Significant seafood product donations made to communities affected
by severe weather events during FY23, upper North Island flooding,
and Gisborne/Napier/Hastings following Cyclone Gabrielle.
2023
Community Programmes
(incl. 10 cents per salmon fund)$93,913
Graeme Dingle Foundation$100,231
Other Charities$74,161
Industry Sponsorship$93,825
* Exclusive of foodbank donations product costs. The
number of meal equivalents donated being reported
elsewhere.
2023 TOTAL
$362,130
2022 VALUE: $301,790
2023
$287,630
2022 VALUE: $260,910
COMMUNITY ENGAGEMENT BY THE NUMBERS
In donations and sponsorships to community organisations and
programmes such as Graeme Dingle Foundation
MEAL EQUIVALENTS DONATED TO
LOCAL FOODBANKS
* 100g portion for fillet donations, 200g portion for
whole or half shell mussels and whole fish, 300g
portion for head/frame donations

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CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
THE YEAR IN REVIEW
FY23 has been a year of positive
momentum for Sanford as we have
continued to rebuild following the
pandemic. At all times, we have remained
focused on living up to our vision of being
New Zealand’s seafood leader for quality,
value and reputation. We deliver
consistent, sustainable and socially
beneficial outcomes to our shareholders
and stakeholders through our approach to
operational excellence, innovation and
continual improvement.
In early 2023, a new company structure
was established, with the introduction of
clear divisions of responsibility in our
three business units – Salmon, Mussels
and Wildcatch. Alongside this was a
revamp of the executive team and
reporting lines.
The Sancore systems change programme
has been delivered, with our new D365
technology platform up and running from
May 2023. This will deliver the systems
and processes needed to drive a high
achieving organisation.
We remain committed to our Salmon
growth strategy, which is in part,
dependent on expanding our capacity.
Due to increasing cost estimates, we are
revisiting the business case for a new
salmon hatchery, designed around a
Recirculating Aquaculture System (RAS).
The new Sanford Bioactives facility in
Blenheim, which opened in December
2022, provides an opportunity to test,
trial and produce innovative new
products. Our initial focus has been on
mussel powder and oils. Disappointingly,
the processing equipment is taking longer
than anticipated to perform to our
standards, with output below
expectations. We are continuing to work
with the equipment suppliers to increase
yield to acceptable levels, with positive
outcomes being seen in recent weeks.
—
OPERATIONAL
EXCELLENCE
—
We relentlessly pursue excellence across all our
functions to drive our business success.
PERFORMANCE

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BIG GLORY BAY GETS BIGGER
Some of Sanford’s Big Glory Bay salmon
moved into a new neighbourhood as our
farms were split and moved to make way
for new oxygenation technology.
The investment in this innovative
technology now means 100% of
our grower fish are supported with
supplemental oxygen if required through
challenging periods. This allows us to
have separate, fully oxygenated farms,
keeping our fish happier and healthier.
ALL SYSTEMS GO
The Sancore digital change programme
has delivered new quality, safety, health
and environmental software across the
business. In FY23, Microsoft D365 IT
platform was introduced, providing
cornerstone finance, supply chain, quota
management and payment systems. This
will be the technology foundation for our
business for many years to come.
The Innova real time product tracking
software has been integrated with D365,
providing enhanced end-to-end visibility
of inventory and detailed cost accounting
by product type. Innova was rolled out in
2022, allowing product to be tracked
through the production process, whether
the work is being done at sea or on land. It
begins with the caught or farmed fish or
mussels and ends with the processed and
packaged product.
As with all technology rollouts,
particularly of this size, the D365 go live
was a huge change initiative and required
team effort and perseverance to bring to
fruition. Sanford’s team have engaged
positively to adapt their processes and
take on a learning curve to support these
new ways of working.
ON TRACK WITH BUILD OF
NEW SCAMPI VESSEL
Sanford’s new scampi vessel is one of the
company’s largest capital investment
projects in recent times. The hull is being
built in Poland with the finishing and fit
out in the Netherlands.
In the middle of 2023, the first cuts were
made in the steel that will form the hull.
Five months on the hull construction is
progressing ahead of schedule, ready for
hull delivery in Q1 2024.
Built on a design by Damen and informed
by MARIN, a globally recognised marine
research institute, and with expert
insights from scampi skippers, the aim is
for a future-proofed fleet which provides
a safer operating platform for crews, the
environment and protected species.
The vessel improves the scope and range
of fishing into new areas. Of additional
benefit, it employs a low emission
diesel-electric power system and has
been designed to operate efficiently, thus
saving on fuel, and carbon footprint.
It takes a huge team effort from all staff
to make this happen, and to protect the
fish during the move. The team tasked
with the job is made up of experienced
farm staff, which is invaluable when
moving the salmon farms.

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1. Based on share price at 30 September each year – FY23 $3.89.
—
SHAREHOLDER
VALUE
—
We are focused on delivering consistent, sustainable
profit that will drive increasing value and returns for
our shareholders.
PERFORMANCE
SHAREHOLDER VALUE BY THE NUMBERS
FY23 TOTAL DIVIDENDS:
12 cps
REPRESENTS A
DIVIDEND YIELD OF:
3.1%
1
DIVIDEND COVER:
0.9
EARNINGS PER SHARE (CENTS):
10.7c
NET ASSET BACKING PER SHARE:
$7.32

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CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
—
2024 BUSINESS TARGETS
—
MATERIAL TOPICOUR 2030 VISIONPERFORMANCE MEASURETARGET FOR FY24
Sustainable management
of fish stocks
Fisheries stocks we source our harvest from
continue to be maintained at levels which can
sustain fisheries utilisation and ecosystem health.
Percentage of Sanford’s wildcatch harvest with
no known sustainability issues*
>90% by volume of harvest
Environmental
protection and ocean
health
Best practice methods to ensure and enable the
protection of ocean health, water quality,
sensitive habitats and threatened species.
Percentage of fully functional processing and
support facility environmental consents, not
requiring mandatory improvements
100%
Bottom contact trawl fishing: NZ public’s
awareness of fact-based impacts and benefits
Assist delivery of an industry program to the NZ
public to quantify and communicate facts and
dispel myths
Number of seabirds and marine mammals
affected by our Wildcatch operations
Reductions in 3-year moving average for
total interactions
Reducing carbon
footprint
Reduction of 25% absolute Scope 1 and 2
emissions by 2030 from a 2020 baseline.
Number of projects delivered in support of our
emissions reduction target
GHG emissions reduction from 2020 baseline
Six emissions-related projects
10% reduction in GHG emissions relative to
2020 baseline
Health, safety and
wellbeing
Workplaces that protect our people from the
risk of harm and support their wellbeing through
systemised use of initiatives, behaviours,
and cultures.
Percentage of all incident investigations and
reviews completed within target timeframe
100%
Percentage of high priority H&S action
plans implemented and closed within
target timeframes
>90%
Talent attraction,
development, and
retention
Workplace conditions and behaviours that
support staff attraction, development,
and retention.
Percentage of core people processes completed
on time (year-end reviews, objective setting,
business integrity/ethics training)
>90%
Food safety and quality
Leader in providing safe, high quality marine
sourced products that deliver on customers’
expectations.
Number of justified quality related
customer complaints
≤1.34 complaints per million GWkg sold
*Soft limit for fisheries management defined by MPI and is the level at which active measures are taken to rebuild stocks. Stock status tables released by MPI annually each December.

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MATERIAL TOPICOUR 2030 VISIONPERFORMANCE MEASURETARGET FOR FY24
Community and Iwi
Respected by our local communities and iwi, and
with established and deep strategic relationships
that create value for the community, our
partners, and Sanford.
Number of Sanford operational areas where
Sanford provide targeted and meaningful
community support projects, events
and initiatives
7 (Auckland, Coromandel, Marlborough, Nelson/
Tasman, South Canterbury, Southland,
Stewart Island)
Maximising profitability
and productivity
Successful execution of business strategy,
delivering growth and improved value
outcomes, driving improved business margins
and financial performance.
Wildcatch: Increase in divisional profitability,
while continuing integrity investment
FY24 Wildcatch profit > FY23
Salmon: Increase in divisional profitability, while
continuing growth investment to support 6000
GWT harvest volume in 2027
FY24 Salmon profit > FY23
Mussels: Increase in divisional profitability,
develop and deploy process, yield and
strategy KPIs
FY24 Mussels profit > FY23
Responsible leadership
Recognised as a company that governs with
clearly defined values for the greater good
of all stakeholders.
Percentage of centrally procured top-tier
suppliers accepting Sanford’s supplier code
of conduct
>90% of those having contract reviews during
the year
Climate adaptation
Appropriate responses to direct and indirect
climate impacts for our business are built into
our strategy, investment planning, and
operational processes.
Number of climate adaptation measures and
projects implemented and completed within
the business
Seven projects (6 internal, 1 external)
Risk management
Clear identification and prioritisation of risks,
and required mitigation actions to manage the
risk to acceptable levels.
Number of identified risks with residual risk
ratings reaching extreme
0
Percentage of identified risks with residual
ratings of medium or higher that are mitigated
and measured
100%

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—
WHAT MATTERS
—

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UPDATING OUR MATERIAL TOPICS FOR FY24
Since 2014, Sanford has evaluated, prioritised, responded to, and reported on
material topics in its annual report. In this year’s report, we have reported against the
material topics we initially identified in 2020, and then revised in FY22 to 19 key
topics. Progress against our FY23 targets can be read in Appendix C.
In FY22, we engaged with our stakeholders as part of a three-year cycle to review the
material issues, impacts and indicators that matter for our business. In FY23, with the
assistance of independent consultancy, Proxima (NZ), we reviewed those material issues
as we transition to the 2021 GRI Sustainability Reporting Standards, along with the
International Integrated Reporting Council (IIRC) Framework. Sustainability Reporting
Standards. The outcome was a revised list of 11 priority topics. These will be the focus of
our disclosure, targets and measurement metrics going forward in FY24. See Appendix
D for more information on the review process.
—
WHAT MATTERS
—
PEOPLE
• Health, safety and wellbeing
of our people
• Talent attraction, development
and retention
PLACE
• Sustainable management
of fish stocks
• Environmental protection
and ocean health
• Reducing our carbon footprint
and emissions
• Community and iwi relationships,
collaboration and support
PERFORMANCE
• Profitability and productivity –
maximising $/kg of our harvest
• Food safety and quality
• Responsible leadership – ethical
conduct, transparency, governance
• Adapting business practices to a
changing climate
• Risk management
Interviewed 50 internal and
external stakeholders, with
a focus on actual and
potential impacts on the
environment, economy, and
people on Sanford.
Included representatives
from across our workforce,
customer, supplier,
regulator, NGO, science,
competitor, Director, and
investor community.
Internal stakeholders were
chosen to represent a
range of views and parts of
the business, from the shop
floor to senior executives
and Board members.
Re-visited our material
topic prioritisation from
2022, utilising three key
criteria outlined by the GRI
2021 Standard. This moves
the approach to materiality
away from evaluations
based on issues that
immediately influence
stakeholder decision
making and toward a focus
on actual and potential
impacts on the
environment, economy, and
people – inclusive of both
positive and negative
impacts and human rights.
The 11 most important
topics were identified for
priority focus, taking into
account stakeholder
ranking and importance to
our business. It is on those
11 topics that we will focus
our disclosure, targets,
and measurement metrics
in FY24.
MOST IMPORTANT
TOPICS
IDENTIFIED
11
STAKEHOLDER
ENGAGEMENT
REVIEW
UPDATE OF
MATERIAL TOPICS
123
FY24 MATERIAL TOPICS

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—
SUSTAINABLE
DEVELOPMENT GOALS
—
Sanford supports the United Nations Sustainable Development Goals (SDGs). These are a collection of 17 global goals set by the United Nations General Assembly in 2015 covering
social and economic development issues. They were designed to be a “blueprint to achieve a better and more sustainable future for all.” We focus on six of these goals, where we
believe we can make a contribution and a difference.
SDGSWHERE WE CAN CONTRIBUTE OUR CONTRIBUTION
Goal 8:
Decent Work
and Economic
Growth
8.1 Sustainable economic growth
8.3 Promote policies to support job creation
and growing enterprises
8.5 Full employment and decent work with
equal pay
8.8 Protect labour rights and promote safe
working environments
Our business strategy aims to deliver economic growth and value improvements from our
sustainable harvest and use of natural resources. During FY23 we delivered our inshore
turnaround project, stabilising economic returns from those assets whilst also living our values
to care for our affected people by facilitating re-deployment offers and career workshops.
Goal 9:
Industry,
Innovation and
Infrastructure
9 Resilient infrastructure, inclusive and
sustainable industrialisation
9.1 Reliable, sustainable, and resilient
infrastructure to support economic
development and wellbeing, including within
regional areas
We strive to be a business which clearly identifies, understands, prioritises, and responds to
its key risks with effective mitigation strategies. During FY23 we have appointed a dedicated
Group Risk Manager and made substantial progress by developing and delivering an
Enterprise Risk Management policy and framework. This work continues to build resilience in
our assets and operations ensuring that we can continue to deliver on outcomes.
Goal 12:
Responsible
Consumption
and Production
12.6 Encourage companies to adopt
sustainability information in their reporting
Our commitment to transparency and sustainability reporting continues. We strive to do
more with less every day. A diligent focus on waste generation over the past four years has
proven extremely successful, and in FY23 we successfully reduced our total waste volume to
less than 40% of FY20 levels (FY20: 9,627 t, FY23: 3,667 t). We continued to support food
loss and waste reduction initiatives by encouraging a whole of fish consumption approach
through sales and donations of fish heads and frames – sales of by-products (heads, frames,
roe, wings, and collars) at our Sanford Fish Auction increased by >400% year on year.

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SDGSWHERE WE CAN CONTRIBUTE OUR CONTRIBUTION
Goal 13:
Climate Action
13.2 Integrate climate change measures into
policies, strategies planning
Climate change is already affecting our operations and activities. We’ve been disclosing our
carbon footprint since 2005 and have deployed mitigation strategies since 2016, when
climate change was identified as Sanford’s number one priority risk. This year we have
successfully contributed toward sector wide climate adaptation pathway planning, prepared
our first voluntary Climate Related Disclosure following XRB standards, and have revised the
metrics we use to track emissions across our business.
Goal 14:
Life Below Water
14.1 Reduce marine pollution
14.2 Sustainably manage, protect and restore
ecosystems
14.4 Sustainable fishing
14.7 Increase the economic benefits from
sustainable use of marine resources
Healthy oceans and ecosystems has been a core component of our business strategy for
several years. We strive to deliver best practice fishing, farming, and environmental operations
to ensure and enable the protection of water quality, habitats and endangered or threatened
species. During FY23 we successfully delivered on substantial waste water improvement
projects at our Havelock mussel processing plant, approved to upgrade seabird avoidance
devices on our largest fishing vessels above and beyond regulatory minimums, and continued
our focus on delivering benefits for people and economies from our harvest. We strongly
support the NZ Quota Management System and its delivery of fisheries sustainability.
Goal 17:
Partnerships for
the Goals
17 Partnerships for the goalsPartnering with others allows us to further our impact and deliver more effectively on many
of our most significant challenges. During FY23 we have further developed and built on our
partnerships with groups where we have common goals, such as WWF with the MAUI63
program, the Aotearoa Circle partners for seafood sector climate adaptation pathways,
Seafood NZ for industry government partnerships, and Moana fisheries for the transition of
our North Island inshore operations and staff re-deployment opportunities.

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For full profiles, please visit www.sanford.co.nz/
investors/governance/board-of-directors/. For
information on corporate governance at Sanford,
please see the Corporate Governance Report on
pages 130 to 144.
SIR ROBERT MCLEOD KNZM
INDEPENDENT CHAIRMAN
Appointed 2016, appointed Chairman in 2019.
Rob has had an extensive professional and governance
career both within the accounting profession and
various public and private companies. He is a past
Chairman of Aotearoa Fisheries Limited (Moana),
Sealord Group Limited and was a Commissioner of the
Waitangi Fisheries Commission. He has chaired and
been a member of a number of Government Task
Forces and is also a past Chairman of the New Zealand
Business Roundtable.
LLB/BCom, FCA
COMMITTEE RESPONSIBILITIES
Chairman of Board and Nominations Committee,
member of Audit, Finance and Risk Committee and
People, Health and Safety Committee.
CRAIG ELLISON
NON-INDEPENDENT, EXECUTIVE DIRECTOR AND ACTING CEO
Appointed 2021.
Craig has had a long involvement in the Fisheries and
Seafood sector. He was the past Chief Executive of
Ngāi Tahu Holdings, Chair of Ngāi Tahu Seafood,
Poutama Trust, Moana Pacific, Prepared Foods, the NZ
Seafood Standards Council, as well as serving on the
Executive of the Fishing Industry Association Board,
and numerous stakeholder organisations. Craig has
served on a number of other trade organisations and
taskforces in the sector, and was a Commissioner with
the Treaty of Waitangi Fisheries Commission (Te Ohu
Kai Moana) as it worked though the Allocation model
and giving effect to the Fisheries Settlement. After the
agreement on allocation methodology Craig served on
the board of Aotearoa Fisheries and Sealord.
Masters in Zoology
COMMITTEE RESPONSIBILITIES
Member of Nominations Committee.
—
OUR BOARD
—
AS AT 30 SEPTEMBER 2023

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DAVID MAIR
INDEPENDENT DIRECTOR
Appointed 2022.
David has significant corporate experience. He has
been CEO of NZX listed Skellerup Holdings Limited
since 2011, and a director since 2006. He was also
involved in a2 Milk from 2008 until the company
listed on the ASX in 2015. David is currently a
director of Forté Funds Management Limited.
BE (Civil), MBA
COMMITTEE RESPONSIBILITIES
Member of People, Health and Safety Committee
and Nominations Committee.
FIONA MACKENZIE
INDEPENDENT DIRECTOR
Appointed 2020.
Fiona Mackenzie is Managing Director Funds
Management, ANZ Bank New Zealand Limited. She
has had an extensive career in the finance and
investment industry, including in New Zealand and
the USA, for Guardians of New Zealand
Superannuation Fund, NZX, Morgan Stanley and
Credit Suisse. She is a director for a number of
ANZ Bank NZ subsidiaries.
BCom/LLB, MBA
COMMITTEE RESPONSIBILITIES
Chair of Audit, Finance and Risk Committee and
Nominations Committee.
ABBY FOOTE
INDEPENDENT DIRECTOR
Appointed November 2018. Resigned 9 November
2023.
Abby is a professional director with over 12 years’
experience, including both NZX and Crown
companies. With qualifications in both law and
accounting, Abby’s executive career encompassed
both disciplines, focusing on corporate finance and
commercial transactions. She has experience in a
number of diverse areas including mergers and
acquisitions, treasury and structured finance
transactions, and telecommunications. She also has
experience in managing large projects and in
strategic development and implementation.
LLB (Hons)/BCA
COMMITTEE RESPONSIBILITIES
Chair of People, Health and Safety Committee,
member of Audit, Finance and Risk Committee,
and Nominations Committee.

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Sanford’s Executive Team was refreshed and expanded in
2023, to support the new organisational structure. Our
executives are all experienced, passionate about our
industry and proven leaders. They have the expertise and
skills to lead our people as we implement our strategy and
deliver on our vision.
For more information and profiles of our Executive Team,
please visit www.sanford.co.nz/about-sanford/executive-
team/
CRAIG ELLISON
ACTING CHIEF
EXECUTIVE OFFICER
PAUL ALSTON
CHIEF FINANCIAL OFFICER
LOUISE WOOD
EXECUTIVE GM SUPPLY
CHAIN AND OPERATIONS
ANDREW STANLEY
EXECUTIVE GM MUSSELS
RICHARD MILLER
EXECUTIVE GM SALMON
PAUL TURNBULL
ACTING CO-GM WILDCATCH
COLIN WILLIAMS
ACTING CO-GM WILDCATCH
DEBRA LUMSDEN
CHIEF PEOPLE OFFICER
VAUGHAN WILKINSON
EXECUTIVE GM STRATEGY &
INNOVATION
—
OUR EXECUTIVE TEAM
—
AS AT 13 NOVEMBER 2023

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—
FY23 GROUP FINANCIAL COMMENTARY
—
Sanford’s FY23 revenue of
$553.4m was the highest in the
past five years, with revenue
gains across all three divisions
reflecting strong pricing and
improved operating conditions.
This increase was despite a lower
squid catch as a result of seasonal
conditions, the transition in the
inshore business, and lower
mussel sales volumes due to
labour shortages.
Sanford uses several non-GAAP measures
when discussing financial performance. In
particular, Adjusted EBIT is used to
provide useful information on the
underlying performance of the Sanford
business. This is also the measure used to
evaluate performance, analyse trends and
allocate resources. Adjusted EBIT
excludes transactions considered to be
non-trading or one-off in their nature or
size, and unusual transactions, which can
arise as the result of a specific event or
circumstance or transaction that is not
expected to occur frequently. Excluding
these items from adjusted EBIT can assist
users in forming a view on the underlying
performance of the Group.
In FY23, Adjusted EBIT was $49.4m, with
earnings continuing their positive climb
back to pre-covid levels. The FY23 result
excludes $18.4m of non-trading
adjustments, compared to $12.6m in the
prior year. In particular, FY23 included
$5.5m in restructuring costs as the North
Island inshore business closed, as well as a
$2.2m gain following the surrender of a
lease at the Port of Tauranga.
Sanford’s FY23 reported EBIT was
$31.0m, up 12.3% on $27.6m in the prior
year.
Reported Net Profit After Tax includes
non-trading adjustments and unusual
transactions. In the prior year FY22, NPAT
included a $43.7m gain on the sale of
crayfish quota. FY23 NPAT was $10.0m.
Net debt increased by $51m to $196m,
with ongoing capital investment,
particularly the new scampi vessel, the
Sancore technology programme, and the
Sanford Bioactives facility. Gearing at
22.9% remains within the parameters set
by the Board, reflecting a prudent and
strategic financial management approach.
Sanford has total facilities of $250m
(reduced from $270m), providing
sufficient headroom for continued
investment in capital projects (including
fleet and technology) and to explore
growth initiatives.
Operating cashflow of $41.1m remained
at strong levels.
Our inventories increased to $83.0m in
FY23 from $67.2m in FY22 with the
increase mainly in mussels and wildcatch
and timing related.
A final, fully imputed dividend of 6 cents
per share was declared by the Board,
taking full year dividends to 12 cents per
share.

50
SANFORD
INTEGRATED REPORT 2023
CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
GAAP TO NON-GAAP RECONCILIATION
12 Months
ended
30 September
2023

12 Months
ended
30 September
2022
$000$000
Reported net profit for the period (GAAP) 10,01155,772
Add back:
Income tax expense/(benefit)
7,4716,692
Net interest expense/(income) 13,5228,731
Deduct:
Net loss/(gain) on sale of investments, property,
plant and equipment and intangibles
(35)(43,616)
Reported EBIT 30,96927,579
Adjustments:
Impairment of assets
1,418 1,301
Restructuring costs 5,544 345
Software as a Service (SaaS) expenditure 12,714 10,312
Receipt from surrender of lease (2,200)
Other one-off items 947639
Adjusted EBIT 49,39240,176
Add back:
Depreciation and amortisation
32,14228,086
Adjusted EBITDA 81,53468,262
GAAP TO NON-GAAP RECONCILIATION
Sanford’s standard profit measure prepared under New Zealand GAAP is net profit.
Sanford have used non-GAAP measures when discussing financial performance in
this document. The Directors and management believe that these measures provide
useful information as they are used internally to evaluate divisional and total Group
performance and to establish operating and capital budgets. Non-GAAP profit
measures are not prepared in accordance with NZ IFRS (New Zealand equivalents to
International Financial Reporting Standards) and are not uniformly defined, therefore
the non-GAAP profit measures included in this report are not comparable with those
used by other companies. They should not be viewed in isolation or as a substitute for
GAAP profit measures as reported by Sanford in accordance with NZ IFRS.
DEFINITIONS
Reported EBIT: Earnings before interest, taxation, net gain on sale of property, plant
and equipment and intangibles.
Adjusted EBIT: Reported EBIT adjusted for impairment, restructuring costs, software as
a service (SaaS) expenditure, other one-off items and gain from termination of lease.
Adjusted EBITDA: Adjusted EBIT before depreciation and amortisation.

51
SANFORD
INTEGRATED REPORT 2023
CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
FIVE YEAR FINANCIAL REVIEW
FOR THE YEAR ENDED 30 SEPTEMBER 2023
202320222021
Restated 2020
(ii)2019
$000$000$000$000$000
Revenue 553,397 531,887 489,625 468,849 545,121
Adjusted EBITDA* 81,534 68,262 52,603 66,294 85,729
Depreciation and amortisation (32,142) (28,086) (29,310) (28,016) (20,884)
Adjusted EBIT** 49,392 40,176 23,293 38,278 64,845
Restructuring costs (5,544) (345) (288) (3,452) (1,609)
Impairment of assets (1,418) (1,301) – (1,193) (635)
Receipt from termination of lease 2,200 ––––
Software as a service (SaaS) expenditure
(ii)
(12,714) (10,312) (6,183) (4,187) –
Other one-off items (947) (639) (711) 2,082 –
Reported EBIT 30,969 27,579 16,111 31,528 62,601
Net interest expense (13,522) (8,731) (9,011) (8,995) (7,866)
Non-trading currency exchange losses–– – – (26)
Net gain (loss) on sale of investments, property, plant and equipment and intangible assets 35 43,616 12,935 4,037 4,614
Profit before income tax 17,482 62,464 20,035 26,570 59,323
Income tax expense (7,471) (6,692) (3,800) (7,151) (17,631)
Profit for the year 10,011 55,772 16,235 19,419 41,692
Non controlling interest 5 122 28 11 4
Profit attributable to equity holders of the Company 10,016 55,894 16,263 19,430 41,696
Equity
Paid in capital
94,690 94,690 94,690 94,690 94,690
Reserves 589,881 569,795 538,702 512,266 492,817
Non controlling interest 380 388 702 665 675
Total equity 684,951 664,873 634,094 607,621 588,182

52
SANFORD
INTEGRATED REPORT 2023
CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
202320222021
Restated 2020
(ii)2019
$000$000$000$000$000
Represented by:
Current assets
276,405 224,096 208,477 193,677 164,412
Less current liabilities 180,386 139,888 118,549 120,808 114,380
Working capital 96,019 84,208 89,928 72,869 50,032
Property, plant and equipment
227,254 193,032 167,660 157,143 141,774
Right-of-use assets
(i)
40,334 37,574 35,655 40,381 –
Investments 4,383 3,938 4,096 4,050 1,831
Biological assets (non current) 18,226 19,019 18,286 25,806 20,074
Intangible assets 493,196 493,096 497,132 494,973 493,111
Derivative financial instruments 12,515 6,925 9,051 10,306 11
891,927 837,792 821,808 805,528 706,833
Less non-current liabilities 206,976 172,919 187,714 197,908 118,651
Total net assets 684,951 664,873 634,094 607,620 588,182
Dividend per share (cents)12
†
10
†
– 5
†
23
†
Dividend cover (times)0.96.0
†
– 1.0
†
1.9
†
Return on average total equity1.5%8.6%2.6%3.2%7.1%
Earnings per share (cents)10.759.817.420.844.6
Net asset backing per share $7.32 $7.10 $6.77 $6.49 $6.28
* Adjusted EBITDA: Earnings before interest, taxation, depreciation, amortisation, restructruring costs, impairment of
assets, software as a service (SaaS) expenditure, other one off items and net gain on sale of investments, intangible and
long-term assets.
** Adjusted EBIT: Adjusted EBITDA after depreciation and amortisation.
† Includes the dividends proposed after balance date.
(i) The Group, on adoption of NZ IFRS 16 Leases at 1 October 2019 has recognised right-of-use assets and liabilities with
associated changes in depreciation, interest and EBITDA. As such, values in 2020 to 2023 are not consistent with 2019.
(ii) The Group has adopted a new interpretation issued in April 2021 by the IFRS Interpretations Committee (IFRIC) on the
International Accounting Standard IAS 38 Intangible Assets. The interpretation has resulted in the recognition of
Software-as-a-Service (SaaS) expenditure as an expense in the income statement rather than a capitalised asset and a
restatement has occurred through retained earnings in the 2020 financial year. Refer to the Sanford 2021 integrated
report for details.

—
FINANCIAL
STATEMENTS 2023
—
FINANCIAL STATEMENTS 2023
The Directors are pleased to present the Financial Statements of the Group
for the year ended 30 September 2023.
For and on behalf of the Board of Directors:
Sir Robert A McLeod Fiona Mackenzie
Chairman Director
13 November 2023 13 November 2023
CONTENTS
INCOME STATEMENT54
STATEMENT OF COMPREHENSIVE INCOME55
STATEMENT OF FINANCIAL POSITION56
STATEMENT OF CASH FLOWS57
STATEMENT OF CHANGES IN EQUITY60
NOTES TO THE FINANCIAL STATEMENTS61
COMBINED INDEPENDENT AUDITOR'S AND
LIMITED ASSURANCE REPORT
110
53
SANFORD
INTEGRATED REPORT 2023

54
SANFORD
INTEGRATED REPORT 2023
CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
20232022
Note$000$000
Revenue4 553,397 531,887
Cost of sales (444,760)(435,033)
Gross profit 108,637 96,854
Other income14 7,500 48,267
Distribution expenses (14,762)(12,326)
Administrative expenses5 (37,877)(36,877)
Other expenses5 (32,744)(24,923)
Operating profit 30,754 70,995
Finance income6 958 402
Finance expense6 (14,480)(9,133)
Net finance expense (13,522)(8,731)
Share of profit of equity accounted investees13 250 200
Profit before income tax 17,482 62,464
Income tax expense7 (7,471)(6,692)
Profit for the year 10,01155,772
INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
20232022
Note$000$000
Profit attributable to:
Equity holders of the Company
10,016 55,894
Non controlling interest (5)(122)
10,01155,772

Earnings per share, net of tax attributable to equity
holders of the Company during the year (expressed
in cents per share)
Basic and diluted earnings per share (cents)
From profit for the year16
10.759.8

55
SANFORD
INTEGRATED REPORT 2023
CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
20232022
$000$000
Profit for the year (after tax) 10,011 55,772

Other comprehensive income
Items that may be reclassified to the income statement
Foreign currency translation differences
183 573
Change in fair value of cash flow hedges recognised in other comprehensive income 34,270 (34,972)
Deferred tax on cash flow hedges (9,596)9,792
Cost of hedging losses recognised in other comprehensive income 440 (425)
Deferred tax on cost of hedging (123)119
Items that may not be reclassified to the income statement
Amount of treasury share cost (recovered)/expensed in relation to share-based payment
(143) 121
Other comprehensive income (loss) for the year 25,030 (24,792)
Total comprehensive income for the year 35,04230,980
Total comprehensive income for the year is attributable to:
Equity holders of the Company
35,04731,093
Non controlling interest (5) (113)
Total comprehensive income for the year 35,042 30,980
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

56
SANFORD
INTEGRATED REPORT 2023
CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
20232022
Note$000$000
Current assets
Cash on hand and at bank8
6,805 9,534
Trade receivables9104,92188,206
Derivative financial instruments18 6,170 3,901
Other receivables and prepayments 8,352 11,073
Biological assets10 48,30044,211
Inventories11 83,029 67,171
Assets held for sale 20 18,828 –
Total current assets276,405224,096
Non-current assets
Property, plant and equipment12
227,254 193,032
Right-of-use assets19 40,334 37,574
Investments13 4,383 3,938
Derivative financial instruments18 12,515 6,925
Biological assets10 18,226 19,019
Intangible assets14 493,196 493,096
Total non-current assets 795,908 753,584
Total assets 1,072,313 977,680
20232022
Note$000$000
Current liabilities
Bank overdraft and borrowings (secured)8
58,000 45,000
Derivative financial instruments18 6,138 23,872
Trade and other payables1587,373 54,585
Taxation payable 3,625 4,766
Lease obligation19 11,518 11,665
Liabilities held for sale20 13,732 –
Total current liabilities180,386 139,888
Non-current liabilities
Bank loans (secured)18
145,000 110,000
Contributions received in advance 1,878 2,219
Employee entitlements15 1,358 1,244
Derivative financial instruments18 2,262 14,642
Deferred taxation7 26,996 17,968
Lease obligation19 29,482 26,846
Total non-current liabilities 206,976 172,919
Total liabilities 387,362 312,807
Equity
Paid in capital
94,690 94,690
Retained earnings 581,016 585,961
Other reserves 8,865(16,166)
Shareholder funds 684,571 664,485
Non controlling interest 380 388
Total equity16684,951 664,873
Total equity and liabilities 1,072,313 977,680

57
SANFORD
INTEGRATED REPORT 2023
CONTENTS2023 OVERVIEWCOMMERCIAL FOCUSBUSINESS FUNDAMENTALSWHAT MATTERSFINANCIALSCLIMATE & GOVERNANCEAPPENDICES & REFERENCE
20232022
Note$000$000
Cash flows from operating activities
Receipts from customers
570,872 549,168
Interest received 958 402
Payments to suppliers and employees (506,716)(493,670)
Income tax paid (9,156)(1,619)
Interest paid (14,905)(9,377)
Net cash flows from operating activities 41,053 44,904
Cash flows from investing activities
Sale of property, plant and equipment12
578 11
Sale of intangible asset - quota14 – 52,739
Sale of investments13 – 115
Dividends received from investments13,22 152 250
Purchase of property, plant and equipment
and intangible assets12,14
(64,412)(53,442)
Acquisition of shares in other companies13,22 (347) (12)
Net cash flows used in investing activities (64,029)(339)
20232022
Note$000$000
Cash flows from financing activities
Proceeds from borrowings
60,000 67,500
Repayment of term loans (25,000)(85,000)
Dividends paid to Company shareholders17 (14,961) –
Dividends paid to non controlling
interest shareholders
(3)(201)
Lease payments (12,360) (11,359)
Net cash flows from/(used in) financing activities 7,676 (29,060)
Net (decrease)/increase in cash and cash equivalents (15,300) 15,505
Effect of exchange rate fluctuations on cash held (429) 103
Cash and cash equivalents at beginning of year (35,466) (51,074)
Cash and cash equivalents at 30 September (51,195) (35,466)
Represented by:
Bank overdraft and borrowings (secured)
(58,000) (45,000)
Cash on hand and at bank 6,805 9,534
8 (51,195) (35,466)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023