INCOME STATEMENT STATEMENT OF COMPREHENSIVE …

1 The accompanying notes form an integral part of these financial STATEMENTFor the year ended 31 December 2016 Notes2016$ 0002015$ 000 Revenue5871,771812,764 Other operating income618,81711,432 Purchases, raw materials and consumables used(630,388)(577,826)Employee benefits expenses7(127,840)(117,653)Depreciation and amortisation expenses7(21,296)(18,824)Other expenses(77,660)(79,652)Operating profit33,40430,241 Net financing expenses8(11,951)(11,978)Share of profit from joint ventures182,8653,834 Share of profit from associates194,7332,572 Other income613,044-Profit before INCOME tax42,09524,669 INCOME tax expense9(9,659)(5,219)Profit after INCOME tax32,43619,450 Attributable to.

2 Equity holders of the Parent30,47818,100 Non-controlling interests1,9581,350 Profit for the year32,43619,450 Earnings per shareBasic and diluted earnings (in cents) 2016 CONSOLIDATED FINANCIAL STATEMENTS01 I T&G Global Limited and subsidiary companiesThe accompanying notes form an integral part of these financial OF COMPREHENSIVE INCOMEFor the year ended 31 December 2016 Notes2016$ 0002015$ 000 Profit for the year32,43619,450 Other COMPREHENSIVE incomeItems that will not be reclassified subsequently to profit or loss:Gain on revaluation of property, plant and equipment, net of tax -26,559 Deferred tax effect on sale of property, plant and equipment91,286 -1,28626,559 Items that may be reclassified subsequently to profit or loss:Gain on revaluation of available-for-sale investments2240413 Exchange differences on translation of foreign operations(3,205)2,778 Cash flow hedges.

3 Fair value gain, net of tax10,5501,215 Reclassification of net change in fair value to profit or loss(7,108)(4,147)641(141)Other COMPREHENSIVE INCOME for the year1,92726,418 Total COMPREHENSIVE INCOME for the year 34,36345,868 Total COMPREHENSIVE INCOME for the year is attributable to:Equity holders of the Parent 32,56844,386 Non-controlling interests1,7951,48234,36345,868 CONSOLIDATED FINANCIAL STATEMENTS T&G 2016 T&G Global Limited and subsidiary companies I 02 03 I T&G Global Limited and subsidiary companies03 I T&G Global Limited and subsidiary companiesT&G 2016 CONSOLIDATED FINANCIAL STATEMENTSSTATEMENT OF CHANGES IN EQUITYFor the year ended 31 December 2016 NotesShare capital $ 000 Revaluation and other reserves $ 000 Retained earnings $ 000 Total $ 000 Non- controlling interests $ 000 Total equity $ 0002016 Balance at 1 January 2016170,31785.

4 74062,193318,2502,696320,946 Profit for the year - -30,47830,4781,95832,436 Other COMPREHENSIVE INCOME / (expense)Deferred tax effect on sale of property, plant and equipment22 -1,286 -1,286 -1,286 Revaluation of available-for-sale investments22 -404 -404 -404 Exchange differences on translation of foreign operations22 -(3,039) -(3,039)(166)(3,205)Movement in cash flow hedge reserve22 -3,439 -3,43933,442 Total other COMPREHENSIVE INCOME / (expense) -2,090 -2,090(163)1,927 Transactions with ownersDividends23 - -(7,188)(7,188)(550)(7,738)Issued share capital226,040 - -6,040 -6,040 Acquisition of non-controlling interest in subsidiary15 - -(5,231)(5,231)(1,558)(6,789)Total transactions with owners6,040 -(12,419)(6,379)(2,108)(8,487)Transfer from asset revaluation reserve due to asset disposal22 -(6,541)

5 6,541 - - -Balance at 31 December 2016176,35781,28986,793344,4392,383346,8 222015 Balance at 1 January 2015165,14759,47350,585275,2051,761276,9 66 Profit for the year - -18,10018,1001,35019,450 Other COMPREHENSIVE incomeRevaluation of property, plant and equipment, net of tax22 -26,559 -26,559 -26,559 Revaluation of available-for-sale investments22 -13 -13 -13 Exchange differences on translation of foreign operations22 -2,638 -2,6381402,778 Movement in cash flow hedge reserve22 -(2,924) -(2,924)(8)(2,932)Total other COMPREHENSIVE INCOME -26,286 -26,28613226,418 Transactions with ownersDividends23 - -(7,021)(7,021)(158)(7,179)Issued share capital225,170 - -5,170 -5,170 Total transactions with owners5,170 -(7,021)(1,851)(158)(2,009)Movement in share option reserve -(19)19 - - -Transactions with non-controlling interests - -510510(389)121 Balance at 31 December 2015170,31785,74062,193318,2502,696320,9 46 The accompanying notes form an integral part of these financial statements.

6 T&G Global Limited and subsidiary companies I 04 CONSOLIDATED FINANCIAL STATEMENTS T&G 2016 BALANCE SHEETProf. Lutz Director (Chairman)28 February CampbellDirector (Chair of Finance, Risk and Investment Committee)28 February 2017As at 31 December 2016 Notes2016$ 0002015$ 000 Current assetsCash and cash equivalents17,06413,654 Trade and other receivables11108,544112,783 Taxation receivable -2,819 Inventories1241,37244,214 Derivative financial instruments136,6812,609 Biological assets1422,94319,068 Total current assets196,604195,147 Non-current assetsTrade and other receivables118,9037,841 Derivative financial instruments132,8263,201 Available-for-sale investments928530 Property, plant and equipment16393,974401,395 Intangible assets1726,33525,153 Investments in joint ventures189,50510.

7 786 Investments in associates1911,5119,915 Total non-current assets453,982458,821 Total assets650,586653,968 Current liabilitiesTrade and other payables20101,147107,535 Borrowings215,5037,040 Taxation payable679-Derivative financial instruments131,5823,592 Total current liabilities108,911118,167 Non-current liabilitiesTrade and other payables203,8515,264 Borrowings21144,564163,975 Derivative financial instruments134,8253,609 Deferred tax liabilities941,61342,007 Total non-current liabilities194,853214,855 Total liabilities303,764333,022 EquityShare capital22176,357170,317 Revaluation and other reserves2281,28985,740 Retained earnings86,79362,193 Total equity attributable to equity holders of the Parent344,439318,250 Non-controlling interests2,3832,696 Total equity346,822320,946 Total liabilities and equity650,586653.

8 968 The accompanying notes form an integral part of these financial I T&G Global Limited and subsidiary companies05 I T&G Global Limited and subsidiary companiesT&G 2016 CONSOLIDATED FINANCIAL STATEMENTSSTATEMENT OF CASH FLOWSFor the year ended 31 December 2016 Notes2016$ 0002015$ 000 Cash flows from operating activitiesCash was provided from:Cash receipts from customers889,145820,248 INCOME tax refund2,111 -Other197330 Cash was disbursed to:Payments to suppliers and employees(837,829)(787,449)Interest paid(9,041)(8,934) INCOME taxes paid(4,827)(3,190)Net cash inflow from operating activities1039,75621,005 Cash flows from investing activitiesCash was provided from:Dividends received from joint ventures and associates6,2282,315 External loan repayments from suppliers, customers, joint ventures and associates41492 Proceeds from sale of the Fruit Case Company15,391 -Proceeds from sale of other property, plant and equipment10,0321,633 Cash received from business acquisitions - 1,090 Other260 -Cash was disbursed to.

9 Purchase of property, plant and equipment16(31,021)(25,996)Purchase of intangible assets17(3,024)(940)Purchase of business - (31,160)Other - (650)Net cash (outflow) from investing activities(1,720)(53,616)Cash flows from financing activitiesCash was provided from:Proceeds from borrowings - 39,000 Cash was disbursed to:Dividends paid to non-controlling interests23(550)(158)Dividends paid to Parent's shareholders23(1,148)(1,851)Repayment of borrowings(20,500)-Deferred consideration on purchase of non-controlling interests(2,064)(2,064)Deferred consideration on purchase of business(1,500)(2,050)Purchase of non-controlling interest in subsidiary15(4,421) -Bank facility fees and transaction fees8(3,055)(2,684)Other(449)(557)Net cash inflow / (outflow) from financing activities(33,687)29,636 Net increase / (decrease) in cash and cash equivalents4,349(2,975)Foreign currency translation adjustment(939)

10 782 Cash and cash equivalents at the beginning of the year13,65415,847 Cash and cash equivalents at the end of the year17,06413,654 The accompanying notes form an integral part of these financial statements. T&G Global Limited and subsidiary companies I 06 CONSOLIDATED FINANCIAL STATEMENTS T&G 2016 NOTES TO THE FINANCIAL STATEMENTS1. GENERAL INFORMATIONR eporting entity and statutory baseT&G Global Limited (the Parent) and its subsidiary companies (the Group), are recognised as New Zealand's leading grower, distributor, marketer and exporter of premium fresh produce in over 60 countries around the world.