2017 Full Year Results

Full Year Results T&G GLOBAL LIMITED AND SUBSIDIARY COMPANIES Results for announcement to the market Based on audited financial statements Reporting period Twelve months to 31 December 2017 Previous reporting period Twelve months to 31 December 2016 2017 2016 Percentage change $'000 $'000 Revenue from ordinary activities $1,106,466 $871,771 26.9% Profit from ordinary activities after tax attributable to security holders $19,379 $30,478 -36.4% Net profit attributable to security holders $19,379 $30,478 -36.4% Dividend to shareholders Amount per share Imputed amount per share Final $0.06 $0.02 Dividend record date 30 March 2018 Dividend payment date 6 April 2018 2017 2016 Net tangible assets per share $3.17 $2.62 Earnings and diluted earnings per share $0.158 $0.251 Comments Financial commentary, audited financial statements are attached as part of this announcement. T&G GLOBAL CONTINUES GROWTH PATH DESPITE CHALLENGING YEAR T&G Global Limited (T&G) had plenty to celebrate in its 120th year despite climatic challenges which impacted its overall business result and contributed to a reduced profit after tax of $22.6m, down 30% on the previous year. The Group reported over a billion dollars of revenue for the first time, due to continued growth in its core business and aided by the consolidation of UK subsidiary Worldwide Fruit. Continued strong pricing for T&G's apple varieties supported revenue growth for the Pipfruit business. Additionally, improved local trading conditions led to an improved result for the New Zealand Markets business. However, 2017 was overall a challenging year with poor weather conditions negatively impacting on fruit quality and domestic and international harvests. Adverse weather conditions also impacted the International Produce division's product lines with the most affected being T&G's key grape and high margin cherry businesses. The growing maturity of T&G's international operations, inflationary increases in employee wages and salaries also added to an increase in operating costs. T&G's Chief Financial Officer, Wolfgang Loose, states "despite the difficult environmental conditions, the business overall remains on track to achieve its long-term strategic objectives. These include further vertical integration, additional investment in plant variety rights, produce marketing, and a continued focus on customer value and investment in people." One-off gains of $23.6m, relating to the acquisition of shares in Grandview Brokerage LLC and the first-time consolidation of Worldwide Fruit, were largely offset by asset impairments recorded in the business. T&G continued to invest in its local infrastructure and growing operations during 2017 as evidenced by a capital investment programme of $20.4 million. This included the planting of 62 hectares of new apple orchards and 140,000 new apple trees, ensuring a steady future supply of key variety apples for T&G's export programmes. The Group will pay a fully-imputed dividend of $0.06 per share to its shareholders in April 2018. The Dividend Reinvestment Plan will remain suspended and will not apply for this dividend For more information please contact: Jo Jalfon, Head of Corporate Brand/Communications, T&G Global Tel: 027 201 2645 Email: joanne.jalfon@tandg.global www.tandg.global End CA:00314974 For:TGG Type:FLLYR Time:2018-03-01 16:06:15