The company's result, for the year ended September, was an improvement on last year's $31.1 million loss, while turnover slipped from $2.03 billion to $2 billion.
It has attributed the result mostly to its sheep meat operations.
The market spike, then subsequent collapse from January last year, had a ''profound impact'', Mr Garden said.
That collapse affected two financial years because of large stock positions over the September 2012 balance date, he said.
One-off external factors also hit profitability, including the Chinese border hold-ups and the Russian flow-on which materially affected shipments pre-balance date.
Chief executive Keith Cooper, who also said the result was unacceptable, said the company's management had been charged with coming up with a remedial plan.
The livestock procurement model had changed with a new regional approach to align it with local plant needs, there was a new geographic sales structure, and a focus on debt reduction.
The company was exiting some non-core assets, including various farms it no longer required around its sites.
Historically, that land had been there to hold stock but, in view of the current environment of livestock and capacity, there was no need to retain it. There were several sites in the South Island that were currently being marketed, Mr Cooper said.
Operating cash-flow deficit went from $104 million in 2012 to $5.1 million this year, which was essentially due to the company's inventory position.
There was a positive budget forecast for the coming year, based on most of the impacts during the past two years being one-off events, he said.
Direct costs from the hold-up of shipments to China were currently sitting at about $2 million, although the impact of financial and storage costs had not yet been calculated.
Mr Garden said the company's balance sheet was ''adequately robust'', with an equity ratio of 39%, down from 42%. Increased funding lines had been negotiated as part of a new two-year banking facility.
The unsold inventories were now cleared, mitigating any continuation of the losses, he said.
Beef, venison and co-products performed well during the period and co-products revenue was growing.
The company had continued to invest, with $8.2 million spent on sales and marketing, and $9 million in FarmIQ.
It would continue to invest in FarmIQ and marketing programmes, as that underpinned the future of the company's business and it was clearly the way the industry needed to go in the future, Mr Cooper said.
The outlook for the year was favourable.
Demand from China was growing, global availability of sheepmeat had fallen and key European and United States markets were aware of the need to secure stock to avoid being unable to meet consumer demand.
Silver Fern Farms was wary of the potential for the challenging dynamics of supply and demand to take prices beyond consumers' reach.
Mr Cooper said China was a ''new phenomenon'', which had created a new, concentrated risk and one he believed the industry needed to be cautious about.
He was concerned about ''putting too many eggs in one basket'' and reinventing challenges that had been experienced with Europe during the past 125 years.
China was a ''moving feast'' - while it started off with lower-value cuts, it was now buying a range of high-value cuts, he said.
