HLG Annual Report for the year ended 1 August 2018

ANNUAL REPORT 2018

HIGHLIGHTS 02
CHAIRMAN’S REPORT 04
GROUP CEO’S REPORT 06
SUSTAINABILITY MATTERS 10
HALLENSTEIN BROTHERS 12
GLASSONS 14
INDEPENDENT AUDITOR’S REPORT 16
FINANCIAL STATEMENTS 21
GENERAL DISCLOSURES 50
CORPORATE GOVERNANCE STATEMENT 54
SHAREHOLDER INFORMATION 59
DIRECTORY & CALENDAR 61

IT’S BEEN A STRONG YEAR FOR
HALLENSTEIN GLASSON HOLDINGS.
DRIVEN BY OUR TEAMS ACROSS THE GROUP, SALES HAVE INCREASED BY
16% AND NET PROFIT IS UP 58%. OUR BRANDS BUILT STRENGTH BY BEING
CREATIVE, INNOVATIVE, BOLDER AND FASTER.
WE SHARPENED OUR FOCUS ON DELIVERING THE BEST PRODUCT, STORES AND
SERVICE. WITH IMPROVED BUYING STRATEGIES AND MORE AGILE SOURCING,
OUR CUSTOMERS ARE GETTING WHAT THEY WANT, WHEN THEY WANT IT.
WE ARE PROUD OF WHAT WE’VE ACHIEVED, AND WE ARE EXCITED ABOUT
OUR VISION AND MANDATE FOR SUSTAINABLE LONG-TERM GROWTH ACROSS
NEW ZEALAND AND AUSTRALIA.
58.4
%
NET PROFIT UP

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
02
SALES
$
278M
TOTAL EQUITY
$
68M
EARNINGS PER
ORDINARY SHARE
45.87
% OF TOTAL REVENUE
THROUGH ONLINE SALES
12.8
%
TOTAL ASSETS
$
92M
HIGHLIGHTS
HIGHLIGHTS
UP 16.2
%
UP 58.4
%

UP FROM
9
%
IN 2017

PROFIT AFTER TAX
$
27M
ONLINE SALES GROWTH
63.6
%

03
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
1,573
TEAM MEMBERS
B+
IMPROVING OUR RATING IN THE
2018 ETHICAL FASHION REPORT.
112
TOTAL STORES
ENVIRONMENT
INTRODUCING 100% RECYCLABLE
& BIODEGRADABLE PAPER BAGS
INTO OUR STORES.

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
04
The company advises that Group
sales for the 12 months to 1 August
2018 were $277.64 million,
an increase of 16.2% over the
corresponding period last year
($239.00 million). The audited
net profit after tax was $27.36
million, an increase of 58.4% over
the corresponding period last year
($17.27 million).
The 2017/18 financial year has continued
to build on the success of the previous
year. The buying strategy, investment
in digital and the improvements in
customer service and experience
that were implemented in 2017 have
supported sales and margin growth.
Combined with tighter cost control, this
has in turn led to significant net profit
growth. Whilst the trading environments
remain tough in both New Zealand and
Australia, our brands have responded
and adapted to these conditions to
deliver the strong result.
Segment Results
Glassons New Zealand
Sales for the year were $96.73 million,
an increase of 8.1% on the prior year.
Key to the performance over the last
twelve months has been our focus on
fashion, our speed to market and our
customer service. Significant investment
was made in digital throughout the year,
improving customer engagement with
our website, social media platforms as
well as in our stores.
During the year, we renovated the
Queenstown and Queensgate stores to
our new concept design, and we closed
one underperforming store in Henderson.
Planned investment is proceeding in
New Zealand for the current financial
year. We have already refurbished our
Dunedin store and have a number of
additional store upgrades scheduled.
Glassons Australia
Sales for the year were $78.42 million, an
increase of 56.7% on the prior year. We
continue to evolve our product offer in
Australia, focused on our Australian
customer. This increased emphasis,
together with our innovation in customer
service, investment in digital and speed
to market has driven sales in what
remains an increasingly challenging
retail market.
During the year two new stores,
Melbourne Central and Charlestown,
were opened and a further two stores,
Warringah and Chermside, were
refurbished into our new concept.
Planned investment is proceeding in
Australia. We have refurbished three
stores in the current season in Bondi,
Highpoint and Parramatta with
additional refurbishments scheduled in
the short term. There are also store
openings planned in The Glen and
Liverpool for later this year with some
other stores under consideration.
Hallenstein Brothers
Sales for the year were $96.89 million
(including Australia), an increase of 6.4%
on the prior year. Hallenstein Brothers
continues to build on its established
market leading position in New Zealand.
The three stores in Australia have
performed steadily and we remain
positive about the opportunity that exists
for the brand in that market. Investment
has continued in digital to help drive
sales and improve customer engagement.
During the year, the Queenstown store
was refurbished to new concept and two
small underperforming non-strategic
stores were closed.
WARREN BELL
CHAIRMAN
RESULTS FOR
FULL YEAR ENDED
1 AUGUST 2018
CHAIRMAN’S REPORT

05
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
Further investment in stores is planned
for the current financial year as well as an
extension to the Distribution Centre to
accommodate the growth in online sales.
Storm
The Storm business assets were sold
on 30th April 2018 to Blackstar Holdings
Limited. The Storm retail stores are
no longer part of the Hallenstein
Glasson Group.
E-Commerce
As a result of the Company’s ongoing
investment in digital, online sales growth
has improved at a significantly greater
rate than bricks and mortar stores.
During the last financial year, online
sales growth was 63.6% and now
represents 12.8% of Group turnover.
We will continue to invest in technology
and resources to build momentum in
this strategic area of the business into
the future.
Dividend
The Directors have declared a final
dividend of 24 cents per share (fully
imputed) to be paid on 17th December
2018. Together with the interim dividend
of 20 cents per share that was paid on
13th April 2018, the full year dividend
is 44 cents per share. This increase in
dividend payment comes as a result of
the Company’s strong balance sheet,
well controlled inventories and the
current trading patterns.
Future Outlook
The first eight weeks of the new financial
year have seen sales grow +7.2% on the
prior year. The Group continues to
improve and build on its buying strategies,
speed to market and customer service.
Strategic investment continues in digital,
as well as in new and refurbished stores.
Customers have reacted positively to new
season stock and web sales continue to
grow. The Group is focused on delivering
a strong performance going into
Christmas trading.
The outlook for the second half of the
year remains uncertain as increasing fuel
costs and the lower New Zealand and
Australian dollar puts pressure on the
margin. We will remain focused on cost
control and improving our market share
in the New Zealand and Australia fashion
apparel sector in which we operate.
An update will be provided at the
annual meeting of shareholders in
December 2018.
Warren Bell
Chairman
GROUP SALES
16.2
%

TO $277.64M
GROUP PROFIT INCREASE
58.4
%
TO $27.36M

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
06
PEOPLE,
CUSTOMER,
PRODUCT &
EXECUTION.
MARK GODDARD
GROUP CEO
GROUP CEO’S REPORT
I am extremely proud of the strong performance that
the Group has delivered through the Financial Year
ended 1 August 2018.
The results reflect strong performance in Glassons Australia and
solid growth in New Zealand across Glassons and Hallensteins.
Both brands, especially Glassons Australia, are operating in
challenging retail conditions, which makes the results achieved
all the more pleasing – they are a credit to the amazing teams we
have in place across the Group.
Our success this year can be attributed to our key strengths –
the continued improvement of our buying strategies, our focus
on being fashion forward, our investment and engagement in
digital, and an emphasis on customer service. Together with our
increasing ability to accelerate change, and our willingness to
challenge ourselves to be different, these factors set us apart
from our competition.

07
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
ACROSS THE GROUP WE
ARE CUSTOMER OBSESSED
Over the last twelve months we have
accelerated investment in improving
service to our customer. We continue
to differentiate ourselves from our
competition in our service levels, as
well as our product offering and our
in-store experience. Whilst our online
sales continue to grow in both volume
and as a percentage of our total sales, we
recognise the importance of our physical
stores and the exciting role they play in
our current and future growth plans.
We have outstanding, talented people
and teams. We are extremely proud
and protective of our culture that values
empowerment, creativity, innovation and
agility. Our passion and drive comes from
a shared belief in an entrepreneurial
spirit, and one that values and believes in
the power of the team.
Whether working in our offices,
our distribution centres or in our
stores, we know each person plays
an important role – their passion,
dedication and commitment is
directly reflected in the financial
results delivered for the year.
OUR STRENGTH IS OUR
PEOPLE AND TEAMS
A CULTURE WHERE THE
DEVELOPMENT OF OUR TEAM
AND FUTURE LEADERSHIP
IS A PRIORITY.
GROUP CEO’S REPORT
63.6
%
ONLINE
SALES GROWTH

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
08
As a Group, and within each brand,
we continue to invest in unlocking and
supporting future growth. We have
seen our investment in digital continue
to drive and support growth in both
countries, and whilst that growth online
has been strong, it’s particularly pleasing
to see that our physical stores have also
grown despite the challenging markets
that they are in. This supports our view
that digital is about engaging with our
customers and driving them in-store as
much as it is about online sales.
Whilst we continue to increase our
investment in digital, we have also
invested in new and refurbished stores.
But as strong as these new stores are,
they are not standing still. We are
constantly looking for ways to improve
them. It is essential to our brands, and
to our ongoing growth, that we give
our customers the most exciting and
engaging experience we can. This is
not just limited to innovative store
design, it encompasses the delivery
of great customer service and
outstanding product.
We have introduced a number of
new and innovative customer facing
technologies, for example ‘Be the D.J.’
where customers can choose their own
music whilst they shop. Other initiatives
include interactive and service-focused
fitting rooms, mobile payment options
and facilities, as well as technology to
help our store teams serve customers
more efficiently and to reduce store
operation stress points such as stock
management. Team and customer
feedback to date has been positive. This
gives us confidence in our plans for new
and refurbished stores during the current
financial year.
Additionally, we are investing in our
supply chain in order to support future
growth online, as well as serve our stores
better. The expansion of the Hallenstein
Brothers Distribution Centre in Auckland
is our first step in this process.
112
STORES
ACROSS THE GROUP
7 STORES
OPENED OR RENOVATED
DURING THE PAST YEAR
12.8
%
OF TOTAL REVENUE
THROUGH ONLINE SALES
BRAND EXPERIENCE AND ENGAGEMENT
IS INCREASINGLY IMPORTANT
THROUGH DIGITAL, WE AIM TO
ENGAGE WITH OUR CUSTOMERS
AND BETTER CONNECT THEM
WITH OUR STORES.
GROUP CEO’S REPORT

09
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
SUSTAINABILITY AND
ETHICAL SOURCING
We are committed to delivering better
outcomes for our customers, communities
and the environment and we are proud
of what has been achieved to date. As
a business, we are working to improve
sustainability in everything we do.
This year we were pleased to receive a
B+ rating from Baptist, and we have
recently introduced paper bags into stores
– we intend to eliminate plastic shopping
bags by early 2019. But we know a great
deal more work lies ahead. The impact
we have on the world around us will
continue to be a major focus as we strive
to integrate policies and initiatives into
our everyday business.
GLASSONS
Glassons continues to build its fashion
credentials in both Australia and
New Zealand. Our model of bringing to
market the products our customers want,
when they want it, is always evolving and
improving, as is our ability to respond to
market conditions with speed and agility.
Our in-store experience continues to be
one of the most exciting within the retail
marketplace, not only through our store
design, but with the strong and engaged
customer service levels our team delivers.
We continue to develop and invest in
our digital experience both in store and
online, and our customers are responding
well to marketing strategies which merge
the best of both these worlds.
HALLENSTEIN BROTHERS
Hallenstein Brothers continues to build
on its market leadership model in New
Zealand. Focus in the last twelve months
has been on driving key categories of
brand ownership through the business,
a shift that has been well received by
customers. The team continue to work on
innovative product, offering value as well
as engaging marketing campaigns.
As in Glassons, our investment in digital
continues to deliver strong results as the
brand drives its position in the market.
We’ve trialled a number of in-store
technologies with good success and we
look forward to rolling these out into key
stores later this year.
OUTLOOK
Whilst the new financial year has
started well, and we have seen ongoing
improvement, the outlook for the second
half and into the new calendar year
remains uncertain. Australia continues
to be a challenging retail market and
business confidence in New Zealand
has declined. Consumers on both sides
of the Tasman face ever-increasing
pressures, for example rising fuel prices,
and businesses in both countries are
experiencing legislative change as well
as challenging exchange rates.
However, as a Group, we remain
focused on those things that are within
our control. We will continue to build
and develop our team, to focus on our
customer, to develop and deliver the best
product, and to closely manage our cost
base. With these strategies and our team
in place, we are striving for continuous
improvement across our business.
Mark Goddard
Group CEO
GROUP CEO’S REPORT

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
10
SUSTAINABILITY MATTERS
HALLENSTEIN GLASSON
HOLDINGS IS COMMITTED
TO PEOPLE, THE PLANET
AND OUR FUTURE.
Hallenstein Glasson Holdings has embarked on a journey
to improve transparency in all areas of our operation,
especially in relation to people and the environment.
We have introduced a comprehensive auditing programme
for our suppliers, and we’re working to ensure they are
equipped and motivated to partner with us as we change.
We are committed to delivering better outcomes for our
customers, communities and the environment and we’re
proud of what has been achieved to date. However, many
challenges remain and we understand our ability to drive
and maintain change is critical to our future success.
As a business, we are driving sustainability in everything
we do – but we know a great deal more work lies ahead.
The impact we have on the world around us will
continue to be a major focus as we strive to integrate
policies and initiatives into our everyday business.
SUSTAINABILITY
MATTERS

11
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
2018 ACHIEVEMENTS
PEOPLEPLANETTECHNOLOGY
> We have improved our
rating to B+ in the 2018
Ethical Fashion Report.
> Over 90% of our suppliers
in China have elected
workers’ representatives.
> 28% of our suppliers in
India are engaged with
local Non-Government
Organisations that promote
the health and personal
safety of female workers.
> Group CEO Mark Goddard
continues to visit supplier
factories in China, further
fostering and building our
commitment to long-term
relationships and values.
> Hallenstein Glasson
Holdings production
teams have increased the
frequency of supplier visits
– these now occur every
two to three weeks. This
allows us to develop more
personal relationships with
suppliers, in turn building
trust and achieving greater
transparency.
> We are evolving our
culture and business
model to be more
focussed on the
“Three R’s”: Reduce,
Reuse, Recycle.
> We have introduced
100% recyclable and
biodegradable paper bags
in our stores and we
envisage eliminating
plastic shopping bags
by early 2019.
> Our suppliers have
demonstrated a genuine
willingness to work with
us in initiatives designed
to reduce pollution locally
and globally.
> Approximately 20% of
our product now comes
from renewable sources.
We believe we can do
much better and we are
currently reviewing our
sustainable fibre targets
for 2019 and beyond.
We believe technology will
be crucial in driving the
change required to achieve
a more sustainable fashion
industry and to support
workers’ rights. Included
among the initiatives we’ll
be using to help us achieve
this is the introduction of
whistle-blower apps that
allow workers in our supplier
factories to raise concerns
anonymously.
> We are finding ways to
better communicate our
objectives, achievements
and ongoing projects with
our customers.
> We will continue to look
at ways to reduce our
environmental footprint –
including a review of our
supply chain, head office
and store operations.
> We will continue to
investigate new ways to
introduce technology that
helps us achieve our goals.
THE FUTURE
WE ARE EVOLVING OUR CULTURE
AND BUSINESS MODEL TO BE MORE
FOCUSSED ON THE “THREE R’S”:
REDUCE, REUSE, RECYCLE.

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
12
HALLENSTEIN BROTHERS
CONTINUES TO BUILD ON ITS
ESTABLISHED MARKET LEADING
POSITION IN NEW ZEALAND.

13
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
“FOCUS IN THE LAST TWELVE
MONTHS HAS BEEN ON DRIVING
KEY CATEGORIES OF BRAND
OWNERSHIP THROUGH THE BUSINESS.”
MARK GODDARD
28.5K
INSTAGRAM
FOLLOWERS
$
97M
TOTAL SALES
UP 6.4
%

DISTRIBUTION CENTRE
UNDER EXPANSION TO
ACCOMMODATE
GROWTH IN ONLINE SALES.
42 STORES
IN NEW ZEALAND
3 STORES
IN AUSTRALIA

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
14
“OUR IN-STORE EXPERIENCE
CONTINUES TO BE ONE OF THE
MOST EXCITING WITHIN
THE RETAIL MARKETPLACE.”
MARK GODDARD
269K
INSTAGRAM
FOLLOWERS
KEY TO THE PERFORMANCE
OVER THE LAST 12 MONTHS
HAS BEEN OUR FOCUS ON
FASHION, SPEED TO MARKET
AND CUSTOMER SERVICE.
$
97M
NEW ZEALAND SALES
UP 8.1
%

$
78M
AUSTRALIAN SALES
UP 56.7
%

15
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
30 STORES
IN AUSTRALIA
37 STORES
IN NEW ZEALAND

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
16
PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz
Independent auditor’s report
To the shareholders of Hallenstein Glasson Holdings Limited
The financial statements comprise:
the statement of financial position as at 1 August 2018;
the statement of comprehensive income for the year then ended;
the statement of changes in equity for the year then ended;
the statement of cash flows for the year then ended; and
the notes to the financial statements, which include significant accounting policies.
Our opinion
In our opinion, the financial statements of Hallenstein Glasson Holdings Limited (the Company),
including its subsidiaries (the Group), present fairly, in all material respects, the financial position of
the Group as at 1 August 2018, its financial performance and its cash flows for the year then ended in
accordance with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS)
and International Financial Reporting Standards (IFRS).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
NZ) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in theAuditor’s responsibilities for the audit of the financial statementssection of
our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised)
Code of Ethics for Assurance Practitioners(PES 1) issued by the New Zealand Auditing and Assurance
Standards Board and the International Ethics Standards Board for Accountants’Code of Ethics for
Professional Accountants(IESBA Code), and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
Our firm carried out other services for the Group in the areas of tax advisory and tax compliance
services. The provision of these other services has not impaired our independence as auditor of the
Group.
INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF HALLENSTEIN GLASSON HOLDINGS LIMITED

17
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
PwC
Our audit approach
Overview
An audit is designed to obtain reasonable assurance whether the financial
statements are free from material misstatement.
Overall Group materiality: $1,903,500, which represents 5% of profit before
tax.
We chose profit before tax as the benchmark because, in our view, it is the
benchmark against which the performance of the Group is most commonly
measured by users, and is a generally accepted benchmark.
We agreed with the Audit and Risk Committee that we would report to
them misstatements identified during our audit above $100,000 as well as
misstatements below that amount that, in our view, warranted reporting for
qualitative reasons.
We have determined that there is one key audit matter:
Inventory Valuation
Materiality
The scope of our audit was influenced by our application of materiality.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the financial statements as a whole as set out above. These,
together with qualitative considerations, helped us to determine the scope of our audit, the nature,
timing and extent of our audit procedures and to evaluate the effect of misstatements, both
individually and in aggregate on the financial statements as a whole.
Audit scope
We designed our audit by assessing the risks of material misstatement in the financial statements and
our application of materiality. As in all of our audits, we also addressed the risk of management
override of internal controls including among other matters, consideration of whether there was
evidence of bias that represented a risk of material misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an
opinion on the financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industry in which the Group operates.
Our Group audit scope focused on the major operating locations. In aggregate, the locations selected
as part of our audit scoping contributed 95% of the Group’s Revenue and 99% of the Group’s profit
before tax.
Audits of each major operating location are performed by PwC New Zealand at a materiality level
calculated by reference to a proportion of Group materiality appropriate to the relative scale of the
operations concerned. The remaining operations were not considered significant to the Group and
were subject to other procedures including analytical procedures.
Materiality
Audit scope
Key audit
matters
INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF HALLENSTEIN GLASSON HOLDINGS LIMITED

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
18
PwC
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current year. These matters were addressed in the context
of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
Key audit matterHow our audit addressed the key audit matter
Inventory Valuation
As at 1 August 2018, the Group held $20.9
million of inventories. Given the size of the
inventory balance relative to the total
assets of the Group and the estimates and
judgements described below, the valuation
of inventory required significant audit
attention.
As disclosed in Note 3.2, inventories are
held at the lower of cost and net realisable
value determined using the weighted
average cost method. At year end, the
valuation of inventory is reviewed by
management and the cost of inventory is
reduced where inventory is forecast to be
sold below cost.
The determination of whether inventory
will be realised for a value less than cost
requires management to exercise
judgement and apply assumptions.
Management undertake the following
procedures for determining the level of
write down required:
Use inventory ageing reports together
with historical trends to estimate the
likely future saleability of slow moving
and older inventory lines;
For inventory aged greater than one
year, management apply a percentage
based write down to inventory. The
percentages are derived from
historical levels of write down; and
Perform a line-by-line analysis of
remaining inventory to ensure it is
stated at the lower of cost and net
realisable value and a specific write
down is recognised if required.
We have performed the following procedures over the
valuation of inventory:
For a sample of inventory items, re-performed the
weighted average cost calculation and compared
the weighted average cost to the last purchase
invoices;
We tested that the ageing report used by
management correctly aged inventory items by
agreeing a sample of aged inventory items to the
last recorded invoice;
On a sample basis we tested the net realisable
value of inventory lines to recent selling prices;
We assessed the percentage write down applied to
older inventory with reference to historic inventory
write downs and recoveries on slow moving
inventory;
We re-performed the calculation of the inventory
write down; and
We also made enquires of management, including
those outside of the finance function, and
considered the results of our testing above to
determine whether any specific write downs were
required.
From the procedures performed we have no matters to
report.
INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF HALLENSTEIN GLASSON HOLDINGS LIMITED

19
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
PwC
Information other than the financial statements and auditor’s report
The Directors are responsible for the annual report. Our opinion on the financial statements does not
cover the other information included in the annual report and we do not, and will not express any form
of assurance conclusion on the other information. At the time of our audit, there was no other
information available to us.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated. If, based on the work we have performed on the other information that we obtained prior to
the date of this auditor’s report, we conclude that there is a material misstatement of this other
information, we are required to report that fact.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the
Directors determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole,
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs NZ and ISAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-
report-1/
This description forms part of our auditor’s report.
INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF HALLENSTEIN GLASSON HOLDINGS LIMITED

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
20
PwC
Whowereportto
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our
audit work, for this report or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Keren Blakey.
For and on behalf of:
Chartered Accountants
28 September 2018
Auckland
INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF HALLENSTEIN GLASSON HOLDINGS LIMITED

21
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 1 AUGUST 2018
$’000NOTE20182017
Sales revenue
2.1277,642239,004
Cost of sales2.1(107,567)(98,350)
Gross profit
170,075140,654
Other operating income2.2820954
Selling expenses(98,937)(87,836)
Distribution expenses(7,601)(7,327)
Administration expenses(26,538)(22,614)
Total expenses
(133,076)(117,777)
Operating profit
37,81923,831
Finance income2.1251239
Profit before income tax
38,07024,070
Income tax expense
6.1(10,709)(6,801)
Net profit after tax attributable to the shareholders of the
Holding Company2.127,36117,269
Other comprehensive income
- Items that will not be reclassified to profit or loss
Gains (net of tax) on revaluation of land and buildings6.1–3,298
Increase in share option reserve6.1124129
- Items that may be subsequently reclassified to profit or loss
Fair value gain (net of tax) in cash flow hedge reserve 6.13,393764
Total comprehensive income for the year attributable
to the shareholders of the Holding Company30,87821,460
Earnings per share
Basic and diluted earnings per share2.4 45.87 28.95
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
22
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.
The financial statements are signed for and on behalf of the board and were authorised for issue on 28 September 2018.

Graeme Popplewell Malcolm Ford
Director Director
28 September 2018 28 September 2018
STATEMENT OF FINANCIAL POSITION
AS AT 1 AUGUST 2018
$’000NOTE2018
2017
(RESTATED)
EQUITY
Contributed equity5.127,81827,270
Asset revaluation reserve15,60915,609
Cashflow hedge reserve1,739(1,654)
Share option reserve155327
Retained earnings23,01917,271
Total equity
68,34058,823
Represented by
CURRENT ASSETS
Cash and cash equivalents3.117,45312,552
Trade and other receivables182779
Advances to employees464238
Prepayments3,8713,873
Inventories3.220,95920,605
Derivative financial instruments7.52,417 –
Total current assets
45,34638,047
NON-CURRENT ASSETS
Property, plant and equipment4.236,81136,400
Investment property4.38,4648,464
Intangible assets560539
Deferred tax6.29402,044
Total non-current assets
46,77547,447
Total assets
92,12185,494
CURRENT LIABILITIES
Trade payables5,5069,169
Employee benefits7.14,7864,500
Other payables10,7778,187
Derivative financial instruments7.5 – 2,298
Taxation payable2,7122,517
Total current liabilities
23,78126,671
Total liabilities
23,78126,671
Net assets
68,34058,823

23
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 1 AUGUST 2018
$’000NOTE
SHARE
CAPITAL
TREASURY
STOCK
ASSET
REVALUATION
RESERVE
CASH
FLOW
HEDGE
RESERVE
SHARE
OPTION
RESERVE
RETAINED
EARNINGS
TOTAL
EQUITY
Balance at 1 August 201629,279(1,630)12,617(2,418)20317,82655,877
Correction of error (net of tax)1.3––(306)––656350
Balance at 1 August 2016
(restated)
29,279(1,630)12,311(2,418)20318,48256,227
COMPREHENSIVE INCOME
Profit for year–––––17,26917,269
Revaluation net of tax6.1––3,298–––3,298
Cash flow hedges net of tax6.1–––764––764
Increase in share option reserve6.1––––129–129
Total comprehensive income
––3,29876412917,26921,460
TRANSACTIONS
WITH OWNERS
Purchase of treasury stock5.1, 5.2–(600)––––(600)
Sale of treasury stock5.1, 5.2–52––––52
Dividends 2.3, 5.1–175–––(18,491)(18,316)
Transfer to employee advances5.1–––––––
Transfer of share option reserve
to retained earnings ––––(5)5–
(Gain)/loss on sale of
treasury stock transferred
to retained earnings5.1–(6)–––6–
Total transactions
with owners
–(379)––(5)(18,480)(18,864)
Balance at 1 August 2017
29,279(2,009)15,609(1,654)32717,27158,823
COMPREHENSIVE INCOME
Profit for year–––––27,36127,361
Cash flow hedges net of tax6.1–––3,393––3,393
Increase in share option reserve6.1––––124–124
Total comprehensive income
–––3,39312427,36130,878
TRANSACTIONS
WITH OWNERS
Purchase of treasury stock5.1, 5.2–(800)––––(800)
Sale of treasury stock5.1, 5.2–606––––606
Dividends 2.3, 5.1–177–––(22,069)(21,892)
Transfer to employee advances
5.1–725––––725
Transfer of share option reserve to
retained earnings ––––(296)296–
(Gain)/loss on sale of
treasury stock transferred
to retained earnings5.1–(160)–––160–
Total transactions
with owners
–548––(296)(21,613)(21,361)
Balance at 1 August 2018
29,279(1,461)15,6091,73915523,01968,340
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
24
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 1 AUGUST 2018
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.
$’000NOTE20182017
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Sales to customers278,279239,885
Rent received2.2780781
Interest income2.1232214
Interest on debtors2.11925
279,310240,905
Cash was applied to:
Payments to suppliers181,952159,875
Payments to employees51,31545,863
Taxation paid10,7315,972
243,998211,710
Net cash flows from operating activities
35,31229,195
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant and equipment
and intangible assets48863
Repayment of employee advances499105
987168
Cash was applied to:
Purchase of property, plant and equipment and intangible assets4.29,31212,138
9,31212,138
Net cash flows (applied to) investing activities
(8,325)(11,970)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Sale of treasury stock and dividends
5.1, 5.2783227
783227
Cash was applied to:
Dividend paid2.322,06918,491
Purchase of treasury stock5.1, 5.2800600
22,86919,091
Net cash flows (applied to) financing activities
(22,086)(18,864)
Net increase/(decrease) in funds held
4,901(1,639)
Cash and cash equivalents at the beginning of the year
12,55214,191
Cash and cash equivalents at the end of the year
3.117,45312,552

25
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 1 AUGUST 2018
RECONCILIATION OF PROFIT AFTER TAXATION TO CASH FLOWS FROM OPERATING ACTIVITIES
$’000NOTE20182017
NET PROFIT AFTER TAXATION
27,36117,269
ADD/(DEDUCT) ITEMS CLASSIFIED AS INVESTING OR
FINANCING ACTIVITIES
Loss on sale of plant and equipment
2.248135
ADD/(DEDUCT) NON CASH ITEMS
Depreciation and amortisation
2.27,9087,565
Deferred taxation
6.2(215)(688)
Revaluation of financial instruments
– (254)
Share option expense
124129
ADD/(DEDUCT) MOVEMENTS IN WORKING CAPITAL ITEMS
Taxation payable
1951,518
Trade and other receivables and prepayments
599427
Trade and other payables and employee benefits
(787)3,798
Inventories
(354)(604)
NET CASH FLOWS FROM OPERATING ACTIVITIES
35,31229,195
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
26
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018
1. BASIS OF PREPARATION
This section presents a summary of information considered relevant and material to assist the reader in understanding the
foundations on which the financial statements as a whole have been compiled. Accounting policies specific to notes shown
in other sections are disclosed in a shaded box and are included as part of that particular note.
1.1 General information
Reporting entity
Hallenstein Glasson Holdings Limited (“Company” or “Parent”) together with its subsidiaries (the “Group”) is a retailer of men’s
and women’s clothing in New Zealand and Australia.
The Company is a limited liability company incorporated and domiciled in New Zealand. The address of its registered office is
Level 3, 235-237 Broadway Newmarket, Auckland.
Statutory base
Hallenstein Glasson Holdings Limited is a company registered under the Companies Act 1993 and is a FMC reporting entity
under Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on the New Zealand Stock Exchange (NZX).
The financial statements of the Group have been prepared in accordance with the requirements of Part 7 of the Financial Markets
Conduct Act 2013 and the NZX Main Board Listing Rules.
The financial statements were approved for issue by the Board of Directors on 28 September 2018.
1.2 General accounting policies
Statement of compliance
These financial statements for the year ended 1 August 2018 have been prepared in accordance with Generally Accepted Accounting
Practice (GAAP). They comply with New Zealand equivalents to International Financial Reporting standards (NZ IFRS), other
New Zealand accounting standards and authoritative notices that are applicable to entities that apply NZ IFRS. The financial
statements comply with International Financial Reporting Standards (IFRS).
Basis of preparation of financial statements
The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have
been consistently applied to all the periods presented, unless otherwise stated.
The reporting currency used in the preparation of these financial statements is New Zealand dollars, rounded where necessary
to the nearest thousand dollars.
Entities reporting
The financial statements are the Consolidated Financial Statements of the Group comprising Hallenstein Glasson Holdings Limited
and subsidiaries, together they are referred to in these financial statements as ‘the Group’. The parent and its subsidiaries are
designated as for-profit entities for financial reporting purposes.
Principles of consolidation
Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the
entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from
the date that control ceases.
Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

27
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
1. BASIS OF PREPARATION (CONTINUED)
Investments in subsidiaries
PRINCIPAL SUBSIDIARIESINTEREST HELD BY PARENT
AND GROUP
PRINCIPAL ACTIVITIES
20182017
Hallenstein Bros Limited100%100%Retail of menswear in New Zealand
Hallenstein Brothers Australia Limited100%100%Retail of menswear in Australia
Glassons Limited100%100%Retail of womenswear in New Zealand
Glassons Australia Limited100%100%Retail of womenswear in Australia
Retail 161 Limited100%100%Retail of womenswear in New Zealand
Retail 161 Australia Limited100%100%Retail of womenswear in Australia
Hallenstein Properties Limited100%100%Property ownership in New Zealand
Historical cost convention
These financial statements have been prepared under the historical cost convention, as modified by the revaluation of land
and buildings and financial assets and liabilities (including derivative instruments) measured at fair value.
Critical accounting estimates, judgements and assumptions
The preparation of financial statements in conformity with NZ IFRS requires the use of certain critical accounting estimates.
It also requires management to exercise its judgement in the process of applying the Group’s accounting policies.
Property, plant and equipment: The Group has assessed whether the carrying value of its property, plant and equipment
have suffered any impairment since they were acquired. The recoverable amounts of cash generating units (at a subsidiary level)
are determined based on value in use calculations. These calculations require the use of estimates and projections of future
operating performance.
Inventory provision: The Group assess the inventory provision using management judgement which considers a range of
factors including the review of historical data, the age of inventory and current selling price trends to determine the appropriateness
of the provision.
Revaluation of Land and Buildings: The fair value of the Group’s land and buildings is determined by the Board following an
independent valuation undertaken at least every three years. The basis of the valuation is assessed within a range indicated by two
valuation approaches: discounted cash flow analysis and an income capitalisation approach. The key assumptions are disclosed in
note 4.2.
Revaluation of Investment Property: The fair value of the Group’s investment property is determined by the Board following
a valuation undertaken annually. The basis of the valuation is assessed within a range indicated by two valuation approaches:
discounted cash flow analysis and an income capitalisation approach. The key assumptions are disclosed in note 4.3.
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group’s operations are measured using the currency of the primary
economic environment in which it operates (‘the functional currency’). The financial statements are presented in New Zealand
dollars, which is the Group’s functional and presentational currency.
Transactions and balances
The results and financial position of all the Group entities that have a functional currency different from the presentation currency
are translated into the presentation currency as follows:
(a) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; and
(b) income and expenses for each statement of comprehensive income are translated at average exchange rates.
All resulting exchange differences are recognised in the statement of comprehensive income.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
28
1. BASIS OF PREPARATION (CONTINUED)
1.3 Reclassification in accounting for investment property
The Group owns properties leased in full or partially to third parties and earning rental income which have been previously
incorrectly classified as property, plant and equipment, but should have been recognised as investment property. As the Group’s
policy is to keep the land and buildings at fair value, the revaluation gains and losses have been recognised through other
comprehensive income to asset revaluation reserve. However, the revaluation gains and losses related to investment properties
should have been recognised in profit before income tax. The correction of this error results in a reclassification from property, plant
and equipment to investment property of $8.46 million, a reclassification from the asset revaluation reserve to retained earnings of
$0.3 million, and an adjustment to deferred tax and retained earnings of $0.35 million.
The error relates to 2016 and prior periods and has been corrected in the opening balances of the comparative period by restating
each of the affected financial statement lines items as follows:
Statement of financial position (extract)
$’0002016
INCREASE /
(DECREASE)
2016
(RESTATED)
Asset revaluation reserve12,617(306)12,311
Retained earnings17,82665618,482
Total equity
55,87735056,227
Property, plant and equipment36,227(8,464)27,763
Investment property–8,4648,464
Deferred tax asset2,2913502,641
Total non-current assets
39,01135039,361
The Directors have assessed the impact of this adjustment on transactions presented in the statement of comprehensive income
for the year ended 1 August 2018 and have concluded that no significant errors occurred. As a result, the 2017 statement of financial
position, statement of changes in equity and related additional notes have been restated to reflect the adjustments made to the
opening balances disclosed above only. There has been no restatement of the statement of comprehensive income or earnings
per share. Directors concluded that presentation of a third balance sheet is not required because the adjustment related to
reclassifications, resulting in no significant impact on net assets position.
Statement of financial position (extract)
$’0002017
INCREASE /
(DECREASE)
2017
(RESTATED)
Asset revaluation reserve15,915(306)15,609
Retained earnings16,61565617,271
Total equity
58,47335058,823
Property, plant and equipment44,864(8,464)36,400
Investment property–8,4648,464
Deferred tax asset1,6943502,044
Total non-current assets
47,09735047,447
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

29
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
2. PERFORMANCE
2.1 Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the Board of Directors. The Board of
Directors is the chief operating decision maker and is responsible for allocating resources and assessing performance of the operating
segments and they delegate that authority through the Chief Executive Officer.
The Board of Directors considers the business from both a product and geographic perspective as follows:
• Hallenstein Bros Limited (New Zealand) and Hallenstein Brothers Australia Limited (Australia)
• Glassons Limited (New Zealand)
• Glassons Australia Limited (Australia)
• Retail 161 Limited (New Zealand) and Retail 161 Australia Limited (Australia) (Storm)
• Hallenstein Properties Limited (New Zealand) (Property)
The reportable segments derive their revenues primarily from the retail sale of clothing. The revenues from external parties reported
to the Board of Directors are measured in a manner consistent with that in the statement of comprehensive income. There are no
significant revenues derived from a single external customer.
Segment results
FOR THE YEAR ENDED 1 AUGUST 2018
$’000
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIAHALLENSTEINSSTORMPROPERTYPARENT
TOTAL
GROUP
INCOME STATEMENT
Sales revenue from
external customers
96,72878,42296,8905,602––277,642
Cost of sales(39,205)(28,000)(38,170)(2,192)
––
(107,567)
Finance income8853927–11251
Depreciation and
software amortisation2,1532,3112,896173375–7,908
Profit/(loss)
before income tax14,80211,15912,414(1,017)712–38,070
Income tax expense(4,156)(3,132)(3,507)285(199)–(10,709)
Net profit/(loss)
after income tax10,6468,0278,907(732)513–27,361
BALANCE SHEET
Current assets
15,0298,89920,141817(307)76745,346
Non-current assets10,9298,8678,857(33)18,155–46,775
Current liabilities7,5588,2007,632(203)46213223,781
Purchase of property, plant
and equipment and intangibles3,1763,0702,28654726–9,312
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
30
2. PERFORMANCE (CONTINUED)
FOR THE YEAR ENDED 1 AUGUST 2017
$’000
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIAHALLENSTEINSSTORMPROPERTYPARENT
TOTAL
GROUP
INCOME STATEMENT
Sales revenue from
external customers89,50050,06291,1018,341––239,004
Cost of sales(38,166)(18,791)(38,145)(3,248)
––
(98,350)
Finance income1304845–16239
Depreciation and
software amortisation2,4442,0312,511298281–7,565
Profit/(loss)
before income tax11,2971,93410,434(434)839–24,070
Income tax expense(3,186)(548)(2,953)121(235)–(6,801)
Net profit/(loss)
after income tax
8,1111,3867,481(313)604–17,269
BALANCE SHEET
Current assets13,1034,32517,7081,0781,876(43)38,047
Non-current assets10,5937,96510,0551,12817,706–47,447
Current liabilities8,6086,13111,0944873193226,671
Purchase of property, plant
and equipment and intangibles
2,2283,9785,247577108–12,138
Sale of Storm business assets
On 30 April 2018 the Group’s wholly owned subsidiary, Retail 161 Limited, concluded the sale of the Storm business assets to
Blackstar Holdings Limited. On and from settlement, the Storm business ceased trading under Retail 161 Limited’s ownership and
continues to trade under Blackstar’s ownership. The Group’s focus is on expanding its other two much larger fashion brands, namely
Glassons and Hallenstein Brothers in both New Zealand and Australian markets. The value of the transaction is not significant in
terms of the assets or profit of the Group.
The sales revenue and cost of sales noted in the table above represent trade generated by the Storm business for the nine months
ended 30 April 2018.
2.2 Income and expenses
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services, excluding Goods and
Services Tax, rebates and discounts and after eliminating sales within the Group.
Revenue is recognised as follows:
Sales of goods – retail
Sales of goods are recognised when a Group entity has delivered a product to the customer. Retail sales are usually in cash or by credit
card. The recorded revenue is the gross amount of sale (excluding GST), including credit card fees payable for the transaction. Such
fees are included in selling expenses.
Interest income
Interest income is recognised using the effective interest method.
Rental income
Rental income from operating leases (net of any incentives) is recognised on a straight line basis over the lease term.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

31
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018
2. PERFORMANCE (CONTINUED)
Income and expenses
Profit before income tax includes the following specific income and expenses:
GROUP
$’00020182017
INCOME
Rental income
780781
Insurance proceeds
40173
EXPENSES
Occupancy costs
29,57127,415
Amounts paid to auditors – statutory audit
130126
Other services from auditors*
2720
Directors' fees
518383
Wages, salaries and other short term benefits
51,60145,863
Total depreciation
7,6527,294
Amortisation of software
256271
Total depreciation and amortisation
7,9087,565
Loss on sale of property, plant and equipment
48135
* Amount paid in respect of tax compliance and tax advisory services provided in Australia and New Zealand.
2.3 Dividends
Provision is made for the amount of any dividend declared on or before the balance date but not distributed at balance date.
Dividends
2018
CENTS PER
SHARE
2017
CENTS PER
SHARE
2018
$000’S
2017
$000’S
Interim dividend for the year ended 1 August 2018
20.0011,929
Final dividend for the year ended 1 August 2017
17.0010,140
Interim dividend for the year ended 1 August 2017
14.508,649
Final dividend for the year ended 1 August 2016
16.509,842
Total
37.0031.0022,06918,491
All dividends paid were fully imputed. Supplementary dividends of $289,810 (2017: $100,210) were paid to shareholders not resident
in New Zealand for tax purposes for which the Group received a foreign investor tax credit.
2. 4 Earnings per share
Basic and diluted earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the
weighted average number of ordinary shares outstanding during the period, adjusted for bonus elements in ordinary shares issued
during the period.
Basic
Basic earnings per share is calculated by dividing the profit after tax of the Group by the weighted average number of ordinary shares
outstanding during the year.

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
32
2. PERFORMANCE (CONTINUED)
Diluted
Diluted earnings per share is calculated by adjusting profit after tax and the weighted average number of ordinary shares outstanding to
assume conversion of all dilutive potential ordinary shares. There are no options convertible into shares as at 1 August 2018 (2017: Nil).
Earnings per share
$’00020182017
Profit after tax
27,36117,269
Weighted average number of ordinary shares outstanding
59,64959,649
Basic and diluted earnings per share (cents per share)
45.8728.95
3. WORKING CAPITAL
3.1 Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term highly liquid
investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject
to an insignificant risk of changes in value, and bank overdrafts.
Statements of cash flows
The following are the definitions of the terms used in the statement of cash flows:
(I) Cash comprises cash and cash equivalents.
(II) Investing activities are those activities relating to the acquisition, holding and disposal of property, plant and equipment,
investments and employee advances.
(III) Financing activities are those activities which result in changes in the size and composition of the capital structure of the Group.
This includes both equity and debt not falling within the definition of cash. Dividends paid are included in financing activities.
(IV) Operating activities include all transactions and other events that are not investing or financing activities.
Cash and cash equivalents
$’00020182017
Cash at bank
6,0643,767
Short term bank deposits
11,3298,722
Cash on hand
6063
Total cash and cash equivalents
17,45312,552
The carrying amount of cash and cash equivalents equals the fair value.
3.2 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average method and includes
expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. Net realisable value is the
estimated selling price in the ordinary course of business, less applicable variable selling expenses, excluding borrowing costs.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

33
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
3. WORKING CAPITAL (CONTINUED)
Inventories

$’00020182017
Finished goods
21,18921,141
Inventory adjustments
(230)(536)
Net inventories
20,95920,605
Inventory adjustments are provided at year end for stock obsolescence within cost of sales in the statement of comprehensive income.
The cost of inventories recognised as an expense and included in cost of sales amounted to $107,199,239 (2017: $98,035,127).
4. LONG TERM ASSETS
4.1 Leases
The Group is the lessee
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases.
Payments made under operating leases (net of any incentives received from the lessor) are charged to the profit and loss in the statement
of comprehensive income on a straight line basis over the period of the lease.
The Group is the lessor
Assets leased to third parties under operating leases are included in investment property in the statement of financial position.
Rental income (net of any incentives given to lessees) is recognised on a straight line basis over the lease term. Lease receivables are
disclosed under note 4.3 Investment property.
Lease commitments:
The Group leases various retail outlets under non-cancellable operating lease agreements. Leases reflect normal commercial
arrangements with varying terms, escalation clauses and renewal rights.
Lease commitments
$’00020182017
At balance date the future aggregate minimum lease commitments was as follows:
Due within one year
24,38122,508
One to two years
20,49819,347
Two to five years
39,31434,409
Later than five years
3,9557,254
Total operating lease commitments
88,14883,518
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
34
4. LONG TERM ASSETS (CONTINUED)
4.2 Property, plant and equipment
Recognition and measurement
Land and buildings were valued on 1 August 2017 by Telfer Young (Hawkes Bay) Ltd, Fordbaker Valuation Limited and Colliers
International who are independent registered valuers and associates of The New Zealand Institute of Valuers. The valuers have recent
experience in the location and category of the item being valued. The fair values of the assets represent the estimated price for which
a property could be sold on the date of valuation in an orderly transaction between market participants.
The valuation approach and key assumptions have been disclosed in the 2017 Annual Report which can be accessed via the website:
www.hallensteinglasson.co.nz.
At each reporting date, where a valuation report is not obtained the most recent valuation reports are reviewed by the management
team. The review focuses on checking material movements and ensuring all additions and disposals are captured and that there have
been no material changes to the underlying assumptions on which the valuations are based.
Land and building measurements are categorised as Level 3 in the fair value hierarchy. During the year there were no transfers
between levels of the fair value hierarchy.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable
that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.
Increases in the carrying amount arising on revaluation of land and buildings are credited to other comprehensive income and
shown as an asset revaluation reserve in shareholders’ equity. Decreases that offset previous increases of the same asset are charged
in other comprehensive income and debited against the asset revaluation reserve directly in equity; all other decreases are charged
to the statement of comprehensive income. Each year on revaluation, the difference between depreciation based on the revalued
carrying amount of the asset charged to the statement of comprehensive income, and depreciation based on the asset’s original cost is
transferred from ‘other reserves’ to ‘retained earnings’.
Depreciation
Land is not depreciated. Depreciation on other assets is calculated using the straight line method to allocate their cost, net of their
residual values, over their estimated useful lives, as follows:
Buildings 67 years
Plant and equipment 2 - 5 years
Furniture, fittings and office equipment 5 - 10 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate at each balance date.
Impairment
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than
its estimated recoverable amount. Assets that are subject to amortisation are reviewed for impairment whenever events or changes
in circumstances indicate that the carrying amount may not be recoverable, for example a planned store closure, withdrawal from
a business segment, or assessment of loss making stores. Assets are grouped at the lowest levels for which there are separately
identifiable cash flows (cash generating units).
Disposal
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These are included in the statement
of comprehensive income.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

35
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
4. LONG TERM ASSETS (CONTINUED)
FOR THE YEAR ENDED 1 AUGUST 2018
$’000
LAND AT
FAIR VALUE
BUILDINGS AT
FAIR VALUE
FIXTURES &
FITTINGS
PLANT &
EQUIPMENTTOTAL
Opening NBV
6,09710,52415,6004,17936,400
Additions–7055,6442,6128,961
Disposals––(696)(202)(898)
Depreciation–(385)(5,338)(1,929)(7,652)
Revaluations–––––
Closing NBV
6,09710,84415,2104,66036,811
Cost/valuation6,09711,22956,35719,51093,193
Accumulated depreciation–(385)(41,147)(14,850)(56,382)
Closing NBV
6,09710,84415,2104,66036,811
FOR THE YEAR ENDED 1 AUGUST 2017 (RESTATED)
$’000
LAND AT
FAIR VALUE
BUILDINGS AT
FAIR VALUE
FIXTURES &
FITTINGS
PLANT &
EQUIPMENTTOTAL
Opening NBV (restated)
5,3427,19811,9543,26927,763
Additions–849,0482,68311,815
Disposals––(85)(86)(171)
Depreciation–(290)(5,317)(1,687)(7,294)
Revaluations7553,532––4,287
Closing NBV (restated)
6,09710,52415,6004,17936,400
Cost/valuation6,09710,52454,61417,96289,197
Accumulated depreciation––(39,014)(13,783)(52,797)
Closing NBV (restated)
6,09710,52415,6004,17936,400
If land and buildings were stated on a historical cost basis, the amounts would be as follows:
$’0002018
2017
(RESTATED)
Land
3,7053,705
Buildings
7,2456,541
Cost
10,95010,246
Accumulated depreciation
(1,514)(1,376)
Net book value
9,4368,870

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
36
4. LONG TERM ASSETS (CONTINUED)
4.3 Investment property
Recognition and measurement
Land and buildings were valued on 1 August 2015 by Telfer Young (Hawkes Bay) Ltd and Colliers International who are independent
registered valuers and associates of The New Zealand Institute of Valuers. The valuers have recent experience in the location and
category of the item being valued. The fair values of the assets represent the estimated price for which a property could be sold on
the date of valuation in an orderly transaction between market participants.
The adopted valuation has been assessed within a range indicated by two valuation approaches: Income capitalisation approach and
discounted cash flow analysis.
The following table summarises the valuation approach and key assumptions used by the valuers to arrive at fair value.
Valuation approach Description of the valuation approach
Income capitalisation approachA valuation methodology which determines fair value by capitalising a property’s sustainable
net income at an appropriate, market derived capitalisation rate (yield). Unobservable inputs
within the income capitalisation approach include:
a) Net Market Rent which is the annual amount for which a tenancy within property is
expected to achieve under a new arm’s length leasing transaction after deducting a fair
share of property operating expenses
b) Capitalisation Rate (yield) which is the rate of return, determined through analysis of
comparable, market related sales transactions which is applied to a property’s sustainable
net income to derive value.
Discounted cash flow analysisWith the discounted cash flow approach (DCF) a cash flow budget is established for the
property over a ten-year time horizon. Within the cash flow an allowance is made for rental
growth as well as deducting costs associated with property ownership. A terminal value is also
estimated and the cash flows are discounted at a market rate to arrive at a net present value.
Unobservable inputs within the discounted cash flow approach include:
a) The discount rate which is the rate determined through analysis of comparable market
related sales transactions which is applied to a property’s future net cash flows to convert
those cash flows into a present value.
b) The terminal capitalisation rate which is the rate which is applied to a property’s sustainable
net income at the end of an assumed holding period to derive an estimated market value.
c) Rental growth rate which is the annual growth rate applied to market rent over an assumed
holding period.
d) Expenses growth which is the annual amount applied to property operating expenses over
an assumed holding period.
The revaluation surplus was credited to retained earnings in shareholders’ equity as part of the prior year restatement of
the statement of financial position. Subsequent revaluation surpluses or losses will be recognised through statement of
comprehensive income.
At each reporting date, where a valuation report is not obtained the most recent valuation reports are reviewed by the management
team. The review focuses on checking material movements and ensuring all additions and disposals are captured and that there
have been no material changes to the underlying assumptions on which the valuations are based.
Land and building measurements are categorised as Level 3 in the fair value hierarchy. During the year there were no transfers
between levels of the fair value hierarchy.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

37
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
4. LONG TERM ASSETS (CONTINUED)
Both the income capitalisation approach and discounted cash flow analysis contain unobservable inputs in determining fair value.
These are summarised in the table below:
DESCRIPTION
FAIR VALUE AT
1 AUGUST 2015
$000’S
VALUATION
TECHNIQUE
UNOBSERVABLE
INPUTS
RANGE OF
UNOBSERVABLE
INPUTS
RELATIONSHIP OF
UNOBSERVABLE INPUTS

TO FAIR VALUE
Land and
buildings –
retail
8,464Income
capitalisation
approach and
discounted
cash flow
analysis
Net market rent$478 – $1,119 per m
2
The higher the rent per square
metre the higher the fair value
Capitalisation rate
(yield)
7.30% – 7.50%The lower the yield the higher
the fair value
Discount rate8.24% – 9.25%The higher the discount rate
the lower the fair value
Terminal
capitalisation rate
8.00% – 8.15%The higher the terminal rate
the lower the fair value
Rental growth rate1.50% – 2.33%The higher the rental growth
rate the higher the fair value
Expenses growth$3,129 – $5,000The higher the expenses the
lower the fair value
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable
that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.
Investment property
$’0002018
2017
(RESTATED)
Opening balance
8,4648,464
Net gain/(loss) from fair value adjustment
––
Closing balance
8,4648,464
An external valuation of the investment properties has been obtained for 1 August 2017 from Telfer Young (Hawkes Bay) Ltd and
Colliers International. The Director’s have reviewed the valuation performed and concluded that there has been no significant
change in fair value for the financial year ended 1 August 2017. Additionally, the Directors have undertaken an assessment of the
market values of the properties for the year ended 1 August 2018 and have concluded that there has been no significant change in
fair value.
Lease receivables
The Group owns rental property which it leases under non-cancellable operating lease agreements to external parties. Leases reflect
normal commercial arrangements with varying terms, escalation clauses and renewal rights.
The future minimum rental payments receivable under these leases is as follows:
$’00020182017
Due within one year
855
862
One to two years
670
763
Two to five years
1,361
1,849
Later than five years
–128
Total lease receivables
2,8863,602
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
38
5. EQUITY
5.1 Share capital
Ordinary shares are classified as capital, net of treasury stock.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax,
from the proceeds.
Treasury stock
Shares purchased on market under the executive share scheme are treated as treasury stock on acquisition at cost. On vesting to
the employee, treasury stock shares are credited to equity and an employee loan is recorded initially at fair value and subsequently
at amortised cost.
Reserves
The asset revaluation reserve records revaluations of property, net of tax. The cash flow hedge reserve records the fair value of
derivative financial instruments, net of tax that meet the hedge accounting criteria. The share option reserve is used to record the
accumulated value of unvested share rights arising from the executive share scheme which have been recognised in the statement
of comprehensive income.
Contributed equity
2018
SHARES
2017
SHARES
2018
$000’S
2017
$000’S
Balance at beginning of year
58,947,30159,107,42527,27027,649
Purchase of treasury stock
(212,253)(174,715)(800)(600)
Sale of treasury stock
183,91814,59160652
Dividends
––177175
Share options exercised
266,597–725–
Gain on sale of treasury stock
transferred to retained earnings
––(160)(6)
Balance at end of year
59,185,56358,947,30127,81827,270
Representing:
Share capital
59,649,06159,649,06129,27929,279
Treasury stock (net of dividends)
(463,498)(701,760)(1,461)(2,009)
Total
59,185,56358,947,30127,81827,270
All shares are fully paid and rank equally.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

39
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
5. EQUITY (CONTINUED)
5.2 Executive share scheme
Equity settled share-based compensation benefits are provided to employees in accordance with the Group’s executive share
scheme. The fair value of share rights granted under the scheme is recognised as an employee benefit expense with a corresponding
increase in equity. The fair value is measured at grant date and recognised over the period during which the employees become
unconditionally entitled to the share rights.
The fair value at grant date of the share rights are determined using a Black Scholes Pricing model that takes into account the
exercise price, the term of the share right, the vesting and performance criteria, the non-tradable nature of the share right, the share
price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate
for the term of the share right.
At each balance date, the Group revises its estimate of the number of share rights that are expected to become exercisable.
The employee benefit expense recognised each period takes into account the most recent estimate.
Upon the vesting of share rights, the balance of the share option reserve relating to the share rights is transferred to retained earnings.
The Company operates an employee share scheme for certain senior executives to purchase ordinary shares in the Company.
The Company provides the employees with limited recourse loans on an interest free basis to assist employees’ participation.
The loans are applied to purchase shares on market and the shares are treated as treasury stock.
The loan amount is the total market value of the shares plus any commission applicable on the date of purchase.
Any dividends payable on the shares are applied towards the repayment of the advance.
Shares purchased under the scheme are held by two directors as custodians and vest three years from the date of purchase. In the
event the employee leaves the company during the vesting period, the loan is repaid by selling the shares on market. Any gain or loss
arising from the sale of shares is included in equity. Refer to note 5.1 for further detail on treasury stock.
In accordance with NZ IFRS 2 this scheme is an equity-settled scheme.
The model inputs for shares issued during the year ended 1 August 2018 included a share issue price ranging between $3.31–$4.65,
(2017: $3.01–$3.53) an expected price volatility of 30% (2017: 30%), a risk free interest rate ranging between 2.2%–2.7% (2017: 1.9%)
and an estimated 3 year vesting period.
Executive share scheme
YEAR ENDED 1 AUGUST 2018YEAR ENDED 1 AUGUST 2017
NUMBER
OF SHARES
PURCHASE/
(SALE) PRICE
NUMBER
OF SHARES
PURCHASE/
(SALE) PRICE
Balance at beginning of financial year
701,760541,636
Purchased on market during the year
212,2533.77174,7153.43
Forfeited during the year
(183,918) (3.30)(14,591) (3.55)
Exercised during the year
(266,597)–
Balance at end of financial year
463,498701,760
Percentage of total shares hold by scheme
0.78%1.18%
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
40
6. TAXATION
6.1 Income tax expense
The income tax expense or revenue for the period is the tax payable or receivable on the current period’s taxable income based
on the notional income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to
temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements and
unused tax losses.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are
recovered or liabilities are settled, based on those tax rates which are enacted or substantively enacted for each jurisdiction. The
relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to measure the deferred
tax asset or liability. An exception is made for certain temporary differences arising from the initial recognition of an asset or a
liability. No deferred tax asset or liability is recognised in relation to these temporary differences if they arose in a transaction,
other than a business combination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future
taxable amounts will be available to utilise those temporary differences and losses.
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of
investments in operations where the company is able to control the timing of the reversal of the temporary differences and it is
probable that the differences will not reverse in the foreseeable future.
Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity.
Goods and Services Tax (GST)
The statement of comprehensive income and statement of cash flows have been prepared so that all components are stated
exclusive of GST. All items in the statement of financial position are stated net of GST, with the exception of receivables and
payables, which include GST invoiced.
Income tax expense
$’00020182017
Income tax expense
The tax expense comprises:
Current tax expense 10,9247,489
Deferred tax expense (note 6.2)
– Future tax benefit current year(215)(688)
Total income tax expense
10,7096,801
Reconciliation of income tax expense to tax rate applicable to profits
Profit before income tax expense38,07024,070
Tax at 28% (2017: 28%)10,6606,740
Tax effect of:
– Income not subject to tax––
– Expenses not deductible for tax4961
– Non deductibility of future depreciation on buildings––
Total income tax expense
10,7096,801
The effective tax rate for the year was 28% (2017: 28%).
The Group has no tax losses (2017: Nil) and no unrecognised temporary differences (2017: Nil).
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

41
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
6. TAXATION (CONTINUED)
The tax (charge)/credit relating to components of other comprehensive income are as follows:
20182017
$’000
BEFORE
TA X
TA X
(CHARGE)
/CREDIT
AFTER
TA X
BEFORE
TA X
TA X
(CHARGE)
/CREDIT
AFTER
TA X
Gains (net of tax) on revaluation
of land and buildings
–––4,287(989)3,298
Fair value gain (net of tax)
in cash flow hedge reserve
4,712(1,319)3,3931,060(296)764
Increase in share option reserve
124–124129–129
6.2 Deferred tax
$’00020182017
AMOUNTS RECOGNISED IN PROFIT OR LOSS
Depreciation
149908
Amortisation – fixed rent
354301
Provisions and accruals
764830
1,2672,039
AMOUNTS RECOGNISED DIRECTLY IN EQUITY
Asset revaluation reserve
–(989)
Cash flow hedges
(677)644
Correction of error in retained earnings
350350
Total amount recognised
9402,044
MOVEMENTS
Balance at beginning of year (restated)
2,0442,641
Credited/(charged) to the income statement
215688
Credited/(charged) to equity
(1,319)(1,285)
Balance at end of the year
9402,044
6.3 Imputation credits
$’00020182017
Imputation credits available for subsequent reporting periods
18,02414,186
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
42
7. OTHER
7.1 Employee benefits
Wages and salaries, annual leave and sick leave
Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave expected to be settled
within 12 months of the reporting date are recognised in other payables in respect of employees’ services up to the reporting date
and are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for non accumulating sick leave are
recognised when the leave is taken and measured at the rates paid or payable.
$’00020182017
Holiday pay accrual and other benefits
4,7864,500
7.2 Capital expenditure commitments
$’00020182017
Commitments in relation to store fitouts and warehouse expansion
3,867792
7.3 Contingencies
Contingent liabilities under contracts, guarantees and other agreements arising in the ordinary course of business on which no loss
is anticipated are as follows:
$’00020182017
Letters of credit
–224
Bank guarantee provided to the New Zealand Stock Exchange Limited
7575
Letters of credit
Bank letters of credit issued to secure future purchasing requirements are matched to a contingent asset of the same value
representing inventories purchased.
7. 4 Related party transactions
During the year, the Company advanced and repaid loans to its subsidiaries by way of internal current accounts. In presenting the
financial statements of the Group, the effect of transactions and balances between fellow subsidiaries and those with the Parent have
been eliminated. All transactions with related parties were in the normal course of business and provided on commercial terms.
The Group undertook transactions with the related interests of the majority shareholder as detailed below:
$’00020182017
T C Glasson
Rent on retail premises based on independent valuations
2,0882,010
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

43
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
7. OTHER (CONTINUED)
The following Directors received directors’ fees and dividends in relation to shares held personally as follows:
DIRECTORS’ FEESDIVIDENDS
$’0002018201720182017
Mr T C Glasson
79684,1153,447
Mr W J Bell
1209776
Ms K Bycroft
8875––
Mr M Donovan
79683415
Mr G Popplewell
62–7059
Mr M Ford
90753–
Payments to Mr G Popplewell
$’00020182017
Consulting fees
1755
Key management compensation was as follows:
$’00020182017
Short term employee benefits
3,8912,844
Share scheme benefit
124129
The Company operates an employee share scheme for certain senior executives and is outlined in note 5.2.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
44
7. OTHER (CONTINUED)
7.5 Financial risk management
Fair value estimation
Fair value estimates are classified in a hierarchy based on the inputs to valuation techniques used to measure fair value.
The different levels have been defined as follows:
– Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
– Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is,
as prices) or indirectly (that is, derived from prices) (Level 2).
– Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
The Group’s policy is to recognise transfers into and out of fair value hierarchy levels as of the date of the event or change in
circumstances that caused the transfer.
The Group has financial instruments that are classified as Level 2 within the fair value hierarchy. The fair value of financial
instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation
techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as
possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is
included within Level 2. Under Level 2 the Group holds forward foreign exchange contracts. The fair value of these forward foreign
exchange contracts is determined using forward exchange rates at the balance sheet date, with the resulting value discounted back
to present value. Refer to note 7.5.4.
The Group’s land and buildings within property, plant and equipment is classified as Level 3 in the fair value hierarchy as one or
more of the significant inputs into the valuation are not based on observable market data. Refer to note 4.2 for more information.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured
to their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging
instrument, and if so, the nature of the item being hedged. The company designates certain derivatives as either; (1) hedges of the fair
value of recognised assets or liabilities or a firm commitment (fair value hedge); or (2) hedges of highly probable forecast transactions
(cash flow hedges).
The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as
its risk management objective and strategy for undertaking various hedge transactions. The Group also documents its assessment,
both at hedge inception and on an ongoing basis, whether the derivatives that are used in hedging transactions have been and will
continue to be highly effective in offsetting changes in fair values or cash flows of hedged items.
Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in
equity in the cash flow hedge reserve. The gain or loss relating to the ineffective portion is recognised immediately in the profit and
loss component of statement of comprehensive income.
Amounts accumulated in equity are recycled in the statement of comprehensive income in the periods when the hedged item will
affect profit or loss (for instance when the forecast sale that is hedged takes place). However, when the forecast transaction that is
hedged results in the recognition of a non-financial asset (for example, inventory) or a non-financial liability, the gains and losses
previously deferred in equity are transferred from equity and included in the measurement of the initial cost or carrying amount of
the asset or liability.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting,
any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is
ultimately recognised in the statement of comprehensive income. When a forecast transaction is no longer expected to occur, the
cumulative gain or loss that was reported in equity is immediately transferred to the profit and loss component of the statement of
comprehensive income.
Derivatives that do not qualify for hedge accounting
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of these derivative instruments are
recognised immediately in the statement of comprehensive income.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

45
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
7. OTHER (CONTINUED)
7.5.1 Financial risk factors
The Group’s activities expose it to various financial risks including, liquidity risk, credit risk, and market risk (including currency risk
and cash flow interest rate risk). The Group’s risk management strategy is to minimise adverse effects on comprehensive income.
Derivative financial instruments are used to hedge currency risk.
7.5.2 Liquidity Risk
Liquidity risk is the risk that the Group will be unable to meet its financial obligations as they fall due. The Group’s approach to
managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under
both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation.
The Group manages liquidity risk by maintaining adequate reserves, and by regularly monitoring cash flow.
At balance date, the Group had $17.453 million (2017: $12.552 million) in cash reserves and accordingly, management consider
liquidity risk to be relatively low.
The table below analyses the Group’s financial liabilities and gross-settled derivatives into relevant maturity groupings based on the
remaining period from the statement of financial position to the contractual maturity date. The cash flow hedge “outflow” amounts
disclosed in the table are the contractual undiscounted cash flows liable for payment by the Group in relation to all forward foreign
exchange contracts in place at balance date. The cash flow hedge “inflow” amounts represent the corresponding inflow of foreign
currency back to the Group as a result of the gross settlement on those contracts, converted using the spot rate at balance date.
The carrying value shown is the net amount of derivative financial liabilities and assets as shown in the statement of financial position.
Trade payables are shown at carrying value in the table. No discounting has been applied as the impact of discounting is not significant.
AS AT 1 AUGUST 2018
$’000
LESS THAN
3 MONTHS 3-12 MONTHSTOTAL
CARRYING
VALUE
Trade and other payables
16,283–16,28316,283
Employee benefits
4,786–4,7864,786
Total
21,069 –21,06921,069
Forward foreign exchange contracts
Cash flow hedges:
– Outflow
(16,007)(24,519)(40,526)(40,526)
– Inflow
17,08625,89542,98142,943
Net
1,0791,3762,4552,417
AS AT 1 AUGUST 2017
$’000
LESS THAN
3 MONTHS 3-12 MONTHSTOTAL
CARRYING
VALUE
Trade and other payables
17,355–17,35517,355
Employee benefits
4,500–4,5004,500
Total
21,855–21,85521,855
Forward foreign exchange contracts
Cash flow hedges:
– Outflow
(14,134)(40,233)(54,367)(54,367)
– Inflow
13,37839,09152,46952,069
Net
(756)(1,142)(1,898)(2,298)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
46
7. OTHER (CONTINUED)
7.5.3 Credit Risk
Credit risk is the risk of the failure of a debtor or counterparty to honour its contractual obligations resulting in financial loss to
the Group. The Group incurs credit risk from trade receivables and transactions with financial institutions. The Group places its
cash, short-term investments and derivative financial instruments with high credit quality financial institutions. Retail sales are
predominantly settled in cash or by using major credit cards. 0.2% (2017: 0.4%) of sales give rise to trade receivables. This maximum
exposure to credit risk is the carrying amount of trade receivables.
Concentration of credit risk with respect to debtors is limited due to the large number of customers included in the Group’s
customer base.
The Group does not require collateral or other security to support financial instruments with credit risk.
7.5.4 Market Risk
Foreign exchange risk
The Group is exposed to foreign exchange risk arising from currency exposure predominantly with the US dollar with the purchase
of inventory from overseas suppliers.
The Board has established a Treasury Risk Policy to manage the foreign exchange risk. The policy is reviewed on a regular basis,
and management report monthly to the Board to confirm policy is adhered to. All committed foreign currency requirements
are fully hedged, and approximately 60% (2017: 61%) of anticipated foreign currency requirements are hedged on a rolling
twelve month basis.
The Group uses forward exchange contracts with major retail banks only to hedge its foreign exchange risk arising from
future purchases.
Forward exchange contracts – cash flow hedges
These contracts are used for hedging committed or highly probable forecast purchases of inventory. The contracts are timed to
mature during the month the inventory is shipped and the liability settled. The cash flows are expected to occur at various dates
within one year from balance date.
When forward exchange contracts have been designated and tested as an effective hedge the portion of the gain or loss on the
hedging instrument that is determined to be an effective hedge is recognised directly in equity. These gains or losses will be
released in the profit and loss in the statement of comprehensive income at various dates over the following year as the hedged
risk crystallises.
At balance date the Group had entered into forward exchange contracts to sell the equivalent of NZ$40.526 million (2017:
NZ$54.366 million), primarily in US Dollars. At balance date these contracts are represented by assets of $2.417 million (2017: $Nil)
and liabilities of $Nil (2017: $2.298 million). When foreign exchange contracts are not designated and tested as an effective hedge,
the gain or loss on the foreign exchange contract is recognised in the profit and loss in the statement of comprehensive income.
At balance date there are no such contracts in place (2017: $Nil).
Interest rate risk
The Group has no interest bearing liabilities. Exposure to interest rate risk arises only from the impact on income from operating cash
flows as a result of interest bearing assets, such as cash deposits.
Sensitivity analysis
Based on historical movements and volatilities and management’s knowledge and experience, management believes that the
following movements are ‘reasonably possible’ over a 12 month period:
• Proportional foreign exchange movement of -10% (depreciation of NZD) and +10% (appreciation of NZD)
against the USD, from the year end rate of 0.6789 (2017: 0.7508)
• Proportional foreign exchange movement of -10% (depreciation of NZD) and +10% (appreciation of NZD)
against the AUD, from the year end rate of 0.9173 (2017: 0.9346)
• A parallel shift of +1% / -1% in the market interest rates from the year end deposit rate of 1.75% (2017: 1.90%)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

47
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
7. OTHER (CONTINUED)
If these movements were to occur, the post-tax impact on profit and loss and equity for each category of financial investment:
AS AT 1 AUGUST 2018INTEREST RATEFOREIGN EXCHANGE RATE
CARRYING-1%+1%-10%+10%
$’000AMOUNTPROFITEQUITYPROFITEQUITYPROFITEQUITYPROFITEQUITY
FINANCIAL ASSETS
Loans and receivables
Cash and cash equivalents
17,453(175)(175)175175638638(522)(522)
Accounts receivable
182––––––––
Advances to employees
464––––––––
Derivatives used for hedging
Derivatives designated as
cash flow hedges (forward
foreign exchange contracts)
2,417–––––3,467–(2,785)
FINANCIAL LIABILITIES
Liabilities at amortised cost
Trade and other payables
16,283––––(703)(703)575575
Employee benefits
4,786––––(183)(183)150150
Total increase/decrease
(175)(175)175175(248)3,219203(2,582)
AS AT 1 AUGUST 2017INTEREST RATEFOREIGN EXCHANGE RATE
CARRYING-1%+1%-10%+10%
$’000AMOUNTPROFITEQUITYPROFITEQUITYPROFITEQUITYPROFITEQUITY
FINANCIAL ASSETS
Loans and receivables
Cash and cash equivalents
12,552(126)(126)126126––––
Accounts receivable
779––––––––
Advances to employees
238––––––––
FINANCIAL LIABILITIES
Liabilities at amortised cost
Trade and other payables
17,355––––445–(364)–
Employee benefits
4,500––––––––
Derivatives used for hedging
Derivatives designated as cash flow
hedges (forward foreign exchange
contracts)
2,298–––––(745)–400
Total increase/decrease
(126)(126)126126445(745)(364)400
The Parent is not exposed to any interest rate or foreign exchange risk.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
48
7. OTHER (CONTINUED)
7.5.5 Capital risk management
The Group’s objectives when managing capital are to maximise the value of shareholder equity and ensure that the Group continues
to safeguard its ability to continue as a going concern. Group capital consists of share capital, reserves and retained earnings. In order
to meet these objectives, the Group may adjust the amount of dividend payment made to shareholders. The Group has no specific
banking or other arrangements which require that the Group maintain specific equity levels.
7.6 Events subsequent to balance date
Subsequent to year end, the Board has resolved to pay a final dividend of 24.0 cents (2017: 17.0 cents) per share (fully imputed).
The dividend will be paid on 17 December 2018 to all shareholders on the Company’s register as at 5:00pm, 10 December 2018.
7.7 Standards, amendments and interpretations to existing standards
No new accounting policies have been adopted that are considered to have a significant impact on the financial statements.
There have been no significant changes in accounting policies during the year.
New accounting standards, amendments and interpretations to existing standards that are not yet effective, and have not been
early adopted by the Group, are:
NZ IFRS 15: Revenue from contracts with customers (Effective date: periods beginning on or after 1 January 2018)
NZ IFRS 15, ‘Revenue from contracts with customers’ deals with revenue recognition and establishes principles for reporting useful
information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from
an entity’s contracts with customers. Revenue is recognised when a customer obtains control of a good or service and thus has the
ability to direct the use and obtain the benefits from the good or service. The standard replaces NZ IAS 18 ‘Revenue’ and NZ IAS 11
‘Construction contracts’ and related interpretations.
During the financial year the Group assessed the potential impact of NZ IFRS 15, with a focus on the varying revenue streams that
exist within the business. The majority of revenue is made up of in store transactions with less than 13% earned through online sales.
The following matters are relevant to the Group under NZ IFRS 15:
• for online sales, whether arranging the delivery of goods is a separate performance obligation as it may impact the timing,
measurement and classification of revenue recognised;
• a customer’s right of return in determining revenue to be recognised and how this should be accounted for.
There is no material impact in relation to the above on the consolidated financial statements from the adoption of NZ IFRS 15.
NZ IFRS 9: Financial Instruments (Effective date: periods beginning on or after 1 January 2018)
NZ IFRS 9, ‘Financial instruments’, addresses the classification, measurement and recognition of financial assets and financial
liabilities, introduces new rules for hedge accounting and a new impairment model for financial assets.
There will be no impact on the Group’s accounting for financial liabilities as the new requirements only affect the accounting
for financial liabilities that are designated at fair value through profit or loss and the Group does not have such liabilities.
The derecognition rules have been transferred from NZ IAS 39 Financial Instruments: Recognition and Measurement and have
not been changed.
The new hedge accounting rules will align the accounting for hedging instruments more closely with the Group’s risk management
practices. The Group has confirmed that its current hedge relationships would qualify as continuing hedges upon the adoption
of NZ IFRS 9. The nature and extent of the Group’s disclosure note in relation to its hedging relationships will change in the
consolidated financial statements for the period ending 1 August 2019.
The new impairment model requires the recognition of impairment provisions based on expected credit losses (ECL) rather than only
incurred credit losses as per NZ IAS 39. Based on the Group’s assessment of historical provision rates and forward-looking analysis,
there is no expected financial impact on the impairment provisions in the year of adoption.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

49
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
7. OTHER (CONTINUED)
NZ IFRS 16: Leases (Effective date: periods beginning on or after 1 January 2019)
NZ IFRS 16, ‘Leases’, replaces the current guidance in NZ IAS 17. Under NZ IFRS 16, a contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Under NZ IAS 17, a lessee
was required to make a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet). NZ IFRS 16
now requires a lessee to recognise a lease liability reflecting future lease payments and a ‘right-of-use asset’ for virtually all lease
contracts. Included is an optional exemption for certain short-term leases and leases of low-value assets; however, this exemption
can only be applied by lessees. For lessors, the accounting for leases under NZ IFRS 16 is almost the same as NZ IAS 17. However, the
guidance on the definition of a lease has been updated (as well as the guidance on the combination and separation of contracts), lessors
will also be affected by the new standard.
Based on preliminary assessments the Group has determined that NZ IFRS 16 will have a significant impact on the Group’s statement
of financial position and statement of comprehensive income, measurement and disclosures. The statement of financial position will
be impacted by the recognition of a right of use asset, and a corresponding lease liability. The statement of comprehensive income will
be impacted by the recognition of an interest expense and a depreciation expense and the de-recognition of the current rental expense.
This standard will affect primarily the accounting for the Group’s operating leases. As at the reporting date, the Group has non-
cancellable operating lease commitments of $88 million (refer note 4.1).
Through the use of software designed for the management of leases, the Group has developed a model to calculate the impact of their
current operating leases under NZ IFRS 16 as at 1 August 2019, being the date of adoption. The model requires management to make
some key judgements including:
• the incremental borrowing rate used to discount lease assets and liabilities; and
• the lease term including potential rights of renewals.
The Group’s process to date highlights that the potential impact based on the current lease agreements is expected to be material to
the consolidated balance sheet on the date of adoption (being 1 August 2019), with impacts on the following line items:
• recognition of a right of use asset of approximately $55 million; and
• recognition of a lease liability of approximately $55 million.
The Group has applied the practical expedient for short term leases, and therefore this estimate excludes leases that expire within
12 months from the date of this report and 1 August 2019.
The impact on the consolidated income statement for the period ended 1 August 2020 is expected to be:
• decrease in store expenses (operating lease rental expense);
• increase in depreciation expense; and
• increase in finance costs (interest expense).
The impact on each of these line items is expected to be significant however currently the Group does not expect the overall effect on
net profit attributable to shareholders to be material. The above has no cash effect to the Group and the change is for financial reporting
purposes only.
Current estimates are likely to change at time of adoption and for the period ended 1 August 2020, mainly due to:
• finalisation of managements judgements and subsequent movements in the inherent borrowing rate (interest rates);
• new lease contracts entered into by the Group;
• any changes to existing lease contracts; and
• change in managements judgement to exercise rights of renewals under lease agreements.
The Group currently intends to adopt the simplified transition approach under NZ IFRS 16 on its effective date being for the year
ended 1 August 2020, and will not restate comparative amounts for the period prior to first adoption.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2018

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
50
GENERAL DISCLOSURES
BOARD OF DIRECTORS
Directors of the Company in office at the end of the year or who ceased to hold office during the year:
DIRECTORQUALIFICATIONS/EXPERIENCESPECIAL RESPONSIBILITIES
Warren James BellM Com CA. Appointed December 1986. Mr Bell holds
appointments on a number of boards of private companies, and
is a professional director.
Chairman of Directors
Non-executive Director
Timothy Charles GlassonFounder of Glassons womenswear retail chain. Appointed
November 1985 on merger with Hallensteins.
Non-executive Director
Michael John DonovanANZIM. Appointed May 1990. Founder and Director
of Wild Pair, and Lippy retail stores.
Non-executive
Independent Director
Graeme James PopplewellFormer CEO, B Com FCA. Appointed March 1985.Non-executive Director
Malcolm FordAppointed June 2010. Background includes 20 years with
experience in direct sourcing particularly in Asia, Mr Ford also
has experience in brand management across wholesale and
retail markets.
Non-executive
Independent Director
Karen BycroftBSC, Postgrad Marketing. Appointed November 2014.
Background includes 25 years in Retail in the UK and Australia
with Marks and Spencer, Sears, Woolworths and Country Road.
Experience in Strategy, Marketing, and Leadership. Also an
Associate of Melbourne Business School and Executive Coach.
Non-executive
Independent Director
Mary DevineONZ, BCom, MBA. Appointed July 2018. Background includes
experience in corporate strategy, brand marketing and multi-
channel retailing. Also a 20 year career in Managing Director
and executive roles in private New Zealand companies.
A former Chief Executive of EziBuy and women’s clothing
retailer Max Fashions.
Non-executive
Independent Director
PRINCIPAL ACTIVITIES OF THE GROUP
Hallenstein Glasson Holdings Limited is a non-trading Holding Company. The principal trading subsidiaries are Glassons Limited,
Glassons Australia Limited (retail of women’s apparel), Retail 161 Limited, Retail 161 Australia Limited (formally Storm brand),
Hallenstein Bros Limited and Hallenstein Brothers Australia Limited (retail of men’s apparel). The subsidiaries are 100% owned by
Hallenstein Glasson Holdings Limited.
REVIEW OF OPERATIONS
(a) Consolidated results for the year ended 1 August 2018
$’00020182017
Operating revenue
277,642239,004
Profit before income tax
38,07024,070
Income tax
(10,709)(6,801)
Profit for the year
27,36117,269
(b) Dividend
An interim dividend of 20.0 cents per share together with a supplementary dividend of 3.5294 cents per share to non-resident
shareholders was paid on 13th April 2018.
Subsequent to balance date the Directors have declared a final dividend of 24.0 cents per share payable 17th December 2018.
Non-resident shareholders of the Company will also receive a supplementary dividend of 4.2353 cents per share. Dividends are fully
imputed to New Zealand resident shareholders.

51
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
GENERAL DISCLOSURES
DIRECTORS
(a) Remuneration and all other benefits
Remuneration of Directors
$’00020182017
Mr W J Bell
12097
Mr T C Glasson
7968
Mr M Donovan
7968
Mr G Popplewell
79364
Mr M Ford
9075
Ms K Bycroft
8875
535747
(b) Shareholdings
Beneficially held
20182017
W J Bell
20,14320,143
T C Glasson
11,950,58811,950,588
M J Donovan
100,000–
G J Popplewell
203,604203,604
M Ford
10,00010,000
Non-beneficially held
20182017
M Ford and M J Donovan as custodians for Staff Share Scheme
463,498701,760
(c) Interests in share dealing
M Ford and M Donovan as Trustees for share purchase scheme
DAT E
PURCHASE/(SALE)
NUMBER OF SHARES$
On market purchase
14/11/201775,300249,991
On market purchase
28/12/201722,93788,241
On market purchase
3/01/201835,000136,495
On market purchase
5/01/201825,77599,309
On market purchase
9/01/201842,541175,950
On market purchase
20/04/201810,70050,004
On market sale
13/11/2017(93,317)(308,511)
On market sale
14/11/2017(47,968)(158,322)
On market sale
15/11/2017(42,633)(140,343)
Transfer to employees (off market)
(266,597)

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
52
GENERAL DISCLOSURES
(d) Disclosures of interests by Directors
W J Bell
T C Glasson
ChairmanSt Georges Hospital Inc
DirectorSabina Ltd
DirectorRyman Healthcare Group of Companies
DirectorMantles Ltd
DirectorCraigpine Timber Ltd
DirectorGlasson Trustee Limited
Director
Cyprus Enterprises and Meadow Mushrooms
DirectorCHC Properties Limited
Group of Companies
DirectorJCG Trustee Limited
DirectorSabina Ltd
Director152 Hereford Limited
DirectorGlasson Trustee Limited
DirectorSIG Trustee Limited
Director152 Hereford Limited
TrusteeHallenstein Glasson Staff Benefit Trust
DirectorCHC Properties Ltd
DirectorWarren Bell Ltd
M Ford
DirectorPoraka Ltd
TrusteeHallenstein Glasson Staff Benefit Trust
DirectorAmalgamated Holdings Ltd
K Bycroft
M Donovan
Advisory Board
DirectorMike and Carol Donovan Trustee Limited
MemberSpotlight Retail Group
DirectorDonovan’s Limited
G J Popplewell
M Devine
None
Director
Briscoe Group Ltd
Director Meridian Energy Ltd
Director IAG New Zealand Ltd
Director IAG (NZ) Holdings Ltd
DirectorChristchurch City Holdings Ltd
Director Foodstuffs South Island Ltd
Director Foodstuffs New Zealand Ltd
Director Devine Consultancy (2014) Ltd
(e) Directors’ insurance
As provided by the Company’s Constitution and in accordance with Section 162 of the Companies Act 1993 the Company has
arranged Directors’ and Officers’ Liability Insurance that ensures Directors will incur no monetary loss as a result of actions
undertaken by them as Directors provided they act within the law.
(f ) Directors’ and Officers’ use of Company information
During the period the Board received no notices pursuant to Section 145 of the Companies Act 1993 relating to use of
Company information.
STATE OF AFFAIRS
The Directors are of the opinion that the state of affairs of the Company is satisfactory. Details of the period under review
are included in the Chairman’s Report and the audited statement of comprehensive income.

53
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
EMPLOYEE REMUNERATION
The number of employees with the Group (other than Directors) receiving remuneration (excluding long term incentives) and benefits
above $100,000 in relation to the year ended 1 August 2018 was:
EMPLOYEE REMUNERATION20182017EMPLOYEE REMUNERATION20182017
100,000-109,999
56
250,000-259,999
1–
110,000-119,999
31
270,000-279,999
–1
120,000-129,999
24
280,000-289,999
11
130,000-139,999
42
290,000-299,999
–1
140,000-149,999
52
310,000-319,999
–1
150,000-159,999
–1
340,000-349,999
2–
160,000-169,999
–1
350,000-359,999
–1
170,000-179,999
23
390,000-399,999
–1
180,000-189,999
21
400,000-409,999
3–
190,000-199,999
1–
500,000-509,999
1–
200,000-209,999
32
620,000-629,999
–1
210,000-219,999
32
640,000-649,999
–1
220,000-229,999
11
650,000-659,999
1–
230,000-239,999
11
730,000-739,999
–1
240,000-249,999
1–1,190,000-1,199,9991–
1,360,000-1,369,9991–
CHIEF EXECUTIVE REMUNERATION
The remuneration of the Group Chief Executive Officer for the year ended 1 August 2018 was:
SALARYKIWISAVER
OTHER
BENEFITS SUBTOTAL
SHORT-TERM
INCENTIVE
TOTAL
REMUNERATION
LOAN PROVIDED
UNDER THE
EMPLOYEE SHARE
SCHEME
FY18700,00034,57137,828
772,399417,8091,190,208499,996
The remuneration of the Chief Executive Officer comprises fixed and performance payments. Fixed remuneration includes a
base salary, contributions to Kiwisaver, health insurance, car allowance and a carpark. The Chief Executive Officer received a short-
term incentive (STI) of $417,809. The STI is approved by the Board and is linked to the Group’s financial performance against set
targets. The Chief Executive Officer was issued with shares to the value of $499,996 during the financial year under the Group’s
employee share scheme.
As of the 1 August 2018, the total number of shares held for the benefit of the Group Chief Executive totalled 267,735. For these
shares, loans totalling $916,349 are outstanding.
REMUNERATION TO AUDITORS
The fee for the audit of the Holding Company and subsidiaries, paid to PriceWaterhouseCoopers, was $130,175.
GENERAL DISCLOSURES

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
54
The Board of Directors of Hallenstein Glasson Holdings Limited (HGHL) is committed to maintaining the highest standards of
corporate governance. This statement gives an overview of the policies and processes that are in place throughout the Company and
how best-practice standards of corporate governance are followed. This statement follows the principles outlined in the NZX Corporate
Governance Code (the Code) and outlines how HGHL is applying the recommendations in the Code.
The key HGHL corporate governance policy documents including the Board and Board committee charters are available at
www.hallensteinglasson.co.nz/investment-centre.
PRINCIPLE 1 – CODE OF ETHICAL BEHAVIOUR
“Directors should set high standards of ethical behaviour, model this behaviour and hold management accountable for these
standards being followed throughout the organisation.”
Code of ethics
The Board is committed to the highest standards of conduct and ethical behaviour in all business activities, and has adopted a code
of ethics to promote and support a culture of honest and ethical behaviour, corporate compliance and good corporate governance.
The Code of Ethics sets out the standards of conduct expected of the Directors, senior management and employees in carrying out
their day to day duties. This code provides a guide to the conduct that is consistent with the Company’s values, business goals and
legal obligations. The code contains the internal reporting procedures for any breaches.
New employees receive a copy of the Code of Ethics as part of their induction and it is available on the Group’s website. The Board
reviews the Code of Ethics annually.
Financial Product Trading policy
HGHL is committed to transparency and fairness in dealing with all of its stakeholders and to ensuring adherence to all applicable
laws and regulations. The Financial Product Trading policy details the Company’s policy in relation to trading HGHL shares and
includes restrictions on and procedures for Directors and employees.
The policy details the procedure which must be followed when Directors and senior management (or their related parties) wish to
trade in the Company’s shares. They must notify HGHL and obtain consent prior to trading in HGHL shares, and are only permitted
to trade within the periods of two windows. These windows are from the day on which HGHL’s half year results are released (during
March) and 1 July and between the full year announcement (during September) and 1 January. Trading by an individual holding
non-public material information about the Company is prohibited.
Directors or senior managers must advise the NZX promptly if they trade in the company’s shares within the timeframes required
by law.
PRINCIPLE 2 – BOARD COMPOSITION AND PERFORMANCE
“To ensure an effective Board, there should be a balance of independence, skills, knowledge, experience and perspectives.”
The Board
The Board of Directors is elected by shareholders to oversee the management of the Company and is responsible for all
corporate governance matters and reporting to shareholders. The Board has adopted a board charter which sets out the roles and
responsibilities of the Board and outlines how this interacts with the role of the Group’s management. The Board Charter is available
on the Group’s website.
The Board establishes the Company’s objectives, determines the strategies for achieving those objectives, and monitors management
performance. It also establishes delegated authority limits for capital expenditure, treasury, and remuneration.
Glassons and Hallensteins operate as separate subsidiaries, each with its own management team. The Board delegates the
responsibility for the day-to-day management of each subsidiary to the Group CEO and the management of that subsidiary. The
Board is responsible for the appointment of, and assessment of the performance of, the Group CEO and the members of the senior
management team.
The Board meets at least ten times each year, and in addition a full corporate strategy meeting is held each year. Directors receive
monthly reporting including profit and loss and balance sheets for each operating subsidiary, together with operations reports from
the senior executive from each business unit.
CORPORATE GOVERNANCE STATEMENT

55
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
CORPORATE GOVERNANCE STATEMENT
Board membership
The Board currently comprises all non-executive Directors (being seven non-executive Directors at the date of this annual report).
In recognition of the importance of independent views and the Board’s role in supervising the activities of management, the
Chairperson is a non-executive Director.
Independent Directors at the date of this report are:
Michael Donovan
Malcolm Ford
Karen Bycroft
Mary Devine
Other non-executive Directors are:
Warren Bell (Chairman)
Timothy Glasson
Graeme Popplewell
The constitution of HGHL requires at least one-third of the Directors or, if their number is not a multiple of three, then the number
nearest to one-third, to retire from office at the annual meeting each year, but shall be eligible for re-election at that meeting.
Those to retire shall be those who have been longest in office since they were last elected or deemed elected.
The Board may at any time appoint a person to be a Director either as an additional Director or to fill a casual vacancy. Any person
who is appointed a Director by the Board shall retire from office at the next annual meeting of the Company, but shall be eligible for
re-election at that next meeting.
A list of the Directors and their profiles, experience and qualifications is on page 50 of this report. A list of their relevant ownership
interests is on page 52 of this report.
Nomination and appointment of Directors
The Nominations Committee identifies suitably qualified people who could be considered for nomination or appointment as
a Director in the event of a vacancy on the Board. The Nominations Committee Charter includes guidelines relating to Board
composition, considerations for new Director appointments and the process by which potential Directors are nominated and
assessed. All new Directors will enter into a written agreement with HGHL setting out the terms of their appointment.
Diversity
HGHL believe that all eligible people get an equal opportunity and are all treated fairly regardless of backgrounds, views, experiences
and capabilities as well as their beliefs, physical differences, ethnicity, gender, age, thinking style or preferences. The company has
adopted a Diversity and Inclusion Policy that ensures it is continually developing a work environment that supports equality and
inclusion regardless of difference.
In accordance with HGHL’s Diversity and Inclusion Policy, the Board is working on setting measurable objectives for achieving
workplace diversity and inclusiveness, how it will achieve those objectives and how it will measure performance against those
objectives. These are currently in the process of being set given the policy has only recently been adopted which, when set, will bring
HGHL into compliance with Code recommendation 2.5. The Board has responsibility for implementing, reviewing, reporting and
overseeing the policy.
Details of gender composition of the Group’s Directors and senior managers as at the balance date are as follows:
Gender diversity as at 1 August
20182017
Directors
Female
21
Male
55
Officers
Female
12
Male
66
The Board will ensure that new Directors are appropriately inducted to their role. Continuous education is also undertaken by
Directors as appropriate to ensure that they have skills that are relevant and up to date, and that allow them to perform their role
as Directors.

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
56
The Board evaluates its own performance and that of its committees annually. The Chairperson also meets with Directors
individually to discuss their individual performance during the year.
PRINCIPLE 3 – BOARD COMMITTEES
“The Board should use committees where this will enhance effectiveness in key areas, while retaining Board responsibility.”
Remuneration Committee
The Remuneration Committee is comprised of non-executive members of the Board, and is chaired by Mr Timothy Glasson.
The other members of the Committee are Warren Bell and Michael Donovan. The function of the Committee is to make specific
recommendations on remuneration packages and other terms of employment for Directors and senior management. Management
may only attend Committee meetings at the Committee’s invitation. The Committee utilises independent advice where necessary
to ensure remuneration practices are appropriate for the Company, and to ensure the best possible people are recruited and retained.
Although the Committee does not currently have a majority of independent Directors in line with Code recommendation 3.3, the
Board believes the current membership has an optimal mix of skills and experience to ensure the Committee achieves its objectives.
In addition, the Committee makes recommendations to the full Board for consideration, which is comprised of a majority of
independent Directors.
The Remuneration Committee Charter is available on the Group’s website.
Audit Committee
The Audit Committee is comprised of non-executive members of the Board, and is chaired by Mr Malcolm Ford. The other members
of the Committee are Warren Bell and Graeme Popplewell. The Committee has a majority of independent Directors. The Committee
meets directly with the external auditors at least twice a year, and receives all correspondence between the Company and its auditors.
The main responsibility of the Committee is to ensure internal controls are effective, financial reporting is reliable, and applicable
laws and regulations are complied with. Management may only attend Committee meetings at the Committee’s invitation. The Audit
Committee Charter is available on the Group’s website.
Nominations Committee
The Nominations Committee is comprised of non-executive members of the Board, and is chaired by Mr Michael Donovan.
The other members of the Committee are Timothy Glasson and Warren Bell. When appropriate, the Committee will make
recommendations to the Board on the appointment of Directors.
The Nominations Committee Charter is available on the Group’s website. Although the Committee does not currently have a
majority of independent Directors in line with Code recommendation 3.4, the Board believes the current membership has an optimal
mix of skills and experience to ensure the Committee achieves its objectives.
Health and Safety Committee
HGHL has also established a Health and Safety Committee. The Committee is not a Committee of the Board, although its members
include Directors as well as employees of the Group.
The Committee is chaired by Ms Karen Bycroft. The Committee oversees the:
– Group’s existing health and safety systems and processes.
– Approval of health and safety policies and procedures for the Group.
– Monitoring of any incidents, hazards and risks within the Group’s business.
– Communication to the Board on health and safety matters and ensures the Board is informed on matters relating to
health and safety governance, performance and compliance.
– Regular assessments on health and safety systems.
The Health and Safety Committee Charter is available on the Group’s website.
Takeover response
The Board has implemented protocols that set out the procedures to be followed if a takeover offer is received by HGHL.
CORPORATE GOVERNANCE STATEMENT

57
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
CORPORATE GOVERNANCE STATEMENT
PRINCIPLE 4 – REPORTING AND DISCLOSURE
“The Board should demand integrity in financial and non-financial reporting and in the timeliness and balance of corporate disclosures.”
Financial reporting to shareholders and the market is in accordance with generally accepted accounting principles applied in
New Zealand, and in compliance with relevant legislation and NZX requirements.
The Group’s Sustainability Report is on pages 10 and 11. The Group has appointed a sustainability steering group to consider risks
on environmental, social and governance factors. The steering group has developed the current Group initiatives which include:
– significantly reduce HGHL’s environmental footprint;
– zero tolerance to child / forced labour;
– actively support freedom of association and non-discrimination.
The Board is responsible for ensuring it meets its obligation for continuous disclosure in accordance with NZX Main Board Listing
Rule 10.1 and acknowledges that the intent of these rules is to enable shareholders and the investment market generally to be
promptly informed of any events that may be price sensitive in regards to the Company’s share price.
The Board has adopted a market disclosure policy which outlines the obligations of HGHL and relevant HGHL personnel in satisfying
HGHL’s continuous disclosure requirements. A copy of the policy is available on the Group’s website.
The Directors’ shareholdings, trading of shares, together with other relevant matters for disclosure are set out on pages 51 and 52
of this report.
All key corporate governance documents, including charters and policies, are available on the Group’s website at
www.hallensteinglasson.co.nz/investment-centre.
PRINCIPLE 5 – REMUNERATION
“The remuneration of Directors and executives should be transparent, fair and reasonable.”
Details of Directors’ and Group CEO’s remuneration are shown on pages 51 and 53 of this report.
Shareholders are asked to approve any increases to the pool of Directors’ fees from time to time as required by the NZX Main Board
Listing Rules. Fees are generally established using independent surveys covering New Zealand based organisations of a similar scope
and size.
Key executive remuneration comprises a base salary together with short term and long term incentives that are based on
performance which are earned subject to company profitability. The Remuneration Committee seeks independent advice where
appropriate when setting key executive remuneration.
HGHL has adopted a Remuneration Policy which outlines the principles that apply to the remuneration of all Non-executive
Directors and senior management with the aim that ensuring that remuneration is fair and appropriate. A copy of the policy is
available on the Group’s website.
Details of the Group employees who have earned over $100,000 during the financial year and the Group CEO’s remuneration are
shown on page 53 of this report.
PRINCIPLE 6 – RISK MANAGEMENT
“Directors should have a sound understanding of the material risks faced by the issuer and how to manage them. The Board should
regularly verify that the issuer has appropriate processes that identify and manage potential and material risks.”
The Board is responsible for reviewing and approving the Company’s risk management strategy, and maintains a risk framework
that identifies and seeks to manage risks throughout the HGHL group. It also seeks to identify new and emerging risks to the HGHL
Group through this framework. The Board delegates day-to-day management of risk to the Group CEO who may further delegate
such responsibilities to his or her executives and other officers. Significant risks are discussed at Board meetings as required.
While the Board is ultimately responsible for oversight of the risk management of the Group, the Audit Committee reviews the
reports of management and the external auditors on the effectiveness of systems for internal control, financial reporting and risk
management. To assist in discharging this responsibility, the Board has in place a number of strategies designed to safeguard the
Company’s assets and interests and to ensure the integrity of reporting.

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
58
The company maintains insurance cover with reputable insurers for most types of insurance risk. All HGHL Group Directors and
senior managers have the benefit of an indemnity as permitted by the Companies Act 1993 and HGHL’s constitution. The HGHL
Group has also implemented Director and Officer (D&O) insurance cover at HGHL’s cost. Details of these indemnities and insurance
are disclosed in HGHL’s interests register as required.
Health and Safety
The Company has health and safety systems and processes in place that includes training employees and recording any incidents,
hazards and risks. These systems ensure we continue to provide a safe working environment for staff, contractors and customers.
HGHL has also established a Health and Safety Committee as part of its commitment to protecting the health, safety and wellbeing
of HGHL Group Employees – see details of the Committee and its role on page 56.
The Health and Safety Committee, along with senior management, is responsible for ensuring that Health and Safety has appropriate
focus and is sufficiently resourced within the Group. Senior management work with the Health and Safety committee to investigate
incidents, analyse hazard/ incident trends to identify and mitigate potential health and safety risks and review, develop and monitor
compliance with health and safety processes and procedures. Health and Safety is a consistent item on the Board meeting agendas to
keep all Directors informed of the Group’s performance across a range of measures.
The Board and the Committee receive detailed reporting on health and safety performance including health and safety incidents,
injury rates by severity, identified hazards and outputs from the workers’ health and safety forum meetings.
All staff are trained on Health and Safety procedures at induction, some examples of these include working from height, manual
lifting and personal safety. Registers are kept of potential hazards at each store and regular reviews/audits of compliance with health
and safety processes and procedures are carried out. Particular focus is placed on safety in our Distribution Centres and regular risk
assessments are carried out. The Group also provides an Employee Assistance Programme to support with employee wellbeing.
PRINCIPLE 7 – AUDITORS
“The Board should ensure the quality and independence of the external audit process.”
The Audit Committee is responsible for overseeing the external audit arrangements. Ensuring that external audit independence
is maintained is one of the key aspects in discharging this responsibility. An Audit Independence Policy has been adopted by the
Committee to assist in meeting this responsibility. The Audit Independence Policy covers the following areas:
• Provision of related assurance services by the external auditors.
• Auditor rotation.
• Relationships between the auditor and the Company.
• Approval of auditor.
The Audit Committee shall only approve a firm to be auditor if that firm would be regarded by a reasonable investor with full
knowledge of all relevant facts and circumstances as capable of exercising objective and impartial judgement on all issues
encompassed within the auditor’s engagement. The Audit Committee must approve significant permissible non-audit work
assignments that are awarded to an external auditor. A copy of the policy is available on the Group’s website.
The external auditors are required to be available at each annual meeting.
Internal audit
The Company does not have an internal audit function. The Board is confident the key risks of the business are being adequately
managed and the internal control framework is operating effectively, including through the risk identification and management
processes outlined above.
CORPORATE GOVERNANCE STATEMENT

59
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
CORPORATE GOVERNANCE STATEMENT
PRINCIPLE 8 – SHAREHOLDERS’ RIGHTS AND RELATIONS
“The Board should respect the rights of shareholders and foster constructive relationships with shareholders that encourage them to
engage with the issuer.”
The Company releases all material information to the NZX as required by the NZX Main Board Listing Rules, and also posts any key
announcements to the Company website at www.hallensteinglasson.co.nz. Other key information, including annual reports, the
constitution and key corporate governance documents are also posted for ease of reference. Consistent with best practice and the
Company’s continuous disclosure obligations under the NZX Main Board Listing Rules, external communications that may contain
market sensitive data are released through NZX in the first instance. The Board approves all communications with shareholders.
Shareholders are provided with the option of receiving communications from the Company electronically. The Company’s website
includes a section on investor communications and the Company welcomes investor enquiries.
Notice of the AGM is sent to shareholders and is posted on the company’s website at least 4 weeks prior to the meeting.
As required by the Companies Act and NZX Main Board Listing Rules, the Company refers any significant matters to shareholders for
approval at the AGM, and shareholders are given the opportunity to vote by proxy ahead of the meeting or by polling if attending the
meeting in person.
SHAREHOLDER INFORMATION
ANALYSIS OF SHAREHOLDING AS AT 28 SEPTEMBER 2018
RANGE
HOLDER
COUNT
HOLDER
COUNT %
HOLDING
QUANTITY
HOLDING
QUANTITY %
1 to 99831.49 2,6780.01
100 to 1991182.11 15,6900.03
200 to 4992995.35 95,1940.16
500 to 9994307.70 287,3900.48
1,000 to 1,9991,09319.57 1,437,1972.41
2,000 to 4,9991,67529.99 5,028,7258.43
5,000 to 9,99995517.10 6,121,56910.26
10,000 to 49,99983314.92 14,302,75023.98
50,000 to 99,999561.00 3,646,5566.11
100,000 to 499,999360.65 7,403,77912.41
500,000 to 999,99930.05 1,611,4932.70
1,000,000 to 9,999,999,999,99940.07 19,696,04033.02
Total
5,585100.00 59,649,061100.00

HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
60
TOP 20 SHAREHOLDING AS AT 28 SEPTEMBER 2018
RANKNAMEADDRESSSHARES
% OF
SHARES
1.TIMOTHY CHARLES GLASSONPO Box 248, Christchurch, 814011,950,58820.035
2.HSBC NOMINEES (NEW ZEALAND) LIMITED -
NZCSD
PO Box 5947 Wellesley Street,
Auckland, 1141
4,222,124 7.08
3.CITIBANK NOMINEES (NEW ZEALAND)
LIMITED - NZCSD
GPO Box 764G, Melbourne VIC,
AUSTRALIA, 3000
2,325,453 3.90
4.FNZ CUSTODIANS LIMITEDPO Box 396, Wellington, 61401,197,875 2.01
5.KEVIN JAMES HICKMAN + JOANNA HICKMAN +
JOHN ANTHONY CALLAGHAN
PO Box 79084, Avonhead,
Christchurch, 8446
565,000 0.95
6.TEA CUSTODIANS LIMITED CLIENT PROPERTY
TRUST ACCOUNT - NZCSD
Att: Chris Campbell, PO Box 3121,
Wellington, 6140
546,493 0.92
7.KEVIN JAMES HICKMAN + JOANNA HICKMAN24 Waiwetu Street, Fendalton,
Christchurch, 8052
500,000 0.84
8.NATIONAL NOMINEES NEW ZEALAND
LIMITED - NZCSD
c/o Iss - Manila Team Proxy Forms,
Gpd Operations, 15TH Floor Solaris
One Building, 130 De La Rosa Street,
Makati City, PHILIPPINES, 1229
451,367 0.76
9.FORSYTH BARR CUSTODIANS LIMITEDPrivate Bag 1999, Dunedin, 9054439,293 0.74
10.CUSTODIAL SERVICES LIMITEDPO Box 13155, Tauranga, 3141423,294 0.71
11.INVESTMENT CUSTODIAL SERVICES LIMITEDPO Box 35, Shortland Street, Auckland,
1140
407,263 0.68
12.JBWERE (NZ) NOMINEES LIMITED Private Bag 92085, Victoria Street
West, Auckland, 1142
326,785 0.55
13.CUSTODIAL SERVICES LIMITED PO Box 13155, Tauranga, 3141319,453 0.54
14.CUSTODIAL SERVICES LIMITEDPO Box 13155, Tauranga, 3141306,877 0.51
15.HSBC NOMINEES (NEW ZEALAND) LIMITED
A/C STATE STREET -NZCSD
PO Box 5947, Wellesley Street,
Auckland, 1141
302,390 0.51
16.ACCIDENT COMPENSATION CORPORATION -
NZCSD
c/- Jp Morgan Att Asset Services, PO
Box 5652, Wellington, 6140
300,000 0.50
17.MALCOLM FORD + MICHAEL DONOVAN + HLG
EMPLOYEE SHARE SCHEME
PO Box 91148, Victoria Street West,
Auckland, 1142
267,735 0.45
18.JPMORGAN CHASE BANK NA NZ BRANCH-
SEGREGATED CLIENTS ACCT - NZCSD
Att: Asset Services, PO Box 5652,
Wellington, 6140
246,885 0.41
19.ASB NOMINEES LIMITEDPO Box 35, Shortland Street, Auckland,
1140
228,310 0.38
20.BNP PARIBAS NOMINEES (NZ) LIMITED -
NZCSD
Level 13 Pwc Tower,
113-119 The Terrace, Wellington, 6011
206,377 0.35
Totals: Top 20 holders of ordinary shares25,533,562 42.81
Total remaining holders balance34,115,499 57.19
SHAREHOLDER INFORMATION

61
HALLENSTEIN GLASSON HOLDINGS LTD ––––––– ANNUAL REPORT 2018
CALENDAR
ANNUAL BALANCE DATE 01 AUGUST
PRELIMINARY PROFIT ANNOUNCEMENT SEPTEMBER
REPORTS AND ACCOUNTS PUBLISHED OCTOBER
HALF YEAR RESULTS MARCH
INTERIM DIVIDEND APRIL
FINAL DIVIDEND 17 DECEMBER 2018
ANNUAL GENERAL MEETING 12 DECEMBER 2018
DIRECTORY
AUDITORS
PRICEWATERHOUSECOOPERS
BANKERS
ANZ BANK NEW ZEALAND LTD.
REGISTERED OFFICE
LEVEL 3
235-237 BROADWAY
NEWMARKET
AUCKLAND 1023
TEL +64 9 306 2500
FAX +64 9 306 2523
POSTAL ADDRESS
PO BOX 91-148
AUCKLAND MAIL CENTRE
AUCKLAND 1141
SHARE REGISTRAR
COMPUTERSHARE INVESTOR
SERVICES LIMITED
PRIVATE BAG 92119
AUCKLAND 1142
TEL +64 9 488 8700
WEBSITES
HALLENSTEINGLASSON.CO.NZ
GLASSONS.COM
HALLENSTEINS.COM