Media Release

Level 6, 51 Shortland Street
PO Box 105 675, Auckland 1143
Tel 09 526 8770
awfmadison.co.nz
MEDIA RELEASE

24 October 2019

Solid white collar performance underpins Half Year result

 Revenue down 2% to $139 million
 EBITDA increase of 20% to $6.2 million (noting impact of IFRS 16)
i

 Net profit before tax down from $2.9 to $1.9 million
 White collar segment earnings steady at $3.8 million
 AWF segment earnings turn corner and increase on prior 6 months
 Earnings guidance (EBITDA) $12.7 million to $14 million for FY March 2020
 Interim Dividend steady at 8.0 cents per share

AWF Madison completed the acquisition of JacksonStone & Partners on 1 June 2019. This is an excellent
acquisition and a great fit for the Group. JacksonStone was earnings-accretive for four months after acquisition
costs and will make a strong contribution in the next 6 months. The ease of integration and cultural fit is extremely
encouraging, as is the pipeline of work as we head in to the second half of the year.

Slight softening of the economy has had an impact on our existing white collar businesses, Madison and Absolute
IT. Industrial Relations activity specific to Madison has had an impact on the first six months, which prevented a
growth in earnings in this segment.

AWF has continued to experience immigration-related employment issues which are nearing resolution. This
outcome has taken longer than anticipated and has not delivered us the earnings lift we were seeking but has
improved on the prior six months markedly and will see us deliver to our expectations for the final six months.

From a market perspective we expect a softening in the economy to reduce demand for permanent recruitment
services, offset by an upswing in demand for temporary and contract resources.

Strong cashflows and shareholder support for the Dividend Reinvestment Plan allowed us to fund the acquisition
of JacksonStone & Partners, with an initial payment of $6.7 million. During the period, net debt rose $1.8 million.

A fully-imputed Interim Dividend of 8.0 cents per share (unchanged from 2018) will be paid on 29 November
2019, to shareholders on the register at close of business on 18 November 2019 (the Record Date).

The Dividend Reinvestment Plan (DRP), will apply to the Interim Dividend; and in this regard the Board has
determined that up to 50% of this Interim Dividend will be allowed to participate in the forthcoming distribution.
Shareholding Directors have, again, committed to participate to the full extent of their respective entitlements
under the DRP, as they have since its inception.







Simon Bennett: CEO Ross Keenan: Chairman
Contact: (09) 917 1010 For the Board

Level 6, 51 Shortland Street
PO Box 105 675, Auckland 1143
Tel 09 526 8770
www.awfmadison.co.nz

i
Note 1 Reconciliation – EBITDA to Profit after tax
EBITDA is a non-generally accepted accounting principle term and reconciles to reported Profit after tax as
follows:

6 months 6 months

30-Sep-19 30-Sep-18
EBITDA to NPAT Reconciliation $000's
EBITDA 6,231 5,152
IFRS 16 - Leases; Depreciation on ROU assets (1,371)

IFRS 16 - Leases; Finance (276)

Depreciation and Amortisation Expense (1,813) (1,642)
Finance Costs (737) (637)
Acquisition-related expenses (101)
Net Profit before tax 1,933 2,873
Income tax expense (612) (821)
Net Profit after tax 1,321 2,052

---

Template
Distribution Notice

Updated as at 8 May 2019

Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer AWF Madison Group Limited
Financial product name/description Ordinary Shares and Restricted Shares
NZX ticker code AWF
ISIN (If unknown, check on NZX
website)
NZAWFE0001S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 18/11/2019
Ex-Date (one business day before
the Record Date)
15/11/2019
Payment date (and allotment date for
DRP)
29/11/2019
Total monies associated with the
distribution
1

$ 2,774,781
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZ
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.11111111
Total cash distribution
3
$0.08000000
Excluded amount (applicable to listed
PIEs)
NIL
Supplementary distribution amount $Nil
Section 3: Imputation credits and Resident Withholding Tax
4

Is the distribution imputed Fully imputed X
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
28%
Imputation tax credits per financial $0.03111111

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
4
The imputation credits plus the RWT amount is 33% of the gross distribution for the purposes of this form. If the distribution is fully
imputed the imputation credits will be 28% of the gross distribution with remaining 5% being RWT. This does not constitute advice
as to whether or not RWT needs to be withheld.

product
Resident Withholding Tax per
financial product
$0.00555555
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
Nil
Start date and end date for
determining market price for DRP
18/11/2019 22/11/2019
Date strike price to be announced (if
not available at this time)
25/11/2019
Specify source of financial products
to be issued under DRP programme
(new issue or to be bought on
market)
New Issue
DRP strike price per financial product
$ Calculated as the volume weighted average sale
price for all AWF Madison shares sold on the NZX main
board over a period of five business days starting
18/11/2019
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
18/11/2019
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
David Lazarus
Contact person for this
announcement
David Lazarus
Contact phone number 09 526-8775
Contact email address David.lazarus@awfmadison.co.nz
Date of release through MAP

24/10/2019

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 8 May 2019


Results for announcement to the market
Name of issuer AWF Madison Group Limited
Reporting Period 6 months to 30 September 2019
Previous Reporting Period 6 months to 30 September 2018
Currency NZ

Amount (000s) Percentage change
Revenue from continuing
operations
$139,226 -1.7%
Total Revenue $139,226 -1.7%
Net profit/(loss) from
continuing operations
$1,321 -35.6%
Total net profit/(loss) $1,321 -35.6%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.11111111
Imputed amount per Quoted
Equity Security
$0.08000000
Record Date 18/11/2019
Dividend Payment Date 29/11/2019
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
-$0.73027154 -$0.45610106
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to Financial Statements
Authority for this announcement
Name of person

authorised
to make this announcement
David Lazarus
Contact person for this
announcement
David Lazarus
Contact phone number 09 526-8775
Contact email address david.lazarus@awfmadison.co.nz
Date of release through MAP

24/10/2019

Audited financial statements accompany this announcement.

---

Interim Report
for the six months ended
30 September 2019

2

We are optimistic
about our prospects
over the next six
months to March 2020.
Simon Bennett, CEO
CEO’S REPORT – SIMON BENNETT 4
FINANCIAL STATEMENTS 9
NOTES TO THE FINANCIAL STATEMENTS 14
DIRECTORY 30
Contents
3
AWF MADISON GROUP INTERIM REPORT FY20

On track
for a strong
Year End.
Simon Bennett, CEO
AWF MADISON GROUP INTERIM REPORT FY20
4
CEO’S REPORT

We expect to deliver FY20 profit well above
what we achieved in FY19. Our revenue for
HY20 against prior year (HY19) was slightly
down at $139 million vs $141.5 million.
We have grown the breadth of our service
offering with the successful acquisition
and integration of JacksonStone & Partners.
The transaction was completed in early
June and has performed well, as expected.
Dave Hollander, JacksonStone’s CEO,
spoke at the AGM of the ease of integration
and the leverage for JacksonStone, AWF,
Madison and Absolute IT; and this sentiment
continues. With a large portion of the
JacksonStone business focussed on the
public sector, we have not seen any softening
in the market at all. A number of high-profile
CEO roles have been recruited in this half of
the year and further roles have already been
confirmed for the second half. JacksonStone
has made a contribution for a portion of the
Half Year, notwithstanding the acquisition
and integration costs.
Our other white collar businesses found
trading a little tougher than in the
corresponding six months. Madison, and
Absolute IT to a lesser degree, were slightly
softer, but for different reasons.
In Absolute IT a good level of hiring activity
saw us recruiting at similar levels, but the
still-short labour market, combined with
slower client decision-making, slowed the
process and some candidates were lost
We finish the Half Year
with a stronger platform to
build on and, despite some
economic headwinds,
we have greater confidence
in our ability to deliver
a stronger result in the
second half of the year.
AWF MADISON GROUP INTERIM REPORT FY20
5
CEO’S REPORT

to other opportunities in the meantime.
Interestingly, we are seeing quite a different
market in Auckland and Wellington. Auckland
is stronger in permanent recruitment; with
Wellington stronger in contract placements.
Although this has always been a trend, with
the public sector having a preference for
contract resource, this has been accentuated.
Madison has seen a decline in temp
placement numbers this year. There is
slightly less demand for short term reception
assignments, with many organisations just
making do with their existing resources.
Means of automation, such as electronic
sign-in, and receptionists not always being
replaced in times of sickness or holidays,
are contributing to this.
Of more concern is the industrial relations
activity we are seeing, with aggressive action
by a number of Unions. We currently have
a case before the Employment Relations
Authority, taken by a Union, challenging
the status of a number of our workers.
We believe this case has no merit and, in
fact, they are seeking an outcome that would
have applied if the Employment Relations
(Triangular Employment) Amendment Bill
had not been amended prior to it becoming
legislation. This action has resulted in a shift
away from contingent workers in a large
client of ours who is seeking to take a more
conservative balance of permanent and
contingent workers.
I believe the Union is effectively bullying a
number of clients in this way. It is unfortunate
for our workers as now a number have been
left without work opportunities as a result.
We are confident this will be resolved and
may, in fact, result in stronger case law for
legitimate providers of temporary employees.
A balance of permanent and contingent
workers optimises a workforce and provides
good opportunities for workers, and we are
confident common sense will prevail.
The result has seen our white collar segment
contribute $3.80 million at HY20 against HY19
of $3.85 million – a small drop of 1%.
AWF has stabilised earnings and we
have reduced our operating costs as we
reported. However, we have not seen the
lift we expected in the first half of the year.
Notwithstanding, we are beginning to see this
lift in the first month of H2 and we expect it
to deliver earnings (EBITDA) in the range we
were seeking when we commenced the year,
although a number of matters were slower to
resolve than we had anticipated.
We had expected to resolve issues with
the Labour Inspectorate relating to an
investigation which commenced in May
of 2018, following an exaggerated and
sensationalised report by the media on 9 May
2018. This investigation stalled our renewal
process for Accredited Employer status
with Immigration New Zealand and resulted
in us having little flexibility to redeploy
2CEO’2S RPTO–IPMNO TB4I ’OI4NPIBOEFAL
6
CEO’S REPORT

many workers based in Christchurch, who
were surplus to requirements, with large
construction projects drawing to a close.
We expect to announce a long overdue
pathway forward in the coming weeks.
On lower turnover we have seen our gross
margin increase slightly and our permanent
offering is beginning to contribute to our
earnings. We have continued to be risk-
averse to the construction sector and as
a result have not been exposed to any
significant bad debts during the Half Year,
despite the sector remaining challenging.
Our desire to earn our social license led us
to form The Work Collective. The initiative is
moving into pilot stage and we have a number
of large companies eager to move forward
with us. We are very excited by the unique
offering this will create and the opportunities
that exist for us to have significant social
impact. The Work Collective will also address
skills shortages for our businesses, our
clients and this country. There appears to be
a growing momentum in the area of ‘social
enterprise’ and many clients seek verification
of our social impact initiatives as part of their
procurement processes.
At the end of HY20 our net debt stands
at $28.4 million versus $26.6 million at Year
End 2019. The increase of less than $2.0
million is satisfactory given the payment
of $6.7 million towards the acquisition of
JacksonStone & Partners.
The outlook for the remaining six months
is positive, albeit we will not achieve the
annualised earnings we were seeking
in AWF. Though our business is seasonal
we are pleased with the significant lift in
earnings against the prior six months.
We expect to achieve NPBT (Net Profit
Before Tax) for the full year of above $4.2
million – nearly 50% higher than prior year.
An upper range is not provided due to some
uncertainty in the level of improvement
within AWF and the speed at which we can
ramp up temp numbers within Madison.
The economic backdrop is softer, but a
weakening economy sees demand rise for
contingent workers. A number of large
clients have ‘hiring freezes’, which we expect
to continue, strengthening demand for
contingent workers. We are optimistic about
our prospects over the next six months to
March 2020.
Our desire to earn our
social license led us to
form The Work Collective.
We are very excited
by the unique offering
this will create and the
opportunities that exist
for us to have significant
social impact.
AWF MADISON GROUP INTERIM REPORT FY20
7
CEO’S REPORT

Key FinancialsRevenue
Net Operating Cash Flow
Net Bank Debt
Net Profit After Tax
Dividend
Up 10% from $126.2m for the
immediately preceding six month
period due in part to the acquisition
of JacksonStone & Partners
Down 1.7% from $141.6m last year
Up from $3.3m for the
immediately preceding
six months
Up from $6.1m last year
Up slightly from
$27.3m last year
Up from $26.6m as at
31st March 2019
Up $1.32m on the
immediately preceding
six month period due in
part to the acquisition of
JacksonStone & Partners
Down 36% from $2.1m
last year
Interim Dividend last
year 8.0cps
Final Dividend last
year 8.2cps
$1.3
8.0
$6.9
$28.4
$139.2
Million
CPS
Million
Million
Million
8
AWF MADISON GROUP INTERIM REPORT FY20

Financial
Statements.
9
AWF MADISON GROUP INTERIM REPORT FY20

AWF Madison Group Limited
Condensed consolidated statement of comprehensive income
For the six month period 30 September 2019 (unaudited)
GROUP
6 months to
30 September
2019
(unaudited)
6 months to
30 September
2018
(unaudited)
$’000$’000
Revenue139,226141,577
Investment revenue––
Direct costs(1,038)(1,752)
Employee benefits expense(127,273)(128,735)
Depreciation and amortisation expense(3,285)(1,642)
Other operating expenses(4,583)(5,938)
Finance costs(1,013)(637)
Acquisition related cost expense(101)–
Profit before tax1,9332,873
Income tax expense(612)(821)
Profit for the period1,3212,052
Other comprehensive income for the period––
Total comprehensive income for the period1,3212,052
Profit for the period income is attributable to equity holders of the Group1,3212,052
Total comprehensive income is attributable to equity holders of the Group1,3212,052
Earnings per share
Total basic earnings per share (cents/share)4.06.3
Total diluted earnings per share (cents/share)4.06.3
The notes to the interim condensed consolidated financial statements form an integral part of these financial statements
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
10

AWF Madison Group Limited
Condensed statement of financial position
As at 30 September 2019 (unaudited)
GROUP
30 September
2019
(unaudited)
30 September
2018
(unaudited)
(restated)
31 March 2019
(audited)
$’000$’000$’000
Assets
Non-current assets
Property, plant and equipment3,1523,2793,038
Right of use assets14,642––
Intangible assets – goodwill45,47539,41139,271
Intangible assets – other16,88614,84513,929
Total non-current assets80,15557,53556,238
Current assets
Cash and cash equivalents7,6235,6696,357
Trade and other receivables30,37734,76932,629
Contract assets381289295
Taxation receivable-145–
Total current assets38,38140,87239,281
Total assets118,53698,40795,519
Equity and liabilities
Non-current liabilities
Deferred tax liabilities3,1902,5352,462
Borrowings36,00033,00033,000
Lease liabilities12,342––
Contingent consideration3,458––
Total non-current liabilities54,99035,53535,462
Current liabilities
Trade and other payables25,32125,66824,186
Contract liabilities242315530
Taxation payable488–280
Provisions156200241
Lease liabilities2,475––
Deferred consideration616––
Total current liabilities29,29826,18325,237
Total liabilities84,28861,71860,699
Net assets34,24836,68934,820
Capital and reserves
Share capital30,01228,37129,165
Group share scheme reserve281466544
Retained earnings3,9557,8525,111
Total equity34,24836,68934,820
For and on behalf of the Board who authorise the issue of the financial statements on 24 October 2019:
ROSS KEENAN, Chair JULIA HOARE, Chair, Audit and Risk Committee
The notes to the interim condensed consolidated financial statements form an integral part of these financial statements
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
11

AWF Madison Group Limited
Condensed consolidated statement of changes in equity
For the six month period 30 September 2019 (unaudited)
GROUP
Share
capital
Treasury
shares
Group share
scheme
reserve
Retained
earnings
Total
equity
$’000$’000$’000$’000$’000
Period ended 30 September 2018
Balance at 1 April 201827,598–3838,87836,859
Effect of changes in accounting
policies resulting from the adoption
of NZ IFRS 9 & 15–––(374)(374)
Balance at 1 April 2018 (restated)27,598–3838,50436,485
Comprehensive income
Profit for the period–––2,0522,052
Other comprehensive income–––––
Total comprehensive income–––2,0522,052
Transactions with shareholders
Issue of share capital773–––773
Dividends paid–––(2,704)(2,704)
Share based payments––83–83
Total transactions with shareholders773–83(2,704)(1,848)
Balance at 30 September 2018 (restated)28,371–4667,85236,689
Period ended 30 September 2019
Balance at 1 April 201929,165–5445,11134,820
Comprehensive income
Profit for the period–––1,3211,321
Other comprehensive income–––––
Total comprehensive income–––1,3211,321
Transactions with shareholders
Issue of share capital847–––847
Dividends paid–––(2,806)(2,806)
Stock appreciation rights cancelled––(329)329–
Share based payments––66–66
Total transactions with shareholders847–(263)(2,477)(1,893)
Balance at 30 September 201930,012–2813,95534,248
The notes to the interim condensed consolidated financial statements form an integral part of these financial statements
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
12

AWF Madison Group Limited
Condensed consolidated statement of cashflows
For the six month period ended 30 September 2019 (unaudited)
GROUP
6 months to
30 September
2019
(unaudited)
6 months to
30 September
2018
(unaudited)
$’000$’000
Cashflows from operating activities
Receipts from customers144,449146,810
Payments to suppliers and employees(135,464)(138,373)
Net cash generated from operations8,9858,437
Interest paid(1,013)(638)
Income taxes paid(1,097)(1,656)
Net cash from operating activities6,8756,143
Cashflows from investing activities
Proceeds from disposal of property, plant and equipment4136
Purchase of property, plant and equipment(330)(1,122)
Purchase of intangible assets(14)(60)
Net cash paid on acquisition of JacksonStone & Partners(6,700)-
Net cash paid on acquisition of Select Dunedin-(666)
Net cash (used in)/from investing activities(7,003)(1,812)
Cashflows from financing activities
Proceeds from the issue of share capital847773
Dividends paid to share holders of the parent(2,806)(2,704)
Proceeds from borrowings3,000-
Repayment of borrowings-(3,000)
Payment of lease liabilities(1,194)-
Net cash from/(used in) financing activities(153)(4,931)
Net increase/(decrease) in cash held(281)(600)
Cash and cash equivalents at start of the period6,3576,269
Cash acquired through business combinations1,547-
Net cash and cash equivalents at end of the period7,6235,669
The notes to the interim condensed consolidated financial statements form an integral part of these financial statements
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
13

AWF Madison Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2019 (unaudited)
REPORTING ENTITY
AWF Madison Group Limited is a listed company
incorporated and domiciled in New Zealand.
The address of its registered office and principal
place of business is disclosed in the directory to
the interim report.
The interim condensed consolidated financial
statements of AWF Madison Group Limited
(‘the Company’) and its subsidiaries (collectively
referred to as ‘the Group’) have been prepared:
• in accordance with IAS 34 Interim Financial
Reporting and NZ IAS 34 Interim Financial
Reporting;
• in accordance with the requirements of the
Financial Market Conduct Act 2013, the
Companies Act 1993, and the NZX listing rules;
• on the basis of historical cost, modified by
revaluation of certain assets and liabilities; and
• in New Zealand dollars, with values rounded
to thousands ($000) unless otherwise stated.
The principal services of the Group are the
supply of temporary staff and recruitment of
permanent staff.
The interim condensed financial statements
were authorised for issue by the directors on
24 October 2019.
BASIS OF PREPARATION
The interim condensed consolidated financial
statements do not include all the information
and disclosures required in the annual financial
statements, and should be read in conjunction
with the Group’s annual financial statements
for the year ended 31 March 2019.
The accounting policies used in preparation of
these interim condensed consolidated financial
statements are consistent with those used in the
Group’s annual financial statements for the year
ended 31 March 2019, except for the adoption of
any new standards effective as of 1 April 2019,
and the early adoption of any other standard,
interpretation or amendment that has been
issued but is not yet effective.
Adoption of new and revised Standards and
Interpretations
New standards and amendments and interpretations
to existing standards that came into effect during the
current accounting period beginning on 1 April 2019
The Group has adopted the NZ IFRS 16 Leases which
became effective for the year beginning 1 April 2019.
Disclosures relating to the impact of the adoption of
NZ IFRS 16 on the Group’s financial statements are
outlined under ‘changes in accounting policies’.
PRIOR PERIOD RESTATEMENTS
The Group adopted NZ IFRS 9 Financial Instruments
and NZ IFRS 15 Revenue from Contracts with
Customers respectively, from 1 April 2018. Note G2
of the Group’s annual financial statements for the
year ended 31 March 2019, explains the impact of
the adoption of NZ IFRS 9 and NZ IFRS 15 on the
Group’s financial statements.
As at 30 September 2018, the Group’s assessment
of the impact of the adoption of NZ IFRS 9 and NZ
IFRS 15 as at 1 April 2018 had concluded there
was no material impact to the Group’s financial
statements. Accordingly, no transitional adjustments
were made to the Group’s opening Statement of
Financial Position as at 1 April 2018 as permitted
by the transitional provisions outlined in NZ IFRS 9
and NZ IFRS 15 (i.e. the cumulative effect method).
However, as at 31 March 2019, the Group’s
assessment of the impact of the adoption of
NZ IFRS 9 and NZ IFRS 15 as at 1 April 2018 was
further refined and transitional adjustments were
made to the Group’s opening Statement of Financial
Position as at 1 April 2018.
As a consequence of this refinement, prior period
restatements have been made to the Group’s
Statement of Financial Position as at 1 April 2018
resulting in the following impact to the Group’s
retained earnings presented in the Statement of
Changes in Equity as at 1 April 2018 in these interim
condensed consolidated financial statements.
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
14

AWF Madison Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2019 (unaudited)
The total impact on the Group’s retained earnings
as at 1 April 2018 is as follows:
$’000
Opening retained earnings
as at 31 March 20188,878
Impact of adopting NZ IFRS 9 as at
1 April 2018
Increase in the impairment provision
for trade receivables (371)
Increase in the impairment provision
for other receivables –
Increase in the impairment provision for
contract assets–
Increase in deferred tax assets relating to
increase in the impairment provisions above104
Total impact of adopting NZ IFRS 9 as at
1 April 2018 (267)
Impact of adopting NZ IFRS 15 as at
1 April 2018
Increase in guarantee refund liabilities(74)
Increase in rebates liabilities(74)
Increase in deferred tax assets relating to
increase in contract liabilities above41
Total impact of adopting NZ IFRS 15 as at
1 April 2018 (107)
Total impact of adopting NZ IFRS 9 and 15
as at 1 April 2018 (374)
Adjusted opening retained earnings
as at 1 April 2018
8,504
Restatements of comparative financial information
presented in these interim condensed consolidated
financial statements
The following prior period restatements have also
been made to the comparative financial information
presented in these interim condensed consolidated
financial statements:
Statement of Comprehensive Income
for the period ended 30 September 2018
– No restatements were required.
Statement of Financial Position as at
30 September 2018
– A restatement of ‘impairment provision for
trade receivables’ to increase by $371,000.
– A restatement of ‘guarantee refund liabilities’
to increase by $74,000;
– A restatement of ‘rebate liabilities’ to increase
by $74,000; and
– A reclassification of ‘services rendered not
yet invoiced’ of $289,000 from ‘Trade and other
receivables’ to ‘Contract assets’; and
– A reclassification of ‘rebate liabilities’
of $167,000 from ‘Trade and other payables’
to ‘Contract liabilities’.
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
15

AWF Madison Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2019 (unaudited)
Segment revenueSegment profit
6 months to
30 September
2019
(unaudited)
6 months to
30 September
2018
(unaudited)
6 months to
30 September
2019
(unaudited)
6 months to
30 September
2018
(unaudited)
SEGMENT REVENUE AND RESULTS$’000$’000$’000$’000
Continuing operations
AWF50,51660,9855561,006
Madison, Absolute I.T. and
JacksonStone & Partners88,71080,5923,8053,854
Total for continuing operations139,226141,5774,3614,860
Other income––
Central administration costs and
directors fees(1,415)(1,350)
Finance costs(1,013)(637)
Profit/(loss) before tax1,9332,873
Income tax expense(612)(821)
Profit for the year1,3212,052
Revenue reported above represents revenue generated from external customers. Inter-segment sales
in the year were $43,000 (2018: $188,000) and have been eliminated from the above table.
The accounting policies of the reportable segments are the same as the Group’s accounting policies
described in this report. Segment profit represents the profit earned by each segment without allocation
of central administration costs and directors’ salaries, investment revenue, finance costs, and income
tax expense. This is the same measure reported to the chief operating decision maker for the purpose
of resource allocation and assessment of segment performance.
SEGMENT INFORMATION
Operating segments are reported in a manner
consistent with the internal reporting provided to
the Group’s Directors, who are the chief operating
decision maker.
The Group’s reportable segments under NZ IFRS 8
Operating Segments have been identified as follows:
• AWF
• Madison, Absolute IT and JacksonStone &
Partners
These segments have been determined on the
basis of the trading brands that operate under
each; that discrete financial information is available
for these segments; and that the operating
results are regularly reviewed by the Group’s
chief operating decision maker.
AWF
The ‘AWF’ segment operates branches under
the brand names AWF (throughout New Zealand)
and Select (Dunedin). These brands primarily
derive their revenues from temporary staffing
services to industry.
Madison, Absolute I.T. and JacksonStone & Partners
The ‘Madison, Absolute I.T. and JacksonStone
& Partners’ segment operates branches under the
brand names Madison Recruitment, Madison Force,
Absolute I.T. and JacksonStone & Partners (from
1 June 2019) throughout New Zealand. These brands
derive their revenues from temporary, contract and
permanent staff services to commerce.
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
16

AWF Madison Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2019 (unaudited)
30 September
2019
(unaudited)
30 September
2018
(unaudited)
(restated)
SEGMENT ASSETS$’000$’000
AWF33,04434,303
Madison, Absolute I.T. and JacksonStone & Partners83,45262,892
Total segment assets116,49697,195
Unallocated assets2,0401,212
Total assets118,53698,407
For the purposes of monitoring segment performance and allocating resources between segments,
the chief operating decision maker monitors the tangible, intangible and financial assets attributable
to each segment. All assets are allocated to reportable segments other than cash, cash equivalents
and tax assets of the parent.
30 September
2019
(unaudited)
30 September
2018
(unaudited)
(restated)
SEGMENT LIABILITIES$’000$’000
AWF13,56713,638
Madison, Absolute I.T. and JacksonStone & Partners26,33216,641
Total segment liabilities39,89930,279
Unallocated liabilities44,38931,439
Total liabilities84,28861,718
For the purposes of monitoring segment performance and allocating resources between segments,
the chief operating decision maker monitors the liabilities attributable to each segment. All liabilities
are allocated to reportable segments other than bank loans and tax liabilities of the parent.
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
17

AWF Madison Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2019 (unaudited)
OTHER SEGMENT INFORMATION
6 months to
30 September
2019
(unaudited)
6 months to
30 September
2018
(unaudited)
6 months to
30 September
2019
(unaudited)
6 months to
30 September
2018
(unaudited)
6 months to
30 September
2019
(unaudited)
6 months to
30 September
2018
(unaudited)
$’000$’000$’000$’000$’000$’000
Depreciation
and amortisation
Employee
benefits
Net additions to
non-current assets
AWF1,01434146,50755,4724,264983
Madison,
Absolute I.T. and
JacksonStone &
Partners2,2711,30179,74272,56019,653(646)
Unallocated––1,024703––
Total 3,2851,642127,273128,73523,917337
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
18

AWF Madison Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2019 (unaudited)
GEOGRAPHICAL INFORMATION
The Group operates in one geographical area,
New Zealand (country of domicile). All revenues
from external customers, and non-current assets
other than financial instruments, deferred tax
assets and post-employment benefit assets
attributable to the Group’s country of domicile.
INFORMATION ABOUT CUSTOMERS
The Group has one customer that individually
accounted for 11.6% of Group revenue and therefore
does not have a reliance on its major customers
(for the six month period ended 30 September 2018,
the Group had no customers individually making
up 10% of Group revenue).
FINANCIAL INSTRUMENTS
The carrying amounts of financial
instruments at balance date approximate
the fair value at that date.
CONTINGENT LIABILITIES
The Bank has issued five guarantees on behalf
of the Group totalling $534,000 in support of
property leases (4) and a surety bond to the NZX.
There were no other contingent liabilities as at
30 September 2019 or 30 September 2018.
GROUP
6 months to
30 September
2019
(unaudited)
6 months to
30 September
2018
(unaudited)
RECONCILIATION OF NET PROFIT AFTER TAX
TO CASH FLOWS FROM OPERATING ACTIVITIES
$’000$’000
Net profit after income tax1,3212,052
Adjustments for operating activities non-cash items:
Depreciation and amortisation3,2851,642
Loss on disposal of property, plant and equipment60(10)
Movement in doubtful debts provision plus bad debt write off in current year99827
Movement in deferred tax(506)(68)
Equity-settled share-based payments6683
Total non-cash items3,0042,474
Movements in working capital excluding movements relating
to purchase of subsidiaries:
(Increase)/ decrease in trade and other receivables, and contract assets5,1855,524
Increase/(decrease) in trade and other payables, and contract liabilities(2,657)(3,140)
Increase/(decrease) in taxation payable22(767)
Total movement in working capital2,5501,617
Cash flow from operating activities6,8756,143
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
19

AWF Madison Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2019 (unaudited)
DIVIDENDS PAID
During the six months ended 30 September 2019,
the group paid dividends of $2.806 million (six
months ended 30 September 2018: $2.704 million).
Dividend Reinvestment Plan (DRP)
In conjunction with the final dividend declared for
the financial year ended 31 March 2019 the DRP
was offered which enabled shareholders to reinvest
up to 50% of their dividend in newly issued ordinary
shares in AWF Madison Group Limited at $1.82 per
share with the balance paid out in cash on 9 July
2019. A total of 465,365 ordinary shares for a total
of $847,000 were issued.
PURCHASE OF JACKSONSTONE & PARTNERS
Effective 1 June 2019, AWF Madison Group Limited
acquired the shares of JacksonStone & Partners
Limited (‘JacksonStone & Partners’). JacksonStone
& Partners is a specialist executive search and
recruitment consultancy covering all disciplines
up to Chief Executive and Board appointments.
The acquisition of JacksonStone & Partners will
also assist the Group to access C suite clients and
provide leverage for other Group opportunities.
The goodwill and identifiable intangible assets are
not deductible for income tax purposes.
Name
Principal
activity
Date of
acquisition
Proportion
acquired
Cost of
acquisition
%$’000
JacksonStone & PartnersSpecialist executive search and
recruitment consultancy1/6/2019100%10,774
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
20

AWF Madison Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2019 (unaudited)
Fair value on
acquisition
Analysis of assets and liabilities acquired$’000
Non-current assets
Plant and equipment334
Intangible assets
•
Absolute IT brand name1,029
• Customer relationships1,974
• Restraint of Trade 1,406
Right of use assets1,992
Current assets
Trade receivables3,061
Other receivables57
Cash and cash equivalents1,547
Non-current liabilities
Deferred tax(1,234)
Lease liabilities(1,992)
Current liabilities
Trade and other payables(3,418)
Taxation payable(186)
Net identifiable assets and liabilities4,570
Intangible asset arising on acquisition that has been
provisionally allocated to goodwill while the initial
acquisition accounting is being completed6,204
Cost of acquisition10,774
The Group used an external valuation specialist to assist in determining a market value for the
identifiable intangible assets.
The intangible assets acquired comprise assets that have both finite and indefinite life spans.
The JacksonStone & Partners brand is considered to have an indefinite life span and the customer
relationships and restraints of trade have a finite life span. Intangible assets with a finite life span
are amortised over the estimated useful lives.
The receivables acquired (which principally comprise trade receivables) in this transaction had gross
contractual amounts of $3.061m It is estimated that these amounts also represent the fair value of
receivables. At acquisition date, it is estimated that all amounts are collectable.
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
21

AWF Madison Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2019 (unaudited)
Cost of acquisition
The cost of acquisition of JacksonStone & Partners was made up as follows:
$’000
Paid in cash on completion date (7 June 2019)6,700
Deferred consideration (October 2019)616
Earn out tranche 1 (September 2020)1,500
Earn out tranche 2 (September 2021)1,958
10,774
Under the contingent consideration arrangement, the Group is required to pay an initial capped earn
out (Earn-out tranche 1) of $1.5m subject to achievement of a specified value of Net Disposable Revenue.
The Group is required to pay a second uncapped earn out (Earn-out tranche 2) which is also subject to
achievement of a specified value of Net Disposable Revenue.
The directors estimate the amounts payable under this arrangement will be $1.5m and $1.958m
respectively, based on forecast Net Disposable Revenue and represents the estimated fair value of this
obligation at the acquisition date.
Acquisition related costs amounting to $249,000 have been excluded from the consideration
transferred and will be recognised as an expense in the Statement of Comprehensive Income in the
year ended 31 March 2020.
Net cash outflow on acquisition
$’000
Total purchase consideration10,774
Less non-cash considerations
Deferred consideration616
Contingent consideration3,458
Consideration paid in cash6,700
Less: cash and bank balances acquired1,547
Net cash paid5,153
Initial accounting incomplete
Given the acquisition took place within three months prior to reporting date, the Group is still in
the process of completing its initial acquisition accounting. The contingent consideration has been
provisionally determined while the acquisition accounting is being completed. Accordingly, the residual
intangible asset arising on acquisition has been provisionally allocated to goodwill while the acquisition
accounting is being completed.
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
22

AWF Madison Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2019 (unaudited)
CHANGES IN ACCOUNTING POLICIES
Impact of the adoption of NZ IFRS 16 Leases
This note explains the impact of the adoption of
NZ IFRS 16 on the Group’s financial statements
and discloses the new accounting policies that
have been applied from the date of initial application
(1 April 2019).
NZ IFRS 16 replaces NZ IAS 17 Leases. NZ IFRS 16
eliminates the distinction between operating and
finance leases for lessees and will result in lessees
bringing most leases onto their Statements of
Financial Position.
The main changes affect lessee accounting only
– lessor accounting is mostly unchanged from
NZ IAS 17.
NZ IFRS 16 introduced the following:
• Use of a control model for the identification of
leases:
This model distinguishes between leases and
service contracts on the basis of whether there is
an identified asset controlled by the customer.
• Distinction between operating and finance
leases is removed:
Assets (a right-of-use (‘ROU’) asset) and
liabilities (a lease liability reflecting future lease
payments) will now be recognised in respect of
all leases, with the exception of certain short-
term leases and leases of low value assets.
– ROU assets: The ROU assets will be
depreciated in accordance with NZ IAS 16
Property, Plant and Equipment.
– Lease liabilities: The lease liabilities will be
accredited based on the effective interest
method, using a discount rate determined
at lease commencement (as long as a lease
reassessment or modification and a change
in the discount rate have not occurred) and
reduced by lease payments made.
– Cashflows: Payments to suppliers no longer
includes operating lease payments, unless
payments are for short-term and low value
leases. Operating lease payments are now split
between their principal and interest elements
and presented as ‘principal amounts of lease
payments’ under cash flows from financing
activities and ‘interest paid’ under cash flows
from operating activities.
The Group has adopted and applied NZ IFRS 16
from 1 April 2019 in accordance with the transitional
provisions outlined in NZ IFRS 16. The Group has
used the modified retrospective approach outlined
in NZ IFRS 16 C5(b) and C8 (b) (ii), whereby the ROU
asset recognised is measured at an amount equal
to the lease liability, adjusted by the amount of
any prepaid or accrued lease payments relating to
that lease recognised in the Statement of Financial
Position immediately before the date of initial
application.
Accordingly, comparative financial information
presented in these financial statements have not
been restated and continues to be reported under
NZ IAS 17 and reclassifications and the adjustments
arising from the adoption of NZ IFRS 16 have been
recognised in the opening Statement of Financial
Position on 1 April 2019.
The adoption of NZ IFRS 16 had a material impact
on the Group’s financial statements.
Definition of a lease
Previously, the Group determined at contact
inception whether an arrangement is or contains a
leases under NZ IFRIC 4 Determining whether an
Arrangement contains a Lease.
Under NZ IFRS 16, the Group assesses whether an
arrangement is or contains a lease based on the
following definition of a lease:
• A contract is, or contains, a lease if the contract
conveys the right to control the used of an
identified asset for a period of time in exchange
for consideration.
• To determine whether a contract conveys the
right to control the use of an identified asset,
the Group assesses whether:
– the contract involves the use of an identified
asset this may be explicitly or implicitly, and
should be physically distinct or represent
substantially all of the capacity of a physically
distinct asset. If the supplier has a substantive
substitution right, then the asset is not
identified;
– the Group has the right to obtain substantially
all of the economic benefits from the use of the
asset throughout the period of use; and
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
23

AWF Madison Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2019 (unaudited)
– the Group has the right to direct the use of
the asset. The Group has this right when it
has the decision-making rights that are most
relevant to changing how and for what purpose
the asset is used.
In rare cases where the decision about how
and for what purpose the asset is used is
predetermined, the Group has the right to
direct the use of the asset it either:
» the Group has the right to operate the asset;
or
» the Group designed the asset in a way the
predetermines how and for what purpose
it will be used.
On transition to NZ IFRS 16, the Group elected to
apply the practical expedient to grandfather the
assessment of which transactions are leases.
It applied NZ IFRS 16 only to contacts that were
previously identified as leases. Contracts that were
not identified as leases under NZ IAS 17 and IFRIC
4 were not reassessed for whether there is a lease.
Therefore, the definition of a lease under NZ IFRS
16 was only applied to contracts entered into or
changed on or after 1 April 2019.
As a lessee
The Group leases property, motor vehicles and
equipment. As a lessee, the Group previously
classified these leases as operating or finance
leases based on its assessment of whether the lease
transferred significantly all of the risks and rewards
incidental to ownership of the underlying asset to
the Group.
Under NZ IFRS 16, the Group recognises right-of-
use assets and lease liabilities for most leases –
i.e. these leases are on-balance sheet.
The Group decided to apply recognition exemptions
to short-term leases of motor vehicles and
computer equipment. For leases of other assets,
which were classified as operating under NZ IAS
17, the Group recognised right-of-use assets and
lease liabilities.
Significant accounting policies
From 1 April 2019, the Group recognises a right-
of-use asset and a lease liability at the lease
commencement date of any new lease.
The right-of-use asset is initially measured at cost,
and subsequently at cost less any accumulated
depreciation and impairment losses, and adjusted
for certain remeasurements of the lease liability.
Depreciation is charged so as to write off the cost
of assets, over the lease term using the straight-
line method.
The lease liability is initially measured at the present
value of the future lease payments over the lease
term that are not paid at the commencement date,
discounted using the interest rate implicit in the
lease or, if that rate cannot be readily determined,
the Group’s incremental borrowing rate. Generally,
the Group uses its incremental borrowing rate as
the discount rate.
The lease liability is subsequently increased by the
interest cost on the lease liability and decreased
by lease payments made. It is remeasured when
there is a change in future lease payments arising
from a change in an index or rate, a change in the
estimate of the amount expected to be payable
under a residual value guarantee, changes in the
assessment of whether a purchase or extension
option is reasonably certain to be exercised or a
termination option is reasonably certain not to be
exercised, or any lease modification that are not
accounted for as a separate lease.
The Group has applied judgement to determine
the lease term for some lease contracts in which
it is a lessee that include renewal options. The
assessment of whether the Group is reasonably
certain to exercise such options impacts the lease
term, which significantly affects the amount of lease
liabilities and right-of-use assets recognised.
Leases previously classified as operating leases
under NZ IAS 17
On adoption as at 1 April 2019, for leases previously
classified as operating leases under NZ IAS 17, ROU
assets and lease liabilities were recognised.
• Recognition of ROU assets:
Initial measurement of the ROU assets were at
an amount equal to the lease liability, adjusted
by the amount of any prepaid or accrued lease
payments relating to those leases recognised in
the statement of financial position immediately
before the date of initial application.
The ROU assets recognised were $12.36m.
• Recognition of lease liabilities:
Initial measurement of the lease liabilities
reflects the present value of lease payments,
including reasonably certain renewals,
discounted at the Group’s incremental borrowing
rate as at 1 April 2019.
The lease liabilities recognised were $12.36m.
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
24

AWF Madison Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2019 (unaudited)
• Recognition of deferred tax:
A net deferred tax balance of $Nil was
recognised, comprised as:
– deferred tax assets of $3.46m attributed to
the overall lease liabilities balance; and
– deferred tax liabilities of $3.46m attributed
to the overall ROU assets balance.
There was no impact on the Group’s retained
earnings as at 1 April 2019.
The Group used the following practical expedients
when applying NZ IFRS 16 to leases previously
classified as operating leases under IAS 17:
• Applied a single discount rate to a portfolio of
leases with similar characteristics.
• Adjusted the right-of-use assets by the amount
of IAS 37 onerous contract provision immediately
before the date of initial application, as an
alternative to an impairment review.
• Applied the exemption not to recognise right-
of-use assets and liabilities for leases with less
than 12 months of lease term.
• Excluded initial direct costs from measuring
the right-of-use asset at the date of
initial application.
• Used hindsight when determining the lease
term if the contract contains options to extend
or terminate the lease.
Incremental borrowing rate
When measuring lease liabilities, the Group
discounted lease payments using its incremental
borrowing rate at 1 April 2019. The weighted average
rate applied was 4.2%.
Reconciliation of operating lease commitments
disclosed as at 31 March 2019 to total lease
liabilities recognised on adoption 1 April 2019
$’000
Operating lease commitments as disclosed
in the Group’s consolidated financial
statements at 31 March 201911,893
• Leases not yet commenced(1,468)
• Recognition exemption for:
– short-term leases(116)
– leases of low-value assets–
• Extension and termination options
reasonably certain to be exercised2,662
• Effect of discounting using the
incremental borrowing rate(611)
Lease liabilities recognised at 1 April 201912,360
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
25

AWF Madison Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2019 (unaudited)
Impact of the adoption of NZ IFRS 16 on the Statement of Financial Position as at 1 April 2019
GROUP
31 March 2019
As originally
presented
1 April 2019
IFRS 16
adjustments
1 April 2019
IFRS 16
reclassifications
1 April 2019
Restated
$’000$’000$’000$’000
Assets
Non-current assets
Property, plant and equipment3,038––3,038
Right of use assets–12,360–12,360
Intangible assets goodwill39,271––39,271
Intangible assets other13,929––13,929
Total non-current assets56,23812,360–68,598
Current assets
Cash and cash equivalents6,357––6,357
Trade and other receivables32,629––32,629
Contract assets295––295
Total current assets39,281––39,281
Total assets95,51912,360–107,879
Equity and liabilities
Non-current liabilities
Deferred tax liabilities2,462––2,462
Borrowings33,000––33,000
Lease liabilities–9,991–9,991
Total non-current liabilities35,4629,991–45,453
Current liabilities
Trade and other payables24,186––24,186
Contract liabilities530––530
Taxation payable280––280
Provisions241––241
Lease liabilities–2,369–2,369
Total current liabilities25,2372,369–27,606
Total liabilities60,69912,360–73,059
Net assets34,820––34,820
Capital and reserves
Share capital29,165––29,165
Group share scheme reserve544––544
Retained earnings5,111––5,111
Total equity34,820––34,820
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
26

AWF Madison Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2019 (unaudited)
Presentation of the Statement of Comprehensive Income for the period ended 30 September 2019
as if NZ IFRS 16 had not been adopted
GROUP
30 September
2019
As reported
with adopting
NZ IFRS 16
Period ended
30 September
2019
NZ IFRS 16
adjustments
Period ended
30 September
2019
NZ IFRS 16
reclassifications
30 September
2019
Amounts
without adopting
NZ IFRS 16
$’000$’000$’000$’000
Revenue from contracts with customers139,226––139,226
Investment revenue––––
Direct costs(1,038)––(1,038)
Employee benefits expense(127,273)––(127,273)
Depreciation and amortisation expense(3,285)1,371–(1,914)
Other operating expenses(4,583)(1,472)–(6,055)
Finance costs(1,013)276–(737)
Acquisition related costs expense(101)––(101)
Profit before tax1,933175–2,108
Income tax expense(612)––(612)
Profit for the year1,321175–1,496
Other comprehensive income for the year––––
Total comprehensive income for the year1,321175–1,496
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
27

AWF Madison Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2019 (unaudited)
Presentation of the Statement of Financial Position as at 30 September 2019
as if NZ IFRS 16 had not been adopted
GROUP
30 September
2019
As reported
with adopting
NZ IFRS 16
30 September
2019
NZ IFRS 16
adjustments
30 September
2019
NZ IFRS 16
reclassifications
30 September
2019
Amounts
without adopting
NZ IFRS 16
$’000$’000$’000$’000
Assets
Non-current assets
Property, plant and equipment3,152––3,152
Right of use assets14,642(14,642)––
Intangible assets goodwill45,475––45,475
Intangible assets other16,886––16,886
Total non-current assets80,155(14,642)–65,513
Current assets
Cash and cash equivalents7,623––7,623
Trade and other receivables30,377––30,377
Contract assets381––381
Total current assets38,381––38,381
Total assets118,536(14,642)–103,894
Equity and liabilities
Non-current liabilities
Deferred tax liabilities3,190––3,190
Borrowings36,000––36,000
Lease liabilities12,342(12,342)––
Contingent consideration3,458––3,458
Total non-current liabilities54,990(12,342)–42,648
Current liabilities
Trade and other payables25,321––25,321
Contract liabilities242––242
Taxation payable488––488
Provisions156––156
Lease liabilities2,475(2,475)––
Contingent consideration616––616
Total current liabilities29,298(2,475)–26,823
Total liabilities84,288(14,817)–69,471
Net assets34,248175–34,423
Capital and reserves
Share capital30,012––30,012
Group share scheme reserve281––281
Retained earnings3,955175–4,130
Total equity34,248175–34,423
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
28

AWF Madison Group Limited
Notes to the interim condensed consolidated financial statements
For the six month period ended 30 September 2019 (unaudited)
EVENTS SUBSEQUENT TO REPORTING DATE
Interim dividend
On 24 October 2019 the directors approved the payment of a fully imputed interim dividend of $2.775 million
(8.0 cents per share) to be paid on 5 December 2019.
Other
There were no other material events subsequent to reporting date.
FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
29

FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
30
Directory
Directors
Ross Keenan (Chairman)
Julia Hoare (Independent Director)
Simon Hull (Non-Independent Director)
Wynnis Armour (Non-Independent Director)
Nicholas Simcock (Independent Director)
Auditor
Deloitte Limited
Deloitte Centre
80 Queen Street
PO Box 33
Auckland
Phone: +64 9 309 4944
Fax: +64 9 309 4947
Solicitors
Russell McVeagh
Vero Centre
48 Shortland Street
PO Box 8, Auckland 1140
New Zealand
DX CX10085
Phone: +64 9 367 8000
Fax: +64 9 367 8163
Share Registry
Link Market Services
L11, Deloitte Centre
80 Queen St
Auckland
New Zealand
PO Box 91976
Phone: +64 9 375 5998
or: 0800 377 388
Registered Office
Level 6, 51 Shortland Street
PO Box 105675
Auckland City
Phone: +64 9 526 8770
AWF MADISON GROUP INTERIM REPORT FY20

FINANCIAL STATEMENTSAWF MADISON GROUP INTERIM REPORT FY20
31

Registered Office of
AWF Madison Group Limited
Level 6, 51 Shortland St
PO Box 105675
Auckland City
Ph: 09 526 8770
awfmadison.co.nz