Foley Wines Limited Half Yearly Report to 31 December 2019

Results announcement

Results for announcement to the market
Name of issuer Foley Wines Limited
Reporting Period 6 months to 31 December 2019 (Unaudited)
Previous Reporting Period 6 months to 31 December 2018 (Unaudited)
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$28,931 +25.0%
Total Revenue $28,931 +25.0%
Net profit/(loss) from continuing
operations
$2,723 +66.7%
Total net profit/(loss) $2,723 +62.8%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.00000000
Imputed amount per Quoted
Equity Security
$ 0.00000000
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$1.26 $1.54
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Other Key Metrics:
Operating Profit before revaluations and income tax
(“Operating Earnings”) $3,904 +63.6%
Operating Profit before interest, impairment, revaluations,
income tax, depreciation and amortisation (“Operating
EBITDA”) $7,518 +74.1%
This announcement should be read in conjunction with the
attached unaudited Financial Statements for the Six Months
ended 31 December 2019.
Authority for this announcement
Name of person

authorised to
make this announcement
Jane Trought - CFO
Contact person for this
announcement
Mark Turnbull - CEO
Contact phone number +64 21 714 885
Contact email address mark@foleywines.co.nz
Date of release through MAP

27 February 2020

Unaudited financial statements accompany this announcement.

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ANOTHER PERIOD OF PROGRESS

THURSDAY, FEBRUARY 27 2020 – The Foley Wines Limited (FWL) Half Yearly Report to
December 31 2019, published to the New Zealand Stock Exchange today, represents another period of
progress.

HIGHLIGHTS

• Bottled sales revenue $27.6m 31%
• Operating earnings $3.904 m 64%
• Cases 303,000 dozen 13%
• Profit for period after tax $2.723m 63%
• Dividend paid 3 cents per share.

Mark Turnbull, Foley Wines CEO said, “The last six months represent significant progress in terms of
both profitability and also building distribution”.

“We continue to see a strong appetite for our brands both domestically and internationally. Our
portfolio is unique – having one point of contact for five wineries and a craft gin is a key point of
difference.”

“Much of the work we are currently doing is establishing new distribution arrangements in key
markets which will lay the foundation for growth for the years to come. Importantly these are
relationships that will sell high value wine that will both deliver value to our shareholders but also to
our customers internationally”.

“In New Zealand a great deal of effort has gone into establishing a strong working relationship with
Lion NZ. Our focus has been threefold; building availability, increasing rate of sale and brand
awareness”.

“In terms of outlook, while there are obviously many uncertainties, the Directors believe the
foundations that are being laid means we are on track to deliver the previously stated objective of
delivering Operating earnings of $10m in the 12 months ended 30 June 2021.”

- END -


- NOTES TO EDITORS -

About Foley Wines

Foley Wines is a collection of iconic wineries and brands from New Zealand’s most acclaimed wine
regions. Each with a unique story of New Zealand to tell, our wineries are linked by a common
unrelenting purpose; to make great wine that people love to drink around the world – Made by Land
& Hand.

Foley Wines is proud custodian of Martinborough Vineyard, Te Kairanga, Grove Mill, Vavasour,
Mt Difficulty and Lighthouse Gin.

---

HALF YEARLY REPORT
For the six months ended 31 December 2019

Performance Highlights 4
Chief Executive Officer (CEO) and Directors Report 6 – 9
Financial Statements (Unaudited)
Income Statement 13
Statement of Comprehensive Income 14
Statement of Changes In Equity 14 – 15
Statement of Financial Position 16 – 17
Statement of Cash Flows 18
Notes to the Financial Statements 20 – 35
Company Directory 36
This interim financial report does not include all of the notes of the type normally included in the annual
financial report. Accordingly, this report should be read in conjunction with the Annual Report for the year
ended 30 June 2019 and any public announcements made by Foley Wines Limited during the interim period.
Foley Wines Limited is a company incorporated and domiciled in New Zealand and listed on the NZSX
Board of the New Zealand Stock Exchange (NZX). The Company is an integrated wine company producing
table wines with the marketing and sales of premium wines in New Zealand and various export markets.
These financial statements that were approved for issue on 27 February 2020 and have not been audited.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
1

FFoolleeyy WWiinneess iiss aa ccoolllleeccttiioonn ooff iiccoonniicc
wwiinneerriieess aanndd bbrraannddss ffrroomm NNeeww ZZeeaallaanndd’’ss
mmoosstt aaccccllaaiimmeedd wwiinnee rreeggiioonnss
made by
land &
hand
Each with a unique story of New Zealand to tell, our
wineries and distillery are linked by a common
unrelenting purpose; to make great wine that people
love to drink around the world – made by land & hand.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
2

Martinborough Vineyard
Martinborough
Te Kairanga
Martinborough
Vavasour
Awatere Valley, Marlborough
Grove Mill
Wairau Valley, Marlborough
Our wineries
&
distillery
Lighthouse Gin
Martinborough
Mt Difficulty
Central Otago
s
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
3

Performance
H
ighlights
CASE SALES303,000 ( 13%)
EXPORT CASES219,000 ( 4%)
BOTTLED SALES REVENUE$27,640,000 ( 30.8%)
OPERATING EARNINGS$3,904,000 ( 63.6%)
REPORTED PROFIT AFTER TAX$2,723,000 ( 62.8%)
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
4

GOLD
WITH
9
5 POINTS
Te Kairanga Runholder Pinot Noir 2017
Decanter World Wine Awards 2019
MARTINBOROUGH, NEW ZEALAND.

CEO & DIRECTORS’ REPORT
VVaalluuee oovveerr vvoolluummee
Mark Turnbill, CEO and Director
On behalf of the Board of Directors of Foley WinesLimitedI am pleasedto presentits
operating and financial results for thesix months ended 31 December 2019.
OPERATINGPERFORMANCE
The operating profit before revaluations and incometax (“operating earnings”) of
$3.904mwas a record for the company. Thiswas a 63.6% increase comparedwith
$2.387min the prior year.
Profit for the period net oftax attributableto shareholderswas $2.723m comparedwith
the prior year of $1.672m.
The company has remained focussed on implementingits previouslystatedstrategy
(essentially focussing on value versus volume), namely:
• Growing brandsat higher price points
• Cementing new distribution partnershipwithLion
• Seeking distributionin markets where our brandsare not represented
• Improving distribution arrangements where our brandsare represented
• Focus on process improvements.
The Directors believe that the company continuesto make solid progressin regardsto
these strategies.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
6

New Zealand84,000 cases+42%
Australia87,000 cases+18%
USA/Canada65,000 cases(13)%
UK/Europe54,000 cases+10%
Rest of World12,000 cases+9%
Bottled case sales
BOTTLED CASE SALES 6 MONTHS TO DECEMBER 2019
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
7

CASE SALES
The company continuesto see a strongappetitefor our brandsin allmarketswe
operatein.
NewZealandhas beena standout performer,reflectiveof the focus onimplementingthe
Lion distributionrelationship. At the ASMin November 2019we outlinedthe growth of
our brandsin NewZealand. Set out belowis the latestdatafromNielsen– clearlythe
momentumis continuing.
We now have five Pinot Noirsin the top 25in the Superiorcategoryand two Sauvignon
Blancsin the top fivein the Superiorcategory.
Australiacontinuesto grow andwe are working on a newdirectroute into amajor
Australian retailgroupwhichwe believe willbenefit usin the yearended June 2021.
Importantly thisis for our premium brands andis anotherexampleof ussellinga
portfolio solution.
Whilethe decreasein the USAfor thesix months (dueto a placementnot being
extended)is disappointingwe believethat theUSAwill generategrowthin the
mediumterm.
In termsof othermarkets,the companyis working on new distribution opportunities
which will deliverbenefitsin the nextfinancial year.
30%
59%
27%
15%
62%
-2%
-7%
3%
-11%
-18%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
FW LNZ
Premium SB in NZ
(Lion portfolio)
Mainstream SB in NZ
(Lion portfolio)
Luxury PN in NZ
(Lion portfolio)
Superior PN in NZ
(Lion portfolio)
Premium PN in NZ
(Lion portfolio)
Quarter to December30 2019
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
8

CASHFLOW AND BANK FACILITIES
Operating cashflowwasdown $0.59m for the period, however the decreasewas
primarily associatedwithincometax paid of $1.512m.
We are pleasedto advise that bankingfacilitiesthat weredue to maturein August this
yearwiththe Bank ofNewZealandwill be renewed. The companyis working through
the finaltermswiththe bank.
OUTLOOK
As outlinedat the November 2019ASM weadvised thatan operating profit beforetax of
$10m for the year ended June 2021was a realistictarget. The Directors believe that the
six months performance of $3.904m reinforces thisas a realisticgoal. However, thereare
many uncertainties the companyfacesincluding exchangeratesand agricultural risks.
We noware facedwitha further uncertaintywiththe Coronavirus. Althoughwe have a
low exposureto China bothin termsof salesand supply chain, no one knows how this
situationwill play out.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
9

See our story at
Vavasour.com
YEARS IN THE
AWATERE VALLEY,
AND WE’VE ONLY
JUST BEGUN.
30
I’m the fifth generation Marfell in the Awatere Valley.
It’s a great place to live, and a great place to make wine.
Vavasour was the first to make wine here in 1989. We know
how this stony soil and unforgiving climate conspire to create
wines of great complexity, perfume and elegance. And we’ve
only just begun.
Every year we become more curious and ask more questions
of this valley. Every year we capture more layers of flavour,
intensity and intrigue – wines that keep you coming back for
another sip.
That’s something I can’t just create, that comes from the place.
Stu Marfell
Chief Winemaker

FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
Financial Statements
11

E D ITIO N O F 20,000 B O TTLES
  
North facing terrace,
gentle sloping with
very low frost risk.
  
850,000 year old glacial
outwash fan, well drained
shallow, stony, sandy soils

5, 667, Abel,
115, 114


44.937° S
44.930° S
169.319° E
169.308° E
169.297° E
169.319° E
169.308° E
169.297° E
SING L E V INEY ARD
    
2001
MA D E
O F HERE

Income
Statement
For the six months ended 31 December 2019




Note
Unaudited
6 Months
31 Dec 2019
Group
$’000
Audited
12 Months
30 Jun 2019
Group
$’000
Unaudited
6 Months
31 Dec 2018
Group
$’000
Revenue 3 28,931 47,943 23,153
Expenses
Cost of sales (18,867) (32,364) (16,105)
Selling, marketing and promotion expenses (3,276) (5,303) (2,172)
Administration and corporate governance expenses (1,901) (3,051) (1,453)
Non-recurring expenses 3 - (680) (563)
Expenses excluding interest (24,044) (41,398) (20,293)
Profit before interest, impairment, revaluations
and income tax 4,887 6,545 2,860
Interest revenue 1 31 16
Interest expense 4 (972) (1,562) (519)
Net finance costs (971) (1,531) (503)
Profit before impairment, revaluations and income tax 3,916 5,014 2,357
Impairment
Impairment of trade and other receivables – – –
Impairment of inventory (12) 45 30
Profit before revaluations and income tax 3,904 5,059 2,387
Revaluation gains and losses
Unrealised gain in fair value of financial assets/liabilities 9 195 187 201
Unrealised gain on harvested grapes – 415 –
Realised reversal of gain on harvested grapes (318) (513) (265)
Revaluation of property, plant & equipment – (93) –
Profit before income tax 3 3,781 5,055 2,323
Income tax expense (1,058) (1,537) (651)
Profit for the period net of tax, attributable
to Shareholders of the Parent Company 2,723 3,518 1,672
Basic Earnings per share cps (after tax) 5 4.14 5.89 3.10
Diluted Earnings per share cps (after tax) 5 4.05 5.89 3.10
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 20 to 35.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
13

Statement of
Comprehensive Income
For the six months ended 31 December 2019




Unaudited
6 Months
31 Dec 2019
Group
$’000
Audited
12 Months
30 Jun 2019
Group
$’000
Unaudited
6 Months
31 Dec 2018
Group
$’000
Profit for the period 2,723 3,518 1,672
Other comprehensive income:
Items that will not be reclassified to profit or loss:
Revaluation of property, plant and equipment – 3,347 –
Income tax on items taken directly to or transferred from equity – (450) –
Other comprehensive income for the period, net of tax – 2,897 –
Total comprehensive income for the period, net of tax 2,723 6,415 1,672
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 20 to 35.
Note
Fully Paid
Ordinary
Shares
$‘000
Asset
Revaluation
Reserve
$’000
Retained
Earnings
$’000
Total
$’000
Unaudited 6 Months 31 December 2019 Group
Equity at 1 July 2019 86,518 16,009 16,780 119,307
Adjustment on initial application of NZ IFRS 16 2.2(c) – (2) (1,805) (1,807)
Rounding adjustment – – (1) (1)
Adjusted balance at 1 July 2019 86,518 16,007 14,974 117,499
Profit for the period – – 2,723 2,723
Total comprehensive income for the period – – 2,723 2,723
Distributions to owners 6 – – (1,972) (1,972)
Transactions with owners during period – – (1,972) (1,972)
Added to equity during the period – – 751 751
Equity at 31 December 2019 86,518 16,007 15,725 118,250
Dividends paid per share cps 6 3.0
For the six months ended 31 December 2019
Statement of
Changes in Equity
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
14

Statement of
Changes in Equity
(continued)
For the six months ended 31 December 2019
Note
Fully Paid
Ordinary
Shares
$‘000
Asset
Revaluation
Reserve
$’000
Retained
Earnings
$’000
Total
$’000
Audited 12 Months 30 June 2019 Group
Equity at 1 July 2018 66,518 13,337 14,627 94,482
Profit for the period – – 3,518 3,518
Other comprehensive income for the period – 2,672 225 2,897
Total comprehensive income for the year – 2,672 3,743 6,415
Distributions to owners 6 – – (1,590) (1,590)
Contributions by owners 7 20,000 – – 20,000
Transactions with owners during year 20,000 – (1,590) 18,410
Added to equity during the year 20,000 2,672 2,153 24,825
Equity at 30 June 2019 86,518 16,009 16,780 119,307
Dividends paid per share cps 6 3.0
Unaudited 6 Months 31 December 2018 Group
Equity at 1 July 2018 66,518 13,337 14,627 94,482
Profit for the period – – 1,672 1,672
Total comprehensive income/(expense)
for the period – – 1,672 1,672
Distributions to owners 6 – – (1,590) (1,590)
Contributions by owners 7 20,000 – – 20,000
Transactions with owners during period 20,000 – (1,590) 18,410
Added to equity during the period 20,000 – 82 20,082
Equity at 31 December 2018 86,518 13,337 14,709 114,564
Dividends paid per share cps 6 3.0
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 20 to 35.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
15

Statement of
Financial Position
As at 31 December 2019




Note
Unaudited
6 Months
31 Dec 2019
Group
$’000
Audited
12 Months
30 Jun 2019
Group
$’000
Unaudited
6 Months
31 Dec 2018
Group
$’000
CURRENT ASSETS
Cash and cash equivalents 3,693 3,445 24,443
Trade and other receivables 9,323 9,279 8,270
Other financial assets 285 93 111
Inventories 35,457 44,080 23,036
Biological work in progress 6,614 1,302 4,220
Prepaid expenses 1,133 1,033 840
56,505 59,232 60,920

NON-CURRENT ASSETS
Property, plant and equipment 100,816 101,245 74,255
Right-of-use assets 12 11,971 – –
Intangible assets 35,121 32,184 13,053
Deferred tax assets 232 232 128
148,140 133,661 87,436
TOTAL ASSETS 204,645 192,893 148,356
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 20 to 35.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
16

Statement of
Financial Position
(continued)
As at 31 December 2019




Note
Unaudited
6 Months
31 Dec 2019
Group
$’000
Audited
12 Months
30 Jun 2019
Group
$’000
Unaudited
6 Months
31 Dec 2018
Group
$’000
CURRENT LIABILITIES

Trade and other payables 3,687 7,235 2,232
Loans and borrowings 13,949 2,261 1,000
Lease liabilities 12 896 – –
Convertible notes 10,900 10,900 10,900
Current tax liabilities 629 1,087 294
Other financial liabilities – 3 8
30,061 21,486 14,434

NON–CURRENT LIABILITIES
Loans and borrowings 26,500 37,601 7,500
Lease liabilities 12 12,393 – –
Deferred tax liabilities 17,441 14,499 11,858
56,334 52,100 19,358
TOTAL LIABILITIES 86,395 73,586 33,792

EQUITY
Share capital 7 86,518 86,518 86,518
Reserves 16,007 16,009 13,337
Retained earnings 15,725 16,780 14,709
TOTAL EQUITY 118,250 119,307 114,564
TOTAL LIABILITIES AND EQUITY 204,645 192,893 148,356
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 20 to 35.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
17

Statement of
Cash Flows
For the six months ended 31 December 2019




Note
Unaudited
6 Months
31 Dec 2019
Group
$’000
Audited
12 Months
30 Jun 2019
Group
$’000
Unaudited
6 Months
31 Dec 2018
Group
$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from (applied to)
Receipts from customers 30,812 50,229 24,534
Insurance proceeds – 605 602
Interest received 1 31 16
Payments to suppliers and employees (23,764) (42,303) (19,410)
Interest and other costs of finance paid (972) (1,512) (519)
Interest paid on lease liabilities capitalised
into biological work in progress (219) – –
Income tax paid (1,512) (637) (287)
Net cash flow from operating activities 8 4,346 6,413 4,936
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from (applied to)
Sale of property, plant and equipment 43 74 15
Purchase of property, plant and equipment
– excluding Mt Difficulty acquisition (2,314) (2,948) (1,184)
Acquisition of Mt Difficulty business and assets,
net of cash received 13 – (47,081) –
Net cash flow from investing activities (2,271) (49,955) (1,169)
CASH FLOW FROM FINANCING ACTIVITIES
Cash was provided for (applied to)
Issue of equity share capital – 20,000 20,000
Dividends paid (1,972) (1, 590) (1, 590)
Loans advanced 1,185 3 0,0 0 0 –
Loans repaid (598) (4,191) (502)
Lease liabilities repaid (442) – –
Net cash flow from financing activities (1,827) 44,219 17,908
Net increase in cash held 248 677 21,675
Cash and cash equivalents at beginning of period 3,4 45 2,768 2,768
Cash and cash equivalents at end of period 3,693 3,445 24,443
Comprising: Cash and cash equivalents 3,693 3,445 24,443
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 20 to 35.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
18

T
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MASTER
2019
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GOLD
2019
GIN FOR
GIN LOVERS
WE DON’T CUT CORNERS. IT TOOK US FIVE YEARS TO PERFECT
OUR GIN, AND TEN YEARS ON, I STILL HAND ZEST THE YEN BEN
LEMONS AND NAVEL ORANGES TO COAX THE DELICATE OILS FROM
THEIR SKINS. I STILL COLLECT PURE, NATURAL SPRING WATER
THAT HAS TAKEN YEARS TO FILTER THROUGH THE REMUTAKA
RANGES. I STILL TWICE-DISTIL AND TASTE EVERY BATCH FOR
THAT HALLMARK LIGHTHOUSE STYLE – A REMARKABLY CLEAN,
SMOOTH, CITRUSY GIN THAT’S TRUE TO ITS LONDON DRY STYLE.
AND WHEN THE GLOBAL GIN MASTERS COMPETITION AWARDS
US THEIR HIGHEST ACCOLADE – ‘MASTER’ – I SMILE AND SIT
BACK WITH THE PERFECT GIN & TONIC.

FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
Notes to Financial Statements
20

NEW ZEALAND
PIONEER IN
SUSTAINABILITY
Established in 1988 in the Wairau Valley by a group of local winegrowers and
enthusiasts, Grove Mill has long been dedicated to crafting premium wines with
minimal environmental impact, preserving our land for future generations.

1. ACCOUNTING PERIOD
The unaudited financial statements presented are for Foley Wines Limited (“the Company”, “the Parent”) and its
subsidiaries (together referred to as “the Group”) and cover the six month period to 31 December 2019. These
condensed financial statements have been prepared in accordance with NZ IAS 34 Interim Financial Statements
and should be read in conjunction with Foley Wines Limited’s Annual Report for the year ended 30 June 2019.
The financial statements were authorised for issue by the Directors on 27 February 2020.
2. ACCOUNTING POLICIES
The same accounting policies and methods of computation are followed in the interim financial statements as
were followed in the annual financial statements for the year ended 30 June 2019 with the exception of taxation
and the adoption of new and amended standards as set out below.
Taxation
Income tax expense has been recorded in these financial statements on the basis of 28% of profit/(loss) before
income tax. Any deferred benefits have not been brought to account. This is consistent with the prior year.
New and amended standards adopted by the Group
A number of new or amended standards became applicable for the current reporting period, and the Group
had to change its accounting policies and make retrospective adjustments as a result of adopting NZ IFRS 16
Leases. The impact of the adoption of the leasing standard and the new accounting policies are disclosed in note
2.2 below. The other standards did not have any impact on the Group’s accounting policies and did not require
retrospective adjustments.
There have been no other changes in accounting policies during the period.
2.1 JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
In preparing these interim financial statements under NZ IFRS the Directors are required to make judgements,
estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from
other sources. The estimates and associated assumptions are based on historical experience and various other
factors that are believed to be reasonable under the circumstance, the results of which form the basis of making
the judgements. Actual results may differ from these estimates.
The significant areas of estimation, assumptions and critical judgements made in the preparation of these
financial statements are consistent with those set out in the 2019 Annual Report, except for the new significant
judgements related to lessee accounting under NZ IFRS 16 Leases.
Significant estimates and judgements that have been required for the implementation of NZ IFRS 16 are:
• The determination of whether an arrangement contains a lease;
• The determination of lease term for some lease contracts in which the Group is a lessee that include renewal
options and termination options, and the determination whether the Group is reasonably certain to exercise
such option;
• The determination of the incremental borrowing rate used to measure lease liabilities;
• The determination of the expected cost to dismantle and remove lease improvements at the end of the lease.
Notes to the
Financial Statements
For the six months ended 31 December 2019
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
22

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2019
2. ACCOUNTING POLICIES (CONTINUED)
2.2 ADOPTION OF NEW AND REVISED STANDARDS
Impact of initial application of NZ IFRS 16 Leases
The Group has applied NZ IFRS 16 Leases that is effective for annual periods that begin on or after 1 January
2019 in the current year. The date of initial application of NZ IFRS 16 for the Group is 1 July 2019.
NZ IFRS 16 introduces new or amended requirements with respect to lease accounting. It introduces significant
changes to lessee accounting by removing the distinction between operating and finance lease and requiring
the recognition of a right-of-use asset and a lease liability at commencement for all leases, except for short-
term leases and leases of low value assets when such recognition exemptions are adopted. In contrast to lessee
accounting, the requirements for lessor accounting have remained largely unchanged. Details of these new
requirements are set out in note 2.3. The impact of the adoption of NZ IFRS 16 on the Group’s consolidated
financial statements is described below.
The Group has applied NZ IFRS 16 using the modified retrospective approach which:
• Requires the Group to recognise the cumulative effect of initially applying NZ IFRS 16 as an adjustment to
the opening balance of retained earnings at the date of initial application.
• Does not permit restatement of comparatives, which continue to be presented under the previous accounting
policies (under NZ IAS 17 Leases and IFRIC 4 Determining whether an Arrangement Contains a Lease).
(a) Impact of the new definition of a lease
The Group has made use of the practical expedient available on transition to NZ IFRS 16 not to reassess whether
a contract is or contains a lease. Accordingly, the definition of a lease in accordance with NZ IAS 17 and IFRIC
4 will continue to be applied to those leases entered or changed before 1 July 2019.
The change in definition of a lease mainly relates to the concept of control. NZ IFRS 16 determines whether a
contract contains a lease on the basis of whether the customer has the right to control the use of an identified
asset for a period of time in exchange for consideration. This is in contrast to the focus on ‘risks and rewards’ in
NZ IAS 17 and IFRIC 4.
The Group applies the definition of a lease and related guidance set out in NZ IFRS 16 to all lease contracts
entered into or changed on or after 1 July 2019. In preparation for the first-time application of NZ IFRS 16,
the Group has carried out a review which has shown that the new definition in NZ IFRS 16 will not significantly
change the scope of contracts that meet the definition of a lease for the Group.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
23

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2019
2. ACCOUNTING POLICIES (CONTINUED)
2.2 ADOPTION OF NEW AND REVISED STANDARDS (CONTINUED)
Impact of initial application of NZ IFRS 16 Leases (Continued)
(b) Impact on Lessee Accounting
NZ IFRS 16 changes how the Group accounts for leases previously classified as operating leases under NZ IAS
17, which were off balance sheet.
Applying NZ IFRS 16, for all leases (except as noted below), the Group:
a. Recognises right-of-use assets and lease liabilities in the consolidated statement of financial position,
initially measured at the present value of the future lease payments, with the right-of-use asset adjusted by
the amount of any prepaid or accrued lease payments in accordance with NZ IFRS 16:C8(b)(ii);
b. Recognises amortisation (depreciation) of right-of-use assets and interest on lease liabilities in the
consolidated statement of profit or loss and in biological work in progress;
c. Separates the total amount of cash paid into a principal portion (presented within financing activities) and
interest (presented within financing activities) in the consolidated statement of cash flows.
Under IFRS 16, right-of-use assets are tested for impairment in accordance with NZ IAS 36.
For short-term leases (lease term of 12 months or less) and leases of low-value assets (which includes printers
and eftpos terminals), the Group has opted to recognise a lease expense on a straight-line basis as permitted by
NZ IFRS 16. This expense is presented within ‘Selling’ and ‘Administration’ expenses in profit or loss.
The Group has used the following practical expedients when applying the modified retrospective approach to
leases previously classified as operating leases applying NZ IAS 17.
• The Group has applied a single discount rate to a portfolio of leases with reasonably similar characteristics.
• The Group has elected not to recognise right-of-use assets and lease liabilities to leases for which the lease
term ends within 12 months of the date of initial application.
• The Group has excluded initial direct costs from the measurement of the right-of-use asset at the date of
initial application.
• The Group has used hindsight when determining the lease term when the contract contains options to
extend or terminate the lease.
The Group does not have any leases that were previously classified as finance leases under NZ IAS 17.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
24

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2019
2. ACCOUNTING POLICIES (CONTINUED)
2.2 ADOPTION OF NEW AND REVISED STANDARDS (CONTINUED)
Impact of initial application of NZ IFRS 16 Leases (Continued)
(c) Financial impact of initial application of IFRS 16
The weighted average lessees incremental borrowing rate applied to lease liabilities recognised in the statement
of financial position on 1 July 2019 is 3.26% pa.
The following table shows the operating lease commitments disclosed applying NZ IAS 17 at 30 June 2019,
discounted using the incremental borrowing rate at the date of initial application and the lease liabilities
recognised in the statement of financial position at the date of initial application.
Impact on retained earnings as at 1 July 2019:
Group
$’000
Operating lease commitments at 30 June 2019 15,701
Short-term leases not recognised under NZ IFRS 16 (93)
Leases of low-value assets not recognised under NZ IFRS 16 (27)
Correction to lease amounts and terms used for disclosure (854)
Effect of discounting the above amounts (2,874)
Present value of the lease payments due in periods covered by extension
options that are included/excluded in the lease term and previously
excluded/included in operating lease commitments 1,810
Lease liabilities recognised at 1 July 2019 13,663
The Group has recognised $12,408,000 of right-of-use assets (cost $18,124,000 less accumulated amortisation
$5,716,000) and $13,663,000 of lease liabilities upon transition to NZ IFRS 16 and has de-recognised $552,000
of Land improvements relating to vineyard leases previously recognised as part of the Mt Difficulty acquisition
on 3 January 2019 and $(2,000) of Asset Revaluations relating to these leases. The difference of $1,805,000 is
recognised in retained earnings.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
25

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2019
2. ACCOUNTING POLICIES (CONTINUED)
2.3 SIGNIFICANT ACCOUNTING POLICIES
Leases
The Group has applied NZ IFRS 16 using modified retrospective approach and therefore comparative information
has not been restated and is presented under NZ IAS 17.
Accounting policy subsequent to transition:
All leases are accounted for by recognising a right-of-use asset and a lease liability except for:
• Leases of low value assets; and
• Leases with a term of 12 months or less.
Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease
term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the
case) this is not readily determinable, in which case the Group’s incremental borrowing rate on commencement
of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they
depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable
element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the
period to which they relate.
On initial recognition, the carrying value of the lease liability also includes:
• amounts expected to be payable under any residual value guarantee;
• the exercise price of any purchase option granted in favour of the Group if it is reasonably certain to exercise
that option;
• any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of
termination option being exercised.
Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives
received, and increased for:
• lease payments made at or before commencement of the lease;
• initial direct costs incurred; and
• the amount of any provision recognised where the group is contractually required to dismantle, remove or
restore the leased asset.
Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on
the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a
straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely,
this is judged to be shorter than the lease term. Lease liabilities are remeasured when there is a change in future
lease payments arising from a change in an index or rate or when there is a change in the assessment of the
term of any lease.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
26

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2019




Unaudited
6 Months
31 Dec 2019
Group
$’000
Audited
12 Months
30 Jun 2019
Group
$’000
Unaudited
6 Months
31 Dec 2018
Group
$’000
3. PROFIT FOR THE PERIOD
Included in profit before income tax for the period are the following:
REVENUE:
Sales revenue – sale of goods – bottled wine 27,640 44,046 21,137
Sales revenue – other 1,291 3,663 1,414
Total sales revenue 28,931 47,709 22,551
Other revenue – insurance proceeds – 234 602
28,931 47,943 23,153
Included in profit before income tax for the period are the following:
EXPENSES:
Amortisation 504 – –
Depreciation 2,127 3,353 1,459
Directors’ fees 120 193 77
Employee benefits expense:
– Short-term employee benefits 3,810 8,202 3,008
Excise duty and HPA levy 2,482 3,220 1,606
Fees paid to auditors (PwC):
– Audit of the financial statements (fees and disbursements) – 91 37
Non-recurring expenses
– Mergers and acquisitions – 216 100
– Insurance claim related expenses – 426 425
– Capital raising costs – 38 38

FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
27

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2019




Unaudited
6 Months
31 Dec 2019
Group
$’000
Audited
12 Months
30 Jun 2019
Group
$’000
Unaudited
6 Months
31 Dec 2018
Group
$’000
4. INTEREST EXPENSE
Interest on loans and borrowings 612 853 162
Interest on convertible notes 357 709 357
Interest expense on lease liabilities 3 – –
Total Interest expense 972 1,562 519
$$$
5. EARNINGS PER SHARE
Basic Earnings per share ($) 4.14 5.89 3.10
The calculation is based on NZIFRS earnings of the Group of $2,723,000 (30Jun19 $3,518,000; 31Dec18
$1,672,000) and the weighted average of 65,736,148 ordinary shares on issue during the period (30Jun18
59, 759, 612; 31D e c18 5 3, 8 8 0, 519).
Diluted Earnings per share ($) 4.05 5.89 3.10
The calculation of diluted earnings per share based on profit of $2,980,000 (30Jun19 $4,028,000; 31Dec18
$1,929,000), being profit for the year adjusted for the interest on the convertible notes after income tax, and
the weighted average of 73,599,173 ordinary shares on issue during the year (30Jun19 67,622,637; 31Dec18
61,743,544) becomes anti-dilutive in the comparative periods and therefore the diluted earnings per share is
the same as basic earnings per share for these periods.
The weighted average number of ordinary shares for the purposes of diluted earnings per share reconciles to
the weighted average number of ordinary shares used in the calculation of basic earnings per share as follows:
31 Dec 2019
Number of
shares
30 Jun 2019
Number of
shares
31 Dec 2018
Number of
shares
Weighted average number of ordinary shares (Basic) 65,736,148 59,759,612 53,880,519
Convertible notes outstanding at period end 7,863,025 7,863,025 7,863,025
Weighted average number of ordinary shares (Diluted) 73,599,173 67,622,637 61,743,544
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
28

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2019
6. DIVIDENDS PAID PER SHARE
The calculation of dividends per share in respect of the interim 2020 period is based on the final dividend for
2019 paid in October totalling $1,972,000 (30Jun19: $1,590,000 paid 18Sep18; 31Dec18: $1,590,000).




Unaudited
6 Months
31 Dec 2019
Group
$’000
Audited
12 Months
30 Jun 2019
Group
$’000
Unaudited
6 Months
31 Dec 2018
Group
$’000
7. SHARE CAPITAL
FULLY PAID UP ORDINARY SHARES
Balance at beginning of period 86,518 66,518 66,518
Movements in share capital – 20,000 20,000
Balance at end of period 86,518 86,518 86,518
Number of fully paid ordinary shares 65,736,148 65,736,148 65,736,148
There were no shares issued during the period. There were 13,513,614 ordinary shares issued during the prior
year as follows:
3 July 2018 – Share Purchase Plan Share Issue - 765,634 shares at $1.48 – a total $1,133,000;
19 December 2018 – Share Placement Share Issues - 12,747,980 shares at $1.48 – a total of $18,867,000.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
29

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2019




Unaudited
6 Months
31 Dec 2019
Group
$’000
Audited
12 Months
30 Jun 2019
Group
$’000
Unaudited
6 Months
31 Dec 2018
Group
$’000
8. NET CASH FLOW FROM OPERATING ACTIVITIES
PROFIT AFTER INCOME TAX FOR THE PERIOD 2,723 3,518 1,672
NON-CASH ITEMS:
Depreciation 2,127 3,353 1,459
Amortisation 504 – –
Increase/(decrease) in deferred tax 5 (254) 2
Impairment loss/(gain) recognised on inventories 12 (45) (30)
Adjustments resulting from revaluation of grapes 318 98 265
Loss on disposal of property, plant and equipment 21 156 89
Loss on asset revaluations – 93 –
2,987 3,401 1,785
MOVEMENTS IN WORKING CAPITAL BALANCES:
Trade and other receivables (44) 145 773
Inventories 8,293 (2,825) 6,936
Biological work in progress (5,312) (429) (3,347)
Prepaid expenses (100) (448) (372)
Trade and other payables (3,548) 2,085 (2,671)
Other financial assets/liabilities (195) (188) (201)
Current tax assets/liabilities (458) 1,154 361
(1, 36 4) (506) 1,479
NET CASH FLOW FROM OPERATING ACTIVITIES 4,346 6,413 4,936
9. FINANCIAL INSTRUMENTS
Change in fair value of financial assets/liabilities consists of:
Foreign currency forward contracts 180 169 191
Foreign currency option contracts 12 4 -
Interest rate swaps 3 14 10
195 187 201
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
30

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2019




Unaudited
6 Months
31 Dec 2019
Group
$
Audited
12 Months
30 Jun 2019
Group
$
Unaudited
6 Months
31 Dec 2018
Group
$
10. NET TANGIBLE ASSETS
Net tangible assets per share 1.26 1.33 1.54
11. RELATED PARTY TRANSACTIONS
(a) Material transactions with related parties during the period are set out below:
(i) Sales were made to Foley Family Wines, Inc., a 100% owned subsidiary of Foley Family Wines Holdings,
Inc., the ultimate parent of Foley Wines Limited. Sales for the period were $4,563,000 for the Group
(Jun19: $9,184,000; Dec18: $4,615,000).
(ii) Marketing support services were provided by Foley Family Wines Inc., a 100% owned subsidiary of Foley
Family Wines Holdings, Inc., the ultimate parent of Foley Wines Limited. Marketing support charges for
the period were $56,000 for the Group (Jun19: $108,000; Dec18: $54,000).
(iii) Interest was paid/payable to Foley Family Wines Holdings, New Zealand Limited the parent of the Foley
Wines Limited under the convertible note. Interest paid/payable for the period was $357,000 for the
Group (Jun19: $709,000; Dec18: $357,000).
(iv) Sales were made to, and administration services provided to, Wharekauhau Country Estate Limited,
a luxury lodge 74.6% owned by Bill Foley, the majority shareholder of the ultimate parent. Sales for
the period totalled $23,000 for the Group (Jun19: $33,000; Dec18: $13,000). Accommodation and
function facilities provided by Wharekauhau to the Company during the period totalled $10,000 (Jun19:
$22,000; Dec18: $10,000).
(v) Lighthouse Gin product was purchased for global distribution from Lighthouse Distillery Limited,
a company owned by Mark Turnbull, CEO and Director of Foley Wines Limited. Purchases during
the period totalled $46,000 (Jun19: $579,000; Dec18: $288,000). Administration services, rental,
electricity and contract distilling services were provided to Lighthouse Distillery Limited during the
period of $25,000 (Jun19: $78,000; Dec18: $28,000).
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
31

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2019




Unaudited
6 Months
31 Dec 2019
Group
$’000
Audited
12 Months
30 Jun 2019
Group
$’000
Unaudited
6 Months
31 Dec 2018
Group
$’000
11. RELATED PARTY TRANSACTIONS (CONTINUED)
(b) Amounts owing to related parties at balance date:
Foley Family Wines Inc. – – 36
Foley Family Wines Holdings, New Zealand Limited
– convertible note 10,900 10,900 10,900
Wharekauhau Country Estate Limited – 1 3
Lighthouse Distillery Limited 15 27 57
(c) Amounts owing from related parties at balance date:
Foley Family Wines Inc. 2,727 2,010 2,693
Wharekauhau Country Estate Limited 11 5 –
Lighthouse Distillery Limited 8 20 8
12. LEASES
RIGHT-OF-USE ASSETS
Group
Land

$’000
Buildings

$’000
Land
Improve-
ments
$’000
Plant,
Equip. &
Vehicles
$’000
Total

$’000
Period ended 31 December 2019
Cost
At 1 July 2019 13,137 200 4,765 22 18,124
Additions - - 67 - 67
At 31 December 2019 13,137 200 4,832 22 18,191
Accumulated amortisation
At 1 July 2019 (5,423) (40) (241) (12) (5,716)
Amortisation charge for the period (223) (34) (244) (3) (504)
At 31 December 2019 (5,646) (74) (485) (15) (6,220)
Net carrying amount 7,491 126 4,347 7 11,971
The Group leases vineyard land, office space (buildings), producing vineyards (land improvements) and a motor
vehicle. The average lease term is 11.8 years at 31 December 2019.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
32

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2019
12. LEASES (CONTINUED)
The maturity analysis of lease liabilities relating to these leases is presented below.




Unaudited
6 Months
31 Dec 2019
Group
$’000
Amounts recognised in profit and loss:
Amortisation expense on right-of-use assets 37
Interest expense on lease liabilities 3
Expense relating to short-term leases –
Expense relating to leases of low value assets 8

Amounts capitalised to biological work in progress:
Amortisation expense on right-of-use assets 467
Interest expense on lease liabilities 219
Expense relating to short-term leases 97
Expense relating to leases of low value assets –
At 31 December 2019, the Group is committed to $45,000 for short-term leases.
The total cash outflow for leases during the period was $663,000.
LEASE LIABILITIES
Classified as:
Current 896
Non Current 12, 393
Total 13,289
Maturity analysis (undiscounted cash flows):
Year 1 1, 317
Year 2 1,23 0
Year 3 1,091
Year 4 1,062
Year 5 1,051
Over 5 Years 13,0 07
Total 18,758
The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored
within the Group’s treasury function.
All lease obligations are denominated in New Zealand dollars.

FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
33

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2019
13. MT DIFFICULTY ACQUISITION
On 3 January 2019 the Company completed its purchase of the assets and business of Mt Difficulty Wines, a
wine business with a winery, vineyards and cellar door/restaurant located in Central Otago.
The impact of this acquisition on the balance sheet was as follows:
Group
2019
$’000
Cash 1
Trade and other receivables 381
Inventories 8, 612
Biological work in progress 2,489
Prepayments 201
Property, plant and equipment 23,908
Intangible assets (Brands) 10,493
Total assets acquired 46,085
Trade and other payables (247)
Deferred tax (5,281)
Total liabilities acquired (5,528)
Net assets acquired 40,557
Goodwill on acquisition 11, 576
Total net assets acquired 52,133

Funded as follows:
Liabilities – Loans and borrowings 27, 0 82
Equity – Share capital 20,000
Total paid to date (in the financial year to 30Jun19) 47, 0 82
Liabilities – Loans and borrowings – Deferred consideration (refer below) 5,051
Total amount paid/payable 52,133
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
34

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2019
13. MT DIFFICULTY WINES ACQUISITION (CONTINUED)
The Deferred Consideration Payment of $5,200,000 is due to be paid on 3 July 2020 in accordance with the
Sale and Purchase Agreement. The fair value (net present value) of the deferred consideration at acquisition
date was $5,051,000. At 31 December 2019 the fair value of this payment was $5,150,000 and is included in
Current Loans and borrowings (30Jun19: $5,101,000 Non-current).
Further analysis undertaken determined that there were identifiable intangible assets, being brands, that were
able to be fair valued at the acquisition date and separately recognised in the financial statements. This resulted
in an increase in the deferred tax (being the value-in-use deferred tax on brands) and a reduction in the
Goodwill recognised on the acquisition.
The fair value of the brand intangible assets acquired were determined using a relief-from-royalty valuation
method.
This assessment may change in the full year financial statements as this is unaudited.
14. FOREIGN CURRENCY EXCHANGE RATES
The following spot foreign exchange rates have been applied at balance date:
NZ $1.00 =

31 December 2019

30 June 2019

31 December 2018
FWL BuyFWL SellFWL BuyFWL SellFWL BuyFWL Sell
Australian dollar 0.9576 0.9645 0.9528 0.9596 0.9464 0.9540
United States dollar 0.6705 0.6759 0.6671 0.6726 0.6674 0.6740
Great British pound 0.5108 0.5131 0.5265 0.5289 0.5255 0.5307
Euro 0.5981 0.6032 0.5868 0.5919 0.5828 0.5888
15. SUBSEQUENT EVENTS
On 27 February 2020 the Company entered into a Credit Approved Letter of Offer with Bank of New Zealand
(BNZ) to refinance the BNZ $20 million term loan facility (loan # 03) due to mature on 31 August 2020. The
offer is subject to a number of conditions including the execution of all final documentation.
No other material events have occurred since balance date.
16. SHAREHOLDER INFORMATION
August 2020 Annual Report Published
November 2020 Annual Shareholders Meeting
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
35

For the six months ended 31 December 2019
DIRECTORS:
WP Foley, II (Chairman)
PR Brock (Deputy Chairman)
AJ Anselmi
GR Graham
AM Turnbull (CEO)
HEAD OFFICE ADDRESS:
13 Waihopai Valley Road
RD6, Blenheim, 7276, Marlborough, New Zealand
Telephone +64 3 572 8200
Facsimile +64 3 572 8211
POSTAL ADDRESS:
PO Box 67, Renwick 7243, Marlborough, New Zealand
EMAIL:
info@foleywines.co.nz
WEBSITES:
www.foleywines.co.nz
www.grovemill.co.nz
www.vavasour.com
www.tekairanga.com
www.martinborough-vineyard.co.nz
www.mtdifficulty.nz
www.lighthousegin.co.nz
NATURE OF BUSINESS:
Production and distribution of wine
AUDITORS:
2019: PricewaterhouseCoopers, Napier
2020: Deloitte Limited, Wellington
SOLICITORS:
Bell Gully, Auckland
BANKERS:
Bank of New Zealand, Auckland
REGISTRATION NO.
307139
REGISTERED OFFICE:
13 Waihopai Valley Road, RD6 Blenheim 7276, Marlborough, New Zealand
SHARE REGISTRAR:
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road, Takapuna, Auckland
Private Bag 92119, Auckland 1142
Telephone +64 9 488 8777
Facsimile +64 9 488 8787
General enquiries can be directed to:
Email: enquiry@computershare.co.nz (please quote CSN or shareholder number)
Managing your shareholding online:
To change your address or payment instructions or view your investment
portfolio please visit: www.investorcentre.com/NZ
SHARE TRADING:
NZX Main Board – Security Code “FWL”
Company
Directory
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2020
36

See our story at
Vavasour.com
YEARS IN THE
AWATERE VALLEY,
AND WE’VE ONLY
JUST BEGUN.
30
I’m the fifth generation Marfell in the Awatere Valley.
It’s a great place to live, and a great place to make wine.
Vavasour was the first to make wine here in 1989. We know
how this stony soil and unforgiving climate conspire to create
wines of great complexity, perfume and elegance. And we’ve
only just begun.
Every year we become more curious and ask more questions
of this valley. Every year we capture more layers of flavour,
intensity and intrigue – wines that keep you coming back for
another sip.
That’s something I can’t just create, that comes from the place.
Stu Marfell
Chief Winemaker

Investors who wish to join the Foley Investors Wine Club,
please email info@foleywines.co.nz
Investors who wish to join the Foley Investors Wine Club,
please email info@ foleywines.co.nz