HLG Interim Report for the 6 months ended 1 February 2020

1

2

Contents
Chairman’s Report
Statement of
Comprehensive
Income
Statement of
Financial Position
Statement of
Changes in Equity
Statement of
Cash Flows
Notes to the
Financial Statements
Directory
03
04
05
06
07
09
18
1

2

3
The Company advises that
Group sales for the six months
to 1 February 2020 were $160.27
million, an increase of 5.7% over
the corresponding period last year
($151.66 million). Net profit after
tax was $15.44 million, a decrease
of 3.8% over the corresponding
period last year ($16.04 million).
The result is in line with the
guidance announced to the NZX
on 17 February 2020. The Group
profit after tax is impacted by the
new IFRS 16 leasing standard by
approximately $0.515 million.
Gross margin on sales was 58.3%
compared with 59.8% in the prior
corresponding period. This was
mainly the result of the exchange
rate against the US dollar in both
New Zealand and Australia as well
as higher promotional activity due
to the competitive market place
particularly during November
and December. The cost of doing
business fell marginally over the
six-month period, continuing to
be well controlled into the current
trading period.
SEGMENT RESULTS
GLASSONS
Sales in Australia were $53.91
million for the six month period,
which were up 10.9% against
the prior corresponding period.
During the season a new store
was opened in Robina on the Gold
Coast and the Eastgardens store,
Sydney was increased in size and
refurbished to the new format.
The new Fulfillment Centre was
opened in Botany, Sydney during
February which will support
the stores and growing digital
business in Australia.
Sales in New Zealand were $54.00
million, which was up 5.3% against
the same period last year.
During the season the outlet
store in Hornby, Christchurch was
refurbished and in October the
new Fulfillment Centre was opened
for operations. The old Glassons
Distribution Centre was sold at the
end of the season with a gain on
sale of $0.9 million after costs. We
remain pleased with the continued
progress and sophistication of the
digital offer of the Glassons brand.
HALLENSTEIN BROTHERS
Sales were $52.35 million for
the six month period (including
Australia), with sales growing 1.1%
against the same period last year.
Work continued throughout the
season on the repositioning of the
Hallenstein Brothers brand and
improving the product offer. During
the period, the Hornby Outlet store
in Christchurch was refurbished.
E-COMMERCE
Investment in this area has seen
digital sales increase to over 15% of
total Group sales for the six month
period. As a business we remain
focused on continued investment
in digital and social channels to
deliver inspiring and relevant
content to our customers. Glassons
New Zealand, Glassons Australia
and Hallenstein Brothers now all
have larger fulfillment centers to
allow for continued online growth.
FUTURE OUTLOOK – COVID-19
For the first 7 weeks of the new
season sales were +3.8%. However
due to the COVID-19 alert system
in New Zealand moving to Level 4
from midnight on 26 March 2020
all stores and the web-based store
in New Zealand were closed. From
4 April 2020 New Zealand web
stores for both brands were opened
to sell essential product and from
28 April 2020 when the alert level
was changed to 3, all product
is now available for contactless
delivery from our web stores.
Also due to the impact of Covid-19 in
Australia and the adverse impact on
sales, stores in Australia also closed
at 5pm on 26 March 2020. The web
store in Australia has continued
to trade. This has resulted in an
unprecedented level of uncertainty
and it is challenging to forecast the
extent of these events on the business.
The Group has received funds from
the New Zealand government wage
subsidy scheme in order to support
employees wages during this
uncertain time.
The Group has activated its pandemic
management programme, to ensure
the safety of our employees and to
make the changes required to
reshape the business during the
evolving situation. The Group has
introduced a number of initiatives
including reducing operating and
labour costs, managing inventory
levels and putting capital projects
on hold.
The Group will continue to follow
advice and monitor the situation
closely to ensure an agile approach
to reduce the adverse impact
on trading and protect our team
and customers.
Chairman’s
Report
WARREN BELL
CHAIRMAN
DIVIDEND
Due the uncertainty around the
impact of Covid-19 and New Zealand
moving to Alert level 4, and after
careful consideration, the Board
feels it would be prudent not to
pay an interim dividend. This will be
reassessed at the end of our financial
year, August 2020, when the Board
will consider whether to pay
a dividend at that time.

4
Statement Of Comprehensive Income
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2020 (UNAUDITED)
HALF YEAR
ENDED
1/2/20
HALF YEAR
ENDED
1/2/19
$000’s
NOTE
(RESTATED)
*
Sales revenue
160,266
151,663
Cost of sales
(66,813)
(60,995)
Gross profit
93,453
90,668
Other operating income
142
399
Selling expenses
(55,171)
(52,041)
Distribution expenses
(3,683)
(4,252)
Administration expenses
(12,521)
(12,373)
Total expenses
2.2(71,375)
(68,666)
Operating profit 22,220
22,401
Finance income
77
133
Finance expense
7(1,223)
-
Profit before income tax
21,074
22,534
Income tax expense
(5,639)
(6,494)
Net profit after tax attributable to the shareholders
of the Holding Company
15,435 16,040
Other comprehensive income
– Items that will not be reclassified to profit or loss
Increase in share option reserve
14
62
– Items that may be subsequently reclassified to profit or loss
Fair value (loss)/gain (net of tax) in cash flow hedge reserve
(438)
(2,470)
Total comprehensive income for the year attributable
to the shareholders of the Holding Company
15,011 13,632
Earnings per share
Basic and diluted earnings per share
25.88
26.89
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

*Refer to Note 8 for details of the prior year restatement relating to the reclassification of freight income.

5
Statement Of Financial Position
AS AT 1 FEBRUARY 2020 (UNAUDITED)
NOTE
AS AT
1/2/20
AS AT
1/2/19
AS AT
1/8/19
EQUITY
Contributed equity
29,059
27,955 28,974
Asset revaluation reserve
18,717
15,609 18,419
Cashflow hedge reserve
657
(731)
1,095
Share option reserve
72
204 58
Retained earnings
27,573
24,756 26,454
Total equity
76,078
67,793 75,000
Represented by
CURRENT ASSETS
Cash and cash equivalents
12,808
9,223 16,506
Trade and other receivables
5,257
580 1,652
Advances to employees
291
275 372
Prepayments
1,040
4,295 4,535
Inventories3
25,881
23,915 24,011
Derivative financial instruments
1,030
77 1,534
Total current assets
46,307
38,365 48,610
NON-CURRENT ASSETS
Property, plant and equipment4
48,565
42,436 49,539
Right of use assets7
72,212
- -
Investment property
2,968
8,464 2,968
Intangible assets
319
462 439
Deferred tax
4,399
2,321 3,024
Total non-current assets
128,463
53,683 55,970
Total assets
174,770
92,048 104,580
CURRENT LIABILITIES
Trade payables
6,634
4,004 6,798
Employee benefits
4,739
4,383 4,775
Other payables
5,475
11,511 14,110
Lease liabilities7
21,685
- -
Derivative financial instruments
104
1,092 -
Taxation payable
1,517
3,265 3,897
Total current liabilities
40,154
24,255 29,580
NON-CURRENT LIABILITIES
Lease liabilities7
58,538
- -
Total liabilities
98,692
24,255 29,580
Net assets
76,078
67,793 75,000
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.
$000’s

6
Statement Of Changes in Equity
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2020 (UNAUDITED)
$000’s
SHARE
CAPITAL
TREASURY
STOCK
ASSET
REVALUATION
RESERVE
CASH
FLOW
HEDGE
RESERVE
SHARE
OPTION
RESERVE
RETAINED
EARNINGS
TOTAL
EQUITY
Balance at 1 August 2018 29,279 (1,461) 15,609 1,739 155 23,019 68,340
COMPREHENSIVE INCOME
Profit for year
-
-
--- 16,040 16,040
Cash flow hedges net of tax
-
-
-(2,470)--(2,470)
Increase in share option reserve
-
-
-- 62 - 62
Total comprehensive income
-
-
-(2,470) 62 16,040 13,632
TRANSACTIONS WITH OWNERS
Transfer of share option reserve
to retained earnings----(13) 13 -
Dividends
-
100
---(14,316)(14,216)
Transfer to employee advances
-
37
----37
Total transactions with owners
-
137
--(13)(14,303)(14,179)
Balance at 1 February 2019
29,279
(1,324)
15,609 (731) 204 24,756 67,793
COMPREHENSIVE INCOME
Profit for year
-
-
--- 12,980 12,980
Revaluation net of tax
-
-
2,810--- 2,810
Cash flow hedges net of tax
-
-
- 1,826 -- 1,826
Increase in share option reserve
-
-
-- 36 - 36
Total comprehensive income
-
-
2,810 1,826 36 12,980 17,652
TRANSACTIONS WITH OWNERS
Sale of treasury stock
-
1,289
---- 1,289
Transfer of share option
reserve to retained earnings----(182) 182 -
Dividends
-
60
---(11,930)(11,870)
Transfer to employee advances
-
136
---- 136
Gain/loss on sale of treasury
stock transferred to retained
earnings-(466)--- 466-
Total transactions with owners
-
1,019
--(182)(11,282)(10,445)
Balance at 1 August 2019
29,279
(305)
18,419 1,095 58 26,454 75,000
COMPREHENSIVE INCOME
Profit for year
-
-
--- 15,435 15,435
Deferred tax on sale of property
-
-
298--- 298
Cash flow hedges net of tax
-
-
-(438)--(438)
Increase in share option reserve
-
-
-- 14 - 14
Total comprehensive income
-
-
298 (438) 14 15,435 15,309
TRANSACTIONS WITH OWNERS
Dividends
-
27
---(14,316)(14,289)
Transfer to employee advances
-
58
---- 58
Total transactions with owners
-
85
---(14,316)(14,231)
Balance at 1 February 2020
29,279
(220)
18,717 657 72 27,573 76,078
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

7
Statement Of Cash Flows
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2020 (UNAUDITED)
HALF YEAR
ENDED
1/2/20
HALF YEAR
ENDED
1/2/19
$000’s
(RESTATED)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Sales to customers
160,093
151,265
Rent received
142
399
Interest received
70
125
Interest on debtors
7
8
160,312
151,797
Cash was applied to:
Payments to suppliers
93,194
104,115
Payments to employees
28,992
25,914
Interest paid on leases
1,223
-
Taxation paid
8,926
6,360
132,335 136,389
Net cash flows from operating activities
27,977 15,408
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant, and equipment and intangible assets
303
46
Repayment of employee advances
139
226
442
272
Cash was applied to:
Purchase of property, plant, and equipment and intangible assets
7,630
9,694
7,630
9,694
Net cash flows applied to investing activities
(7,188) (9,422)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Proceeds from sale of treasury stock and dividends
27
100
27
100
Cash was applied to:
Dividend paid
14,316
14,316
Lease liability payments
10,198
-
24,514
14,316
Net cash flows applied to financing activities
(24,487) (14,216)
Net (decrease)/increase in funds held
(3,698) (8,230)
Cash and cash equivalents at the beginning of the period 16,506
17,453
Cash and cash equivalents at the end of the period 12,808
9,223

The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

8
Statement Of Cash Flows (Continued)
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2020 (UNAUDITED)
RECONCILIATION OF PROFIT AFTER TAXATION
TO CASH FLOWS FROM OPERATING ACTIVITIES
$000’s
HALF YEAR
ENDED
1/2/20
HALF YEAR
ENDED
1/2/19
NET PROFIT AFTER TAXATION 15,435
16,040
ADD/(DEDUCT) ITEMS CLASSIFIED AS INVESTING OF FINANCING ACTIVITIES
(Gain)/loss on sale of plant and equipment
29
(34)
ADD/(DEDUCT) NON CASH ITEMS
Depreciation and amortisation
15,201
4,155
Deferred taxation
(1,205) (419)
Share option expense
14
62
ADD/(DEDUCT) MOVEMENTS IN WORKING CAPITAL ITEMS
Taxation payable
(2,380)
553
Trade and other receivables and prepayments
(110) (822)
Movement in trade and other receivables from proceeds due on sale of property
4,477 -
Trade and other payables and employee benefits
(8,835) (1,171)
Movement in other payables due to IFRS 16 transition
7,221 -
Inventories
(1,870) (2,956)
NET CASH FLOWS FROM OPERATING ACTIVITIES 27,977
15,408

The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

9
Notes To The Financial Statements
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2020 (UNAUDITED)
1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
This section presents a summary of information considered relevant and material to assist the reader in
understanding the foundations on which the financial statements as a whole have been compiled.
1.1 GENERAL INFORMATION
REPORTING ENTITY
Hallenstein Glasson Holdings Limited (“Company” or “Parent”) together with its subsidiaries (the “Group”)
is a retailer of men’s and women’s clothing in New Zealand and Australia.
The Company is a limited liability company incorporated and domiciled in New Zealand. The address
of its registered office is Level 3, 235-237 Broadway Newmarket, Auckland.
STATUTORY BASE
Hallenstein Glasson Holdings Limited is a company registered under the Companies Act 1993 and is a
FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed
on the New Zealand Stock Exchange (NZX). The financial statements of the Group have been prepared
in accordance with the requirements of Part 7 of the Financial Markets Conduct Act 2013 and the NZX
Main Board Listing Rules.
The financial statements were approved for issue by the Board of Directors on 30 March 2020.
1.2 GENERAL ACCOUNTING POLICIES
STATEMENT OF COMPLIANCE
These interim financial statements for the half year ended 1 February 2020 have been prepared in
accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP), NZ IAS 34 and IAS
34 Interim Financial Reporting and should be read in conjunction with the 2019 Annual Report.
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The accounting policies used in the preparation of these financial statements are consistent with those
used in the previously published interim financial statements to 1 February 2019, and the audited financial
statements to 1 August 2019, except for the adoption of the new NZ IFRS 16 Leases standard.
NZ IFRS 16 Leases was effective for the first time in the FY20 half year results, refer to note 7 for the impact
of this standard on these financial statements.
The financial statements for the six months ended 1 February 2020 and 1 February 2019 are unaudited.
The comparative information for the year ended 1 August 2019 is audited.
ENTITIES REPORTING
The financial statements are the Consolidated Financial Statements of the Group comprising Hallenstein
Glasson Holdings Limited and subsidiaries, together they are referred to in these financial statements as ‘the
Group’. The parent and its subsidiaries are designated as for-profit entities for financial reporting purposes.

10
Notes To The Financial Statements
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2020 (UNAUDITED)
2 PERFORMANCE INFORMATION
2.1 SEGMENT INFORMATION
The Board of Directors considers the business from both a product and geographic perspective as follows:
– Hallenstein Brothers (Hallenstein Bros Ltd (New Zealand)) and
Hallenstein Brothers Australia Limited (Australia)
– Glassons Limited (New Zealand)
– Glassons Australia Limited (Australia)
– Hallenstein Properties Limited (New Zealand)
– Hallenstein Glasson Holdings Limited – Parent (New Zealand)
Segment results and key balances are shown below. Segment assets and liabilities are measured in the
same way as in the financial statements. Assets and liabilities are allocated based on the operations of
the segment.
$000’s
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
HALLENSTEIN
BROTHERS
HALLENSTEIN
PROPERTYPARENT
TOTAL
SEGMENTS
INCOME STATEMENT
Sales revenue from
external customers 54,000 53,914 52,352 -- 160,266
Cost of sales
(23,618) (20,925) (22,270) --
(66,813)
Gross profit 30,382 32,989 30,082
--
93,453
Finance income 21 13 40
-
3
77
Finance expenses
(492) (304) (427) --
(1,223)
Depreciation and
software amortisation 4,682 5,240 5,100 179 - 15,201
Profit/(loss) before
income tax 7,561 8,532 4,696 260 25 21,074
Income tax expense
(1,672) (2,566) (1,321) (73) (7) (5,639)
Profit/(loss) after
income tax 5,889 5,966 3,375 187 18 15,435
BALANCE SHEET
Current assets 11,187 8,875 17,596 5,066 3,583
46,307
Non-current assets 45,179 31,559 35,154 16,561 10
128,463
Current liabilities 13,430 13,831 12,465 354 74
40,154
Purchase of property,
plant and equipment
and intangibles 3,762 2,672 1,189 7 - 7,630
SEGMENT RESULTS
For the period ended 1 February 2020

11
Notes To The Financial Statements
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2020 (UNAUDITED)
$000’s
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
HALLENSTEIN
BROTHERS
HALLENSTEIN
PROPERTYPARENT
TOTAL
SEGMENTS
INCOME STATEMENT
Sales revenue from
external customers 51,261 48,636 51,766 -- 151,663
Cost of sales
(21,373) (18,264) (21,358) --(60,995)
Gross profit 29,888 30,372 30,408
--
90,668
Finance income 34 25 65
-
9
133
Depreciation and
software amortisation 1,112 1,429 1,427 187 - 4,155
Profit/(loss) before
income tax 7,870 7,485 6,862 368 (51) 22,534
Income tax expense
(2,212) (2,252) (1,942) (103)
15
(6,494)
Profit/(loss) after
income tax 5,658 5,233 4,920 265 (36) 16,040
BALANCE SHEET
Current assets 10,491 9,284 18,396
(1,822)
2,016
38,365
Non-current assets 14,045 10,836 9,238 19,622
(58)
53,683
Current liabilities 7,111 9,686 6,810 413 235
24,255
Purchase of property,
plant, equipment
and intangibles 3,731 3,076 1,282 1,605 - 9,694
2 PERFORMANCE INFORMATION (CONTINUED)
2.2 INCOME AND EXPENSES
Profit before income tax includes the following specific expenses:
$000’s
HALF YEAR
ENDED
1/2/20
HALF YEAR
ENDED
1/2/19
Occupancy costs
4,251 15,113
Wages, salaries and other short term benefits
27,783 25,573
Depreciation, amortisation and impairment of property,
plant and equipment 4,964 4,155
Depreciation on right of use assets
10,237 -
Interest on leases
1,223-
Gain on sale of property, plant and equipment
(1,020)(34)

HALF YEAR
ENDED
1/2/20
HALF YEAR
ENDED
1/2/19
HALF YEAR
ENDED
1/2/20
HALF YEAR
ENDED
1/2/19
cents per sharecents per share$000’s$000’s
Final dividend for the period
ended 1 August 2019 24.00 - 14,316-
Final dividend for the period
ended 1 August 2018- 24.00 - 14,316
Total 24.00
24.00
14,316
14,316

2.3 DIVIDENDS
SEGMENT RESULTS
For the period ended 1 February 2019

12
Notes To The Financial Statements
3 INVENTORIES
During the period ended 1 February 2020, the Group recognised in the Statement of Comprehensive
Income, a write down of finished goods inventory to provide for obsolescence of $127,000 (2019:
$231,000).
4 PROPERTY, PLANT AND EQUIPMENT
Acquisitions and disposals
During the six months ended 1 February 2020, the Group acquired assets with a total cost of $7,630,000
(2019: $9,694,000).
Assets with a net book value of $3,760,000 were disposed of during the six months ended 1 February
2020 (2019: $12,000), resulting in a net gain on disposal of $1,020,000 (2019: gain on disposal of
$34,000).
5 RELATED PARTY TRANSACTIONS
The Group enters into transactions with related parties. Details of related parties, and the types of
transactions entered into during the period ended 1 February 2020, are consistent with those disclosed
in the audited financial statements for the year ended 1 August 2019.

6 COMMITMENTS
$000’s
HALF YEAR
ENDED
1/2/20
HALF YEAR
ENDED
1/2/19
FULL YEAR
ENDED
1/8/19
Commitments in relation to store fitouts and
warehouse expansion3,2237,9982,688
$000’s
HALF YEAR
ENDED
1/2/20
HALF YEAR
ENDED
1/2/19
FULL YEAR
ENDED
1/8/19
Total operating lease commitments
46889,62396,611



7 LEASES
Right-of-use assets and lease liabilities arising from a lease are initially measured on a present value basis.
Lease liabilities include the net present value of the remaining lease payments.
Right-of-use assets are initially recognised on commencement of lease at cost, comprising the initial
amount of the lease liabilities less any lease incentives received. Right-of-use assets are subsequently
depreciated using the straight-line method from the commencement date to the end of the lease term.
In considering the lease term, the Group has determined that right of renewal options will not be exercised
as the Group will renegotiate the terms of all leases at their expiry.
Both right-of-use assets and lease liabilities are discounted applying interest rate implicit in the lease.
If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the
lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar
economic environment with similar terms and conditions.
In the process of adopting NZ IFRS 16, a number of judgements and estimates have been made.
These include:
– Incremental borrowing rate at the time of adoption;
– Lease terms, including any rights of renewal expected to be exercised. The Group has determined
that right of renewal options will not be exercised as the Group will renegotiate the terms of all
leases at their expiry;
– Foreign exchange conversion rates;
– Application of practical expedients and recognition exemptions allowed by the new standards,
including in respect of low value assets and short-term lease exemptions.
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2020 (UNAUDITED)
6.2 OPERATING LEASE COMMITMENTS
6.1 CAPITAL EXPENDITURE COMMITMENTS

13
Notes To The Financial Statements
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2020 (UNAUDITED)
7 LEASES (CONTINUED)
The following tables show the movements and analysis in relation to the right-of-use assets and lease
liabilities, created on the adoption of NZ IFRS 16.
$000’s
AS AT
1/2/20
Opening net book value 2 August 2019
75,845
Depreciation
(10,237)
Lease modifications and additions
6,604
Carrying amount 1 February 2020 72,212
Cost
82,449
Accumulated depreciation
(10,237)
Carrying amount 1 February 2020 72,212
$000’s
AS AT
1/2/20
Operating lease commitment at 1 August 2019 as disclosed in the Group’s financial statements
96,611
As at 2 August 2019
Discounted at the incremental borrowing rate at the date of initial application
91,457
Recognition exemption for:
Short term leases
(2,966)
Lease contracts committed to but not yet available for use
(5,695)
Opening lease liabilities recognised 2 August 2019 82,796
Additions
7,625
Interest for the period
1,223
Lease payments made
(11,421)
Lease liabilities 1 February 2020
80,223
Current lease liability
21,685
Non-current lease liability
58,538
Total future lease liabilities as at 1 February 2020
80,223
$000’s
HALF YEAR
ENDED
1/2/20
Depreciation
10,237
Rent on short-term leases
4,251
Interest on leases
1,223
Total
15,711

$000’s
HALF YEAR
ENDED
1/2/20
Interest paid on leases (operating activities)
1,223
Payments for lease liabilities principal (financing activities)
10,198
Total cash outflows from leases 11,421
RIGHT OF USE ASSETS
LEASE LIABILITIES
LEASE RELATED EXPENSES INCLUDED IN THE INCOME STATEMENT
LEASE PAYMENTS INCLUDED IN THE CASH FLOW STATEMENT

14
Notes To The Financial Statements
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2020 (UNAUDITED)
8 ACCOUNTING STANDARDS
Except as described below, the accounting policies applied are consistent with those of the annual
financial statements for the period ended 1 August 2019, as described in those annual financial statements.
There was one new standard applied during the period which had a material impact.
– NZ IFRS 16: Leases (effective from annual periods beginning on or after 1 January 2019)
This standard replaces the current guidance in NZ IAS 17.
TRANSITION
For the reporting period commencing 2 August 2019 the Group has elected to apply the modified
retrospective transition method. Under this method the Group has not restated comparatives therefore
reclassifications and adjustments are recognised in the opening balance sheet on 2 August 2019.
Lease liabilities are measured at the present value of remaining lease payments. The weighted average
incremental borrowing rate applied to the lease liabilities on 2 August 2019 was 3.01%.
Leases entered into and identified by the Group are all property leases. The associated right-of-use assets
for property leases were measured on a consistent basis with the lease liabilities, but have been adjusted
by the amount of any prepaid or accrued lease payments and lease incentives.
On transition, the Group applied the following practical expedients:
– Non-capitalisation of leases that expire within twelve months from adoption date. Costs relating
to these leases have been recognised in the income statement within selling, distribution, and
administration expenses.
The Group has not recognised any right-of-use assets or liabilities for leases that it was committed to but
were not yet available for use by the Group at the date of transition.
In addition to the opening balance sheet lease liabilities and right-of-use assets impact on transition
disclosed below, the Group has recognised $790,000 of deferred tax assets as a result of the accounting
standard adoption.
For comparative period analysis purposes, the adoption of the accounting standard has affected the
following items of the income statement and statement of cash flows:
– In the income statement ‘finance expense’ includes interest expense associated with lease liabilities,
and ‘selling expenses’ and ‘administration expenses’ includes depreciation associated with
right-of-use assets.
– In the statement of cash flows lease payments are now split between principal repayments classified
within ‘financing activities’ and interest repayments classified within ‘operating activities’.
Previously lease payments were included within ‘payments to suppliers’ within operating activities.

15
Notes To The Financial Statements
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2020 (UNAUDITED)
8 ACCOUNTING STANDARDS (CONTINUED)
The tables below provide further detail in relation to the impacts of NZ IFRS 16 on the consolidated
income statement and the consolidated balance sheet.
INCOME STATEMENT – IMPACTS OF NZ IFRS 16
HALF YEAR ENDED 1 FEBRUARY 2020
$000’sPRE NZ IFRS 16ADJUSTMENTSNZ IFRS 16
Sales revenue 160,266 - 160,266
Cost of sales
(66,813)-(66,813)
Gross profit 93,453 - 93,453
Other operating income
142 - 142
Selling expenses
(55,670) 499 (55,171)
Distribution expenses
(3,683) - (3,683)
Administration expenses
(12,530) 9 (12,521)
Total expenses(71,883) 508 (71,375)
Operating profit 21,712 508 22,220
Finance income
77 - 77
Finance expense
- (1,223)(1,223)
Profit before income tax 21,789 (715) 21,074
Income tax expense
(5,839) 200 (5,639)
Net profit after tax attributable to the
shareholders of the Holding Company 15,950 (515) 15,435
Earnings per share
Basic and diluted earnings per share
26.74-0.86 25.88
BALANCE SHEET – IMPACTS OF NZ IFRS 16
AS AT 1 FEBRUARY 2020
$000’sPRE NZ IFRS 16ADJUSTMENTSNZ IFRS 16
Right of use assets- 72,212 72,212
Deferred tax
3,609 790 4,399
Impact on total assets 3,609 73,002 76,611
Other payables
12,696 (7,221) 5,475
Current lease liabilities
- 21,685 21,685
Non-current lease liabilities
- 58,538 58,538
Impact on total liabilities 12,696 73,002 85,698
Impact on net assets-

16
Notes To The Financial Statements
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2020 (UNAUDITED)
8 ACCOUNTING STANDARDS (CONTINUED)
NZ IFRS 15: REVENUE FROM CONTRACTS WITH CUSTOMERS
Adoption of NZ IFRS 15 has given rise to the reclassification of delivery fees charged to customers.
Delivery fees charged to customers are considered to be part of the same performance obligation as
the sale of the goods, as control of the goods only passes to customers when they physically receive
the goods. Previously, the delivery fees charged to customers by the Group have been offset against the
delivery costs incurred by the Group, and the net cost has been shown under selling expenses. Under
NZ IFRS 15, it has been determined that control of the goods does not pass to the customer until delivery,
because the customer cannot use or otherwise benefit from the goods until obtaining possession of the
goods, which occurs on delivery.
The Group’s income statement for the comparative period shown in these consolidated financial
statements has been restated to reflect the reclassification outlined above. A reconciliation showing
the adjustments made to the income statement to restate the prior period comparatives is shown below:
$000’s
HALF YEAR
ENDED
1/2/19
INCREASE/
DECREASE
HALF YEAR
ENDED
1/2/19
RESTATED
Sales revenue151,244419151,663
Cost of sales
(60,995)-(60,995)
Gross profit
90,24941990,668
Other operating income
399-399
Selling expenses
(51,622)(419)(52,041)
Distribution expenses
(4,252)-(4,252)
Administration expenses
(12,373)-(12,373)
Total expenses
(68,247)(419)(68,666)
Operating profit
22,401-22,401
Finance income
133-133
Finance expense
---
Profit before income tax
22,534-22,534
Income tax expense
(6,494)-(6,494)
Net profit after tax attributable to the
Shareholders of the Holding Company
16,040-16,040
As a result of the above reclassification the statement of cash flows for the half year ended 1 February 2019
has been restated to increase receipts from customers and payments made to suppliers by $0.42 million.

17
Notes To The Financial Statements
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2020 (UNAUDITED)
9 EVENTS SUBSEQUENT TO BALANCE DATE
On the 26 March 2020 the Group announced that due to the COVID-19 alert system in New Zealand
moving to Level 4 from midnight on 26 March 2020, all stores and the web-based store in New Zealand
are now closed. Also due to the impact of COVID-19 in Australia and the adverse impact on sales, stores
in Australia closed at 5pm on 26 March 2020. The web store in Australia will continue to trade as long
as permitted.
The Group has activated its pandemic management programme, to ensure the safety of our employees
and to make the changes required to reshape the business during the evolving situation.
The Group has introduced a number of initiatives including reducing operating and labour costs,
managing inventory levels and putting capital projects on hold. The Group has applied for the
New Zealand government wage subsidy scheme in order to support employees wages during
this uncertain time.
The Group will continue to follow advice and monitor the situation closely to ensure an agile approach
to reduce any adverse impact on trading and to protect our team and customers.
DIVIDEND
Due the uncertainty around the impact of Covid-19 and announcements made by the Prime Minister last
week on moving New Zealand to Alert level 4 and after careful consideration the Board feels it would be
prudent not to pay an interim dividend. This will be reassessed at the end of our financial year, August
2020, when the Board will consider whether to pay a dividend at that time.

Auditors
PricewaterhouseCoopers
Bankers
ANZ Bank New Zealand Ltd.
Registered Office
Level 3
235 – 237 Broadway
Newmarket
Auckland 1023
Tel +64 9 306 2500
Fax +64 9 306 2523
Postal Address
PO Box 91-148
Auckland Mail Centre
Auckland 1141
Share Registrar
Computershare Investor
Services Limited
Private Bag 92119
Auckland 1142
Tel +64 9 488 8700
Websites
hallensteinglasson.co.nz
glassons.com
hallensteins.com
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