Hallenstein Glasson Ltd Trading update and profit forecast

19 August 2020

HALLENSTEIN GLASSON HOLDINGS LIMITED
TRADING UPDATE FOR THE FULL YEAR ENDED 1 AUGUST 2020

The Company advises that the unaudited sales for the 12 months ended 1 August 2020 were $287.76
million, an increase of 0.1% on the prior year ($287.55 million).

Group unaudited net profit after tax is expected to be within the range of $27.2 million to $27.8
million, a decrease of approximately -5.1% on the prior year ($29.0 million).

During the last six months stores were closed in New Zealand from 26 March 2020 until 14 May.
Stores in Australia were closed from 26 March 2020 and were re-opened over the Month of May. All
stores in the state of Victoria are now closed with ten closing on the 20
th
July 2020 and the final store
in Chapel Street Closing on 3
rd
August. Glassons.com web shop in Australia traded throughout the
season but in New Zealand both Hallensteins.com and Glassons.com initially closed from 26 March
2020 but reopened to sell essentials on 4 April. We experienced significant growth online over the
lockdown period in both countries and this has continued once stores re-opened.

Sales for the six-month period ended 1 August 2020 were down -6.2% on the same period last year,
performing much better than anticipated due to the growth in online sales. Online sales grew 80.1%
on the same period last year. For the full year online sales were 22% as a percentage of total sales
but increased to 31% for the last 6 months. Whilst the sales have improved, the Company will
continue to be cautious in regard to the future impacts of COVID-19.

The Company continues to take steps to preserve liquidity as previously stated, particularly managing
stock levels and costs across the business. The negotiations with landlords are continuing.

The Directors have declared an interim dividend of 15 cents per share (fully imputed) (last year 20
cents per share) to be paid on 4 September 2020. The Group’s balance sheet and projected future
cash flow remains strong. Stock levels are also well managed.

A full profit release will be made to the market on 25 September 2020 when a final dividend will be
considered.

Following Auckland moving to Level 3 on Wednesday 12 August, thirteen Hallenstein Brothers stores
and twelve Glassons stores are currently closed until the return to level 2 in Auckland.

Mary Devine
Group Managing Director

---

Distribution Notice





Section 1: Issuer information
Name of issuer Hallenstein Glasson Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code HLG
ISIN (If unknown, check on NZX
website)
NZHLGE 0001S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 28/08/2020
Ex-Date (one business day before the
Record Date)
27/08/2020
Payment date (and allotment date for
DRP)
04/09/2020
Total monies associated with the
distribution
1

$8,947,359 based on the number of units on issue at the
date of the form
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$ 0.20833333
Gross taxable amount
3
$ 0.20833333
Total cash distribution
4
$ 0.15000000
Excluded amount (applicable to listed
PIEs)
$nil
Supplementary distribution amount $ 0.02647050
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed


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
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“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.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$ 0.05833333
Resident Withholding Tax per
financial product
$ 0.01041667
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Stuart Duncan
Contact person for this
announcement
Stuart Duncan
Contact phone number +64 21 528 184
Contact email address Stuartd@glassons.com
Date of release through MAP

19/08/2020





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.