DGL – Annual Report 2020

NO.1
New Zealand wine
exporter to the world.
*
DELEGAT GROUP LIMITED ANNUAL REPORT 2019
DELEGAT GROUP LIMITED ANNUAL REPORT 2020
Yet another milestone achieved on our journey to become
one of the world’s leading Super Premium wine companies.

glasses of our wine
were enjoyed by
wine lovers around
the world last year
.
200
million

2
3
4
12
22
25
28
29
30
32
34
37
81
85
98
104
Performance Highlights
Financial Highlights
Executive Chairman’s Report
Managing Director’s Report
Board of Directors
Directors’ Responsibility Statement 2020
Statement of Financial Performance
Statement of Other

Comprehensive Income
Statement of Changes in Equity
Statement of Financial Position
Statement of Cash Flows
Notes to the Financial Statements
Independent Auditor’s Report
Corporate Governance Statement
Other Disclosures
Directory
CONTENTS
*New Zealand Winegrowers Inc. 30 June 2020
1

PERFORMANCE HIGHLIGHTS 2020
1. New Zealand Winegrowers Inc. 30 June 2020
2. Operating Performance is a non-GAAP measure and as such does not have a standardised meaning prescribed by GAAP.
It may therefore not be comparable to non-GAAP measures presented by other entities.
Record global case sales up 9%
New Zealand wine exporter to the world
1
3,277,000
NO.1
Record Operating NPAT
2
up 20%
$60.8
MILLION
Record Operating Revenue up 9%
$302.9
MILLION
MOST
ADMIRED
BRAND
Gold at international wine competitions
and awarded by Drinks International
Record Cash Flows from
Operations up 42%
$84.3
MILLION
DELEGAT ANNUAL REPORT 2020 PERFORMANCE HIGHLIGHTS2

JIM DELEGAT
EXECUTIVE CHAIRMAN
JOHN FREEMAN 
MANAGING DIRECTOR
Notes:
1. EBITDA means earnings before interest, tax, depreciation
and amortisation.
2. Operating EBITDA means EBITDA before NZ IFRS fair value
adjustments.
3. EBIT means earnings before interest and tax.
4. Operating EBIT means EBIT before NZ IFRS fair value
adjustments.
5. NPAT means net profit after tax attributable to ordinary
Shareholders.
6. Operating NPAT means NPAT before NZ IFRS fair value
adjustments after tax.
7. Net Assets means total assets less total liabilities.
8. EPS means earnings per share and is calculated on NPAT
for the year divided by the weighted average number of
ordinary shares on issue. The weighted average number of
shares on issue are 101,130,000.
9. Operating Revenue is before fair value movements on
derivative instruments (if gains).
10. Operating EBITDA, Reported EBITDA, Operating EBIT,
Reported EBIT, Operating NPAT, Reported NPAT, EPS,
Net Assets and Total Assets for the years ended 30 June
2016, 2017, 2018 and 2019 have been restated following the
adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note
1 of the financial statements.
FINANCIAL HIGHLIGHTS 2020
This Annual Report is dated 28 August 2020 and is signed on behalf of the Board by:
YEAR ENDED 30 JUNE20162017201820192020
Case Sales (000s)
2,411
2,6562,7363,0083,277
OPERATING PERFORMANCE
Operating Revenue
9
($m)
227.1
233.9255.8278.0302.9
Operating EBITDA
1,2,10
($m)
76.2
84.793.8103.8116.8
Operating EBIT
3,4,10
($m)60.667.674.983.395.2
Operating EBIT % of Revenue
10
27%29%29%30%31%
Operating NPAT
5,6,10
($m)35.537.844.250.860.8
Operating NPAT % of Revenue
10
16%16%17%18%20%
REPORTED PERFORMANCE
Revenue ($m)231.7235.3255.8278.0304.2
EBITDA
1,10
($m)92.787.796.498.1117.4
EBIT
3,10
($m)77.170.677.577.695.8
EBIT % of Revenue
10
33%30%30%28%31%
NPAT
5,10
($m)47.440.046.146.864.1
NPAT % of Revenue
10
20%17%18%17%21%
EPS
8,10
46.9c39.5c45.6c46.3c63.4c
Net Assets
7,10
($m)264.2290.6326.0356.7278.8
Total Assets
10
($m)698.5723.1773.8795.9819.5
3FINANCIAL HIGHLIGHTS DELEGAT ANNUAL REPORT 2020

DELEGAT ANNUAL REPORT 2020 EXECUTIVE CHAIRMAN’S REPORT4

On behalf of the Board of Directors of Delegat Group Limited,
it is with great pleasure that I present to you yet another record
year for Delegat Group Limited on our journey to build a
leading global Super Premium wine company. I am pleased to
present its operating and financial results for the year ended
30 June 2020, which has been an outstanding year for the
Group.
Against a backdrop of uncertainty caused by COVID-19,
the strength of our category-leading Super Premium brands,
in-market sales teams, distribution networks and strong
consumer demand has provided the necessary resilience in these
challenging times and a solid foundation which positions us
well for future sales growth.
In delivering a record performance this year, Delegat is now
the number one New Zealand wine exporter to the world, yet
another milestone achieved on our journey to become one of the
world’s leading Super Premium wine companies.
PERFORMANCE HIGHLIGHTS
• Record global case sales of
3,277,000, up 9%.
• Record Operating NPAT of
$60.8 million, up 20%.
• Record Cash Flows from Operations
of $84.3 million, up 42%.
• Number one New Zealand wine
exporter to the world.
*

The Group presents its financial statements in accordance
with the New Zealand equivalents to International Financial
Reporting Standards (NZ IFRS).
To provide further insight into the Group’s underlying
operational performance, the Group has also included in this
report an Operating Performance Report. This excludes the
impact of fair value adjustments required under NZ IFRS
for grapes, derivative instruments, and the tax effects of the
reintroduction of depreciation deductions on buildings. As a
fully integrated winemaking and sales operation, Operating
EXECUTIVE CHAIRMAN’S
REPORT 2020
“Delegat
is now the
number one
New Zealand
wine
exporter to
the world,
yet another
milestone
achieved on
our journey
to become
one of the
world’s
leading
Super
Premium
wine
companies.”
JIM DELEGAT, EXECUTIVE CHAIRMAN
*New Zealand Winegrowers Inc. 30 June 2020
EXECUTIVE CHAIRMAN’S REPORT DELEGAT ANNUAL REPORT 20205

Profit includes the fair value adjustment in respect of grapes when packaged wine is sold, rather than on harvest of the
grapes, and the fair value adjustment on derivative instruments when these foreign exchange contracts and interest rate
swaps are realised.
The Group has included a reconciliation of Operating Profit to Reported Profit which eliminates from each line in the
Statement of Financial Performance all fair value adjustments.
1
OPERATING PERFORMANCE
A record Operating NPAT of $60.8 million was generated compared to $50.8 million
*
in the previous 12 months.
Operating EBIT of $95.2 million is $11.9 million higher than last year. Operating Expenses (before NZ IFRS adjustments)
at $56.1 million are $1.0 million higher than last year.
Delegat achieved Operating Revenue of $302.9 million on global case sales of 3,277,000 in the year. Revenue is up $24.9
million on last year, due to a 9% increase in global case sales and the favourable impact of foreign exchange rate changes.
The Group’s case sales performance and foreign currency rates achieved are detailed in table 2.
NZ IFRS FAIR VALUE ADJUSTMENTS
In accordance with NZ IFRS, the Group is required to account for certain assets at ‘fair value’ rather than at historic cost.
All movements in these fair values are reflected in and impact the Statement of Financial Performance. The Group records
adjustments in respect of three significant items at the year-end as described below and detailed in table 3.
June 2020 June 2019 % change
NZ$ millions Restated* vs 2019
Operating Revenue
1
302.9 278.0 9%
Operating Gross Profit
2
151.3 138.4 9%
Operating Gross Margin 50% 50%
Operating Expenses
3
(56.1) (55.1) -2%
Operating EBIT
4
95.2 83.3 14%
Operating EBIT % of Revenue 31% 30%
Interest and Tax (34.4) (32.5) -6%
Operating NPAT
4
60.8 50.8 20%
Operating NPAT % of Revenue 20% 18%
Operating EBITDA
4
116.8 103.8 13%
Operating EBITDA % of Revenue 39% 37%
Table 1 OPERATING PERFORMANCE
Notes:
1. Operating Revenue is before fair value movements on derivative instruments (if gains).
2. Operating Gross Profit is before the net fair value movements on biological produce (harvest adjustment) and the NZ IFRS adjustments excluded in Note 1.
3. Operating Expenses are before fair value movements on derivative instruments (if losses).
4. Operating EBIT, EBITDA and NPAT are before any fair value adjustments.
1. Operating Performance is a non-GAAP measure and as such does not have a standardised meaning prescribed by GAAP. It may therefore not be comparable to non-GAAP
measures presented by other entities. The Executive Chairman and Managing Director’s reports are read by the auditors as part of their responsibilities in respect of other
information as disclosed in their audit report.
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Lease on 1 July 2019. Refer to Note 1 of the
financial statements.
DELEGAT ANNUAL REPORT 2020 EXECUTIVE CHAIRMAN’S REPORT6

• Harvest Provision Release (Grapes) – Inventory is valued at market value, rather than costs incurred, at harvest.
Any fair value adjustment is excluded from Operating Performance for the year, by creating a Harvest Provision.
This provision is then released through Cost of Sales when inventory is sold in subsequent years. This represents the
reversal of prior periods’ fair value adjustments in respect of biological produce as finished wine is sold in subsequent
years. In 2020, the market value of the Company grapes exceeded the costs incurred by $16.3 million (2019: $14.0
million). This write-up is higher than last year due to a higher-yielding 2020 vintage. This write-up, less the impact
of prior years’ vintages being sold, has resulted in a net write-down of $0.7 million for the year (2019: write-down of
$4.2 million).
• Derivative Instruments are held to hedge the Group’s foreign currency and interest rate exposure. The mark-to-market
movement of these instruments at balance date resulted in a fair value write-up of $1.3 million (2019: write-down of
$1.5 million).
• The tax effect of reinstatement of depreciation in relation to the reintroduction of depreciation deductions on buildings
has resulted in a tax write-up of $2.9 million (2019: $nil).
The above adjustments, net of taxation, amount to a write-up of $3.3 million for the year (2019: write-down of $4.0
million).
RECONCILIATION OF REPORTING TO OPERATING PERFORMANCE
Accounting for all fair value adjustments under NZ IFRS, the Group’s reported audited financial performance for the year
ended 30 June 2020 is reconciled to Operating Profit as detailed in table 4.
Table 2 CASE SALES AND FOREIGN CURRENCY
June 2020 June 2019 % change
Case Sales (000s) vs 2019
UK, Ireland and Europe 1,101 896 23%
North America (USA and Canada) 1,438 1,332 8%
Australia, NZ and Asia Pacific 738 780 -5%
Total Cases 3,277 3,008 9%

Foreign Currency Rates
GB£ 0.5025 0.5146 2%
AU$ 0.9313 0.9320 0%
US$ 0.6493 0.6774 4%
CA$ 0.8648 0.8888 3%
EXECUTIVE CHAIRMAN’S REPORT DELEGAT ANNUAL REPORT 20207

CASH FLOW
The Group generated record Cash Flows from Operations of $84.3 million in the current year, which is an increase of
$24.7 million or 42% on the previous year. This increase is due to strong cash collections from customers and lower net
interest paid. A total of $29.0 million was paid for additional property, plant and equipment during the year, this includes
vineyard developments in New Zealand, and development of the Hawke’s Bay and Marlborough wineries, which will
provide earnings growth into the years ahead. The Group distributed $17.2 million to Shareholders in dividends. A net
repayment of $23.5 million was made to reduce borrowings during the year.
Having secured a $330.0 million syndicated Senior Debt facility in 2019 the Group is well positioned to fund its current
operations as well as future capital investment in both New Zealand and Australia. The Group’s net debt at 30 June
2020 amounted to $239.5 million, a decrease of 11% compared to last year and well within the Group’s long-term bank
debt facilities.
DIVIDENDS
The Directors consider that the underlying operational performance and continued strong cash flows justify maintaining
the dividend in line with last year. Accordingly, the Directors are pleased to advise they have approved a fully imputed
dividend payout of 17.0 cents per share. The dividend will be paid on 9 October 2020 to Shareholders on record at
25 September 2020.
Notes:
1. Biological Produce (Grapes) is the difference between market value paid for grapes and the cost to grow grapes.

The Harvest Provision is reversed and only recognised when the finished wine is sold.
2. n/m means not meaningful.
Table 3 IMPACT OF FAIR VALUE ADJUSTMENTS
June 2020 June 2019 % change
NZ$ millions Restated* vs 2019
Operating NPAT 60.8 50.8 20%
Operating NPAT % of Revenue 20% 18%
NZ IFRS Fair Value Items
Biological Produce (Grapes)
1
(0.7) (4.2) 83%
Derivative Instruments 1.3 (1.5) n/m
2
Total Fair Value Items 0.6 (5.7) n/m
2
Taxation of NZ IFRS fair value items (0.2) 1.7 n/m
2
Reinstatement of Building tax depreciation 2.9 – 100%
Fair Value Items after Tax 3.3 (4.0) n/m
2
Reported NPAT 64.1 46.8 37%
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Lease on 1 July 2019. Refer to Note 1 of the
financial statements.
DELEGAT ANNUAL REPORT 2020 EXECUTIVE CHAIRMAN’S REPORT8

JIM DELEGAT EXECUTIVE CHAIRMAN
INVESTING FOR GROWTH
The record results achieved in 2020 are testament to the strength of the Group’s business model as it continues to invest
for growth.
Delegat is investing to support our strategic goal of building a leading global Super Premium wine company. During
the year under review, $28.7 million was invested in growth assets including development of the Group’s wineries, land
acquisition and vineyard development in New Zealand and the Barossa Valley, Australia.
Delegat plans to invest an additional $52.2 million in 2021 to provide earnings growth in the years ahead. This capital
investment supports the Group’s plan to grow sales to 3,840,000 cases by 2023 and will provide for further growth
beyond that period.
OUR GREAT WINE PEOPLE
The Board would like to take this opportunity to acknowledge our Delegat Great Wine People around the world. Our
global team has once again shown great resolve and resilience while facing unique challenges. Our team came together
and by living our values set new performance records on our journey to build a leading global Super Premium wine
company. It is inspiring to work with such a talented team who are committed to winning together.
Notes:
1. EBIT means earnings before interest and tax.
2. NPAT means net profit after tax.
3. EBITDA means earnings before interest, tax, depreciation and amortisation.
20202019
Restated*
Table 4 RECONCILIATION OF REPORTING TO OPERATING PERFORMANCE




Operating Fair Value Reported Operating Fair Value Reported
NZ$ millions Adjustment Adjustment
Revenue 302.9 1.3 304.2 278.0 – 278.0
Cost of Sales (151.6) (0.7) (152.3) (139.6) (4.2) (143.8)
Gross Profit 151.3 0.6 151.9 138.4 (4.2) 134.2
Operating Expenses (56.1) – (56.1) (55.1) (1.5) (56.6)
EBIT
1
95.2 0.6 95.8 83.3 (5.7) 77.6
Interest and Tax (34.4) 2.7 (31.7) (32.5) 1.7 (30.8)
N PAT
2
60.8 3.3 64.1 50.8 (4.0) 46.8
EBIT
1
95.2 0.6 95.8 83.3 (5.7) 77.6
Depreciation 21.6 – 21.6 20.5 – 20.5
EBITDA
3
116.8 0.6 117.4 103.8 (5.7) 98.1
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Lease on 1 July 2019. Refer to Note 1 of the
financial statements.
EXECUTIVE CHAIRMAN’S REPORT DELEGAT ANNUAL REPORT 20209

DELEGAT ANNUAL REPORT 2020 EXECUTIVE CHAIRMAN’S REPORT10

TWENT Y-
ONE FOLD
increase in case sales
over 19 years.
17. 7 % C AG R
*
since 2002.
* Compound Annual Growth Rate
EXECUTIVE CHAIRMAN’S REPORT DELEGAT ANNUAL REPORT 202011

The 2020 financial year represented a great demonstration of
the Group’s ability to navigate new challenges and continue our
journey towards building a leading global Super Premium wine
company. As outlined in the Executive Chairman’s Report, the
Group achieved record global case sales growth, Operating Net
Profit, and net cash flows from operations.
COVID-19 PANDEMIC
The Group performed very well through the global disruptions
caused by the emergence of the COVID-19 pandemic in early
2020. The resilience and commitment demonstrated by the
Group’s global team during this challenging period has been
nothing short of inspirational.
The Group is classified as an Essential Business by the New
Zealand and Australian governments, allowing viticulture
and winemaking teams to complete harvest operations and
winemaking processes for the 2020 vintage, albeit with
additional safety precautions and procedures in place.
While field sales activities were limited in many global markets
by social-distancing requirements and new trading conditions,
the Group’s in-market sales teams sustained regular and
frequent communication with key customers and distributor
partners. The Group’s ongoing investment in workplace
productivity technology enabled our teams to quickly adapt
and maintain all critical functions throughout government-
imposed lockdowns. As of 30 June 2020 the Group had no
reported cases of COVID-19 among staff.
Reduced sales in the hospitality channel from March onwards
were offset by increased sales in retail and particularly in
e-commerce channels as consumers adjusted their shopping
habits in response to lockdown restrictions. The Group observes
that during times of uncertainty consumers increasingly choose
to purchase brands that they know and trust. As a leading
Super Premium wine brand, Oyster Bay holds a position of
high awareness and affinity among premium wine consumers.
Accordingly, the Group achieved strong sales performance
through the final quarter of the financial year.
MANAGING DIRECTOR’S
REPORT 2020
“The Group
observes
that during
times of
uncertainty
consumers
increasingly
choose to
purchase
brands that
they know
and trust.”
JOHN FREEMAN, MANAGING DIRECTOR
DELEGAT ANNUAL REPORT 2020 MANAGING DIRECTOR’S REPORT12

MANAGING DIRECTOR’S REPORT DELEGAT ANNUAL REPORT 202013

GLOBAL SALES PERFORMANCE
The Group achieved global case sales growth of 9% over the previous year to reach 3,277,000 cases. Sales continue to be
well diversified by market, with 44% in North America, 34% in United Kingdom, Ireland and Europe, and 22% in the
Australia, New Zealand and Asia Pacific region.
The Group’s market-driven wine business model has delivered long-term sales growth of the Group’s brands. The Group
has invested in its brands and distribution channels and has established in-market sales offices to support substantial
future sales growth. This unique infrastructure of in-market sales offices has delivered high-quality distribution, enduring
business relationships, market knowledge and focus.
NORTH AMERICA
The Group again delivered strong growth in North America, increasing sales volumes by 8% to a record 1,438,000 cases.
The United States remains one of the world’s most attractive wine markets, demonstrating sustained category growth and
strong demand for imported wines, this makes it a major growth market opportunity for the Group.
The Oyster Bay brand continued its strong growth, gaining distribution and rate of sale across the country. Oyster Bay
Sauvignon Blanc is a top 5 white wine over US$10 by value.
1
The Group has in recent years invested in its brands and distribution channels. The Group is well positioned to continue
building momentum through its strong relationships with its distributor partners, a key factor in driving success of
Oyster Bay and Barossa Valley Estate.
With premiumisation continuing to drive growth for the wine category, Canadian wine consumers are demanding
higher-quality wines for which they are willing to pay a premium price (C$12+). Oyster Bay has delivered consistent
strong performance, while maintaining category-leading ranking positions.
UNITED KINGDOM, IRELAND AND EUROPE
The United Kingdom, Ireland and Europe region again performed extremely well, growing sales by 23% to 1,101,000
cases.
The United Kingdom is a highly competitive market. Oyster Bay has outperformed the wine category and contributed
significantly to growing consumer demand for New Zealand wines. Through increased exposure and higher rate of sale,
Oyster Bay has further strengthened its position as a leading Super Premium wine brand.
Oyster Bay Sauvignon Blanc, Chardonnay and Merlot continue to be the top-selling wines above £8 in their individual
varietal categories irrespective of origin.
2
Barossa Valley Estate Grenache Shiraz Mourvèdre delivered strong sales growth
during the year, supporting further growth in brand awareness and affinity.
In Ireland, Oyster Bay maintained its Super Premium category leadership position. Highlights included significant
growth for Oyster Bay Sauvignon Blanc, Chardonnay and Pinot Noir during the year. Oyster Bay Chardonnay, Merlot
and Pinot Noir remain the top-selling New Zealand wines in their respective varietal categories above €9.
3

1. IRI Scans, 52 Weeks Ending 19.04.2020, USD$10+, 750ml Table Wine
2. AC Nielsen MAT 28.12.2019, £8+
3. AC Nielsen MAT 06.10.2019, €9+
DELEGAT ANNUAL REPORT 2020 MANAGING DIRECTOR’S REPORT14

“Oyster Bay is now one of the leading
Super Premium white wine brands
in the USA, the world’s largest wine
market.”
JOHN FREEMAN, MANAGING DIRECTOR
MANAGING DIRECTOR’S REPORT DELEGAT ANNUAL REPORT 202015

A GLOBAL
TEAM OF
OVER 400

with a shared
culture, passion, and
the commitment of
working together to
achieve the
extraordinary.
DELEGAT ANNUAL REPORT 2020 MANAGING DIRECTOR’S REPORT16

MANAGING DIRECTOR’S REPORT DELEGAT ANNUAL REPORT 202017

AUSTRALIA, NEW ZEALAND AND ASIA PACIFIC
In the established New Zealand and Australia markets, Oyster Bay continued to perform strongly as a category-leading
Super Premium wine brand. The Australia, New Zealand and Asia Pacific region achieved sales of 738,000 cases, 5%
lower than in the previous year, as the Group focused on optimising long-term value growth in preference to short-term
volume growth.
In Australia, Oyster Bay Sauvignon Blanc continues to lead the category as the top-selling Sauvignon Blanc and bottled
white wine by value, and Oyster Bay Chardonnay remains the top-selling premium Chardonnay.
4

During the year, the Group again experienced very strong growth in China. While China is currently a relatively small
emerging market for the Group, it continues to represent an important long-term growth opportunity.
BRANDS AND COMMUNICATIONS
The Group’s goal is to establish Oyster Bay and Barossa Valley Estate as leading brands in the Super Premium wine
category globally.
Based on wine consumption patterns, the Group classifies markets as Established, Growth or Emerging. Understanding
the level of maturity of our markets is essential for setting business strategy. Marketing activities are then tailored to the
specific needs of each market and phases of brand development. Marketing programmes are designed to grow consumer
awareness and affinity, supporting distribution and rate of sales growth for its brands.
The Group works closely with its retail partners to develop highly effective in-store activations that support rate of sales
and nurture long-term brand affinity. In the consumer environment, the Group uses a mix of media channels, both
online and offline to attract and engage the premium wine consumer.
In recognition of its market performance and reputation, Oyster Bay continues to be recognised as a Blue Chip Brand
by New York’s I M PACT Magazine, a status reserved only for brands of substantial size and sustained growth over many
years. Oyster Bay was also recognised by I M PACT Magazine as a ‘Hot Brand’ for the tenth consecutive year.
INVESTING IN OUR PEOPLE
We are extremely proud of our Delegat Great Wine People who make up our global team. Our people are the key to
realising the Group’s goals and we have thorough processes for recruiting talented and capable people.
This year we invested in a new Human Resources Information System (HRIS). As this new system is fully implemented
it will provide our managers and teams with greater visibility and control over all of our people-related processes, from
recruitment through to performance management and Learning and Development planning. We strongly believe in a
learning culture, one where both formal and informal learning play important roles in helping us to be more skilled,
resilient and productive. This enables us to create an aspirational environment for success where our people can achieve
or exceed their own career aspirations.
This year we have continued to progress our Diversity and Inclusion planning which is a positive contributor to the
wellness of our people and to the Group’s long-term performance. We feel that we benefit greatly from the different
backgrounds and perspectives our people bring to their work.
4. IRI National Wine MAT 05.04.2020, AUD $13+
DELEGAT ANNUAL REPORT 2020 MANAGING DIRECTOR’S REPORT18

2020 HARVEST
The 2020 harvest delivered exceptional quality fruit across all three of our wine regions.
The Group harvest of 38,129 tonnes was up 7% from the 2019 vintage.
The Group has appropriate inventories to achieve the 2021 forecast case sales as outlined in this report.
SUSTAINABILITY
Recognition and respect for the environment are reflected in the strong leadership role the Group plays in the practice
and promotion of sustainable winegrowing and wine production. As a leader in the New Zealand wine industry and as a
founding member since 2002 of Sustainable Winegrowing New Zealand (SWNZ), the Group takes its responsibilities to
respect and protect the environment very seriously. The Group’s New Zealand vineyards and wineries are 100% accredited
by the independently audited SWNZ Sustainability Programme. The Group applies many of these same principles in the
Barossa Valley, again as a leader of sustainable winegrowing practices within the Australian wine industry.
GROUP OUTLOOK
The global economic outlook is uncertain, but the 2020 year demonstrated that the Group is well positioned to navigate
and succeed in uncertain economic times. The Group continues to see opportunities worldwide to further expand
distribution and grow rate of sale per point of distribution, supporting the achievement of sustainable sales and earnings
growth in the years ahead.
Delegat plans to grow sales by 17% to 3,840,000 cases over the next three years. The primary drivers of planned growth
are Oyster Bay sales in North America, and Barossa Valley Estate sales globally.
With respect to the 2021 year, Delegat plans to grow sales by 2% to 3,346,000 cases and forecasts Operating Profit to
be in the range of $60 to $65 million.
2020 2021 2022 2023
Case Sales (000s) Actual Forecast Projection Projection
Total Cases 3,277 3,346 3,573 3,840
Table 5 GROUP OUTLOOK CASE SALES
OUR GREAT WINE PEOPLE
I wish to personally thank each of our Delegat Great Wine People for their efforts to aim high, pursue mastery and
winning together. This year our global team has faced many new challenges and has performed admirably, delivering an
outstanding result of which they can all be very proud. Our global team has again given us great confidence that Delegat
is well positioned to continue our journey towards building one of the world’s leading Super Premium wine companies.
JOHN FREEMAN MANAGING DIRECTOR
MANAGING DIRECTOR’S REPORT DELEGAT ANNUAL REPORT 202019

* Most Admired Brands: Drinks International 2019
Oyster Bay is celebrated
around the globe, firmly
establishing itself as
the world’s most loved
premium New Zealand
wine brand.
‘MOST
ADMIRED’
*
DELEGAT ANNUAL REPORT 2020 MANAGING DIRECTOR’S REPORT20

MANAGING DIRECTOR’S REPORT DELEGAT ANNUAL REPORT 202021

JAKOV (JIM) DELEGAT Executive Chairman
Jim Delegat is the Executive Chairman of Delegat Group Limited and has been
on the Board since the Company listed in 2006. He is responsible for providing
strategic direction and monitoring performance to ensure successful delivery
of Board-approved business plans. He has been involved in the New Zealand
wine industry all his working life and is thoroughly experienced in every aspect
of the business. Jim is one of only a handful of second-generation family wine
producers in the country. Active in industry affairs, he has been a Director
of both the Wine Institute of New Zealand and New Zealand Winegrowers,
having previously served on the Board of the Wine Institute of New Zealand
for more than 13 years. Jim is a member of the Institute of Directors.
The Board of Delegat Group Limited is responsible for the strategic direction of the Group and ensuring the Group is
managed to protect and enhance Shareholders and other stakeholders’ interests.
Some of the key responsibilities of the Board include:
• Adopting the strategic plans of the Group, set by the Managing Director in conjunction with the Group’s senior
management team;
• Monitoring the Group’s operational and financial performance; and
• Ensuring the Group develops effective policies and procedures concerning disclosure of important information to the
market and Shareholders.
The Board has adopted what it believes are appropriate corporate governance policies and procedures, which it periodically
reviews to ensure that the Group’s responsibilities and obligations are met. The principal corporate governance policies
concern:
• The appointment and retirement of Directors;
• The composition and performance of the Board;
• The balance between Executive and Non-Executive Directors;
• Directors’ access to independent professional advice; and
• The constitution and operation of Board Committees, which comprise Directors, and in some cases, by invitation,
representatives of the Group’s senior management team. The Board has formally constituted an Audit and Risk
Committee and a Remuneration Committee.
The Board currently comprises seven Directors, five of whom are non-executive (Robert Wilton, Rose Delegat, Alan
Jackson, Shelley Cave, Graeme Lord); five of whom are non-independent (Jim Delegat, Rose Delegat, Robert Wilton,
John Freeman, Graeme Lord); and two of whom are independent (Alan Jackson, Shelley Cave), as defined in the NZX
Listing Rules.
The Board of Delegat Group Limited meets formally a minimum of six times during the financial year and holds
additional meetings as required to deal with specific matters of the Group.
BOARD OF DIRECTORS 2020
DELEGAT ANNUAL REPORT 2020 BOARD OF DIRECTORS22

ROBERT (BOB) WILTONNon-Executive Director
Bob Wilton is a Non-Executive Director of Delegat Group Limited. He
has been on the Board since the Company listed in 2006 and has specific
responsibilities for the financial management of the Group. Bob is a past
Senior Lecturer and Head of Department, Department of Accounting and
Finance at the University of Auckland Business School, a member of Chartered
Accountants Australia and New Zealand, and the Institute of Directors. He
brings to the Board considerable experience in business, particularly through
merchant and investment banking, and is a past Chairman of the New Zealand
Venture Capital Association.
JOHN FREEMAN Managing Director
John Freeman is the Managing Director of Delegat Group Limited.
John is responsible for developing growth plans, building a high-performing
organisation and executing business plans. He originally joined Delegat in 2005,
holding various sales leadership and management roles both in Auckland and
in the Group’s overseas subsidiaries. John also brings to Delegat his experience
from the technology and finance industries, and has a Master’s of Business
Administration from the Australian Graduate School of Management. He is a
member of the Institute of Directors.
ROSEMARI (ROSE) DELEGAT Non-Executive Director
Rose Delegat is a Non-Executive Director of Delegat Group Limited and has
been on the Board since the Company listed in 2006. The Group continues
to benefit from Rose’s experience and the expertise that she has given to the
Company for more than 35 years. She was responsible for initiating the Group’s
drive into export markets in the 1980s and was the inaugural Chairperson
(1987 – 1990) of the special United Kingdom Exporting Group, part of the
Wine Institute of New Zealand. Rose is a member of the Institute of Directors.
BOARD OF DIRECTORS DELEGAT ANNUAL REPORT 202023

SHELLEY CAVE Non-Executive Independent Director
Shelley Cave is a Non-Executive Director of Delegat Group Limited and
has been on the Board since 2016. Shelley is currently also on the board
of the Government Superannuation Fund Authority and is a director and
co-founder of The FoodPath NZ Limited. She was previously a corporate
lawyer for 23 years, and a partner of Simpson Grierson for 12 years. In her
legal career, Shelley acted across a wide range of industry sectors and has
significant experience in compliance and corporate governance.
GRAEME LORD Non-Executive Director
Graeme Lord is a Non-Executive Director of Delegat Group Limited and has
been on the Board since 2020. He has significant experience in the global
wine industry, including serving as Managing Director of Delegat Group
Limited from 2014 to 2018. Prior to this, since 1999, Graeme contributed
to the Company’s growth story as a senior executive in strategy, marketing,
and sales leadership roles. He was previously CEO of Macpac Wilderness
Equipment and a Consultant with The Boston Consulting Group. Graeme is
a member of the Institute of Directors.
DR ALAN JACKSONNon-Executive Independent Director
Dr Alan Jackson is a Non-Executive Director of Delegat Group Limited
and has been on the Board since 2012. Alan was, until 2009, Chairman
Australasia, Senior Vice President and Director of The Boston Consulting
Group. He has been an international management consultant since 1987 with
The Boston Consulting Group and has proven experience at the most senior
levels of international and government business. Alan has worked across a
range of industries internationally, including consumer goods companies,
supermarkets and retailers, in addition to industrial and resource companies.
He headed The Boston Consulting Group’s Consumer Goods and Retail
practice in Australasia and Asia Pacific. Alan is a Fellow of the Institution of
Professional Engineers and a Chartered fellow of the New Zealand Institute
of Directors. He is also Chairman of New Zealand Thoroughbred Racing and
a Director of Aurora Vineyard Limited.
DELEGAT ANNUAL REPORT 2020 BOARD OF DIRECTORS24

The Directors are responsible for ensuring that the financial statements give a true and fair view of the financial position,
financial performance and cash flows for the Group as at 30 June 2020.
The Directors consider that the financial statements of the Group have been prepared using appropriate accounting
policies, consistently applied and supported by reasonable judgements and estimates, and that all relevant financial
reporting and accounting standards have been followed.
The Directors believe that proper accounting records have been kept which enable, with reasonable accuracy, the
determination of the financial position and financial performance of the Group and the compliance of the financial
statements with the Financial Markets Conduct Act 2013 and Financial Reporting Act 2013.
The Directors consider they have taken adequate steps to safeguard the assets of the Group.
The Directors have pleasure in presenting the following financial statements for the year ended 30 June 2020.
The Board of Directors of the Group authorised these financial statements for issue on 28 August 2020.
For, and on behalf of, the Board.
JIM DELEGAT
EXECUTIVE CHAIRMAN
JOHN FREEMAN
MANAGING DIRECTOR
28 August 2020
BAROSSA VALLEY ESTATE
DIRECTORS’ RESPONSIBILITY STATEMENT 2020
DIRECTORS’ RESPONSIBILITY STATEMENT DELEGAT ANNUAL REPORT 202025

26

93
POINTS
WINE SPECTATOR
MAGAZINE USA.
JANCIS ROBINSON MW. BRITISH WINE CRITIC
“E&E BLACK
PEPPER SHIR A Z,
ONE OF THE
BAROSSA VALLEY’S
GOLD STANDARD
REDS OF THE
C U R R E N T E R A .”
27

STATEMENT OF FINANCIAL PERFORMANCE
Notes 2020 2019
$000 $000
Restated
*
Revenue 3 30 4,181 2 7 7, 9 74
Profit before finance costs 4 95,824 77,555
Finance costs 3 10,807 12, 374
Profit before income tax 85,017 65,181
Income tax expense 16 20,895 18,386
Profit for the year attributable to Shareholders of the Parent Company 6 4,122 46,795

Earnings per share
– Basic and fully diluted earnings per share (cents per share) 5 63.41 46.27
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202028
PMS 7454 C
cool grey 11
Black
matt seal
pages 28–80

STATEMENT OF OTHER COMPREHENSIVE INCOME
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
The accompanying notes form part of these financial statements
Notes 2020 2019
$000 $000
Restated
*
Profit after income tax 6 4,122 46,795
Other comprehensive income that may subsequently be classified to the profit and loss:

– Translation of foreign subsidiaries 6b 1,497 (1,8 07 )
– Net (loss)/gain on hedge of a net investment (722) 1,283
– Income tax relating to components of other comprehensive income 16 202 (359)
Total comprehensive income for the year, net of tax 65,099 45,912

Comprehensive income attributable to Shareholders of the Parent Company 65,099 45,912

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
29

STATEMENT OF CHANGES IN EQUITY
Notes
Share
Capital
$000
Foreign
Currency
Translation
Reserve
$000
Retained
Earnings
$000
Total
Equity
$000
Balance at 30 June 2019 49,815 (3,581) 310,462 356,696
Changes in equity for the year ended 30 June 2020
Other comprehensive income
– Translation of foreign subsidiaries 6b – 1,497 – 1,497
– Net loss on hedge of a net investment – (722) – (722)
– Income tax relating to components of
other comprehensive income 16 – 202 – 202
Total other comprehensive income – 977 – 977
– Net profit for the year – – 64,122 6 4,122
Total comprehensive income for the year – 977 64,122 65,099
Equity transactions
– Dividends paid to Shareholders 7 – – (17,215) ( 1 7, 2 1 5 )
Balance at 30 June 2020 49,815 (2,604) 357,369 404,580
The accompanying notes form part of these financial statements
FOR THE YEAR ENDED 30 JUNE 2020
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202030

STATEMENT OF CHANGES IN EQUITY CONTINUED
Notes
Share
Capital
$000
Foreign
Currency
Translation
Reserve
$000
Retained
Earnings
$000
Total
Equity
$000
Balance at 30 June 2018 49,815 (2,698) 278,844 325,961
Changes in equity for the year ended 30 June 2019
Other comprehensive income
– Translation of foreign subsidiaries 6b – (1,807) – (1,807)
– Net gain on hedge of a net investment – 1,283 – 1,283
– Income tax relating to components of
other comprehensive income 16 – (359) – (359)
Total other comprehensive income – (883) – (883)
– Net profit for the year – – 46,795 46,795
Total comprehensive income for the year – (883) 46,795 45,912
Equity transactions
– Dividends paid to Shareholders 7 – – (15,177) (15,177)
Balance at 30 June 2019 49,815 (3,581) 310,462 356,696

FOR THE YEAR ENDED 30 JUNE 2019 RESTATED*
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
31

STATEMENT OF FINANCIAL POSITION
Notes 2020 2019 2018
$000 $000 $000
Restated
*
Restated
*
Equity
Share capital 6 49,815 49,815 49,815
Foreign currency translation reserve 6b (2,604) (3,581) (2,698)
Retained earnings 357,369 310,462 278,844
Total Equity 404,580 356,696 325,961

Liabilities
Current Liabilities
Trade payables and accruals 8 2 7, 8 7 9 32,311 32,883
Derivative financial instruments 9 4,649 2,960 3,020
Income tax payable 9,6 74 6,445 6,485
Lease liability 15 4,538 4,458 3,823
4 6,74 0 4 6,174 4 6,211
Non-Current Liabilities
Deferred tax liability 16 28,456 28,688 27,064
Derivative financial instruments 9 5,900 6,321 3,711
Interest-bearing loans and borrowings 10 254,296 275,989 285,754
Lease liability 15 79,524 81,971 85,086
368,176 392,969 401,615
Total Liabilities 414,916 439,143 447,826
Total Equity and Liabilities 819,496 795,839 773,787

* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES. AS AT 30 JUNE 202032

STATEMENT OF FINANCIAL POSITION CONTINUED
Notes 2020 2019 2018
$000 $000 $000
Restated
*
Restated
*
Assets
Current Assets
Cash and cash equivalents 14,755 5,647 4,264
Trade and other receivables 11 41,788 39,984 42,612
Derivative financial instruments 9 3,618 1,088 –
Inventories 12 1 5 7, 6 2 8 1 5 7, 8 8 0 1 4 7, 4 3 1
217,789 204,599 194,307
Non-Current Assets
Property, plant and equipment 13 5 3 7, 7 0 8 525,183 510,528
Right-of-use assets 15 58,494 61,107 64,289
Intangible assets 14 5,436 4,950 4,663
Derivative financial instruments 9 69 – –
601,707 591,240 579,480
Total Assets 819,496 795,839 773,787

For, and on behalf of, the Board, who authorised the issue of the financial statements on 28 August 2020.
JN Delegat, Executive Chairman JA Freeman, Managing Director
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES. AS AT 30 JUNE 2020
33

STATEMENT OF CASH FLOWS
2020 2019
$000 $000
Restated*

Operating Activities
Cash was provided from
Receipts from customers 300,923 279,963
Net GST received 307 –
301,230 279,963
Cash was applied to
Payments to suppliers and employees 189,173 190,374
Net GST paid – 413
Net interest paid 10,037 12,497
Net income tax paid 1 7, 7 0 7 17,114
216,917 220,398
Net Cash Inflows from Operating Activities 84,313 59,565

Investing Activities
Cash was provided from
Proceeds from sale of property, plant and equipment 45 178
Dividends received 1 4
46 182
Cash was applied to
Purchase of property, plant and equipment 2 7, 1 7 6 30,393
Purchase of intangible assets 424 490
Capitalised interest paid 1,460 1,851
29,060 32,734
Net Cash Outflows from Investing Activities (29,014) (32,552)

* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202034

STATEMENT OF CASH FLOWS CONTINUED
2020 2019
$000 $000
Restated*

Financing Activities
Cash was provided from
Proceeds from borrowings 10,290 295,642
10,290 295,642
Cash was applied to
Dividends paid to Shareholders 1 7, 2 0 4 15,169
Borrowing facility fees 989 –
Repayment of borrowings 33,826 3 01,949
Repayment of lease liability 4,573 4,14 4
56,592 321,262
Net Cash Outflows from Financing Activities (46,302) (25,620)

Net Increase in Cash Held 8,997 1,393
Cash and cash equivalents at beginning of the year 5,647 4,264
Effect of exchange rate changes on foreign currency balances 111 (10)
Cash and Cash Equivalents at End of the Year 14,755 5,647
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
35

STATEMENT OF CASH FLOWS CONTINUED
2020 2019
$000 $000
Restated*
Reconciliation of Profit for the Year with Cash Flows from Operating Activities

Reported profit after tax 6 4,122 46,795
Add/(deduct) items not involving cash flows
Depreciation expense 21,629 20,469
Other non-cash items 1,569 (2,281)
(Gain)/loss on disposal of assets (71) 95
Movement in derivative financial instruments (1,331) 1,4 62
Movement in deferred tax liability (232) 1,624
21,564 21,369

Movement in working capital balances are as follows
Trade payables and accruals (4,432) (572)
Trade and other receivables (1,804) 2,628
Inventories 252 (10,449)
Income tax 3,229 (40)

Add items classified as investing and financing activities
Capital purchases included within trade payables and inventories 393 (166)
Borrowing facility fees 989 –
(1,373) (8,599)
Net Cash Inflows from Operating Activities 84,313 59,565

Reconciliation of movement in Net Debt:
Opening balance at 1 July 270,342 281,49 0
Per statement of cash flows:
– Repayment of borrowings (23,536) (6,307)
– Net increase in cash held (8,997) (1,393)
Foreign exchange movement 1,413 (2,690)
Other non-cash movements 319 (758)
Closing balance at 30 June 239,541 270,342
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202036

NOTES TO THE FINANCIAL STATEMENTS
1. GENERAL INFORMATION
REPORTING ENTITY
The financial statements presented are those of Delegat Group Limited and its subsidiaries (the Group). Delegat Group
Limited is a company limited by shares, incorporated and domiciled in New Zealand and registered under the Companies
Act 1993. The Parent shares are publicly traded on the New Zealand Stock Exchange.
The financial statements comprise the statement of financial performance, statement of other comprehensive income,
statement of changes in equity, statement of financial position and statement of cash flows, as well as the notes to the
financial statements. The financial statements for the Group for the year ended 30 June 2020 were authorised for issue
in accordance with a resolution of the Directors on 28 August 2020.
BASIS OF PREPARATION
The financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New
Zealand (NZ GAAP) and the requirements of the Financial Markets Conduct Act 2013. For the purposes of complying
with NZ GAAP, the entity is a for-profit entity. These financial statements are presented in New Zealand Dollars,
rounded to the nearest thousand. They are prepared on a historical cost basis, except for derivative financial instruments
and biological produce which have been measured at fair value.
The preparation of the financial statements requires the Group to make judgements, estimates and assumptions that
affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and
associated assumptions are based on historical experience and various other factors that are believed to be reasonable
under the circumstances. Actual results may vary from these estimates. The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are
revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both
current and future periods.
STATEMENT OF COMPLIANCE
The financial statements comply with New Zealand equivalents to International Financial Reporting Standards and other
applicable Financial Reporting Standards (NZ IFRS), as applicable to the Group as a profit-oriented entity. The financial
statements comply with International Financial Reporting Standards (IFRS).
BASIS OF CONSOLIDATION
The consolidated financial statements comprise the financial statements of the Group as at 30 June 2020 and 30 June
2019.
Subsidiaries are those entities over which the Group has control. Control is achieved when the Group is exposed, or has
rights, to variable returns from its investment in the entity, and has the ability to affect those returns through its power
over the entity. Specifically, the Group controls an entity, if and only if, the Group has:
– Power over the entity (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
– Exposure, or rights, to variable returns from its involvement with the entity; and
– The ability to use its power over the investee to affect its returns.
The financial statements of the subsidiaries are prepared for the same reporting period as the Parent, using consistent
accounting policies. The effects of intercompany transactions are eliminated in preparing the consolidated financial
statements.
Subsidiaries are fully consolidated from the date on which control is obtained by the Group and cease to be consolidated
from the date on which control is transferred out of the Group. The acquisition of subsidiaries is accounted for using the
acquisition method of accounting as noted on the following pages.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
37

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
BUSINESS COMBINATIONS
The acquisition method of accounting is used to account for all business combinations regardless of whether equity
instruments or other assets are acquired. Cost is measured as the fair value of the assets given, shares issued or liabilities
incurred or assumed at the date of exchange. Where equity instruments are issued in a business combination, the fair
value of the instruments is their published market price at the date of the exchange, unless, in rare circumstances, it can
be demonstrated that the published price at the date of exchange is an unreliable measure of fair value. Transaction costs
arising on the issue of equity instruments are recognised directly within equity.
Except for non-current assets or disposal groups classified as held for sale (which are measured at fair value less costs
to sell), all identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are
measured initially at their fair values as at acquisition date, irrespective of the extent of any non-controlling interests. The
excess of the cost of the business combination over the net fair value of the Group’s share of the identifiable net assets
acquired is recognised as goodwill. If the cost of the acquisition is less than the Group’s share of the net fair value of the
identifiable net assets of the subsidiary, the difference is recognised as a gain in the statement of financial performance,
but only after a reassessment of the identification and measurement of the net assets acquired.
Where settlement of any part of the consideration is deferred, the amounts payable in the future are discounted to the
present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate
at which similar borrowings could be obtained from an independent financier under comparable terms and conditions.
GOODS AND SERVICES TAX (GST)
The statement of financial performance, statement of other comprehensive income, statement of changes in equity and
statement of cash flows have been prepared so that all components are stated net of GST. All items in the statement of
financial position are stated net of GST, with the exception of receivables and payables, which include GST invoiced.
FOREIGN CURRENCIES
a) Functional and Presentation Currency
The presentation currency of the Group is the New Zealand Dollar. Each subsidiary company in the Group determines its
own functional currency and uses that functional currency for its individual financial statements. Subsidiary companies
with a different functional currency than that of the Group are translated through converting all reported assets and
liabilities at the closing rate at the date of the balance sheet, while income and expenses are translated at exchange rates
at the dates of the transactions. Any resulting exchange differences are recognised as a separate component of equity.
b) Transactions and Balances
Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates
ruling at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated at the rate of
exchange ruling at the balance sheet date.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand, and short-term
deposits with an original maturity of three months or less that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of change in value. For the purposes of the statement of cash flows, cash
and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. Bank
overdrafts are included within interest-bearing loans and borrowings in current liabilities in the statement of financial
position.
1. GENERAL INFORMATION (CONTINUED)
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202038

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
NET DEBT
Net debt is the sum of the Group’s interest-bearing loans and borrowings less cash and cash equivalents.
OTHER ACCOUNTING POLICIES
Other accounting policies that are relevant to an understanding of the financial statements are provided throughout the
notes to the financial statements.
SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
In applying the Group’s accounting policies, management continually evaluates the judgements, estimates and
assumptions based on experience and other factors, including expectations of future events that may have an impact
upon the Group. All judgements, estimates and assumptions made are believed to be reasonable based upon the most
current set of circumstances available to management. The actual results may differ from the judgements, estimates and
assumptions used. The significant judgements, estimates and assumptions made by management in the preparation of
these financial statements are disclosed within the specific financial statement notes as shown below:
Area of Judgement, Estimate or Assumption
Selling, marketing and promotional accruals
Fair value of derivative financial instruments
Fair value of grapes at point of harvest
Estimation of useful lives of assets
Impairment of property, plant and equipment
Impairment of intangible assets
Lease term and discount rates
Note
Note 3 Segmental Reporting
Note 9 Derivative Financial Instruments
Note 12 Inventories
Note 13 Property, Plant and Equipment
Note 13 Property, Plant and Equipment
Note 14 Intangible Assets
Note 15 Leases
To allow the Accounting Policies and Significant Accounting Judgements, Estimates and Assumptions to be easily
identified within the notes, Accounting Policies have been identified with an
symbol, and Significant Accounting
Judgements, Estimates and Assumptions with an
symbol.
CHANGES IN ACCOUNTING POLICIES
The accounting policies adopted are consistent with those of the previous financial year, with the exception of the
adoption of NZ IFRS 16: Leases on 1 July 2019.
On 1 July 2019, the Group adopted NZ IFRS 16: Leases, applying the fully retrospective transition provision. NZ IFRS 16
is the new standard on the recognition, measurement, presentation and disclosure of leases and supersedes NZ IAS 17:
Leases. NZ IFRS 16 requires lessees to account for all leases under a single on-balance sheet model (subject to certain
exemptions) in a similar way to finance leases under NZ IAS 17. A liability has been recognised to pay rentals with a
corresponding right-of-use asset, with interest and depreciation recognised separately. The Group has adopted the low
value asset exemption in respect of its barrel leases, which continue to be expensed on a straight line basis over the
lease terms. Adoption of NZ IFRS 16 results in higher combined depreciation and interest expense than the previously
recognised operating expense in the early years of lease terms. The difference over the full life of each lease will be nil
and there is no impact on cash flows. In accordance with the requirements of NZ IAS 8: Accounting Policies, Changes
in Accounting Estimates and Errors, the financial statements for the year ended 30 June 2019 have been restated. The
effect on the Group’s financial statements of the adoption of NZ IFRS 16 has been demonstrated in the following tables.
1. GENERAL INFORMATION (CONTINUED)
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
39

Impact on the Statement of Financial Performance
Previously
Reported
$000
Adoption of
NZ IFRS 16
$000
Restated
$000
Revenue 277,974 – 277,974
Profit before finance costs 77,983 (428) 77,555
Finance costs 12,025 349 12,374
Profit before income tax 65,958 (777) 65,181
Income tax expense 18,598 (212) 18,386
Profit for the year attributable to Shareholders of the Parent Company 47,360 (565) 46,795

Earnings per share
– Basic and fully diluted earnings per share (cents per share) 46.83 (0.56) 46.27
Impact on the Statement of Other Comprehensive Income
Previously
Reported
$000
Adoption of
NZ IFRS 16
$000
Restated
$000
Profit after income tax 47,360 (565) 46,795
Other comprehensive income that may subsequently be
classified to the profit and loss:
– Translation of foreign subsidiaries (1,812) 5 (1,807)
– Net gain on hedge of a net investment 1,283 – 1,283
– Income tax relating to components of other comprehensive income (359) – (359)
Total comprehensive income for the year, net of tax 46,472 (560) 45,912

Comprehensive income attributable to Shareholders of the Parent Company 46,472 (560) 45,912

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
1. GENERAL INFORMATION (CONTINUED)
30 JUNE 2019
30 JUNE 2019
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202040

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Impact on the Statement of Financial Position
Previously
Reported
$000
Adoption of
NZ IFRS 16
$000
Restated
$000
Previously
Reported
$000
Adoption of
NZ IFRS 16
$000
Restated
$000
Equity
Share capital 49,815 – 49,815 49,815 – 49,815
Foreign currency translation reserve (3,586) 5 (3,581) (2,698) – (2,698)
Retained earnings 328,255 (17,793) 310,462 296,072 (17,228) 278,844
Total Equity 374,484 (17,788) 356,696 343,189 (17,228) 325,961

Liabilities
Current Liabilities
Trade payables and accruals 32,344 (33) 32,311 32,941 (58) 32,883
Derivative financial instruments 2,960 – 2,960 3,020 – 3,020
Income tax payable 6,445 – 6,445 6,485 – 6,485
Lease liability – 4,458 4,458 – 3,823 3,823
41,74 9 4 , 42 5 46,174 42,446 3,765 46,211
Non-Current Liabilities
Deferred tax liability 35,588 (6,900) 28,688 33,754 (6,690) 27,064
Derivative financial instruments 6,321 – 6,321 3,711 – 3,711
Interest-bearing loans and borrowings 275,989 – 275,989 285,754 – 285,754
Lease liability – 81,971 81,971 – 85,086 85,086
317,898 75,071 392,969 323,219 78,396 401,615
Total Liabilities 359,647 79,496 439,143 365,665 82,161 447,826
Total Equity and Liabilities 734,131 61,708 795,839 708,854 64,933 773,787
Assets
Current Assets
Cash and cash equivalents 5,647 – 5,647 4,264 – 4,264
Trade and other receivables 40,014 (30) 39,984 42,635 (23) 42,612
Derivative financial instruments 1,088 – 1,088 – – –
Inventories 157,858 22 157,880 147,431 – 147,431
204,607 (8) 204,599 194,330 (23) 194,307
Non-Current Assets
Property, plant and equipment 524,574 609 525,183 509,861 667 510,528
Right-of-use assets – 61,107 61,107 – 64,289 64,289
Intangible assets 4,950 – 4,950 4,663 – 4,663
529,524 61,716 591,240 514,524 64,956 579,480
Total Assets 734,131 61,708 795,839 708,854 64,933 773,787

1. GENERAL INFORMATION (CONTINUED)
30 JUNE 201830 JUNE 2019
DELEGAT GROUP LIMITED AND SUBSIDIARIES. AS AT 30 JUNE 2020
41

1. GENERAL INFORMATION (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Impact on the Statement of Cash Flows
Previously
Reported
$000
Adoption of
NZ IFRS 16
$000
Restated
$000
Operating Activities
Cash was provided from
Receipts from customers 279,963 – 279,963
Net GST received – – –
279,963 – 279,963
Cash was applied to
Payments to suppliers and employees 194,875 (4,501) 190,374
Net GST paid 413 – 413
Net interest paid 12,140 357 12,497
Net income tax paid 17,114 – 17,114
224,542 (4,144) 220,398
Net Cash Inflows from Operating Activities 55,421 4,144 59,565

Investing Activities
Cash was provided from
Proceeds from sale of property, plant and equipment 178 – 178
Dividends received 4 – 4
182 – 182
Cash was applied to
Purchase of property, plant and equipment 30,393 – 30,393
Purchase of intangible assets 490 – 490
Capitalised interest paid 1,851 – 1,851
32,734 – 32,734
Net Cash Outflows from Investing Activities (32,552) – (32,552)

30 JUNE 2019
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202042

1. GENERAL INFORMATION (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Impact on the Statement of Cash Flows (continued)
Previously
Reported
$000
Adoption of
NZ IFRS 16
$000
Restated
$000

Financing Activities
Cash was provided from
Proceeds from borrowings 295,642 – 295,642
295,642 – 295,642
Cash was applied to
Dividends paid to Shareholders 15,169 – 15,169
Repayment of borrowings 301,949 – 301,949
Repayment of lease liability – 4,144 4,144
317,118 4,14 4 321,262
Net Cash Outflows from Financing Activities (21,476) (4,14 4) (25,620)

Net Increase in Cash Held 1,393 – 1,393
Cash and cash equivalents at beginning of the year 4,264 – 4,264
Effect of exchange rate changes on foreign currency balances (10) – (10)
Cash and Cash Equivalents at End of the Year 5,647 – 5,647

30 JUNE 2019
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
43

1. GENERAL INFORMATION (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Impact on the Statement of Cash Flows (continued)
Previously
Reported
$000
Adoption of
NZ IFRS 16
$000
Restated
$000
Reconciliation of Profit for the Year with Cash Flows
from Operating Activities
Reported profit after tax 47,360 (565) 46,795
Add/(deduct) items not involving cash flows
Depreciation expense 15,581 4,888 20,469
Other non-cash items (2,302) 21 (2,281)
Net loss on disposal of assets 95 – 95
Movement in derivative financial instruments 1,462 – 1,462
Movement in deferred tax liability 1,834 (210) 1,624
16,670 4,699 21,369

Movement in working capital balances are as follows
Trade payables and accruals (597) 25 (572)
Trade and other receivables 2,621 7 2,628
Inventories (10,427) (22) (10,449)
Income tax (40) – (40)

Add items classified as investing and financing activities
Capital purchases included within trade payables and inventories (166) – (166)
(8,609) 10 (8,599)
Net Cash Inflows from Operating Activities 55,421 4,144 59,565

Reconciliation of movement in Net Debt
Opening balance at 1 July 281,490 – 281,490
Per statement of cash flows:
– Repayment of borrowings (6,307) – (6,307)
– Net increase in cash held (1,393) – (1,393)
Foreign exchange movement (2,690) – (2,690)
Other non-cash movements (758) – (758)
Closing balance at 30 June 270,342 – 270,342
30 JUNE 2019
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202044

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s principal financial liabilities comprise bank loans and overdrafts, lease liabilities, and trade payables and
accruals. The main purpose of these financial liabilities is to raise funding for the Group’s ongoing operations. The
Group also has financial assets such as trade and other receivables, and cash and cash equivalents, which arise directly
from its operations.
The Group is counterparty to derivative financial instruments, principally being foreign currency forward exchange
contracts and options, and interest rate swaps. The purpose of entering into foreign currency forward exchange contracts
and options is to manage currency risk primarily arising from foreign denominated trade receivables. Interest rate swaps
are entered into with the aim of mitigating interest rate risk to movements on floating rate debt facilities.
The main risks arising from the Group’s financial instruments are foreign currency risk, interest rate risk, credit risk and
liquidity risk. Each of the main operational risks are reviewed by the Treasury Management Committee (TMC) and their
recommendations are provided to the Board of Directors. The composition of the TMC includes the Managing Director
(or Alternate), Chief Financial Officer, Corporate Financial Planning Manager and Independent Treasury Advisors. The
Board reviews and agrees policies for managing each of these risks as summarised below. Board approval is required
for any movement outside policy.
FOREIGN CURRENCY RISK
The net assets employed through subsidiary companies based overseas exposes the Group to foreign currency risk as
a result of changes in the GBP/NZD, AUD/NZD, USD/NZD, EUR/NZD, CAD/NZD, SGD/NZD, JPY/NZD, HKD/NZD
and CNY/NZD exchange rates. The Group also has foreign currency risk resulting from sales of product in a currency
which is other than that of the New Zealand Dollar. Profits from each export region are repatriated and reported in New
Zealand Dollars and the Group is exposed to changes in foreign exchange rates.
To minimise foreign currency risk, the Group enters into forward exchange contracts and options for foreign denominated
sales at levels which are considered to be highly probable. The Group attempts to maintain foreign currency cover of
between 75% to 100% of highly probable sales in one to three months, 50% to 75% for highly probable sales in four to
six months, 25% to 50% for highly probable sales in seven to 12 months, 0% to 50% for sales between 13 to 18 months
and between 0% to 25% for sales thereafter. The Group has the option of increasing foreign exchange cover to 100%
for any time period upon approval by the Board of Directors.
When the Group is exposed to foreign currency risk as a result of being contractually committed to purchase capital
items from an overseas supplier and such expenditure is expected to exceed $200,000, the Group’s policy is to ensure
the foreign currency exposure is covered in full. Any capital expenditure between $100,000 and $200,000 is to be
covered at the discretion of the TMC, based on such factors as timing for payment and expected volatility of currency
markets. It is the Group’s policy that in no instance is trading for speculative purposes permitted.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
45

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
At 30 June 2020, had the New Zealand Dollar (NZD) moved as illustrated in the following table with all other variables
held constant, post-tax profit and equity would have been affected as follows:
IMPACT ON 2020 REPORTED IMPACT ON 2019 REPORTED
Post-Tax Equity Post-Tax Equity
Profits Profits
Group $000 $000 $000 $000

NZD/USD +5% 1,795 1,795 1,870 1,870
NZD/USD -5% (1,815) (1,815) (2,173) (2,173)
NZD/GBP +5% 2,075 2,075 1,297 1,297
NZD/GBP -5% (1,632) (1,632) (1,353) (1,353)
NZD/AUD +5% 759 (736) 55 (1,4 0 6)
NZD/AUD -5% (1,043) 610 (60) 1,554
NZD/CAD +5% 234 234 519 519
NZD/CAD -5% (273) (273) (628) (628)
NZD/EUR +5% (54) (54) (57) (57)
NZD/EUR -5% 60 60 63 63
The table above calculates the impact of a change in foreign exchange rates on closing equity and post-tax profits of
the Group, as a result of the Group being counterparty to transactions which are foreign currency denominated. Foreign
currency denominated balances include trade and other receivables, trade payables and accruals, interest-bearing loans
and borrowings, cash and cash equivalents, and unsettled foreign exchange contracts that exist at balance sheet date.
The net foreign currency exposure is determined in aggregate and the impact on post-tax profits determined as a result
of a +/- 5% movement in foreign exchange rates. A +5% movement reflects the strengthening of the NZD relative to the
other currency, whereas a -5% movement reflects the weakening of the NZD relative to the other currency.
The impact upon the Group’s equity balance is derived through determining the impact on post-tax profits as noted
above.
Increase/
(decrease)
Increase/
(decrease)
Increase/
(decrease)
Increase/
(decrease)
2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202046
PMS 7454 C
cool grey 11
Black
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
HEDGE OF NET INVESTMENT IN FOREIGN OPERATION
For hedges of a net investment in a foreign operation, the effective portion of the gain or loss on the hedging
instrument is recognised in the statement of other comprehensive income and accumulated in the foreign
currency translation reserve, while any ineffective portion is recognised immediately in the statement of
financial performance. On disposal of the foreign operation, the cumulative amount of any such gains or
losses accumulated within equity is transferred to the statement of financial performance.
The net assets employed in Barossa Valley Estate Pty Limited (BVE) exposes the Group to foreign currency risk as a result
of changes in the AUD/NZD exchange rate.
The foreign currency movement on translation of the net assets of BVE is included in the statement of other comprehensive
income. Since the acquisition of BVE the Group has maintained a portion of their external borrowings in AUD to
mitigate this risk. The foreign exchange movement on these external borrowings in the absence of hedge accounting is
included in the statement of financial performance.
External borrowings of A$29,350,000 have been designated as a hedge of the net investment in BVE. Gains or losses on
the retranslation of this borrowing are transferred to the statement of other comprehensive income to offset any gains or
losses on translation of the net assets of BVE. There is no hedge ineffectiveness in the year ended 30 June 2020.
INTEREST RATE RISK
The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s long-term and short-
term debt obligations with interest payable based on floating rates of interest. Interest rate risk is monitored by the TMC
on an ongoing basis. The recommendation by the TMC to enter into fixed or variable rate debt facilities and decisions
to retire existing debt instruments is made after consideration of the economic indicators impacting upon the overnight
cash rate, which influences the rates of interest charged by financial institutions. All funding facilities recommended by
the TMC must be approved by the Board of Directors.
The Group manages interest rate risk through maintaining a mix of debt instruments having variable and fixed interest
rates. The Group’s policy is to maintain a level of fixed debt facilities between 40% to 100% of core debt for a period
of one year, between 30% to 80% of projected core debt for periods of one to three years, and between 15% to 60%
of projected core debt facilities for three to five years. Board approval is required for any fixed rate cover that extends
beyond five years.
The Group also manages interest rate risk through being counterparty to a series of interest rate swaps. The Group
agrees to settle or has the option to exchange, at specified dates, the difference between fixed and variable rate interest
amounts calculated by reference to an agreed upon notional principal amount. These are discussed in Note 9: Derivative
Financial Instruments.
2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
47

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
The table below demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables
held constant, on the Group’s post-tax profits and equity:
IMPACT ON 2020 REPORTED IMPACT ON 2019 REPORTED
Post-Tax Equity Post-Tax Equity
Profits Profits
Group $000 $000 $000 $000
2.00% Increase – 200 basis points
(2019: 2.00% Increase – 200 basis points) 4,184 4,184 4,19 6 4,19 6
0.25% Decrease – 25 basis points
(2019: 0.25% Decrease – 25 basis points) (523) (523) (525) (525)
The key assumptions which impact upon the values presented in the above table are the following:
– Cash and cash equivalents include deposits on call which are at floating interest rates. The estimated impact upon
interest revenues from these sources is based upon amounts held on deposit remaining at consistent levels as
reported at the balance sheet date. For foreign denominated deposits, the impact on foreign exchange is based on
the conversion rate existing at balance sheet date.
– Account balances that are trade receivables or trade payables are generally on 30 to 90 day terms and are non-
interest bearing and are not subject to interest rate risk.
– The impact upon the fair value of the interest rate swaps is based upon the differential in rates between the Group
paying a fixed rate of interest and receiving the floating New Zealand Bank Bill Rate (BKBM) multiplied by the
nominal amount under the swap agreement up until maturity.
– Interest payable on bank debt is based upon the BKBM, plus a margin. The margin is dependent upon the Group
achieving certain financial covenants and the margin ranges from 1.02% to 1.50%. The analysis assumes that the
margin and principal are held constant at the same rate as at the balance sheet date with the sensitivity calculating
the effect on interest expense of movements in the BKBM/BBSY rate. The analysis excludes any future interest that
would be capitalised as part of long-term assets.
– Included in the above table is the change in fair value of interest rate swaps, which results from changes in the
floating interest rate.
CREDIT RISK
The Group trades with recognised and creditworthy third parties. It is the Group’s policy that all customers who wish
to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing
basis. The maximum exposure to the carrying amount of receivable balances is disclosed in Note 11. The Group does
not have any significant concentrations of credit risk.
2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202048

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
LIQUIDITY RISK
Liquidity risk is the risk that an unforeseen event or miscalculation in the required liquidity level may lead to the Group
being unable to meet its day to day funding obligations. To minimise liquidity risk, the Group’s policy is to maintain
committed funding facilities at a minimum of 105% of the projected peak debt level over the next 12 months (excluding
the cash requirements for any business combinations).
A General Security Agreement exists in favour of Westpac New Zealand Limited, Westpac Banking Corporation, Bank
of New Zealand Limited, China Construction Bank (New Zealand) Limited, and Hongkong and Shanghai Banking
Corporation Limited to secure amounts loaned to the Group. The General Security Agreement covers the existing and
future assets of Delegat Group Limited, Delegat Limited, Delegat Australia Pty Limited, and Barossa Valley Estate Pty
Limited. The amount of the guarantee in respect of the banking facilities is not included in the table above and is the
lower value of the net assets of the Group and the aggregate of the loans advanced at balance date. Loan facilities are
disclosed in Note 10.
The table below presents all contractual payments which the Group is legally obliged to make and includes all future
interest payments on interest-bearing facilities. The interest cost has been estimated by maintaining the current principal
balance and interest rates that exist at balance sheet date. The table also includes the New Zealand Dollar equivalent for
the foreign currency amounts, which are to be delivered to fulfil obligations under foreign currency contracts.
Facility Type
30 June 2020
Facility
Limit
$000
Drawn at
Balance Sheet
Date
$000
< 1 year
$000
1 to 2 years
$000
> 2 years
$000
Working Capital facility 48,000 – – – –
Term facility (multi-currency) 220,000 220,196 2,881 2,881 220,432
Headroom facility 20,000 – – – –
Term facility (AUD) 42,794 34,771 410 410 34,804
Lease liability N/A 84,062 9,990 8,959 133,437
Low value asset leases N /A N /A 5,889 4,503 3,937
Derivative financial instruments N /A N /A 100,430 7,078 2,889
Trade payables and accruals N/A 27,286 27,286 – –
Financial guarantee contracts N /A N /A 186 – –
As at 30 June 2020 330,794 366,315 147,072 23,831 395,499
Included in the table above are financial guarantees which are valued at their highest possible amount that can be called
at balance date. For each individual guarantee, if the obligation at balance date is lower than the maximum amount
callable under the guarantee then the lower value has been included. The guarantees can be called in favour of the
beneficiary if certain acts of non-performance occur. The Directors consider the likelihood of each financial guarantee
being called remote.
2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
49

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Facility Type
30 June 2019
Restated*
Facility
Limit
$000
Drawn at
Balance Sheet
Date
$000
< 1 year
$000
1 to 2 years
$000
> 2 years
$000
Working Capital facility 48,000 23,000 652 652 23,705
Term facility (multi-currency) 220,000 220,008 6,094 6,094 226,603
Headroom facility 20,000 – – – –
Term facility (AUD) 41,810 33,971 815 815 34,853
Lease liability N/A 86,429 10,060 9,745 139,682
Low value asset leases N/A N/A 5,486 4,261 4,498
Derivative financial instruments N/A N/A 83,647 3,073 3,249
Trade payables and accruals N/A 31,865 31,865 – –
Financial guarantee contracts N/A N/A 640 – –
As at 30 June 2019 329,810 395,273 139,259 24,640 432,590
All the above facilities have a floating rate of interest which is tied to the New Zealand BKBM for NZD facility/Australian
BBSY for AUD facility plus margin. At balance sheet date the Group has interest rate swaps that cover $137,620,000
(2019: $123,745,000) of the principal balance drawn at balance sheet date. Refer to Note 9.
The Group maintains credit facilities at a level sufficient to fund the Group’s working capital during the period between
cash expenditure and cash inflow.
SUMMARY OF FINANCIAL INSTRUMENTS HELD
At the balance sheet date the Group reports the following categories of financial instruments:
2020 2019
$000 $000
Restated*
Financial Assets
Financial assets at amortised cost 55,222 4 4,149
Financial assets at fair value through profit and loss 3,687 1,0 88
58,909 45,237
Financial Liabilities
Financial liabilities at amortised cost 359,627 388,973
Financial liabilities at fair value through profit or loss 10,549 9,281
370,176 398,254
The Group does not have any financial assets or liabilities that are classified as fair value through other comprehensive
income (FVOCI).
2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202050

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FAIR VALUE OF FINANCIAL INSTRUMENTS
The fair value of financial instruments is presented in the previous table. For financial instruments measured at fair value,
further disclosure is required that allocates the fair values into a measurement hierarchy. The following principles have
been applied in classifying these instruments:
Level 1 – the fair value is calculated using quoted prices in active markets;
Level 2 – the fair value is estimated using inputs other than quoted prices included in Level 1 that are observable for the
asset or liability, either directly (as prices) or indirectly (derived from prices);
Level 3 – the fair value is estimated using inputs for the asset or liability that are not based on observable market data.
The fair value of the financial instruments as well as the methods used to estimate the fair value are summarised in the
table below:
Level 1 Level 2 Level 3 Total
30 June 2020 $000 $000 $000 $000
Financial Assets
Foreign currency forward exchange option contracts – 2,052 – 2,052
Foreign currency forward exchange contracts – 1,635 – 1,635
– 3,687 – 3,687
Financial Liabilities
Interest rate swap contracts – 10,549 – 10,549
– 10,549 – 10,549

The fair value of financial instruments held at balance date that are not traded on an active market include foreign
currency forward exchange contracts and options, and net settled interest rate swap contracts. The fair values are
derived through valuation techniques that maximise the use of observable market data where it is available and rely as
little as possible on entity specific estimates. If all significant inputs come from observable market data the instrument is
included in Level 2 of the hierarchy.
Level 1 Level 2 Level 3 Total
30 June 2019 $000 $000 $000 $000
Financial Assets
Foreign currency forward exchange option contracts – 311 – 311
Foreign currency forward exchange contracts – 777 – 777
– 1,088 – 1,088
Financial Liabilities
Interest rate swap contracts – 9,281 – 9,281
– 9,281 – 9,281

2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
51

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FINANCIAL RISK ASSOCIATED TO BEARER PLANTS
The Group is exposed to financial risks in respect of agricultural activities. The agricultural activities of the Group consist
of the management of vineyards to produce grapes for use in the production of wine. The primary risk borne by the
Group is caused by the length of time between when cash is expended on the purchase or planting and maintenance
of grapevines and on harvesting grapes and the ultimate realisation of proceeds from the sale of finished product (wine).
The Group takes reasonable measures to ensure that the current year’s harvest is not affected by disease, drought,
frost, or other factors that may have a negative effect on yield and quality. These measures include consultation with
experts in viticulture, frost protection measures, and ensuring that each vineyard is managed according to a specifically
developed Vineyard Management Calendar.
CAPITAL MANAGEMENT
When managing capital, management’s objective is to ensure the entity continues as a going concern as well as to
maintain optimal returns to Shareholders and benefits for other stakeholders of the business. The ultimate aim is to
maintain a capital structure which provides flexibility to enable future growth of the Group while ensuring the lowest
cost of capital is available to the Group.
Management reviews the capital structure of the Group as a result of changes in market conditions which impact on
interest and foreign exchange rates and may adjust the capital structure to take advantage of these changes. Management
has no current plans to issue further shares on the market but is intent on growing the business which will require future
funding.
The Group is subject to a series of bank covenants over its Senior Debt facilities. These are discussed in Note 10.
2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202052

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
3. SEGMENTAL REPORTING
An operating segment is a reportable segment if the segment engages in business activities in which it may
earn revenues and incur expenses, whose operating results are regularly reviewed by the Group’s Chief
Operating Decision Maker and for which discrete financial information is available.
The Group reviews its operational performance based upon the management and the geographic areas in which their
customers are based. Financial information which is available to management in order to assess segment performance
and investment opportunities is presented on the same basis. In accordance with NZ IFRS 8: Operating Segments this
forms the basis of presentation for Segment Reporting and is in the format adopted below:
– Delegat Limited (Delegat) is party to vineyard leases and has interests in freehold land and winery infrastructure
which allows the Company to grow, harvest and make finished wine to be marketed, distributed and sold into the
Super Premium wine markets. Delegat sells and markets its product through a combination of subsidiary companies
based overseas or to customers and distributors directly in the New Zealand, Canadian, Asian and Pacific Island
markets. Delegat Australia Pty Limited, Delegat Europe Limited and Delegat USA, Inc. act as distributors and assist
in the marketing of product in their respective geographic regions. Wines are sold all year round to all regions and
the Group considers there is no significant variation in revenues throughout the year.
The Group implements appropriate transfer pricing regimes within the operating segments on an arm’s length basis in a
manner similar to transactions with third parties.
Management monitors the operating results of its business units separately for the purpose of making resource allocations
and performance assessments. Segment performance is evaluated based on operating profit or loss, which may be
measured differently from operating profit or loss in the consolidated financial statements as segment reporting is based
upon internal management reports. The main differences are a result of some deferred tax balances being recognised
upon consolidation not being allocated to individual subsidiaries. Also inter-company stock margin eliminations are
managed on a group basis and are not allocated to operating segments.
R E V E N U E
Revenue is recognised when the Group satisfies its performance obligation to the customer. Satisfaction of a
performance obligation occurs when the Group has transferred a promised good to the customer and when
the customer obtains control of that good. The following specific recognition criteria have been applied to
each individual classification of revenue:
i) Sale of Goods
The primary source of revenue earned by the Group is through providing wine to third party retailers and
distributors. Revenue is recognised when control of the wine has passed to the buyer and the costs incurred
or to be incurred in respect of the transaction can be measured reliably. Control is considered passed to the
buyer at the time of delivery of goods to the customer.
ii) Interest Revenue
Revenue is recognised as interest accrues using the effective interest rate method. This is a method of
calculating the amortised cost of a financial asset and allocating the interest income over the relevant period
using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through
the expected life of the financial asset to the net carrying amount of the financial asset.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
53

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
R E V E N U E
Sales are often made with volume discounts, other rebates and various other payments to customers for
promotional support. For volume discounts and other rebates not invoiced at the reporting date, these
are estimated based on agreements with customers and estimated depletions during the period. Other
payments to customers for promotional support include listing fees, mailer fees and other incentives. For
expenses that have not been invoiced at the reporting date, these are estimated based on agreements with
customers and estimated achievement of various targets by the customer. At 30 June 2020 the Group has
recognised accruals for all these expenses of $22.4 million (2019: $22.7 million). The majority of these
amounts will be settled within the six months following balance date.
Year ended
30 June 2020
Delegat
Limited
$000
Delegat
Australia
Pty Ltd
$000
Delegat
Europe
Limited
$000
Delegat
USA, Inc.
$000
Other
Segments
10
$000
Eliminations
and
Adjustments
11
$000
Year Ended
30 June
2020
$000
Operating income
External sales
2,8
65,047 67,202 99,607 143,346 6,630 (79,028) 302,804
Internal sales 271,867 – – – 7,620 (279,487) –
Fair value gain on
derivative instruments 1,331 – – – – – 1,331
Dividend revenue 2 – – – 8 – 10
Interest revenue 13 1 – 22 – – 36
Total segment revenues
1
338,260 67,203 99,607 143,368 14,258 (358,515) 30 4,181

Operating expenses
Interest expense
3
9,614 57 6 105 1,025 – 10,807
Depreciation
4
18,411 597 183 549 1,889 – 21,629
Income tax expense
5
18,453 593 851 868 89 41 20,895

Segment profit 56,233 1,366 3,631 2,601 189 102 6 4,122

Assets
Segment assets
6
760,312 20,941 20,289 34,994 86,608 (103,648) 819,496
Capital expenditure
7
27,681 266 5 – 740 – 28,692

Segment liabilities 399,539 5,181 9,653 19,568 39,784 (58,809) 414,916
Refer to footnotes on page 55
3. SEGMENTAL REPORTING (CONTINUED)
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202054

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
3. SEGMENTAL REPORTING (CONTINUED)
Year ended
30 June 2019
Restated*
Delegat
Limited
$000
Delegat
Australia
Pty Ltd
$000
Delegat
Europe
Limited
$000
Delegat
USA, Inc.
$000
Other
Segments
10
$000
Eliminations
and
Adjustments
11
$000
Year Ended
30 June
2019
$000
Operating income
External sales
2,9
61,479 75,069 81,253 123,624 8,717 (72,362) 277,780
Internal sales 247,439 – – – 9,133 (256,572) –
Unrealised foreign
exchange (losses)/gains (44) – 28 – (32) 217 169
Dividend revenue 4 – – – 7 – 11
Interest revenue 7 5 – – 1,481 (1,479) 14
Total segment revenues
1
308,885 75,074 81,281 123,624 19,306 (330,196) 277,974

Operating expenses
Interest expense
3
12,416 68 9 100 1,260 (1,479) 12,374
Depreciation
4
17,365 618 186 451 1,849 – 20,469
Income tax expense
5
16,213 697 702 641 513 (380) 18,386

Segment profit/(loss) 40,228 1,589 2,953 1,789 1,212 (976) 46,795

Assets
Segment assets
6
737,877 19,397 17,645 33,155 102,652 (114,887) 795,839
Capital expenditure
7
30,420 26 2 64 2,355 – 32,867

Segment liabilities 432,817 5,353 10,605 20,830 39,483 (69,945) 439,143
1.
Intersegment revenues are eliminated on consolidation. Intercompany profit margins are also eliminated.
2.
External sales revenue includes various payments to customers for volume discounts, rebates and other promotional support. For volume discounts,
rebates and other promotional support not invoiced at 30 June 2019, the Group recognised accruals of $22,712,000 (30 June 2018: $23,137,000).
During the year ended 30 June 2020, $1,373,000 of these accruals have been released (June 2019: $2,732,000).
3.
Interest expense is net of any interest capitalised to long-term assets and inventory. During the year, $1,461,000 (2019: $1,851,000) was capitalised
to long-term assets. During the year $5,442,000 (2019 Restated*: $5,485,000) was capitalised to inventory.
4.
Depreciation expense presented above is gross of $18,224,000 (2019 Restated*: $17,280,000), which has been included within inventory.
5.
Segment income tax expense does not include the deferred tax impacts of temporary differences arising from intercompany stock margin eliminations
or fair value adjustments resulting from the purchase of subsidiary companies as these are managed on a group level.
6.
Segment assets include the value of investments and loan balances for subsidiaries which reside in Delegat Limited; however this does not include
the effects of stock margin eliminations for stock on hand in subsidiaries.
7.
Capital expenditure consists of additions of property, plant and equipment inclusive of capitalised interest. Capital expenditure is included within
each of the reported segment assets noted above.
8.
During the 2020 financial year, Delegat USA, Inc. had a single customer which comprised 10% or more of group sales amounting to $65,556,000.
9.
During the 2019 financial year, Delegat USA, Inc. had a single customer which comprised 10% or more of group sales amounting to $61,267,000 and
Delegat Australia Pty Limited had a single customer which comprised 10% or more of Group sales amounting to $30,539,000.
10.
Other segments’ assets include non-current assets of Barossa Valley Estate Pty Limited of $48,539,000 (2019: $48,465,000) which are located in
Australia.
11.
The eliminations and adjustments of segment profit, assets and liabilities relate to intercompany transactions and balances which are eliminated on
consolidation.
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
55

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
4. EXPENSES
Expenses by function have been categorised as follows:
Notes 2020 2019
$000 $000
Restated*
Cost of sales 152,251 143,828
Selling, marketing and promotion expenses 39,884 40,770
Corporate governance expenses 941 867
Administration expenses 15,281 13,492
Fair value loss on financial derivative instruments – 1,4 62

Specific components of the above expenses include:
Directors’ fees – Delegat Group Limited 320 293
Directors’ fees – overseas subsidiaries 50 47
Unrealised foreign exchange loss 853 –
Depreciation
1
13, 15 21,629 20,469
Wages and salaries
2
44,487 42,084
Defined contribution pension plans
2
1,603 1, 519
Termination benefits paid
2
274 53

Auditor Remuneration
3,4
Assurance services
Audit of the financial statements 214 205
Non-assurance services
Tax compliance 41 45
Total remuneration 255 250


1.
The depreciation figure presented above represents the gross depreciation charge for the year. Depreciation is recorded in the business function
to which the asset relates. Depreciation incurred on assets directly associated with winemaking and viticulture of $18,224,000 (2019 Restated*:
$17,280,000) is included within the cost of inventories and expensed as a cost of sales when product is sold.

Depreciation on vineyard development commences when the vineyard is considered to be in commercial production, which is generally when the
vineyard has produced approximately 60% of the expected yield at full production.
2.
The employee benefit figures above represent the gross employee benefits expense for the year. Included within inventory is remuneration paid to
employees directly associated with winemaking, bottling and packaging. During the year, $9,414,000 (2019: $9,027,000) of employee benefits
were included within inventory. These costs are included within inventory until the stock to which the expenditure relates is sold.
3.
The auditor of Delegat Group Limited is Ernst & Young. Amounts received, or due and receivable, by Ernst & Young are as disclosed above.
4.
During the year, the Group also paid $4,000 (2019: $4,000) to SBA Stone Forest CPA Co. Limited for the audit of the local financial statements of
Delegat (Shanghai) Trading Co. Limited.
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202056

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5. EARNINGS PER SHARE
Basic earnings per share is calculated as Group profit after income tax attributable to ordinary shareholders
of the Parent, adjusted to exclude any costs of servicing equity (other than dividends) and preference share
dividends, divided by the weighted average number of ordinary shares on issue.
Diluted earnings per share is calculated as Group profit after income tax attributable to ordinary shareholders
of the Parent adjusted for:
– costs of servicing equity (other than dividends) and preference share dividends;
– the after tax effect of dividends and interest associated with dilutive potential ordinary shares that have
been recognised as expenses;
– other non-discretionary changes in revenues and expenses during the period that would result from
the dilution of potential ordinary shares;
divided by the weighted average number of ordinary shares and dilutive potential ordinary shares.
The following reflects the earnings used in the calculation of the basic and fully diluted earnings per share:
2020 2019
Restated*
a) Earnings Used in Calculating Earnings per Share
Profit for the year – basic and fully diluted ($000) 6 4,122 46,795
b) Weighted Average Number of Shares
Weighted average number of shares – basic and fully diluted (000s) 101,130 101,13 0
c) Reported Earnings per Share on Statement of Financial Performance
(expressed as cents per share)
Basic and fully diluted earnings per share 63.41 46.27
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
57

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
6. SHARE CAPITAL
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction from the proceeds.
2020 2019
$000 $000
Balance at beginning of the year 49,815 49,815
Balance at end of the year 49,815 49,815

a) Movement in the Number of Ordinary Shares on Issue Shares Held
000s 000s
Balance at beginning of the year 101,130 101,13 0
Balance at end of the year 101,130 101,13 0
All ordinary shares have equal voting rights and share equally in dividends and surplus on winding up.
b) Nature and Purpose of Reserves
Foreign Currency Translation Reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of the
financial statements of foreign subsidiaries. During the year, equity increased by $1,497,000 upon the translation of
foreign subsidiaries (2019 Restated*: $1,807,000 decrease).
7. DIVIDENDS PAID AND PROPOSED
a) Recognised Amounts
Dividends that were declared and paid on ordinary shares during the year amounted to $17,215,000 (2019: $15,177,000),
equating to 17.0 cents per share (2019: 15.0 cents per share).
b) Unrecognised Amounts
After the balance sheet date, dividends of 17.0 cents per share were approved by the Board of Directors. These amounts
are not recognised in these financial statements as the declaration date was subsequent to year-end.
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202058

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
8. TRADE PAYABLES AND ACCRUALS
Trade payables are initially recognised at fair value and then carried at amortised cost, and due to their short-
term nature, they are not discounted. They represent liabilities for goods and services provided to the Group
prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make
future payments in respect of the purchase of these goods and services.
Provisions are recognised when the Group has a present obligation as a result of a past event and it is
probable that an outflow of economic resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation.
Provisions are measured as the present value of management’s best estimate of the expenditure required to
settle the present value of the obligation at the balance sheet date. If the effect of the time value of money
is material, provisions are discounted using a pre-tax rate that reflects the time value of money and the risks
specific to the liability. The increase in the provision resulting from the passage of time is recognised as a
finance cost.
Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulated sick leave
expected to be settled within 12 months of the reporting date, are recognised in respect of the employee’s
services up to the reporting date. They are measured as the amounts expected to be paid when the liabilities
are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken and is measured
at the rates paid or payable.
The Group makes regular contributions to various defined contribution pension plans. Included within the
statement of financial performance are amounts paid and payable by the Group into these pension plans,
net of any related tax rebates. The Group does not make available or make contributions to any defined
benefit superannuation plans.
2020 2019
$000 $000
Restated*
Trade payables 13,416 16,956
Employee entitlements and leave benefits 6,017 5,310
Goods and services tax 593 446
Accrued expenses 7, 8 5 3 9,599
2 7, 8 7 9 32,311
Trade payables are unsecured, non-interest bearing and are generally settled on 30 to 60 day terms. The carrying
amount disclosed above is a reasonable approximation of fair value.
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
59

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
9. DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments such as forward currency contracts and options to
economically hedge its risks associated with foreign currency fluctuations and interest rate swaps to manage
interest rate risk. Such derivative financial instruments are initially recognised at fair value on the date on
which a derivative contract is entered into, and are subsequently remeasured to fair value at balance date.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to the statement of
financial performance. The fair value of forward exchange contracts and options is determined by reference
to current forward exchange rates for contracts with similar maturity profiles. The fair value of interest rate
swaps is determined by reference to market values for similar instruments.
The Group’s derivative financial instruments are classified as level 2 in the fair value hierarchy, as they have
inputs other than observable quoted prices. In calculating the mark-to-market values, management has
considered the forward rates.
The Group has the following derivative financial instruments outstanding at the balance sheet date:
a) Foreign Currency Forward Exchange Contracts and Options
i) Forward Exchange Contracts
AVERAGE CONTRACTED RATE NOTIONAL VALUE
2020 2019 2020 2019
Selling Currency/Buying NZD $000 $000
Sell AUD, maturity 0 – 5 months 0.9279 0.9106 8,245 1,6 47
Sell USD, maturity 0 – 10 months 0.5962 0.6635 10,333 13,619
Sell GBP, maturity 0 – 9 months 0.4912 0.5099 12,218 19,122
Sell CAD, maturity 0 – 9 months 0.8359 0.8840 1,975 11,457
Sell SGD, maturity 0 – 3 months 0.8481 0.9034 539 205
Sell JPY, maturity 1 – 4 months 64.0400 71.9 095 78 107
Sell HKD – 5.2424 – 739

Buying Currency/Selling NZD

Buy EUR, maturity 0 months 0.5729 0.5928 454 1,142
Buy AUD – 0.9513 – 752
Buy GBP, maturity 1 month 0.5130 – 439 –
The fair value of forward exchange contracts is determined by comparing the market rates for contracts with the same
nominal amount, exercise price and length of time to maturity.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202060

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
a) Foreign Currency Forward Exchange Contracts and Options (continued)
ii) Forward Currency Options
AVERAGE CONTRACTED RATE NOTIONAL VALUE
2020 2019 2020 2019
Selling Currency/Buying NZD $000 $000
Sell USD, maturity 2 – 15 months 0.6284 0.6666 25,737 24,009
Sell GBP, maturity 1 – 13 months 0.4914 0.517 1 24,095 9,191
Sell AUD, maturity 2 – 12 months 0.9314 – 13,421 –
Sell CAD, maturity 2 – 9 months 0.8491 0.8852 7, 3 6 2 3,672
NZ IFRS 9: Financial Instruments requires that derivative financial instruments are classified as fair value
through profit or loss for measurement purposes unless they are accounted for as hedges. Under NZ IAS
1: Presentation of Financial Statements, assets and liabilities under the fair value through profit or loss
classification would generally be classified as current in the statement of financial position. However, if the
intent is not to actually trade the derivative financial instruments with maturities greater than one year but
to hold them until maturity, then the derivative financial instruments are more appropriately classified as
non-current. The amounts that are classified as non-current reflect the amounts that will not be settled in
the next 12 months.
The classification of forward exchange contracts and forward currency options between current and non-current is
based on whether the contracts will be settled in the next 12 months. The fair value of open contracts existing at balance
sheet date are classified as follows:
2020 2019
Assets Liabilities Assets Liabilities
$000 $000 $000 $000
Current
Forward Exchange Contracts 1,635 – 777 –
Foreign Currency Options 1,983 – 311 –
3,618 – 1,0 88 –

Non-current
Forward Exchange Contracts – – – –
Foreign Currency Options 69 – – –
69 – – –
9. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
61

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
b) Interest Rate Swaps
In order to protect against risks relating to increases in interest rates, the Group has entered into interest rate swap
contracts under which the Group receives interest at variable rates and has agreed to pay interest at fixed rates for
varying terms of principal and time durations.
At balance sheet date interest rate contracts are in place that cover a total of $97,500,000 (2019: $95,000,000) of current
New Zealand Dollar denominated Group debt through 11 separate cap rate agreements, which range in maturity from
zero to four years, with a weighted average interest rate cap of 3.75% plus bank margin (2019: 4.05% plus bank margin).
In addition, interest rate contracts are in place that cover a total of A$37,500,000 (2019: A$27,500,000) of current
Australian Dollar denominated Group debt through eight separate cap rate agreements, which range in maturity from
two to five years, with a weighted average interest rate cap of 2.66% plus bank margin (2019: 2.92% plus bank margin).
At balance sheet date the Group has a further three separate cap rate agreements that cover a total of $45,000,000
(2019: $40,000,000) which apply from various future dates to cover future Group indebtedness. These range in maturity
from five to six years, with interest rate caps ranging between 0.95% and 3.1% plus bank margin (2019: 2.1% and
3.71% plus bank margin). A further two cap rate agreements are in place that cover a total of A$10,000,000 (2019:
A$10,000,000) which apply from various future dates, ranging in maturity from five to six years, with an interest rate cap
of 0.8% plus bank margin (2019: 1.87% and 1.98% plus bank margin). The application date of these New Zealand Dollar
and Australian Dollar denominated future cap rate agreements range between July 2020 and March 2023.
The total fair value of these contracts at balance sheet date is a liability of $10,549,000 (2019: $9,281,000 liability).
The Group has elected not to apply hedge accounting to its derivative financial instruments and accordingly
the instruments have been classified as fair value through profit and loss.
The classification between current and non-current is based on whether the contracts or portion of contracts will be
settled within the next 12 months. The total fair value of these contracts at balance sheet date is classified as follows:
2020 2019
Assets Liabilities Assets Liabilities
$000 $000 $000 $000
Current
Interest Rate Swaps – 4,649 – 2,960
– 4,649 – 2,960

Non-current
Interest Rate Swaps – 5,900 – 6,321
– 5,900 – 6,321
9. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202062

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
10. INTEREST-BEARING LOANS AND BORROWINGS
a) Debt Facilities Existing at Balance Sheet Date
Interest-bearing loans and borrowings are initially recognised at the fair value of the consideration received,
less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are
subsequently measured at amortised cost using the effective interest method. Fees paid on the establishment
of loan facilities that are yield related are included as part of the carrying amount of the interest-bearing
loans and borrowings. Borrowings are classified as current liabilities, unless the Group has an unconditional
right to defer settlement of the liability for at least 12 months after balance sheet date.
Borrowing costs are expensed as incurred, except when they are directly attributable to the acquisition or
construction of a qualifying asset. When this is the case, they are capitalised as part of that asset. Once the
asset is put into productive use, capitalisation of the borrowing costs ceases.
At the balance sheet date the following debt facilities have been drawn upon by the Group:
MaturityEffective Interest Rate2020
$000
2019
$000
20202019
Non-Current Debt Obligations
Term facility (Multi-Currency) 30 July 20223.29%4.00% 219,750 219,347
Term facility (AUD)30 July 20221.18%2.40% 34,684 33,846
Working capital facility30 July 2022N /A2.83% (97) 22,856
Headroom facility30 July 2022N /AN /A (41) (60)
254,296 275,989
The carrying amount of the Group’s non-current borrowings are the fair values at balance sheet date.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
63

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
b) Terms and Conditions of Debt Facilities
i) Senior Debt Facilities
The Group has a syndicated Senior Debt facilities agreement with Westpac New Zealand Limited, Westpac Banking
Corporation, Bank of New Zealand Limited (BNZ), China Construction Bank (New Zealand) Limited (CCB) and Hongkong
and Shanghai Banking Corporation Limited (HSBC). With the syndicated facility a General Security Agreement has been
put in place in favour of the banks over the existing and future assets of Delegat Group Limited, Delegat Limited, Delegat
Australia Pty Limited and Barossa Valley Estate Pty Limited.
At balance sheet date the Working Capital facility, Term facility (Multi-Currency), Term facility (AUD), and Headroom
facility collectively make up the syndicated Senior Debt Facilities of Delegat, which provide funding for the assets of the
Group. The maximum limit of the Working Capital facility is NZ$48,000,000 (2019: NZ$48,000,000), Term facility (Multi-
Currency) is NZ$220,000,000 (2019: NZ$220,000,000), Term facility (AUD) is A$40,000,000 (2019: A$40,000,000),
and the Headroom facility is NZ$20,000,000 (2019: NZ$20,000,000). At balance sheet date NZ$75,828,000 (2019:
NZ$52,832,000) is available for further drawdown on these facilities.
The Term facility (AUD) and a portion of the Term facility (Multi-Currency) are denominated in Australian Dollars (A$).
The amount drawn down in foreign currency at the balance sheet date was A$61,850,000 (2019: A$61,850,000).
Interest on these facilities is based on the BKBM/BBSY plus margin. The facility agreement requires that certain banking
covenants be met and requires the Group to maintain or better a specified EBITDA and fixed charges coverage ratios,
and maintain or better a minimum adjusted equity balance. The Group must also maintain or better a specified total
tangible asset backing. At year-end, and at measurement dates during the year, the covenants of the Senior Debt
Facilities have been met.
ii) Other Facilities
Delegat also has available an overdraft limit of $1,000,000 (2019: $1,000,000). Interest charged on this facility is at the
commercial lending rate (2019: commercial lending rate). At 30 June 2020 the commercial lending rate is 4.75% (2019:
commercial lending rate 5.85%). No amount is drawn against this facility at balance sheet date.
10. INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED)
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202064

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
11. TRADE AND OTHER RECEIVABLES
On initial recognition, the Group’s trade receivables are recognised at their transaction price as defined in
NZ IFRS 15: Revenue from Contracts with Customers. The Group’s trade receivable balances are generally
short term and do not contain a significant financing component. They are subsequently measured at
amortised cost using the effective interest method, less an allowance for expected future credit losses.
The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime
expected loss allowance for all trade receivables. Expected credit losses are measured by grouping trade
receivables based on shared credit risk characteristics and the days past due. A provision matrix is then
determined based on the historical credit loss rates for each group of customers, adjusted for any material
expected changes to the future risk for that customer group.
Individual trade receivable balances which are known to be uncollectible are written off where the Group
has no reasonable expectation of recovering the trade receivable balance.
2020 2019
$000 $000
Restated*

Trade receivables 36,721 35,486
Prepayments and sundry receivables 3,74 6 3,016
Goods and services tax 1,321 1,4 82
41,788 39,984

As at 30 June 2020 the ageing of trade receivables is as follows:
Ageing of receivables
New Zealand
(including
Asia Pacific)
AustraliaUnited
Kingdom
United States
of America
CanadaGroup
As at 30 June 2020 $000 $000 $000 $000 $000 $000
Current 2,932 12,4 4 8 10,280 5,991 4,356 36,007
1 to 30 days 9 – 22 4 41 126 598
31 to 60 days – – – – 6 6
61 to 90 days 1 30 – 79 – 110
Total trade receivables 2,942 12,478 10,302 6, 511 4,488 36,721
All amounts recognised as trade receivables are unsecured and the maximum credit risk is equivalent to the carrying
values noted directly above. Trade receivables are non-interest bearing and generally settled on 30 to 90 day terms.
Because of their short-term nature trade receivables are not discounted.
In determining the historical loss rates to be applied to these customer groups and ageing buckets, the Group has reviewed
whether there was any provision for credit losses written off over the past five years and has identified that these were
$nil (2019: $nil). Accordingly the historical loss rates applied to each customer group at 30 June 2020 are 0% (2019: 0%).
Due to the short-term nature of the Group’s trade receivables, the nature of the Group’s customer base and the Group’s
experience over the past five years, the historical loss rates have not been adjusted for any material expected future
changes in credit risk.
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
65

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
12. INVENTORIES
Inventories are valued at the lower of cost and net realisable value. Net realisable value is the estimated
selling price in the ordinary course of business, less estimated costs of completion and the estimated costs
necessary to make the sale. Costs of finished goods sold are assigned on a weighted average cost basis.
GRAPES
Included within the cost of inventory is the fair value of the grapes (agricultural produce) at the time the
grapes are harvested. At the point of harvest, the harvest of grapes qualify as agricultural produce under NZ
IAS 41: Agriculture and are recorded at fair value at that date. The fair value becomes the basis of cost when
accounting for inventories.
Growing Costs
a) Growing Costs where the Group maintains a Beneficial Ownership in Vine Stock
Harvesting of the grape crop is ordinarily performed in late March or early April. Costs incurred in growing
the grapes, including any applicable harvest costs, are initially allocated to the cost of inventory as part of
the total costs to acquire and grow the agricultural produce. At the point of harvest, a fair value adjustment
is made so that the cost per tonne is adjusted to fair value in accordance with NZ IAS 41: Agriculture and
NZ IFRS 13: Fair Value Measurement. Any difference between cost and fair value is included within the
statement of financial performance as cost of sales.
b) Growing Costs where the Group is not the Beneficial Owner of Vine Stock
The Group is party to long-term vineyard operating lease contracts where the Group is able to access,
harvest and grow agricultural produce; however, it does not maintain the beneficial ownership in the
underlying bearer plant. Vineyard costs that are incurred subsequent to harvest up to balance sheet date
do not qualify as agricultural produce under NZ IAS 41: Agriculture and are accounted under NZ IAS 2:
Inventories, as inventories. Where growing costs are incurred and the Group is not the beneficial owner of
the bearer plants, growing costs are reported at the lower of cost and net realisable value in accordance with
NZ IAS 2: Inventories.
At the point of harvest, management labour and vineyard lease costs (right-of-use asset depreciation and
lease liability interest) have been separately identified from the pool of growing costs and do not form
part of the difference between cost and fair value. These costs are expensed to the statement of financial
performance as cost of sales.
The fair value of grapes at the point of harvest is determined by reference to the market prices for each variety
of grape grown in the local area and the market price paid to independent grape growers. Any difference
between cost and fair value is included within the statement of financial performance as cost of sales.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202066

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2020 2019
$000 $000
Restated*

Current vintage 88,395 80,509
Aged wine 58,329 6 7, 3 4 8
Growing costs relating to next harvest 4,788 4,294
Winery ingredients, packaging materials and other 6,116 5,729
1 5 7, 6 2 8 1 5 7, 8 8 0

During the year, the Group harvested a total of 38,129 tonnes of grapes (2019: 35,500 tonnes) in New Zealand and
Australia. Of this amount a total of 11,054 tonnes (2019: 10,686 tonnes) was purchased from independent third party
growers. The fair value of agricultural produce from the Group’s owned and leased vineyards at the point of harvest was
$53,161,000 (2019: $47,339,000). A fair value gain of $16,325,000 (2019: $14,019,000) was recorded during the year
and included within cost of sales. Included within cost of sales is a total of $168,575,000 (2019 Restated*: $157,847,000)
which represents costs expended in grape growing (inclusive of lease costs), procurement, delivery and materials.
12. INVENTORIES (CONTINUED)
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
67

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
13. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated
impairment losses. Such costs include the cost of replacing parts that are eligible for capitalisation when the
cost of replacing the parts is incurred. The cost of purchased property, plant and equipment is the value of
the consideration given to acquire the assets and the value of other directly attributable costs that have been
incurred in bringing the assets to the location and condition necessary for their intended service.
The cost of self-constructed assets includes the cost of all materials used in the construction, direct labour
on the project, lease costs and financing costs that are directly attributable to the project and an appropriate
proportion of variable and fixed overheads. Costs cease to be capitalised when the asset is ready for
productive use. In respect of vineyard improvements, capitalisation of costs continues until the vineyards
are ready for productive use, which is when the vineyard has produced approximately 60% of expected
yield at full production, ordinarily a period of three years after the planting of vines.
Land and Land Improvement assets are measured at cost and are not subject to depreciation.
IMPAIRMENT
Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. If an impairment trigger exists, the recoverable amount of the asset is
determined, being the higher of an asset’s fair value, less costs to sell, and value in use. An impairment
charge is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.
For the purposes of assessing impairment, assets are valued at the lowest levels for which there are separately
identifiable cash flows (cash-generating units).
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202068

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
DEPRECIATION
Depreciation of property, plant and equipment, other than land, which has an indefinite economic life
and hence not depreciated, is charged on a straight-line basis so as to write off the assets to their expected
residual value over their estimated useful lives. The estimated useful lives are as follows:
Buildings 10–50 years
Plant and Equipment 3–50 years
Vineyard Improvements 3–50 years
Bearer Plants 50 years
The estimation of the useful lives of assets has been based on historical experience as well as lease terms.
The condition of the assets is assessed at least once per year and considered against the remaining useful
life. Adjustments to useful lives are made when considered necessary.
Depreciation on vineyard improvements commences when the vineyard is considered to be in commercial
production, which is when the vineyard has produced approximately 60% of the expected yield at full
production, ordinarily a period of three years after the planting of vines. The assets’ residual values, useful
lives and depreciation methods are reviewed, and adjusted if appropriate, at the end of each financial year.
Capitalised assets on leased vineyards or office premises are depreciated over the shorter of the estimated
useful life of the asset and the remaining lease term.
IMPAIRMENT
The Group assesses impairment of all assets at each reporting date by evaluating conditions specific to the
Group and to the particular asset that may lead to impairment. If an impairment trigger exists, the recoverable
amount of the asset is determined. Management considers there are no indicators of impairment in the
current year and the recoverable amount of the Group’s assets was not required to be determined.
a) Reconciliation of Carrying Amounts at Beginning and End of the Year
Year ended 30 June 2020
Freehold Land
and Land
Improvements
Vineyard
Improvements
Bearer PlantsBuildingsPlant and
Equipment
Capital Work in
Progress
Total
$000 $000 $000 $000 $000 $000 $000
Net book value at 1 July 2019 126,297 77,675 44,205 111,868 133,602 31,536 525,183
Additions/Transfers 3,800 10,805 565 929 11,140 1,072 28,311
Disposals – – – – (34) – (34)
Foreign currency translation 163 361 68 239 185 9 1,025
Depreciation charge – (3,288) (1,219) (2,784) (9,486) – (16,777)
Net book value at 30 June 2020 130,260 85,553 43,619 110,252 135,407 32,617 5 3 7, 7 0 8

At cost 130,267 128,729 57,791 130,348 237,729 32,617 717,481
Accumulated depreciation and
impairment (7) (43,176) (14,172) (20,096) (102,322) – (179,773)
Net book value at 30 June 2020 130,260 85,553 43,619 110,252 135,407 32,617 5 3 7, 7 0 8

13. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
69

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
a) Reconciliation of Carrying Amounts at Beginning and End of the Year (continued)
Year ended 30 June 2019
Restated*
Freehold Land
and Land
Improvements
Vineyard
Improvements
Bearer PlantsBuildingsPlant and
Equipment
Capital Work in
Progress
Total
$000 $000 $000 $000 $000 $000 $000
Net book value at 1 July 2018 126,911 71,751 45,458 109,286 125,172 31,950 510,528
Additions/Transfers (325) 9,613 87 5,653 17,708 (340) 32,396
Disposals - - - (17) (256) - (273)
Foreign currency translation (289) (624) (122) (390) (330) (74) (1,829)
Depreciation charge - (3,065) (1,218) (2,664) (8,692) - (15,639)
Net book value at 30 June 2019 126,297 77,675 44,205 111,868 133,602 31,536 525,183

At cost 126,304 117,531 57,152 129,153 226,665 31,536 688,341
Accumulated depreciation and
impairment (7) (39,856) (12,947) (17,285) (93,063) - (163,158)
Net book value at 30 June 2019 126,297 77,675 44,205 111,868 133,602 31,536 525,183

b) Other Items
During the year, no assets were transferred and classified as assets available for sale. The weighted average interest rate
on interest capitalised during the year was 4.68%.
Bearer Plants consist of grapevines on company owned vineyards located in New Zealand and the Barossa Valley,
Australia. At 30 June 2020 the Group has grape vines planted on 1,528 productive hectares of land (2019: 1,451
productive hectares) in New Zealand and 183 productive hectares (2019: 183 productive hectares) in Australia.
The net book value of vines on leased land where the Group does not have the beneficial ownership in the vine asset
is not reported above, as the risks and rewards incidental to owning the vines do not transfer to the Group. The Group
is, however, party to leases of land on which vine stock is owned by the Group. The net book value of these assets is
reported, as the risk and rewards incidental to ownership are retained by the Group.

13. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202070

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
14. INTANGIBLE ASSETS
Intangible assets acquired separately are measured on initial recognition at cost. The cost of the intangible
assets acquired in a business combination is their fair value at the date of acquisition. Following initial
recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated
impairment losses.
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite
lives are amortised over their useful life and assessed for impairment whenever there is an indication that
the intangible asset may be impaired. Intangible assets with indefinite useful lives are not amortised, but are
tested for impairment annually, either individually or at the cash-generating unit (CGU) level. The assessment
of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable;

if not, the change in useful life from indefinite to finite is made on a prospective basis.
Intangible assets currently owned by the Group have been assessed as having indefinite useful lives and are
therefore tested annually for impairment at the CGU level. The recoverable amount of the CGU’s assets are
higher than the assets’ carrying value and therefore no impairment is required to be recognised.
Intangible assets currently owned by the Group consist of water rights in both New Zealand and Australia.
Barossa Valley Estate Pty Limited (BVE) owns water rights consisting of shares in Barossa Infrastructure Limited and
associated infrastructure levies. These water rights grant BVE the right to a fixed number of units of water per share and
were purchased by BVE to support their vineyard activities. BVE continues to have the right to use the water over an
indefinite period and therefore the water rights are considered to have an indefinite useful life.
Delegat Limited (Delegat) owns water rights consisting of shares in Lower Waihopai Dam Limited. These water rights
grant Delegat the right to a fixed number of units of water per share and were purchased by Delegat to support their
vineyard activities. Delegat continues to have the right to use the water over an indefinite period and therefore the water
rights are considered to have an indefinite useful life.
The movement in the value of intangible assets is summarised as follows:
2020 2019
$000 $000
Carrying value at beginning of the year 4,950 4,663
Purchases of intangible assets 421 471
Disposal of intangible assets (40) (10)
Foreign currency translation 105 ( 174 )
Carrying value at end of the year 5,436 4,950

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
71

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
15. LEASES
At the inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is,
or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of
time in exchange for consideration.
The Group applies a single recognition and measurement approach for all leases, except for leases of low-value
assets. The Group applies the low-value assets recognition exemption for its barrel leases. Payments on the
Group’s barrel leases are expensed on a straight line basis over the lease terms. The Group recognises lease
liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
RIGHT-OF-USE ASSETS
The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets
are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities
recognised, initial direct costs incurred, and lease payments made at or before the commencement date, less
any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of
the lease term and the estimated useful lives of the assets. The estimated useful lives of right-of-use assets
are determined on the same basis as those of property, plant and equipment.
LEASE LIABILITY
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value
of lease payments to be made over the lease term. In calculating the present value of lease payments, the
Group uses the interest rate implicit in the lease when readily determinable; if the implicit interest rate is not
readily determinable the Group uses its incremental borrowing rate at the lease commencement date. After
the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if
there is a modification, a change in the lease term or a change in the lease payments.
Right-of-use asset depreciation and lease liability interest that are directly attributable to bringing new
vineyards to working condition for their intended use are capitalised up until the time the vineyards become
commercially productive. The accumulated amount is then amortised over the remaining lease term.
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered
by an option to extend the lease if it is reasonably certain to be exercised. When the Group has the option to
extend a lease, management uses its judgement to determine whether or not an option would be reasonably
certain to be exercised. Management considers all facts and circumstances, including its past practice and any
cost that will be incurred to change the asset if an option to extend is not taken, to help determine the lease term.
After the commencement date, the Group reassesses the lease term if there is a significant event or change in
circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew.
To determine the value of the lease liability, the future lease payments are discounted using the interest rate
implicit in the lease, otherwise the Group’s incremental borrowing rate is used. Implicit interest rates are present
in most of the Group’s vineyard leases. The Group’s incremental borrowing rate is the rate that the Group 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. The Group is required to revise the discount rate used if there is a change
in the lease term, a change in the assessment of an option to purchase the underlying asset, a change in future
lease payments resulting from a change in an index or a rate used to determine those payments, or where there
is a lease modification that is not accounted for as a separate lease.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202072

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
RIGHT-OF-USE ASSETS
Leases held by the Group include long-term land leases, which allow the Group to access prime viticultural land in the
Marlborough and Hawke’s Bay areas. The leases provide the Group the right of first refusal in the event that the land is
put up for sale. Other leases include office building, car and equipment leases.
a) Reconciliation of Right-of-Use Assets at the Beginning and End of the Year
Year ended 30 June 2020
Freehold Land
and Land
Improvements
Vineyard
Improvements
Bearer PlantsBuildingsPlant and
Equipment
Total
$000 $000 $000 $000 $000 $000
Net book value at 1 July 2019 33,278 12,094 3,980 6,744 5,011 61,107
Additions/Transfers 360 348 110 940 476 2,234
Disposals – – – (91) (41) (132)
Foreign currency translation – – – 126 11 137
Depreciation charge (1,550) (672) (218) (1,613) (799) (4,852)
Net book value at 30 June 2020 32,088 11,770 3,872 6,106 4,658 58,494

At cost 55,256 23,662 7,423 18,018 7,028 111,387
Accumulated depreciation (23,168) (11,892) (3,551) (11,912) (2,370) (52,893)
Net book value at 30 June 2020 32,088 11,770 3,872 6,106 4,658 58,494

Year ended 30 June 2019
Freehold Land
and Land
Improvements
Vineyard
Improvements
Bearer PlantsBuildingsPlant and
Equipment
Total
$000 $000 $000 $000 $000 $000
Net book value at 1 July 2018 33,658 12,414 4,087 9,107 5,023 64,289
Additions/Transfers 1,108 334 106 1,500 831 3,879
Disposals – – – (2,194) (6) (2,200)
Foreign currency translation – – – (13) (18) (31)
Depreciation charge (1,488) (654) (213) (1,656) (819) (4,830)
Net book value at 30 June 2019 33,278 12,094 3,980 6,744 5,011 61,107

At cost 54,896 23,314 7,313 17,797 6,919 110,239
Accumulated depreciation (21,618) (11,220) (3,333) (11,053) (1,908) (49,132)
Net book value at 30 June 2019 33,278 12,094 3,980 6,744 5,011 61,107

15. LEASES (CONTINUED)
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
73

LEASE LIABILITY
b) Reconciliation of Lease Liability at the Beginning and End of the Year
2020 2019
$000 $000
Balance at beginning of the year 86,429 88,909
Per Statement of Cash Flows:
– Interest Expense 5,649 5,842
– Principal Repayments (10,222) (9,986)
Additions/Transfers 2,241 3,958
Disposals (192) (2,228)
Foreign currency translation 157 (66)
Balance at end of the year 84,062 86,429

Current 4,538 4,458
Non-current 79,524 81,97 1
84,062 86,429
The maturity analysis of lease liabilities is disclosed in Note 2.
c) Other Items
The Group had total cash outflows for leases of $16,102,000 (2019: $15,628,000); this includes an amount of $5,880,000
(2019: $5,642,000) in relation to leases of low-value assets. Low value asset lease expenses are expensed on a straight
line basis over the lease terms.
As at 30 June 2020, a lease agreement relating to additional office space has been executed, but the lease period has
not yet commenced. The lease liability at the lease commencement date is expected to be approximately $17,100,000.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
15. LEASES (CONTINUED)
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202074

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
16. INCOME TAX EXPENSE
Current tax assets and liabilities for the current and prior periods are measured as the amount expected to
be recovered from, or paid to, the taxation authorities based on the current period’s taxable income. The
tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at
the balance sheet date.
Deferred income tax is provided for all temporary differences at the balance sheet date between the tax
bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income
tax assets are recognised for all deductible temporary differences, carry-forward of unused tax credits and
unused tax losses, to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can
be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and
reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all,
or part of, the deferred income tax asset to be utilised.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the
year when the asset is realised or the liability is settled, based on the tax rates and tax laws that have been
enacted or substantively enacted at the balance sheet date.
Income taxes relating to items recognised directly in equity are recognised in equity and not in the statement
of financial performance.
Deferred tax assets and liabilities are offset only if a legally enforceable right exists to set off current tax assets
against current tax liabilities, and the deferred tax assets and liabilities relate to the same taxable entity and
the same taxation authority.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
75

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2020 2019
$000 $000
Restated*
a) Numerical reconciliation between aggregate tax expense
in the statement of financial performance and tax expense
calculated per the statutory income tax rate
Accounting profit before tax 85,017 65,181
At the Group’s statutory income tax rate of 28% (2019: 28%) 23,805 18,251

Tax impact of the following items:
Adjustments in respect of income tax of prior years (93) (75)
Entertainment 179 190
Legal fees 40 52
Non-assessable income (49) (28)
Reinstatement of tax depreciation for buildings (2,860) -
Non-deductible depreciation on buildings acquired post May 2010 388 387
Tax on foreign income due to different tax rates (515) (391)
Income tax expense for the year 20,895 18,386

b) The major components of income tax expense are:
Income tax reported in the statement of financial performance
Estimated current period tax assessment 21,259 1 7, 74 1
Adjustments in respect of income tax of prior years (116) (996)
Movements in the deferred income tax liability (248) 1,6 41
Income tax expense for the year 20,895 18,386

Income tax reported in the statement of other comprehensive income
Net (loss)/gain on hedge of net investment (202) 359
Income tax (credited)/charged to other comprehensive income (202) 359
16. INCOME TAX EXPENSE (CONTINUED)
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202076

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2020 2019
$000 $000
Restated*
c) Deferred income tax at balance sheet date relates to the following:
Capitalised interest 5,131 4,864
Capitalised leases 504 579
Accelerated depreciation of long-term assets 1 7, 74 4 18,185
Leases ( 7, 1 2 3 ) ( 7, 0 7 1 )
Fair value adjustments on biological produce 7, 8 0 9 8,105
Excess of fair value on acquisition of bearer plants over tax values 8,682 8,682
Provisions (906) (803)
Stock profit and intercompany eliminations (1,312) (1,352)
Tax losses carried forward (152) (207)
Financial derivative instruments (1,921) (2,294)
Net deferred tax liability 28,456 28,688

Balance at beginning of the year 28,688 2 7, 0 6 4
On surplus for year (248) 1,6 41
Foreign currency translation 16 (17 )
Balance at end of the year 28,456 28,688
There are no elements of deferred taxes which are reported within equity.
17. IMPUTATION CREDIT ACCOUNT
2020 2019
$000 $000
Balance at beginning of the year 72,297 62,965
Tax payments 18,431 14,942
Fully imputed dividend paid (6,342) (5,610)
Balance at end of the year 84,386 72,297
18. COMMITMENTS
The estimated capital expenditure contracted for at 30 June 2020 but not provided for is $24,771,000 (2019: $17,129,000).
16. INCOME TAX EXPENSE (CONTINUED)
* The financial statements for the year ended 30 June 2019 have been restated following the adoption of NZ IFRS 16: Leases on 1 July 2019. Refer to Note 1 of the
financial statements.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
77

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
19. RELATED PARTIES
a) Investment in Subsidiaries
Investments in controlled entities are as follows:
Name of EntityPrincipal ActivityCountry of IncorporationOwnership Interest %
20202019
Delegat LimitedWinemaking, Sales and
Distribution
New Zealand 100.00 100.00
Delegat Canada LimitedBrand MarketingCanada 100.00 100.00
Delegat Australia Pty LimitedSales and DistributionAustralia 100.00 100.00
Delegat USA, Inc.Sales and DistributionUnited States of America 100.00 100.00
Delegat Europe LimitedSales and DistributionUnited Kingdom 100.00 100.00
Delegat (Singapore) Pte. LimitedInvestment Holding
Company
Singapore 100.00 100.00
Barossa Valley Estate Pty LimitedWinemakingAustralia 100.00 100.00
Delegat (Shanghai) Trading Co. LimitedSales and DistributionChina100.00100.00
The parent company of all subsidiaries is Delegat Group Limited, except for Delegat Europe Limited and Barossa Valley
Estate Pty Limited whose immediate parent company is Delegat Limited, and Delegat (Shanghai) Trading Co. Limited
whose immediate parent company is Delegat (Singapore) Pte. Limited.
All subsidiaries have a 30 June balance date, except for Delegat (Shanghai) Trading Co. Limited which has a 31 December
balance date as required by law in China.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202078

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
b) Key Management Personnel
Details relating to key management personnel, including remuneration paid, are included within Note 20.
c) Related Parties by Virtue of Share Ownership
The following Directors hold the following number of Shares in the Parent20202019
Delegat Share Protection Trust
(Jakov Delegat, Rosamari Delegat and Lord Trustee Limited – Trustees) 6 6 , 8 5 7, 1 4 2 6 6 , 8 5 7, 1 4 2
(2019: Jakov Delegat, Rosamari Delegat and Robert Wilton – Trustees)
Robert Wilton 800,000 800,000
John Freeman 11,000 11,000
The individuals above are considered related parties as a result of their shareholding or by virtue of being considered
a member of key management. During the year, a total of $75,000 (2019: $68,000) was paid to Robert Wilton in his
capacity as a Non-Executive Director. Rosamari Delegat received $75,000 (2019: $68,000) in her capacity as a Non-
Executive Director during the year.
During the year, a total of $100,000 (2019: $100,000) was paid to Robert Wilton in his capacity as an independent
consultant, under normal terms and conditions.
Please also refer to the Disclosure of Directors’ Interests at the back of this report.
d) Transactions with Related Parties who have Significant Influence over Subsidiary Companies
During the period, Delegat Australia Pty Limited paid a total of $26,000 (2019: $27,000) to Yaroona Pty Limited. The
payments made to Yaroona Pty Limited were made in Peter Taylor’s capacity as Company Director and were under
normal commercial terms and conditions. Peter Taylor was considered to be a related party by virtue of his ability to
significantly influence the financial and operating policies of a subsidiary company.
During the period, Barossa Valley Estate Pty Limited paid a total of $41,000 (2019: $49,000) to Range Road Estate Pty
Limited, including directors’ fees of $21,000 (2019: $21,000). The remaining payments made to Range Road Estate Pty
Limited were made in Alan Hoey’s capacity as an independent consultant and under normal terms and conditions. Alan
Hoey was considered to be a related party by virtue of his ability to significantly influence the financial and operating
policies of a subsidiary company.
During the period, Delegat Limited paid a total of $19,000 (2019: $2,000) to Range Road Estate Pty Limited. The
payments made to Range Road Estate Pty Limited were made in Alan Hoey’s capacity as an independent consultant
and under normal terms and conditions. Alan Hoey was considered to be a related party by virtue of his ability to
significantly influence the financial and operating policies of a subsidiary company.
During the period, Delegat (Singapore) Pte. Limited paid a total of $nil (2019: $1,000) and Delegat Limited paid a total of
$5,000 (2019: $5,000) to Camelot Trust Pte. Limited, a company in which a Director of Delegat (Singapore) Pte. Limited
has an interest. The payments made to Camelot Trust Pte. Limited are made in Anita Chew Peck Hwa’s capacity as
Company Director and under normal terms and conditions.
19. RELATED PARTIES (CONTINUED)
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
79

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
20. KEY MANAGEMENT PERSONNEL
Compensation of Key Management Personnel
Included in the definition of related parties are Key Management Personnel having authority and responsibility for
planning, directing and controlling the activities of the entity either directly or indirectly, including any Director.
Management has assessed the composition of the Key Management and their compensation for the year ended 30 June
is presented below:
2020 2019
$000 $000
Short-term employee benefits 8,261 7, 7 8 1
Post-employment benefits (including defined contribution pension plan) 242 230
8,503 8,011
21. EVENTS SUBSEQUENT TO BALANCE SHEET DATE
On 28 August 2020, the Directors of the Parent declared a fully imputed dividend of $17,192,000 (17.0 cents per share)
to be paid on 9 October 2020.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202080
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pages 28–80

INDEPENDENT AUDITOR’S REPORT
Independent auditor’s report to the Shareholders of Delegat Group Limited
Opinion
We have audited the consolidated financial statements of Delegat Group Limited (“the company”) and its
subsidiaries (together “the Group”) on pages 28 to 80, which comprise the statement of financial position of
the Group as at 30 June 2020, and the statement of financial performance, statement of other comprehensive
income, statement of changes in equity and statement of cash flows for the year then ended of the Group, and the
notes to the financial statements including a summary of significant accounting policies.
In our opinion, the consolidated financial statements on pages 28 to 80 present fairly, in all material respects,
the financial position of the Group as at 30 June 2020 and its financial performance and cash flows for the year
then ended in accordance with New Zealand equivalents to International Financial Reporting Standards and
International Financial Reporting Standards.
This report is made solely to the company’s shareholders, as a body. Our audit has been undertaken so that we
might state to the company’s shareholders those matters we are required to state to them in an auditor’s report
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the company and the company’s shareholders, as a body, for our audit work, for this report, or
for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our
responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the
Financial Statements
section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of
Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand)
issued by
the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities
in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Ernst & Young provides tax advisory and tax compliance services to the Group. Partners and employees of our
firm may deal with the Group on normal terms within the ordinary course of trading activities of the business of
the Group. We have no other relationship with, or interest in, the Group or any of its subsidiaries.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the financial statements of the current year. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on
these matters. For each matter below, our description of how our audit addressed the matter is provided in that
context.
We have fulfilled the responsibilities described in the
Auditor’s responsibilities for the audit of the financial
statements
section of the audit report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material misstatement of the
financial statements. The results of our audit procedures, including the procedures performed to address the
matters below, provide the basis for our audit opinion on the accompanying financial statements.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
81

INDEPENDENT AUDITOR’S REPORT CONTINUED
Why Significant?How our audit addressed the key audit matter
Revenue Recognition – Cut Off
As disclosed in note 3 to the financial statements, the Group
recognised revenue totalling $304m for the period.
The Group recognises revenue from sale of goods in several
different markets and jurisdictions globally. Control of the goods is
considered to have transferred to the buyer at the time of delivery of
goods to the customer as per the relevant terms of trade.
Revenue recognition is considered a key audit matter due to the fact
that material revenue transactions can occur close to year end and
so there is a risk that revenue is recognised in the incorrect period.
In obtaining sufficient appropriate audit evidence we:
• assessed and tested the design and operating effectiveness of relevant
controls over the timing of revenue recognition;
• tested, on a sample basis, transactions recorded in the periods before
and after year-end to assess whether they were recorded in the correct
period. This included considering shipping documentation or other
documentation indicating the shipping timing and terms;
• analysed credit notes issued after year end to assess whether these
indicated that revenue was incorrectly recognised in the 2020 financial
year; and
• considered the adequacy of the disclosures in the financial statements.
Rebates and Promotional Allowances
As disclosed in note 3 to the financial statements, revenue is
recognised net of rebates and promotional allowances owed to
customers based on their individual arrangements, including volume
and non-volume related targets. As disclosed in note 3 the accrual
for these rebates as at 30 June 2020 is $22.4m.
Rebates and promotional allowances include various amounts due
to customers for promotional support and rebates related to sales
volume that are netted against sales. At year end judgement is
required in estimating the level of achievement of future targets by
relevant customers and therefore the level of applicable rebates and
promotional allowances.
The value of the rebate and promotional allowances accruals at
balance date, together with the level of judgement involved in their
estimation, lead to us consider this to be a key audit matter.

In obtaining sufficient appropriate audit evidence we:
• assessed and tested the design and operating effectiveness of relevant
controls over the calculation of rebates and promotional allowances;
• selected a sample of sales promotional allowance expenses from
throughout the year and agreed to supporting documentation;
• performed analysis of the relationship between revenue and the total of
rebates and volume related promotional allowance expenses to ascertain
if this relationship was in line with our understanding of the Group’s
operations;
• considered the assumptions and judgements used by the Group in
calculating the accrual for rebates and promotional allowances by
reviewing management’s calculations supporting the year end accruals.
For a sample of rebate and promotional allowances accruals, we assessed
the calculation prepared by management and validated the calculation
inputs to supporting evidence;
• performed analytical procedures on the largest accruals for rebates and
promotional allowances in each location in comparison to the prior year
to challenge the nature and quantum of the accruals at year end; and
• considered the adequacy of the disclosures in the financial statements.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202082

INDEPENDENT AUDITOR’S REPORT CONTINUED
Why Significant?How our audit addressed the key audit matter
Adoption of NZ IFRS 16 Leases
As disclosed in Note 15, the Group recognised right of use assets of
$58.5 million and lease liabilities of $84.1 million at 30 June 2020.
The Group adopted NZ IFRS 16 Leases on 1 July 2019. Under NZ IFRS
16, an entity must recognise a right of use asset and a lease liability
arising from leases (with some exceptions), in the consolidated
statement of financial position.
The Group has applied the fully retrospective approach to adoption.
Under the full retrospective approach, the Group restated the
comparative financial periods to recognise a right of use asset of
$64.3 million and a lease liability of $88.9 million on 1 July 2018,
and a right of use asset of $61.1 million and a lease liability of $86.4
million on 1 July 2019.
The Group has disclosed the effect of the change in accounting
policy in Note 1 to enable users of the financial statements to
evaluate the impact of the change on the financial performance,
financial position and cashflows of the Group.
Judgement is required relating to the assumptions and estimates
made in order to determine the right of use asset and lease liability.
Key assumptions include estimating the lease term, by considering
any rights of renewal, and the rate used to discount the lease liability
and right of use asset at the inception of the lease.
The adoption of NZ IFRS 16 is a key audit matter as the adjustments
arising on adoption of NZ IFRS 16 are material to the Group and
required judgements and estimates to be made.
In obtaining sufficient appropriate audit evidence we:
• understood and documented management’s process for adopting NZ
IFRS 16, including the controls in place to ensure the population of leases
considered was completed;
• considered the accounting memos prepared by management explaining
the approach taken, choices made and accounting positions adopted, and
ensured these complied with NZ IFRS 16;
• assessed the Group’s quantification of the right of use asset and lease
liability as at 1 July 2018, and on a sample basis we:
• examined key contractual inputs to the calculations including lease end
dates, fixed lease payments and fixed lease payment escalation terms;
• evaluated key judgements and estimates including the assumed
exercise of rights of renewal used to determine the lease term and the
discount rate applied to the lease portfolio;
• assessed the completeness of leases included in the determination of
the Right of Use Asset and Lease Liability; and
• recalculated the lease liability and asset values to ensure the values
calculated by management were calculated correctly in accordance
with NZ IFRS 16.
• tested movements, including on a sample basis lease additions and
disposals, in the right of use asset and lease liability from 1 July 2018 to
30 June 2019 and during the year to 30 June 2020;
• recalculated the interest and depreciation charges recognised in the
income statement for the 30 June 2019 and 30 June 2020 years relating
to the lease liability and the right of use assets respectively; and
• considered the adequacy of the disclosures in the consolidated financial
statements.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
83

INDEPENDENT AUDITOR’S REPORT CONTINUED
Information other than the financial statements and auditor’s report
The directors of the company are responsible for the Annual Report, which includes information other than the
financial statements and auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained during the audit, or otherwise appears to be materially misstated.
If, based upon the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Directors’ responsibilities for the financial statements
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the financial
statements in accordance with New Zealand equivalents to International Financial Reporting Standards and
International Financial Reporting Standards, and for such internal control as the directors determine is necessary
to enable the preparation of financial statements that are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, the directors are responsible for assessing on behalf of the entity the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend to liquidate the Group or cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with International Standards on Auditing (New Zealand) will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located at the
External Reporting Board’s website: https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-
responsibilities/audit-report-1/. This description forms part of our auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Brent Penrose.
Chartered Accountants
Auckland
28 August 2020
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202084
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CORPORATE GOVERNANCE STATEMENT
CORPORATE GOVERNANCE
Delegat Group Limited (“the Group”) is committed to maintaining the highest standards of governance by adopting
and implementing best practice structures and policies. This Corporate Governance Statement sets out the corporate
governance policies, practices, and processes adopted and followed by the Group (including the guiding principles,
authority, responsibilities, membership and operation of the Board of Directors) as at 28 August 2020 and has been
approved by the Board.
The best practice principles (and underlying recommendations) which the Group has had in regard to determining its
governance approach are the principles set out in the NZX Corporate Governance Code 2017 (‘NZX Code’). The Board’s
view is that the Group’s corporate governance policies, practices and processes generally follow the recommendations of
the NZX Code. This Corporate Governance Statement includes disclosure of the extent to which the Group has followed
each of the recommendations in the NZX Code (or where applicable, an explanation as to why a recommendation was
not followed and any alternative practice followed in lieu of the recommendation).
The Group is a company incorporated in New Zealand and listed on the NZX Main Board. Further information about
the Group’s corporate governance framework (including the Board and Board Committee charters, and codes and
selected policies referred to in this section) is available on the Group’s website at www.delegat.com, under the Investor
Relations section.
PRINCIPLE 1 – CODE OF ETHICAL BEHAVIOUR
Directors should set high standards of ethical behaviour, model this behaviour and hold management accountable for
these standards being followed throughout the organisation.
CODE OF ETHICS AND RELATED POLICIES
Recommendation 1.1: The board should document minimum standards of ethical behaviour to which the issuer’s directors
and employees are expected to adhere (a code of ethics).
The Group expects its Directors, senior management and employees to maintain the highest standards of honesty,
integrity and ethical conduct in day to day behaviour and decision making. The Board has adopted a Code of Ethics
which incorporates the requirements set out in Recommendation 1.1, forms part of the induction process for all new
employees and is available on the Group’s website. All Directors, senior management and employees must provide
acknowledgement that they have read and understood the content.
FINANCIAL PRODUCTS TRADING POLICY
Recommendation 1.2: An issuer should have a financial product dealing policy which applies to employees and directors.
The Financial Products Trading Policy sets out the Group’s requirements for all Directors and employees in relation
to trading the Group’s shares and is available on the Group’s website. This policy incorporates all trading restraints.
In general, Directors and employees are allowed to trade in the Group shares during two ‘trading windows’. Trading
windows commence on the day after the half-year and full-year results are announced to the market and close on the
respective half-year and full-year balance date, which typically means an ‘open period’ of approximately 120 days.
Trading outside these windows is generally prohibited. Proposed transactions by Directors and employees during the
trading windows require approval. The policy also provides that no Directors or employees can trade shares if they are
in possession of price sensitive information that is not publicly available.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
85

CORPORATE GOVERNANCE STATEMENT CONTINUED
PRINCIPLE 2 – BOARD COMPOSITION AND PERFORMANCE
To ensure an effective board, there should be a balance of independence, skills, knowledge, experience and perspectives.
BOARD CHARTER
Recommendation 2.1: The board of an issuer should operate under a written charter which sets out the roles and
responsibilities of the board. The board charter should clearly distinguish and disclose the respective roles and
responsibilities of the board and management.
The Board has adopted a formal Board Charter which sets out the respective roles, responsibilities, composition and
structure of the Board and senior management, and this is available on the Group’s website. The Board is responsible
for the direction and control of the Group’s activities and acknowledges the need for the highest standard of corporate
governance. The responsibility includes such areas of stewardship as the identification and control of the Group’s
business risks, the integrity of management systems and reporting to Shareholders. The primary objective of the Board
is to build long-term Shareholder value, with due regard to other stakeholder interests. It does this by adopting the
strategic plans, objectives and policies that have been set for the Group by the Managing Director, together with senior
management. Responsibility for day-to-day management of the Group has been delegated to the Managing Director and
other members of senior management, to deliver effective execution of the strategic plans and manage the daily affairs
of the Group. The Managing Director reports regularly to the Board on Group performance, as well as the progress being
made against the strategic plans. Management is responsible for implementing the objectives and strategies approved
by the Board, within the ambit of risk set by the Board.
NOMINATION AND APPOINTMENT OF DIRECTORS
Recommendations 2.2 and 2.3: Every issuer should have a procedure and appointment of directors to the board. An issuer
should enter into written agreements with each newly appointed director establishing the terms of the appointment.
The Board collectively considers the nominations of Directors. In doing this, the Board’s procedure involves careful
consideration of the composition of the Board in relation to the Group’s needs and operating environment to ensure
relevant skills and experience. This also applies to the consideration of additional or replacement Directors, subject to
the constitutional limitation on the number of Directors. In so doing, as noted, the priority must be on ensuring the skills,
experience and diversity on the Board, and the skills that are necessary or desirable for the Board to fulfil its governance
role and to contribute to the long-term strategic direction of the Group. The Board may engage consultants to assist in
the identification, recruitment and appointment of suitable candidates.
When appointing new Directors, the Board ensures that the constitutional requirements in respect of Directors will
continue to be satisfied. There must be at least three and no more than nine, at least two Directors must be resident
in New Zealand and, while the Company is listed, at least two Directors must be determined by the Board to be
independent.
The NZX Listing Rules and the Group’s Constitution requires that all Directors stand for re-election at the Annual
Meeting of Shareholders within three years of last being elected. Directors may be appointed by the Board to fill
vacancies, but they are then subject to re-election at the next Annual Meeting of Shareholders. In addition to Directors
retiring by rotation, and eligible for re-election, nominations may be made by Shareholders. All new Directors will enter
into a written agreement with the Group setting out the terms of their appointment.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202086

CORPORATE GOVERNANCE STATEMENT CONTINUED
D I R E C TO R S
Recommendation 2.4: Every issuer should disclose information about each director in its annual report or on its website,
including a profile of experience, length of service, independence and ownership interests and director attendance at
board meetings.
The Board currently comprises seven Directors; five Non-Executive and two Executive Directors. The Board has
considered which of its Directors are deemed to be independent for the purposes of the NZX Listing Rules and has
determined that as at 28 August 2020, two Directors were independent Directors, including the Chair of the Audit and
Risk Committee and the Chair of the Remuneration Committee. As at 28 August 2020, the Directors are:
Jakov (Jim) Delegat Executive Appointed in April 2006
Rosemari (Rose) Delegat Non-Executive Appointed in April 2006
John Freeman Executive Appointed in July 2018
Robert (Bob) Wilton Non-Executive Appointed in April 2006
Graeme Lord Non-Executive Appointed in July 2020
Dr Alan Jackson Independent Appointed in October 2012
Shelley Cave Independent Appointed in September 2016
A profile of experience for each Director is available on the Group’s website and included in the Annual Report on
pages 22 through 24.
DIVERSITY
Recommendation 2.5: An issuer should have a written diversity policy which includes requirement for the board or a
relevant committee of the board to set measurable objectives for achieving diversity (which, at a minimum, should address
gender diversity) and to assess annually both the objectives and the entity’s progress in achieving them. The issuer should
disclose the policy or a summary of it.
Because of the range of our operating environments as a global company, our workforce, including potential employees,
come from all walks of life. Every individual is unique, having different skills and experiences. People come from many
cultures and backgrounds, along with a wide range of other personal attributes including gender, age, culture, disability
(mental, learning, physical), economic background, language(s) spoken, marital/partnered status, race, religious beliefs
and sexual orientation. The Group has a commitment to attracting, selecting, developing and retaining the most suitable
employees from this diverse range of attributes. The Group’s Diversity Policy (including inclusiveness) is available on
the Group’s website.
A breakdown of the gender composition of the Group is:
2020Global
Sales
%Viticulture%Winemaking,
Bottling and
Warehousing
%Management
and Admin
%Tot a l%
Female9259%1921%3529%4673%19245%
Male6441%7379%8571%1727%23955%
1569212063431
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
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CORPORATE GOVERNANCE STATEMENT CONTINUED
DIVERSITY (CONTINUED)
2019Global
Sales
%Viticulture%Winemaking,
Bottling and
Warehousing
%Management
and Admin
%Tot a l%
Female9161%1518%3127%4669%18344%
Male5939%6982%8473%2131%23356%
1508411567416
A breakdown of the gender composition of Directors and senior management at the Group’s balance date is:
% Female (Number) % Male (Number)
2020 2019 2020 2019
Directors 33% (2) 33% (2) 67% (4) 67% (4)
Senior management 29% (5) 19% (4) 71% (12) 81% (17)
The Board and management recognise that diversity and inclusion planning leads to a balanced workforce. The Group
has in place a formal diversity plan focused on:
• Diversity and inclusion education;
• Unconscious bias understanding;
• The collection and updating of relevant demographic data;
• The review of recruitment and performance assessment processes (for gender bias in particular); and
• Policies and procedures to support equitable treatment of all existing and future employees.
During the year under review, the Group has made progress against this plan, specifically:
• Unconscious bias training completed with senior management team and development of unconscious bias training
modules for internal purposes;
• Diversity and inclusion champions identified across the Group;
• Implementation of a Human Resource Information System to support the collection of relevant demographic data,
diversity reporting as well as streamlining HR processes.
The Board has approved the 2021 work plan and are satisfied with the rate of progress to date on group wide initiatives.
From the recent 2020 engagement survey, employees describe the culture at Delegat as being inclusive.
DIRECTOR TRAINING
Recommendation 2.6: Directors should undertake appropriate training to remain current on how to best perform their
duties as directors of an issuer.
The Board expects all Directors to be members of the Institute of Directors and to undertake continuous education
to remain current on how to best perform their responsibilities and keep abreast of changes and trends in economic,
political, social, financial and legal climates and governance practices. The Board also ensures that new Directors are
appropriately introduced to management and the business, that all Directors are updated on relevant industry and
Group issues and receive copies of appropriate Group documents to enable them to perform their roles. The Board visits
each of the Group’s main operational areas by rotation annually.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202088

CORPORATE GOVERNANCE STATEMENT CONTINUED
BOARD EVALUATION
Recommendation 2.7: The board should have a procedure to regularly assess director, board and committee performance.
The Chairman of the Board leads a biannual performance review and evaluation of the performance of the Directors, the
Board as a whole, and of the Board committees against the Board and committee charters, including seeking Directors’
views relating to Board and committee process, efficiency and effectiveness. All Non-Executive Directors are expected
to participate in performance reviews, particularly prior to the re-election of a Non-Executive Director to the Board. The
findings of the performance review process are used to identify, assess and enhance Directors’ competencies and to
define characteristics or skills which should be sought in future Board candidates.
DIRECTOR INDEPENDENCE
Recommendations 2.8 and 2.9: A majority of the board should be independent directors. An issuer should have an
independent chair of the board. If the chair is not independent, the chair and the CEO should be different people.
The Board currently comprises seven Directors, two of whom are deemed “independent” according to the NZX
Code. The Board recognises this divergence from the Code that for best practice a majority of board members will be
independent. With respect to Director composition and given the various operating environments of the Group and its
needs, the Board considers that the profile offered by each Director, and all Directors collectively, provides appropriate
experience, skill and diversity to meet its governance responsibilities. In looking to future board appointments, the
Board is committed to achieving compliance with the Code and will, when appropriate, propose suitable or additional
nominees. The Board is of the view that the divergence has not interfered with the Directors’ capacity to provide
independent judgements in fulfilling their responsibilities.
The Board Charter is explicit in that the Chairman and Managing Director roles are separate.
PRINCIPLE 3 – BOARD COMMITTEES
The board should use committees where this will enhance its effectiveness in key areas, while still retaining board
responsibility.
AUDIT AND RISK COMMITTEE
Recommendation 3.1: An issuer’s audit committee should operate under a written charter. Membership on the audit
committee should be majority independent and comprise solely of non-executive directors of the issuer. The chair of the
audit committee should be an independent director and not the chair of the board.
The Audit and Risk Committee operates under a written Charter, and this is available on the Group’s website. As at
30 June 2020 the Audit and Risk Committee comprised Dr Alan Jackson (Chair), Robert Wilton and Shelley Cave, the
Committee meets at least four times during the year, and more frequently if required. The Audit and Risk Committee
is responsible for the framework of internal control mechanisms that ensure proper management of the Group’s affairs.
These controls including the safeguarding of assets, maintaining proper accounting records, complying with legislation,
ensuring the reliability of financial information, and assessing and reviewing business operational risks. The committee
advises and assists the Board in discharging its responsibility with respect to financial reporting, tax planning, compliance
and risk management practices of the Group.
Recommendation 3.2: Employees should only attend audit committees at the invitation of the audit committee.
The Managing Director and Chief Financial Officer attend Audit and Risk Committee meetings at the invitation of the
Audit and Risk Committee. The Audit and Risk Committee may invite any senior management member to present on their
respective function or a particular subject matter that is relevant in the committee considering the Group’s compliance
or risk management practices. The Group’s external auditor also attends meetings at the committee’s invitation. The
Audit and Risk Committee receives feedback from the external auditor (without management present), concerning any
matters that arise in connection with the audit and performance of management’s roles.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
89

REMUNERATION COMMITTEE
Recommendation 3.3: An issuer should have a remuneration committee which operates under a written charter (unless this
is carried out by the whole board). At least a majority of the remuneration committee should be independent directors.
Management should only attend remuneration committees at the invitation of the remuneration committee.
The Remuneration Committee operates under a written Charter, and this is available on the Group’s website. As at
30 June 2020 the Remuneration Committee comprised Shelley Cave (Chair), Dr Alan Jackson and Robert Wilton. The
Committee meets at least three times during the year, and more frequently if required. The Remuneration Committee
assists the Board in discharging its responsibilities with respect to the remuneration and performance of the Group
Managing Director and other senior management, remuneration of Directors, human resources policy and strategy and
succession planning. The Committee also monitors and reports on general trends and proposals concerning employment
conditions and remuneration. The Managing Director and People and Culture Manager attend Remuneration Committee
meetings at the invitation of the Remuneration Committee.
NOMINATION COMMITTEE
Recommendation 3.4: An issuer should establish a nomination committee to recommend director appointments to the
board (unless this is carried out by the whole board), which should operate under a written charter. At least a majority of
the nomination committee should be independent directors.
The Board does not operate a separate Nomination Committee as Director appointments are considered by the Board
as a whole. The Board’s procedure for the nomination and appointment of Directors is summarised under Principle 2
above (under the heading “Nomination and Appointment of Directors”).
OVERVIEW OF BOARD COMMITTEES
Recommendation 3.5: An issuer should consider whether it is appropriate to have any other board committees as standing
board committees. All committees should operate under written charters. An issuer should identify the members of each
of its committees, and periodically report member attendance.
The Board does not operate any other committees apart from the Audit and Risk Committee and the Remuneration
Committee. The Group has considered whether any other standing Board committees are appropriate and has determined
the existing committee structure is appropriate for meeting governance obligations. Each committee operates under a
charter which is available on the Group’s website. Committee members are appointed from members of the Board and
membership is reviewed on an annual basis. Any recommendation made by the committee is typically submitted to the
Board for formal approval. The Managing Director and relevant key executives are invited to attend committee meetings
as appropriate.
ATTENDANCE AT BOARD AND COMMITTEE MEETINGS
For the year ended 30 June 2020
BoardAudit and RiskRemuneration
Number of meetings held633
AttendedAttendedAttended
Jim Delegat6
Rose Delegat5
John Freeman6
Bob Wilton633
Shelley Cave633
Dr Alan Jackson633
CORPORATE GOVERNANCE STATEMENT CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202090

TAKEOVER PROTOCOLS
Recommendation 3.6: The board should establish appropriate protocols that set out the procedures to be followed if there
is a takeover offer for the issuer including any communications between insiders and the bidder. The board should disclose
the scope of independent advisory reports to shareholders. These protocols should include the option of establishing an
independent takeover committee, and the likely composition and implementation of an independent takeover committee.
Given the Group’s shareholding structure, with the largest Shareholder being the Delegat Share Protection Trust (a related
party), the Board considers the likelihood of an unanticipated takeover to be low, and so the Board, in the event of a
takeover offer, has agreed that a Takeover Response Committee would be convened comprising Independent Directors.
That committee would consider the Group’s actions in relation to the takeover offer, including seeking appropriate
legal, financial and strategic advice, complying with takeover regulation (including the appointment of an independent
advisor under the Takeovers Code and the preparation of a Target Company Statement) and determining what additional
information (if any) would be provided by the Group to the bidder.
PRINCIPLE 4 – REPORTING AND DISCLOSURE
The board should demand integrity in financial and non-financial reporting, and in the timeliness and balance of
corporate disclosures.
The Board is committed to timely, accurate and meaningful reporting of financial and non-financial information.
CONTINUOUS DISCLOSURE
Recommendation 4.1: An issuer’s board should have a written continuous disclosure policy.
As a listed company there is an imperative for the Group to ensure the market is appropriately informed. The Group
has a Continuous Disclosure Policy, and this is available on the Group’s website. The purpose of this policy is to ensure
the Group complies with its continuous disclosure obligations by ensuring timely, accurate and complete information is
provided to all Shareholders and market participants.
CHARTERS AND POLICIES
Recommendation 4.2: An issuer should make its code of ethics, board and committee charters and the policies recommended
in the NZX Code, together with other key governance documents, available on its website.
Information about the Group’s corporate governance framework (including Code of Ethics, Board and Committee
charters, and other selected key governance codes and policies) is available to view on the Group’s website.
FINANCIAL AND NON-FINANCIAL REPORTING
Recommendation 4.3: Financial reporting should be balanced, clear and objective. An issuer should provide non-financial
disclosure at least annually, including considering environmental, economic and social sustainability factors and practices.
It should explain how operational or non-financial targets are measured. Non-financial reporting should be informative,
including forward looking assessments, and align with key strategies and metrics monitored by the board.
FINANCIAL REPORTING
The Audit and Risk Committee is accountable to the Board for the recommendations of the external auditors, EY,
directing and monitoring the audit function and reviewing the adequacy and quality of the annual audit process. This
includes receiving reports on the Group’s internal information system control environment. The Committee oversees
the quality and integrity of external financial reporting including the accuracy, completeness and timeliness of financial
statements, and ensuring the financial reporting is balanced, clear and objective. It reviews annual and half year financial
statements and makes recommendations to the Board concerning the application of accounting policies and practices,
areas of judgement, compliance with accounting standards, stock exchange and legal requirements, and the results of
the external audit.
CORPORATE GOVERNANCE STATEMENT CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
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FINANCIAL REPORTING (CONTINUED)
Management’s accountability for the Group’s financial reporting is reinforced by the written confirmation from the
Managing Director and Chief Financial Officer that, in their opinion, financial records have been properly maintained and
that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial
position and performance of the Group. Such representations are given based on a sound system of risk management and
internal control, which is operating effectively in all material respects in relation to financial reporting risk.
NON-FINANCIAL REPORTING
The Group assesses its exposure to environmental, economic and social sustainability as part of the overall framework
for managing risk (see Principle 6 – Risk Management). The Group is committed to improving standards of environmental
performance to enable a more efficient and sustainable future. Accordingly, the Group follows long-standing practices
regarding management of environmental factors affecting the business, including strategies relating to water conservation,
viticulture management, sustainable winegrowing practices and wetland preservation initiatives.
The Group has been focused on the development of measurable initiatives in respect to three key areas; inclusion,
people and climate change. Each of these areas is key to supporting a value-based organisation which focuses on
harnessing the passion of people who are intent on personal achievement and growth.
In terms of global warming a continued focus has been on minimising non-essential travel (and specifically, air travel). In
viticulture, continued development to multitask the use of vineyard equipment has reduced fuel consumption relative to
the growth in production. Additional investment in new vineyard equipment has reduced the number of vehicle passes
required to complete key operational activities, further reducing fuel consumption. The education of operators in speed
and related consumption of fuel has also continued to deliver benefits.
CORPORATE GOVERNANCE STATEMENT CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202092

PRINCIPLE 5 – REMUNERATION
The remuneration of directors and executives should be transparent, fair and reasonable.
DIRECTORS’ REMUNERATION
Recommendation 5.1: An issuer should recommend director remuneration to shareholders for approval in a transparent
manner. Actual director remuneration should be clearly disclosed in the issuer’s annual report.
REMUNERATION – EXECUTIVE CHAIRMAN AND MANAGING DIRECTOR
The criteria for reviewing the remuneration for Executive Directors includes, as appropriate, advice obtained from
external independent consultants, specific market comparison of roles using independent surveys, consideration of role
expectations and requirements, and level of achievement against business and personal objectives.
REMUNERATION – NON-EXECUTIVE DIRECTORS
Remuneration levels are set at competitive levels to attract and retain appropriately qualified Directors. The Group’s
policy is to pay its Directors in cash. The fees of the Non-Executive Directors are set within the aggregate amount
determined by Shareholders by a resolution. The criteria for reviewing Non-Executive Director remuneration includes
obtaining advice from external consultants as appropriate, information on Board arrangements for other corporations
of similar size and complexity, and the review of current and expected workloads (including as Chairman of the Board
Committees). The NZX Listing Rules require that the Shareholders approve the total aggregate amount payable to all
Directors as Directors’ fees. Approval was last sought in 2016, when the pool limit was set at $400,000 per annum.
Director remuneration is included in the Annual Report on page 99.
REMUNERATION POLICY
Recommendation 5.2: An issuer should have a remuneration policy for remuneration of directors and officers, which
outlines the relative weightings of remuneration components and relevant performance criteria.
The Group has adopted a Remuneration Policy which sets out the remuneration principles that apply to all Non-
Executive Directors and all employees including senior management, to ensure that remuneration practices are fair
and appropriate, and that there is a clear link between remuneration and performance. The Group is committed to
applying fair and equitable remuneration and reward practices in the workplace, taking into account internal and
external relativity, the commercial environment, the ability to achieve the Group’s business objectives and the creation
of Shareholder value. Under the Group’s remuneration practices, job size relative to the relevant competitive market
for talent, as well as individual performance against defined key performance objectives, are key considerations in all
remuneration-based decisions.
EMPLOYEE REMUNERATION
The number of employees and former employees within the Group receiving remuneration and benefits above $100,000
relating to the year ended 30 June 2020 is included in the Annual Report on page 102.
CORPORATE GOVERNANCE STATEMENT CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
93

MANAGING DIRECTOR (CHIEF EXECUTIVE OFFICER) REMUNERATION
Recommendation 5.3: An issuer should disclose the remuneration arrangements in place for the CEO in its annual report.
This should include disclosure of the base salary, short-term incentives and the performance criteria used to determine
performance based payments.
The remuneration of the Managing Director for the year ended 30 June 2020 is included in the Annual Report on
page 99.
The remuneration of the Managing Director comprises both a fixed and variable performance component. Fixed
remuneration includes a base salary, contributions to superannuation, wine and phone allowances. The Managing
Director received a variable performance incentive of $225,000 linked to Group performance and achievement
against strategic goals. The short-term incentive target was $200,000 and based on the achievement of predetermined
operational performance targets (Group EBIT) and sales volume. A maximum amount of $300,000 was payable for
outstanding performance.
SENIOR MANAGEMENT
The Group’s senior management is appointed by the Managing Director. Senior management’s sales executives’ key
performance objectives are comprised of specific Group financial objectives along with business related individual
objectives. Establishing and monitoring these key performance objectives is undertaken annually by the Managing
Director, recommending them to the Remuneration Committee, for approval. The performance of the sales executives
against these key performance objectives is evaluated annually and serves as a key determinant of any short-term
incentive scheme values and payments.
SHORT-TERM INCENTIVE PAYMENTS
Short-term incentive payments are at risk cash payments designed to motivate and reward for short-term (within each
financial year) performance. The target value of a short-term incentive payment is set by the Managing Director with
a specified dollar potential available to each participant in the scheme. The target areas for all employees who are
entitled to a short-term incentive payment are set based on a combination of Group financial performance and specific
sales targets relative to the employee’s area of responsibility and individual goals. The weightings applied to each of the
target areas will be generally consistent throughout the Group for roles entitled to a short-term incentive payment, but
may vary depending on specific areas of focus as determined by the Managing Director. The Remuneration Committee
approves senior management short-term incentive payments and the Managing Director approves the short-term
incentive payments to be made to sales employees at the end of the financial year and approves the sales employee’s
targets for the following year.
PRINCIPLE 6 – RISK MANAGEMENT
Directors should have a sound understanding of the material risks faced by the issuer and how to manage them. The
board should regularly verify that the issuer has appropriate processes that identify and manage potential and material
risks.
RISK MANAGEMENT
Recommendation 6.1: An issuer should have a risk management framework for its business and the issuer’s board should
receive and review regular reports. An issuer should report the material risks facing the business and how these are being
managed.
CORPORATE GOVERNANCE STATEMENT CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202094

RISK MANAGEMENT (CONTINUED)
Risk management is an acknowledged important factor in corporate governance. The Board is responsible for the
Group’s risk assessment, management and internal control and considers it has carried out a robust risk assessment
process. The Board has identified a number of risks in the Group’s operations that are commonly faced by other entities
in the industry in which the Group operates. The Board and management of the Group considers they have taken all
reasonable steps to manage and mitigate these risks.
In viticulture the issues of weather, disease and pest control are an ongoing management activity. Viticultural techniques
are in place and in practice which the Board and management considers effectively mitigate this risk.
Brand reputation and brand security are identified risks that are the subject of ongoing surveillance, and techniques and
practices are in place which the Board and management considers mitigate this risk effectively.
Supply chain risk is monitored, and the Group has identified a range of suppliers operating in different jurisdictions to
mitigate the risk of the loss of a single supplier.
Technology risk, particularly in relation to hacking or illegal access to systems, is managed through a dedicated
information technology department, along with external consultants which the Board and management consider
mitigate this risk effectively.
The Managing Director, together with senior management, meets regularly on risk assessment affecting the business and
maintain a risk matrix which is used to monitor and mitigate these risks. A risk matrix measures the impact of the risk and
likelihood of occurrence and is provided to the Audit and Risk Committee and Board annually. The Group maintains
insurance policies that it considers adequate to meet insurable risks.
HEALTH AND SAFETY
Recommendation 6.2: An issuer should disclose how it manages its health and safety risks and should report on its health
and safety risks, performance and management.
The Board has responsibility for ensuring the Group maintains a health and safety management system that meets best
practice standards to protect the health and safety of employees and contractors engaged by the Group. A Workplace
Health and Safety Report, which covers Group performance across a range of measures of Health and Safety, is presented
to and reviewed by the Board at each Board meeting. The Board and senior management are appraised of all notifiable
incidents and injuries and the actions taken to ensure the health and wellbeing of injured persons. Actions taken to
prevent incident reoccurrence are also advised.
The People and Culture Manager and specialist team members in the People and Culture function assist the Board in
meeting its responsibilities under the Health and Safety at Work Act 2015, as well as other regulations and policies.
Management operates and assesses the effectiveness of risk assessment and mitigation, safety processes and systems,
capability of staff and the general culture of the business in relation to safety.
The Group has implemented a Health and Safety Risk Matrix to identify specific hazards and risks, assess their severity
of impact and likelihood of occurrence, document mitigation strategies and determine the level of residual risk. This
matrix is reviewed at least annually by the Board, and annual Health and Safety objectives and key performance
indicators are set for the business based on the significant risks identified.
CORPORATE GOVERNANCE STATEMENT CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
95

PRINCIPLE 7 – AUDITORS
The board should ensure the quality and independence of the external audit process.
EXTERNAL AUDIT
Recommendations 7.1 and 7.2: The board should establish a framework for the issuer’s relationship with its external
auditors. This should include procedures prescribed in the NZX Code. The external auditor should attend the issuer’s
annual shareholders meeting to answer questions from shareholders in relation to the audit.
The Board has adopted a policy in relation to the provision of the non-audit services by the Group’s external auditor
to ensure the independence of the external auditor. This is based on the principle that work that may detract from the
external auditor’s independence and impartiality (or that may be perceived as doing so) should not be carried out by
the external auditors.
The Audit and Risk Committee is responsible for the oversight of the Group’s external audit arrangements. These
arrangements include procedures for the matters described in Recommendation 7.1 of the NZX Code.
The Audit and Risk Committee is committed to ensuring the Group’s external auditor is able to carry out its work
independently so that financial reporting is reliable and credible. The Audit and Risk Committee monitors the nature
and extent of other services provided by the external auditor, and the ratio of audit fees to non-audit fees, to ensure that
those services are complementary to the external audit and compatible with maintaining external audit independence.
The Group’s external auditor is Ernst & Young (EY). Total fees paid to EY in its capacity as auditor are included in the
Annual Report on page 56.
The Group invites EY to attend the Annual Meeting of Shareholders and the lead audit partner is available to answer
Shareholder questions about the conduct of their audit and the preparation and content of the auditor’s report.
INTERNAL AUDIT
Recommendation 7.3: Internal audit functions should be disclosed.
The Group does not have an internal audit function. Procedures have been established at Board and executive
management levels that are designed to safeguard the assets and interests of the Group and ensure the integrity of
reporting. These include accounting, financial reporting and internal control policies and procedures. The Board
acknowledges that it is responsible for the overall internal control framework but recognises that no cost-effective
internal control system will preclude all errors and irregularities. To assist in discharging this responsibility, the Board has
instigated an internal control framework as follows:
• Financial reporting – there is a comprehensive budgeting system with an annual budget approved by the Board.
Monthly actual results are reported against budget and revised forecasts for the year are prepared regularly. The
consolidated entity reports to Shareholders half-yearly. Procedures are also in place to ensure that price-sensitive
information is reported to the NZX in accordance with continuous disclosure obligations.
• Operating unit controls – financial controls and standard operating procedures, including information system
controls, are in operation throughout the consolidated entity.
• Investment appraisal – the consolidated entity has clear guidelines for capital expenditure. These include annual
budgets, as well as detailed appraisal and review procedures.
CORPORATE GOVERNANCE STATEMENT CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202096

PRINCIPLE 8 – SHAREHOLDER RIGHTS AND RELATIONS
The board should respect the rights of shareholders and foster constructive relationships with shareholders that
encourage them to engage with the issuer.
INFORMATION FOR THE SHAREHOLDERS
Recommendation 8.1: An issuer should have a website where investors and interested stakeholders can assess financial and
operational information and key corporate governance information about the issuer.
The Group is committed to an open and transparent relationship with Shareholders. The Board aims to ensure that all
Shareholders are provided with all information necessary to assess the Group’s direction and performance.
This is undertaken through a range of communication methods, including periodic and continuous disclosures to the
NZX, half-year and annual reports, and the Annual Shareholders’ Meeting. The Group’s website provides financial and
operational information, details about its Directors and copies of its governance documents, for investors and interested
stakeholders to access at any time.
COMMUNICATING WITH SHAREHOLDERS
Recommendation 8.2: An issuer should allow investors the ability to easily communicate with the issuer, including providing
the option to receive communications from the issuer electronically.
Shareholders have the option of receiving their communications electronically, including by email or through the Group’s
website, and the Board has always been committed to having an open dialogue with Shareholders and welcomes
investor enquiries.
SHAREHOLDER VOTING RIGHTS
Recommendations 8.3 and 8.4: Quoted equity security holders should have the right to vote on major decisions which may
change the nature of the issuer in which they are invested. If seeking additional equity capital, issuers of quoted equity
securities should offer further equity security holders of the same class on a pro rata basis, and on no less favourable terms,
before further equity securities are offered to other investors.
In accordance with the Companies Act 1993, the Group’s Constitution and the NZX Listing Rules, the Group refers any
significant matters to Shareholders for approval at a Shareholders’ Meeting. Where Shareholder votes are conducted by
poll, each Shareholder is entitled to one vote per share.
NOTICE OF ANNUAL SHAREHOLDERS’ MEETING
Recommendation 8.5: The board should ensure that the notices of annual or special meetings of quoted equity security
holders is posted on the issuer’s website as soon as possible and at least 20 working days prior to the meeting.
The Group posts any Notices of Shareholders’ Meetings on its website as soon as these are available. The general
practice is to make these available not less than four weeks prior to the Shareholders’ Meeting.
CORPORATE GOVERNANCE STATEMENT CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
97

OTHER DISCLOSURES
DISCLOSURE OF INTERESTS BY DIRECTORS
In accordance with section 140(2) of the Companies Act 1993, the Directors have made general disclosure of their
relevant interests for entry into the Group’s Interests Register.
Directors have declared interests in the following transactions with subsidiary companies during the financial year:
• Delegat Australia Pty Limited paid fees to Yaroona Pty Limited, a company in which a Director of Delegat Australia
Pty Limited has an interest;
• Delegat Limited paid fees to Camelot Trust Pte. Limited, a company in which a Director of Delegat (Singapore) Pte.
Limited has an interest;
• Barossa Valley Estate Pty Limited and Delegat Limited paid fees to Range Road Estate Pty Limited, a company in
which a Director of Barossa Valley Estate Pty Limited has an interest; and
• Delegat Limited paid consultancy fees to RL Wilton for consultancy services supplied during the course of the year.
The details of these transactions are given in Note 19 to the financial statements, “Related Parties”.
At 30 June 2020 and 28 August 2020 the following Directors, or entities related to them, had interests in the following
company shares:

ORDINARY SHARES
Delegat Group LimitedBeneficialNon-Beneficial
JN Delegat
1
– 6 6 , 8 5 7, 1 4 2
RS Delegat
1
– 6 6 , 8 5 7, 1 4 2
GS Lord
1
- 6 6 , 8 5 7, 1 4 2
RL Wilton 800,000 –
JA Freeman 11,000 –
1
JN Delegat, RS Delegat and GS Lord (Lord Trustee Limited) jointly hold non-beneficially 66,857,142 shares in their capacity as trustees of the Delegat
Share Protection Trust.
SHARE DEALINGS BY DIRECTORS
On 6 March 2020 RL Wilton retired in his capacity as trustee of Delegat Share Protection Trust and Lord Trustee Limited
(of which GS Lord is the director and shareholder) was appointed as a trustee of Delegat Share Protection Trust. Delegat
Share Protection Trust holds non-beneficially 66,857,142 shares in Delegat Group Limited. No other Director dealt in
any shares of the Company, or in the shares of a subsidiary company during the year.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 202098

OTHER DISCLOSURES CONTINUED
REMUNERATION OF DIRECTORS
Directors received the following fees and remuneration from Delegat Group Limited:
2020 2019
$000 $000
Non-Executive Directors
RL Wilton
1
75 68
RS Delegat 75 68
AT Jackson
2
85 78
SJ Cave
2
85 78
GS Lord (appointed 1 July 2020)
4
– –
Executive Directors
3

JN Delegat 829 838
GS Lord (resigned 3 July 2018)
4
– 50
JA Freeman (appointed 3 July 2018)
5
1,067 1,052
1
Robert Lawrence Wilton was paid $100,000 (2019: $100,000) for consulting services provided to Delegat Limited, in addition to Directors’ fees.
2
Alan Trevor Jackson and Shelley Jane Cave were paid $10,000 (2019: $10,000) in addition to their Directors’ fees for their roles as Chair of the Audit
and Risk Committee and Remuneration Committee, respectively.
3
Executive Directors’ remuneration includes salary and benefits received in their capacity as employees. Executive Directors do not receive Directors
fees.
4
Graeme Stuart Lord retired from his position as Managing Director effective 3 July 2018, Graeme Stuart Lord’s remuneration includes a base salary of
$nil and other benefits of $nil (2019: base salary of $49,000 and other benefits of $1,000). Graeme Stuart Lord was appointed as a Non-Executive
Director on 1 July 2020.
5
John Anthony Freeman’s remuneration includes a base salary of $809,000, short term incentive payments of $225,000 and other benefits of $33,000
(2019: base salary of $800,000, short term incentive payments of $220,000 and other benefits of $32,000). The short-term incentive target is
$200,000 (2019: $200,000) and is based on the achievement of predetermined operational performance targets (Group EBIT) and sales targets.

A maximum amount of $300,000 is payable for outstanding performance.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
99

OTHER DISCLOSURES CONTINUED
DIRECTORS AND OFFICERS’ INSURANCE LIABILITY
As permitted by the New Zealand Companies Act 1993, the Company has arranged a policy of Directors and Officers’
liability insurance which insures those persons indemnified to certain liabilities and costs.
STOCK EXCHANGE LISTINGS
The Company’s shares are listed on the New Zealand Stock Exchange.
20 Largest Shareholders as at 30 June 2020
Holder Shares Held % of Shares
Jakov Nikola Delegat, Rosamari Suzan Delegat & Lord Trustee Limited 6 6 , 8 5 7, 1 4 2 6 6.11
Kevin Glen Douglas & Michelle McKenney Douglas 5,269,113 5.21
TEA Custodians Limited – NZCSD
1
4,711,633 4.66
National Nominees New Zealand Limited – NZCSD
1
3,063,657 3.03
James Douglas & Jean Ann Douglas 2,470,878 2.44
Kevin Douglas & Michelle Douglas 2,468,817 2.44
Custodial Services Limited 897,580 0.89
Forsyth Barr Custodians Limited 877,653 0.87
Custodial Services Limited 876,10 6 0.87
Robert Lawrence Wilton 800,000 0.79
Accident Compensation Corporation – NZCSD
1
568,486 0.56
JP Morgan Chase Bank – NZCSD
1
425,855 0.42
Custodial Services Limited 383,300 0.38
Citibank Nominees (New Zealand) Limited – NZCSD
1
326,762 0.32
HSBC Nominees (New Zealand) Limited – NZCSD
1
2 3 7, 5 3 2 0.23
Custodial Services Limited 223,999 0.22
BNP Paribas Nominees (NZ) Limited – NZCSD
1
207,464 0.21
Warren Fraser Sanderson & Elizabeth Ann Sanderson 200,000 0.20
BNP Paribas Nominees (NZ) Limited – NZCSD
1
173,999 0.17
Custodial Services Limited 155,439 0.16
Total for Top 20 91,195,415 9 0.18
1
Shareholdings held in New Zealand Central Securities Depository Limited (NZCSD). Total holding at 30 June 2020 in NZCSD was 10,149,225.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020100

OTHER DISCLOSURES CONTINUED
DISTRIBUTION OF ORDINARY SHARES
Holder Holders Shares Held % of Shares
1 – 5,000 1,487 2,635,325 2.61
5,001 – 10,000 319 2,000,914 1.98
10,001 – 100,000 222 3,991,431 3.95
100,001 plus
1
20 92,505,522 91.46
Tot a l 2,048 101,130,192 100.00
1
NZCSD holdings are considered one holder for the purpose of the distribution of ordinary shares.
GEOGRAPHIC DISTRIBUTION
Holder Holders Shares Held % of Shares
New Zealand 1,992 90,666,591 89.65
United States of America 8 10,293,704 10.18
Australia 25 121,918 0.12
Other Overseas 23 47,979 0.05
Tot a l 2,0 4 8 101,130,192 10 0.0 0
SUBSTANTIAL SECURITY HOLDERS
According to notices given to the Company under the Securities Market Act 1988, as at 30 June 2020 the substantial
security holders in the Company are:
Substantial Security Holders Relevant Interest % of Shares Date of Notice
Jakov Nikola Delegat, Rosamari Suzan Delegat &
Lord Trustee Limited 66,857,142 66.11 21 Dec 2011
Douglas Irrevocable Descendants Trust; Douglas Family Trust;
K&M Douglas Trust 10,208,808 10.09 5 April 2017
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
101

OTHER DISCLOSURES CONTINUED
EMPLOYEE REMUNERATION
Section 211(1)(g) of the New Zealand Companies Act 1993 requires disclosure of remuneration and other benefits,
including redundancy and other payments made on termination of employment, in excess of $100,000 per year, paid
by the Company or any of its subsidiaries worldwide to any employees who are not Directors of the Company.
From To 2020 2019
$ $

100,001 110,000 27 20
110,001 120,000 21 19
120,001 130,000 8 15
130,001 140,000 13 10
140,001 150,000 9 15
150,001 160,000 14 6
160,001 170,000 7 12
170,001 180,000 11 4
180,0 01 190,0 0 0 10 1
190,001 200,000 5 3
200,001 210,000 2 3
220,001 230,000 – 4
230,001 240,000 3 3
240,001 250,000 2 2
250,001 260,000 4 2
260,001 270,000 2 2
270,001 280,000 – 3
280,001 290,000 3 –
290,001 300,000 2 1
300,001 310,000 1 1
310,001 320,000 1 1
320,001 330,000 3 3
330,001 340,000 1 2
350,001 360,000 2 1
370,001 380,000 1 –
380,001 390,000 1 –
390,001 400,000 1 1
400,001 410,000 – 1
470,001 480,000 1 2
560,001 570,000 1 –
570,001 580,000 1 –
157 137
An additional 20 employees are included in this table for 2020 compared to the previous year. The additional number
disclosed can be attributed in part to currency rate changes in the New Zealand Dollar.
SUBSIDIARY COMPANY DIRECTORS
Section 211(1)(2) of the New Zealand Companies Act 1993 requires the Company to disclose, in relation to its subsidiaries,
the total remuneration and value of other benefits received by Directors and former Directors and particulars of entries
in the interests register made during the year ended 30 June 2020.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020102

OTHER DISCLOSURES CONTINUED
SUBSIDIARY COMPANY DIRECTORS (CONTINUED)
Apart from Delegat Australia Pty Limited, Delegat (Singapore) Pte. Limited and Barossa Valley Estate Pty Limited, which
are required to have a local resident as a Director of the Company, no wholly owned subsidiary has any employee
appointed as a Director of Delegat Group Limited or its subsidiaries who receives or retains any remuneration or other
benefits as a Director. No other Director of any subsidiary company within the Group receives Director’s fees or other
benefits as a Director.
The following persons respectively held office as Directors of subsidiary companies at the end of the year or, in the
case of those persons with the letter (R) after their name, ceased to hold office during the year. Alternate Directors are
indicated by the letter (A) after their name.
Delegat Limited
JN Delegat, RS Delegat, RL Wilton, JA Freeman
Delegat Europe Limited
JN Delegat, RL Wilton, JA Freeman
Delegat Australia Pty Limited
JN Delegat, RL Wilton, JA Freeman, PJ Taylor
Delegat USA ,Inc.
JN Delegat
Oyster Bay Wines (USA) Limited
JN Delegat, RS Delegat, RL Wilton
Delegat Canada Limited
JN Delegat, RL Wilton, JA Freeman
Delegat (Singapore) Pte. Limited
JN Delegat, RL Wilton, JA Freeman, A Chew Peck Hwa
Marlborough-Gold Wines Limited
JN Delegat, RS Delegat, RL Wilton
Oyster Bay Wines New Zealand Limited
JN Delegat
Barossa Valley Estate Pty Limited
JN Delegat, RL Wilton, JA Freeman, AW Hoey
DONATIONS
During the year, the Parent Company made donations of $nil and the subsidiaries made donations amounting to $1,000.
NEW ZEALAND EXCHANGE WAIVERS
Delegat Group Limited has not obtained any waivers from the NZX in the financial year ended 30 June 2020.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020
103

DIRECTORY
Directors
Jakov Nikola Delegat
Rosemari Suzan Delegat
Robert Lawrence Wilton
Alan Trevor Jackson
Shelley Jane Cave
John Anthony Freeman
Graeme Stuart Lord
Registered Office
Level 1, 10 Viaduct Harbour Avenue
Auckland 1010
PO Box 91681
Victoria Street West
Auckland 1142
Solicitors
Heimsath Alexander
Level 1, Shed 22, Prince’s Wharf
147 Quay Street
PO Box 105884
Auckland 1143
Auditors
Ernst & Young
EY Building
2 Takutai Square
Britomart
Auckland 1010
Share Registrar
Computershare Investor Services Limited
Private Bag 92119
Auckland 1142
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622
Managing your shareholding online:
To change your address, update your payment
instructions and to view your registered details
including transactions, please visit:
www.investorcentre.com/NZ
General enquiries can be directed to:
enquiry@computershare.co.nz
Private Bag 92119
Auckland 1142
Telephone:
+64 9 488 8777
Facsimile:
+64 9 488 8787
Please assist our registry by quoting your CSN or
Shareholder number.
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2020104
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NICOLE DOOLAN PATRICK DOP MUL JENNY DOWNING PHIL DOYLE NADIA
DUBEAU ESTEBAN DUKE OSSANDON HEATH DUNCAN PETER DUNCAN PHIL
DUNCAN TIM DUNCAN PETER EDGAR PETER EDWARDS OLGA EIZHVERTINA
GRACE ESGUERRA MICHAEL EVANS ARNOLD FAGE MOLLY FERNOW
HAYLEY FIELD TONY FLAWS CHRISTINA FONS DAVID FOX SARA FRANK
MICHAEL FRATER JOHN FREEMAN ALEX FREWER LIZZY FROMSON ANNA
FROST VALENTINA FUNG STEVEN GALLASCH AARON GAWRON CAMILLE
GEMMELL JOHNSTON JOHN GIBSON RYAN GLOVER ALF GOODIER STEPHANIE
GRAPENGIESSER ROGER GRAY GLEN GRIFFITHS GINA GRILLI MARY GROGAN
KIMBERLY GRUBJESIC DAMIAN HABIB NICOLE HAER TAU HAFFEIKI GRANT
HAGEN KRYSTLE HAGUE MICHELLE HALL JASON HANDS HANNAH HARRIS
GEOFF HART DEAN HASKELL MELANIE HAWKINS RACHEL HEBBARD RACHEL
HENRY MEL HERBERT BECKA HEWETSON COLE HIGGISON KEN HIPPOLITE
MADELEINE HO ALLAN HODGES SAMANTHA HODSON ALAN  HOEY TOM
HOLMES JASMINE HOSKING CAITLAN HOSKING SAM HUGHES NEIL HUGHES
CHARLOTTE HUGHES GIGI HUI JONO HUNT FAYE HUNTER ROSS HURT PETER
HUTCHINGS CHLOE ILLSLEY JORDAN INGLES CHERICE INGRAM DARREN
IRVINE MICHAEL IVICEVICH JACQUI IVICEVICH ALI IZADIGHAHFAROKHI OMID
IZADIGHAHFAROKHI ANGELA IZATT KATHERINE JACKSON ALAN  JACKSON
EFREN JAMIESON MAX JING ROB JOHNS SAM JOHNSON HOLLY JOHNSON
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BARRETT KATE JOHNSTON ERIN JONES PAUL JONES HEATHER JONES DARREN
JORGENSEN KAHN JOWSEY JUNEL KATUIN KINESHA KEEFE JAMES KERR RANA
KHAN TONY KIMPTON JEREMY KISSANE AMBER KLYNSTRA SARAH KNIGHT
MITCHELL KOCH MOHINESH KUMAR ADE KURNIAWAN MASHA KYRYCHENKO
JEAN
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FRANCOIS LABBE KELLY LADBROOK TOM LANGE ALISTAIR/AL LASH
KATARINA LAWRIE JEFF LEDDRA TESSA LEITCH CAROL LI SHANGZHI LI CRAIG
LINDSAY SONE LINO EVA LIU MALETINO LOKENI MISTY LOMBARDI ANDY
LUFFMAN SILIO LUI MINA LUKA DANA LUMSDEN ALEISHA LYNCH ALMA MA
MITCH MACKENZIE
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MOL DAN MADDEN DAMIAN MALAITAI DANIELLA MALKI
MICHAEL MANCHEN LUKE MARCHANT TORE MARGIOTTA MARY MARKS
DONNA MARSH ROB MARTYN WILLIAM MASSIE TAU MAXWELL STEVE MAY
LUCY MCALLEY ANTHONY MCCABE DAVID MCCALLUM TYLER MCCOMB CRAIG
MCCUTCHEON SHANE MCEWAN ERIN MCGRAIL BRIAN MCGRATH ANDREW
MCILHONE CANDACE MCKENNEY JANICE MCKINNON DAVID MCKNIGHT
STUART MCLAGAN MARKHAM MCMULLEN SIOBHAN MCNICHOLAS NATALIE
MILICH ARCHIE MILLER MARTIN
MILLER JOHN MILLS GRACE MILNER
OXANA MIRZINCU TATA MOLINARI
STACEY MONTGOMERY CORBIN MOORE
COURTNEY MORSE PAUL MOTUFOUA
SANDY MOWAT LEWIS MUNRO SEAN
MURPHY ALLAN NEAL JUDY NEILL
JOHN NELSON ROMMEL NERIDA JAN
NG TERESA NGUYEN ANNE NGUYEN
VINCE NGUYEN MIKKEL NIELSEN
SWARUP NIMBALKAR MARK NOBLE
RAYMOND NOREAU SAM O’SULLIVAN
MARK OEHLER ABBY OEY PATRICIA OLD FRANCESCO OLIVIERI MICHELLE
ORIGAEN SCOTT OSBORNE JACOB OSBORNE RYAN OTTEY ALLAN OWENS SID
PACHARE SARA PALMER HOWELL PAN MARCOS PAPALII LIEZYL PAR GREG
PARSONS MANISH PATEL LISA PAU SIMON PAYNTER SANDRA PECK KENNY
PEPPER MANUELE PERETTI LAURA PIANO KATIE PIKE SOLOMONE PIUTAU
CHRIS PLICHTA MATT POPE MINETTE POTGIETER DARYL PREFONTAINE
CHRISTINE PRICE JOHN PRIGG BEN PROFFIT DONNA PYWELL LUC QUEVILLON
ROB QUINTER CHANDRA RAJ CARLA RAKO JIMMY RANDALL MARTIN RANDS
JESSICA RAPPAPORT CHARLES RAYNER STEVE RAYNER DEEPTI REDDY
ELISE REDMAN GARY REEVES ELYSE REITH ANNA REMOND ADRIAN RHODES
DANIEL RICHARDS KYLE RICHTER REBECCA RIGANO JUSTIN ROBERTS ALEXIS
ROBIN STEPHEN ROBINSON ASHLEY ROCHHOLZ GRACE RODGER GRACE
ROGERS MARIA ROSATO DAVID ROTHWELL LAURA ROWE MATT RUBINO
JOSH RUSSELL CARLOS RUSSELL SIMON RUTZ MIKAYLA RYAN BOB SAHAT
VICTORIA SANGSTER EVELYN SANGSTER ANDY SAOFAI SEAN SAVAGE ROGER
SCHMIDT TITO SCHWALGER TOVIA SCHWENKE ANGUS SEABROOK LIAM
SEDDON GRISHMA SHAH BEN SHAHMOHAMMADI PADDY SHARMA JASON
SHAW LOUISE SHEPLEY STEVE SHI GLORIA SHIELDS JACQUI SHORE JAMES
SILCOCK PAUL SILKE TARAN SINGH BHAVIKA SINGH ALICE SIXSMITH HENRY
SLATTERY JASMINE SMITH KEVIN SMITH LAUREN SMITH RYAN SMITH TIM
SNOWDEN ANGELA SO’OAEMALELAGI LIZ SPARKES MITCH SPENCER LEVI
SPETZ ANDREW STAFFORD MARY STEVENSON MARK STOWERS MADELINE
STUMER ECHO SU SIYAMALAN SUBRAMANIAN BRAD SUMNER ZOE TALBOTT
POKO TAPOKI LIGITASI TEKAPU ABATE TEKLU KATIE THOMAS KIM THOMPSON
JOE THOMPSON REBECCA TIBBITS MONTREE TOANCHALEE WILLIS TONE
CLYDE TOTANES TONY TRAFFORD JULIE TRAN MARC TRICCA DAVID TRIEU
MEGAN TRILFORD ROBERT TROUGHT HELEN TRUONG KIRI TUALA FA’ALINGI
TUPOU LINZ TUPOU LIZ TURIA MANU TUSIPESE MELISSA URSO DARCY
VAKA SERINA VALDEZ HANS VAN DEN IERSSEL SIMON VAUGHAN JULIJA
VESELOVA CHRISTINE VILLANUEVA ELI VILLAVER ED VOS GIANNIS VOUKIDIS
FRANK VUJNOVICH VIVIEN WADSWORTH GREG WAINE ALLAN WAIRAMA
EMILY WALLER RYAN WAPLES TIM WARD PAULINE WARREN MARTY
WATSON SAM WEBB MICHAEL WEBSTER MONIQUE WEBSTER MELANIE
WEGNER MURRAY WHEELER LAURA WILDE AL WILKIE GEMMA WILKINSON
KIM WILKINSON JUNIOR WILLIAMS KURT WILLIAMS PETER WILLIAMSON
BRET WILSON ELLIE WILSON PAM WILSON BOB WILTON NEWTON WINETI
TAYLA WITIKA NICK WRIGHT RACHEL WYLIE STEVEN WYNGARD MING
XI SHELLEY YOUNG REBECCA YOUNG LEE ZAPPARA CINDY ZHANG
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