HGH Ltd Results for the 6 months ended 1 February 2021

26 March 2021
HALLENSTEIN GLASSON HOLDINGS LIMITED

UNAUDITED RESULTS FOR 6 MONTHS ENDED 1 FEBRUARY 2021

The Company advises that Group sales for the six months to 1 February 2021 were $181.98 million,
an increase of 13.6% over the corresponding period last year ($160.27 million). Net profit after tax
was $19.84 million, an increase of 28.6% over the corresponding period last year ($15.44 million).
The result is in line with the guidance announced to the NZX on 17 February 2021.

Gross margin on sales was 56.5% compared with 58.3% in the prior corresponding period, this was
mainly due to increased freight costs resulting from shipping delays over the key trading period
where stock was required to be airfreighted to manage availability. General expenses across the
business were well controlled.

Segment Results

Glassons

Sales in Australia were $68.43 million for the six month period, which were up 26.9% against the
prior corresponding period. During the season a new pop-up store was opened in Birkenhead,
Sydney. There are currently permanent sites being reviewed for potential openings in Australia to
further expand the business.

Sales in New Zealand were $61.84 million, which was up 14.5% against the same period last year.
There is continued focus on technology and the effectiveness of being omni channel with an increase
in investment to support the digital strategy.

There has been a strong emphasis to make product more sustainable with a number of new
initiatives launched over the period. Both Glassons businesses have continued to show strong
growth in what is a challenging and ever-changing environment.

Hallenstein Brothers

Sales were $51.70 million for the six month period (including Australia), with sales declining -1.2%
against the same period last year. Demand for the tailored product diminished with the impact of
COVID-19 with more people working from home, and less certainty around events. Work continued
throughout the season on improving the product offering and repositioning the brand.

E-Commerce

Digital sales have increased to 23.8% of total Group sales for the six month period. The focus is on
digital marketing across the Group to drive engagement across all channels. During the period

Glassons launched an omni-channel Glassons App which has been very successful with a large
uptake from customers.

Dividend
The Directors have declared an interim dividend of 23 cents per share (fully imputed) (last year 15
cents per share) to be paid on 16 April 2021. The balance sheet continues to be strong, inventories
well controlled and the current trading patterns have allowed the Company to increase the dividend
payment.

Future Outlook

Although the trading environment in both New Zealand and Australia remains challenging, and with
the uncertainty of COVID-19 ever present, it is encouraging that Group sales for the first 7 weeks of
the Winter season are +17.8% ahead of the same period last year. However, it must be considered
that it was this time last year that the COVID-19 impact was beginning to be felt in both New Zealand
and Australia.

During the period Auckland moved to Level 3 on the 15th February to 17th February 2021 and 28th
February to 6th March 2021 where thirteen Hallenstein Brothers stores and twelve Glassons stores
were closed.

Following the appointment of Stuart Duncan as the new Group CEO from 1 April 2021, the business
will continue to focus on building digital engagement with our customers, cost control and improving
our market share in the New Zealand and Australian fashion apparel sector in which we operate.


Mary Devine
Group Managing Director

---

Results Announcement



Results for announcement to the market
Name of issuer Hallenstein Glasson Holding Limited
Reporting Period 6 months to 1 February 2021
Previous Reporting Period 6 months to 1 February 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$181,977 13.6%
Total Revenue $181,977 13.6%
Net profit/(loss) from
continuing operations
$19,844 28.6%
Total net profit/(loss) $19,844 28.6%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.23
Imputed amount per Quoted
Equity Security
$0.08944444
Record Date 9 April 2021
Dividend Payment Date 16 April 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.38 $1.27
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For further information refer to the attached:
• Group Managing Director’s announcement
• Interim financial statements
Authority for this announcement
Name of person

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

26 March 2021

Unaudited interim financial statements accompany this announcement.

---

STATEMENT OF COMPREHENSIVE INCOME 
For the six months ended 1 February 2021 (unaudited) 
1


Note
Half Year
ended
1/2/21
Half Year
ended
1/2/20
$000
$000
Sales revenue181,977
160,266
Cost of sales
(79,148)
(66,813)
Gross profit102,829
93,453
Other operating income
185
142
Selling expenses
(56,565)
(55,171)
Distribution expenses
(5,719)
(3,683)
Administration expenses
(11,491)
(12,521)
Total expenses2.2(73,775)
(71,375)
Operating profit29,239
22,220
Finance income
66
77
Finance expense
(1,312)
(1,223)
Profit before income tax27,993
21,074
Income tax expense
(8,149)
(5,639)
Net profit after tax attributable to the shareholders of the Holding Company19,844
15,435
Other comprehensive income
- Items that will not be reclassified to profit or loss
Increase in share option reserve
12
14
- Items that may be subsequently reclassified to profit or loss
Fair value (loss)/gain (net of tax) in cash flow hedge reserve
132
(438)
Total comprehensive income for the year
19,988
15,011
Earnings per share
Basic and diluted earnings per share
33.27
25.88
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

STATEMENT OF FINANCIAL POSITION 
As at 1 February 2021 (unaudited) 
2


Note As at 1/2/21
As at 1/2/20 As at 1/8/20
$000
$000$000
EQUITY
Contributed equity
28,091
29,059 29,059
Asset revaluation reserve
19,925
18,717 19,925
Cashflow hedge reserve
(1,746)
657 (1,878)
Share option reserve
17
72 64
Retained earnings
36,572
27,573 39,932
Total equity82,859
76,078 87,102
Represented by
CURRENT ASSETS
Cash and cash equivalents
36,378
12,808 49,642
Trade and other receivables
144
5,257 2,343
Advances to employees
292
291 291
Prepayments
2,404
1,040 1,040
Inventories
324,394
25,881 24,637
Derivative financial instruments
25
1,030 19
Total current assets63,637
46,307 77,972
NON-CURRENT ASSETS
Property, plant and equipment
445,681
48,565 48,958
Right of use assets
70,796
72,212 73,628
Investment property
3,212
2,968 3,212

Intangible assets
559
319 420
Deferred tax
7,582
4,399 7,234
Total non-current assets127,830
128,463 133,452
Total assets191,467
174,770 211,424
CURRENT LIABILITIES
Trade payables
9,166
6,634 12,771
Employee benefits
6,137
4,739 5,586
Other payables
7,782
5,475 14,196
Lease liabilities
25,255
21,685 27,027
Derivative financial instruments
2,472
104 2,661
Taxation payable
2,785
1,517 3,445
Total current liabilities53,597
40,154 65,686
NON-CURRENT LIABILITIES
Lease liabilities
55,011
58,538 58,636
Total liabilities108,608
98,692 124,322
Net assets82,859
76,078 87,102
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

STATEMENT OF CHANGES IN EQUITY 
For the six months ended 1 February 2021 (unaudited) 
3


SHARE
CAPITAL
TREASURY
STOCK
ASSET
REVALUATION
RESERVE
CASH FLOW
HEDGE
RESERVE
SHARE
OPTION
RESERVE
RETAINED
EARNINGS
TOTAL
EQUITY
$000$000$000$000$000$000$000
Balance at 1 August 201929,279 (305) 18,419 1,095 58 26,454 75,000
COMPREHENSIVE INCOME
Profit for year - - - - - 15,435 15,435
Deferred tax on sale of property - - 298 - - - 298
Cash flow hedges net of tax - - - (438) - - (438)
Increase in share option reserve - - - - 14 - 14
Total comprehensive income
- - 298 (438) 14 15,435 15,309
TRANSACTIONS WITH OWNERS
Dividends - 27 - - - (14,316) (14,289)
Transfer to employee advances - 58 - - - - 58
Total transactions with owners
- 85 - - - (14,316) (14,231)
Balance at 1 February 2020
29,279 (220) 18,717 657 72 27,573 76,078
COMPREHENSIVE INCOME
Profit for year - - - - - 12,339 12,339
Revaluation net of tax - - 1,208 - - - 1,208
Cash flow hedges net of tax - - - (2,535) - - (2,535)
Increase in share option reserve - - - - 12 - 12
Total comprehensive income
- - 1,208 (2,535) 12 12,339 11,024
TRANSACTIONS WITH OWNERS
Transfer of share option reserve to
retained earnings - - - - (20) 20 -
Total transactions with owners
- - - - (20) 20 -
Balance at 1 August 2020
29,279 (220) 19,925 (1,878) 64 39,932 87,102
COMPREHENSIVE INCOME
Profit for year
- - - - - 19,844 19,844
Cash flow hedges net of tax
- - - 132 - - 132
Increase in share option reserve
- - - - 12 - 12
Total comprehensive income - - - 132 12 19,844 19,988
TRANSACTIONS WITH OWNERS
Purchase of treasury stock
- (1,191) - - - - (1,191)
Transfer of share option reserve to
retained earnings
- - - - (59) 59 -
Dividends
- 74 - - - (23,263) (23,189)
Transfer to employee advances
- 149 - - - - 149
Total transactions with owners - (968) - - (59) (23,204) (24,231)
Balance at 1 February 202129,279 (1,188) 19,925 (1,746) 17 36,572 82,859
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

STATEMENT OF CASH FLOWS 
For the six months ended 1 February 2021 (unaudited) 
4


Half Year
ended 1/2/21
Half Year
ended 1/2/20
$000
$000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Sales to customers
181,924
160,093
Rent received
185
142
Government grants
3,864
-
Interest received
61
70
Interest on debtors
5
7
186,039
160,312
Cash was applied to:
Payments to suppliers
115,763
93,194
Payments to employees
31,832
28,992
Interest paid on leases
1,312
1,223
Taxation paid
9,219
8,926
158,126
132,335
Net cash flows from operating activities27,913
27,977
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant and equipment and intangible assets
67
303
Repayment of employee advances
148
139
215
442
Cash was applied to:
Purchase of property, plant and equipment and intangible assets
2,033
7,630
2,033
7,630
Net cash flows applied to investing activities(1,818)
(7,188)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Proceeds from sale of treasury stock and dividends
74

27
74
27
Cash was applied to:
Dividend paid
23,263
14,316
Purchase of treasury stock
1,191
-
Lease liability payments
14,979
10,198
39,433
24,514
Net cash flows applied to financing activities(39,359)
(24,487)
Net (decrease)/increase in funds held(13,264)
(3,698)
Cash and cash equivalents at the beginning of the period49,642
16,506
Cash and cash equivalents at the end of the period36,378 12,808
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

STATEMENT OF CASH FLOWS (CONTINUED) 
For the six months ended 1 February 2021 (unaudited) 
5


RECONCILIATION OF PROFIT AFTER TAXATION TO CASH FLOWS FROM OPERATING
ACTIVITIES

Half Year
ended
1/2/21
Half Year
ended
1/2/20
$000
$000
NET PROFIT AFTER TAXATION19,844
15,435
ADD/(DEDUCT) ITEMS CLASSIFIED AS INVESTING OR FINANCING ACTIVITIES
(Gain)/loss on sale of plant and equipment
(32)
29
ADD/(DEDUCT) NON CASH ITEMS
Depreciation and amortisation
17,550
15,201
Deferred taxation
(411)
(1,205)
Share option expense
12
14
ADD/(DEDUCT) MOVEMENTS IN WORKING CAPITAL ITEMS
Taxation payable
(660)
(2,380)
Trade and other receivables and prepayments
835
4,367
Trade and other payables and employee benefits
(9,468)
(1,614)
Inventories
243
(1,870)
NET CASH FLOWS FROM OPERATING ACTIVITIES27,913
27,977
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2021 (unaudited) 
6


1 Basis of preparation of financial statements
This section presents a summary of information considered relevant and material to assist the reader
in understanding the foundations on which the financial statements as a whole have been compiled.

1.1 General information
Reporting entity
Hallenstein Glasson Holdings Limited (“Company” or “Parent”) together with its subsidiaries (the
“Group”) is a retailer of men’s and women’s clothing in New Zealand and Australia.
The Company is a limited liability company incorporated and domiciled in New Zealand. The address
of its registered office is Level 3, 235-237 Broadway Newmarket, Auckland.

Statutory base
Hallenstein Glasson Holdings Limited is a company registered under the Companies Act 1993 and is
a FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The Company is also
listed on the New Zealand Stock Exchange (NZX). The financial statements of the Group have been
prepared in accordance with the requirements of Part 7 of the Financial Markets Conduct Act 2013
and the NZX Main Board Listing Rules.
The financial statements were approved for issue by the Board of Directors on 26 March 2021.

1.2 General accounting policies
Statement of compliance
These interim financial statements for the half year ended 1 February 2021 have been prepared in
accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP), NZ IAS 34 and
IAS 34 Interim Financial Reporting and should be read in conjunction with the 2020 Annual Report.

Basis of preparation of financial statements
The accounting policies used in the preparation of these financial statements are consistent with
those used in the previously published interim financial statements to 1 February 2020, and the
audited financial statements to 1 August 2020.
The financial statements for the six months ended 1 February 2021 and 1 February 2020 are
unaudited. The comparative information for the year ended 1 August 2020 is audited.

Entities reporting
The financial statements are the Consolidated Financial Statements of the Group comprising
Hallenstein Glasson Holdings Limited and subsidiaries, together they are referred to in these financial
statements as ‘the Group’. The parent and its subsidiaries are designated as for-profit entities for
financial reporting purposes.

1.3 Significant events and transactions
On 11 March 2020, the World Health Organisation declared COVID-19 to be a global pandemic.
COVID-19 has impacted the health and wellbeing of people around the world and in turn the outbreak
and the associated restrictions put in place to fight the virus have had a significant adverse impact on
the global economy.

The New Zealand Government’s overall public health strategy in respect of the COVID-19 pandemic
affecting New Zealand was elimination with the overall goal to stop community transmission in New
Zealand:

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2021 (unaudited) 
7


On 12 August 2020 Auckland re-entered Level 3 lockdown. The Group announced it had closed
thirteen Hallenstein Brothers stores and twelve Glassons stores in Auckland until a return to Level 2
was possible. On 31 August 2020 Auckland entered level 2.5 and the Auckland stores for both
Hallensteins Brothers and Glassons were re-opened with strict protocols in place in line with the
Governments recommendations.

Post half year end, on 15 February 2021 Auckland re-entered Level 3 lockdown. The Group
announced it had closed thirteen Hallenstein Brothers stores and twelve Glassons stores in Auckland
until 17 February 2021. In Melbourne there were eleven Glassons stores closed with the recent
lockdown from 12 February 2021 for five days.

On 28 February 2021 Auckland again re-entered Level 3 lockdown. The thirteen Hallenstein Brothers
Auckland stores and twelve Glassons Auckland stores were closed until 7 March 2021.

Certain key judgements and estimates are applied in these financial statements. The Directors have
assessed the impact of COVID-19 on these judgements and estimates and concluded that changes
are not necessary.

As part of its response to COVID-19, the Australian Government provided JobKeeper subsidies over
a specific calendar period to eligible businesses to allow those businesses to retain employees when
they were closed or suffered reduced trading due to COVID-19. The Group have applied NZ IAS 20
Accounting for Government Grants and Disclosure of Government Assistance in accounting for the
funds received from the COVID-19 Wage Subsidy. Government wage subsidies received during the
period have been accounted for as government grants and offset against the expenses to which they
relate in the same period as they are incurred as disclosed in note 2.2.

The Group continues to monitor the impact of COVID-19 on the performance of the business, and
employs as appropriate the steps outlined in the 2020 Annual Report to preserve liquidity. The Group
continues to be cautious in regard to the future impact of COVID-19 on customer confidence and
spending patterns.
 


2 Performance information
2.1 Segment information
The Board of Directors considers the business from both a product and geographic perspective as
follows:
 Hallenstein Brothers (Hallenstein Bros Ltd (New Zealand) and Hallenstein Brothers Australia
Limited (Australia))
 Glassons Limited (New Zealand)
 Glassons Australia Limited (Australia)
 Hallenstein Properties Limited (New Zealand)
 Hallenstein Glasson Holdings Limited – Parent (New Zealand)

Segment results and key balances are shown below. Segment assets and liabilities are measured
in the same way as in the financial statements. Assets and liabilities are allocated based on the
operations of the segment.

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2021 (unaudited) 
8


2 Performance information (continued)
Segment results
For the period ended
1 February 2021
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
HALLENSTEIN
BROTHERS
HALLENSTEIN
PROPERTY PARENT
TOTAL
SEGMENTS
$000$000$000$000$000$000
INCOME STATEMENT
Sales revenue from external
customers61,841 68,432 51,704 - -
181,977
Cost of sales(28,506) (28,204) (22,438) - -
(79,148)
Gross profit33,335 40,228 29,266 - -
102,829
Finance income17 13 36 - -
66
Finance expenses(520) (395) (397) - -
(1,312)
Depreciation and software
amortisation5,658 6,377 5,336 173 6
17,550
Profit/(loss) before income tax8,035 14,613 5,088 264 (7)
27,993
Income tax expense(2,242) (4,405) (1,430) (74) 2
(8,149)
Profit/(loss) after income tax5,793 10,208 3,658 190 (5)
19,844
BALANCE SHEET
Current assets14,741 19,102 22,554 4,633 2,607
63,637
Non-current assets48,071 29,773 31,406 18,568
12
127,830
Current liabilities16,699 19,615 16,909 299 75
53,597
Non-current liabilities24,605 13,426 16,980 - -
55,011
Purchase of property, plant and
equipment and intangibles628 553 852 - -
2,033
For the period ended
1 February 2020
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
HALLENSTEIN
BROTHERS
HALLENSTEIN
PROPERTY PARENT
TOTAL
SEGMENTS
$000$000$000$000$000$000
INCOME STATEMENT
Sales revenue from external
customers54,000 53,914 52,352 - -
160,266
Cost of sales(23,618) (20,925) (22,270) - -
(66,813)
Gross profit30,382 32,989 30,082 - -
93,453
Finance income21 13 40 - 3
77
Finance expenses(492) (304) (427) - -
(1,223)
Depreciation and software
amortisation4,682 5,240 5,100 179 -
15,201
Profit before income tax7,561 8,532 4,696 260 25
21,074
Income tax expense(1,672)
(2,566) (1,321) (73) (7)
(5,639)
Profit after income tax5,889 5,966 3,375 187 18
15,435
BALANCE SHEET
Current assets11,187 8,875 17,596 5,066 3,583
46,307
Non-current assets45,179 31,559 35,154 16,561 10
128,463
Current liabilities13,430 13,831 12,465 354 74
40,154
Non-current liabilities23,299 15,096 20,143 - -
58,538
Purchase of property, plant and
equipment and intangibles3,762 2,672 1,189 7 -
7,630

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2021 (unaudited) 
9


2.2 Income and expenses
Profit before income tax includes the following specific expenses:
Half Year
ended
1/2/21
Half Year
ended
1/2/20
$000
$000
Occupancy costs
1
12,697
15,711
Wages, salaries and other short term benefits
2
28,924
27,783
Depreciation, amortisation and impairment of property, plant and equipment
5,136
4,964
Gain on sale of property, plant and equipment
(32)
(1,020)


1
Occupancy costs include rental expense on short term leases, depreciation and interest expense on
right of use assets, less rent relief received from landlords during the period.
2
Wages, salaries and other short term benefits includes wage subsidy benefit from the Australian
Government of $2.135M.
2.3 Dividends
Half Year
ended
1/2/21
Half Year
ended
1/2/20
Half Year
ended
1/2/21
Half Year
ended
1/2/20
cents/share cents/share$000
$000
Interim dividend for the period ended 1 August 2020
15.00
-
8,947
Final dividend for the period ended 1 August 2020
24.00
-
14,316
-
Final dividend for the period ended 1 August 2019
-
24.00
-
14,316
Total39.00
24.00
23,263
14,316


3 Inventories
During the period ended 1 February 2021, the Group recognised in the Statement of Comprehensive
Income, a write down of finished goods inventory to provide for obsolescence of $175,000 (2020:
$127,000).

4 Property, plant and equipment
Acquisitions and disposals
During the six months ended 1 February 2021, the Group acquired assets with a total cost of
$2,034,000 (2020: $7,630,000).
Assets with a net book value of $35,000 were disposed of during the six months ended 1 February
2021 (2020: $3,760,000), resulting in a net gain on disposal of $32,000 (2020: gain on disposal of
$1,020,000).

5 Related party transactions
The Group enters into transactions with related parties. Details of related parties, and the types of
transactions entered into during the period ended 1 February 2021, are consistent with those
disclosed in the audited financial statements for the year ended 1 August 2020.

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2021 (unaudited) 
10


6 Capital expenditure commitments
Half Year
ended
1/2/21
Half Year
ended
1/2/20
Full Year
ended
1/8/20
$000
$000$000
Commitments in relation to store fitouts and warehouse expansion
-
3,223 -


7 Events subsequent to balance date
Subsequent to the half year end, the Board has resolved to pay an interim dividend of 23.0 cents
(2020: 15.0 cents) per share (fully imputed). The dividend will be paid on 16
th
April 2021 to all
shareholders on the Company’s register as at 5.00pm, 9
th
April 2021.

On the 15
th
February 2021 Auckland re-entered Level 3 lockdown. The Group announced it had
closed thirteen Hallenstein Brothers stores and twelve Glassons stores in Auckland until 17 February
2021. In Melbourne there were eleven Glassons stores closed with the recent lockdown from the 12
th

February for five days.

On the 28
th
February 2021 Auckland again re-entered Level 3 lockdown. The thirteen Hallenstein
Brothers Auckland stores and twelve Glassons Auckland stores were closed until 7 March 2021.

---

Distribution Notice





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

Section 1: Issuer information
Name of issuer Hallenstein Glasson Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code HLG
ISIN (If unknown, check on NZX
website)
NZHLGE 0001S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 09/04/2021
Ex-Date (one business day before the
Record Date)
08/04/2021
Payment date (and allotment date for
DRP)
16/04/2021
Total monies associated with the
distribution
1

$13,719,284 based on the number of units on issue at
the date of the form
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.31944444
Gross taxable amount
3
$0.31944444
Total cash distribution
4
$0.23000000
Excluded amount (applicable to listed
PIEs)
$nil
Supplementary distribution amount $0.04058828
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed



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

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

28%
Imputation tax credits per financial
product
$0.08944444
Resident Withholding Tax per
financial product
$0.01597222
Section 4: Distribution re-investment plan1 (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

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

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

DRP strike price per financial product

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

Section 5: Authority for this announcement
Name of person

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

26/03/2021





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