HLG Interim Report for 6 months ended 1 February 2021

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HALLENSTEIN GLASSON HOLDING LIMITED 1 INTERIM REPORT 2021
CONTE

HALLENSTEIN GLASSON HOLDING LIMITED | INTERIM REPORT 2021
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NTS

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HALLENSTEIN GLASSON HOLDING LIMITED 1 INTERIM REPORT 2021
CHAIRMAN’S
REPORT
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.

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HALLENSTEIN GLASSON HOLDING LIMITED 1 INTERIM REPORT 2021
WARREN BELL
CHAIRMAN
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.

4
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2021 (UNAUDITED)
SIX MONTHS
ENDED
1/2/21
SIX MONTHS
ENDED
1/2/20
$000’s
NOTE
Sales revenue 181,977
160,266
Cost of sales
(79,148)
(66,813)
Gross profit 102,829
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 profit 29,239
22,220
Finance income
66
77
Finance expense
(1,312)
(1,223)
Profit before income tax 27,993
21,074
Income tax expense
(8,149)
(5,639)
Net profit after tax attributable to the shareholders
of the Holding Company
19,844 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.

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STATEMENT OF FINANCIAL POSITION
AS AT 1 FEBRUARY 2021 (UNAUDITED)
NOTE
AS AT
1/2/21
AS AT
1/2/20
AS AT
1/8/20
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 equity 82,859
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
3 24,394
25,881 24,637
Derivative financial instruments
25
1,030 19
Total current assets 63,637
46,307 77,972
NON-CURRENT ASSETS
Property, plant and equipment
4 45,681
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 assets 127,830
128,463 133,452
Total assets 191,467
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 liabilities 53,597
40,154 65,686
NON-CURRENT LIABILITIES
Lease liabilities
55,011
58,538 58,636
Total liabilities 108,608
98,692 124,322
Net assets 82,859
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.
$000’s

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STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2021 (UNAUDITED)
$000’s
SHARE
CAPITAL
TREASURY
STOCK
ASSET
REVALUATION
RESERVE
CASH
FLOW
HEDGE
RESERVE
SHARE
OPTION
RESERVE
RETAINED
EARNINGS
TOTAL
EQUITY
Balance at 1 August 2019 29,279 (305) 18,419 1,095 58 26,454 75,000
COMPREHENSIVE INCOME
Profit for year - - - - - 15,435 15,435
Deferred tax on sale of property - - 298 - - - 298
Cash flow hedges net of tax - - - (438) - - (438)
Increase in share option reserve - - - - 14 - 14
Total comprehensive income
- - 298 (438) 14 15,435 15,309
TRANSACTIONS WITH OWNERS
Dividends - 27 - - - (14,316)(14,289)
Transfer to employee advances - 58 - - - - 58
Total transactions with owners
- 85 - - - (14,316)(14,231)
Balance at 1 February 2020
29,279 (220) 18,717 657 72 27,573 76,078
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 -
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)
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 - - - (59)(23,204)(24,231)
Balance at 1 February 2021 29,279 (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.
(20)
(968)
(1,191)

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STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2021 (UNAUDITED)
SIX MONTHS
ENDED
1/2/21
SIX MONTHS
ENDED
1/2/20
$000’s
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 activities 27,913
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 period 49,642
16,506
Cash and cash equivalents at the end of the period 36,378
12,808

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

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STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2021 (UNAUDITED)
RECONCILIATION OF PROFIT AFTER TAXATION
TO CASH FLOWS FROM OPERATING ACTIVITIES
$000’s
SIX MONTHS
ENDED
1/2/21
SIX MONTHS
ENDED
1/2/20
NET PROFIT AFTER TAXATION 19,844
15,435
ADD/(DEDUCT) ITEMS CLASSIFIED AS INVESTING OF 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 ACTIVITIES 27,913
27,977

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

9
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2021 (UNAUDITED)
1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
This section presents a summary of information considered relevant and material to assist the reader
in understanding the foundations on which the financial statements as a whole have been compiled.
1.1 GENERAL INFORMATION
REPORTING ENTITY
Hallenstein Glasson Holdings Limited (“Company” or “Parent”) together with its subsidiaries (the “Group”)
is a retailer of men’s and women’s clothing in New Zealand and Australia.
The Company is a limited liability company incorporated and domiciled in New Zealand. The address
of its registered office is Level 3, 235-237 Broadway Newmarket, Auckland.
STATUTORY BASE
Hallenstein Glasson Holdings Limited is a company registered under the Companies Act 1993 and is a
FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed
on the New Zealand Stock Exchange (NZX). The financial statements of the Group have been prepared
in accordance with the requirements of Part 7 of the Financial Markets Conduct Act 2013 and the NZX
Main Board Listing Rules.
The financial statements were approved for issue by the Board of Directors on 26 March 2021.
1.2 GENERAL ACCOUNTING POLICIES
STATEMENT OF COMPLIANCE
These interim financial statements for the six months 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.

10
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2021 (UNAUDITED)
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.
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 Hallenstein 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.

11
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2021 (UNAUDITED)
$000’s
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
HALLENSTEIN
BROTHERS
HALLENSTEIN
PROPERTYPARENT
TOTAL
SEGMENTS
INCOME STATEMENT
Sales revenue from
external customers 61,841 68,432 51,704 - - 181,977
Cost of sales
(28,506) (28,204) (22,438) - -
(79,148)
Gross profit
33,335 40,228 29,266 - -
102,829
Finance income
17 13 36 - -
66
Finance expenses
(520) (395) (397) - -
(1,312)
Depreciation and
software amortisation 5,658 6,377 5,336 173 6 17,550
Profit/(loss) before
income tax 8,035 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 tax 5,793 10,208 3,658 190 (5) 19,844
BALANCE SHEET
Current assets 14,741 19,102 22,554 4,633 2,607
63,637
Non-current assets 48,071 29,773 31,406 18,568 12
127,830
Current liabilities 16,699 19,615 16,909 299 75
53,597
Non-current liabilities 24,605 13,426 16,980 - -
55,011
Purchase of property,
plant and equipment
and intangibles 628 553 852 - - 2,033
2 PERFORMANCE INFORMATION (CONTINUED)
SEGMENT RESULTS
For the six months ended 1 February 2021

12
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2021 (UNAUDITED)
$000’s
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
HALLENSTEIN
BROTHERS
HALLENSTEIN
PROPERTYPARENT
TOTAL
SEGMENTS
INCOME STATEMENT
Sales revenue from
external customers 54,000 53,914 52,352 - - 160,266
Cost of sales
(23,618) (20,925) (22,270) - -
(66,813)
Gross profit
30,382 32,989 30,082 - -
93,453
Finance income 21 13 40 - 3
77
Finance expenses

(304) (427) - - (1,223)
Depreciation and
software amortisation
4,682 5,240 5,100 179 -
15,201
Profit before
income tax 7,561 8,532 4,696 260 25 21,074
Income tax expense(1,672) (2,566) (1,321) (73) (7)
(5,639)
Profit after income tax 5,889 5,966 3,375 187 18
15,435
BALANCE SHEET
Current assets 11,187 8,875 17,596 5,066 3,583
46,307
Non-current assets 45,179 31,559 35,154 16,561 10
128,463
Current liabilities 13,430 13,831 12,465 354 74
40,154
Non-current liabilities 23,299 15,096 20,143 - -
58,538
Purchase of property,
plant, equipment
and intangibles 3,762 2,672 1,189 7 - 7,630
2 PERFORMANCE INFORMATION (CONTINUED)
2.2 INCOME AND EXPENSES
Profit before income tax includes the following specific expenses:
$000’s
SIX MONTHS
ENDED
1/2/21
SIX MONTHS
ENDED
1/2/20
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)
SEGMENT RESULTS
For the six months ended 1 February 2020
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 $2,135,000.
(492)

13
SIX MONTHS
ENDED
1/2/21
SIX MONTHS
ENDED
1/2/20
SIX MONTHS
ENDED
1/2/21
SIX MONTHS
ENDED
1/2/20
cents per sharecents per share$000’s$000’s
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
Total 39.00
24.00
23,263
14,316

2.3 DIVIDENDS
NOTES TO THE FINANCIAL STATEMENTS
3 INVENTORIES
During the six months 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: $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 six months ended 1 February 2021, are consistent with those
disclosed in the audited financial statements for the year ended 1 August 2020.
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2021 (UNAUDITED)
6 CAPITAL EXPENDITURE COMMITMENTS
$000’s
AS AT
1/2/21
AS AT
1/2/20
AS AT
1/8/20
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 16th April 2021 to all shareholders on
the Company’s register as at 5.00pm, 9th April 2021.
On the 15th 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 12th February
for five days.
On the 28th 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.

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REGISTERED OFFICE
Level 3
235 – 237 Broadway
Newmarket
Auckland 1023
Tel +64 9 306 2500
Fax +64 9 306 2523
POSTAL ADDRESS
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Auckland Mail Centre
Auckland 1141
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WEBSITES
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