Investment Diversification Drives 126% Earnings Growth

Proudly Investing in the New Zealand Agricultural Sector for over 100 years



FY21 AUDITED FINANCIAL STATEMENTS

NZX and Media Release 30 August 2021
INVESTMENT DIVERSIFICATION DRIVES 126% EARNINGS GROWTH
The Directors of Allied Farmers Ltd (“Allied Farmers” or “Allied Group”) (ALF:NZX) are pleased to report an
audited net profit before tax for the year to 30 June 2021 of $2.481 million (FY20 $1.099 million).

The result reflected an improved performance from our livestock agency business which recovered from the
prior year impacts of Covid and drought. However, this improvement was partially offset by a lower
contribution from our veal business reflecting the impact of Covid on in-market pricing and returns. The
result also includes an inaugural half year contribution from our recent investment in rural property manager
New Zealand Rural Land Management Limited Partnership (NZRLM).

The livestock business result reflects the continued hard work of our staff and ongoing initiatives aimed at
providing them with the right tools, support and environment to safely and efficiently deliver our services to
farmers. We continued to invest in our digital technologies, recognising that while sale yards play a critical
role in the rural value chain, there is ongoing need for innovation to support the changing needs of farmers,
and ongoing operational requirements and compliance costs. We hosted 303 auctions via our digital
platform and now have live auction capabilities at all our sales yards and the ability to livestream paddock
auctions on farm throughout New Zealand.

We are pleased with the growth of our livestock lending business, with the loan book expanding by an
additional $1.6 million to $5.2 million, largely made possible following the successful capital raise in late
2020. In addition, this business concluded a successful first year introduction of a new seasonal store lamb
financing facility (Lamb Plan) which we expect to grow over coming seasons.

NZRLM produced a strong result in its first six months of operations, delivering earnings of $1.15 million for
the year ending 30 June 2021. The NZRLM team undertook extensive due diligence for NZX-listed New
Zealand Rural Land Company Limited to enable its significant acquisitions of rural land following its
successful IPO on the NZX in December 2020.

As we outlined last year, we have been heavily focused on both growing our underlying business and
diversifying through targeted investment. The Board appreciates shareholders’ support of last year’s rights
issue and placement that enabled the acquisition of 50% in NZRLM, growth in our livestock lending business,
ongoing MyLiveStock digital platform investment, and a modest investment in New Zealand Rural Land
Company Limited. These investments have resulted in growth in earnings per share (EPS) of 63%.

The Allied Farmers’s Board has completed a review of its capital requirements and concluded that its
strategic goals can be achieved through utilisation of its current balance sheet, and therefore has
determined that it will not undertake the additional share placement that was approved by shareholders at
the 2020 Annual Meeting.

As at 30 June 2021, Allied Farmers had a net cash position of approximately $1.5 million (compared to a net
debt position of $1.7 million at 30 June 2020). Post balance date, we will repay the $1 million Bond which
term expires in September 2021, thereby lowering debt and funding costs in the year now underway.

Having completed a strategy reset, Allied Farmers will continue to optimise and invest in its existing
businesses and evaluate new opportunities and proposals when they present themselves. The reset
includes consideration of options such as growing our livestock lending business (through our NZ Farmers
Livestock Finance Limited subsidiary), investing to increase our market share in our livestock business, and
supporting NZRLM as New Zealand Rural Land Company Limited continues its growth.

The Directors will update shareholders at the ASM in November as to whether a dividend (or other forms
of capital return) will be paid.

The Board wish to thank and acknowledge the efforts of our NZ Farmers Livestock and NZRLM teams over
the last year, which had the added uncertainty of the Covid environment.

FY21 Results announcement




Results for announcement to the market
Name of issuer Allied Farmers Limited
Reporting Period 12 months to 30 June 2021
Previous Reporting Period 12 months to 30 June 2020
Currency
Amount (000s) Percentage change
Revenue from continuing
operations
$21,661 +7.98%
Total Revenue $21,661 +6.93%
Net profit/(loss) from
continuing operations
$2,576 +111.49%
Total net profit/(loss) $2,576 +111.49%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividends proposed
Imputed amount per Quoted
Equity Security
N/A
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.44 $0.30
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to results release and audited financial statements.


Authority for this announcement
Name of person

authorised
to make this announcement
Brian Lee
Contact person for this
announcement
Brian Lee
Contact phone number 027 201 3040
Contact email address brian.lee@alliedfarmers.co.nz
Date of release through MAP

30/08/2021

Audited financial statements accompany this announcement.

2021 AUDITED FINANCIAL STATEMENTS

In the opinion of the directors of Allied Farmers Limited, the accompanying financial statements and the
notes:
• comply with New Zealand generally accepted accounting practice and fairly reflect the financial
position of the Allied Group as at 30 June 2021 and the results of their operations and cash flows for
the year ended on that date; and
• have been prepared using appropriate accounting policies, which unless otherwise stated have been
consistently applied, and supported by reasonable judgements and estimates.
The Directors believe that proper accounting records have been kept which enable, with reasonable
accuracy, the determination of the financial position of the Allied Group and facilitate compliance of the
financial statements with the Financial Reporting Act 2013 and the Financial Markets Conduct Act 2013.
The Directors consider that they have taken adequate steps to safeguard the assets of the Allied Group, and
to prevent and detect fraud and other irregularities. Internal control procedures are also considered to be
sufficient to provide reasonable assurance as to the integrity and reliability of the financial statements.
The Directors are pleased to present the financial report, incorporating the financial statements of Allied
Farmers Limited for the year ended 30 June 2021.
For and on behalf of the Board who authorised these financial statements for issue on 30 August 2021:


Richard Perry
Chair

Marise James
Director

Allied Farmers Group
Profit and Loss Statement
For the Year Ending 30 June 2021
Note20212020
$000$000
Revenue and other incomeA1
21,661 20,061

Cost of sales and operating expensesA1
(18,594)(18,425)
Depreciation and amortisationA1
(827)(784)
Net interest incomeB7
241

247
Profit before tax
2,481

1,099
Income tax (expense) / benefitA2
95

119
Profit after tax
2,576

1,218
Total comprehensive income
2,576

1,218
Profit attributable to:
Shareholders of Allied Farmers Limited ('Allied')
2,021

767
Minority shareholders of NZ Farmers Livestock Limited ('NZFL')
555

451
Basic Earnings per share (cents)
7.02

4.30

Statement of other Comprehensive Income
For the Year Ending 30 June 2021
20212020
$000$000
Profit after tax
2,576

1,218
C2
(135)-

Total comprehensive income
2,441

1,218
Group
Group
Change in value of investment in equity securities
The notes to the Group financial statements from an integral part of these financial statements.
1

Allied Farmers Group
Statement of Cash Flows
For the Year Ending 30 June 2021
Note
2021
2020
Cash flows from/(to) operating activities$000
$000
Cash receipts from customers
21,815
18,499
Interest received
631
700
Distribution from NZRLM
350
-
Cash paid to suppliers and employees
(18,119)
(17,705)
Interest paid
(389)
(453)
Income tax received/(paid)
213
(274)
Net cash flow from operating activities4,501
767
Cash flows from/(to) investing activities
Decrease (Increase) in finance receivables NZ Farmers Livestock Finance Ltd/Rural Financial SolutioNZ Ltd
(1,559)
1,127
Acquisition of New Zealand Farmers Land Company Limited shares
(1,130)
-
Rights Issue of shares in Allied Farmers Limited
2,686
-
Purchase of shares in NZ Farmers Livestock Ltd
(28)
(11)
Acquisition of intangibles, property, plant and equipment
(847)
(794)
Net cash flow from/(used in) investing activities(878)
322
Cash flows from/(to) financing activities
Drawdown of finance receivables borrowings
-
1,500
Repayment livestock trading borrowings
(448)
(412)
Repayment of vehicle finance borrowings
-
(32)
Repayment of finance receivables borrowings
(301)
(1,775)
Dividends paid
(418)
(585)
Net cash flow used in financing activities(1,167)
(1,304)
Net movement in cash and cash equivalents
2,456
(215)
Opening cash and cash equivalents
2,086
2,301
Closing cash and cash equivalents
B3
4,542
2,086
Reconciliation of Profit to Cash Surplus from Operating Activities
Profit for the year
2,576 1,218
Adjustments for items not involving cash flows:
Impairment on receivables 41 67
(Profit)/loss on sale of assets (17) (80)
Depreciation 827 784
(Increase) Decrease in Deferred Tax (163) (18)
Movement in InvestmentsC2 (667) (17)
Other - including non cash items 14 -
35 736
Movement in trade and other receivables
1,632
(653)
Movement in inventories 245
(99)
Movement in trade, other payables and employee benefits (200) (171)
Movement in taxation
213
(264)
Cash flow from operating Activities 4,501
767
Group
The notes to the Group financial statements from an integral part of these financial statements.
2

Allied Farmers Group
Balance Sheet
As at 30 June 2021
Note20212020
$000
$000
Equity
Share capitalB2
158,204
153,018
Accumulated Losses
(146,566)
(148,210)
Equity attributable to owners of the Parent
11,638
4,808
Non-controlling interests
1,933
1,582
Total equityE3 13,571
6,390
Liabilities
Trade and other payablesB6
11,452
11,779
Employee benefits
1,100
973
Income tax payable
39
-
Finance receivables bank borrowingsB4
300
300
Bank borrowings and bondsB4
1,447
441
Lease liabilitiesB5
599
593
Total current liabilities 14,937
14,086
Bank borrowings and bondsB4
669
2,122
Finance receivables bank borrowingsB4
625
925
Lease LiabilitiesB5
1,534
732
Total non-current liabilities 2,828
3,779
Total liabilities 17,765
17,865
Total liabilities and equity 31,336
24,255
Assets
Cash and cash equivalentsB3
4,542
2,086
Trade ReceivablesC1
10,116
11,287
Inventories
51
296
Income tax receivable
-
319
Finance receivablesC1
5,142
3,583
Other receivables
246
749
Total current assets 20,097
18,320
Deferred tax assetsA2
953
790
GoodwillD2
742
742
Intangible asset - computer software
271
216
InvestmentsC2
4,297
-
Property - owned and leasedC3
4,976
4,187
Total non-current assets 11,239
5,936
Total assets 31,336
24,255
Group
The notes to the Group financial statements from an integral part of these financial statements.
3

Allied Farmers Group
Statement of Changes in Equity
For the Year Ending 30 June 2021
Group
Share
Capital
Accumulated
losses
Revaluation
Reserve
Belonging to
Allied
Shareholders
Minority
Shareholders
Interests
Total
$000$000$000$000$000$000
Balance at 1 July 2019
153,018 (148,609) - 4,409 1,359
5,768
Profit after tax for the year - 767 - 767 451
1,218
Total comprehensive income for the year - 767 - 767 451
1,218
Dividends paid - (357) - (357) (228) (585)
Sale of Shares in NZ Farmers Livestock Limited - - - - - -
AFL Purchase Minority Shareholders Shares - (11) - (11) - (11)
AFL Shares issued - - - - - -
Total transactions with owners
- (368) - (368) (228) (596)
Balance at 30 June 2020 153,018 (148,210) - 4,808 1,582
6,390
Balance at 1 July 2020 153,018 (148,210)
-
4,808 1,582
6,390
Profit after tax for the year
- 2,021
-
2,021 555
2,576
Revaluation of Equity Securities (refer Note C2)
- - (135) (135) - (135)
Total comprehensive income for the year - 2,021 (135) 1,886 555
2,441
Dividends paid
- (214)
-
(214) (204) (418)
AFL Purchase Minority Shareholders Shares
- (28)
-
(28) - (28)
AFL Shares issued in purchase of New Zealand Rural
Land Management Limited Partnership
2,500 -
-
2,500 -
2,500
Pro rata renounceable rights issue
2,686 -
-
2,686 -
2,686
Total transactions with owners 5,186 (242) - 4,944 (204)
4,740
Balance at 30 June 2021 158,204 (146,431) (135) 11,638 1,933
13,571
The notes to the Group financial statements from an integral part of these financial statements.
4

Allied Farmers Group
A. Financial performance
In this section
-
-
A1: How we operate and generate returns for shareholders
Livestock services: An agency business facilitating livestock transactions and the procurement and export of veal.
Financial services: Providing livestock finance to farmer client.
Parent operations: The ultimate holding company for Allied Group's investments and governance activity for the Group.
Segment information for 2021
Livestock
Services
Financial
Services
Rural Land
Management
Parent
Operations
Total
$000$000$000$000$000
Commission and fee income 12,875 - - - 12,875
Sale of goods 7,547 - - - 7,547
Interest incomeB7 187 443 - - 630
Other Income 87 - - - 87
Equity Accounted Earnings NZRLM - - 1,152 - 1,152
Total Income
20,696 443 1,152 - 22,291
Cost of goods sold 6,823 - - - 6,823
Personnel expenses 7,942 46 - 95 8,083
Depreciation and amortisation 827 - - - 827
Rental and operating leases - - - - -
Other operating expenses 2,958 86 - 644 3,688
Total Expenses
18,550 132 - 739 19,421
Finance Costs
B7 (195) (121) - (73) (389)
Profit/(loss) before tax 1,951 190 1,152 (812) 2,481
Income tax (expense) / benefit 95
Profit/(loss) after tax
2,576
Current Assets 14,450 5,142 - 505 20,097
Non Current Assets 6,847 100 3,302 990 11,239
Assets 21,297 5,242 3,302 1,495 31,336
Current Liabilities 13,345 351 - 1,241 14,937
Non Current Liabilities 2,203 625 - - 2,828
Liabilities 15,548 976 - 1,241 17,765
Segment information for 2020
Livestock
services
Financial
Services
Rural Land
Management
Parent
Operations
Total
$000$000$000$000
Commission and fee income 11,267 - - - 11,267
Sale of goods 8,724 - - - 8,724
Interest incomeB7 215 485 - - 700
Other Income 70 - - - 70
Total Income
20,276 485 - - 20,761
Cost of goods sold 7,122 - - - 7,122
Personnel expenses 6,979 37 -
95
7,111
Depreciation and amortisation 783 - - - 783
Rental and operating leases (3) - - - (3)
Other operating expenses 3,486 86 - 624 4,196
Total Expenses
18,367 123 - 719 19,209
Finance Costs
B7 (230) (150) - (73) (453)
Profit/(loss) before tax 1,679 212 - (792) 1,099
Income tax (expense) / benefit 119
Profit/(loss) after tax
1,218
Current Assets14,6333,583 - 104 18,320
Non Current Assets5,836100 - - 5,936
Assets 20,468 3,683 - 104 24,255
Current Liabilities12,3961,572 - 11814,086
Non Current Liabilities1,854 925 - 1,0003,779
Liabilities14,2502,497 - 1,118 17,865
Group
Rural Land Management: Investment in New Zealand Rural Land Managment Partnership the contracted asset manager of New Zealand Rural
Land Company Limited.
Group
This section explains the financial performance of the Group providing additional information about individual items in the Profit and Loss Statement, including:
accounting policies, judgements and estimates that are relevant for understanding items recognised in the Profit and Loss Statement.
the key operating segment information regularly reported to the Chief Executive and reviewed by the Directors.
5

Allied Farmers Group
A2 Taxation
2021
2020
Current tax expense
Current income tax expense (benefit)
68
(102)
Deferred tax expense (benefit)
(163)
(17)
Total income tax expense (benefit) in income statement(95)
(119)
Income tax expense calculation
Net profit before tax for the year
2,481
1,099
Income tax using the company's tax rate (28%)
695
308
Expenditure not deductible for tax
3
14
Timing differences
18
56
Recognition of deferred tax asset
(163)
(17)
Prior period adjustments
-
34
Use of Group tax losses
(648)
(514)
Income tax expense (benefit)(95)
(119)
Deferred Tax
Movement in temporary differences during the year
Opening
balance
Recognised in
income
Closing
Balance
$000$000$000
Financial receivable credit loss provision 20 16 36
Employee benefits 204 1 205
Tax loss carry forward 566 146 712
790 163 953
Financial receivable credit loss provision 13 7 20
Employee benefits 154 50 204
Tax loss carry forward 605 (39) 566
772 18 790
2021
Key Judgement:
A deferred tax asset is recognised to the extent it is probable that future taxable profits will be available to use the asset. This is reviewed at each balance
date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available in the future to utilise the asset.
Measurement and Recognition:
Deferred tax is income tax that is expected to be payable or recoverable in the future as a result of the unwinding of temporary differences. These arise from
differences in the recognition of assets and liabilities for financial reporting and for the filing of income tax returns. Deferred tax is recognised on all temporary
differences, other than those arising from goodwill and the initial recognition of assets and liabilities in a transaction (other than in a business combination)
that affects neither the accounting nor taxable profit or loss.
Deferred tax is calculated at the tax rates that are expected to apply to the year when a liability is settled or an asset realised, based on tax rates and tax laws
that have been enacted or substantively enacted at balance date.
Group unrecognised deferred tax assets comprise unused tax losses as at 30 June 2021 total $40,568,976 gross (June 2020: $41,737,685). The ability to
utilise tax losses is dependent upon continuing to meet shareholder continuity requirements of prevailing income tax legislation.
As at balance date imputation credits available to the shareholders of only the Parent Company in subsequent periods totalled $89,248 (2020: $79,040)
Measurement & Recognition
Income tax expense is the income tax assessed on taxable profit for the year. Taxable profit differs from profit before tax reported in the statement of
comprehensive income as it excludes items of income and expense that are taxable or deductible in future years (i.e. deferred tax) and also excludes items
that will never be taxable or deductible.
Group
Revenue Measurement and Recognition
Commission income on facilitating a livestock sale agreement, grazing agreement or forward livestock sale agreement is recognised when the sale is agreed
by a vendor and purchaser. The Group is acting as an agent as it doesn't have inventory risk and isn't able to set a price.
Forward delivery contracts in relation to herd sales on which commission income is earned contain an element of variable consideration due to the timeframe
between when the sale is agreed and its completion. At 30 June 2021 all (2020: all) forward delivery contracts have settled and therefore the variable
consideration has no impact on the revenue recognised.
Sale of goods (veal meat and skins) revenue is recognised when delivered to the customer, or once goods are delivered to the customer. The Group is
deemed a principal, rather than an agent, as it holds inventory risk.
Fee income relates to RFID scanning fees, yard fees charged at saleyards and valuation fees. The income is recognised when livestock are scanned, a sale
is agreed within the auction or when the livestock are weighed. The Group is acting as a principal as it is primarily responsible for the service rendered and is
able to set a price.
Finance receivables interest income is recognised using the effective interest method. The calculation of the effective interest rate includes all fees that are
integral to the effective interest rate. All fees except those charged to customer accounts in arrears are considered to be integral to the effective interest rate.
2020
6

Allied Farmers Group
B. Funding and Related Financial Risks
In this section
B1 Capital management
B2
Share Capital
20212020
Share capital ($000) 158,204 153,018
Number of shares issued and fully paid (000's)
Balance at beginning of year
17,855 178,547
Consolidation/Cancellation of shares
- (160,692)
Issue of ordinary sharesC2
5,000
-
Pro rata renounceable rights issue 5,952 -
Balance at end of year
28,807 17,855
B3Cash and cash equivalents
20212020
$000 $000
Cash and cash equivalents 5,442 4,086
Finance Receivables overdraft facility offset per agreement (900) (2,000)
Net cash and cash equivalents 4,542
2,086
Undrawn overdraft facilities
8,000 9,000
Cash is held at banks with a credit rating of A- or higher.
B4Debt funding
Payable within 1
year
Payable after 1
year
UndrawnInterest rate
$000$000$000
Finance receivables bank borrowings
300 625 - 4.35%
Bank borrowings
447 669 - 4.35%
Bonds
1,000 - - 7.30%
Total debt funding
1,747 1,294 -
Finance receivables bank borrowings
300 925 - 4.35%
Bank borrowings
441 1,122 - 4.35%
Bonds
- 1,000 - 7.30%
Total debt funding
741 3,047 -
The Allied Group's capital includes share capital, accumulated losses and non controlling interests.
The Board manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the
underlying assets. In order to maintain or adjust the capital structure, the Group may issue new shares, sell assets, seek new debt funding, or adjust
the amount of dividends paid to shareholders.
Group
This section explains how the Allied Group manages its various funding sources including capital structure and debt. It also explains the financial risks
that the Group faces and how these risks are managed.
2020
2021
Group
Group
Measurement and recognition
Borrowings are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost (using the effective
interest method). Fees for establishing new borrowings are spread over the term of those borrowings.
The borrowing facilities are secured, by way of a first ranking General Security Agreement and gross guarantee and indemnity, against the
assets of NZ Farmers Livestock Limited, NZ Farmers Livestock Finance Limited and Farmers Meat Export Limited. The financial covenants
under these facilities have been fully complied with during the year.
NZ Farmers Livestock Limited guarantees the bank overdraft of its subsidiary Redshaw Livestock up to $338,000 (FY20: $338,000), plus
interest and costs.
Bonds of $1,000,000 were issued by Allied Farmers Rural Limited on 30 September 2014. The Bonds are secured by way of a first charge
General Security Agreement over all of the assets and undertakings of Allied Farmers Limited and subsidiaries excluding NZ Farmers Livestock
Limited and subsidiaries and a specific security over the shares held by Allied Farmers Rural Limited in NZ Farmers Livestock Limited plus a
guarantee from Allied Farmers Limited and subsidiaries. The Bonds repayment date is 30 September 2021 and have an interest rate of a 450
basis point margin over the 4 year swap rate as at 30 September 2017 as advised in writing to the Allied Farmers Rural Limited by ANZ Bank
NZ Limited, but not less than 6.50% per annuum and not more than 7.50% per anum. There are no specific financial covenants.
On 24 December 2020 Allied Farmers Limited completed a one for three pro rata renounceable rights issue. Shareholders received one
ordinary share for every three ordinary shares held at 5pm on the closing date of 18 December 2020. As a result of the renounceable rights
issue the number of shares was increased by 5,951,576.
All ordinary shares rank equally as to voting, dividends and distribution of capital on liquidation.
7

Allied Farmers Group
B5 Lease liabilities
PropertyMotor VehiclesPropertyMotor Vehicles
$000$000$000$000
Opening 540 785 620 818
Leases entered into during the period - 1,411 - 451
Interest expense 11 124 15 136
Principal repayments (95) (603) (95) (620)
Remeasurements - (40) - -
456 1,677
540 785
Short-term lease liabilities
88 511 83 510
Long-term lease liabilities
368 1,166 457 275
B6
Balance Sheet
Contractual
Cashflow< 6 months6 - 12 mths1 - 5 yrs
$000$000$000$000$000
Trade and other payables 11,452 11,452 11,452 - -
Finance receivables bank borrowings 925 984 173 169 642
Bank borrowings 1,116 1,167 249 249 669
Bonds 1,000 1,018 1,018 - -
Lease liabilities 2,133 1,707 340 316 1,051
16,626 16,328 13,232 734 2,362
Trade and other payables 11,779 11,779 11,779 - -
Finance receivables borrowings 1,225 1,235 150 150 935
Bank borrowings 1,563 1,678 256 255 1,167
Bonds 1,000 1,090 36 1,054 -
Lease liabilities 1,325 1,424 352 225 847
16,892 17,206 12,573 1,684 2,949
Interest Rate Risk
20212020
$000 $000
Effect on net profit for the year / equity
+/-
10 14
B7
Net Interest income/(costs)
20212020
$000 $000
Interest received 630 700
Total interest income 630 700
Interest paid on borrowings (143) (200)
Interest paid on bonds (73) (73)
Lease costs (173) (180)
Total interest expenses (389) (453)
Net Interest income/(costs) 241
247
2020
2021
2020
Group
The Group is exposed to interest rate risk on movements in floating interest rates on bank borrowings.
In managing interest rate risk, the group aims to reduce the impact of short-term fluctuations on the group’s earnings. Over the longer term,
however, permanent changes in interest rates will have an impact on profit.
If market interest rates for bank borrowings were to increase or decrease by 50 basis points (bps) the affect on net profit after tax, and equity,
for the year as applied to year end balances would be as follows:
Group
Group
Measurement and recognition
The above lease liabilities are in relation to leases of regional offices and the leases of Motor Vehicles.
The increase in motor vehicle leases in the current period is due to the inclusion of the residual buy back value included in new lease
arrangements which management expects to exercise at the inception of the lease.
The Group recognises a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the
lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be
readily determined, The Group’s incremental borrowing rate. Generally, The Group uses its incremental borrowing rate 6.98% (2020 6.91%) as
the discount rate, with adjustments for the type and term of the lease.
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months or less
and leases of low-value assets. The Group recognises the lease payments associated with these leases within operating expenses on a
straight-line basis over their lease terms.
Liquidity risk
Liquidity risk represents the Group’s ability to meet its contractual obligations as they fall due.
Liquidity risk is reviewed on an ongoing basis and managed to meet requirements. Cash flow forecasting is performed in the operating entities
of the Group and aggregated at Group level. The Group monitors rolling forecasts of the Group's liquidity requirements to ensure it has
sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that
the Group does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.
The amounts disclosed in the tables below show the contractual undiscounted cash flows (including interest) due on financial liabilities, so will
not always reconcile to the amount disclosed on the statement of financial position. The amounts below also reflect the contractual repricing
timing on financial liabilities, if applicable.
2021
8

Allied Farmers Group
C. Our receivables, other assets and other payables
In this section
C1Receivables
20212020
$000 $000
Receivables from livestock sales 10,116 11,287
Finance receivables 5,142 3,583
Total receivables 15,258 14,870
Amounts are stated at carrying value, net of credit loss allowance
provisions
132 115
Receivables written off during the year 30 52
The status of receivables at the reporting date is as follows:
Group receivables
Not yet due
1 - 30 days
overdue
31 - 60 days
overdue
61 - 90 days
overdue
Total
$000 $000 $000$000$000
Receivables from livestock sales
7,709 2,282 86 94 10,171
Credit loss allowance (livestock)
(16) (6) (2) (31) (55)
Finance receivables
5,192 - - 27 5,219
Credit loss allowance (finance)
(68) - - (9) (77)
Net receivable
12,817 2,276 84 81 15,258
Receivables from livestock sales 9,661 791 240 665 11,357
Credit loss allowance (livestock) - - - (70) (70)
Finance receivables 3,393 165 19 51 3,628
Credit loss allowance (finance)
- - - (45) (45)
Net receivable
13,054 956 259 601 14,870
Credit Risk Management
C2Investments Held by Group
20212020
$000 $000
New Zealand Rural Land Company Limited 990 -
New Zealand Rural Land Management Partnership 3,302 -
Other Investments 5 -
Total Investments 4,297 -
New Zealand Rural Land Company Limited
$
Acquistion Cost 16 December 2020
1,125,000
Change in Value Credited to Other Reserves
(135,000)
At 30 June 2021 990,000
This section explains:
- The assets the Group is due to receive from third parties and the credit risk associated with these assets.
- The property and motor vehicles the Group owns and has a right to use under lease arrangements.
- The obligations to third parties, other than banks and bond holders.
Group
2020
Credit risk is the risk that a counterparty to a transaction with the Group will fail to discharge its obligations and make payment, causing the Group to incur a
financial loss.
The Group manages its exposure using a credit policy that includes limits on exposures with significant counterparties that have been set and approved by the
Board and are monitored on a regular basis and does not have any significant concentration of risk with any single party.
Receivables are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. The
Group categorises a loan or receivable for write-off when a debtor fails to make contractual payments more than 180 days past due. Where loans or
receivables have been written off, the company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are
made these are recognised in profit or loss.
2021
Measurement and recognition
Receivables from livestock sales and Finance Receivables are measured on initial recognition at fair value, and are subsequently carried at amortised cost,
less provision for expected credit losses.
For Receivables from livestock sales, the provision for expected credit losses is based on the simplified approach, as permitted by NZ IFRS 9, and records the
loss allowances as lifetime expected credit losses from recognition. These are the expected credit losses that result from all possible default events over the life
of the financial instrument.
Finance Receivables are reviewed on an individual basis to determine whether any amounts are unrecoverable and an expected credit loss provision is
recorded. The expected credit losses are based on management's assessment of amounts considered uncollectible for specific customers based on age of
debt, history of payments, account activity, current and future economic factors and other relevant information. Debts known to be uncollectible are written-off
as bad debts to the profit and loss when identified.
In December 2020 Allied Farmers Limited acquired 900,000 shares at an issue price of $1.25 per share in New Zealand Rural Land Company Limited for a total
cost of $1,125,000. This holding represented a 1.49% ownership in New Zealand Rural Land Company Limited as at 30 June 2021. These shares are equity
investments, quoted in the active market, which the Group has elected to designate as a financial asset at fair value through other comprehensive income
(FVOCI). The fair value of these shares as at 30 June 2021 is $990,000.
Key Judgement
The loss allowances for receivables are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these
assumptions and selecting the inputs to the impairment calculation, based on the Group's past history and existing market conditions, as well as forward-
looking estimates at the end of each reporting period.
9

Allied Farmers Group
New Zealand Rural Land Management
Summarised Balance Sheet
20212020
$000 $000
Current Assets 2,011 -
Current Liabilities (407) -
Net Assets 1,604 -
Summarised Statement of Profit or Loss
20212020
$000 $000
Income 3,081 -
Expenses (777) -
Profit 2,304 -
Reconciliation of Summarised Financial Information
20212020
$000 $000
Profit for Period 2,304 -
Dividend (700) -
Closing Net Assets 1,604 -
Increase in net assets 802 -
Reconciliation of Interest in Associate @ 30 June 2021
Cost of investment 2,500 -
Increase in Net Assets (50% of Profit for Period) 1,152 -
Less Dividend paid (50% of Dividend) (350) -
Carrying Value 30 June 2021 3,302 -
C3
Property owned and leased (including Right Of Use assets)
2020
LandBuildings
Plant and
equipment
Motor VehiclesTotalTotal
$000 $000 $000 $000 $000 $000
Cost at beginning of year
2,019 1,038 550 172 3,779
3,427
Additions
- 11 32 153 196
742
Disposals
- - (8) (78) (86) (390)
Cost at end of year
2,019 1,049 574 247 3,889 3,779
Accumulated depreciation at beginning of the year
- (423) (288) (30) (741) (960)
Depreciation
- (62) (85) (4) (151) (121)
Disposals
- - - (1) (1) 340
Accumulated depreciation at end of year
- (485) (373) (35) (893) (741)
Net value 2021
2,019 564 201 212 2,996
Net Value 2020
2,019
615
262
142
3,038
Property leased
PropertyMotor VehiclesProperty
Motor Vehicles
$000 $000 $000$000
Opening 525 624 620 757
Additions - 1,411 - 451
Less Disposals - (40) - -
Less Amortisation (95) (446) (95) (584)
Total Right of use Asset 430 1,549 525 624
Current Right of Use Asset
92 306 95 246
Non-Current Right of Use Asset
338 1,244 430 378
Measurement and recognition
Land is not depreciated. All other owned property, plant and equipment is depreciated on a straight line basis at rates over their estimated useful lives, as
follows:
- Buildings: 8 - 30 years.
- Plant and equipment: 1 - 30 years.
- Motor Vehicles: 1-3 years.
2021
Group
On 18 December 2020 Allied Farmers Limited purchased a 50 percent interest in NZ Rural Land Management Limited Partnership ('NZRLM'). NZRLM is the
external manager of The NZ Rural Land Company Limited (NZRLC) which listed on the NZX on Monday 21 December 2020. The NZRLM acquisition price paid
was 5 million Allied Farmers shares at NZ$0.50 cents per share (cps) representing a total cost of $2,500,000. The Group has determined that it has significant
influence but not control over NZRLM. Accordingly, the Group applies the equity method of accounting to its investment in NZRLM. Under the equity method
the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investors share of the profit or loss of the
investee after the date of acquisition.
2020
2021
10

Allied Farmers Group
D. Group Structure
In this section
D1Subsidiaries and Associates
2021
2020
Ownership
interest
Ownership
interest
Operating Subsidiaries of the Parent
Allied Farmers Investments Limited
Investment
100%100%
Allied Farmers Rural Limited
Investment
100%100%
Rural Funding Solutionz Limited
Finance
100%100%
Subsidiaries of Allied Farmers Rural Limited
NZ Farmers Livestock Limited
Livestock Agency and Finance
67%
67%
Subsidiaries of NZ Farmers Livestock Limited
Farmers Meat Exports Limited
Meat Processing and Trading
100%
100%
NZ Farmers Livestock Finance Ltd
Livestock Finance
100%
100%
Redshaw Livestock Limited
Livestock Agency
52%
52%
Associates of the Parent
New Zealand Rural Land Management Partnership
Rural Property Management
50%-
D2Goodwill
20212020
Cash generating units:
$000 $000
Redshaw 642 642
NZFLFL 100 100
742 742
Impairment assessment
Redshaw CGU
20212020
Revenue growth rate
2.0%
2.0%
Long term growth rate
2.0%
2.0%
Pre tax discount rate
12.6%
12.7%
20212020
Revenue growth rate
2.0%
1.6%
Pre tax discount rate
0.9%
0.8%
Management has identified that a reasonably possible change in key assumption could cause the carrying amount to exceed the recoverable amount.
The following table shows the amount by which these two assumptions would need to change individually for the estimated recoverable amount to be
equal to the carrying amount.
The financial statements include the financial statements of Allied Farmers Limited and the operating subsidiaries listed below.
Subsidiaries are entities controlled by the group. Control exists when the Group has the power to govern the financial and operating policies of the entity so
as to obtain benefit from its activities. The financial records of operating subsidiaries are included in the consolidated financial statements from the date on
which control commences until the date on which control ceases.
There are a number of subsidiaries within the Group that are non-trading and therefore have no financial records during the year or balances as at year-end,
they are not included within these consolidated financial statements.
This section provides information to help readers understand the Group structure and how it affects the financial position and performance of the Group.
All companies within the Group are incorporated in and have their principal place of business in New Zealand, and have a balance date of 30 June.
Group
On an annual basis, the recoverable amount of Goodwill is determined based on value in use calculations specific to the Redshaw CGU. These
calculations use pre-tax cash flow projections based on financial budgets prepared by management covering a five year period. Cash flows beyond
the five year period are extrapolated by way of a terminal value calculation using the estimated growth rates stated below. The growth rates adopted
are consistent with internal forecasts and budgets. The discount rate reflects the specific risks relating to the cash flow being discounted.
Below is a sensitivity analysis showing the impact on value of changes to the key variables:
The estimated recoverable amount of the Redshaw CGU is estimated to have exceeded the carrying amount of the CGU at 30 June 2021 by
approximately $133,000 (2020: $132,000).
Goodwill in Redshaw arose on the acquisition of a controlling interest in Redshaw Livestock Limited and the NZFL goodwill arose from the acquisition
of a finance book from Stock Plan Limited previously supplying finance to a number of NZ Farmers Livestock Limited customers.
Key Judgement
The assessment that there was no impairment of the goodwill in the Redshaw CGU ('cash generating unit') at 30 June 2021. The valuation of the
CGU is based on a discounted cashflow of management forecasts of future financial performance and therefore there is inherent estimation
uncertainty.
11

Allied Farmers Group
NZ Farmers Livestock Finance CGU
D3 Associated Auctioneers
Group's Share
of Profit
Group's Share
of Assets
Group's Share
of Liabilities
Group's Share
of Revenues
Group's Share
of Expenses
$000$000$000$000$000
20210 386 (39) 616 (616)
202054 354 (39) 510 (456)
Measurement & Recognition
The Group's subsidiary NZ Farmers Livestock Limited owns a proportion (25-50%) of various sale yard tangible assets and has joint arrangements in
relation to the operation of these sale yards (referred to as 'Associated Auctioneers'). The Group has assessed the nature of its investment in Associated
Auctioneers as joint operations. As joint operations, the Group accounts for its share of the revenue, expenses, assets and liabilities.
These joint operations are in five different locations. These joint operations are charged with the operating activities of the sale yards including conducting
sales of livestock via the auction process, maintaining the sale yards, collecting levies on livestock sales and meeting operating costs of the yards. If there
is a shortfall in the income to meet the operating costs in any one year then the joint operation's parties are required to contribute to the shortfall in the
proportion of their ownership of the sale yards.
The joint operation of the sale yards is strategically vital to the interests of NZ Farmers Livestock Limited as the sale yards activity provide significant income
to NZ Farmers Livestock Limited via commission on the sale of livestock handled through the sale yards.
On an annual basis the recoverable amount of this goodwill is tested by undertaking an assessment of its fair value less costs of disposal specific to
the NZFLFL CGU (being the Livestock Financing business).

No impairment charge was required to be recognised in the financial statements. There are no foreseeable changes in assumptions which could
result in a material impairment and this was supported by an independent valuation undertaken during the period.
12

Allied Farmers Group
E. Other
In this section
E1Related parties
The Group has a related party relationship with its key management personnel.
Key management personnel ('KMP') compensation
2021
2020
$000
$000
Short term employee benefits
523
504
Directors fees
219
210
Key management personnel and their related parties
2021
2020
Transactions
$000
$000
Livestock sales
368
506
Livestock purchases
447
669
Commission revenue
22
36
Consultant Fees
-
13
Dividends received as minority shareholders of NZFL
119
73
2021
2020
Amount receivable from KMP
5
36
Amount payable to KMP
70
106
Bonds on issue - (holder Mark Benseman retired as a Director on
19 November 2020) 600
600
No debts with key management personnel were written off during the year (2020: nil)
Consulting fees paid to entities associated with directors on an arms length basis total $135,684 (2020 $66,995)
2021
2020
E2Auditors’ remuneration
$000
$000
Audit fees - KPMG
180
165
Fees for other services - KPMG
25
73
Direct expenses associated with the audit
14
15
Total
219 253
Transactions with related parties, including directors, are made on terms equivalent to those that prevail in arm's length transactions.
This section includes information required to comply with financial reporting standards that is not covered in other sections.
Group
Group
Group
Allied Farmers Limited during the year has lent surplus funds to its subsidiary NZ Farmers Livestock Limited on commercial terms set at arms length,
these funds being on call and interest bearing at a rate comparable to the bank facilities. As at 30 June 2021 the total of these funds lent to NZ
Farmers Livestock Limited was $550,000 (2020: $614,000 lent by Allied Farmers Rural Limited).
Consulting fees together with a share of distribution (due to its 16.5% shareholding) were paid by NZ Rural Land Management Partnership to Elevation
Capital Management Limited, a company associated with Mr Christopher Swasbrook who is a director of Allied Farmers Limited. During the year, these
totalled $179,843 (2020 Nil). These were on commercial terms in accordance with a contract for service.
Group
Other services provided by KPMG included Taxation services relating to return preparation and advice on shareholder continuity.
Identity of related parties
The Group has a related party relationship with each of its subsidiary companies and an associated entity outlined in Section D.
.
13

Allied Farmers Group
About this report
In this section
-
-
-
-
It relates to an aspect of Allied's operations that is important to future performance.
Statement of compliance and basis of preparation
The financial statements have been prepared:
-
-
-
presented on the basis of historical cost; and
-
The fair value of Financial Assets and liabilities approximates their carrying value.
Other accounting policies
-Note A2
-Note D2
Goodwill impairment assessment
Deferred tax asset recognition
In preparing the Group financial statements, all material intragroup transactions, balances, income and expenses have been eliminated. Subsidiaries are
consolidated on the date on which control is obtained to the date on which control is lost.
Other accounting policies that are relevant to an understanding of the financial statements are provided throughout the notes to the financial statements
other. The accounting policies have been consistently applied to the periods in these financial statements. Where the presentation and structure of the
financial statements has changed comparative figures have been amended to align with the current year presentation.
Critical Judgements and Estimates
The preparation of financial statements requires management to exercise its judgement in applying Allied's accounting policies. Estimates and judgements
are reviewed by management on an on-going basis, with revisions recognised in the period in which the estimate is revised and in any future periods
affected. Areas of estimate or judgement that have most significant impact on the amounts recognised in the financial statements are:
The notes to the financial statements within sections A to E include information that is considered relevant and material to assist a reader in understanding
changes in the Group's financial position or performance. Information is considered material if:
Allied Farmers Limited is a for-profit entity domiciled in New Zealand and registered under the Companies Act 1993. The company is an FMC Entity in terms
of the Financial Markets Conduct Act 2013 and prepares its financial statements in accordance with that Act, the Financial Reporting Act 2013, and NZX
Main Board Listing Rules.
The consolidated financial statements are for Allied Farmers Limited and its subsidiaries (together referred to as "Allied") and Allied's interests in associates
as at end for the year ended 30 June 2021.
in New Zealand dollars, with all values rounded to the nearest thousand dollars unless otherwise stated.
on the basis of going concern. The directors, having considered projected future performance and the availability of financing, consider the going
concern basis to be appropriate;
These Consolidated Financial Statements ("Financial Statements") have been approved for issue by the Board of Directors on 30th August 2021.
in accordance with Generally Accepted Accounting Practice (GAAP) in New Zealand and comply with International Financial Reporting Standards
(IFRS) and the New Zealand equivalents to IFRS (NZ IFRS) and other applicable financial reporting standards, as appropriate for a Tier 1 for-profit
entity;
The amount is significant because of its size or nature;
It is important for understanding the results of Allied;
It helps explain changes in Allied's business; or
14

© 2021 KPMG, a New Zealand Partnership and a member firm of the KPMG global organisation of
independent member firms affiliated with KPMG International Limited, a private English company
limited by guarantee. All rights reserved.

Independent Auditor’s Report
To the shareholders of Allied Farmers Limited
Report on the audit of the consolidated financial statements
Opinion
In our opinion, the accompanying consolidated
financial statements of Allied Farmers Limited
(the ’company’), its subsidiaries and associates (the
'group') on pages 1 to 14:
i. present fairly in all material respects the Group’s
financial position as at 30 June 2021 and its
financial performance and cash flows for the
year ended on that date; and
ii. comply with New Zealand Equivalents to
International Financial Reporting Standards and
International Financial Reporting Standards.
We have audited the accompanying consolidated
financial statements which comprise:
— the consolidated balance sheet as at 30 June
2021;
— the consolidated statements of profit and loss,
other comprehensive income, changes in
equity and cash flows for the year then ended;
and
— notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including International Independence
Standards) (‘IESBA Code’), and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the IESBA Code.
Our responsibilities under ISAs (NZ) are further described in the auditor’s responsibilities for the audit of the
consolidated financial statements section of our report.
Our firm has also provided other services to the group in relation to taxation services. Subject to certain
restrictions, partners and employees of our firm may also deal with the group on normal terms within the
ordinary course of trading activities of the business of the group. These matters have not impaired our
independence as auditor of the group. The firm has no other relationship with, or interest in, the group.
Scoping
The scope of our audit is designed to ensure that we perform adequate work to be able to give an opinion on the
consolidated financial statements as a whole, taking into account the structure of the group, the financial
reporting systems, processes and controls, and the industry in which it operates.
In establishing the overall approach to the group audit, we determined the type of work that needed to be
performed at the component level by us, as the group engagement team. A full scope audit was performed on

2

the most significant entities for the group using specific component materiality’s which were lower than group
materiality. The component materiality took into account the size and the risk profile of each component.
Materiality
The scope of our audit was influenced by our application of materiality. Materiality helped us to determine the
nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually
and on the consolidated financial statements as a whole. The materiality for the consolidated financial
statements as a whole was set at $211,000 determined with reference to a benchmark of group total revenue.
We chose the benchmark because, in our view, this is a key measure of the group’s performance.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the consolidated financial statements in the current period. We summarise below the matters and our key
audit procedures to address the matters in order that the shareholders as a body may better understand the
process by which we arrived at our audit opinion. Our procedures were undertaken in the context of and solely
for the purpose of our statutory audit opinion on the consolidated financial statements as a whole and we do not
express discrete opinions on separate elements of the consolidated financial statements
The key audit matter How the matter was addressed in our audit
Allied Farmers – Livestock agency revenue recognition ($12.9m - refer to note A1)
The Allied Farmers group has a
number of revenue streams
including livestock agency services,
veal processing and livestock
financing.
Livestock agency services
commission is considered to be a
key audit matter given the volume of
transactions and the impact on the
financial statements of the
determination of net or gross
presentation (i.e. as either principal
or agent).
Our audit procedures included:
— Assessing the Group’s revenue recognition policy for consistency
with the requirements of NZ IFRS 15 Revenue from Contracts with
Customers, specifically whether the commission revenue should
be recognised on a principal (gross) or agency (net) basis.
— Examining the processes and related controls undertaken to
recognise livestock agency revenue.
— Assessing the commissions calculated on livestock agency
transactions including:
• Comparing the commission rate applied against the
standard company rates (by livestock type); and
• Recalculating the agency commission and comparing this
against the amount presented as commission revenue.
— Agreeing a sample of livestock agency transactions to the
underlying purchase and sale agreements and subsequent cash
receipt and payment.
— Assessing the appropriateness of the timing of revenue recognition
by agreeing a sample of pre and post year end transactions to
supporting evidence.
Based on the above procedures there were no matters to report.

3

Other information
The Directors, on behalf of the group, are responsible for the other information included in the entity’s Annual
Report. Other information may include the Chairman’s report, Chief Executive’s report, and disclosures relating
to corporate governance. Our opinion on the consolidated financial statements does not cover any other
information and we do not express any form of assurance conclusion thereon.
The Annual Report is expected to be made available to us after the date of this Independent Auditor's Report. Our
responsibility is to read the Annual Report when it becomes available and consider whether the other information
it contains is materially inconsistent with the consolidated financial statements, or our knowledge obtained in the
audit, or otherwise appear misstated. If so, we are required to report such matters to the Directors.
Use of this independent auditor’s report
This independent auditor’s report is made solely to the shareholders as a body. Our audit work has been
undertaken so that we might state to the shareholders those matters we are required to state to them in the
independent 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 shareholders as a body for our audit work, this independent
auditor’s report, or any of the opinions we have formed.
Responsibilities of the Directors for the consolidated financial
statements
The Directors, on behalf of the company, are responsible for:
— the preparation and fair presentation of the consolidated financial statements in accordance with generally
accepted accounting practice in New Zealand (being New Zealand Equivalents to International Financial
Reporting Standards) and International Financial Reporting Standards;
— implementing necessary internal control to enable the preparation of a consolidated set of financial
statements that is fairly presented and free from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or to
cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial
statements
Our objective is:
— to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error; and
— to issue an independent 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 ISAs NZ will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They 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
consolidated financial statements.

4

A further description of our responsibilities for the audit of these consolidated financial statements is located at
the External Reporting Board (XRB) website at:
http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/
This description forms part of our independent auditor’s report.
The engagement partner on the audit resulting in this independent auditor's report is Sonia Isaac.
For and on behalf of

KPMG
Wellington
30 August 2021