Interim Report for period ended 1 August 2021

Interim
Report
for the period ended 1 August 2021
RETAIL
IS OUR
WORLD.

The Group’s performance reflected its
success in adapting to new and difficult
circumstances while maintaining strong
momentum in core functions and
strategies to grow the business.
“

Contents
4Directors’ Report
12Stronger Together
18Directors’ Approval
19Consolidated Income
Statement
20Consolidated Statement of
Comprehensive Income
21Consolidated Balance Sheet
22Consolidated Statement of
Cash Flows
23Consolidated Statement of
Changes in Equity
24Notes to the Financial
Statements
34Independent Auditor’s Report
36Directory
37Notes

Directors’
Report
We are proud to have produced such a
strong first half result. At the same time,
we continue to make significant progress
on a range of strategic initiatives, with
significant performance gains during the
half year and further benefits to be realised.
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Briscoe Group has continued to produce outstanding
results in a retail environment challenged by the
effects of the COVID-19 pandemic and competitive
developments in New Zealand and overseas. The
Group’s performance reflected its success in adapting
to new and difficult circumstances while maintaining
strong momentum in core functions and strategies to
grow the business.
Consumer spending remained strong in a continuation
of the recovery that followed the first national lockdown
in response to COVID-19 in the first half of 2020. But
in fact, this recovery was strengthened by our strategic
initiatives and performance improvement driven
internally.
Shortly after the half-year ended an extended period of
near-normality came to a sudden conclusion with the
news of a new COVID-19 incursion and the return to
national Level 4 lockdown from 18 August 2021.
The Group’s first priority continues to be to ensure the
health and wellbeing of our employees and customers
– protecting them from the virus itself and, in the case
of employees, from the resulting concerns for job and
income security. As we had done in the previous Level
4 lockdown, we committed to continue paying our
people in full.
The financial impact of nationwide store closures, as we
know from the previous national lockdown, is immediate
and severe. However, we also know from the same
experience that pent-up demand during lockdown in
tandem with travel constraints, drove strong consumer
demand post-lockdown.
The impact of the latest lockdown again proved
immediate for the Group with the final 2 weeks of
August sales negatively impacted by around $17 million.
We were encouraged however by the rest of the
country moving down alert levels in early September.
Clearly, the level of uncertainty around economic
conditions has greatly increased since 18 August. The
degree to which consumer demand will rebound as
different parts of the country continue to move down
alert levels is also not certain; however, from last year’s
experience we do expect pent-up demand to drive
strong Group sales levels from October through to the
end of the Group’s financial year on 30 January 2022.
The New Reality
Well before the onset of COVID-19 in early 2020,
the retail environment was characterised by
accelerating change, with shifting customer lifestyles
and preferences, new online trading platforms,
evolution in the role of physical stores, increasingly
fractionalised media, and the growth of competitors
with global reach. This changing landscape had
already encouraged us to accelerate a number of our
strategic initiatives. The pandemic has added layers
of complexity, disrupting product manufacturing
and supply lines, with the effects being exacerbated
by geographical differences in both outbreaks and
response measures.
With last year’s experience to draw on, the Group
was able to move seamlessly to the required mode of
operation when the new lockdown was announced.
There is a long chain of actions involved in closing our
store network and readying our online platform for a
surge in demand such as was experienced in 2020
and again anticipated in the latest lockdown.
With all areas outside Auckland moving from Level 4
to Level 3 early in September, it became possible for
us to extend our product range from essential items
only to our full range via online trading, and also to
offer Click-and-Collect service. Level 2 enabled our
stores to re-open responsibly, following prescribed
protocols in relation to social distancing and PPE.
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Strength Of Our People
Our leadership team’s success in protecting the
relevance of the underlying business model while at the
same time challenging itself to progress a programme
of strategic initiatives - is a real credit to it. Its
leadership has been backed up by the dedication and
commitment of teams throughout the Group, in-store,
at the distribution centre, online and in support office.
The Board is hugely impressed and frankly very grateful
for the commitment and dedication displayed by teams
in every part of our network, and for the continued
loyalty of our customers. Their health and wellbeing
remains our highest priority. We are particularly pleased
that we were able to retain all existing jobs and provide
a significant increase in incomes during the half-year.
Wage rates for our in-store, hourly-paid team were
increased by 6.4% from May 2021. The employment
market remains extremely competitive and we expect it
to remain so for some time.
The Board is hugely
impressed and frankly very
grateful for the commitment
and dedication displayed
by teams in every part of
our network, and for the
continued loyalty of our
customers.
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Trading Performance
Results for the half-year ended 1 August 2021 were
well ahead of those for the corresponding period of
2020, which included the closure of our store network
during the first nationwide lockdown in response to
the pandemic. Perhaps more tellingly, they were also
significantly higher than for the July 2019 half-year,
reflecting growth well in excess of our historical trend.
We are proud to have produced such a strong first-
half result. At the same time, we continued to make
significant progress on a range of strategic initiatives,
with significant performance gains during the half-
year and further benefits to be realised.
Financial Results
Net Profit After Tax (NPAT) was a record $47.46
million, 69.63% higher than the $27.98 million
achieved in the previous first half.
Sales revenue was $358.42 million, an increase
of 22.58%. Given that the pandemic had caused
unprecedented and volatile sales patterns across
the first half of 2020, it is useful to make a more
normalised comparison with sales in the first half
two years ago. The lift from the 2019 half-year to the
latest period was 18.30%, with the first quarter 14.94%
higher and the second up by 21.61%.
The half-year results are unaudited.
Gross margin dollars increased by 35.20% from
$123.28 million to $166.66 million, while gross margin
percentage rose from 42.16% to 46.50%. Enhanced
analysis and management of promotional activity
delivered a step-change in gross margin and the
leadership team continues to work very hard to
consolidate these gains. Benefits are also emerging
from the Group’s work to improve inventory by
optimising ordering, allocation, flow into and through
our stores and overall stock levels. The combination
of these benefits results in improved availability of
product for our customers and increased sales.
Homeware sales increased by 20.77% from $184.35
million to $222.63 million, and sporting goods sales
by 25.66% from $108.06 million to $135.79 million.
Our online business continued to perform
exceedingly well, representing 16.16% of Group sales.
This was the first complete half-year in which both
delivery and click-and-collect options were fully
available to online customers across New Zealand.
System developments in relation to the way in which
online orders are picked in-store resulted in significant
productivity and efficiency gains. In addition to these
back-end process improvements, we enhanced
the customer’s front-end experience with new
functionality enabling them to find matching and
recommended products easily, and to receive
relevant communications via our new personalised
email system. The subsequent introduction of new
search functionality and our
Find-In-Store stock
availability feature will further enhance the online
customer experience.
Inventory at 1 August 2021 was $101.09 million, up
from $86.67 million at the same time last year. Whilst
this included inventory for an additional store opened
by the Group during the period, most of the increase
reflected work by our merchandise team to secure
inventory in advance of traditional timings to minimise
supply chain disruptions resulting from COVID-19.
These include factory delays, shipping shortages, port
disruptions and increased costs. While inventory is
higher than in recent years, it holds the Group in good
stead to avoid disruption from shortages such as
those already occurring across the wider retail market.
Having sufficient inventory in the current retail
environment is a distinct competitive advantage, as is
the strength of our supplier relationships which have
assisted us to secure supply of product.
Kathmandu
The Group was pleased to receive a dividend of
$0.96 million from its investment in Kathmandu
Holdings Limited as no dividend had been received
in the previous half-year as a result of Kathmandu’s
response to the COVID-19 situation.
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Directors’ Report

Financial Position
The Group’s balance sheet remains strong with cash
balances of $93.93 million at the close of the period,
compared to $98.56 million held at the same time
last year. The strength of our balance sheet ensures
we have flexibility to continue to protect the business
as well as to fund strategic initiatives to drive growth.
Dividend
The Directors have resolved to pay an interim
dividend of 11.50 cents per share (cps). This compares
to last year’s interim dividend of 9.00 cps. Books
closed to determine entitlements at 5pm on 21
September 2021 and payment will be made on 14
October 2021. The company’s dividend policy is to
pay out at least 60% of NPAT when calculated on a
full year basis.
Store Development Projects
Work continued on a number of projects in relation
to Group owned properties. Significantly, the
construction of a new concept Briscoes Homeware
store at 36 Taylors Road, Auckland was completed
and the store opened in early March. It has traded
above expectations, with exceptional feedback from
customers enjoying the bigger, brighter and more
contemporary fit-out.
A new Rebel Sport store was opened in the retail
space on the ground floor of the Support Office
building at 1 Taylors Road, Auckland. This new
concept store opened towards the end of April
and services a wide catchment that the Group had
planned to target for some time. The success of these
new stores across both of our major brands provides
confidence in regard to further network growth
opportunities through the refurbishment of existing
stores and/or the establishment of new ones.
Our development at Silverdale continued, with
completion estimated for November 2021. This
will see the opening of new generation Briscoes
Homeware and Rebel Sport stores to service the
significant catchment of Silverdale, Hibiscus Coast,
Orewa and surrounding areas.
Half Year Review
The interim financial statements presented in this
report are unaudited but have been reviewed
independently by PricewaterhouseCoopers, which has
issued an unqualified independent review report to
the company’s shareholders (refer pages 34 and 35).
Corporate Governance
Briscoe Group is committed to the highest standards
of governance and management, based on
implementing best practice structures and policies.
It has always been a strong feature of the Company
that the Board and Executive teams work effectively
together and are aligned around the business
objectives.
During this first half the Board engaged an external
provider to review and evaluate the Board’s
performance. Again, the external review noted very
high performance against its criteria.
In difficult and demanding operating environments
such as we are facing in the Covid pandemic, we
as a Board believe that the highest standards of
governance are critical in meeting our responsibilities
to shareholders, our people, our customers and
suppliers. On behalf of the Board, the assurance can
be given of our commitment to the highest standards
to all our stakeholders and our absolute commitment
and enthusiasm of being part of this Group.
Our Community
Cure Kids Partnership
Briscoe Group has been a key partner since
2004 of Cure Kids, which seeks cures and better
treatments for serious illnesses and diseases that
affect thousands of children in New Zealand. Our
generous customers, staff and suppliers support the
Group’s efforts to raise funds for this outstanding
charity. To date we have raised more than $8 million
together and we are targeting a total raising of at least
$800,000 in the current year.
Grassroots Sports Partnerships
The Group is proud to play its part in supporting
a renewed focus on youth sports in New Zealand.
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Through partnerships with sporting endeavours such
as the
Rebel Sport 3x3 Quest Tour and the Sanitarium
Weet-Bix Kids Tryathlon
, we are working hard to make
sport accessible and fun for New Zealand’s youth.
Rebel Sport is proud to partner with a large range
of organisations involved in sports including cricket,
rugby, tennis, volleyball, golf and fun-runs.
Pass It Forward
Rebel Sport’s key community partnership, the Pass It
Forward
initiative, provides sporting gear to under-
funded schools.
Pass It Forward was born from a
collaboration with a key supplier with the objective of
giving every child the opportunity to play sport. In the
past five years Rebel Sport and
Pass It Forward have
given away more than 40,000 pieces of sporting
equipment to New Zealand and Pacific Island schools,
equating to more than $1 million in value.
Briscoe Group Scholarship through First
Foundation
Briscoe Group first partnered with First Foundation
in 2013. With the generous support of the RA Duke
Trust, scholarships help fulfil the First Foundation
mission of providing students access to higher
education.
Applications are open to Briscoe Group team
members and immediate family members currently
enrolled at a NZ Secondary school in Year twelve
or thirteen. Successful applicants receive a three-
year scholarship that includes significant financial
support, mentorship, and paid work experience.
Twenty three scholarships have been awarded to
date, with 14 scholars currently progressing with their
studies and supported by the programme. This year
saw the award of a further three scholarships.
Our Environment
Briscoe Group is committed to reducing its impact on
the environment and works with suppliers on a range
of initiatives to achieve this.
A key focus is the reduction of plastic waste. More
than 490,000 plastic bags have been diverted from
landfill since a decision in the previous year by our
supplier of
Cloud 9 pillows to move to compostable
packing. Other improvements have been introduced
in the current year – replacing the
Cloud 9 plastic
shower curtain sleeves with cardboard, removing
plastic packaging from our
Hampton & Mason
frypans and reducing the plastic in
Simple Clean
cleaning cloth packaging.
Many of the Briscoes Homeware and Rebel Sport
brand partners have developed sustainable ranges,
such as Adidas’
Parley Green and Parley Blue, made
from recycled materials, and the
Just Home recycled
range. We were proud to introduce the
ecostore
range - a brand established for its environmental
purpose.
We have compliance agreements in place with our
partners to ensure products are produced ethically.
We have always been committed to the highest
standards of social responsibility and work with
international organisations to uphold this.
Through our in-store digital enhancements we are
on track to reduce our paper consumption by over
2,000,000 pieces this year. In the first half we have
already reduced our paper consumption by over
1,060,000 pieces with our digital picking initiative.
The lighting wellness programme introduced a year
ago has made good progress, with upgrades planned
for another 11 stores in the second half.
The Group is currently in the process of building a
multi-year ESG plan and will share more details in the
annual report.
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Strategic Initiatives
Our ultimate focus remains on offering our customers
compelling brand propositions and enjoyable
shopping experiences.
With this always in mind, in late 2019 and well before
the arrival of COVID-19, we engaged in programmes to
improve internal performance and drive new strategies
for strength and sustainability moving forward. This
work has been focused in three key areas – enhancing
the shopping experience, improving our supply chain
and developing new revenue streams.
Key initiatives in pursuit of these strategies have
included:
• Improving data and analytical capability – in
particular, enhanced analysis and management
of promotional activity
• A programme of work to drive supply chain
improvements – e.g. the optimisation of imported
product between North Island and South Island
ports, and the identification and reallocation of
slow-moving product across the wider store
network
• A wider workstream to optimise the levels,
availability and flow of inventory across our retail
network
• Continuing development in our online sales
platform and fulfilment network, including
enhanced search and by-store stock availability
functionality
• The provision of easy-to-use in-store kiosks
enabling customers to purchase products online if
they are out of stock in-store
• Expanding our platform to enable online shopping
for new product lines shipped direct from suppliers,
providing customers with many additional products
not held in-store or part of our traditional range.
Benefits from our strategic programme are on track
to meet expectations for the full year, helping to
provide a solid foundation for future growth as well as
complementing the continued strength of the retail
environment.
Outlook
There is no doubt that the strategic and operational
advances achieved by the Group in recent times have
increased both the resilience of our business and the
range of options available to drive continued growth.
We anticipate further significant benefits from these
sources in the second half of the year.
Time will tell whether the re-opening after the
August - October 2021 lockdown will be followed
by a ‘bounce-back’ in retail spending to the degree
which occurred in 2020. In that prior event our stores
were closed for 50 days, but in time the impact
was mitigated by the increased trend in shopping
online and then by strong sales growth as we re-
opened our store network. We see no reason why
there should not be a similar recovery this time
around, assuming that measures to contain the
Delta variant of COVID-19, including the ongoing
vaccination programme, are broadly successful and
that consumer spending patterns are not disrupted in
currently unforeseen ways.
We are confident that we have an incredibly talented
team in place across the business to weather
these unpredictable times, and the right strategic
programmes underway to deliver improved profits
and returns.
On behalf of the Board:
Dame Rosanne Meo (
Chair)
Rod Duke
Andy Coupe
Tony Batterton
Mark Callaghan
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Stronger Together
Andrew Scott
Chief Operating
Officer
Geoff Scowcroft
Chief Financial
Officer
We are confident that we have an
incredibly talented team in place
across the business to weather these
unpredictable times, and the right
strategic programmes underway
to deliver improved profits
and returns.
Rod Duke
Group Managing Director
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Stronger Together

The Group has an established and high performing
Executive team led by retail veteran Group Managing
Director and majority shareholder Rod Duke. The
leadership team has a number of long serving
executives with a deep and broad knowledge of
the company’s operations and the markets in which
it operates. This is complemented by a number of
recent appointments, providing further breadth of
skills and experience gained from both domestic and
international experience as well as expertise in different
aspects of retailing.
The relatively small executive team maintains an
approach that has demonstrated its value over many
years: the ability to be nimble and to anticipate and
respond to challenges in real time, often quicker than
our competitors, with a view to addressing short term
challenges and optimising longer term opportunities.
Ongoing assessment and development of our
talent includes adding or engaging people with
the necessary skills to drive business performance
particularly in the areas of Information Technology
and Digital Commerce. As a business, we continue
to monitor our own performance and identify
opportunities, acquiring additional skills or expertise
either through new appointments to the team or
through partnering with service providers such as
KPMG where it isn’t feasible or sensible to add these
skills through direct employment.
Briscoe Group Limited Interim Report 2021
Director’s Report
13
Nick Turner
GM Retail
Operations

& Property
Fiona Stewart
GM Marketing
& Strategy
Isabel Campbell
GM Online &
Digital
Aston Moss
GM
Human Resources
Fraser Collins
Group General
Manager
Merchandise
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Stronger together

Our Retail Leaders
Our retail leaders are both the face of our company
to our wider team of employees throughout the
country as well as to the many different communities
in which we operate. We recognise that investment
in our retail management team provides a number of
benefits. In 2020 we commenced the collaborative
development and delivery of a Briscoe Group
specific Management & Leadership Development
Programme through a partnership with Capability
Group and the Employers and Manufacturers
Association.
This bespoke programme provides technical,
professional and personal development to our team
of retail managers from entry level roles all the way
through to our most seasoned leaders. Its unique
design ensures learning is applied in the workplace,
and the positive impacts flow through to our team
members, our customers and benefits the wider
business. Three cohorts are currently active in the
programme and over 150 managers will participate in
the programme over the next 2 years.
The programme is relevant beyond our retail
management team and we have commenced
including participants from other parts of our
business as part of our company-wide development
activities.
A number of our senior managers are engaged in
advanced tertiary studies as part of their ongoing
professional development. Ensuring we make use of
a blend of educational and developmental activities
that are relevant to our business, support the growth
of key talent and enhancing or bringing new skills
and experience is a vital part of our approach to
organisational development.
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Stronger Together

Lean Management
With a lean management and support structure, we
continue to see benefits from the scaling of our zone
approach to retail management. The model provides
guidance, development and opportunity throughout
our management team.
We recognise providing stretch and challenge is
as important for our seasoned leaders as is the
work supporting our new and emerging managers.
We have been delighted with the results of this
approach, continue to assess its effectiveness, and
replicate it in locations where it makes sense.
Our support teams are appropriately resourced
and organised to ensure we offer valuable and
valued services directly to our customers or to other
customer facing teams. Considered investment in
these functions enables us to execute our Strategic
Transformation programme and to complement
and enhance our more traditional operational
skillsets and outcomes.
Digitisation continues throughout the business. Not
only has the team worked to enhance the shopping
experience for our customers through the work of
our ecommerce team, but subsequent to refining
processes, we have continued to improve core
procedures to enable our retail team to perform
more activities on the shop floor and with greater
ease, keeping them customer facing and maintaining
our focus on our people.
We are cognisant that we do not operate in a
vacuum. Wider issues including the health and
wellbeing of our team, the environmental impact and
sustainability of our operations, and the importance
of respecting the trust our customers have in us with
their personal information are all top of mind. These
are all areas in which we continue to invest and make
good progress.
Briscoe Group Limited Annual Report 2021
Corporate Governance Statement
7
Plus, our online stores
DISTRIBUTION CENTRE
Briscoe Group Limited Annual Report 2021
At a Glance
7
briscoes.co.nzlivingandgiving.co.nzrebelsport.co.nz
RETAIL
IS OUR
WORLD.
Purpose-built Support Office
and Customer Contact
Centre in Auckland
Distribution Centre in
South Auckland
88
Stores
Nationwide
41
Rebel Sport
Stores
1
Living &
Giving Store
46
Briscoes
Homeware
Stores
REBEL SPORT STORESBRISCOES HOMEWARE STORES
88 stores with online fulfilment
capability providing delivery
for pickup options
BR8055 Briscoes Annual Report 2021_v12f.indd 7BR8055 Briscoes Annual Report 2021_v12f.indd 74/13/21 3:33 PM4/13/21 3:33 PM
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Stronger together

Our People
Our people, the ways in which we organise, and how
we operate together, have all been put to the test over
the last 18 months as we have dealt with the impacts
of COVID-19. With a team and customer first focus we
have ensured that day to day concerns around income
have been allayed for our frontline team. The company
guaranteed our team would continue to be paid while
unable to work at the higher alert levels.
We know that key to successfully navigating the
pandemic means keeping our team engaged,
maintaining our relationships with our customers
and supply partners with an eye on resuming and
maintaining trade in various forms. Our appreciation
and respect both upstream, with our suppliers and
transport partners, and downstream, to our customers,
has contributed to our successful handling of the
challenges of product availability. We are in good
shape, well placed for the future and continue to take
nothing for granted.
Communication throughout the organisation is critical.
We appreciate that our team want to know what’s
happening in the business, are keen to share their
views on different matters and most importantly, are
vital contributors to what’s working well, what could
work differently and how we might change things. It’s
important that our relationships as well as the tools we
have in our portfolio promote and support this.
As a business, we are well placed to add to our
track record of high performance, with capability,
competence and confidence well distributed
throughout the company.
We appreciate the continued commitment and
support of the wider Briscoe Group team and thank
them for their contributions to the success of the
business.
Briscoe Group Limited Interim Report 2021
Stonger Together
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Stronger Together

Briscoe Group Limited Interim Report 2021
Stronger together
RETAIL
IS OUR
WORLD.
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Stronger together

Directors’ Approval of Consolidated Financial Statements
for the 26 week period ended 1 August 2021
Authorisation for Issue
The Board of Directors authorised the issue of these Consolidated Interim Financial Statements on
14 September 2021.
Approval by Directors
The Directors are pleased to present the Consolidated Interim Financial Statements for Briscoe Group Limited
for the 26 week period ended 1 August 2021. (Comparative period is for the 26 week period ended
26 July 2020).

Dame Rosanne Meo
CHAIRMAN



Rod Duke
GROUP MANAGING DIRECTOR
14 September 2021
For and on behalf of the Board of Directors
Briscoe Group Limited Interim Report 2021
Consolidated Financial Statements
18
Briscoe Group Limited Interim Report 2021
Consolidated Financial Statements
19

Consolidated Income Statement
For the 26 week period ended 1 August 2021 (unaudited)
Notes
26 Week Period
Ended 1 August 2021
Unaudited
$000
26 Week Period
Ended 26 July 2020
Unaudited
$000
Sales revenue
358,421292,407
Cost of goods sold (191,758) (169,132)
Gross profit166,663123,275
Other income 1,960106
Store expenses (54,809) (41,987)
Administration expenses (40,774)(35,446)
Earnings before interest and tax 73,04045,948
Finance income 155228
Finance costs (7,144) (7,456)
Net finance income/(costs) (6,989) (7,228)
Profit before income tax 66,051 38,720
Income tax expense (18,590) (10,741)
Net profit attributable to shareholders 5 47,461 27,979
Earnings per share for profit attributable
to shareholders:
Basic earnings per share (cents) 21.33 12.59
Diluted earnings per share (cents) 21.30 12.52
The above consolidated income statement should be read in conjunction with the accompanying notes.
Briscoe Group Limited Interim Report 2021
Consolidated Financial Statements
18
Briscoe Group Limited Interim Report 2021
Consolidated Financial Statements
19

Consolidated Statement of Comprehensive Income
Notes
26 Week Period
Ended 1 August 2021
Unaudited
$000

26 Week Period
Ended 26 July 2020
Unaudited
$000
Net profit attributable to shareholders
47,461 27,979
Other comprehensive income:
Items that will not be subsequently reclassified to profit or loss:
Change in value of investment in equity securities 83,840(97,935)
Items that may be subsequently reclassified to profit or loss:
Fair value gain recycled to income statement 2,993 (3,048)
Fair value gain taken to the cashflow hedge reserve 4461,989
Deferred tax on fair value gain taken to income statement (838) 853
Deferred tax on fair value gain taken to cashflow hedge reserve (125)(557)
Total other comprehensive income 6,316(98,698)
Total comprehensive income attributable to shareholders 53,777 (70,719)
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
For the 26 week period ended 1 August 2021 (unaudited)
Briscoe Group Limited Interim Report 2021
Consolidated Financial Statements
20
Briscoe Group Limited Interim Report 2021
Consolidated Financial Statements
21

Consolidated Balance Sheet
As at 1 August 2021 (unaudited)
Notes
1 August 2021
Unaudited
$000
26 July 2020
Unaudited
$000
31 January 2021
Audited
$000
ASSETS
Current assets
Cash and cash equivalents 93,926 98,560100,417
Trade and other receivables 5,5592,672 3,534
Inventories101,09186,67391,473
Derivative financial instruments7646532
Total current assets 201,340187,970195,456
Non-current assets
Property, plant and equipment 124,335108,720117,397
Intangible assets2,2043,4633,608
Right-of-use assets246,118260,368255,850
Deferred tax 13,840 14,24014,750
Investment in equity securities865,77056,16961,930
Total non-current assets 452,267442,960453,535
TOTAL ASSETS653,607630,930648,991
LIABILITIES
Current liabilities
Trade and other payables74,24187,17780,952
Lease liabilities18,99818,36419,277
Taxation payable11,8254,23712,413
Derivative financial instruments6191,814 3,378
Total current liabilities105,683111,592116,020
Non-current liabilities
Trade and other payables892969930
Lease liabilities264,186276,801272,994
Total non-current liabilities265,078277,770273,924
TOTAL LIABILITIES370,761389,362389,944
NET ASSETS282,846241,568259,047
EQUITY
Share capital1061,99260,86961,839
Cashflow hedge reserve19(1,282)(2,457)
Equity-based remuneration reserve358892444
Other reserves(22,083)(31,684)(25,923)
Retained earnings242,560212,773225,144
TOTAL EQUITY282,846241,568259,047
The above consolidated balance sheet should be read in conjunction with the accompanying notes.
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Consolidated Statement of Cash Flows
Notes
26 Week Period
Ended 1 August 2021
Unaudited
$000
26 Week Period
Ended 26 July 2020
Unaudited
$000
OPERATING ACTIVITIES
Cash was provided from
Receipts from customers 358,406292,366
Rent received 37
Dividends received 963-
Interest received 136220
Insurance recovery131-
359,639292,593
Cash was applied to
Payments to suppliers (227,262) (185,179)
Payments to employees (45,277) (25,989)
Interest paid (7,145) (7,456)
Net GST paid (15,231) (11,475)
Income tax paid (19,247) (13,666)
(314,162) (243,765)
Net cash inflows from operating activities 45,47748,828
INVESTING ACTIVITIES
Cash was provided from
Proceeds from sale of property, plant and equipment 121,996
121,996
Cash was applied to
Purchase of property, plant and equipment (11,649) (12,587)
Purchase of intangible assets (671)(846)
Investment in equity securities --
(12,320) (13,433)
Net cash outflows from investing activities (12,308) (11,437)
FINANCING ACTIVITIES
Cash was provided from
Issue of new shares 10-99
Net proceeds from borrowings 9--
-99
Cash was applied to
Dividends paid 11(30,045)-
Lease liabilities payments(9,563)(6,289)
(39,608) (6,289)
Net cash outflows from financing activities (39,608) (6,190)
Net decrease in cash and cash equivalents (6,439) 31,201
Cash and cash equivalents at beginning of period100,41767,414
Foreign cash balance cash flow hedge adjustment (52)(55)
CASH AND CASH EQUIVALENTS AT END OF PERIOD 93,92698,560
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
For the 26 week period ended 1 August 2021 (unaudited)
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Consolidated Statement of Changes in Equity
For the 26 week period ended 1 August 2021 (unaudited)
NotesShare
Capital
Unaudited
$000
Cashflow
Hedge
Reserve
Unaudited
$000
Equity- Based
Remuneration
Reserve
Unaudited
$000
Other
Reserves
Unaudited
$000
Retained
Earnings
Unaudited
$000
Total
Equity
Unaudited
$000
Adjusted balance at 26 January 2020 60,752(519)84166,251184,794312,119
Net profit attributable to shareholders for the
period
----27,979 27,979
Other comprehensive income:
Change in value of investment in equity securities 8---(97,935)-(97,935)
Net fair value gain taken through cashflow hedge
reserve
-(763) ---(763)
Total comprehensive income for the period -(763) - (97,935) 27,979 (70,719)
Transactions with owners:
Dividends paid 11------
Share options charged to income statement ------
Performance rights charged to income statement --68--68
Share options exercised 10117-(18)--99
Transfer for share options lapsed and forfeited------
Deferred tax on equity-based remuneration --1--1
Balance at 26 July 202060,869(1,282)892(31,684)212,773241,568
Net profit attributable to shareholders for the
period
----45,22045,220
Other comprehensive income:
Change in value of investment in equity securities8---5,761-5,761
Net fair value loss taken through cashflow
hedge reserve
-(1,175)---(1,175)
Total comprehensive income for the period-(1,175)-5,76145,22049,806
Transactions with owners:
Dividends paid----(33,370)(33,370)
Share options charged to income statement------
Performance rights charged to income statement--115--115
Share options exercised970-(150)--820
Transfer for share options lapsed and forfeited--(521)-521-
Deferred tax on equity-based remuneration--108--108
Balance as at 31 January 2021 61,839(2,457)444(25,923)225,144259,047
Net profit attributable to shareholders for the
period
----47,46147,461
Other comprehensive income:
Change in value of investment in equity securities 8---3,840-3,840
Net fair value gain taken through cashflow hedge
reserve
-2,476---2,476
Total comprehensive income for the period -2,476-3,84047,46153,777
Transactions with owners:
Dividends paid 11---- (30,045) (30,045)
Share options charged to income statement ------
Performance rights charged to income statement --84--84
Share options exercised 10153-(153)---
Transfer for share options lapsed and forfeited------
Deferred tax on equity-based remuneration --(17)--(17)
Balance as at 1 August 2021 61,99219358(22,083)242,560282,846
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
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Notes to the Financial Statements
For the 26 week period ended 1 August 2021 (unaudited)
1. Reporting Entity
Briscoe Group Limited (the Company) and its subsidiaries (together the Group) is a retailer of homeware and sporting goods.
The Company is a limited liability company incorporated and domiciled in New Zealand and is listed on the New Zealand Stock
Exchange (NZX). Briscoe Group Limited is registered under the Companies Act 1993 and is an FMC Reporting Entity under Part
7 of the Financial Markets Conduct Act 2013. The address of its registered office is 1 Taylors Road, Morningside, Auckland 1025,
New Zealand. The Company is registered in Australia as a foreign company under the name Briscoe Group Australasia Limited
and is listed on the Australian Securities Exchange as a foreign exempt entity. (NZX / ASX code: BGP).
2. Basis of Preparation of Financial Statements
These unaudited consolidated condensed interim financial statements (‘interim financial statements’) have been prepared in
accordance with New Zealand Generally Accepted Accounting Practice and comply with the requirements of International
Accounting Standard (IAS) 34 Interim Financial Reporting and with New Zealand Equivalent to International Accounting
Standard (NZ IAS) 34 Interim Financial Reporting and the NZX Main Board Listing Rules. The Group is designated as a for-profit
entity for financial reporting purposes.
The interim financial statements do not include all the notes of the type normally included in an annual financial report.
Accordingly, these interim financial statements should be read in conjunction with the audited consolidated financial statements
for the period ended 31 January 2021 and any public announcements made by Briscoe Group Limited during the interim
reporting period and up to the date of these interim financial statements.
These interim financial statements are presented in New Zealand dollars, which is the Company’s functional currency and the
Group’s presentation currency.
The interim financial statements are in respect of the 26 week period 1 February 2021 to 1 August 2021. The comparative period
is in respect of the 26 week period 27 January 2020 to 26 July 2020. The year-end balance date will be 30 January 2022 and
full financial statements will cover the 52 week period 1 Febuary 2021 to 30 January 2022. The Group operates on a weekly
trading and reporting cycle resulting in 52 weeks for most years with a 53 week year occurring once every 5-6 years.
The preparation of the interim financial statements requires management to make judgements, estimates and assumptions
that affect the reported amounts in the interim financial statements. Actual results may differ from these estimates. The same
significant judgements, estimates and assumptions included in the notes to the financial statements for the full year period
ended 31 January 2021 have been applied to these consolidated condensed interim financial statements.
3. Accounting Policies
Apart from the treatment in relation to certain ‘Software as a Service’ arrangements, explained below, the interim financial
statements of the Group for the 26-week period ended 1 August 2021 have been prepared using the same accounting policies and
methods of computations as, and should be read in conjunction with, the financial statements and related notes included in the
Group’s Annual Report for the full year period ended 31 January 2021.
Software as a Service:
The Group previously capitalised costs incurred in configuring or customising certain suppliers’ application software in certain
computing arrangements as intangible assets as the Group considered that it would benefit from those costs over the expected
term of the computing arrangements.
Following the publication of IFRS Interpretations Committee (IFRIC) agenda decision on
Configuration or Customisation Costs in a
Cloud Computing Arrangement
in March 2021 (and ratified by the International Accounting Standards Board (IASB) in April 2021,
the Group has reconsidered its accounting treatment in relation to capitalising certain software and adopted the guidance set out
in the IFRIC agenda decision, which is to recognise those costs as intangible assets only if the activities create an intangible asset
that the Group controls and the intangible asset meets the recognition criteria. Costs that are not capitalised as intangible assets
are expensed as incurred unless they are paid to the supplier of the cloud-based software to significantly customise the cloud-
based software in which case the cost paid upfront is recorded as a prepayment for services and amortised over the expected
term of the cloud computing arrangements.
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As a result of this change in accounting policy, the Group has determined that certain costs relating to the implementation or
development of certain software should be expensed when they were incurred as the amounts paid did not create separate
intangible assets controlled by the Group. The change in treatment has not been applied retrospectively and has not had a
material effect on these interim financial statements.
4. Seasonality
The Group’s revenue and profitability follow a seasonal pattern with higher sales and net profits typically achieved in the second
half of the financial year as a result of additional sales generated during the Christmas trading period.
5. Segment Information
The Group has two reportable operating segments that are defined by the retail sectors within which the Group operates,
namely homeware and sporting goods. The following is an analysis of the Group’s revenue and results by operating segment.
Revenue reported below is generated solely in New Zealand from sales to external customers and due to the nature of the retail
businesses there is no reliance on any individual customer. There were no inter-segment sales in the period (2020: Nil).
Segment profit represents the profit earned by each segment and is extracted from the income statements associated with the
two trading subsidiary companies, Briscoes (New Zealand) Limited and The Sports Authority Limited (trading as Rebel Sport).
Earnings before interest and tax (EBIT) is a non-GAAP measure and used to assess the performance of the operating segments.
This measure should not be viewed in isolation, nor considered as a substitute for measures reported in accordance with NZ
IFRS. This non-GAAP financial measure may not be comparable to similarly titled amounts reported by other companies.
Notes to the Financial Statements
For the 26 week period ended 1 August 2021 (unaudited)
For the period ended 1 August 2021
Homeware
$000
Sporting
Goods
$000
Eliminations/
Unallocated
$000
Total Group
$000
INCOME STATEMENT
Total sales revenue
222,628135,793-358,421
Gross profit 102,80063,863-166,663
Earnings before interest and tax41,44729,4142,17973,040
Finance income 231284155
Finance costs (4,747)(2,336)(61)(7,144)
Net finance income / (costs)(4,724)(2,208)(57)(6,989)
Income tax expense(10,355)(7,618)(617)(18,590)
Net profit after tax 26,36819,5881,50547,461
BALANCE SHEET
Assets377,713220,82155,073
1.
653,607
Liabilities255,159134,069(18,467)370,761
OTHER SEGMENTAL ITEMS
Acquisitions of property, plant and
equipment, intangibles and investments
10,6571,663-12,320
Depreciation and amortisation expense 10,3685,842-16,210
$000
1. Investment in equity securities68,554
Intercompany eliminations(15,385)
Other balances(1,904)
55,073
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6. Expenses
Profit before income tax includes the following specific (income) and expenses:
26 Week Period
Ended 1 August 2021
$000
26 Week Period
Ended 26 July 2020
$000
Depreciation of property, plant and equipment4,5144,152
Amortisation of software costs 624847
Depreciation of right-of-use assets 11,07210,777
Interest on leases7,0737,405
Operating lease rental expense 196
Wages, salaries and other short-term benefits42,68639,362
Government wage subsidy received-(11,455)
1
Equity-based remuneration 8468
Notes to the Financial Statements
For the 26 week period ended 1 August 2021 (unaudited)
For the period ended 26 July 2020
Homeware
$000
Sporting
Goods
$000
Eliminations/
Unallocated
$000
Total Group
$000
INCOME STATEMENT
Total sales revenue
184,347108,060-292,407
Gross profit 79,02544,250-123,275
Earnings before interest and tax28,06216,8851,00145,948
Finance income 3917811228
Finance costs (4,917)(2,488)(51)(7,456)
Net finance income / (costs)(4,878)(2,310)(40)(7,228)
Income tax expense(6,385)(4,081)(275)(10,741)
Net profit after tax 16,79910,49468627,979
BALANCE SHEET
Assets359,199221,96249,769
1.
630,930
Liabilities263,866135,315(9,819)389,362
OTHER SEGMENTAL ITEMS
Acquisitions of property, plant and
equipment, intangibles and investments
11,1882,245-13,433
Depreciation and amortisation expense 10,1215,655-15,776
$000
1. Investment in equity securities58,952
Intercompany eliminations(7,878)
Other balances(1,305)
49,769
1. In April 2020 the Group was eligible for and received $11.5 million of New Zealand Government Wage Subsidy. This was repaid in full in October 2020.
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Notes to the Financial Statements
7. Property, Plant and Equipment
Acquisitions and disposals
During the 26-week period ended 1 August 2021, the Group acquired property, plant and equipment with a total cost of
$11,648,804 (2020: $12,587,105). Property, plant and equipment with a net book value of $197,320 (2020: $2,387,943) were
disposed of during the 26-week period ended 1 August 2021.
8. Investment in Equity Securities
During 2015 and 2019 Briscoe Group Limited acquired 48,007,465 shares in Kathmandu Holdings Limited for a total cost of
$87,853,048. As at 1 August 2021 this holding represented an 6.77% ownership in Kathmandu Holdings Limited. (2020: 6.77%).
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). An adjustment was made at period end to reflect the fair value of
these shares as at 1 August 2021.
1.
$000
At 26 January 2020 154,104
Additions-
Change in value credited to other reserves (97,935)
At 26 July 2020 56,169
Additions-
Change in value credited to other reserves 5,761
At 31 January 2021 61,930
Additions-
Change in value credited to other reserves3,840
At 1 August 202165,770
1. Fair value determined to be $1.37 ($2020: $1.17) per share as per NZX closing price of Kathmandu Holdings Limited
as at 30 July 2021 (2020: 24 July 2020).
For the 26 week period ended 1 August 2021 (unaudited)
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9. Interest Bearing Liabilities
There were no interest bearing liabilities as at 1 August 2021 (2020: Nil). The unsecured facility with the Bank of New Zealand for
$30 million in place at the last year-end balance date of 31 January 2021, expires on 20 September 2021. This has been renewed
for a further twelve months from the current expiry date. The facility is sufficiently flexible that the amounts can be drawn down
and repaid to accommodate fluctuations in operating cash flows within overall limits, without the need for prior approval of the
bank.
10. Share Capital
Authorised Shares
No. of Shares
Share capital
$000
At 26 January 2020 222,188,50060,752
Issue of ordinary shares during the period:
Exercise of options 30,000117
1.
At 26 July 2020 222,218,500 60,869
Issue of ordinary shares during the period:
Exercise of options 247,500970
At 31 January 2021 222,466,00061,839
Issue of ordinary shares during the period:
Exercise of options 90,300153
1.
At 1 August 2021222,556,30061,992
1. When options or performance rights are exercised the amount in the equity-based remuneration reserve relating to those options
or performance rights exercised, together with the exercise price paid by the employee, is recognised in share capital. The amount
recognised for the 90,300 shares issued during the 26 week period ended 1 August 2021 was $153,376 ($18,197 and $99,300
respectively for the 30,000 shares issued during the 26 week 26 July 2020).
Notes to the Financial Statements
For the 26 week period ended 1 August 2021 (unaudited)
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11. Dividends
Period ended
1 August 2021
Period ended
26 July 2020
Period ended
1 August 2021
Period ended
26 July 2020
Cents per share Cents per share $000$000
Final dividend for the period ended
31 January 2021
13.50-30,045 -
Final dividend for the period ended
26 January 2020
1.
----
13.50-30,045 -
1. On 16 March 2020 the directors declared a final dividend of 12.50 cents per share. On 23 March 2020 the directors cancelled
the dividend due to the uncertainty surrounding COVID-19.
All dividends paid were fully imputed. Supplementary dividends of $206,690 (2020: Nil) were provided to shareholders not
tax resident in New Zealand, for which the Group received a Foreign Investor Tax Credit entitlement.
On 14 September 2021 the Directors resolved to provide for an interim dividend to be paid in respect of the period ended
30 January 2022. The dividend will be paid at the rate of 11.50 cents per share for all shares on issue as at 21 September 2021,
with full imputation credits attached.
12. Fair Value Measurements of Financial Instruments
The Group’s activities expose it to a variety of financial risks, market risk (including currency and interest rate risk), credit risk
and liquidity risk. The Group’s overall risk management programme seeks to minimise potential adverse effects on the Group’s
financial performance. The Group uses certain derivative financial instruments to hedge certain risk exposures.
The consolidated interim financial statements do not include all financial risk management information and disclosures required
in the annual financial statements. They should be read in conjunction with the Group’s annual financial statements for the
period ending 31 January 2021. There have been no changes in the risk management policies since year end.
Based on NZ IFRS 13 Fair Value Measurement, the fair value of each financial instrument is categorised in its entirety based on
the lowest level of input that is significant to that fair value measurement. The levels are defined as follows:
Level 1: Quoted prices (unadjusted in active market for identical assets and liabilities);
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability,
either directly (that is, as prices) or indirectly (that is, derived from prices);
Level 3: Inputs for the asset or liability, that are not based on observable market data (that is unobservable
inputs).
The financial instruments held by the Group that are measured at fair value are; over-the-counter derivatives (foreign exchange
contracts) and an investment in equity securities. The derivatives have been determined to be within level 2 (for the purposes of
NZ IFRS 13) of the fair value hierarchy as all significant inputs required to ascertain the fair values are observable. The investment
in equity securities is determined to be within level 1 as quoted prices are available from an active equities market for identical
securities. There were no transfers between levels 1 and 2 during the period.
Notes to the Financial Statements
For the 26 week period ended 1 August 2021 (unaudited)
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There were no changes in valuation techniques during the period.
The following methods and assumptions were used to estimate the fair values for each class of financial instrument.
Trade debtors, trade creditors, related party payables and bank balances
The carrying value of these items is equivalent to their fair value.
Derivative financial instruments
Derivative financial instruments comprise of forward foreign exchange contracts which have been fair valued using market
forward foreign exchange rates at period end.
Investment in equity securities
The investment in equity securities has been fair valued using equity prices quoted on market at period end.
The following table presents the Group’s assets and liabilities that are measured at fair value at 1 August 2021:
As at
1 August 2021
$000
As at
26 July 2020
$000
As at
31 January 2021
$000
Assets
Derivative financial instruments7646532
Investment in equity securities65,77056,16961,930
Total Assets66,53456,23461,962
Liabilities
Derivative financial instruments6191,8143,378
Total Liabilities6191,8143,378
Notes to the Financial Statements
For the 26 week period ended 1 August 2021 (unaudited)
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13. Related Party Transactions
During the 26-week period the Company advanced and repaid loans to its subsidiaries by way of internal transfers between
current accounts. In presenting the financial statements of the Group, the effect of transactions and balances between fellow
subsidiaries and those with the Parent have been eliminated.
Material transactions between the Company and its subsidiaries were:
26 Week Period
Ended 1 August 2021
$00
26 Week Period
Ended 26 July 2020
$000
Management fees charged by the Company to:
Briscoes (NZ) Limited8,2997,251
The Sports Authority Limited (trading as Rebel Sport)5,1084,307
Total management fees charged 13,40711,558
Dividends received by the Company from:
Briscoes (NZ) Limited15,017-
The Sports Authority Limited (trading as Rebel Sport)15,016-
Total dividends received 30,033-
In addition, the Group undertook transactions during the 26 week period with the following related parties as detailed below:
• The RA Duke Trust, of which RA Duke is a trustee, as owner of the Rebel Sport premises at Panmure, Auckland, received rental
payments of $337,442 (2020: $276,221 net of rental relief) from the Group, under an agreement to lease premises to The
Sports Authority Limited (trading as Rebel Sport). The remaining non-cancellable term of this lease is 1.7 years (2020: 2.7
years) with a payment commitment of $1,124,807 (2020: $1,799,691).
• Kein Geld (NZ) Limited, an entity associated with RA Duke, received rental payments of $283,637 (2020: $236,364 net of
rental relief) as owner of the Briscoes Homeware premises at Wairau Park, Auckland, under an agreement to lease premises
to Briscoes (NZ) Limited. The remaining non-cancellable term of this lease is 0.6 years (2020: 1.6 years) with a payment
commitment of $330,910 (2020: $898,184).
• RA Duke Trust (including RA Duke Limited) received dividends of $23,161,462 (2020: Nil).
• P Duke, spouse of RA Duke, received payments of $32,500 (2020: $32,500) in relation to her employment as an overseas
buying specialist with Briscoe Group Limited and rental payments of $461,196 (2020: $343,750 net of rental relief) as owner
of the Briscoes Homeware premises at Panmure, Auckland under an agreement to lease premises to Briscoes (NZ) Limited.
The remaining non-cancellable term of this lease is 9.8 years (2020: 10.8 years) with a payment commitment of $9,698,952
(2020: $10,734,968).
Notes to the Financial Statements
For the 26 week period ended 1 August 2021 (unaudited)
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Directors received directors’ fees and dividends in relation to their personally-held shares as detailed below:
26 Week
Period Ended 1 August 2021
26 Week
Period Ended 26 July 2020
Directors’ FeesDividendsDirectors’ FeesDividends
1.
$000$000$000$000
Executive Director
RA Duke----
Non-Executive Directors
RPO’L Meo72-59-
AD Batterton40-34-
RAB Coupe41135-
HJM Callaghan
2.
38---
1911128-
Directors received dividends in relation to their non-beneficially held shares as detailed below:
26 Week Period
Ended 1 August 2021
26 Week Period
Ended 26 July 2020
1.
$000$000
Executive Director
RA Duke 23,161-
Non-Executive Directors
RPO’L Meo14-
AD Batterton3-
RAB Coupe--
HJM Callaghan
2.
--
23,178-
1. On 16 March 2020 the directors declared a final dividend of 12.50 cents per hare. On 23 March 2020 the directors cancelled the
dividend due to the uncertainty surrounding COVID-19.
2. Mark Callaghan was appointed to the Board as a Director effective from 1 January 2021.
Notes to the Financial Statements
For the 26 week period ended 1 August 2021 (unaudited)
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14. Contingent Liabilities
There were no contingent liabilities as at 1 August 2021. (2020: Nil).
15. COVID-19
COVID-19 has brought disruptions and uncertainties to businesses and economies globally. These disruptions have impacted on
the operations of Briscoe Group through-out the last financial year, predominantly during the first half of that period (Feb 2020 –
July 2020), but notwithstanding the Level 3 lockdowns imposed in Auckland during August 2020, February 2021 and March 2021.
On 17 August 2021 the NZ Government announced a further nationwide Level 4 lockdown commencing 18 August. Auckland
has remained at Level 4 through until the date of these financial statements and the rest of the country returned to level 3 from
1 September and then to Level 2 from 8 September, with the exception of Northland which moved to Level 3 from 3 September
and then to Level 2 with the rest of New Zealand excluding Auckland.
The Group’s stores were closed as a result of New Zealand being placed in Level 4. Essential goods were sold online across both
Briscoes Homeware and Rebel Sport during level 4 lockdown and full online trading resumed when the rest of country moved to
Level 3. Stores resume trading once the region in which they are located returns to Level 2.
Subsequent to all previous lockdowns the Group has experienced a resurgence in consumer demand which has allowed it to
recover the revenue lost as a result of the restricted trade during lockdowns. Whilst we are confident of another increase in
consumer demand post this current lockdown the extent to which lost sales will be recovered remains uncertain.
These developments highlight the uncertainty of COVID-19 impacts into the future and the Board and management continue to
monitor the situation closely.
The Board note the high level of business uncertainty that continues to exist in relation to the impacts of the COVID-19
pandemic including the possibility of supply chain disruption, erosion of consumer spending and further government-imposed
lockdowns. Other than minor immaterial inventory adjustments for a few impacted categories, there are no other provisions in
these statements for the period ended 1 August 2021 for financial impacts of COVID-19.
16. Events After Balance Date
On 14 September 2021 the directors resolved to provide for an interim dividend to be paid in respect of the 52-week period
ending 30 January 2022. The dividend will be paid at a rate of 11.50 cents per share on issue as at 21 September 2021, with full
imputation credits attached.
On 17 August 2021 the NZ Government announced a further nationwide Level 4 lockdown commencing 18 August. Auckland
has remained at Level 4 through until the date of these financial statements and the rest of the country returned to level 3 from
1 September and then to Level 2 from 8 September, with the exception of Northland which moved to Level 3 from 3 September
and then to Level 2 with the rest of New Zealand excluding Auckland. (Refer Note 15).
17. Accounting Standards
Apart from the treatment in relation to certain ‘Software as a Service’ arrangements, (refer Note 3), the accounting policies
applied are consistent with those of the annual financial statements for the period ended 31 January 2021, as described in those
annual financial statements.
There were no new standards applied during the period.
Notes to the Financial Statements
For the 26 week period ended 1 August 2021 (unaudited)
Briscoe Group Limited Interim Report 2021
Consolidated Financial Statements
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Briscoe Group Limited Interim Report 2021
Consolidated Financial Statements
33

PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz

Independent auditor’s review report
To the shareholders of Briscoe Group Limited

Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated condensed interim financial statements (interim financial
statements) of Briscoe Group Limited (the Company) and its controlled entities (the Group), which
comprise the consolidated balance sheet as at 1 August 2021, and the consolidated income
statement, the consolidated statement of comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of cash flows for the 26 week period ended on that
date, and significant accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that these
accompanying interim financial statements of the Group do not present fairly, in all material respects,
the financial position of the Group as at 1 August 2021, and its financial performance and cash flows
for the 26 week period then ended, in accordance with International Accounting Standard 34 Interim
Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibility is further described in the Auditor’s responsibility for the
review of the financial statements section of our report.

We are independent of the Group in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. Other than in our capacity as auditor
we have no relationship with, or interests in, the Group.
Director’s responsibility for the financial statements
The Directors of the Group are responsible on behalf of the Group for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of interim financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor’s responsibility for the review of the financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with IAS 34 and NZ IAS 34. A review of interim financial statements
in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures.
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Briscoe Group Limited Annual Report 2021
Independent Auditor’s Report
Briscoe Group Limited Annual Report 2021
Independent Auditor’s Report
PwC
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and International
Standards on Auditing and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these interim financial
statements.
Who we report to
This report is made solely to the Group’s Shareholders, as a body. Our review work has been
undertaken so that we might state to the Group’s Shareholders those matters which we are required to
state to them in our review 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
review procedures, for this report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Indumin
Senaratne (Indy Sena).
For and on behalf of:
Chartered AccountantsAuckland
14 September 2021
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Briscoe Group Limited Interim Report 2021
Directory
Directors
Dame Rosanne PO’L Meo (Chairman)
Rodney A. Duke
Anthony (Tony) D. Batterton
Richard A. (Andy) Coupe
Hugh J. M. (Mark) Callaghan
Registered Office
1 Taylors Road,
Morningside
Auckland
Telephone (09) 815 3737
Postal Address
PO Box 884
Auckland Mail Centre
Auckland
Solicitors
Simpson Grierson
Directory
Bankers
Bank of New Zealand

Auditors
PwC
Share Registrar
Link Market Services Limited
Deloitte Centre
Level II
80 Queen Street
Auckland 1010
Telephone +64 9 375 5998

Websites
www.briscoegroup.co.nz
www.briscoes.co.nz
www.rebelsport.co.nz
www.livingandgiving.co.nz
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Notes
Briscoe Group Limited Interim Report 2021
Notes
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NotesNotes
Briscoe Group Limited Interim Report 2021
Notes

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Briscoe Group Limited Annual Report 2021
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Notes
Briscoe Group Limited Interim Report 2021
Notes
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briscoegroup.co.nz