Savor announces interim results

NZX Release
Savor announces Interim Results
18 November 2021
Savor Limited (NZX: SVR) (“Savor” or “the Group”), is pleased to announce its results for the six month
period ended 30 September 2021.
All figures presented are from the continuing operations of the Group unless otherwise stated.
Highlights:
• Group revenue increased to $17.2m from $4.9m in the prior period, following the acquisition
of the Amano, Ortolana and The Store venues in April 2021.
• Group operating cash flows for the period were $1.1m, compared to an outflow of $0.1m in
the prior period. Cash flows were significantly lower as a result of COVID-19 restrictions in
the last six weeks of the period, resulting in a mismatch with payments being made to
suppliers while there were no cash receipts.
• Including significant non-cash items such as depreciation of $2.0m and interest costs of
$0.6m, the Group reported a net loss after tax of $0.8m.
• However, Savor reported operating earnings of $2.1m for the period (with six weeks of
COVID affected trading).

Core Business
The financial year began with a period of consolidation, following the acquisition of Amano, Ortolana,
and The Store from Hipgroup Limited in early April 2021. Trading results exceeded initial expectations
and were accompanied by strong performances across the bulk of the existing Savor Group venues.
The six month period saw the Group achieve some of the highest trading weeks in recent years.
The Group has made significant progress on its cost out strategy, removing approximately $1.0m of
annualized overhead costs, in addition to the ongoing working capital and overhead benefits realized
from divesting the Moa Brewing operations. The Group also obtained successful settlements for the
historical claims against the contract manufacturer (100% in favour) and the purchaser (85% in favour).
In June, the Group acquired a centralized distribution centre, enabling purchasing power synergies and
a streamlined supply chain, working directly with suppliers to source the highest quality products.
Savor has also completed a review of its lease portfolio, resulting in the exit or sublease of
underutilized spaces to offset approximately $0.3m of rental costs on an annual basis.
The return to COVID-19 restrictions in August 2021 had a material impact on the Group’s operations,
with the mandated closure of venues. Savor redeveloped its eCommerce business to generate sales in
excess of $0.13m per week for online deliveries and takeaway offerings. This, combined with stringent
capital and cost discipline, limited the weekly cash outflow to approximately $88,000. Savor is well
positioned to maximise trading opportunities once restrictions are lifted.

2

2
New Business
The Group acquired Oji Sushi in July 2021 adding an affordable premium sushi range to accompany
Savor’s existing Japanese credentials. This acquisition expands the Group’s fast casual offering and
provides a concept well placed for further expansion, the first of which was opened in Auckland’s
Britomart in August 2021. Savor’s organic growth continued with the establishment of Bar Non Solo in
the Seafarers Building. This upmarket cocktail lounge expansion of the iconic NSP brand from Parnell
brings a high energy sophisticated Italian Aperitivo restaurant into Auckland’s premier dining district.
The Group remains in discussions with several parties regarding the addition of further profitable
assets. The Group expects to be able to provide more detail in the coming months as these discussions
materialize.
CEO Lucien Law said: “The high paced nature of the Group is evident when I reflect on the past six
months and what we’ve achieved. The solid trading results throughout winter demonstrate the high
quality venues we have and the potential that the Group can achieve. COVID-19 continues to challenge
us and places immense pressure on the business but even more on our staff. I can only give my sincere
thanks to our teams who are doing it tough at this time and really just want to get back into doing
what they love. The support of our teams and our customer base is essential, and we look forward to
welcoming everyone back as soon as we can.”
ENDS -
Investor Enquiries
Tim Peat
CFO, Savor
Mobile: 021 049 7442


About Savor
Savor, established in 2011, is one of New Zealand’s largest hospitality businesses with 10 iconic
venues in Auckland, including Azabu Ponsonby, Azabu Mission Bay, Ebisu and Non Solo Pizza, each
with its own unique concept, culture and offering. In April 2021, Savor acquired the iconic Auckland
venues Amano, Ortolana, and The Store, bringing further strength and depth to the Group. Savor has
a reputation for originality, the quality of its products and the high standard of service that is
consistent across the company portfolio.

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INTERIM FINANCIAL
STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021

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5
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11
Directors’ Report
Consolidated Statement of
Comprehensive Income
Consolidated Statement of
Movements in Equity
Consolidated Balance Sheet
Consolidated Statement of
Cash Flows
Notes to the Financial
Statements
Corporate Directory
IN THIS REPORT

AMANO
The Board of Directors has pleasure in presenting
the interim financial statements for Savor Limited
for the period ended 30 September 2021.
The interim financial statements presented are
signed for and on behalf of the Board of Directors
and were authorised for issue on 18 November 2021.
Paul Robinson
Chairman
Ryan Davis
Director
DIRECTORS REPORT
1
SAVOR INTERIM FINANCIAL STATEMENTS 2021
DIRECTORS REPORT

NOTE
SIX MONTHS
SEPT 2021
UNAUDITED
$000’S
SIX MONTHS
SEPT 2020
UNAUDITED
$000’S
YEAR ENDED
MARCH 2021
AUDITED
$000'S
Revenue17,155 4,876 16,134
Expenses:
Direct costs(5,151)(1,765)(5,286)
Employee costs(8,013)(1,024)(6,141)
Marketing costs(100)(142)(379)
Utilities and operational expenses(1,374)(532)(1,289)
Other expenses(1,007)(432)(1,200)
Warehousing and freight costs(17)--
Other income8617 --
2,110 981 1,839
Depreciation and amortisation(1,960)(1,004)(2,191)
Impairment of goodwill--(2,000)
Contingent consideration release- 1,234 1,033
Restructuring costs3(315) (226)(921)
Interest expense(588)(420)(850)
Loss before income tax(753)565 (3,090)
Taxation expense- - -
Net loss from continuing operations(753)565 (3,090)
Net loss from discontinued operations net of tax- (980)(3,496)
Loss attributable to the shareholders(753)(415)(6,586)
Other comprehensive income and expenses- - -
Total comprehensive loss(753)(415)(6,586)
Basic and diluted losses per share (cents)(1.2)0.0(4.6)
Basic and diluted losses from continuing operations per share (cents) (1.2)0.0 (2.2)
Weighted average number of shares outstanding (thousands of shares)
Basic and diluted 61,980 135,528 141,892
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
The accompanying notes form part of and are to be read in conjunction with these interim financial statements.
2
SAVOR INTERIM FINANCIAL STATEMENTS 2021
INTERIM FINANCIAL STATEMENTS

NOTE
SHARE
CAPITAL
$000'S
UNISSUED
CAPITAL
$000'S
ACCUMULATED
LOSSES
$000'S
SHARE-BASED
PAYMENTS
RESERVE
$000'S
TOTAL EQUITY
$000'S
Total equity at 1 April 202038,892 1,999 (28,094)64 12,861
Total comprehensive loss for the period - - (616) - (616)
Issue of new shares8,359 (1,999) - - 6,360
Total equity at 30 September 2020 (unaudited)47,251 - (28,710)64 18,605
Total equity at 1 April 2020 38,892 1,999 (28,094) 64 12,861
Total comprehensive loss for the period - - (6,586) 91 (6,495)
Issue of new shares8,359 (1,999) - - 6,360
Total equity at 31 March 2021 (audited)47,251 - (34,680)155 12,726
Total equity at 1 April 202147,251 - (34,680)155 12,726
Total comprehensive loss for the period - - (753)5 (748)
Issue of new shares46,886 - - - 6,886
Total equity at 30 September 2021 (unaudited)54,137 - (35,433)160 18,864
CONSOLIDATED STATEMENT OF
MOVEMENTS IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
The accompanying notes form part of and are to be read in conjunction with these interim financial statements.
3
SAVOR INTERIM FINANCIAL STATEMENTS 2021
INTERIM FINANCIAL STATEMENTS

The accompanying notes form part of and are to be read in conjunction with these interim financial statements.
NOTE
SEPT 2021
UNAUDITED
$000’S
SEPT 2020
UNAUDITED
$000’S
MARCH 2021
AUDITED
$000’S
ASSETS
Current assets:
Cash2,696 3,685 3,402
Trade and other financial receivables508 2,054 435
Inventories734 1,525 460
Total current assets3,938 7,264 4,297
Non-current assets:
Trade and other financial receivables-306 -
Property, plant and equipment11,700 7,4 4 2 6,691
Intangible assets6 26,695 19,633 17,271
Right of use asset17,302 7,482 8,171
Total non-current assets55,697 34,863 32,133
Total assets59,635 42,127 36,430
LIABILITIES
Current liabilities:
Trade and other payables3,948 3,540 3,450
Lease liability2,887 1,480 1,607
Borrowings2,435 1,262 1,719
Deferred payables2 .12,850 --
Related party payables272 2,777 3,077
Total current liabilities12,392 9,059 9,853
Non-current liabilities:
Trade and other payables1,169 1,470 1,135
Related party payables--112
Lease liability15,460 6,829 7,302
Borrowings11,750 6,169 5,302
Total non-current liabilities28,379 14,468 13,851
Total liabilities40,771 23,527 23,704
EQUITY
Share capital4 54,137 47,251 47,251
Reserves(35,273)(28,651)(34,525)
Total equity 18,864 18,600 12,726
Total liabilities and equity59,635 42,127 36,430
CONSOLIDATED
BALANCE SHEET
AS AT 30 SEPTEMBER 2021
4
SAVOR INTERIM FINANCIAL STATEMENTS 2021
INTERIM FINANCIAL STATEMENTS

The accompanying notes form part of and are to be read in conjunction with these interim financial statements.
SIX MONTHS
SEPT 2021
UNAUDITED
$000’S
SIX MONTHS
SEPT 2020
UNAUDITED
$000’S
YEAR ENDED
MARCH 2021
AUDITED
$000’S
CASH FLOW FROM OPERATING ACTIVITIES
Receipts from customers17,082 9,588 24,789
Payments to suppliers, employees and other(15,953)(9,731)(24,777)
Net cash used in operating activities1,129 (143)12
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment, and intangible assets(1,161)(419)(924)
Payments for venue development costs(86)-(364)
Repayment of related party payable(1,974)(400)(531)
Sale of business--1,900
Purchase of businesses(7,975)- -
Net cash used in investing activities(11,196) (819)81
CASH FLOW FROM FINANCING ACTIVITIES
Interest paid(219)(207) (397)
Net borrowings drawn down6,021 - (411)
Lease liabilities payments(1,306)(516) (1,253)
Transaction costs from issue of shares(181)(103) (103)
Issue of shares5,046 6,070 6,070
Net cash from financing activities9,361 5,244 3,906
Net movement in cash held(706)4,282 3,999
Add: opening cash3,402 2,586 (597)
Closing cash2,696 6,868 3,402
CONSOLIDATED STATEMENT
OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
5
SAVOR INTERIM FINANCIAL STATEMENTS 2021
INTERIM FINANCIAL STATEMENTS

1 BASIS OF PRESENTATION
Savor Limited (‘the Parent’ or ‘Company’) and its
subsidiaries (together ‘the Group’) operate in the
hospitality sector, operating a number of premium
restaurants and bars. The Group’s business is highly
seasonal with the October to March period representing
a disproportionate share of trading. The address of its
registered office is Level 4, 114 Quay Street, Auckland 1142.
The condensed consolidated interim financial statements
presented are those of Savor Limited and its subsidiaries
(the "Group"). Savor Limited is a company domiciled in
New Zealand, registered under the Companies Act 1993
and is a Financial Markets Conduct Act 2013 reporting
entity. The Company is a for-profit entity. The condensed
consolidated interim financial statements have been
prepared in accordance with Generally Accepted
Accounting Practice in New Zealand, which is the New
Zealand equivalent to International Financial Reporting
Standards (NZ IFRS). The interim financial statements are
presented in New Zealand dollars. They comply with NZ
IAS 34 Interim Financial Reporting and should be read in
conjunction with the 31 March 2021 annual report available
on the Group website at www.savor.co.nz.
2 KEY ESTIMATES AND JUDGEMENTS
The Group has undertaken a number of key estimates and
judgements when preparing these financial statements,
the details of which are outlined in this note. These
judgements have been formed using historical information
and comparatives where available, and management's
best judgement where there is no appropriate comparison.
The Group continues to review all significant estimates
along with the assumptions used and recognises any
adjustments to these in the period in which a change
occurs. The key estimates and judgements are disclosed in
the Group's most recent annual report.
The accounting policies used to prepare these interim
financial statements are consistent with the preparation of
the Group's latest annual report.
2.1 BUSINESS COMBINATIONS
Amano, Ortolana, The Store
On 8 April 2021, the Group acquired the operations of
venues Amano, Ortolana and The Store, from Hipgroup
Limited. The total purchase price of $11 million consisted of
a $7.15 million upfront payment to the vendors, $1 million
of shares in Savor Limited, and a further $2.85 million to
be paid in April 2022. In order to fund the acquisition, the
Group took on additional borrowings of $7 million.
Distribution centre
On 30 June 2021, the Group acquired a distribution centre
operation from Hipgroup Limited, trading as Matua Road
Farms. The total purchase price of $195,000 included
payments for inventories on hand and was paid in cash.
The property, plant and equipment balances for this
operation were acquired as part of the Amano transaction.
The purchase price was funded from cash on hand.
Oji Sushi (Oji)
Oji Sushi was purchased on 5 July 2021 for total
consideration of $1.2 million, paid in cash. The Group
acquired the assets and liabilities of the business. Following
the acquisition, the Group opened Oji Sushi Britomart in
August 2021.
These transactions met the criteria of a business
combination under NZ IFRS 3 Business Combinations,
and the balances recognised on acquisition of each are
outlined below. Business acquisition costs of $95,000 were
expensed during the period.
NOTES TO THE INTERIM
FINANCIAL STATEMENTS
6
SAVOR INTERIM FINANCIAL STATEMENTS 2021
NOTES TO THE INTERIM FINANCIAL STATEMENTS

AMANO, ORTOLANA,
THE STORE
$000’S
DISTRIBUTION CENTRE
$000’S
OJI SUSHI
$000’S
TOTAL
$000’S
Purchase price 11,000 195 1,200 12,395
Less: settlement adjustments (607) (49) 111 (545)
Net consideration 10,393 146 1,311 11,850
Net consideration made up of the following:
Cash paid6,543 121 1,311 7,975
Value of shares issued1,000 - - 1,000
Deferred consideration2,850 25 - 2,875
Total net consideration 10,393 146 1,311 11,850
Recognised assets acquired and liabilities assumed:
Assets:
Inventories143 154 7 304
Property, plant and equipment3,242 - 1,073 4,315
Right of use assets9,531 242 910 10,683
Liabilities:
Employee entitlements(626)(49)(14) (689)
Other liabilities(233)(11)(137) (381)
Borrowings - - (1,130) (1,130)
Lease liabilities(9,531)(242) (910) (10,683)
Total assets and liabilities2,526 94 (201)2,419
Goodwill recognised7, 8 6 7 52 1,512 9,431
Contribution to earnings (since acquisition date)
Revenue 7,398 398 244 8,040
Operating earnings (EBITDA) 1,429 (20) (28) 1,381
Extrapolated contribution to earnings (six month period)
Revenue 7,738 796 488 9,022
Operating earnings (EBITDA) 1,495 - - 1,495
7
SAVOR INTERIM FINANCIAL STATEMENTS 2021
NOTES TO THE INTERIM FINANCIAL STATEMENTS

3 RESTRUCTURING COSTS
SIX MONTHS
SEPT 2021
$000’S
SIX MONTHS
SEPT 2020
$000’S
YEAR ENDED
MARCH 2021
$000’S
Acquisition costs95 5 (186)
Restructuring and
other costs
98 56 (40)
Loss on disposal of
fixed assets
36 -(331)
Concept development
expenses
87 165 (364)
316 226 (921)
4 SHARE CAPITAL
Equity raise
On 8 April 2021, the Group settled an underwritten
renounceable rights issue and as a result issued 34 million
shares raising a total $6 million in new funds to secure the
Group's future growth aspirations. The Savor vendors took
up their full rights, totalling $0.9 million, opting to offset
these against the related party payable due on 1 April
2021. In addition, the Group also issued $1 million of shares
at $0.22 initially held in escrow for the vendors of the
Hipgroup Limited acquisitions which was released during
July 2021.
On 28 May 2021, the Group issued 334,355 shares worth
a total of $68,543 as compensation for Directors fees and
short term employee incentives. The Board also authorised
the issue of a further 200,000 employee options at $0.21.
On 9 August 2021, the Group undertook a 3 for 1 share
consolidation, reducing the number of shares on issue to
62,016,767 shares.
5 SEGMENTAL INFORMATION
Segmental information is presented in respect of the
Group’s industry segments as all of the Group's operations
are in New Zealand.
SIX MONTHS
SEPT 2021
$000’S
SIX MONTHS
SEPT 2020
$000’S
YEAR ENDED
MARCH 2021
$000’S
Revenue
Hospitality 17,155 5,023 16,134
Corporate - - -
Total 17,155 5,023 16,134
EBITDA*
Hospitality 2,531 1,327 3,571
Corporate421 (346) (1,732)
Total 2,110 981 1,839
*EBITDA means earnings before interest, tax, depreciation, amortisation,
restructuring costs, impairment charges, and release of contingent
consideration as disclosed in the Statement of Comprehensive Income.
Depreciation and
amortisation
Hospitality (1,960) (1,004) (2,191)
Corporate - - -
Total (1,960) (1,004) (2,191)
Capital expenditure
Hospitality (1,161) (419) (923)
Corporate - - -
Total (1,161) (419) (923)
Non-current assets
Hospitality 55,697 32,513 32,133
Corporate - - -
Total 55,697 32,513 32,133
6 INTANGIBLE ASSET IMPAIRMENT
The Group performed its annual impairment testing of
goodwill at 31 March 2021, which included a number of
conservative assumptions for the impact of COVID-19. The
Group has performed above expectations for the period,
with the exception of August and September due to the
Alert Level 3 & 4 lockdowns. Management has reconsidered
the assumptions of the impairment tests in light of the
results for the six months and are satisfied that there is
no indication of an impairment that would require a more
comprehensive impairment assessment at this time.
8
SAVOR INTERIM FINANCIAL STATEMENTS 2021
NOTES TO THE INTERIM FINANCIAL STATEMENTS

7 RECONCILIATION OF NET EARNINGS TO NET CASH
FROM OPERATING ACTIVITIES
SIX MONTHS
SEPT 2021
$000’S
SIX MONTHS
SEPT 2020
$000’S
YEAR ENDED
MARCH 2021
$000’S
Net profit/(loss) after tax(746)(415)(6,586)
Add back:
Interest paid588 207 786
Venue development costs expensed86 -364
Add/(Less) non-cash items:
Depreciation and amortisation 1,9601,2262,595
Impairment of goodwill--2,000
Non-cash interest on lease liability and deferred consideration-231 -
Supplier loan income recognised(151)93 (236)
(Gain)/loss on disposal property, plant and equipment36 124 454
Impairment of fixed assets-131 -
Share based payments5 -91
Reassessment of contingent consideration-(1,234)(1,033)
Movements in working capital:
Trade and other receivables(73)218 556
Inventories(139)768 550
Trade and other payables437(1,492)471
Net cash from operating activities1,129 (143)12
8 CONTINGENT ASSETS
At 31 March 2021, the Group noted contingent assets for
outstanding balances owed to the Group from bStudio
Limited and Moa Brewing Company Limited. These
were settled during the period, with the proceeds
recognised in 'Other Income' in the Statement of
Comprehensive Income.
9 SUBSEQUENT EVENTS
On 18 October 2021, the Group completed the on-market
purchase of 534,598 shares pursuant to the minimum
holdings notice issued in August 2021. Total consideration
paid for the acquired shares was $232,668.
9
SAVOR INTERIM FINANCIAL STATEMENTS 2021
NOTES TO THE INTERIM FINANCIAL STATEMENTS

BAR NON SOLO
10
SAVOR INTERIM FINANCIAL STATEMENTS 2021

CORPORATE
DIRECTORY
DIRECTORS
Paul Robinson
Executive Chairman
Lucien Law
Executive Director & CEO
Ryan Davis
Independent Director
Appointed 8 April 2021
Louise Alexander
Independent Director
Appointed 8 April 2021
FINANCIAL CALENDAR
Interim results announced: November
End of financial year: 31 March
Annual results announced: May
Annual Report published: June
REGISTERED OFFICE
AND ADDRESS FOR
SERVICE
Level 4, Seafarers Building, 114 Quay
Street, Auckland 1010, New Zealand
contact@savor.co.nz
AUDITOR
EY
BANKER
Kiwibank
SOLICITORS
Chapman Tripp
COMPANY
PUBLICATIONS
The Company informs investors
of the Company’s business and
operations by issuing an Annual
Report and regular trading updates.
SHARE REGISTER
AND SHAREHOLDER
ENQUIRIES
Shareholders with enquiries about
transactions or changes of address
should contact the share register:
Link Market Services Limited
Level 30, PwC Tower, 15 Customs
Street West, Auckland, PO Box 91976,
Auckland 1142
Phone: +64 9 375 5998
Fax: +64 9 375 5990
Other questions should be directed
to the Company’s Secretary at the
registered address.
STOCK EXCHANGE
The Company’s shares trade on the
NZX main board equity security
market operated by NZX under the
code SVR.
11
SAVOR INTERIM FINANCIAL STATEMENTS 2021
CORPORATE DIRECTORY

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Results Announcement
(for Equity Security issuer)



Results for announcement to the market
Name of issuer Savor Limited
Reporting Period 6 months to 30 September 2021
Previous Reporting Period 6 months to 30 September 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
17,155 NA
Total Revenue 17,155 NA
Net profit/(loss) from continuing
operations
(753) N/A
Total net profit/(loss) (753) NA
Interim Dividend
Amount per Quoted Equity Security Not Applicable
Imputed amount per Quoted Equity
Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable

Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$(0.13) $(0.03)
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
The current period results reflect the significant changes to the business due to
the acquisition and divestment of businesses over the past 12 months. This
therefore reduces the comparability to prior periods.
Authority for this announcement
Name of person authorised to make
this announcement
Tim Peat
Contact person for this
announcement
Tim Peat
Contact phone number +64 21 049 7442
Contact email address
tim@savor.co.nz
Date of release through MAP 18/11/2021

Unaudited financial statements accompany this announcement.