Annual Meeting Speeches and Presentation

BREMWORTH 2021 ANNUAL MEETING SPEECHES

CHAIR’S PRESENTATION: GEORGE ADAMS

Board
Joining me online today are your Directors.
Dianne Williams, John Rae, Paul Izzard and Grant Biel.
Your directors bring a diversity of skills, experience and thinking to the table, and ensure core
competencies are met across critical areas for our company. As you may be aware, we
appointed a new director recently, however, she chose to step down after PwC, Bremworth’s
auditor, raised a concern about its independence in appearance, as she has an existing, personal
relationship with a non-audit partner of PwC. We look forward to appointing a new director in
the new year.
Also joining us today is our new CEO, Greg Smith, who joined the company in July this year, and
Victor Tan, Bremworth’s chief financial officer.
A number of our advisers including our auditors are also online. I’d like to thank all the
professional firms who have provided valuable advice to Bremworth over the last year.
Today I am standing for re-election as a Director, and we are also farewelling Grant Biel who will
be stepping down from the Board at the end of today’s meeting.
Alongside co-founder, Tony Timpson, Grant created Cavalier Carpets and has helped guide its
progression from a tin shed operation to the purpose-led Bremworth brand and business it is
today.

Tribute to Grant Biel (video)
In 1964, a young man by the name of Grant Biel was hired by a local carpet company,
Bremworth, to make sense of newly imported broadloom carpet tufting and finishing plant from
the US. Grant, who was finishing his final year at the School of Engineering, was a mechanical
whizz and soon things were humming.
After a few years, Grant left Bremworth to pursue his aeronautical passions overseas, but
returned not long after, convincing the company to sponsor him as a New Zealand entrant in the
1969 London to Sydney Commemorative Air Race.
Grant and Tony Timpson met when they were both working for Bremworth, and in 1972, they
decided to open their own carpet business. And so Cavalier Carpets was conceived. Grant was
the mechanical and engineering brains while Tony was marketing, sales and accounting.
Import licenses for equipment were extremely difficult to obtain in those days, so incredibly all
Cavalier’s carpet making machinery was designed and built in-house. The first Cavalier workshop

was established in the basement of Leon O’Shea’s home in Howick and it was there that the
prototype carpet tufter was built.
The story goes that Grant was so excited at assembling the first tufting machine that he
unravelled yarn from the sleeve of his red jersey to thread the machine and tuft a very small
piece of carpet, and in doing so, created a piece of our history!
With the knowledge that the equipment worked, a new factory (or ‘tin shed’ as they called it)
was built in the middle of a big green paddock at Orb Avenue, Wiri in South Auckland...very close
to where our offices are today.
The first ‘Cavalier’ carpet came through the purpose-built finishing line a few months later in
May 1973, a 52oz shaggy cut pile that came in 9 colours ... eight more colours than Henry Ford
offered when he started!
Cavalier went from strength to strength, as it learned, refined and focused on crafting and
delivering high quality New Zealand wool carpets. The next fifty years would see Grant and Tony
setting up new plants, establishing offices overseas, listing on the stock exchange and acquiring
and investing in related businesses. One of their biggest moments was in 1988, when the pair
acquired the original Bremworth business and brought it into the Cavalier fold.
Grant and Tony were a dream team, leading the way in the carpet sector, continually innovating
and creating an iconic New Zealand business where the core values were founded on culture,
ethics and people being just as important as profit and sales.
Now, five decades after that friendship formed, we have relaunched the Bremworth name and
brand and are building our future around the deep expertise and heritage created by Grant and
Tony.
Today, I am honoured to acknowledge Grant’s contribution to the creation of our business and
welcome him as Bremworth’s first ever Director Emeritus, a position he will hold for life. This
honorary appointment is in recognition of the pivotal role Grant has played in our history. Thank
you, Grant.

Our vision
Our vision is to be a global leader in designing and creating desirable, sustainable, safe and high
performing natural interiors ... and we are making positive progress towards achieving our goal.

Our journey
FY21 marked the beginning of a new era for Bremworth as we took the first bold steps towards
executing our ‘all wool and natural fibres’ strategy. This was developed in response to changing
consumer trends and increasing demand for natural products, as well as our belief that we could
build a business that was more sustainable and better for people and the planet. Delivering
improving financial performance and business growth will be the upshot of responding to
consumer needs, doing the right thing and making commercially smart decisions about our
business.

We successfully concluded the sale and leaseback of our Auckland property, enabling us to
invest in our strategy and the new way forward. We also right sized the business in response to
our changing needs - downsizing Auckland manufacturing and increasing capacity at Napier and
Whanganui.
We changed our company name and brand from Cavalier to Bremworth and launched our new
“Let’s Go Good Together” marketing campaign which was designed to differentiate and
reposition the company as a design-led premium home interiors company focussed on helping
consumers to bring more natural materials into their homes and daily lives.

Our sustainability goal
Hand-in-hand with our commercial strategy, we have set forth on our sustainability journey. We
believe that sustainability is not a choice, it’s essential to future proof any business.
As we continue on our sustainability journey, our goal is to continue to reduce our
environmental impact through research, science and innovation, something Greg will touch
more on shortly.
One of the major events in our transformation journey in the last year, has been the exit from
the synthetic carpet market to fully pursue higher margin, high quality wool carpet sales. This
was completed in May 2021 with our final production run and, for us, was a major milestone.
VIDEO: Exit from synthetics

FY21 revenue
Our financial results for the year ended 30 June 2021 were in line with our expectations as we
reset our business and transitioned to our new strategy.
Revenue was $111.6m, down 5% versus FY20 due to the conscious decision to exit synthetics.
Pleasingly, wool carpet sales were up with particularly strong growth in the second half of the
year. The improved sales were underpinned by strong consumer demand in both New Zealand and
Australia, despite supply chain issues and Covid-related disruption to the export shipping
availability.

FY21 Financial Snapshot
We had strong cashflow and reported a return to profit. EBITDA of $4.7m and normalised EBITDA
up 47% to $3.4m. Net profit after tax improved to $1.7m, up from a loss of $21.5m in the prior
year.
All debt was repaid during the year, with cash of $22.5m at year end providing a strong platform
and the financial resources to execute the new strategy. Prudent capital management remains a
priority as we continue to invest in resetting the business and expanding capacity to support
growth.

We are fully committed to the resumption of payment of annual dividends once the company is
in a financial position to do so. For now, we believe it is in the best interests of shareholders to
reinvest and build a profitable business that will deliver returns to shareholders long into the
future. The board will keep this matter under constant review and fully understands and agrees
with shareholders’ desire to see Bremworth returned to a dividend-paying investment.

The opportunity for Bremworth
A year of transformation has redefined Bremworth as a premium design-led, natural fibre
company, with a clear strategic pathway and a strong balance sheet to support the execution of
our five-year plan.

Market Share
Our decision to stop selling synthetic carpets was brave and disruptive. However, we believe it
was the right thing for people, the planet and our business and we are confident that these sales
will soon be replaced, and indeed surpassed, by higher margin, higher quality wool carpet sales.
Already we are seeing a lift in our wool carpet sales, and we expect this momentum to continue
as consumer demand grows for natural and sustainable products.
Wool carpets make up only a small portion of carpet sales overall and there is an enormous
opportunity for wool to rebuild share in the market as consumers look for more natural
alternatives in their lives.

Clear growth strategy
We have a clear growth strategy built on four pillars:
• to grow the wool flooring market
• to grow our share of this market
• to expand our presence; and
• to continue with the design-led innovation for which Bremworth is famous.

A strong foundation for the future
We are strongly positioned for the future with a robust balance sheet, funding in place to continue
to execute our five-year plan, a right sized organisational footprint, and a clear strategic pathway,
as well as new leadership following the appointment of Greg Smith as CEO in June 2021.
Previously CEO of Icebreaker and a senior executive with Michael Hill Jeweller, Greg has extensive
international business experience, running iconic New Zealand companies and helping them scale
on the world stage. His proven ability to build a highly successful business and valuable brand
based on a natural ethos, makes him the ideal person to lead our company forward.

Our priorities for FY21 to FY23 are to push forward with our new strategy and navigate the
economic recovery post-Covid. I will now hand over to Greg to talk more on both this and our
progress in the current year so far.

CEO’S PRESENTATION: GREG SMITH
Leading Change
To our long-term shareholders, as you know Bremworth has been through a lot and as a
consequence, so have you all. Thanks for sticking with us on this journey. To those new to the
company, welcome! We are delighted you have joined us as we look towards a brighter future.
I’m pleased to be presenting to you today as the new CEO of Bremworth. I’m incredibly excited
about the opportunities for our business and the transformational path we are on.
As a short introduction as to why I’m here...
As a father of five, I’m committed to working with brands that want to make a true difference. A
lot of companies have words on a wall that promise something, particularly about their green
credentials. So, when I found out that the Bremworth purpose was to find a more sustainable way,
I said to myself, sounds good but what are they doing? Well for starters they ditched synthetics, or
plastic carpet, which was over 50% of total carpet sales volume and over one-third of total carpet
sales revenue in FY20. I thought wow! It’s that type of bold action that inspires me. I’m in!
Over the next 15 minutes, I will take you through our mission and the four priorities we have
identified for this year, to give you an insight into where we are putting our energy, why and the
key indicators that show we are on the right path.

We’re on a mission
What’s impressed me since my first day at Bremworth, is the passion and belief shown by our
team for what we are working towards.
Our mission is to deliver a range of home experiences built with people, the plant and growth in
mind.

What defines us
We believe that by embracing nature, we can make a genuine difference to the wellbeing of
people and the planet and deliver the design and performance attributes consumers truly care
about.
We believe that wool is the optimal fibre for carpets and rugs.
We believe that wool is fundamentally a better option than synthetic carpets, which are made
from plastic fibres. And we will defend our position on this, no matter what our competitors try
to say or do. If we didn’t, then who are we... just another brand greenwashing.

Which brings me to Godfrey Hirst taking us to court next year. We will keep you updated on how
this goes but here’s what I will say on this. Consumers deserve to know what’s in their carpet. If
it’s synthetic, that’s plastic. Full stop. Fundamentally, we believe we are on the right side of the
future as society moves towards more sustainable natural products that don’t pollute the earth.
While some businesses remain tied to petrochemical mining to make cheap plastic fibres, we
believe the future is brightest for brands who are moving into the natural space. We will be a
leader, creating long lasting, quality, natural products that we know consumers are wanting.

Priorities for FY22
As we continue our transformation journey, we have set ourselves four priorities for this year
and we are making good progress on these.

Create demand for Bremworth branded product
Firstly, we are creating demand for Bremworth branded product.

Raise awareness
There is a sustained and massive global shift, led by consumers who want to use natural and
sustainable products in all parts of their lives to benefit their health and wellbeing. We see this
in food, skincare, clothing, energy, cars ... the list goes on. We acknowledge this and are meeting
this trend in two ways.
Firstly, we are raising consumer knowledge and awareness to the differences between synthetic
and wool - plastic and natural.
Secondly, we are capitalising on Bremworth’s quality and desirability. We are as good as anyone
in the world at making carpet. That reputation is built from our heritage and decades of
expertise honing our craft using only NZ wool and made right here in NZ; and acknowledged by
winning the Readers’ Digest Most Trusted Carpet Brand award eight years in a row.

Consumer knowledge
Here is what we have learned - 30% of consumers don’t know what synthetic carpets are made
of. Not all carpets are made equal. In fact, 80 odd percent of carpets are manufactured using
plastic fibres. So, we must ensure consumers understand this and understand that wool is a high
performing, natural, biodegradable and renewable alternative.
If we raise awareness of the benefits and advantages of wool and natural fibres over synthetics,
we attract more consumers to the Bremworth brand - thus helping to create a more beautiful,
safer and healthier home environment, all while being better for the planet.
Our marketing campaigns are a major driver of demand and our current focus is on raising
awareness of the outstanding qualities of wool carpet. We are primarily marketing online, which

is more targeted and cost effective; but have also run a successful outdoor campaign in the last
few months.
We are also focused on supporting our distribution partners by supplying new and exciting point
of sale collateral that ensures the physical consumer experience matches the online brand
promise.
How’s this going?
The next two slides highlight some of the positive progress we are making.

Bremworth brand associations
It’s great to see High Quality, Luxurious and Premium - all words that we want to be associated
with and they are our some of our highest scores, all above 80%.
It’s also great to see Natural and NZ Made growing strongly in consumer awareness.
Lastly, we see Synthetics dying.

Key brand metrics
Onto key brand metrics:
Here are two other data points to give you confidence in our progress.
Bremworth is number one in unprompted brand awareness compared to key competitor carpet
manufacturers.
Preference for Bremworth branded carpets has also grown strongly, once again the highest
when compared to key competitors.
We are doing some really cool things with the brand and I’d like to share a video with you on a
partnership we had with Te Papa this year, to create a sensory art experience. Our reputation for
design innovation, shared values, inspired design and real craftsmanship led to something truly
magical.
VIDEO: Te Papa Partnership
Surprising partnerships like this, expose the brand to new consumers in exciting and different
ways.

Operational efficiency and commercial excellence
Our second priority for this year is operational efficiency and commercial excellence.
To improve profitability, you must improve margin and reduce costs.
We are committed to growing our gross margins over the next three years. This will be achieved
by investing in product design, brand marketing and manufacturing. We are already seeing

momentum in margin growth despite the last quarter’s Covid interruptions. This highlights the
importance of continued investment in the brand.
At the same time to become a truly great company, we need nothing short of excellence in
manufacturing. We are laser focused on reducing manufacturing costs and will build on our
already significant investments in plant, machinery and technology to lift productivity. While we
have high quality operations today, continuous improvement is the key to repeatable, sustained
results and high standards.
We currently have capacity to significantly grow our yarn manufacturing and carpet production,
constrained only by labour challenges, particularly in the Hawkes Bay. These are being addressed
and this is one of my personal priorities, with the yarn and manufacturing plant managers
reporting to me.
From a commercial excellence perspective and thinking about how we present our brand in
store, we will strive for consistency across the various consumer touch points. Whether it is
online or in person, the experience has to be exceptional and reflective of our brand promise.
We will be selective of how we distribute our products and will continue to review our network
to ensure we support those retailers who truly support us, creating a win-win for Bremworth,
the retailer and the consumer.
People have always been at the core of our business and Bremworth has a history of supporting
equal pay and a culture of ownership. We are looking at new, more flexible ways of working that
are increasingly appropriate today and are committed to growing our people through
development and training. We have recently launched our first leadership programme, involving
just under 20% of our workforce, and continue to encourage and support our team to gain
certification under the NZQA manufacturing framework.

Supercharge our digital strategy
We have said that we are supercharging our digital strategy – but what does that mean?
We are shifting to a consumer-centric business model which will be led by our digital, direct to
consumer rug business.
Direct online businesses learn fast from behaviours on their website and interactions with their
consumers, on how to tailor the business to best satisfy their wants, needs and desires.
We will use insights from our digital marketing and our rug business to distil learnings about who
our consumers are, what they want and how they get it.
Understanding our consumers better through this direct relationship will lead to an enhanced
consumer experience and, ultimately, more satisfied Bremworth buyers.
The trend for hard flooring looks set to stay and we believe rugs are an integral part of this
flooring style, adding softness, warmth, texture and design flair to people’s homes. We plan to
amplify the rug business significantly and expect online sales to double in this financial year.
To support all this, we will invest in our team to ensure we have expert people in place who
understand the opportunities and can create a successful business platform for us. Over the

medium to long term, we will be able to capitalise on this new revenue stream, with the
potential to expand to other products and international markets.

Innovation, sustainability and partnerships
Last but not least, is our focus on innovation, sustainability and partnerships.
You’ve heard our business is underpinned by our belief and commitment in doing good for
people and our planet.
To support our sustainability journey, we have launched a $4.9 million sustainability-based
research programme focused on:
• Reducing the company’s carbon footprint;
• Using more natural solutions; and
• Finding new, innovative ways to manufacture our products so that they are better for
people and the planet.

Our product development teams are always exploring new and cool ways to bring beautiful
products to people’s homes and sustainability is intrinsically linked into this - we are looking at
things like natural dyes and how we manufacture in lower carbon environment.
We recently obtained an ECCA grant to change the gas driers in our Whanganui plant to electric,
as part of a carbon reduction initiative, and are looking at doing the same at our Napier plant.
To give our consumers certainty about the integrity, traceability, biosecurity, sustainability, and
animal welfare of our wool products, Bremworth recently signed up to the New Zealand Farm
Assurance Programme. Before long, 100% of our wool will be sourced from NZFAP accredited
sources.
New Zealand farmers already produce some of the lowest carbon wool on the planet and some
of our wool growers are already approaching a carbon zero position. We’re not afraid to
challenge ourselves and have set ourselves a goal to bring to market a carbon zero wool rug
within the next two years.
We are also looking at how we can recycle and re-use our products, with potential opportunities
including carpet backing, insulation and acoustic wall panels.
Our sustainability journey is evolving and is a true long-term commitment.

FY22 performance to date
Demand continues to grow and our margins are improving. The strategy is working.
While we hope to soon be back to normal, the ongoing Covid-19 restrictions, along with the
widespread supply chain and shipping issues affecting all businesses, have impacted on our
business.

Our manufacturing plants were all closed during the level 4 lockdown, with Napier and
Whanganui, where we manufacture the yarn for our carpet, re-opening after two weeks in
lockdown. Our Auckland operations, where we make our carpet, re-opened on September 22 after
five weeks being closed. This obviously had an impact on our production.
The health of our people is our priority and we have been operating bubble shifts, where each
team is separated, particularly during shift change overs. This results in up to 1.5 hours lost time
each day.
Pleasingly, production has now been recovered to levels we were expecting pre the level 4
lockdown, allowing us to meet the strong and consistent demand we have witnessed throughout
the lockdown.
Supply chain issues, particularly around shipping stock, has resulted in some constraints on supply
in Australia as demand grows. The opportunity in Australia is large and capitalising on this is a big
focus for the next year, when we expect shipping issues to start to ease.

Outlook
Zooming out and taking a wider perspective on our outlook and the environment we are operating
in, we remain cautiously optimistic during these uncertain times.
As stated earlier, consumers are making more conscious buying decisions and we are seeing more
people choosing wool over synthetic carpets as they become aware of the benefits that wool
carpets offer.
Construction demand - – and the related demand for flooring – continues to grow across both
residential renovations and new builds.
We expect the strong demand across Australia and New Zealand to continue and, despite
consumers becoming more accustomed to longer wait times, we are focused on improving
delivery times significantly.

Strongly positioned to execute our strategy
In summary, we have positioned ourselves well and have an enormous opportunity to take market
share from synthetic producers and grow our Bremworth branded business.
We have a clear strategy in place, funding to execute this, existing capacity for manufacturing
growth and expert people driving our business, we are well positioned for growth.
Our primary focus remains our core business – growing sales of our high-quality wool carpets and
rugs – and margin improvement.
I am proud of the team and our progress and excited about the future for Bremworth.
ENDS

---

ANNUAL
GENERAL
MEETING
25 NOVEMBER 2021

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George Adams
Chairman
Dianne Williams
Director
Grant Biel
Director (Retiring)
John Rae
Director
Paul Izzard
Director

Review
•Strategic review
•Unveiling of new purpose-led strategy
•Commenced sustainability journey
FY19 –FY20
Transformation
●Strong capital base to fund
transformation
●Relaunch of Bremworth brand
and marketing
●Right-sized organisation
●Set forth on our sustainability journey
●Exited synthetics
●Redefined as a premium design
and natural fibre company
FY20 –FY21
Future-Focused
•Appointment of new CEO
•Clear, purpose lead strategy
•Capitalising on consumer and macro
trends
•Significant opportunity to grow
market share
FY21 –ONWARDS

OUR SUSTAINABILITY GOAL

FY21 Revenue
Total revenue of $111.6m, down 5% vs FY20:
•Due to the conscious decision to exit synthetic
carpet market
•Offset by 17% increase in wool carpet sales with
strong growth in the second half of the year
•Improved sales mix underpinned by strong
consumer demand for high quality wool
carpets

FY21 Financial Snapshot
$ millions
Revenue
EBITDA
Non-trading adjustments*
Normalised EBITDA
Net Profit/(Loss) After Tax
Normalised NPAT/(NLAT)
Net Debt/Cash
FY21
111.6
4.7
(1.3)
3.4
1.7
0.4
22.5
FY20
118.0
(8.9)
11.2
2.3
(21.5)
(3.5)
(14.5
)
*FY21 non-trading adjustments of $1.3m comprise net gain on sale and
leaseback of property of $2.6m and restructuring costs of $(1.3)m. FY20 non-
trading adjustments were $(11.2)m of transformation costs.
See appendix slide for definitions of non-GAAP measures.
•Improved earnings and return to profit
•All debt repaid and $22.5m in cash at year
end
•Strong cash flow
•Robust balance sheet to execute
transformation strategy
•Prudent capital management - no dividend
declared

NZ market share estimate by fibre
AT BREMWORTH,
WE HAVE AN ENORMOUS
OPPORTUNITY TO REBUILD
WOOL’S SHARE OF THE
FLOORING MARKET AND
GROW OUR BUSINESS
Synthetic – opportunity
for wool to take share
Wool

OUR GROWTH STRATEGY

A strong foundation
for the future
•Trusted iconic brand know for
premium products
•New brand strategy aligned to
changing consumer landscape and
trends
•Industry leading people, quality and
design
•Significant cash resources in place
for execution of strategy
•New leadership under
Greg Smith as CEO
•Moving ahead with our
sustainability journey

LEADING CHANGE

WE’RE ON A MISSION

WHAT DEFINES US

1 .CREATE DEMAND
FOR BREMWORTH
BRANDED PRODUCT
PRIORITIES FOR FY22

RAISING AWARENESS

•Approx. 80% of carpets sold in NZ are synthetic
•Our research shows 30%* of consumers do not know
what their synthetic carpet is made up of
•We are raising consumer awareness that synthetic
carpet fibres are imported plastic
•Bremworth is offering consumers NZ wool, which is a
locally grown, high performing, natural,
biodegradable and renewable alternative to plastic
Consumer knowledge & awareness
*SOURCE: TRA Bremworth brand NZ consumer research November 2021
DON’T KNOW WHAT
SYNTHETIC CARPET
IS MADE UP OF*
30%

Bremworth brand associations
+13%
•Positively, we are seeing desired
attributes associated with the Bremworth
brand increasing
•Pleasingly, our brand association
with synthetic has decreased from
27% to 16%*
*SOURCE: TRA Bremworth brand NZ consumer research November 2021

SOURCE: TRA Bremworth brand NZ consumer research November 2021
*NOTE: Unprompted awareness includes mentions of Bremworth & Cavalier Bremworth
Key brand metrics
•Bremworth has the highest
unprompted brand awareness* in NZ
when compared to all competitor
carpet manufacturers
•Preference for Bremworth carpet in NZ
has increased from 27% in 2020 to 32% in
2021. Bremworth is the preferred brand
when compared to key competitors

2 .OPERATIONAL
EFFICIENCY &
COMMERCIAL
EXCELLENCE
PRIORITIES FOR FY22

2.Operational efficiency
and commercial excellence
•Improve margin and reduce cost
•Excellence in manufacturing
•Production capacity to support our
ambitious 3 year growth targets
•Consistency of the consumer
experience across online and
offline touchpoints
•Distribution network review and update
•People first approach to health and
safety and team development
•Investigating new flexible working
arrangements to better meet the
changing world

3 .SUPER CHARGE
OUR DIGITAL
STRATEGY
PRIORITIES FOR FY22

3. Super charge our
digital strategy
•Shifting to a consumer-centric
business model
•Amplify direct to consumer rug
business
•Leveraging digital marketing insights
•Investment in people
•Potential for international expansion

4 .PRIORITISE
INNOVATION,
SUSTAINABILITY
& PARTNERSHIPS
PRIORITIES FOR FY22

4. Prioritise innovation,
sustainability and
partnerships
•Product development focus on
sustainability
•Reduce the company’s carbon
footprint
•Using more natural solutions
•Finding new, innovative ways to
manufacture products
•Sourcing wool from NZ farms
with NZFAP accreditation
•Product stewardship

FY22 YTD
performance
•Demand continues to grow for our high
quality wool carpets and rugs
•Margins are also improving, so strategy
is working
•Ongoing COVID-19 restrictions, supply
chain and shipping issues have
impacted us
•But production now recovered to pre-
Level 4 lockdown
•Opportunity in Australia is large with a
big focus to capitalise on that for the
next year

OUTLOOK

Outlook
•Style conscious and educated consumers
resulting in more people choosing wool
over synthetic
•Expect strong demand across Australasia
to continue
•Construction demand and related
demand for flooring are continuing
to grow
•Focus on improving delivery times
significantly

STRONGLY
POSITIONED
TO EXECUTE OUR STRATEGY

Strongly positioned to
execute our strategy
•Significant identified market opportunities
•Clear growth strategy
•Significant funding to execute the strategy
•Passionate and expert people
•Capacity for manufacturing growth
•Investment into R&D, focused
on sustainability

RESOLUTIONS

Resolutions
Resolution 1 –Re-election
of George Adams:
That George Adams, who retires by
rotation and is eligible for re-election,
be re-elected as a director of the
Company.
Resolution 2 –Auditor’s remuneration:
That the directors be authorised
to fix the fees and expenses of
the auditor.

Proxies and postal votes
The Company has received approximately 16 million proxy and postal votes representing approx. 23% of total shares,
with more than 93% of those in favour of each of the two resolutions.
ForAgainstProxy
discretion
Re-election of George Adams14,804,418 (93.02%)33,790 (0.21%)1,078,136 (6.77%)
Auditor’s remuneration14,816,938 (93.14%)18,400 (0.12%)1,073,667 (6.74%)

OTHER BUSINESS

Reconciliation of GAAP to Normalised
Normalised is a non-GAAP (Generally Accepted Accounting Practice) measure that provides what the
Directors believe to be a more meaningful view of the underlying financial performance of the Group.
Unaudited ($000’s)
GAAP NPAT/(NLAT)
Reversal of abnormal items (after tax):
Net gain on sale of property
Impairment of plant and equipment
Impairment of right-of-use assets
Transformation/Restructuring costs
Change in legislation regarding tax depreciation on buildings
Derecognitionof deferred tax asset
Normalised NPAT/(NLAT)
FY21
1,729
(2,624)
0
0
1,271
0
0
376
FY20
(21,451)
0
5,095
2,094
854
(2,940)
12,891
(3,456)

Reconciliation of GAAP to Normalised
Unaudited ($000’s)
EBITDA
Reversal of abnormal items (before tax):
Net gain on sale of property
Impairment of plant and equipment
Impairment of right-of-use assets
Transformation/Restructuring costs
Normalised EBITDA
FY21
4,738
(2,624)
0
0
1,271
3,385
FY20
(8,872)
0
7,077
2,909
1,186
2,300
Normalised is a non-GAAP (Generally Accepted Accounting Practice) measure that provides what the
Directors believe to be a more meaningful view of the underlying financial performance of the Group.

Disclaimer
•This presentation has been prepared by Bremworth Limited (“BRW”).
The information in this presentation is of a general nature only. It is not a
complete description of BRW.
•This presentation is not a recommendation or offer of financial products
for subscription, purchase or sale, or an invitation or solicitation for such
offers.
•This presentation is not intended as investment, financial or other advice
and must not be relied on by any prospective investor. It does not take
into account any particular prospective investor’s objectives, financial
situation, circumstances or needs, and does not purport to contain all
the information that a prospective investor may require. Any person who
is considering an investment in BRW securities should obtain
independent professional advice prior to making an investment
decision, and should make any investment decision having regard to
that person’s own objectives, financial situation, circumstances and
needs.
•Past performance information contained in this presentation should not
be relied upon (and is not) an indication of future performance. This
presentation may also contain forward looking statements with respect to
the financial condition, results of operations and business, and business
strategy of BRW. Information about the future, by its nature, involves
inherent risks and uncertainties. Accordingly, nothing in this presentation
is a promise or representation as to the future or a promise or
representation that a transaction or outcome referred to in this
presentation will proceed or occur on the basis described in this
presentation. Statements or assumptions in this presentation as to future
matters may prove to be incorrect.
•A number of financial measures are used in this presentation and should
not be considered in isolation from, or as a substitute for, the information
provided in BRW’s financial statements available at
https://bremworth.co.nz.
•BRW and its related companies and their respective directors, employees
and representatives make no representation or warranty of any nature
(including as to accuracy or completeness) in respect of this presentation
and will have no liability (including for negligence) for any errors in or
omissions from, or for any loss (whether foreseeable or not) arising in
connection with the use of or reliance on, information in this presentation.