Interim Results to 31 December 2021

Results for announcement to the market
Name of issuer Delegat Group Limited
Reporting Period 6 months to 31 December 2021
Previous Reporting Period 6 months to 31 December 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations
$181,884
2%
Total Revenue $181,884 2%
Operating Profit from ordinary activities after tax (Operating
NPAT)
1

$39,477 -8%
Operating Profit from ordinary activities before interest, tax
and depreciation (Operating EBITDA)
1

$70,963 -6%
Reported Profit from continuing operations $36,737 -6%
Total net profit $36,737 -6%
Interim/Final 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
2

Net tangible assets per Quoted Equity Security $4.59 $4.18
A brief explanation of any of the figures above necessary to
enable the figures to be understood
Refer to the Chairman’s Report appended for
Operating Performance and other key metric
information.
Authority for this announcement
Name of person

authorised to make this announcement Murray Annabell
Contact person for this announcement Murray Annabell
Contact phone number + 64 9 359 7310
Contact email address Murray.annabell@delegat.com
Date of release through MAP

25/02/2022

Unaudited financial statements accompany this announcement.



1. Operating Performance is a non-GAAP measure and as such does not have a standardized meaning prescribed by
GAAP. It may therefore not be comparable to non-GAAP measures presented by other entities.
2. The financial statements for the period ended 31 December 2020 have been restated for Software-as-a-Service
arrangements under NZ IAS 38: Intangible Assets and growing costs under NZ IAS 41: Agriculture.

Delegat Group Limited
Interim Report 2022
WINNING
TOGETHER.

Contents
2
Chairman’s Report
6
Statement of Financial
Performance
7
Statement of Other
Comprehensive Income
8
Statement of Changes in Equity
10
Statement of Financial Position
12
Statement of Cash Flows
15
Notes to the Financial
Statements
20
Directory

1. Operating Performance is a non-GAAP measure and as such does not have a standardised meaning prescribed by GAAP. It may therefore not be comparable to non-GAAP
measures presented by other entities.
Chairman’s Report 2022
On behalf of the Board of Directors of Delegat Group Limited, I am pleased to present its operating and
financial results for the six months ended 31 December 2021.
The Group presents its financial statements in accordance with the New Zealand equivalents to
International Financial Reporting Standards (NZ IFRS).
To provide further insight into the Group’s underlying operational performance, the Group has also
included in this report an Operating Performance Report. This Operating Performance Report excludes
the impact of fair value adjustments required under NZ IFRS for grapes and derivative financial
instruments. As a fully integrated winemaking and sales operation, Operating Profit includes the fair
value adjustment in respect of grapes when packaged wine is sold rather than on harvest of the grapes,
and the fair value adjustment on derivative financial instruments when these foreign exchange contracts
and interest rate swaps are realised.
The Group has included a reconciliation of Operating Profit to Reported Profit which eliminates from
each line in the Statement of Financial Performance the impact of these fair value adjustments.
*The financial statements for the period ended 31 December 2020 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets and growing costs
under NZ IAS 41: Agriculture. Refer to Note 1 of the financial statements.
DELEGAT INTERIM REPORT 2022
|
CHAIRMAN’S REPORT
2
Dec 2021 Dec 2020 % change
NZ$ millions Restated* vs 2020
Operating Revenue
1
178.7 172.8 3%
Operating Gross Profit
2
86.8 90.8 -4%
Operating Gross Margin 49% 53%
Operating Expenses
3
(27.2) (26.5) -3%
Operating EBIT
4
59.6 64.3 -7%
Operating EBIT % of Revenue 33% 37%
Interest and Tax (20.1) (21.3) 6%
Operating NPAT
4
39.5 43.0 -8%
Operating NPAT % of Revenue 22% 25%
Operating EBITDA
4
71.0 75.9 -6%
Operating EBITDA % of Revenue 40% 44%
Notes:
1. Operating Revenue is before fair value movements on derivative financial instruments (if gains).
2. Operating Gross Profit is before the net fair value movements on biological produce (harvest adjustment) and the NZ IFRS adjustments excluded in Note 1.
3. Operating Expenses are before fair value movements on derivative financial instruments (if losses).
4. Operating EBIT, EBITDA and NPAT are before any fair value adjustments.
Table 1
Operating Performance
1

Operating Performance
An Operating NPAT of $39.5 million was generated compared to $43.0 million for the same period in
the previous year. Operating EBIT of $59.6 million is $4.7 million lower than the same period last year
(refer to table 1).
Delegat achieved Operating Revenue of $178.7 million on record global case sales of 1,893,000 in the six
month period. Revenue is up $5.9 million on the same period last year primarily due to price increases
implemented in key markets including the United States, the United Kingdom, Ireland and Australia, and
the favourable impact of a 2% increase in global case sales.
The Group’s case sales performance and foreign currency rates achieved are detailed in table 2.
Operating Gross Profit is down 4% on the same period last year. This is due to higher cost of sales from
the lower yielding 2021 vintage, higher supply chain costs associated with ongoing shipping constraints
and port congestions and unfavourable foreign exchange rate changes. This has been partially offset by
increased case sales and price increases implemented. Operating expenses (before NZ IFRS adjustments)
at $27.2 million are $0.7 million higher compared to the same period in the previous year.
DELEGAT INTERIM REPORT 2022
|
CHAIRMAN’S REPORT
3
Dec 2021 Dec 2020 % change
Case Sales (000s) vs 2020
UK, Ireland and Europe 626 675 -7%
North America (USA and Canada) 874 843 4%
Australia, NZ and Asia Pacific 393 344 14%
Total Cases 1,893 1,862 2%

Foreign Currency Rates
GB£ 0.5062 0.5058 0%
AU$ 0.9472 0.9344 -1%
US$ 0.6888 0.6691 -3%
CA$ 0.8746 0.8776 0%
Table 2
Case Sales and Foreign Currency

NZ IFRS Fair Value Adjustments
In accordance with NZ IFRS, the Group is required to account for certain of their assets at ‘fair value’
rather than at historic cost. All movements in these fair values are reflected in and impact the Statement
of Financial Performance. The Group records adjustments in respect of two significant items at the half-
year reporting date, as detailed in table 3.
• Harvest Provision Release (Grapes) – Inventory is valued at market value, rather than costs incurred,
at harvest. Any fair value adjustment is excluded from Operating Performance for the year, by creating
a Harvest Provision. This Harvest Provision is then released through Cost of Sales when inventory is
sold in subsequent years. This represents the reversal of prior periods’ fair value adjustments in respect
of biological produce as finished wine is sold in subsequent years. This has resulted in an adjustment
of $7.1 million for the period (December 2020: adjustment of $10.3 million);
• Derivative financial instruments held to hedge the Group’s foreign currency and interest rate exposure.
The mark-to-market movement of these instruments at balance date resulted in a fair value write-up
of $3.2 million (December 2020: write-up of $4.9 million).
Reconciliation of Reporting to Operating Performance
Accounting for all fair value adjustments under NZ IFRS, the Group’s reported unaudited financial
performance for the six months ended 31 December 2021 is reconciled to Operating Profit as detailed
in table 4.
Impact of Fair Value Adjustments
Table 3
Dec 2021 Dec 2020 % change
NZ$ millions Restated* vs 2020
Operating NPAT 39.5 43.0 -8%
Operating NPAT % of Revenue 22% 25%
NZ IFRS Fair Value Items
Biological Produce (Grapes)
1
(7.1) (10.3) 31%
Derivative Financial Instruments 3.2 4.9 -35%
Total Fair Value Items (3.9) (5.4) 28%
Taxation of NZ IFRS fair value items 1.1 1.5 -27%
Fair Value Items after Tax (2.8) (3.9) 28%
Reported NPAT 36.7 39.1 -6%
*The financial statements for the period ended 31 December 2020 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets and growing costs
under NZ IAS 41: Agriculture. Refer to Note 1 of the financial statements.
DELEGAT INTERIM REPORT 2022
|
CHAIRMAN’S REPORT
4
Notes:
1. Biological Produce (Grapes) is the difference between market value paid for grapes versus the cost to grow grapes.
The Harvest Provision is reversed and only recognised when the finished wine is sold.

Cash Flow
The Group generated Cash Flows from Operations of $20.2 million in the current half-year, which
is a decrease of $22.4 million or 53% on the same period last year, associated with funding higher
working capital requirements due to the timing of cash collections from customers and payments to
suppliers. A total of $15.9 million was paid for additional property, plant and equipment during the
period, including vineyard developments in New Zealand, and development of the Hawke’s Bay and
Marlborough wineries, which will provide earnings growth into the years ahead. The Group distributed
$20.2 million to shareholders in dividends. Net proceeds from borrowings of $14.8 million were drawn
down during the six month period.
On 7 December 2021 the Group successfully completed the renegotiation of its $333 million syndicated
Senior Debt facilities and is well positioned to fund its growth. The Group’s Net Debt at 31 December
2021 amounted to $267.0 million, an increase of $12.9 million compared with the last half-year and well
within the Group’s long-term bank debt facilities.
Looking Forward
The Group is on target to achieve global case sales for the full year of 3,419,000, up 8% on last year.
Based on the prevailing exchange rates and a similar trading environment, the Group forecasts the 2022
Operating Profit result remains in line with market guidance in the range of $57 million to $61 million.
ALAN JACKSON
CHAIRMAN
Notes:
1. EBIT means earnings before interest and tax.
2. NPAT means net profit after tax.
3. EBITDA means earnings before interest, tax, depreciation and amortisation.
NZ$ millions
Revenue 178.7 3.2 181.9 172.8 4.9 177.7
Cost of Sales (91.9) (7.1) (99.0) (82.0) (10.3) (92.3)
Gross Profit 86.8 (3.9) 82.9 90.8 (5.4) 85.4
Operating Expenses (27.2) - (27.2) (26.5) - (26.5)
EBIT
1
59.6 (3.9) 55.7 64.3 (5.4) 58.9
Interest and Tax (20.1) 1.1 (19.0) (21.3) 1.5 (19.8)
N PAT
2
39.5 (2.8) 36.7 43.0 (3.9) 39.1
EBIT
1
59.6 (3.9) 55.7 64.3 (5.4) 58.9
Depreciation 11.4 - 11.4 11.6 - 11.6
EBITDA
3
71.0 (3.9) 67.1 75.9 (5.4) 70.5
Dec 2021Dec 2020 Restated*
OperatingFair Value
Adjustment
ReportedOperatingFair Value
Adjustment
Reported

*The financial statements for the period ended 31 December 2020 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets and growing costs
under NZ IAS 41: Agriculture. Refer to Note 1 of the financial statements.
DELEGAT INTERIM REPORT 2022
|
CHAIRMAN’S REPORT
5
Table 4
Reconciliation of Reporting to
Operating Performance

Statement of Financial Performance
Unaudited
Dec 2021
6 Months
$000
Audited
June 2021
12 M o nths
$000
Restated*
Unaudited
Dec 2020
6 Months
$000
Restated*
Revenue 181,884 305,376 177,684
Profit before finance costs 55,741 94,970 58,861
Finance costs 5,123 9,777 4,897
Profit before income tax 50,618 85,193 53,964
Income tax expense 13,881 23,270 14,896
Profit for the Period attributable to Shareholders of the Parent Company 36,737 61,923 39,068
Earnings Per Share
– Basic and fully diluted earnings per share (cents per share) 36.33 61.23 38.63
*The financial statements for the year ended 30 June 2021 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets. The financial statements for
the period ended 31 December 2020 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets and growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES
|
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
6

Unaudited
Dec 2021
6 Months
$000
Audited
June 2021
12 M o nths
$000
Restated*
Unaudited
Dec 2020
6 Months
$000
Restated*
Profit after income tax 36,737 61,923 39,068
Other comprehensive income that may
subsequently be classified to the profit and loss:
– Translation of foreign subsidiaries 99 (958) (2,304)
– Net gain/(loss) on hedge of a net investment 341 (108) 140
– Income tax relating to components
of other comprehensive income (96) 30 (39)
Total comprehensive income for the period, net of tax 37,081 60,887 36,865
Comprehensive income attributable to Shareholders of the Parent Company 3 7, 0 8 1 60,887 36,865
Statement of Other Comprehensive Income
*The financial statements for the year ended 30 June 2021 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets. The financial statements for
the period ended 31 December 2020 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets and growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES
|
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
7

Statement of Changes in Equity
Share
Capital
$000
Foreign
Currency
Translation
Reserve
$000
Retained
Earnings
$000
Total
Equity
$000
Unaudited balance at 30 June 2021 49,815 (3,640) 407,675 453,850
Changes in equity for the period ended 31 December 2021
Other comprehensive income
– Translation of foreign subsidiaries – 99 – 99
– Net gain on hedge of a net investment – 341 – 341
– Income tax relating to components of other comprehensive income – (96) – (96)
Total other comprehensive income – 344 – 344
– Net profit for the period – – 36,737 36,737
Total comprehensive income for the period – 344 36,737 3 7, 0 8 1
Equity Transactions
– Dividends paid to shareholders – – (20,241) (20,241)
Unaudited balance at 31 December 2021 49,815 (3,296) 424,171 470,690
FOR THE PERIOD ENDED 31 DECEMBER 2021 (UNAUDITED)
Share
Capital
$000
Foreign
Currency
Translation
Reserve
$000
Retained
Earnings
$000
Total
Equity
$000
Audited balance at 30 June 2020 49,815 (2,604) 362,969 410,18 0
Changes in equity for the year ended 30 June 2021
Other comprehensive income
– Translation of foreign subsidiaries – (958) – (958)
– Net loss on hedge of a net investment – (108) – (108)
– Income tax relating to components of other comprehensive income – 30 – 30
Total other comprehensive income – (1,036) – (1,036)
– Net profit for the year – – 61,923 61,923
Total comprehensive income for the year – (1,036) 61,923 60,887
Equity Transactions
– Dividends paid to shareholders – – (17,217) (17,217)
Audited balance at 30 June 2021 49,815 (3,640) 407,675 453,850
FOR THE YEAR ENDED 30 JUNE 2021 (AUDITED) RESTATED*
*The financial statements for the year ended 30 June 2021 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets. The financial statements for
the period ended 31 December 2020 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets and growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES
|
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
8

Statement of Changes in Equity continued
Share
Capital
$000
Foreign
Currency
Translation
Reserve
$000
Retained
Earnings
$000
Total
Equity
$000
Unaudited balance at 30 June 2020 49,815 (2,604) 362,969 410,18 0
Changes in equity for the period ended 31 December 2020
Other comprehensive income
– Translation of foreign subsidiaries – (2,304) – (2,304)
– Net gain on hedge of a net investment – 140 – 140
– Income tax relating to components of other comprehensive income – (39) – (39)
Total other comprehensive income – (2,203) – (2,203)
– Net profit for the period – – 39,068 39,068
Total comprehensive income for the period – (2,203) 39,068 36,865
Equity Transactions
– Dividends paid to shareholders – – (17,217) (17,217)
Unaudited balance at 31 December 2020 49,815 (4,807) 384,820 429,828
FOR THE PERIOD ENDED 31 DECEMBER 2020 (UNAUDITED) RESTATED*
*The financial statements for the year ended 30 June 2021 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets. The financial statements for
the period ended 31 December 2020 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets and growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES
|
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
9

Unaudited
Dec 2021
$000
Audited
June 2021
$000
Restated*
Unaudited
Dec 2020
$000
Restated*
Equity
Share capital 49,815 49,815 49,815
Foreign currency translation reserve (3,296) (3,640) (4,807)
Retained earnings 424,171 407,675 384,820
Total Equity 470,690 453,850 429,828
Liabilities
Current Liabilities
Trade payables and accruals 28,249 28,898 27,573
Derivative financial instruments 1,698 2,879 4,432
Income tax payable 2,336 8,235 3,144
Lease liability 4,927 4,840 4,975
3 7, 2 1 0 4 4,852 4 0,124
Non-Current Liabilities
Deferred tax liability 35,200 31,650 35,131
Derivative financial instruments 104 1,590 3,616
Interest-bearing loans and borrowings (secured) 271,502 258,001 265,739
Lease liability 93,832 93,863 95,581
400,638 385,104 400,067
Total Liabilities 4 3 7, 8 4 8 429,956 440,191
Total Equity and Liabilities 908,538 883,806 870,019

Statement of Financial Position
*The financial statements for the year ended 30 June 2021 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets. The financial statements for
the period ended 31 December 2020 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets and growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES
|
AS AT 31 DECEMBER 2021
10

Unaudited
Dec 2021
$000
Audited
June 2021
$000
Restated*
Unaudited
Dec 2020
$000
Restated*
Assets
Current Assets
Cash and cash equivalents 4,477 8,943 11,679
Trade and other receivables 74, 3 0 4 43,997 55,839
Derivative financial instruments 73 271 6,058
Inventories 115,24 4 159,982 112,333
Biological work in progress 49,04 4 12,0 8 0 4 0,012
243,142 225,273 225,921
Non-Current Assets
Property, plant and equipment 586,835 580,156 563,640
Right-of-use assets 71,120 71,335 73,580
Intangible assets 6,725 7,042 6,814
Derivative financial instruments 716 – 64
665,396 658,533 644,098
Total Assets 908,538 883,806 870,019
For, and on behalf of, the Board who authorised the issue of the financial statements on 25 February 2022.
AT Jackson, Chairman
Statement of Financial Position continued
*The financial statements for the year ended 30 June 2021 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets. The financial statements for
the period ended 31 December 2020 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets and growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.
The accompanying notes form part of these financial statements
SD Carden, Managing Director
DELEGAT GROUP LIMITED AND SUBSIDIARIES
|
AS AT 31 DECEMBER 2021
11

Unaudited
Dec 2021
6 Months
$000
Audited
June 2021
12 Months
$000
Restated*
Unaudited
Dec 2020
6 Months
$000
Restated*
Operating Activities
Cash was provided from
Receipts from customers 150,290 30 0,556 160,184
Net GST received 1,681 603 688
151,971 301,159 160,872
Cash was applied to
Payments to suppliers and employees 110,418 194,209 97,222
Net interest paid 4,989 9,300 4,344
Net income tax paid 16,323 23,370 16,653
131,730 226,879 118,219
Net Cash Inflows from Operating Activities 20,241 74,280 42,653

Investing Activities
Cash was provided from
Proceeds from sale of property, plant and equipment 53 60 45
Dividends received 1 1 1
54 61 46
Cash was applied to
Purchase of property, plant and equipment 14,955 59,816 36,058
Purchase of intangible assets 301 611 494
Capitalised interest paid 74 5 1,325 688
16,0 01 61,752 37,240
Net Cash Outflows from Investing Activities (15,947) ( 6 1 , 6 9 1 ) ( 3 7, 1 9 4 )

Statement of Cash Flows
*The financial statements for the year ended 30 June 2021 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets. The financial statements for
the period ended 31 December 2020 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets and growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES
|
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
12

Unaudited
Dec 2021
6 Months
$000
Audited
June 2021
12 Months
$000
Restated*
Unaudited
Dec 2020
6 Months
$000
Restated*
Financing Activities
Cash was provided from
Proceeds from borrowings 2 7, 4 8 3 53,787 21,290
2 7, 4 8 3 53,787 21,290
Cash was applied to
Dividends paid to shareholders 20,225 1 7, 2 0 8 1 7, 2 0 2
Borrowing facility fees 965 – –
Repayment of borrowings 12,660 50,628 9,712
Repayment of lease liability 2,500 4,179 2, 5 4 8
36,350 72,015 29,462
Net Cash Outflows from Financing Activities (8,867) (18,228) (8,172)

Net decrease in Cash Held (4,573) (5,639) (2,713)
Cash and cash equivalents at beginning of the year 8,943 14,755 14,755
Effect of exchange rate changes on
foreign currency balances 107 (173) (363)
Cash and Cash Equivalents at End of the Period 4,477 8,943 11,679

Statement of Cash Flows continued
*The financial statements for the year ended 30 June 2021 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets. The financial statements for
the period ended 31 December 2020 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets and growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES
|
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
13

Unaudited
Dec 2021
6 Months
$000
Audited
June 2021
12 M o nths
$000
Restated*
Unaudited
Dec 2020
6 Months
$000
Restated*
Reconciliation of Profit for the Period with
Cash Flows from Operating Activities:
Reported profit after tax 36,737 61,923 39,068
Add/(deduct) items not involving cash flows
Depreciation expense 11,434 22,843 11,559
Other non-cash items 400 (462) (748)
Net gain/(loss) on disposal of assets 2 (19) –
Movement in derivative financial instruments (3,185) (2,664) (4,936)
Movement in deferred tax liability 3,550 1,342 4,823
12,201 21,040 10,698

Movement in working capital balances are as follows:
Trade payables and accruals (649) 1,019 (3 0 6)
Trade and other receivables (30,307) (2,209) (14,051)
Inventories 44,738 ( 7, 1 4 2 ) 4 0 , 5 0 7
Biological work in progresss (36,964) 613 (27,319)
Income tax payable (5,899) (1,439) (6,530)

Add items classified as investing
and financing activities
Capital purchases included
within trade payables and inventories 384 475 586
(28,697) (8,683) (7,113)
Net Cash Inflows from Operating Activities 20,241 74,280 42,653

Reconciliation of movement in Net Debt:
Opening balance at beginning of the year 249,058 239,541 239,541
Per statement of cash flows:
– Proceeds from borrowings 14,823 3,159 11, 578
– Borrowing facility fees (965) – –
– Net decrease in cash held 4,573 5,639 2,713
Foreign exchange movement (826) 400 67
Other non-cash movements 362 319 161
Closing balance at end of the Period 267,025 249,058 254,060
Statement of Cash Flows continued
*The financial statements for the year ended 30 June 2021 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets. The financial statements for
the period ended 31 December 2020 have been restated for Software-as-a-Service arrangements under NZ IAS 38: Intangible Assets and growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES
|
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
14

1. General Information
Reporting Entity
The financial statements presented are those of Delegat Group Limited and its subsidiaries (the Group). Delegat Group
Limited is a company limited by shares, incorporated and domiciled in New Zealand and registered under the Companies
Act 1993. The Parent shares are publicly traded on the New Zealand Stock Exchange.
The financial statements for the Group for the six months ended 31 December 2021 were authorised for issue in
accordance with a resolution of the Directors on 25 February 2022.
Basis of Preparation
The interim financial statements have been prepared in accordance with Generally Accepted Accounting Practice in
New Zealand (NZ GAAP), the requirements of the Financial Markets Conduct Act 2013, and NZ IAS 34: Interim Financial
Reporting. Accounting policies applied in these interim financial statements comply with New Zealand equivalents to
International Financial Reporting Standards, and other applicable Financial Reporting Standards (NZ IFRS) as applicable
to the Group as a profit-oriented entity.
The interim financial statements are presented in New Zealand Dollars, rounded to the nearest thousand. They are
prepared on a historical cost basis except for derivative financial instruments and biological produce which have been
measured at fair value.
The preparation of the interim financial statements in conformity with NZ IAS 34 requires the Group to make judgements,
estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income
and expenses. The estimates and associated assumptions are based on historical experience and various other factors
that are believed to be reasonable under the circumstances. Actual results may vary from these estimates. The estimates
and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimates are revised if the revision affects only that period, or in the period of revision and future
periods if the revision affects both current and future periods.
Derivative Financial Instruments
The Group uses derivative financial instruments such as forward currency contracts and options to economically hedge
its risk associated with foreign currency and interest rate swaps to manage interest rate risk. Such financial instruments
are initially recognised at fair value on the date on which a derivative contract is entered into, and are subsequently
remeasured to fair value at balance date. In estimating the fair value of the derivative financial instruments the Group
uses level 2 inputs of the fair value measurement hierarchy. The Group’s derivative financial instruments fall into level
2 of the fair value measurement hierarchy because their fair value is determined using inputs, other than quoted prices
included in level 1, that are observable for the asset or liability, either directly as prices or indirectly (derived from prices).
The fair values are derived through valuation techniques that maximise the use of observable market data where it is
available and rely as little as possible on entity specific estimates.
Changes in Accounting Policies
The accounting policies adopted are consistent with those of the previous financial year, with the exception of growing
costs and Software-as-a-Service arrangements as detailed below. Refer to the published financial statements for the year
ended 30 June 2021 for a complete listing of the Group accounting policies.
Growing Costs
An adjustment has been made to restate the 2020 comparatives to align the accounting treatment for growing costs.
Previously a distinction was made between where the Group maintains beneficial ownership in bearer plants and where
the Group is not the beneficial owner of bearer plants. All vineyard costs that are incurred subsequent to harvest up
to balance sheet date are now treated consistently and are carried forward in the Statement of Financial Position and
included in the subsequent year’s fair value adjustment at point of harvest.
Notes to the Financial Statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES
|
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
15

1. General Information (continued)
Software-as-a-Service Arrangements
The Group accounting policy on intangible software has been changed subsequent to an agenda decision published by
the IFRS Interpretations Committee in April 2021, for the configuration and customisation costs incurred in relation to
Software-as-a-Service (SaaS) arrangements. SaaS arrangements are those in which the Group does not currently control
the underlying software used in the arrangement, but pays a fee in exchange for a right to receive access to a supplier’s
application software for a specified term.
Under the new Group accounting policy, costs incurred to configure or customise SaaS arrangements are recognised
as a separate intangible software asset when they meet the definition of and recognition criteria for, an intangible asset.
These costs are recognised as intangible software assets and amortised over their useful lives on a straight-line basis. If
costs do not meet the recognition criteria, they are expensed as incurred.
The Group has applied the change in accounting policy retrospectively, with the impact shown in the table below.
Notes to the Financial Statements continued
38.7961.23
(0.24)
Audited
Previously
Reported
June 2021
12 M o nths
$000
Unaudited
SaaS
Adjustment

$000
Audited
Restated
June 2021
12 M o nths

$000
Unaudited
Previously
Reported
Dec 2020
6 Months
$000
Audited
Growing
Cost
Adjustment
$000
Unaudited
SaaS
Adjustment

$000
Unaudited
Restated
Dec 2020
6 Months

$000
Statement of
Financial Performance
Profit before finance costs 95,311 (341) 94,970 59,089 – (228) 58,861
Income tax expense 23,365 (95) 23,270 14,960 – (64) 14,896
– Basic and fully diluted earnings
per share (cents per share) 61.47 – (0.16) 38.63
Statement of Financial Position
Retained earnings 408,247 (572) 407,675 379,384 5,926 (490) 384,820
Deferred tax liability 31,872 (222) 31,650 33,343 1,979 (191) 35,131
Inventories 159,982 – 159,982 144,440 (32,107) – 112,333
Biological work in progress 12,080 – 12,080 – 40,012 – 40,012
Property, plant and equipment 582,143 (1,987) 580,156 565,648 – (2,008) 563,640
Intangible assets 5,849 1,193 7,042 5,487 - 1,327 6,814
Statement of Cash Flows
Payments to suppliers
and employees 193,767 442 194,209 96,976 – 246 97,222
Purchase of property,
plant and equipment 60,375 (559) 59,816 36,304 – (246) 36,058
Purchase of intangible assets 494 117 611 494 – – 494
Reconciliation of Profit for
the Year with Cash Flows
from Operating Activities
Reported profit after tax 62,169 (246) 61,923 39,232 – (164) 39,068
Depreciation expense 22,998 (155) 22,843 11,631 – (72) 11,559
Other non–cash items (516) 54 (462) (802) – 54 (748)
Movement in deferred tax liability 1,437 (95) 1,342 4,887 – (64) 4,823
Inventories (7,142) – (7,142) 13,188 27,319 – 40,507
Biological work in progress 613 – 613 – (27,319) – (27,319)
Retained earnings as at 1 July 2020 decreased by $326,000 as a result of SaaS arrangements.
DELEGAT GROUP LIMITED AND SUBSIDIARIES
|
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
16

Notes to the Financial Statements continued
2. Segmental Reporting
The Group reviews its operational performance based upon the management and the geographic areas in which their
customers are based. Financial information which is available to management in order to assess segment performance
and investment opportunities is presented on the same basis. In accordance with NZ IFRS 8: Operating Segments this
forms the basis of presentation for Segment Reporting and is the format adopted below:
Delegat Limited (Delegat) is party to vineyard leases and has interests in freehold land and winery infrastructure which
allows the company to grow, harvest and make finished wine to be marketed, distributed and sold into the Super Premium
wine markets. Delegat sells and markets its product through a combination of subsidiary companies based overseas or
to customers and distributors directly in the New Zealand, Canadian, Asian and Pacific Island markets. Delegat Australia
Pty Limited, Delegat Europe Limited and Delegat USA, Inc. act as distributors and assist in the marketing of product in
their respective geographic regions. Wines are sold all year round to all regions and the Group considers there is no
significant variation in revenues throughout the year.
The Group implements appropriate transfer pricing regimes within the operating segments on an arm’s length basis in a
manner similar to transactions with third parties.
Management monitors the operating results of its business units separately for the purpose of making resource allocations
and performance assessments. Segment performance is evaluated based on operating profit or loss, which may be
measured differently from operating profit or loss in the consolidated financial statements as segment reporting is based
upon internal management reports. The main differences are a result of some deferred tax balances being recognised
upon consolidation not being allocated to individual subsidiaries. Also intercompany stock margin eliminations are
managed on a group basis and are not allocated to operating segments.
For the 6 months
ended
31 December 2021
Delegat
Limited

$000
Delegat
Australia
Pty Ltd
$000
Delegat
Europe
Limited
$000
Delegat
USA, Inc.

$000
Other
Segments
10

$000
Eliminations
and
Adjustments
11
$000
6 months
ended

31 December
2021
$000
Operating income
External sales
2,8
40,920 33,841 58,427 86,858 3,632 (45,709) 1 7 7, 9 6 9
Internal sales 180,735 – – – 3,381 (184,116) –
Unrealised foreign
exchange gains/(losses) 865 – 144 – – (299) 710
Fair value gain on
derivative financial instruments 3,184 – – – – – 3,184
Dividend revenue 1 – – – 1,059 (1,042) 18
Interest revenue – – – – 3 – 3
Total segment revenues
1
225,705 33,841 58,571 86,858 8,075 (231,166) 181,884
Operating expenses
Interest expense
3
4,689 16 5 31 382 – 5,123
Depreciation
4
9,935 285 69 243 902 – 11,434
Income tax expense
5
15,410 301 499 525 (27) (2,827) 13,881
Segment profit/(loss) 39,496 698 2,125 1,615 1,115 (8,312) 36,737

Assets
Segment assets
6
859,594 17,684 42,961 27,540 77,267 (116,508) 908,538
Capital expenditure
7
15,384 – – 6 221 – 15,611
Segment liabilities 397,330 11,930 30,177 8,665 55,187 (65,441) 4 3 7, 8 4 8

DELEGAT GROUP LIMITED AND SUBSIDIARIES
|
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
17

*The financial statements for the year ended 30 June 2021 have been restated for Software‐as‐a‐Service arrangements under NZ IAS 38: Intangible Assets. The financial statements for
the period ended 31 December 2020 have been restated for Software‐as‐a‐Service arrangements under NZ IAS 38: Intangible Assets and growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.
For the 6 months
ended
31 December 2020
Restated*
Delegat
Limited

$000
Delegat
Australia
Pty Ltd
$000
Delegat
Europe
Limited
$000
Delegat
USA, Inc.

$000
Other
Segments
10

$000
Eliminations
and
Adjustments
11
$000
6 months
ended

31 December
2020
$000
Operating income
External sales
2,9
38,928 30,157 60,914 80,936 5,381 (44,253) 172,063
Internal sales 153,126 – – – 1,698 (154,824) –
Unrealised foreign
exchange gains/(losses) 423 – 51 – (7) 199 666
Fair value gain on
derivative financial instruments 4,936 – – – – – 4,936
Dividend revenue 3,843 – – – 10,552 (14,377) 18
Interest revenue – – – – 1 – 1
Total segment revenues
1
201,256 30,157 60,965 80,936 17,625 (213,255) 1 7 7, 6 8 4
Operating expenses
Interest expense
3
4,453 24 1 42 377 – 4,897
Depreciation
4
9,955 302 90 255 957 – 11, 559
Income tax expense
5
13,145 267 519 481 83 401 14,896
Segment profit 37,260 614 2,224 1,501 10,815 (13,346) 39,068

Assets
Segment assets
6
812,125 19,550 26,668 34,142 79,840 (102,306) 870,019
Capital expenditure
7
36,508 15 – – 372 – 36,895
Segment liabilities 408,390 13,899 17,785 18,966 39,647 (58,496) 4 4 0,191

Notes to the Financial Statements continued
1. Intersegment revenues are eliminated on consolidation. Intercompany profit margins are also eliminated.
2. External sales revenue includes various payments to customers for volume discounts, rebates and other promotional support. For volume discounts,
rebates and other promotional support not invoiced at 30 June 2021 the Group recognised accruals of $18,105,000 (30 June 2020: $22,390,000).
During the six months ended 31 December 2021 $188,000 of these accruals have been released (December 2020: $572,000).
3. Interest expense is net of any interest capitalised to long‐term assets and inventory. During the period $745,000 (December 2020:$688,000) was
capitalised to long‐term assets. During the period $2,614,000 (December 2020: $2,619,000) was capitalised to inventory.
4. Depreciation expense presented above is gross of $9,624,000 (December 2020: $9,467,000), which has been included within inventory.
5. Segment income tax expense does not include the deferred tax impacts of temporary differences arising from intercompany stock margin
eliminations or fair value adjustments resulting from the purchase of subsidiary companies as these are managed on a group level.
6. Segment assets include the value of investments and loan balances for subsidiaries which reside in Delegat Limited however do not include the
effects of stock margin eliminations for stock on hand in subsidiaries.
7. Capital expenditure consists of additions of property, plant and equipment inclusive of capitalised interest. Capital expenditure is included within
each of the reported segment assets noted above.
8. For the six months ended 31 December 2021 Delegat USA, Inc. had a single customer which comprised 10% or more of Group sales amounting to
$40,114,000.
9. For the six months ended 31 December 2020 Delegat USA, Inc. had a single customer which comprised 10% or more of Group sales amounting to
$40,171,000.
10. Other segments’ assets include non-current assets of Barossa Valley Estate Pty Limited of $46,583,000 (December 2020: $47,730,000) which are
located in Australia.
11. The eliminations and adjustments of segment profit, assets and liabilities relate to intercompany transactions and balances which are eliminated on
consolidation.
2. Segmental Reporting (continued)
DELEGAT GROUP LIMITED AND SUBSIDIARIES
|
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
18

Notes to the Financial Statements continued
3. Expenses
Expenses by function have been categorised as follows:
Unaudited
Dec 2021
6 Months
$000
Audited
June 2021
12 M o nths
$000
Restated*
Unaudited
Dec 2020
6 Months
$000
Restated*
Cost of sales 98,996 159,118 92,291
Selling, marketing and promotion expenses 19,123 36,016 18,976
Corporate governance expenses 436 991 480
Administration expenses 7, 5 8 8 14,281 7,076
4. Acquisition and Disposal of Assets
During the six months ended 31 December 2021 the Group incurred total capital expenditure of $15,611,000
(31 December 2020: $36,895,000). During the six months ended 31 December 2021 the Group disposed of property,
plant and equipment with a net book value of $55,000 (31 December 2020: $44,000).
5. Capital Commitments
The estimated capital expenditure contracted for at 31 December 2021 but not provided for is $28,941,000 (31 December
2020: $21,516,000).
*The financial statements for the year ended 30 June 2021 have been restated for Software‐as‐a‐Service arrangements under NZ IAS 38: Intangible Assets. The financial statements for
the period ended 31 December 2020 have been restated for Software‐as‐a‐Service arrangements under NZ IAS 38: Intangible Assets and growing costs under NZ IAS 41: Agriculture.
Refer to Note 1 of the financial statements.
DELEGAT GROUP LIMITED AND SUBSIDIARIES
|
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
19

Directory
Directors
Alan Trevor Jackson
Jakov Nikola Delegat
Rosemari Suzan Delegat
Steven David Carden
Graeme Stuart Lord
Gordon Neil MacLeod
Phillipa Margaret Muir
Registered Office
Level 31, 15 Customs Street West
Auckland 1010
PO Box 91681
Victoria Street West
Auckland 1142
Solicitors
Heimsath Alexander
Level 1, Shed 22, Prince’s Wharf
147 Quay Street
PO Box 105884
Auckland 1143
Auditors
Deloitte
Deloitte Centre, Levels 12-18, 80 Queen Street
Auckland 1010
Private Bag 115033
Shortland Street
Auckland 1140
Share Registrar
Computershare Investor Services Limited
Private Bag 92119
Auckland 1142
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622
Managing your shareholding online:
To change your address, update your payment
instructions and to view your registered details
including transactions please visit
www.investorcentre.com/NZ
General enquiries can be directed to:
enquiry@computershare.co.nz
Private Bag 92119
Auckland 1142
Telephone:
+64 9 488 8777
Facsimile:
+64 9 488 8787
Please assisst our registry by quoting your CSN or
shareholder number.
DELEGAT GROUP LIMITED AND SUBSIDIARIES
|
FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
20