HGH Ltd Results for the 6 months ended 1 February 2022

25 March 2022 
HALLENSTEIN GLASSON HOLDINGS LIMITED  
 
UNAUDITED RESULTS FOR 6 MONTHS ENDED 1 FEBRUARY 2022 
 
The Company advises that Group sales for the six months to 1 February 2022 were $170.63 million, a 
decrease of 6.2% over the corresponding period last year ($181.98 million). Net profit after tax was
 
$11.91 million (unaudited), a decrease of 40.0% over the corresponding period last year ($19.84 
million). The result is in line with the guidance announced to the NZX on 17 February 2022. 
 
Gross margin on sales was 57.9% compared with 56.5% in the prior corresponding period.  The 
improvement came with better 
prices negotiated with suppliers and more favorable exchange rates, 
but partially off‐set by increased freight costs resulting from the ongoing global impact of COVID‐19. 
During the financial period additional cost controls were implemented, reducing operating costs and 
inventory levels were well managed to preserve liquidity.  
 
During the half, trade
 continued to be disrupted by COVID‐19 resulting in 5,432 lost trading days due 
to the various lockdowns across the New Zealand and Australia store network.  Where stores were 
unable to trade due to the various lockdowns, the Group has entered negotiations for rent relief 
support from landlords.  While some 
negotiations have been resolved, others are ongoing.  
 
Segment Results  
 
Glassons  
 
Sales in Australia were $71.89 million for the six‐month period, which were up 5.1% against the prior 
corresponding period.  During the season a new store was opened in Marion, Adelaide.  This is the 
first store in South Australia and 
has been very successful since its opening.  A new store in Penrith, 
Sydney has opened this week, and a new store in Canberra, ACT is due to open in April 2022.  The 
store in Burwood, Sydney was closed in March.  There are currently a number of sites being 
reviewed for potential
 openings in Australia to further expand the business.  
 
Sales in New Zealand were $53.44 million, which was down ‐13.6% against the same period last year.  
The lockdowns in New Zealand significantly impacted the results of the in‐store performance.  There 
is continued focus on technology and the effectiveness of being 
omni channel with an increase in 
investment to support the digital strategy.  
 
Glassons continues to bring the latest trends that customers want to the market through stores and 
online. The team have found new ways of working to ensure they are agile as well as maintaining a 
focus on sustainability. 
Glassons carries on the focus on putting the customer first by using digital 
solutions to engage and listen. This helps Glassons to maintain a strong brand position in both 
established markets and new markets. 
 
 

 
 
Hallenstein Brothers  
 
Sales were $45.30 million for the six‐month period (including Australia), with sales declining ‐12.4% 
against the same period last year.  As noted above, the New Zealand lockdowns had a significant 
impact on the store performance for the brand. 
 
It was pleasing to see growth in casual 
categories, which largely offset the move away in menswear 
from more formal dressing. Covid‐19 has been the trigger for a significant shift in consumer habits 
with a far more casual approach taken to what would traditionally be worn in the office and events, 
and the business has been able to
 pivot and adapt accordingly. Casual categories continue to 
outperform over the financial year with the team continuing to focus on current trends and ‘must 
have’ products.    
 
E‐Commerce  
 
Digital sales have increased to 32.8% of total Group sales for the six‐month period, up from 23.8% in 
the same period 
last year. There is an increased focus on digital marketing across the Group to drive 
engagement across all channels.  The Glassons App continues to be very successful with more than 
500,000 downloads, while significant work has been undertaken on the Hallensteins web shop to 
improve the look and the customer experience.
 
 
Dividend  
The Directors have declared an interim dividend of 18 cents per share (partially imputed) (last year 
23 cents per share) to be paid on 15 April 2022.  The balance sheet continues to be strong and 
inventories well controlled. 
 
Future Outlook 
 
The trading environment for the first seven weeks 
of the winter season has remained challenging, 
with the Omicron outbreak in full swing in New Zealand, and still present but appearing past its peak 
in Australia.  Group sales for the first seven weeks of the winter season are +0.5% ahead of the same 
period last year. 
 
The business remains 
hopeful that the worst of the Omicron outbreak will soon be behind us and is 
looking forward to a stronger finish to the financial year.  We will continue to focus on building 
digital engagement with our customers, enhancing the store experience whilst maintaining cost 
control and delivering the latest on trend
 product with a focus on sustainability. 
 
 
Stuart Duncan 
Group CEO

---

Results Announcement



Results for announcement to the market
Name of issuer Hallenstein Glasson Holding Limited
Reporting Period 6 months to 1 February 2022
Previous Reporting Period 6 months to 1 February 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$170,631 -6.2%
Total Revenue $170,631 -6.2%
Net profit/(loss) from
continuing operations
$11,912 -40.0%
Total net profit/(loss) $11,912 -40.0%
Interim Dividend
Amount per Quoted Equity
Security
$ 0.18
Imputed amount per Quoted
Equity Security
$0.03352945
Record Date 8 April 2022
Dividend Payment Date 15 April 2022
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.45 $1.38
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For further information refer to the attached:
 Group CEO’s announcement
 Interim financial statements
Authority for this announcement
Name of person

authorised
to make this announcement
Stuart Duncan
Contact person for this
announcement
Stuart Duncan
Contact phone number +64 21 528 184
Contact email address stuartd@glassons.com
Date of release through MAP

25 March 2022

Unaudited interim financial statements accompany this announcement.

---

Distribution Notice





Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Hallenstein Glasson Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code HLG
ISIN (If unknown, check on NZX
website)
NZHLGE 0001S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 8/4/2022
Ex-Date (one business day before the
Record Date)
7/4/2022
Payment date (and allotment date for
DRP)
15/4/2022
Total monies associated with the
distribution
1

$10,736,831 based on the number of units on issue at
the date of the form
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.21352945
Gross taxable amount
3
$0.21352945
Total cash distribution
4
$0.18000000
Excluded amount (applicable to listed
PIEs)
$nil
Supplementary distribution amount $0.01521506
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Partial imputation



1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

15.70%
Imputation tax credits per financial
product
$0.03352945
Resident Withholding Tax per
financial product
$0.03693527
Section 4: Distribution re-investment plan1 (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Stuart Duncan
Contact person for this
announcement
Stuart Duncan
Contact phone number +64 21 528 184
Contact email address stuartd@glassons.com
Date of release through MAP

25/3/2022





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

STATEMENT OF COMPREHENSIVE INCOME 
For the six months ended 1 February 2022 (unaudited) 
1


Note
Half Year
ended
1/2/22
Half Year
ended
1/2/21
$000
$000
Sales revenue170,631
181,977
Cost of sales
(71,864)
(79,148)
Gross profit98,767
102,829
Other operating income
118
185
Selling expenses
(62,902)
(56,565)
Distribution expenses
(5,803)
(5,719)
Administration expenses
(12,336)
(11,491)
Total expenses2.2(81,041)
(73,775)
Operating profit17,844
29,239
Finance income
57
66
Finance expense
(1,016)
(1,312)
Profit before income tax16,885
27,993
Income tax expense
(4,973)
(8,149)
Net profit after tax attributable to the shareholders of the Holding Company11,912
19,844
Other com
prehensive income
- Items that will not be reclassified to profit or loss
Increase in share option reserve
86
12
- Items that ma
y be subsequently reclassified to profit or loss
Fair value (loss)/gain (net of tax) in cash flow hedge reserve
243
132
Total comprehensive income for the year
12,241
19,988
Earnings per share
Basic and diluted earnings per share
19.97
33.27
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

STATEMENT OF FINANCIAL POSITION 
As at 1 February 2022 (unaudited) 
2


NoteAs at 1/2/22
As at 1/2/21As at 1/8/21
$000
$000$000
EQUITY
Contributed equity
27,361
28,091 27,357
Asset revaluation reserve
24,846
19,925 24,846
Cashflow hedge reserve
750
(1,746) 507
Share option reserve
187
17 101
Retained earnings
33,937
36,572 36,342
Total equity87,081
82,859 89,153
Represented by
CURRENT ASSETS
Cash and cash equivalents
32,898
36,378 39,204
Trade and other receivables
432
144 239
Advances to employees
269
292 291
Prepayments
5,385
2,404 1,559
Inventories
322,361
24,394 27,810
Derivative financial instruments
1,052
25 715
Total current assets62,397
63,637 69,818
NON-CURRENT ASSETS
Property, plant and equipment
450,040
45,681 52,025
Right of use assets
58,076
70,796 67,223
Investment property
3,372
3,212 3,372

Intangible assets
548
559 566
Deferred tax
7,186
7,582 6,474
Total non-current assets119,222
127,830 129,660
Total assets181,619
191,467 199,478
CURRENT LIABILITIES
Trade payables
8,352
9,166 8,826
Employee benefits
7,281
6,137 7,131
Other payables
9,661
7,782 13,124
Lease liabilities
23,365
25,255 22,991
Derivative financial instruments
-
2,472 1
Taxation payable
438
2,785 4,611
Total current liabilities49,097
53,597 56,684
NON-CURRENT LIABILITIES
Lease liabilities
45,441
55,011 53,641
Total liabilities94,538
108,608 110,325
Net assets87,081
82,859 89,153
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

STATEMENT OF CHANGES IN EQUITY 
For the six months ended 1 February 2022 (unaudited) 
3


SHARE
CAPITAL
TREASURY
STOCK
ASSET
REVALUATION
RESERVE
CASH FLOW
HEDGE
RESERVE
SHARE
OPTION
RESERVE
RETAINED
EARNINGS
TOTAL
EQUITY
$000$000$000$000$000$000$000
Balance at 1 August 202029,279 (220) 19,925 (1,878) 64 39,932 87,102
COMPREHENSIVE INCOME
Profit for year - - - - - 19,844 19,844
Cash flow hedges net of tax - - - 132 - - 132
Increase in share option reserve - - - - 12 - 12
Total comprehensive income
- - - 132 12 19,844 19,988
TRANSACTIONS WITH OWNERS
Purchase of treasury stock - (1,191) - - - - (1,191)
Transfer of share option reserve to
retained earnings - - - - (59) 59 -
Dividends - 74 - - - (23,263) (23,189)
Transfer to employee advances
- 149 - - - - 149
Total transactions with owners
- (968) - - (59) (23,204) (24,231)
Balance at 1 February 2021
29,279 (1,188) 19,925 (1,746) 17 36,572 82,859
COMPREHENSIVE INCOME
Profit for year - - - - - 13,476 13,476
Revaluation net of tax - - 4,921 - - - 4,921
Cash flow hedges net of tax - - - 2,253 - - 2,253
Increase in share option reserve - - - - 97 - 97
Total comprehensive income
- - 4,921 2,253 97 13,476 20,747
TRANSACTIONS WITH OWNERS
Purchase of treasury stock - (773) - - - - (773)
Transfer of share option reserve to
retained earnings - - - - (13) 13 -
Dividends - - - - - (13,719) (13,719)
Transfer to employee advances - 39 - - - - 39
Total transactions with owners
- (734) - - (13) (13,706) (14,453)
Balance at 1 August 2021
29,279 (1,922) 24,846 507 101 36,342 89,153
COMPREHENSIVE INCOME
Profit for year
- - - - - 11,912 11,912
Cash flow hedges net of tax
- - - 243 - - 243
Increase in share option reserve
- - - - 86 - 86
Total comprehensive income - - - 243 86 11,912 12,241
TRANSACTIONS WITH OWNERS
Dividends
- 4 - - - (14,317) (14,313)
Total transactions with owners - 4 - - - (14,317) (14,313)
Balance at 1 February 202229,279 (1,918) 24,846 750 187 33,937 87,081
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

STATEMENT OF CASH FLOWS 
For the six months ended 1 February 2022 (unaudited) 
4


Half Year
ended 1/2/22
Half Year
ended 1/2/21
$000
$000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Sales to customers
170,438
181,924
Rent received
118
185
Government grants
1,938
3,864
Interest received
53
61
Interest on debtors
4
5
172,551
186,039
Cash was applied to:
Payments to suppliers
105,991
115,763
Payments to employees
34,345
31,832
Interest paid on leases
1,016
1,312
Taxati on pai d
9,954
9,219
151,306
158,126
Net cash flows from operating activities21,245
27,913
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant and equipment and intangible assets
42
67
Repayment of employee advances
22
148
64
215
Cash was applied to:
Purchase of property, plant and equipment and intangible assets
3,034
2,033
3,034
2,033
Net cash flows applied to investing activities(2,970)
(1,818)
CASH FLOW S FROM FINANCING ACTIVITIES
Cash was provided from:
Proceeds from sale of treasury stock and dividends
4
74
4
74
Cash was applied to:
Dividend paid
14,317
23,263
Purchase of treasury stock
-
1,191
Lease liability payments
10,268
14,979
24,585
39,433
Net cash flows applied to financing activities(24,581)
(39,359)
Net decrease in funds held(6,306)
(13,264)
Cash and cash equivalents at the beginning of the period39,204
49,642
Cash and cash equivalents at the end of the period32,898 36,378
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

STATEMENT OF CASH FLOWS (CONTINUED) 
For the six months ended 1 February 2022 (unaudited) 
5


RECONCILIATION OF PROFIT AFTER TAXATION TO CASH FLOWS FROM OPERATING
ACTIVITIES

Half Year
ended 1/2/22
Half Year
ended 1/2/21
$000
$000
NET PROFIT AFTER TAXATION11,912
19,844
ADD/(DEDUCT) ITEMS CLASSIFIED AS INVESTING OR FINANCING ACTIVITIES
Gain on sale of plant and equipment
(40)
(32)
ADD/(DEDUCT) NON CASH ITEMS
Depreciation and amortisation
16,624
17,550
Deferred taxation
(807)
(411)
Share option expense
86
12
ADD/(DEDUCT) MOVEMENTS IN WORKING CAPITAL ITEMS
Taxation payable
(4,173)
(660)
Trade and other receivables and prepayments
(4,019)
835
Trade and other payables and employee benefits
(3,787)
(9,468)
Inventories
5,449
243
NET CASH FLOWS FROM OPERATING ACTIVITIES21,245
27,913
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2022 (unaudited) 
6


1 Basis of preparation of financial statements
This section presents a summary of information considered relevant and material to assist the reader
in understanding the foundations on which the financial statements as a whole have been compiled.

1.1 General information
Reporting entity
Hallenstein Glasson Holdings Limited (“Company” or “Parent”) together with its subsidiaries (the
“Group”) is a retailer of men’s and women’s clothing in New Zealand and Australia.
The Company is a limited liability company incorporated and domiciled in New Zealand. The address
of its registered office is Level 3, 235-237 Broadway Newmarket, Auckland.

Statutory base
Hallenstein Glasson Holdings Limited is a company registered under the Companies Act 1993 and is
an FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The Company is
also listed on the New Zealand Stock Exchange (NZX). The financial statements of the Group have
been prepared in accordance with the requirements of Part 7 of the Financial Markets Conduct Act
2013 and the NZX Main Board Listing Rules.
The financial statements were approved for issue by the Board of Directors on 25 March 2022.

1.2 General accounting policies
Statement of compliance
These interim financial statements for the half year ended 1 February 2022 have been prepared in
accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP), NZ IAS 34 and
IAS 34 Interim Financial Reporting and should be read in conjunction with the 2021 Annual Report.

Basis of preparation of financial statements
The accounting policies used in the preparation of these financial statements are consistent with
those used in the previously published interim financial statements to 1 February 2021, and the
audited financial statements to 1 August 2021.
The financial statements for the six months ended 1 February 2022 and 1 February 2021 are
unaudited. The comparative information for the year ended 1 August 2021 is audited.

Entities reporting
The financial statements are the Consolidated Financial Statements of the Group comprising
Hallenstein Glasson Holdings Limited and subsidiaries, together they are referred to in these financial
statements as ‘the Group’. The parent and its subsidiaries are designated as for-profit entities for
financial reporting purposes.

1.3 Significant events and transactions

COVID-19 Impact
Trade in the first half of the 2022 financial year continued to be disrupted by the COVID-19 pandemic,
resulting in 5,432 lost trading days across the Group.

At 11.59pm on 17 August 2021, New Zealand re-entered Level 4 lockdown due to an outbreak of the
Delta variant. The Group announced it had closed all Hallenstein Brothers stores and Glassons stores

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2022 (unaudited) 
7


across New Zealand. On 7 September 2021, the rest of New Zealand outside of Auckland entered
Alert Level 2, with Auckland remaining in Alert Level 4. The Group was further impacted by localised
lockdowns in Northland and the Waikato. Non-Auckland Hallenstein Brothers and Glassons stores
were reopened with strict protocols in place in line with Government recommendations.

On 5 August 2021 Victoria announced that the state would enter a strict lockdown and all twelve
Glassons stores located in Victoria were closed. On 9 October 2021, the NSW strict lockdown rules
were lifted and all thirteen Glassons stores located in NSW were able to reopen after being closed
since July 2021. The twelve Glassons stores in Victoria reopened on 29 October 2021 when the
lockdown restrictions were lifted.

On 9 November 2021 Auckland entered Alert Level 3 Step 2 and the Auckland stores for both
Hallenstein Brothers and Glassons were re-opened with strict protocols in place in line with the
Government recommendations.

As part of its response to COVID-19, the New Zealand Government provided wage subsidies over a
specific calendar period to eligible businesses to help employers continue to pay their employees and
protect jobs impacted by the alert level changes. The Group has applied NZ IAS 20 Accounting for
Government Grants and Disclosure of Government Assistance in accounting for the funds received
from the COVID-19 Wage Subsidy. Government wage subsidies received during the period have
been accounted for as government grants and offset against the expenses to which they relate in the
same period as they are incurred as disclosed in note 2.2.

Since the outbreak of COVID-19, the Group’s focus has been on remaining agile and meeting the
needs of our employees and customers. During periods of store closures, the web stores continued to
trade. An increased focus has been placed on the e-commerce side of the business, resulting in
significant growth in online sales. The Group has worked closely with its suppliers to ensure inventory
is well controlled. Where stores were unable to trade due to the various lockdowns, the Group has
entered negotiations for rent relief support from landlords. While some negotiations have been
resolved, others are ongoing.

Certain key judgements and estimates are applied in these financial statements. The Directors have
assessed the impact of COVID-19 on these judgements and estimates and concluded that changes
are not necessary.

With the current COVID-19 settings in both New Zealand and Australia, all stores across the network
are now open and operating in accordance with local government regulations, prioritising the health
and safety of our employees and customers.
 


2 Performance information
2.1 Segment information
The Board of Directors considers the business from both a product and geographic perspective as
follows:
 Hallenstein Brothers (Hallenstein Bros Ltd (New Zealand) and Hallenstein Brothers Australia
Limited (Australia))
 Glassons Limited (New Zealand)
 Glassons Australia Limited (Australia)
 Hallenstein Properties Limited (New Zealand)
 Hallenstein Glasson Holdings Limited – Parent (New Zealand)

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2022 (unaudited) 
8


Segment results and key balances are shown below. Segment assets and liabilities are measured
in the same way as in the financial statements. Assets and liabilities are allocated based on the
operations of the segment.

2 Performance information (continued)
Segment results
For the period ended
1 February 2022
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALI
A
HALLENSTEIN
BROTHERS
HALLENSTEIN
PROPERTY PARENT
TOTAL
SEGMENTS
$000$000$000$000$000$000
INCOME STATEMENT
Sales revenue from external
customers53,443 71,893 45,295 - -
170,631
Cost of sales(24,684) (28,093) (19,087) - -
(71,864)
Gross profit28,759 43,800 26,208 - -
98,767
Finance income22 3 31 - 1
57
Finance expenses(452) (268) (296) - -
(1,016)
Depreciation and software
amortisation5,736 5,737 4,931 208 12
16,624
Profit before income tax3,723 10,691 2,253 212 6
16,885
Income tax expense(1,052) (3,227) (635) (59) -
(4,973)
Profit after income tax2,671 7,464 1,618 153 6
11,912
BALANCE SHEET
Current assets14,949 20,145 20,536 4,883 1,884
62,397
Non-current assets43,746 29,302 23,910 22,254 10
119,222
Current liabilities15,217 19,709 13,785 310 76
49,097
Non-current liabilities20,507 13,456 11,478 - -
45,441
Purchase of property, plant and
equipment and intangibles526 1,870 602 36 -
3,034
For the period ended
1 February 2021
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
HALLENSTEIN
BROTHERS
HALLENSTEIN
PROPERTY
PARENT
TOTAL
SEGMENTS
$000$000$000$000$000$000
INCOME STATEMENT
Sales revenue from external
customers61,841 68,432 51,704 - -
181,977
Cost of sales(28,506) (28,204) (22,438) - -
(79,148)
Gross profit33,335 40,228 29,266 - -
102,829
Finance income17 13 36 - -
66
Finance expenses(520) (395)
(397) - -
(1,312)
Depreciation and software
amortisation5,658 6,377 5,336 173 6
17,550
Profit/(loss) before income tax8,035 14,613 5,088 264 (7)
27,993
Income tax expense(2,242) (4,405) (1,430) (74) 2
(8,149)
Profit/(loss) after income tax5,793 10,208 3,658 190 (5)
19,844
BALANCE SHEET
Current assets14,741 19,102 22,554 4,633 2,607
63,637
Non-current assets48,071 29,773 31,406 18,568 12
127,830
Current liabilities16,699 19,615 16,909 299 75
53,597
Non-current liabilities24,605 13,426 16,980 - -
55,011
Purchase of property, plant and
equipment and intangibles628 553 852 - -
2,033

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2022 (unaudited) 
9


2.2 Income and expenses
Profit before income tax includes the following specific expenses:
Half Year
ended
1/2/22
Half Year
ended
1/2/21
$000
$000
Occupancy costs
1
14,260
12,697
Wages, salaries and other short term benefits
2
31,125
28,924
Depreciation, amortisation and impairment of property, plant and equipment
5,033
5,136
Gain on sale of property, plant and equipment
(40)
(32)


1
Occupancy costs include rental expense on short term leases, depreciation and interest expense on
right of use assets, less rent relief received from landlords during the period.
2
Wages, salaries and other short-term benefits includes wage subsidy benefit from the New Zealand
Government of $1.938M.
2.3 Dividends
Half Year
ended
1/2/22
Half Year
ended
1/2/21
Half Year
ended
1/2/22
Half Year
ended
1/2/21
cents/sharecents/share$000
$000
Final dividend for the period ended 1 August 2021
24.00
-
14,317
-
Interim dividend for the period ended 1 August 2020
-
15.00
-
8,947
Final dividend for the period ended 1 August 2020
-
24.00
-
14,316
Total24.00
39.00
14,317
23,263


3 Inventories
During the period ended 1 February 2022, the Group recognised in the Statement of Comprehensive
Income, a write down of finished goods inventory to provide for obsolescence of $367,000 (2021:
$175,000).

4 Property, plant and equipment
Acquisitions and disposals
During the six months ended 1 February 2022, the Group acquired assets with a total cost of
$3,034,000 (2021: $2,034,000).
Assets with a net book value of $3,000 were disposed of during the six months ended 1 February
2022 (2021: $35,000).

5 Related party transactions
The Group enters into transactions with related parties. Details of related parties, and the types of
transactions entered into during the period ended 1 February 2022, are consistent with those
disclosed in the audited financial statements for the year ended 1 August 2021.

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2022 (unaudited) 
10


6 Events subsequent to balance date
Subsequent to the half year end, the Board has resolved to pay an interim dividend of 18.0 cents
(2021: 23.0 cents) per share (partially imputed). The dividend will be paid on 15
th
April 2022 to all
shareholders on the Company’s register as at 5.00pm, 8
th
April 2022.