Half Year Results to 31 December 2022

28 February 2023


HALF YEAR 2023 REPORT

Unaudited Half Year Consolidated Result
The Directors of Allied Farmers Limited (ALF.NZX) report an unaudited consolidated net profit before tax (NPBT)
of $2.097 million for the six months ended 31 December 2022. This is +46% percent higher than the NPBT of
$1.438 million for the six months ended 31 December 2021.
The following table summarises consolidated NPBT over the previous interim periods from Allied Farmers’
investments and Parent Company Operations:
Interim Period
(1/7 – 31 /12)
NZ Farmers Livestock *
(livestock agency, meat export
and finance)
($m)
NZ Rural Land
Management
(asset management)
($m)
Parent Company
Cost of Operations

($m)
2017 0.4 - (0.3)
2018 1.5 - (0.2)
2019 1.7 - (0.4)
2020 0.8 - (0.3)
2021 1.5 0.3 (0.4)
2022 2.0 0.4** (0.3)
*Reported figures displayed detail 100% of the NPBT for NZFL – Allied Farmers only owns 67% of this business. Allied Farmers is required to report on a consolidated basis but has
detailed an unconsolidated position below.
** The NZRLM profit of $0.4m stated in the table above is attributable of Allied Farmers shareholders (i.e NZRLM’s total NPBT was $0.8m)

This higher result reflects a record contribution from Farmers Meat Export Limited (FMEL).

Profit attributable to Allied Farmers’s shareholders reflecting its 67% ownership of NZFL and 50% of
NZRLM
The HY23 after tax profit attributable to Allied Farmers’ shareholders was $1.585 million (HY22 $1.059 million).
Earnings per share (EPS) for HY23 was $0.055 (HY22 $0.037).
Dividend & Net Tangible Assets Per Share
Consistent with previous interim periods, no dividend will be paid for the period as the Company continues to retain
capital.
As indicated at the Annual Meeting last November, the Company continues to utilise tax losses and therefore
paying unimputed dividends does not make sense. The Board strongly believes that in the short term, retaining
and redeploying earnings is in shareholders’ best interests.
Allied Farmers Net Tangible Assets (NTA) per share based on 67% direct ownership of NZ Farmers Livestock, and
50% ownership of NZRLM as at 31 December 2022 equals $0.54 per share (versus $0.42 per share as at 31
December 2021).
Tax Losses

Allied announced on 28 November 2022 that it had obtained a Private Ruling from Inland Revenue under s 91E of
the Tax Administration Act 1994 that will result in a significant increase in the tax losses currently available to the
Allied Farmers Group.

Since then, Allied continued to work with Inland Revenue in relation to the ruling.

In the financial statements for 30 June 2022 no tax losses were recognised as an asset, and there was a disclosure
that tax losses of $36,288,403 were available (2021: $40,568,976).

Allied now expects the amount of tax losses available as at 31 December 2022 should be: $187,935,558 (2021:
$192,731,161).

The ability to utilise the tax losses is dependent on continuing to meet shareholder continuity requirements of
prevailing income tax legislation.

Update on Acquisition of 50 percent of New Zealand Rural Land Management (NZRLM)
On 19 December 2022, Allied announced the exercise of its call option to acquire the 50% of NZ Rural Land
Management (NZRLM) it does not already own. PwC is in the process of determining a binding valuation of that
stake (NZRLM Consideration).
In accordance with the call option deed, on receipt of the binding valuation from PwC, the vendors of the 50 percent
of NZRLM not owned by Allied (the Vendors) are required to notify Allied Farmers whether they would like to
receive the NZRLM Consideration in cash or Allied Farmers’s shares. While no decisions have been made, Allied
Farmers understands that the Vendors are likely to request that the NZRLM Consideration be satisfied in cash.
On receipt of this notice the Independent Directors Committee of Allied Farmers, Shelley Ruha and Philip
Luscombe (IDC) will, in consultation with its external advisors, determine the optimum manner in which to satisfy
the NZRLM Consideration. Again, while no final decisions can be made prior to the receipt of notice from the
Vendors, the IDC is exploring the possibility of satisfying the NZRLM Consideration in a mixture of cash and NZ
Rural Land Company Limited (NZL) shares. The cash component would be funded by a combination of cash
reserves and borrowings. Because this would not require an issue of any new Allied Farmers shares, shareholder
approval would not be required.
A further update will be provided once both the valuation has been received and the way the NZRLM Consideration
will be funded and satisfied has been decided.
Business Segment Reports
New Zealand Farmers Livestock Limited (NZFL) - 67% owned:
NZFL again reports a half year result significantly improved on the previous half year, driven heavily by a strong
veal processing spring campaign. Livestock agency performance was impacted by the weather, grass and market
conditions, but still slightly ahead of 2021/22 first half result. Improved livestock agency performances in the later
months of the period are pleasing. It is very early in the year to gauge likely full year dairy herd forward sales
(generally completing and accounted in June), but indications are that these will be behind last year’s record year.
The livestock financing business progressed well through the transition of all but the seasonal lending, from own-
funding to the Heartland Bank referral-based arrangement, to be only just short of the 2021/22 half year. Directors
are pleased with this progress, and this lower risk platform is expected to support its future growth. Seasonal
lending has progressed ahead of last year.
NZFL has reviewed its capital requirements during the period. A combination of being debt free outside of overdraft
and seasonal lending facilities, release of capital from lending that is now funded by Heartland, and a profitable
half year, will likely enable NZFL to make significant distribution to Allied Farmers and its minority shareholders.
NZFL Outlook:
NZFL acknowledges the challenges that Cyclone Gabriella has created for the rural community. While most of
NZFL’s people and activity lie outside of the cyclone’s major impact areas, we acknowledge the tragic loss of life,
disruption, and the lengthy recovery ahead for many.
NZFL’s assets suffered no damage, but it is reasonable to expect some impact to stock trading over the balance
of the financial year, especially at 52% owned Redshaws which is based in the Hawkes Bay.
NZFL remains focused on national growth, digital innovation, improving agent performance, and cost management.
Effort continues to grow the veal processing contribution, with work to improve calf supply chain integration, further
improve our partnering outcomes, and to meet the anticipated challenges during the year ahead.
NZ Rural Land Management Limited Partnership (NZRLM) – 50% owned:
NZRLM is the external manager of NZX-listed New Zealand Rural Land Company Limited (NZL).

On 21 October 2022, NZL entered in to an agreement to acquire its first forestry estate. The forestry estate
encompasses a 2,400ha of existing pinus radiata forest located in the Manawatū-Whanganui region in the North
Island. The purchase cost will be approximately NZD$63 million subject to final costs. The acquisition is scheduled
to complete on 15 April 2023.

NZL has signed a 20 year lease with New Zealand Forest Leasing Limited for the estate which will commence on
completion of the acquisition. New Zealand Forest Leasing Limited has significant experience in the forestry
industry. Established in 2010, it owns more than 60,000ha of forests and leases a further 43,000ha, being one of
the 10 largest freehold landowners in New Zealand. The forestry estate acquisition is expected to be approximately
+ 16% accretive for FY2024 AFFO and Dividend Yields on a per share basis for NZL shareholders.
The acquisition reflects NZL’s strategy of diversifying its portfolio of rural land assets, which currently comprises
11,710 hectares of dairy farms across Canterbury, Central Otago and Southland. The estate will be the first forestry
land in NZL’s portfolio. These assets are all underpinned by long term triple net leases with CPI-linked rental
adjustments, positioning NZL well in a high inflation environment.
NZL has announced a 1:3 pro-rata rights issue at $1.00 per share to raise $38mln to fund the acquisition. NZL also
has indicative approval from its primary funder, Rabobank, to increase its revolving credit facility by approximately
NZD$25 million, being approximately 40% of the purchase price in line with NZL’s gearing policy.
NZRLM reported earnings of $834,000 for the period ending 31 December 2022. Allied Farmers as 50% owner of
NZRLM reported earnings from NZRLM of $417,000.

NZRLM Outlook:

The outlook for NZRLM remains positive driven by a large opportunity set for NZL and an expanding international
investor base at NZL.

In terms of the recent weather events in New Zealand, NZL’s assets suffered no damage and forestry estate
acquisition was also unscathed.

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019


Results for announcement to the market
Name of issuer Allied Farmers Limited
Reporting Period 6 months to 31 December 2022
Previous Reporting Period 6 months to 31 December 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
15,804 (5.26) %
Total Revenue 15,804 (5.26) %
Net profit/(loss) from
continuing operations
2,097 45.83%
Total net profit/(loss) 2,097 45.83%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividends proposed
Imputed amount per Quoted
Equity Security
N/A
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.54 $0.42
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to results release and unaudited financial statements.


Authority for this announcement
Name of person

authorised
to make this announcement
Brian Lee
Contact person for this
announcement
Brian Lee
Contact phone number 027 201 3040
Contact email address brian.lee@alliedfarmers.co.nz
Date of release through MAP

28 February 2023

Unaudited financial statements accompany this announcement.

Allied Farmers Group
Consolidated Profit and Loss Statement
For the 6 months ended 31 Dec 2022
Unaudited
DecJuneDec
202220222021
$000$000$000
Restated
Commission and fee income 7,016 15,057 7,118
Sale of goods 8,002 9,292 8,794
Interest income 207 630 311
Other Income 162 215 133
Equity Accounted Earnings NZRLM
417 1,624 325
Total Income
15,804 26,818 16,681
Cost of goods sold (5,599) (7,271) (6,916)
Personnel expenses (5,101) (10,146) (5,034)
Depreciation and amortisation (411) (892) (466)
Rental and operating leases - (3) (4)
Operating expenses
(2,489) (4,658) (2,622)
Total Expenses
(13,600) (22,970) (15,042)
Finance Costs
(75) (292) (201)
Profit before tax 2,129 3,556
1,438
Income tax (expense) / benefit (32) (24) -
Profit after tax 2,097 3,532 1,438
Profit attributable to:
Shareholders of Allied Farmers Limited ('Allied')
1,585 2,876
1,059
Minority shareholders of NZ Farmers Livestock Limited ('NZFL')
512 656 379
Allied Earnings per share (cents) - Basic and Diluted
5.50 9.98 3.68
Weighted average number of shares - Basic and Diluted (000's)
28,806 28,806 28,806
Consolidated Statement of other Comprehensive Income
For the 6 months ended 31 Dec 2022
Unaudited
DecJuneDec
202220222021
$000$000$000
Profit after tax 2,097 3,532 1,438
(87) (53) 104
Total comprehensive income
2,010 3,479
1,542
Group
Group
Change in value of investment in equity securities

Allied Farmers Group
Consolidated Statement of Cash Flows
For the 6 months ended 31 Dec 2022
DecJuneDec
2022
20222021
$000$000$000
Cash flows from/(to) operating activities Restated
Cash receipts from customers16,403 24,758 18,297
Interest received206 630 312
Distribution from NZRLM- 625 400
Cash paid to suppliers and employees(18,675) (22,185) (18,492)
Interest paid(77) (292) (202)
Income tax (paid)/received(41) (97) (62)
Net cash flow from/(used in) operating activities(2,184) 3,439 253
Cash flows from/(to) investing activities
Decrease (Increase) in finance receivables NZ Farmers Livestock Finance Ltd/Rural Financial SolutioNZ Ltd(789) 2,326 (207)
Acquisition of New Zealand Rural Land Company Limited shares(56) (1,484) (660)
Purchase of shares in NZ Farmers Livestock Ltd(7) (12) -
Net disposal/(acquisition) of intangibles, property, plant and equipment(129) 124 (249)
Net cash flow from/(used in) investing activities(981) 954 (1,116)
Cash flows from/(to) financing activities
Drawdown of finance receivables borrowings - - 1,000
Repayment livestock trading borrowings- (1,115) (221)
Repayment of finance receivables borrowings- (925) (233)
Repayment of bond- (1,000) (1,000)
Dividends paid to Minority Shareholders in Subsidiaries (397) (535) (549)
Lease principal repayments(232) (813) -
Net cash flow used in financing activities(629) (4,388) (1,003)
Net movement in cash and cash equivalents(3,794) 5 (1,866)
Opening cash and cash equivalents4,547 4,542 4,542
Closing cash and cash equivalents753 4,547 2,676
Reconciliation of Profit to Cash Surplus from Operating Activities
Profit for the year 2,097 3,532
1,438
Adjustments for items not involving cash flows:
Impairment on receivables (8) 41 (3)
(Profit)/loss on sale of assets 3 (31) (52)
Depreciation 411 892
466
(Increase) Decrease in Deferred Tax - (40) -
Other - including non cash items (411) (979) 82
(5) (117) 493
Movement in trade and other receivables 1,247 267 2,680
Movement in inventories
(1,166) (23) 26
Movement in trade, other payables and employee benefits
(4,338) (188) (4,322)
Movement in taxation (19) (32) (62)
Cash flow from operating Activities (2,184) 3,439
253
Acquisition of Property, Plant and Equipment includes Motor Vehicles purchased at the end of lease contracts.
Group
Unaudited

Allied Farmers Group
Consolidated Balance Sheet
As at 31 December 2022
Unaudited
DecJuneDec
202220222021
$000$000$000
Equity
Share capital 158,204 158,204 158,204
Accumulated Losses (142,245) (143,743) (145,403)
Equity attributable to owners of the Parent 15,959 14,461 12,801
Non-controlling interests 2,150 2,042 1,777
Total equity 18,109 16,503 14,578
Liabilities
Trade and other payables 6,880 10,849 7,086
Employee benefits 1,145 1,515 1,144
Income tax payable - 7 -
Finance receivables bank borrowings - - 500
Bank borrowings and bonds - - 453
Lease liabilities 259 761 866
Total current liabilities 8,284 13,132 10,049
Bank borrowings and bonds - - 445
Finance receivables bank borrowings - - 1,192
Lease Liabilities 1,626 1,377 1,219
Total non-current liabilities 1,626 1,377 2,856
Total liabilities 9,910 14,509 12,905
Total liabilities and equity 28,019 31,012 27,483
Assets
Cash and cash equivalents 753 4,547
2,676
Trade Receivables 8,717 9,830 7,241
Inventories 1,240 74 25
Income tax receivable 27 - 34
Finance receivables 3,620 2,830 5,350
Other receivables 167 292 443
Total current assets 14,524 17,573 15,769
Deferred tax assets 993 993 953
Goodwill 742 742 742
Intangible asset - computer software 70 115 208
Investment - New Zealand Rural Land Management GP
Limited
2,744 3,665
2,587
Investment - New Zealand Rural Land Company 4,410 3,103 2,394
Investments - Other 5 2 5
Property - owned 3,026 2,932 2,295
Property - right of use assets 1,505 1,887 2,530
Total non-current assets 13,495 13,439 11,714
Total assets 28,019 31,012 27,483
0.600.540.47
0.540.480.42
Note: net tangible assets is calculated as equity attributable to Allied from which is deducted goodwill and intangible assets
DirectorDirector
Group
The Board of Directors of Allied Farmers Limited authorised these financial statements for issue on 28 February 2023.
Philip LuscombeChristopher Swasbrook
Net Tangible Assets per Share - attributable to Allied ($ per share)
Net Tangible Assets per Share - Consolidated ($ per share)

Allied Farmers Group
Consolidated Statement of Changes in Equity
For the 6 months ended 31 Dec 2022
Unaudited
Group
Share
Capital
Accumulated
losses
Revaluation
Reserve
Allied
Shareholders
Interests
Minority
Shareholders
Interests
Total
$000$000$000$000$000$000
Balance at 1 July 2021 158,204 (146,431) (135) 11,638 1,933 13,571
Profit after tax for the period - 1,059 - 1,059 379 1,438
Revaluation of Equity Securities - - 104 104 - 104
Total comprehensive income for the period - 1,059 104 1,163 379 1,542
Dividends paid - - - - (535) (535)
-
Total transactions with owners - - - - (535) (535)
Balance at 31 December 2021 158,204 (145,372) (31) 12,801 1,777 14,578
Balance at 1 January 2022 158,204 (145,372) (31) 12,801 1,777 14,578
Profit after tax for the period - 1,817 - 1,817 277 2,094
Revaluation of Equity Securities - - (157) (157) - (157)
Total comprehensive income for the period - 1,817 (157) 1,660 277 1,937
Dividends paid - - - - - -
AFL Purchase Minority Shareholders Shares - - - - (12) (12)
-
Total transactions with owners - - - - (12) (12)
Balance at 30 June 2022 158,204 (143,555) (188) 14,461 2,042 16,503
Balance at 1 July 2022 158,204 (143,555) (188) 14,461 2,042 16,503
-
Profit after tax for the period - 1,585 - 1,585 512 2,097
Revaluation of Equity Securities - - (87) (87) - (87)
Total comprehensive income for the period - 1,585 (87) 1,498 512 2,010
Dividends paid to Minority Interests - - - - (397) (397)
AFL purchase Minority Shareholders Shares - - - - (7) (7)
Total transactions with owners - - - - (404) (404)
Balance at 31 December 2022 158,204 (141,970) (275) 15,959 2,150 18,109

Allied Farmers Group
A Financial performance
A1 How we operate and generate returns for shareholders
Livestock services: An agency business facilitating livestock transactions and the procurement and export of veal.Financial services: Providing and referring livestock finance to farmer clients.Parent operations: The ultimate holding company for Allied Group's investments and governance activity for the Group.Segment information (Unaudited)
Dec
June
Dec
Dec
June
Dec
Dec
June
Dec
Dec
June
Dec
Dec
June
Dec
2022
2022
2021
2022
2022
2021
2022
2022
2021
2022
2022
2021
2022
2022
2021
$000
$000
$000
$000
$000
$000
$000
$000
$000
$000
$000
$000
$000
$000
$000
Restated
Restated
Commission and fee income
7,016
15,057 7,118
-
- -
-
- -
-
- -
7,016
15,057
7,118
Sale of goods
8,002
9,292 8,794
-
- -
-
- -
-
- -
8,002
9,292
8,794
Interest income
130
216 71
77
414 240
-
- -
-
- -
207
630
311
Other Income *
12
158 133
84
15
-
-
- -
66
42 -
162
215
133
Equity Accounted Earnings NZRLM
-
- -
-
- -
417
1,624 325
-
- -
417
1,624
325
Total Income
15,160
24,723 16,116
161
429 240
417
1,624 325
66
42 -
15,804
26,818
16,681
Cost of goods sold
5,599
7,271 6,916
-
- -
-
- -
-
- -
5,599
7,271
6,916
Personnel expenses
5,014
10,024 4,968
48
46 23
-
- -
39
76 43
5,101
10,146
5,034
Depreciation and amortisation
411
892 466
-
- -
-
- -
-
- -
411
892
466
Rental and operating leases
-
3 4
-
- -
-
- -
-
- -
-
3
4
Operating expenses
2,095
3,934 2,193
23
77 44
-
- -
371
647 385
2,489
4,658
2,622
Total Expenses
13,119
22,124 14,547
71
123 67
-
- -
410
723 428
13,600
22,970
15,042
Finance Costs
(31)
(140) (111)
(44)
(134) (72)
-
- -
-
(18) (18)
(75)
(292) (201)
Profit/(loss) before tax
2,010
2,459 1,458
46
172 101
417
1,624 325
(344)
(699) (446)
2,129
3,556
1,438
Income tax (expense) / benefit
(32)
(24)
-
Profit/(loss) after tax
2,097
3,532
1,438
Current Assets
10,027
14,300 9,751
3,620
2,830 5,350
-
- -
877
443 668
14,524
17,573
15,769
Investments in NZRLC
-
- -
-
- -
-
- -
4,410
3,103 2,394
4,410
3,103
2,394
Investment in Associates and Joint Ventures
-
- -
-
- -
2,744
3,665 2,587
-
- -
2,744
3,665
2,587
Other Non-Current Assets
6,240
6,571 6,633
100
100 100
-
- -
-
- -
6,340
6,671
6,733
Assets
16,267
20,871 16,384
3,720
2,930 5,450
2,744
3,665 2,587
5,287
3,546 3,062
28,018
31,012
27,483
Current Liabilities
5,233
13,029 9,486
3,000
- 500
-
- -
51
103 63
8,284
13,132
10,049
Non-Current Liabilities
1,626
1,377 1,664
-
- 1,192
-
- -
-
- -
1,626
1,377
2,856
Liabilities
6,859
14,406 11,150
3,000
- 1,692
-
- -
51
103 63
9,910
14,509
12,905
Additions of Property, Plant and Equipment, and Right of Use assets
254
771 249
-
-
-
-
-
-
254
771
249
In this section
Rural Land Management: Investment in New Zealand Rural Land Management Limited Partnership the contracted asset manager of New Zealand Rural Land Company Limited.
Livestock Services
* Other Income Dec 21 includes Covid 19 Wage and Resurgence Subsidy payments $117,686.
Financial Services
Rural Land Management
Total
Parent Operations
* Other Income in the Financial Services segment includes referral fee income from Heartland Bank Limited to 31 December 2022.* The Group has unused tax losses of $187,935,558 as at 31 Dec 2022 (2021 $192,731,161). The level of losses recognised in the calculation of the deferred tax asset reflects managements expectations of recurring levels of taxable profitability for approximately the next two years. This will be reassessed once the call option to acquire the remaining 50% of New Zealand Rural Land Managment Parnership has been settled.

Fee income relates to RFID scanning fees, yard fees charged at saleyards and valuation fees. The income is recognised when livestock are scanned, a sale is agreed within the auction or when the
livestock are weighed. The Group is acting as a principal as it is primarily responsible for the service rendered and is able to set a price.
Finance receivables interest income is recognised using the effective interest method. The calculation of the effective interest rate includes all fees that are integral to the effective interest rate. All fees
except those charged to customer accounts in arrears are considered to be integral to the effective interest rate. Fees charged to customer accounts in arrears are recognised as income at the time the
fees are charged.
The shares in New Zealand Rural Land Company Limited are equity investments quoted in an active market which the Group has elected to designate as a financial asset at fair value through Other
Comprehensive Income. The fair value of these shares at 31 December 2022 is $4,410,000 (2021: $2,394,000).
The Company also owns a 50% interest in NZ Rural Land Management Partnership ('NZRLM'). NZRLM is the external manager of New Zealand Rural Land Company Limited. The Group has
determined that it has significant influence but not control over NZRLM. Accordingly, the Group applies the equity method of accounting to its investment in NZRLM. Under the equity method the
investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investors share of the profit or loss of the investee after the date of acquisition. On 19
December 2022 the Company exercised its call option to purchase the 50% of NZRLM shares that it does not currently own. The first step in this transaction is to determine a binding valuation. This
exercise has not been completed.
Measurement and Recognition
Commission income on facilitating a livestock sale agreement, grazing agreement or forward livestock sale agreement is recognised when the sale is agreed by a vendor and purchaser. The Group is
acting as an agent as it doesn't have inventory risk and isn't able to set a price.
The Group reassessed the reporting of revenue from its subsidiaries and joint operations during the year ended 30 June 2022. As a result the Group has aligned the reporting of livestock related income
across all businesses including joint operations to ensure consistent treatment. The effect of this has been to increase fee income for the six month ended 31 December 2021 by $1.18m, personnel
expenses by $0.86m and operating expenses by $0.3m with no change to reported profit for the period. Consequently the comparative period Profit and Loss Statement and Statement of Cash Flows
have been restated to ensure consistency of reporting.
Sale of goods (veal meat and skins) revenue is recognised once goods are delivered to the customer. The Group is deemed a principal, rather than an agent, as it holds inventory risk.

Allied Farmers Group
About this report
Statement of compliance and basis of preparation
The financial statements have been prepared:
-
-
-
presented on the basis of historical cost; and
-
Allied Farmers Limited is a for-profit entity domiciled in New Zealand and registered under the Companies Act 1993. The company is an FMC Entity in terms
of the Financial Markets Conduct Act 2013 and prepares these condensed interim Financial Statements for the purpose of compliance with NZX Main Board
Listing Rules.
The consolidated financial statements are for Allied Farmers Limited and its subsidiaries (together referred to as "Allied") and Allied's interests in associates
as at the six months ending 31 December 2022.
in New Zealand dollars, with all values rounded to the nearest thousand dollars unless otherwise stated.
on the basis of going concern. The directors, having considered projected future performance and the availability of financing, consider the going
concern basis to be appropriate;
These Consolidated Financial Statements ("Financial Statements") have been approved for issue by the Board of Directors on 28 February 2023.
in accordance with Generally Accepted Accounting Practice (GAAP) in New Zealand and comply with International Financial Reporting Standards
(IFRS) and the New Zealand equivalents to IFRS (NZ IFRS) and other applicable financial reporting standards, as appropriate for a Tier 1 for-profit
entity, and in particular NZIAS34 Interim Financial Reporting;
These interim consolidated financial statements do not include all of the information required for full annual consolidated financial statements. Unless
otherwise specified, the same accounting policies and methods of computation are followed in the interim consolidated financial statements as applied inthe
Group's latest annual audited consolidated financial statements.
In preparing the Group financial statements, all material intragroup transactions, balances, income and expenses have been eliminated. Subsidiaries are
consolidated on the date on which control is obtained to the date on which control is lost.
Critical Judgements and Estimates
The financial statements have been prepared using significant estimates and critical judgements disclosed in the 2022 Annual Report.