HGH Ltd Results for the 6 months ended 1 February 2023

31 March 2023 
 
HALLENSTEIN GLASSON HOLDINGS LIMITED  
 
UNAUDITED RESULTS FOR 6 MONTHS ENDED 1 FEBRUARY 2023 
 
The Company advises that Group sales for the six months to 1 February 2023 were $223.29 million, 
an increase of 30.9% over the corresponding period last year ($170.63 million). Net profit after tax 
was $20.83 million (unaudited), an increase of 74.8% over the corresponding period last year 
($11.91 million). The result
 is in line with the guidance announced to the NZX on 17 February 2023. 
 
Gross margin on sales was 56.5% compared with 57.9% in the prior corresponding period.  Margin 
was pressured during the season by the USD exchange rate and higher than normal freight costs. 
Freight costs have been coming down in the new season but are still not at pre‐covid levels.  During 
the
 financial period the business continued to focus on cost controls given the rapidly increasing 
inflation both locally and globally, reducing operating costs where possible.  Inventory levels have 
increased in order to alleviate disruption from freight delays but continued to be well managed to 
preserve liquidity.  
 
The current financial reporting period has not been materially impacted by COVID‐19. 
Comparatively, trade in the first half of the 2022 financial year was significantly disrupted by the 
COVID‐19 pandemic, with 5,432 lost trading days across the Group.  
 
Segment Results  
 
Glassons 
 
Sales in Australia were $102.89 million for the six‐month period, which were up 43.1% against the 
prior corresponding period.  During the season a new store was opened in Macarthur Square, 
Sydney, while the Pacific Fair store in Queensland has been extended and refurbished.  Further 
refurbishments are underway, and there are
 currently a number of sites being reviewed for 
potential openings in Australia to further expand the business. Glassons Australia made a significant 
contribution to the overall Group profit results.  
 
Sales in New Zealand were $60.62 million, which were up +13.4% against the same period last year.  
The lockdowns in New Zealand in the prior year 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. During the season the Botany store in 
Auckland was refurbished, and further refurbishments are planned in the next six months. 
 
Glassons continues to lead the way as a fashion brand and has been able to respond with agility to 
customer demand while remaining relevant in the markets it trades within.  Glassons is looking to 
continue the expansion of the physical store presence in Australia where reasonable and invest in 
digital in
 both markets. 
 
 

 
Hallenstein Brothers  
 
Sales were $59.79 million for the six‐month period (including Australia), with sales improving +32.0% 
against the same period last year.  As noted above, the New Zealand lockdowns had a significant 
impact on the store performance for the brand in the prior year.  During the season, the Invercargill 
store was relocated
 to the new Invercargill Central mall and was fitted with a new concept design. 
 
Hallenstein Brothers has successfully increased the casual product offering which has helped to 
offset the decline in demand for tailored product.  This has included moving to a more smart‐casual 
product range in fitting with current trends.  Investment in the website continues to be a focus and 
we consider there to
 be future opportunities for growth in Australia.    
 
E‐Commerce  
 
Digital sales have decreased to 18.1% of total Group sales for the six‐month period, down from 
32.8% in the same period last year. There has been a strong drive from customers to get back into 
the physical stores post Covid, which has seen the demand for online shopping reduce compared
 to 
recent comparative periods.  There is a continued focus on digital marketing across the Group to 
drive engagement across all channels and ensure that customers enjoy a true omni channel 
experience.  The Glassons App continues to be very successful with more than 1,000,000 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 24 cents per share (partially imputed) (last year 
18 cents per share) to be paid on 19 April 2023.  The balance sheet continues to be strong and 
inventories well controlled. 
 
Future Outlook 
 
The trading environment for the first eight weeks of the winter season has been challenging with the 
cost of living and inflationary pressures impacting on consumers discretionary spend.  Group sales 
for the first eight weeks of the winter season are +13.9% ahead of the same period last year. 
 
Whilst this is a pleasing start, significant challenges are expected to continue for the remainder of 
the season given the current economic environment in New Zealand, Australia and globally. Given 
the current circumstances we do expect the Australian trading environment to remain stronger than 
that of New Zealand. Cost efficiencies are
 being made where possible. We remain focused on our 
strategic direction and will continue to deliver great and affordable fashion product to our 
customers underpinned by our sustainability ethos.  
 
We will maintain our focus of operating excellence while continuing to invest in people, digital and 
physical stores.  This will result in improved customer engagement and a great customer experience. 
 
 
Stuart Duncan 
Group CEO

---

STATEMENT OF COMPREHENSIVE INCOME 
For the six months ended 1 February 2023 (unaudited) 
1




Note
Ha lf Ye a r
ended
1/2/23
Half Year
ended
1/2/22
$000
$000
Sales revenue223,293
170,631
Cost of sales
(97,087)
(71,864)
Gross profit126,206
98,767
Other operating income
124
118
Selling expenses
(72,127)
(62,902)
Distribution expenses
(7,283)
(5,803)
Administration expenses
(16,329)
(12,336)
Total expenses2.2(95,739)
(81,041)
Operating profit30,591
17,844
Finance income
501
57
Finance expense
(1,579)
(1,016)
Profit before income tax29,513
16,885
Income tax expense
(8,688)
(4,973)
Net profit after tax attributable to the shareholders of the Holding Company20,825
11,912
Other comprehensive income
- Items that will not be reclassified to profit or loss
Increase in share option reserve
73
86
- Items that may be subsequently reclassified to profit or loss
Fair value (loss)/gain (net of tax) in cash flow hedge reserve
(3,774)
243
Total comprehensive income for the year
17,124
12,241
Earnings per share
Basic and diluted earnings per share
34.91
19.97
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 2023 (unaudited) 
2


NoteAs a t 1/2/23
As at 1/2/22As at 1/8/22
$000
$000$000
EQUITY
Contributed equity
27,805
27,361 27,805
Asset revaluation reserve
24,894
24,846 24,894
Cashflow hedge reserve
(3,142)
750 632
Share option reserve
301
187 228
Retained earnings
43,402
33,937 36,894
Total equity93,260
87,081 90,453
Represented by
CURRENT ASSETS
Cash and cash equivalents
36,164
32,898 35,113
Trade and other receivables
213
432 466
Advances to employees
189
269 242
Prepayments
5,399
5,385 5,275
Taxation Receivable
-
- 572
Inventories
328,472
22,361 33,441
Derivative financial instruments
38
1,052 1,188
Total current assets70,475
62,397 76,297
NON-CURRENT ASSETS
Property, plant and equipment
453,198
50,040 50,415
Right of use assets
64,641
58,076 67,146

Investment property
3,372
3,372 3,372
Intangible assets
648
548 601
Deferred tax
9,457
7,186 7,364
Total non-current assets131,316
119,222 128,898
Total assets201,791
181,619 205,195
CURRENT LIABILITIES
Trade payables
7,962
8,352 13,288
Employee benefits
8,425
7,281 7,252
Other payables
10,913
9,661 16,503
Lease liabilities
24,309
23,365 24,655
Derivative financial instruments
4,456
- 289
Taxation payable
424
438 -
Total current liabilities56,489
49,097 61,987
NON-CURRENT LIABILITIES
Lease liabilities
52,042
45,441 52,755
Total liabilities108,531
94,538 114,742
Ne t a sse ts93,260
87,081 90,453
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 2023 (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 202129,279 (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
Increas e in s hare option res erve - - - - 86 - 86
Total comprehensive income
- - - 243 86 11,912 12,241
TRANSACTIONS W ITH OW NERS
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
COMPREHENSIVE INCOME
Profit for year - - - - - 13,693 13,693
Revaluation net of tax - - 48 - - - 48
Cash flow hedges net of tax - - - (118) - - (118)
Increas e in s hare option res erve - - - - 82 - 82
Total comprehensive income
- - 48 (118) 82 13,693 13,705
TRANSACTIONS W ITH OW NERS
Sale of treasury stock - 259 - - - - 259
Transfer of share option reserve to
retained earnings - - - - (41) 41 -
Dividends - 144 - - - (10,736) (10,592)
Gain/loss on sale of treasury stock
transferred to retained earnings - 41 - - - (41) -
Total transactions with owners
- 444 - - (41) (10,736) (10,333)
Balance at 1 August 2022
29,279 (1,474) 24,894 632 228 36,894 90,453
COMPREHENSIVE INCOME
Profit for year
- - - - - 20,825 20,825
Cash flow hedges net of tax
- - - (3,774) - - (3,774)
Increase in share option reserve
- - - - 73 - 73
Total comprehensive income - - - (3,774) 73 20,825 17,124
TRANSACTIONS W ITH OW NERS
Dividends
- - - - - (14,317) (14,317)
Total transactions w ith ow ners - - - - - (14,317) (14,317)
Balance at 1 February 202329,279 (1,474) 24,894 (3,142) 301 43,402 93,260
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 2023 (unaudited) 
4


Half Year
ended 1/2/23
Half Year
ended 1/2/22
$000
$000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Sales to customers
223,546
170,438
Rent received
124
118
Government grants
165
1,938
Interest received
498
53
Interest on debtors
3
4
224,336
172,551
Ca sh w a s a p p l i e d to :
Payments to suppliers
140,277
105,991
Payments to employees
39,232
34,345
Interest paid on leases
1,579
1,016
Taxation paid
8,242
9,954
189,330
151,306
Ne t ca sh flow s from opera ting a ctivitie s35,006
21,245
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant, equipment and intangible assets
30
42
Repayment of employee advances
53
22
83
64
Ca sh w a s a p p l i e d to :
Purchase of property, plant, equipment and intangible assets
7,873
3,034
7,873
3,034
Net cash flow s applied to investing activities(7,790)
(2,970)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Proceeds from sale of treasury stock and dividends
-
4
-
4
Ca sh w a s a p p l i e d to :
Dividend paid
14,317
14,317
Lease liability payments
11,848
10,268
26,165
24,585
Ne t ca sh flow s a pplie d to fina ncing activitie s(26,165)
(24,581)
Net increase in funds held1,051
(6,306)
Cash and cash equivalents at the beginning of the period35,113
39,204
Cash and cash equivalents at the end of the period36,164 32,898
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 2023 (unaudited) 
5


RECONCILIATION OF PROFIT AFTER TAXATION TO CASH FLOWS FROM OPERATING
ACTIVITIES

Half Year
ended 1/2/23
Half Year
ended 1/2/22
$000
$000
NET PROFIT AFTER TAXATION20,825
11,912
ADD/(DEDUCT) ITEMS CLASSIFIED AS INVESTING OR FINANCING ACTIVITIES
Gain on sale of plant and equipment
(24)
(40)
ADD/(DEDUCT) NON CASH ITEMS
Depreciation and amortisation
18,331
16,624
Deferred taxation
(550)
(807)
Share option expense
73
86
ADD/(DEDUCT) MOVEMENTS IN W ORKING CAPITAL ITEMS
Taxation payable
996
(4,173)
Trade and other receivables and prepayments
129
(4,019)
Trade and other payables and employee benefits
(9,743)
(3,787)
Inventories
4,969
5,449
NET CASH FLOWS FROM OPERATING ACTIVITIES35,006
21,245
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 2023 (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 31 March 2023.

1.2 General accounting policies
Statement of compliance
These interim financial statements for the half year ended 1 February 2023 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 2022 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 2022, and the
audited financial statements to 1 August 2022.
The financial statements for the six months ended 1 February 2023 and 1 February 2022 are
unaudited. The comparative information for the year ended 1 August 2022 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
The current financial reporting period has not been materially impacted by COVID-19. Comparatively,
trade in the first half of the 2022 financial year was significantly disrupted by the COVID-19 pandemic,
with 5,432 lost trading days across the Group.

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2023 (unaudited) 
7


As part of its response to COVID-19, the New Zealand Government provided wage subsidies in the
form of the COVID-19 Leave Support Scheme to eligible businesses to help employers continue to
pay their employees that are self-isolating because of COVID-19 and are unable to work from home.
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 Leave Support Scheme.
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.

The Group continues to negotiate with landlords for rent relief for periods where stores were unable to
trade due to the various lockdowns in the prior years. While some negotiations have been resolved,
others are ongoing.


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)


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.

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2023 (unaudited) 
8


Segment results
For the period ended
1 February 2023
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
HALLENSTEIN
BROTHERS
HALLENSTEIN
PROPERTY PARENT
TOTAL
SEGMENTS
$000$000$000$000$000$000
INCOME STATEMENT
Sales revenue from external
customers60,615 102,893 59,785 - -
223,293
Cost of sales(28,913) (40,868) (27,306) - -
(97,087)
Gross profit31,702 62,025 32,479 - -
126,206
Finance income60 231 177 - 33
501
Finance expenses(599) (540) (435) - (5)
(1,579)
Depreciation and software
amortisation5,808 7,447 4,842 212 22
18,331
Profit before income tax4,888 19,341 5,006 246 32
29,513
Income tax expense(1,378) (5,814) (1,418) (69) (9)
(8,688)
Profit after income tax3,510 13,527 3,588 177 23
20,825
BALANCE SHEET
Current assets15,037 25,709 22,215 5,241 2,273
70,475
Non-current assets45,533 39,289 24,501 21,992
1
131,316
Current liabilities15,835 24,812 15,477 328 37
56,489
Non-current liabilities22,578 17,597 11,867 - -
52,042
Purchase of property, plant,
equipment and intangibles1,035 5,497 1,340 1 -
7,873
For the period ended
1 February 2022
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
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/(loss) before income tax3,723 10,691 2,253 212 6
16,885
Income tax expense(1,052) (3,227) (635) (59) -
(4,973)
Profit/(loss) 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,
equipment and intangibles526 1,870 602 36 -
3,034

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2023 (unaudited) 
9


2.2 Income and expenses
Profit before income tax includes the following specific expenses:
Half Year
ended
1/2/23
Half Year
ended
1/2/22
$000
$000
Occupancy costs
1
18,581
14,260
Wages, salaries and other short term benefits
2
38,546
31,125
Depreciation, amortisation and impairment of property, plant and equipment
5,036
5,033
Gain on sale of property, plant and equipment
(23)
(40)


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 Leave Support Scheme benefit from the New
Zealand Government of $165,000.
2.3 Dividend payments
Half Year
ended
1/2/23
Half Year
ended
1/2/22
Half Year
ended
1/2/23
Half Year
ended
1/2/22
cents/sharecents/share$000
$000
Final dividend payment for the period ended 1 August 2022
24.00
-
14,317
-
Final dividend payment for the period ended 1 August 2021
-
24.00
-
14,317
Total24.00
24.00
14,317
14,317


3 Inventories
During the six months ended 1 February 2023, the Group recognised in the Statement of
Comprehensive Income, a write down of finished goods inventory to provide for obsolescence of
$202,000 (2022: $367,000).

4 Property, plant and equipment
Acquisitions and disposals
During the six months ended 1 February 2023, the Group acquired assets with a total cost of
$7,873,000 (2022: $3,034,000).
Assets with a net book value of $7,000 were disposed of during the six months ended 1 February
2023 (2022: $3,000).

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 2023, are consistent with those
disclosed in the audited financial statements for the year ended 1 August 2022.

6 Events subsequent to balance date
Subsequent to the half year end, the Board has resolved to pay an interim dividend of 24.0 cents
(2022 Interim Dividend: 18.0 cents) per share (partially imputed). The dividend will be paid on 19
th

April 2023 to all shareholders on the Company’s register as at 5.00pm, 12
th
April 2023.

---

Results Announcement



Results for announcement to the market
Name of issuer Hallenstein Glasson Holding Limited
Reporting Period 6 months to 1 February 2023
Previous Reporting Period 6 months to 1 February 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$223,293 +30.9%
Total Revenue $223,293 +30.9%
Net profit/(loss) from
continuing operations
$20,825 +74.8%
Total net profit/(loss) $20,825 +74.8%
Interim Dividend
Amount per Quoted Equity
Security
$ 0.24
Imputed amount per Quoted
Equity Security
$0.04191181
Record Date 12 April 2023
Dividend Payment Date 19 April 2023
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.55 $1.45
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

31 March 2023

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 12/4/2023
Ex-Date (one business day before the
Record Date)
11/4/2023
Payment date (and allotment date for
DRP)
19/4/2023
Total monies associated with the
distribution
1

$14,315,775 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
$0.28191181
Gross taxable amount
3
$0.28191181
Total cash distribution
4
$0.24000000
Excluded amount (applicable to listed
PIEs)
$nil
Supplementary distribution amount $0.01901883
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

14.87%
Imputation tax credits per financial
product
$0.04191181
Resident Withholding Tax per
financial product
$0.05111909
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

31/3/2023





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