HLG Interim Report for 6 months ended 1 February 2023

HALLENSTEIN GLASSON HOLDINGS LIMITEDHALLENSTEIN GLASSON HOLDINGS LIMITED | INTERIM REPORT 2023

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HALLENSTEIN GLASSON HOLDINGS LIMITEDHALLENSTEIN GLASSON HOLDINGS LIMITED | INTERIM REPORT 2023

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HALLENSTEIN GLASSON HOLDINGS LIMITEDHALLENSTEIN GLASSON HOLDINGS LIMITED | INTERIM REPORT 2023
THE COMPANY ADVISES THAT THE COMPANY ADVISES THAT
GROUP SALES FOR THE SIX GROUP SALES FOR THE SIX
MONTHS TO 1 FEBRUARY 2023 MONTHS TO 1 FEBRUARY 2023
WERE $223.29 MILLION, AN WERE $223.29 MILLION, AN
INCREASE OF 30.9% OVER INCREASE OF 30.9% OVER
THE CORRESPONDING PERIOD THE CORRESPONDING PERIOD
LAST YEAR ($170.63 MILLION). LAST YEAR ($170.63 MILLION).
GLASSONSGLASSONS
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 BROTHERSHALLENSTEIN 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-COMMERCEE-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 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 OUTLOOKFUTURE 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 DUNCANSTUART DUNCAN
GROUP CEO
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 RESULTSSEGMENT RESULTS

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STATEMENT OF COMPREHENSIVE INCOMESTATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2023 (UNAUDITED)
SIX MONTHS
ENDED
1/2/23
SIX MONTHS
ENDED
1/2/22
$000’s
NOTE
Sales revenue 223,293 170,631
Cost of sales(97,0 87 ) (71,864)
Gross profit 126,206 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 profit 30,591 17,844
Finance income 501 57
Finance expense(1,579) (1,016)
Profit before income tax 29,513 16,885
Income tax expense(8,688) (4,973)
Net profit after tax attributable to the shareholders
of the Holding Company
20,825 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.

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STATEMENT OF FINANCIAL POSITIONSTATEMENT OF FINANCIAL POSITION
AS AT 1 FEBRUARY 2023 (UNAUDITED)
NOTE
AS AT
1/2/23
AS AT
1/2/22
AS AT
1/8/22
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 equity 93,260 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
Inventories3 28,472 22,361 33,441
Derivative financial instruments 38 1,052 1,188
Total current assets 70,475 62,397 76,297
NON-CURRENT ASSETS
Property, plant and equipment4 53,198 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 assets 131,316 119,222 128,898
Total assets 201,791 181,619 205,195
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 liabilities 56,489 49,097 61,987
NON-CURRENT LIABILITIES
Lease liabilities 52,042 45,441 52,755
Total liabilities 108,531 94,538 114,742
Net assets 93,260 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.
$000’s

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STATEMENT OF CHANGES IN EQUITYSTATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2023 (UNAUDITED)
$000’s
SHARE
CAPITAL
TREASURY
STOCK
ASSET
REVALUATION
RESERVE
CASH
FLOW
HEDGE
RESERVE
SHARE
OPTION
RESERVE
RETAINED
EARNINGS
TOTAL
EQUITY
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)
- 4 - - -(14,317)(14,313)
Balance at 1 February 2022 29,279 (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)
Increase in share option reserve - - - - 82 - 82
Total comprehensive income - - 48 (118) 82 13,693 13,705
TRANSACTIONS WITH OWNERS
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 WITH OWNERS
Dividends - - - - - (14,317)(14,317)
Total transactions with owners - - - - - (14,317)(14,317)
Balance at 1 February 2023 29,279 (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.
Total transactions with owners

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STATEMENT OF CASH FLOWSSTATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2023 (UNAUDITED)
SIX MONTHS
ENDED
1/2/23
SIX MONTHS
ENDED
1/2/22$000’s
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
Cash was applied 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
Net cash flows from operating activities 35,006 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
Cash was applied to:
Purchase of property, plant, equipment and intangible assets 7,873 3,034
7,873 3,034
Net cash flows 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
Cash was applied to:
Dividend paid 14,317 14,317
Lease liability payments 11,848 10,268
26,165 24,585
Net cash flows applied to financing activities(26,165) (24,581)
Net increase/(decrease) in funds held 1,051 (6,306)
Cash and cash equivalents at the beginning of the period 35,113 39,204
Cash and cash equivalents at the end of the period 36,164 32,898

The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

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STATEMENT OF CASH FLOWS (CONTINUED)STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2023 (UNAUDITED)
RECONCILIATION OF PROFIT AFTER TAXATION
TO CASH FLOWS FROM OPERATING ACTIVITIES
$000’s
SIX MONTHS
ENDED
1/2/23
SIX MONTHS
ENDED
1/2/22
NET PROFIT AFTER TAXATION 20,825 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 WORKING 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 ACTIVITIES 35,006 21,245

The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

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NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2023 (UNAUDITED)
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.

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NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2023 (UNAUDITED)
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.
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.

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NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2023 (UNAUDITED)
$000’s
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
HALLENSTEIN
BROTHERS
HALLENSTEIN
PROPERTYPARENT
TOTAL
SEGMENTS
INCOME STATEMENT
Sales revenue from
external customers 60,615 102,893 59,785 - - 223,293
Cost of sales(28,913) (40,868) (27,306) - - (97,087)
Gross profit 31,702 62,025 32,479 - - 126,206
Finance income 60 231 177 - 33 501
Finance expenses(599) (540) (435) - (5) (1,579)
Depreciation and
software amortisation 5,808 7,447 4,842 212 22 18,331
Profit before
income tax 4,888 19,341 5,006 246 32 29,513
Income tax expense(1,378) (5,814) (1,418) (69) (9) (8,688)
Profit after income tax 3,510 13,527 3,588 177 23 20,825
BALANCE SHEET
Current assets 15,037 25,709 22,215 5,241 2,273 70,475
Non-current assets 45,533 39,289 24,501 21,992 1 131,316
Current liabilities 15,835 24,812 15,477 328 37 56,489
Non-current liabilities 22,578 17,597 11,867 - - 52,042
Purchase of property,
plant, equipment
and intangibles 1,035 5,497 1,340 1 - 7,873
2 PERFORMANCE INFORMATION (CONTINUED)
SEGMENT RESULTS
For the six months ended 1 February 2023

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NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2023 (UNAUDITED)
$000’s
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
HALLENSTEIN
BROTHERS
HALLENSTEIN
PROPERTYPARENT
TOTAL
SEGMENTS
INCOME STATEMENT
Sales revenue from
external customers 53,443 71,893 45,295 - - 170,631
Cost of sales(24,684) (28,093) (19,087) - - (71,864)
Gross profit 28,759 43,800 26,208 - - 98,767
Finance income 22 3 31 - 1 57
Finance expenses
(452)
(268) (296) - - (1,016)
Depreciation and
software amortisation
5,736 5,737 4,931 208 12 16,624
Profit before income tax 3,723 10,691 2,253 212 6 16,885
Income tax expense(1,052) (3,227) (635) (59) - (4,973)
Profit after income tax 2,671 7,464 1,618 153 6 11,912
BALANCE SHEET
Current assets 14,949 20,145 20,536 4,883 1,884 62,397
Non-current assets 43,746 29,302 23,910 22,254 10 119,222
Current liabilities 15,217 19,709 13,785 310 76 49,097
Non-current liabilities 20,507 13,456 11,478 - - 45,441
Purchase of property,
plant, equipment
and intangibles 526 1,870 602 36 - 3,034
2 PERFORMANCE INFORMATION (CONTINUED)
2.2 INCOME AND EXPENSES
Profit before income tax includes the following specific expenses:
$000’s
SIX MONTHS
ENDED
1/2/23
SIX MONTHS
ENDED
1/2/22
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)
SEGMENT RESULTS
For the six months ended 1 February 2022
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.

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SIX MONTHS
ENDED
1/2/23
SIX MONTHS
ENDED
1/2/22
SIX MONTHS
ENDED
1/2/23
SIX MONTHS
ENDED
1/2/22
cents per sharecents per share$000’s$000’s
Final dividend for the period
ended 1 August 2022 24.00 - 14,317 -
Final dividend for the period
ended 1 August 2021 - 24.00 - 14,317
Total 24.00 24.00 14,317 14,317

2.3 DIVIDENDS
NOTES TO THE FINANCIAL STATEMENTSNOTES TO THE FINANCIAL STATEMENTS
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
19th April 2023 to all shareholders on the Company’s register as at 5.00pm, 12th April 2023.
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2023 (UNAUDITED)