Savor posts record annual result

Results Announcement
(for Equity Security issuer)



Results for announcement to the market
Name of issuer Savor Limited
Reporting Period 12 months to 31 March 2023
Previous Reporting Period 12 months to 31 March 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
52,378 71.28%
Total Revenue 52,378 71.28%
Net profit/(loss) from continuing
operations
(2,334) 53.65%
Total net profit/(loss) (2,334) 53.65%
Final Dividend
Amount per Quoted Equity Security Not Applicable
Imputed amount per Quoted Equity
Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable

Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$(0.13) $(0.18)
A brief explanation of any of the
figures above necessary to enable
the figures to be understood

Authority for this announcement
Name of person authorised to make
this announcement
Tim Peat
Contact person for this
announcement
Tim Peat
Contact phone number +64 21 049 7442
Contact email address
tim@savor.co.nz
Date of release through MAP 25/05/2023

Audited financial statements accompany this announcement.

---

Annual
Report 2023
New Zealand's premier
hospitality group

In this report
02
Location Overview
04
Our Performance
07
Letter to Shareholders
- From Chair & CEO
10
Savor’s Five Year Performance
Transformation
12
Bivacco Bar & Griglia
14
Our People
18
Corporate Governance
22
Financial Statements
42
Independent Auditor's Report
46
Shareholder and Statutory
Information
49
Corporate Directory
1
Savor Group 2023 Annual Report

BIVACCO
AUCKLAND FISH MARKET
BANG BANG KITCHEN
LOBSTER & TAP
MARKET GALLEY
THE WRECK
OJI

THE STORE
NON SOLO PIZZA
AZABU PONSONBY
AZABU MISSION BAY
New Zealand’s
premier hospitality group
Creating original food and entertainment experiences at iconic Auckland locations.
WYNYARD QUARTER
BRITOMART
MISSION BAY
PARNELL
PONSONBY
MOVIDA
BAR NON SOLO
EBISU
AMANO
TOMMY'S
THE STORE
ORTOLANA
OJI
Location Overview
2
Savor Group 2023 Annual Report

Our numbers
at a glance
REVENUE
$
52m
71%
EBITDA*
$
5.2m
72%
ADDITIONAL
VENUES ADDED
3
(
20
total
)
PRINCIPAL
DEBT REPAID
$
3.7m
106%
TOTAL
ASSETS
$
56m
3%
OPERATING
CASH FLOWS
$
6.1m
106%
CAPITAL RAISED
$
5.3m
EMPLOYEES
601
60%
* EBITDA is earnings before interest, tax, depreciation, amortisation, impairment and restructuring costs.
4
Savor Group 2023 Annual Report
Our Performance

Our Performance
5
Savor Group 2023 Annual Report

Letter to
Shareholders
From Chair & CEO
6
Savor Group 2023 Annual Report
Letter to Shareholders - From Chair & CEO

Dear Shareholders,
Against a backdrop of an acute shortage of workers,
increasing salary and wage costs, and the steep rise in
input prices, we are pleased to report Savor Group has
delivered results ahead of expectations for the 2023
financial year.
• Total annual revenue of $52.4m, an increase of over
70% from 2022
• Operating earnings of $5.2m (within the guidance
range provided to the NZX in January) increased
from $3.0m in 2022
• Cash flow exceeding $6m, increased from $2.9m
in 2022
Savor has also continued to improve its balance sheet,
with the repayment of over $3.6m of principal debt and
the repayment of the $2.85m deferred consideration
for the acquisition of Amano and the HIP Group. This
strengthening was assisted by the additional capital issued
during the year of approximately $5m. Together with the
strong growth in operating cash flow, Savor Group ends
the financial year well positioned with both a strengthened
balance sheet and strong earnings.
The Executive Team is proud of the progress Savor has
made over the last five years, as illustrated by the key
financial metrics shown overleaf.
With revenue increasing 229%
from 2019, a $10m turnaround of
operating cash flow, and a 362%
increase in EBITDA, we hope you
share our confidence that increased
stock liquidity and growth in our
share price will follow.
Looking forward, this year will be another challenge
with a difficult macroeconomic environment that will
require excellence in execution as well as a determined
approach on cost reductions and a focus on efficiency by
management to ensure the momentum is capitalised on
and to deliver continued growth.
Financial Year 2023 in Detail
The Group had a slower than forecast first quarter of the
year, reflecting the continued impact of the Auckland
Omicron restrictions in April and May 2022. The following
winter months saw a slow return of corporate workers to
the Auckland CBD which depressed revenue levels against
expectations. This environment, combined with staff wage
pressure and input cost increases, compressed first half year
margins. Savor moved decisively to implement menu price
increases in the middle of the year, offsetting costs ahead
of the busy summer trading period. This strategy of margin
protection was successful, and despite the raised prices
growing revenue has demonstrated the power of our brands.
Savor also took a proactive approach towards the national
industry staffing crisis. This proved pivotal in solving the post
COVID shortages affecting restaurant revenue since 2021. The
slow reopening of the international border and the changes
to Government immigration policy had resulted in a critical
lack of experienced hospitality workers. Savor used offshore
hospitality consultancies and leveraged existing international
staff to refer experienced workers to us. Working with the
Ministry of Immigration, we were able to secure a pipeline of
international workers from early September 2022 allowing
our venues to re-establish pre COVID trading hours. This
recruitment came at a cost to the Group, but was invaluable
in ensuring Savor was able to trade at full capacity by the
summer. From early 2023 the number of working holiday visa
travellers significantly increased, accordingly we have been
able to turn off the investment in international recruitment.
The 2022 summer trading period started strongly with
demand high at all venues. Revenue peaked at $6.9m in
December 2022 a record month for Savor, and a number of
the Group’s signature venues had record daily and weekly
sales. The investment in staffing levels across the Group had
paid off significantly by the end of 2022 with all venues at full
trading as well as new openings of OJI Sushi and The Store at
Auckland Fish Market.
The early months of 2023 were impacted by the disastrous
weather events of January and February. Thankfully our
teams remained safe and only a few staff members required
Group assistance with temporary accommodation. There
was no significant damage to our venues other than some
light flooding. Unfortunately Savor’s goods distribution
centre at Waimauku was impacted due to a prolonged power
outage, resulting in the loss of perishable stock and closing
operations for three days. A receivable in relation to this is
recognised in the financial statements for an insurance claim
totalling less than $0.1m.
Trading significantly improved in March 2023 with an influx
of corporate workers and university students returning into
Auckland’s centre. The Group achieved revenue of $6.4m for
March, a level consistent with that expected during summer,
throwing relief to the impact of the weather events on
previous months’ trading.
Letter to Shareholders - From Chair & CEO
7
Savor Group 2023 Annual Report

Outlook
Financial year 2024 will be a year of
consolidation for Savor Group. The
Executive Team is committed to a four
pillar strategy for the coming year:
continuing revenue momentum, prioritising
free cashflows, driving operating earnings
and paying down debt.
Savor’s Board is committed to providing
shareholders an income stream, looking to
pay dividends in the coming years based
on the continued growth of free cashflow.
Thank you for your investment and
support. We are encouraged by the
strong result for 2023 and look forward
to meeting you in person at our AGM
in August.
Growth
The 2023 financial year was a marquee
year for Savor in executing its multi-
year growth strategy. Cult Australian
restaurant MoVida was opened in
September 2022, and modern Italian
bistro and bar Bivacco followed in
November, both to critical acclaim.
MoVida opened in the Seafarers Building
in Britomart, trading on a five day
schedule, and was immediately ahead
of revenue expectations. The MoVida
fitout completed the redevelopment of
Seafarers Level 2 which had started in
2021 with the opening of Bar Non Solo.
MoVida has transformed this key harbour
view site, which had not been updated
since 2011, and remains a trophy location
for Savor Group.
Bivacco opened in November 2022,
following an extensive redevelopment
of its prime, corner Viaduct site. Bivacco
quickly established itself as a thriving
bar-bistro outperforming all expectations.
On this basis we are pleased to
announce Savor has extended the site
lease to a ten year term. We are confident
Bivacco will remain hugely popular. Savor
now has a prominent foothold in the
flourishing Viaduct hospitality precinct, a
further diversification from our holdings
in Britomart.
As noted at the Annual Meeting in August
2022, we expect these two venues
to represent approximately $20m of
annualised revenue, with EBITDA returns
of 20-25% on an ongoing basis.
Paul Robinson
Executive Chair
Lucien Law
Chief Executive
Letter to Shareholders
From Chair & CEO (continued)
8
Savor Group 2023 Annual Report
Letter to Shareholders - From Chair & CEO

9
Savor Group 2023 Annual Report

Savor’s Five Year
Performance Transformation
The Executive Team is immensely proud of the Group's performance on its key metrics over the last five difficult
years. Coping with and ultimately divesting the underperforming Moa business while navigating the uniquely difficult
Auckland business environment over COVID may have slowed the groups delivery, but hasn’t altered our progress.
We are pleased to report that on all four key indicators the group has made substantial gains and is well positioned to
build on this momentum at pace. We believe despite the challenging economic backdrop, the work done to date (as
depicted below) has produced a resilient, market leading hospitality group that will out perform market expectations.
10
Savor Group 2023 Annual Report
Savor’s Five Year Performance Transformation
-
10,000,000
20,000,000
30,000,000
40,000,000
60,000,000
50,000,000
20192021202220232020
COVID-19
Continued focus on growth and quality of execution has allowed the group to leverage
off its core business to increase revenue by 229% in the five years since 2019.
Managements determined approach to cost control has yielded a $10m
turnaround in cashflows, representing a 270% increase over the last 5 years.
Revenue
Operating Cash Flows
20192021202220232020
COVID-19
- 4,000,000
- 2,000,000
-
2,000,000
4,000,000
8,000,000
6,000,000

11
Savor Group 2023 Annual Report
Savor’s Five Year Performance Transformation
A controlled approach to balancing growth and prudent debt management, as well as
continued support from our shareholders, has significantly altered the debt levels of
the business and greatly reduced the cost of capital as the market has moved.
From a EBITDA loss of $2m to a profit in excess of $5m, Savor has
delivered a 362% increase in group earnings over the last five years.
Ratio of Debt to EBITDA
EBITDA
2.00
4.00
6.00
8.00
10.00
12.00
-
1,000,000
- 1,000,000
- 2,000,000
2,000,000
3,000,000
4,000,000
6,000,000
5,000,000
20192021202220232020
2021202220232020
COVID-19
COVID-19

12
Savor Group 2023 Annual Report
Snapshot: Bivacco
A bold restaurant serving simple unfussy Italian food built from locally sourced
ingredients. A place for slow lunches, memorable dinners, after work drinks and
weekend feasts, located in the jewel of Auckland’s Harbour. Eat well, drink well, live well.

13
Savor Group 2023 Annual Report
Snapshot: Bivacco
Bivacco will no doubt be among
the awards next year but for
now it’s setting a high standard
for other openings in 2023.
Book now if you can get in.
Jesse Mulligan – Viva, 30 November 2022
“
“
revenue per seat
$87k
average weekly
revenue
$240k
average
cheque size
$180
annualised
expected revenue
$13m

Our People
The Group's pleasing results are thanks in no small part to
the dedication and commitment of our world-class team.
14
Savor Group 2023 Annual Report
Our People
95
new international
staff joined
during the year
44
the number of
nationalities
reported at Savor
601
Staff, an increase
of 227 compared
to FY22

15
Savor Group 2023 Annual Report
Our People
30%
of our team
have been with
Savor for greater
than 2 years
106
of our new staff
were referred
by existing
team members
5,800
people applied for
jobs with Savor
during the year

16
Savor Group 2023 Annual Report

17
Savor Group 2023 Annual Report

Corporate Governance
The overall responsibility for ensuring that the corporate
governance and accountability of the Company is properly
managed, thereby enhancing investor confidence, lies
with the Board of Directors. A copy of Savor’s Corporate
Governance Code (“Code”), current as at 31 March 2023, is
available on the Savor website at www.savor.co.nz.
The Code is generally consistent with the principles
identified in the NZX Corporate Governance Code (version
dated 1 April 2023). Savor followed the recommendations in
the NZX Corporate Governance Code throughout the year
and as at 1 April 2023, except that:
• the Company did not have a majority of independent
Directors (per recommendation 2.8);
• the Board does not have a procedure to regularly
assess director, board and committee performance (per
recommendation 2.7);
• a majority of the Company’s remuneration committee
is not comprised of independent directors (per
recommendation 3.3);
• a majority of the Company’s nomination committee
is not comprised of independent directors (per
recommendation 3.4);
• the Company does not have measurable objectives in
place to measure its performance against its Diversity
and Inclusion policy (per recommendation 2.5);
• the Company does not have an Audit and Risk Committee
comprising solely of Non-Executive Directors (per
recommendation 3.1); and
• the Company raised additional equity capital by issuing
shares to investors via a private placement in May 2022,
without first offering shares to existing shareholders on
a pro rata basis (per recommendation 8.4). However,
shareholders had the opportunity to participate in a pro-
rata rights issue conducted in February 2023.
These departures from the NZX Corporate Governance
Code are primarily due to the size and composition of the
Board. The Board considers that to increase the number of
Directors on the Board to comply with the Code would bring
undue cost to the Group, given the skills and experience
of the current Directors are complementary to one another
and specific to the needs to the Company. The Board seeks
external expert advice on a range of legal, financial and
commercial matters where specialist assistance is required.
The Company will continue to monitor best practice in
the governance area and update its policies to ensure it
maintains the most appropriate standards.
An outline of the Company’s governance arrangements are
set out below. Further detail is available on the Company’s
website www.savor.co.nz.
The Board of Directors
The Board has ultimate responsibility for the strategic
direction of Savor and supervising Savor’s management for
the benefit of shareholders.
The specific responsibilities of the Board include:
• Working with management to review and approve the
business and financial plans that set the strategic direction
of Savor
• Monitor the Company’s performance against its approved
strategic, business and financial plans and oversee the
Company’s operating results on a regular basis so as to
evaluate whether the business is being properly managed
• Establishing and overseeing succession plans for the Chief
Executive Officer and senior management
• Monitoring compliance and risk management
• Establishing and monitoring Savor’s health and safety
policies
• Ensuring effective disclosure policies and procedures are
adopted
• Ensuring effective reporting processes and procedures
• Ensuring the quality and independence of the Company’s
external audit process
Board Meeting and Committee Attendance
During the year to 31 March 2023 the Company held 12 Board
meetings. The Audit & Risk Committee met on three occasions.
Attendance by individual Directors was as follows:
Board Meetings
Audit & Risk
Committee Meetings
EligibleAttendedEligibleAttended
Lucien Law1212--
Paul Robinson121233
Ryan Davis121233
Louise Alexander121233
Ethical Conduct
The Code includes a code of ethics which is designed
to govern the conduct of Directors, senior managers and
other employees of the Company and its subsidiaries. The
Company’s directors and managers are expected to lead
according to these standards of ethical and professional
conduct and to ensure that they are communicated to
the people who report to them. The Code addresses,
amongst other matters, conflicts of interest, receipt of gifts,
confidentiality and fair business practices.
18
Savor Group 2023 Annual Report
Corporate Governance

Board Membership
As at 31 March 2023, the Board consisted of two
Independent Directors and two Executive Directors, who are
elected based on the value they bring to the Board.
Each Savor Director is a skilled and experienced business
person. Together they provide value by making quality
contributions to corporate governance matters, conceptual
thinking, strategic planning, policies and providing guidance
to management.
As at 31 March 2023 the Company’s Directors were:
Paul Robinson - Executive Chair
Paul Robinson was appointed to the Board in April 2019 and
was last re-elected by shareholders in August 2022. Paul is
currently Chair of the Board and a member of the Audit &
Risk and People & Culture Committees.
Paul Robinson has twenty years’ experience in structured
finance and strategy. From 1999 Paul spent nine years
originating structured trades based in London and in 2008
Paul transferred to New York. In 2018 Paul and his family
moved back to New Zealand to enjoy life here and to take
an active role in Savor Group where he had a long term
shareholding.
Lucien Law - Executive Director & CEO
Lucien Law was appointed to the Board in April 2019 and
was last re-elected by shareholders in August 2022. Lucien
is currently a member of the People & Culture Committee.
Over the past twelve years, Lucien has led a new wave in
Auckland hospitality, overseeing the building of a group
of brands that have had a significant impact on the city’s
dining and entertainment scene.
His projects include award-winning modern Japanese
restaurants Azabu and Ebisu, contemporary New Zealand
brasserie Ostro, along with Fukoku, Las Vegas Club
and Mission Bay Pavilion. One of his most ambitious
developments is Seafarers, spanning several floors in the
historic Seafarers building at Auckland’s Britomart.
Prior to his involvement in hospitality, Lucien founded highly
successful independent communications agency Shine,
which has worked with brands including Spark, Hyundai,
Fonterra and Lion Breweries.
Ryan Davis - Independent Director
Ryan Davis was appointed to the Board in April 2021
and elected by shareholders in November 2021. Ryan is
currently the Chair of the Audit & Risk Committee and
a member of the People & Culture and Remuneration
Committees.
Ryan is the founder and Managing Director of GreenMount
Advisory based in Sydney, Melbourne, and Auckland,
established in September 2018. Prior to this, Ryan was a
Senior Partner and Asia-Pacific Private Equity Tax Leader
for EY, after joining EY in 2011. Ryan has been the lead
Partner on some of Australia and New Zealand’s largest
private equity transactions with over 20 years’ experience
advising global and domestic clients on mergers,
acquisitions, and divestments. Ryan’s extensive experience
in strategic transactions and strong financial background
will prove vital as the Group continues to execute its
growth strategy. Ryan is a Chartered Accountant.
Louise Alexander - Independent Director
Louise Alexander was appointed to the Board in April 2021
and elected by shareholders in November 2021. Louise
is currently the Chair of the People & Culture Committee
and a member of the Audit & Risk and Remuneration
Committees.
Louise is a senior HR practitioner and people leader and
is currently the HR Director for Bell Gully, a role which
she has held since 2015. Louise has developed and
led Bell Gully’s HR strategy over that time, focusing on
communication, diversity and culture, and supporting
and developing people through the talent management
programme. Louise has a passion for the not for profit
sector, with both management and governance roles in
various organisations throughout her career. Louise brings
a critical skillset to Savor, where the success of the Group
is driven by its teams in the venues.
The number of elected Directors and the procedure for
their retirement and re-election at annual meetings of
shareholders is set out in the Constitution of the Company.
Director Independence
In order for a Director to be independent, the Board has
determined that he or she must not be an executive of
Savor and must have no disqualifying relationship as
defined in the Code and the Listing Rules.
The Board has determined that as at 31 March 2023, Ryan
Davis and Louise Alexander are Independent Directors.
19
Savor Group 2023 Annual Report
Corporate Governance

Nomination and Appointment of Directors
The Board is responsible for identifying and recommending
candidates. Directors may also be nominated by
shareholders under the Listing Rules.
A Director may be appointed by ordinary resolution and all
Directors are subject to removal by ordinary resolution.
The Board may at any time appoint additional Directors.
A Director appointed by the Board shall only hold office
until the next annual meeting of the Company but shall be
eligible for election at that meeting.
One third of Directors shall retire from office at the annual
meeting each year. A Director must not hold office past the
third annual meeting at which they were elected or three
years, whichever is longer, but are eligible for re-election by
shareholders.
Disclosure of Interests by Directors
The Code sets out the procedures to be followed where
Directors have an interest in a transaction or proposed
transaction or are faced with a potential conflict of interest
requiring the disclosure of that conflict to the Board. Savor
maintains an Interests Register in which particulars of
certain transactions and matters involving Directors are
recorded. The Interests Register for Savor is available for
inspection at its registered office.
Directors’ Share Dealings
The Company has adopted a Securities Trading policy, which
sets out the procedure to be followed by Directors, staff and
associates trading in Savor listed securities, to ensure that
trades are not made while that person is in possession of
material information which is not generally available to the
market. Details of Directors’ share dealings during the 12
months to 31 March 2023 are outlined on page 47.
Directors’ and Officers’ Gender Composition
20222021
MaleFemale
Gender
Diverse
MaleFemale
Gender
Diverse
Directors’310310
Officers’110110
To t a l420420
The Board recognises that along with relevant skills, diversity
is a key driver of effective Board performance. As the Savor
business evolves the Board is committed to creating diversity
among Directors while preserving the right mix of skills.
Savor has adopted a Diversity and Inclusion Policy.
Savor’s Board has not yet set annual targets to meet
(as the Corporate Governance Code recommends,
at recommendation 2.5). The Board will, however, set
measurable objectives to measure Savor’s performance
against its Diversity and Inclusion Policy for disclosure in
its next annual report.
Indemnification and Insurance
of Directors and Officers
The Company has Directors’ and officers’ liability insurance
with Ando Insurance Group Limited which ensures that
generally, Directors and officers will incur no monetary loss
as a result of actions undertaken by them. The Company
entered into an indemnity in favour of its Directors under a
Deed dated 10 October 2012.
Board Committees
The Board has three formally constituted committees.
These committees, established by the Board, review and
analyse policies and strategies which are within their terms
of reference. The Committees examine proposals and,
where appropriate, make recommendations to the Board.
Committees do not take action or make decisions on
behalf of the Board unless specifically authorised to do so
by the Board.
Audit and Risk Committee
The Audit and Risk Committee is responsible for overseeing
risk management, treasury, insurance, accounting and
audit activities of Savor, reviewing the adequacy and
effectiveness of internal controls, meeting with and
reviewing the performance of external auditors, making
recommendations on financial and accounting policies,
and reviewing external financial and performance reporting
and disclosures. The Audit and Risk Committee operates
in accordance with the Audit and Risk Management
Committee Charter.
The members of the Audit and Risk Committee are Ryan
Davis (Chair), Louise Alexander, and Paul Robinson.
Nominations and Remuneration Committee
The Nominations and Remuneration Committee operates
within the full Board and is responsible for overseeing
management succession planning, establishing employee
incentive schemes, reviewing and approving the
compensation arrangements for the executive Directors and
senior management, and recommending to the full Board
the remuneration of Directors.
People and Culture Committee
The People and Culture Committee operates within the
full Board and is responsible for ensuring appropriate
procedures are in place to identify and manage potential
health and safety risks, as well as overseeing human
resource management, recruitment and employee welfare.
The Board receives monthly reporting on health and
safety risks which includes any matters that require further
attention. Once presented to the Directors, the mitigation
of these risks are delegated throughout the management
team to those with appropriate oversight and process
improvements are made regularly.
20
Savor Group 2023 Annual Report
Corporate Governance

Remuneration
Remuneration of Directors and executives is the key
responsibility of the Nominations and Remuneration
Committee. Details of Directors and executives’ remuneration
and entitlements are set out on pages 47.
Directors’ Remuneration
For the year ended 31 March 2023 Directors’ fees have
been fixed at $100,000 per annum for the Chairman (2022:
$100,000) and $60,000 per annum for other Directors
(2022: $60,000). Directors receive no additional fees as
membership of Board Committees. To provide for flexibility,
shareholders have previously approved an aggregate cap
on non-executive Directors’ fees of $300,000 for the
purpose of the Listing Rules (2022: $300,000).
CEO Remuneration
For the year ended 31 March 2023, Lucien Law received a
base salary of $400,000 (2022: $350,000) and received
no short or long term incentives during the year (2022: nil).
The Directors are also entitled to be reimbursed for all
reasonable travel, accommodation and other expenses
incurred by them in connection with their attendance at
Board or shareholder meetings, or otherwise in connection
with Savor’s business.
Managing Risk
The Board has overall responsibility for the Company’s
system of risk management and internal control and has
procedures in place to provide effective control within the
management and reporting structure.
Financial statements are prepared monthly and reviewed
by the Board progressively during the period to monitor
performance against budget goals and objectives. The
Board also requires managers to identify and respond to
risk exposures.
A structured framework is in place for capital expenditure,
including appropriate authorisations and approval levels.
The Board maintains an overall view of the risk profile of the
Company and is responsible for monitoring corporate risk
assessment processes.
Takeover Response Policy
The Board is well prepared in the event of a takeover, and
has adopted a Takeover Preparedness Protocol so that it
is prepared should an unexpected takeover or scheme of
arrangement proposal be made.
Disclosure
The Company adheres to the NZX continuous disclosure
requirements which govern the release of all material
information that may affect the value of the Company’s
listed shares. The Board and senior management team have
processes in place to ensure that all material information
flows up to the Chairman with a view to consultation with
the Board and disclosure of that information if required.
Auditor
EY acts as auditor of the Company and has undertaken
the audit of the financial statements for the year ending
31 March 2023. Particulars of the audit and other fees paid
during the period are set out on page 37.
Oversight of the Company’s external audit arrangements
is the responsibility of the Audit and Risk Committee.
The Company does not have a dedicated internal audit
resource but maintains an annual audit programme, which
is overseen by the CFO. The external auditors shall attend
the Company’s annual meeting to answer questions from
shareholders in relation to the audit.
Shareholder Rights & Relations
The Board is committed to achieving best practice
investor relations.
Financial and operational information and key corporate
governance information can be accessed on the
Company’s website. Enquiries from shareholders can be
raised at the Annual Meeting of shareholders, or emailed
through using the contact details on our website.
As required by the NZX Listing Rules, the Company
will seek shareholder approval of major transactions,
and related party transactions, that trigger the relevant
thresholds in the listing rules, and any other major
decisions where the listing rules require shareholder
approval. All voting at meeting of shareholders is
conducted by a poll.
The Company seeks to offer new equity pro rata to
existing shareholders, or with shareholder approval.
In May 2022, the Company undertook a placement to
secure the Bivacco lease, raising a total of $2.1m at an
issue price of 40.0 cents per share. In February 2023,
the Company completed a fully underwritten 5 for 43
rights issue to raise $3.25m and a further placement of
$71,751, made at an issue price of 42.3 cents per share.
The Company aims to post a copy of its notice of annual
meeting on its website at least 20 working days prior to
its annual meeting of shareholders.
21
Savor Group 2023 Annual Report
Corporate Governance

Financial
Statements
For the year ended 31 March 2023
22
Savor Group 2023 Annual Report
Financial Statements

The Board of Directors has pleasure in presenting
the financial statements and audit report for Savor
Limited for the year ended 31 March 2023.
The financial statements presented are signed for
and on behalf of the Board of Directors and were
authorised for issue on 25 May 2023.
Ryan Davis
Director
Paul Robinson
Executive Chair
23
Directors’ Report
24
Consolidated Statement of
Comprehensive Income
25
Consolidated Statement of
Movements in Equity
26
Consolidated Balance Sheet
27
Consolidated Statement
of Cash Flows
28
Notes to the Financial Statements
42
Auditor's Report
23
Savor Group 2023 Annual Report

Notes
2023
$000’s
2022
$000’s
Revenue52,378 30,581
Expenses:15
Direct costs(16,067)(8,974)
Employee costs(24,553)(14,202)
Marketing costs(294)(188)
Utilities and operational expenses(3,736)(2,622)
Other expenses(2,508)(2,317)
Other income- 717
5,220 2,995
Depreciation and amortisation(4,617)(4,001)
Restructuring and other costs2.2(1,395)(1,200)
Impairment of goodwill8- (1,564)
Interest expense(1,542)(1,266)
Loss before income tax(2,334)(5,036)
Taxation expense14- -
Loss attributable to the shareholders(2,334)(5,036)
Other comprehensive income and expenses- -
Total comprehensive loss(2,334)(5,036)
Net losses per share (cents) 13
Basic and diluted(3.5)(8.2)
Weighted average number of shares outstanding (thousands of shares)
Basic and diluted 66,602 61,753
Consolidated Statement of
Comprehensive Income
For the year ended 31 March 2023
The accompanying notes form part of and are to be read in conjunction with these financial statements.
24
Savor Group 2023 Annual Report
Financial Statements

Notes
Share capital
$000's
Accumulated
losses
$000's
Share-based
payments reserve
$000's
Total equity
$000's
Total equity at 1 April 202147,251 (34,670)150 12,731
Total comprehensive loss for the year - (5,036) - (5,036)
Issue of new shares6,887 - - 6,887
Repurchase of shares(233) - - (233)
Total equity at 31 March 202253,905 (39,706)150 14,349
Total comprehensive loss for the year - (2,334) - (2,334)
Issue of new shares115,309 - - 5,309
Total equity at 31 March 202359,214 (42,040)150 17,324
The accompanying notes form part of and are to be read in conjunction with these financial statements.
Consolidated Statement of
Movements in Equity
For the year ended 31 March 2023
25
Savor Group 2023 Annual Report
Financial Statements

The accompanying notes form part of and are to be read in conjunction with these financial statements.
Notes
2023
$000’s
2022
$000’s
Assets
Current assets:
Cash - 1,350
Trade and other receivables4 751 586
Inventories5 1,025 620
Total current assets1,776 2,556
Non-current assets:
Property, plant and equipment7 13,313 11,118
Intangible assets8 25,416 25,261
Right of use asset9 15,900 16,069
Total non-current assets54,629 52,448
Total assets56,405 55,004
Liabilities
Current liabilities:
Bank overdraft514 -
Trade and other payables6 8,317 6,089
Lease liability9 2,964 2,278
Borrowings10 3,0042,671
Deferred consideration payable19 - 1,000
Related party payables12 - 112
Total current liabilities14,799 12,150
Non-current liabilities:
Trade and other payables6 1,217 831
Lease liability9 14,719 15,069
Borrowings10 8,346 10,755
Deferred consideration payable19 - 1,850
Total non-current liabilities24,282 28,505
Total liabilities39,081 40,655
Equity
Share capital11 59,214 53,905
Reserves(41,890)(39,556)
Total equity 17,324 14,349
Total liabilities and equity56,405 55,004
Consolidated
Balance Sheet
As at 31 March 2023
26
Savor Group 2023 Annual Report
Financial Statements

Notes
2023
$000’s
2022
$000’s
Cash flow from operating activities
Receipts from customers52,209 30,325
Payments to suppliers, employees and other(46,142)(27,373)
Net cash from operating activities6,067 2,952
Cash flow from investing activities
Purchase of property, plant and equipment and intangible assets(4,271)(1,798)
Payments for venue development costs2.2(569)(137)
Repayment of related party payables12(112)(2,125)
Repayment of deferred consideration19(2,850)-
Purchase of businesses19- (7,975)
Net cash (to)/from investing activities(7,802)(12,035)
Cash flow from financing activities
Interest paid(1,542)(1,266)
Borrowings drawn down101,575 15,130
Repayment of borrowings10(3,651)(8,726)
Lease liability principal repayment9(2,450)(2,738)
Supplier loans received61,010 -
Transaction costs from issue of shares11(133)(182)
Repurchase of shares11- (233)
Issue of shares115,062 5,046
Net cash from financing activities(129)7,031
Net movement in cash held(1,864)(2,052)
Add: opening cash1,350 3,402
Closing cash(514)1,350
The accompanying notes form part of and are to be read in conjunction with these financial statements.
Consolidated Statement
of Cash Flows
For the year ended 31 March 2023
27
Savor Group 2023 Annual Report
Financial Statements

1. Significant accounting policies
Basis of preparation
Savor Limited (‘the Parent’ or ‘Company’) and its
subsidiaries (together ‘the Group’) operate in the
hospitality sector, operating a number of premium
restaurants and bars. The address of its registered office is
Level 4, Seafarers Building, 114 Quay Street, Auckland, 1142.
Savor Limited is a company domiciled in New Zealand,
registered under the Companies Act 1993 and is a
Financial Markets Conduct Act 2013 reporting entity.
These financial statements have been prepared in
accordance with Generally Accepted Accounting Practice
in New Zealand (NZ GAAP) and the requirements of the
Financial Markets Conduct Act 2013. For the purposes of
complying with NZ GAAP the Group is a for-profit entity.
The consolidated financial statements of the Group
comply with New Zealand Equivalents to International
Financial Reporting Standards (NZ IFRS). They also comply
with International Financial Reporting Standards (IFRS).
The financial statements are presented in New Zealand
dollars and are rounded to the nearest thousand dollars.
The financial statements have been prepared under the
historical cost basis.
Principles of consolidation
Subsidiaries are all entities over which the Group has
control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to
affect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. The financial
statements of subsidiaries are included in the consolidated
financial statements from the date that control
commences until the date control ceases. From that date
they are deconsolidated.
The Group applies the acquisition method to account for
business combinations. The consideration transferred for
the acquisition of the subsidiary is the fair values of the
assets transferred, the liabilities incurred to the former
owners of the acquiree and the equity interests issued by
the Group. The consideration transferred includes the fair
value of any asset or liability resulting from a contingent
consideration arrangement. Identifiable assets acquired
and liabilities and contingent liabilities assumed in a
business combination are measured initially at their fair
values at the acquisition date. The difference between
the consideration paid and the fair value of net assets
acquired is recognised as goodwill. Acquisition costs are
expensed as incurred.
Revenue recognition
The Group derives venue revenue through the sale of food
and beverages and by hosting events. This revenue is
recognised at a point in time, being the point of sale. For
significant events, the Group receives deposits in advance
to secure the booking. These deposits are deferred on
the balance sheet as a liability and are recognised as
revenue at a point in time, being the date of the event. The
Group has determined that there is a single performance
obligation for these transactions even though part-payment
may be received in advance.
Changes in accounting policy
These financial statements are prepared using the same
accounting policies as the prior year. Several other
amendments and interpretations apply for the first time from
1 April 2022, but do not have an impact on the consolidated
financial statements of the Group.
The Group continues to improve the disclosures in these
financial statements where required. Some comparative
balances have been adjusted or reclassified for consistency.
2. Key estimates and judgements
The Group has undertaken a number of key estimates and
judgements when preparing these financial statements,
the details of which are outlined in this note. These
judgements have been formed using historical information
and comparatives where available, and management's best
judgement where there is no appropriate comparison. The
Group continues to review all significant estimates along
with the assumptions used and recognises any adjustments
to these in the period in which a change occurs.
Notes to the Financial Statements
28
Savor Group 2023 Annual Report
Financial Statements

2.1. Intangible asset impairment
Goodwill across the Group is tested annually for
impairment. Each cash generating unit (CGU) that
carries goodwill is valued on a value-in-use basis using
a discounted cash flow model. Management has used
its past experience of sales growth, operating costs
and margin, and external sources of information where
appropriate, to determine their expectations for the future.
These cash flow projections over five years are principally
based on the Group's budget, which is risk adjusted where
appropriate. Cash flows beyond five years have been
extrapolated using estimated terminal growth rates, which
do not exceed the long-term average growth rate. The
terminal growth rate used was 3% (2022: 2.5%) and the
Group employed a weighted average cost of capital of
12.6% (2022: 11%).
It is inherently difficult to forecast future performance of
the Group's operations in the post-COVID landscape. The
Group has prepared a budget and forecasts based on
current expectations, however there remains risk which is
primarily dependent on general market conditions. Venue
performance has demonstrated improvements in margins
and operatings earnings recently, which are budgeted
to be maintained or continue to improve throughout the
forecast period.
A change in any of the following key assumptions would
lead to the elimination of the excess of the recoverable
amount over carrying amount for the below venues.
Key assumption
Value
attributedSensitivity
Seafarers
Terminal year EBITDA margin19.1%-6.0%
Terminal growth rate3.0%-3.40%
Discount rate12.6%3.70%
Auckland Fish Market
Terminal year EBITDA margin19.9%-5.40%
Terminal growth rate3.0%-3.10%
Discount rate12.6%3.60%
Other CGU's
For all other CGU's a reasonably possible change in the
assumptions used in the impairment testing would not lead
to an impairment charge.
2.2. Restructuring and other costs
2023
$000’s
2022
$000’s
Acquisition costs7 (804)
Restructuring costs(100)(149)
Loss on disposal of fixed assets(10)(110)
Venue development expenses(583)(137)
Other costs(255) -
Recruitment costs(454) -
(1,395)(1,200)
Restructuring and other costs occur outside the normal
course of operating the venues on a day to day basis, and
are unrelated to the Group's trading operations. These
have been separated out on the face of the Statement
of Comprehensive Income to allow the reader of these
financial statements to understand the day to day
operations for the year without the impact of these items.
These items typically include the impairment or disposal
of assets, costs related to restructuring or M&A activity,
venue development or other costs that are unrelated to the
Group's day to day trading operations.
During the year the Group incurred significant costs for
recruitment to mitigate the impact of the industry wide staff
shortages driven by COVID-19, primarily related to sourcing
offshore candidates and the immigration processes
required thereafter.
29
Savor Group 2023 Annual Report
Financial Statements

2.3. Going concern
The Group recorded positive operating cash flows during
the year, and has access to $0.5m of undrawn overdraft
facilities at 31 March 2023. The Group raised additional
capital of $3.35m in February 2023. The nature of the
Group's operations means that the Group holds minimal
receivables and inventory balances compared to its current
liabilities. Therefore, the Group has negative working capital
at 31 March 2023.
The Group has seen a continued improvement in trading
results throughout the financial year, with a marked
increase since November 2022. The addition of the new
Bivacco, OJI, The Store, and MoVida venues during the year
has provided further resilience to the Group's cash flows
and operational performance. While the trading landscape
continues to be challenged through extreme weather
events and general economic conditions, the Group has
adapted its offerings to meet the changed conditions and
its offerings remain popular with a wide range of consumers.
The Group repaid during the year all floating rate debt
obligations, facilitated by the issue of further capital
in February 2023. Bank borrowing principal payments
continue at a rate of approximately $2.5 million annually.
In May 2022, the Group renegotiated its suite of banking
covenants, including the suspension of covenants for the
June and September 2022 quarters. The Group received
a waiver for the leverage ratio covenant for the December
2022 quarter. Covenant testing had been fully restored by
balance date.
Based on current forecasts the Group is expected to meet
the requirements of its covenants for the foreseeable
future. In addition, the Group has also performed a range
of sensitivity analyses on the covenant measures, noting
there would need to be a material downturn in forecast
performance before any of the covenant obligations would
be breached.
As a result of the considerations above the Directors have
concluded that the preparation of the financial statements
on a going concern basis remains appropriate.
3. Segmental information
Operating segments are reported in a manner consistent
with the internal reporting provided to the chief operating
decision maker. The chief operating decision maker, who
is responsible for allocating resources and assessing
performance of the operating segments, has been
identified as the Board of Directors. Segmental information
is presented in respect of the Group’s industry segment,
Hospitality. Corporate is not an operating segment as it
does not meet the recognition criteria under NZ IFRS 8.
2023
Revenue
2022
Revenue
2023
EBITDA*
2022
EBITDA*
Hospitality 52,378 30,581 7,868 4,598
Corporate- - (2,648) (1,603)
To t a l 52,378 30,581 5,220 2,995
*EBITDA means earnings before interest, tax, depreciation, amortisation,
restructuring costs, and impairment charges as disclosed in the Statement of
Comprehensive Income.
2023
Depreciation and
amortisation
2022
Depreciation
and
amortisation
2023
Capital
expenditure
2022
Capital
expenditure
Hospitality (4,617) (4,001) (4,271) (1,936)
Corporate- - - -
To t a l (4,617) (4,001) (4,271) (1,936)
2023
Non-current
assets
2022
Non-current
assets
Hospitality 54,629 52,448
Corporate- -
To t a l 54,629 52,448
30
Savor Group 2023 Annual Report
Financial Statements

4. Trade and other receivables
Trade receivables are recognised initially at fair value
and subsequently measured at amortised cost using
the effective interest rate method, less an allowance for
impairment. Trade receivables are due for settlement
between 30-90 days from invoice date. All receivables are
due within 12 months of balance date.
2023
$000’s
2022
$000’s
Trade receivables460 235
Less: provision for doubtful debts - -
Trade receivables460 235
Other receivables291 351
751586
The Group applies the simplified approach to providing
for expected credit losses prescribed by NZ IFRS 9, which
permits the use of lifetime expected loss provisions for all
trade receivables. Collectability of trade receivables is
reviewed on an ongoing basis and a provision for doubtful
debts is made when there is evidence that the Group will
not be able to collect the receivable. Additionally, the
Group has established an allowance for Expected Credit
Loss (ECL) based on its historical credit loss experience,
adjusted for forward-looking factors specific to the
receivables and the economic environment. Receivables
are written off when recovery is no longer anticipated. There
are no overdue receivables considered impaired that have
not been provided for.
2023
$000’s
2022
$000’s
Current746 506
0 - 30 days over standard terms 3 60
31 - 60 days over standard terms - 6
61+ days over standard terms 2 14
Provision - -
Trade and other receivables751586
5. Inventories
Raw materials, work in progress and finished goods are stated
at the lower of cost and net realisable value. Cost comprises
direct materials and where appropriate, either a contract
manufacturing charge, or direct labour and an appropriate
proportion of variable and fixed overhead expenditure, the
latter being allocated on the basis of normal operating
capacity. Costs are assigned to individual items of inventory
on the basis of weighted average costs. Net realisable value is
the estimated selling price in the ordinary course of business
less the estimated costs of completion and the estimated
costs necessary to make the sale.
2023
$000’s
2022
$000’s
Raw materials 523 273
Finished goods 502 347
1,025 620
6. Trade and other payables
Trade and other payables are recognised initially at fair value
and subsequently measured at amortised cost using the
effective interest method. These amounts represent liabilities
for goods and services provided to the Group prior to the
end of the financial year which are unpaid. The amounts
are unsecured and are usually paid within 30 and 60 days
of recognition. Liabilities for wages and salaries, including
non-monetary benefits, and annual leave expected to be
settled within 12 months of the reporting date are recognised
in other payables in respect of employees' services up to the
reporting date. Supplier loans relate to inducements received
for the long term supply to Hospitality venues. These loans
are amortised over the life of the individual contract as the
benefits are consumed.
2023
$000’s
2022
$000’s
Trade payables3,8161,938
Employee entitlements1,480 1,116
Other payables2,3012,455
Supplier loans1,9391,416
9,536 6,925
Current8,319 6,094
Non-current1,217 831
9,536 6,925
Movement in supplier loans
Balance at 1 April1,4161,728
Additional loans received in cash1,010 -
Amortised during the year(487)(312)
Balance at 31 March1,9391,416
31
Savor Group 2023 Annual Report
Financial Statements

7. Property, Plant & Equipment
All plant and equipment is stated at historical cost less
accumulated depreciation and accumulated impairment
losses. Subsequent costs are included in the asset’s carrying
amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits
associated with the item will flow to the Group and the cost
of the item can be measured reliably. All other repairs and
maintenance are charged to the statement of comprehensive
income during the financial year in which they are incurred.
Work in progress assets are those under construction that
are not yet in use and do not incur depreciation.
Depreciation is calculated using the straight-line method
to expense the cost of the assets over their useful lives. The
rates are as follows:
Plant and equipment7% - 67%
Leasehold improvements6% - 20%
Fixtures & fittings7% - 67%
Motor vehicles10% - 21%
An asset’s carrying amount is written down immediately to
its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount. Any related
gain or loss on disposal is recognised in the Statement of
Comprehensive Income as part of restructuring costs.
Plant &
Equipment
Fixtures &
Fittings
Leasehold
ImprovementsVehicles
Work in
progressTo t a l
2023
Carrying value at 1 April 20221,7999788,0345924811,118
Additions8095692,662 - - 4,040
Acquisitions - - - - - -
Disposals - - - - (256)(256)
Depreciation(485)(313)(777)(14) - (1,589)
Carrying value at 31 March 20232,1231,2349,91945(8)13,313
Represented by:
Cost3,4532,13512,223 70 (8)17,873
Accumulated depreciation(1,330)(901)(2,304) (25)(4,560)
2,1231,2349,91945(8)13,313
2022
Carrying value at 1 April 20211,0406774 ,974 - - 6,691
Additions296301,115 - 248 1,689
Acquisitions1,0166042,625 70 - 4,315
Disposals(93)(27)- - - (120)
Depreciation(460)(306)(680)(11) - (1,457)
Carrying value at 31 March 20221,7999788,0345924811,118
Represented by:
Cost2,6081,5739,294 70 248 13,793
Accumulated depreciation(809)(595)(1,260) (11) - (2,675)
1,7999788,0345924811,118
The Group had no material capital commitments at 31 March 2023 (2022: nil).
32
Savor Group 2023 Annual Report
Financial Statements

8. Intangible assets
Intangible assets acquired separately are measured on
initial recognition at cost. Following initial recognition,
intangibles are carried at cost less any accumulated
amortisation and accumulated impairment losses.
Intangible assets with indefinite useful lives are not
amortised but are tested for impairment annually, either
individually or at the cash-generating unit level. Intangible
assets with a definite life are amortised on a straight-
line basis. Software and other intangibles, including
trademarks and the cost of development of venue
concepts, are amortised over a period of 2-4 years.
Goodwill
Software and
other intangiblesTo t a l
2023
Carrying value at 1 April 202225,06719425,261
Additions - 231231
Acquisitions - - -
Disposals - - -
Impairment - - -
Amortisation expense - (76)(76)
Carrying value at 31 March 202325,06734925,416
Represented by:
Cost28,63150529,136
Accumulated amortisation and impairment (3,564)(156)(3,720)
25,06734925,416
2022
Carrying value at 1 April 202117,14812317,271
Additions - 109109
Acquisitions9,483 - 9,483
Disposals - -
Impairment (1,564) - (1,564)
Amortisation expense - (38)(38)
Carrying value at 31 March 202225,06719425,261
Represented by:
Cost28,63127428,905
Accumulated amortisation and impairment (3,564)(80)(3,644)
25,06719425,261
Goodwill is stated at cost, less any impairment losses.
Goodwill is allocated to cash-generating units (CGUs) and
is not amortised but is tested annually for impairment, and
when an indication of impairment exists. For the purposes
of considering whether there has been an impairment,
assets are grouped at the lowest level for which there are
identifiable cash flows that are largely independent of the
cash flows of other groups of assets. When the book value
of a group of assets exceeds the recoverable amount,
an impairment loss arises and is recognised in earnings
immediately. Refer to note 2.1 for impairment considerations.
33
Savor Group 2023 Annual Report
Financial Statements

Significant cash generating units
Goodwill is allocated to the following significant cash
generating units:
2023
$000’s
2022
$000’s
Amano7,4837,483
Azabu4,3694,369
Seafarers4,3204,320
Non Solo Pizza3,2693,269
Ebisu & Fukuko3,0273,027
Auckland Fish Market2,1632,163
Ortolana384384
Other5252
25,06725,067
Prior year impairment testing
Prior year impairment charge
The Oji Sushi business (Oji) was significantly impacted
during the year following the mandated COVID-19 closures
and the slow return of trade to the Commercial Bay precinct.
The strength of the Oji offering was being proven through
the continued roll-out of stores as well as wholesale supply.
The benefits of the expansionary business were inherently
uncertain and the accounting standards did not permit
their inclusion in the assessment of future cash flows for
the purposes of the annual impairment test. The Group
recognised an impairment of goodwill of $1.6m.
A change in any of the key assumptions would lead to the
elimination of the excess of the recoverable amount over
carrying amount for the below venues.
Key assumption
Value
attributed
Sensitivity
(absolute
movement)
Seafarers
Terminal year EBITDA margin19.1%1.1%
Terminal growth rate2.0%0.5%
Discount rate10.0%0.5%
Other CGU's
For all other CGU's a reasonably possible change in the
assumptions used in the impairment testing would not lead
to an impairment charge.
9. Leases
As lessee
The Group recognises right-of-use assets and lease
liabilities for most property leases. On inception of a new
lease, the lease liability is measured at the present value
of the remaining lease payments, discounted using the
Group's incremental borrowing rate at that date. The right-
of-use assets are measured at an amount equal to the lease
liability, and are depreciated over the estimated remaining
lease term on a straight line basis. The Group presents the
right-of-use assets and lease liabilities separately on the
Balance Sheet.
The Group applies the following practical expedients when
applying NZ IFRS 16:
• Exemption to not recognise right-of-use assets for low-
value leases; and
• Exemption to not recognise right-of-use assets for leases
with a term of less than 12 months.
The Group as the lessee has various non-cancellable leases
predominantly for the lease of land and buildings. The
leases have varying terms and renewal rights. On renewal,
the terms of the lease are renegotiated.
Right-of-use assets
2023
$000’s
2022
$000’s
Carrying value at 1 April16,0698,171
Additions2,53710,296
Variable lease payment
adjustments
44108
Disposals - -
Depreciation(2,750)(2,506)
Carrying value at 31 March15,90016,069
Lease liabilities
2023
$000’s
2022
$000’s
Carrying value at 1 April17,3478,871
Additions2,53710,296
Variable lease payment
adjustments
249859
Repayments (2,450) (2,679)
Disposals - -
Carrying value at 31 March17,68317,347
Current2,964 2,278
Non-current14,719 15,069
Total lease liabilities17,683 17,347
34
Savor Group 2023 Annual Report
Financial Statements

Amounts recognised in profit or loss
2023
$000’s
2022
$000’s
As lessee
Lease depreciation 2,750 2,506
Interest expense on lease liabilities 74 4 769
Lease expense on low value leases 41 38
Rental concessions received184357
As lessor
Sublease income 170 116
10. Borrowings
2023
$000’s
2022
$000’s
Balance at 1 April13,4267,02 2
Drawn down1,575 15,130
Repayments(3,651)(8,726)
Balance at 31 March11,35013,426
Current3,0042,671
Non-current8,34610,755
Total borrowings11,350 13,426
At balance date, the Group had the following funding facilities
Utilised facilities11,864 13,426
Unutilised bank overdraft486 1,000
Total facilities12,350 14,426
The average interest rate on these borrowings during the
year was 4.32% (2022: 3.84%). The Group incurred interest
charges on borrowings of $0.6m during the year (2022:
$0.5m).
The Group borrowed $1.6 million to assist with funding the
capital projects during the year. $1 million of this was repaid
in March 2023 with the remaining $0.6 million to be repaid
in two equal tranches in November 2023 and 2024. The
outstanding balance attracts no interest charge.
The Group is subject to a suite of covenants including
interest cover, debt service cover, leverage and equity ratios.
Refer to note 2.3 for consideration of covenant waivers
received during the year and forecast covenant compliance.
11. Capital
2022
$000’s
2021
$000’s
Reported capital at the beginning
of the year
53,905 47,251
Issue of shares (net of issue costs)5,309 6,887
Repurchase and cancellation of
shares
- (233)
59,214 53,905
Number of ordinary shares:
Number of shares on issue at the
beginning of the year
61,482,169 146,271,626
Issue of shares 13,155,617 39,778,689
1 for 3 share consolidation -
9 August 2021
- (124,033,548)
Repurchase of shares - (534,598)
Total number of shares on issue74,637,786 61,482,169
All issued shares are fully paid and have no par value. The
cost of issuing shares during the year amounted to $0.1m
(2022: $0.2m).
Equity raise - May 2022
On 31 May 2022, the Group completed a private placement
to raise a total of $2.1m of new equity at $0.40 per share,
totalling 5.3 million new shares.
Equity raise - February 2023
On 28 February 2023, the Group completed a rights issue
and private placement to raise a total of $3.3m of new equity
at $0.423 per share, totalling 7.9 million new shares.
35
Savor Group 2023 Annual Report
Financial Statements

Share option plan
In July 2015 the Board approved the Company Employee
Share Option Plan. Options allow eligible staff to subscribe
for ordinary shares in the Company at an exercise price.
Options are vested in equal tranches on the first to third
anniversaries of the date of issuance while the eligible
employees remain in full time employment with the Group.
Once vested the options can be exercised at any time up to
the second April following vesting. Employees can pay the
exercise price in shares using the 20-day Volume Weighted
Average Price of the Company shares up to the date of
issuance. The Employee Share Option Plan allows employees
to exercise all their vested options into ordinary shares for
cash or a lower number of ordinary shares for no cash.
Number of
options
Weighted
average exercise
price (cents)
Outstanding 31 March 2021 895,322
Forfeited (108,065)21.0
1 for 3 share consolidation -
9 August 2021
(524,838)63.0
Granted 66,667 63.0
Cancelled (45,752)63.0
Outstanding 31 March 2022 283,334
Forfeited -
Granted -
Cancelled -
Outstanding 31 March 2023 283,334
The outstanding options have been valued at grant date
using the Black-Scholes pricing method at $0.2m (2022:
$0.2m), the key inputs for which are outlined below.
20232022
Weighted average fair values at
the measurement date ($)
0.0450.56
Dividend yield (%)0.00.0
Expected volatility (%)0.030.03
Risk-free interest rate (%)4.33.3
Expected life of share options
(years)
2.254.01
Weighted average share price ($)0.380.41
The expected life of the share options is based on historical
data and current expectations and is not necessarily indicative
of exercise patterns that may occur. The expected volatility
reflects the assumption that the historical volatility over a
period similar to the life of the options is indicative of future
trends, which may not necessarily be the actual outcome.
12. Related party disclosures
Key management personnel
compensation20232022
Directors' fees280 280
Senior management remuneration
paid, payable or provided for:
Short-term employee benefits1,369 1,086
Related party balances outstanding
At 31 March 2023, there was $0.3m of directors fees payable
to the Directors.
Transactions during the year
At 31 March 2022, the Group had recognised liabilities of
$0.1m payable to Lucien Law and Paul Robinson for the
acquisition of Mission Bay Pavilion. The balance was settled
in equal monthly payments and ended in August 2022.
Group information
The consolidated subsidiaries of the Group include:
Equity interest (%)
NamePrincipal activitiesCountry of incorporation20232022
Savor Group LimitedHospitalityNew Zealand100100
Amano Group Limited
HospitalityNew Zealand100100
Savor Quick Service Limited
HospitalityNew Zealand100100
The Red Claw Trading Company Limited
Importation of goodsNew Zealand100100
Savor Goods Limited
DistributionNew Zealand100100
Amano Britomart 1 Limited
EmploymentNew Zealand100100
Amano Britomart 2 Limited
EmploymentNew Zealand100100
Savor Italian 1 Limited
EmploymentNew Zealand100100
Savor Britomart Limited
EmploymentNew Zealand100100
Savor Japanese 1 Limited
EmploymentNew Zealand100100
Savor Japanese 2 Limited
EmploymentNew Zealand100100
36
Savor Group 2023 Annual Report
Financial Statements

13. Earnings/(losses) per share
Earnings/(losses) per share is the portion of a company's
profit allocated to each outstanding ordinary share and
is calculated by dividing the earnings attributable to
shareholders by the weighted average of ordinary shares on
issue during the year.
20232022
Net losses per share (cents)
Basic and diluted (3.5) (8.2)
$000’s$000’s
Numerator
Net loss attributable to shareholders(2,334)(5,036)
Denominator (thousands of shares)
Weighted average number of shares
outstanding
66,602 61,753
Denominator for net earnings per share66,602 61,753
14. Taxation
Income tax expense
The income tax expense or revenue for the year is the total
of the current year’s taxable income based on the national
income tax rate adjusted for any prior years' under or over
provisions, plus or minus movements in the deferred tax
balance except where the movement in deferred tax is
attributable to a movement in reserves. The current income
tax charge is calculated on the basis of tax laws enacted or
substantially enacted at balance date.
Below is the reconciliation of earnings before taxation to
taxation expense:
2023
$000’s
2022
$000’s
Loss before taxation(2,334)(5,036)
Taxation at 28 cents per dollar(654)(1,410)
Adjusted for:
Non-deductible expenses(9)697
Temporary differences not
recognised
254 337
Non-assessable income - (200)
Tax losses for which no deferred tax
asset was recognised
409 576
- -
Deferred tax
Movements in deferred tax are attributable to temporary
differences between the tax bases of assets and liabilities
and their carrying amounts in the financial statements and
any unused tax losses or credits. Deferred tax assets and
liabilities are recognised for temporary differences at the
tax rates expected to apply when the assets are recovered
or liabilities are settled, based on those tax rates which
are enacted or substantively enacted for each jurisdiction.
An exception is made for certain temporary differences
arising from the initial recognition of an asset or a liability.
No deferred tax asset or liability is recognised in relation
to temporary differences if they arose in a transaction,
other than a business combination, that at the time of the
transaction did not affect either accounting profit or loss or
taxable profit or loss.
Deferred tax assets are recognised for deductible temporary
differences and unused tax losses only to the extent that it
is probable that future taxable amounts will be available to
utilise those temporary differences and losses.
Current and deferred tax assets and liabilities of individual
entities are reported separately in the consolidated financial
statements unless the entities have a legally enforceable
right to make or receive a single net payment of tax and the
entities intend to make or receive such a net payment or to
recover the current tax asset or settle the current tax liability
simultaneously.
2023
$000’s
2022
$000’s
The Group has unrecognised deferred tax assets arising from tax
losses as follows:
Opening balance8,653 8,107
Tax losses for the year409 546
9,062 8,653
The Group has no imputation credits available at 31 March
2023 (2022: nil).
15. Additional expense disclosures
2023
$000’s
2022
$000’s
Direct costs includes the following:
Cost of goods sold (including the
purchase of raw materials)
15,807 9,271
Inventory written off / wastage 23 25
Employee costs includes the following:
Salaries, wages, and kiwisaver
contributions
23,399 13,883
Auditor's remuneration
Audit of the financial statements
EY215 218
Total auditor remuneration215 218
37
Savor Group 2023 Annual Report
Financial Statements

16. Reconciliation of net earnings to net
cash from operating activities
2023
$000’s
2022
$000’s
Net profit(loss) after tax(2,334)(5,036)
Add back:
Interest paid1,542 1,266
Venue development costs expensed582137
Add/(Less) non-cash items:
Depreciation and amortisation 4,6174,001
Supplier loan income recognised(485)(312)
Loss on disposal of fixed assets10 110
Restructuring costs155 -
Impairment of goodwill - 1,564
Movements in working capital:
Trade and other receivables(165)(256)
Inventories(404)143
Trade and other payables2,549 1,335
Net cash from operating activities6,067 2,952
17. Financial instruments
Recognition and derecognition
Financial assets and liabilities are recognised when the
Group becomes a party to contractual provisions of the
instrument. Financial assets are derecognised when the
contractual rights to the cash flows from the financial asset
expire, or when the financial asset and substantially all
the risk and rewards are transferred. A financial liability is
derecognised when it is extinguished, discharged, cancelled
or expires.
Classification and initial measurement of financial assets
Except for those trade receivables that do not contain a
significant financing component and are measured at the
transaction price in accordance with NZ IFRS 15 (Revenue
from Contracts with Customers), all financial assets are
initially measured at fair value adjusted for transaction
costs (where applicable). Financial assets, other than
those designated and effective as hedging instruments, are
classified into the following categories:
• Amortised cost
• Fair value through profit or loss (FVTPL)
• Fair value through other comprehensive income
(FVOCI)
In the periods presented the Group does not have any
financial assets categorised as FVTPL or FVOCI.
Financial assets at amortised cost
Financial assets are measured at amortised cost if
the assets meet the following conditions (and are not
designated as FVTPL):
• they are held within a business model whose
objective is to hold the financial assets and collect its
contractual cash flows
• the contractual terms of the financial assets give rise
to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
After initial recognition, these are measured at amortised
cost using the effective interest method less any provision
for expected credit losses. Discounting is omitted where
the effect of discounting is immaterial. The Group’s cash
and trade and other receivables fall into this category of
financial instruments.
Impairment of financial assets
Recognition of credit losses uses the ‘expected credit
loss (ECL) model’. The Group considers a broad range
of information when assessing credit risk and measuring
expected credit losses, including past events, current
conditions, reasonable and supportable forecasts that
affect the expected collectability of future cash flows of
the instrument.
In applying this forward looking approach, a distinction is
made between:
• financial instruments that have not deteriorated
significantly in credit quality since initial recognition or
that have low credit risk (‘Stage 1’) and
• financial instruments that have deteriorated significantly
in credit quality since initial recognition and whose
credit risk is not low (‘Stage 2’)
‘Stage 3’ would cover financial assets that have objective
evidence of impairment at the reporting date. ‘12 month
expected credit losses’ are recognised in Stage 1, while
'lifetime expected credit losses' are recognised for Stage 2.
Measurement of the expected credit losses is determined
by probability weighted estimate of credit losses over the
expected life of the financial instrument.
Trade and other receivables
The Group makes use of a simplified approach in
accounting for trade receivables and records the loss
allowance as lifetime expected credit losses. These are the
expected shortfalls in contractual cash flows, considering
the potential for default at any point during the life of the
financial instrument.
38
Savor Group 2023 Annual Report
Financial Statements

Classification and measurement of financial liabilities
The Group’s financial liabilities include trade and other
payables, deferred consideration, borrowings and related
party payables.
Financial liabilities are initially measured at fair value, and,
where applicable, adjusted for transaction costs unless
the Group designated a financial liability at fair value
through profit or loss. Subsequently, financial liabilities are
measured at amortised cost using the effective interest
method. Deferred consideration is measured at fair value
with movements recognised in profit or loss.
a) Categories of financial assets & liabilities
The varying amounts presented in the balance sheet relate
to the following categories of assets and liabilities:
2023
$000’s
2022
$000’s
Financial assets
Financial assets at amortised cost:
Cash - 1,350
Trade and other receivables751 586
Total financial assets7511,936
Financial liabilities
Financial liabilities at amortised cost:
Bank overdraft514 -
Trade and other payables9,5366,925
Borrowings11,350 13,426
Financial liabilities at fair value through
profit and loss:
Deferred consideration - 2,850
Total financial liabilities21,400 23,201
The Group's activities expose it to a variety of financial
risks: market risk (including currency risk and interest rate
risk), credit risk and liquidity risk. The Group's overall risk
management programme focuses on the unpredictability of
financial markets and seeks to minimise potential adverse
effects on the financial performance of the Group. The
Group uses different methods to measure different types
of risk to which it is exposed. These methods include
sensitivity analysis in the case of interest rate and foreign
exchange risks and aging analysis for credit risk.
b) Market risk
Market risk is the risk that changes in market prices, such
as foreign exchange rates and interest rates, will affect the
Group’s income, input costs, or interest rates on the Group's
borrowings. The objective of market risk management is
to manage and control risk exposures within acceptable
parameters while optimising the return on risk.
i) Interest rate risk
The Group’s fair value interest rate risk as at 31 March 2023
arises from its borrowings. An analysis on the sensitivity of
the Group's earnings due to movements in interest rates is
shown below.
Effect on net loss before tax
2023
$000’s
2022
$000’s
1% increase in interest rate(108)(134)
1% decrease in interest rate108 134
The above information is calculated by applying the
movement to the average balance of borrowings on hand at
31 March 2023 of $10.8m (2022: $13.4m).
ii) Currency risk
The Group purchases services that are denominated in foreign
currencies (primarily AUD) from time to time. These purchases
were immaterial during the financial year, and the Group's
exposure to movements in foreign exchange is immaterial (2022:
both immaterial).
c) Credit risk
Credit risk is the risk of financial loss to the Group if a
customer or counterparty to a financial instrument fails to
meet its contractual obligations. Credit risk arises from cash
and deposits with banks and financial institutions, as well as
from the Group’s receivables due from customers. Cash and
deposit balances are held with financial institutions rated at
least an A+ Credit Rating by Standard and Poors.
Sales are settled in cash at the point of sale, leaving minimal
debtors. The Group has adopted the simplified approach
to ECL (expected credit loss) in NZ IFRS 9: Financial
Instruments which apply to trade receivables that are in the
scope of IFRS 15. The impact is limited as trade receivables
are predominantly less than 30 days.
The maximum exposure to credit risk at the reporting date is
the carrying amount of the financial assets as summarised in
Note 4.
39
Savor Group 2023 Annual Report
Financial Statements

d) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach
to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due,
under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation.
The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the maturity
profiles of financial assets and liabilities.
The following maturity analysis table sets out the remaining contractual undiscounted cash flows for financial liabilities.
2023
To t a l
$000’s
0-6 months
$000’s
7-12 months
$000’s
1-2 years
$000’s
2-5 years
$000’s
5+ years
$000’s
Trade and other payables9,534 8,051 267 371 812 33
Lease liabilities20,2611,829 1,829 3,659 8,408 4,536
Borrowings11,350 1,358 1,646 6,270 2,076 -
Total principal cash flows41,14511,238 3,742 10,300 11,296 4,569
Contractual interest cash flows1,115 244 426 351 94 -
Total contractual cash flows42,26011,482 4,168 10,651 11,390 4,569
2022
Trade and other payables6,925 5,946 148 264 433 134
Related party payables112 112 - - - -
Deferred consideration payable2,850 500 500 1,000 850 -
Lease liabilities20,374 1,452 1,522 3,075 8,247 6,078
Borrowings13,425 1,335 1,335 2,671 8,084 -
Total principal cash flows43,686 9,345 3,505 7,010 17,614 6,212
Contractual interest cash flows2,130 375 618 629 508 -
Total contractual cash flows45,816 9,720 4,123 7,639 18,122 6,212
18. Guarantees
At 31 March 2023 the Group had $0.5m of bank guarantees
and letters of credit outstanding (2022: $0.5m).
19. Prior Year Business Combinations
Amano, Ortolana, The Store
On 8 April 2021, the Group acquired the operations of
venues Amano, Ortolana and The Store. The total purchase
price of $11 million consisted of a $7.15 million upfront
payment to the vendors, $1 million of shares in Savor
Limited, and a further $2.85 million to be paid in April 2022.
In March 2022, the terms of the deferred payment were
modified with payment to occur in quarterly instalments,
plus a 5% interest charge, with the Group maintaining the
option of a balloon payment to settle the obligation in full.
The balance was fully repaid in March 2023.
Distribution centre
On 30 June 2021, the Group acquired a distribution
centre operation. The total purchase price of $195,000
included payments for inventories on hand and was paid in
cash. The property, plant and equipment balances for this
operation were acquired as part of the Amano transaction.
The purchase price was funded from cash on hand.
Oji Sushi (Oji)
Oji Sushi was purchased on 5 July 2021 for total
consideration of $1.2 million, paid in cash.
These transactions met the criteria of a business
combination under NZ IFRS 3 Business Combinations,
and the balances recognised on acquisition of each
are outlined below. Business acquisition costs of
$0.1 million were expensed during the period and are
disclosed as restructuring costs in the Statement of
Comprehensive Income.
40
Savor Group 2023 Annual Report
Financial Statements

Amano, Ortolana,
The Store
$000's
Distribution Centre
$000's
Oji Sushi
$000's
To t a l
$000's
Purchase price 11,000 195 1,200 12,395
Less: settlement adjustments (607) (49) 111 (545)
Net consideration 10,393 146 1,311 11,850
Net consideration made up of the following:
Cash paid6,543 121 1,311 7,975
Value of shares issued1,000 - - 1,000
Deferred consideration2,850 25 - 2,875
Total net consideration 10,393 146 1,311 11,850
Recognised assets acquired and liabilities assumed:
Assets:
Inventories143 154 7 304
Property, plant and equipment3,242 - 1,073 4,315
Right of use assets9,125 242 929 10,296
Liabilities:
Employee entitlements(626)(49)(14) (689)
Other liabilities(233)(11)(189) (433)
Borrowings - - (1,130) (1,130)
Lease liabilities(9,125)(242) (929) (10,296)
Total assets and liabilities2,526 94 (253)2,367
Goodwill recognised7,867 52 1,564 9,483
Contribution to earnings (year to date)
Revenue 12,339 1,228 685 14,252
Operating earnings (EBITDA) 2,149 (108) (106) 1,935
Expected contribution to earnings (full period)
Revenue 12,616 1,596 978 15,190
Operating earnings (EBITDA) 2,197 (140) (151) 1,906
The distribution centre provides the supply of goods for primarily internal Group customers as well as a small number of
external customers. The balances disclosed include both internal and external customers.
20. Subsequent Events
In April 2023, the Group signed an extension to the Bivacco lease with an expiry of November 2032. The extended term
represents additional undiscounted lease payments of $2.5m over the extended life of the lease from 2027 to 2032.
41
Savor Group 2023 Annual Report
Financial Statements

Independent auditor’s report to the shareholders of Savor Limited
Opinion
We have audited the financial statements of Savor Limited (the “Company”) and its subsidiaries (together the “Group”) on
pages 24 to 41, which comprise the consolidated balance sheet of the Group as at 31 March 2023, and the consolidated
statement of comprehensive income, consolidated statement of movements in equity and consolidated statement of cash
flows for the year then ended of the Group, and the notes to the consolidated financial statements including a summary of
significant accounting policies.
In our opinion, the consolidated financial statements on pages 24 to 41 present fairly, in all material respects, the
consolidated financial position of the Group as at 31 March 2023 and its consolidated financial performance and cash flows
for the year then ended in accordance with New Zealand Equivalents to International Financial Reporting Standards and
International Financial Reporting Standards.
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so that we might
state to the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company
and the Company’s shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities under those
standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for
Assurance Practitioners (including International Independence Standards) (New Zealand) issued by the New Zealand Auditing
and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Ernst & Young provides other assurance related services to the Group. Partners and employees of our firm may deal with the
Group on normal terms within the ordinary course of trading activities of the business of the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current year. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion
on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the
Auditor’s responsibilities for the audit of the financial statements
section of the audit report, including in relation to these matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The
results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our
audit opinion on the accompanying consolidated financial statements.
Independent Auditor’s Report
42
Savor Group 2023 Annual Report
Independent Auditor’s Report

Goodwill Impairment
Why significantHow our audit addressed the key audit matter
The Group recorded goodwill of $25.1 million as at 31 March 2023.
Given the nature of the Group’s operations, each of its venues are
determined to be a separate cash generating unit (“CGU”). Goodwill
is allocated to each of these CGUs. To consider whether this goodwill
is impaired, the recoverable amount of each CGU is determined each
reporting period by reference to valuations prepared to assess their
value-in-use using discounted cash flow models (DCF models).
DCF models contain significant judgement and estimation in respect
of future cash flow forecasts, discount rate and terminal growth rate
assumptions. Changes in certain assumptions can lead to significant
changes in the assessment of the recoverable amount and so the
assessment of whether goodwill is impaired or not.
Disclosures regarding the Group’s key assumptions adopted and the
sensitivity to reasonably possible changes in key assumptions which
could result in impairment for certain CGUs are included in Note 2.1 of
the financial statements.
In obtaining sufficient appropriate audit evidence, we:
• Understood the Group's goodwill impairment assessment
process.
• Assessed the Group's determination of CGUs based on our
understanding of the nature of the Group's venues.
• Obtained the Group's DCF models and agreed the forecasts
within them to the Board approved forecasts.
• Assessed key inputs to the DCF models including revenue
and EBITDA margin forecasts, which were compared to historic
trading performance, discount rates and terminal growth rates.
• Involved our valuation specialists to assess the Group's
discount and terminal growth rates. Our valuation specialists
were also involved in assessing the DCF models for valuation
methodology, including the treatment of assumptions for capital
expenditure, working capital, and terminal value.
• Performed sensitivity analysis for CGUs to consider the
potential impact of changes in assumptions.
• Assessed whether consideration of the fair value less cost to
sell would alter the impairment conclusion.
• Considered the adequacy of the associated disclosures in
the financial statements, including the disclosure related to
the CGUs where the impairment assessment is sensitive to
reasonably possible changes in assumptions.
Information other than the financial statements and auditor’s report
The directors of the Company are responsible for the annual report, which includes information other than the consolidated
financial statements and auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or
our knowledge obtained during the audit, or otherwise appears to be materially misstated.
If, based upon the work we have performed, we conclude that there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in this regard.
43
Savor Group 2023 Annual Report
Independent Auditor’s Report

Directors’ responsibilities for the financial statements
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the consolidated financial
statements in accordance with New Zealand Equivalents to International Financial Reporting Standards and International
Financial Reporting Standards, and for such internal control as the directors determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the entity the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or cease operations, or have no
realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
International Standards on Auditing (New Zealand) will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located at the External
Reporting Board’s website: https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-
report-1/. This description forms part of our auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Simon O’Connor.
Chartered Accountants
Auckland
25 May 2023
44
Savor Group 2023 Annual Report
Independent Auditor’s Report

45
Savor Group 2023 Annual Report

Company Shares
The Company’s ordinary shares are listed on the NZX Main
Board equity security market operated by NZX Limited. On
31 March 2023 the Company had issued voting securities
comprising 74,637,786 fully paid, quoted ordinary shares
(NZX: SVR).
Twenty Largest Registered Shareholders
The following table shows the names and holdings of the 20
largest registered holdings of listed ordinary shares of the
Company as at 31 March 2023:
Holder Details
Shares
held% Held
H & G Limited11,775,25315.78%
Forsyth Barr Custodians8,840,03211.84%
New Zealand Central Securities
Depository Limited
5,350,7897.17%
Paul Robinson3,984,8595.34%
Lucien Law3,894,4555.22%
JBWERE (NZ) Nominees Limited3,496,8604.69%
David Lyall Holdings Limited3,000,0004.02%
B & S Custodians Limited2,672,7453.58%
Philip Bowman1,931,1632.59%
David Poole & Warren Ladbrook &
Gaylene Cadwallader
1,688,6152.26%
Vinula Pty Limited1,459,5871.96%
New Zealand Depository Nominee Limited
(Sharesies)
1,145,2251.53%
Leveraged Equities Finance Limited1,092,2551.46%
Custodial Services Limited883,8221.18%
Vanessa Neal862,0681.16%
Waihinahina Capital Limited841,6671.13%
William Davidson701,0360.94%
Antonio Crisci & Vivienne Farnell & Toto
Trustees Limited
603,6100.81%
Justin Bade & Dorota Bade & Rca
Trustees 2016 Limited
538,4280.72%
David Lugton519,6580.70%
Pioneer Capital I Nominees Limited454,6980.74
Substantial Product Holders
This information is given as required by the Financial
Markets Conduct Act 2013.
As at 31 March 2023, the Company had 74,637,786 quoted
ordinary shares on issue (NZX code: SVR).
Substantial
product HolderNotes
Ordinary
Shares
heldDate of Notice
%
Issued
Capital
H&G Limited9,020,17321 July 202114.67%
Colin Neal9,140,4769 April 202114.87%
Paul Robinson14,141,58515 May 20206.74 %
Lucien Law24,896,33116 June 20217.96%
Notes:
1 Includes shares held directly and by the El Pilar A1 and Ika-Roa Investment
Trusts.
2 Includes shares held directly and by the El Pilar A1 and Ika-Roa Investment
Trusts.
Spread of Shareholders at 31 March 2023
RangeInvestorsSecuritiesIssued Capital %
1-1000117,3880.01
1001-50004361,317,4721.77
5001-100001841,311,6031.76
10001-500002124,559,9666.11
50001-100000352,494,6053.34
Greater than
100000
5964,946,75287.02
Statement of Directors’ Relevant Interests
Directors held the following relevant interests in shares in
the Company as at 31 March 2023:
DirectorShares
Paul Robinson4,485,797
Lucien Law4,395,393
Ryan Davis1,119,445
Louise Alexander231
Shareholder and
Statutory Information
46
Savor Group 2023 Annual Report
Shareholder and Statutory Information

Directors Remuneration and Other Benefits
The names of the directors of the Company who held office
and the details of their remuneration and value of other
benefits received for services to the Group for the year
ended 31 March 2023 were:
Director
Director
fee $
Executive
remuneration $
Nature of
remunerationNotes
Paul Robinson100,000350,000
Director fees
/ Executive
remuneration
Lucien Law60,000400,000
Director fees
/ Executive
remuneration
Ryan Davis10,000Director fees1
Louise
Alexander
60,000Director fees
1.
Satisfied in shares issued to Waihinahina Capital Limited.
Entries recorded in the Interests Register
The following entries were recorded in the Interests Register
of the Company during the year ended 31 March 2023.
Director
# of shares
acquired
Nature of
relevant
interest
Consideration
($)
Date of
acquisition
Ryan Davis452,778
Voting
shares
181,11131/05/2022
1
1
Shares issued pursuant to a placement to companies associated with
Ryan Davis, as disclosed on 31 May 2022.
Other Directorships and shareholdings
The following represents the interests of directors in other
companies as at 31 March 2023 disclosed to the Company
and entered in the Interests Register:
Lucien Law
Mizu Group Limited - Director
MBP Hospitality Limited - Director
BH Group Limited - Director
Paul Robinson
Mizu Group Limited - Director
MBP Hospitality Limited - Director
BH Group Limited – Director
Ryan Davis
Waihinahina Capital Limited – Director
Waihinahina Limited – Director
Greenmount Capital NZ Limited – Director
Greenmount New Zealand Limited – Director
Louise AlexanderBell Gully – Employee
Subsidiary Company Information
The persons listed below respectively held office as directors
of Savor Limited’s subsidiary companies as at 31 March 2023.
No employee of Savor appointed as a director of Savor
Limited’s subsidiaries receives or retains any remuneration or
other benefits, as a director.
CompanyDirectors
Savor Group LimitedP Robinson, L Law, T Peat
Amano Group LimitedP Robinson, L Law, T Peat
Savor Goods LimitedP Robinson, L Law, T Peat
Savor Quick Service LimitedP Robinson, T Peat
The Red Claw Trading Company LimitedP Robinson, T Peat
Amano Britomart 1 LimitedP Robinson, L Law
Amano Britomart 2 LimitedP Robinson, L Law
Savor Italian 1 LimitedP Robinson, L Law
Savor Britomart LimitedP Robinson, L Law
Savor Japanese 1 LimitedP Robinson, L Law
Savor Japanese 2 LimitedP Robinson, L Law
Indemnity and Insurance
The Company entered an indemnity in favour of its directors
under a deed dated 10 October 2012. The Company
has insured all its directors against liabilities and costs in
accordance with section 162(5) of the Companies Act 1993.
Employee’s Remuneration
During the period, the number of employees, not being
directors of the Company, who received remuneration and the
value of other benefits exceeding NZ$100,000 was as follows:
Remuneration rangeNumber of employees
$NZ ‘000
120–1301
130–1401
150-1601
200-2101
Audit Fees
The amount of audit fees payable to EY during the period
ending 31 March 2023 is set out in the notes to the financial
statements. During the period ended 31 March 2023, EY did
not provide any non-audit services to the Group.
Donations
The Group made no donations during the year ended
31 March 2023.
47
Savor Group 2023 Annual Report
Shareholder and Statutory Information

48
Savor Group 2023 Annual Report

Corporate
Directory
Directors
Paul Robinson
Executive Chair
Lucien Law
Executive Director & CEO
Ryan Davis
Independent Director
Louise Alexander
Independent Director
Financial Calendar
Interim results announced: November
End of financial year: 31 March
Annual Report published: May
Registered Office and
address for service
Level 4, Seafarers Building, 114 Quay
Street, Auckland, 1010, New Zealand
contact@savor.co.nz
Auditor
EY
Banker
Kiwibank
Lawyers
Chapman Tripp
Company Publications
The Company informs investors of
the Group’s business and operations
by publishing an Annual Report and
regular trading updates.
Share register and
shareholder enquiries
Shareholders with enquiries about
transactions or changes of address
should contact the share register.
Link Market Services Limited
Level 30, PwC Tower, 15 Customs
Street West, Auckland, PO Box 91976,
Auckland 1142
Phone: +64 9 375 5998
Fax: +64 9 375 5990
Other questions should be directed to
the Company at the registered address.
NZX Quotation
The Company’s shares trade on the
NZX Main Board financial products
market operated by NZX Limited under
the code SVR.
Signed for and on behalf of the Board by:
25 May 2023
Paul Robinson
Executive Chair
Ryan Davis
Director
49
Savor Group 2023 Annual Report
Corporate Directory

New Zealand's premier hospitality group

---

NZX Release




25 May 2023
Savor Posts Record Annual Result
Savor Limited (NZX: SVR) (“Savor”, “the Company”, or with its subsidiaries “the Group”), New
Zealand’s premier hospitality group, provides its results for the financial year ended 31 March 2023.


Highlights:
• Savor’s revenue was $52.4m for the year, an increase of over 70% compared to 2022.
• EBITDA
* was $5.2m, well within the guidance range announced in January 2023, also
increasing over 70% compared to 2022.
• Operating cash flow exceeded $6m, compared to $2.9m in the prior year.
• Net profit after tax was ($0.6m) compared to ($2.3m) in the prior year, after adjusting for
one-off restructuring and interest costs during the year. Including those charges net profit
after tax was ($2.3m).
• The Group continued to strengthen its Balance Sheet with the repayment of over $3.6m in
debt principal over the year and the repayment of $2.85m of deferred consideration for the
Amano acquisition.

The three key performance indicators by which the Company measures success have delivered
record results: (i) Revenue has grown from $16m (in 2021), through $30m (in 2022) to $52m now a
three fold increase, (ii) EBITDA
* has improved from $1.8m (in 2021), $3m (in 2022) to $5.2m this
year and (iii) Operating cash flow is now in excess of $6m compared to $3m (in 2022) and zero (in
2021).
These results were impacted by the early months of 2023 by the weather events throughout January
and February. The Group considers the impact of the weather events on revenue for the year to be
approximately $2m - $3m, which but for these, would have allowed the Group to exceed the top
end of the earnings guidance range of $6m EBITDA
*.


Trading Update
Savor is pleased to announce that with Bivacco outperforming all expectations the landlord has agreed
to extend the lease making it a 10 year term.
Despite the difficult macroeconomic environment, average transaction size and spend per head
continues to be strong as does the level of forward bookings. Nevertheless, in a defensive move the
Group raised additional capital in March 2023 to pay down all floating rate short term liabilities and
strengthened its balance sheet with the repayment of $6.45m of Bank debt and third party
obligations. With the business delivering healthy free cash flow and the Executive team focusing on
cost controls, Savor is well positioned for the winter season.

Savors 5 Year Performance
The Executive team is immensely proud of the Group’s transformation over the last 5 years. Divesting
Moa and navigating the uniquely difficult business environment that was COVID in Auckland, Savor
has increased revenue by 229% since 2019, turned around operating cash flow by $10m and delivered
an increase of 362% to EBITDA all the while substantially reducing debt levels (please refer to the
attached tables illustrating this).
Consequently, Savor’s Board restate their belief that the Group will soon be in a position to deliver
dividends in the coming years based on the continued growth of free cash flow.







*EBITDA means reported earnings before interest, tax, depreciation, amortisation and restructuring
costs, as reported in the Group’s Statement of Comprehensive Income.


-ENDS-


Investor Enquiries
Tim Peat
CFO, Savor
Mobile: 021 049 7442
Email: tim@savor.co.nz


About Savor
Savor, established in 2011, is one of New Zealand’s largest hospitality businesses with 20 iconic
venues in Auckland, including Amano, Azabu Ponsonby, Azabu Mission Bay, Ebisu and Non Solo
Pizza, each with its own unique concept, culture and offering. In 2022, Savor opened Bivacco in
Auckland’s Viaduct Harbour and brought iconic Melbourne concept MoVida to Britomart’s Seafarers
Building. Savor has a reputation for originality, the quality of its products and the high standard of
service that is consistent across the company portfolio.

Savor’s Five Year
Performance Transformation
Savor’s Five Year Performance Transformation
-
10,000,000
20,000,000
30,000,000
40,000,000
60,000,000
50,000,000
20192021202220232020
COVID-19
Continued focus on growth and quality of execution has allowed the group to leverage
off its core business to increase revenue by 229% in the five years since 2019.
Managements determined approach to cost control has yielded a $10m
turnaround in cashflows, representing a 270% increase over the last 5 years.
Revenue
Operating Cash Flows
20192021202220232020
COVID-19
- 4,000,000
- 2,000,000
-
2,000,000
4,000,000
8,000,000
6,000,000

Savor’s Five Year Performance Transformation
A controlled approach to balancing growth and prudent debt management, as well as
continued support from our shareholders, has significantly altered the debt levels of
the business and greatly reduced the cost of capital as the market has moved.
From a EBITDA loss of $2m to a profit in excess of $5m, Savor has
delivered a 362% increase in group earnings over the last five years.
Ratio of Debt to EBITDA
EBITDA
2.00
4.00
6.00
8.00
10.00
12.00
-
1,000,000
- 1,000,000
- 2,000,000
2,000,000
3,000,000
4,000,000
6,000,000
5,000,000
20192021202220232020
2021202220232020
COVID-19
COVID-19