FWL Full Year 2023 and Annual Report 2023 Published

Results announcement

Results for announcement to the market
Name of issuer Foley Wines Limited
Reporting Period 12 months to 30 June 2023
Previous Reporting Period 12 months to 30 June 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $66,692 +15.5%
Total Revenue $66,692 +15.5%
Net profit/(loss) from continuing operations $6,342 -11.7%
Total net profit/(loss) $6,342 +2.4%
Interim/Final Dividend
Amount per Quoted Equity Security $ 0.00000000
Imputed amount per Quoted Equity Security $ 0.00000000
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per Quoted Equity
Security
$1.71 $1.65
A brief explanation of any of the figures
above necessary to enable the figures to be
understood
Other Key Metrics:
Operating Profit before revaluations and income tax
(“Operating Earnings”) $10,216 +31.2%
Operating Profit before interest, revaluations, income tax,
depreciation and amortisation (“Operating EBITDA”)
$20,285 +30.0%
This announcement should be read in conjunction with
the attached audited Annual Report 2023. A copy of the
Annual Report 2023 can also be found on the FWL web
site www.foleywines.co.nz.
Authority for this announcement
Name of person

authorised to make this
announcement
Jane Trought – CFO
Contact person for this announcement Mark Turnbull – CEO
Contact phone number +64 21 714 885
Contact email address mark@foleywines.co.nz
Date of release through MAP

23 August 2023

Audited financial statements accompany this announcement.

---

ANNUAL REPORT
|
2023
made by land & hand

Contents
Performance Overview 3
Chief Executive Officer (CEO) and Directors’ Report 5 – 18
Directors’ Responsibility Statement 19
Financial Statements
Income Statement 21
Statement of Comprehensive Income 22
Statement of Changes in Equity 23
Statement of Financial Position 24 – 25
Statement of Cash Flows 26
Notes to the Financial Statements 27 – 66
Independent Auditor’s Report 67 – 70
Corporate Governance Statement 71 – 79
Statutory Information 80 – 86
Company Directory 87
Foley Wines is a collection of iconic
wineries and brands from New Zealand’s
most acclaimed wine regions
Each with a unique story of New Zealand to
tell, our wineries and distillery are linked by a
common unrelenting purpose; to make great
wine that people love to drink around the world
– made by land & hand.
made by
land &
hand
1
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Our Wineries
& Distillery
Martinborough Vineyard
Martinborough
Grove Mill
Wairau Valley, Marlborough
Te Kairanga
Martinborough
Vavasour
Awatere Valley, Marlborough
Lighthouse Gin
Martinborough
Mt Difficulty
Central Otago
The 2023 year was a record for the Company and reflected the work done in building the
brands, the continued focus on producing high quality wine and building quality routes to
market. At the same time the Company completed major capital expenditure programmes
that will lead to the ability to process more wine with the Grove Mill winery capacity
increased to 4,000 tonnes, the completion of The Runholder (Martinborough development)
and significant investment in both vineyard productivity and capacity.
BOTTLED SALES REVENUE
$62,281,000 (up 13.8%)
CASE SALES
584,000 (up 11.2%)
OPERATING EARNINGS
$10,216,000 (up 31.2%)
NET PROFIT AFTER TAX
$6,342,000 (up 2.4%)
OPERATING EBITDA
1

$20,285,000 (up 30%)
Performance
Overview
1. To be read in conjunction with the Disclosure of Non-GAAP Financial Information on page 18.
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FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

On behalf of the Directors of Foley Wines Limited (FWL) we are pleased to present the
2023 operating results and annual report for the 12 months ended 30 June 2023.
OPERATING PERFORMANCE
The Company reports an operating profit before revaluations and income tax (“operating
earnings”) of $10,216,000 compared with $7,784,000 for the previous financial year. At
the November 2022 ASM we outlined our goal was an operating profit before tax of $10m
so achieving this against an increasingly more challenging world economy and very high
interest rates (operating EBIT was up 41%) was very satisfying.
As outlined every year, we are of the firm belief that operating earnings is the key metric
to demonstrate the progress the Company is making due to the complexity around the
accounting standards and fair value adjustments particularly with harvested grapes. The
reasons are twofold. Firstly, this is how the Company budgets, determines pricing and
manages performance. Secondly, the fair value of grapes is a timing issue. A gain in the
year of harvest is reversed in the year of sale and, on the flip side, a loss in the year of
harvest is reversed in the year of sale.
Mark Turnbull, CEO and Director
“ The company has
worked to build an
exceptional wine portfolio
and with that a clear
premiumisation strateg y.”
CEO & DIRECTORS’ REPORT
Investing
for the
future.
5
FOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
4
FOLEY WINES LIMITED | ANNUAL REPORT 2023

Bottled
Case Sales
BOTTLED CASE SALES (000’S) 12 MONTHS TO JUNE
JUNE ‘23JUNE ‘22 % CHANGE
New Zealand
174148+18%
Australia
120100+20%
USA/Canada
84100(16)%
UK/Europe
170139+22%
Rest of World
3638(5)%
TOTAL
584525+11%
This year our unrealised gains/(loss) on harvested grapes has been negatively impacted
by the Central Otago region. We produce grapes for high value wines, which means a
higher cost associated with the grapes due to the viticultural practices applied. However
the market price of grapes in that region is often reflective of more commercial wines at
lower price points. Therefore this reflects in a loss, which is then reversed out when sold.
Profit for the period net of tax attributable for the Shareholders was $6,342,000, up 2.4%
compared with $6,196,000 the previous year. As outlined the accounting treatment of
grapes can have a material impact on the reported profit.
The above case sales were generally pleasing and reflective of the work done in establishing
new routes to market. The New Zealand market experienced a major change with Foodstuffs
North Island moving to a centralised buying strategy as opposed to individual stores having
decision making autonomy. While there was some initial disruption in terms of sales in the
lead up, we were delighted with our ranging outcomes. We believe this is testament to the
quality of our brand portfolio and the work of our partner Lion to understand Foodstuffs’
needs.
We have continued to work with Endeavour Drinks which is Australia’s largest drinks
business. We now have 25 wines ranged with them directly across their network and have
developed a very strong working relationship. This relationship is the perfect example of
our business model at work; essentially supplying a high quality wine portfolio from one
point of contact.
Clearly our USA shipments were disappointing for us this year. This is a critical focus for
us with Foley Family Wines USA moving forward and creating a growth plan with the
USA leadership team is a high priority.
Over the Covid period, we did see major disruptions to logistics. We are pleased to see that
this has improved in recent times. However, the flip side of this is that we expect to see
overseas customers reducing stock holdings as lead times improve.
67
FOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORTFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT

CASHFLOW
Operating cash flow was $10,348,000 for the year, up from $7,568,000 the previous year.
This year’s cashflow was significantly influenced by a number of factors:
– Higher bottled wine sales revenue for the year due to the continued implementation of
the premiumisation strategy.
– Higher interest costs due to higher interest rates and increased borrowing to fund asset
purchases.
Capital expenditure was $14,017,000 for the year, compared with $6,188,000 excluding
the Zebra Bendigo Vineyard purchase the previous year. The major item of expenditure
during the year was the development at Te Kairanga in Martinborough (The Runholder),
comprising of a tasting room, restaurant and distillery, amounting to $6.6m ($2.6m in the
prior year), and the expansion of the Grove Mill winery by 1,000 tonnes of processing
capacity with a new tank farm, amounting to $3.2m. The balance of the capital expenditure
was operating capital expenditure of $4.2m ($3.6m the prior year).
The Runholder project took over 3 years to complete and was heavily impacted by
Covid. This resulted in the project costing more than was originally anticipated, due to
exceptionally high construction inflation.
Both The Runholder and the Grove Mill expansion were key conditions of the Mt Difficulty
Overseas Investment Office (OIO) consent.
The Company is continuing to invest in vineyard productivity this year with further
replants in underperforming vineyards. Furthermore, the Vavasour refrigeration system
will be upgraded in time for the 2024 vintage.
During the year term loan funds of $5m were drawn down to finance the major capital
projects and $2.2m was repaid in terms of term borrowings as well as the refinancing of
one of the BNZ term loans.
The total dividend paid for the year was $2,629,000.
98
FOLEY WINES LIMITED | ANNUAL REPORT 2023

MARTINBOROUGH DEVELOPMENT
The Company is delighted to have opened the doors to its new hospitality venue in
Martinborough, The Runholder. Nestled on the edge of the Martinborough Terrace, beside
the Te Kairanga winery, The Runholder is the brand home of Te Kairanga, Martinborough
Vineyard and Lighthouse Gin. Comprising a 100 person restaurant across casual and formal
dining spaces, a tasting room, cellar door, viewing and dining terraces, private dining room
and distillery, the venue offers a truly unique and memorable destination for visitors to
experience the Company’s Martinborough brands.
In addition to the hospitality spaces, the building provides key operational facilities
including gin bottling, warehousing and a subterranean barrel hall which has capacity for
1,300 barrels and has been operational for the past two vintages. The distillery serves a
dual purpose with the still itself providing much greater gin production capacity, while
large floor to ceiling windows position the craftmanship of the custom built CARL still as
a striking display for visitors to discover the distilling process.
The architectural design, style and quality of the building represents an elevated offering
for Wairarapa which the Company believes delivers on Bill Foley’s vision in 2020 of
creating an icon for the region. The building has been completed to a high level of finish,
using durable, low maintenance materials that will last the lifetime of the building. A warm
roof provides thermal, acoustic and structural performance along with solar panels.
We expect the cellar door and restaurant to be an important contributor both in terms of
profit and also the effect a strong “spiritual home” will have on brand awareness locally
and globally.
THE RUNHOLDER, MARTINBOROUGH
1110
FOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORTFOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT

MT DIFFICULTY DEVELOPMENT
In addition, building consent has been received for the major expansion of the hospitality
operations at Mt Difficulty. Once complete, guests will be able to enjoy a dedicated tasting
pavilion which will allow for casual dining, while the restaurant will offer an even more
premium experience. The architectural design captures the breathtaking views across the
Cromwell basin. It will be an even more memorable location to enjoy our Mt Difficulty
wines.
DIRECT-TO-CONSUMER MARKETING
Direct-to-consumer marketing continues to be a key priority. In synergy with our brand
homes, our online cellar door, The Foley Wine Club and Foley Rewards programme
create a powerful platform generating significant trial and loyalty across the brands. The
Runholder and the Mt Difficulty cellar door create valuable opportunities to engage with
potential new members and accelerate the growth of this valuable direct channel.
FOLEY HOSPITALITY GROUP
Foley Hospitality Group is a benchmark New Zealand hospitality business with iconic
venues in Auckland, Wellington and Queenstown. Acquired as The Nourish Group by
Foley Holdings New Zealand Limited in July 2022, the past 12 months has seen even closer
collaboration with our ‘sister’ company to create memorable food and wine occasions in
venues such as Soul, Andiamo, Jervois Steak House, The Brit, Shed 5 and Pravda. Opened
this year, Auckland’s first urban cellar door, Somm, showcases our wines and regions to
New Zealanders and tourists alike on Auckland’s waterfront.
Foley Hospitality’s venues play an important role in our marketing eco-system, bringing
our brands to life as part of unforgettable guest experiences. Additionally, this closer
relationship allows us to draw upon the expertise and capabilities of a team of experienced
hospitality operators to support the success of Foley Wines’ own hospitality investments.
SOMM CELLAR DOOR, AUCKLAND
1312
FOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORTFOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT

CUSTOMERS SEEKING OUT THE VALUE OF FOLEY WINES’
UNIQUE PROPOSITION
For a number of years the Company has described its unique ability to deliver value
through its portfolio of high quality brands from three acclaimed regions. The past year has
continued to prove the value of this ‘one stop’ solution for customers, with an increasing
number of customers seeking out the business to supply multiple products across price
points and regions, resulting in long term mutually beneficial relationships in key markets.
The Shareholder Store continues to be a popular online destination. Available exclusively
to Shareholders, this online store makes available our portfolio of brands at special
Shareholder prices, as well as access to Shareholder-only offers.
QUALITY
The Company was delighted to receive outside recognition of quality from some of the
world’s most respected and influential industry competitions and commentators. This was
particularly pleasing given the challenges of the 2022 growing season, and is testament to
the team’s skill in the vineyards, wineries and distillery:
– Gold Medals for both Vavasour Sauvignon Blanc and Martinborough Vineyard Home
Block Pinot Noir at the Decanter World Wine Awards 2023, the world’s largest and most
influential wine competition.
– Trophies for both Vavasour Sauvignon Blanc and Grove Mill Pinot Gris at the New
Zealand International Wine Show 2022
– Trophies for both Vavasour Sauvignon Blanc and Vavasour Papa Sauvignon Blanc at
The Marlborough Wine Show 2022
– 21 wines awarded 90+ Point scores by James Suckling
– Recognition of our wines by The Real Review’s Classification of New Zealand 2022
with Two Merits for Martinborough Vineyard Home Block Chardonnay and Te Kairanga
John Martin Pinot Noir and One Merit each for Martinborough Vineyard Home
Block Pinot Noir, Vavasour Sauvignon Blanc, Mt Difficulty Bannockburn Pinot Noir,
Mt Difficulty Bannockburn Target Riesling.
– Gold for Lighthouse Gin Navy Strength at The New Zealand Spirits Awards 2023.
2023 HARVEST
The harvest totalled 8,137 tonnes across the Marlborough, Martinborough and Mt Difficulty
wineries, an overall decrease of 12% on last year’s harvest of 9,203 tonnes and an increase
of 46% on the 2021 harvest of 5,582 tonnes.
The team in Martinborough had a real challenge dealing with a very wet summer. While
we did not experience the devastation of Hawkes Bay, Martinborough certainly suffered
as well. To the team’s credit they worked tirelessly in very trying conditions to achieve the
best outcome.
SUSTAINABILITY
It is the view of the Company that acting sustainably is a matter of necessity, not a ‘nice
to have’. Environmental issues have become even more important in consumers’ decision
making. The practical, tangible sustainability practices that underpin our operations go
beyond the Sustainable Winegrowing New Zealand accreditation held by each of our
wineries and vineyards. Our practices carry through from vineyards to packaging and
include using recycled glass manufactured locally, using labels made from sugarcane
on some products, irrigating vineyards and native plantings with winery wastewater to
conserve water, restoring local wetland habitats and solar energy generation at four of
our five wineries. Our small wineries are positioned amongst our vineyards, reducing the
carbon footprint of incoming grapes during harvest, and integrating into the landscape. The
living roof at Mt Difficulty is designed to encourage biodiversity, evaporative cooling, and
heat retention.
Recycled
New Zealand
Glass
Industry-
Leading Water
Conservation
Ongoing
Packaging
Improvements
Restoring
Local
Habitats
Powered with
the help of
Solar Energy
Part of
the
Landscape
1415
FOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORTFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT

DIVIDEND
The Directors have resolved that no final dividend will be paid for the year ended 30 June
2023. The Directors appreciate that this will be disappointing to Shareholders however
the necessary capital spend during the year of $6.2m on The Runholder and $3.2m to
increase Grove Mill’s processing capacity means that, while not a cash return this year,
Shareholders will benefit from a balance sheet improved by hard assets that will create
enduring revenue streams in future years. To pay a dividend on top of these capital spends
would necessarily expose the business to additional debt at a time of extremely high costs
of borrowing. The policy of the Board is to evaluate present and projected cash flows,
sustainable operating earnings and, if prudent, to declare a dividend subject to current and
future capital and acquisition expenditure requirements.
OUTLOOK
Over the past few years the Company has worked to build an exceptional wine portfolio,
with ‘blue chip’ routes to market based on a clear premiumisation strategy. However the
headwinds talked about last year are very much here. High interest rates are affecting
consumers globally and economic conditions in most markets are seeing the impact.
We have also faced unprecedented cost increases across the board which are becoming
more difficult to pass on to consumers. The UK has introduced new taxes on wine which
increases the price to the end consumer which will soften demand. Wine pricing is highly
price elastic therefore we need to be very cognitive of the implications in terms of volume.
Notwithstanding these headwinds, the Company continues to seek out new markets for
the portfolio and are excited to bring The Runholder to New Zealanders to enjoy. The
Company is in good shape and continues its strong growth and investment for the future.
Finally, the Directors wish to thank the team for the outstanding job done over the past year
against a backdrop of an uncertain global economy.
For and on behalf of the Board of Directors
Mark Turnbull
CEO and Director
1617
FOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORTFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT

For the year ended 30 June 2023
The Directors are responsible for the preparation, in accordance with New Zealand law and
generally accepted accounting practice, of financial statements which fairly present the
financial position of Foley Wines Limited and Group as at 30 June 2023 and the results of
their operations and cash flows for the year ended 30 June 2023.
The Directors consider that the financial statements of the Company and the Group
have been prepared using accounting policies appropriate to the Company and Group
circumstances, consistently applied and supported by reasonable and prudent judgements
and estimates, and that all applicable New Zealand Equivalents to International Financial
Reporting Standards have been followed.
The Directors have responsibility for ensuring that proper accounting records have been
kept which enable, with reasonable accuracy, the determination of the financial position of
the Company and Group and enable them to ensure that the financial statements comply
with the Financial Markets Conduct Act 2013 and Financial Reporting Act 2013.
The Directors have responsibility for the maintenance of a system of internal control
designed to provide reasonable assurance as to the integrity and reliability of financial
reporting. The Directors consider that adequate steps have been taken to safeguard the
assets of the Company and Group and to prevent and detect fraud and other irregularities.
The Directors are pleased to present the financial statements of Foley Wines Limited and
Group for the year ended 30 June 2023.
This annual report is dated 23 August 2023 and is signed in accordance with a resolution
of the Directors made that day pursuant to section 211(1)(k) of the Companies Act 1993.
For and on behalf of the Directors


PR Brock
Chairman
AM Turnbull
CEO and Director
Directors’ Responsibility
Statement
The Operating EBIT and Operating EBITDA are derived from the NZ-GAAP financial statements as follows:
GroupGroup
20232022
$’000$’000
Operating Profit before interest, impairment, revaluations & income tax13, 5959, 510
Impairment(17 )(5)
Interest on lease liabilities through cost of sales (note 13.1)497460
Operating EBIT (earnings before interest and tax)14 ,0759,96 5
Depreciation4 ,9914,578
Amortisation1, 2191,056
Operating EBITDA (earnings before interest, tax,
depreciation and amortisation)20,28515,59 9
For the year ended 30 June 2023
Disclosure of Non-GAAP
Financial Information
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FOLEY WINES LIMITED | ANNUAL REPORT 2023
18
FOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT

GroupGroup
20232022
Notes$’000$’000
Total Revenue 366,63257,692
Expenses
Cost of sales(42,879)(38,199)
Selling, marketing and promotion expenses(5, 571)(4,658)
Administration and corporate governance expenses(4,567)(4,004)
Vineyard acquisition and replacement losses–(1,302)
Other expenses(20)(19)
Expenses excluding interest(53,037)(4 8 ,182)
Operating Profit before interest, impairment,
revaluations & income tax13,5959, 510
Interest revenue4220
Interest expense4(3,404)(1, 741)
Net finance costs(3,362)(1,721)
Operating Profit before impairment, revaluations &
income tax10,2337, 7 8 9
Impairment
(Impairment) of inventory2.2 (c)(17 )(5)
Operating Profit before revaluations & income tax10,2167, 7 8 4
Revaluation gains and losses
Unrealised gain/(loss) in fair value of financial asset/liabilities 23(k)113(910)
Unrealised (loss)/gain on harvested grapes20(201)2,400
Realised reversal of (gain)/loss on harvested grapes(1,223)505
Revaluation of property, plant & equipment2.3.9–(8)
Profit before income tax8,9 059,771
Income tax expense5.1(2,563)(3,575)
Profit for the year net of tax, attributable to
Shareholders of the Parent Company6,3426 ,19 6
Basic Earnings per share cps (after tax)69. 6 59. 4 3
Diluted Earnings per share cps (after tax)69. 319.11
Income
Statement
For the year ended 30 June 2023
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 27 to 66.
Financial Statements
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FOLEY WINES LIMITED | ANNUAL REPORT 2023
20
FOLEY WINES LIMITED | ANNUAL REPORT 2023

Statement of
Changes in Equity
For the year ended 30 June 2023
Fully PaidAsset
OrdinaryRevaluationRetained
SharesReserveEarningTotal
GroupNotes$’000$’000$’000$’000
Equity at 1 July 2022 86 , 51829,8882 7, 3 8 9143, 795
Profit for the year––6,3426,342
Other comprehensive income for the year9––––
Total comprehensive income for the year ––––
Distributions to owners7––(2,629)(2,629)
Transactions with owners during the year––(2,629)(2,629)
Added to equity during the year––3, 7133, 713
Equity at 30 June 202386 , 51829,88831,10 214 7, 5 0 8
Dividends paid per share cps74.0
Fully PaidAsset
OrdinaryRevaluationRetained
SharesReserveEarningTotal
GroupNotes$’000$’000$’000$’000
Equity at 1 July 202186 , 51822,53723,305132,36 0
Profit for the year––6 ,1966 ,196
Other comprehensive income for the year9–7,868–7,868
Transfer from Asset Revaluation Reserve to
Retained Earnings–(517 )517–
Total comprehensive income for the year –7, 3 516 , 71314,064
Distributions to owners7––(2,629)(2,629)
Transactions with owners during the year––(2,629)(2,629)
Added to equity during the year–7, 3 514,08411 , 4 3 5
Equity at 30 June 2022 86 , 51829,8882 7, 3 8 9143, 795
Dividends paid per share cps74.0
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 27 to 66.
GroupGroup
20232022
Notes$’000$’000
Profit for the year36,3426 ,19 6
Other comprehensive income:
Items that will not be reclassified to profit or loss:
Revaluation of property, plant and equipment2. 3.9, 10–8 , 713
Income tax on items taken directly to or transferred from equity5.2–(845)
Other comprehensive income for the year, net of tax–7, 8 6 8
Total comprehensive income for the year, net of tax 6,34214,06 4
Statement of
Comprehensive Income
For the year ended 30 June 2023
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 27 to 66.
2223
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Statement of
Financial Position
(continued)
As at 30 June 2023
GroupGroup
20232022
Notes$’000$’000
CURRENT LIABILITIES
Trade and other payables118,5564,356
Bank overdraft124 , 721666
Loans and borrowings122,3562,257
Lease liabilities13. 21,077932
Convertible notes1410,90 010,90 0
Other financial liabilities155 61608
Current tax liabilities5.31,256966
29, 42720,685
NON-CURRENT LIABILITIES
Loans and borrowings1242,42939, 7 76
Lease liabilities13. 213, 4 4 012,952
Other financial liabilities1516 6232
Deferred tax liabilities5.415 ,11 015, 78 0
71,14 568,740
TOTAL LIABILITIES10 0,57289, 425
EQUITY
Share capital886 , 51886 , 518
Reserves929,88829,888
Retained earnings1031,10 22 7, 3 8 9
TOTAL EQUITY14 7, 5 0 8143, 795
TOTAL LIABILITIES AND EQUITY248,080233,220
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 27 to 66.
Statement of
Financial Position
As at 30 June 2023
GroupGroup
20232022
Notes$’000$’000
CURRENT ASSETS
Cash and cash equivalents10354
Trade and other receivables1613, 78 49,834
Inventories1752,08549,624
Biological work in progress18 & 201,84 41,948
Prepaid expenses377815
Other current assets–46
68 ,10 062,622
NON-CURRENT ASSETS
Property, plant and equipment19131,123122,138
Right-of-use assets13.112,81612, 3 07
Intangible assets2135,12535,125
Other receivables169161,028
179,98 0170 , 598
TOTAL ASSETS248,080233,220
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 27 to 66.
2425
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
Statement of
Cash Flows
For the year ended 30 June 2023
GroupGroup
20232022
Notes$’000$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from (applied to)
Receipts from customers6 7,1 0161, 576
Interest received61
Payments to suppliers and employees(50,412)(49,338)
Interest and other costs of finance paid(3,404)(1, 74 0 )
Income tax paid(2,943)(2,931)
Net cash flow from operating activities2210,3487, 5 6 8
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was obtained from (applied to)
Sale of property, plant and equipment93134
Purchase of property, plant and equipment excluding Zebra
Vineyard Purchase(14 ,017 )(6 ,18 8)
Purchase of property, plant and equipment – Zebra Vineyard–(6,302)
Purchase of intangible assets –(3)
Grower and other loans repaid15010 0
Net cash flow (applied to) investing activities(13 , 7 74 )(12, 259)
CASH FLOW FROM FINANCING ACTIVITIES
Cash was provided from (applied to)
Dividends paid7(2,629)(2,629)
Loans advanced22 (b)21,00032,000
Loans repaid22 (b)(18,248)(26,597)
Lease liabilities repaid22 (c)(1,096)(953)
Net cash flow from/(applied to) financing activities(973)1,821
Net (decrease) in cash held(4,399)(2,870)
Cash and cash equivalents at beginning of year(312)2,558
Cash and cash equivalents/(Bank overdraft) at end of year( 4 , 7 11)(312)
Comprising: Cash and cash equivalents10354
Bank overdraft12(4,721)(666)
( 4 , 7 11)(312)
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 27 to 66.
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FOLEY WINES LIMITED | ANNUAL REPORT 2023
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FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
2. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
2.2 BASIS FOR PREPARATION (CONTINUED)
Judgements, Estimates and Assumptions and Accounting Policies (Continued)
The significant areas of estimation and assumptions made in the preparation of these financial statements are as follows:
(a) Fair Value of Land, Land Improvements and Buildings
The fair value of land, land improvements (vineyards) and buildings is determined by an independent valuer. The fair value of
land, vineyards, including bearer plants (grape vines) and other vineyard infrastructure, and buildings were determined under
the principle of highest and best use at balance date. Fair value is the amount for which the assets could have been exchanged
between a knowledgeable willing buyer and a knowledgeable willing seller in an arm’s length transaction as at the valuation
date. Fair value is determined by direct reference to recent market transactions on arm’s length terms for vineyards comparable
in size, location and varietal mix to those held by the Group. To determine the fair value the independent valuer uses valuation
techniques which are inherently subjective and involve estimation. The Directors consider that market data exists to support
this basis of valuation. Refer to note 19.
(b) Fair Value of Grapes at the Point of Harvest
The fair value of grapes at the point of harvest is determined by reference to market prices for each variety of grape grown
in the local area at the time of harvest. The Directors’ assessment of the fair value at the point of harvest is determined after
reviewing the market price paid to independent grape growers including reference to New Zealand Winegrowers annual
Grape Price Data. Refer to note 20. The fair value of grapes is sensitive to changes in the market. These changes are factored
into the market price determined by New Zealand Winegrowers. The carrying value of grapes is unlikely to be significantly
impacted by market movements in next 12 months as these grapes will be used in production of wine.
(c) Impairment of Assets other than Goodwill and Indefinite Life Intangibles
The Group assesses impairment of all assets at each reporting date by evaluating conditions specific to the Group and to the
particular asset that may lead to impairment. If an impairment trigger exists the recoverable amount of the asset is determined.
In relation to inventories the net realisable value, represents the estimated selling price in the ordinary course of business,
less estimated costs of completion and estimated costs to be incurred in the marketing, selling and distribution. Following this
review of net realisable value and a comparison of this to the cost of inventories an impairment of inventory of $17,000 for the
Group has been recorded in the current year (2022: $5,000). Refer to note 17.
(d) Impairment of Goodwill and Indefinite Life Intangibles
The Group determines at least annually whether goodwill and indefinite life intangible assets are impaired. This requires an
estimation of the recoverable amount of the cash generating units to which the goodwill and intangible assets were allocated.
The calculation of the recoverable amount of the cash generating unit involves assumptions to be made in terms of the timing
and extent of net cash flows expected to arise from the cash generating unit and the selection of an appropriate discount rate
in order to determine the present value. The Group has determined that in the current year there is only one cash generating
unit for the whole business and the value of the goodwill and intangible assets was supported by value-in-use calculations.
These calculations required the use of estimates. These estimates are set out in note 21.
1. REPORTING ENTITY
Foley Wines Limited (“the Company”, “the Parent”) is a company domiciled in New Zealand, registered under the Companies
Act 1993 and listed on the NZX Main Board (NZSX) of the New Zealand Stock Exchange (“NZX”). The Company is an FMC
reporting entity in terms of the Financial Markets Conduct Act 2013.
The Company is an integrated wine company producing table wines with the marketing and sales of premium wines in New
Zealand and various export markets.
The Company is 52.80% (2022: 52.80%) owned by Foley Holdings New Zealand Limited, which in turn is owned 80.47%
by Foley Family Wines Holdings, Inc., a company domiciled in the United States of America.
.
2. SUMMARY OF ACCOUNTING POLICIES
The financial statements of Foley Wines Limited (“the Company”, “the Parent”) and its subsidiaries and controlled entities
(together referred to as “the Group”) have been prepared in accordance with generally accepted accounting practice in
New Zealand (“NZ GAAP”). The Company is a profit-oriented company incorporated in New Zealand with its registered
office at 13 Waihopai Valley Road, RD6, Blenheim 7276, New Zealand.
2.1 STATEMENT OF COMPLIANCE
The Company is a reporting entity for the purpose of the Financial Markets Conduct Act 2013 and its financial statements
comply with that Act.
The financial statements comply with New Zealand equivalents to International Financial Reporting Standards (‘NZ IFRS’)
and other applicable Financial Reporting Standards as appropriate for profit-oriented entities. The financial statements also
comply with International Financial Reporting Standards (“IFRSs”).
The financial statements were authorised for issue by the Directors on 23 August 2023.
2.2 BASIS FOR PREPARATION
The financial statements have been prepared on the historical cost basis except for land and buildings, land improvements
including biological bearer plants (refer note 2.2(a)), inventory produced from estate grown grapes (refer note 2.2(b)) and
derivative financial instruments each of which have been measured at fair value. The reporting currency is New Zealand
dollars and all values are rounded to the nearest thousand dollars ($’000).
Judgements, Estimates and Assumptions and Accounting Policies
In the application of NZ IFRS the Directors are required to make judgements, estimates and assumptions about carrying values
of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based
on historical experience and various other factors that are believed to be reasonable under the circumstance, the results of
which form the basis of making the judgements. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future
periods if the revision affects both current and future periods.
Notes to the
Financial Statements
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Notes to the
Financial Statements
(continued)
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
2. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
2.3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
2.3.1 REVENUE RECOGNITION (CONTINUED)
(b) Interest revenue
Revenue is recognised as the interest accrues (using the effective interest method which is the rate that exactly discounts
estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the
financial asset).
2.3.2 BORROWING COSTS
Borrowing costs are recognised as an expense when incurred except to the extent that they are directly attributable to the
acquisition, construction or production of a qualifying asset.
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset will be capitalised as
part of the cost of that asset.
2.3.3 IMPAIRMENT OF ASSETS OTHER THAN GOODWILL AND INDEFINITE LIFE
INTANGIBLES
At each reporting date, the Group reviews the carrying value of its tangible and intangible assets and assesses whether there
is any indication that an asset may be impaired. Where an indicator of impairment exists or when annual impairment testing
for an asset is required, the Group makes a formal assessment of recoverable amount. Where the carrying amount of an asset
exceeds its recoverable amount the asset is considered to be impaired and is written down to its recoverable amount.
Impairment losses relating to property, plant and equipment are recognised in the current period profit or loss, unless the
relevant asset is carried at fair value, in which case the impairment loss is treated as a revaluation decrease only to the extent
that there are sufficient previous reserves.
The Group recognises a loss allowance for lifetime expected credit losses (ECL) for trade receivables. In determining the
expected credit losses for these assets, the Company has taken into account the historical default experience, the financial
position of the counterparties and considered various external sources of actual and forecast economic information, as
appropriate, in estimating the probability of default of each of these financial assets occurring, as well as the loss upon
default in each case.
2.3.4 CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash on hand, cash at bank and investments on call or in short-term deposits with an
initial maturity of three months or less. Bank overdrafts are shown within loans and borrowings in current liabilities in the
Statement of Financial Position.
For the purposes of the cash flow statement, cash and cash equivalents includes cash on hand, demand deposits and short-
term, highly liquid investments that are readily convertible into known amounts of cash and includes at call borrowings such
as bank overdrafts, used by the Group as part of its day-to-day cash management.
2. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
2.2 BASIS FOR PREPARATION (CONTINUED)
Judgements, Estimates and Assumptions and Accounting Policies (Continued)
The significant areas of critical judgements made in the preparation of these financial statements are as follows:
(a) Lease Accounting
The Group has entered into long-term vineyard leases which allow the Group to control the growing and harvesting of the
grapes used in the production of finished product.
Significant estimates and judgements that have been required for the application of NZ IFRS 16 Leases are:
• The determination of whether an arrangement contains a lease;
• The determination of lease term for some lease contracts in which the Group is a lessee that include renewal options and
termination options, and the determination whether the Group is reasonably certain to exercise such option;
• The determination of the incremental borrowing rate used to measure lease liabilities;
• The determination of the expected cost to dismantle and remove lease improvements at end of the lease.
Refer to note 13.
The Directors continually review all accounting policies and areas of judgement in presenting the financial statements.
Accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies the
concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is
reported. A summary of significant accounting policies is disclosed in section 2.3.
2.3 SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies have been adopted in the preparation and presentation of the financial
statements:
2.3.1 REVENUE RECOGNITION
Revenue is recognised to depict the transfer of promised goods or services to customers in an amount that reflects the
consideration to which the vendor expects to be entitled in exchange for those goods or services.
The following specific recognition criteria must also be met before revenue is recognised:
(a) Sale of goods
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and
excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or
service to a customer. Control is considered transferred to the buyer at the time of delivery of the goods to the customer or at
the free on board (FOB) port/delivery point or as otherwise contractually determined. Delivery occurs when the goods have
been shipped to the customer’s specific location. For sales of goods to retail customers, transfer is at the point the customer
purchases the goods at the retail outlet. Payment of the transaction price, which may be reduced by the customer opting to
redeem accrued Foley Reward Points towards the purchase, is due immediately at the point the customer purchases the goods.

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Notes to the
Financial Statements
(continued)
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
2. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
2.3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
2.3.7 LEASES (CONTINUED)
Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance
outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the
remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease
term. Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or
rate or when there is a change in the assessment of the term of any lease.
2.3.8 AGRICULTURE (BIOLOGICAL ASSET PRODUCE AND BIOLOGICAL WORK IN
PROGRESS)
Agriculture comprises agricultural produce (harvested grapes) from bearer plants (grape vines).
All costs incurred in deriving produce from the current year’s harvest or maintaining agricultural assets (bearer plants) are
capitalised and treated as part of the cost of inventory. Costs incurred in deriving produce from a future harvest are capitalised
and treated as Biological work in progress in the Statement of Financial Position.
The fair value of harvested grapes (agricultural produce or “consumable biological asset”) less estimated point-of-sale costs
is recognised in profit or loss as gain/loss on harvested grapes in the period of harvest. The fair value of grapes is determined
by reference to market prices for grapes in the local area, at the time of harvest. This becomes the deemed “cost” for inventory
valuation purposes.
2.3.9 PROPERTY, PLANT AND EQUIPMENT
Land, land improvements (vineyards), including bearer plants (grapes vines) and other vineyard infrastructure, and buildings
(excluding buildings under construction) are valued at fair value less accumulated depreciation. Land is not depreciated.
Fair value is determined on the basis of an independent valuation prepared by external valuation experts annually. The fair
values are recognised in the financial statements and are reviewed at the end of each reporting period to ensure that the
carrying value is not materially different from their fair value. Fair value is determined by reference to market-based evidence,
which is the amount for which the assets could be exchanged between a knowledgeable willing buyer and a knowledgeable
willing seller in an arm’s length transaction as at the valuation date. Any subsequent acquisitions since the last revaluation are
recorded at cost less accumulated depreciation and impairment losses.
Land improvements include all costs incurred in developing vineyards including direct material (including grapes vines), direct
labour and an allocation of overhead and financing cost. These are not depreciated until the integrated vineyard asset
reaches full commercial production which is typically two to three years after planting.
Revaluation increases are taken directly to the revaluation reserve except to the extent that they reverse a previous revaluation
decrease of the same asset that was recognised as an expense in profit or loss, in which case the increase is credited to profit
or loss to the extent of the decrease previously charged.
Decreases in value are debited directly to the revaluation reserve to the extent that they reverse previous surpluses of the same
asset and are otherwise recognised as expenses in profit or loss.
All other items of property, plant and equipment are recorded on the cost basis less accumulated depreciation and impairment
losses.
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances
indicate that the carrying value may not be recoverable. Resulting impairment losses are recognised as an expense in profit
or loss.
2. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
2.3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
2.3.5 TRADE AND OTHER RECEIVABLES
Trade receivables are recognised initially at fair value and subsequent to initial recognition are carried at amortised cost less
impairment. Bad debts are written off during the year in which they are identified.
Other receivables are initially recognised at fair value of the consideration received or receivable. Other receivables are
classified as current assets unless the balances are expected to settle at least 12 months after balance date, in which case
they are classified as non-current other receivables. Subsequent measurement of other non-current receivables occurs at
amortised cost less impairment, where the nominal value is discounted to present value, using the effective interest rate of the
asset over the expected period of settlement.
2.3.6 INVENTORIES
All inventories are valued at the lower of cost or deemed cost and net realisable value. Cost is calculated on an average cost
basis. Inventory costs include a systematic allocation of appropriate production overheads that relate to putting inventories
in their present location and condition but exclude borrowing costs. The allocation of production overheads is based on the
normal capacity of the production facilities. The deemed cost for the Group’s agricultural produce (grapes) is fair value at
harvest date less estimated point-of-sale costs in accordance with NZ IAS 41 ‘Agriculture’.
Net realisable value represents the estimated selling price in the ordinary course of business, less estimated costs of completion
and estimated costs to be incurred in the marketing, selling and distribution.
2.3.7 LEASES
All leases are accounted for by recognising a right-of-use asset and a lease liability except for Leases of low value assets; and
Leases with a term of 12 months or less.
Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with
the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily
determinable, in which case the Group’s incremental borrowing rate on commencement of the lease is used. Variable lease
payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the
initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other
variable lease payments are expensed in the period to which they relate.
On initial recognition, the carrying value of the lease liability also includes:
• amounts expected to be payable under any residual value guarantee;
• the exercise price of any purchase option granted in favour of the Group if it is reasonably certain to exercise that option;
• any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination
option being exercised.
Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and
increased for:
• lease payments made at or before commencement of the lease;
• initial direct costs incurred; and
• the amount of any provision recognised where the group is contractually required to dismantle, remove or restore the
leased asset.

3233
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
2. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
2.3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
2.3.13 EMPLOYEE BENEFITS
Provision is made for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave when it is
probable that settlement will be required and they are capable of being measured reliably.
Provisions made in respect of employee benefits expected to be settled within 12 months are measured at their nominal values
using the remuneration rate expected to apply at the time of settlement. Provisions made in respect of employee benefits which
are not expected to be settled within 12 months are measured as the present value of the estimated future cash outflows to be
made by the Group in respect of services provided by employees up to reporting date.
Liabilities for short term bonus plans are recognised where there is a contractual or constructive obligation and accrued on
an undiscounted basis.
2.3.14 FOREIGN CURRENCIES
In preparing the financial statements of each individual group entity, all transactions denominated in a currency other than the
entity’s functional currency (foreign currencies) occurring during the financial year are translated into the functional currency
using the exchange rate in effect at the date of the transaction. Monetary items receivable or payable in a foreign currency
are translated at the exchange rate existing at balance date. Foreign exchange gains or losses resulting from the settlement of
transactions and from the translation at balance date are recognised in profit or loss in the period in which they arise.
2.3.15 INCOME TAX
Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit
or loss for the year. It is calculated using the tax rates and tax laws that have been enacted or substantively enacted by the
reporting date. Current tax for current and prior periods is recognised as a liability (or asset) to the extent that it is unpaid (or
refundable) at the reporting date.
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences between the
carrying amounts of assets and liabilities in the financial statements and the corresponding tax base of those items. In principle,
deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent
that it is probable that sufficient taxable amounts will be available against which deductible temporary differences or unused
tax losses and tax offsets can be utilised. However, deferred tax assets and liabilities are not recognised if the temporary
differences giving rise to them arise from the initial recognition of assets or liabilities which affects neither taxable income nor
accounting profit. Furthermore, a deferred tax liability is not recognised in relation to taxable temporary differences arising
from goodwill.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and
liability giving rise to them are realised or settled, based on tax rates (and tax laws) that have been enacted or substantively
enacted by reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would
follow from the manner in which the consolidated entity expects, at the reporting date, to recover or settle the carrying amount
of its assets and liabilities. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same
taxation authority and the company intends to settle its current tax assets and liabilities on a net basis.
Current and deferred tax is recognised as an expense or income in profit or loss, except when it relates to items credited or
debited directly to equity or in other comprehensive income, in which case the deferred tax or current tax is also recognised
directly in equity or in other comprehensive income.
2. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
2.3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
2.3.9 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
All items of property, plant and equipment other than land, are depreciated on a straight line basis at rates which will write off
their cost or revalued amount less estimated residual value over their expected useful lives. The estimated useful lives, residual
values and depreciation methods are reviewed at the end of each annual reporting period. The estimated useful lives of major
classes of assets are as follows:
Buildings 10 – 50 years
Land improvements and bearer plants (grape vines) 5 – 50 years
Plant, equipment and vehicles 1 – 20 years
Buildings under construction are not depreciated until completed.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected
from its use. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in profit or loss in the period the asset is derecognised.
2.3.10 INTANGIBLE ASSETS OTHER THAN GOODWILL
Purchased identifiable intangible assets, comprising trademarks, are shown at cost less any accumulated impairment losses.
Trademarks have been assessed as having an indefinite life, since the Company has the rights to the brand while it is registered
and has no intention of relinquishing those rights. Trademarks are not amortised but are subject to annual impairment testing
whereby the recoverable amount is estimated and an impairment loss is recognised to the extent that the recoverable amount
is lower than the carrying amount.
Intangible assets acquired in a business combination and recognised separately from goodwill, such as brands acquired, are
initially recognised at their fair value at the acquisition date (which is regarded as their cost).
Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated
impairment losses, on the same basis as intangible assets that are acquired separately.
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal.
Gains or losses arising from de-recognition of an intangible asset, measured as the difference between the net disposal
proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised.
2 . 3 .11 P A Y A B L E S
Trade payables and other accounts payable are recognised when the Group becomes obliged to make future payments
resulting from the purchase of goods and services.
Foley Rewards points are accrued as the sales of eligible product are made through the Foley Wine Club store. The accrual
is reduced as points are redeemed.
2.3.12 LOANS AND BORROWINGS
Borrowings are initially recorded at fair value of the consideration received, net of issue costs directly associated with the
borrowing. Deferred consideration payable as part of a business combination are treated as borrowings and recorded at fair
value at the date of completion of the transaction.
After initial recognition, borrowings are subsequently measured at amortised cost, which present values the borrowing using
the effective interest rate method. Amortised cost is calculated by taking into account any issue costs, and any discount or
premium on issuance.
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FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
2. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
2.3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
2.3.19 STATEMENT OF CASH FLOWS (CONTINUED)
“Financing activities” are those activities relating to changes in equity and debt capital structure of the Group and dividends
paid on the Company’s equity capital.
“Operating activities” include all transactions and other events that are not investing or financing activities.
2.3.20 SEGMENT REPORTING
NZ IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that
are regularly reviewed by the chief operating decision maker (CODM) in order to allocate resources to the segment and to
assess its performance. The CODM is considered to be the Board of Directors and has established that the Group operates
in one segment (refer note 26).
2.3.21 GOVERNMENT GRANTS
Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions
attaching to them and that the grants will be received.
Government grants are recognised in profit or loss on a systematic basis over the periods in which the Group recognises as
expenses the related costs for which the grants are intended to compensate.
2.3.22 BUSINESS COMBINATIONS
Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business
combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred
by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the
Group in exchange for control of the acquiree. Acquisition-related costs are generally recognised in profit or loss as incurred.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests
in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the
acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the
acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration
transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held
interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.
2.3.23 GOODWILL
Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see
2.3.22 above) less accumulated impairment losses, if any.
For the purposes of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-
generating units) that is expected to benefit from the synergies of the combination
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when
there is indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying
amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to
the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill
is recognised directly in profit or loss in the consolidated income statement. An impairment loss recognised for goodwill is not
reversed in subsequent periods.
2. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
2.3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
2.3.16 GOODS AND SERVICES TAX
Revenues, expenses, assets and liabilities are recognised net of the amount of goods and services tax (GST), except for
receivables and payables which are recognised inclusive of GST, where invoiced.
Cash flows are included in the statement of cash flows on a gross basis.
2.3.17 DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments including forward exchange contracts, option contracts and interest rate
swaps for the primary purpose of reducing its exposure to fluctuations in foreign currency exchange rates and interest rates.
Derivatives are initially recognised at fair value on the date the derivative contract is entered into (the trade date) and are
subsequently re-measured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or
loss immediately unless the derivative is designated and effective as a hedging instrument, in which event, the timing of the
recognition in profit or loss depends on the nature of the hedge relationship.
The Group has not adopted hedge accounting during the year. All derivative financial instruments are measured at fair value
and changes in their fair value are recognised immediately in profit or loss (FVTPL). The fair value of forward exchange
contracts, foreign exchange option contracts and interest rate swaps are determined with reference to the quoted market
prices.
2.3.18 FINANCIAL INSTRUMENTS ISSUED BY THE GROUP
Debt and equity instruments
Debt and equity instruments are classified as either liabilities or as equity in accordance with the substance of the contractual
agreement.
Transaction costs on the issue of equity instruments
Transaction costs arising on the issue of equity instruments are recognised directly in equity as a reduction of the proceeds of
the equity instruments to which the costs relate. Transaction costs are the costs that are incurred directly in connection with the
issue of those equity instruments and which would not have been incurred had those instruments not been issued.
Interest and dividends
Interest and dividends are classified as expenses or as distributions of profit consistent with the Statement of Financial Position
classification of the related debt or equity instruments or component parts of compound instruments.
2.3.19 STATEMENT OF CASH FLOWS
The cash flow statement is prepared inclusive of GST.
Definitions of the terms used in the statement of cash flows are:
“Cash and cash equivalents” includes cash on hand, demand deposits and short-term, highly liquid investments that are
readily convertible into known amounts of cash and includes at call borrowings such as bank overdrafts, used by the Group
as part of its day-to-day cash management.
“Investing activities” are those activities relating to the acquisition and disposal of current and non-current investments, and
any other non-current assets, and includes dividends received.
3637
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
2. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
2.3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
2.3.25 ADOPTION STATUS ON RELEVANT FINANCIAL REPORTING STANDARDS AND
INTERPRETATIONS (CONTINUED)
2.3.25.2 Standards and interpretations effective in future periods (Continued)
• Disclosure of Accounting Policies (Amendments to NZ IAS 1 and IFRS Practice Statement 2) - Entities are now required
to disclose their ‘material’ accounting policies instead of ‘significant’ accounting policies. The amendments clarify that
accounting policy information is material if users of an entity’s financial statements would need it to understand other
material information in the financial statements, and that accounting policy information may be material because of
its nature, even if the related amounts are immaterial – mandatory for annual periods beginning on or after 1 January
2023. The amendments are applied prospectively with earlier application permitted.
• Definition of Accounting Estimates (Amendments to NZ IAS 8) - The definition of “change in accounting estimates” is
replaced with a definition of “accounting estimates”. Under the new definition, accounting estimates are “monetary
amounts in financial statements that are subject to measurement uncertainty” - mandatory for annual periods beginning
on or after 1 January 2023.
The Group’s management have completed an initial assessment of the new standards and do not expect the adoption of these
standards to have a material financial impact on the financial statements of the Group but may affect disclosure.
Management will work through a full analysis of each standard and will provide further information on the expected impact
of adoption of these standards in future reports ahead of their effective dates. The Group does not expect to adopt these
standards before their effective date.
2.4 BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the
Company (its subsidiaries) made up to 30 June each year. Control is achieved when the Company - has the power over the
investee; is exposed, or has rights, to variable returns from its involvement with the investee; and has the ability to use its power
to affects its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to
one or more of the three elements of control listed above.
Income and expenses of subsidiaries acquired or disposed of during the year are included in the consolidated Income
Statement and Statement of Comprehensive Income from the effective date of acquisition and up to the effective date
of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners of the Company
and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies
into line with those used by other members of the Group.
All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.
2. SUMMARY OF ACCOUNTING POLICIES (CONTINUED)
2.3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
2.3.23 GOODWILL (CONTINUED)
On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the
profit or loss on disposal.
2.3.24 CHANGES IN ACCOUNTING POLICIES
There have been no changes in accounting policies during the year except as noted in 2.3.25.1 below.
2.3.25 ADOPTION STATUS ON RELEVANT FINANCIAL REPORTING STANDARDS AND
INTERPRETATIONS
2.3.25.1 Standards and interpretations effective in the current year
The following Standards and Amendments to NZ IFRS, which are relevant to the Group’s financial statements, and became
effective mandatorily for the annual periods beginning on or after 1 January 2022, were adopted by the Group from 1 July
2022. The adoption of these have not and will not lead to any change in the Group’s accounting policies with measurement
or recognition impact on the period presented in these financial statements:
• Annual Improvements to NZ IFRS Standards 2018-2020 – These amendments include the Taxation in fair value
measurements (NZ IAS 41 Agriculture) – mandatory for annual periods beginning on or after 1 January 2022.
• Onerous Contracts – Cost of Fulfilling a Contract (Amendment to NZ IAS 37) – Clarifies the costs to be included when
determining the cost of fulfilling a contract, for the purpose of assessing whether the contract is onerous - mandatory for
annual periods beginning on or after 1 January 2022 with early application permitted.
• Property, Plant and Equipment – Proceeds Before Intended Use (Amendment to NZ IAS 16) Prohibits an entity from
deducting amounts received from selling items produced while the entity is preparing an item of property, plant and
equipment for its intended use from the cost of the equipment - mandatory for annual periods beginning on or after 1
January 2022 with early application permitted.
• Reference to the Conceptual Framework (Amendment to NZ IFRS 3) – mandatory for annual periods beginning on or
after 1 January 2022 with early application permitted.
2.3.25.2 Standards and interpretations effective in future periods
Certain new Standards, Interpretations and Amendments to existing standards have been published that are mandatory for
later periods and which the Group has not early adopted. The key items include:
• Disclosure of Fees for Audit Firms’ Services – requires greater disaggregation of the fees paid to the audit firm for
different types of services – mandatory for annual periods beginning on or after 1 January 2024.
• Classification of Liabilities as Current or Non-current (Amendments to NZ IAS 1) – To clarify the classification of debt and
other liabilities with an uncertain settlement date in the statement of financial position, including the settlement of debt by
converting to equity – mandatory for annual periods beginning on or after 1 January 2024.
3839
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
GroupGroup
20232022
$’000$’000
5. INCOME TAX
5.1 INCOME TAX RECOGNISED IN PROFIT
Income tax expense comprises:
Current tax expense – current year3 , 2312,786
Current tax expense – adjustment to prior year2196
Current tax expense3,2332,982
Deferred tax (benefit)/expense – origination & reversal of temporary differences(670)593
Deferred tax (benefit)/expense(670)593
Total income tax expense2,5633,575
Reconciliation of income tax expense:
Profit before income tax8,9059, 7 71
Income taxation expense calculated at current rate of 28% 2,4932,736
Non-deductible expenses2050
Non-taxable capital profit/sale of amortisable land improvements–(136)
Disposal of amortisable land improvements–284
Zebra Vineyard amortisable land improvements acquired (initial recognition)–504
Other deferred movements48(59)
Prior period adjustment2196
Income tax expense as reported2,5633,575
5.2 INCOME TAX RECOGNISED DIRECTLY IN OTHER
COMPREHENSIVE INCOME
The following current and deferred amounts were charged/(credited) directly to
other comprehensive income during the year:
Deferred tax: Revaluation of property, plant and equipment–845
5.3 CURRENT TAX ASSETS AND LIABILITIES
Current tax assets: Tax refund receivable––
Current tax liabilities: Tax payable1,256966
GroupGroup
20232022
$’000$’000
3. PROFIT FOR THE YEAR
Included in profit before income tax for the year are the following:
REVENUE:
Sales revenue – sale of goods – bottled wine62, 2815 4 , 74 7
Sales revenue – other4 , 3192,945
Total sales revenue66,6005 7, 6 9 2
Other revenue – insurance proceeds32–
Total revenue66,6325 7, 6 9 2
Sales revenue – other includes the sale of other products such as bulk wine, spirits,
merchandise, restaurant meals and non-alcoholic beverages.

EXPENSES:
Amortisation – lease right-of-use assets1, 2191,056
Bad debts written off24–
Depreciation4 ,9914,578
Directors’ fees240240
Employee benefits expense:
– Short-term employee benefits10,0328,724
Excise duty and HPA levy5 , 8114,727
Fees paid to auditors:
– Audit of the financial statements (including fees and disbursements) (Deloitte Limited)12599
Cost of inventories recognised as expense3 7, 0 6 833,472
4. INTEREST EXPENSE
Interest on loans and borrowings2,6831,033
Interest on convertible notes708708
Interest expense on lease liabilities12–
Total Interest expense3,4041, 741
4041
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023
GroupGroup
20232022
cents per
shares
cents per
shares
6. EARNINGS PER SHARE
Basic Earnings per share9. 6 59. 4 3
The calculation of basic earnings per share in respect of 2023 is based on profit of $6,342,000 (2022: $6,196,000)
and the weighted average of 65,736,148 ordinary shares on issue during the year (2022: 65,736,148).
Diluted Earnings per share9. 319.11
The calculation of diluted earnings per share in respect of 2023 based on profit of $6,852,000 (2022: $6,706,000),
being profit for the year adjusted for the interest on the convertible notes after income tax, and the weighted average of
73,599,173 ordinary shares on issue during the year (2022: 73,599,173).
The weighted average number of ordinary shares for the purposes of diluted earnings per share reconciles to the
weighted average number of ordinary shares used in the calculation of basic earnings per share as follows:
GroupGroup
20232022
Number of
shares
Number of
shares
Weighted average number of ordinary shares (Basic) 6 5, 736 ,14 86 5, 736 ,14 8
Convertible notes outstanding at year end7, 8 6 3 , 0 2 57, 8 6 3 , 0 2 5
Weighted average number of ordinary shares (Diluted)73,599,17373,599,173
7. DISTRIBUTION TO OWNERS
The Company paid a final dividend for 2022 of 4 cents per share fully imputed on 21 October 2022 totalling $2,629,000
(2022: $2,629,000: 4 cents per share paid 22 October 2021). No final dividend for the current financial year has been
declared and included in these financial statements.
Parent 2023Parent 2022GroupGroup
Number of
shares issued
Number of
shares issued
20232022
$’000$’000
8. SHARE CAPITAL
FULLY PAID UP ORDINARY SHARES
Balance at beginning of financial year6 5, 736 ,14 86 5, 736 ,14 886 , 51886 , 518
Movements in share capital––––
Balance at end of financial year6 5, 736 ,14 86 5, 736 ,14 886 , 51886 , 518
5. INCOME TAX (CONTINUED)
5.4 DEFERRED TAX BALANCES
Taxable and deductible temporary differences arise from the following:
Balance SheetIncome Statement
GroupGroupGroupGroup
2023202220232022
$’000$’000$’000$’000
Deferred tax liabilities and assets
Tax and accounting book differences – property, plant and
equipment10,87111 ,14 7(276)70
Brand intangible assets (value-in-use deferred tax)5,15 05,15 0––
Fair value through profit or loss financial assets/liabilities(204)(235)31(255)
Other including WET rebate receivable78699(16)
Inventories and biological work in progress(81)323(404)812
Annual, sick leave and employee entitlements, accruals and
provisions(125)(117 )(8)(2)
Lease liabilities and right-of use assets(579)(557)(22)(16)
Net deferred tax liabilities15 ,11 015, 78 0
Deferred tax (benefit)/expense(670)593
All deferred tax assets and liabilities are offset and disclosed as non-current.
GroupGroup
20232022
$’000$’000
5.5 IMPUTATION CREDITS
Imputation credits available for subsequent reporting periods based on a tax rate of 28%11 , 4149, 203
The above amounts represent the balance of the imputation account as at the end of the reporting period, adjusted for:
a) Imputation credits that will arise from the payment of the amount of the provision for income tax
b) Imputation debits that will arise from the payment of dividends recognised as a liability at the reporting date; and
c) Imputation credits that will arise from the receipt of dividends recognised as receivables at the reporting date.
43
FOLEY WINES LIMITED | ANNUAL REPORT 2023
42
FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
12. BANK OVERDRAFT AND LOANS AND BORROWINGS
At amortised cost:GroupGroup
InterestInterest RateExpiry20232022
Rate %Review DateDate$’000$’000
Bank overdraft8.89% pa4 , 721666
Bank of New Zealand Term Loan 06/097. 5 1% p a31/ 7/ 2 33 0/4/ 2 616 ,0 0311 , 0 0 2
Bank of New Zealand Term Loan 05/077. 41% p a31/ 7/ 2 33 0/1/2622,67124,586
Bank of New Zealand Term Loan 087. 61% p a31/ 7/ 2 33/5/276 ,1116,445
Total loans and borrowings44,78542,033
Weighted average effective interest rate on
BNZ Term Loans7. 4 7 %4.27%
Bank overdraft 4 , 721666
Loans due within 1 year2,3562,257
Total current loans and borrowings2,3562,257
Loans due 1 to 2 years2,36013,347
Loans due 2 to 5 years40,06926,429
Total non-current loans and borrowings42,42939, 7 76
Total loans and borrowings44,78542,033
BANK OF NEW ZEALAND FACILITIES
The details and terms of the BNZ facilities are as follows:
• The $5 million Market Connect Overdraft Facility to fund ongoing working capital requirements. The interest rate payable
on the facility is the BNZ Market Connect Overdraft Prime Rate (with 0% margin). An overdraft facility fee of 0.80%pa
is payable in arrears. All outstanding debt under the facility is repayable upon demand. The balance available to be
drawn down at 30 June 2023 was $0.3 million (2022: $4.3m).
• The $20 million BNZ Term Loan Facility (loan #09). This loan facility was drawn down on 28 April 2023 and used to
repay BNZ Term Loan #06 in full. This loan facility is an interest only facility until maturity on 30 April 2026. The full
facility limit of $20 million is available for redraw throughout the term. The interest margin and non-utilisation fee are
linked to net leverage ratio. At 30 June 2023 the margin was payable at 1.85% per annum above the base rate. The
base rate is the three month ‘BKBM’ rate as quoted on the Reuters Monitor Money Rates Services page. A non-utilisation
fee was payable of 0.93% pa. All outstanding debt under the facility is repayable on the maturity date. The balance
available at 30 June 2023 was $4 million (2023: $9m).
• The $25.5 million BNZ Term Loan Facility (loan #07). This loan facility was drawn down on 2 August 2021 and used to
repay BNZ Term Loan #05 in full. The terms of the loan are as follows: Principal repayment of $83,333 payable monthly
from 30 August 2021 to 29 July 2022 and $166,667 monthly from 30 August 2022 until maturity on 30 January 2026.
The facility limit decreases each month by the principal repayment amount. Interest is payable at 1.75% per annum
above the base rate. The base rate is the one month ‘BKBM’ rate.
8. SHARE CAPITAL (CONTINUED)
The Company has only one class of shares and all shares have the same voting rights and share equally in dividends and any
surpluses on winding up. The shares have no par value.
Share issues during the year:
There were no share issues during the year.
Shares reserved for issuance:
Convertible notes on issue at year end – convertible to 7,863,025 ordinary shares – refer note 14 (2022: 7,863,025).
GroupGroup
20232022
$’000$’000
9. RESERVES
ASSET REVALUATION RESERVE
Balance at beginning of financial year29,88822,537
Revaluation increments–8 , 713
Transferred to retained earnings–(517 )
Deferred tax liability arising on revaluation (note 5.2)–(845)
Balance at end of financial year29,88829,888
The asset revaluation reserve arises on the revaluation of land, buildings and land improvements. Where a revalued
asset is sold that proportion of the asset revaluation reserve which relates to that asset, and is effectively realised, is
transferred directly to retained earnings.
10. RETAINED EARNINGS
Balance at beginning of financial year2 7, 3 8 923,305
Profit for the year net of tax, attributable to Shareholders of the Parent Co.6,3426 ,196
Dividends paid relating to 2022 (2022: 2021)(2,629)(2,629)
31,10 226,872
Transferred from asset revaluation reserve–517
Balance at end of financial year31,10 22 7, 3 8 9
11. TRADE AND OTHER PAYABLES
Trade creditors6,0392,350
Employee entitlements1,069918
Other accruals1,4 481,088
8,5564,356
4445
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023
13. LEASES (CONTINUED)
13.1 LEASE RIGHT OF USE ASSETS (CONTINUED)
The Group leases vineyard land, office space (buildings), producing vineyards (land improvements) and a motor vehicle. The
average lease term (including right of renewals) is 8.0 years at 30 June 2023 (2022: 8.9 years).
The vineyard land lease agreements have normal provisions for periodic rent reviews to market rates and the producing
vineyard lease agreements have annual CPI linked rent reviews.
The maturity analysis of lease liabilities relating to these leases is presented below.
GroupGroup
20232022
$’000$’000
Amounts recognised in profit and loss:
Amortisation expense on right-of-use assets1, 2191,056
Interest expense on lease liabilities12–
Interest expense on lease liabilities through cost of sales497460
Expense relating to short-term leases78114
Expense relating to leases of low value assets1112
At 30 June 2023, the Group is committed to $5,000 for short-term leases (2022: $11,000).
The total cash outflow for leases during the period was $1,682,000 (2022: $1,544,000).
13.2 LEASE LIABILITIES
Classified as:
Current1,077932
Non-Current13, 4 4 012,952
Total14 , 51713,884
Maturity analysis (undiscounted cash flows):
Year 11,5571,371
Year 21,5591,290
Year 31,5621,290
Year 41,4901,290
Year 51,1791,262
Over 5 Years12, 4 8812,829
Total19,83519, 332
The lease liabilities were increased by $240,000 due to lease remeasurements and $1,488,000 due to new leases during the
year (2022: Lease remeasurements $2,596,000 and New leases $132,000). The Group does not face a significant liquidity
risk with regard to its lease liabilities. Lease liabilities are monitored within the Group’s treasury function.
All lease obligations are denominated in New Zealand dollars.
12. BANK OVERDRAFT AND LOANS AND BORROWINGS (CONTINUED)
BANK OF NEW ZEALAND FACILITIES (CONTINUED)
• The $6.5 million BNZ Term Loan Facility (loan #08). This loan facility was drawn down on 3 May 2022 to finance
the Zebra Bendigo Vineyard purchase. The terms of the loan are as follows: Principal repayment of $27,740 payable
monthly for the first 12 months and then the monthly payments increase annually until maturity on 3 May 2027. The
facility limit decreases each month by the principal repayment amount. Interest is payable at 1.95% per annum above
the base rate. The base rate is the one month ‘BKBM’ rate.
SECURITY
The Bank has registered a first ranking general security agreement over all the present and after acquired property of the
Company and of its wholly owned subsidiaries, a specific security agreement over any separately identifiable intellectual
property of the Company or its wholly owned subsidiaries and a first ranking mortgage over all of the land and improvements
owned by the Company.
BANK COVENANTS
The Company complied with all of the financial covenants imposed by the Bank of New Zealand during the year.
13. LEASES
13.1 L EASE RIGHT OF USE ASSETS
Land
Improve-
LandBuildingsmentsTotal
Group$’000$’000$’000$’000
Year ended 30 June 2023
Net carrying amount
At 1 July 20228,661–3,64612, 3 07
Additions –3131,1751,488
Lease remeasurements––240240
Amortisation charge for the period(498)(55)(666)(1, 219)
At 30 June 20238 ,16 32584,39512,816
Year ended 30 June 2022
Net carrying amount
At 1 July 20216 ,821233, 79110,635
Additions ––132132
Lease remeasurements2,362–2342,596
Amortisation charge for the period(522)(23)( 511)(1,056)
At 30 June 20228,661–3,64612, 3 07
47
FOLEY WINES LIMITED | ANNUAL REPORT 2023
46
FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
GroupGroup
20232022
$’000$’000
15. OTHER FINANCIAL ASSETS/(LIABILITIES)
At fair value:
Foreign currency forward contracts(5 61)(608)
Other financial liabilities – FVTPL - Current(5 61)(608)
Foreign currency forward contracts(16 6)(232)
Other financial liabilities – FVTPL – Non-Current(16 6)(232)
Other financial liabilities – FVTPL – Total(727)(840)
Derivative financial instruments are used by the Group in the normal course of business in order to hedge exposure to
fluctuations in interest and foreign exchange rates. Refer note 23 for details of financial instruments used by the Group.
16. TRADE AND OTHER RECEIVABLES
Trade receivables13,1238,991
Other receivables 1,5771,871
14 , 70 010,862
Current13, 78 49,834
Non-Current9161,028
The carrying amount disclosed above is a reasonable approximation of fair value. Trade receivables are non-interest
bearing and are generally due the last working day of the month following invoice for domestic customers and 30-120 day
terms for export customers.
Not Past Due13 ,1188,872
Past Due 1-30 days1116
Past Due 31-60 days42
Past Due 61-90 days–1
Past Due > 91 days––
13,1238,991
GroupGroup
20232022
$’000$’000
14. CONVERTIBLE NOTES
Foley Holdings New Zealand Limited10,90 010,90 0
Disclosed as: Current convertible notes10,90 010,90 0
As part of the merger transaction with The New Zealand Wine Company Limited (renamed Foley Family Wines Limited
and later Foley Wines Limited (“FWL”)) on 4 September 2012, the Company issued an 18 month convertible note to Foley
Holdings New Zealand Limited (“Foley Holdings”, formerly Foley Family Wines Holdings, New Zealand Limited) for the
principal amount of $10,900,000 thereby assuming Foley Family Wines NZ Limited’s current loan liability to Foley Holdings
New Zealand Limited of the same amount under a promissory note.
The principal terms of the Convertible Note are:
• the term of the Convertible Note is a minimum term of 18 months. After that period or earlier if FWL is in breach of its
obligations under the Convertible Note, the Convertible Note converts at the option of Foley Holdings or alternatively
Foley Holdings may demand repayment in lieu of conversion;
• the issue price on the conversion of any shares under the Convertible Note is $1.386 per share which is the same price
at which the shares have been issued to Foley Holdings pursuant to the Merger of The New Zealand Wine Company
Limited and Foley Family Wines New Zealand Limited. On conversion of the Convertible Note issued by FWL, 7,863,025
shares in FWL could be issued to Foley Holdings at a price of $1.386 per share by way of off-set against the amount
owing to Foley Holdings under the Convertible Note. Assuming no change in the shares on issue in FWL between the
date of the issue of the Convertible Note and its conversion to new shares, this would when aggregated with the shares
issued under the Merger increase the holdings of Foley Holdings in FWL to 83%.
• the Convertible Note does not give Foley Holdings any right to vote. Foley Holdings will acquire voting rights with the
ordinary shares it receives on any exercise of the right to convert under the Convertible Note;
• interest is payable, quarterly in arrears (not compounding), on the Convertible Note pending conversion at the rate of
6.5% pa. The interest rate has been agreed between FWL and Foley Holdings as being representative of market rates
for an unsecured loan of its type; and
• all shares issued pursuant to the exercise of the Convertible Note will rank equally in all respects with all other FWL shares
on issue.
The Convertible Note can be converted at the option of Foley Holdings after 18 months from the date of issue, that is, from 4
March 2014, and there are no performance hurdles required to be met before conversion can occur. The Convertible Note
has been classified as current. At balance date, and up to the date of these financial statements, no notification had been
received to convert the note.
4849
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
18. BIOLOGICAL WORK IN PROGRESS
GroupGroup
20232022
$’000$’000
Growing costs related to next harvest1,84 41,948
The growth on the vines in the period from harvest to 30 June 2023 cannot be reliably measured due to the lack of market
information and the variables in completing the biological transformation process between balance date and the time of
harvest. As allowed under NZ IAS 41 the cost of agricultural activity in the period to 30 June has been recognised as work
in progress for the next harvest. This assumes the cost of the agricultural activity approximates fair value in determining the
value of the biological transformation that has occurred in that period. The value of work in progress at balance date was
$1,844,000 (2022: $1,948,000).
19. PROPERTY, PLANT AND EQUIPMENT
Land
FreeholdImprove-BearerPlantCapital
FreeholdBuildingsmentsPlantsEquip. &Work in
Land atat Fairat Fairat FairVehiclesProgress
Fair ValueValueValueValueat Costat CostTotal
Group$’000$’000$’000$’000$’000$’000$’000
Year ended 30 June 2023
At 1 July 2022, net of
accumulated depreciation
and impairment42,58621,9518,33424,36018,4056,502122,138
Additions –8673574236,2706 ,10114 ,018
Disposals––––(42)–(42)
Depreciation charge
for the year–(462)( 74 9 )(572)(3,208)–(4 ,9 91)
At 30 June 2023, net of
accumulated depreciation
and impairment42,58622,3567, 9 4 22 4 , 21121, 42512, 6 0 3131,123
At 30 June 2023
Fair value42,58621,9518,33424,360––9 7, 2 31
Cost–86735742350,52312, 6 0 364,773
Accumulated depreciation
(accum impairment nil)–(462)( 74 9 )(572)(29,098)–(30,881)
Net carrying amount42,58622,3567, 9 4 22 4 , 21121, 42512, 6 0 3131,123
16. TRADE AND OTHER RECEIVABLES (CONTINUED)
Trade receivables that are less than 90 days past due are generally not considered impaired. As of 30 June 2023 trade
receivables of $5,000 (2022: $119,000) were past due but not impaired.
Other receivables include grower advances (amounts owing for the purchase of the lessee’s vineyard improvements at the
expiry of the lease for land) of $1,169,000 (2022: $1,179,000). The grower advances are secured by way of first ranking
mortgage over the grower’s land. The grower advances are accounted for as net present value of future cash flows on initial
recognition discounted at 4.39% for the advance in 2022 and 2.26% for the advance in 2021. The expense relating to the
present value of new grower advances recorded during the year was $Nil (2022: $86,000). Interest income/receivable for
the year was $36,000 (2022: $18,000). The Group recognises lifetime ECL when there has been a significant increase in
credit risk since initial recognition on other receivables. However, if the credit risk on the other receivables has not increased
significantly since initial recognition, the Group measures the loss allowance for that other receivable at an amount equal to
12-month ECL.
The Group recognises a loss allowance for lifetime expected credit losses (ECL) for trade receivables. The expected credit
losses on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience,
adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as
well as the forecast direction of conditions at the reporting date. Based on the assessment undertaken at balance date the
Group has not recorded an Impairment of Trade Receivables in the current year (2022: $Nil). One bad debts was written off
during the year for $24,000 due to insolvency (2022: $Nil) and $18,000 of this debt was recovered by way of trade credit
insurance claim proceeds and nothing was recovered from prior years (2022: $Nil). The gross debt relating to the trade
receivables which were considered to be impaired at balance date was $Nil (2022: $Nil).
GroupGroup
20232022
$’000$’000
17. INVENTORIES
Raw materials621686
Consumable stores176114
Work in progress35,36533,790
Finished goods15,96215,056
Impairment of inventory(39)(22)
Total inventories at lower of cost and net realisable value52,08549,624
Impairment of Inventory:
Opening balance2217
Impairment charge reversal during the year(22)(17 )
Impairment charge during the year3922
Closing balance3922
Cost of inventories recognised as expense during the year3 7, 0 6 833,472
5051
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023
19. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
REVALUATION OF LAND, BUILDINGS, LAND IMPROVEMENTS AND BEARER PLANTS
(CONTINUED)
Fair value is the amount for which the assets could have been exchanged between a knowledgeable willing buyer and a
knowledgeable willing seller in an arm’s length transaction as at the valuation date. Freehold land, land improvements and
bearer plants at fair value (viticulture planted land) is valued by reference to recent market transactions on arm’s length terms
for similar assets, considering grape varietal, soil quality and access to water on a per hectare basis. Adopted rates per
hectare range from $113,000 to $388,000. The Valuers have determined an adopted rate based on comparable transactions
adjusted for the specific characteristics of the viticulture planted land. Adopted values increase as the adopted rate per
hectare increases. The valuation includes inputs which are adjusted for the size, location and varietal mix held by the Group.
Based on these valuation techniques these fair values are included in Level 3 in the fair value hierarchy (refer note 23(j)).
Freehold Buildings are valued using a combination of the income approach and optimised depreciated replacement cost
method. The valuation comprises inputs for estimated rental, adopted capitalisation rates and estimated cost to replace the
assets on a like for like basis. The adopted capitalisation rates was 7.25%. As capitalisation rates decrease adopted building
values increase. Based on these valuation techniques these fair values are included in Level 3 in the fair value hierarchy
(refer note 23(j)). The valuer has considered the uncertainty in the market due to covid-19 implications when performing the
property valuations. The valuer has valued each property on a stand-alone basis as independent vineyard and winery which
can be sold in isolation to others within the portfolio. The valuation is performed on an individual asset level.
Year ended 30 June 2023:
A market overview has been performed as at 30 June 2023 by registered independent valuer Colliers Limited. Management
and the directors have concluded the carrying amount does not differ materially from the fair value therefore no revaluation
was required for the current year for land, buildings, land improvements and bearer plants.
The carrying amount of land, buildings, land improvements and bearer plants had they been recognised under the historic
cost model would have been $23,713,000, $14,917,000, $6,181,000 and $14,816,000 respectively (2022: $23,713,000,
$14,050,000, $5,824,000 and $14,393,000). Land Improvements comprise of vineyard structures and irrigation and
excludes bearer plants (grape vines) which are disclosed separately.
The capital work in progress, which includes the building under construction at Te Kairanga and the Mt Difficulty Cellar door/
Restaurant redevelopment and the Vavasour Winery Refrigeration project, is included at cost until completed.
Insurance cover has been taken out over buildings, land improvements and plant, equipment and vehicles.
20. BIOLOGICAL ASSET PRODUCE
Biological assets consist of grape vines (bearer plants). Bearer plants are classified as Property, Plant and Equipment and are
included in note 19. The Company grows grapes to use in the production of wine, as part of normal operations. Vineyards
are located in Marlborough, Martinborough and Central Otago, New Zealand. Grapes are harvested between March and
May each year. At 30 June 2023 the Group held approximately 238 hectares of land owned or leased by the Company in
Marlborough (2022: 227), 190 hectares of land owned or leased by the Group in Martinborough (2022: 190) and 215
hectares of land owned or leased by the Group in Central Otago (2022: 225). 188 hectares are currently in commercial
production in Marlborough (2022: 180), 123 hectares in Martinborough (2022: 126) and 162 hectares in Central Otago
(20 22: 181).
19. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Land
FreeholdImprove-BearerPlantCapital
FreeholdBuildingsmentsPlantsEquip. &Work in
Land atat Fairat Fairat FairVehiclesProgress
Fair ValueValueValueValueat Costat CostTotal
Group$’000$’000$’000$’000$’000$’000$’000
Year ended 30 June 2022
At 1 July 2021, net of
accumulated depreciation
and impairment3 4 ,14119, 2937,88123,36218, 7333,556106,966
Additions 3,2662441, 3142,0293,0092,94612,808
Disposals––(231)(1, 4 63)(69)–(1, 76 3)
Revaluations5 ,1792,806(270)990––8,705
Depreciation charge
for the year
–(392)(360)(558)(3,268)–(4,578)
At 30 June 2022, net of
accumulated depreciation
and impairment42,58621,9518,33424,36018,4056,502122,138
At 30 June 2022
Fair value42,58621,9518,33424,360––9 7, 2 31
Cost––––4 4,9836,50251, 485
Accumulated depreciation
(accum impairment nil)––––(26,578)–(26,578)
Net carrying amount42,58621,9518,33424,36018,4056,502122,138
COMMITMENTS:
At balance date the Group had capital commitments of $632,000 for the Te Kairanga Development, $631,000 for bearer
plants (grape vines) and $1,494,000 for the Vavasour Winery Refrigeration project (2022: Te Kairanga Development
$3,583,000, $462,000 for bearer plants (grape vines) and CARL copper pot still $18,000). The Group has also committed
to a capital expenditure project not exceeding $3 million for the Mt Difficulty Cellar door/Restaurant redevelopment.
REVALUATION OF LAND, BUILDINGS, LAND IMPROVEMENTS AND BEARER PLANTS
Year ended 30 June 2022:
Land, buildings, land improvements and bearer plants (grape vines) were valued at fair value under the principle of highest
and best use by Telfer Young, registered independent valuers, for the Martinborough properties, and Colliers International,
registered independent valuers, for the Central Otago and Marlborough properties, on 30 June 2022.

53
FOLEY WINES LIMITED | ANNUAL REPORT 2023
52
FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
21. INTANGIBLE ASSETS (CONTINUED)
After initial recognition, goodwill acquired is measured at cost less any accumulated impairment losses. Goodwill is not
amortised but is subject to impairment testing on an annual basis or whenever there is an indication of impairment. Goodwill
relates to the acquisition of the Vavasour Wines’ business assets on 1 September 2003, Goldwater Wines’ business assets on
1 April 2006, Clifford Bay’s business assets on 1 March 2007, the reverse acquisition of The New Zealand Wine Company
Ltd (Grove Mill) on 4 September 2012, the acquisition of Martinborough Vineyards on 30 June 2014 and the acquisition of
Mt Difficulty Wines’ business and assets on 3 January 2019. The value of Goodwill at balance date includes the deferred tax
liability on acquired indefinite life intangibles (brands) of $5,150,000 (2022: $5,150,000).
BRANDS AND INTELLECTUAL PROPERTY
At start of period, net of impairment18,66818,668
Additions - current year additions ––
At 30 June, net of impairment18,66818,668
Cost (gross carrying value)18,66818,668
Accumulated impairment losses––
Net carrying amount18,66818,668
Brands are regarded as having indefinite useful lives as there are no legal restrictions on the use of the brands or technological
barriers to their ongoing usefulness. Brands are not amortised but are subject to impairment testing on an annual basis or
whenever there is an indication of impairment. The Brands included are Vavasour, Goldwater, Dashwood, Clifford Bay,
Martinborough Vineyard and Lighthouse Gin.
TOTAL INTANGIBLE ASSETS35,12535,125
(A) IMPAIRMENT TESTS FOR GOODWILL AND INTANGIBLES WITH INDEFINITE USEFUL
LIVES
The Group has determined that in the current year the value of the goodwill and intangible assets was supported by value-in use
calculations performed for the cash generating unit, being the whole business. The recoverable amount of the cash generating
unit was determined based on pre-tax cash flow projections based on the current results of the Group and the following key
assumptions: Earnings Before Interest and Tax estimated growth rate: 3% pa (2022: 3%); Terminal value of 2.8% (2022: 2.8%);
a period of projection of five years and a pre-tax discount rate 10.2% pa (2022: 10% pa). The recoverable amount determined
did not indicate any impairment and no adjustment was deemed to be required.
Reasonable possible changes in the key assumptions on which recoverable amount is based that would cause the aggregate
carrying amount to exceed the aggregate recoverable amount of the cash-generating unit, assuming everything else is held
constant, are an increase in the discount rate to 10.77% or a reduction in the terminal growth rate to 2.06%.
20. BIOLOGICAL ASSET PRODUCE (CONTINUED)
During the year ended 30 June 2023 the Company harvested 4,454 tonnes of grapes (2022: 4,978). The grapes harvested
are recognised at fair value at the point of harvest after taking into consideration various market factors, as well as reviewing
the district average pricing report for grapes of similar quality and variety. Any adjustment to bring the cost of sale to fair value
is recognised in inventory and the revaluation gains and losses section of the Income Statement. The fair value adjustment for
the 2023 harvest was an unrealised loss of $201,000 (2022: unrealised gain $2,400,000). Refer to note 18 for recognition
of the biological transformation between the time of harvest and balance date.
The Group is exposed to financial risks in respect of agricultural activity. The agricultural activity of the Company consists of
the management of vineyards to produce grapes for use in the production of wine. The primary financial risk associated with
this activity occurs due to the length of time between expending cash on the purchase or planting and maintenance of grape
vines and on harvesting grapes, and ultimately receiving cash from the sale of wine to third parties. The Company’s strategy
to manage this financial risk is to actively review and manage its working capital requirements. The quality and quantity of
the grape harvest is dependent on seasonal climatic factors such as rainfall, sunshine and temperature, including frosts. The
Group manages this risk by diversifying its vineyards across the Marlborough, Martinborough and Central Otago regions
and through the use of windmills and helicopters for normal frost protection purposes.
GroupGroup
20232022
$’000$’000
21. INTANGIBLE ASSETS
TRADEMARKS
At start of period, net of impairment154151
Additions during the year –3
At 30 June, net of impairment154154
Cost (gross carrying value)154154
Accumulated impairment losses ––
Net carrying amount154154
Trademarks pertain to the registration of trademarks in local and overseas jurisdictions for the Company’s brands. Trademarks
are carried at cost, less any accumulated impairment losses. Trademarks have been assessed as having an indefinite life since
the Company has the rights to the brand while it is registered and has no intention of relinquishing those rights. The recoverable
amount is estimated annually and an impairment loss recognised to the extent that the recoverable amount is lower than the
carrying amount.
GOODWILL
At start of period, net of impairment16 , 30316 , 303
Additions during the year––
At 30 June, net of impairment16 , 30316 , 303
Cost (gross carrying value)16 , 30316 , 303
Accumulated impairment losses––
Net carrying amount16 , 30316 , 303
5455
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
22. CASH FLOW INFORMATION (CONTINUED)
(C) NET LEASE LIABILITY RECONCILIATION
GroupGroup
20232022
$’000$’000
Total Lease liabilities repayable (refer note 13.2)14 , 51713,884
Leases recognised due to lease remeasurement and additions – non-cash1,7282,728
Lease liabilities repaid during the year - cash outflows(1,096)(953)
Lease liabilities – net movement6321,775
23. FINANCIAL INSTRUMENTS
(A) CAPITAL RISK MANAGEMENT
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising
the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists
of debt, which includes loans and borrowings disclosed in note 12, cash and cash equivalents and equity, comprising issued
capital, reserves and retained earnings as disclosed in notes 8, 9 and 10 respectively. The Group’s Board of Directors reviews
the capital structure on a semi-annual basis. As part of the review the Board considers the cost of capital and the risks
associated with each class of capital as well as the requirement by the Group’s bank, Bank of New Zealand, to maintain
adjusted tangible equity percentage at a level of at least 50% of adjusted total tangible assets. The Board will balance the
Group’s overall capital structure through the payment of dividends, new share issues as well as the issue of new debt or the
redemption of existing debt. The Group’s overall strategy remains unchanged from the prior year.
(B) SIGNIFICANT ACCOUNTING POLICIES
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of
measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial
liability and equity instrument are disclosed in note 2 to the financial statements..
(C) FINANCIAL RISK MANAGEMENT OBJECTIVES
The Group is exposed to financial risks relating to the operations of the Group. These risks include agricultural risk, market risk
(including currency risk and interest rate risk), credit risk and liquidity risk.
The agricultural activity of the Group consists of the management of vineyards to produce grapes for use in the production of
wine. The primary financial risk associated with this activity occurs due to the length of time between expending cash on the
purchase or planting and maintenance of grape vines and on harvesting grapes, and ultimately receiving cash from the sale
of wine to third parties. The Group’s strategy to manage this financial risk is to actively review and manage its working capital
requirements. In addition, the Group maintains credit facilities at a level sufficient to fund the Group’s working capital during
the period between cash expenditure and cash inflow. At balance date, the Group had unused credit facilities in the form of
undrawn bank overdrafts and loan facilities of $4.3 million (2022: $13.3 million).
The Group seeks to minimise the effects of these risks, by obtaining independent advice and using derivative financial
instruments to hedge these risk exposures. The use of financial derivatives is governed by the Group’s policies approved by
the Board of Directors, which provide written principles on the use of financial derivatives.
Compliance with policies and exposure limits is reviewed by the Board of Directors on a periodic basis. The Group does not
enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.
22. CASH FLOW INFORMATION
(A) RECONCILIATION OF PROFIT FOR THE YEAR TO NET CASH FLOW FROM OPERATING
ACTIVITIES
GroupGroup
20232022
$’000$’000
PROFIT AFTER INCOME TAX FOR THE YEAR6,3426 ,196
NON-CASH ITEMS:
Depreciation4 ,9914,578
Amortisation1, 2191,056
Increase/(Decrease) in deferred tax(670)593
Bad debts written off24–
Impairment loss/(gain) recognised on inventories175
Adjustments resulting from revaluation of grapes1,424(2,905)
Loss on disposal of property, plant and equipment(52)1,092
Loss on asset revaluations–8
Grower advance adjustments(36)68
Movement in derivative financial instruments (Other financial assets/liabilities)(113 )910
6,8045,405
MOVEMENTS IN WORKING CAPITAL BALANCES:
Trade and other receivables( 3 ,9 74 )216
Inventories(3,9 01)(3,423)
Biological work in progress104(544)
Prepaid expenses and other current assets484(215)
Trade and other payables4 ,19 9(116 )
Current tax assets/liabilities29050
(2,798)(4,033)
NET CASH FLOW FROM OPERATING ACTIVITIES10,3487, 5 6 8

(B) NET LOANS AND BORROWINGS RECONCILIATION
Total Loans and borrowings (refer note 12)44,78542,033
Loans advanced during the year21,00032,000
Loans repaid during the year(18,248)(26,597)
Net movement in net debt – all cash flows2,7525,403
5657
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
23. FINANCIAL INSTRUMENTS (CONTINUED)
(E) FOREIGN CURRENCY RISK MANAGEMENT (CONTINUED)
FORWARD FOREIGN EXCHANGE CONTRACTS AND OPTION CONTRACTS
It is the policy of the Group to enter into forward foreign exchange contracts to cover specific foreign currency payments and
receipts up to 100% of the exposure generated. The Group also enters into forward foreign exchange contracts and option
contracts including collars to manage the risk associated with anticipated sales and purchase transactions out to 60 months
within 25-100% of the exposure generated, subject to certain criteria being met. Forward foreign exchange contracts and
option contracts are measured at fair value through profit or loss. The fair value of forward foreign exchange contracts and
option contracts are determined with reference to the quoted market prices.
The aggregate notional principal of forward foreign exchange contracts outstanding for the Group as at balance date was
$27,649,000 (2022: $22,470,000). The aggregate notional principal of foreign exchange option contracts outstanding at
balance date was a net of $Nil (2022: $Nil).
(F) INTEREST RATE RISK MANAGEMENT
The Company and the Group is exposed to interest rate risk as it borrows funds at both fixed and floating interest rates. The
risk is managed by the Group by maintaining an appropriate mix between fixed and floating rate borrowings, by use of
interest rate swap contracts. Hedging activities are evaluated regularly with the assistance of independent advice to align with
interest rate views and defined risk appetite; ensuring optimal hedging strategies are applied or protecting interest expense
through different interest rate cycles. The Company and the Group’s exposure to interest rates on financial assets and financial
liabilities are detailed in the liquidity risk management section of this note or in note 12 and note 14.
SENSITIVITY ANALYSIS
The sensitivity analyses below have been determined based on the exposure to interest rates for both derivative and non-
derivative instruments at the reporting date and the stipulated change taking place at the beginning of the financial year
and held constant throughout the reporting period. A 100 basis point (1%) increase or decrease is used and represents
management’s assessment of the reasonably possible change in interest rates.
At balance date, if interest rates had been 1% lower or higher and all other variables were held constant, the Company and
Group’s net profit and equity would increase/decrease by approximately $450,000 (2022: $373,000) respectively. This is
mainly attributable to the Group’s exposure to interest rates on its variable rate borrowings.
The Company and Group’s sensitivity to interest rates has increased during the current year mainly due to the increase in
floating interest rate exposure.
INTEREST RATE SWAP CONTRACTS
Under interest rate swap contracts, the Group agrees to exchange the difference between the fixed and floating rate interest
amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing
interest rates on debt held. The fair value of interest rate swaps are determined with reference to the quoted market prices at
the reporting date as disclosed below.
There were no interest rate swaps outstanding at balance date in the current or prior year. The interest rate applicable to the
interest rate swap contract during the year was Nil% pa (2022: Nil% pa).
Interest rate swap contracts exchanging floating rate interest amounts for fixed rate interest amounts are used to reduce the
Group’s cash flow exposure resulting from variable interest rates on borrowings. These are measured at fair value through
profit or loss. The interest rate swaps and the interest payments on the loan occur simultaneously on a monthly basis. The
floating rate on the interest rate swaps is the 1 month BKBM rate. The Group will settle the difference between the fixed and
floating interest rate on a net basis.
23. FINANCIAL INSTRUMENTS (CONTINUED)
(D) MARKET RISK
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates (refer note 23(e))
and interest rates (refer note 23(f)). The Group enters into a variety of derivative financial instruments to manage its exposure
to interest rate and foreign currency risk, including:
(i) forward foreign exchange contracts and foreign currency option contracts to hedge the exchange rate risk arising on the
export of wine principally to the United States, United Kingdom, Europe and Australia; and
(ii) interest rate swaps to mitigate the risk of rising interest rates.
There has been no change to the Group’s exposure to market risks or the manner in which it manages and measures the risk.
(E) FOREIGN CURRENCY RISK MANAGEMENT
The Group undertakes certain transactions denominated in foreign currencies, hence exposures to exchange rate fluctuations
arise. Exchange rate exposures are managed within approved parameters utilising forward foreign exchange contracts and
foreign exchange option contracts.
Foreign currency denominated assets and liabilities at balance date are:
GroupGroup
20232022
$’000$’000
Cash and cash equivalents4220
Trade and other receivables10,3446 , 312
Trade and other payables(4 41)(70)
Net exposure at balance date9,9 076,462
SENSITIVITY ANALYSIS
The Group is mainly exposed to US dollars (USD), Great British pounds (GBP), Australian dollars (AUD) and Euro (EUR). If
there was a 10% upward movement in the New Zealand dollar against the relevant currencies the profit before tax and equity
would decrease by $193,000, $394,000, $181,000 and $134,000 respectively for the Group (2022: $111,000, $181,000,
$221,000 and $76,000). If there was a 10% downward movement in the New Zealand dollar against the relevant currencies
the profit before tax and equity would increase by $235,000, $481,000, $221,000 and $164,000 respectively for the
Group (2022: $135,000, $221,000, $270,000 and $92,000). The 10% sensitivity rate used represents management’s
assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding
foreign currency denominated monetary items and adjusts their translation at the year end for the listed percentage change
in foreign currency rates.
5859
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
23. FINANCIAL INSTRUMENTS (CONTINUED)
(H) LIQUIDITY RISK MANAGEMENT (CONTINUED)
Less thanGroupOver
1 year1-2 years2-5 years5 years
$’000$’000$’000$’000
Group 2023
Trade and other payables8,556–––
Loans and borrowings10,3265,46842,570–
Convertible notes11 , 6 0 9–––
Lease liabilities1,5571,5594 , 23112, 4 88
32,0487, 0 2 746,80112, 4 88
Group 2022
Trade and other payables4,356–––
Loans and borrowings4,82214 , 71528,547–
Convertible notes11 , 6 0 9–––
Lease liabilities1,3711,2903,84212,829
22,15816 ,0 0532,38912,829
The following table details the Group’s liquidity analysis for its derivative financial instruments. The table has been drawn
up based on the undiscounted net cash inflows/(outflows) on the derivative instrument that settle on a net basis and the
undiscounted gross inflows and (outflows) on those derivatives that require gross settlement. When the amount payable or
receivable is not fixed, the amount disclosed has been determined by reference to the projected interest rates as illustrated by
the yield curves existing at the reporting date.
Less thanGroupOver
6 months6-12 months1-2 years2 years
$’000$’000$’000$’000
Group 2023
Forward exchange contracts – cash inflows10 , 4158 ,1979,038–
Forward exchange contracts – cash outflows(10 , 7 76)(8,397)(9, 203)–
(361)(200)(16 5)–
Group 2022
Forward exchange contracts – cash inflows6,7536 , 74 38,975–
Forward exchange contracts – cash outflows( 7, 0 7 7 )( 7, 0 2 8 )(9, 20 8)–
(324)(285)(233)–
23. FINANCIAL INSTRUMENTS (CONTINUED)
(G) CREDIT RISK MANAGEMENT
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Group. The Group has adopted a policy of only dealing with credit worthy counterparties as a means of mitigating the risk of
financial loss from defaults. The Group’s exposure and the credit ratings of its counterparties are continuously monitored and
the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure is controlled by
counterparty limits that are approved by the Board of Directors and are monitored on a regular basis. The Group does not
require collateral in respect of trade and other receivables.
A default on a financial asset is when the counterparty fails to make contractual payments within 60 days of when they fall
due. Probability of default constitutes a key input in measuring expected credit loss (ECL). Probability of default is an estimate
of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and
expectations of future conditions.
Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. Ongoing
credit evaluation is performed on the financial condition of accounts receivable and, where appropriate, trade credit
insurance is purchased.
Other receivables primarily relate to grower advances. The Group has adopted a policy of only dealing with credit worthy
counterparties as a means of mitigating the risk of financial loss from defaults. The counterparty in this case for grower
advances is credit worthy and has no history of defaulting in past.
The Group does not have any significant concentrations of net credit risk. The Company does not expect the non-performance
of any obligations at balance date. The credit risk on liquid funds and derivative financial instruments is limited because the
counterparties are banks with high credit-ratings assigned by international agencies.
The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represent the
Group’s maximum exposure to credit risk.
(H) LIQUIDITY RISK MANAGEMENT
Liquidity risk represents the Group’s ability to meet its contractual obligations. Ultimate responsibility for liquidity risk
management rests with the Board of Directors, who has built an appropriate liquidity risk management framework for the
management of the Group’s short, medium and long-term funding and liquidity management requirements. The Group
manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities by continuously
monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. At balance
date, the Group had unused credit facilities in the form of undrawn bank overdrafts and loan facilities of $4.3 million (2022:
$13.3 million) to further reduce liquidity risk.
LIQUIDITY TABLES
The following tables detail the Group’s remaining contractual maturity for its non-derivative financial liabilities. The tables
have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the
Group can be required to pay. Refer to note 12 for the weighted average effective interest rate.
6061
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
24. DIRECTORS AND KEY MANAGEMENT PERSONNEL COMPENSATION
Key management personnel are the Directors of the Company and the executives with the greatest authority for the strategic
direction of the Company. The compensation of the Directors and the key management personnel is set out below:
GroupGroup
20232022
$’000$’000
Short-term employee benefits2, 5181, 817
25. RELATED PARTY DISCLOSURES
(A) INVESTMENT IN SUBSIDIARIES
The Parent entity in the consolidated entity is Foley Wines Limited. The Parent entity of Foley Wines Limited is Foley Holdings
New Zealand Limited who own 52.80% (2022: 52.80%) of the shares in Foley Wines Limited. The ultimate parent is Foley
Family Wines Holdings, Inc., who own 80.47% of Foley Holdings New Zealand Limited and as such owns 42.49% (2022:
42.49%) of the Company.
The consolidated financial statements include the financial statements of Foley Wines Limited (FWL) and the following
subsidiaries:
CountryOwnershipOwnership
of Incorp-Interest %Interest %
Name of EntityPrincipal ActivityParent Companyoration20232022
Vavasour Wines LtdNon-operatingFoley Wines LtdNZ10 0%10 0%
Goldwater Wines LtdNon-operatingFoley Wines LtdNZ10 0%10 0%
Clifford Bay Wines LtdNon-operatingFoley Wines LtdNZ10 0%10 0%
Te Kairanga Wines LtdNon-operatingFoley Wines LtdNZ10 0%10 0%
Grove Mill Wine Company LtdNon-operatingFoley Wines LtdNZ10 0%10 0%
Sanctuary Wine Company LtdNon-operatingFoley Wines LtdNZ10 0%10 0%
The New Zealand Wine Company LtdNon-operatingFoley Wines LtdNZ10 0%10 0%
Martinborough Vineyard Wines LtdNon-operatingFoley Wines LtdNZ10 0%10 0%
Mt Difficulty Wines Ltd Non-operatingFoley Wines LtdNZ10 0%10 0%
Burnt Spur LtdNon-operatingFoley Wines LtdNZ10 0%10 0%
FWines UK LtdNon-operatingFoley Wines LtdUK10 0%10 0%
23. FINANCIAL INSTRUMENTS (CONTINUED)
(I) FAIR VALUE OF FINANCIAL INSTRUMENTS
The fair values of financial assets and liabilities are determined as follows:
• the fair value of financial assets and liabilities with standard terms and conditions and traded on active markets are
determined with reference to the quoted market prices; and
• the fair value of derivative instruments are calculated based on discounted cash flows using market inputs.
The Directors consider that the carrying value of all financial instrument assets and liabilities in the financial statements
approximate their fair value.
(J) FAIR VALUE MEASUREMENTS RECOGNISED IN THE STATEMENT OF FINANCIAL
POSITION
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair
value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable:
• Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets
or liabilities;
• Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
• Level 3 fair value measurements are those derived from valuation techniques that include inputs for the assets or liability
that are not based on observable market data (unobservable inputs).
GroupGroup
20232022
$’000$’000
Financial liabilities FVTPL
Other financial liabilities (derivative financial liabilities) – Current (5 61)(608)
Other financial liabilities (derivative financial liabilities) – Non-Current(16 6)(232)
Total financial liabilities(727)(840)
All financial assets and liabilities of the Group that are measured at fair value subsequent to initial recognition are included
in Level 2 as the fair value of these instruments are not quoted on an active market and is determined by using valuation
techniques. These valuation techniques rely on observable market data. There were no transfers between Level 1 and 2 during
the year.
(K) CHANGE IN FAIR VALUE OF FINANCIAL ASSETS/LIABILITIES
Foreign currency forward contracts113(910)
113(910)
6263
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
25. RELATED PARTY DISCLOSURES (CONTINUED)
(C) TRANSACTIONS WITH OTHER RELATED PARTIES (CONTINUED)
GroupGroup
20232022
$’000$’000
Amounts owing to related parties as at balance date:
Foley Holdings New Zealand Limited – convertible note10,90 010,90 0
Wharekauhau Country Estate Limited–1
Foley Hospitality Limited1–
Amounts owing from related parties as at balance date:
Foley Family Wines, Inc.1,9501,176
Wharekauhau Country Estate Limited12
Lighthouse Distillery Limited13218
Foley Hospitality Limited252
26. SEGMENT INFORMATION
The Group operates in the wine industry and is considered to operate in one segment. Financial information available to
management including the chief operating decision maker is principally based on the information provided in these financial
statements. There are therefore no additional disclosures included in these financial statements.
Included in sales revenue are revenues of approximately $20,200,000 (2022: $15,833,000), $8,037,000 (2022:
$6,275,000), $7,419,000 (2022: $4,911,000) and $7,352,000 (2022: $7,868,000) which arose from sales to the Group’s
largest customers. No other single customers contributed 10% or more to the Group’s revenue in either 2023 or 2022. The
fourth largest customer is a related party (2022: second) – refer note 25.
The Group derived sales revenue from New Zealand customers of $28,389,000 and overseas customers of $38,211,000
(2022: NZ $24,349,000; Overseas $33,343,000).
27. COMMITMENTS
In the ordinary course of business the Group has Grower Agreements which would require it to purchase grapes during
harvest which occurs between March and May each year throughout the period of the Agreement.
At balance date the Group had capital commitments of $632,000 for the Te Kairanga Development, $631,000 for bearer
plants (grape vines) and $1,494,000 for the Vavasour Winery Refrigeration project (2022: Te Kairanga Development
$3,583,000, $462,000 for bearer plants (grape vines) and CARL copper pot still $18,000). The Group has also committed
to a capital expenditure project not exceeding $3 million for the Mt Difficulty Cellar door/Restaurant redevelopment.
25. RELATED PARTY DISCLOSURES (CONTINUED)
(B) TRANSACTIONS WITH RELATED PARTIES – DIRECTORS AND KEY MANAGEMENT
PERSONNEL
Details of the compensation paid to Directors and key management personnel are set out in note 24.
GroupGroup
20232022
$’000$’000
Certain Directors and key management personnel have interests in contracts with the
Group as follows.
AM Turnbull (Lighthouse Distillery Ltd – purchase of Spirits for bottling and sale)139105
AM Turnbull (Lighthouse Distillery Ltd – sales commission – direct spirit sales)171–
AM Turnbull (Lighthouse Distillery Ltd – charges from FWL for labour, rent, electricity
and administration)8362
(C) TRANSACTIONS WITH OTHER RELATED PARTIES
Material transactions with related parties during the period are set out below:
(i) Sales were made to Foley Family Wines, Inc., a 100% owned subsidiary of Foley Family Wines Holdings, Inc., the
ultimate parent of Foley Wines Limited. Sales for the year were $7,352,000 (2022: $7,868,000).
(ii) Interest was paid/payable to Foley Holdings New Zealand Limited the parent of the Foley Wines Limited under the
convertible note (note 14). Interest paid/payable for the year was $709,000 (2022: $709,000).
(iii) Sales were made to Wharekauhau Country Estate Limited, a luxury lodge 74.6% owned by Bill Foley, the majority
shareholder of the ultimate parent. Sales for the year totalled $53,000 (2022: $31,000). Accommodation, meals,
events, contract labour and vouchers for Foley Rewards provided by Wharekauhau to the Company during the year
totalled $22,000 (2022: $52,000).
(iv) Lighthouse Gin product was purchased for global distribution from Lighthouse Distillery Limited, a company owned
by Mark Turnbull, CEO and Director of Foley Wines Limited. Purchases during the period totalled $139,000 (2022:
$105,000). Administration services, rental, electricity and contract distilling services were provided to Lighthouse
Distillery Limited during the period of $83,000 (2022: $62,000). Lighthouse Distillery Limited paid the Company a
sales commission on spirits sold direct to customer during the year of $171,000 (2022: $Nil).
(v) Sales were made to Foley Hospitality Limited group restaurants, a group owned 100% by Foley Holdings New
Zealand Limited from July 2022. Sales for the year were $157,000 (2022: $15,000). Meals, events and vouchers
for Foley Rewards provided by Foley Hospitality to the Company during the year of $15,000 (2022: $Nil).
6465
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Notes to the
Financial Statements
(continued)
For the year ended 30 June 2023
Independent
Auditor’s Report
28. CONTINGENT LIABILITIES
There were no contingent liabilities at balance date (2022: Nil).
29. SUBSEQUENT EVENTS
On 31 July 2023 the interest rate on the three BNZ Term Loans were reviewed. The new interest rates on these loans for the
period from 31 July 2023 to 30 August 2023 was 7.42-7.62% pa.
On 14 August 2023 the BNZ Term Loans #07 and #08 were changed to interest only until maturity.
On 23 August 2023 the Board executed the Facility Document for a new BNZ Term Loan Facility, for $25 million which is
interest only until maturity on 30 April 2026. The details of the new facility are the same as the BNZ Term Loan #09 Facility.
BNZ Term Loan #09 for $20 million will be repaid in full upon the new Loan being drawn down, which is expected to occur
by 31 August 2023.
No other material events have occurred since balance date.
30. NET TANGIBLE ASSETS PER SHARE
GroupGroup
20232022
$’000$’000
Net tangible assets per share1. 711.65
The calculation of net tangible per share in respect of 2023 is based on net tangible assets of $112,383,000, being Net assets
$147,508,000 less intangible assets $35,125,000 (2022: $108,670,000, being Net assets $143,795,000 less intangible
assets $35,125,000) and the 65,736,148 ordinary shares on issue at balance date (2022: 65,736,148).
31. FOREIGN CURRENCY EXCHANGE RATES
The following spot foreign exchange rates have been applied
at balance date:30 June 202330 June 2022
NZ $1.00 =FWL BuyFWL SellFWL BuyFWL Sell
Australian dollar0.91230.91960.90040.9 076
United States dollar0.60400.60880.61910 . 6241
Great British pound0.47880.48260. 51080. 5149
Euro0.55570. 56 010.59300.5978
67
FOLEY WINES LIMITED | ANNUAL REPORT 2023
66
FOLEY WINES LIMITED | ANNUAL REPORT 2023

xxx

Key audit matter How our audit addressed the key audit matter
Impairment testing of intangible assets with indefinite
useful life and goodwill
As disclosed in Note 21, the Group has $35.1 million of
intangible assets with indefinite useful lives at 30 June
2023, of which $16.3 million relates to goodwill.
The Group has assessed the value of the goodwill and
intangible assets by determining the recoverable amount
of the Group’s cash generating unit, being the whole
business, through value in use calculations. The value in
use is determined using discounted cashflow analysis
involving key inputs such as forecast earnings before
interest and tax over a five-year period (based on the
budget for the next financial year and with an estimated
growth rate applied thereafter), capital expenditure during
this period, a terminal value growth rate and the pre-tax
discount rate (‘discount rate’).
The impairment testing of intangible assets is a key audit
matter due to the estimates and judgement involved in
determining the recoverable amount of the cash
generating unit including the appropriateness of the level
of cash generating unit at which the intangible assets are
tested for impairment.


We have evaluated the appropriateness of the identification
of the cash generating unit and the Group’s value in use
calculations by performing the following:
•
Challenging the appropriateness of the identification of the
cash-generating unit by considering if the cash generating
unit is the lowest level at which there are independent
cash flows;
• Testing the value in use calculations for arithmetic accuracy;
• Comparing forecast performance with the approved
financial year budget;
• Challenging management’s assumptions used in the
forecasted financial performance based on our knowledge
of the Group’s operations, the past performance and
market conditions;
• Assessing the historical accuracy of the Group’s previous
forecasts by comparing prior period budgets to actual
performance;
• Involving our internal valuation specialists in assessing the
reasonableness of the discount rate, growth rate and
terminal value growth rate used;
• Performing sensitivity analysis on the earnings growth rate,
terminal growth rate, discount rate and capital expenditure
to determine the extent to which any changes in these
inputs would result in impairment in the goodwill and
indefinite life intangible assets;
• Reperforming the calculation of the carrying amount of the
cash generating unit; and
• Evaluating the appropriateness of the related disclosures.

Other information

The directors are responsible on behalf of the Group for the other information. The
other information comprises the information in the Annual Report that accompanies the
financial statements and the audit report.

Our opinion on the financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially
inconsistent with the financial statements or our knowledge obtaine
d in the audit or
otherwise appears to be materially misstated. If so, we are required to report that fact.
We have nothing to report in this regard.

Directors’ responsibilities for the
financial statements
The directors are responsible on behalf of the Group for the preparation and fair
presentation of the financial statements in accordance with NZ IFRS and IFRS, and for
such internal control as the directors determine is necessary to enable the preparation
of financial statements that are free from mate
rial misstatement, whether due to fraud
or error.
In preparing the financial statements, the directors are responsible on behalf of the
Group for assessing the Group’s ability to continue as a going concern, disclosing, as
applicable, matters related to go
ing concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.



xxx

Independent Auditor’s Report
To the Shareholders of Foley Wines Limited
Opinion
We have audited the financial statements of Foley Wines Limited (the 'Company') and its
subsidiaries (the ‘Group’), which comprise the statement of financial position as at 30
June 2023, and the income statement, statement of comprehensive income, statement
of changes in equity and statement of cash flows for the year then ended, and notes to
the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements, on pages 21 to 66, present fairly,
in all material respects, the financial position of the Group as at 30 June 2023, and its
financial performance and cash flows for the year then ended in accordance with New
Zealand Equivalents to International Financial Reporting Standards (‘NZ IFRS’) and
International Financial Reporting Standards (‘IFRS’).
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (‘ISAs’)
and International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). 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 believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
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 the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including
International Independence Standards), and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
Other than in our capacity as auditor, we have no relationship with or interests in the
Company or any of its subsidiaries, except that partners and employees of our firm deal
with the Company and its subsidiaries on normal terms within the ordinary course of
trading activities of the business of the Company and its subsidiaries.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these
matters.


xxx

Independent Auditor’s Report
To the Shareholders of Foley Wines Limited
Opinion
We have audited the financial statements of Foley Wines Limited (the 'Company')
and its
subsidiaries (the ‘Group’), which comprise the statement of financial position as at 30
June 2023, and the income statement, statement of comprehensive income, statement
of changes in equity and statement of cash flows for the year then ended, and notes to
the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements, on pages 21 to 66, present fairly,
in all material respects, the financial position of the Group as at 30 June 2023, and its
financial performance and cash flows for the year then ended in accordance with New
Zealand Equivalents to International Financial Reporting Standards (‘NZ IFRS’) and
International Financial Reporting Standards (‘IFRS’).
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (‘ISAs’)
and International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). 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 believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
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 the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including
International Independence Standards), and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
Other than in our capacity as auditor, we have no relationship with or interests in the
Company or any of its subsidiaries, except that partners and employees of our firm deal
with the Company and its subsidiaries on normal terms within the ordinary course of
trading activities of the business of the Company and its subsidiaries.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these
matters.


xxx

Independent Auditor’s Report
To the Shareholders of Foley Wines Limited
Opinion
We have audited the financial statements of Foley Wines Limited (the 'Company') and its
subsidiaries (the ‘Group’), which comprise the statement of financial position as at 30
June 2023, and the income statement, statement of comprehensive income, statement
of changes in equity and statement of cash flows for the year then ended, and notes to
the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements, on pages 21 to 66, present fairly,
in all material respects, the financial position of the Group as at 30 June 2023, and its
financial performance and cash flows for the year then ended in accordance with New
Zealand Equivalents to International Financial Reporting Standards (‘NZ IFRS’) and
International Financial Reporting Standards (‘IFRS’).
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (‘ISAs’)
and International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). 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 believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
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 the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including
International Independence Standards), and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
Other than in our capacity as auditor, we have no relationship with or interests in the
Company or any of its subsidiaries, except that partners and employees of our firm deal
with the Company and its subsidiaries on normal terms within the ordinary course of
trading activities of the business of the Company and its subsidiaries.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these
matters.

6869

Corporate Governance
Statement


xxx

Auditor’s responsibilities for the
audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an au
ditor’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 ISAs and ISAs (NZ) 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 financial statements.
A further description of our responsibilities for the audit of the financial statements is
located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-
responsibilities/audit-report-1
This description forms part of our auditor’s report.
Restriction on use

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 resp
onsibility to anyone other than
the Company’s shareholders as a body, for our audit work, for this report, or for the
opinions we have formed.







Silvio Bruinsma, Partner
for Deloitte Limited
Auckland, New Zealand
23 August 2023


This audit report relates to the financial statements of Foley Wines Limited (the ‘Company’) for the year ended 30 June 2023 included on the
Company’s website. The Directors are responsible for the maintenance and integrity of the Company’s website. We have not been engaged to
report on the integrity of the Company’s website. We accept no responsibility for any changes that may have occurred to the financial
statements since they were initially presented on the website. The audit report refers only to the financial statements named above. It does not
provide an opinion on any other information which may have been hyperlinked to/from these financial statements. If readers of this report are
concerned with the inherent risks arising from electronic data communication they should refer to the published hard copy of the audited
financial statements and related audit report dated 23 August 2023 to confirm the information included in the audited financial statements
presented on this website.




xxx

Independent Auditor’s Report
To the Shareholders of Foley Wines Limited
Opinion
We have audited the financial statements of Foley Wines Limited (the 'Company') and its
subsidiaries (the ‘Group’), which comprise the statement of financial position as at 30
June 2023, and the income statement, statement of comprehensive income, statement
of changes in equity and statement of cash flows for the year then ended, and notes to
the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements, on pages 21 to 66, present fairly,
in all material respects, the financial position of the Group as at 30 June 2023, and its
financial performance and cash flows for the year then ended in accordance with New
Zealand Equivalents to International Financial Reporting Standards (‘NZ IFRS’) and
International Financial Reporting Standards (‘IFRS’).
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (‘ISAs’)
and International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). 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 believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
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 the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including
International Independence Standards), and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
Other than in our capacity as auditor, we have no relationship with or interests in the
Company or any of its subsidiaries, except that partners and employees of our firm deal
with the Company and its subsidiaries on normal terms within the ordinary course of
trading activities of the business of the Company and its subsidiaries.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these
matters.

71
FOLEY WINES LIMITED | ANNUAL REPORT 2023
70

Corporate Governance
Statement
(continued)
Corporate Governance
Statement
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
PRINCIPLE 2 – BOARD COMPOSITION & PERFORMANCE
“To ensure an effective board, there should be a balance of independence, skills, knowledge, experience
and perspectives.”
BOARD CHARTER
The Board operate under a written charter which sets out the respective roles, responsibilities, composition and structure
of the Board and senior management, and this is available on the Group’s website.
The Directors are responsible, collectively as the Board under its Chairman, for the success of FWL and are accountable
to shareholders for the Company’s overall ethical conduct, strategic development, annual performance and long-term
sustainable increase in shareholder value.
The Board exercises its powers on behalf of all Shareholders, except for those powers specifically required to be exercised
by Shareholders by law, the NZX Listing Rules or the FWL Constitution. Except for powers specifically reserved to the
Directors under the Companies Act or the Delegated Authorities Policy, the Board in turn delegates authorities to the
Chief Executive Officer (CEO), with sub-delegations to members of the Management Team, with the CEO (Executive
Director) responsible for the day-to-day management of the FWL business and delivering against the agreed strategic
plans, operating budgets and performance targets.
The Role of the Board is to provide the overall framework for governance, accountability, risk control and deliverability
of the strategic and operating plans. To do so the Board meets with management normally at approximately quarterly
intervals, and more frequently if warranted, otherwise contact shall occur via email or teleconference to ensure Directors
are fully apprised about key Company activities and issues.
The Chairman, on behalf of the Board, is the formal channel of communication to external stakeholders and to the CEO
who in turn has delegated responsibility for management and staff and for achieving agreed policies, business strategies,
operating plans and budgets. The CEO reports regularly to the Chairman on critical issues being faced by the Company,
as well as progress being made against strategic plans.
In addition to the foregoing, the Directors are responsible for preparing and providing to Shareholders the financial
statements, as prescribed in the Financial Reporting Act. These shall give a true and fair view of the financial (and
operational) state of affairs of FWL for the period, as portrayed in the Income Statement, Statement of Comprehensive
Income, Statement of Changes in Equity, Statement of Financial Position and Statement of Cash Flows. These financial
statements are unaudited for the half-year report but must be audited by the External Auditor for the full financial year
report ended 30th June.
The Board Charter is reviewed at least every two years and was last reviewed in August 2023.
DIRECTOR NOMINATION
The responsibility for identifying suitable candidates for recruitment to the Board, is undertaken by the Board, drawing
on advice from independent consultants as appropriate. Nominated candidates are assessed against a number of criteria
which include character, background, professional skills and experience, and their availability to commit to the role. The
Board also considers the Composition of the Board requirements contained in the Constitution and the NZX Listing Rules.
Under the Constitution there shall be a minimum of 3 Directors and the maximum number of Directors may be determined
from time to time by the Board, and unless so determined, is 8. The Board is therefore authorised to appoint one or
more additional Directors to fill a casual vacancy or to expand the Board for increased effectiveness or to help meet the
Company’s objectives.
This statement is designed to provide an overview for Shareholders to reflect the main governance policies and practices
adopted or followed during the financial year ended 30 June 2023 and has been approved by the Board. For further
information refer to the Company’s website (www.foleywines.co.nz).
The Board is committed to high standards of best practice corporate governance and ethical conduct as being integral to
overall business integrity and to delivery of long-term shareholder value.
Foley Wines Limited’s (FWL) shares are listed on the NZX Main Board. In this statement we disclose the extent to which
the Board believes that the Group’s policies and practices have complied with the NZX Corporate Governance Code
dated June 2022 (NZX Code), or where applicable, an explanation as to why a recommendation was not followed and any
alternative practice followed in lieu of the recommendation.
NZX CODE
PRINCIPLE 1 – CODE OF ETHICAL BEHAVIOUR
“Directors should set high standards of ethical behaviour, model this behaviour and hold management
accountable for these standards being followed throughout the organisation.”
CODE OF ETHICS
The Board maintains a Code of Ethics Policy Statement, reviewed at least bi-annually, to underpin FWL’s vision and
values and expected standards of conduct for Directors and employees.
The Group expects its Directors and employees to act in the best interests of the Company, its Shareholders and stakeholders
and maintain the highest standards of honesty, integrity and ethical conduct in day to day behaviour and decision making.
They must be objective, apply skill and professional competence, and keep information that they obtain in their role
confidential.
New Directors and employees are provided with a copy of the Code of Ethics as part of the induction process and advised
that this is also available on the Group’s website. All Directors and employees must provide acknowledgement that they
have read and understood the content. When the Code is reviewed by the Board a copy of the revised Code is circulated
to all current employees as a reminder of its content.
The Code requires Directors and employees to promptly report material breaches of the Code and sets out a procedure
for doing so.
The Code was last reviewed by the Board in August 2023.
FINANCIAL PRODUCT DEALING POLICY
The Board maintains a Financial Product Dealing Policy that explains what processes are in place to manage the legal
and reputational risks associated with director and staff share trading to provide transparency about expectations and
requirements to protect them from the risk of breaching insider trading laws. In particular:
• directors and employees may not buy or sell FWL shares in the trading “black-out” periods set out in the Policy (these
periods occur prior to the release of FWL’s financial results to the market); and
• directors and employees must obtain consent from the Board to buy or sell FWL’s shares.
Training on the Policy is included as part of the induction process for new directors and employees and a copy of the Policy
is available on the Group’s website.
The Policy was last reviewed by the Board in August 2023.

Corporate Governance
Statement
7273
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Corporate Governance
Statement
(continued)
Corporate Governance
Statement
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
PRINCIPLE 2 – BOARD COMPOSITION & PERFORMANCE (Continued)
BOARD PERFORMANCE EVALUATION AND TRAINING
All Non-Executive Directors are expected to participate in performance reviews, particularly prior to the re-election of
a Non-Executive Director to the Board. The findings of the performance review process are used to identify, assess and
enhance Director competencies and to define characteristics or skills which should be sought in future Board candidates.
The Board undertakes a performance evaluation of the Board and its members bi-annually. Directors undertake appropriate
training to remain current on how best to perform their duties as directors of the Company.
PRINCIPLE 3 – BOARD COMMITTEES
“The Board should use committees where this will enhance its effectiveness in key areas, while still
retaining board responsibility.”
To enhance the effectiveness of the Board there is an Audit and Risk Committee. Due to the size of the Board all other
matters including Remuneration matters are considered by the full Board. The Board may establish an ad hoc Committee
at any appropriate time to consider a special issue.
The committees have their own charters setting out the objectives, composition, and responsibilities of the committee.
The Board will periodically review the charters. The Board Chairman may not be the Chairman of the Audit and Risk
Committee. A quorum shall be two Committee members, including the Committee Chairman. Any Director may attend
any Committee meeting as an observer if he/she so wishes. The Committee may request the CEO, Chief Financial Officer
and/or any Management Team member to attend.
AUDIT AND RISK COMMITTEE
The Audit and Risk Committee comprises of three Directors: Grant Graham (Chairman), Anthony Anselmi and Paul
Brock, and meets formally a minimum of two times during the financial year. The Board is of the opinion that sufficient
financial expertise and knowledge of the industry in which the Company operates is possessed by the members of the
Audit and Risk Committee. Details of the qualifications of the Audit and Risk Committee members are set out in Section
1 of the Statutory section of this Annual Report. The primary objective of the Audit and Risk Committee is to assist the
Board of Directors in fulfilling its responsibilities relating to annual reporting, tax planning and compliance, and risk
management practices.
TAKEOVER POLICY
The Takeover Policy sets out the procedure to be followed if there is a takeover offer for FWL. A copy of the Policy is
available on the Group’s website. This Policy is reviewed by the Board at least bi-annually or as required due to legislation
changes. It was last reviewed in August 2023.
PRINCIPLE 4 – REPORTING & DISCLOSURE
“The Board should demand integrity in financial and non-financial reporting, and in the timeliness and
balance of corporate disclosures.”
CONTINUOUS DISCLOSURE
FWL’s Continuous Disclosure Policy sets out FWL’s arrangements to ensure material information is identified, reported,
assessed and, where required, disclosed to the market in a timely manner. The Company is committed to providing
relevant and timely information to its shareholders and to the broader market, in accordance with its obligations under the
NZX Listing Rules.
PRINCIPLE 2 – BOARD COMPOSITION & PERFORMANCE (Continued)
DIRECTOR NOMINATION (CONTINUED)
Under the NZX Main Board Listing Rules a minimum of two Directors must be ordinarily resident in New Zealand and
one third of the Directors, and a minimum of two, must be independent, as defined in the NZX Listing Rules. The NZX
Code recommends that the Board consists of a majority of Independent Directors and that Board Chairman is either
independent or that the Board Chairman and the CEO are different people.
Directors are elected by shareholders at the first annual meeting after appointment. After that, at each annual meeting,
the NZX Listing Rules and the Company’s Constitution require Directors to retire after they have served three years
since their last election. Directors who have served for more than nine years on the Board shall retire annually. Retiring
Directors are eligible for re-election.
INDEPENDENCE
During the current financial year there were four Non-Executive Directors, three of which were independent, and one
Executive Director. Details of all Directors as at the date of this report, including their qualifications, length of service
and experience, independence and ownership interests, are shown in Section 1 of the Statutory Information section of this
Annual Report. The Board Chairman is a different person to the CEO.
In order to ensure that any “interest” of a Director in a particular matter to be considered by the Board are known by
each Director, the Company has developed protocols, consistent with obligations imposed by the Companies Act 1993, to
require each Director to disclose any relationships, duties or interests held that may give rise to a potential conflict.
WRITTEN AGREEMENT
The Company provides a letter of appointment to each newly appointed Director setting out the terms of their appointment.
The letter includes information regarding expected time commitments, the board’s responsibilities, remuneration,
independence requirements, disclosure requirements, confidentiality obligations, indemnity and insurance provisions,
intellectual property rights and cessation of appointment.
DIVERSITY
The Board maintains a Diversity and Inclusion Policy that provides a framework to embed and support a diverse workforce
and inclusive workplace environment. The Policy sets out how FWL will set measurable objectives for achieving diversity
and inclusion, and how it will assess its progress towards achieving these objectives. The Policy also sets out the diversity
and inclusion initiatives FWL currently has in place, together with the initiatives it is currently implementing. A copy of
the Policy is available on the Group’s website.
The Diversity and Inclusion scorecard as at 30 June 2023 was:
Board and Key Management Personnel:
Gender Diversity: At 30 June 2023 the Directors were all Male (5) (2022: Male 100% (5)) and the Key Management
Personnel were 67% Male (4) and 33% Female (2) (2022: Male 67% (2); Female 33% (1)).
For all employees at 30 June 2023 based on information provided by employees:
Gender Diversity: 47% were Male and 53% were Female (2022: Male 47%; Female 53%).
Ethnic Diversity: Ethnicity they identify with: European 79%; Maori 8%; Pacific 3%; Asian 5%; and Other 5% (2022:
European 83%; Maori 5%; Pacific 2%; Asian 4%; and Other 6%).
Age Breakdown: < 20 1%; 20-29 11%; 30-39 30%; 40-49 30%; 50-59 20%; 60-69 7%; 70-79 1% (2022: < 20 0%; 20-29
11%; 30-39 28%; 40-49 30%; 50-59 22%; 60-69 9%).
7475
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Corporate Governance
Statement
(continued)
Corporate Governance
Statement
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
PRINCIPLE 5 – REMUNERATION (Continued)
REMUNERATION – NON-EXECUTIVE DIRECTORS (CONTINUED)
The Board reviews annually and recommends to Shareholders any increase in Directors’ fees when profit performance
warrants. The criteria for reviewing Non-Executive Director remuneration includes obtaining advice from external
consultants, where appropriate, information on Board arrangements for other corporations of similar size and complexity,
and the review of current and expected workloads of non-executive Directors. The Board will continue to review its
remuneration strategies in relation to non-executive Directors from time to time, in line with general industry practice.
REMUNERATION POLICY
The purpose of the Remuneration Policy is to outline the principles and approach to remuneration for all employees and
Directors of FWL and to ensure the principles are fair, reasonable and aligned to FWL’s strategic goals.
The Group is committed to applying fair and equitable remuneration and reward practices in the workplace, taking
into account internal and external relativity, the commercial environment, the ability to achieve the Group’s business
objectives and the creation of Shareholder value. Under the Group’s remuneration practices, job size relative to the relevant
competitive market for talent, as well as individual performance against defined key performance objectives, are key
considerations in all remuneration-based decisions.
REMUNERATION – CEO (EXECUTIVE DIRECTOR) AND SENIOR EXECUTIVES
The criteria for reviewing the remuneration for senior executives includes, as appropriate, advice obtained from external
consultants, participation in independent surveys, specific market comparison of individual roles, and level of achievement
against business and personal objectives.
The total remuneration paid to the CEO/Executive Director for the year ended 30 June 2023 is disclosed in Section 3 of
the Statutory Information section of this Annual Report. The remuneration of the CEO comprises both a formal fixed
and variable performance component. Fixed remuneration includes a base salary, car allowance, car parking and a wine
allowance. CEO Mark Turnbull’s annual base salary for the year ended 30 June 2023 was $625,000 (2022: $550,000). A
formal short term incentive scheme was implemented from the year ended 30 June 2021 with a target of $275,000 based
on the achievement of predetermined operational targets (EBIT) and other performance objectives aligned with assessing
progress on executing the long-term strategy of the company. The target increased to $312,500 for year ended 30 June
2023. A maximum amount of $468,750 is payable for outstanding performance. During the year the Board approved a
bonus for performance and achievement of long-term strategic goals of $430,000 (2022: $400,000). There was no long-
term incentive scheme in place during the current or prior year.
PRINCIPLE 6 – RISK MANAGEMENT
“Directors should have a sound understanding of the material risks faced by the issuer and how to manage
them. The Board should regularly verify that the issuer has appropriate processes that identify and manage
potential and material risks.”
Risk management is an acknowledged important factor in corporate governance. The Board is responsible for the Group’s
risk assessment, management and internal control and considers it has carried out a robust risk assessment process. The
Board has identified a number of risks in the Company’s operations that are commonly faced by other entities in the wine
industry. The Board and management of the Company believe they have taken all reasonable steps to manage and mitigate
those risks.
In viticulture the issues of weather, disease and pest control are an ongoing management activity. Viticultural techniques
are in place and in practice which the Board and Management considers effectively mitigate this risk.
PRINCIPLE 4 – REPORTING & DISCLOSURE (CONTINUED)
CONTINUOUS DISCLOSURE (CONTINUED)
It is the responsibility of the Board to monitor compliance with the Continuous Disclosure Policy. The Board considers at
each board meeting whether any information discussed at the meeting requires disclosure. The Policy is reviewed at least
annually and was last reviewed in August 2023. A copy of the Policy is available on the Group’s website.
CHARTERS AND POLICIES
The key corporate governance documents referred to in this Statement are available on the Group’s website.
FINANCIAL REPORTING
FWL is committed to ensuring integrity and timeliness in its financial reporting and in providing information to the
market and shareholders which reflects a considered view on its present and future prospects.
The Audit and Risk Committee oversees the quality and integrity of external financial reporting including the accuracy,
completeness and timeliness of financial statements, and ensuring the financial reporting is balanced, clear and objective.
It reviews annual and half year financial statements and makes recommendations to the Board concerning the application
of accounting policies and practices, areas of judgement, compliance with accounting standards, NZX and legal
requirements, and the results of the external audit.
NON-FINANCIAL REPORTING
The Group assesses its exposure to environmental, economic and social sustainability as part of the overall framework for
managing risk (see Principle 6 – Risk Management). The Group is committed to improving standards of environmental
performance to enable a more efficient and sustainable future. Accordingly, the Group follows longstanding practices
around management of environmental factors affecting the business, including strategies relating to water conservation,
viticulture management, sustainable wine growing practices and wetland preservation initiatives. Reporting on these
matters are included in the Director and CEO Report.
PRINCIPLE 5 – REMUNERATION
“The remuneration of directors and executives should be transparent, fair and reasonable.”
REMUNERATION – NON-EXECUTIVE DIRECTORS
Remuneration levels are set at competitive levels to attract and retain appropriately qualified and experienced Directors
taking in to account the responsibilities and time commitments provided by those Directors to the Company in discharging
their duties.
Directors’ fees are recommended to and confirmed by Shareholders’ resolution at an Annual Meeting. In accordance
with the Listing Rules the Shareholders approve the total aggregate amount of fees payable to all Directors as Directors’
fees, with the fee allocation to be determined by Directors. Currently the maximum aggregate amount of fees payable to
Directors is $240,000 per annum.
The Company’s policy is to pay all of its Directors in cash. The Directors fees paid during the year are shown in Section
3 of the Statutory Information section of this Annual Report.
7677
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Corporate Governance
Statement
(continued)
Corporate Governance
Statement
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
RINCIPLE 7 – AUDITORS (CONTINUED)
EXTERNAL AUDITOR (CONTINUED)
responsibility, the External Auditor shall have full access to all board papers and minutes and all financial and related
records. The Audit and Risk Committee routinely has time with the External Auditor without management present.
It is paramount the independence of The External Auditor is maintained for Shareholders’ benefit.
The Company invites the External Auditor to attend the Annual Meeting of Shareholders and they are available to answer
shareholder questions about the conduct of the audit and the preparation and content of the auditor’s report.
INTERNAL AUDIT
The underlying internal control and accounting and operational systems determine the accuracy of the financial
statements and results presented to the Board. The Group does not have an internal audit function. Procedures have been
established at the Board and executive management levels that are designed to safeguard the assets and interests of the
Company and ensure the integrity of reporting. The Board acknowledges that it is responsible for the overall internal
control framework but recognises that no cost-effective internal control system will preclude all errors and irregularities.
The Board has undertaken a risk review and considers that the Group have a sound system of internal control which is
operating effectively in all material respects in relation to financial reporting risk.
PRINCIPLE 8 – SHAREHOLDER RIGHTS & RELATIONS
“The Board should respect the rights of shareholders and foster constructive relationships with
shareholders that encourage them to engage with the issuer.”
INFORMATION FOR AND COMMUNICATION WITH SHAREHOLDERS
The Group is committed to communicating regularly with Shareholders in an open and transparent way. The Board aims to
ensure that all Shareholders are provided with all information necessary to assess the Group’s direction and performance.
To facilitate this general information flow, the Company maintains a comprehensive website including an investor section
(www.foleywines.co.nz). This contains the constitution, annual and half-yearly reports and financial statements, corporate
governance policies and documents, releases to the NZX or media and any presentations to third parties. Contact details
are provided on the website to allow shareholders to contact the Company. Shareholders are actively encouraged to
received communications from FWL and its Share Registrar electronically.
SHAREHOLDER RIGHTS
In accordance with the Companies Act 1993, FWL’s Constitution, and the NZX Listing Rules, the Group refers any major
decisions which may change the nature of FWL to Shareholders for approval at a Shareholders’ meeting.
Resolutions for which requisite Notice are given are voted upon by way of a poll and on the basis of one share, one vote.
There are no priority or special voting shares.
When the Group is seeking additional equity capital it will offer further equity securities to existing shareholders of
the same class on a pro-rata basis, and on no less favourable terms, before further equity securities are offered to other
investors.
NOTICE OF ANNUAL SHAREHOLDERS MEETING
The Group posts any Notices of Shareholder Meetings on its website as soon as these are available. The general practice
is to make these available not less than four weeks prior to the Shareholders’ meeting.
PRINCIPLE 6 – RISK MANAGEMENT (Continued)
Brand reputation and brand security is an identified risk that is the subject of ongoing surveillance, and techniques and
practices are in place which the Board and Management considers effectively mitigate this risk.
Supply Chain risk is monitored, and the Group has identified a range of suppliers operating in different jurisdictions to
mitigate the risk of the loss of a single supplier.
Grape supply - The quality and quantity of the grape harvest is dependent on seasonal climatic factors such as frosts,
rainfall, sunshine and temperature. Harsh adverse climatic conditions could affect the quality of grapes and hence
marketable quality of and prices received for the Company’s finished wines. To mitigate this risk the Group has diversified
and is further diversifying its grape supplies and vineyards throughout various regions across New Zealand. The Group
sources grapes from owned or leased vineyards as well as from contract growers.
Resource and Water Supply and Waste Disposal Consents – the Group can only operate with approved resource consents.
These have been obtained and are maintained for all of the Group’s winery sites. The Group ensures it holds water rights
for all foreseeable demands for the wineries and its owned and leased vineyards.
Technology risk, particularly in relation to hacking or illegal access and cyber-attacks, is an identified risk that is the
subject of ongoing surveillance, and techniques and practices are in place which the Board and Management considers
effectively mitigate this risk.
The senior management team regularly complete a risk assessment affecting the business and maintain a risk matrix which
is used to monitor and mitigate these risks. A risk matrix measures the impact of the risk and likelihood of occurrence
and outlines the practices and processes in place to address the identified risk. This is provided to the Audit and Risk
Committee and Board annually. The Group maintains insurance policies that it considers adequate to meet insurable risks
taking into consideration the size and nature of the Company’s business and risk profile.
HEALTH AND SAFETY
The Board has responsibility for ensuring the Company maintains a health and safety management system that meets
best practice standards to protect the health and safety of its employees and contractors engaged by the Company. The
Board maintains a Health and Safety Policy, reviewed annually, to underpin the Company’s commitment to providing a
safe working environment for its employees and contractors. The Board receives a monthly Workplace Health and Safety
Report from the Company’s Health and Safety Manager. The Health and Safety Policy was last reviewed in August 2023.
PRINCIPLE 7 – AUDITORS
“The board should ensure the quality and independence of the external audit process.”
EXTERNAL AUDITOR
The Audit and Risk Committee makes recommendations to the Board on the appointment and removal of the external
auditor. The Audit and Risk Committee ensures that the Key Audit Partner is changed at least every five years. The current
Lead Audit Partner Silvio Bruinsma was appointed in February 2020.
The Audit and Risk Committee is responsible to ensure the External Auditor’s independence is maintained so that financial
reporting is reliable and credible. The Audit and Risk Committee monitors the nature and extent of other services provided
by the external auditor, and the ratio of audit fees to non-audit fees, to ensure that those services are complementary to the
external audit and compatible with maintaining external audit independence.
The External Auditor is responsible for reviewing and making recommendations on these underlying control systems
to ensure they produce accurate and consistent reports on which Shareholders may rely and, to assist meeting this
7879
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Statutory
Information
(continued)
For the year ended 30 June 2023
Statutory
Information
1. DIRECTOR PROFILES
PAUL BROCK – INDEPENDENT CHAIRMAN – NON-EXECUTIVE INDEPENDENT DIRECTOR
Paul Brock was appointed to the Board with effect from 1 November 2018 and was appointed Deputy Chairman from
that date. Paul was appointed Chairman of the Board on 1 April 2023 following the resignation of William P Foley II as
Chairman of the Board on 31 March 2023.
Paul Brock was the Kiwibank Group Chief Executive from 2010-2017. He was Co-Founder of the bank which was launched
in 2002. As Group Chief Executive Paul led the Kiwibank Group through a period of rapid growth and diversification into
business banking, wealth management, insurance and asset finance. The bank is now a major player in the New Zealand
market with one in four New Zealanders holding an account with Kiwibank.
Paul has a strong background in governance, management, growth business development, brand development and
marketing. An extensive background in the financial services industry has also included senior management positions
with Westpac and Trust Bank. Paul has been Chairman of Gareth Morgan Investments Ltd and Kiwibank Investment
Management Ltd and the Massey University Business School Advisory Board. He has also been a Director of Kiwi
Insurance Ltd, New Zealand Home Loans Ltd, Kiwibank Custodial Services Ltd, AMP Home Loans Ltd, Kiwi Capital
Securities Ltd, Kiwi Capital Funding Ltd Kiwi Wealth Management Ltd and Cigna Life Insurance New Zealand Ltd.
Paul is currently Chair of the board of the New Zealand Story Group, a country reputation programme to enhance the New
Zealand brand and increase the benefits to New Zealand from export trade, Chair of Tourism New Zealand, Chair of the
Innovation Programme for Tourism Recovery, Chair of Chubb Life Insurance New Zealand and a Director of Southern
Sky Dairies Ltd. He is also a Council Member of Massey University.
Paul holds a Bachelors degree in Business Studies from Massey University.
ANTHONY ANSELMI O.B.E. – NON-EXECUTIVE INDEPENDENT DIRECTOR
Anthony Anselmi (Tony) was appointed to the Board in September 2012 and is a member of the Audit and Risk Committee.
Tony’s business career began in footwear retail in his late teens, and today the family-owned business of which Tony is a
director owns and operates retail stores throughout New Zealand and in the State of Victoria, Australia. Tony developed
a manufacturing plant in Te Kuiti which supplied footwear to retailer throughout New Zealand. The land containing the
factory buildings is now being redeveloped by Tony, into a new housing precinct. Tony has had considerable experience
in farmland development and dry stock and dairy farming. Tony was a director of the State-Owned Enterprise Forestry
Corporation until it was sold by the Government and Inframax a Local Authority Trading Enterprise. He was for a period
Chairman of the New Zealand Footwear Manufacturers Federation and the King Country Regional Development Council.
Tony has invested with Bill Foley in Foley Holdings New Zealand since 2009.
Statutory Information
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FOLEY WINES LIMITED | ANNUAL REPORT 2023
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FOLEY WINES LIMITED | ANNUAL REPORT 2023

Statutory
Information
(continued)
Statutory
Information
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
2. INTEREST REGISTERS
The following entries were recorded in the Directors’ interest register of the Company during the year:
SHARE DEALINGS IN THE SHARES OF FOLEY WINES LIMITED
There were no share transactions during the year (2022: Nil).
SHARE DEALINGS IN THE SHARES OF FOLEY WINES LIMITED SUBSIDIARY COMPANIES
There were no share transactions during the year (2022: Nil).
20232022
$’000$’000
TRANSACTIONS
Certain Directors have interests in contracts with Foley Wines Limited.
AM Turnbull (Lighthouse Distillery Ltd – purchase of Spirits for resale)139105
AM Turnbull (Lighthouse Distillery Ltd – sales commission – direct spirit sales)171–
AM Turnbull (Lighthouse Distillery Ltd – charges from FWL for labour, rent, electricity
and administration)8362
LOANS TO DIRECTORS
No loans to directors were authorised during the year.
INDEMNITY AND INSURANCE
The Directors’ and Officers’ liability insurance is held to cover risks normally covered by such policies arising out of acts
or omissions of directors and employees in their capacity as such except for specific matters which are expressly excluded.
3. DIRECTORS REMUNERATION AND MEETING ATTENDANCE REGISTER
Directors of the Company during the year and remuneration and other benefits paid to directors by the Company were as
follows:
20232022
$’000$’000
DIRECTORS’ FEES
WP Foley II5270
A J Anselmi5050
PR Brock6560
GR Graham6060
RP Foley II13–
REMUNERATION AND OTHER BENEFITS
AM Turnbull was a Director and the Chief Executive Officer during the year and as such did not receive Director’s Fees.
Remuneration and other benefits paid to Executive Directors during the year was $1,105,000 (2022: $978,000). The
remuneration for the current year included a base salary of $625,000 (2022: $550,000) and a bonus approved by the Board
under the short-term incentive scheme of $430,000 (2022: $400,000). There was no long-term incentive scheme in place
during the year.
1. DIRECTOR PROFILES (CONTINUED)
GRANT GRAHAM – NON-EXECUTIVE INDEPENDENT DIRECTOR
Grant Graham was appointed to the Board with effect from 1 February 2019 and as Chair of the Board Audit and Risk
Committee. Grant is Chair of advisory and investment firm Calibre Partners with a strong background in corporate
finance and advisory in valuation and restructuring.
Grant has a Bachelor of Commerce and is a Chartered Accountant with Chartered Accountants Australia New Zealand
(CAANZ) holding a Certificate of Public Practice and CAANZ Licensed Insolvency Practitioner status. Grant is a
member of the Institute of Directors in New Zealand.
Grant’s other current roles include Sleepyhead Group (Director), Phoenix Metal Recyclers (Chair), Anglican Trust Board
(Chair), Blues Rugby (Director), Auckland Grammar School (Trustee).
ROBERT P FOLEY II – NON-EXECUTIVE DIRECTOR
Robert P Foley II was appointed to the Board on 1 April 2023 following the retirement from the Board of his father
William P Foley II. Robert Foley is currently the CEO for the Henderson Silver Knights ice hockey club as well as
President of Foley Family Farms which currently farms 5,000 acres of vineyards across California and Oregon. Robert’s
professional career began in 2010 at Chalk Hill Winery in Sonoma California in the hospitality department and cellar
door. In 2014 he transitioned to a regional beverage distributor, Epic Wines and Spirits, as a brand manager before moving
to Las Vegas Nevada in 2016 to join the hockey operations department with the NHL expansion franchise Vegas Golden
Knights. Robert works closely with the management team of Wharekauhau Country Estate located near Palliser Bay NZ.
Robert has a Bachelor of Business Administration degree from Chapman University.
ANTONY MARK TURNBULL – CEO (EXECUTIVE DIRECTOR)
Antony Mark Turnbull (Mark) was appointed Chief Executive Officer and Director of the Company in September 2012.
Mark’s career started as an accountant with Ernst and Young, then for the next 18 years was Managing Partner of the brand
consultancy Designworks. Mark was Chairman of the New Zealand Wine Fund when it was acquired by Foley Family
Wines in 2009. In 2011 Mark had a sabbatical year and attended London Business School where he completed a Masters
of Science in Leadership and Strategy with Distinction. Mark is a Chartered Accountant with Chartered Accountants
Australia and New Zealand.
8283
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

Statutory
Information
(continued)
Statutory
Information
(continued)
For the year ended 30 June 2023For the year ended 30 June 2023
6. SHAREHOLDER BREAKDOWN
Number of Total shares % of share
Shareholding as at 30 June 2023shareholdersheldCommittee
1-1,000603212, 4 8 00.32%
1,001-5,000311872,6311.33%
5,001-10,0001361,035,0891. 57%
10,001-50,0001292, 678 ,9814.08%
50,001-100,000171,152, 8701. 75%
100,000+2359,784,09790.95%
1, 2196 5, 736 ,14 8100.00%
7. DIRECTORS’ SHAREHOLDING
As at 30 June 2023 Directors held the following direct interests in the Company.
WP Foley – Individually and with CJ Foley held a direct interest in Foley Wines Limited (FWL) of 62.1% through his
shareholding in Foley Family Wines Holdings, Inc. (FFWHI), the ultimate parent of Foley Holdings New Zealand Limited
(FHNZL) which is the New Zealand based parent company and majority shareholder of FWL, through his shareholding in
FHNZL and through the ownership of 8,981,487 ordinary FWL shares (2022: 61.6%). This interest was 65.3% including
the shares to be issued under the Convertible Note (note 14) (2022: 64.7%).
AJ Anselmi – held a direct interest in FWL of 1.7% through his shareholding in FHNZL (2022: 1.7%). This interest was
1.8% including the shares to be issued under the Convertible Note (note 14) (2022: 1.8%).
AM Turnbull – held a direct interest in FWL of 1.2% (2022: 1.2%) through his shareholding in FHNZL (1.15%; 2022:
1.15%) and through the ownership of 60,347 ordinary FWL shares (0.09%; 2022: 0.09%). This interest was 1.3% including
the shares to be issued under the Convertible Note (note 14) (2022: 1.3%).
3. DIRECTORS REMUNERATION AND MEETING ATTENDANCE REGISTER
(CONTINUED)
MEETING ATTENDANCE REGISTER
The attendance of Directors of the Company at Board meetings and Board Audit and Risk Committee meetings were as
follows:
20232022
2023Audit & Risk2022Audit & Risk
BoardCommitteeBoardCommittee
WP Foley II2 / 4N/A5 / 6N/A
A J Anselmi5 / 53 / 36 / 63 / 3
PR Brock5 / 53 / 36 / 63 / 3
GR Graham5 / 53 / 36 / 63 / 3
AM Turnbull5 / 53 / 36 / 63 / 3
RP Foley II0 / 1N/AN/AN/A
4. EMPLOYEES’ REMUNERATION
Section 211(1)(g) of the Companies Act 1993 required disclosure of remuneration and other benefits, including redundancy
and other payments made on termination of employment, in excess of $100,000 per year, paid by the Company or any of
its subsidiaries worldwide to any employees who are not Directors of the Company:
Number of Employees
$11 0 , 0 0 0 – $119, 9 9 92
$120 ,0 0 0 –$129,9 9 91
$130,0 0 0 –$139,9 9 95
$140,000–$149,9991
$150,0 0 0 –$159,9 9 91
$16 0,0 0 0 –$169,9 9 91
$190,000–$199,9991
$200,000–$209,9991
$230,000–$239,9991
$310 ,0 0 0 – $319,9 9 91
$320,000–$329,9991
5. DONATIONS
Foley Wines Limited made no cash donations during the year (2022: $Nil).
8485
FOLEY WINES LIMITED | ANNUAL REPORT 2023FOLEY WINES LIMITED | ANNUAL REPORT 2023

For the year ended 30 June 2023
Statutory
Information
(continued)
For the year ended 30 June 2023
8. 20 LARGEST REGISTERED HOLDERS
Ordinary% of share
Ordinary shares held at 30 June 2023:shares heldcapital
Foley Holdings New Zealand Limited *34,708,79652.80%
WP Foley II & CJ Foley *8 ,981, 4 8713.66%
National Nominees New Zealand Limited on behalf of Milford Asset
Management Limited *3,792,5535.77%
Accident Compensation Corporation2, 4 6 6 ,1233.75%
Lion NZ Limited2,027,0273.08%
New Zealand Permanent Trustees Limited - NZCSD958,0001. 46%
Alfa Lea Horticulture Limited903,3301.37%
Sky Hill Limited885,9221.35%
JP Morgan Chase Bank NA NZ Branch – Segregated Clients Acct - NZCSD773,0951.18%
Custodial Services Limited553,7330.84%
NZ Depository Nominee Limited383,7990.58%
Public Trust RIF Nominees Limited - NZCSD3 4 3,1250.52%
JD Croft322,3880.49%
Phaben Holdings Limited320,0 010.49%
MG Fairhall2 9 5 ,1160.45%
FNZ Custodians Limited242,4990.37%
Hannah Laurenson236 , 5130.36%
Kynance Holdings Limited215,9 240.33%
CM & BW Doig198, 7940.30%
Orchard Investments P/S Account160,0000.24%
Sub-total58,768,22589. 39 %
Others (1,219 Shareholders)6,967,92310 . 61%
TOTAL6 5, 736 ,14 8100.00%
* These shareholders are substantial product holders as defined in Section 274 of Sub-part 5 of Part 5 of the Financial
Markets Conduct Act 2013 as they have a substantial holding in the Company.
9. NZX WAIVERS
No waivers were granted in the current or prior year.
10. SHAREHOLDER INFORMATION
August 2023 Annual Report Published
November 2023 Annual Shareholders Meeting
DIRECTORS:
WP Foley, II (Chairman until 31 March 2023)
PR Brock (Chairman from 1 April 2023; Deputy Chairman)
AJ Anselmi
GR Graham
RP Foley, II (from 1 April 2023)
AM Turnbull (CEO)
HEAD OFFICE ADDRESS:
13 Waihopai Valley Road
RD6, Blenheim, 7276, Marlborough, New Zealand
Telephone +64 3 572 8200
Facsimile +64 3 572 8211
POSTAL ADDRESS:
PO Box 67, Renwick 7243, Marlborough, New Zealand
EMAIL:
info@foleywines.co.nz
WEBSITES:
www.foleywines.co.nz
www.grovemill.co.nz
www.vavasour.com
www.tekairanga.com
www.martinborough-vineyard.co.nz
www.mtdifficulty.nz
www.lighthousegin.co.nz
NATURE OF BUSINESS:
Production and distribution of wine
AUDITORS:
Deloitte Limited, Auckland
SOLICITORS:
Bell Gully, Auckland
Jennifer Mills & Associates, Auckland
BANKERS:
Bank of New Zealand, Auckland
REGISTRATION NO.
307139
REGISTERED OFFICE:
13 Waihopai Valley Road, RD6 Blenheim 7276, Marlborough, New Zealand
SHARE REGISTRAR:
Link Market Services Limited
Level 30, PwC Tower, 15 Customs Street West, Auckland 1010
PO Box 91976, Auckland 1142
Telephone +64 9 375 5998
Email: enquiries@linkmarketservices.com
(please quote CSN or shareholder number)
Website for shareholders to change address or payment instructions or view
investment portfolio: www.linkmarketservices.co.nz
SHARE TRADING:
NZX – NZSX Market
Security Code “FWL”
Investors who wish to join the Foley Investors Wine Club, please email
info@foleywines.co.nz
Company
Directory
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FOLEY WINES LIMITED | ANNUAL REPORT 2023

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RECORD YEAR AND INVESTING FOR THE FUTURE

THURSDAY, AUGUST 24 2023 – Foley Wines reports record case sales and operating profit in the Company’s
Annual Report to June 2023, published to the New Zealand Stock Exchange today.

OVERVIEW
Bottled Sales Revenue $62,281,000 (+ 13.8%)
Case Sales 584,000 (+ 11.2%)
Operating Earnings $10,216,000 (+ 31.2%)
Net Profit After Tax $6,342,000 (+ 2.4%)
Operating EBITDA $20,285,000 (+ 30%)

Foley Wines CEO Mark Turnbull said, “The 2023 year was a record for the Company and reflected the work
done in building the brands, the continued focus on producing high quality wine and building quality routes to
market. At our ASM last year we outlined our goal of an operating profit before tax of $10m. Achieving this
against an increasingly challenging world economy and very high interest rates was very satisfying,” said
Turnbull.

The Company also completed major capital expenditure programmes that will lead to the ability to process more
wine with the Grove Mill winery capacity increased to 4,000 tonnes, significant investment in both vineyard
productivity and capacity and the completion of The Runholder in Martinborough.

Comprising a 100 person restaurant across casual and formal dining spaces, a tasting room, cellar door, viewing
and dining terraces, private dining room and distillery, The Runholder is the brand home of Te Kairanga,
Martinborough Vineyard and Lighthouse Gin.

In addition to the hospitality spaces, the building provides key operational facilities including gin bottling,
warehousing and a subterranean barrel hall which has capacity for 1,300 barrels and has been operational for the
past two vintages. A custom built CARL still will provide much greater gin production capacity, while floor to
ceiling windows position its craftmanship as a striking display for visitors to discover the distilling process.

“We expect The Runholder to be an important contributor both in terms of profit and the effect a strong
“spiritual home” will have on brand awareness locally and globally,” said Turnbull.

The Company reports its harvest was down 12% on the prior year. Turnbull said, “The team in Martinborough
had a real challenge dealing with a very wet summer but they worked tirelessly in very trying conditions to
achieve the best outcome.

“During the year we also received strong recognition of quality from some of the world’s most respected and
influential industry commentators. This was particularly pleasing given the challenges of the 2022 growing
season and is testament to the team’s skill in the vineyards, wineries and distillery,” said Turnbull.

The Company also reports that no final dividend will be paid for the year ended 30 June 2023. “The Directors
appreciate that this will be disappointing to Shareholders however the necessary capital spend during the year of
$6.2m on The Runholder and $3.2m to increase Grove Mill’s processing capacity means that, while not a cash
return this year, Shareholders will benefit from a balance sheet improved by hard assets that will create enduring
revenue streams in future years. To pay a dividend on top of these capital spends would necessarily expose the
business to additional debt at a time of extremely high costs of borrowing.

“The Company is pleased to report record case sales and operating profit. We’ve worked to build an exceptional
wine portfolio, with ‘blue chip’ routes to market based on a clear premiumisation strategy. However, the
headwinds talked about last year are very much here. High interest rates are affecting consumers globally and
economic conditions in most markets are seeing the impact. Notwithstanding, the Company is in good shape and
continues its strong growth and investment for the future,” said Turnbull.

– END –

Authorised for public release.

For further information please contact:
Mark Turnbull
CEO, Foley Wines Limited
PO Box 67, Renwick, 7243, Marlborough
Tel: +64 21 714 885
Email: mark@foleywines.co.nz


Notes to Editors:

Foley Wines is a collection of iconic wineries and brands from New Zealand’s most acclaimed wine regions. Each
with a unique story of New Zealand to tell, our wineries are linked by a common unrelenting purpose; to make
great wine that people love to drink around the world – made by land & hand.

Our ambition is to be New Zealand’s most revered wine group. With a portfolio of exceptional quality wines and
our deep belief in building enduring partnerships, we are able to satisfy the most discerning retailers and restaurants
at home and around the world.

Established in 1988 as Grove Mill Wine Company Ltd, the company merged with Foley Family Wines NZ Limited
in September 2012. The Company listed on the NZAX Board of the NZ Stock Exchange when this was first
established in November 2003 and migrated to the NZX Main Board and changed its name to Foley Wines Limited
(ticker code FWL) on 3 December 2018. Foley Wines’ major shareholder is Bill Foley who is a major investor in
the US wine industry.

Foley Wines owns Martinborough Vineyard, Te Kairanga and the Lighthouse Gin brand in Martinborough, Grove
Mill and Vavasour in Marlborough, and Mt Difficulty in Central Otago.