Foley Wines Limited Half Yearly Report to 31 December 2023

Results announcement

Results for announcement to the market
Name of issuer Foley Wines Limited
Reporting Period 6 months to 31 December 2023 (Unaudited)
Previous Reporting Period 6 months to 31 December 2022 (Unaudited)
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$30,340 -13.5%
Total Revenue $30,340 -13.5%
Net profit/(loss) from continuing
operations
$2,077 -50.6%
Total net profit/(loss) $1,673 -60.2%
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
$1.74 $1.68
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”) $1,261 -77.5%
Operating Profit before interest, impairment, revaluations,
income tax, depreciation and amortisation (“Operating
EBITDA”) $7,097 -30.0%
This announcement should be read in conjunction with the
attached unaudited Financial Statements for the Six Months
ended 31 December 2023. A copy of the Half Yearly Report
December 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 February 2024

Unaudited financial statements accompany this announcement.

---

Strong global partnerships help navigate headwinds

FRIDAY 23 FEBRUARY 2024 – Foley Wines announces half year result

CASE SALES 245,000 (down 21%)
BOTTLED SALES REVENUE $28,710,000 (down 13.5%)
OPERATING EARNINGS $1,261,000 (down 77.5%)
REPORTED PROFIT AFTER TAX $1,673,000 (down 60.2%)
OPERATING EBITDA $7,097,000 (down 30.0%)
OPERATING CASH FLOW $2,955,000 (down 57.7%)

Foley Wines CEO Mark Turnbull said, “Without doubt, it has been a tough six months for the
Company. However, we need to put our performance into the context of broader industry
performance.”

New Zealand Winegrowers export statistics for the six months ended 31 December 2023 show bottled
wine exports were down between 21% and 48% in all major markets. In New Zealand, total still wine
sales were down 2.2%, where the Company’s brands grew at 9%.

The Company points to several factors including improvements in global supply chains which have
meant customers have been able to reduce stock levels in their warehouses, resulting in fewer
purchases than in the previous 12 months. At the same time, many customers are reducing their
working capital as the global economy struggles, and consumers have less money to spend on
discretionary purchases – both from retailers and dining out.

“Some major customers were caught with significant over stocking of other wine brands, which
resulted in a very long period of discounting affecting our brands’ promotional calendars,” said
Turnbull.

“We are also seeing significant volumes of bulk Sauvignon Blanc coming on to the market at very
low prices. This has resulted in some of our competitors dropping prices, a practice that we were not
prepared to adopt.”

“Notwithstanding these headwinds, we believe we have the routes to market that will enable us to sell
our brands profitability. We continue to secure strong new routes to market for our premium
portfolio,” said Turnbull.

The Company’s new hospitality venue in Martinborough, The Runholder, opened in August 2023 and
is home to its Te Kairanga, Martinborough Vineyard and Lighthouse Gin brands. With a restaurant,
tasting room, private dining and distillery, it is quickly establishing itself as an iconic destination in
the region. In addition, the Company has recently acquired the long running wine and food festival,
Toast Martinborough, and is committed to ensuring this iconic festival remains relevant for years to
come.

The Company expects a lower yield from the upcoming 2024 harvest. “The industry is predicting that
the Marlborough region is in for a smaller vintage of exceptionally high quality on the basis that there

are no major weather events. Having a high quality vintage is paramount when you are focussed on
producing world class wines.”

“We have established some strong global partnerships that will certainly help navigate our way
through the head winds in the global economy. These relationships mean we do not need to dump
wine onto the market unprofitably. We are very focused on having a much improved second six
months,” said Turnbull.


- ENDS -


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

---

HALF YEARLY REPORT
For the six months ended 31 December 2023

Performance Overview 4
Chief Executive Officer (CEO) and Directors’ Report 6 – 10
Financial Statements (Unaudited)
Income Statement 12
Statement of Comprehensive Income 13
Statement of Changes In Equity 13 – 14
Statement of Financial Position 15 – 16
Statement of Cash Flows 17
Notes to the Financial Statements 19 – 25
Company Directory 26
This interim financial report does not include all of the notes of the type normally included in the annual financial report.
Accordingly, this report should be read in conjunction with the Annual Report for the year ended 30 June 2023 and
any public announcements made by Foley Wines Limited during the interim period.
Foley Wines Limited is a company incorporated and domiciled in New Zealand and listed on the NZSX Board of the
New Zealand Stock Exchange (NZX). 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.
These financial statements were approved for issue on 23 February 2024 and have not been audited.
Contents
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024
1

made by
land &
hand
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.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024
2

Our wineries
& distillery
Martinborough Vineyard
Martinborough
Te Kairanga
Martinborough
Lighthouse Gin
Martinborough
Grove Mill
Wairau Valley, Marlborough
Vavasour
Awatere Valley, Marlborough
Mt Difficulty
Central Otago
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024
3

Performance
Overview
CASE SALES 245,000 (down 21%)
BOTTLED SALES REVENUE $28,710,000 (down 13.5%)
OPERATING EARNINGS $1,261,000 (down 77.5%)
REPORTED PROFIT AFTER TAX $1,673,000 (down 60.2%)
OPERATING EBITDA $7,097,000 (down 30.0%)
OPERATING CASH FLOW $2 ,955,0 0 0 (dow n 57.7%)
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024
4

Mark Turnbull, CEO and Director
On behalf of the Board of Directors of Foley Wines Limited (FWL) I present its operating
and financial results for the six months ended 31 December 2023.
OPERATING PERFORMANCE
The operating profit before revaluations and income tax (“operating earnings”) for the six
months was $1,261,000 compared with $5,599,000 for the previous financial year.
Profit for the period net of tax attributable for the shareholders was $1,673,000, down
60.2% compared with $4,208,000 the previous year.
A summary of market sales is set out below on page 7.
Without doubt, it has been a tough six months for the Company. However, we need to
put our performance into the context of broader industry performance. According to the
most recent export statistics for the six months ended 31 December 2023 released by New
Zealand Winegrowers, bottled wine exports were down 29%. USA was down 31%, United
Kingdom/EU down 21% and Australia down 48%.
In terms of New Zealand, total still wine sales were down 2.2%, where our brands grew
at 9%.
1

There are some key reasons why sales are down, many of which have been reported in
the media.
1. With the improvement in supply chains, global customers were able to reduce stock
levels in their warehouses resulting in fewer purchases than in the previous 12 months.
At the same time, as the global economy struggles many customers are reducing their
working capital.
CEO & Directors’
Report
1. Note that this is sales out from our customers data, where our sales stated above is Foley Wines sales to our customers.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
6

Bottled case sales
BOTTLED CASE SALES 6 MONTHS TO DECEMBER 2023
NEW ZEALAND 93,000 CASES +2%
AUSTRALIA 41,000 CASES (56)%
USA 43,000 CASES (10)%
UK/EUROPE 55,000 CASES (15)%
REST OF WORLD 13,000 CASES (13)%
TOTAL 245,000 CASES (21)%
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
7

2. Consumers have less money to spend on discretionary purchases – both purchasing
from retailers and dining out.
3. Some major customers were caught with significant over stocking of other wine brands,
which resulted in a very long period of discounting affecting our brands’ promotional
calendars.
At the same time, we are seeing significant volumes of bulk Sauvignon Blanc coming on
to the market at very low prices. This has resulted in some of our competitors dropping
prices, a practice that we were not prepared to adopt. Rather our focus is on additional
promotional support which is very targeted.
Notwithstanding these headwinds, we believe we have the routes to market that will enable
us to sell our brands profitability. We continue to secure strong new routes to market for
our premium portfolio.
VINEYARD REDEVELOPMENT
As outlined in 2022, we have a strategy to improve vineyard performance by replacing
under performing vines and/or varietals with new vines. This is particularly important
in Central Otago which will enable us in the future to have much greater supply chain
security and means we will have the option to move away from leasing vineyards. The
costs associated with removing the vines and the losses recorded in writing off the old
vines was $563,000.
THE RUNHOLDER AND TOAST MARTINBOROUGH
The Runholder, opened in August 2023, is the new brand home of Te Kairanga,
Martinborough Vineyard and Lighthouse Gin in Martinborough. It is quickly establishing
itself as an iconic destination in the region with strong visitor reviews and positive media
coverage of both the venue and brands. Further bolstering the premium experiences the
Company is able to offer in the region, Foley Wines Ltd has recently acquired the long-
running wine and food festival Toast Martinborough. The Company is committed to
ensuring this iconic festival remains relevant for years to come.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
8

CASH FLOW
Operating cash flow was $2,955,000 for the six months, down from $6,978,000 the
previous year. Payments to suppliers was a major influence along with higher interest
payments, which is a function of interest rate increases and an increase in borrowings
with the vineyard purchase in Central Otago last year.
Capital expenditure was $2,900,000 for the six months, compared with $4,526,000 and
$2,608,000 the previous two years. The major influence on the increase in the prior year
was the development at Te Kairanga which was completed in July 2023.
No dividend was paid during the six months, compared with $2,629,000 the previous year.
2024 HARVEST
The early indication is that there will be a lower yield from the 2024 harvest. However, the
preliminary view is that we are in for a vintage of exceptionally high quality on the basis
that we do not have any major weather events. Having a high quality vintage is paramount
when you are focussed on producing world class wines.
OUTLOOK
As outlined previously, we have established some strong global partnerships that will
certainly help navigate our way through the head winds in the global economy. We are
very focused on having a much improved second six months.
For and on behalf of the Board of Directors
Mark Turnbull
CEO and Director
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
10

FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024
Financial Statements
11

Income
Statement
For the six months ended 31 December 2023




Note
Unaudited
6 Months
31 Dec 2023
Group
$’000
Audited
12 M o n t h s
30 Jun 2023
Group
$’000
Unaudited
6 Months
31 Dec 2022
Group
$’000
Revenue 3 30,340 66,632 34,986
Expenses
Cost of sales (19,948) (42,879) (22,685)
Selling, marketing and promotion expenses (3,629) (5,571) (2,835)
Administration and corporate governance expenses (2,655) (4,567) (2,348)
Vineyard acquisition and replacement losses (561) – (11)
Other expenses – (20) (4)
Expenses excluding interest (26,793) (53,037) (27,883)
Profit before interest, impairment, revaluations
and income tax 3,547 13,595 7,103
Interest revenue 31 42 19
Interest expense 4 (2,323) (3,404) (1,515)
Net finance costs (2,292) (3,362) (1,496)
Profit before impairment, revaluations and income tax 1,255 10,233 5,607
Impairment
Impairment of inventory 6 (17) (8)
Profit before revaluations and income tax 1,261 10,216 5,599
Revaluation gains and losses
Unrealised gain/(loss) in fair value of financial assets/liabilities 9 1,015 113 1,024
Unrealised gain on harvested grapes – (201) –
Realised reversal of (gain)/loss on harvested grapes (84) (1,223) (730)
Revaluation of property, plant & equipment – – –
Profit before income tax 3 2,192 8,905 5,893
Income tax expense (519) (2,563) (1,685)
Profit for the period net of tax, attributable
to Shareholders of the Parent Company 1,673 6,342 4,208
Basic Earnings per share cps (after tax) 5 2.55 9.65 6.40
Diluted Earnings per share cps (after tax) 5 2.55 9.31 6.07

These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 19 to 25.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024
12

Statement of
Comprehensive Income
For the six months ended 31 December 2023




Unaudited
6 Months
31 Dec 2023
Group
$’000
Audited
12 M o n t h s
30 Jun 2023
Group
$’000
Unaudited
6 Months
31 Dec 2022
Group
$’000
Profit for the period 1,673 6,342 4,208
Other comprehensive income:
Items that will not be reclassified to profit or loss:
Income tax on items taken directly to or transferred from equity 27 – –
Other comprehensive income for the period, net of tax 27 – –
Total comprehensive income for the period, net of tax 1,700 6,342 4,208

Note
Fully Paid
Ordinary
Shares
$‘000
Asset
Revaluation
Reserve
$’000
Retained
Earnings
$’000
Total
$’000
Unaudited 6 Months 31 December 2023 Group
Equity at 1 July 2023 86,518 29,888 31,102 147,508
Profit for the period – – 1,673 1,673
Other comprehensive income for the period – 27 – 27
Transfer from Asset Revaluation Reserve to Retained Earnings – (96) 96 –
Total comprehensive income for the period – (69) 1,769 1,700
Distributions to owners 6 – – – –
Transactions with owners during period – – – –
Added to equity during the period – (69) 1,769 1,700
Equity at 31 December 2023 86,518 29,819 32,871 147,208
Dividends paid per share cps 6 0.0

For the six months ended 31 December 2023
Statement of
Changes in Equity
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 19 to 25.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024
13

Statement of
Changes in Equity
(continued)
For the six months ended 31 December 2023
Note
Fully Paid
Ordinary
Shares
$‘000
Asset
Revaluation
Reserve
$’000
Retained
Earnings
$’000
Total
$’000
Audited 12 Months 30 June 2023 Group
Equity at 1 July 2022 86,518 29,888 27,389 143,795
Profit for the period – – 6,342 6,342
Other comprehensive income for the period – – – –
Transfer from Asset Revaluation Reserve to Retained Earnings – – – –
Total comprehensive income for the year – – 6,342 6,342
Distributions to owners 6 – – (2,629) (2,629)
Transactions with owners during year – – (2,629) (2,629)
Added to equity during the year – – 3,713 3,713
Equity at 30 June 2023 86,518 29,888 31,102 147,508
Dividends paid per share cps 6 4.0
Unaudited 6 Months 31 December 2022 Group
Equity at 1 July 2022 86,518 29,888 27,389 143,795
Profit for the period – – 4,208 4,208
Total comprehensive income for the period – – 4,208 4,208
Distributions to owners 6 – – (2,629) (2,629)
Transactions with owners during period – – (2,629) (2,629)
Added to equity during the period – – 1,579 1,579
Equity at 31 December 2022 86,518 29,888 28,968 145,374
Dividends paid per share cps 6 4.0

These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 19 to 25.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024
14

Statement of
Financial Position
As at 31 December 2023





Unaudited
6 Months
31 Dec 2023
Group
$’000
Audited
12 M o n t h s
30 Jun 2023
Group
$’000
Unaudited
6 Months
31 Dec 2022
Group
$’000
CURRENT ASSETS
Cash and cash equivalents 1,243 10 192
Trade and other receivables 9,616 13,784 12,029
Other financial assets 117 – 28
Inventories 43,605 52,085 38,128
Biological work in progress 8,891 1,844 8,680
Current tax assets 372 – –
Prepaid expenses 1,831 377 2,374
61, 4 31 6 8 ,10 0 61, 4 31

NON–CURRENT ASSETS
Property, plant and equipment 131,379 131,123 124,188
Right–of–use assets 12,258 12,816 13,433
Intangible assets 35,125 35,125 35,125
Other financial assets 171 – 156
Other receivables 932 916 1,046
179, 8 6 5 179,98 0 173 ,94 8
TOTAL ASSETS 245,540 248,080 235,379
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 19 to 25.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024
15

Statement of
Financial Position
(continued)
As at 31 December 2023




Note
Unaudited
6 Months
31 Dec 2023
Group
$’000
Audited
12 M o n t h s
30 Jun 2023
Group
$’000
Unaudited
6 Months
31 Dec 2022
Group
$’000
CURRENT LIABILITIES

Trade and other payables 5,199 8,556 4,487
Bank overdraft – 4,721 1,249
Loans and borrowings 938 2,356 14,342
Lease liabilities 1,163 1,077 1,481
Convertible notes 10,900 10,900 10,900
Other financial liabilities – 561 –
Current tax liabilities – 1,256 772
18,200 29,427 33,231

NON–CURRENT LIABILITIES
Loans and borrowings 50,281 42,429 27,603
Lease liabilities 12,880 13,440 13,593
Other financial liabilities – 166 –
Deferred tax liabilities 14,971 15,110 15,578
78 ,132 71,14 5 56 , 7 74
TOTAL LIABILITIES 96,332 100,572 90,005

EQUITY
Share capital 7 86,518 86,518 86,518
Reserves 29,819 29,888 29,888
Retained earnings 32,871 31,102 28,968
TOTAL EQUITY 149,208 147,508 145,374
TOTAL LIABILITIES AND EQUITY 254,540 248,080 235,379
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 19 to 25.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024
16

Statement of
Cash Flows
For the six months ended 31 December 2023




Note
Unaudited
6 Months
31 Dec 2023
Group
$’000
Audited
12 M o n t h s
30 Jun 2023
Group
$’000
Unaudited
6 Months
31 Dec 2022
Group
$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from (applied to)
Receipts from customers 36,918 67,101 35,090
Interest received 14 6 1
Payments to suppliers and employees (29, 396) (5 0 , 412) (24 , 517 )
Interest and other costs of finance paid (2,322) (3,404) (1,515)
Income tax paid (2,259) (2,943) (2,081)
Net cash flow from operating activities 8 2,955 10,348 6,978
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from (applied to)
Sale of property, plant and equipment 33 93 51
Purchase of property, plant and equipment (2,900) (14,017) (4,526)
Grower and other loans repaid – 150 –
Net cash flow from investing activities (2,867) (13,774) (4,475)
CASH FLOW FROM FINANCING ACTIVITIES
Cash was provided for (applied to)
Dividends paid – (2,629) (2,629)
Loans advanced 32,850 21,000 1,000
Loans repaid (26,416) (18,248) (1,088)
Lease liabilities repaid (568) (1,096) (531)
Net cash flow from financing activities 5,866 (973) (3,248)
Net increase in cash held 5,954 (4,399) (745)
Cash and cash equivalents at beginning of period (4 , 711) (312) (312)
Cash and cash equivalents at end of period 1,243 (4,711) (1,057)
Comprising: Cash and cash equivalents 1,243 10 192
Bank overdraft – (4,721) (1,249)
1,243 (4,711) (1,057)
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 19 to 25.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024
17

FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024
Notes to Financial Statements
18

1. ACCOUNTING PERIOD
The unaudited financial statements presented are for Foley Wines Limited (“the Company”, “the Parent”) and its subsidiaries
(together referred to as “the Group”) and cover the six month period to 31 December 2023. These condensed financial
statements have been prepared in accordance with NZ IAS 34 Interim Financial Statements and should be read in conjunction
with Foley Wines Limited’s Annual Report for the year ended 30 June 2023. The financial statements were authorised for issue
by the Directors on 23 February 2024.
2. ACCOUNTING POLICIES
The same accounting policies and methods of computation are followed in the interim financial statements as were followed
in the annual financial statements for the year ended 30 June 2023.
There have been no changes in accounting policies during the period.
2.1 JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
In preparing these interim financial statements under 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 significant areas of estimation, assumptions and critical judgements made in the preparation of these financial statements
are consistent with those set out in the 2023 Annual Report.
Notes to the
Financial Statements
For the six months ended 31 December 2023
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024
19

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2023




Unaudited
6 Months
31 Dec 2023
Group
$’000
Audited
12 M o n t h s
30 Jun 2023
Group
$’000
Unaudited
6 Months
31 Dec 2022
Group
$’000
3. PROFIT FOR THE PERIOD
Included in profit before income tax for the period are the following:
REVENUE:
Sales revenue – sale of goods – bottled wine 28,710 62,281 33,203
Sales revenue – other 1,680 4,319 1,783
Total sales revenue 30,340 66,600 34,986
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 assets 652 1,219 595
Bad debts written off – 24 –
Depreciation 2,643 4,991 2,448
Directors’ fees 120 240 120
Employee benefits expense: Short–term employee benefits 4,801 10,032 4,146
Excise duty and HPA levy 3,277 5,811 3,064
Fees paid to auditors:
– Audit of the financial statements (fees and disbursements) 61 125 57
Cost of inventories recognised as expense 16,671 37,068 19,621
4. INTEREST EXPENSE
Interest on loans and borrowings 1,959 2,683 1,154
Interest on convertible notes 357 708 357
Interest expense on lease liabilities 7 12 4
Total Interest expense 2,323 3,404 1,515

20
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2023




Unaudited
6 Months
31 Dec 2023
Group
$
Audited
12 M o n t h s
30 Jun 2023
Group
$
Unaudited
6 Months
31 Dec 2022
Group
$
5. EARNINGS PER SHARE
Basic Earnings per share ($) 2.55 9.65 6.40
The calculation is based on NZIFRS earnings of the Group of $1,673,000 (30Jun23 $6,342,000; 31Dec22 $4,208,000)
and the weighted average of 65,736,148 ordinary shares on issue during the period (30Jun23 65,736,148; 31Dec22
6 5, 736 ,14 8).
Diluted Earnings per share ($) 2.55 9.31 6.07
The calculation of diluted earnings per share is based on profit of $1,930,000 (30Jun23 $6,852,000; 31Dec22 $4,465,000),
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 (30Jun23 73,599,173; 31Dec22 73,599,173) becomes anti-dilutive
and therefore the diluted earnings per share is the same as basic earnings per share.
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:
31 Dec 2023
Number of
shares
30 Jun 2023
Number of
shares
31 Dec 2022
Number of
shares
Weighted average number of ordinary shares (Basic) 65,736,148 65,736,148 65,736,148
Convertible notes outstanding at period end 7,863,025 7,863,025 7,863,025
Weighted average number of ordinary shares (Diluted) 73,599,173 73,599,173 73,599,173
21
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2023
6. DIVIDENDS PAID PER SHARE
The calculation of dividends per share in respect of the interim 2024 period is based on no final dividend for 2023 being paid
(30Jun23: 2022 Final dividend $2,629,000 paid 21Oct22; 31Dec22: $2,629,000).




Unaudited
6 Months
31 Dec 2023
Group
$’000
Audited
12 M o n t h s
30 Jun 2023
Group
$’000
Unaudited
6 Months
31 Dec 2022
Group
$’000
7. SHARE CAPITAL
FULLY PAID UP ORDINARY SHARES
Balance at beginning of period 86,518 86,518 86,518
Movements in share capital – – –
Balance at end of period 86,518 86,518 86,518
Number of fully paid ordinary shares 65,736,148 65,736,148 65,736,148

There were no shares issued during the period.
22
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2023




Unaudited
6 Months
31 Dec 2023
Group
$’000
Audited
12 M o n t h s
30 Jun 2023
Group
$’000
Unaudited
6 Months
31 Dec 2022
Group
$’000
8. CASH FLOW INFORMATION
(a) NET CASH FLOW FROM OPERATING ACTIVITIES
PROFIT AFTER INCOME TAX FOR THE PERIOD 1,673 6,342 4,208
NON–CASH ITEMS:
Depreciation 2,643 4,991 2,448
Amortisation 652 1,219 595
Increase/(decrease) in deferred tax (112) (670) (202)
Bad debts written off – 24 –
Impairment loss/(gain) recognised on inventories (6) 17 8
Adjustments resulting from revaluation of grapes 84 1,424 730
Loss/(gain) on disposal of property, plant and equipment (32) (52) (23)
Grower advance adjustments (16) (36) (18)
Movement in derivative financial instruments
(Other financial assets/liabilities) (1,015) (113) (1,024)
2,198 6,804 2,514
MOVEMENTS IN WORKING CAPITAL BALANCES:
Trade and other receivables 4,168 (3,974) (2,195)
Inventories 8,402 (3,901) 10,759
Biological work in progress (7,047) 104 (6,732)
Prepaid expenses and other current assets (1,454) 484 (1,513)
Trade and other payables (3,357) 4,199 131
Current tax assets/liabilities (1,628) 290 (194)
(916) (2,798) 256
NET CASH FLOW FROM OPERATING ACTIVITIES 2,955 10,348 6,978
(b) NET LOANS AND BORROWINGS
RECONCILIATION

Total Loans and borrowings 51,219 44,785 41,945
Loans advanced during the year 32,850 21,000 1,000
Loans repaid during the year (26,416) (18,248) (1,088)
Net movement in net debt – all cash flows 6,434 2,752 (88)

23
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2023




Unaudited
6 Months
31 Dec 2023
Group
$’000
Audited
12 M o n t h s
30 Jun 2023
Group
$’000
Unaudited
6 Months
31 Dec 2022
Group
$’000
9. FINANCIAL INSTRUMENTS
Change in fair value of financial assets/liabilities consists of:
Foreign currency forward contracts 1,015 (910) 1,024
$ $ $
10. NET TANGIBLE ASSETS
Net tangible assets per share ($) 1.74 1.71 1.68
11. RELATED PARTY TRANSACTIONS
(a) 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 period were $3,820,000 for the Group (Jun23: $7,352,000;
Dec22: $4,249,000).
(ii) Interest was paid/payable to Foley Holdings New Zealand Limited the parent of the Foley Wines Limited under the
convertible note. Interest paid/payable for the period was $357,000 for the Group (Jun23: $709,000; Dec22:
$357,000).
(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 period totalled $23,000 for the Group (Jun23: $53,000; Dec22:
$36,000). Accommodation, meals, events, labour and vouchers for Foley Rewards provided by Wharekauhau
to the Company and Foley Rewards customers during the period totalled $28,000 (Jun23: $22,000; Dec22:
$15,0 0 0).
(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 $49,000
(Jun23: $139,000; Dec22: $79,000). Administration services, rental, electricity and contract distilling services
were provided to Lighthouse Distillery Limited during the period of $32,000 (Jun23: $83,000; Dec22: $29,000).
Lighthouse Distillery Limited paid the Company a sales commission on spirits sold direct to customer during the year
of $214,000 (Jun23: $171,000; Dec22: $Nil).
(v) Sales were made to Foley Hospitality Limited group restaurants, a group owned 100% by Foley Holdings New
Zealand Limited, the parent company of Foley Wines Limited. Sales for the period were $241,000 (Jun23: $157,000;
Dec22: $35,000). Meals and event services were provided by Foley Hospitality restaurants during the period of
$20,000 (Jun23: $15,000; Dec22: $15,000).
24
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2023




Unaudited
6 Months
31 Dec 2023
Group
$’000
Audited
12 M o n t h s
30 Jun 2023
Group
$’000
Unaudited
6 Months
31 Dec 2022
Group
$’000
11. RELATED PARTY TRANSACTIONS (continued)
(b) Amounts owing to related parties at balance date:
Foley Holdings New Zealand Limited – convertible note 10,900 10,900 10,900
Foley Hospitality Limited – 1 –
Wharekauhau Country Estate Limited 2 – 1
(c) Amounts owing from related parties at balance date:
Foley Family Wines Inc. 1,810 1,950 2,450
Wharekauhau Country Estate Limited 7 1 12
Lighthouse Distillery Limited 166 132 6
Foley Hospitality Limited and subsidiaries 55 25 21

12. FOREIGN CURRENCY EXCHANGE RATES
The following spot foreign exchange rates have been applied at balance date:
NZ $1.00 =

31 December 2023

30 June 2023

31 December 2022
FWL BuyFWL SellFWL BuyFWL SellFWL BuyFWL Sell
Australian dollar 0.9275 0.9289 0.9123 0.9196 0.9333 0.9407
United States dollar 0.6340 0.6354 0.6040 0.6088 0.6330 0.6380
Great British pound 0.4976 0.4990 0.4788 0.4826 0.5248 0.5290
Euro 0.5729 0.5743 0.5557 0.5601 0.5927 0.5975

13. SUBSEQUENT EVENTS
No material events have occurred since balance date.
14. SHAREHOLDER INFORMATION
August 2024 Annual Report Published
November 2024 Annual Shareholders Meeting
25
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024

For the six months ended 31 December 2023
DIRECTORS:
PR Brock (Chairman)
AJ Anselmi
GR Graham
RP Foley, II
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 Main Board – Security Code “FWL”
Company
Directory
26
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2024

Investors who wish to join the Foley Investors Wine Club,
please email info@ foleywines.co.nz