FWL Climate-Related Disclosures Report FY24

FOLEY WINES LIMITED


CLIMATE-RELATED DISCLOSURES
REPORT
FOR THE YEAR ENDED 30 JUNE 2024

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CLIMATE-RELATED DISCLOSURES REPORT
FOR THE YEAR ENDED 30 JUNE 2024

CONTENTS



PAGE/S

INTRODUCTION 2-3

GOVERNANCE 4-5

STRATEGY 5-11

RISK MANAGEMENT 11-12

METRICS AMD TARGETS 12-14

GLOSSARY 15

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CLIMATE-RELATED DISCLOSURES REPORT
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INTRODUCTION
This is Foley Wines Limited (FWL, the “Company”) and its subsidiaries (together, the “Group”, “we”, “our”) first
Climate-Related Disclosures (CRDs) prepared in accordance with the requirements of the Aotearoa New Zealand
Climate Standards (NZCS) issued by the External Reporting Board (XRB).

Foley Wines Limited is a climate-reporting entity under the Financial Markets Conduct Act 2013. The reporting
period covered by this report is for the 12 months from 1 July 2023 to 30 June 2024.

The Company recognises the significant global impact that climate change poses to economic, environmental and
social systems. We acknowledge that where there are climate risks there are financial risks but also practical
opportunities. We are committed to playing our part to reduce the impact of our operations and support our
customers on their own journey.

These climate-related disclosure were authorised for issue by the Directors on 18 October 2024 and are current as at
that date.

For and on behalf of the Directors


PR Brock AM Turnbull
Chairman CEO and Director

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INTRODUCTION (Continued)
Statement of Compliance
These Climate-Related Disclosures comply with the Aotearoa New Zealand Climate Standards issued by the External
Reporting Board. In preparing the Group’s climate-related disclosures, the Board and Management have elected to
use all first-year adoption provisions provided and detailed in NZCS as outlined below.

Adoption provision 1: Current financial impacts
This adoption provision exempts FWL from disclosing the current financial impacts of its physical and transition
impacts identified in NZ CS 1 paragraph 12 (a). The adoption provision also exempts FWL from paragraph 12 (c) of
NZ CS 1, where FWL is required to explain why it is unable to disclose quantitative information.

Adoption provision 2: Anticipated financial impacts
This adoption provision exempts FWL from disclosing its anticipated financial impacts of climate-related risks and
opportunities in its first reporting period. This adoption provision also includes exemption from:
a. Paragraph 15 (c) of NZ CS 1, where FWL is required to disclose a description of the time horizons over which the
anticipated financial impacts of climate-related risks and opportunities could reasonably occur.
b. Paragraph 15 (d) of NZ CS 1, where FWL is required to explain why it is unable to disclose quantitative information
for paragraph 15 (b) of NZ CS 1.

Adoption provision 3: Transition planning
This adoption provision exempts FWL from disclosing the following in its first reporting period:
a. The transition plan aspects of its strategy, including how its business model and strategy might change to address
its climate-related risks and opportunities; and
b. The extent to which transition plan aspects of its strategy are aligned with its internal capital deployment and
funding decision-making processes.

Adoption provision 4: Scope 3 GHG emissions
This adoption provision exempts FWL from disclosing the Scope 3 GHG (greenhouse gas) emissions.

Adoption provision 6: Comparatives for metrics
This adoption provision exempts FWL from disclosing comparative information for metrics disclosed in FWL’s first
reporting period.

Adoption provision 7: Analysis of trends
This adoption provision exempts FWL from disclosing an analysis of the main trends evident from a comparison of
each metric from previous reporting periods to the current reporting period (NZ CS 3 paragraph 42).

Disclaimer
While there are forward-looking statements made in this report, the climate-related statements and any metrics
contained here should not be considered any sort of prediction or forecast of performance outcomes, financial or
otherwise. These statements are subject to both known and unknown risks, uncertainties and other factors, many of
which lie outside the Group’s control. The Group has prepared this information with due care and attention, and this
report is based on assumptions about the Group’s current business and our future strategies, as well as the
environment our business operates in, both now and in the future. The identified climate-related risks and
opportunities may not eventuate, and if they do, the actual impacts may differ materially from what is provided in
this report. Nothing in this report should be interpreted as capital growth, earnings or any other legal, financial tax
or other advice or guidance.

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CLIMATE-RELATED DISCLOSURES REPORT
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GOVERNANCE
These climate-related disclosures should be read in conjunction with the Corporate Governance Statement contained
in the Annual Report.
The Board of Directors is the governance body responsible for oversight of FWL’s climate-related risks and
opportunities, as set out further below. The Board is supported by the Board’s Audit and Risk Committee (ARC),
which provides governance oversight for the monitoring of climate-related risks and related reporting in the annual
report as well as overarching risk management.
The following diagram shows FWL’s organisational structure as it relates to the oversight and management of climate-
related risks and opportunities:
Board Level




Executive
Level


Management
Level

Board oversight of climate-related risks and opportunities
The Board is responsible for setting the Company’s purpose and overall strategic direction and has oversight over the
risk management strategy, framework, policies and risk appetite, including related to climate change. The Board has
ultimate responsibility for oversight of climate-related reporting and the identification of climate-related risks and
opportunities. The Board meets approximately six times each year and is updated on a regular basis on the
management of climate-related issues alongside other business matters. The Board is supported in this function by
the Audit and Risk Committee, to perform a review of the Group’s primary business risks and its Risk Management
Framework (RMF). Although climate-related risks and opportunities are not considered on a standalone basis within
the Group’s strategy, they are taken into account within broader frameworks such as the Group’s RMF, which, in turn,
feed into the Group’s strategy setting processes. The Board is also responsible for approving the RMF, which is the
Group’s framework to assist with identifying, assessing and managing its risk (including climate-related risk).
Directors hold responsibility for their own continuous education to keep themselves up to date on relevant climate-
related issues. The Board accesses climate-related expertise from within the Group, and externally where required.
During the year the CFO presented a detailed education paper to the Board on the requirements of the new Climate-
Related Disclosures.
At this stage no remuneration has been aligned specifically to sustainability or climate-related metrics.
Board – Governance oversight of all climate matters including
endorsing ESG targets (including GHG emission reductions).

Audit and Risk Committee –
Oversight of climate risk.
CEO – Overall responsibility for
climate strategy, risks and
opportunities. Supported by CFO and
Sustainability Working Group.

CFO – Overall responsibility for the
measurement of GHG emissions and
financial reporting and Sustainability
Working Group.

Sustainability Working Group – Members: CFO, Group Chief Winemaker,
Operations Manager, Production Manager, Marlborough Viticulture
Manager, Financial Controller. Responsible for driving climate risk and opportunity
identification across the business.

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GOVERNANCE (CONTINUED)
Role of Management in assessing and managing risks and opportunities
The Board assigns the day-to-day establishment and implementation of the company strategy including oversight of
climate-related risks and opportunities to the CEO and Executive team. This involves ensuring the business is
identifying, assessing, monitoring and managing climate-related risks alongside other risks. From the Executive team
this is embedded into business strategy and implementation, risk management, financial planning and capital
allocation processes. The CEO updates the Board at each Board Meeting on key aspects of the Company’s strategy.
The CEO and CFO meet at least annually to identify and assess the major risks including climate risks affecting the
business by maintaining a risk matrix which is used to develop strategies to monitor and mitigate these risks. The risk
matrix is provided to the Board via the Audit and Risk Committee. Risk mitigation strategies directed by the Board
are implemented and monitored by management.
The CFO leads the Company’s Sustainability function and is responsible for day-today management of the climate-
related disclosures (as a climate reporting entity under the NZCS) including the measurement of the greenhouse gas
(GHG) emissions, and for the Sustainability Working Group. The CFO updates the Board at each Board Meeting on
key aspects of compliance and risk management.
A Sustainability Working Group (SWG) was established during the year to assist in the identification, management
and controlling of climate-related risks and opportunities and to formulate and drive the implementation of
decarbonisation projects to assist the Group in minimising the risks where possible and in meeting future emissions
reduction targets. The SWG comprises of a diverse group of managers from business units across the Group. The
SWG will meet at least quarterly.
STRATEGY
Current business model and strategy
Everything that Foley Wines does is guided by its purpose to make great wine that people love to drink around the
world and ambition to be New Zealand’s most revered wine group satisfying the most discerning retailers and
restaurants at home and around the world with brands that are authentic, sustainable and of exceptional quality.
The Company focuses on high quality products that are authentic and have a sense of place – they are made by land
and hand. At the core of this is building a strong climate-resilient business that is sustainable and creates value for
shareholders.
As noted in the Director and CEO Report 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 bottles with a high percentage of recycled glass that are 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.
As an agricultural business the Company considers climate risk within its risk management process and has been
assessing mitigations and confirming and implementing controls for priority business units (e.g. geographic spread
of vineyards and contract growers, varietal selection in vineyards, frost protection infrastructure). The Company
intends to expand this process by embedding the outcomes of our climate assessments into our strategic planning
framework. We intend to complete our strategic refresh before setting emissions reduction targets and we will release
our updated metrics and targets once we have established our assured base year. Progress against meeting the targets
set will then be reported upon annually.

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STRATEGY (CONTINUED)
Scenario Analysis
The purpose of scenario analysis is to identify, from a set of plausible climate futures, a range of possible climate-
related risks and opportunities which can then feed into our strategic planning process. This then allows us to test
whether our corporate and business strategies are resilient to a much broader set of drivers and risks.
The Company has undertaken a qualitative analysis to develop its climate scenarios and help identify climate-related
risks and opportunities over the short, medium and long term.
The Executive team and key management were involved in the selection process of our three climate scenarios, which
were selected from The Aotearoa Circle Agriculture Sector Climate Change Scenarios and Adaptation Roadmap
(“Agri-Sector Climate Change Adaptation Roadmap”, “Agri-Adaptation Roadmap”). In 2023, the New Zealand
agricultural sector collaborated to produce an Agri-Adaptation Roadmap to guide the sector’s adaptation to climate
change. This roadmap utilised three climate-related scenarios to describe plausible futures for agriculture in New
Zealand when impacted by different physical and transition factors. In developing its sector scenarios, The Aotearoa
Circle brought together the diversity of the agriculture sector to collaborate, share knowledge, science and insights,
and inform the outcome.
We have used the Agri-Adaptation Roadmap to provide consistency and comparability in disclosures, adopting the
most widely accepted set of scenarios for the agriculture sector supported by robust and tested assumptions. Under
each scenario we used the same key metrics for both physical and transitional changes as the Agri-Adaptation
Roadmap. We also aligned our timeframes (short 2023-2025, medium 2026-2035 and long 2036-2050) and
processes, including assessing scenario impacts out to 2050.
The climate scenarios adopted are summarised as follows:
1. Orderly: a smooth and orderly transition to a low-carbon future will be achieved; Net zero by 2050 achieved.
Major climate change and subsequent physical impacts have been avoided. This scenario effectively considers RCP**
of 2.6 and SSP1, where there were ‘low challenges to mitigation and adaptation’. Warming is limited to a 1.5°C
temperature increase. In this scenario both physical and transitions risks are relatively subdued.
2. Disorderly: the world will successfully prevent major climate change and its associated impacts but will fail to do
so in an orderly or stable fashion. Transition to a low-carbon future was highly disruptive on society and local
economies. As the worst climate physical changes were avoided, this scenario considers RCP 4.5, with an increase in
1-2°C in global temperatures. It uses SSP2, which considers ‘medium challenges to mitigation and adaptation’, with
rapid change after 2030.
3. Hothouse: a ‘business as usual’ world on track to increase global warming by 3°C or greater by 2080. Very limited
attempts were made to transition to a low carbon economy and climate policies were not implemented since the
2020s. The physical impacts of climate change are severe, with some irreversible changes. The world now must focus
on adapting to climate change. This scenario considers RCP of 8.5 and follows SSP5, which has ‘high challenges to
mitigation and low challenges to adaptation’.
No further scenarios have been undertaken.
** Representative Concentration Pathways (RCPs) describe emissions of greenhouse gases into the future and associated climate
impacts. Shared Socio-economic Pathways (SSPs) were developed to examine how global society, demographics and economics
might change over the next century, and influence the various emissions scenarios.

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STRATEGY (CONTINUED)
Climate risks and opportunities
In defining physical and transitional risks and opportunities, the Group has used the Aotearoa New Zealand Climate
Standard 1 Climate-related Disclosures (NZ CS 1) definition, which is:
Physical risks – Risks related to the physical impacts of climate change. Physical risks emanating from climate change
can be event-driven (acute) such as increased severity of extreme weather events. They can also relate to longer term
shifts (chronic) in precipitation and temperature and increased variability in weather patterns, such as sea level rise.
Transitions risks – Risks related to the transition to a low-emissions, climate-resilient global and domestic economy,
such as policy, legal, technology, market and reputation changes associated with the mitigation and adaptation
requirements relating to climate change.
Opportunities - The potentially positive climate-related outcomes for an entity. Efforts to mitigate and adapt to
climate change can produce opportunities for entities, such as through resource efficiency and cost savings, the
adoption and utilisation of low-emissions energy sources, the development of new products and services, and building
resilience along the value chain.
The most significant climate-related risks for the Company, operating in the viticulture and wine industry are outlined
below.
Risk/Opportunity Current and
Anticipated Impact
Description
Controls/Mitigation Type/Time Frame
Changes in weather
patterns can result in
volatility of annual
production.
Current impact: The
disruptive weather during
the 2023/24 growing
season resulted in lower
harvest yields in
Marlborough and
Martinborough in the
2024 harvest.

Current financial
impact: Higher cost of
goods for the 2024 wines
due to the lower yields in
some regions and
therefore lower litres
processed through the
winery/wineries in those
regions.
Anticipated impact:
Potentially lead to
volatility in supply and
earnings.
Regional geographic
diversification of owned
and leased vineyards, and
contract growers,
throughout the
Marlborough,
Martinborough and
Central Otago regions.
Type: Physical
Time Horizon: Short-term

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STRATEGY (CONTINUED)
Climate risks and opportunities (Continued)
Risk/Opportunity Current and
Anticipated Impact
Description
Controls/Mitigation Type/Time Frame
Increase in winter
temperatures could
increase pest and disease
incursions.
Current impact: Nil
Current financial
impact: Nil
Anticipated impact:
Potentially lead to
volatility in supply and
earnings.
In viticulture the issues of
weather, disease and pest
control are an ongoing
management activity.
Viticultural techniques are
in place and in practice
which effectively mitigate
this risk.
Type: Physical
Time Horizon:
Medium/Long-term
Increase in frequency and
intensity of extreme
weather events,
specifically storms,
extreme wind, extreme or
no rainfall, and severe
frosts.

Current impact: The
disruptive weather during
the 2023/24 growing
season resulted in lower
harvest yields in
Marlborough and
Martinborough in the
2024 harvest.
Current financial
impact: Higher cost of
goods for the 2024 wines
due to the lower yields in
some regions and
therefore lower litres
processed through the
winery/wineries in those
regions.
Increased cost of
insurance policies.
Anticipated impact:
Harsh adverse climatic
conditions (such as frosts,
rainfall, sunshine and
temperature) could affect
the quality of grapes and
hence marketable quality
of and prices received for
the Group’s finished wines
thereby potentially
leading to volatility in
earnings.
Potential damage to
infrastructure.
Increased cost of
insurance policies.
Regional geographic
diversification of grape
supplies and vineyards
throughout various regions
across New Zealand. The
Group sources grapes from
owned or leased vineyards
and from contract growers.
Investment in frost and
water infrastructure.
Develop multiple routes to
market (to minimise the
impact of one route (e.g.
road access to port) being
disrupted due to storm
damage.
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.
Type: Physical
Time Horizon: Short-term

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CLIMATE-RELATED DISCLOSURES REPORT
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STRATEGY (CONTINUED)
Climate risks and opportunities (Continued)
Risk/Opportunity Current and
Anticipated Impact
Description
Controls/Mitigation Type/Time Frame
Increased regional
temperatures resulting in
change in wine styles
and/or ability to grow
certain varieties of grapes
and in certain areas and
earlier harvest dates.
Current impact: Nil
Current financial
impact: Nil
Anticipated impact:
Potential for the sale of
some current wine
varieties to be
discontinued and the
opportunity to grow, make
and sell new wine
varietals. Increase in land
suitable for grape
production.
Potential labour supply
shortages due to
competition with other
horticulture product
harvests.
Regional geographic
diversification of our
vineyards and growers,
spread throughout the
Marlborough,
Martinborough and Central
Otago regions.
Investigate, and if viable,
grow and market different
grape varieties not
previously suitable in NZ
due to the cool climate.
Type: Physical/Transition
Risk/Opportunity
Time Horizon: Long-term
Increased water stress and
lack of water security.
Current impact: Nil
Current financial
impact: Nil
Anticipated impact:
Increased soil moisture
deficits, leading to
volatility in supply.
Water security is impacted
by rainfall and drought
changes.
Increase in compliance
requirements and costs.
Regional geographic
diversification of our
vineyards and growers,
spread throughout the
Marlborough,
Martinborough and Central
Otago regions.
Resource and Water Supply
consents obtained and
maintained for all
foreseeable demand for all
wineries and owned and
leased vineyard sites.
Type: Physical
Time Horizon:
Medium/Long-term
Reduced ability to get the
product to market.
Current impact: Nil
Current financial
impact: Nil
Anticipated impact:
Potential reduction in
available markets for the
sale of Group products.
Increased reliance on
local/NZ market.
Further explore expansion
of sales in the local/NZ
market and alternative
transport methods.
Type: Physical
Time Horizon:
Medium/Long-term

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CLIMATE-RELATED DISCLOSURES REPORT
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STRATEGY (CONTINUED)
Climate risks and opportunities (Continued)
Risk/Opportunity Current and
Anticipated Impact
Description
Controls/Mitigation Type/Time Frame
Supply chain risk. Current impact: Nil
Current financial
impact: Nil
Anticipated impact:
Potential volatility in
supply of key
manufacturing inputs.
Potential to need to
change suppliers.
The Group has identified a
range of suppliers
operating in different
jurisdictions to mitigate the
risk of the loss of a single
supplier. Relationships
with key suppliers to be
maintained and developed
to ensure cost efficiencies
and supply certainty.
Type: Transition
Time Horizon: Short-term
Failure to understand and
meet changing consumer
preferences in the market.
Current impact: Nil
Current financial
impact: Nil
Anticipated impact:
Contracts may be lost if
we do not keep pace with
consumer preferences in
the market. May also
increase demand for low
emissions products as
customers focus on end-
to-end footprint. We
expect that we will be able
to capitalise on a change
in our customer
needs/preferences faster
than our competitors,
which will help us develop
stronger relationships,
increasing demand.
Develop transition plans
and decarbonisation
roadmaps including targets
with the intention to
demonstrate meaningful
progress in emissions
reduction initiatives that
align with our customers’
ambitions.
Type: Transition
Time Horizon: Short-term
Inability to maintain
public acceptance to access
and/or operate in key
markets.
Current impact: Nil
Current financial
impact: Nil
Anticipated impact:
Potential reduction in
available markets for the
sale of Group products.
Build strong wine brands
and high-quality markets.
Develop transition plans
and decarbonisation
roadmaps including targets
with the intention to
demonstrate meaningful
progress in emissions
reduction initiatives that
align with our customers’
ambitions.
Type: Transition
Time Horizon:
Medium/Long-term

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STRATEGY (CONTINUED)
Climate risks and opportunities (Continued)
Risk/Opportunity Current and
Anticipated Impact
Description
Controls/Mitigation Type/Time Frame
Inability for the sector to
keep up with the rate of
global technological
change.
Current impact: Nil
Current financial
impact: Nil
Anticipated impact:
Increased cost of
replacement equipment.
Investigate new
technologies and assess the
risks and opportunities of
adopting emerging
technology as part of future
capital investment
decisions over time.
Type: Transition
Time Horizon:
Medium/Long-term
Carbon emissions
regulation increases as we
accelerate towards our
targets.
Current impact: Nil
Current financial
impact: Nil
Anticipated impact:
Fuel, refrigerant,
packaging and fertilisers
may all be taxed or
regulated in the future.
This may increase the cost
of compliance including
capital expenditure
requirements. Market
access becomes more
difficult through carbon
border adjustment
mechanisms. This may
also force land use change
which may present an
opportunity.
Develop transition plans
and decarbonisation
roadmaps including targets
to reduce carbon emissions
and reliance on carbon
offsets to achieve targets.
Type: Transition
Time Horizon:
Medium/Long-term

RISK MANAGEMENT
As outlined in the Governance section of this CRDs report, the Group has a Risk Management Framework (RMF),
which sets out policies and procedures for the effective identification, assessment, management and reporting of the
Group’s risks. The Group’s processes for identifying, assessing and managing climate-related risks are integrated
within the RMF via the risk hierarchy which allows the mapping of all business unit level risks including those related
to climate to one of the enterprise level risks categories, with all those identified to date including those identified via
scenario analysis as outlined in the Strategy section of this CRDs report mapping to one of the existing enterprise
level risk categories. 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.

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RISK MANAGEMENT (Continued)
Risk Identification
The Group utilises a range of resources and approaches to identify and consider the impact of risks across our business
including those related to climate, on an ongoing basis. Our risk assessments engage the executive and senior
management and consider the risks that may impact the Group while in pursuit of strategic objectives. Risk
assessments are refreshed annually with regular risk reporting provided by the CEO and CFO to the Board and the
Audit and Risk Committee. The Group’s climate risk identification has included scenario analysis incorporating short,
medium and long term time horizons as outlined in the Strategy section of this CRDs report.
Risk Assessment
In accordance with the RMF, upon a risk being identified the Group maintains a risk matrix which is used to monitor
and mitigate these risks. A risk matrix measures the impact of the risk and likelihood (probability) 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.
Risk Management
The Risk Management Framework (RMF) objectives are to:
• Ensure that significant risks are identified and properly understood.
• Assess vulnerability to significant risk threats and their potential severity of loss.
• Develop management strategies and plans to manage risks and reduce the severity of loss.
• Prioritise risk reduction measures to prevent significant risk events being triggered.
• Establish if any day-to-day risks will be accepted as an operational cost of doing business.
• Manage risk exposure to minimise the impact and create added value for Shareholders.
As outlined climate-related risks are identified, assessed and managed alongside other enterprise level business risks.
METRICS AND TARGETS
Greenhouse gas (GHG) Inventory and emissions reduction progress
GHG Emissions Targets Plan
The Group intends to set emissions reduction targets in 2025, once we have established our assured base year (year
ended 30 June 2025). This will allow us to have a more representative base year for our emissions reduction targets
as our investments become fully operational and more emissions sources are included.
GHG Emissions
The table on the following page summarises the Group’s GHG emissions data for Direct GHG emissions (Scope 1 –
emissions from sources that are owned or controlled by the company) and Indirect GHG emissions (Scope 2 –
emissions from the consumption of purchased electricity) emissions for the year ended 30 June 2024, measured in
tonnes of CO
2
equivalent (tCO
2
e).
In measuring GHG emissions the Group employs an operational control consolidation approach. The emissions of
the Group includes FWL and all wholly owned subsidiaries.
The Emissions factors used in the GHG Inventory calculations for JYE2024 were sourced from New Zealand
Government’s Ministry for the Environment (MfE) emission factors data released in July 2023 (MfE 2023).
The Group intends to restate its base year where there has been a change in emissions factors, where we have gained
operational control (purchased a business) or lost operational control (sold a business) or where there has been a
change greater than 10% in our Emissions Inventory.

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CLIMATE-RELATED DISCLOSURES REPORT
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METRICS AND TARGETS (CONTINUED)
Greenhouse gas (GHG) Inventory and emissions reduction progress (Continued)
Table of JYE2024 GHG Emissions Inventory for Scope 1 and Scope 2 Emissions
Emissions Activity JYE2024 Total
Emissions
(tCO
2
e)
Date source and
methodology
Uncertainty
Scope 1
Stationary combustion 58 Diesel and LPG – supplier
invoices; fuel consumption x
emissions factor (MfE 2023)
Low uncertainty
Mobile combustion (company-
owned vehicles)
480 Supplier invoices/reports;
fuel consumption x
emissions factor (MfE 2023)
Low uncertainty. It is assumed
that the data represents a
complete and accurate account
of all fuel purchases. It is
assumed that staff used
required processes for acquiring
fuel for fleet vehicles.
Fugitive emissions (refrigerants) 38 Supplier invoices/reports;
refrigerant top-ups x
emissions factor (MfE 2023)
Low uncertainty
CO2 used in winemaking 16 Supplier invoices/reports;
purchased CO2 x emissions
factor (MfE 2023)
Medium uncertainty. Assumes
that all gas purchased during
the year is fully used up during
the year
On-site waste 37 Winemaking wastewater
treated on-site – based on
tonnes of grapes crushed x
emissions factor (MfE 2023)
Low uncertainty
Fertiliser application 19 Vineyard spray diaries and
fertigation data incl supplier
invoices – kg fertiliser
applied x emissions factor
(MfE 2023)
Variable data quality – medium
uncertainty
Total Scope 1 648
Scope 2 (location-based)
Purchased Electricity 194 Supplier invoices/reports -
Energy consumption x
emissions factor (location-
based) (MfE 2023)
High quality data and low
uncertainty due to complete
invoice sets. It is assumed
meterage data is complete.
Total Scope 2 194
Total Scope 1 and 2 842
Note that the calculation of the GHG Inventory is subject to both scientific and estimation uncertainty.
The above JYE2024 GHG Emissions Inventory does not include the Indirect GHG emissions (Scope 3 - emissions
that occur as a consequence of the company’s activities but from sources not owned), as the Group are relying on the
Adoption Relief (Adoption provision 4) in this area for this reporting period. JYE2024 is the first year of emissions
calculations by the Group. Accordingly, there is no comparative data available.

Foley Wines Limited - 14 - Climate-Related Disclosures Report 2024

CLIMATE-RELATED DISCLOSURES REPORT
FOR THE YEAR ENDED 30 JUNE 2024 (CONTINUED)
METRICS AND TARGETS (CONTINUED)
Greenhouse gas (GHG) Inventory and emissions reduction progress (Continued)
GHG Emissions (Continued)
The Group measures and reports our GHG emissions with guidance from the following standards:
• ISO 14064-1:2018 – Greenhouse gases Part 1;
• Greenhouse Gas Protocol – A Corporate Accounting and Reporting Standard;
The following guidance has also been used in the preparation of our GHG Emissions Inventory:
• Greenhouse Gas Protocol – Scope 2 Guidance;
• Ministry for Environment – Measuring emissions: A guide for organisations (2023 detailed guide).
Activities contributing to all relevant seven Kyoto gases were considered for the Group’s GHG Emissions Inventory:
carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs),
sulphur hexafluoride (SF6) and nitrogen trifluoride (NF3).
Emissions Intensity
The Group’s Total Scope 1 and 2 GHG emissions intensity per $1M of revenue (tCO2e/revenue) JYE2024 was 12.76.
Exposure to Climate-Related Risks and Opportunities
As the Group is adopting the first-time provisions it has not established metrics for climate-related risks and
opportunities nor determined the financial impact. Therefore, the amount or percentage of assets or business
activities vulnerable to climate-related risks and opportunities cannot be quantified. The methodology and metrics
for quantifying the Group's exposure to climate-related risks and opportunities is currently under development. This
disclosure will be made in our 2025 Climate-related Disclosure.
Capital Deployment
The Group currently does not have an internal carbon emission price. As FWL matures in this space this is something
that may be considered in the future.
Capital expenditure invested in relation to climate-related initiatives in JYE2024 was $1.7M upgrading the
refrigeration equipment plant at the Vavasour Winery.
Industry Based Metrics
The Group does not use any industry-based metrics in addition to the emissions intensity metrics outlined above.
Targets
The Group does not currently have any emissions targets in place. As noted above the Group intends to set emissions
reduction targets in 2025, once we have established our assured base year (year ended 30 June 2025). Progress
against meeting the targets set will then be reported upon annually.
As outlined in the Governance section, the Group is not yet in the position to link remuneration through to
sustainability or climate-related metrics and targets.

Foley Wines Limited - 15 - Climate-Related Disclosures Report 2024

CLIMATE-RELATED DISCLOSURES REPORT
FOR THE YEAR ENDED 30 JUNE 2024
GLOSSARY

Agri-Adaptation Roadmap: The Aotearoa Circle Agriculture Sector Climate Change Scenarios and
Adaptation Roadmap (also known as “Agri-Sector Climate Change
Adaptation Roadmap”)

ARC: Audit and Risk Committee

CRD: Climate-Related Disclosures

ESG: Environmental, Social and Governance

FWL; Company: Foley Wines Limited

GHG: Greenhouse gas

Group: Foley Wines Limited and its subsidiaries

IPCC: The Intergovernmental Panel on Climate Change (IPCC) - the United
Nations body responsible for advancing scientific knowledge about
climate change.

JYE: June Year End (Year ended 30 June)

MfE: Ministry for the Environment

NZCS: Aotearoa New Zealand Climate Standards

NZ CS 1: Aotearoa New Zealand Climate Standard 1: Climate-related Disclosures

NZ CS 2: Aotearoa New Zealand Climate Standard 2: Adoption of Aotearoa New
Zealand Climate Standards

NZ CS 3: Aotearoa New Zealand Climate Standard 3: General Requirements for
Climate-related Disclosures

RCP: Adopted by the IPCC, Representation Concentration Pathways (RCP) are
models which illustrate future possible greenhouse gas emission
scenarios/trajectories.

RMF: Risk Management Framework

SSP: Adopted by the IPCC, Shared Socio-economic Pathways SSPs) are
projections which describe alternative futures of socio-economic
development in the absence of climate policy intervention. They include
a wide range of drivers, including gross domestic product, population
size, urbanisation and human and technological development. There are
five SSPs.

SWG: Sustainability Working Group

tCO2e: Tonnes of CO2 equivalents

XRB: External Reporting Board