HLG Annual Report for the year ended 1 August 2024

HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
CONTENTS
MALCOM FORD
DIRECTOR
WARREN BELL
CHAIRMAN
HIGHLIGHTS 02
CHAIRMAN’S REPORT 04
CHIEF EXECUTIVE OFFICER’S REPORT 06
SUSTAINABILITY MATTERS 10
HALLENSTEINS 16
GLASSONS 18
INDEPENDENT AUDITOR’S REPORT 20
FINANCIAL STATEMENTS 24
GENERAL DISCLOSURES 58
CORPORATE GOVERNANCE STATEMENT 63
SHAREHOLDER INFORMATION 71
DIRECTORY & CALENDAR 73
THIS ANNUAL REPORT IS DATED 31

OCTOBER 2024
AND IS SIGNED ON BEHALF OF THE BOARD BY

HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
1
CONTENTS

2
HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
HIGHLIGHTS
2,352
TEAM MEMBERS
117
TOTAL STORES

3
HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
IN MY FIRST YEAR AS
GROUP CEO, I HAVE
BEEN INSPIRED BY THE
DEDICATION, COMMITMENT,
AND RESILIENCE OF ALL
TEAMS. THEIR HARD WORK
LED US TO ACHIEVE A
RECORD FINANCIAL RESULT
IN A CHALLENGING RETAIL
ENVIRONMENT.
435.64
SALES
UP 6.3%
34.49
PROFIT AFTER TAX
UP 7.8%
103.21
TOTAL EQUITY
219.02
TOTAL ASSETS
18.2
% OF TOTAL REVENUE
THROUGH ONLINE RETAIL
DOWN FROM 18.3% IN 2023
57.82
EARNINGS PER ORDINARY SHARE
CENTS
CHRIS KINRAID
GROUP CEO
$
$
M
$
$
%
HIGHLIGHTS
M
M
M

4
HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
WARREN BELL
CHAIRMAN
GROUP SALES
18.2%
OF GROUP TURNOVER
$
435.6
ONLINE SALES
M
REPORTREPORT
CHAIRMAN’SCHAIRMAN’S

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HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
The audited net profit before tax for the
12 months was $52.1 million, an increase of
+14.7% on the prior corresponding period
($45.4 million).
Group audited net profit after tax was
$34.5 million (prior year $32.0 million).
This includes a net non-cash deferred tax
expense of $1.1 million connected to changes
in tax legislation on the deductibility of
depreciation on non-residential buildings.
This is a pleasing result given the difficult
retail environment in Australasia, and in
particular New Zealand.
Gross margin at 59.4% grew from 57.3% in
the prior year. Margin growth was due to
a focus of onboarding new suppliers, an
improvement in freight costs, and most
significantly well controlled stock levels
resulting in more full-price sales and lower
discounting. This is despite a challenging
foreign exchange rate for inventory
purchases, which was lower than the

prior corresponding period.
The Group continued to focus on improved
product and sourcing, as well as managing
operating costs wherever possible given the
current economic environment. Inventory
levels were tightly managed, improving
stock turn year on year, driving improved
liquidity. This gives the Group the flexibility
needed to adjust to the trading environment
and consumer preferences while executing
our core business strategy.
The Group maintains a strong balance
sheet with a cash balance of $45.9 million
at the end of FY24, up $13.4 million on the
previous year.

GLASSONS —
AUSTRALIA
Sales in Australia were $218.1 million which
was an increase of +14.1% on the prior
corresponding period. Net profit after tax
was $19.5 million, an increase of +14.0% on
the prior year ($17.1 million).
Two new stores were opened during the
year. A store in Knox, Victoria opened in
November, followed by the March opening
of Rundle Mall, our second Adelaide store.
Throughout the year, the Bondi Junction
store in New South Wales and the Fountain
Gate store in Victoria were both extended
and refurbished. The Warringah store in
New South Wales was also refurbished. In
total we have 38 stores in Australia, and we
continue to explore new store opportunities
and larger format stores to better showcase
our product offering and improve customer
experience as we continue to expand in the
Australian market
.
GLASSONS —
NEW ZEALAND
Sales in New Zealand for the year were
$110.1 million, a decrease of -2.1% on the
prior corresponding period. Net profit after
tax was $10.8 million, a decrease of -1.0%
on the prior corresponding period ($10.9
million), reflective of a challenging trading
environment.
Over the last year, the Albany and
Christchurch CBD stores were both
relocated to improved locations from which
we have seen sales growth from both. After
careful consideration, the Blenheim and
Chartwell stores were both closed during
the year. Post year end our Lynn Mall store
was refurbished, the Timaru store has
closed, and a new store has been opened
at the Manawa Bay Outlet Centre near
Auckland Airport.
Across Australasia, the brand’s relentless
commitment to stay on trend, remain
agile and provide high quality fashion
at accessible price points has enabled
the brand to grow successfully, despite
operating in the most challenging retail
environment in many years. Glassons
remains focused on creating exciting and
engaging store experiences, maintaining
a sustainable and ethical supply chain and
is well placed to capitalise on the future
recovery in consumer sentiment.
HALLENSTEINS
Sales for the 12-month period were $107.5
million (including Australia), an increase
of +1.3% on the prior corresponding
period. Net profit after tax was $5.3
million, an increase of +37.4% on the prior
corresponding period ($3.9 million).
During the year, our new concept design
was rolled out in the Manukau store, which
has delivered sales growth since reopening.
The Timaru store was also refurbished, and
the Queenstown store was closed in July.
Post year end, Hallensteins opened

a store in the new Manawa Bay outlet mall
near Auckland Airport. In Australia we now
operate 5 Hallenstein stores, the Garden
City store opened in a new location in
November 2023 and has seen significant
sales growth since reopening. A new pop-
up store in Robina, Gold Coast was opened
in the lead up to last Christmas.
Hallensteins is also working with
relevant content creators and brand
ambassadors with a focus on what
matters to our customers, to increase
brand awareness both in New Zealand
and Australia. Partnerships with the New
Zealand Warriors rugby league team
has provided great content and strong
brand recognition, and we look forward
to continuing the partnership into the new
financial year.
E-COMMERCE AND
DIGITAL
The Group continues with a customer-
centric focus to ensure that customers have
a positive experience whichever way they
choose to shop and to support this, we
continue to invest in people, technology
and marketing. Online sales now represent
18.2% of total sales for the full financial year,
broadly in line with the 18.3% reported in the
prior corresponding period.
Digital investment is sustained to ensure
that growth continues. The Hallensteins
App was released in the second half of the
year and the Glassons App now has over
1.9 million downloads. User experience
is paramount, so the websites and apps
continue to be developed and improved to
ensure they are catering to their users and
deliver a seamless experience.
DIVIDEND
The Directors have declared a final
dividend of 26.5 cents per share (partially
imputed at 75.6%) (24 cents per share
partially imputed at 75.0% last year)
to be paid on 13th December 2024.
Together with the interim dividend of
24 cents per share that was paid on
18th April 2024, the full year dividend
is 50.5 cents per share. The dividend
payment has grown as the Company’s
balance sheet continues to remain strong,
and inventory levels well controlled.

FUTURE OUTLOOK
The first eight weeks of the new financial
year have seen Group sales improve
by +10.9% on the prior corresponding
period. The result to date is driven by
good performance from the Australian
market, although cycling a negative prior
corresponding period, and is not indicative
of expectations for the peak trade period
to come. The environment in New Zealand
remains more challenging as the current
economic conditions and cost-of-living
pressures continue to impact on consumers
spending habits across both brands.
Alongside the two new stores just opened
in Manawa Bay in September, the Group
has additional refurbishment and new store
opportunities to support growth in 2025.
We continue to look for operational and
cost efficiencies, while remaining flexible
with our product offerings to ensure we are
well positioned for the upcoming key black
Friday and Christmas periods.
A further update will be provided at
the Annual Meeting of Shareholders in
December 2024.
THE COMPANY ADVISES THAT GROUP SALES FOR THE
12 MONTHS TO 1 AUGUST 2024 WERE $435.6 MILLION,
AN INCREASE OF 6.3% ON THE PRIOR YEAR ($409.7 MILLION),
WITH AN IMPROVED GROSS MARGIN OF +210 BASIS POINTS.

6
HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
REPORT
GROUP CEO

7
HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
REPORT
GROUP CEO
We are proud to have achieved such strong performance
despite these headwinds. Notably, despite an unfavourable
foreign exchange environment, we expanded our gross
margin by 210 basis points. This success was made
possible through close collaboration with existing
suppliers and the introduction of new partners, allowing us
to diversify our supplier base and enhance capabilities.
Our teams have been laser-focused on improving supplier
lead times and buying closer to the market, resulting in
reduced clearance activity and discounting. Consequently,
we have achieved an overall inventory reduction, despite
our sales growth.
Operating costs remain a key focus, particularly given the
significant impacts of minimum wage increases, persistent
domestic freight pressures, and rising international freight
costs due to geopolitical tensions. We continue to invest in
labour to support sales growth and strengthen the Group’s
capabilities, all while maintaining a keen focus
on operating leverage.
After a challenging start, as consumers faced high interest
rates and inflationary pressures, trading conditions improved
markedly, resulting in record-breaking sales and underlying
profit in the year's latter stages. This performance was
driven by our ability to capitalise on key entertainment
events, increased foot traffic, and our agility in responding
to consumer trends.
Glassons continues to solidify its position as a leading
fashion brand, with a strong track record of launching
on-trend fashion edits and understanding high-demand
product categories. Collaborations, such as the "Five by
Flynn" range, have further reinforced its reputation.
Hallensteins has seen exceptional success with its Leisure
Club range and other casualwear categories, while still
catering to its core customer base and essential product
lines. Strategic brand partnerships, such as with the
New Zealand Warriors, have bolstered brand awareness.
Both brands remain well-positioned to meet customer
needs, offering quality clothing at accessible price
points. This strategy is particularly valuable in the current
economic climate and positions us well to capitalise on any
recovery in consumer spending as the outlook improves.
BRAND HIGHLIGHTS
117
STORES ACROSS
THE GROUP
NEW
STORES
STORES
REFURBISHED
3
7

8
HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
We remain committed to maintaining a fleet of stores that reflect the quality of our brands while delivering compelling
customer experiences. In line with this, we continue to invest in new store openings and refurbishments across Australia
and New Zealand.
Over the past financial year, we opened two new Glassons stores in Australia and refurbished three existing locations.
In New Zealand, we relocated two Glassons stores and refurbished another, with one new store already completed in
the first few months of the new season.
For Hallensteins, we refurbished two stores over the last year. In Australia, we completed one store relocation, while in
New Zealand, we achieved both a store relocation and the opening of a new location as we entered the new financial year.
We are continuously refining our store concepts to stay aligned with the latest retail and design trends, ensuring our stores
remain innovative and inviting for our customers.
R E TA I L
Sustainability is a commitment for our Group, not just as
a goal, but as a fundamental part of building a long-term,
sustainable business. We have strengthened our targets
for an ethical and transparent supply chain, and for the
first time will publish our targets around Scope 1 and 2
carbon emissions, as part of our legislated climate related
disclosures.
Our work continues with suppliers to improve standards
and quality, while expanding our visibility and auditing
efforts deeper into the supply chain, particularly with Tier
2 suppliers. For more detailed information, our regularly
updated sustainability and climate disclosures can be
found on our corporate website.
SUSTAINABILITY
Digital sales have remained strong, accounting for 18.3%
of total Group sales, while also growing in total dollar terms.
As consumer expectations for superior online experiences
continue to rise, our investment in digital platforms remains
essential.
The Glassons app has now surpassed 1.9 million downloads,
with new functionalities regularly introduced to enhance
user experience. These updates make it easier for
customers to seamlessly switch between online and in-store
purchases, strengthening our omnichannel approach.
For Hallensteins, a strong focus on customer engagement
has significantly boosted their social media following in
both New Zealand and Australia. Combined with continued
investment in their website, this has led to increased
online sales, particularly in the Australian market.
New investment has been made in AI to improve
our operational capability and responsiveness and is
progressively being introduced throughout the Group.
D I G I TA L

9
HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
Looking ahead, we anticipate that the retail
sector will continue to face challenges, driven by
restrictive interest rates and geopolitical tensions,
which are expected to add pressure on freight
and supply chains. Despite these obstacles, we
have had a positive start to the financial year and
are well-positioned to adapt to market conditions.
Our focus remains on consistently delivering
high-quality, affordable fashion that is on-trend
and aligned with our sustainability principles.
We will continue investing in both digital and
physical infrastructure to enhance the customer
experience.
In my first year as Group CEO, I have been
inspired by the dedication, commitment, and
resilience of all teams. Their hard work led us to
achieve a record financial result in a challenging
retail environment, and we are confident that we
are well-prepared to navigate the year ahead.
OUTLOOK
CHRIS KINRAID
GROUP CEO
Digital sales have remained strong, accounting for 18.3%
of total Group sales, while also growing in total dollar terms.
As consumer expectations for superior online experiences
continue to rise, our investment in digital platforms remains
essential.
The Glassons app has now surpassed 1.9 million downloads,
with new functionalities regularly introduced to enhance
user experience. These updates make it easier for
customers to seamlessly switch between online and in-store
purchases, strengthening our omnichannel approach.
For Hallensteins, a strong focus on customer engagement
has significantly boosted their social media following in
both New Zealand and Australia. Combined with continued
investment in their website, this has led to increased
online sales, particularly in the Australian market.
New investment has been made in AI to improve
our operational capability and responsiveness and is
progressively being introduced throughout the Group.

SUSTAINABILITY
MATTERS
MADE WITH CARE — FIVE YEARS IN
10
HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024

Following is a summary of the report but you can read the full version
on the Group website at hallensteinglasson.co.nz/sustainability
OUR SUSTAINABILITY FRAMEWORK
COMMUNICATING OUR STRATEGY CLEARLY TO STAFF, CUSTOMERS AND SHAREHOLDERS
WE STARTED OUR SUSTAINABILITY REPORTING JOURNEY FIVE YEARS
AGO, PUBLISHING OUR FIRST REPORT IN 2020. NOW IN 2024, OUR
COMMITMENT TO BRING AFFORDABLE YET SUSTAINABLE FASHION IS ONLY
STRONGER, AND ENHANCED WITH THE KNOWLEDGE GAINED FROM FIVE
YEARS’ EXPERIENCE AND THE INSIGHTS AND LEARNING THAT BRINGS.
11
HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
PRODUCT
PLANET
PEOPLE
Diverse
Workforce
To create an inclusive workplace culture.
Diversity
& Inclusion
Safe Working
Environment
Deliver a workplace where employees feel
secure and enjoy a safe space.
Worker
wellbeing
Work-life
balance
Career
Development
Provide opportunity to further development
of career aspirations and goals.
Investing
in people
Training
& Education
Carbon Footprint
Provide meaningful change by reducing
and offsetting our carbon footprint.
Reduction
roadmap
Climate Change
Preparation
Tackle climate change and build a globally
climate resilient business.
Mitigate
for future
scenarios
Minimising
risk to people,
communities
and property
Environmental
Impact
Minimise the environmental impacts of our
operations.
Reduce waste
Energy
efficiency
Cruelty
free fashion
Sourcing
Materials
Source materials that minimise the
environmental impact.
Affordability
of products
Product
Stewardship
Support a considered transition
from a linear to a circular model.
End of life
Ethical Factories
Partnering with supplier factories that
uphold international labour rights.
Worker welfare
FOCUS AREAGOALIMPORTANT ISSUESPILLARS

12
HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
ACCOUNTABILITY — SUSTAINABILITY COMMITTEE
CHRIS KINRAID
Group Chief Executive Officer
JOANNE APPLEYARD
Non-executive Independent Director
JAMES GLASSON
Executive Director and
CEO — Glassons Australia
CAMERON ALDERTON
Group CFO
KAREN BYCROFT
Non-executive Independent Director
APRIL WARD
CEO — Glassons New Zealand
GOVERNANCE – ESG LEADERSHIP
We take ESG (Environmental, Social and Governance) very seriously. In 2024 we streamlined
our governance of sustainability, with creation of the Sustainability Committee to
oversee the overall direction of the Group’s sustainability strategy.
Major decisions that impact the company as a whole around
ESG issues, are raised to the full Board for approval.

13
HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
PRODUCT PILLAR
The materials we source and the ways we manufacture
them are at the core of our sustainability strategy.
Choosing better materials, and always looking to improve
them further, is the key starting point to designing and
retailing high quality menswear, womenswear, and
accessories.
OUR GOAL IS TWO-FOLD:
1. make our products as sustainable as possible and
2. ensure that it is affordable and accessible for our
customers, so they can make a better choice without
compromise.
Our garments should function properly, look good, and
do so with minimal negative impact on the environment.
ETHICAL FACTORIES
Our product currently comes from factories in Southeast
Asia where, quite rightly, working conditions and the rights
of workers come under scrutiny. The good news is, we
have built long-term relationships with suppliers who know
our standards, and what we expect of them as a preferred
supplier.
Collaborating closely, often on a daily basis, is crucial to
ensure our suppliers understand the importance of people
and planet, in terms of our sustainability priorities. This
ongoing dialogue helps us to foster a shared commitment
to making continual positive changes throughout our supply
chain. It’s something we as a business are deeply committed
to doing.
Ethical factories have basic standards in common; worker
welfare, a safe working environment and they uphold
international labour rights and respect the environment.
CODE OF CONDUCT
To continue to manufacture for the Group, our suppliers must
demonstrate:
— there is no child labour
— there is no discrimination in the workplace
— the work environment is safe and healthy
— wages, working hours and benefits comply with local
industry requirements
— there is no excessive overtime
— there is no harsh or inhumane treatment
— workers have freedom of association and the right
to collective bargaining
— compliance with all environmental laws

14
HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
PLANET PILLAR
HGH has some great partners that share our sustainability
journey. Our collaborations with Better Packaging,
EnviroWaste, and Waste Pro play a vital role in helping
us achieve our waste reduction targets.
Our Auckland Distribution Centre has successfully reduced
landfill waste from two bins to just one per week. That’s
a 50% reduction in volume, and we will be tracking the
decrease in weight as we move into the new year
Monthly training is the key to reducing waste at Glassons
Australia Distribution Centre. Each month, Wastepro
report on how well the centre performed in terms of
reducing waste. This is shared with the wider team —
making sure everyone understands how important it
is to be constantly vigilant.
In late 2022, Better Packaging Co. produced the world’s
first poly mailers made from 100% recycled Ocean Bound
Plastic (OBP) and since then, HGH has been one of their
key partners in this incredible initiative.
HGH alone has been responsible for the collection and
recycling of over 65 tonnes of certified OBP.
3 RS – A LACK OF WASTE IS A
GOOD THING
We live in a world that is rapidly evolving, and the impacts of global warming and climate change
are now undeniable. With a global supply chain we know we’re not immune to these impacts and
recognise the urgency for us to act — Climate Action is needed, and it’s needed now. We also
understand that addressing climate change is not only a responsibility but an opportunity to
innovate, build resilience, and lead by example for future generations.
BUILDING A CLIMATE RESILIENT
BUSINESS
Climate action is about mitigating our impact by
measuring and reducing our greenhouse gas emissions,
whilst building a climate resilient business that
understands the futures risks and is prepared for them.
Businesses like ours need to consider two things
when developing a Climate Action programme
1. The impact of our activities and its contribution
to global warming, and
2. The challenges and opportunities we will face as
the planet warms
As a listed NZX company, we now have to disclose
this information annually. Called our “Climate Related
Disclosures”, the information we share is prescribed by
the Aotearoa New Zealand Climate Standard. The content
within these disclosures is significant, and we have opted
to report them in a standalone Climate Related Disclosure
document. It will be published by the end of November
on our website — www.hallensteinglasson.co.nz/climate-
related-disclosures.

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HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
PEOPLE PILLAR
PEAK TRAINING AT HALLENSTEINS
Peak is our foundation management training program. We launched it in early 2024.
Peak modules provide intensive, high impact learning for all leadership roles across both
Australia and New Zealand. The sessions focus on sales management, leadership, coaching, and
empowerment, providing our retail teams opportunities for professional growth and development.
RETURN-ITY MADE SEAMLESS
Glassons is committed to creating a supportive and inclusive environment for all our employees,
and we’re very familiar with the challenges and joys of parenthood as a working parent.
Glassons have created a seamless, supportive transition from maternity leave back to work
(we like to call it our ‘return-ity’). Our Parent Policy Handbook provides an overview
of employee entitlements and is designed to help re-integrate employees
returning from parental leave in a mindful way.

16
HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
INSTAGRAM FOLLOWERS
TIKTOK FOLLOWERS
112,167
107.45
TOTAL SALES
M
UP 1.3%
63,866
$

17
HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
IN NEW ZEALAND
STORES
IN AUSTRALIA
STORES
40
5

18
HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
INSTAGRAM FOLLOWERS
TIKTOK FOLLOWERS
227,023
218.12
AUSTRALIAN SALES
M
UP 14.1%
$
709,329
110.06
NEW ZEALAND SALES
M
DOWN 2.1%
$

19
HALLENSTEIN GLASSON HOLDINGS LIMITED | ANNUAL REPORT 2024
IN NEW ZEALAND
STORES
IN AUSTRALIA
STORES
34
38

20


PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland, 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz

To the shareholders of Hallenstein Glasson Holdings Limited

Our opinion
In our opinion, the accompanying consolidated financial statements of Hallenstein Glasson Holdings
Limited (the Company), including its subsidiaries (the Group), present fairly, in all material respects,
the financial position of the Group as at 1 August 2024, its financial performance and its 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 Accounting Standards (IFRS
Accounting Standards).
What we have audited
The Group's consolidated financial statements comprise:
the consolidated statement of financial position as at 1 August 2024;
the consolidated statement of comprehensive income for the year then ended;
the consolidated statement of changes in equity for the year then ended;
the consolidated statement of cash flows for the year then ended; and
the notes to the consolidated financial statements, comprising material accounting policy
information and other explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the

section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
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) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the
International Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the areas of tax compliance and tax advisory. In
addition, certain partners and employees of our firm may deal with the Group on normal terms within
the ordinary course of trading activities of the Group. The provision of these other services and
relationships have not impaired our independence as auditor of the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the consolidated financial statements of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.

PwC
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements, as a whole, are free from material misstatement, whether due to fraud or error, and to
surance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
Who we report to
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
audit work, for this report or for the opinions we have formed.
Senaratne (Indy Sena).
For and on behalf of:
Chartered AccountantsAuckland
30 September 2024
38 


PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland, 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz

To the shareholders of Hallenstein Glasson Holdings Limited

Our opinion
In our opinion, the accompanying consolidated financial statements of Hallenstein Glasson Holdings
Limited (the Company), including its subsidiaries (the Group), present fairly, in all material respects,
the financial position of the Group as at 1 August 2024, its financial performance and its 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 Accounting Standards (IFRS
Accounting Standards).
What we have audited
The Group's consolidated financial statements comprise:
the consolidated statement of financial position as at 1 August 2024;
the consolidated statement of comprehensive income for the year then ended;
the consolidated statement of changes in equity for the year then ended;
the consolidated statement of cash flows for the year then ended; and
the notes to the consolidated financial statements, comprising material accounting policy
information and other explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the

section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
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) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the
International Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the areas of tax compliance and tax advisory. In
addition, certain partners and employees of our firm may deal with the Group on normal terms within
the ordinary course of trading activities of the Group. The provision of these other services and
relationships have not impaired our independence as auditor of the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the consolidated financial statements of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.

INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF HALLENSTEIN GLASSON HOLDINGS LIMITED

21
PwC
Description of the key audit matterHow our audit addressed the key audit matter
Inventory Valuation
As at 1 August 2024, the Group held
$27.5million of finished goods, net of
inventory adjustments of $0.2million.
Given the size of the inventory balance,
and the estimates and judgements
described below, the valuation of
inventory required significant audit
attention and is a key audit matter.
As disclosed in note 3.2, inventories are
held at the lower of cost and net realisable
value. At year end, the valuation of
inventory is reviewed by management and
its cost is reduced where inventory is
forecastedto be sold below cost.
The inventory adjustment is determined
based on various factors including
historical data, inventory ageing,current
trends andspecific product information
from buyers.Determining the appropriate
level of provisioning involves judgement
and the application of assumptions
including management's estimation of
future selling prices.
Our audit procedures included:
●testing, on a sample basis,the accuracy of
inventory costing to supporting documentation and
calculations;
●testing, on a sample basis, the net realisable value
of inventory items by comparing the selling price to
the cost;
●performing analytical procedures on selected
inventory provisions to assess their
reasonableness and that the provisions amounts
were within expectations;
●assessing the level of aged inventory by
comparison to historical amounts, inventory
turnover levels and enquiries withmanagement;
●considering the results of our testing and in
conjunction with management enquiry determined
whether any specific write downs were required;
and
●reviewing the appropriateness of disclosures in the
consolidated financial statements.
Our audit approach
Overview
Overall Group materiality: $2.6million, which represents approximately 5% of
Group profit before tax.
We chose Group profit before tax as the benchmark because, in our view, it is
the benchmark against which the performance of the Group is most commonly
measured by users, and is a generally accepted benchmark.
As reported above, we have one key audit matter, beinginventory valuation.
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the consolidated financial statements. In particular, we considered where
management made subjective judgements; for example, in respect of significant accounting estimates
that involved making assumptions and considering future events that are inherently uncertain. As in all
of our audits, we also addressed the risk of management override of internal controls, including among
other matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
36 
PwC
Description of the key audit matterHow our audit addressed the key audit matter
Inventory Valuation
As at 1 August 2024, the Group held
$27.5 million of finished goods, net of
inventory adjustments of $0.2 million.
Given the size of the inventory balance,
and the estimates and judgements
described below, the valuation of
inventory required significant audit
attention and is a key audit matter.
As disclosed in note 3.2, inventories are
held at the lower of cost and net realisable
value. At year end, the valuation of
inventory is reviewed by management and
its cost is reduced where inventory is
forecastedto be sold below cost.
The inventory adjustment is determined
based on various factors including
historical data, inventory ageing, current
trends andspecific product information
from buyers.Determining the appropriate
level of provisioning involves judgement
and the application of assumptions
including management's estimation of
future selling prices.
Our audit procedures included:
●testing, on a sample basis, the accuracy of
inventory costing to supporting documentation and
calculations;
●testing, on a sample basis, the net realisable value
of inventory items by comparing the selling price to
the cost;
●performing analytical procedures on selected
inventory provisions to assess their
reasonableness and that the provisions amounts
were within expectations;
●assessing the level of aged inventory by
comparison to historical amounts, inventory
turnover levels and enquiries withmanagement;
●considering the results of our testing and in
conjunction with management enquiry determined
whether any specific write downs were required;
and
●reviewing the appropriateness of disclosures in the
consolidated financial statements.
Our audit approach
Overview
Overall Group materiality: $2.6million, which represents approximately 5% of
Group profit before tax.
We chose Group profit before tax as the benchmark because, in our view, it is
the benchmark against which the performance of the Group is most commonly
measured by users, and is a generally accepted benchmark.
As reported above, we have one key audit matter, beinginventory valuation.
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the consolidated financial statements. In particular, we considered where
management made subjective judgements; for example, in respect of significant accounting estimates
that involved making assumptions and considering future events that are inherently uncertain. As in all
of our audits, we also addressed the risk of management override of internal controls, including among
other matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
36 
INDEPENDENT AUDITOR’S REPORT
PwC
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements, as a whole, are free from material misstatement, whether due to fraud or error, and to
surance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
Who we report to
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
audit work, for this report or for the opinions we have formed.
Senaratne (Indy Sena).
For and on behalf of:
Chartered AccountantsAuckland
30 September 2024
38 

22
PwC
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the consolidated financial statements are free from material
misstatement. Misstatements may arise due to fraud or error. They are considered material if,
individually or in aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the consolidated financial statements as a whole as set out
above. These, together with qualitative considerations, helped us to determine the scope of our audit,
the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both
individually and in aggregate, on the consolidated financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the consolidated financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industry in which the Group operates.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual Report, but does not include the consolidated financial statements
and our auditor's report thereon. The Annual Report is expected to be made available to us after the
date of this auditor's report.
Our opinion on the consolidated financial statements does not cover the other information and we will
not express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
Responsibilities of the Directors for the consolidated financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS Accounting Standards,
and for such internal control as the Directors determine is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the consolidated financial statements, the Directors are responsible for assessing the
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.
37 
PwC
Description of the key audit matterHow our audit addressed the key audit matter
Inventory Valuation
As at 1 August 2024, the Group held
$27.5million of finished goods, net of
inventory adjustments of $0.2million.
Given the size of the inventory balance,
and the estimates and judgements
described below, the valuation of
inventory required significant audit
attention and is a key audit matter.
As disclosed in note 3.2, inventories are
held at the lower of cost and net realisable
value. At year end, the valuation of
inventory is reviewed by management and
its cost is reduced where inventory is
forecastedto be sold below cost.
The inventory adjustment is determined
based on various factors including
historical data, inventory ageing,current
trends andspecific product information
from buyers.Determining the appropriate
level of provisioning involves judgement
and the application of assumptions
including management's estimation of
future selling prices.
Our audit procedures included:
●testing, on a sample basis,the accuracy of
inventory costing to supporting documentation and
calculations;
●testing, on a sample basis, the net realisable value
of inventory items by comparing the selling price to
the cost;
●performing analytical procedures on selected
inventory provisions to assess their
reasonableness and that the provisions amounts
were within expectations;
●assessing the level of aged inventory by
comparison to historical amounts, inventory
turnover levels and enquiries withmanagement;
●considering the results of our testing and in
conjunction with management enquiry determined
whether any specific write downs were required;
and
●reviewing the appropriateness of disclosures in the
consolidated financial statements.
Our audit approach
Overview
Overall Group materiality: $2.6million, which represents approximately 5% of
Group profit before tax.
We chose Group profit before tax as the benchmark because, in our view, it is
the benchmark against which the performance of the Group is most commonly
measured by users, and is a generally accepted benchmark.
As reported above, we have one key audit matter, beinginventory valuation.
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the consolidated financial statements. In particular, we considered where
management made subjective judgements; for example, in respect of significant accounting estimates
that involved making assumptions and considering future events that are inherently uncertain. As in all
of our audits, we also addressed the risk of management override of internal controls, including among
other matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
36 
INDEPENDENT AUDITOR’S REPORT
PwC
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements, as a whole, are free from material misstatement, whether due to fraud or error, and to
surance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
Who we report to
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
audit work, for this report or for the opinions we have formed.
Senaratne (Indy Sena).
For and on behalf of:
Chartered AccountantsAuckland
30 September 2024
38 

23
PwC
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements, as a whole, are free from material misstatement, whether due to fraud or error, and to
surance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
Who we report to
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
audit work, for this report or for the opinions we have formed.
Senaratne (Indy Sena).
For and on behalf of:
Chartered AccountantsAuckland
30 September 2024
38 
PwC
Description of the key audit matterHow our audit addressed the key audit matter
Inventory Valuation
As at 1 August 2024, the Group held
$27.5million of finished goods, net of
inventory adjustments of $0.2million.
Given the size of the inventory balance,
and the estimates and judgements
described below, the valuation of
inventory required significant audit
attention and is a key audit matter.
As disclosed in note 3.2, inventories are
held at the lower of cost and net realisable
value. At year end, the valuation of
inventory is reviewed by management and
its cost is reduced where inventory is
forecastedto be sold below cost.
The inventory adjustment is determined
based on various factors including
historical data, inventory ageing,current
trends andspecific product information
from buyers.Determining the appropriate
level of provisioning involves judgement
and the application of assumptions
including management's estimation of
future selling prices.
Our audit procedures included:
●testing, on a sample basis,the accuracy of
inventory costing to supporting documentation and
calculations;
●testing, on a sample basis, the net realisable value
of inventory items by comparing the selling price to
the cost;
●performing analytical procedures on selected
inventory provisions to assess their
reasonableness and that the provisions amounts
were within expectations;
●assessing the level of aged inventory by
comparison to historical amounts, inventory
turnover levels and enquiries withmanagement;
●considering the results of our testing and in
conjunction with management enquiry determined
whether any specific write downs were required;
and
●reviewing the appropriateness of disclosures in the
consolidated financial statements.
Our audit approach
Overview
Overall Group materiality: $2.6million, which represents approximately 5% of
Group profit before tax.
We chose Group profit before tax as the benchmark because, in our view, it is
the benchmark against which the performance of the Group is most commonly
measured by users, and is a generally accepted benchmark.
As reported above, we have one key audit matter, beinginventory valuation.
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the consolidated financial statements. In particular, we considered where
management made subjective judgements; for example, in respect of significant accounting estimates
that involved making assumptions and considering future events that are inherently uncertain. As in all
of our audits, we also addressed the risk of management override of internal controls, including among
other matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
36 
INDEPENDENT AUDITOR’S REPORT
PwC
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements, as a whole, are free from material misstatement, whether due to fraud or error, and to
surance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
Who we report to
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
audit work, for this report or for the opinions we have formed.
Senaratne (Indy Sena).
For and on behalf of:
Chartered AccountantsAuckland
30 September 2024
38 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 1 AUGUST 2024
$’000NOTE20242023
Sales revenue2.1435,635409,711
Cost of sales2.1(176,904)(174,863)
Gross profit258,731234,848
Other operating income2.2353253
Selling expenses(152,844)(140,462)
Distribution expenses(15,552)(14,008)
Administration expenses(36,392)(32,825)
Total expenses(204,788)( 1 87, 29 5)
Operating profit54,29647, 8 0 6
Finance income2.11,9571,171
Finance expense2.1, 2.2(4,168)(3,556)
Profit before income tax52,08545,421
Income tax expense6.1( 17, 59 9)(13,444)
Net profit after tax attributable to the shareholders
of the Holding Company2.134,48631,977
Other comprehensive income
– Items that will not be reclassified to profit or loss
(Loss)/Gain (net of tax) on revaluation of land and buildings6.1(421)1,632
Increase in share option reserve6.1-135
– Items that may be subsequently reclassified to profit or loss
Fair Value (Loss)/Gain (net of tax) in cash flow hedge reserve6.1(63)367
Total comprehensive income for the year attributable
to the shareholders of the Holding Company34,00234,111
Earnings per share
Basic and diluted earnings per share2.4 57. 82 53.61
The Notes to the Financial Statements form an integral part of and are to be read in conjunction with these Financial Statements.
24

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 1 AUGUST 2024
$’000NOTE20242023
Equity
Contributed equity5.129,27928,140
Asset revaluation reserve26,10526,526
Cashflow hedge reserve936999
Share option reserve-294
Retained earnings46,88740,717
Total equity103,20796,676
Represented by
Current assets
Cash and cash equivalents3.145,91532,478
Trade and other receivables407318
Advances to employees847160
Prepayments5,8415,431
Inventories3.227, 4 8 431,005
Derivative financial instruments7. 51,3171,452
Total current assets81,81170,844
Non-current assets
Property, plant and equipment4.258,77956,367
Right of use assets4.167,02 965,285
Investment property4.33,0803,208
Intangible assets993717
Deferred tax6.27, 32 36,005
Total non-current assets137, 20 4131,582
Total assets219,015202,426
Current liabilities
Trade payables9,8288,104
Employee benefits7.18,9287, 29 4
Other payables15,40013,390
Lease liabilities4.126,69125,147
Derivative financial instruments7. 5247
Taxation payable2,466590
Total current liabilities63,31554,572
Non-current liabilities
Lease liabilities4.152,49351,178
Total liabilities115,808105,750
Net assets103,20796,676
The Notes to the Financial Statements form an integral part of and are to be read in conjunction with these Financial Statements.
The Financial Statements are signed for and on behalf of the Board and were authorised for issue on 30 September 2024.
GRAEME POPPLEWELL
DIRECTOR
30 SEPTEMBER 2024
MALCOM FORD
DIRECTOR
30 SEPTEMBER 2024
25

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 1 AUGUST 2024
$’000
NOTE
SHARE
CAPITAL
TREASURY
STOCK
ASSET
REVALUATION
RESERVE
CASH
FLOW
HEDGE
RESERVE
SHARE
OPTION
RESERVE
RETAINED
EARNINGS
TOTAL
EQUITY
Balance at 1 August 202229,279(1,474)24,89463222837, 24990,808
Comprehensive income
Profit for Year-----31,97731,977
Revaluation net of tax6.1--1,632---1,632
Cash flow hedges net of tax6.1---367--367
Increase in share option reserve6.1----135-135
Total comprehensive income --1,63236713531,97734,111
Transactions with owners
Sale of Treasury Stock5.1, 5.2-303----303
Dividends 2.3, 5.1-86---(28,632)(28,546)
Transfer of share option

reserve to retained earnings
-----(69)69-
(Gain) / loss on sale of

treasury stock transferred
to retained earnings
5.1-(54)---54-
Total transactions with owners-335--(69)(28,509)(28,243)
Balance at 1 August 202329,279(1,139)26,52699929440,71796,676
Comprehensive income
Profit for year-----34,48634,486
Revaluation net of tax6.1--(421)---(421)
Cash flow hedges net of tax6.1---(63)--(63)
Total comprehensive income --(421)(63)-34,48634,002
Transactions with owners
Sale of treasury stock5.1, 5.2-141----141
Dividends2.3, 5.1-29---(28,632)(28,603)
Increase in share option reserve----43-43
Share options excercised5.1-948----948
Transfer of share option
reserve to retained earnings ----(337)337-
(Gain) / loss on sale of

treasury stock transferred
to retained earnings 5.1-21---(21)-
Total transactions with

owners
-1,139--(294)(28,316)(27, 47 1)
Balance at 1 August 202429,279-26,105936-46,887103,207
The Notes to the Financial Statements form an integral part of and are to be read in conjunction with these Financial Statements.
26

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 1 AUGUST 2024
$’000NOTE2024
Cash flows from operating activities
Cash was provided from:
Sales to customers435,154409,444
Rent received2.2248253
Government grants2.2-243
Interest income2.11,9511,165
Interest on debtors2.166
437,359411,111
Cash was applied to:
Payments to suppliers252,304253,254
Payments to employees78,80874,429
Interest paid on leases2.24,1683,556
Taxation paid16,76911,849
352,049343,088
Net cash flows from operating activities85,31068,023
Cash flows from investing activities
Cash was provided from:
Proceeds from sale of property, plant and equipment and intangible assets168397
Repayment of employee advances26182
429479
Cash was applied to:
Purchase of property, plant and equipment and intangible assets4.215,94414,811
15,94414,811
Net cash flows applied to investing activities(15,515)(14,332)
Cash flows from financing activities
Cash was provided from:
Sale of treasury stock and dividends5.1, 5.2170389
170389
Cash was applied to:
Dividend paid2.328,63228,632
Lease liability payments4.127, 8 9 628,083
56,52856,715
Net cash flows applied to financing activities(56,358)(56,326)
Net increase/(decrease) in funds held13,437(2,635)
Cash and cash equivalents at the beginning of the year32,47835,113
Cash and cash equivalents at the end of the year3.145,91532,478
The Notes to the Financial Statements form an integral part of and are to be read in conjunction with these Financial Statements.
2023
27

CONSOLIDATED STATEMENT OF CASHFLOWS CONTINUED
FOR THE YEAR ENDED 1 AUGUST 2024
$’000
NOTE20242023
Net profit after taxation34,48631,977
Add/(deduct) items classified as investing or financing activities
Loss/(Gain) on sale of plant and equipment2.2528(217)
Add/(deduct) non cash items
Depreciation and amortisation2.238,51638,111
Gain on termination of lease2.2(112)(304)
Net fair value loss on investment property2.2 128 164
Deferred taxation6.2(1,045)435
Share option expense43135
Add/(deduct) movements in working capital items
Taxation payable1,8761,162
Trade and other receivables and prepayments(499)(8)
Trade and other payables and employee benefits7, 8 6 8(5,868)
Inventories3,5212,436
Net cash flows from operating activities85,31068,023
RECONCILIATION OF PROFIT AFTER TAXATION TO CASH FLOWS FROM OPERATING ACTIVITIES
The Notes to the Financial Statements form an integral part of and are to be read in conjunction with these Financial Statements.
28

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
1. BASIS OF PREPARATION
This section presents a summary of information considered relevant and material to assist the reader in understanding
the foundations on which the financial statements as a whole have been compiled. Material accounting policies specific
to notes shown in other sections are disclosed in a shaded box and are included as part of that particular note.
1.1 GENERAL INFORMATION
Reporting entity

Hallenstein Glasson Holdings Limited (“Company” or “Parent”) together with its subsidiaries (the “Group”)
is a retailer of men’s and women’s clothing in New Zealand and Australia.
The Company is a limited liability company incorporated and domiciled in New Zealand. The address of its registered
office is Level 3, 235-237 Broadway, Newmarket, Auckland.
Statutory base
Hallenstein Glasson Holdings Limited is a company registered under the Companies Act 1993 and is a FMC reporting
entity under Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on the New Zealand Stock
Exchange (NZX). The financial statements of the Group have been prepared in accordance with the requirements of
Part 7 of the Financial Markets Conduct Act 2013 and the NZX Main Board Listing Rules.
The financial statements were approved for issue by the Board of Directors on 30 September 2024.
29

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
1.2 GENERAL ACCOUNTING POLICIES
Statement of compliance
These financial statements for the year ended 1 August 2024 have been prepared in accordance with
Generally Accepted Accounting Practice in New Zealand (GAAP). They comply with New Zealand equivalents
to International Financial Reporting Standards (NZ IFRS), other New Zealand accounting standards and
authoritative notices that are applicable to entities that apply NZ IFRS. The financial statements comply
with International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards).
Basis of preparation of financial statements
The principal accounting policies adopted in the preparation of the financial statements are set out below.
These policies have been consistently applied to all the periods presented, unless otherwise stated.
Certain comparative balances have been restated for consistency with the treatment in the 1 August 2024
consolidated financial statements.
The reporting currency used in the preparation of these financial statements is New Zealand dollars, rounded
where necessary to the nearest thousand dollars.
Entities reporting
The financial statements are the Consolidated Financial Statements of the Group comprising Hallenstein
Glasson Holdings Limited and its subsidiaries, together they are referred to in these financial statements as
‘the Group’. The parent and its subsidiaries are designated as for-profit entities for financial reporting purposes.
Principles of consolidation
Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control
is transferred to the Group. They are deconsolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies
are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency
with the policies adopted by the Group.
20242023
Hallenstein Bros Limited100%100%Retail of menswear in New Zealand
Hallenstein Brothers Australia Limited100%100%Retail of menswear in Australia
Glassons Limited100%100%Retail of womenswear in New Zealand
Glassons Australia Limited100%100%Retail of womenswear in Australia
Hallenstein Properties Limited100%100%Property ownership in New Zealand
INVESTMENTS IN SUBSIDIARIES
PRINCIPAL SUBSIDIARIES
INTEREST HELD BY
PARENT AND GROUP
PRINCIPAL ACTIVITIES
1. BASIS OF PREPARATION (CONTINUED)
30

Historical cost convention
These financial statements have been prepared under the historical cost convention, as modified by the
revaluation of investment property, land and buildings and certain financial assets and liabilities (including
derivative instruments) measured at fair value.
CLIMATE RELATED RISKS
Transactions and balances
As part of its risk management framework, the Group continues to monitor its exposure to risk, including climate
related risks and regulatory related reporting requirements. During the year ended 1 August 2024, the Group
completed its first climate related risk assessment for its Climate Related Disclosure under the Aotearoa New
Zealand Climate Standards. As part of this assessment, we have not identified any material impacts requiring
specific disclosure in the financial statements. The identified climate related risks and opportunities including
both physical and transitional impacts have been considered as part of the below critical accounting estimates,
judgements and assumptions. Our Climate Related Disclosure will be published by the end of November 2024
on our website – www.hallensteinglasson.co.nz/climate-related-disclosures.
Critical accounting estimates, judgements and assumptions
The preparation of financial statements in conformity with NZ IFRS and IFRS Accounting Standards require the
use of certain critical accounting estimates. It also requires management to exercise its judgement in the process
of applying the Group’s accounting policies.
Property, plant and equipment: The Group has assessed whether the carrying value of its property, plant and
equipment and right of use assets have suffered any impairment since they were acquired. The recoverable
amounts of cash generating units (at a store level) have been determined based on value in use calculations.
These calculations require the use of estimates and projections of future operating performance.
Inventory provision: The Group assessed the inventory provision using management judgement which considers
a range of factors including the review of historical data, the age of inventory and current selling price trends to
determine the appropriateness of the provision.
Revaluation of land and buildings: The fair value of the Group’s land and buildings is determined by the
Board following an independent valuation undertaken at least every three years. The basis of the valuation is
assessed within a range indicated by two valuation approaches: discounted cash flow analysis and an income
capitalisation approach. The key assumptions are disclosed in note 4.2.
Revaluation of investment property: The fair value of the Group’s investment property is determined by the
Board following an independent valuation undertaken annually. The basis of the valuation is assessed within
a range indicated by two valuation approaches: discounted cash flow analysis and an income capitalisation
approach. The key assumptions are disclosed in note 4.3.
FOREIGN CURRENCY TRANSLATION
Functional and presentation currency
Items included in the financial statements for each of the Group’s operations are measured using the currency of
the primary economic environment in which it operates (‘the functional currency’). The financial statements are
presented in New Zealand dollars, which is the Group’s presentational currency.
Transactions and balances
The results and financial position of all the Group entities that have a functional currency different from the
presentation currency are translated into the presentation currency as follows:
(a) assets and liabilities for each balance sheet presented are translated at the closing rate at the
date of that balance sheet; and
(b) income and expenses for each statement of comprehensive income are translated at average
exchange rates.
All resulting exchange differences are recognised in the statement of comprehensive income.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
1. BASIS OF PREPARATION (CONTINUED)
31

1. BASIS OF PREPARATION (CONTINUED)
2. PERFORMANCE

2.1 SEGMENT INFORMATION
The Board of Directors considers the business from both a product and geographic perspective as follows:
— Hallenstein Bros Limited (New Zealand) and Hallenstein Brothers Australia Limited (Australia)
— Glassons Limited (New Zealand)
— Glassons Australia Limited (Australia)
— Hallenstein Properties Limited (New Zealand) (Property)
The reportable segments derive their revenues primarily from the retail sale of clothing. The revenues from
external parties reported to the Board of Directors are measured in a manner consistent with that in the
statement of comprehensive income. There are no material revenues derived from a single external customer.
Operating segments are reported in a manner consistent with the internal reporting provided to the Board
of Directors. The Board of Directors is the chief operating decision maker and is responsible for allocating
resources and assessing performance of the operating segments and they delegate that authority through
the Group Chief Executive Officer.
REVISED COMPARATIVE BALANCES
Changes to record anticipated breakage of contract liabilities
The Group revised its estimates of prior period breakage for unredeemed gift cards, leading to changes
in the 2023 consolidated financial statement of position, consolidated statement of changes in equity,
and respective notes to the consolidated financial statements. As a result, other payables decreased
by $0.5M, deferred tax reduced by $0.1M and 2023 opening retained earnings increased by $0.4M.
The Group considered this revision as immaterial to the consolidated financial statements as a whole.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
32

$’000
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIAHALLENSTEINSPROPERTYPARENTTOTAL GROUP
INCOME STATEMENT
Segment revenue122,336192,070106,309-753421,468
Intercompany segment revenue(9,888)(841)(275)-(753)(11,757)
Sales revenue from external customers
112,448191,229106,034--409,711
Cost of sales(51,924)(75,567)(47, 372)--(174,863)
Finance income149487449-861,171
Finance expenses(1,268)(1,226)(1,045)-(17)(3,556)
Depreciation and amortisation(11,518)(15,826)(10,288)(42 2)(57)(38,111)
Profit/(loss) before income tax
15,14924,6025,42532045,421
Income tax expense
(4,256)( 7, 49 6)(1,540)(136)(16)(13,444)
Net profit/(loss) after income tax10,89317,1 0 63,88518431,977
STATEMENT OF FINANCIAL POSITION
Current assets22,83618,35621,601
5,503
2,54870,844
Non-current assets43,41239,01826,663
22,489
-131,582
Current liabilities16,71521,00316,440
379
3554,572
Non-current Liabilities20,37017, 69 413,114
-
-51,178
Purchase of property, plant and
equipment and intangibles assets
2,9658,7553,0838-14,811
$’000
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
HALLENSTEINSPROPERTYPARENTTOTAL GROUP
INCOME STATEMENT
Segment revenue120,303219,440108,359-1,002449,104
Intercompany segment revenue(10,241)(1,317)(909)-(1,002)(13,469)
Sales revenue from external customers
110,062218,1231 07, 450--435,635
Cost of sales(49,191)(83,862)(43,851)--(176,904)
Finance income348721718-1701,957
Finance expenses(1,415)(1,625)(1,105)-(23)(4,168)
Depreciation and amortisation(11,143)(16,593)(10,166)(524)(90)(38,516)
Profit/(loss) before income tax15,03929,4667, 479258(157)52,085
Income tax (expense)/benefit(4, 255)(9,969)(2,141)(1,278)44( 17, 59 9)
Net profit/(loss) after income tax10,78419,4975,338(1,020)(113)34,486
STATEMENT OF FINANCIAL POSITION
Current assets24,17026,07222,0526,0103,50781,811
Non-current assets40,70453,51022,25320,737-137, 20 4
Current liabilities16,60030,96915,360396(10)63,315
Non-current liabilities17, 53525,7859,173--52,493
Purchase of property, plant and
equipment and intangibles assets
3,7748,0294,13110-15,944
SEGMENT RESULTS
For the year ended 1 August 2024
2. PERFORMANCE (CONTINUED)
For the year ended 1 August 2023
(75)
(91)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
33

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services,
excluding Goods and Services Tax, net of rebates and discounts and after eliminating sales within the Group.
Revenue is recognised as follows:
Sales of goods — Retail
Sales of goods are recognised when a Group entity has delivered a product to the customer. For in-store
sales, control passes to the customer at the point of sale. For online sales, the order and the delivery to
the customer are considered to comprise a single performance obligation, therefore control passes to the
customer when the goods are delivered. Retail sales are usually in cash, credit card, debit card or by various
pay later services. The recorded revenue is the gross amount of sale (excluding GST), including credit card
fees and service fees payable for the transaction. Such fees are included in selling expenses.
The Group offers customers the option of purchasing gift cards. This is considered deferred revenue until
such time where the customer redeems the gift card on future purchases. A contract liability for the purchase
of a gift card is recognised at the time of the sale. Revenue is recognised when the gift card is redeemed or
when they expire. As at 1 August 2024, the gift card liability balance recognised under “Other payables” was
$2.22M (2023: $2.61M, 2022: $2.98M).
Interest income
Interest income is recognised using the effective interest method.
Rental income
Rental income from operating leases (net of any incentives) is recognised on a straight line basis over the
lease term.
2.2 INCOME AND EXPENSES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
2. PERFORMANCE (CONTINUED)
34

2.2 INCOME AND EXPENSES (CONTINUED)
INCOME AND EXPENSES
Profit before income tax includes the following specific income and expenses:
$’00020242023
Other operating income
Rental income248253
Insurance proceeds105-
Expenses
Occupancy costs9,3556,156
Audit of financial statements
PwC New Zealand249230
Other services
Performed by PwC Australia
1
1821
Directors’ fees698647
Wages, salaries and other short term benefits
2
80,75374,229
Depreciation of property, plant and equipment11,41510,423
Depreciation of right of use assets26,60427,273
Amortisation of software497415
Total depreciation and amortisation38,51638,111
Net fair value loss on investment property128164
Interest on leases4,1683,556
Gain on termination of lease(112)(304)
Loss/(gain) on disposal of property, plant and equipment528(217)
1
Amount paid in respect of tax compliance and tax advisory services provided in Australia.
2
Wages, salaries and other short term benefits includes wage subsidy benefit from the New Zealand government
of $Nil (2023: $0.24M).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
2. PERFORMANCE (CONTINUED)
35

BASIC
Basic earnings per share is calculated by dividing the profit after tax of the Group by the weighted average
number of ordinary shares outstanding during the year.
DILUTED
Diluted earnings per share is calculated by adjusting profit after tax and the weighted average number of
ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. There were no
options convertible into shares as at 1 August 2024 (2023: Nil).
Earnings per share
$’00020242023
Profit after tax34,48631,977
Weighted average number of ordinary shares outstanding59,64959,649
Basic and diluted earnings per share (cents per share)57. 8253.61
Basic and diluted earnings per share is calculated by dividing the profit attributable to equity holders of the
Company by the weighted average number of ordinary shares outstanding during the period, adjusted for
bonus elements in ordinary shares issued during the period.
2.4 EARNINGS PER SHARE
DIVIDENDS2024202320242023
Cents per
share
Cents per
share
$’000$’000
Final dividend for the year ended 1 August 202324.0014,316
Interim dividend for the year ended 1 August 202424.0014,316
Final dividend for the year ended 1 August 202224.0014,316
Interim dividend for the year ended 1 August 202324.0014,316
Total48.0048.0028,63228,632
2.3 DIVIDENDS
Provision is made for the amount of any dividend declared on or before the balance date but not distributed at
balance date
Dividends paid were partially imputed. Supplementary dividends of $177,160 (2023: $64,315) were paid to shareholders
not resident in New Zealand for tax purposes for which the Group received a foreign investor tax credit.
2. PERFORMANCE (CONTINUED)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
36

The carrying amount of cash and cash equivalents equals the fair value.
3. WORKING CAPITAL

3.1 CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash at bank, cash on hand, EFTPOS (electronic funds transfer point
of sale) transactions which have not been cleared by the bank at balance date, deposits held at call with
financial institutions, other short-term highly liquid investments with original maturities of three months or
less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of
changes in value, and bank overdrafts.
Consolidated statement of cash flows
The following are the definitions of the terms used in the consolidated statement of cash flows:
(I.) Cash comprises cash and cash equivalents.
(II.) Investing activities are those activities relating to the acquisition, holding and disposal of property, plant and
equipment, investments and employee advances.
(III.) Financing activities are those activities which result in changes in the size and composition of the capital
structure of the Group. This includes lease payments, equity and debt not falling within the definition of
cash. Dividends paid are included in financing activities.
(IV.) Operating activities include all transactions and other events that are not investing or financing activities.
Cash and cash equivalents
$’00020242023
Cash at bank44,47028,667
Short term bank deposits1,3643,739
Cash on hand8172
Total cash and cash equivalents45,91532,478
3.2 INVENTORIES
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted
average method and includes expenditure incurred in acquiring the inventories and bringing them to their
existing location and condition. Net realisable value is the estimated selling price in the ordinary course of
business, less applicable variable selling expenses, excluding borrowing costs. The Group assesses the likely
net residual value of inventory. Stock provisions are recognised for inventory which is older than two years
and for inventory which is expected to sell for less than cost. Management will also use their judgement to
assess whether any further provisions are required based on style performance, current trends and specific
product information from buyers.
Inventory adjustments are provided at year end for stock obsolescence within cost of sales in the Consolidated
Statement of Comprehensive Income.
The cost of inventories recognised as an expense and included in cost of sales amounted to $176,649,177
(2023: $174,548,112).
Inventories
$’00020242023
Finished goods27, 65931,285
Inventory adjustments
(175)(280)
Net inventories27, 4 8 431,005
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
37

4.1 LEASES
Right-of-use assets and lease liabilities arising from a lease are initially measured on a present value basis.
Lease liabilities include the net present value of the remaining lease payments.
Right-of-use assets are initially recognised on commencement of lease at cost, comprising the initial amount
of the lease liabilities less any lease incentives received. Right-of-use assets are subsequently depreciated
using the straight-line method from the commencement date to the end of the lease term.
The Group leases retail stores under non-cancellable operating leases expiring within one to six years.

There is a small portion of lease contracts which contain renewal rights. In considering the lease term for
these contracts, the Group has determined that rights of renewals are not reasonably certain to be exercised
due to the nature and location of the stores and the changing retail environment. It is the Group’s strategy
to renegotiate the terms of all leases at their expiry instead of exercising renewal rights. This agile strategy is
enabled by having stores relatively small in size and not highly customised, and therefore relatively straight
forward to move locations. In addition, with the current retail market uncertainty the Group needs

to maintain a degree of flexibility.
Both right-of-use assets and lease liabilities are discounted applying the interest rate implicit in the lease.
If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the
lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar
economic environment with similar terms and conditions.
Short term leases where the Group is the lessee
Leases in which a material portion of the risks and rewards of ownership are retained by the lessor are
classified as operating leases. Payments made under operating leases (net of any incentives received from
the lessor) are charged to the profit or loss in the Consolidated Statement of Comprehensive Income on a
straight line basis over the period of the lease.
The Group is the lessor
Assets leased to third parties under operating leases are included in Investment Property in the Consolidated
Statement of Financial Position. Rental income (net of any incentives given to lessees) is recognised on a
straight line basis over the lease term. Lease receivables are disclosed under Note 4.3.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
4. LONG TERM ASSETS
38

The following tables show the movements and analysis in relation to the right-of-use assets and lease liabilities.
Right of use assets
$’00020242023
Opening net book value 65,285 67,14 6
Depreciation(26,604) (27,273)
Modifications and additions 30,253 27,037
Lease terminations 2,104 1066
FX impact199 559
Carrying amount 67,02 9 65,285
Lease liabilities
$’000
20242023
Opening lease liabilities 76,325 77,410
Lease modifications and additions 32,724 29,344
Interest for the period 4,168 3,556
Lease payments made(32,064) (31,639)
Covid-19 rent abatements received - (234)
Lease terminations(2,216) (1,370)
FX impact 247 (742)
Closing lease liabilities 79,184 76,325
4. LONG TERM ASSETS (CONTINUED)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
39

4. LONG TERM ASSETS (CONTINUED)
Lease liabilities maturity analysis for the year ended 1 August 2024
$’000
MINIMUM LEASE
PAYME NTS
INTERESTPRESENT
VALUE
Due within one year 30,354 (3,663) 26,691
One to two years 24,640 (2,413) 22,227
Two to five years 30,225 (2,143) 28,082
Later than five years 2,267 (83) 2,184
Total 87,486 (8,302) 79,184
Current 26,691
Non-current 52,493
Total 79,184
Lease related expenses included in the consolidated statement of comprehensive income:
$’000
20242023
Depreciation 26,604 27,273
Rent on short-term leases 9,355 6,390
Covid-19 rent abatements received -
Gain on lease termination(112)
Interest on leases
4,168 3,556
Total 40,015 36,681
Lease commitments

The Group currently has no non-cancellable short-term operating lease agreements as at 1 August 2024 (2023: $Nil).
Lease liabilities maturity analysis for the year ended 1 August 2023
$’000
MINIMUM LEASE
PAYME NTS
INTERESTPRESENT
VALUE
Due within one year 28,130 (2,983) 25,147
One to two years 22,851 (1,992) 20,859
Two to five years 31,628 (1,924) 29,704
Later than five years 628 (13) 615
Total 83,237 (6,912) 76,325
Current 25,147
Non-current 51,178
Total 76,325
Lease payments included in the consolidated statement of cash flows:
$’000
20242023
Interest paid on leases (operating activities) 4,168 3,556
Payments for lease liabiities principal (financing activities)
27, 8 9 6 28,083
Total cash outflows from leases 32,064 31,639
(234)
(304)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
40

4.2 PROPERTY, PLANT AND EQUIPMENT
Recognition and measurement
Land and buildings were valued on 1 August 2024 by Telfer Young (Hawkes Bay) Limited, Fordbaker
Valuation Limited and Colliers International (collectively “the valuers”), who are independent registered
valuers and associates of The New Zealand Institute of Valuers. The valuers have recent experience in
the location and category of the item being valued. The fair values of the assets represent the estimated
price for which a property could be sold on the date of valuation in an orderly transaction between market
participants.
The adopted valuation have been assessed within a range indicated by two valuation approaches:
Income capitalisation approach and discounted cash flow analysis.
The following table summarises the valuation approach and key assumptions used by the valuers to
arrive at fair value.
Valuation approachDescription of the valuation approach
Income capitalisation
approach
A valuation methodology which determines fair value by capitalising
a property’s sustainable net income at an appropriate, market derived
capitalisation rate (yield). Unobservable inputs within the income capitalisation
approach include:
a) Net Market Rent which is the annual amount for which a tenancy within a
property is expected to achieve under a new arm’s length leasing transaction
after deducting a fair share of property operating expenses.
b) Capitalisation Rate (yield) which is the rate of return, determined through
analysis of comparable, market related sales transactions which is applied to
a property’s sustainable net income to derive value.
Discounted cash
flow analysis
With the discounted cash flow analysis, a cash flow budget is established for
the property over a ten-year time horizon. Within the cash flow an allowance
is made for rental growth as well as deducting costs associated with property
ownership. A terminal value is also estimated and the cash flows are discounted
at a market rate to arrive at a net present value.
Unobservable inputs within the discounted cash flow approach include:
a) The discount rate which is the rate determined through analysis of
comparable market related sales transactions which is applied to a property’s
future net cash flows to convert those cash flows into a present value.
b) The terminal capitalisation rate which is the rate which is applied to a
property’s sustainable net income at the end of an assumed holding period
to derive an estimated market value.
c) Rental growth rate which is the annual growth rate applied to market rent
over an assumed holding period.
d) Expenses growth which is the annual amount applied to property operating
expenses over an assumed holding period.
Land and building measurements are categorised as Level 3 in the fair value hierarchy. During the year there
were no transfers between levels of the fair value hierarchy.
4. LONG TERM ASSETS (CONTINUED)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
41

4. LONG TERM ASSETS (CONTINUED)
Both the income capitalisation approach and discounted cash flow analysis contain unobservable inputs in
determining fair value. These are summarised in the table below:
RANGE OF SIGNIFICANT
UNOBSERVABLE INPUTS
CLASS OF
PROPERTY
INPUTS USED TO
MEASURE FAIR VALUE
20242023SENSITIVITY
Land and
Buildings –
Retail and
Investment
Property
Net Market Rent$355 per m
2
$359 per m
2
The higher the market rent and
growth rate, the higher the fair value
Rental growth rate2.00% - 2.50%1.50% - 2.50%
Capitalisation rate (yield)6.76%6.56%
The higher the capitalisation rates and
discount rate, the lower the fair value.
Discount rate7. 89%7. 8 0%
Terminal Capitalisation Rate7. 50%7. 2 5%
Expenses growth2.0% - 3.0%1.8% - 4.4%
The higher the expenses, the lower
the fair value.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Group and the cost
of the item can be measured reliably.
Increases in the carrying amount arising on revaluation of land and buildings are credited to other comprehensive
income and shown as an asset revaluation reserve in shareholders’ equity. Decreases that offset previous
increases of the same asset are charged in other comprehensive income and debited against the asset revaluation
reserve directly in shareholders’ equity; all other decreases are charged to the profit and loss in the consolidated
statement of comprehensive income.
All other property, plant and equipment is stated at historical cost less accumulated depreciation and impairment.
Historical cost includes expenditure that is directly attributable to the acquisition of the items. This cost includes
labour attributable to bringing the assets to the location and working condition for its intended use.
Depreciation
Land is not depreciated. Depreciation on other assets is calculated using the straight line method to allocate their
cost, net of their residual values, over their estimated useful lives, as follows:
— Buildings 67 years
— Plant and equipment 2
— 5 years
— Furniture and fittings 5
— 10 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate at each balance date.
20242023
Land and
Buildings —
Warehouse
Net Market Rent$127 - $214$128 — $210The higher the market rent and
growth rate, the higher the fair value
Rental growth rate1.80% - 2.80%1.70% — 3.10%
Capitalisation rate (yield)5.49% - 6.70%5.25% — 6.75%The higher the capitalisation rates and
discount rate, the lower the fair value.
Discount rate7.50% - 8.00%7. 3 8% — 7.75%
Terminal Capitalisation Rate5.75% - 7.00%5.50% — 6.75%
Expenses growth0.00% - 2.53%0.00% — 5.00%
The higher the expenses, the lower
the fair value.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
42

Impairment
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying
amount is greater than its estimated recoverable amount. Assets that are subject to depreciation are
reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable, for example a planned store closure, withdrawal from a business segment, or
assessment of loss making stores. Assets are grouped at the lowest levels for which there are separately
identifiable cash flows; a store’s assets is the relevant cash generating unit. If, in a subsequent period, the
amount of the impairment loss decreases and it can be related objectively to an event occurring after the
impairment was recognised, the reversal of the previously recognised impairment loss is recognised in the
consolidated statement of comprehensive income.
The value in use calculation evaluates recoverability based on the stores’ forecasted discounted cash
flows, which incorporate estimated sales, margin & expense growth based upon current plans for the store.
Key assumptions in the determination of recoverable amount are:
— the estimate of future cash flows of the store incorporating reasonable sales growth and margin
improvement; and
— the discount rate incorporating the rates of return based on the risk and uncertainty inherent in the
forecast cash flows.
The Group has performed an assessment to determine whether there is any sensitivity to changes in key
assumptions. As a result of the sensitivity analysis and impairment testing performed, it was determined
that no material risks of impairment existed as at 1 August 2024 (2023: $Nil).
Disposal
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These are
included in the consolidated statement of comprehensive income.
4. LONG TERM ASSETS (CONTINUED)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
43

FOR THE YEAR ENDED 1 AUGUST 2023
FOR THE YEAR ENDED 1 AUGUST 2024

$’000
LAND AT FAIR
VALUE
BUILDINGS AT
FAIR VALUE
FIXTURES &
FITTINGS
PLANT &
EQUIPMENTTOTAL
Opening NBV11,02520,13819,7895,41556,367
Additions
- - 10,5624,59315,155
Disposals
- - (308)(354)(662)
Depreciation
- (626)( 7, 69 0)(3,099)(11,415)
Revaluations
210(876) - - (666)
Closing NBV11,23518,63622,3536,55558,779
Cost/valuation11,23518,63676,70929,630136,210
Accumulated depreciation
- - (54,356)(23,075)(77,431)
Closing NBV11,23518,63622,3536,55558,779
$’000
LAND AT FAIR
VALUE
BUILDINGS AT
FAIR VALUE
FIXTURES &
FITTINGS
PLANT &
EQUIPMENTTOTAL
Opening NBV11,04518,36316,2924,71550,415
Additions -
- 10,7793,50214,281
Disposals -
- (142)(38)(180)
Depreciation -
(519)(7,140)(2,764)(10,423)
Revaluations(20)
2,294 - - 2, 274
Closing NBV11,02520,13819,7895,41556,367
Cost/valuation11,02520,13870,00626,482127, 65 1
Accumulated depreciation -
- (50,217)(21,067)(71,284)
Closing NBV11,02520,13819,7895,41556,367
$’00020242023
Land4,2704,270
Buildings12,79212,792
Cost17,0 6217,0 62
Accumulated depreciation(2,993)(2,737)
Net book amount14,06914,325
If land and buildings were stated on a historical cost basis, the amounts would be as follows:
4. LONG TERM ASSETS (CONTINUED)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
44

4.3 INVESTMENT PROPERTY
Recognition and measurement
Investment property consists of a portion of land and buildings for the purpose of retail. Land and buildings
were valued on 1 August 2024 by Telfer Young (Hawkes Bay) Limited (“the valuer”) who are independent
registered valuers and associates of The New Zealand Institute of Valuers. The valuer has recent experience
in the location and category of the item being valued. The fair values of the assets represent the estimated
price for which a property could be sold on the date of valuation in an orderly transaction between market
participants.
The adopted valuation has been assessed within a range indicated by two valuation approaches: Income
capitalisation approach and discounted cash flow analysis. These valuation approaches and the key
assumptions used by the valuer in order to arrive at fair value has been summarised in note 4.2.
The loss of $128,000 on the fair value revaluation of Investment Property was recognised as an operating
expense in the Consolidated Statement of Comprehensive Income (2023: $164,000). Subsequent revaluation
surpluses or losses will be recognised through the Consolidated Statement of Comprehensive Income.
Land and building measurements are categorised as Level 3 in the fair value hierarchy. During the year there
were no transfers between levels of the fair value hierarchy.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow

to the Group and the cost of the item can be measured reliably.
Lease receivables
The Group owns rental property that it leases under non-cancellable operating lease agreements to external
parties. Leases reflect normal commercial arrangements with varying terms and renewal rights.
The future minimum rental payments receivable under these leases is as follows:
Investment Property
$’00020242023
Opening balance3,2083,372
Net loss from fair value adjustment(128)(164)
Closing balance3,0803,208
$’000
20242023
Due within one year
83207
One to two years
-74
Total lease receivables
83281
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
4. LONG TERM ASSETS (CONTINUED)
45

Ordinary shares are classified as capital, net of treasury stock.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
Treasury stock
Shares purchased on market under the executive share scheme are treated as treasury stock on acquisition
at cost. On vesting to the employee, treasury stock shares are credited to equity and an employee loan is
recorded initially at fair value and subsequently at amortised cost.
Reserves
The asset revaluation reserve records revaluations of land and buildings classified as property, plant
and equipment, net of tax. The cash flow hedge reserve records the fair value of derivative financial
instruments, net of tax that meet the hedge accounting criteria. The Share Option reserve is used to record
the accumulated value of unvested share rights arising from the executive share scheme which have been
recognised in the consolidated statement of changes in equity.
5. EQUITY
5.1 SHARE CAPITAL
2024202320242023
SHARESSHARES$000’s$000’s
Balance at beginning of year59,452,06159,402,06128,14027, 8 05
Sale of treasury stock25,00050,000141303
Dividends --2986
Share Options Exercised172,000-948-
Loss/(gain) on sale of treasury stock transferred
to retained earnings
--21(54)
Balance at end of year59,649,06159,452,06129,27928,140
Representing:
Share capital59,649,06159,649,06129,27929,279
Treasury stock (net of dividends)-(197,000)-(1,139)
Total59,649,06159,452,06129,27928,140
CONTRIBUTED EQUITY
All shares are fully paid and rank equally.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
46

5. EQUITY (CONTINUED)
5.2 EXECUTIVE SHARE SCHEME
The Company operates an employee share scheme for certain senior executives to purchase ordinary shares
in the Company.
The Company provides the employees with limited recourse loans on an interest free basis to assist employees’
participation.
The loans are applied to purchase shares on market and the shares are treated as treasury stock.
The loan amount is the total market value of the shares plus any commission applicable on the date of
purchase.
Any dividends payable on the shares are applied towards the repayment of the advance.
Shares purchased under the scheme are held by two directors as custodians and vest three years from the
date of purchase. In the event the employee leaves the company during the vesting period, the loan is repaid
by selling the shares on market. Any gain or loss arising from the sale of shares is included in equity. Refer to
note 5.1 for further detail on treasury stock.
In accordance with NZ IFRS 2 Shared-based payment, this scheme is an equity-settled scheme.
There were no shares issued during the 2024 financial year (2023: Nil).
Executive share schemeYEAR ENDED 1 AUGUST 2024YEAR ENDED 1 AUGUST 2023
Number
of shares
Average exercise
price per share
option
Number
of shares
Average exercise
price per share
option
Balance at beginning of financial year197,000$6.74247,000$6.62
Forfeited during the year(25,000)$5.62(50,000)$6.06
Exercised during the year(172,000)$6.65-$0.00
Balance at end of financial year--197,000$6 .74
Equity settled share-based compensation benefits are provided to certain employees in accordance with
the Group’s executive share scheme. The fair value of share rights granted under the scheme is recognised
as an employee benefit expense with a corresponding increase in equity. The fair value is measured at
grant date and recognised over the period during which the employees become unconditionally entitled to
the share rights.
The fair value at grant date of the share rights are determined using a Black Scholes Pricing model that
takes into account the exercise price, the term of the share right, the vesting and performance criteria, the
non-tradable nature of the share right, the share price at grant date and expected price volatility of the
underlying share, the expected dividend yield and the risk-free interest rate for the term of the share right.
At each balance date, the Group revises its estimate of the number of share rights that are expected to
become exercisable. The employee benefit expense recognised each period takes into account the most
recent estimate.
Upon the vesting of share rights, the balance of the share option reserve relating to the share rights is
transferred to retained earnings.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
47

6. TAXATION
6.1 INCOME TAX EXPENSE
The Consolidated Statement of Comprehensive Income and the Consolidated Statement of Cash Flows have
been prepared so that all components are stated exclusive of GST. All items in the Consolidated Statement of
Financial Position are stated net of GST, with the exception of receivables and payables, which include GST
invoiced.
GOODS AND SERVICES TAX (GST)
The income tax expense or revenue for the period is the tax payable or receivable on the current period’s
taxable income based on the notional income tax rate for each jurisdiction, adjusted by changes in deferred
tax assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities
and their carrying amounts in the financial statements and unused tax losses.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to
apply when the assets are recovered or liabilities are settled, based on those tax rates which are enacted or
substantively enacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of
deductible and taxable temporary differences to measure the deferred tax asset or liability. An exception
is made for certain temporary differences arising from the initial recognition of an asset or a liability. No
deferred tax asset or liability is recognised in relation to these temporary differences if they arose in a
transaction, other than a business combination, that at the time of the transaction did not affect either
accounting profit or taxable profit or loss.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is
probable that future taxable amounts will be available to utilise those temporary differences and losses.
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount
and tax bases of investments in operations where the company is able to control the timing of the reversal of
the temporary differences and it is probable that the differences will not reverse in the foreseeable future.
Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised
directly in equity.
Income tax expense
$’00020242023
The tax expense comprises:
Current tax expense 17, 5 6712,954
Prior period adjustment1,07755
Deferred tax expense (note 6.2)
- Future tax expense current year459435
- Prior period adjustment
(1,504)-
Total income tax expense17, 59 913,444
Reconciliation of income tax expense to tax rate applicable to profits
Profit before income tax expense52,08545,421
Tax at 28% (2023: 28%)14,58412,718
Tax effect of:
- Income not subject to tax35-
- Expenses not deductible for tax245144
- Adjustment due to different rate in different jurisdictions605527
- Prior period adjustment(427)55
- Removal of tax base on buildings2,557-
Total income tax expense17, 59 913,444
The effective tax rate for the year was 33.8% (2023: 29.6%). The Group has no tax losses (2023: Nil) and no
unrecognised temporary differences (2023: Nil).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
48

6. TAXATION (CONTINUED)
The tax (charge)/credit relating to components of other comprehensive income are as follows:
$’00020242023
BEFORE
TA X
TA X
CREDIT
AFTER
TA X
BEFORE
TA X
TA X
CHARGED
AFTER
TA X
(Loss)/Gain (net of tax) on revaluation of
land and buildings
(666)245(421)2, 274(642)1,632
Fair Value (Loss)/Gain (net of tax) in
Cash Flow Hedge Reserve
(91)28(63)506(139)367
Increase in Share Option Reserve---135-135
6.2 DEFERRED TAX
$’00020242023
Amounts recognised in profit or loss
Depreciation2,5833,937
Provisions and accruals3,0421,567
Right of use assets(21,145)(20,459)
Lease liabilities22,97922,010
7, 4597,055
Amounts recognised directly in equity
Asset revaluation reserve245(642)
Cash flow hedges(381)(4 0 8)
Total amount recognised7, 32 36,005
Movements
Balance at beginning of year6,0057, 36 4
Credited/(Charged) to the Income Statement(459)
Prior period adjustment1,504-
Charged to equity273(924)
Balance at end of the year7, 32 36,005
The Taxation (Annual Rates for 2023-24, Multinational Tax and Remedial Matters) Act, which received Royal
Assent on 28 March 2024, removes tax depreciation deductions for commercial buildings with effect from
the beginning of the 2025 income tax year. This legislative change reduces the tax base of the commercial
buildings in New Zealand. This change decreased the deferred tax asset recognised in respect of property,
plant and equipment, and investment property by $2.6 million, partially off-set by a $1.5 million related prior
period adjustment. A net non-cash deferred tax expense of $1.1 million has been recognised in the current
year tax expense.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
(435)
49

The above amounts represent the balance of the imputation account as at the end of the reporting period,
adjusted for:
— Imputation credits that will arise from the payment of the provision for income tax;
— Imputation debits that will arise from the payment of dividends recognised as liabilities at the reporting date; and
— Imputation credits that will arise from the receipt of dividends recognised as receivables at the reporting date.
6.3 IMPUTATION CREDITS
$’00020242023
Imputation credits available for subsequent reporting periods3,6914,172
6. TAXATION (CONTINUED)
7. OTHER

7.1 EMPLOYEE BENEFITS
WAGES AND SALARIES, ANNUAL LEAVE AND SICK LEAVE
Liabilities for wages and salaries, including non monetary benefits, annual leave and accumulating sick
leave expected to be settled within 12 months of the reporting date are recognised in other payables in
respect of employees' services up to the reporting date and are measured at the amounts expected to be
paid when the liabilities are settled. Liabilities for non accumulating sick leave are recognised when the
leave is taken and measured at the rates paid or payable.
Employee benefits
$’00020242023
Holiday pay accrual and other benefits8,9287, 29 4
7.2 CONTINGENCIES
Contingent liabilities under contracts, guarantees and other agreements arising in the ordinary course of business
on which no loss is anticipated are as follows:
Letters of credit
Bank letters of credit issued to secure future purchasing requirements are matched to a contingent asset of
the same value representing inventories purchased.
$’00020242023
Commitments in relation to store fitouts9861,043
Contingencies
$’00020242023
Bank guarantee provided to the New Zealand Stock Exchange Limited7575
7.3 CAPITAL EXPENDITURE COMMITMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
50

7.4 RELATED PARTY TRANSACTIONS
During the year, the Company advanced and repaid loans to its subsidiaries by way of internal current
accounts. In presenting the financial statements of the Group, the effect of transactions and balances
between fellow subsidiaries and those with the Parent have been eliminated.
The Group undertook transactions with the related interests of the majority shareholder as detailed below:
$’00020242023
T C Glasson
Rent payments on retail premises1,3732,166
Balance as at year end - lease liabilities4,1433,556
7. OTHER (CONTINUED)
DIRECTORS’ FEESDIVIDENDS
$’0002024202320242023
Ms J Appleyard8662--
Mr W J Bell141135--
Ms K Bycroft9995--
Mr M Ford 10610044
Mr J C Glasson--4120
Mr T C Glasson86855,3385,338
Mr G Popplewell94859191
Ms S Vincent86852222
6986475,4965,475
During the financial year, consulting fees of $10,000 (2023: $9,000) were paid to Karen Bycroft. There was
no balance outstanding as at 1 August 2024 (2023: $Nil).
Total remuneration of $702K was paid by the Company to close family members of the Board of Directors
for individuals that were either employed or engaged as consultants by the Company in the year ended
1 August 2024 (2023: $440K).
$’00020242023
Short term employee benefits3,8642,912
Share scheme benefit43135
Key management compensation was as follows:
The Company operates an employee share scheme for certain senior executives and is outlined in Note 5.2.
The following Directors received Directors’ fees and dividends in relation to shares held personally as follows:
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
51

7. OTHER (CONTINUED)
7.5 FINANCIAL RISK MANAGEMENT
Fair value estimation
Fair value estimates are classified in a hierarchy based on the inputs to valuation techniques used to
measure fair value. The different levels have been defined as follows:
— Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
— Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).
— Inputs for the asset or liability that are not based on observable market data (that is, unobservable
inputs) (Level 3).
The Group’s policy is to recognise transfers into and out of fair value hierarchy levels as of the date of the
event or change in circumstances that caused the transfer.
The Group has financial instruments that are classified as Level 2 within the fair value hierarchy. The fair
value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives) is determined by using valuation techniques. These valuation techniques maximise the use
of observable market data where it is available and rely as little as possible on entity specific estimates.
If all material inputs required to fair value an instrument are observable, the instrument is included within
Level 2. Under Level 2 the Group holds forward foreign exchange contracts. The fair value of these forward
foreign exchange contracts is determined using forward exchange rates at the balance sheet date, with the
resulting value discounted back to present value. Refer to note 7.5.4.
The Group's land and buildings within property, plant and equipment and investment property are
classified as Level 3 in the fair value hierarchy as one or more of the material inputs into the valuation are
not based on observable market data. Refer to notes 4.2 and 4.3 for more information.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
subsequently re-measured to their fair value. The method of recognising the resulting gain or loss depends
on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being
hedged. The company designates certain derivatives as either; (1) hedges of the fair value of recognised
assets or liabilities or a firm commitment (fair value hedge); or (2) hedges of highly probable forecast
transactions (cash flow hedges).
The Group documents at the inception of the transaction the relationship between hedging instruments
and hedged items, as well as its risk management objective and strategy for undertaking various hedge
transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis,
whether the derivatives that are used in hedging transactions have been and will continue to be highly
effective in offsetting changes in fair values or cash flows of hedged items.
Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow
hedges is recognised in equity in the cash flow hedge reserve. The gain or loss relating to the ineffective
portion is recognised immediately in the profit or loss in the Consolidated Statement of Comprehensive
Income.
Amounts accumulated in equity are recycled in the Consolidated Statement of Comprehensive Income
in the periods when the hedged item will affect profit or loss (for instance when the forecast sale that is
hedged takes place). However, when the forecast transaction that is hedged results in the recognition of
a non-financial asset (for example, inventory) or a non-financial liability, the gains and losses previously
deferred in equity are transferred from equity and included in the measurement of the initial cost or
carrying amount of the asset or liability.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria
for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and
is recognised when the forecast transaction is ultimately recognised in the Consolidated Statement of
Comprehensive Income. When a forecast transaction is no longer expected to occur, the cumulative gain
or loss that was reported in equity is immediately transferred to the profit or loss in the Consolidated
Statement of Comprehensive Income.
Derivatives that do not qualify for hedge accounting
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of these
derivative instruments are recognised immediately in the profit or loss in the Consolidated Statement
of Comprehensive Income.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
52

7.5.1 FINANCIAL RISK FACTORS
The Group’s activities expose it to various financial risks including, liquidity risk, credit risk, and market risk
(including currency risk and cash flow interest rate risk). The Group’s risk management strategy is to minimise
adverse effects on the Consolidated Statement of Comprehensive Income. Derivative financial instruments
are used to hedge currency risk.
7.5.2 LIQUIDITY RISK
Liquidity risk is the risk that the Group will be unable to meet its financial obligations as they fall due. The
Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the Group’s reputation.
The Group manages liquidity risk by maintaining adequate reserves, and by regularly monitoring cash flow.
At balance date, the Group had $45.915 million (2023: $32.478 million) in cash reserves and accordingly,
management consider liquidity risk to be relatively low.
The table below analyses the Group’s financial liabilities and gross-settled derivatives into relevant maturity
groupings based on the remaining period from the Consolidated Statement of Financial Position to the
contractual maturity date. The cash flow hedge “outflow” amounts disclosed in the table are the contractual
undiscounted cash flows liable for payment by the Group in relation to all forward foreign exchange contracts
in place at balance date. The cash flow hedge “inflow” amounts represent the corresponding inflow of foreign
currency back to the Group as a result of the gross settlement on those contracts, converted using the spot
rate at balance date. The carrying value shown is the net amount of derivative financial liabilities and assets
as shown in the Consolidated Statement of Financial Position.
Trade payables are shown at carrying value in the table. No discounting has been applied as the impact of
discounting is not material.
7. OTHER (CONTINUED)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
53

7. OTHER (CONTINUED)
AS AT 1 AUGUST 2024
$’000
LESS THAN 3
MONTHS
3-12
MONTHS
TOTALCARRYING
VALUE
Trade and other payables
25,228-25,22825,228
25,228-25,22825,228
Forward foreign exchange contracts
Cash flow hedges:
— Outflow(24,318)(40,613)(64,931)(64,931)
— Inflow25,03841,17666,21466,246
Net7205631,2831,315
AS AT 1 AUGUST 2023
$’000
LESS THAN 3
MONTHS
3-12
MONTHSTOTAL
CARRYING
VALUE
Trade and other payables
21,494-21,49421,494
21,494-21,49421,494
Forward foreign exchange contracts
Cash flow hedges:
— Outflow(28,127)(39,403)(67, 5 30)(67, 5 30)
— Inflow28,62640,37569,00168,935
Net4999721,4711,405
7.5.3 CREDIT RISK
Credit risk is the risk of the failure of a debtor or counterparty to honour its contractual obligations resulting
in financial loss to the Group. The Group incurs credit risk from trade receivables and transactions with
financial institutions. The Group places its cash, short-term investments, and derivative financial instruments
with high credit quality financial institutions. Retail sales are predominantly settled in cash or by using major
credit cards. 0.0% (2023: 0.1%) of sales give rise to trade receivables. This maximum exposure to credit risk is
the carrying amount of trade receivables.
Concentration of credit risk with respect to debtors is limited due to the large number of customers included
in the Group’s customer base.
The Group does not require collateral or other security to support financial instruments with credit risk.
7.5.2 LIQUIDITY RISK
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
54

7.5.4 MARKET RISK
Foreign exchange risk
The Group is exposed to foreign exchange risk arising from currency exposure predominantly with the US dollar
with the purchase of inventory from overseas suppliers.
The Board has established a Treasury Risk Policy to manage the foreign exchange risk. The policy is reviewed
on a regular basis, and management report monthly to the Board to confirm policy is adhered to. All committed
foreign currency requirements are fully hedged, and approximately 50% (2023: 50%) of anticipated foreign
currency requirements are hedged on a rolling twelve month basis.
The Group uses forward exchange contracts with major retail banks only to hedge its foreign exchange risk
arising from future purchases.
Forward exchange contracts — cash flow hedges
These contracts are used for hedging committed or highly probable forecast purchases of inventory. The
contracts are timed to mature during the month the inventory is shipped and the liability settled. The cash
flows are expected to occur at various dates within one year from balance date.
When forward exchange contracts have been designated and tested as an effective hedge the portion
of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognised
directly in equity. These gains or losses will be released in the profit or loss in the Consolidated Statement of
Comprehensive Income at various dates over the following year as the hedged risk crystallises.
At balance date the Group had entered into forward exchange contracts to sell the equivalent of NZ$64.931
million (2023: NZ$67.530 million), primarily in US and AU Dollars. At balance date these contracts are
represented by net assets of $1.315 million (2023: assets of $1.405 million). When foreign exchange contracts are
not designated and tested as an effective hedge, the gain or loss on the foreign exchange contract is recognised
in the profit or loss in the Consolidated Statement of Comprehensive Income.
At balance date there are no such contracts in place (2023: Nil).
Interest rate risk
The Group has no interest bearing liabilities. Exposure to interest rate risk arises only from the impact on income
from operating cash flows as a result of interest bearing assets, such as cash deposits.
Sensitivity analysis
Based on historical movements and volatilities and management’s knowledge and experience, management
believes that the following movements are ‘reasonably possible’ over a 12 month period:
— Proportional foreign exchange movement of -10% (depreciation of NZD) and +10% (appreciation of NZD)
against the USD, from the year end rate of $0.5949 (2023: $0.6192).
— Proportional foreign exchange movement of -10% (depreciation of NZD) and +10% (appreciation of NZD)
against the AUD, from the year end rate of $0.9151 (2023: $0.9279).
— A parallel shift of +2% / -2% in the market interest rates from the year end deposit rate of 5.5% (2023: 5.5%).
7. OTHER (CONTINUED)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
55

7. OTHER (CONTINUED)
AS AT 1 AUGUST 2024INTEREST RATEFOREIGN EXCHANGE RATE
-2% +2%-10%+10%
$’000
CARRYING
AMOUNT
PROFITEQUITYPROFITEQUITYPROFITEQUITYPROFITEQUITY
FINANCIAL ASSETS
Loans and receivables
Cash and cash equivalents
45,915(918)(918)9189182,3652,365(1,935)(1,935)
Accounts receivable
407--------
Advances to employees
847--------
Derivatives used for hedging
Derivatives designated as
cash flow hedges (forward
foreign exchange contracts)
1,315-----5,297-(4, 334)
FINANCIAL LIABILITIES
Liabilities at amortised cost
Trade and other payables25,228----(1,541)(1,541)1,2611,261
Total increase / decrease(918)(918)9189188246,121(674)(5,008)
If these movements were to occur, the post-tax impact on profit and loss and equity for each category of
financial investment:
AS AT 1 AUGUST 2023INTEREST RATEFOREIGN EXCHANGE RATE
-2% +2%-10%+10%
$’000
CARRYING
AMOUNT
PROFITEQUITYPROFITEQUITYPROFITEQUITYPROFITEQUITY
FINANCIAL ASSETS
Loans and receivables
Cash and cash equivalents
32,478(650)(650)6506502,1802,180(1,784)(1,784)
Accounts receivable
318--------
Advances to employees
160--------
Derivatives used for hedging
Derivatives designated as
cash flow hedges (forward
foreign exchange contracts)
1,405-----5,520-(4 , 5 1 6)
FINANCIAL LIABILITIES
Liabilities at amortised cost
Trade and other payables21,494----(1,062)(1,062)869869
Total increase / decrease(650)(650)6506501,1186,638(915)(5,431)
The parent is not exposed to any interest rate or foreign exchange risk.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
56

7.5.5 CAPITAL RISK MANAGEMENT
The Group’s objectives when managing capital are to maximise the value of shareholder equity and ensure
that the Group continues to safeguard its ability to continue as a going concern. Group capital consists
of share capital, reserves and retained earnings. In order to meet these objectives, the Group may adjust
the amount of dividend payment made to shareholders. The Group has no specific banking or other
arrangements which require that the Group maintain specific equity levels.
7.6 EVENTS SUBSEQUENT TO BALANCE DATE
Subsequent to year end, the Board has resolved to pay a final dividend of 26.5 cents per share (partially
imputed at 75.6%) (2023: 24.0 cents partially imputed 75%). The dividend will be paid on 13th December
2024 to all shareholders on the Company’s register as at 5:00pm, 6th December 2024.
Effective from 2 August 2024, Glassons Australia and Hallensteins Australia, previously registered as
branches in New Zealand, will become Australian companies registered with ASIC in accordance with
Part 5B.1 of the Corporations Act 2001 (Cth) (Australia). The effect of this will give rise to two operating
subsidiaries in Australia.
There is no current year impact of the domiciliation.
Subsequent to year end, the functional currency of the Australian branches/subsidiaries has been reassessed.
Over time there has been a gradual change in operations in Australia which has culminated in converting
the branches to subsidiaries as noted above. Management has further determined that a change in
functional currency from NZD to AUD upon the restructuring of the Australian branches on 2 August 2024
is appropriate. This change will be applied prospectively with effect from 2 August 2024 and the Group will
record exchange differences on translation to presentation currency in a foreign currency translation reserve
(FCTR) with effect from FY25.
7.7 STANDARDS, AMENDMENTS AND INTERPRETATIONS TO EXISTING STANDARDS
Certain new accounting standards, amendments to accounting standards and interpretations have been
published that are mandatory for the 1 August 2024 reporting period have been adopted by the Group and
have no material impact. There were also certain new accounting standards, amendments to accounting
standards and interpretations that have been published which are not mandatory for the 1 August 2024
reporting period and have not been early adopted by the Group. These standards, amendments or
interpretations are yet to be assessed for the disclosure impacts for the future reporting periods.
AS AT 1 AUGUST 2024INTEREST RATEFOREIGN EXCHANGE RATE
-2% +2%-10%+10%
$’000
CARRYING
AMOUNT
PROFITEQUITYPROFITEQUITYPROFITEQUITYPROFITEQUITY
FINANCIAL ASSETS
Loans and receivables
Cash and cash equivalents
45,915(918)(918)9189182,3652,365(1,935)(1,935)
Accounts receivable
407--------
Advances to employees
847--------
Derivatives used for hedging
Derivatives designated as
cash flow hedges (forward
foreign exchange contracts)
1,315-----5,297-(4, 334)
FINANCIAL LIABILITIES
Liabilities at amortised cost
Trade and other payables25,228----(1,541)(1,541)1,2611,261
Total increase / decrease(918)(918)9189188246,121(674)(5,008)
AS AT 1 AUGUST 2023INTEREST RATEFOREIGN EXCHANGE RATE
-2% +2%-10%+10%
$’000
CARRYING
AMOUNT
PROFITEQUITYPROFITEQUITYPROFITEQUITYPROFITEQUITY
FINANCIAL ASSETS
Loans and receivables
Cash and cash equivalents
32,478(650)(650)6506502,1802,180(1,784)(1,784)
Accounts receivable
318--------
Advances to employees
160--------
Derivatives used for hedging
Derivatives designated as
cash flow hedges (forward
foreign exchange contracts)
1,405-----5,520-(4 , 5 1 6)
FINANCIAL LIABILITIES
Liabilities at amortised cost
Trade and other payables21,494----(1,062)(1,062)869869
Total increase / decrease(650)(650)6506501,1186,638(915)(5,431)
7. OTHER (CONTINUED)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 AUGUST 2024
57

GENERAL DISCLOSURES
Board of Directors
Directors of the Company in office at the end of the year or who ceased to hold office during the year:
Principal activities of the Group
Hallenstein Glasson Holdings Limited is a non-trading holding company. The Company’s principal trading
subsidiaries are Glassons Australia Limited (now Glassons Australia Pty Ltd) and Glassons Limited (involved in
the retail of women’s apparel) and Hallenstein Brothers Australia Limited (now Hallensteins Australia Pty Ltd)
and Hallenstein Bros Limited (retail of men’s apparel). The subsidiaries are 100% owned by Hallenstein Glasson
Holdings Limited.
DirectorQualifications / ExperienceSpecial Responsibilities
Warren James BellM Com FCA. Appointed December 1986.
Mr Bell holds appointments on a number of
boards of both public and private companies,
and is a professional director.
Chairman of the Board
Non-executive
Non-independent Director
Timothy Charles GlassonAppointed November 1985 on merger with
Hallensteins. Tim is the founder of Glassons
womenswear retail chain and has a wealth of
experience in retail previously holding the CEO
role within the business for a number of years.
Non-executive
Non-independent Director
Graeme James PopplewellB Com FCA. Appointed March 1985. Graeme
has a wealth of experience in finance and retail
previously holding the CFO and CEO roles
within the business for a number of years.
Non-executive
Independent Director
Malcolm FordAppointed June 2010. Background includes
20 years with experience in direct sourcing
particularly in Asia, Mr Ford also has experience
in brand management across wholesale and
retail markets.
Non-executive
Independent Director
Karen BycroftBSC, Postgrad Marketing. Appointed November
2014. Background includes 30 years in Retail
in the UK and Australia with Marks and Spencer,
Sears, Woolworths, Spotlight and Country
Road. Experience in Strategy, Marketing, and
Leadership. Also a Leadership Facilitator and
Executive Coach.
Non-executive
Independent Director
Sandra VincentAppointed October 2020. Background includes
35 years of experience in the wholesale and
retail fashion industry. Sandra is also the
joint Owner and Managing Director of Hartleys
which has 18 retail stores across New Zealand.
Non-executive
Independent Director
James GlassonAppointed April 2021. James joined Glassons
Australia in 2013, after completing a Master
of Arts; Fashion Retail at the London College
of Fashion (University of Arts). Taking on
various roles within the business over the
last 10 years, including Brand Manager,
General Manager, Acting National Retail
Manager, James was appointed to CEO
of Glassons Australia in October 2017.
CEO — Glassons Australia
Non-independent executive
Director
Joanne AppleyardLLB (Hons), Appointed November 2022.
Jo is a partner well-regarded at Chapman Tripp
and is a senior practitioner with over 30 years'
experience. Jo specialises in employment,
commercial and resource management law. Jo
was a member of the NZ Markets Disciplinary
Tribunal between 2011 and 2020.
Non-executive
Independent Director
58

GENERAL DISCLOSURES
Review of operations
(a) Consolidated results for the Year Ended 1 August 2024
Directors
(a) Remuneration and all other benefits
(b) Dividend
Subsequent to the balance date the Directors have declared a final dividend of 26.5 cents per share payable
13th December 2024 (partially imputed at 75.6%).
*
Other Payments/Benefits for Mr J Glasson comprise a base salary, short-term incentives, company car and
contributions to superannuation as remuneration for his role as CEO of Glassons Australia.
Directors do not receive any additional remuneration for acting as a director of any subsidiary of the Company.
(b) Shareholdings
$’00020242023
Operating revenue435,635409,711
Profit before income tax52,08545,421
Income tax( 17, 59 9)(13,444)
Profit for the year34,48631,977
Remuneration of
Directors
20242023
$’000
DIRECTORS
FEES
OTHER
PAYME NTS/
BENEFITS
TOTAL
REMUNERATION
DIRECTORS
FEES
OTHER
PAYME NTS/
BENEFITS
TOTAL
REMUNERATION
Ms J Appleyard86-8662-62
Mr W J Bell141-141135-135
Ms K Bycroft9910109959104
Mr M Ford 106-106100-100
Mr J Glasson
*
-826826-927927
Mr T C Glasson86-8685-85
Mr G Popplewell94-9485-85
Ms S Vincent86-8685-85
6988361,5346479361,583
Beneficially held20242023
M Ford 10,00010,000
J Glasson
*
515,064141,233
T C Glasson11,408,75711,950,588
G J Popplewell203,604203,604
S Vincent50,30050,300
Non-beneficially held
M Ford and G Popplewell as custodians for Staff Share Scheme-197,000
*
The 515,064 shares in which James Glasson holds a relevant interest includes 130,233 shares which previously
held for James’ benefit under the Executive Employee Shares Scheme. These shares have now vested under the
scheme following which legal title to the shares was transferred to James.
The table below sets out the total of the remuneration and the value of other benefits received by each Director
during the financial year ended 1 August 2024.
As at 1 August 2024 the Directors of the Company had the following relevant interests in the Company’s shares.
(c) Donations
During the financial year ended 1 August 2024, the Group made total donations of $895.
59

DATE
PURCHASE / (SALE)
NUMBER OF SHARES$
M Ford and G Popplewell as Trustees for the share purchase scheme
On Market Sale11/12/23(1,062)(6,503)
On Market Sale8/12/23(12,505)(71,359)
On Market Sale12/12/23(4 , 930)(27, 6 8 4)
On Market Sale12/12/23(6,503)(35,897)
(c) Interests in share dealing
In accordance with the Companies Act 1993, between 2 August 2023 and 1 August 2024 the Board received the
following disclosures from Directors of acquisitions and dispositions of relevant interests in shares issued by the
Company and details of such dealings were entered in the Company’s interests register.
d) Disclosures of interests by Directors
In accordance with section 140(2) of the Companies Act 1993 the Company maintains an interests register in which
Directors’ interests are recorded. The following are particulars of general disclosures of interest by Directors holding
office at 1 August 2024.
W J Bell
DirectorNew North Holdings Limited
DirectorWaiwetu Trustees Limited
DirectorMeadow Mushrooms Group of Companies
DirectorCyprus Enterprises Limited
DirectorSabina Ltd
DirectorGlasson Trustee Limited
Director152 Hereford Limited
DirectorCHC Properties Ltd
DirectorWarren Bell Ltd
DirectorPoraka Ltd
DirectorHickman Family Trustees Limited
TrusteeEmerald Trust
S Vincent
DirectorHarpers Fashions Ltd
TrusteeThe Harpers No.2 Family Trust
J Appleyard
PartnerChapman Tripp
MemberCommunity Law Canterbury
MemberUniversity of Canterbury Vice-Chancellor
Employment Committee
T C Glasson
DirectorSabina Ltd
DirectorGlasson Trustee Limited
DirectorCHC Properties Limited
DirectorJCG Trustee Limited
Director152 Hereford Limited
DirectorSIG Trustee Limited
DirectorNew North Holdings Limited
Director847 New North Road Limited
TrusteeHallenstein Glasson Staff
Benefit Trust
M Ford
TrusteeHallenstein Glasson
Staff Benefit Trust
K Bycroft
None
G J Popplewell
TrusteeHallenstein Glasson Staff
Benefit Trust
J Glasson
DirectorGlasson Trustee Limited
DirectorJCG Trustee Limited
Mr T Glasson
On Market Sale10/06/24(168,000)(898,800)
On Market Sale19/06/24(373,831)(1,999,996)
Mr J Glasson*
On Market Purchase19/06/24373,8311,999,996
GENERAL DISCLOSURES
* See also above note marked * in section (b) in relation to shares previously James’ benefit under the Executive
Employee Shares Scheme.
60

T C Glasson
DirectorSabina Ltd
DirectorGlasson Trustee Limited
DirectorCHC Properties Limited
DirectorJCG Trustee Limited
Director152 Hereford Limited
DirectorSIG Trustee Limited
DirectorNew North Holdings Limited
Director847 New North Road Limited
TrusteeHallenstein Glasson Staff
Benefit Trust
M Ford
TrusteeHallenstein Glasson
Staff Benefit Trust
K Bycroft
None
G J Popplewell
TrusteeHallenstein Glasson Staff
Benefit Trust
J Glasson
DirectorGlasson Trustee Limited
DirectorJCG Trustee Limited
(e) Subsidiary Companies
The persons who held office as Directors of subsidiary companies at 1 August 2024 are as follows:
Hallenstein Bros Limited
Mr W J Bell, Mr M Ford, Mr T C Glasson and Mr G J Popplewell
Hallenstein Brothers Australia Limited (now Hallensteins Australia Pty Ltd)
Mr W J Bell, Mr J C Glasson, Mr T C Glasson and Mr G J Popplewell
Glassons Limited
Mr W J Bell, Mr T C Glasson and Mr G J Popplewell
Glassons Australia Limited (now Glassons Australia Pty Ltd)
Mr W J Bell, Mr J C Glasson, Mr T C Glasson and Mr G J Popplewell
Hallenstein Properties Limited
Mr W J Bell, Mr T C Glasson and Mr G J Popplewell
(f) Directors’ Insurance
As provided by the Company’s Constitution and in accordance with section 162 of the Companies Act 1993
the Company has arranged Directors' and Officers' Liability Insurance that ensures Directors will incur no
monetary loss as a result of actions undertaken by them as Directors provided they act within the law.
(g) Directors’ and Officers’ Use of Company Information
During the period the Board received no notices pursuant to section 145 of the Companies Act 1993 relating
to use of Company information.
State of Affairs
The Directors are of the opinion that the state of affairs of the Company is satisfactory. Details of the
period under review are included in the Chairman’s Report and the audited Consolidated Statement of
Comprehensive Income.
GENERAL DISCLOSURES
61

Chief Executive Remuneration
SALARY
SHORT-TERM
INCENTIVE
LONG-TERM
INCENTIVE
OTHER
BENEFITS
TOTAL
REMUNERATION
Group Chief Executive Officer —
Stuart Duncan
458,976 -- 20,114 479,090
Group Chief Executive Officer —
Chris Kinraid
452,0835,000-41,889498,972
The remuneration of the Group Chief Executive Officer comprises fixed and performance payments. Fixed
remuneration includes a base salary, contributions to KiwiSaver, health insurance and a carpark. Performance
payments for the financial year ending 1 August 2024 comprised a discretionary bonus payment approved by the
Board.
Remuneration to Auditors
The fee for the audit of the Holding Company and subsidiaries, paid to PricewaterhouseCoopers, was $249,349.
GENERAL DISCLOSURES
Employee Remuneration20242023
100,000-109,999167
110,000-119,99987
120,000-129,99997
130,000-139,99945
140,000-149,99954
150,000-159,99945
160,000-169,99921
170,000-179,99931
180,000-189,99933
190,000-199,999-1
200,000-209,99921
210,000-219,999-1
220,000-229,99912
230,000-239,9991-
240,000-249,99912
250,000-259,9991-
260,000-269,99911
270,000-279,99911
300,000-309,999-2
320,000-329,99911
330,000-339,999-1
340,000-349,999-1
350,000-359,99923
360,000-369,999-1
370,000-379,999-1
380,000-389,9991-
400,000-409,9992-
420,000-429,9991-
470,000-479,99921
490,000-499,9991-
500,000-509,99911
620,000-629,9991-
690,000-699,999-1
Employee Remuneration
The number of employees with the Group (other than Directors) receiving remuneration and benefits
above $100,000 in relation to the year ended 1 August 2024 was:
62

CORPORATE GOVERNANCE STATEMENT
63
The Board of Directors (the Board) of Hallenstein Glasson Holdings Limited (HGH) is committed to
maintaining best-practice standards of corporate governance. This corporate governance statement
provides an overview of HGHL’s key corporate governance arrangements and the policies and practices
that HGHL and its subsidiaries (the Group) have developed and implemented, in line with the NZX Corporate
Governance Code dated 1 April 2023 (the Code) and the NZX Listing Rules.
This corporate governance statement outlines each principle contained in the Code and how HGHL is
applying the corresponding Code recommendations. Where HGHL is not currently following a particular
Code recommendation, the reason for HGHL not following the Code recommendation and a description of
the alternative governance practice adopted by HGHL (and approved by the Board) is provided (refer to
the table on page 70 of this report).
This corporate governance statement is current as at 1 August 2024 (except where specified otherwise),
and has been approved by the Board.
The key HGHL corporate governance policy documents (including the Board charter and other relevant
charters and policies) are available at www.hallensteinglasson.co.nz/investment-centre.
PRINCIPLE 1 – ETHICAL STANDARDS
“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
HGHL is committed to ensuring the highest standards of conduct and ethical behaviour are followed in
respect of all business activities of the Group. The Board has adopted a code of ethics (the Code of Ethics)
to promote and support a culture of integrity, transparency, honest and ethical behaviour, corporate
compliance and good corporate governance.
The Code of Ethics sets out the minimum standards of conduct expected of the directors, senior
management and employees of the Group in carrying out their day-to-day duties. The Code of Ethics
provides a guide to the conduct that is consistent with HGHL’s values, business goals and legal obligations.
The Code of Ethics also sets out the internal reporting procedures for any wrongdoing or breaches of
the Code of Ethics (or any other HGHL policy) or legal obligations, and HGHL’s expectations around how
such wrongdoing and breaches will be investigated and/or escalated to the Board (if necessary). HGHL is
committed to standing behind any Group employee who, acting in good faith, reports a breach, serious
problem or wrongdoing.
All new directors, senior managers and employees of the Group are directed to the Code of Ethics as part of
their induction. The Code of Ethics is also available on HGHL’s website. The Board reviews the Code of Ethics
annually.
FINANCIAL PRODUCT TRADING POLICY
The Board has adopted a Financial Product Trading Policy which details HGHL’s policy in relation to directors
and employees of the Group trading HGHL shares, including certain prohibitions and restrictions on, and
procedures for, directors and employees of the Group.
The Financial Product Trading Policy sets out applicable insider trading laws and guidance around material
information and the trading of HGHL shares. This policy also details the procedure which must be followed by
directors, senior managers and certain other Group employees (or their related parties) who wish to trade in
HGHL’s shares. All directors and senior managers (and other applicable Group employees) must notify HGHL
and obtain consent prior to trading in HGHL shares, and are only permitted to trade in HGHL’s shares within
the periods of two trading windows under the policy.
These trading windows are:
— between the date on which HGHL’s half year results are released (during March) and 1 July; and
— between the date on which HGHL’s full year results are released (during September) and 1 January.
Trading by an individual holding non-public material information about HGHL is prohibited. All directors and
senior managers (and other applicable Group employees) are required to confirm to HGHL that they do not
hold material information prior to trading in HGHL shares during a trading window.
Directors and senior managers must advise the NZX if they trade in HGHL’s shares within the timeframes
required by law.
The Financial Product Trading Policy is available on HGHL’s website

CORPORATE GOVERNANCE STATEMENT
64
BOARD MEMBERSHIP
At the date of this annual report the Board comprises seven non-executive directors and one executive director (being
James Glasson, the Chief Executive Officer of Glassons Australia). The Chairperson is a non-executive director and is a
different person to the Group Chief Executive Officer for the purposes of Code Recommendation 2.10.
INDEPENDENT DIRECTORS AT 1 AUGUST 2024:
Malcolm Ford
Karen Bycroft
Graeme Popplewell
Sandra Vincent
Joanne Appleyard
NON INDEPENDENT DIRECTORS AT 1 AUGUST 2024:
Warren Bell (Chairman)
Timothy Glasson
James Glasson
In determining director independence, the Board has regard to the disqualifying relationship factors set out in the
NZX Listing Rules and the factors that may affect the independence of a director set out in the Code.
— Timothy Glasson is not an independent director because of his substantial shareholding in HGHL (refer to the
shareholder information section on page 72 of this report).
— Warren Bell is not an independent director because of his close business connections with Timothy Glasson.
— James Glasson is not an independent director because he is also an executive of the Group.
The Board is currently comprised of a majority of independent directors (Code Recommendation 2.8) and is of the view
it has an optimal mix of skills and experience to govern the Group effectively. The Board is satisfied that it operates in
an effective and independent manner notwithstanding a number of its directors are technically considered to be non-
independent directors for the purpose of the NZX Listing Rules.
Under the NZX Listing Rules, a director must not hold office past the later of three years and the third annual meeting
after their appointment without being re-elected by shareholders.
The Board may at any time appoint a person to be a director either as an additional director or to fill a casual vacancy.
Any person who is appointed a director by the Board will retire from office at the next annual meeting of HGHL but will
be eligible for election by shareholders at that next meeting.
A list of the directors and their profiles, experience and qualifications is on page 58 of this report. A list of their relevant
ownership interests is on page 60 of this report.
PRINCIPLE 2 — BOARD COMPOSITION AND PERFORMANCE
“To ensure an effective Board, there should be a balance of independence, skills, knowledge, experience
and perspectives.”
THE BOARD
The Board is elected by shareholders to govern and oversee the management of HGHL and is responsible for all
corporate governance matters and reporting to shareholders. The Board has adopted a board charter (the Board
Charter) which sets out the roles and responsibilities of the Board and outlines how these roles and responsibilities
interact with the roles and responsibilities of the Group’s management. The Board Charter is available on HGHL’s
website.
The Board establishes HGHL’s objectives, determines the strategies for achieving those objectives, and monitors
management’s performance in respect of implementing those strategies. It also establishes delegated authority
limits for capital expenditure, treasury, and remuneration.
Glassons New Zealand, Glassons Australia and Hallensteins operate as separate subsidiaries, each with its
own management team. The Board delegates the responsibility for the day-to-day management of HGHL
and each subsidiary to the Group Chief Executive Officer, who in turn delegates parts of this responsibility
to the management team of HGHL or the relevant subsidiary (as applicable). The Board is responsible for the
appointment of, and assessment of the performance of, the Group Chief Executive Officer.
The Board meets no less than 9 times each year, in addition to a full corporate strategy meeting which is held
each year. Directors receive monthly reporting including profit and loss and balance sheets for each operating
subsidiary, together with operations reports from the senior executive from each operating subsidiary.

CORPORATE GOVERNANCE STATEMENT
65
NOMINATION AND APPOINTMENT OF DIRECTORS
The Nominations Committee identifies suitably qualified people who could be considered for nomination or appointment
as a director in the event of a vacancy on the Board. The Nominations Committee Charter includes guidelines relating
to Board composition, considerations for new director appointments and the procedure by which potential directors
are nominated and assessed. All new directors enter into a written agreement with HGHL setting out the terms of their
appointment.
DIVERSITY
HGHL believes that all eligible people should get an equal opportunity and be treated fairly regardless of their
background, views, experiences and capabilities as well as their beliefs, physical differences, ethnicity, gender, age,
thinking style or preferences. The Board has adopted a Diversity and Inclusion Policy that ensures HGHL is continually
developing a work environment that supports equality and inclusion regardless of difference. The Diversity and
Inclusion Policy applies to all HGHL’s practices and policies relating to, but not limited to, recruitment, pay and benefits,
training and development, promotions, restructures and terminations.
The Diversity and Inclusion Policy includes a requirement that the Board establish and separately record measurable
objectives and assess performance against the objectives on an annual basis. The Board is responsible for
implementing, reviewing, reporting and overseeing the Diversity and Inclusion Policy.
Details of gender composition of HGHL’s directors, officers* and senior leaders
**
as at 1 August 2024 (being HGHL’s most
recent balance date) are as follows:
Gender diversity as at 1 August20242023
Directors
Female
33
Male
55
Officers*

Female
11
Male
44
Senior Leaders**
Female
65
Male
34
* Officers means those persons who are concerned or take part in the management of HGHL’s business and who
report directly to the Board or to a person who reports to the Board.
** Senior Leaders means those persons who are members of the senior leadership team of an HGHL subsidiary
and who assist the chief executive officer of that HGHL subsidiary in the management of the relevant
subsidiary’s business.
EDUCATION, TRAINING AND PERFORMANCE
The Board ensures that new directors are appropriately inducted to their role. Directors are also expected to undertake
continuous education and training as appropriate to ensure that their skills and knowledge remain relevant and current,
and that allow them to perform their role as directors of a listed issuer.
The Board evaluates its own performance and that of its committees annually. The Chairperson also meets with directors
individually to discuss their individual performance during the year.
PRINCIPLE 3 — BOARD COMMITTEES
“The Board should use committees where this will enhance effectiveness in key areas, while retaining
Board responsibility.”
OVERVIEW OF BOARD COMMITTEES
At the date of this report, the Board has established the Remuneration Committee, the Audit & Risk Committee,
the Nominations Committee and the Sustainability Committee (each a Committee). The Board has considered
whether any other standing Board committees are appropriate and has determined that no other Board
committees are necessary at this time. Each Board committee operates under a charter which is available
on HGHL’s website. Board Committee members are appointed solely from members of the Board (except for
the Sustainability Committee which also includes senior employees of HGHL) and committee membership is
reviewed on an annual basis. Any recommendations made by the committees are submitted to the full Board for
formal consideration and approval (if appropriate).
HGHL has also established a Health and Safety Committee to ensure appropriate governance, performance and
compliance is carried out in this key area. The Committee’s membership includes HGHL directors and employees
of the Group. The Health and Safety Committee is not a Board committee.

66
CORPORATE GOVERNANCE STATEMENT
DIRECTOR ATTENDANCE AT BOARD AND COMMITTEE MEETINGS FOR THE YEAR ENDED 1 AUGUST 2024
REMUNERATION COMMITTEE
The Remuneration Committee is comprised of non-executive members of the Board and is chaired by Graeme
Popplewell. The other members of the Remuneration Committee as at 1 August 2024 are Warren Bell, Sandra
Vincent and Joanne Appleyard. The Remuneration Committee comprises a majority of independent directors.
The Remuneration Committee’s primary function is to make specific recommendations to the Board on
remuneration packages and other terms of employment for directors and senior managers. HGHL’s senior
management may only attend Remuneration Committee meetings at the Committee’s invitation. The Remuneration
Committee utilises independent advice from industry experts where necessary to ensure remuneration practices
are appropriate for HGHL, and to ensure the best possible people are recruited and retained.
The Remuneration Committee Charter is available on HGHL’s website.
AUDIT & RISK COMMITTEE
The Audit & Risk Committee is comprised of non-executive members of the Board and is chaired by Malcolm Ford.
The other members of the Audit & Risk Committee as at 1 August 2024 are Warren Bell and Graeme Popplewell,
both of whom are Fellows of Chartered Accountants Australia New Zealand (CAANZ) with an extensive accounting
and financial background. The Audit & Risk Committee comprises a majority of independent directors.
The Board believes the Audit & Risk Committee’s current membership has an optimal mix of skills and experience
to ensure the Committee achieves its objectives. The Audit & Risk Committee meets directly with HGHL’s external
auditors and receives and reviews all correspondence between HGHL and its auditors. The main responsibility of
the Committee is to ensure internal controls are effective, financial reporting is reliable, and applicable laws and
regulations are complied with. HGHL’s senior management may only attend Audit & Risk Committee meetings at
the Committee’s invitation.
The Audit & Risk Committee Charter is available on HGHL’s website.
NOMINATIONS COMMITTEE
The Nominations Committee is comprised of non-executive members of the Board and is chaired by Graeme
Popplewell. The other members of the Nominations Committee are Warren Bell, Sandra Vincent and Joanne
Appleyard. The Nominations Committee comprises a majority of independent directors. Where appropriate,
the Nominations Committee will make recommendations to the Board on the appointment of directors.
The Nominations Committee Charter is available on HGHL’s website.
SUSTAINABILITY COMMITTEE
The Sustainability Committee is comprised of HGHL directors and senior employees, including directors Karen
Bycroft, Joanne Appleyard and James Glasson (also Chief Executive Officer of Glassons Australia) and senior
employees Chris Kinraid (Group Chief Executive Officer), Cameron Alderton (Group Chief Financial Officer) and
April Ward (Chief Executive Officer of Glassons New Zealand).
The Sustainability Committee is chaired by Karen Bycroft. The Sustainability Committee guides HGHL’s
sustainability strategy, monitors how HGHL is tracking against its sustainability goals and makes recommendations
to the Board including around HGHL’s climate related disclosures. The Committee meets every quarter to review
performance and provide strategic input and governance to the Board where appropriate. The establishment of
the Sustainability Committee reflects the importance HGHL (and the Board) places on sustainability initiatives
and climate related disclosures and helps to ensure that sustainability-related matters are given due regard at the
Board level.
The Sustainability Committee Charter is available on HGHL’s website.
BoardRemunerationAudit & RiskNominationsSustainability
Number of meetings held
122225
AttendedAttendedAttendedAttendedAttended
Warren Bell
12222-
Timothy Glasson
11----
Graeme Popplewell
11222-
Malcolm Ford
12-2--
Karen Bycroft
12---5
Sandra Vincent
112-2-
James Glasson
12---2
Joanne Appleyard
122-25

67
CORPORATE GOVERNANCE STATEMENT
HEALTH & SAFETY COMMITTEE
HGHL has established a Health and Safety Committee. The Health and Safety Committee is not a committee of the
Board, although its members include directors, Chris Kinraid (Group Chief Executive Officer) and other employees
of the Group. The Health and Safety Committee is chaired by Malcolm Ford.
— The Group’s existing health and safety systems and processes.
— Approval of health & safety policies and procedures for the Group.
— Monitoring of any incidents, hazards and risks within the Group’s business.
— Communication to the Board on health and safety matters and ensures the Board is informed on matters relating
to health and safety governance, performance and compliance.
— Regular assessments on health and safety systems.
The Health and Safety Committee met three times during the year ended 1 August 2024.
The Health and Safety Committee Charter is available on the Group’s website.
TAKEOVER RESPONSE
The Board has implemented protocols that set out the procedures to be followed if a takeover offer is received
by HGHL.
PRINCIPLE 4 — REPORTING AND DISCLOSURE
“The Board should demand integrity in financial and non-financial reporting, and in the timeliness and balance of
corporate disclosures.”
Financial reporting to shareholders and the market is in accordance with generally accepted accounting principles
applied in New Zealand, and in compliance with relevant legislation and NZX requirements.
The Board has adopted a Market Disclosure Policy which outlines the obligations of HGHL and relevant HGHL
personnel in satisfying HGHL’s continuous disclosure requirements. A copy of the Market Disclosure Policy is
available on HGHL’s website.
HGHL is responsible for ensuring it meets its continuous disclosure obligations under the NZX Listing Rules and
acknowledges that the intent of these rules is to enable shareholders and the investment market generally to be
promptly informed of any events that may be price sensitive in regard to HGHL’s share price.
SUSTAINABILITY
The Group publishes a sustainability report on an annual basis (refer to the Group’s sustainability report on page 10
of this report). The Sustainability Committee appointed by the Board has to date developed the following key areas
of focus for the Group in relation to environmental, social and governance factors:
— environmentally sustainable certified fabrics and product stewardship;
— supplier partnerships and ethical factories;
— the Group’s carbon footprint, climate change preparations and environmental impact;
— diverse workforce and safe working environment for all; and
— team career development.
CLIMATE- RE L ATE D DISCLOSU RES
HGHL is a Climate Reporting Entity for the purposes of Part 7A of the Financial Markets Conduct Act 2013. HGHL
will publicly report on the Group’s climate-related risks and opportunities for the period ending 1 August 2024
in accordance with the Aotearoa New Zealand Climate Standards released on 15 December 2022. HGHL’s Climate
Related Disclosure will be published by 30 November 2024 on HGHL’s website at www.hallensteinglasson.co.nz/
climate-related-disclosures.

CORPORATE GOVERNANCE STATEMENT
68
PRINCIPLE 5 — REMUNERATION
“The remuneration of Directors and executives should be transparent, fair and reasonable.”
Details of directors’ and the Group Chief Executive Officer’s remuneration are shown on page 59 and 62 of
this report.
Shareholders are asked to approve any increases to the pool of directors’ fees from time to time as required by
the NZX Listing Rules. Fees are generally established using independent surveys covering New Zealand based
organisations of a similar scope and size to HGHL.
Key executive remuneration comprises a base salary together with short term and long term incentives. Key
executives are eligible for short term incentives each season based on internal profit before tax targets. HGHL
has no outstanding long term incentives in place for key executives for the 2024 financial year, but expects to
enter into long term incentive arrangements with key executives in the 2025 financial year. The Remuneration
Committee seeks independent advice where appropriate when setting key executive remuneration.
HGHL has adopted a Remuneration Policy which outlines the principles that apply to the remuneration of
all non-executive directors and senior management with the aim to ensure that remuneration is fair and
appropriate. A copy of the Remuneration Policy is available on HGHL’s website.
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 FRAMEWORK
The Board is responsible for reviewing and approving HGHL’s risk management strategy. The Board has adopted
a robust risk management framework that identifies and seeks to proactively manage risks throughout the
Group. The Board has placed particular emphasis on integrating climate-related risks into the risk management
framework to ensure the accuracy of HGHL’s climate related disclosures.
HGHL’s risk management framework is structured to identify, assess and manage the Group’s key risks identified
and prioritised by HGHL’s risk matrix and set out in HGHL’s risk register. The risk matrix assesses both the
likelihood and consequence of each key risk concerning the Group. HGHL’s key risks include supply chain, brand
and reputational, cyber and financial risks. The Board regularly reviews risks concerning the Group in line with
the risk management framework.
As part of risk management framework, the Board has also adopted a risk appetite statement which sets out
HGHL’s risk tolerance and allows HGHL to manage reported risks effectively. Any risks that are classed outside
HGHL’s current risk appetite (as set out in the risk appetite statement) are escalated and prioritised for action.
The Board regularly monitors the risk appetite statement and has categorised the different risks concerning the
Group into the following four categories:
— strategic risk;
— financial risk;
— operational risk (people, technology, property and process); and
— operational risk (environment).
Formal reviews of any key risks to HGHL are integrated into the Audit & Risk Committee meetings that occur
every six months. The applicable risk reporting that supports the identified risks are referred to at each Audit
and Risk Committee meeting where necessary.
DELEGATIONS OF RISK MANAGEMENT
The Board delegates day-to-day management of risk to the Group Chief Executive Officer who may further
delegate such responsibilities to his or her executives and other officers. Significant risks are discussed at Board
meetings as required.
While the Board is ultimately responsible for oversight of the risk management of the Group, the Audit & Risk
Committee reviews the reports of management and the external auditors on the effectiveness of systems for
internal control, financial reporting and risk management. To assist in discharging this responsibility, the Board
has in place a number of strategies designed to safeguard HGHL’s assets and interests and to ensure
the integrity of reporting.
INSURANCE
HGHL maintains insurance cover with reputable insurers for most types of insurance risk. All Group directors
and senior managers have the benefit of an indemnity as permitted by the Companies Act 1993 and HGHL’s
constitution. HGHL has also implemented Director and Officer (D&O) insurance cover at HGHL’s cost. Details
of these indemnities and insurance are disclosed in HGHL’s interests register as required.

CORPORATE GOVERNANCE STATEMENT
69
HEALTH & SAFETY
HGHL has health and safety systems and processes in place that includes training employees and recording any
incidents, hazards and risks. These systems ensure HGHL continues to provide a safe working environment for staff,
contractors and customers. HGHL has also established a Health and Safety Committee as part of its commitment to
protecting the health, safety and wellbeing of Group employees — see details of the Committee and its role above.
The Health and Safety Committee, along with senior management, is responsible for ensuring that health and safety
has appropriate focus and is sufficiently resourced within the Group. Senior management work in conjunction with
the Health and Safety Committee to investigate incidents, analyse hazard/incident trends to identify and mitigate
potential health and safety risks and review, develop and monitor compliance with health and safety processes and
procedures. Health and safety is a consistent item on the Board’s meeting agendas to keep all directors informed of
the Group’s performance across a range of measures.
The Board and the Health and Safety Committee receive detailed reporting on health and safety performance
including health and safety incidents, injury rates by severity, identified hazards and outputs from the workers’ health
and safety forum meetings. There has been minimal lost time due to incidents or injuries over the last financial year.
HGHL continues to work to mitigate risk both in store and in its distribution centres.
All staff are trained on health and safety procedures as part of their induction, including training on working from
height, manual lifting and personal safety. Registers are kept of potential hazards at each store and regular reviews/
audits of compliance with health and safety processes and procedures are carried out. The Group also provides an
Employee Assistance Programme to support with employee wellbeing.
HGHL places particular focus on safety in its distribution centres and regular risk assessments are carried out. Risks
identified by HGHL in its distribution centres include material handling equipment (forklifts), heavy/light vehicles,
working at height, falling objects, manual handling strains/injuries and fatigue; slips, trips and falls. HGHL ensures that
all forklift and heavy machinery operators are licensed accordingly and have completed appropriate certified training.
Daily equipment inspections are performed, site inductions are carried out with all visitors, staff and contractors, and
controls are implemented where risks are identified as part of hazard risk assessments.
HGHL has implemented a digital reporting system that records injuries, hazards, aggressive behaviour incidents and
overt theft. This digital reporting system has improved HGHL’s understanding of the nature and number of incidents
that impact its teams and allowed HGHL to respond with solutions tailored to suit individual circumstances. It has also
directed HGHL toward any improvement needed in equipment available for use in its stores and distribution centres.
HGHL encourages its staff to report all injuries including minor scrapes, tweaks, and scratches so that HGHL can
ensure it is providing the safest possible working environment and as a check that the training HGHL provides stays
relevant to the work environment. HGHL’s statistics include customers who may have suffered a medical event or
similar incident while visiting its premises.
HGHL has engaged Raise, an employee assistance programme (EAP) provider, to offer counselling to support all
team members across the Group. Access to the counselling support offered by Raise is not limited to only helping
address work related challenges that an employee may be experiencing.
During the 2024 financial year the Group recorded 29 injuries, 8 near misses and 200 sessions initiated by Group
employees with Raise. There were no instances of fatalities from work related ill health or injury.
For comparison, during the 2023 financial year the Group recorded 74 injuries, 6 near misses, and 146 sessions
initiated by Group employees with Raise. HGHL attributes the reduction in injuries, and greater uptake in counselling
support, during the 2024 financial year (when compared to the previous financial year) to its continued focus on
health and safety processes and procedures and on mental health and wellbeing, as described above.
PRINCIPLE 7 — AUDITORS
“The Board should ensure the quality and independence of the external audit process.”
The Audit & Risk Committee is responsible for overseeing HGHL’s external audit arrangements. Ensuring that external
audit independence is maintained is one of the key aspects in discharging this responsibility. The Audit & Risk
Committee has adopted an Audit Independence Policy to assist the Committee in meeting this responsibility.
The Audit Independence Policy covers the following areas:
— Provision of related assurance services by the external auditors.
— Audit partner rotation.
— Relationships between the auditor and HGHL.
— Approval of auditor.
The Audit & Risk Committee will only recommend the appointment of a firm to be auditor if that firm would be
regarded by a reasonable investor with full knowledge of all relevant facts and circumstances as capable of exercising
objective and impartial judgement on all issues encompassed within the auditor’s engagement. The Audit & Risk
Committee must recommend the approval of significant permissible non-audit work assignments that are awarded
to an external auditor. A copy of the Audit Independence Policy is available on HGHL’s website.
HGHL’s external auditors are required to be available at each annual shareholders’ meeting.

CORPORATE GOVERNANCE STATEMENT
AREAS OF DIVERGENCE FROM THE NZX CORPORATE GOVERNANCE CODE DATED 1 APRIL 2023
NZX Code Principle
NZX Code
Recommendations
Key DifferenceStatus
To ensure an effective
board there should
be a balance of
independence, skills,
knowledge, experience
and perspectives
2.9 An issuer should have
an independent chair of the
board.
During the reporting
period, the chair of
the Board was not an
independent director.
The Board has determined that the
chair of the Board, Warren Bell, is
not independent because of his
close business connections with
HGHL’s largest shareholder,
Mr Timothy Glasson.
HGHL does not follow Code
Recommendation 2.9 because:
(a)
the benefit of Mr Bell’s skills
and experience as Board
chair outweigh any actual or
perceived conflict of interest
arising from his relationship
with the major shareholder; and
(b)
the Board as a whole comprises
a majority of independent
directors.
In lieu of not following Code
Recommendation 2.9, the Board
ensures that Mr Bell also recuses
himself from deliberations and
decision-making around matters
where an actual or perceived
conflict of interest might arise
over something that relates to Mr
Timothy Glasson’s interests. The
Board has approved this alternative
governance practice.
70
INTERNAL AUDIT
HGHL does not have an internal audit function. The Board is confident the key risks of the business are being
adequately managed without an internal audit function and that the internal control framework is operating
effectively, including through the risk identification and management processes outlined above.
PRINCIPLE 8 — SHAREHOLDERS’ RIGHTS AND RELATIONS
“The Board should respect the rights of shareholders and foster constructive relationships with shareholders that
encourage them to engage with the issuer.”
HGHL releases all material information to the NZX as required by the NZX Listing Rules, and also posts any key
announcements to HGHL’s website at www.hallensteinglasson.co.nz. Other key information, including annual reports,
HGHL’s constitution and key corporate governance documents are also posted on HGHL’s website for ease of reference.
Consistent with best practice and HGHL’s continuous disclosure obligations under the NZX Listing Rules, external
communications that may contain market sensitive data are released through NZX in the first instance. The Board
approves all communications with shareholders.
HGHL shareholders are provided with the option of receiving communications from HGHL electronically. HGHL’s website
also includes a section on investor communications and HGHL welcomes investor enquiries.
HGHL aims for notices of annual (and any special) meetings of shareholders to be posted on HGHL’s website at least
20 working days prior to the meeting, in line with Code Recommendation 8.5.
HGHL refers any significant matters, as required by the Companies Act 1993 and the NZX Listing Rules, to shareholders
for approval at the AGM, and shareholders are given the opportunity to vote by proxy ahead of the meeting or by poll if
attending the meeting in person.

SHAREHOLDER INFORMATION
ANALYSIS OF SHAREHOLDING AS AT 30 SEPTEMBER 2024
RANGE
HOLDER
COUNT
HOLDER
COUNT %
HOLDING
QUANTITY
HOLDING
QUANTITY %
1 to 499 615 11.4 130,577 0.2
500 to 999 505 9.3 3 47, 2 57 0.60
1,000 to 1,999 1,039 19.2 1,370,421 2.3
2,000 to 4,999 1,486 27. 5 4,456,535 7. 5
5,000 to 9,999 852 15.7 5,623,080 9.4
10,000 to 49,999 810 15.0 14,249,389 23.9
50,000 to 99,999 65 1.2 4,416,160 7. 4
100,000 to 499,999 29 0.5 4,938,236 8.3
500,000 to 999,999 4 0.1 2,483,894 4.1
1,000,000 Over 7 0.1 21,633,512 36.3
Total 5,412 59,649,061 100
71

SHAREHOLDER INFORMATION
RANKNAMEADDRESSUNITS
% OF
UNITS
1Timothy Charles GlassonPO Box 248, Christchurch, 814011,408,75719.13
2
New Zealand Depository Nominee
Limited
PO Box 2959 Wellington, 61402,083 , 2743.49
3
Accident Compensation Corporation —
NZCSD
C/- JP Morgan Attn Asset Services
Level 13 2 Hunter Street Wellington,
6011
1,897,8383.18
4Custodial Services Limited
C/- Craigs Investment Partners
PO Box 13155 Tauranga, 3141
1 , 67 7, 2 282.81
5
BNP Paribas Nominees (NZ)
Limited — NZCSD
PO Box R209 Royal Exchange
Sydney,NSW, Australia, 1225
1,653,0522.77
6
HSBC Nominees (New Zealand)
Limited — NZCSD
PO Box 5947 Victoria Street
West Auckland, 1142
1,611,9982.70
7FNZ Custodians LimitedPO Box 396 Wellington, 61401,301,3652.18
8
Citibank Nominees (New Zealand)
Limited — NZCSD
GPO Box 764G Melbourne Vic,
Australia, 3000
835,8271.40
9
Tea Custodians Limited Client Property
Trust Account — NZCSD
ATT: Chris Campbell
PO BOX 3121 Wellington, 6140
583,0670.98
10Hickman Family Trustees Limited
PO Box 79084 Avonhead
Christchurch, 8446
565,0000.95
11Joanna Hickman
24 Waiwetu Street Fendalton
Christchurch, 8052
500,0000.84
12Forsyth Barr Custodians LimitedPrivate Bag 1999 Dunedin, 9054499,9330.84
13
HSBC Nominees (New Zealand)
Limited — NZCSD
PO Box 5947 Victoria Street
West Auckland, 1142
37 7, 6 130.63
14James Glasson Family Trust
C/- Deloitte PO Box 248
Christchurch, 8140
373,8310.63
15JBWere (NZ) Nominees Limited
Private Bag 92085 Victoria Street
West Auckland, 1142
288,4450.48
16GMH 38 Investments Limited
77B Long Drive St Heliers
Auckland, 1071
225,8750.38
17Graeme James Popplewell
26 Lemington Road Westmere
Auckland, 1022
203,6040.34
18
HSBC Nominees A/C NZ
Superannuation Fund Nominees
Limited — NZCSD
C/- HSBC Nominees (New Zealand)
Limited PO Box 5947 Victoria Street
West Auckland, 1142
190,3600.32
19Albany Braithwaite Holdings Limited
Apt 2B 3 Clyde Quay Wharf
Te Aro Wellington, 6011
178,0980.30
20
David John Wensley &
Juliet Louise Wensley
12A Strowan Road Strowan
Christchurch, 8052
175,0000.29
Totals: Top 20 Holders Of Ordinary Shares26,630,16544.64
Total Remaining Holders Balance33,018,89655.36
TOP 20 SHAREHOLDING AS AT 30 SEPTEMBER 2024
72
SUBSTANTIAL PRODUCT HOLDERS
As at 1 August 2024, HGHL's only substantial product holder was Timothy Charles Glasson. Mr Glasson held
11,408,757 ordinary shares in HGHL at that date according to both disclosures made by Mr Glasson and HGHL’s
records. The total number of voting securities (fully paid ordinary shares) of HGHL as at 1 August 2024 was
59,649,061.

ANNUAL BALANCE DATE
PRELIMINARY PROFIT
ANNOUNCEMENT
REPORTS AND ACCOUNTS
PUBLISHED
HALF YEAR RESULTS
INTERIM DIVIDEND
ANNUAL GENERAL MEETING
0 1 A U G U S T
SEPTEMBER
O C T O B E R
MARCH
APRIL
10 DECEMBER 2024
AUDITORSAUDITORS
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PO BOX 91 – 148
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A U C K L A N D 1 1 4 1
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