Savor Interim Results and Trading Update

Results Announcement
(for Equity Security issuer)



Results for announcement to the market
Name of issuer Savor Limited
Reporting Period 6 months to 30 September 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
25,400 -12.6%
Total Revenue 25,400 -12.6%
Net profit/(loss) from continuing
operations
(1,103) NM
Total net profit/(loss) (1,103) NM
Interim Dividend
Amount per Quoted Equity Security Not Applicable
Imputed amount per Quoted Equity
Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable

Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$(0.09) $(0.08)
A brief explanation of any of the
figures above necessary to enable
the figures to be understood

Authority for this announcement
Name of person authorised to make
this announcement
Tim Peat
Contact person for this
announcement
Tim Peat
Contact phone number +64 21 049 7442
Contact email address
tim@savor.co.nz
Date of release through MAP 20/11/2024

Unaudited financial statements accompany this announcement.

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Interim financial statements
for the period ended 30 September 2024
LIMITED

In this report
01
Director's Report
02
Consolidated Statement of
Comprehensive Income
03
Consolidated Statement of
Movements in Equity
04
Consolidated Balance Sheet
05
Consolidated Statement of
Cash Flows
06
Notes to the Financial
Statements
09
Corporate Directory

Director's Report
The Board of Directors has pleasure
in presenting the interim financial
statements for Savor Limited for the
period ended 30 September 2024.
The interim financial statements presented
are signed for and on behalf of the Board
of Directors and were authorised for issue
on 20 November 2024.
Paul Robinson
Executive Chair
Bhupen Master
Director
1
Savor Group 2024 Interim Financial Statements

Notes
Six months
Sept 2024
$000's
Unaudited
Six months
Sept 2023
$000's
Unaudited
Year ended
March 2024
$000's
Audited
Revenue25,400 29,075 61,858
Expenses:
Direct costs(7,402)(8,612)(17,760)
Employee costs(12,059)(13,732)(27,543)
Marketing costs(307)(247)(492)
Utilities and operational expenses(2,448)(2,236)(4,653)
Other expenses(1,226)(1,106)(2,637)
1,958 3,142 8,773
Depreciation and amortisation(2,389)(2,547)(5,099)
Restructuring costs3(368)(309)(870)
Impairment expense--(4,320)
Interest expense(705)(707)(1,342)
Profit/(loss) before income tax(1,504)(421)(2,858)
Taxation expense401- 3,508
Profit attributable to the shareholders(1,103)(421)650
Other comprehensive income and expenses-- -
Total comprehensive loss(1,103)(421)650
Basic and diluted losses per share (cents)(1.4)(0.6)0.9
Weighted average number of shares outstanding
(thousands of shares)
Basic and diluted 77,585 74,638 76,008
The accompanying notes form part of and are to be read in conjunction with these interim financial statements.
Consolidated Statement of
Comprehensive Income
For the six months ended 30 September 2024
2
Savor Group 2024 Interim Financial Statements
Financial Statements

Notes
Share capital
$000's
Accumulated
losses
$000's
Share-based
payments reserve
$000's
Total equity
$000's
Total equity at 1 April 202359,214 (42,040)151 17,325
Total comprehensive loss for the period - (421) - (2,126)
Issue of new shares - - - 2,099
Total equity at 30 September 2023
(unaudited)
56,004 (41,848)151 17,298
Total equity at 1 April 202359,214 (42,040)151 17,325
Total comprehensive loss for the period - 650 - 650
Issue of new shares786 - - 786
Total equity at 31 March 2024 (audited)60,000 (41,390)151 18,761
Total equity at 1 April 202460,000 (41,390)151 18,761
Total comprehensive loss for the period - (1,103) - (1,103)
Issue of new shares - - - -
Total equity at 30 September 2024
(unaudited)
60,000 (42,493)151 17,658
The accompanying notes form part of and are to be read in conjunction with these interim financial statements.
Consolidated Statement of
Movements in Equity
For the six months ended 30 September 2024
3
Savor Group 2024 Interim Financial Statements
Financial Statements

Notes
Sept 2024
$000's
Unaudited
Sept 2023
$000's
Unaudited
March 2024
$000's
Audited
Assets
Current assets:
Trade and other financial receivables582 991 423
Inventories912 891 895
Current tax asset426 - -
Total current assets1,920 1,882 1,318
Non-current assets:
Property, plant and equipment11,925 12,645 11,715
Intangible assets5 21,105 25,389 21,060
Right of use asset14,271 16,781 15,532
Deferred tax asset3,488 - 4,136
Total non-current assets50,789 54,815 52,443
Total assets52,709 56,697 53,761
Liabilities
Current liabilities:
Bank overdraft1,064 1,835 653
Trade and other payables7,396 8,333 6,977
Current tax liability - - 629
Lease liability3,223 2,969 3,056
Borrowings1,000 6,648 8,407
Total current liabilities12,683 19,785 19,722
Non-current liabilities:
Trade and other payables830 953 830
Lease liability13,037 15,715 14,448
Borrowings8,501 3,340 -
Total non-current liabilities22,368 20,008 15,278
Total liabilities35,051 39,793 35,000
Equity
Share capital60,000 59,214 60,000
Reserves(42,342)(42,310)(41,239)
Total equity 17,658 16,904 18,761
Total liabilities and equity52,709 56,697 53,761
The accompanying notes form part of and are to be read in conjunction with these interim financial statements.
Consolidated
Balance Sheet
As at 30 September 2024
4
Savor Group 2024 Interim Financial Statements
Financial Statements

Six months
Sept 2024
$000's
Unaudited
Six months
Sept 2023
$000's
Unaudited
Year ended
March 2024
$000's
Audited
Cash flow from operating activities
Receipts from customers25,243 28,839 61,870
Payments to suppliers, employees and other(23,508)(26,303)(55,470)
Net cash from operating activities1,735 2,536 6,400
Cash flow from investing activities
Purchase of property, plant and equipment and intangible assets(1,001)(308)(311)
Payments for venue development costs(115)(69)(164)
Net cash used in investing activities(1,116)(377)(475)
Cash flow from financing activities
Interest paid(705)(704)(1,342)
Borrowings drawn down10,000 - -
Repayment of borrowings(9,384)(1,362)(2,943)
Lease liability principal repayment(1,541)(1,424)(2,918)
Supplier loan funds received600 10 65
Transaction costs from issue of shares- - (14)
Issue of shares- - 770
Net cash from financing activities(1,030)(3,480)(6,382)
Net movement in cash held(411)(1,321)(457)
Add: opening cash(653)(514)(196)
Closing cash(1,064)(1,835)(653)
The accompanying notes form part of and are to be read in conjunction with these interim financial statements.
Consolidated Statement
of Cash Flows
As at 30 September 2024
5
Savor Group 2024 Interim Financial Statements
Financial Statements

1. Basis of presentation
Savor Limited (‘the Parent’ or ‘Company’) and its
subsidiaries (together ‘the Group’) operate in the
hospitality sector, operating a number of premium
restaurants and bars. The address of its registered office
is Level 4, Seafarers Building, 114 Quay Street, Auckland,
1142.
The condensed consolidated interim financial statements
presented are those of Savor Limited and its subsidiaries
(the "Group"). Savor Limited is a company domiciled in New
Zealand, registered under the Companies Act 1993 and
is a Financial Markets Conduct Act 2013 reporting entity.
These interim financial statements have been prepared in
accordance with Generally Accepted Accounting Practice
in New Zealand (NZ GAAP) and the requirements of the
Financial Markets Conduct Act 2013. For the purposes
of complying with NZ GAAP the Group is a for-profit
entity. The condensed consolidated financial statements
of the Group comply with New Zealand Equivalents to
International Financial Reporting Standards (NZ IFRS).
They also comply with International Financial Reporting
Standards (IFRS). The interim financial statements are
presented in New Zealand dollars. They comply with NZ
IAS 34 Interim Financial Reporting and should be read
in conjunction with the 31 March 2024 annual report
available on the Group website at www.savor.co.nz.
The accounting policies used to prepare these interim
financial statements are consistent with the preparation
of the Group's latest annual report.
2. Key estimates and judgements
The Group has undertaken a number of key estimates and
judgements when preparing these financial statements,
the details of which are outlined in this note. These
judgements have been formed using historical information
and comparatives where available, and management's best
judgement where there is no appropriate comparison. The
Group continues to review all significant estimates along
with the assumptions used and recognises any adjustments
to these in the period in which a change occurs. The key
estimates and judgements are disclosed in the Group's
most recent annual report.
3. Restructuring and other costs
'Restructuring and other costs occur outside the normal
course of operating the venues on a day to day basis, and
are unrelated to the Group's trading operations. These
have been separated out on the face of the Statement
of Comprehensive Income to allow the reader of these
financial statements to understand the day to day
operations for the year without the impact of these items.
These items typically include the impairment or disposal of
assets, variable rent costs under NZ IFRS 16, costs related to
restructuring or M&A activity, venue development or other
costs that are unrelated to the Group's day to day trading
operations.
Six months
Sept 2024
$000's
Six months
Sept 2023
$000's
Year ended
March 2024
$000's
Acquisition costs (60) (73)(196)
Restructuring costs(114)(167)(159)
Loss on disposal of
fixed assets
- - (2)
Venue development
expenses
(115) (69)(203)
Other costs (79) - (310)
(368)(309)(1,395)
4. Intangible asset impairment
The Group performed its annual impairment testing of
goodwill at 31 March 2024. Management has reconsidered
the assumptions of the impairment tests in light of the
results for the six months and are satisfied that there is
no indication of an impairment that would require a more
comprehensive impairment assessment at this time.
Notes to the Interim Financial Statements
6
Savor Group 2024 Interim Financial Statements
Financial Statements

5. Segmental information
Segmental information is presented in respect of the
Group’s industry segments as all of the Group's operations
are in New Zealand.
Six months
Sept 2024
$000's
Six months
Sept 2023
$000's
Year ended
March 2024
$000's
Revenue
Hospitality 25,400 29,075 61,858
Corporate - - -
Total 25,400 29,075 61,858
EBITDA*
Hospitality 3,464 4,372 11,472
Corporate (1,506) (1,230) (2,699)
Total 1,958 3,142 8,773
* EBITDA means earnings before interest, tax, depreciation, amortisation,
and restructuring and other costs as disclosed in the Statement of
Comprehensive Income.
Depreciation and amortisation
Hospitality (2,389) (2,547) 9,419
Corporate - - -
Total (2,389) (2,547) 9,419
Capital expenditure
Hospitality (1,001) (308) 475
Corporate - - -
Total (1,001) (308) 475
Non-current assets
Hospitality 47,300 54,815 52,443
Corporate - - -
Total 47,300 54,815 52,443
6. Reconciliation of net earnings to net cash
from operating activities
Six months
Sept 2024
$000's
Six months
Sept 2023
$000's
Year ended
March 2024
$000's
Net loss after tax(1,103)(421)650
Add back:
Interest paid705 707 1,342
Venue development
costs expensed
115 69 164
Add/(Less) non-cash items:
Taxation (benefit)/
expense
(401) - (3,508)
Depreciation and
amortisation
2,3892,5475,099
Impairment expense - - 4,320
Supplier loan income
recognised
(206)(277)(552)
Restructuring costs - - 171
Movements in working capital:
Trade and other
receivables
(156)(236)12
Inventories(18)134 130
Trade and other payables410 13 (1,428)
Net cash from operating
activities
1,735 1,642 6,400
7
Savor Group 2024 Interim Financial Statements
Financial Statements

8
Savor Group 2024 Interim Financial Statements
Financial Statements

Corporate
Directory
Directors
Paul Robinson
Executive Chair
Lucien Law
Executive Director & CEO
Louise Alexander
Independent Director
Bhupen Master
Independent Director
Financial Calendar
Interim results announced: November
End of financial year: 31 March
Annual Report published: May
Registered Office and
address for service
Level 4, Seafarers Building, 114 Quay
Street, Auckland, 1010, New Zealand
contact@savor.co.nz
Auditor
EY
Banker
ANZ
Lawyers
Chapman Tripp
Company Publications
The Company informs investors of
the Group’s business and operations
by publishing an Annual Report and
regular trading updates.
Share register and
shareholder enquiries
Shareholders with enquiries about
transactions or changes of address
should contact the share register.
Link Market Services Limited
Level 30, PwC Tower, 15 Customs
Street West, Auckland, PO Box 91976,
Auckland 1142
Phone: +64 9 375 5998
Fax: +64 9 375 5990
Other questions should be directed to
the Company at the registered address.
9
Savor Group 2024 Interim Financial Statements
Corporate Directory

New Zealand's premier hospitality group
GROUP

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NZX Release

Savor Announces 2025 Half Year Results, Provides Trading Update

20 November 2024
Savor Limited (NZX: SVR) (“Savor”, “the Company”, or with its subsidiaries “the Group”), New
Zealand’s premier hospitality group, today provides an update on the start of summer trading and
presents its results for the half year ended 30 September 2024.

Half Year results

Savor’s earnings for the first six months of FY25 were impacted significantly by the closure of Non Solo
Pizza for renovations and the Seafarers business, as outlined at the Annual Shareholders Meeting
(‘ASM’) in September 2024. Adjusting for the impact of these events, revenue for the half year was
$25m, down only 6.5% compared to the prior year of $26.7m, a pleasing result given the challenging
market conditions.

Operating earnings were $2.5m when adjusted for the same events, a decrease of 15.7% compared to
the prior year of $3m.

Savor recorded an adjusted net loss after tax of $0.4m before one-off items, compared to a loss of
$0.2m in the prior period (reported net profit after tax was $1.1m compared to a loss of $0.4m in the
prior period).

The Group’s variable cost base continues to improve proportionally to revenue. With employee costs
for the half year being approximately $1.7m less than the same period in the prior year and the bulk of
the trading to come over the summer months these efficiencies will continue to improve bottom line
results. This has been pleasing to deliver, given the significant challenges facing the wider market, and
demonstrates the economies of scale of the Group with suppliers and the planning and monitoring
tools available to maximise our labour base.

Savor is continuing to review each business unit to ensure its profitability warrants the overhead
allocation as we look to both simplify the operations and grow the top and bottom lines. As part of this
process the Group expects to vastly simplify the Group overhead structure and result in further cost
savings.

Growth

Further to the update provided at the ASM, Savor is pleased to announce it has progressed to
documentation over the two new sites, expanding our Amano brand into an Amano Deli and leveraging
off our Japanese experience to bring a high energy Japanese Izakaya restaurant bar to the Group. Savor
expects both venues to open in Spring 2025.

Savor has also reached an agreement that will see the Group develop a new leisure & entertainment
offering which we expect will follow other examples around the world with explosive growth and
heathy margins which, if it performs as expected, will be part of a national roll out strategy. Further
details will be provided to the market once venue details are finalised.

Trading update

The inaugural Savor Food Festival was highly successful, underpinning a strong recovery in trading
through the Spring trading period and providing a solid base for summer.

Trading for October and November has continued to demonstrate a recovery in the market, with a
number of green shoots of growth seen across a number of venues throughout the Group. The
summer season kicked off with Melbourne Cup celebrations at Bivacco and Non Solo Pizza in early
November, with high demand driving customer numbers at both sites. Bivacco surpassed their record
sales achieved last year with over $0.1m of revenue for the day, a great result given the challenging
market backdrop.

Early signs of November trading have continued this trend and the Group looks forward to providing a
further update to the market in the New Year.


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

-ENDS-


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


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