Foley Wines Limited Half Yearly Report to 31 December 2024

Results announcement

Results for announcement to the market
Name of issuer Foley Wines Limited
Reporting Period 6 months to 31 December 2024 (Unaudited)
Previous Reporting Period 6 months to 31 December 2023 (Unaudited)
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$34,074 +12.3%
Total Revenue $34,074 +12.3%
Net profit/(loss) from continuing
operations
$1,111 -46.5%
Total net profit/(loss) $1,085 -35.1%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.00000000
Imputed amount per Quoted
Equity Security
$ 0.00000000
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$1.66 $1.74
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Other Key Metrics:
Operating Profit before revaluations and income tax
(“Operating Earnings”) $2,034 +61.3%
Operating Profit before interest, impairment, revaluations,
income tax, depreciation and amortisation (“Operating
EBITDA”) $7,908 +11.4%
This announcement should be read in conjunction with the
attached unaudited Financial Statements for the Six Months
ended 31 December 2024. A copy of the Half Yearly Report
December 2024 can also be found on the FWL web site
www.foleywines.co.nz.
Authority for this announcement
Name of person

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

27 February 2025

Unaudited financial statements accompany this announcement.

---

Strong export markets pay off

THURSDAY 27 FEBRUARY 2025 – Foley Wines announces half year result

CASE SALES 296,000 (up 21%)
BOTTLED SALES REVENUE $32,320,000 (up 12.6%)
OPERATING EARNINGS $2,034,000 (up 61.3%)
REPORTED PROFIT AFTER TAX $1,085,000 (down 35.1%)
OPERATING EBITDA $7,908,000 (up 11.4%)
OPERATING CASH FLOW $10,995,000 (up 272%)

Foley Wines has announced growth in case sales, sales revenue and operating earnings in the
Company’s half yearly reported, published today.

Chairman Paul Brock said, “While the broader industry may have struggled with export sales over the
last six months, the work the business has done on establishing strong export markets has paid off.”

The Company reported growth in case sales across all exports markets. “A key strategy has always been
around not being over reliant on any one market and that is represented in our numbers”, said Brock.
“Critically, we have established routes to market for what we produce and are not at the mercy of the
bulk wine market. Bulk wine has never been a sales strategy for us and it contradicts our premiumisation
strategy.”

Profit for the period net of tax attributable for the shareholders was $1,085,000, down 35.1%, impacted
by higher cost of goods from the smaller 2024 vintage and investment in sales support to key customer
to overcome the discounting of New Zealand wines.

“This strategy was critical as it enabled us to increase sales against the trend, and also move through
the higher cost inventory. This will lead us to shipping the 2025 vintage (from Marlborough) on a timely
basis,” said Brock.

The Company reports strong summer periods to date at its winery hospitality venues, Mt Difficulty,
which achieved Gold Qualmark accreditation, and The Runholder, which has now welcomed over local
and international 50,000 visitors.

The Company acquired Toast Martinborough in February 2024, with the 31
st
festival taking place on
the new date of January 21, 2025. The Company reported good attendance and warm, fine weather
across the festival weekend, although a sustained period of wet and cold weather in the lead up, coupled
with a challenging economic environment in Wellington, meant that there remains capacity to grow
ticket sales. “There is a continuing need to find the right balance between compliance and festivalgoer
experience,” said Brock.

The Company expects a higher yield from the 2025 harvest in the Marlborough and Martinborough
regions and slightly lower yield in Central Otago, which is still above the long-term average, with the
market price for Sauvignon Blanc grapes expect to be approximately 15% lower than the 2024 vintage.

“The profitability of the business was always going to be materially affected by the increase in cost of
goods associated with the smaller 2024 vintage, an oversupply of Marlborough Sauvignon Blanc and
downward pressure on selling prices. We have worked hard to establish strong routes to market for our
branded products. The Company’s inventory is in good shape and will roll on to the 2025 vintage on a
timely basis, which should have a lower cost of goods. This will lead to higher gross margins and,
hopefully with the downward pressure on interest rates, to a much better financial position for the 2026
year,” said Brock.


- ENDS -


Authorised for public release.


For further information please contact:
Paul Brock
Chair, Foley Wines Limited
PO Box 67, Renwick, 7243, Marlborough
Tel: +64 3 5728200
Email: chair@foleywines.co.nz

---

HALF YEARLY REPORT
For the six months ended 31 December 2024

Performance Overview 4
Chief Executive Officer (CEO) and Directors’ Report 6 – 11
Financial Statements (Unaudited)
Income Statement 13
Statement of Comprehensive Income 14
Statement of Changes In Equity 14 – 15
Statement of Financial Position 16 – 17
Statement of Cash Flows 18
Notes to the Financial Statements 20 – 26
Company Directory 27
This interim financial report does not include all of the notes of the type normally included in the annual financial
report. Accordingly, this report should be read in conjunction with the Annual Report for the year ended 30 June
2024 and any public announcements made by Foley Wines Limited during the interim period.
Foley Wines Limited is a company incorporated and domiciled in New Zealand and listed on the NZSX Board of
the New Zealand Stock Exchange (NZX). The Company is an integrated wine company producing table wines with
the marketing and sales of premium wines in New Zealand and various export markets.
These financial statements that were approved for issue on 27 February 2025 and have not been audited.
Contents
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025
1

made by
land &
hand
Foley Wines is a collection of iconic
wineries and brands from New Zealand’s
most acclaimed wine regions
Each with a unique story of New Zealand to tell,
our wineries and distillery are linked by a common
unrelenting purpose; to make great wine that people
love to drink at home and around the world –
made by land & hand.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025
2

Our wineries
& distillery
Martinborough Vineyard
Martinborough
Te Kairanga
Martinborough
Lighthouse Gin
Martinborough
Grove Mill
Wairau Valley, Marlborough
Vavasour
Awatere Valley, Marlborough
Mt Difficulty
Central Otago
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025
3

Performance
Overview
CASE SALES 296,000 (up 21%)
BOTTLED SALES REVENUE $32,320,000 (up 12.6%)
OPERATING EARNINGS $2, 034, 0 0 0 (up 61. 3%)
REPORTED PROFIT AFTER TAX $1,085,0 0 0 (down 35.1%)
OPERATING EBITDA $7,908,000 (up 11.4%)
OPERATING CASH FLOW $10,995,000 (up 272%)
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025
4

Mark Turnbull, CEO and Director
On behalf of the Board of Directors of Foley Wines Limited (FWL) I present its operating
and financial results for the six months ended 31 December 2024.
OPERATING PERFORMANCE
Operating profit before revaluations and income tax (“operating earnings”) for the six
months was $2,034,000 compared with $1,261,000 for the previous financial year.
Profit for the period net of tax attributable for the shareholders was $1,085,000, down
35.1% compared with $1,673,000 the previous year.
A summary of market sales is set out below on page 7.
While the broader industry may have struggled with export sales over the last six months,
the work the business has done on establishing strong export markets has paid off. Critically,
we have established routes to market for what we produce and are not at the mercy of the
bulk wine market. Bulk wine has never been a sales strategy for us and it contradicts our
premiumisation strategy.
A key strategy has always been around not being over reliant on any one market and that
is represented in our numbers. New Zealand is a critical market for us. We have a great
relationship with the team at Lion New Zealand, which underpins our New Zealand sales.
At the same time a lot of effort goes into our brand building through our cellar doors and
restaurants, an integral part of our strategy of premiumisation. As outlined at the recent
ASM, over 50,000 people have visited The Runholder in Martinborough.
We have now secured a very strong route to market in China and the first container is being
shipped in February 2025. This is another perfect example of our competitive strategy in
terms of offering a New Zealand solution. There are 13 products in the first order, from
all three regions the business produces wine in.
CEO & Directors’
Report
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
6

Bottled case sales
BOTTLED CASE SALES 6 MONTHS TO DECEMBER 2024
NEW ZEALAND 91,000 CASES (2)%
AUSTRALIA 56,000 CASES +37%
USA 47,000 CASES +9%
UK/EUROPE 75,0 0 0 CASES +36%
REST OF WORLD 27,000 CASES +108%
TOTAL 296,000 CASES +21%
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
7

Our profitability has been affected by two key factors. Firstly, higher cost of goods from
the smaller 2024 vintage. Secondly, we have invested more in sales support to our key
customers to overcome the discounting of New Zealand wines. This strategy was critical
as it enabled us to increase sales against the trend, and also move through the higher cost
inventory. This will lead us to shipping the 2025 vintage (from Marlborough) on a timely
basis.
TOAST MARTINBOROUGH AND BRAND HOMES
Toast Martinborough hosted its 31st iconic food and wine festival on the new date of
January 21, 2025. The summer date paid off with warm, fine weather across the festival
weekend. Attendance was good, although a sustained period of wet and cold weather in the
lead up, coupled with a challenging economic environment in Wellington, meant that there
remains capacity to grow ticket sales. Police, Council, Licensing and Security were very
satisfied with the day, reporting no major incidents. Feedback from festival goers on the
new date, format and overall festival was positive, while also highlighting the continued
need to find the right balance between compliance with the festivalgoer experience. There
was particularly strong feedback on the increased VIP elements of the festival weekend
and there exists the opportunity to build on this elevated experience.
In addition to a calendar of VIP events during Toast Martinborough weekend, The
Runholder has had a very pleasing summer to date with high numbers of satisfied visitors.
The Runholder has also welcomed Lighthouse Gin into its permanent home, with its new
distillery operational and on show for visitors. Additionally, the venue continues to build
momentum as an events and functions destination.
The Mt Difficulty Cellar Door & Restaurant maintains its long term position as an iconic
winery destination in Central Otago, notwithstanding increasing competition from venues
in closer proximity to main tourism centres. The visitor experience from dining to tastings
and surrounds continues to be best in class as evidenced by a large number of positive
visitor reviews and its Gold Qualmark accreditation.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
8

CASH FLOW
Operating cash flow was $10,995,000 for the six months, up from $2,955,000 in the previous
year and $6,978,000 the year prior. This increase is a direct result of an increase in case
sales for the six month period, enabling us to reduce debt by approximately $8,000,000
over the same period.
Capital expenditure was $1,894,000 for the six months, compared with $2,900,000 and
$4,526,000 the previous two years. As outlined in the Annual Report, capital expenditure
would be materially down this year and the majority of the expenditure incurred is on
vineyard redevelopment. This expenditure is critical for the future success of the Company.
2025 HARVEST
The early indication is that there will be a higher yield from the 2025 harvest in the
Marlborough and Martinborough regions and slightly lower yield in Central Otago, which
is still above the long term average. The market price for Sauvignon Blanc grapes in
Marlborough is down on last year’s average grape price of $2,154 per tonne and preliminary
indications are that the price for the 2025 vintage is going to be approximately 15% lower.
OUTLOOK
The profitability of the business was always going to be materially affected by the increase
in cost of goods associated with the smaller 2024 vintage, an oversupply of Marlborough
Sauvignon Blanc and downward pressure on selling prices. As outlined previously we have
worked hard to establish strong routes to market for our branded products. The Company’s
inventory is in good shape and will roll on to the 2025 vintage on a timely basis, which
should have a lower cost of goods. This will lead to higher gross margins and, hopefully
with the downward pressure on interest rates, to a much better financial position for the
2026 year.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
10

PERSONAL NOTE
As advised to the NZX earlier this month, I have decided to finish up with the Company
in April, so this is my final report.
I became involved in the wine industry in 2009 via The New Zealand Wine Fund Ltd,
which was sold to Foley Family Wines (USA) later that year. The wine industry is far more
complicated than it seems. Foremost you are a farmer, which creates challenges in itself.
However, what I know about the farming community in this country is that it is made up
of good people with strong values that are passionate about the land, the environment and
their communities. We have a small but hugely talented team, many of who have been with
me for the journey from the start, and something I will always be proud of.
I wish nothing but the best for the Company and the team for the future.
For and on behalf of the Board of Directors
Mark Turnbull
CEO and Director
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
11

FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025
Financial Statements
12

Income
Statement
For the six months ended 31 December 2024




Note
Unaudited
6 Months
31 Dec 2024
Group
$’000
Audited
12 M o n t h s
30 Jun 2024
Group
$’000
Unaudited
6 Months
31 Dec 2023
Group
$’000
Revenue 3 34,074 66,449 30,340
Expenses
Cost of sales (23,196) (43,061) (19,948)
Selling, marketing and promotion expenses (4,341) (8,593) (3,629)
Administration and corporate governance expenses (2,380) (4,750) (2,655)
Vineyard acquisition and replacement losses (36) (1,279) (561)
Expenses excluding interest (29,953) (57,683) (26,793)
Profit before interest, impairment, revaluations
and income tax 4,121 8,766 3,547
Interest revenue 21 61 31
Interest expense 4 (2,071) (4,627) (2,323)
Net finance costs (2,050) (4,566) (2,292)
Profit before impairment, revaluations and income tax 2,071 4,200 1,255
Impairment
Impairment of inventory (37) (71) 6
Profit before revaluations and income tax 2,034 4,129 1,261
Revaluation gains and losses
Unrealised (loss)/gain in fair value of financial assets/liabilities 9 (1,215) 400 1,015
Unrealised (loss) on harvested grapes – (3,458) –
Realised reversal of loss/(gain) on harvested grapes 687 (466) (84)
Revaluation of property, plant & equipment – 96 –
Profit before income tax 3 1,506 701 2,192
Income tax expense (421) (234) (519)
Income tax expense – change in depreciation on buildings – (4,548) –
Profit/(Loss) for the period net of tax, attributable
to Shareholders of the Parent Company 1,085 (4,081) 1,673
Basic Earnings/(Loss) per share cps (after tax) 5 1.65 (6.21) 2.55
Diluted Earnings/(Loss) per share cps (after tax) 5 1.65 (6.21) 2.55

These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 19 to 26.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025
13

Statement of
Comprehensive Income
For the six months ended 31 December 2024




Unaudited
6 Months
31 Dec 2024
Group
$’000
Audited
12 M o n t h s
30 Jun 2024
Group
$’000
Unaudited
6 Months
31 Dec 2023
Group
$’000
Profit/(Loss) for the period 1,085 (4,081) 1,673
Other comprehensive income:
Items that will not be reclassified to profit or loss:
Income tax on items taken directly to or transferred from equity 1 – 27
Other comprehensive income for the period, net of tax 1 – 27
Total comprehensive income for the period, net of tax 1,086 (4,081) 1,700

Note
Fully Paid
Ordinary
Shares
$‘000
Asset
Revaluation
Reserve
$’000
Retained
Earnings
$’000
Total
$’000
Unaudited 6 Months 31 December 2024 Group
Equity at 1 July 2024 86,518 29,716 27,193 143,427
Profit for the period – – 1,085 1,085
Other comprehensive income for the period net of tax – 1 – 1
Transfer from Asset Revaluation Reserve to Retained Earnings – (3) 3 –
Total comprehensive income for the period – (2) 1,088 1,086
Distributions to owners 6 – – – –
Transactions with owners during period – – – –
Added to equity during the period – (2) 1,088 1,086
Equity at 31 December 2024 86,518 29,714 28,281 144,513
Dividends paid per share cps 6 0.0
For the six months ended 31 December 2024
Statement of
Changes in Equity
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 19 to 26.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025
14

Statement of
Changes in Equity
(continued)
For the six months ended 31 December 2024
Note
Fully Paid
Ordinary
Shares
$‘000
Asset
Revaluation
Reserve
$’000
Retained
Earnings
$’000
Total
$’000
Audited 12 Months 30 June 2024 Group
Equity at 1 July 2023 86,518 29,888 31,102 147,508
(Loss) for the year – – (4,081) (4,081)
Other comprehensive income for the year net of tax – – – –
Transfer from Asset Revaluation Reserve to Retained Earnings – (172) 172 –
Total comprehensive income for the year – (172) (3,909) (4,081)
Distributions to owners 6 – – – –
Transactions with owners during year – – – –
Added to equity during the year – (172) (3,909) (4,081)
Equity at 30 June 2024 86,518 29,716 27,193 143,427
Dividends paid per share cps 6 0.0

Unaudited 6 Months 31 December 2023 Group
Equity at 1 July 2023 86,518 29,888 31,102 147,508
Profit for the period – – 1,673 1,673
Other comprehensive income for the period – 27 – 27
Transfer from Asset Revaluation Reserve to Retained Earnings – (96) 96 –
Total comprehensive income for the period – (69) 1,769 1,700
Distributions to owners 6 – – – –
Transactions with owners during period – – – –
Added to equity during the period – (69) 1,769 1,700
Equity at 31 December 2023 86,518 29,819 32,871 147,208
Dividends paid per share cps 6 0.0
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 19 to 26.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025
15

Statement of
Financial Position
As at 31 December 2024





Unaudited
6 Months
31 Dec 2024
Group
$’000
Audited
12 M o n t h s
30 Jun 2024
Group
$’000
Unaudited
6 Months
31 Dec 2023
Group
$’000
CURRENT ASSETS
Cash and cash equivalents 951 101 1,243
Trade and other receivables 10,553 14,603 9,616
Other financial assets – – 117
Inventories 39,573 50,423 43,605
Biological work in progress 8,558 1,900 8,891
Current tax assets – 170 372
Prepaid expenses 1,872 380 1,831
61, 5 07 67, 57 7 61, 4 31

NON–CURRENT ASSETS
Property, plant and equipment 129,054 130,101 131,379
Right–of–use assets 11,160 12,174 12,258
Intangible assets 35,125 35,125 35,125
Other financial assets – – 171
Other receivables 814 799 932
176 ,153 178 ,19 9 179, 8 6 5
TOTAL ASSETS 237,660 245,776 245,540
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 19 to 26.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025
16

Statement of
Financial Position
(continued)
As at 31 December 2024




Note
Unaudited
6 Months
31 Dec 2024
Group
$’000
Audited
12 M o n t h s
30 Jun 2024
Group
$’000
Unaudited
6 Months
31 Dec 2023
Group
$’000
CURRENT LIABILITIES

Trade and other payables 5,590 7,154 5,199
Loans and borrowings 622 50 938
Lease liabilities 1,322 1,238 1,163
Convertible notes 10,900 10,900 10,900
Other financial liabilities 585 270 –
Current tax liabilities 259 – –
19, 278 19,612 18 , 20 0

NON–CURRENT LIABILITIES
Loans and borrowings 43,391 51,895 50,281
Lease liabilities 12,057 12,843 12,880
Other financial liabilities 958 57 –
Deferred tax liabilities 17,463 17,942 14,971
73,869 82,737 78,132
TOTAL LIABILITIES 93,147 102,349 96,332

EQUITY
Share capital 7 86,518 86,518 86,518
Re s e r ve s 29, 714 29, 716 29,819
Retained earnings 28,281 27,193 32,871
TOTAL EQUITY 144,513 143,427 149,208
TOTAL LIABILITIES AND EQUITY 237,660 245,776 254,540
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 19 to 26.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025
17

Statement of
Cash Flows
For the six months ended 31 December 2024




Note
Unaudited
6 Months
31 Dec 2024
Group
$’000
Audited
12 M o n t h s
30 Jun 2024
Group
$’000
Unaudited
6 Months
31 Dec 2023
Group
$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from (applied to)
Receipts from customers 40,490 70,299 36,918
Interest received 6 28 14
Payments to suppliers and employees (26,959) (58,103) (29,396)
Interest and other costs of finance paid (2,071) (4,627) (2,322)
Income tax paid (471) (3,257) (2,259)
Net cash flow from operating activities 8 10,995 4,340 2,955

CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from (applied to)
Sale of property, plant and equipment 47 52 33
Purchase of property, plant and equipment (1,894) (5,770) (2,900)
Grower and other loans repaid – 150 –
Cash acquired through business combination – 81 –
Net cash flow (applied to) investing activities (1,847) (5,487) (2,867)

CASH FLOW FROM FINANCING ACTIVITIES
Cash was provided for (applied to)
Loans advanced – 25,000 32,850
Loans repaid ( 7, 9 3 2 ) (17, 8 6 2 ) ( 2 6 , 416 )
Lease liabilities repaid (366) (1,179) (568)
Net cash flow from/(applied to) financing activities (8,298) 5,959 5,866
Net increase in cash held 850 4,812 5,954
Cash and cash equivalents/(Bank overdraft) at beginning of period 101 (4,711) (4,711)
Cash and cash equivalents at end of period 951 101 1,243
Comprising: Cash and cash equivalents 951 101 1,243
951 101 1,243
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 19 to 26.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025
18

FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025
Notes to Financial Statements
19

1. ACCOUNTING PERIOD
The unaudited financial statements presented are for Foley Wines Limited (“the Company”, “the Parent”) and its subsidiaries
(together referred to as “the Group”) and cover the six month period to 31 December 2024. These condensed financial
statements have been prepared in accordance with NZ IAS 34 Interim Financial Statements and should be read in conjunction
with Foley Wines Limited’s Annual Report for the year ended 30 June 2024. The financial statements were authorised for issue
by the Directors on 27 February 2025.
2. ACCOUNTING POLICIES
The same accounting policies and methods of computation are followed in the interim financial statements as were followed
in the annual financial statements for the year ended 30 June 2024.
There have been no changes in accounting policies during the period.
2.1 JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
In preparing these interim financial statements under NZ IFRS the Directors are required to make judgements, estimates and
assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and various other factors that are believed to be reasonable under
the circumstance, the results of which form the basis of making the judgements. Actual results may differ from these estimates.
The significant areas of estimation, assumptions and critical judgements made in the preparation of these financial statements
are consistent with those set out in the 2024 Annual Report.
Notes to the
Financial Statements
For the six months ended 31 December 2024
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025
20

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2024




Unaudited
6 Months
31 Dec 2024
Group
$’000
Audited
12 M o n t h s
30 Jun 2024
Group
$’000
Unaudited
6 Months
31 Dec 2023
Group
$’000
3. PROFIT FOR THE PERIOD
Included in profit before income tax for the period are the following:
REVENUE:
Sales revenue – sale of goods – bottled wine 32,320 62,491 28,710
Sales revenue – other 1,729 3,902 1,680
Total sales revenue 34,049 66,393 30,340
Other revenue – rent received 25 56 –
Total revenue 34,074 66,449 30,340
Sales revenue – other includes the sale of other products such as bulk wine,
spirits, merchandise, restaurant meals and non–alcoholic beverages.
EXPENSES:
Amortisation – lease right–of–use assets 678 1,385 652
Depreciation 2,909 5,601 2,643
Directors’ fees 120 240 120
Employee benefits expense: Short–term employee benefits 5,188 10,075 4,801
Excise duty and HPA levy 3,272 6,172 3,277
Fees paid to auditors:
– Audit of the financial statements (fees and disbursements) 78 120 61
Cost of inventories recognised as expense 19,924 36,889 16,671

4. INTEREST EXPENSE

Interest on loans and borrowings 1,709 3,904 1,959
Interest on convertible notes 357 710 357
Interest expense on lease liabilities 5 13 7
Total Interest expense 2,071 4,627 2,323

21
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2024




Unaudited
6 Months
31 Dec 2024
Group
$
Audited
12 M o n t h s
30 Jun 2024
Group
$
Unaudited
6 Months
31 Dec 2023
Group
$
5. EARNINGS PER SHARE
Basic Earnings per share ($) 1.65 (6.21) 2.55
The calculation is based on NZIFRS earnings/(loss) of the Group of $1,085,000 (30Jun24 $(4,081,000); 31Dec23
$1,673,000) and the weighted average of 65,736,148 ordinary shares on issue during the period (30Jun24 65,736,148;
31D e c 23 6 5 , 736 ,14 8).
Diluted Earnings/(Loss) per share ($) 1.65 (6.21) 2.55
The calculation of diluted earnings per share, which is based on profit/(loss) of $1,342,000 (30Jun24 $(3,569,000);
31Dec23 $1,930,000), being profit/(loss) for the year adjusted for the interest on the convertible notes after income tax, and
the weighted average of 73,599,173 ordinary shares on issue during the year (30Jun24 73,599,173; 31Dec23 73,599,173),
becomes anti–dilutive and therefore the diluted earnings per share is the same as basic earnings per share.
The weighted average number of ordinary shares for the purposes of diluted earnings per share reconciles to the weighted
average number of ordinary shares used in the calculation of basic earnings per share as follows:
31 Dec 2024
Number of
shares
30 Jun 2024
Number of
shares
31 Dec 2023
Number of
shares
Weighted average number of ordinary shares (Basic) 65,736,148 65,736,148 65,736,148
Convertible notes outstanding at period end 7,863,025 7,863,025 7,863,025
Weighted average number of ordinary shares (Diluted) 73,599,173 73,599,173 73,599,173

22
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2024
6. DIVIDENDS PAID PER SHARE
The calculation of dividends per share in respect of the interim 2025 period is based on no final dividend for 2024 being paid
(30Jun24: 2023 Final dividend $Nil; 31Dec23: $Nil).




Unaudited
6 Months
31 Dec 2024
Group
$’000
Audited
12 M o n t h s
30 Jun 2024
Group
$’000
Unaudited
6 Months
31 Dec 2023
Group
$’000
7. SHARE CAPITAL
FULLY PAID UP ORDINARY SHARES
Balance at beginning of period 86,518 86,518 86,518
Movements in share capital – – –
Balance at end of period 86,518 86,518 86,518
Number of fully paid ordinary shares 65,736,148 65,736,148 65,736,148

There were no shares issued during the period.
23
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2024




Unaudited
6 Months
31 Dec 2024
Group
$’000
Audited
12 M o n t h s
30 Jun 2024
Group
$’000
Unaudited
6 Months
31 Dec 2023
Group
$’000
8. CASH FLOW INFORMATION
(a) NET CASH FLOW FROM OPERATING ACTIVITIES
PROFIT/(LOSS) AFTER INCOME TAX FOR THE PERIOD 1,085 (4,081) 1,673

NON–CASH ITEMS:
Depreciation 2,909 5,601 2,643
Amortisation 678 1,385 652
Increase/(decrease) in deferred tax (479) 2,951 (112)
Impairment loss/(gain) recognised on inventories 36 71 (6)
Adjustments resulting from revaluation of grapes (687) 3,923 84
Loss/(gain) on disposal of property, plant and equipment (14) 1,156 (32)
Gain on purchase – (96) –
Grower advance adjustments (15) (33) (16)
Movement in derivative financial instruments
(Other financial assets/liabilities) 1,216 (400) (1,015)
3,644 14,558 2,198
MOVEMENTS IN WORKING CAPITAL BALANCES:
Trade and other receivables 4,050 (802) 4,168
Inventories 11,501 (2,332) 8,402
Biological work in progress (6,658) (56) (7,047)
Prepaid expenses and other current assets (1,492) (3) (1,454)
Trade and other payables (1,564) (1,518) (3,357)
Current tax assets/liabilities 429 (1,426) (1,628)
6,266 (6,137) (916)
NET CASH FLOW FROM OPERATING ACTIVITIES 10,995 4,340 2,955
(b) NET LOANS AND BORROWINGS
RECONCILIATION
Total Loans and borrowings 44,013 51,945 51,219
Loans advanced during the year – cash inflow – 25,000 32,850
Loan acquired – non–cash – 22 –
Loans repaid during the year – cash outflow (7,932) (17,862) (26,416)
Net movement in net debt – all cash flows (7,932) 7,160 6,434

24
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2024




Unaudited
6 Months
31 Dec 2024
Group
$’000
Audited
12 M o n t h s
30 Jun 2024
Group
$’000
Unaudited
6 Months
31 Dec 2023
Group
$’000
9. FINANCIAL INSTRUMENTS
Change in fair value of financial assets/liabilities consists of:
Foreign currency forward contracts (1,215) 400 1,015
$ $ $
10. NET TANGIBLE ASSETS
Net tangible assets per share ($) 1.66 1.65 1.74

11. RELATED PARTY TRANSACTIONS
(a) Material transactions with related parties during the period are set out below:
(i) Sales were made to Foley Family Wines, Inc., a company that owns 33.33% of FFW Opco, LLC. (2023: a 100%
owned subsidiary of Foley Family Wines Holdings, Inc.), the majority shareholder in the parent of Group. Sales for
the period were $3,891,000 for the Group (Jun24: $11,125,000; Dec23: $3,820,000).
(ii) Interest was paid/payable to Foley Holdings New Zealand Limited the parent of the Foley Wines Limited under the
convertible note. Interest paid/payable for the period was $357,000 for the Group (Jun24: $710,000; Dec23:
$357,000).
(iii) Sales were made to Wharekauhau Country Estate Limited, a luxury lodge 74.6% owned by Bill Foley, the majority
shareholder of the ultimate parent. Sales for the period totalled $11,000 for the Group (Jun24: $27,000; Dec23:
$23,000). Accommodation, meals, events, labour and vouchers for Foley Rewards provided by Wharekauhau to
the Company and Foley Rewards customers during the period totalled $5,000 (Jun24: $55,000; Dec23: $28,000).
(iv) Lighthouse Gin product was purchased for global distribution from Lighthouse Distillery Limited, a company
owned by Mark Turnbull, CEO and Director of Foley Wines Limited. Purchases during the period totalled $42,000
(Jun24: $98,000; Dec23: $49,000). Administration services, rental, electricity and contract distilling services
were provided to Lighthouse Distillery Limited during the period of $87,000 (Jun24: $113,000; Dec23: $60,000).
Lighthouse Distillery Limited paid the Company a sales commission on spirits sold direct to customer during the year
of $228,000 (Jun24: $186,000; Dec23: $186,000).
(v) Sales were made to Foley Hospitality Limited group restaurants, a group owned 100% by Foley Holdings New
Zealand Limited, the parent company of Foley Wines Limited. Sales for the period were $249,000 (Jun24:
$495,000; Dec23: $241,000). Meals and event services were provided by Foley Hospitality restaurants during the
period of $5,000 (Jun24: $25,000; Dec23: $20,000).
25
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2024




Unaudited
6 Months
31 Dec 2024
Group
$’000
Audited
12 M o n t h s
30 Jun 2024
Group
$’000
Unaudited
6 Months
31 Dec 2023
Group
$’000
11. RELATED PARTY TRANSACTIONS (continued)
(b) Amounts owing to related parties at balance date:
Foley Holdings New Zealand Limited – convertible note 10,900 10,900 10,900
Foley Hospitality Limited 1 3 –
Lighthouse Distillery Limited 2 5 –
Wharekauhau Country Estate Limited – 2 2
(c) Amounts owing from related parties at balance date:
Foley Family Wines Inc. 2,390 4,337 1,810
Foley Hospitality Limited and subsidiaries 52 43 55
Lighthouse Distillery Limited 216 74 166
Wharekauhau Country Estate Limited 5 – 7

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

31 December 2024

30 June 2024

31 December 2023
FWL BuyFWL SellFWL BuyFWL SellFWL BuyFWL Sell
Australian dollar 0.9026 0.9098 0.9100 0.9173 0.9275 0.9289
United States dollar 0.5621 0.5666 0.6053 0.6101 0.6340 0.6354
Great British pound 0.4480 0.4516 0.4796 0.4834 0.4976 0.4990
Euro 0.5405 0.5449 0.5666 0.5712 0.5729 0.5743

13. SUBSEQUENT EVENTS
No material events have occurred since balance date.
14. SHAREHOLDER INFORMATION
August 2025 Annual Report Published
November 2025 Annual Shareholders Meeting
26
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025

For the six months ended 31 December 2024
DIRECTORS:
PR Brock (Chairman)
AJ Anselmi
GR Graham
RP Foley, II (until 23 January 2025)
WP Foley, II (appointed 24 January 2025)
AM Turnbull (CEO) (Director until 17 February 2025)
HEAD OFFICE ADDRESS:
13 Waihopai Valley Road
RD6, Blenheim 7276, Marlborough, New Zealand
Telephone +64 3 572 8200
Facsimile +64 3 572 8211
POSTAL ADDRESS:
PO Box 67, Renwick 7243, Marlborough, New Zealand
EMAIL:
info@foleywines.co.nz
WEBSITES:
www.foleywines.co.nz
www.grovemill.co.nz
www.vavasour.com
www.tekairanga.com
www.martinborough–vineyard.co.nz
www.mtdifficulty.nz
www.lighthousegin.co.nz
NATURE OF BUSINESS:
Production and distribution of wine
AUDITORS:
Deloitte Limited, Auckland
SOLICITORS:
Bell Gully, Auckland
Jennifer Mills & Associates, Auckland
BANKERS:
Bank of New Zealand, Auckland
REGISTRATION NO.
307139
REGISTERED OFFICE:
13 Waihopai Valley Road, RD6 Blenheim 7276, Marlborough, New Zealand
SHARE REGISTRAR:
MUFG Pension & Market Services
Level 30, PwC Tower, 15 Customs Street West, Auckland 1010
PO Box 91976, Auckland 1142
Telephone +64 9 375 5998
Email: enquiries.nz@cm.mpms.mufg.com
(please quote CSN or shareholder number)
Website for shareholders to change address or payment instructions or view
investment portfolio: www.mpms.mufg.com
SHARE TRADING:
NZX Main Board – Security Code “FWL”
Company
Directory
27
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2025

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