DGL - Interim Results to 31 December 2024

Results announcement


Results for announcement to the market
Name of issuer Delegat Group Limited
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$178,644 -12%
Total Revenue $178,644 -1 2%
Total Operating Revenue
1
$178,644 -10%
Operating Profit from ordinary
activities after tax (Operating
NPAT)
1

$28,282 -25%
Operating Profit from ordinary
activities before interest, tax and
depreciation (Operating EBITDA)
1


$61,642

-18%
Reported profit from continuing
operations
$12,467 -63%
Total Net Profit $12,467 -63%
Interim/Final 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
$5.39
$5.44
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
Refer to the Chair’s Report appended for Operating Performance and other
key metric information.
Authority for this announcement
Name of person authorised to make
this announcement
Murray Annabell
Contact person for this
announcement
Murray Annabell
Contact phone number +649 359 7310
Contact email address murray.annabell@delegat.com
Date of release through MAP 28/02/2025
Unaudited financial statements accompany this announcement.

1. Operating Performance is a non-GAAP measure and as such does not have a standardized meaning prescribed by
GAAP. It may therefore not be comparable to non-GAAP measures presented by other entities.

---

Results announcement


Results for announcement to the market
Name of issuer Delegat Group Limited
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$178,644 -12%
Total Revenue $178,644 -1 2%
Total Operating Revenue
1
$178,644 -10%
Operating Profit from ordinary
activities after tax (Operating
NPAT)
1

$28,282 -25%
Operating Profit from ordinary
activities before interest, tax and
depreciation (Operating EBITDA)
1


$61,642

-18%
Reported profit from continuing
operations
$12,467 -63%
Total Net Profit $12,467 -63%
Interim/Final 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
$5.39
$5.44
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
Refer to the Chair’s Report appended for Operating Performance and other
key metric information.
Authority for this announcement
Name of person authorised to make
this announcement
Murray Annabell
Contact person for this
announcement
Murray Annabell
Contact phone number +649 359 7310
Contact email address murray.annabell@delegat.com
Date of release through MAP 28/02/2025
Unaudited financial statements accompany this announcement.

1. Operating Performance is a non-GAAP measure and as such does not have a standardized meaning prescribed by
GAAP. It may therefore not be comparable to non-GAAP measures presented by other entities.

DELEGAT GROUP LIMITED
INTERIM REPORT 2025

CONTENTS
2
7
8
9
11
13
16
20
Chair’s Report
Statement of Financial Performance
Statement of Other Comprehensive Income
Statement of Changes in Equity
Statement of Financial Position
Statement of Cash Flows
Notes to the Financial Statements
Directory

1. Operating Performance is a non-GAAP measure and as such does not have a standardised meaning prescribed by GAAP. It may therefore not be comparable to
non-GAAP measures presented by other entities.
CHAIR’S REPORT 2025
On behalf of the Board of Directors of Delegat Group Limited, I am pleased to present its
operating and financial results for the six months ended 31 December 2024.
The Group presents its financial statements in accordance with the New Zealand equivalents to
International Financial Reporting Standards (NZ IFRS).
To provide further insight into the Group’s underlying operational performance, the Group has
also included in this report an Operating Performance Report. This Operating Performance
Report excludes the impact of fair value adjustments required under NZ IFRS for grapes
and derivative financial instruments. As a fully integrated winemaking and sales operation,
Operating Profit includes the fair value adjustment in respect of grapes when packaged wine is
sold rather than on harvest of the grapes, and the fair value adjustment on derivative financial
instruments when these foreign exchange contracts and interest rate swaps are realised.
The Group has included a reconciliation of Operating Profit to Reported Profit which eliminates
from each line in the Statement of Financial Performance the impact of these fair value
adjustments.
1
OPERATING PERFORMANCE
An Operating NPAT of $28.3 million was generated compared to $37.8 million for the same
period in the previous year. Operating EBIT of $48.4 million is $13.6 million lower than the same
period last year (refer to table 1).
TABLE 1 OPERATING PERFORMANCE
1
Dec 2024 Dec 2023 % change
NZ$ millions vs 2023
Operating Revenue
1
178.6 198.6 -10%
Operating Gross Profit
2
86.3 96.1 -10%
Operating Gross Margin 48% 48%
Operating Expenses
3
(37.9) (34.1) -11%
Operating EBIT
4
48.4 62.0 -22%
Operating EBIT % of Revenue 27% 31%
Interest and Tax (20.1) (24.2) 17%
Operating NPAT
4
28.3 37.8 -25%
Operating NPAT % of Revenue 16% 19%
Operating EBITDA
4
61.6 74.8 -18%
Operating EBITDA % of Revenue 34% 38%
Notes:
1. Operating Revenue is before fair value movements on derivative instruments (if gains).
2. Operating Gross Profit is before the net fair value movements on biological produce (harvest adjustment) and the NZ IFRS adjustments excluded in Note 1.
3. Operating Expenses are before fair value movements on derivative instruments (if losses) and any other one-off non-operating items.
4. Operating EBIT, EBITDA and NPAT are before any fair value adjustments and any other one-off non-operating items.
DELEGAT INTERIM REPORT  CHAIR’S REPORT
2

OPERATING PERFORMANCE CONTINUED
Delegat achieved Operating Revenue of $178.6 million on global case sales of 1,634,000 in the
six month period. As a result, revenue is down $20.0 million on the same period last year. This
is primarily due to the impact of a 15% decrease in global case sales, offset by a favourable
foreign exchange movement. Operating Gross Profit is down 10% on the same period last year.
The Group’s case sales performance and foreign currency rates achieved are detailed in table 2.
Operating expenses (before NZ IFRS adjustments) at $37.9 million are $3.8 million higher
compared to the same period in the previous year. This is due to increased investment in
consumer advertising and brand marketing.
This decrease in operating net profit after tax for the six month period was expected following
the lower yielding 2024 vintage, challenging consumer market and inventory dynamics, along
with the planned price increases in certain markets impacting on case sales volumes in the
short term.
TABLE 2 CASE SALES AND FOREIGN CURRENCY
Dec 2024 Dec 2023 % change
Case Sales (000s) vs 2023
UK, Ireland and Europe 492 579 -15%
North America (USA and Canada) 785 959 -18%
Australia, NZ and Asia Pacific 357 386 -8%
Total Cases 1,634 1,924 -15%

Foreign Currency Rates
GB£ 0.4702 0.5046 7%
AU$ 0.9100 0.9185 1%
US$ 0.5975 0.6137 3%
CA$ 0.8170 0.8203 0%
DELEGAT INTERIM REPORT 2025 CHAIR’S REPORT
3

NZ IFRS FAIR VALUE ADJUSTMENTS
In accordance with NZ IFRS, the Group is required to account for certain of their assets at
‘fair value’ rather than at historic cost. All movements in these fair values are reflected in and
impact the Statement of Financial Performance. The Group records adjustments in respect of
two significant items at the half-year reporting date, as detailed in table 3.
• Harvest Provision Release (Grapes) – Inventory is valued at market value, rather than costs
incurred, at harvest. Any fair value adjustment is excluded from Operating Performance for
the year, by creating a Harvest Provision. This Harvest Provision is then released through
Cost of Sales when inventory is sold in subsequent years. This represents the reversal of
prior periods’ fair value adjustments in respect of biological produce as finished wine is
sold in subsequent years. This has resulted in an adjustment of $4.1 million for the period
(31 December 2023: adjustment of $10.5 million);
• Derivative financial instruments held to hedge the Group’s foreign currency and interest rate
exposure. The mark-to-market movement of these instruments at balance date resulted in a
fair value write-down of $17.8 million (31 December 2023: write-up of $4.5 million).
TABLE 3 IMPACT OF FAIR VALUE ADJUSTMENTS
Notes:
1. Biological Produce (Grapes) is the difference between market value paid for grapes and the cost to grow grapes.

The Harvest Provision is reversed and only recognised when the finished wine is sold.
2. n/m means not meaningful.
Dec 2024 Dec 2023 % change
NZ$ millions vs 2023
Operating NPAT 28.3 37.8 -25%
Operating NPAT % of Revenue 16% 19%
NZ IFRS Fair Value Items
Biological Produce (Grapes)
1
(4.1) (10.5) n/m
2
Derivative financial Instruments (17.8) 4.5 n/m
2
Total Fair Value Items (21.9) (6.0) n/m
2
Taxation of NZ IFRS fair value items 6.1 1.6 n/m
2
Fair Value Items after Tax (15.8) (4.4) n/m
2
Reported NPAT 12.5 33.4 -63%
DELEGAT INTERIM REPORT  CHAIR’S REPORT
4

RECONCILIATION OF REPORTING TO OPERATING PERFORMANCE
Accounting for all fair value adjustments under NZ IFRS, the Group’s reported unaudited
financial performance for the six months ended 31 December 2024 is reconciled to Operating
Profit as detailed in table 4.
CASH FLOW
The Group generated Cash Flows from Operations of $75.6 million in the current half-year,
which is an increase of $39.8 million on the same period last year. The increase is due to higher
collections from customers due to the timing of case sales and lower payments to suppliers.
A total of $40.8 million was paid for additional property, plant and equipment during the
period, including vineyard developments in New Zealand, and development of the Hawke’s
Bay and Marlborough wineries, which will provide earnings growth into the years ahead. The
Group distributed $20.2 million to shareholders in dividends. Net repayment of borrowings of
$16.5 million were made during the six month period.
The Group is well positioned to fund its current operations as well as future capital investment
in both New Zealand and Australia. The Group’s Net Debt at 31 December 2024 amounted to
$345.6 million, a decrease of $6.7 million compared with the last half-year and well within the
Group’s bank debt facilities of $420 million.
TABLE 4 RECONCILIATION OF REPORTING TO OPERATING PERFORMANCE
December 2024December 2023
Notes:
1. EBIT means earnings before interest and tax.
Operating Fair Value Reported Operating Fair Value Reported
NZ$ millions Adjustment Adjustment
Revenue 178.6 – 178.6 198.6 4.5 203.1
Cost of Sales (92.3) (4.1) (96.4) (102.5) (10.5) (113.0)
Gross Profit 86.3 (4.1) 82.2 96.1 (6.0) 90.1
Operating Expenses (37.9) (17.8) (55.7) (34.1) – (34.1)
EBIT
1
48.4 (21.9) 26.5 62.0 (6.0) 56.0
Interest and Tax (20.1) 6.1 (14.0) (24.2) 1.6 (22.6)
N PAT
2
28.3 (15.8) 12.5 37.8 (4.4) 33.4

EBIT
1
48.4 (21.9) 26.5 62.0 (6.0) 56.0
Depreciation
and amortisation 13.2 – 13.2 12.8 – 12.8
EBITDA
3
61.6 (21.9) 39.7 74.8 (6.0) 68.8
2. NPAT means net profit after tax.
3. EBITDA means earnings before interest, tax, depreciation and amortisation.
DELEGAT INTERIM REPORT 2025 CHAIR’S REPORT
5

LOOKING FORWARD
The Group expects its 2025 Operating Net Profit After Tax to be at the lower end of the range
of $55.0 million to $60.0 million.
JIM DELEGAT
CHAIR
DELEGAT INTERIM REPORT 2025 CHAIR’S REPORT
6

Unaudited
Dec 2024
6 Months
$000
Audited
June 2024
12 Months
$000
Unaudited
Dec 2023
6 Months
$000
Revenue 178,644 378,346 203,080
Profit before finance costs 26,404 81,283 55,970
Finance costs 9,042 19,705 9,608
Profit before income tax 17, 3 6 2 61,578 46,362
Income tax expense 4,895 30,201 12,915
Profit for the Period attributable to

Shareholders of the Parent Company 12,467 31,377 33,4 47

Earnings Per Share
– Basic and fully diluted earnings per share (cents per share) 12.33 31.03 33.07
The accompanying notes form part of these financial statements
STATEMENT OF FINANCIAL PERFORMANCE
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
7

Unaudited
Dec 2024
6 Months
$000
Audited
June 2024
12 Months
$000
Unaudited
Dec 2023
6 Months
$000
Profit after income tax 12,467 31,377 33,4 47
Other comprehensive income that may

subsequently be classified to the profit and loss:
– Translation of foreign subsidiaries 3,949 183 (2,006)
– Net (loss)/gain on hedge of a net investment (304) (125) 303
– Income tax relating to components

of other comprehensive income 85 35 (85)
Total comprehensive income for the period, net of tax 16,197 31,470 31,659
Comprehensive income attributable to

Shareholders of the Parent Company 16,197 31,470 31,659
The accompanying notes form part of these financial statements
STATEMENT OF OTHER COMPREHENSIVE INCOME
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
8

Share
Capital
$000
Foreign
Currency
Translation
Reserve
$000
Retained
Earnings
$000
Total
Equity
$000
Audited balance at 30 June 2024 49,815 19 506,165 555,999
Changes in equity for the period ended 31 December 2024
Other comprehensive income
– Translation of foreign subsidiaries – 3,949 – 3,949
– Net loss on hedge of a net investment – (304) – (304)
– Income tax relating to components of other comprehensive income – 85 – 85
Total other comprehensive income – 3,730 – 3,730
– Net profit for the period – – 12,467 12,467
Total comprehensive income for the period – 3,730 12,467 16,197
Equity Transactions
– Dividends paid to shareholders – – (20,233) (20,233)
Unaudited balance at 31 December 2024 49,815 3,749 498,399 551,963

FOR THE PERIOD ENDED 31 DECEMBER 2024 (UNAUDITED)
Share
Capital
$000
Foreign
Currency
Translation
Reserve
$000
Retained
Earnings
$000
Total
Equity
$000
Audited balance at 30 June 2023 49,815 (74) 495,030 544,771
Changes in equity for the year ended 30 June 2024
Other comprehensive income
– Translation of foreign subsidiaries – 183 – 183
– Net loss on hedge of a net investment – (125) – (125)
– Income tax relating to components of other comprehensive income – 35 – 35
Total other comprehensive income – 93 – 93
– Net profit for the year – – 31,377 31,377
Total comprehensive income for the year – 93 31,377 31,470
Equity Transactions
– Dividends paid to shareholders – – (20,242) (20,242)
Audited balance at 30 June 2024 49,815 19 506,165 555,999
FOR THE YEAR ENDED 30 JUNE 2024 (AUDITED)
The accompanying notes form part of these financial statements
STATEMENT OF CHANGES IN EQUITY
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
9

Share
Capital
$000
Foreign
Currency
Translation
Reserve
$000
Retained
Earnings
$000
Total
Equity
$000
Audited balance at 30 June 2023 49,815 (74) 495,030 544,771
Changes in equity for the period ended 31 December 2023
Other comprehensive income
– Translation of foreign subsidiaries – (2,006) – (2,006)
– Net gain on hedge of a net investment – 303 – 303
– Income tax relating to components of other comprehensive income – (85) – (85)
Total other comprehensive income – (1,788) – (1,788)
– Net profit for the period – – 33,447 33,4 47
Total comprehensive income for the period – (1,788) 33,447 31,659
Equity Transactions
– Dividends paid to shareholders – – (20,242) (20,242)
Unaudited balance at 31 December 2023 49,815 (1,862) 508,235 556,188
FOR THE PERIOD ENDED 31 DECEMBER 2023 (UNAUDITED)
The accompanying notes form part of these financial statements
STATEMENT OF CHANGES IN EQUITY CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
10

Unaudited
Dec 2024
$000
Audited
June 2024
$000
Unaudited
Dec 2023
$000
Equity
Share capital 49,815 49,815 49,815
Foreign currency translation reserve 3,749 19 (1,862)
Retained earnings 498,399 506,165 508,235
Total Equity 551,963 555,999 556,188

Liabilities
Current Liabilities
Trade payables and accruals 41,405 37,760 43,478
Derivative financial instruments 11,466 46 –
Income tax payable 4,163 2,927 10,699
Lease liability 7, 6 2 6 9,663 4,939
64,660 50,396 59,116
Non-Current Liabilities
Deferred tax liability 56,755 55,092 41,763
Derivative financial instruments 2,160 – –
Interest-bearing loans and borrowings (secured) 353,794 369,478 357,553
Lease liability 96,041 84,950 91,010
508,750 509,520 490,326
Total Liabilities 573,410 559,916 549,442
Total Equity and Liabilities 1,125,373 1,115,915 1,105,630

STATEMENT OF FINANCIAL POSITION
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES. AS AT 31 DECEMBER 2024
11

Unaudited
Dec 2024
$000
Audited
June 2024
$000
Unaudited
Dec 2023
$000
Assets
Current Assets
Cash and cash equivalents 8,161 9,384 5,296
Trade and other receivables 69,14 4 86,128 86,024
Derivative financial instruments 29 2,707 5,538
Inventories 13 7, 6 6 8 181,924 151,187
Biological work in progress 54,902 15,565 56,457
Assets held for sale – 7, 24 0 –
269,904 302,948 304,502
Non-Current Assets
Property, plant and equipment 766,951 728,180 720,661
Right-of-use assets 82,036 76,769 73,553
Intangible assets 6,482 6,434 6,416
Derivative financial instruments – 1,584 498
855,469 812,967 801,128
Total Assets 1,125,373 1,115,915 1,105,630
For, and on behalf of, the Board who authorised the issue of the financial statements on 28 February 2025.
JN Delegat
Chair
The accompanying notes form part of these financial statements
GN MacLeod
Director
STATEMENT OF FINANCIAL POSITION CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. AS AT 31 DECEMBER 2024
12

Unaudited
Dec 2024
6 Months
$000
Audited
June 2024

12 Months
$000
Unaudited
Dec 2023
6 Months
$000
Operating Activities
Cash was provided from
Receipts from customers 193,667 352,239 174,888
Net GST received 143 1,889 2,776
193,810 354,128 177,664
Cash was applied to
Payments to suppliers and employees 107,060 262,922 130,263
Net interest paid 9,229 19,449 8,389
Net income tax paid 1,967 14,896 3,258
118,256 297,267 141,910
Net Cash Inflows from Operating Activities 75,554 56,861 35,754
Investing Activities
Cash was provided from
Proceeds from sale of property, plant and equipment 7, 5 9 6 99 46
Dividends received 16 18 1
7,612 117 47
Cash was applied to
Purchase of property, plant and equipment 3 7, 3 9 5 65,978 43,351
Purchase of intangible assets – 32 35
Capitalised interest paid 3,374 5,563 2,784
40,769 71,573 46,170
Net Cash Outflows from Investing Activities (33,157) (71,456) (46,123)

The accompanying notes form part of these financial statements
STATEMENT OF CASH FLOWS
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
13

Unaudited
Dec 2024
6 Months
$000
Audited
June 2024

12 Months
$000
Unaudited
Dec 2023
6 Months
$000
Financing Activities
Cash was provided from
Proceeds from borrowings 4,858 51,056 52,154
4,858 51,056 52,154
Cash was applied to
Dividends paid to shareholders 20,213 20,232 20,225
Borrowing facility fees – 200 –
Repayment of borrowings 21,312 8,032 20,137
Repayment of lease liability 7, 4 9 1 5,188 2,615
49,016 33,652 42,977
Net Cash (Outflows)/Inflows from Financing Activities (44,158) 17,404 9,177

Net (Decrease)/Increase in Cash Held (1,761) 2,809 (1,192)
Cash and cash equivalents at beginning of the year 9,384 6,610 6,610
Effect of exchange rate changes on

foreign currency balances 538 (35) (122)
Cash and Cash Equivalents at End of the Period 8,161 9,384 5,296

The accompanying notes form part of these financial statements
STATEMENT OF CASH FLOWS CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
14

Unaudited
Dec 2024
6 Months
$000
Audited
June 2024
12 Months
$000
Unaudited
Dec 2023
6 Months
$000
Reconciliation of Profit for the Period with

Cash Flows from Operating Activities:
Reported profit after tax 12,467 31,377 33,4 47
Add/(deduct) items not involving cash flows
Depreciation and amortisation expense 13,326 25,835 12,794
Other non-cash items 3,471 (4,307) (1,669)
Net loss on disposal of assets 40 40 60
Movement in derivative financial instruments 17, 8 4 2 (2,689) (4,480)
Movement in deferred tax liability 1,663 14,307 978
36,342 33,186 7,683

Movement in working capital balances are as follows:
Trade payables and accruals 3,645 (14,451) (8,733)
Trade and other receivables 16,984 (23,650) (23,546)
Inventories 44,256 27,831 58,568
Biological work in progress (39,337) (855) (41,747)
Income tax 1,236 972 8,74 4
Add items classified as investing

and financing activities
Capital purchases included

within trade payables and inventories (39) 2,451 1,338
26,745 (7,702) (5,376)
Net Cash Inflows from Operating Activities 75,554 56,861 35,754

Reconciliation of movement in Net Debt:
Opening balance at beginning of the year 360,094 319,398 319,398
Per statement of cash flows:
– Net (repayment)/proceeds from borrowings (16,454) 43,024 32,017
– Borrowing facility fees – (200) –
– Net decrease/(increase) in cash held 1,761 (2,809) 1,192
Foreign exchange movement 66 283 (500)
Other non-cash movements 166 398 150
Closing balance at end of the Period 345,633 360,094 352,257
The accompanying notes form part of these financial statements
STATEMENT OF CASH FLOWS CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
15

1. GENERAL INFORMATION
REPORTING ENTITY
The financial statements presented are those of Delegat Group Limited and its subsidiaries (the Group). Delegat
Group Limited is a company limited by shares, incorporated and domiciled in New Zealand and registered under the
Companies Act 1993. The Parent shares are publicly traded on the New Zealand Stock Exchange.
The financial statements for the Group for the six months ended 31 December 2024 were authorised for issue in
accordance with a resolution of the Directors on 28 February 2025.
BASIS OF PREPARATION
The interim financial statements have been prepared in accordance with Generally Accepted Accounting Practice
in New Zealand (NZ GAAP), the requirements of the Financial Markets Conduct Act 2013, and NZ IAS 34: Interim
Financial Reporting. Accounting policies applied in these interim financial statements comply with New Zealand
equivalents to International Financial Reporting Standards, and other applicable Financial Reporting Standards

(NZ IFRS) as applicable to the Group as a profit-oriented entity.
The interim financial statements are presented in New Zealand Dollars, rounded to the nearest thousand. They are
prepared on a historical cost basis except for derivative financial instruments and biological produce which have
been measured at fair value.
The preparation of the interim financial statements in conformity with NZ IAS 34 requires the Group to make
judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and
liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the circumstances. Actual results may vary from these
estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimates are revised if the revision affects only that period, or in
the period of revision and future periods if the revision affects both current and future periods.
DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments such as forward currency contracts and options to economically
hedge its risk associated with foreign currency and interest rate swaps to manage interest rate risk. Such financial
instruments are initially recognised at fair value on the date on which a derivative contract is entered into, and
are subsequently remeasured to fair value at balance date. In estimating the fair value of the derivative financial
instruments the Group uses level 2 inputs of the fair value measurement hierarchy. The Group’s derivative financial
instruments fall into level 2 of the fair value measurement hierarchy because their fair value is determined using
inputs, other than quoted prices included in level 1, that are observable for the asset or liability, either directly as
prices or indirectly (derived from prices). The fair values are derived through valuation techniques that maximise the
use of observable market data where it is available and rely as little as possible on entity specific estimates.
CHANGES IN ACCOUNTING POLICIES
The accounting policies adopted are consistent with those of the previous financial year. Refer to the published
financial statements for the year ended 30 June 2024 for a complete listing of the Group accounting policies.
NOTES TO THE FINANCIAL STATEMENTS
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
16

2. SEGMENTAL REPORTING
The Group reviews its operational performance based upon the management and the geographic areas in which
their customers are based. Financial information which is available to management in order to assess segment
performance and investment opportunities is presented on the same basis. In accordance with NZ IFRS 8: Operating
Segments this forms the basis of presentation for Segment Reporting and is the format adopted below:
– Delegat Limited (Delegat) is party to vineyard leases and has interests in freehold land and winery infrastructure
which allows the company to grow, harvest and make finished wine to be marketed, distributed and sold into the
Super Premium wine markets. Delegat sells and markets its product through a combination of subsidiary companies
based overseas or to customers and distributors directly in the New Zealand, Canadian, Asian and Pacific Island
markets. Delegat Australia Pty Limited, Delegat Europe Limited and Delegat USA, Inc. act as distributors and
assist in the marketing of product in their respective geographic regions. Wines are sold all year round to all regions
and the Group considers there is no significant variation in revenues throughout the year.
The Group implements appropriate transfer pricing regimes within the operating segments on an arm’s length basis
in a manner similar to transactions with third parties.
Management monitors the operating results of its business units separately for the purpose of making resource
allocations and performance assessments. Segment performance is evaluated based on operating profit or loss,
which may be measured differently from operating profit or loss in the consolidated financial statements as segment
reporting is based upon internal management reports. The main differences are a result of some deferred tax
balances being recognised upon consolidation not being allocated to individual subsidiaries. Also intercompany
stock margin eliminations are managed on a group basis and are not allocated to operating segments.
For the 6 months
ended
31 December 2024
Delegat
Limited

$000
Delegat
Australia
Pty Ltd
$000
Delegat
Europe
Limited
$000
Delegat
USA, Inc.

$000
Other
Segments
10

$000
Eliminations
and
Adjustments
11

$000
6 months
ended
31 December
2024
$000
Operating income
External sales
2,8
36,980 30,217 48,777 90,064 5,783 (33,230) 178,591
Internal sales 154,233 – – – 4,040 (158,273) –
Dividend revenue 16 – – – 810 (797) 29
Interest revenue 12 4 3 1 4 – 24
Total segment revenues
1
191,241 30,221 48,780 90,065 10,637 (192,300) 178,644

Operating expenses
Interest expense
3
7,832 52 3 79 1,076 – 9,042
Depreciation and amortisation
4
11,879 251 82 245 869 – 13,326
Income tax expense
5
5,025 184 431 377 363 (1,485) 4,895

Segment profit / (loss) 12,637 421 1,291 1,006 1,726 (4,614) 12,467

Assets
Segment assets
6
1,027,787 16,260 50,016 37,248 119,452 (125,390) 1,125,373
Capital expenditure
7
40,274 – – – 238 – 40,512

Segment liabilities 550,948 10,652 30,331 7,369 44,408 (70,298) 573,410

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
17

For the 6 months
ended
31 December 2023
Delegat
Limited

$000
Delegat
Australia
Pty Ltd
$000
Delegat
Europe
Limited
$000
Delegat
USA, Inc.

$000
Other
Segments
10

$000
Eliminations
and
Adjustments
11

$000
6 months
ended
31 December
2023
$000
Operating income
External sales
2,9,12
37,527 32,304 52,644 110,241 4,163 (38,652) 198,227
Internal sales 178,094 – – – 3,192 (181,286) –
Unrealised foreign

exchange (loss)/gain (1,793) – 42 – 2 2,076 327
Fair value gain on derivative

financial instruments 4,480 – – – – – 4,480
Dividend revenue 1 – – – 21 – 22
Interest revenue 15 4 2 – 3 – 24
Total segment revenues
1
218,324 32,308 52,688 110,241 7,381 (217,862) 203,080

Operating expenses
Interest expense
3
8,488 19 14 10 1,077 – 9,608
Depreciation and amortisation
4
11,319 284 79 278 834 – 12,794
Income tax expense
5
10,453 205 465 429 139 1,224 12,915

Segment profit 26,695 467 1,393 1,357 388 3,147 33,4 47

Assets
Segment assets
6
1,033,118 15,798 53,688 37,221 111,794 (145,989) 1,105,630
Capital expenditure
7
44,602 2 17 8 185 – 44,814

Segment liabilities 542,067 9,364 38,494 12,502 42,413 (95,398) 549,442
1. Intersegment revenues are eliminated on consolidation. Intercompany profit margins are also eliminated.
2. External sales revenue includes various payments to customers for volume discounts, rebates and other promotional support.
For volume discounts, rebates and other promotional support not invoiced at 30 June 2024 the Group recognised accruals of
$28,780,000 (30 June 2023: $25,719,000). During the six months ended 31 December 2024 $206,000 of these accruals have
been released (31 December 2023: charge of $195,000).
3. Interest expense is net of any interest capitalised to long-term assets and inventory. During the period $3,374,000 (31 December
2023: $2,784,000) was capitalised to long-term assets. During the period $2,494,000 (31 December 2023: $2,400,000) was
capitalised to inventory.
4. Depreciation expense presented above is gross of $11,459,000 (31 December 2023: $10,670,000), which has been included
within inventory.
5. Segment income tax expense does not include the deferred tax impacts of temporary differences arising from intercompany
stock margin eliminations or fair value adjustments resulting from the purchase of subsidiary companies as these are managed
on a group level.
6. Segment assets include the value of investments and loan balances for subsidiaries which reside in Delegat Limited however do
not include the effects of stock margin eliminations for stock on hand in subsidiaries.
7. Capital expenditure consists of additions of property, plant and equipment inclusive of capitalised interest. Capital expenditure
is included within each of the reported segment assets noted above.
8. For the six months ended 31 December 2024 Delegat USA, Inc. had a single customer which comprised 10% or more of Group
sales amounting to $44,979,000.
9. For the six months ended 31 December 2023 Delegat USA, Inc. had a single customer which comprised 10% or more of Group
sales amounting to $53,823,000.
10. Other segments’ assets include non-current assets of Barossa Valley Estate Pty Limited of $45,387,000 (31 December 2023:
$45,280,000) which are located in Australia.
11. The eliminations and adjustments of segment profit, assets and liabilities relate to intercompany transactions and balances
which are eliminated on consolidation.
12. The classification of external sales between segments in the prior period has been restated to be comparable with the
classification in the current period.
2. SEGMENTAL REPORTING (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
18

3. EXPENSES
Expenses by function have been categorised as follows:
Unaudited
Dec 2024
6 Months
$000
Audited
June 2024
12 Months
$000
Unaudited
Dec 2023
6 Months
$000
Cost of sales 96,413 228,488 113,016
Selling, marketing and promotion expenses 28,135 49,637 24,735
Corporate governance expenses 783 1,709 750
Administration expenses 8,260 17,229 8,609
Unrealised foreign exchange losses 807 – –
Fair value loss on financial derivative instruments 17, 8 4 2 – –

4. ACQUISITION AND DISPOSAL OF ASSETS
During the six months ended 31 December 2024 the Group incurred total capital expenditure of $40,512,000
(31 December 2023: $44,814,000). During the six months ended 31 December 2024 the Group disposed of property,
plant and equipment with a net book value of $7,342,000 (31 December 2023: $107,000).
5. CAPITAL COMMITMENTS
The estimated capital expenditure contracted for at 31 December 2024 but not provided for is $11,856,000
(31 December 2023: $32,753,000).
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
19

Directors
Jakov Nikola Delegat
Rosamari Suzan Delegat
Alan Trevor Jackson
Doug Alexander McKay
Gordon Neil MacLeod
Phillipa Margaret Muir
Registered Office
Level 31, 15 Customs Street West
Auckland 1010
PO Box 91681
Victoria Street West
Auckland 1142
Solicitors
Heimsath Alexander
Level 1, Shed 22, Prince’s Wharf
147 Quay Street
PO Box 105884
Auckland 1143
Auditors
Deloitte Limited
Deloitte Centre, Levels 15-20, 1 Queen Street
Auckland 1010
Private Bag 115033
Shortland Street
Auckland 1140
Share Registrar
Computershare Investor Services Limited
Private Bag 92119
Auckland 1142
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622
Managing your shareholding online:
To change your address, update your payment
instructions and to view your registered details
including transactions please visit
www.investorcentre.com/NZ
General enquiries can be directed to:
enquiry@computershare.co.nz
Private Bag 92119
Auckland 1142
Telephone:
+64 9 488 8777
Facsimile:
+64 9 488 8787
Please assist our registry by quoting your CSN or
shareholder number.
DIRECTORY
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
20