HGH Ltd Results for the 6 months ended 1 February 2025

Results Announcement



Results for announcement to the market
Name of issuer Hallenstein Glasson Holding Limited
Reporting Period 6 months to 1 February 2025
Previous Reporting Period 6 months to 1 February 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$240,033 +7.7%
Total Revenue $240,033 +7.7%
Net profit/(loss) from
continuing operations
$21,202 +0.3%
Total net profit/(loss) $21,202 +0.3%
Interim Dividend
Amount per Quoted Equity
Security
$ 0.245
Imputed amount per Quoted
Equity Security
$0.03855886
Record Date 10 April 2025
Dividend Payment Date 17 April 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.84 $1.71
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For further information refer to the attached:
 Group CEO’s announcement
 Interim financial statements
Authority for this announcement
Name of person

authorised
to make this announcement
Cameron Alderton
Contact person for this
announcement
Cameron Alderton
Contact phone number + 64 22 394 5785
Contact email address c
ameron@glassons.com

Date of release through MAP

28 March 2025

Unaudited interim financial statements accompany this announcement.

---

28 March 2025 
 
HALLENSTEIN GLASSON HOLDINGS LIMITED  
 
UNAUDITED RESULTS FOR 6 MONTHS ENDED 1 FEBRUARY 2025 
 
The Company advises that unaudited total Group sales for the six months to 1 February 2025 were 
$240.0 million, compared to $223.0 million in the prior corresponding period. Group unaudited net 
profit after tax
 (NPAT) was $21.2 million, an increase of 0.3% over the corresponding period last year 
($21.1 million). The result is in line with the guidance announced to the NZX on 28 February 2025. 
 
Gross margin on sales was 58.5% compared with 58.9% in the prior corresponding period.  The 
reduction in the 
margin was due to the challenging New Zealand retail environment over the peak 
trade period.  The strengthening USD continued to impact on our inventory purchasing costs.   
 
During the six months to 1 February 2025 there was a continued focus on operating cost efficiency 
across the Group given the difficult trading environment.
  This was balanced with continued 
investment in our operational capabilities to support the growth of our Australian brands, which 
continue to deliver strong performance. Inventory levels were tightly controlled and ended the 
period lower than the prior year end.   
 
The balance sheet remains in a strong position with improved working 
capital compared to the prior 
corresponding period and significant cash reserves of $49.9 million. 
 
Segment Results  
 
Glassons 
 
Sales in Australia were $123.9 million for the six‐month period, were up +15.8% against the prior 
corresponding period inclusive of sales from new and refurbished stores. The Australian business 
continued to experience
 growth throughout the half. Net profit after tax was $11.8 million, an 
increase of +9.0% on the prior year ($10.9 million). 
 
During the period the Werribee store in Victoria was relocated and expanded, the season also 
benefited from the Rundle Mall store in Adelaide which opened in the prior winter
 season as well as 
several other stores that were refurbished in the second half of the prior year.  Post reporting 
period, an outlet store in Harbour Town Adelaide opened in March, with a further store opening 
imminently in the Sunshine Coast, Queensland. 
 
Sales in New Zealand were $57.3 million, which 
were up +0.2% against the same period last year, 
reflective of a tougher trading environment compared to Australia, though a pleasing result when 
compared to the overall retail environment within New Zealand.  Net profit after tax was $6.7 
million, an increase of +18.0% on the prior corresponding period ($5.7 million).  
 
 
 

 
 
During the season the Lynn Mall and Shirley stores were refurbished to ensure the look of the stores 
represented the brand through consistency with the rest of the store network.  A new store was 
opened at the Manawa Bay Outlet Centre near Auckland Airport in September.  The Timaru store 
was 
closed at the end of August 2024.  Post reporting period, the Queen Street store has been 
refurbished and has reopened in late March. 
 
Glassons continues to strengthen as a leading women’s fashion brand in both Australia and New 
Zealand, delivering strong growth in a challenging retail environment.  
 
Hallensteins  
 
Sales were
 $58.8 million for the six‐month period (including Australia), with sales flat against the 
same period last year +0.1%, however at a reduced gross margin at 56.2%.  Margin was impacted by 
the difficult trading environment in New Zealand. Net profit after tax was $2.5 million, a decrease of 
‐43.6% on
 the prior corresponding period ($4.5 million).   
 
During the season, our new store concept design was rolled out in the Silverdale store in Auckland in 
November, and a new store was also opened in Manawa Bay Outlet Centre in September.  Our 
Queen Street store has also moved to an improved location.
 We continue to look for further 
opportunities in Queensland to capitalise on the strong growth the brand has experienced recently 
in the market. 
 
E‐Commerce  
 
Digital sales have increased to 17.7% of total Group sales for the six‐month period, up from 17.3% in 
the same period last year. Growth
 has returned to our digital channels following a normalisation of 
post‐pandemic trade.  Customers have continued to enjoy the physical in‐store experience with 
many of our customers shopping both in‐store and online concurrently, demanding a true 
omnichannel experience.  There is a continued focus on digital marketing across the 
Group to drive 
engagement across all channels and ensure that customers enjoy a similar experience whether 
shopping in store or online.  The Glassons App continues to be very successful, while significant work 
has been undertaken on both the Hallensteins and Glassons web shops to improve customer 
experience and increase conversion. 
 
Dividend  
 
The Directors have declared an interim dividend of 24.5 cents per share (partially imputed at 40.5%) 
(last year 24 cents per share partially imputed at 45%) to be paid on 17 April 2025.  The dividend 
payment can be maintained due to the strong balance sheet and operating cash generation.  
 
 
 
 
 
 
 

 
 
Future Outlook 
 
Group sales for the first seven weeks are +5.4% ahead of the same period last year, however margin 
remains under pressure. The retail environment has remained subdued in the New Zealand market, 
although we remain well placed as this recovers.   
 
We are conscious of the significant challenges 
that are expected to continue for the remainder of 
the financial year given the uncertainty in the current economic environment in New Zealand, 
Australia and globally. Alongside the new stores opened in the first half, the Group has additional 
refurbishment and new store opportunities to support growth in the second half
 of the 2025 
financial year. We continue to look for margin, operational and cost efficiencies, while remaining 
flexible with our product offerings to ensure we are well positioned for changes in the market. 
 
 
 
Chris Kinraid 
Group CEO

---

STATEMENT OF COMPREHENSIVE INCOME 
For the six months ended 1 February 2025 (unaudited) 
1




Note
SIX MONTHS
ENDED
1/2/25
SIX MONTHS
ENDED
1/2/24
$000
$000
Sales revenue240,033
222,954
Cost of sales
(99,709)
(91,707)
Gross profit140,324
131,247
Other operating income
137
122
Selling expenses
(82,058)
(75,398)
Distribution expenses
(8,381)
(7,583)
Administration expenses
(18,934)
(17,470)
Total expenses2.2(109,373)
(100,451)
Operating profit31,088
30,918
Finance income
1,166
895
Finance expense
(2,320)
(1,963)
Profit before income tax29,934
29,850
Income tax expense
(8,732)
(8,704)
Net profit after tax attributable to the shareholders of the Holding Company21,202
21,146
Other comprehensive income
- Items that will not be reclassified to profit or loss
Increase in share option reserve
-
36
- Items that may be subsequently reclassified to profit or loss
Fair value loss (net of tax) in cash flow hedge reserve
1,663
(983)
Movement in foreign currency translation reserve
456
-
Total comprehensive income for the year
23,321
20,199
Earnings per share
Basic earnings per share
35.5
35.5
Diluted earnings per share
35.5
35.5
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

STATEMENT OF FINANCIAL POSITION 
As at 1 February 2025 (unaudited) 
2
NoteAs a t 1/2/25
As at 1/2/24As at 1/8/24
$000
$000$000
EQUITY
Contributed equity
29,279
28,892 29,279
Asset revaluation reserve
26,105
26,526 26,105
Cashflow hedge reserve
2,599
16 936
Share option reserve
17
95 -
Foreign Currency Translation Reserve
456
- -
Retained earnings
52,282
47,762 46,887
Total equity110,738
103,291 103,207
Represented by
CURRENT ASSETS
Cash and cash equivalents
49,932
43,011 45,915
Trade and other receivables
1,000
555 407
Advances to employees
786
695 847
Prepayments
2,013
5,133 5,841
Taxation Receivable
-
1,481 -
Inventories
327,441
22,765 27,484
Derivative financial instruments
3,684
594 1,317
Total current assets84,856
74,234 81,811
NON-CURRENT ASSETS
Property, plant and equipment
461,339
59,608 58,779
Right of use assets
62,898
63,896 67,029
Investment property
3,080
3,208 3,080
Intangible assets
1,079
913 993
Deferred tax
6,787
6,925 7,323
Total non-current assets135,183
134,550 137,204
Total assets220,039
208,784 219,015
CURRENT LIABILITIES
Trade payables
10,078
9,154 9,828
Employee benefits
9,542
8,552 8,928
Other payables
13,113
10,820 15,400
Lease liabilities
26,572
25,361 26,691
Derivative financial instruments
24
572 2
Taxation payable
1,238
- 2,466
Total current liabilities60,567
54,459 63,315
NON-CURRENT LIABILITIES
Lease liabilities
48,734
51,034 52,493
Total liabilities109,301
105,493 115,808
Ne t a sse ts110,738
103,291 103,207
The Financial Statements are signed for and on behalf of the Board and were authorised for issue on 28 March 2025.
______________________________Director ______________________________Director
Date
28 March 2025
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

STATEMENT OF CHANGES IN EQUITY 
For the six months ended 1 February 2025 (unaudited) 
3



SHARE
CAPITAL
TREASURY
STOCK
ASSET
REVALUATION
RESERVE
CASH FLOW
HEDGE
RESERVE
SHARE
OPTION
RESERVE
FOREIGN
CURRENCY
TRANSLATION
RESERVE
RETAINED
EARNINGS
TOTAL
EQUITY
$000$000$000$000$000$000$000
Balance at 1 August 202329,279 (1,139) 26,526 999 294 -40,717 96,676
COMPREHENSIVE INCOME
Profit for year - - - - - - 21,146 21,146
Cas h flow hedges net of tax - - - (983) - - - (983)
Increas e in s hare option res erve - - - - 36 - - 36
Total comprehensive income
- - - (983) 36 - 21,146 20,199
TRANSACTIONS W ITH OW NERS
Sale of treas ury s tock - 141 - - - - - 141
Transfer of share option reserve to
retained earnings - - - - (235)- 235 -
Dividends - 18 - - - - (14,316) (14,298)
Trans fer to em ployee advances - 573 - - - - - 573
Gain/loss on sale of treasury stock
trans ferred to retained earnings
- 20 - - - - (20) -
Total transactions with owners
- 752 - - (235)- (14,101) (13,584)
Balance at 1 February 2024
29,279(387)26,5261695-47,762103,291
COMPREHENSIVE INCOME
Profit for year - - - - - - 13,340 13,340
Revaluation net of tax - - (421) - - - - (421)
Cas h flow hedges net of tax - - - 920 - - - 920
Total comprehensive income
- - (421) 920 - - 13,340 13,839
TRANSACTIONS W ITH OW NERS
Transfer of share option reserve to
retained earnings - - - (102)- 102 -
Dividends - 11 - - - - (14,316) (14,305)
Increas e in s hare option res erve - - - - 7 - - 7
Trans fer to em ployee advances - 375 - - - - - 375
Gain/loss on sale of treasury stock
trans ferred to retained earnings
- 1 - - - - (1) -
Total transactions with owners
- 387 - - (95) -(14,215) (13,923)
Balance at 1 August 2024
29,279 - 26,105 936 - -46,887 103,207
COMPREHENSIVE INCOME
Profit for year
- - - - - - 21,202 21,202
Cas h flow hedges net of tax
- - - 1,663 - - - 1,663
Other comprehensive income
- - - - - 456 - 456
Total comprehensive income - - - 1,663 - 456 21,202 23,321
TRANSACTIONS W ITH OW NERS
Dividends
- - - - - - (15,807) (15,807)
Increase in share option reserve
- - - - 17 - - 17
Total transactions w ith ow ners - - - - 17 - (15,807) (15,790)
Balance at 1 February 202529,279 - 26,105 2,599 17 456 52,282 110,738
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

STATEMENT OF CASH FLOWS 
For the six months ended 1 February 2025 (unaudited) 
4



SIX MONTHS
ENDED 1/2/25
SIX MONTHS
ENDED 1/2/24
$000
$000
CASH FLOWS FROM OPERATING ACTIVITIES
Ca sh w a s p r o vi d e d fr o m :
Sales to customers
239,922
222,717
Rent received
122
122
Interest received
1,164
892
Interest on debtors
2
3
241,210
223,734
Ca sh w a s a p p l i e d to :
Payments to suppliers
140,718
123,750
Payments to employees
45,880
41,636
Interest paid on leases
2,320
1,963
Taxation paid
10,105
11,294
199,023
178,643
Ne t ca sh flow s from opera ting a ctivitie s42,187
45,091
CASH FLOWS FROM INVESTING ACTIVITIES
Ca sh w a s p r o vi d e d fr o m :
Proceeds from sale of property, plant, equipment and intangible assets
47
67
Repayment of employee advances
61
38
108
105
Ca sh w a s a p p l i e d to :
Purchase of property, plant, equipment and intangible assets
8,595
9,401
8,595
9,401
Ne t ca sh flow s a pplie d to inve sting a ctivitie s(8,487)
(9,296)
CASH FLOWS FROM FINANCING ACTIVITIES
Ca sh w a s p r o vi d e d fr o m :
Proceeds from sale of treasury stock and dividends
-
159
-
159

Ca sh w a s a p p l i e d to :
Dividend paid
15,807
14,316
Lease liability payments
13,876
11,105
29,683
25,421
Net cash flow s applied to financing activities(29,683)
(25,262)
Net increase in funds held4,017
10,533
Cash and cash equivalents at the beginning of the period45,915
32,478
Cash and cash equivalents at the end of the period49,932 43,011
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

STATEMENT OF CASH FLOWS (CONTINUED) 
For the six months ended 1 February 2025 (unaudited) 
5


RECONCILIATION OF PROFIT AFTER TAXATION TO CASH FLOWS FROM OPERATING
ACTIVITIES

SIX MONTHS
ENDED 1/2/25
SIX MONTHS
ENDED 1/2/24
$000
$000
NET PROFIT AFTER TAXATION21,202
21,146
ADD/(DEDUCT) ITEMS CLASSIFIED AS INVESTING OR FINANCING ACTIVITIES
Loss/(gain) on sale of plant and equipment
(5)
13

ADD/(DEDUCT) NON CASH ITEMS
Depreciation and amortisation
20,037
18,504
Deferred taxation
(145)
(518)
Share option expense
17
36
Gain on termination of lease
-
(59)
ADD/(DEDUCT) MOVEMENTS IN W ORKING CAPITAL ITEMS
Taxation payable
(1,228)
(2,071)
Trade and other receivables and prepayments
3,235
61
Trade and other payables and employee benefits
(969)
(261)
Inventories
43
8,240
NET CASH FLOW S FROM OPERATING ACTIVITIES42,187
45,091
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2025 (unaudited) 
6


1 Basis of preparation of financial statements
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.

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
an 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 28 March 2025.

1.2 General accounting policies
Statement of compliance
These interim financial statements for the half year ended 1 February 2025 have been prepared in
accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP), NZ IAS 34 and
IAS 34 Interim Financial Reporting and should be read in conjunction with the 2024 Annual Report.

Basis of preparation of financial statements
The accounting policies used in the preparation of these financial statements are consistent with
those used in the previously published interim financial statements to 1 February 2024, and the
audited financial statements to 1 August 2024, unless stated otherwise.
Certain comparative balances have been restated for consistency with the treatment in the 1 August
2024 consolidated financial statements.
The financial statements for the six months ended 1 February 2025 and 1 February 2024 are
unaudited. The comparative information for the year ended 1 August 2024 is audited.
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 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.

Foreign currency translation
Effective from 2 August 2024, Glassons Australia and Hallensteins Australia, previously registered as
branches in Australia, have become Australian companies registered with ASIC in accordance with
Part 5B.1 of the Corporations Act 2001 (Cth) (Australia). The effect of this gave rise to two operating
subsidiaries in Australia.

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2025 (unaudited) 
7


As a part of the domiciliation of these companies, 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 the 2 August 2024 is appropriate.

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:

• Assets and liabilities for each balance sheet presented are translated at the closing rate at the date
of that balance sheet;
• Income and expenses for each statement of comprehensive income are translated at average
exchange rates; and
• All resulting exchange differences are recognised in other comprehensive income.

On consolidation, exchange differences arising from the translation of the net investment in foreign
operations, and other currency instruments designated as hedges of such investments, are taken to
other comprehensive income.

Revised comparative balances
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.

2 Performance information
2.1 Segment information
The Board of Directors considers the business from both a product and geographic perspective as
follows:
 Hallensteins (Hallensteins Ltd (New Zealand) and Hallensteins Australia Pty Limited
(Australia))
 Glassons Limited (New Zealand)
 Glassons Australia Pty Limited (Australia)
 Hallenstein Properties Limited (New Zealand)
 Hallenstein Glasson Holdings Limited – Parent (New Zealand)


Segment results and key balances are shown below. Segment assets and liabilities are measured in
the same way as in the financial statements. Assets and liabilities are allocated based on the
operations of the segment.

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2025 (unaudited) 
8


2.1 Segment information (continued)

Segment results:
For the six months ended
1 February 2025
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA HALLENSTEINS
HALLENSTEIN
PROPERTYPARENT
TOTAL
SEGMENTS
$000$000$000$000$000$000
I NCOME STATEMENT
Segment revenue63,287 124,544 59,362 - 629
247,822
Intercompany segment revenue(6,032) (605) (523) - (629)
(7,789)
Sales revenue from external customers57,255 123,939 58,839 - -
240,033
Cost of sales(25,760) (48,152) (25,797) - -
(99,709)
Gross profit31,495 75,787 33,042 - -
140,324
Finance income256 483 344 - 83
1,166
Finance expenses(651) (1,034) (623) - (12)
(2,320)
Depreciation and software amortisation5,535 9,579 4,607 262 54
20,037
Profit before income tax9,280 16,918 3,526 201 9
29,934
Income tax expense(2,602) (5,069) (1,005) (56) -
(8,732)
Profit after income tax6,678 11,849 2,521 145 9
21,202
BALANCE SHEET
Current assets26,055 29,010 19,958 6,310 3,523
84,856
Non-current assets38,702 48,003 28,006 20,472 -
135,183
Current liabilities16,486 29,756 14,058 287 (20)
60,567
Non-current liabilities15,343 20,112 13,279 - -
48,734
Purchase of property, plant, equipment
and intangibles2,210 2,995 3,390 - -
8,595
For the six months ended
1 February 2024
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
HALLENSTEIN
BROTHERS
HALLENSTEIN
PROPERTYPARENT
TOTAL
SEGMENTS
$000$000$000$000$000$000
INCOME STATEMENT
Segment revenue62,133 107,678 59,042 - 482
229,335
Intercompany segment revenue(5,006) (617) (276) - (482)
(6,381)
Sales revenue from external customers57,127 107,061 58,766 - -
222,954
Cost of sales(25,908) (41,568) (24,231) - -
(91,707)
Gross profit31,219 65,493 34,535 - -
131,247
Finance income133 348 335 - 79
895
Finance expenses(740) (650) (561) - (12)
(1,963)
Depreciation and software amortisation5,603 7,508 5,088 262 43
18,504
Profit before income tax7,865 15,547 6,241 195 2
29,850
Income tax expense(2,206) (4,674) (1,769) (55) -
(8,704)
Profit after income tax5,659 10,873 4,472 140 2
21,146
BALANCE SHEET
Current assets20,140 22,441 22,937 5,440 3,276
74,234
Non-current assets45,842 39,555 26,869 22,284 -
134,550
Current liabilities14,934 23,934 15,507 54 30
54,459
Non-current liabilities21,403 16,711 12,920 - -
51,034
Purchase of property, plant, equipment
and intangibles2,820 3,726 2,855 - -
9,401

NOTES TO THE FINANCIAL STATEMENTS 
For the six months ended 1 February 2025 (unaudited) 
9



2.2 Income and expenses
Profit before income tax includes the following specific expenses:

SIX MONTHS
ENDED 1/2/25
SIX MONTHS
ENDED 1/2/24
$000
$000
Occupancy costs
1
21,039
20,030
Wages, salaries and other short term benefits
43,756
40,638
Depreciation, amortisation and impairment of property, plant and equipment
5,907
5,882
Loss/(Gain) on sale of property, plant and equipment
(5)
13


1
Occupancy costs include rental expense on short term leases, depreciation, and interest expense on
right of use assets.
2.3 Dividend payments

SIX MONTHS
ENDED 1/2/25
SIX MONTHS
ENDED 1/2/24
SIX MONTHS
ENDED 1/2/25
SIX MONTHS
ENDED 1/2/24
cents/sharecents/share$000
$000
Final dividend payment for the period ended 1 August 2024
26.50
-
15,807
-
Final dividend payment for the period ended 1 August 2023
-
24.00
-
14,316
Total26.50
24.00
15,807
14,316


3 Inventories
During the six months ended 1 February 2025, the Group recognised in the Statement of
Comprehensive Income, a write down of finished goods inventory to provide for obsolescence of
$138,000 (2024: $115,000).

4 Property, plant and equipment
Acquisitions and disposals
During the six months ended 1 February 2025, the Group acquired assets with a total cost of
$8,595,000 (2024: $9,401,000).
Assets with a net book value of $41,000 were disposed of during the six months ended 1 February
2025 (2024: $80,000).

5 Related party transactions
The Group enters into transactions with related parties. Details of related parties, and the types of
transactions entered into during the period ended 1 February 2025, are consistent with those
disclosed in the audited financial statements for the year ended 1 August 2024.

6 Events subsequent to balance date
Subsequent to the half year end, the Board has resolved to pay an interim dividend of 24.5 cents per
share (partially imputed at 40.5%) (2024 Interim Dividend: 24.0 cents partially imputed at 45%). The
dividend will be paid on 17
th
April 2025 to all shareholders on the Company’s register as at 5.00pm,
10
th
April 2025.

---

Distribution Notice





Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Hallenstein Glasson Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code HLG
ISIN (If unknown, check on NZX
website)
NZHLGE 0001S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 10 April 2025
Ex-Date (one business day before the
Record Date)
9 April 2025
Payment date (and allotment date for
DRP)
17 April 2025
Total monies associated with the
distribution
1

$14,614,020 based on the number of units on issue at
the date of the form
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.28355886
Gross taxable amount
3
$0.28355886
Total cash distribution
4
$0.24500000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.01749732
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Partial imputation



1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

13.60%
Imputation tax credits per financial
product
$0.03855886
Resident Withholding Tax per
financial product
$0.05501556
Section 4: Distribution re-investment plan1 (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Cameron Alderton
Contact person for this
announcement
Cameron Alderton
Contact phone number +64 22 394 5785
Contact email address cameron@glassons.com
Date of release through MAP

28/03/2025





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.