HLG Interim Report for 6 months ended 1 February 2025

HALLENSTEIN GLASSON HOLDINGS LIMITED | INTERIM REPORT 2025

Group CEO Report
Statement of
Comprehensive
Income
Statement
of Financial Position
Statement
of Changes
in Equity
Statement of
Cash Flows
Notes to the
Financial
Statements
02
04
05
06
07
09

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2
HALLENSTEIN GLASSON HOLDINGS LIMITED | INTERIM REPORT 2025
REPORT
GROUP CEO

3
HALLENSTEIN GLASSON HOLDINGS LIMITED | INTERIM REPORT 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.
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.
HALLENSTEIN
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 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
GROUP CEO

4
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2025 (UNAUDITED)
SIX MONTHS
ENDED
1/2/25
SIX MONTHS
ENDED
1/2/24
$000’s
NOTE
Sales revenue 240,033 222,954
Cost of sales(99,709) (91,707)
Gross profit 140,324 131,247
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 profit 31,088 30,918
Finance income 1,166 895
Finance expense(2,320) (1,963)
Profit before income tax 29,934 29,850
Income tax expense(8,732) (8,704)
Net profit after tax attributable to the shareholders
of the Holding Company
21,202 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
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.
(983)

5
STATEMENT OF FINANCIAL POSITION
AS AT 1 FEBRUARY 2025 (UNAUDITED)
NOTE
AS AT
1/2/25
AS AT
1/2/24
AS AT
1/8/24
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 equity 110,738 103,291 103,207
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 -
Inventories3 27,441 22,765 27,484
Derivative financial instruments 3,684 594 1,317
Total current assets 84,856 74,234 81,811
NON-CURRENT ASSETS
Property, plant and equipment4 61,339 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 assets 135,183 134,550 137,204
Total assets 220,039 208,784 219,015
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 liabilities 60,567 54,459 63,315
NON-CURRENT LIABILITIES
Lease liabilities 48,734 51,034 52,493
Total liabilities 109,301 105,493 115,808
Net assets 110,738 103,291 103,207
$000’s
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.
The Financial Statements are signed for and on behalf of the Board and were authorised for issue on 28 March 2025.
GRAEME POPPLEWELL
DIRECTOR
28 MARCH 2025
MALCOLM FORD
DIRECTOR
28 MARCH 2025

6
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2025 (UNAUDITED)
$000’s
SHARE
CAPITAL
TREASURY
STOCK
ASSET
REVALUATION
RESERVE
CASH
FLOW
HEDGE
RESERVE
SHARE
OPTION
RESERVE
FOREIGN
CURRENCY
TRANSLATION
RESERVE
RETAINED
EARNINGS
TOTAL
EQUITY
Balance at 1 August 2023 29,279 (1,139) 26,526 999 294 - 40,717 96,676
COMPREHENSIVE INCOME
Profit for year - - - - - - 21,146 21,146
Cash flow hedges net of tax - - - (983) - - - (983)
Increase in share option reserve - - - - 36 - - 36
Total comprehensive income - - - (983) 36 - 21,146 20,199
TRANSACTIONS WITH OWNERS
Sale of treasury stock
- 141 - - - - - 141
Transfer of share option
reserve to retained earnings
- - - - (235)- 235 -
Dividends
- 18 - - - -
Transfer to employee advances
- 573 - - - --573
Gain/loss on sale of treasury
stock transferred to retained
earnings
- 20 - - - -(20)-
Total transactions with owners
- 752 - - (235)-(14,101)(13,584)
Balance at 1 February 202429,279(387)26,5261695-47,762103,291
COMPREHENSIVE INCOME
Profit for year - - - - - - 13,340 13,340
Revaluation net of tax - - - - - - (421)
Cash flow hedges net of tax - - - 920 - - - 920
Total comprehensive income - - 920 - - 13,340 13,839
TRANSACTIONS WITH OWNERS
Transfer of share option
reserve to retained earnings
- - - (102)- 102 -
Dividends - 11 - - - -(14,316)(14,305)
Increase in share option reserve - - - - 7 - - 7
Transfer to employee advances - 375 - - - - - 375
Gain/loss on sale of treasury
stock transferred 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
Cash 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 WITH OWNERS
Dividends - - - - - - (15,807)(15,807)
Increase in share option reserve - - - - 17 - - 17
Total transactions with owners - - - - 17 - (15,807)(15,790)
Balance at 1 February 2025 29,279 - 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.
(421)
(421)
(14,298)
(14,316)

7
$000’s
SHARE
CAPITAL
TREASURY
STOCK
ASSET
REVALUATION
RESERVE
CASH
FLOW
HEDGE
RESERVE
SHARE
OPTION
RESERVE
FOREIGN
CURRENCY
TRANSLATION
RESERVE
RETAINED
EARNINGS
TOTAL
EQUITY
Balance at 1 August 2023 29,279 (1,139) 26,526 999 294 - 40,717 96,676
COMPREHENSIVE INCOME
Profit for year - - - - - - 21,146 21,146
Cash flow hedges net of tax - - - (983) - - - (983)
Increase in share option reserve - - - - 36 - - 36
Total comprehensive income - - - (983) 36 - 21,146 20,199
TRANSACTIONS WITH OWNERS
Sale of treasury stock
- 141 - - - - - 141
Transfer of share option
reserve to retained earnings
- - - - (235)- 235 -
Dividends
- 18 - - - -
Transfer to employee advances
- 573 - - - --573
Gain/loss on sale of treasury
stock transferred to retained
earnings
- 20 - - - -(20)-
Total transactions with owners
- 752 - - (235)-(14,101)(13,584)
Balance at 1 February 202429,279(387)26,5261695-47,762103,291
COMPREHENSIVE INCOME
Profit for year - - - - - - 13,340 13,340
Revaluation net of tax - - - - - - (421)
Cash flow hedges net of tax - - - 920 - - - 920
Total comprehensive income - - 920 - - 13,340 13,839
TRANSACTIONS WITH OWNERS
Transfer of share option
reserve to retained earnings
- - - (102)- 102 -
Dividends - 11 - - - -(14,316)(14,305)
Increase in share option reserve - - - - 7 - - 7
Transfer to employee advances - 375 - - - - - 375
Gain/loss on sale of treasury
stock transferred 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
Cash 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 WITH OWNERS
Dividends - - - - - - (15,807)(15,807)
Increase in share option reserve - - - - 17 - - 17
Total transactions with owners - - - - 17 - (15,807)(15,790)
Balance at 1 February 2025 29,279 - 26,105 2,599 17 456 52,282 110,738
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2025 (UNAUDITED)
SIX MONTHS
ENDED
1/2/25
SIX MONTHS
ENDED
1/2/24$000’s
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
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
Cash was applied 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
Net cash flows from operating activities 42,187 45,091
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant, equipment and intangible assets 47 67
Repayment of employee advances 61 38
108 105
Cash was applied to:
Purchase of property, plant, equipment and intangible assets 8,595 9,401
8,595 9,401
Net cash flows applied to investing activities(8,487) (9,296)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Proceeds from sale of treasury stock and dividends - 159
- 159
Cash was applied to:
Dividend paid 15,807 14,316
Lease liability payments 13,876 11,105
29,683 25,421
Net cash flows applied to financing activities(29,683) (25,262)
Net increase in funds held 4,017 10,533
Cash and cash equivalents at the beginning of the period 45,915 32,478
Cash and cash equivalents at the end of the period 49,932 43,011

The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

8
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2025 (UNAUDITED)
RECONCILIATION OF PROFIT AFTER TAXATION TO CASH FLOWS FROM OPERATING ACTIVITIES
$000’s
SIX MONTHS
ENDED
1/2/25
SIX MONTHS
ENDED
1/2/24
NET PROFIT AFTER TAXATION 21,202 21,146
ADD/(DEDUCT) ITEMS CLASSIFIED AS INVESTING OR FINANCING ACTIVITIES
Loss/(gain) on sale of plant and equipment 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 WORKING 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)
Inventories 43 8,240
NET CASH FLOWS FROM OPERATING ACTIVITIES 42,187 45,091

The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.
(5)
(261)

9
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2025 (UNAUDITED)
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.
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.

10
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2025 (UNAUDITED)
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 BALANCE
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 (Hallenstein Bros Ltd (New Zealand) and Hallenstein 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.

11
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2025 (UNAUDITED)
SEGMENT RESULTS
For the six months ended 1 February 2025
$000’s
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIAHALLENSTEINS
HALLENSTEIN
PROPERTYPARENTTOTAL SEGMENTS
INCOME STATEMENT
Segment revenue 63,287 124,544 59,362 - 629 247,822
Intercompany segment
revenue(6,032) (605) (523) - (629) (7,789)
Sales revenue from external
customers 57,255 123,939 58,839 - - 240,033
Cost of sales(25,760) (48,152) (25,797) - - (99,709)
Gross profit 31,495 75,787 33,042 - - 140,324
Finance income 256 483 344 - 83 1,166
Finance expenses(651) (1,034) (623) - (12) (2,320)
Depreciation and
software amortisation 5,535 9,579 4,607 262 54 20,037
Profit before income tax 9,280 16,918 3,526 201 9 29,934
Income tax expense(2,602) (5,069) (1,005) (56) - (8,732)
Profit after income tax 6,678 11,849 2,521 145 9 21,202
BALANCE SHEET
Current assets 26,055 29,010 19,958 6,310 3,523 84,856
Non-current assets 38,702 48,003 28,006 20,472 - 135,183
Current liabilities 16,486 29,756 14,058 287 (20) 60,567
Non-current liabilities 15,343 20,112 13,279 - - 48,734
Purchase of property, plant,
equipment and intangibles 2,210 2,995 3,390 - - 8,595

12
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2025 (UNAUDITED)
$000’s
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIAHALLENSTEINS
HALLENSTEIN
PROPERTYPARENTTOTAL SEGMENTS
INCOME STATEMENT
Segment revenue
62,133 107,678 59,042 - 482 229,335
Intercompany segment
revenue
(5,006) (617) (276) - (482) (6,381)
Sales revenue from external
customers
57,127 107,061 58,766 - - 222,954
Cost of sales
(25,908) (41,568) (24,231) - - (91,707)
Gross profit
31,219 65,493 34,535 - - 131,247
Finance income 133 348 335 - 79 895
Finance expenses(740) (650) (561) - (12) (1,963)
Depreciation and
software amortisation
5,603 7,508 5,088 262 43 18,504
Profit before income tax
7,865 15,547 6,241 195 2 29,850
Income tax expense(2,206) (4,674) (1,769) (55) - (8,704)
Profit after income tax
5,659 10,873 4,472 140 2 21,146
BALANCE SHEET
Current assets 20,140 22,441 22,937 5,440 3,276 74,234
Non-current assets 45,842 39,555 26,869 22,284 - 134,550
Current liabilities 14,934 23,934 15,507 54 30 54,459
Non-current liabilities 21,403 16,711 12,920 - - 51,034
Purchase of property, plant,
equipment and intangibles
2,820 3,726 2,855 - - 9,401
2 PERFORMANCE INFORMATION (CONTINUED)
SEGMENT RESULTS
For the six months ended 1 February 2024

13
2.2 INCOME AND EXPENSES
Profit before income tax includes the following specific expenses:
$000’s
SIX MONTHS
ENDED
1/2/25
SIX MONTHS
ENDED
1/2/24
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.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2025 (UNAUDITED)
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 per
share
cents per
share$000’s$000’s
Final dividend for the period ended 1 August 2024 26.50 - 15,807 -
Final dividend for the period ended 1 August 2023 - 24.00 - 14,316
Total 26.50 24.00 15,807 14,316

2.3 DIVIDENDS
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
17th April 2025 to all shareholders on the Company’s register as at 5.00pm, 10th April 2025.

HALLENSTEIN GLASSON HOLDINGS LIMITED | INTERIM REPORT 2025
DIRECTORY
AUDITORS
PricewaterhouseCoopers
BANKERS
ANZ Bank New Zealand Ltd.
REGISTERED OFFICE
Level 3
235 — 237 Broadway
Newmarket
Auckland 1023
Tel +64 9 306 2500
Fax +64 9 306 2523
POSTAL ADDRESS
PO Box 91-148
Auckland Mail Centre
Auckland 1141
SHARE REGISTRAR
Computershare Investor
Services Limited
Private Bag 92119
Auckland 1142
Tel +64 9 488 8700
WEBSITES
hallensteinglasson.co.nz
glassons.com
hallensteins.com