Savor 2025 Annual Results

Annual
Report 2025
New Zealand's premier
hospitality group

Savor Group 2025 Annual Report

In this report
04
Location Overview
06
Letter to Shareholders
- From Chair & CEO
10
Savor Food Fest 2024
14
Corporate Governance
20
Financial Statements
40
Independent Auditor's Report
44
Shareholder and Statutory
Information
47
Corporate Directory
03
Savor Group 2025 Annual Report

Wynyard Quarter
Britomart
Parnell
Ponsonby
New Zealand’s
premier hospitality group
Creating original food and entertainment experiences at iconic Auckland locations.
WYNYARD QUARTER
Bivacco
Auckland Fish Market
Bang Bang Kitchen
Lobster & Tap
Market Galley
The Wreck
Oji
The Store
BRITOMART
Ebisu
Amano
The Store
Ortolana
Oji
PONSONBY
Azabu Ponsonby
PARNELL
Non Solo Pizza
MISSION BAY
Azabu Mission Bay
Mission Bay
04
Savor Group 2025 Annual Report

05
Savor Group 2025 Annual Report

Letter to
Shareholders
FROM CHAIR & CEO
06
Savor Group 2025 Annual Report
Letter to Shareholders - From Chair & CEO

DEAR SHAREHOLDERS,
We are pleased to present Savor Limited’s 2025 Annual
Report, reflecting a year of resilience and strategic
progress within a challenging economic backdrop.
Despite significant market headwinds, our disciplined
management and robust cost controls delivered a solid
operational performance, positioning the Group for
sustained success and long-term shareholder value.
FINANCIAL PERFORMANCE AMID ECONOMIC
CHALLENGES
The 2025 financial year was marked by economic
volatility, yet Savor Group achieved notable results:
• REVENUE
Total revenue reached $56.6 million, an 8% decline
from $61.9 million in 2024, driven by reduced foot
traffic due to economic pressures but supported
by consistent customer spend per head. This single
digit decline on the prior year was particularly
pleasing given the half year was down over 15%,
which shows the marketing and revenue initiatives
played out well with our customers.
• EBITDA
Despite a circa $5m reduction in revenue,
management delivered an EBITDA of $7.3m
representing a net extraction rate of 13%, which
is a considerable achievement and within 1% of
the prior year.
• OPERATING CASH FLOW
Net cash from operating activities grew to $7.1 million,
an 11% increase from $6.4 million in 2024, reflecting
our focus on efficient working capital management.
• BALANCE SHEET STRENGTH
We reduced total borrowings, improved net cash
to $1.8 million and maintained a ratio of net debt to
operating earnings of less than 1 times.
These outcomes, achieved amidst rising costs
and cautious consumer spending, underscore our
commitment to operational efficiency. The reported
loss of $1.2 million was largely a result of the one-time
fixed asset write-off from the discontinued Seafarers
operations. Nevertheless, the Group’s underlying
operational improvements and asset upgrades
positions Savor for a strong recovery as market
conditions improve.
EBITDA RESILIENCE AMID REVENUE CHALLENGES
In the 2025 financial year, Savor Group faced an 8%
revenue decline, from $61.9 million to $56.6 million, a
$5.3 million reduction driven by economic pressures
and reduced foot traffic. In the hospitality industry,
where fixed costs (such as rent, rates and utilities)
are substantial, such a top-line drop typically leads
to a disproportionate hit to profitability. Yet, Savor’s
management delivered a strong result with an EBITDA
decline of only $1.5 million.
This achievement is a testament to our disciplined
cost management and operational efficiency.
Through daily management of variable costs, the
Group mitigated the impact of lower revenues while
preserving the quality of our customer experience.
STRATEGIC INITIATIVES STRENGTHENING
OUR POSITION
In 2025, we implemented targeted initiatives to enhance
our portfolio and deepen customer engagement:
• VENUE OPTIMIZATION:
The expiry of the Seafarers building lease in Britomart
allowed us to relocate to a modernized venue with
a more sustainable lease structure, reducing fixed
costs and supporting long-term profitability.
• SAVOR FOOD FESTIVAL
Our inaugural Group-wide promotion, held from
August to October 2024, was a resounding success.
By offering value-driven dining, the Festival reversed
a 15% decline in winter foot traffic, achieving year-on-
year growth by its fourth week. Strategic partnerships
with suppliers such as Peroni, Allpress, Moet Hennessy,
and Pernod Ricard, combined with a dynamic multi-
channel marketing campaign, enhanced brand visibility
and laid the groundwork for its 2025 return.
• NON SOLO PIZZA (NSP) UPGRADES
We seized infrastructure challenges as an opportunity
to renovate NSP’s kitchen, private dining room, and
osteria bar, completed in August 2024. A partnership
with Constellation Brands NZ enhanced the front bar
and introduced an exclusive Napa Valley wine tasting
experience, unlocking revenue potential in Parnell’s
underserved private dining market. The Osteria’s
new glass roof resolved waterproofing issues, driving
strong customer demand post-reopening.
• FUTURE GROWTH
At the 2024 Annual Shareholders Meeting, we
announced the new entertainment offering in
Britomart’s Roukai Lane, set to open in Spring
2025. This high-potential site leverages our brand
strength and proximity to corporate hubs to attract
both loyal and new customers. Please see the
details of this exciting project overleaf.
These efforts, which are supported by a resilient
supply chain and strong supplier relationships,
ensured quality and cost efficiency despite the risk of
global tariff uncertainties, and position Savor well in
its efforts to maintain stable pricing for our customers
and robust margins.
07
Savor Group 2025 Annual Report
Letter to Shareholders - From Chair & CEO

DISCIPLINED GROWTH STRATEGY
Savor continues to attract expansion opportunities
across New Zealand, often with compelling incentives.
However, we remain selective, prioritizing investments
that strengthen our market-leading brands and
maximize shareholder value. Our focus on optimizing
existing operations has solidified our foundation,
and we believe market conditions are beginning to
shift in our favour. The upcoming Roukai Lane venue
exemplifies our strategy of pursuing high-impact
opportunities with favourable terms.
OUTLOOK
The trading environment remains uncertain, with
economic pressures persisting domestically and
globally. However, Savor’s proven resilience, disciplined
cost management, and strategic investments position
us to capitalize on emerging opportunities. We
anticipate gradual relief in cost-of-living pressures,
enabling more customers to enjoy our exceptional
dining experiences, particularly at our new venues.
Our strengthened balance sheet, with improved cash
reserves and declining leverage, provides flexibility to
navigate challenges or pursue growth. The momentum
from our 2025 initiatives, including the Savor Food
Festival and NSP upgrades, will drive performance into
the critical summer season and beyond.
OUR COMMITMENT TO YOU
On behalf of the Board and management team, we
extend our sincere gratitude for your continued
support and investment in Savor. Your trust inspires
us to deliver sustainable value, even in challenging
times. We look forward to welcoming you at our Annual
Shareholders Meeting later in 2025 to share further
updates on our exciting journey.
Yours sincerely,
Paul Robinson
Executive Chair
Lucien Law
CEO
Letter to Shareholders
FROM CHAIR & CEO (CONTINUED)
08
Savor Group 2025 Annual Report
Letter to Shareholders - From Chair & CEO

09
Savor Group 2025 Annual Report
Letter to Shareholders - From Chair & CEO

Over
150,000 guests
through our venues over the course of the Festival
Average of
5,000 coffees
Served per week at Amano during
September – double normal

1,500
Diamond Ladies
Lunches Sold
Over
12,500 pints
of Peroni served
A 40% increase
Non Solo Pizza Long Lunch
Over
500 people served
5% up on non-Fest
10
Savor Group 2025 Annual Report
Savor Food Fest 2024

2,500
Guests served the Bivacco Sunday
Feast with all 8 weeks sold out
OKI NO Saturdays
Over
$10,000
Additional revenue each
week for Ebisu
Over
6,000
glasses of Moët sold
over 300% increase
Over
12,000
Festival Menus Sold
5,000
Special cocktails served
11
Savor Group 2025 Annual Report
Savor Food Fest 2024

In the heart of Britomart, Auckland’s
vibrant CBD, Lane Way Bar and
Restaurant redefines hospitality by
seamlessly blending casual dining,
craft drinks, and state-of-the-art
golf simulators. This bold move
into entertainment creates a lively,
engaging venue where professionals,
sports fans, and casual golfers
connect in a fun, relaxed atmosphere.
Artist's impression.
Artist's impression.
Unveiling the Ultimate Lane
Way Bar, Restaurant, and
Golf Simulator Experience
12
Savor Group 2025 Annual Report
Lane Way Bar

WHETHER YOU’RE A GOLF GEEK, A CORPORATE RAIDER, OR JUST
LOOKING FOR A COOL TINDER DATE SPOT, WE HAVE GOT YOU COVERED.
By integrating cutting-edge technology with hospitality, it
elevates Britomart’s social scene and streamlines operations,
significantly reducing labour costs while delivering
a remarkable experience, set to open in Spring 2025.
Lucien Law, CEO
“
“
147
Seats
Opening
September 2025
Artist's impression.
Artist's impression.
13
Savor Group 2025 Annual Report
Lane Way Bar

Corporate Governance
The overall responsibility for ensuring that the
corporate governance and accountability of
the Company is properly managed, thereby
enhancing investor confidence, lies with
the Board of Directors. A copy of Savor’s
Corporate Governance Code (“Code”), current
as at 22 May 2025, is available on the Savor
website at www.savor.co.nz.
The Code is generally consistent with the principles
identified in the NZX Corporate Governance Code
(version dated 31 January 2025). Savor followed the
recommendations in the NZX Corporate Governance
Code throughout the year and as at 31 March 2025,
except that:
• the Company did not have a majority of
independent Directors (per recommendation 2.8);
• the Company did not have an independent Chair of
the Board (per recommendation 2.9); and
• the Company does not have an Audit and Risk
Committee comprising solely of Non-Executive
Directors (per recommendation 3.1).
These departures from the NZX Corporate Governance
Code are primarily due to the size and composition
of the Board. The Board considers that to increase
the number of Directors on the Board or to have an
independent Chair to comply with the Code would
bring undue cost to the Group, given the skills and
experience of the current Directors are complementary
to one another and specific to the needs to the
Company. The Board seeks external expert advice on a
range of legal, financial and commercial matters where
specialist assistance is required.
The Company will continue to monitor best practice in
the governance area and update its policies to ensure
it maintains the most appropriate standards.
An outline of the Company’s governance arrangements
are set out below. Further detail is available on the
Company’s website www.savor.co.nz.
THE BOARD OF DIRECTORS
The Board has ultimate responsibility for the strategic
direction of Savor and supervising Savor’s management
for the benefit of shareholders. The roles and
responsibilities of the Board are set out in the Code.
The specific responsibilities of the Board include:
• Working with management to review and approve the
business and financial plans that set the strategic
direction of Savor
• Monitor the Company’s performance against its
approved strategic, business and financial plans and
oversee the Company’s operating results on a regular
basis so as to evaluate whether the business is being
properly managed
• Establishing and overseeing succession plans for the
Chief Executive Officer and senior management
• Monitoring compliance and risk management
• Establishing and monitoring Savor’s health and
safety policies
• Ensuring effective disclosure policies and
procedures are adopted
• Ensuring effective reporting processes and
procedures
• Ensuring the quality and independence of the
Company’s external audit process
Directors are required to undertake appropriate training
to remain current on how to best perform their duties as
Directors of Savor.
The Board has agreed that the performance of
the Board, its Committees, and Directors will be
independently evaluated at least once every three years.
The first of these was originally expected to take place
during the financial year ending 31 March 2025, however,
was deferred for 12 months due to controlling costs in
the challenging economic landscape.
BOARD MEETING AND COMMITTEE
ATTENDANCE
During the year to 31 March 2025 the Company held
12 Board meetings. The Audit & Risk Committee met on
three occasions. Attendance by individual Directors was
as follows:
Board Meetings
Audit & Risk
Committee Meetings
EligibleAttendedEligibleAttended
Paul Robinson121233
Lucien Law1212--
Louise Alexander121233
Bhupen Master121233
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Savor Group 2025 Annual Report
Corporate Governance

ETHICAL CONDUCT
The Code includes a code of ethics which is designed
to govern the conduct of Directors, senior managers and
other employees of the Company and its subsidiaries. The
Company’s directors and managers are expected to lead
according to these standards of ethical and professional
conduct and to ensure that they are communicated to
the people who report to them. The Code addresses,
amongst other matters, conflicts of interest, receipt of
gifts, confidentiality and fair business practices.
BOARD MEMBERSHIP
As at 31 March 2025, the Board consisted of two
Independent Directors and two Executive Directors, who
are elected based on the value they bring to the Board.
Each Savor Director is a skilled and experienced
business person. Together they provide value by making
quality contributions to corporate governance matters,
conceptual thinking, strategic planning, policies and
providing guidance to management.
The Chair of the Board and the CEO are different people.
As at 31 March 2025 the Company’s Directors were:
Paul Robinson - Executive Chair
Paul Robinson was appointed to the Board in April 2019
and was last re-elected by shareholders in August 2022.
Paul is currently Chair of the Board and a member of the
Audit & Risk and People & Culture Committees.
Paul Robinson has twenty years’ experience in structured
finance and strategy. From 1999 Paul spent nine years
originating structured trades based in London and in
2008 Paul transferred to New York. In 2018 Paul and his
family moved back to New Zealand to enjoy life here and
to take an active role in Savor Group where he had a long
term shareholding.
Lucien Law - Executive Director & CEO
Lucien Law was appointed to the Board in April 2019 and
was last re-elected by shareholders in August 2022. Lucien
is currently a member of the People & Culture Committee.
Over the past twelve years, Lucien has led a new wave in
Auckland hospitality, overseeing the building of a group
of brands that have had a significant impact on the city’s
dining and entertainment scene.
His projects include award-winning modern Japanese
restaurants Azabu and Ebisu, contemporary New Zealand
brasserie Ostro, along with Fukoku, Las Vegas Club
and Mission Bay Pavilion. One of his most ambitious
developments is Seafarers, spanning several floors in the
historic Seafarers building at Auckland’s Britomart.
Prior to his involvement in hospitality, Lucien founded
highly successful independent communications agency
Shine, which has worked with brands including Spark,
Hyundai, Fonterra and Lion Breweries.
Louise Alexander - Independent Director
Louise Alexander was appointed to the Board in
April 2021 and last re-elected by shareholders in
September 2024. Louise is currently the Chair of
the People & Culture Committee and a member of
the Audit & Risk and Remuneration Committees.
Louise is a senior HR practitioner and people
leader and leads her own HR consultancy, People
Synergistics, and is the Head of Operations and BD
at FrontTier, a Leadership Development business.
Louise recently departed as the HR Director for
Bell Gully, a role which she held from 2015 to June
2024. Louise developed and led Bell Gully’s HR
strategy over that time, focusing on communication,
diversity and culture, and supporting and
developing people through the talent management
program. Louise has a passion for the not for profit
sector, with both management and governance
roles in various organisations throughout her career.
Louise brings a critical skillset to Savor, where
the success of the Group is driven by its teams
in the venues.
Bhupen Master - Independent Director
Bhupen Master was appointed to the Board in
August 2023 and elected by shareholders in
September 2023. Bhupen is currently Chair of the
Audit & Risk Committee.
Bhupen has spent his extensive career working with
some of the top financial institutions worldwide.
Bhupen was previously an Executive Director of
Goldman Sachs, Australia with extensive experience
in global markets. Prior to this, Bhupen spent over
20 years working in New Zealand, Australia and the
United Kingdom. Bhupen’s extensive experience
in the capital markets and strategic transactions
strengthens the Board’s diverse skills and
experience, and are essential to assist in guiding
the Group as it continues on its growth trajectory.
DIRECTOR INDEPENDENCE
IIn order for a Director to be independent, the
Board has determined that he or she must not
be an executive of Savor and must have no
disqualifying relationship as defined in the Code
and the Listing Rules.
The Board has determined that as at 31 March
2025, Bhupen Master and Louise Alexander are
Independent Directors.
15
Savor Group 2025 Annual Report
Corporate Governance

NOMINATION AND APPOINTMENT OF
DIRECTORS
The Code sets out the appointment procedure for
Directors. The Board is responsible for identifying and
recommending candidates. Directors may also be
nominated by shareholders under the Listing Rules.
On appointment to the Board, a Director is given an
appointment letter, which includes particular terms of his
or her appointment.
A Director may be appointed by ordinary resolution and
all Directors are subject to removal by ordinary resolution.
The Board may at any time appoint additional Directors.
A Director appointed by the Board shall only hold office
until the next annual meeting of the Company but shall be
eligible for election at that meeting.
One third of Directors shall retire from office at the annual
meeting each year. A Director must not hold office past
the third annual meeting at which they were elected or
three years, whichever is longer, but are eligible for re-
election by shareholders.
Paul Robinson and Lucien Law will stand for re-election at
the 2025 Annual Shareholders Meeting.
DISCLOSURE OF INTERESTS BY DIRECTORS
The Code sets out the procedures to be followed where
Directors have an interest in a transaction or proposed
transaction or are faced with a potential conflict of
interest requiring the disclosure of that conflict to the
Board. Savor maintains an Interests Register in which
particulars of certain transactions and matters involving
Directors are recorded. The Interests Register for Savor is
available for inspection at its registered office.
DIRECTORS’ SHARE DEALINGS
The Company has adopted a Securities Trading policy,
which sets out the procedure to be followed by Directors,
staff and associates trading in Savor listed securities, to
ensure that trades are not made while that person is in
possession of material information which is not generally
available to the market. Details of Directors’ share
dealings during the 12 months to 31 March 2025 are
outlined on page 44.
DIRECTORS’ AND OFFICERS’ GENDER
COMPOSITION
20252024
MaleFemale
Gender
Diverse
MaleFemale
Gender
Diverse
Directors310310
Officers100110
To t a l410420
The Board recognises that along with relevant skills,
diversity is a key driver of effective Board performance.
As the Savor business evolves the Board is committed to
creating diversity among Directors while preserving the
right mix of skills.
Savor has adopted a Diversity and Inclusion Policy.
Savor’s Board has set targets to meet (as the Corporate
Governance Code recommends, at recommendation 2.5)
which are reviewed on an annual basis.
INDEMNIFICATION AND INSURANCE
OF DIRECTORS AND OFFICERS
The Company has Directors’ and officers’ liability
insurance with Ando Insurance Group Limited which
ensures that generally, Directors and officers will incur no
monetary loss as a result of actions undertaken by them.
The Company entered into an indemnity in favour of its
Directors under a Deed dated 10 October 2012.
BOARD COMMITTEES
The Board has three formally constituted committees.
These committees, established by the Board, review and
analyse policies and strategies which are within their
terms of reference. The Committees examine proposals
and, where appropriate, make recommendations to the
Board. Committees do not take action or make decisions
on behalf of the Board unless specifically authorised to
do so by the Board.
AUDIT AND RISK COMMITTEE
The Audit and Risk Committee is responsible for
overseeing risk management, treasury, insurance,
accounting and audit activities of Savor, reviewing
the adequacy and effectiveness of internal controls,
meeting with and reviewing the performance of external
auditors, making recommendations on financial and
accounting policies, and reviewing external financial and
performance reporting and disclosures. The Audit and
Risk Committee operates in accordance with the Audit
and Risk Management Committee Charter.
The members of the Audit and Risk Committee are
Bhupen Master (Chair), Louise Alexander, and Paul
Robinson. Bhupen Master is an independent director,
Chair of the Audit and Risk Committee, and has an
adequate financial background.
Other Directors and Savor employees are only entitled
to attend meetings of the Audit and Risk Management
Committee at the invitation of the Audit and Risk
Management Committee.
16
Savor Group 2025 Annual Report
Corporate Governance

NOMINATIONS AND REMUNERATION
COMMITTEE
The Nominations and Remuneration Committee is
responsible for overseeing management succession
planning, establishing employee incentive schemes,
reviewing and approving the compensation
arrangements for the executive Directors and senior
management, and recommending to the full Board
the remuneration of Directors. The Nominations and
Remuneration Committee operates in accordance with
the Nominations and Remuneration Committee Charter.
The members of the Nominations and Remuneration
Committee are Louise Alexander (Chair), and Bhupen
Master. Management only attend Nominations and
Remuneration Committee meetings by invitation.
PEOPLE AND CULTURE COMMITTEE
The People and Culture Committee operates within the
full Board and is responsible for ensuring appropriate
procedures are in place to identify and manage potential
health and safety risks, as well as overseeing human
resource management, recruitment and employee
welfare. The Board receives monthly reporting on Health
and Safety risks which includes any matters that require
further attention. Once presented to the Directors, the
mitigation of these risks are delegated throughout the
management team to those with appropriate oversight
and process improvements are made regularly. The
People and Culture Committee operates in accordance
with the People and Culture Committee Charter.
REMUNERATION
Remuneration of Directors and executives is the key
responsibility of the Nominations and Remuneration
Committee. The remuneration of Directors and
executives of the Company must be transparent, fair and
reasonable under the Code. Details of Directors and
executives’ remuneration and entitlements are set out
on page 45.
DIRECTORS’ REMUNERATION
For the year ended 31 March 2025 Directors’ fees have
been fixed at $100,000 per annum for the Chairman
(2024: $100,000) and $60,000 per annum for other
Directors (2024: $60,000). Directors receive no
additional fees as membership of Board Committees.
To provide for flexibility, shareholders have previously
approved an aggregate cap on non-executive Directors’
fees of $300,000 for the purpose of the Listing Rules
(2024: $300,000).
CEO REMUNERATION
For the year ended 31 March 2025, Lucien Law received
a base salary of $550,000 (2024: $500,000) and
received no short or long term incentives during the
year (2024: nil).
The Directors are also entitled to be reimbursed for all
reasonable travel, accommodation and other expenses
incurred by them in connection with their attendance
at Board or shareholder meetings, or otherwise in
connection with Savor’s business.
MANAGING RISK
The Board has overall responsibility for the Company’s
system of risk management and internal control and has
procedures in place to provide effective control within
the management and reporting structure.
Financial Statements are prepared monthly and reviewed
by the Board progressively during the period to monitor
performance against budget goals and objectives. The
Board is responsible for demanding integrity in financial
reporting and the timeliness and balance of corporate
disclosures. The Audit and Risk Management Committee
assist the Board in discharging its responsibility to
exercise due care, diligence and skill in relation to
oversight of the integrity of external financial reporting.
The Board also requires managers to identify and
respond to risk exposures.
A structured framework is in place for capital
expenditure, including appropriate authorisations and
approval levels.
The Board maintains an overall view of the risk profile
of the Company and is responsible for monitoring
corporate risk assessment processes.
CONTROL TRANSACTION
PREPAREDNESS PROTOCOL
The Board is well prepared in the event of a ‘control
transaction’ (as that term is defined in the NZX
Corporate Governance Code), and has adopted
a Control Transaction Preparedness Protocol so
that it is prepared should an unexpected control
transaction proposal be made. The Control Transaction
Preparedness Protocol is contained in the Code.
17
Savor Group 2025 Annual Report
Corporate Governance

DISCLOSURE
The Company adheres to the NZX continuous disclosure
requirements which govern the release of all material
information that may affect the value of the Company’s
listed shares. The Board and senior management team
have processes in place to ensure that all material
information flows up to the Chairman with a view to
consultation with the Board and disclosure of that
information if required. The Company has a Continuous
Disclosures Policy, contained in the Code.
AUDITOR
EY acts as auditor of the Company and has undertaken
the audit of the financial statements for the year ending
31 March 2025. Particulars of the audit and other fees
paid during the period are set out on page 35.
Oversight of the Company’s external audit arrangements
is the responsibility of the Audit and Risk Committee.
The Company does not have a dedicated internal audit
resource but maintains an annual audit programme,
which is overseen by the CFO. The external auditors
shall attend the Company’s annual meeting to answer
questions from shareholders in relation to the audit.
SHAREHOLDER RIGHTS & RELATIONS
The Board is committed to achieving best practice
investor relations.
Financial and operational information and key corporate
governance information can be accessed on the
Company’s website. Enquiries from shareholders can be
raised at the Annual Meeting of shareholders, or emailed
through using the contact details on our website.
As required by the NZX Listing Rules, the Company
will seek shareholder approval of major transactions,
and related party transactions, that trigger the relevant
thresholds in the listing rules, and any other major
decisions where the listing rules require shareholder
approval. All voting at meeting of shareholders is
conducted by a poll.
The Company seeks to offer new equity pro rata to
existing shareholders, or with shareholder approval.
The Company aims to post a copy of its notice of annual
meeting on its website at least 20 working days prior to
its annual meeting of shareholders.
18
Savor Group 2025 Annual Report
Corporate Governance

19
Savor Group 2025 Annual Report
Corporate Governance

Financial
Statements
FOR THE YEAR ENDED 31 MARCH 2025
20
Savor Group 2025 Annual Report
Financial Statements

The Board of Directors has pleasure in presenting
the financial statements and audit report for Savor
Limited for the year ended 31 March 2025.
The financial statements presented are signed for
and on behalf of the Board of Directors and were
authorised for issue on 22 May 2025.
21
Directors’ Report
22
Consolidated Statement of
Comprehensive Income
23
Consolidated Statement of
Movements in Equity
24
Consolidated Balance Sheet
25
Consolidated Statement
of Cash Flows
26
Notes to the Financial Statements
40
Auditor's Report
Paul Robinson
Executive Chair
Bhupen Master
Director
21
Savor Group 2025 Annual Report
Financial Statements

Notes
2025
$000's
2024
$000's
Revenue56,643 61,858
Expenses:15
Direct costs(16,288)(18,089)
Employee costs(25,072)(27,463)
Marketing costs(579)(492)
Utilities and operational expenses(5,215)(4,844)
Other expenses(2,222)(2,197)
7, 2678,773
Depreciation and amortisation(4,732)(5,099)
Restructuring and other costs2.5(2,514)(870)
Impairment expense8- (4,320)
Interest expense(1,465)(1,342)
Loss before income tax(1,444)(2,858)
Taxation benefit14232 3,508
(Loss)/profit attributable to the shareholders(1,212)650
Other comprehensive income and expenses- -
Total comprehensive (loss)/income(1,212)650
Net (losses)/earnings per share (cents)13
Basic and diluted(1.6)0.9
Weighted average number of shares outstanding (thousands of shares)
Basic and diluted 77,402 76,008
Consolidated Statement
of Comprehensive Income
FOR THE YEAR ENDED 31 MARCH 2025
The accompanying notes form part of and are to be read in conjunction with these financial statements.
22
Savor Group 2025 Annual Report
Financial Statements

Notes
Share capital
$000's
Accumulated
losses
$000's
Share-based
payments
reserve
$000's
Total equity
$000's
Total equity at 1 April 202359,214 (42,040)151 17,325
Total comprehensive income for the year - 650 - 650
Issue of new shares11786 - - 786
Total equity at 31 March 202460,000 (41,390)151 18,761
Total comprehensive loss for the year - (1,212) - (1,212)
Repurchase of shares11 (166) - - (166)
Total equity at 31 March 202559,834 (42,602)151 17,383
The accompanying notes form part of and are to be read in conjunction with these financial statements.
Consolidated Statement
of Movements in Equity
FOR THE YEAR ENDED 31 MARCH 2025
23
Savor Group 2025 Annual Report
Financial Statements

The accompanying notes form part of and are to be read in conjunction with these financial statements.
Notes
2025
$000’s
2024
$000’s
Assets
Current assets:
Cash 1,786 -
Trade and other receivables4 395 423
Current tax asset14 221 -
Inventories5 863 895
Total current assets3,265 1,318
Non-current assets:
Property, plant and equipment7 9,691 11,715
Intangible assets8 20,832 21,060
Right of use asset9 14,343 15,532
Deferred tax asset14 3,518 4,136
Total non-current assets48,384 52,443
To t a l a s s e t s51,649 53,761
Liabilities
Current liabilities:
Bank overdraft - 653
Trade and other payables6 7,163 6,977
Current tax liability14 - 629
Lease liability9 3,019 3,056
Borrowings10 1,000 8,407
Total current liabilities11,182 19,722
Non-current liabilities:
Trade and other payables6 818 830
Lease liability9 14,266 14,448
Borrowings10 8,000 -
Total non-current liabilities23,084 15,278
Total liabilities34,266 35,000
Equity
Share capital11 59,834 60,000
Reserves(42,451)(41,239)
Total equity 17,383 18,761
Total liabilities and equity51,649 53,761
Consolidated Balance Sheet
AS AT 31 MARCH 2025
24
Savor Group 2025 Annual Report
Financial Statements

Notes
2025
$000’s
2024
$000’s
Cash flow from operating activities
Receipts from customers56,835 61,870
Payments to suppliers, employees and other(49,738)(55,470)
Net cash from operating activities167,097 6,400
Cash flow from investing activities
Purchase of property, plant and equipment and intangible assets(1,116)(311)
Payments for venue development costs2.4(189)(164)
Net cash to investing activities(1,305)(475)
Cash flow from financing activities
Interest paid(1,465)(1,342)
Borrowings drawn down1010,000 -
Repayment of borrowings10(10,269)(2,943)
Lease liability principal repayment9(3,053)(2,918)
Lease incentive received1,000 -
Supplier loans received6600 65
Repurchase of shares11(166)-
Transaction costs from issue of shares11- (14)
Issue of shares11- 770
Net cash to financing activities(3,353)(6,382)
Net movement in cash held2,439 (457)
Add: opening cash(653)(196)
Closing cash1,786 (653)
The accompanying notes form part of and are to be read in conjunction with these financial statements.
Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 31 MARCH 2025
25
Savor Group 2025 Annual Report
Financial Statements

1. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PREPARATION
Savor Limited (‘the Parent’ or ‘Company’) and its
subsidiaries (together ‘the Group’) operate in the
hospitality sector, operating a number of premium
restaurants and bars. The address of its registered office
is c/o Generator, Level 10, 11 Britomart Place, Auckland,
New Zealand 1010.
Savor Limited is a company domiciled in New Zealand,
registered under the Companies Act 1993 and is a
Financial Markets Conduct Act 2013 reporting entity.
These financial statements have been prepared in
accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP) and the
requirements of the Financial Markets Conduct Act
2013. For the purposes of complying with NZ GAAP
the Group is a for-profit entity. The consolidated
financial statements of the Group comply with New
Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS). They also comply with International
Financial Reporting Standards (IFRS). The financial
statements are presented in New Zealand dollars and are
rounded to the nearest thousand dollars.
The financial statements have been prepared under the
historical cost basis.
PRINCIPLES OF CONSOLIDATION
Subsidiaries are all entities over which the Group has
control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability
to affect those returns through its power over the
entity. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. The
financial statements of subsidiaries are included in the
consolidated financial statements from the date that
control commences until the date control ceases. From
that date they are deconsolidated.
The Group applies the acquisition method to account for
business combinations. The consideration transferred for
the acquisition of the subsidiary is the fair values of the
assets transferred, the liabilities incurred to the former
owners of the acquiree and the equity interests issued
by the Group. The consideration transferred includes
the fair value of any asset or liability resulting from a
contingent consideration arrangement. Identifiable
assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured
initially at their fair values at the acquisition date. The
difference between the consideration paid and the fair
value of net assets acquired is recognised as goodwill.
Acquisition costs are expensed as incurred.
REVENUE RECOGNITION
The Group derives venue revenue through the sale of
food and beverages and by hosting events. This revenue
is recognised at a point in time, being the point of sale.
For significant events, the Group receives deposits in
advance to secure the booking. These deposits are
deferred on the balance sheet as a liability and are
recognised as revenue at a point in time, being the date
of the event. The Group has determined that there is
a single performance obligation for these transactions
even though part-payment may be received in advance.
CHANGES IN ACCOUNTING POLICY
These financial statements are prepared using the same
accounting policies as the prior year. Several other
amendments and interpretations apply for the first time
from 1 April 2024, but do not have an impact on the
consolidated financial statements of the Group.
The Group continues to improve the disclosures in these
financial statements where required. Some comparative
balances have been adjusted or reclassified for
consistency.
2. KEY ESTIMATES AND JUDGEMENTS
The Group has undertaken a number of key estimates
and judgements when preparing these financial
statements, the details of which are outlined in this
note. These judgements have been formed using
historical information and comparatives where available,
and management's best judgement where there is no
appropriate comparison. The Group continues to review
all significant estimates along with the assumptions used
and recognises any adjustments to these in the period in
which a change occurs.
2.1. INTANGIBLE ASSET IMPAIRMENT
Goodwill across the Group is tested annually for
impairment. Each cash generating unit (CGU) that
carries goodwill is valued on a value-in-use basis using
a discounted cash flow model, as a fair value less costs
to sell basis is considered to result in a lower valuation.
Management has used its past experience of sales
growth, operating costs and margin, and external sources
of information where appropriate, to determine their
expectations for the future. These cash flow projections
over five years are principally based on the Group's
budget, which is risk adjusted where appropriate. Cash
flows beyond five years have been extrapolated using
estimated terminal growth rates, which do not exceed
the long-term average growth rate. The terminal growth
rate used was 3% (2024: 3%) and the Group employed a
weighted average cost of capital of 12.5% (2024: 12.6%).
Notes to the Financial Statements
26
Savor Group 2025 Annual Report
Notes to the Financial Statements

It is inherently difficult to forecast future performance of
the Group's operations in the post-COVID landscape. The
Group has prepared a budget and forecasts based on
current expectations, however there remains risk which is
primarily dependent on general market conditions. Venue
performance has demonstrated improvements in margins
and operatings earnings recently, which are budgeted
to be maintained or continue to improve throughout the
forecast period.
A change in any of the following key assumptions would
lead to the elimination of the excess of the recoverable
amount over carrying amount for the below venue.
Key assumptionValue attributedSensitivity
Azabu Ponsonby
Terminal year EBITDA margin21.5%-3.04%
Terminal growth rate3.0%-1.80%
Discount rate12.5%2.00%
For all other CGU's a reasonably possible change in the
assumptions used in the impairment testing would not
lead to an impairment charge.
2.2. RECOVERABILITY OF DEFERRED TAX
ASSET
The Group recognised approximately half of the historical
tax losses available to it as a deferred tax asset in
the prior year. During the current year, the Group has
undertaken an assessment to ensure it remains probable
that future taxable amounts will be available to utilise
those losses, and therefore that it remains appropriate
to recognise those losses on the balance sheet. This
assessment incorporated a number of aspects, including
the current tax expense incurred in the current and
prior years, along with a Group valuation assessment
using a similar approach and assumptions as the
goodwill impairment assessment, outlined in note 2.1.
The full details of the Group's tax position, including the
remaining unrecognised losses available for future use, is
outlined in note 14.
2.3. LEASE ACCOUNTING
The Group entered into a lease for a new site in
Britomart, Auckland in February 2025. The right of use
asset and lease liability have been valued using an initial
lease term of 10 years with the cash flows discounted
over that time using an incremental borrowing rate (IBR)
of 6.78%. The Group received incentives in the form of an
upfront cash payment of $1m and three months rent free,
both of which have been incorporated into the valuation
of the asset and liability, as required by NZ IFRS 16. The
recognised asset and liability are disclosed in note 9.
2.4. GOING CONCERN
The nature of the Group's operations means that
the Group holds minimal receivables and inventory
balances compared to its current liabilities. Therefore,
the Group has negative working capital at 31 March
2025. The Group's borrowings are subject to a leverage
ratio covenant and a fixed charge cover ratio. Based
on current forecasts the Group is expected to meet
the requirements of these for the foreseeable future.
In addition, the Group has also performed a range of
sensitivity analyses on the covenant measures, noting
there would need to be a material downturn in forecast
performance before any of the covenant obligations
would be breached. The Group's $3m overdraft facilities
were undrawn at 31 March 2025.
As a result of the considerations above the Directors
have concluded that the preparation of the financial
statements on a going concern basis remains
appropriate.
2.5. RESTRUCTURING AND OTHER COSTS
2025
$000’s
2024
$000’s
Acquisition costs(127)(196)
Restructuring costs(288)(159)
Loss on disposal of fixed assets(1,823)(2)
Venue development expenses(189)(203)
Other costs(87)(310)
(2,514)(870)
Restructuring and other costs occur outside the normal
course of operating the venues on a day to day basis,
and are unrelated to the Group's trading operations.
These have been separated out on the face of the
Statement of Comprehensive Income to allow the reader
of these financial statements to understand the day to
day operations for the year without the impact of these
items. These items typically include the impairment or
disposal of assets, variable rent costs under NZ IFRS
16, costs related to restructuring or M&A activity, venue
development or other costs that are unrelated to the
Group's day to day trading operations.
27
Savor Group 2025 Annual Report
Notes to the Financial Statements

3. SEGMENTAL INFORMATION
Operating segments are reported in a manner consistent
with the internal reporting provided to the chief
operating decision maker. The chief operating decision
maker, who is responsible for allocating resources and
assessing performance of the operating segments, has
been identified as the Board of Directors. Segmental
information is presented in respect of the Group’s
industry segment, Hospitality. Corporate is not an
operating segment as it does not meet the recognition
criteria under NZ IFRS 8.
$000's
2025
Revenue
2024
Revenue
2025
EBITDA*
2024
EBITDA*
Hospitality 56,643 61,858 10,246 11,472
Corporate - - (2,979) (2,699)
To t a l 56,643 61,858 7,267 8,773
*EBITDA means earnings before interest, tax, depreciation,
amortisation, restructuring costs, and impairment charges as
disclosed in the Statement of Comprehensive Income.
$000's
2025
Depreciation,
amortisation
and
impairment
2024
Depreciation,
amortisation
and
impairment
2025
Capital
expenditure
2024
Capital
expenditure
Hospitality 4,732 9,419 1,116 475
Corporate - - - -
To t a l 4,732 9,419 1,116 475
$000's
2025
Non-current
assets
2024
Non-current
assets
Hospitality 48,384 52,443
Corporate - -
To t a l 48,384 52,443
4. TRADE AND OTHER RECEIVABLES
Trade receivables are recognised initially at fair value
and subsequently measured at amortised cost using
the effective interest rate method, less an allowance for
impairment. Trade receivables are due for settlement
between 30-90 days from invoice date. All receivables
are due within 12 months of balance date.
2025
$000’s
2024
$000’s
Trade receivables82 97
Other receivables313 326
395 423
The Group applies the simplified approach to providing
for expected credit losses prescribed by NZ IFRS
9, which permits the use of lifetime expected loss
provisions for all trade receivables. Collectability of
trade receivables is reviewed on an ongoing basis and
a provision for doubtful debts is made when there is
evidence that the Group will not be able to collect the
receivable. Additionally, the Group has established an
allowance for Expected Credit Loss (ECL) based on its
historical credit loss experience, adjusted for forward-
looking factors specific to the receivables and the
economic environment. Receivables are written off when
recovery is no longer anticipated. There are no overdue
receivables considered impaired that have not been
provided for.
2025
$000’s
2024
$000’s
Current81 75
0 - 30 days over standard terms 1 3
31 - 60 days over standard terms - -
61+ days over standard terms - 19
Provision - -
Trade receivables82 97
28
Savor Group 2025 Annual Report
Notes to the Financial Statements

5. INVENTORIES
Raw materials and finished goods are stated at the lower
of cost and net realisable value. Cost comprises direct
materials as invoiced to the Group. Costs are assigned
to individual items of inventory on the basis of weighted
average costs. Net realisable value is the estimated
selling price in the ordinary course of business.
2025
$000’s
2024
$000’s
Raw materials 450 495
Finished goods 413 400
863 895
6. TRADE AND OTHER PAYABLES
Trade and other payables are recognised initially at fair
value and subsequently measured at amortised cost
using the effective interest method. These amounts
represent liabilities for goods and services provided to
the Group prior to the end of the financial year which
are unpaid. The amounts are unsecured and are usually
paid within 30 and 60 days of recognition. Liabilities for
wages and salaries, including non-monetary benefits, and
annual leave expected to be settled within 12 months of
the reporting date are recognised in other payables in
respect of employees' services up to the reporting date.
Supplier loans relate to inducements received for the
long term supply to Hospitality venues. These loans are
amortised over the life of the individual contract as the
benefits are consumed.
2025
$000’s
2024
$000’s
Trade payables3,429 3,206
Employee entitlements1,716 1,912
Other payables1,575 1,247
Supplier loans1,261 1,442
7,981 7,807
Current7,163 6,977
Non-current818 830
7,981 7,807
Movement in supplier loans
Balance at 1 April1,4421,939
Additional loans received in cash600 65
Transfer to other payables(402)-
Amortised during the year(379)(562)
Balance at 31 March1,2611,442
29
Savor Group 2025 Annual Report
Notes to the Financial Statements

7. PROPERTY, PLANT & EQUIPMENT
All plant and equipment is stated at historical cost less
accumulated depreciation and accumulated impairment
losses. Subsequent costs are included in the asset’s
carrying amount or recognised as a separate asset,
as appropriate, only when it is probable that future
economic benefits associated with the item will flow to
the Group and the cost of the item can be measured
reliably. All other repairs and maintenance are charged
to the statement of comprehensive income during
the financial year in which they are incurred. Work in
progress assets are those under construction that are
not yet in use and do not incur depreciation.
Depreciation is calculated using the straight-line method
to expense the cost of the assets over their useful lives.
The rates are as follows:
Plant and equipment7% - 67%
Leasehold improvements6% - 20%
Fixtures & fittings7% - 67%
Motor vehicles10% - 21%
Any related gain or loss on disposal of assets is
recognised in the Statement of Comprehensive Income
as part of restructuring and other costs.
Plant &
Equipment
Fixtures &
Fittings
Leasehold
ImprovementsVehicles
Work in
progressTo t a l
2025
Carrying value at 1 April 20241,7228589,09835211,715
Additions136128848 - 13 1,125
Disposals (257) (13) (1,967) - 668 (1,569)
Depreciation(368)(252)(943)(17) - (1,580)
Carrying value at 31 March 20251,2337217,03 6186839,691
Represented by:
Cost3,0421,95510,073 70 683 15,823
Accumulated depreciation(1,809)(1,234)(3,037) (52) - (6,132)
1,2337217,03 6186839,691
2024
Carrying value at 1 April 20232,1231,2349,91945(8)13,313
Additions17018104 - 10 302
Disposals - - - - -
Depreciation(571)(394)(925)(10) - (1,900)
Carrying value at 31 March 20241,7228589,09835211,715
Represented by:
Cost3,6352,14812,337 70 2 18,192
Accumulated depreciation(1,913)(1,290)(3,239) (35) - (6,477)
1,7228589,09835211,715
The Group had no material capital commitments at 31 March 2025 (2024: nil).
30
Savor Group 2025 Annual Report
Notes to the Financial Statements

8. INTANGIBLE ASSETS
Intangible assets acquired separately are measured
on initial recognition at cost. Following initial
recognition, intangibles are carried at cost less
any accumulated amortisation and accumulated
impairment losses. Intangible assets with indefinite
useful lives are not amortised but are tested for
impairment annually, either individually or at the
cash-generating unit level. Intangible assets with a
definite life are amortised on a straight-line basis.
Software and other intangibles are amortised over
a period of 2-4 years.
Goodwill
Software and other
intangiblesTo t a l
2025
Carrying value at 1 April 202420,74731321,060
Additions - - -
Disposals - (175) (175)
Impairment - - -
Amortisation expense - (53) (53)
Carrying value at 31 March 202520,7478520,832
Represented by:
Cost28,63151429,145
Accumulated amortisation and impairment (7,884)(429)(8,313)
20,7478520,832
2024
Carrying value at 1 April 202325,06734925,416
Additions - 99
Disposals - - -
Impairment (4,320) - (4,320)
Amortisation expense - (45)(45)
Carrying value at 31 March 202420,74731321,060
Represented by:
Cost28,63151429,145
Accumulated amortisation and impairment (7,884)(201)(8,085)
20,74731321,060
Goodwill is stated at cost, less any impairment
losses. Goodwill is allocated to cash-generating units
(CGUs) and is not amortised but is tested annually
for impairment, and when an indication of impairment
exists.For the purposes of considering whether there
has been an impairment, assets are grouped at the
lowest level for which there are identifiable cash flows
that are largely independent of the cash flows of other
groups of assets. When the book value of a group of
assets exceeds the recoverable amount, an impairment
loss arises and is recognised in earnings immediately.
Refer to note 2.1 for impairment considerations.
31
Savor Group 2025 Annual Report
Notes to the Financial Statements

SIGNIFICANT CASH GENERATING UNITS
Goodwill is allocated to the following significant cash
generating units:
2025
$000’s
2024
$000’s
Amano7,4837,483
Azabu4,3694,369
Non Solo Pizza3,2693,269
Ebisu3,0273,027
Auckland Fish Market2,1632,163
Ortolana384384
Other5252
20,74720,747
PRIOR YEAR IMPAIRMENT CHARGE
The lease for the Seafarers Building in Britomart expires
in November 2025. At 31 March 2024, the Group did not
have a right of renewal for the premises and discussions
with the landlord had not yet reached a level where the
Group could be certain of the outcome. The impairment
assessment for the Seafarers CGU and the related
goodwill balances considered a range of possible
scenarios from an exit at the end of the current lease
through to a full extension for a similar 10 year term. After
weighting the probability of each possible outcome, the
resulting enterprise value was not sufficient to support
the existing carrying value of the CGU at balance date.
Accordingly, Savor recognised an impairment expense of
$4.3m to reduce the associated goodwill balance to nil.
9. LEASES
AS LESSEE
The Group recognises right-of-use assets and lease
liabilities for property leases. On inception of a new
lease, the lease liability is measured at the present value
of the remaining lease payments, discounted using the
Group's incremental borrowing rate at that date. The
right-of-use assets are measured at an amount equal to
the lease liability, and are depreciated over the estimated
remaining lease term on a straight line basis. The Group
presents the right-of-use assets and lease liabilities
separately on the Balance Sheet.
• Exemption to not recognise right-of-use assets for
low-value leases; and
• Exemption to not recognise right-of-use assets for
leases with a term of less than 12 months.
The Group as the lessee has various non-cancellable
leases predominantly for the lease of land and buildings.
The leases have varying terms and renewal rights. On
renewal, the terms of the lease are renegotiated.
Right-of-use assets
2025
$000's
2024
$000's
Carrying value at 1 April15,53215,900
Additions (refer note 2.3)2,1732,756
Disposals(249) -
Depreciation(3,113)(3,124)
Carrying value at 31 March14,34315,532
Lease liabilities
2025
$000's
2024
$000's
Carrying value at 1 April17,50417,683
Additions (refer note 2.3)3,1712,748
Variable lease payment adjustments 14 (9)
Repayments (3,053) (2,918)
Disposals (351) -
Carrying value at 31 March17,28517,504
Current3,019 3,056
Non-current14,266 14,448
Total lease liabilities17,285 17,504
Amounts recognised in profit or loss
2025
$000's
2024
$000's
As lessee
Lease depreciation 3,113 3,124
Interest expense on lease liabilities 722 815
Lease expense on low value leases 108 40
Rental concessions received60 158
Gain on lease disposal102 -
As lessor
Sublease income 150 190
32
Savor Group 2025 Annual Report
Notes to the Financial Statements

10. BORROWINGS
2025
$000's
2024
$000's
Balance at 1 April8,40711,350
Drawn down10,000 -
Repayments(9,407)(2,943)
Balance at 31 March9,0008,407
Current1,000 8,407
Non-current8,000 -
Total borrowings9,000 8,407
At balance date, the Group had the following funding
facilities
Utilised facilities9,000 8,407
Unutilised bank overdraft3,000 1,347
Total facilities12,000 9,754
At 31 March 2024, the Group had committed funds with
ANZ for borrowings of $10m and overdraft facilities
of $3m. Accordingly, the Group recognised the full
balance of the Kiwibank borrowings as a current liability
on the face of the Balance Sheet in the prior year. The
refinancing was completed on 2 April 2024 and Kiwibank
were repaid in full. The facility for $7.5m of borrowings
expire on 31 March 2027, with the balance amortising
ahead of that date.
The average interest rate on these borrowings during
the year was 6.84% (2024: 4.32%). The Group incurred
interest charges on borrowings of $0.7m during the year
(2024: $0.5m).
The borrowings are subject to a leverage ratio and a
fixed charge cover ratio covenant. The Group expects to
meet the requirements of both covenants for at least the
next twelve months.
11. CAPITAL
2025
$000's
2024
$000's
Reported capital at the beginning
of the year
60,000 59,214
Repurchase of shares(166) -
Issue of shares (net of issue costs) - 786
59,834 60,000
Number of ordinary shares:
Number of shares on issue at the
beginning of the year
77,585,179 74,637,786
Repurchase of shares(804,513) -
Issue of shares - 2,947,393
Total number of shares on issue76,780,666 77,585,179
All issued shares are fully paid and have no par value.
SHARE OPTION PLAN
In July 2015 the Board approved the Company
Employee Share Option Plan. Options allow eligible
staff to subscribe for ordinary shares in the Company
at an exercise price. Options are vested in equal
tranches on the first to third anniversaries of the date of
issuance while the eligible employees remain in full time
employment with the Group. Once vested the options
can be exercised at any time up to the second April
following vesting. Employees can pay the exercise price
in shares using the 20-day Volume Weighted Average
Price of the Company shares up to the date of issuance.
The Employee Share Option Plan allows employees to
exercise all their vested options into ordinary shares for
cash or a lower number of ordinary shares for no cash.
Number of
options
Weighted
average
exercise price
(cents)
Outstanding 31 March 2023 283,334 63.0
Forfeited -
Granted -
Cancelled -
Outstanding 31 March 2024 283,334 63.0
Forfeited -
Granted -
Cancelled -
Outstanding 31 March 2025 283,334 22.0
On 7 April 2024, the outstanding options were repriced
to reflect the recent volume weighted average price of
shares in the Company and had the expiry dates of each
tranche extended by two years.
The outstanding options have been valued at grant date
using the Black-Scholes pricing method at $0.2m (2024:
$0.2m), the key inputs for which are outlined below.
20252024
Weighted average fair values at the
measurement date ($)
0.0170.061
Dividend yield (%)0.00.0
Expected volatility (%)0.0130.07
Risk-free interest rate (%)4.34.3
Expected life of share options (years)2.031.36
Weighted average share price ($)0.190.22
The expected life of the share options is based on
historical data and current expectations and is not
necessarily indicative of exercise patterns that may
occur. The expected volatility reflects the assumption
that the historical volatility over a period similar to the
life of the options is indicative of future trends, which
may not necessarily be the actual outcome.
33
Savor Group 2025 Annual Report
Notes to the Financial Statements

12. RELATED PARTY DISCLOSURES
Key management personnel compensation
2025
$000’s
2024
$000’s
Directors' fees280 285
Senior management remuneration paid, payable or provided for:
Short-term employee benefits1,653 1,550
In addition to the above, directors fees of $0.1m owing in arrears for prior years were paid out during the current year.
GROUP INFORMATION
The consolidated subsidiaries of the Group include:
Equity interest (%)
NamePrincipal activitiesCountry of incorporation20252024
Savor Group LimitedHospitalityNew Zealand100100
Amano Group LimitedHospitalityNew Zealand100100
Savor Quick Service LimitedHospitalityNew Zealand100100
Savor Entertainment Limited (previously The
Red Claw Trading Company Limited)
HospitalityNew Zealand100100
Savor Goods LimitedDistributionNew Zealand100100
13. EARNINGS PER SHARE
Earnings per share is the portion of a company's profit
allocated to each outstanding ordinary share and is
calculated by dividing the earnings attributable to
shareholders by the weighted average of ordinary shares
on issue during the year.
20252024
Net (losses)/earnings per share (cents)
Basic and diluted (1.6) 0.9
$000’s$000’s
Numerator
Net (losses)/earnings attributable to
shareholders
(1,212)650
Denominator (thousands of shares)
Weighted average number of shares
outstanding
77,402 76,008
Denominator for net earnings per share77,402 76,008
1 4 . TA X AT I O N
INCOME TAX EXPENSE
The income tax expense or revenue for the year is the
total of the current year’s taxable income based on the
national income tax rate adjusted for any prior years'
under or over provisions, plus or minus movements in
the deferred tax balance except where the movement in
deferred tax is attributable to a movement in reserves. The
current income tax charge is calculated on the basis of
tax laws enacted or substantially enacted at balance date.
Below is the reconciliation of earnings before taxation to
taxation expense:
2025
$000’s
2024
$000’s
Loss before taxation(1,444)(2,858)
Taxation at 28 cents per dollar(404)(800)
Adjusted for:
Non-deductible expenses152 54
Tax benefit in respect of prior years20 -
Non-deductible impairment expense - 1,210
Temporary differences not recognised - -
(232) 464
Current tax expense(222)628
Deferred tax expense(10)(164)
(232)464
Tax losses and prior year amounts not
previously recognised
- (3,972)
(232)(3,508)
34
Savor Group 2025 Annual Report
Notes to the Financial Statements

DEFERRED TAX
Movements in deferred tax are attributable to temporary
differences between the tax bases of assets and
liabilities and their carrying amounts in the financial
statements and any unused tax losses or credits.
Deferred tax assets and liabilities are recognised for
temporary differences at the tax rates expected to
apply when the assets are recovered or liabilities are
settled, based on those tax rates which are enacted or
substantively enacted at balance date. An exception
is made for certain temporary differences arising from
the initial recognition of an asset or a liability. No
deferred tax asset or liability is recognised in relation
to temporary differences if they arose in a transaction,
other than a business combination, that at the time of
the transaction did not affect either accounting profit or
loss or taxable profit or loss.
Deferred tax assets are recognised for deductible
temporary differences and unused tax losses only to the
extent that it is probable that future taxable amounts
will be available to utilise those temporary differences
and losses. Refer to note 2.2 for further detail of the
assessment of recoverability of the deferred tax asset.
Current and deferred tax assets and liabilities of
individual entities are reported on a consolidated basis
as all subsidiaries form part of the same New Zealand
consolidated tax group.
2025
$000’s
2024
$000’s
Opening balance 4,136 -
Deferred tax expense for the year82 164
Transfer from current tax(628) -
Prior year amounts not recognised (72)938
Tax losses recognised during the year - 3,034
3,518 4,136
Comprised of:
Trade and other payables 556 550
Right of use assets (4,291) (4,349)
Lease liabilities 4,840 4,901
Tax losses 2,413 3,034
3,518 4,136
TAX LOSSES BROUGHT FORWARD
The Group has unrecognised deferred tax assets arising
from tax losses as follows:
2025
$000’s
2024
$000’s
Opening balance5,073 9,062
Incurred during the year - -
Prior period adjustment - (17)
Tax losses and prior year amounts
recognised as deferred tax assets
- (3,972)
5,073 5,073
The Group has no imputation credits available
at 31 March 2025 (2024: nil).
15. ADDITIONAL EXPENSE DISCLOSURES
2025
$000’s
2024
$000’s
Direct costs includes the following:
Cost of goods sold (including the
purchase of raw materials)
15,650 17,383
Employee costs includes the following:
Salaries, wages, and kiwisaver
contributions
22,365 24,678
Auditor's remuneration
Audit of the financial statements
EY219 231
Total auditor remuneration219 231
35
Savor Group 2025 Annual Report
Notes to the Financial Statements

16. RECONCILIATION OF NET
EARNINGS TO NET CASH FROM
OPERATING ACTIVITIES
2025
$000’s
2024
$000’s
Net (loss)/profit after tax(1,212)650
Add back:
Interest paid1,465 1,342
Venue development costs expensed189 164
Add/(Less) non-cash items:
Taxation benefit(232)(3,508)
Depreciation and amortisation 4,7325,099
Impairment expense - 4,320
Supplier loan income recognised(379)(552)
Loss on disposal of fixed assets 1,823 -
Restructuring costs - 171
Movements in working capital:
Trade and other receivables89 12
Inventories32 130
Trade and other payables590 (1,428)
Net cash from operating activities7,097 6,400
17. FINANCIAL INSTRUMENTS
RECOGNITION AND DERECOGNITION
Financial assets and liabilities are recognised when the
Group becomes a party to contractual provisions of the
instrument. Financial assets are derecognised when the
contractual rights to the cash flows from the financial
asset expire, or when the financial asset and substantially
all the risk and rewards are transferred. A financial liability
is derecognised when it is extinguished, discharged,
cancelled or expires.
CLASSIFICATION AND INITIAL MEASUREMENT OF
FINANCIAL ASSETS
Except for those trade receivables that do not contain
a significant financing component and are measured
at the transaction price in accordance with NZ IFRS 15
(Revenue from Contracts with Customers), all financial
assets are initially measured at fair value adjusted for
transaction costs (where applicable). Financial assets,
other than those designated and effective as hedging
instruments, are classified into the following categories:
• Amortised cost
• Fair value through profit or loss (FVTPL)
• Fair value through other comprehensive income (FVOCI)
In the periods presented the Group does not have any
financial assets categorised as FVTPL or FVOCI.
FINANCIAL ASSETS AT AMORTISED COST
Financial assets are measured at amortised cost if
the assets meet the following conditions (and are not
designated as FVTPL):
• they are held within a business model whose
objective is to hold the financial assets and collect its
contractual cash flows
• the contractual terms of the financial assets give rise
to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
After initial recognition, these are measured at amortised
cost using the effective interest method less any
provision for expected credit losses. Discounting is
omitted where the effect of discounting is immaterial.
The Group’s cash and trade and other receivables fall
into this category of financial instruments.
IMPAIRMENT OF FINANCIAL ASSETS
Recognition of credit losses uses the ‘expected credit
loss (ECL) model’. The Group considers a broad range
of information when assessing credit risk and measuring
expected credit losses, including past events, current
conditions, reasonable and supportable forecasts that
affect the expected collectability of future cash flows of
the instrument.
In applying this forward looking approach, a distinction is
made between:
• financial instruments that have not deteriorated
significantly in credit quality since initial recognition or
that have low credit risk (‘Stage 1’) and
• financial instruments that have deteriorated
significantly in credit quality since initial recognition
and whose credit risk is not low (‘Stage 2’). ‘Stage
3’ would cover financial assets that have objective
evidence of impairment at the reporting date. ‘12
month expected credit losses’ are recognised in Stage
1, while 'lifetime expected credit losses' are recognised
for Stage 2.
Measurement of the expected credit losses is
determined by probability weighted estimate of credit
losses over the expected life of the financial instrument.
TRADE AND OTHER RECEIVABLES
The Group makes use of a simplified approach in
accounting for trade receivables and records the loss
allowance as lifetime expected credit losses. These
are the expected shortfalls in contractual cash flows,
considering the potential for default at any point during
the life of the financial instrument.
36
Savor Group 2025 Annual Report
Notes to the Financial Statements

CLASSIFICATION AND MEASUREMENT OF FINANCIAL
LIABILITIES
The Group’s financial liabilities include trade and other
payables, deferred consideration, borrowings and related
party payables.
Financial liabilities are initially measured at fair value, and,
where applicable, adjusted for transaction costs unless
the Group designated a financial liability at fair value
through profit or loss. Subsequently, financial liabilities
are measured at amortised cost using the effective
interest method. Deferred consideration is measured at
fair value with movements recognised in profit or loss.
A) CATEGORIES OF FINANCIAL ASSETS &
LIABILITIES
The varying amounts presented in the balance sheet
relate to the following categories of assets and liabilities:
2025
$000’s
2024
$000’s
Financial assets
Financial assets at amortised cost:
Cash 1,786 -
Trade and other receivables395 423
Total financial assets2,181 423
Financial liabilities
Financial liabilities at amortised cost:
Bank overdraft - 653
Trade and other payables 7,981 7,807
Borrowings 9,000 8,407
Total financial liabilities 16,981 16,867
The Group's activities expose it to a variety of financial
risks: market risk (including currency risk and interest rate
risk), credit risk and liquidity risk. The Group's overall risk
management programme focuses on the unpredictability
of financial markets and seeks to minimise potential
adverse effects on the financial performance of the
Group. The Group uses different methods to measure
different types of risk to which it is exposed. These
methods include sensitivity analysis in the case of
interest rate and foreign exchange risks and aging
analysis for credit risk.
B) MARKET RISK
Market risk is the risk that changes in market prices,
such as foreign exchange rates and interest rates, will
affect the Group’s income, input costs, or interest rates
on the Group's borrowings. The objective of market risk
management is to manage and control risk exposures
within acceptable parameters while optimising the return
on risk.
I) INTEREST RATE RISK
The Group’s fair value interest rate risk as at 31 March
2025 arises from its borrowings. An analysis on the
sensitivity of the Group's earnings due to movements in
interest rates is shown below.
Effect on net loss before tax
2025
$000’s
2024
$000’s
1% increase in interest rate(95)(80)
1% decrease in interest rate95 80
The above information is calculated by applying the
movement to the average balance of borrowings during
the year ended 31 March 2025 of $9.5m (2024: $8.4m).
II) CURRENCY RISK
The Group purchases services that are denominated
in foreign currencies (primarily AUD) from time to time.
These purchases were immaterial during the financial
year, and the Group's exposure to movements in foreign
exchange is immaterial (2024: both immaterial).
C) CREDIT RISK
Credit risk is the risk of financial loss to the Group if a
customer or counterparty to a financial instrument fails
to meet its contractual obligations. Credit risk arises from
cash and deposits with banks and financial institutions,
as well as from the Group’s receivables due from
customers. Cash and deposit balances are held with
financial institutions rated at least an A+ Credit Rating by
Standard and Poors.
Sales are settled in cash at the point of sale, leaving
minimal debtors. The Group has adopted the simplified
approach to ECL (expected credit loss) in NZ IFRS 9:
Financial Instruments which apply to trade receivables
that are in the scope of IFRS 15. The impact is limited as
trade receivables are predominantly less than 30 days.
The maximum exposure to credit risk at the reporting
date is the carrying amount of the financial assets as
summarised in Note 4.
37
Savor Group 2025 Annual Report
Notes to the Financial Statements

D) LIQUIDITY RISK
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s
approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Group’s reputation.
The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the maturity
profiles of financial assets and liabilities.
The following maturity analysis table sets out the remaining contractual undiscounted cash flows for financial liabilities.
2025
To t a l
$000’s
0-6 months
$000’s
7-12 months
$000’s
1-2 years
$000’s
2-5 years
$000’s
5+ years
$000’s
Trade and other payables7,981 6,957 206 491 327 -
Lease liabilities20,334 1,828 1,874 3,633 6,882 6,117
Borrowings9,000 500 500 8,000 - -
Total principal cash flows37,315 9,285 2,580 12,124 7,209 6,117
Contractual interest cash flows1,009 262 256 491 - -
Total contractual cash flows38,324 9,547 2,836 12,615 7,209 6,117
2024
Trade and other payables7,807 6,782 195 345 485 -
Lease liabilities20,164 1,871 1,871 3,573 7, 3 37 5,512
Borrowings8,407 8,311 96 - - -
Total principal cash flows36,378 16,964 2,162 3,918 7,822 5,512
Contractual interest cash flows129 129 - - - -
Total contractual cash flows36,507 17,093 2,162 3,918 7,822 5,512
18. GUARANTEES
At 31 March 2025 the Group had $0.1m of bank guarantees and letters of credit outstanding (2024: $0.1m).
19. SUBSEQUENT EVENTS
There were no events subsequent to year end that require disclosure.
38
Savor Group 2025 Annual Report
Notes to the Financial Statements

39
Savor Group 2025 Annual Report

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF SAVOR LIMITED
OPINION
We have audited the financial statements of Savor Limited (the “Company”) and its subsidiaries (together the “Group”)
on pages 22 to 38, which comprise the consolidated balance sheet of the Group as at 31 March 2025, and the
consolidated statement of comprehensive income, consolidated statement of movements in equity and consolidated
statement of cash flows for the year then ended of the Group, and the notes to the consolidated financial statements
including material accounting policy information.
In our opinion, the consolidated financial statements on pages 22 to 38 present fairly, in all material respects, the
consolidated financial position of the Group as at 31 March 2025 and its consolidated financial performance and
cash flows for the year then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards and International Financial Reporting Standards.
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so that we might
state to the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
the Company and the Company’s shareholders, as a body, for our audit work, for this report, or for the opinions we
have formed.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities
under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements
section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics
for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by the New
Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance
with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor we have no relationship with, or interest in, the Company or any of its
subsidiaries. Partners and employees of our firm may deal with the Group on normal terms within the ordinary course
of trading activities of the business of the Group.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current year. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, but we do not provide a separate
opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in
that context.
We have fulfilled the responsibilities described in the
Auditor’s responsibilities for the audit of the financial statements
section of the audit report, including in relation to these matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the risks of material misstatement of the financial statements.
The results of our audit procedures, including the procedures performed to address the matters below, provide the
basis for our audit opinion on the accompanying consolidated financial statements.
Independent
Auditor’s Report
40
Savor Group 2025 Annual Report

GOODWILL IMPAIRMENT
Why significantHow our audit addressed the key audit matter
• As at 31 March 2025, the Group has Goodwill of $20.7
million as disclosed in Note 8.
• Given the nature of the Group’s operations, each
of its venues are determined to be a separate
cash generating unit (“CGU”) to which goodwill is
allocated. To assess whether goodwill is impaired, the
recoverable amount of each CGU is determined each
reporting period by reference to valuations prepared
to assess their value-in-use using discounted cash
flow models (“DCF models”).
• DCF models contain significant judgement and
estimation in respect of future cash flow forecasts,
discount rate and terminal growth rate assumptions.
Changes in these key assumptions can lead to
significant changes in the assessment of the
recoverable amount and so the assessment of whether
goodwill is impaired or not.
Our audit procedures included:
• Obtained an understanding of the Group's goodwill
impairment assessment process.
• Assessed the Group's determination of CGUs based
on the nature of the Group's operations.
• Obtained the Group's DCF models and agreed the
forecasts within them to the Board approved forecasts.
• Assessed key inputs to the DCF models including
revenue and EBITDA margin forecasts, which were
compared to historical trading performance, discount
rates and terminal growth rates.
• Engaged our valuation specialists to assess the
Group's discount and terminal growth rates. Our
valuation specialists were also involved in assessing
the integrity of the DCF models.
• Performed sensitivity analysis for CGUs to assess the
potential impact of changes in key assumptions.
• Assessed the Group’s equity against market
capitalisation of the company.
• Assessed the appropriateness and adequacy of the
disclosures included in the notes to the financial
statements.
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT
The directors of the Company are responsible for the other information. The other information comprises the annual
report, but does not include the financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial
statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.
If, based upon the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
DIRECTORS’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the consolidated
financial statements in accordance with New Zealand Equivalents to International Financial Reporting Standards and
International Financial Reporting Standards, and for such internal control as the directors determine is necessary to
enable the preparation of consolidated financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the
entity the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the directors either intend to liquidate the Group or cease
operations, or have no realistic alternative but to do so.
41
Savor Group 2025 Annual Report
Independent Auditor’s Report

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with International Standards on Auditing (New Zealand) will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated
financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located at the External
Reporting Board’s website: https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-
report-1-1/. This description forms part of our auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Rob Yeardley.
Chartered Accountants
Auckland
22 May 2025

42
Savor Group 2025 Annual Report
Independent Auditor’s Report

43
Savor Group 2025 Annual Report

COMPANY SHARES
The Company’s ordinary shares are listed on the NZX
Main Board equity security market operated by NZX
Limited. On 31 March 2025 the Company had issued
voting securities comprising 76,780,666 fully paid,
quoted ordinary shares (NZX: SVR).
TWENTY LARGEST REGISTERED
SHAREHOLDERS
The following table shows the names and holdings of
the 20 largest registered holdings of listed ordinary
shares of the Company as at 31 March 2025:
Holder DetailsShares held% Held
H & G Limited11,775,25315.34
Vanessa Neal6,267,4738.16
Forsyth Barr Custodians5,809,8437. 57
New Zealand Central Securities
Depository Limited
5,063,2606.59
David Lyall Holdings Limited4,000,0005.21
Paul Robinson3,984,8595.19
Lucien Law3,894,4555.07
JBWERE (NZ) Nominees Limited3,460,2754.51
B & S Custodians Limited2,672,7453.48
New Zealand Depository Nominee
Limited (Sharesies)
1,946,4012.54
Philip Bowman1,931,1632.52
Vinula Pty Limited1,459,5871.90
David Poole & Warren Ladbrook &
Gaylene Cadwallader
1,433,9921.87
Waihinahina Capital Limited937,2081.22
Turha Limited900,0001.17
Leveraged Equities Finance Limited838,1481.09
Custodial Services Limited745,9400.97
Alpha K Limited682,8790.89
Antonio Crisci & Vivienne Farnell &
Toto Trustees Limited
603,6100.79
Sean Mccarthy600,0000.78
SUBSTANTIAL PRODUCT HOLDERS
This information is given as required by the Financial
Markets Conduct Act 2013.
As at 31 March 2025, the Company had 76,780,666
quoted ordinary shares on issue (NZX code: SVR).
Substantial
product HolderNotes
Ordinary
Shares heldDate of Notice
% Issued
Capital
H&G Limited9,020,17321 July 202114.67%
Vanessa Neal6,267,4732 June 20238.397%
Jeremy Blake,
Rachel Blake &
Brett Gamble
5,101,85217 October 20236.58%
David Lyall
Holdings Limited
4,000,00017 October 20235.16%
Paul Robinson14,141,58515 May 20206.74 %
Lucien Law24,896,33116 June 20217.96%
Notes:
1 Includes shares held directly and by the El Pilar A1 and Ika-Roa
Investment Trusts.
2 Includes shares held directly and by the El Pilar A1 and Ika-Roa
Investment Trusts.
SPREAD OF SHAREHOLDERS AT
31 MARCH 2025
RangeInvestorsSecuritiesIssued Capital %
1-1000000
1001-500051238,7780.31
5001-100001801,284,7551.67
10001-500001934,236,3175.52
50001-100000322,387,2683.11
Greater than
100000
5968,633,54889.39
STATEMENT OF DIRECTORS’ RELEVANT
INTERESTS
Directors held the following relevant interests
in shares in the Company as at 31 March 2025:
Shares
Paul Robinson4,485,797
Lucien Law4,395,393
Louise Alexander231
Shareholder and
Statutory Information
44
Savor Group 2025 Annual Report
Shareholder and Statutory Information

DIRECTORS REMUNERATION AND
OTHER BENEFITS
The names of the directors of the Company who held
office and the details of their remuneration and value of
other benefits received for services to the Group for the
year ended 31 March 2025 were:
Director
Director
fee $
Executive
remuneration $
Nature of
remuneration
Paul Robinson100,000550,000
Director fees
/ Executive
remuneration
Lucien Law60,000550,000
Director fees
/ Executive
remuneration
Louise Alexander60,000Director fees
Bhupen Master60,000Director fees
ENTRIES RECORDED IN THE INTERESTS
REGISTER
There were no entries recorded in the interests
register of the Company during the year ended
31 March 2025.
OTHER DIRECTORSHIPS AND
SHAREHOLDINGS
The following represents the interests of directors in
other companies as at 31 March 2025 disclosed to the
Company and entered in the Interests Register:
Lucien LawMotu Capital Limited – Director
Paul RobinsonMotu Capital Limited - Director
Bhupen Master
Master & Sons Limited - Director
Evossentials Limited
Pukekawa Holdings Limited
SUBSIDIARY COMPANY INFORMATION
The persons listed below respectively held office as
directors of Savor Limited’s subsidiary companies as at
31 March 2025.
No employee of Savor appointed as a director of
Savor Limited’s subsidiaries receives or retains any
remuneration or other benefits, as a director.
CompanyDirectors
Savor Group LimitedP Robinson, L Law, T Peat
Amano Group LimitedP Robinson, L Law, T Peat
Savor Goods LimitedP Robinson, L Law, T Peat
Savor Quick Service LimitedP Robinson, T Peat
Savor Entertainment Limited (formerly
The Red Claw Trading Company Limited)
P Robinson, L Law, T Peat
INDEMNITY AND INSURANCE
The Company entered an indemnity in favour of its
directors under a deed dated 10 October 2012. The
Company has insured all its directors against liabilities
and costs in accordance with section 162(5) of the
Companies Act 1993.
EMPLOYEE’S REMUNERATION
During the period, the number of employees, not being
directors of the Company, who received remuneration
and the value of other benefits exceeding NZ$100,000
was as follows:
Remuneration rangeNumber of employees
$NZ ‘000
100-1101
110-1201
120–1301
130–1401
140-1501
270-2801
AUDIT FEES
The amount of audit fees payable to EY during the
period ending 31 March 2025 is set out in the notes to
the financial statements. During the period ended 31
March 2025, EY did not provide any non-audit services
to the Group.
DONATIONS
The Group made no donations during the year ended
31 March 2025.
45
Savor Group 2025 Annual Report
Shareholder and Statutory Information

46
Savor Group 2025 Annual Report

Corporate
Directory
DIRECTORS
Paul Robinson
Executive Chair
Lucien Law
Executive Director & CEO
Louise Alexander
Independent Director
Bhupen Master
Independent Director
FINANCIAL CALENDAR
Interim results announced:
November
End of financial year:
31 March
Annual Report published:
May
22 May 2025
Signed for and on behalf of the Board by:
Paul Robinson
Executive Chair
Bhupen Master
Director
REGISTERED OFFICE
AND ADDRESS FOR
SERVICE
C/O Generator, Level 10,
11 Britomart Place, Auckland,
1010, New Zealand
contact@savor.co.nz
AUDITOR
EY
BANKER
ANZ
LAWYERS
Chapman Tripp
COMPANY
PUBLICATIONS
The Company informs investors
of the Group’s business and
operations by publishing an
Annual Report and regular
trading updates.
SHARE REGISTER
AND SHAREHOLDER
ENQUIRIES
Shareholders with enquiries
about transactions or changes
of address should contact the
share register.
MUFG Corporate Markets
Level 30, PwC Tower, 15
Customs Street West, Auckland,
PO Box 91976, Auckland 1142
Phone: +64 9 375 5998
Fax: +64 9 375 5990
Other questions should be
directed to the Company at
the registered address.
47
Savor Group 2025 Annual Report
Corporate Directory

New Zealand's premier hospitality group

---

NZX Release

Savor 2025 Annual Results

22 May 2025
Savor Limited (NZX: SVR) (“Savor”, “the Company”, or with its subsidiaries “the Group”), New
Zealand’s premier hospitality group, presents its results for the financial year ended 31 March 2025.

Highlights:

• Savor’s operating earnings for FY25 were $7.3m, representing a net extraction rate of 13% a
considerable achievement given the market backdrop, and within 1% of the prior year.

• Savor’s revenue for the year was $56.6m, an 8% decline on the prior year, driven by reduced
foot traffic due to economic pressures, but supported by a consistent customer spend per
head. This represents a strong turnaround for the second half of the year, closing the gap from
15% down as reported in the half year results.

• Operating cash flow continued to be strong, with the Group recording $7.1m compared to
$6.4m in the prior year, an incre ase of 11%.

• Savor recorded a net loss after tax of $1.2m compared to a profit of $0.7m in the prior year,
primarily due to the one-time accounting write-off from the discontinued Seafarers operations.

• The Group’s balance sheet remains strong, finishing the year with net cash on hand of $1.8m
and maintained a ratio of net debt to operating earnings of less than 1 times.

These outcomes, achieved amidst rising costs and cautious consumer spending, underscore our
commitment to operational efficiency. The Group’s underlying operational improvements and asset
upgrades positions Savor for a strong recovery as market conditions improve.

The Group’s financial results continue to demonstrate our disciplined cost management efficiencies,
despite the continued challenging economic conditions. Through the continued daily management of
variable costs, the Group mitigated the impact of lower revenues while preserving the quality of our
customer experience.

Throughout the year, Savor has implemented a number of targeted initiatives to enhance our portfolio
and deepen customer engagement. The expiry of the Seafarers building lease in Britomart, the Savor
Food Festival, the upgrades to NSP, and the opening of the new Roukai Lane site in Se pte mbe r 2025 in
Britomart ensure quality and cost efficiency despite the risk of global tariff uncertainties, and position
Savor well in its efforts to maintain stable pricing for our customers and robust margins.

Outlook

The trading environment remains uncertain, with economic pressures persisting domestically and
globally. However, Savor’s proven resilience, disciplined cost management, and strategic investments
position us to capitalize on emerging opportunities. We anticipate gradual relief in cost-of-living
pressures, enabling more customers to enjoy our exceptional dining experiences, particularly at our
new venues. Our strengthened balance sheet, with improved cash reserves and declining leverage,
provides flexibility to navigate challenges or pursue growth.


Commenting on the result, Savor’s CEO Lucien Law said:

“Despite challenging economic conditions, particularly in our sector, we delivered a strong $7.3m in
operating earnings, reflecting the resilience of our brands.

With the market stabilizing and our new bar and entertainment venue in Britomart under construction,
we’re looking forward to growth again.”


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

-ENDS-


Investor Enquiries
Tim Peat
CFO, Savor
Email: tim@savor.co.nz


About Savor
Savor, established in 2011, is one of New Zealand’s largest hospitality businesses with 18 iconic
venues in Auckland, including Amano, two Azabu’s, Ebisu, Bivacco and Non Solo Pizza, each with its
own unique concept, culture and offering. Savor has a reputation for originality, the quality of its
products and the high standard of service that is consistent across the company portfolio.

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Results Announcement
(for Equity Security issuer)



Results for announcement to the market
Name of issuer Savor Limited
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
56,643 (8.43)%
Total Revenue 56,643 (8.43)%
Net profit/(loss) from continuing
operations
(1,212) NM
Total net profit/(loss) (1,212) NM
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
$(0.09) $(0.08)
A brief explanation of any of the
figures above necessary to enable
the figures to be understood

Authority for this announcement
Name of person authorised to make
this announcement
Tim Peat
Contact person for this
announcement
Tim Peat
Contact phone number +64 21 049 7442
Contact email address
tim@savor.co.nz
Date of release through MAP 22/05/2025

Audited financial statements accompany this announcement.