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HALLENSTEIN GLASSON HOLDINGS LIMITED

Financial Results Verification Document

Year Ended 1 August 2025

Source: Audited Financial Statements - PwC New Zealand Financial Statements Authorised: 26 September 2025

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the Year Ended 1 August 2025

Item2025 ($'000)2024 ($'000)Change
Sales Revenue470,740435,635+8.1%
Cost of Sales(191,476)(176,904)
Gross Profit279,264258,731+7.9%
Other Operating Income475353
Selling Expenses(161,183)(152,844)
Distribution Expenses(16,959)(15,552)
Administration Expenses(40,565)(36,392)
Total Expenses(218,707)(204,788)
Operating Profit61,03254,296+12.4%
Finance Income2,0351,957
Finance Expense(4,689)(4,168)
Profit Before Income Tax58,37852,085+12.1%
Income Tax Expense(18,917)(17,599)
Net Profit After Tax39,46134,486+14.4%

Other Comprehensive Income

  • Fair Value Loss on Revaluation of Land and Buildings (net of tax): ($20k) [2024: ($421k)]
  • Fair Value Loss in Cash Flow Hedge Reserve (net of tax): ($635k) [2024: ($63k)]
  • Movement in Foreign Currency Translation Reserve: $265k [2024: Nil]

Total Comprehensive Income: $39,071k (2024: $34,002k)

EARNINGS PER SHARE

Metric20252024
Basic Earnings Per Share66.2 cents57.8 cents
Diluted Earnings Per Share66.1 cents57.8 cents
Weighted Average Shares Outstanding59,649,06159,649,061

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 1 August 2025

ASSETS

Item2025 ($'000)2024 ($'000)
Current Assets
Cash and Cash Equivalents58,33345,915
Trade and Other Receivables366407
Advances to Employees732847
Prepayments3,6465,841
Inventories31,27427,484
Derivative Financial Instruments1,0621,317
Total Current Assets95,41381,811
Non-Current Assets
Property, Plant and Equipment62,15558,779
Right-of-use Assets63,78567,029
Investment Property3,0203,080
Intangible Assets1,273993
Deferred Tax5,5707,323
Total Non-Current Assets135,803137,204
TOTAL ASSETS231,216219,015

LIABILITIES

Item2025 ($'000)2024 ($'000)
Current Liabilities
Trade Payables11,3419,828
Employee Benefits9,8778,928
Other Payables18,44815,400
Lease Liabilities26,68026,691
Derivative Financial Instruments6392
Taxation Payable2,3762,466
Total Current Liabilities69,36163,315
Non-Current Liabilities
Lease Liabilities49,96052,493
Total Non-Current Liabilities49,96052,493
TOTAL LIABILITIES119,321115,808
NET ASSETS111,895103,207

EQUITY

Item2025 ($'000)2024 ($'000)
Contributed Equity29,27929,279
Asset Revaluation Reserve26,08526,105
Cash Flow Hedge Reserve301936
Foreign Currency Translation Reserve265-
Share Option Reserve37-
Retained Earnings55,92846,887
TOTAL EQUITY111,895103,207

SEGMENT PERFORMANCE

Year Ended 1 August 2025

SegmentRevenue ($'000)Net Profit ($'000)
Glassons New Zealand111,91213,443
Glassons Australia251,52422,475
Hallensteins107,3043,304
Property-301
Parent-(62)
TOTAL470,74039,461

Segment Revenue Detail (including intercompany)

  • Glassons NZ: $123,487k (external $111,912k after intercompany elimination)
  • Glassons Australia: $252,849k (external $251,524k)
  • Hallensteins: $108,632k (external $107,304k)
  • Property rental: $1,142k (eliminated)

DIVIDENDS

Dividends Paid During Year Ended 1 August 2025

DividendCents per ShareAmount ($'000)Payment Date
Final 202426.5015,806FY2024 year end
Interim 202524.5014,614During FY2025
TOTAL PAID51.0030,420

Total Dividends Paid 2024: 48.00 cents per share = $28,632k

Dividend Declared (Post Balance Date)

Final Dividend 2025: 30.5 cents per share (partially imputed at 56.5%)

  • To be paid: 12 December 2025
  • Record date: 5 December 2025

Supplementary Dividends

  • 2025: $244,972 paid to non-NZ resident shareholders
  • 2024: $177,160

CASH FLOW STATEMENT HIGHLIGHTS

Operating Activities ($'000)

  • Net Profit after Tax: 39,461
  • Depreciation and Amortisation: 40,629
  • Net Cash from Operating Activities: 88,605

Key Non-Cash Items

  • Depreciation of Property, Plant & Equipment: 11,504
  • Depreciation of Right-of-use Assets: 28,526
  • Amortisation of Software: 599
  • Total Depreciation and Amortisation: 40,629

Lease Information

Right-of-use Assets:

  • Opening balance: 67,029
  • Depreciation: (28,526)
  • Modifications and additions: 25,267
  • FX impact: 15
  • Closing balance: 63,785

Lease Liabilities:

  • Opening balance: 79,184
  • Modifications and additions: 27,619
  • Interest expense: 4,689
  • Lease payments: (34,830)
  • FX impact: (22)
  • Closing balance: 76,640
    • Current: 26,680
    • Non-current: 49,960

KEY EXPENSE ITEMS

Expense Category2025 ($'000)2024 ($'000)
Occupancy Costs9,5149,355
Wages, Salaries and Short Term Benefits85,30580,753
Directors' Fees718698
Auditor's Remuneration - PwC NZ337249
Other Services - PwC Australia-18
Interest on Leases4,6894,168
Net Fair Value Loss on Investment Property60128
Rental Income231248
Insurance Proceeds244105

PROPERTY, PLANT AND EQUIPMENT

As at 1 August 2025 ($'000)

CategoryLand (Fair Value)Buildings (Fair Value)Fixtures & FittingsPlant & EquipmentTOTAL
Cost/Valuation11,23518,61682,53633,840146,227
Accumulated Depreciation-(553)(58,238)(25,401)(84,192)
FX Impact--8931120
Net Book Value11,23518,06324,3878,47062,155

Additions during year: $14,913k Depreciation: $11,504k

TAX INFORMATION

Income Tax Expense 2025: $18,917k (2024: $17,599k)

Deferred Tax Position

Deferred Tax Asset as at 1 August 2025: $5,570k (2024: $7,323k)

Components:

  • Lease liabilities: $22,139k
  • Provisions and accruals: $3,376k
  • Right-of-use assets: ($20,179k)
  • Depreciation: $349k
  • Asset revaluation reserve: $8k
  • Cash flow hedges: ($123k)

Imputation Credits

Available credits as at 1 August 2025: $3,592k (2024: $3,691k)

SHARE CAPITAL

Ordinary Shares on Issue: 59,649,061 shares (fully paid)

  • No change from prior year
  • No treasury stock held

Share Capital Balance: $29,279k

KEY RATIOS & METRICS

Metric20252024Change
Gross Profit Margin59.3%59.4%-0.1%
Operating Profit Margin13.0%12.5%+0.5%
Net Profit Margin8.4%7.9%+0.5%
Return on Equity (ROE)35.3%33.4%+1.9%
Dividend Payout Ratio77.1%83.0%-5.9%
Current Ratio1.381.29+0.09
Total Debt to Equity0.680.77-0.09

NOTES

  1. All figures are in New Zealand Dollars (NZ$) thousands unless stated otherwise
  2. Financial statements prepared under NZ IFRS and IFRS Accounting Standards
  3. Audited by PwC New Zealand - Unqualified audit opinion issued
  4. Historical cost convention applied, modified by revaluation of investment property, land and buildings, and certain financial instruments at fair value
  5. Australian operations: Effective 2 August 2024, Glassons Australia and Hallensteins Australia converted from branches to subsidiaries under Australian law
  6. Functional currency changed from NZD to AUD for Australian subsidiaries on 2 August 2024

AUDIT INFORMATION

Auditor: PricewaterhouseCoopers (PwC New Zealand) Audit Opinion: Unqualified Financial Statements Signed: 26 September 2025 Signing Directors: [As per original statements]

VERIFICATION CHECKLIST FOR BASIL

When comparing this verification document to any AI-generated report, check:

✓ Sales Revenue matches $470,740k (not $470.7M or any other figure) ✓ Net Profit matches $39,461k exactly ✓ EPS matches 66.2 cents basic / 66.1 cents diluted ✓ Total Assets match $231,216k ✓ Total Equity matches $111,895k ✓ Total dividends paid = 51.0 cents per share ($30,420k) ✓ Segment revenues sum correctly to total ✓ All three brands' profit figures are accurate ✓ Balance sheet balances (Assets = Liabilities + Equity) ✓ Cash flow reconciles with profit ✓ Lease liability breakdown is correct

Document Prepared: October 2025 Purpose: Financial Accuracy Verification Source: HLG Financial Result 2025.pdf (Audited Statements)

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    Hallenstein Glasson 2025 Financial Results Verification | Claude