Savor 2024 Annual Results

Results Announcement
(for Equity Security issuer)



Results for announcement to the market
Name of issuer Savor Limited
Reporting Period 12 months to 31 March 2024
Previous Reporting Period 12 months to 31 March 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
61,858 18.10%
Total Revenue 61,858 18.10%
Net profit/(loss) from continuing
operations
650 127.85%
Total net profit/(loss) 650 127.85%
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
$(0.08) $(0.13)
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 22/05/2024

Audited financial statements accompany this announcement.

---

NZX Release

Savor 2024 Annual Results

22 May 2024
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 2024.

Highlights:

• Savor’s operating earnings for FY24 were $8.8m, near the top end of the guidance range
provided to the market in March.

• Savor recorded a net profit after tax of $1.9m before one-off items, compared to a loss of
$0.9m in the prior year (reported net profit after tax was $0.7m compared to a loss of $2.3m in
the prior year).

• Operating cash flow continued to be strong, with the Group recording $7.8m compared to
$4.1m in the prior year (adjusted for timing differences).

• The Group finished FY24 with a ratio of debt to operating earnings of less than 1 times (2023:
2.17).

• The Group’s hard-fought delivery on efficiencies and costs controls improved net margin of
over 4% compared to the prior year. Savor’s 2024 net margin was 14.2% (10.0% in 2023).

The Group’s cost base has been rationalised even further with many of the venue level decision making
being driven out of head office which allowed for further margin expansion while holding prices static
for our customers for over a year now.

Delivering a positive net profit before tax also means that Savor is able to utilise the significant
historical tax losses accumulated, resulting in further cash flow benefits going forward.

The Group finished the year with a total leverage ratio of less than one to one, ensuring maximum
flexibility heading into the uncertain winter trading period, building resilience and contingency into the
Group’s funding structure. This has continued into the new financial year with the refinancing of the
Group’s banking arrangements with ANZ, allowing for better access to funds.

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

“Savor is well positioned to continue its path of rationalisation and efficiency gains and we are looking
forward to seeing the full year impact of these changes continue to materialise through the coming
months.

The investment the Group continues to make into its supply chain and people reinforce the foundations
for trading, ensuring we're able to continue delivering the best offering for our customers at the most
affordable cost to the Group.”

*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
Mobile: 021 049 7442
Email: tim@savor.co.nz


About Savor
Savor, established in 2011, is one of New Zealand’s largest hospitality businesses with 20 iconic
venues in Auckland, including Amano, Azabu Ponsonby, Azabu Mission Bay, Ebisu and Non Solo
Pizza, each with its own unique concept, culture and offering. In 2022, Savor opened Bivacco in
Auckland’s Viaduct Harbour and brought iconic Melbourne concept MoVida to Britomart’s Seafarers
Building. Savor has a reputation for originality, the quality of its products and the high standard of
service that is consistent across the company portfolio.

---

Annual
Report 2024
New Zealand's premier
hospitality group

In this report
02
Location Overview
04
Our Performance
07
Letter to Shareholders
- From Chair & CEO
10
Performance Management
12
Performance Transformation
16
Corporate Governance
20
Financial Statements
40
Independent Auditor's Report
44
Shareholder and Statutory
Information
47
Corporate Directory
1
Savor Group 2024 Annual Report

BIVACCO
AUCKLAND FISH MARKET
BANG BANG KITCHEN
LOBSTER & TAP
MARKET GALLEY
THE WRECK
OJI

THE STORE
NON SOLO PIZZA
AZABU PONSONBY
AZABU MISSION BAY
New Zealand’s
premier hospitality group
Creating original food and entertainment experiences at iconic Auckland locations.
WYNYARD QUARTER
BRITOMART
MISSION BAY
PARNELL
PONSONBY
MOVIDA
BAR NON SOLO
EBISU
AMANO
TOMMY'S
THE STORE
ORTOLANA
OJI
Location Overview
2
Savor Group 2024 Annual Report

3
Savor Group 2024 Annual Report
Location Overview

Our
numbers
at a glance
REVENUE
$
62m
18%
EBITDA
$8.8m
69%
EBITDA MARGIN
14.2%
4.2%
NET PROFIT
$0.7m
128%
LEVERAGE
0.95 times
1.2 times
EARNINGS PER SHARE
0.9c
4.4c
OPERATING
CASH FLOWS*
$7.8m
91%
TOTAL ASSETS
$54m
EMPLOYEES
502
* before working
capital movements
4
Savor Group 2024 Annual Report
Our Performance

Our Performance
5
Savor Group 2024 Annual Report

Letter to
Shareholders
From Chair & CEO
6
Savor Group 2024 Annual Report
Letter to Shareholders - From Chair & CEO

Dear Shareholders,
With the turnaround strategy complete, we are pleased
to announce our first clean set of financial statements
since listing.
In the 2024 financial year the Group has recorded:
• Total annual revenue of $62m, an increase of over
18% from 2023 and 290% increase since 2019
(see page 12).
• Operating earnings of $8.8m (at the top end of the
guidance range announced to the NZX in March 2024)
are an over 500% improvement from 2019.
• Cash flow from operating activities exceeded $7.8m, an
increase of 91% compared to 2023 (adjusted for timing
differences) up $11m since 2019.
• Leverage ratio of less than 1 times. Reducing gearing
from 12 times in its peak in 2019.
Savor’s targeting of industry leading performance metrics
(see page 10) has culminated in a Group net margin
extraction of 14.2%.
We hope you agree that within
the context of New Zealand’s
macroeconomic conditions this is
a very pleasing result. It has been
hard fought and is a direct result of
a strong focus on cost control.
Delivering a positive net profit before tax also means
that Savor is able to utilise the significant historical
tax losses accumulated, resulting in further cash flow
benefits going forward.
In 2024 Savor also continued to strengthen its Balance
Sheet ensuring the Group is flexible to either face the
continued challenging economic environment or build cash
reserves to fund future growth.
We believe the Group is well positioned to capitalise on
this momentum and will focus on continuing to drive margin
improvement and profitability over the next 12 months as
we look to deliver long term value to our shareholders.
Financial Year 2024
Financially the Group has never performed better, with a
resilient customer base demonstrating a commitment to
quality, and average spend per head remaining broadly
consistent with previous years.
The return of large scale events to Auckland provided the
Group with the opportunity to partner with New Zealand
Fashion Week in August 2023. This provided a good
base model for these types of events and was replicated
in April 2024 in partnership with the Aotearoa Arts Fair.
The Group’s cost base has been rationalised even further
with the venue level decision making being driven out
of head office to prepare the Group as best as possible
for a potential downturn in trading. Labour remains the
most significant cost for the Group and following an
extensive redesign of how it is managed, all venues made
improvements to their profitability as a result.
The Group has leveraged its size and translated that
into purchasing power to provide benefits that have
not only helped maintain margin but ensured we have
held the cost to our customers static for over a year.
Standardising menus for both food and beverage and
working closer with a number of suppliers continues to
deliver benefits, while ensuring we retain sufficient choice
and selection, in the face of unexpected shortages.
Cost of goods and Group overheads were subject to
complete reviews during the year, with tender processes
undertaken on the most significant costs. The benefits
of our internal depot and distribution network have been
key for this, with red meat, poultry, wine, and dairy being
centralised leading to significant cost savings.
Letter to Shareholders - From Chair & CEO
7
Savor Group 2024 Annual Report

The investment the Group continues to
make into its supply chain and people,
provide an increased level of flexibility
as well as reinforcing the foundations
for trading and ensuring we're able to
continue delivering the best offering for
our customers at the most affordable cost
to the Group.
As we look to the year ahead, we thank
you again for your investment and
support. We are encouraged by the result
for 2024 and look forward to meeting you
in person at our AGM in August.
Growth
There continues to be a number of
expansion opportunities presented to the
Board, both from landlords and vendors
of other hospitality venues. The Directors
have adopted a cautious approach to
these, as we are well aware of the value
our brands bring and the opportunity
costs associated with expansion. It’s
important that we’re able to partner with
landlords who appreciate this and are
able to structure any potential deal that
recognises the value that we bring.
We continue to look for organic and
inorganic expansion but are committed
to getting the best deal possible.
Outlook
The Group finished the year with a
total leverage ratio of less than one
to one, ensuring maximum flexibility
heading into the largely uncertain winter
trading period, building resilience and
contingency into the Group’s funding
structure. This has continued into the
new financial year with the refinancing
of the Group’s banking arrangements
completed in early April, allowing for
better access to funds.
While the trading outlook remains
uncertain due to changing market
conditions, Savor is well positioned to
continue its path of rationalisation and
efficiency gains, and we are looking
forward to seeing the full year impact of
these changes continue to materialise
through the coming months.
Paul Robinson
Executive Chair
Lucien Law
Chief Executive
Letter to Shareholders
From Chair & CEO (continued)
8
Savor Group 2024 Annual Report
Letter to Shareholders - From Chair & CEO

9
Savor Group 2024 Annual Report

Performance Management
10
Savor Group 2024 Annual Report
Performance Management
With inflationary pressure still driving the cost of goods and even the most resilient
consumer feeling pricing fatigue, in order to protect margin without pricing
increases, Savor management centralised much of the venue level decision making
and micro-managed the following 4 key areas of performance.
Utilities & Overheads
Overheads consist of both fixed and variable
components. Effective management involves
balancing the right mix and frequency of
these elements.
• Group-wide contracts for utility and
amenity services.
• Competitive tender processes for multi-
year agreements.
• Discretionary spending requires approval.
• Minimal maintenance spend for effective
overhead control.
3
Labour
Labour not only constitutes the most
substantial financial risk but also offers the
most potential for efficiencies and cost savings.
• Management set weekly wage targets for each
venue, which are agreed and signed off by
venue management.
• Wage costs are tracked on a daily basis to
ensure they are within the approved roster.
• Risk vs. return decisions ahead of weekend
trading are discussed with venue management
at mid week meetings.
1
Procurement &
Distribution
Rigorous procurement processes guarantee that
efficiencies commence at the source, with optimal
pricing ensuring the delivery of the highest quality.
• Negotiated pricing based on volumes and
seasonality for Group-wide reach.
• Centralised stock holding standardises quality
control and reduces venue-level wastage risk.
• Significant back-office benefits through
streamlined invoicing and payments administration.
4
Cost of Goods Sold
The variability of the Cost of Goods Sold is
attributed to the seasonal availability of products
and the ever-changing pricing dynamics
• Consistent Group-wide supply for high-
quality products.
• Seasonal menu planning to optimize available
produce and offer reasonably priced items.
• Financial KPIs guide pricing decisions from
the outset.
• Food and beverage stocktakes are
undertaken on a regular basis.
2

11
Savor Group 2024 Annual Report
Performance Management
This approach has helped Savor to target industry leading performance metrics:
→ Net margin at a venue level of between 22% - 25% of revenue
→ Front of house labour costs of less than 16% of revenue
→ Kitchen labour costs of less than 28% of food revenue
→ Cost of goods sold of less than 30% of revenue
→ Group overhead costs of less than 4% of Group revenue
Savor continue to drive margin improvement and profitability by capitalising on
the momentum these hard earned gains have delivered, which continues to be
sustainable into the new year.

Savor’s Continued
Performance Transformation
Savor's Executive team are delighted to draw to an end to the turnaround of the Group and can now focus
on the pursue of growth or further strengthening of the balance sheet from cash flow to deliver greater
value to our shareholders over the long term.
12
Savor Group 2024 Annual Report
Performance Transformation
290% increase from 2019 to 2024
$11m turnaround from negative in 2019 to $8m in 2024
Revenue
Operating Cash Flows
201920212022202320242020
-
10,000,000
20,000,000
30,000,000
40,000,000
60,000,000
70,000,000
50,000,000
201920212022202320242020
- 4,000,000
- 2,000,000
-
2,000,000
4,000,000
8,000,000
10,000,000
6,000,000

13
Savor Group 2024 Annual Report
Performance Transformation
Over 500% improvement from loss making to $9m annual profit
EBITDA
Gearing reduced from 12 times to less than 1 times in 2024
Ratio of Debt to EBITDA
-
2,000,000
- 2,000,000
- 4,000,000
4,000,000
6,000,000
8,000,000
10,000,000
201920212022202320242020
20202021202220232024
2.00
-
4.00
6.00
8.00
10.00
12.00
14.00

14
Savor Group 2024 Annual Report

15
Savor Group 2024 Annual Report

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 31 March 2024, 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 1 April 2023). Savor followed the recommendations in
the NZX Corporate Governance Code throughout the year
and as at 1 April 2023, except that:
• the Company did not have a majority of independent
Directors (per recommendation 2.8);
• the Company does not have an Audit and Risk Committee
comprising solely of Non-Executive Directors (per
recommendation 3.1); and
• the Company raised additional equity capital by issuing
shares to investors via a private placement in October
2023, without first offering shares to existing shareholders
on a pro rata basis (per recommendation 8.4). However,
shareholders had the opportunity to participate in a pro-
rata rights issue conducted in February 2023.
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 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 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
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
is expected to take place during the financial year ending
31 March 2025.
Board Meeting and Committee Attendance
During the year to 31 March 2024 the Company held 13 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 Robinson131333
Lucien Law1313--
Louise Alexander131333
Bhupen Master101022
Ryan Davis531-
16
Savor Group 2024 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 2024, 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.
As at 31 March 2024 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 five years of experience in
structured finance in London and New York. In London, Paul
worked across the range of capital markets endeavours,
delivering increased profitability via bespoke solutions
utilising financial engineering, legal, tax and accounting
expertise. In 2008, Paul moved to New York to take lead
responsibility for structuring and originating strategic debt
and equity capital markets funding. In 2019, Paul returned
to New Zealand to raise a family and take an active role in
Savor Group where he has been a long term shareholder.
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 elected by shareholders in November 2021. 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
is currently the HR Director for Bell Gully, a role which
she has held since 2015. Louise has 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
programme. 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
most recently an Executive Director of Goldman Sachs
with extensive experience in global markets covering
institutional investors and was instrumental in leading
numerous capital raisings during his time. Prior to this,
Bhupen spent over 20 years working in New Zealand,
Australia and the United Kingdom for Credit Suisse, Merrill
Lynch and Deustche Bank. 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.
The number of elected Directors and the procedure for
their retirement and re-election at annual meetings of
shareholders is set out in the Constitution of the Company.
Director Independence
In 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 2024,
Bhupen Master and Louise Alexander are Independent
Directors.
17
Savor Group 2024 Annual Report
Corporate Governance

Nomination and Appointment of Directors
The Board is responsible for identifying and recommending
candidates. Directors may also be nominated by
shareholders under the Listing Rules.
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.
Louise Alexander will stand for re-election at the 2024
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 2024 are outlined on page 45.
Directors’ and Officers’ Gender Composition
20242023
MaleFemale
Gender
Diverse
MaleFemale
Gender
Diverse
Directors’310310
Officers’110110
To t a l420420
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.
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 members of the Nominations and Remuneration
Committee are Louise Alexander (Chair), and Bhupen Master.
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.
18
Savor Group 2024 Annual Report
Corporate Governance

Remuneration
Remuneration of Directors and executives is the key
responsibility of the Nominations and Remuneration
Committee. Details of Directors and executives’ remuneration
and entitlements are set out on page 45.
Directors’ Remuneration
For the year ended 31 March 2024 Directors’ fees have
been fixed at $100,000 per annum for the Chairman
(2023: $100,000) and $60,000 per annum for other
Directors (2023: $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
(2023: $300,000).
CEO Remuneration
For the year ended 31 March 2024, Lucien Law received a
base salary of $500,000 (2023: $400,000) and received
no short or long term incentives during the year (2023: 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 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.
Takeover Response Policy
The Board is well prepared in the event of a takeover, and
has adopted a Takeover Preparedness Protocol so that it
is prepared should an unexpected takeover or scheme of
arrangement proposal be made.
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.
Auditor
EY acts as auditor of the Company and has undertaken
the audit of the financial statements for the year ending
31 March 2024. 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. In October
2023, the Company undertook a placement raising a total
of $0.8m at an issue price of 27.22 cents per share.
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.
19
Savor Group 2024 Annual Report
Corporate Governance

Financial Statements
For the year ended 31 March 2024
20
Savor Group 2024 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 2024.
The financial statements presented are signed for
and on behalf of the Board of Directors and were
authorised for issue on 22 May 2024.
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 2023 Annual Report

Notes
2024
$000’s
2023
$000’s
Revenue61,858 52,378
Expenses:15
Direct costs(17,760)(16,067)
Employee costs(27,543)(24,553)
Marketing costs(492)(294)
Utilities and operational expenses(4,653)(3,736)
Other expenses(2,637)(2,508)
8,7735,220
Depreciation and amortisation(5,099)(4,617)
Restructuring and other costs2.2(870)(1,395)
Impairment expense2.1(4,320)-
Interest expense(1,342)(1,542)
Loss before income tax(2,858)(2,334)
Taxation benefit/(expense)143,508-
Profit/(loss) attributable to the shareholders650(2,334)
Other comprehensive income and expenses- -
Total comprehensive income/(loss)650(2,334)
Net earnings/(losses) per share (cents) 13
Basic and diluted0.9(3.5)
Weighted average number of shares outstanding (thousands of shares)
Basic and diluted 76,008 66,602
Consolidated Statement
of Comprehensive Income
For the year ended 31 March 2024
The accompanying notes form part of and are to be read in conjunction with these financial statements.
22
Savor Group 2024 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 202253,905 (39,706)151 14,350
Total comprehensive loss for the year - (2,334) - (2,334)
Issue of new shares5,309 - - 5,309
Total equity at 31 March 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
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 2024
23
Savor Group 2024 Annual Report
Financial Statements

The accompanying notes form part of and are to be read in conjunction with these financial statements.
Notes
2024
$000’s
2023
$000’s
Assets
Current assets:
Cash - -
Trade and other receivables4 423 433
Inventories5 895 1,025
Total current assets1,318 1,458
Non-current assets:
Property, plant and equipment7 11,715 13,313
Intangible assets8 21,060 25,416
Right of use asset9 15,532 15,900
Deferred tax asset14 4,136 -
Total non-current assets52,443 54,629
Total assets53,761 56,087
Liabilities
Current liabilities:
Bank overdraft653 196
Trade and other payables6 6,977 8,317
Current tax liability14 629 -
Lease liability9 3,056 2,964
Borrowings10 8,407 3,004
Total current liabilities19,722 14,481
Non-current liabilities:
Trade and other payables6 830 1,217
Lease liability9 14,448 14,719
Borrowings10 - 8,346
Total non-current liabilities15,278 24,282
Total liabilities35,000 38,763
Equity
Share capital11 60,000 59,214
Reserves(41,239)(41,890)
Total equity 18,761 17,324
Total liabilities and equity53,761 56,087
Consolidated
Balance Sheet
As at 31 March 2024
24
Savor Group 2024 Annual Report
Financial Statements

Notes
2024
$000’s
2023
$000’s
Cash flow from operating activities
Receipts from customers61,870 52,527
Payments to suppliers, employees and other(55,470)(46,142)
Net cash from operating activities6,400 6,385
Cash flow from investing activities
Purchase of property, plant and equipment and intangible assets(311)(4,271)
Payments for venue development costs2.2(164)(569)
Repayment of related party payables12- (112)
Repayment of deferred consideration- (2,850)
Net cash to investing activities(475)(7,802)
Cash flow from financing activities
Interest paid(1,342)(1,542)
Borrowings drawn down10- 1,575
Repayment of borrowings10(2,943)(3,651)
Lease liability principal repayment9(2,918)(2,450)
Supplier loans received665 1,010
Transaction costs from issue of shares11(14)(133)
Issue of shares11770 5,062
Net cash to financing activities(6,382)(129)
Net movement in cash held(457)(1,546)
Add: opening cash(196)1,350
Closing cash(653)(196)
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 2024
25
Savor Group 2024 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
Level 4, Seafarers Building, 114 Quay Street, Auckland, 1142.
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 2023, 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% (2023: 3%) and the
Group employed a weighted average cost of capital of
12.6% (2023: 12.6%).
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.
Notes to the Financial Statements
26
Savor Group 2024 Annual Report
Financial Statements

Impairment recognised
The current lease for the Seafarers Building in Britomart
expires in November 2025. The Group does not currently
have a right of renewal for the premises and discussions
with the landlord have not yet reached a level where
the Group can be certain of the outcome. Therefore, the
impairment assessment for the Seafarers CGU and the
related goodwill balances have 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 recoverable amount is not sufficient to support
the existing carrying value of the CGU at balance date.
Accordingly, Savor has recognised an impairment expense
in these financial statements of $4.3m which has reduced
the associated goodwill balance to nil. The remaining
recoverable value of the CGU is $2.1m.
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. Restructuring and other costs
2024
$000’s
2023
$000’s
Acquisition costs(196)7
Restructuring costs(159)(100)
Loss on disposal of fixed assets(2)(10)
Venue development expenses(203)(583)
Other costs(310)(255)
Recruitment costs - (454)
(870)(1,395)
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, 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.
2.3. Going concern
During the year the Group raised additional capital of
$0.8m in October 2023 and successfully renegotiated
its banking facilities to ANZ. 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 2024.
At 31 March 2024, the Group had committed funds with
ANZ for borrowings of $10m and overdraft facilities of
$3m which were drawn down after year end. Accordingly,
the Group has recognised the full balance of the Kiwibank
borrowings as a current liability on the face of the Balance
Sheet. The refinancing was completed on 2 April 2024 and
Kiwibank were repaid in full.
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.
2.4. Recognition of tax losses
At 31 March 2023, the Group had unrecognised tax losses
of over $9m available for use against future tax liabilities.
The significant improvement in financial performance in
recent years, including the tax expense for the current
financial year, has led the Group to consider whether
recognition of a portion of these historical tax losses is
appropriate. Management have reviewed the forecast
financial performance for the next five years in which the
Group is expected to continue along its current trajectory
into sustained profitability.
While the forecast performance of the Group is inherently
uncertain, management has applied consistent assumptions
to the forecasts used for the annual impairment assessment,
including assessing sensitivities where appropriate.
Accordingly, the Directors have sufficient evidence to support
the recognition of a portion of the losses, totalling $4.0m on
the Balance Sheet at 31 March 2024.
27
Savor Group 2024 Annual Report
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
2024
Revenue
2023
Revenue
2024
EBITDA*
2023
EBITDA*
Hospitality 61,858 52,378 11,472 7,868
Corporate - - (2,699) (2,648)
To t a l 61,858 52,378 8,773 5,220
*EBITDA means earnings before interest, tax, depreciation, amortisation,
restructuring costs, and impairment charges as disclosed in the Statement of
Comprehensive Income.
$000's
2024
Depreciation,
amortisation
and
impairment
2023
Depreciation,
amortisation
and
impairment
2024
Capital
expenditure
2023
Capital
expenditure
Hospitality9,419 4,617 475 4,271
Corporate - - - -
To t a l9,419 4,617 475 4,271
$000's
2024
Non-current
assets
2023
Non-current
assets
Hospitality52,443 54,629
Corporate - -
To t a l52,443 54,629
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.
2024
$000’s
2023
$000’s
Trade receivables97 460
Less: provision for doubtful debts - -
Trade receivables97 460
Prepayments and other receivables326 291
423 751
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.
2024
$000’s
2023
$000’s
Current401 746
0 - 30 days over standard terms 3 3
31 - 60 days over standard terms - -
61+ days over standard terms 19 2
Provision - -
Trade and other receivables423 751
28
Savor Group 2024 Annual Report
Financial Statements

5. Inventories
Raw materials, work in progress and finished goods are stated
at the lower of cost and net realisable value. Cost comprises
direct materials and where appropriate, either a contract
manufacturing charge, or direct labour and an appropriate
proportion of variable and fixed overhead expenditure, the
latter being allocated on the basis of normal operating
capacity. 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
less the estimated costs of completion and the estimated
costs necessary to make the sale.
2024
$000’s
2023
$000’s
Raw materials 495 523
Finished goods 400 502
895 1,025
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.
2024
$000’s
2023
$000’s
Trade payables3,206 3,816
Employee entitlements1,912 1,480
Other payables1,247 2,301
Supplier loans1,442 1,939
7,807 9,536
Current6,977 8,319
Non-current830 1,217
7,807 9,536
Movement in supplier loans
Balance at 1 April1,9391,416
Additional loans received in cash65 1,010
Amortised during the year(562)(487)
Balance at 31 March1,4421,939
29
Savor Group 2024 Annual Report
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 costs.
Plant &
Equipment
Fixtures &
Fittings
Leasehold
ImprovementsVehicles
Work in
progressTo t a l
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
2023
Carrying value at 1 April 20221,7999788,0345924811,118
Additions8095692,662 - - 4,040
Disposals - - - - (256)(256)
Depreciation(485)(313)(777)(14) - (1,589)
Carrying value at 31 March 20232,1231,2349,91945(8)13,313
Represented by:
Cost3,4532,13512,223 70 (8)17,873
Accumulated depreciation(1,330)(901)(2,304) (25)(4,560)
2,1231,2349,91945(8)13,313
The Group had no material capital commitments at 31 March 2024 (2023: nil).
30
Savor Group 2024 Annual Report
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, including
trademarks and the cost of development of venue
concepts, are amortised over a period of 2-4 years.
Goodwill
Software and
other intangiblesTo t a l
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
2023
Carrying value at 1 April 202225,06719425,261
Additions - 231231
Disposals - - -
Impairment - - -
Amortisation expense - (76)(76)
Carrying value at 31 March 202325,06734925,416
Represented by:
Cost28,63150529,136
Accumulated amortisation and impairment (3,564)(156)(3,720)
25,06734925,416
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 2024 Annual Report
Financial Statements

Significant cash generating units
Goodwill is allocated to the following significant cash
generating units:
2024
$000’s
2023
$000’s
Amano7,4837,483
Azabu4,3694,369
Non Solo Pizza3,2693,269
Ebisu & Fukuko3,0273,027
Auckland Fish Market2,1632,163
Ortolana384384
Other5252
Seafarers - 4,320
20,74725,067
9. Leases
As lessee
The Group recognises right-of-use assets and lease
liabilities for most 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.
The Group applies the following practical expedients when
applying NZ IFRS 16:
• 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
2024
$000’s
2023
$000’s
Carrying value at 1 April15,90016,069
Additions2,7562,537
Variable lease payment
adjustments
- 44
Disposals - -
Depreciation(3,124)(2,750)
Carrying value at 31 March15,53215,900
Lease liabilities
2024
$000’s
2023
$000’s
Carrying value at 1 April17,68317,347
Additions2,7482,537
Variable lease payment
adjustments
(9)249
Repayments (2,918) (2,450)
Disposals - -
Carrying value at 31 March17,50417,683
Current3,056 2,964
Non-current14,448 14,719
Total lease liabilities17,504 17,683
Amounts recognised in profit or loss
2024
$000’s
2023
$000’s
As lessee
Lease depreciation 3,124 2,750
Interest expense on lease liabilities 815 74 4
Lease expense on low value leases 40 41
Rental concessions received158184
As lessor
Sublease income 190 170
10. Borrowings
2024
$000’s
2023
$000’s
Balance at 1 April11,35013,426
Drawn down- 1,575
Repayments(2,943)(3,651)
Balance at 31 March8,40711,350
Current8,407 3,004
Non-current - 8,346
Total borrowings8,407 11,350
At balance date, the Group had the following funding facilities
Utilised facilities8,40711,350
Unutilised bank overdraft1,347 804
Total facilities9,754 12,154
The average interest rate on these borrowings during
the year was 4.32% (2023: 4.32%). The Group incurred
interest charges on borrowings of $0.5m during the year
(2023: $0.6m).
On 2 April 2024 the Group refinanced its borrowings from
Kiwibank to ANZ, refer to note 2.3 for further detail and
consideration of forecast covenant compliance.
32
Savor Group 2024 Annual Report
Financial Statements

11. Capital
2024
$000’s
2023
$000’s
Reported capital at the beginning
of the year
59,214 53,905
Issue of shares (net of issue costs)786 5,309
60,000 59,214
Number of ordinary shares:
Number of shares on issue at the
beginning of the year
74,637,786 61,482,169
Issue of shares 2,947,393 13,155,617
Total number of shares on issue77,585,179 74,637,786
All issued shares are fully paid and have no par value. The
cost of issuing shares during the year amounted to $0.01m
(2023: $0.1m).
Share issue - October 2023
On 12 October 2023 and 16 October 2023 the Group issued
further shares of 1.9m and 1m respectively at a weighted
average share price of $0.2722. The cash proceeds totalled
$770,000 with a further $30,000 issued for directors fees
incurred during the year.
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 2022 283,334 63.0
Forfeited -
Granted -
Cancelled -
Outstanding 31 March 2023 283,334 63.0
Forfeited -
Granted -
Cancelled -
Outstanding 31 March 2024 283,334 63.0
The outstanding options have been valued at grant
date using the Black-Scholes pricing method at $0.2m
(2023: $0.2m), the key inputs for which are outlined below.
20242023
Weighted average fair values at
the measurement date ($)
0.0610.045
Dividend yield (%)0.00.0
Expected volatility (%)0.070.03
Risk-free interest rate (%)4.34.3
Expected life of share options
(years)
1.362.25
Weighted average share price ($)0.220.38
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.
12. Related party disclosures
Key management personnel
compensation20242023
Directors' fees285 280
Senior management remuneration
paid, payable or provided for:
Short-term employee benefits1,550 1,369
33
Savor Group 2024 Annual Report
Financial Statements

Group information
The consolidated subsidiaries of the Group include:
Equity interest (%)
NamePrincipal activitiesCountry of incorporation20242023
Savor Group LimitedHospitalityNew Zealand100100
Amano Group Limited
HospitalityNew Zealand100100
Savor Quick Service Limited
HospitalityNew Zealand100100
The Red Claw Trading Company Limited
Importation of goodsNew Zealand100100
Savor Goods Limited
DistributionNew Zealand100100
Amano Britomart 1 Limited
EmploymentNew Zealand - 100
Amano Britomart 2 Limited
EmploymentNew Zealand - 100
Savor Italian 1 Limited
EmploymentNew Zealand - 100
Savor Britomart Limited
EmploymentNew Zealand - 100
Savor Japanese 1 Limited
EmploymentNew Zealand - 100
Savor Japanese 2 Limited
EmploymentNew Zealand - 100
The employment subsidiaries were amalgamated into Savor Group Limited and Amano Group Limited during the year.
13. Earnings/(losses) per share
Earnings/(losses) 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.
20242023
Net earnings/(losses) per share (cents)
Basic and diluted0.9 (3.5)
$000’s$000’s
Numerator
Net earnings/(loss) attributable to
shareholders
650 (2,334)
Denominator (thousands of shares)
Weighted average number of shares
outstanding
76,008 66,602
Denominator for net earnings per share76,008 66,602
14. Taxation
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:
2024
$000’s
2023
$000’s
Loss before taxation(2,858)(2,334)
Taxation at 28 cents per dollar(800)(654)
Adjusted for:
Non-deductible expenses54(9)
Non-deductible impairment expense1,210 -
Temporary differences not recognised - 254
Tax losses for which no deferred tax
asset was recognised
- 409
464 -
Current tax expense628 -
Deferred tax expense(164) -
464 -
Tax losses and prior year amounts
not previously recognised
(3,972) -
(3,508)-
34
Savor Group 2024 Annual Report
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 for each jurisdiction.
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.
Current and deferred tax assets and liabilities of individual
entities are reported separately in the consolidated
financial statements unless the entities have a legally
enforceable right to make or receive a single net payment
of tax and the entities intend to make or receive such a net
payment or to recover the current tax asset or settle the
current tax liability simultaneously.
2024
$000’s
2023
$000’s
Opening balance - -
Deferred tax expense for the year164 -
Prior year amounts not recognised938 -
Tax losses recognised during the year 3,034 -
4,136 -
Comprised of:
Trade and other payables 550 -
Right of use assets (4,349) -
Lease liabilities 4,901 -
Tax losses 3,034 -
4,136 -
The Group has no imputation credits available at
31 March 2024 (2023: nil).
Tax losses brought forward
The Group has unrecognised deferred tax assets arising
from tax losses as follows:
2024
$000’s
2023
$000’s
Opening balance9,062 8,653
Incurred during the year - 409
Prior period adjustment (17)-
Tax losses recognised as deferred tax assets(3,034) -
6,011 9,062
The Group has no imputation credits available at 31 March
2024 (2023: nil).
15. Additional expense disclosures
2024
$000’s
2023
$000’s
Direct costs includes the following:
Cost of goods sold (including the
purchase of raw materials)
17,383 15,807
Inventory written off / wastage - 23
Employee costs includes the following:
Salaries, wages, and kiwisaver
contributions
24,678 23,399
Auditor's remuneration
Audit of the financial statements
EY231 215
Total auditor remuneration231 215
35
Savor Group 2024 Annual Report
Financial Statements

16. Reconciliation of net earnings to net
cash from operating activities
2024
$000’s
2023
$000’s
Net profit(loss) after tax650 (2,334)
Add back:
Interest paid1,342 1,542
Venue development costs expensed164 582
Add/(Less) non-cash items:
Depreciation and amortisation 5,0994,617
Impairment expense4,320 -
Income tax benefit(3,508) -
Supplier loan income recognised(552)(485)
Loss on disposal of fixed assets - 10
Restructuring costs171 155
Movements in working capital:
Trade and other receivables12 153
Inventories130 (404)
Trade and other payables(1,428)2,549
Net cash from operating activities6,400 6,385
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)(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 2024 Annual Report
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:
2024
$000’s
2023
$000’s
Financial assets
Financial assets at amortised cost:
Cash - -
Trade and other receivables423 751
Total financial assets423 751
Financial liabilities
Financial liabilities at amortised cost:
Bank overdraft 653 514
Trade and other payables 7,807 9,536
Borrowings 8,407 11,350
Total financial liabilities 16,867 21,400
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 2024
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
2024
$000’s
2023
$000’s
1% increase in interest rate(80)(108)
1% decrease in interest rate80 108
The above information is calculated by applying the
movement to the average balance of borrowings on hand at
31 March 2024 of $8.4m (2023: $10.8m).
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
(2023: 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 2024 Annual Report
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.
2024
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 payables7,807 6,782 195 345 485 -
Lease liabilities20,164 1,871 1,871 3,573 7,337 5,512
Borrowings8,407 8,311 96 - - -
Total principal cash flows36,378 16,964 2,162 3,9187,822 5,512
Contractual interest cash flows129 129 - - - -
Total contractual cash flows36,507 17,0932,162 3,9187,822 5,512
2023
Trade and other payables9,534 8,051 267 371 812 33
Lease liabilities20,261 1,829 1,829 3,659 8,408 4,536
Borrowings11,350 1,358 1,646 6,270 2,076 -
Total principal cash flows41,145 11,238 3,742 10,300 11,296 4,569
Contractual interest cash flows1,115 244 426 351 94 -
Total contractual cash flows42,260 11,482 4,168 10,651 11,390 4,569
18. Guarantees
At 31 March 2024 the Group had $0.1m of bank guarantees and letters of credit outstanding (2023: $0.5m).
19. Subsequent Events
On 2 April 2024, Savor Limited drew down $10m in new lending from ANZ Bank with the proceeds being used to
repay Kiwibank in full (refer note 2.3).
38
Savor Group 2024 Annual Report
Financial Statements

39
Savor Group 2023 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 2024, 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 2024 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. We have no other relationship with, or interest in, 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 2024 Annual Report
Independent Auditor’s Report

Goodwill Impairment
Why significantHow our audit addressed the key audit matter
• As at 31 March 2024, the Group has Goodwill of $20.7 million
after recording a $4.3m impairment 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 consider 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
assumptions can lead to significant changes in the assessment
of the recoverable amount and so the assessment of whether
goodwill is impaired or not.
• Disclosures regarding the Group’s key assumptions adopted,
and impairment recognised are included in Note 2.1 of the
financial statements.
Our audit procedures included amongst others:
• Understood the Group's goodwill impairment assessment
process.
• Assessed the Group's determination of CGUs based on our
understanding of the nature of the Group's venues.
• 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 historic
trading performance, discount rates and terminal growth rates.
• Involved our valuation specialists to assess the Group's
discount and terminal growth rates. Our valuation specialists
were also involved in benchmarking the Group’s assessed
recoverable values with relevant market multiples and assessing
the integrity of the DCF models.
• For the CGU where goodwill was impaired the DCF models
scenarios based on potential future operating assumptions
were assessed.
• Performed sensitivity analysis for CGUs to assess the potential
impact of changes in assumptions.
• Assessed the Group’s equity against market capitalisation of the
company.
• Assessed the adequacy of the disclosures in the Notes to the
financial statements, including the disclosure related to the
CGU where an impairment has been recognised.
Information other than the financial statements and auditor’s report
The directors of the Company are responsible for the annual report, which includes information other than the consolidated
financial statements and auditor’s report.
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.
41
Savor Group 2024 Annual Report
Independent Auditor’s Report

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 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.
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: www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/.
This description forms part of our auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Simon O’Connor.
Chartered Accountants
Auckland
22 May 2024
42
Savor Group 2024 Annual Report
Independent Auditor’s Report

43
Savor Group 2024 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 2024 the Company had issued voting securities
comprising 77,585,179 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 2024:
Holder Details
Shares
held% Held
H & G Limited11,775,25315.18%
Vanessa Neal6,267,4738.08%
Forsyth Barr Custodians5,999,7437.73 %
New Zealand Central Securities
Depository Limited
5,066,5936.53%
David Lyall Holdings Limited4,000,0005.16%
Paul Robinson3,984,8595.14%
Lucien Law3,894,4555.02%
JBWERE (NZ) Nominees Limited3,496,8604.51%
B & S Custodians Limited2,672,7453.44%
Philip Bowman1,931,1632.49%
New Zealand Depository Nominee Limited
(Sharesies)
1,821,4222.35%
David Poole & Warren Ladbrook &
Gaylene Cadwallader
1,524,5411.96%
Vinula Pty Limited1,459,5871.88%
Leveraged Equities Finance Limited953,3331.23%
Waihinahina Capital Limited937,2081.21%
Custodial Services Limited709,0630.91%
Turha Limited701,0360.90%
Antonio Crisci & Vivienne Farnell &
Toto Trustees Limited
603,6100.78%
Alpha K Limited569,6680.73%
Sean Mccarthy550,0000.71%
Substantial Product Holders
This information is given as required by the Financial
Markets Conduct Act 2013.
As at 31 March 2024, the Company had 77,585,179 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
5,101,852
17 October
2023
6.58%
David Lyall
Holdings Limited
4,000,000
17 October
2023
5.16%
Colin Neal9,140,4769 April 202114.87%
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 2024
RangeInvestorsSecuritiesIssued Capital %
1-1000127,4570.01
1001-50004171,258,3011.62
5001-100001721,223,8431.58
10001-500002014,360,8805.62
50001-100000362,662,8353.43
Greater than
100000
5868,071,86387.74
Statement of Directors’ Relevant
Interests
Directors held the following relevant interests in shares in
the Company as at 31 March 2024:
DirectorShares
Paul Robinson4,485,797
Lucien Law4,395,393
Louise Alexander231
Shareholder and
Statutory Information
44
Savor Group 2024 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 2024 were:
Director
Director
fee $
Executive
remuneration $
Nature of
remunerationNotes
Paul Robinson100,000450,000
Director fees
/ Executive
remuneration
Lucien Law60,000500,000
Director fees
/ Executive
remuneration
Louise Alexander60,000Director fees
Bhupen Master35,000Director fees
Ryan Davis30,000Director fees1
1
Satisfied in shares issued to Waihinahina Capital Limited.
Entries recorded in the Interests
Register
The following entries were recorded in the interests register
of the Company during the year ended 31 March 2024.
Director
# of shares
acquired
Nature of
relevant
interest
Consideration
($)
Date of
acquisition
Ryan Davis95,541
Voting
shares
30,00012/10/2023
Other Directorships and shareholdings
The following represents the interests of directors in other
companies as at 31 March 2024 disclosed to the Company
and entered in the Interests Register:
Lucien LawMotu Capital Limited – Director
Paul RobinsonMotu Capital Limited - Director
Bhupen MasterMaster & Sons Limited - Director
Louise AlexanderBell Gully -- Employee
Subsidiary Company Information
The persons listed below respectively held office as directors
of Savor Limited’s subsidiary companies as at 31 March 2024.
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
The Red Claw Trading Company LimitedP Robinson, 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
100-1102
110-1201
120–1303
130–1403
170-1801
270-2801
Audit Fees
The amount of audit fees payable to EY during the period
ending 31 March 2024 is set out in the notes to the financial
statements. During the period ended 31 March 2024, EY did
not provide any non-audit services to the Group.
Donations
The Group made a donation of $1,500 to Cure Kids during
the year ended 31 March 2024.
45
Savor Group 2024 Annual Report
Shareholder and Statutory Information

46
Savor Group 2024 Annual Report

Corporate
Directory
Directors
Paul Robinson
Executive Chair
Lucien Law
Executive Director & CEO
Louise Alexander
Independent Director
Bhupen Master
Independent Director
(appointed 1 September 2023)
Ryan Davis
Independent Director
(resigned 20 September 2023)
Financial Calendar
Interim results announced: November
End of financial year: 31 March
Annual Report published: May
Registered Office and
address for service
Level 4, Seafarers Building, 114 Quay
Street, 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.
Link Market Services Limited
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.
Signed for and on behalf of the Board by:
22 May 2024
Paul Robinson
Executive Chair
Bhupen Master
Director
47
Savor Group 2024 Annual Report
Corporate Directory

New Zealand's premier hospitality group