New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Delegat’s FY22 result was slightly below our and consensus expectations</li><li>Operating cash flow decreased from the prior year due to working capital investment (reflecting a stronger 2022 harvest) and continued investments in vineyard developments.</li><li>Debt position remains in line with the prior year, but management intends to spend NZ$52m in FY23, which is +16% ahead of our expectations, but is consistent with DGL’s strategy to increase volume organically</li></ul>

Delegat’s FY22 result was slightly below our and consensus expectationsOperating cash flow decreased from the prior year due to working capital investment (reflecting a stronger 2022 harvest) and continued investments in vineyard developments.Debt position remains in line with the prior year, but management intends to spend NZ$52m in FY23, which is +16% ahead of our expectations, but is consistent with DGL’s strategy to increase volume organically

Delegat (DGL): FY22 Result – Initial Impressions