Amended 2019 Full Year Perliminary Announcements

Director’s Report

Preliminary Announcement of AFC Group Holdings Limited
The financial statements of AFC Group Holdings Limited (“AFC Group”) are still under audit for the period
ending 31 March 2019. The net assets were NZ$3.73 million, which is a 21% decrease from the 2018
financial year. Cash and cash equivalent products were NZ$240 thousand, and fixed asset was NZ$1.83
million. The annual sales revenue in the 2019 financial year was NZ$2.60 million dollars, the market value
was NZ$3.66 million, and net loss was NZ$0.98 million, which is NZ$0.51 million higher than the loss
incurred in the 2018 financial year.

In the 2019 financial year, AFC Group Holdings Limited has further strengthened its management from
process to people. At the same time, the company has successfully merged to NZX on 01/ February/ 2019.
In October 2018, the Group participated in the first China International Import Expo (CIIE) and achieved
excellent results in sales.

AFC Biotechnology Manufacture Co Ltd reached strategic cooperation agreements with several large
distributors to wholesale DDMASK products within New Zealand. At the same time, the company launched
a series of new products, and successfully entered the airport duty-free shop.

AFC Longview Limited has actively and repeatedly participated in the NZWINE and NZTE exhibitions. At
the same time, the company has also cooperated with many famous New Zealand wineries to launch
several red and white wines.

In summary, the Company has laid a solid foundation for its development in 2019-2020 by deepening the
reform of its corporate structure and personnel structure, actively exploring channels and closely uniting
management and employees.

On behalf of the Board of Directors

Hao Long
Director
AFC Group Holdings Limited

AFC Group Holdings Limited
Results for announcement to the market
Reporting Period 12 months to 31 March 2019
Previous Reporting
Period
12 months to 31 March 2018


Amount (000s) Percentage change
Revenue from ordinary
activities
$2,602 -60%
Profit (loss) from
ordinary activities after
tax attributable to
security holder
($980) -107%
Net profit (loss)
attributable to security
holders
($980) -107%

Interim/Final Dividend Amount per security Imputed amount per
security

None Not applicable


Record Date Not Applicable
Dividend Payment Date Not Applicable
Comments: Please refer to the directors' report attached

PRELIMINARY ANNUAL REPORT ANNOUNCEMENT
For Full Year Ended 31 March 2019
(referred to in this report as the "current year")


1.1 Preliminary annual report on results for the year ended 31 March 2019 (including the results
for the previous corresponding year) in accordance with Listing Rule 10.3.2.

3.1 The financial statements have been prepared in accordance with New Zealand Generally
Accepted Accounting Practice ("NZ GAAP"). They comply with New Zealand equivalents to
International Financial Reporting Standards ("NZ IFRS") and other applicable Financial
Reporting Standards, as appropriate for profit-oriented entities.

The financial statements also comply with International Financial Reporting Standards
("IFRS").

The Listed Issuer (AFC Group Holdings Limited) has a formally constituted Audit Committee
of the Board of Directors.

1.3 (a) Statement of financial performance
Refer to draft financial statements attached

1.3 (b) Statement of financial position
Refer to draft financial statements attached

1.3 (c) Statement of cash flows
Refer to draft financial statements attached

1.3 (d) Dividends


1.3 (e) Dividend or distribution reinvestment plans
Not Applicable

1.3 (f) Statement of movements in equity
Refer to draft financial statements attached

1.3 (g) Net tangible assets per security
March 2019 March 2018
Net tangible assets per ordinary security (NZ$) $0.0013 $0.0010

1.3(h) Control of entities gained or lost during the year
Control gained:
Name of subsidiary or group of subsidiaries Not Applicable
Contribution to net profit for the year attributable to members Not Applicable
Date from which such contribution has been calculated Not Applicable
Control lost:
Name of subsidiary or group of subsidiaries Not Applicable
Contribution to net profit for the year attributable to members Not Applicable
Date from which such contribution has been calculated Not Applicable

1.3 (i) Details of associates and joint venture entities
Not Applicable

1.3 (J) Any other significant information
Refer to directors' report and draft financial statements attached

1.3 (k) Commentary on the results of the period
Refer to directors' report attached

Details of basic EPS

Basic EPS (Normalised) - Non-GAAP (see explanatory notes
attached) Basic EPS (Reported)
Basic EPS (Reported)

Return to shareholders
Not Applicable

Significant features of operating performance
Not Applicable

Segment results
Not Applicable

Performance trends
Not Applicable

Result affected by other factors
Not Applicable

March
2019
March
2018
NZ cents
NZ cents
-0.00027 -0.00013
-0.00027
-0.00013

1.3 (l) This report is based on unaudited financial statements of AFC Group Holdings
Limited and subsidiaries.
The financial statements are in the process of being audited

1.3 (m) Subsequent events
Not applicable
1.3 (n) Unrealised gains resulting from revaluation of assets
Not Applicable

3.2 & Critical accounting policies and changes in accounting policies
3.3 Not Applicable

3.4 Audit Report
The financial statements are in the process of being audited. The audit report will be
available before end of June

3.5 Any additional facts, figures or interpretative notes
Not Applicable

Annual Meeting

(a) To be held at
(b) Date
Time
(c) Approximate date of availability of Annual Report

AFC Office
TBA
TBA
30 June 2019
If this annual report was approved by resolution of the Board of Directors, please indicate
date of meeting:
August 2019

AFC GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2019
20192018
Notes
NZ$ NZ$
Operating Revenue2 2,602,043 6,506,888
Cost of Sales(1,436,205) (5,146,361)
Gross profit1,165,838 1,360,527
Other Income2 20,820 347,473
Expenses
Selling and Distribution Expenses3 (957,643) (510,382)
Administration Expenses3 (1,187,412) (1,628,208)
Impairment loss on trade receivables(25,377)(29,674)
(983,774) (460,264)
Finance Income
2 3,726
1,431
Finance Expense
3 (100)
(13,989)
3,626 (12,558)
Profit / (Loss) before income tax(980,148) (472,822)
Income tax expenses4 - -
Profit / (loss) for the year(980,148)(472,822)
Other comprehensive income
- -
Total comprehensive income / (loss) for the year(980,148) (472,822)
Profit/(loss) and Total Comprehensive Income Attributable to:
Equity holders of the parent
(583,177) (412,406)
Non-controlling interest
7
(396,971)(60,416)
(980,148) (472,822)
Profit / (loss) per share:
Basic earnings per share (cents per share)
5 (0.00027) (0.00013)
Diluted earnings per share (cents per share)
5 (0.00027) (0.00013)
Operating profit / (loss)

AFC GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2019
20192018
Notes
NZ$ NZ$
SHAREHOLDERS EQUITY
Issued share capital
6
28,679,503 28,679,503
Accumulated losses(25,702,468) (25,119,291)
Total Equity attributable to shareholders of the company2,977,035 3,560,212
Non-controlling Interest
7
756,684 1,153,655
Total shareholders funds 3,733,719 4,713,867
Represented by:
CURRENT ASSETS
Cash and cash equivalents
8
240,645 665,779
Trade, other and related party receivables
9
969,876 1,298,761
Inventories
11
1,207,417 1,308,632
Prepayments and other current assets
10
139,348 313,793
Total current assets2,557,286 3,586,965
NON-CURRENT ASSETS
Property, plant and equipment
12
1,828,860 1,912,123
Intangible assets and goodwill
14
1,158 2,249
Deferred tax assets
4
- -
Total non-current assets1,830,018 1,914,372
Total assets4,387,304 5,501,337
CURRENT LIABILITIES
Trade, other and related party payables
15
653,585 787,470
Total current liabilities653,585 787,470
Total liabilities653,585 787,470
Net assets 3,733,719 4,713,867

AFC GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2019
20192018
Notes
NZ$ NZ$
Cash flows from operating activities
Cash was received from:
Receipts from customers 2,955,678 6,628,350
Receipts from related parties- 718,364
Interest received3,726 1,431
Other receipts20,820 56,930
Cash was applied to:
Payments to suppliers and employees(3,333,134) (7,553,745)
Payments to related parties(41,524)-
Interest paid(100)(13,989)
Income tax paid-
-
Net cash outflow from operating activities
17
(394,534) (162,659)
Cash flows from investing activities
Cash was received from:
Proceeds from disposal of property, plant and equipment
1,058 -
Cash was applied to:
Purchase of property, plant and equipment
12
(25,978)(41,755)
14
- (1,500)
Net cash outflow from investing activities(24,920)(43,255)
Cash flows from financing activities
Cash was received from:
Proceeds from issue of equity to non-controlling interests
7
- 200,000
Cash was applied to:
Payments to related parties- (119,701)
Net cash inflow from financing activities- 80,299
(419,454) (125,615)
Foreign currency translation adjustment
(5,680)13,553
Cash and cash equivalents at the beginning of the year
665,779 777,841
Cash and cash equivalents at the end of the year
8
240,645 665,779
Purchase of intangible assets
Net increase/(decrease) in cash and cash equivalents

AFC GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2019
Notes
Issued
Share
Capital
Accumulated
Losses
Equity
Holders of
the Parent
Non-
Controlling
Interests
Total
NZ$ NZ$ NZ$ NZ$ NZ$
Balance as at 1 April 201728,679,503 (24,706,885) 3,972,618 1,014,071 4,986,689
Net loss for the financial year-(412,406) (412,406) (60,416) (472,822)
Other comprehensive income-----
Total comprehensive income/(loss)28,679,503 (25,119,291) 3,560,212 953,655 4,513,867
Transactions with owners
Ordinary shares issued
6,7
--- 200,000 200,000
Total transactions with owners--- 200,000 200,000
Balance as at 31 March 201828,679,503 (25,119,291) 3,560,212 1,153,655 4,713,867
Net loss for the financial year-(583,177) (583,177) (396,971) (980,148)
Other comprehensive income-----
Total comprehensive income/(loss)-(583,177) (583,177) (396,971) (980,148)
Balance as at 31 March 201928,679,503 (25,702,468) 2,977,035 756,684 3,733,719