All Regions Experiencing Sales Growth

Page 1 of 3




19 November 2019

All Regions Experiencing Sales Growth
Blis reports all regions experiencing sales growth. Key highlights for six months to 30 September
2019 include:
• Trading revenue for the period was $5.2m an increase of 77% compared to the same period last
year
• EBITDA profit for the period was $1.0m
• Australian product launch achieved strong retail support
• BLIS branded finished products on Amazon USA platform delivered solid revenue growth
• Regulatory approvals:
o BLIS M18 FDA Generally Accepted as Safe (GRAS) “No Objection” approval
o BLIS M18 Health Canada approval with strong claims
• Successful senior management recruitment programme
• Pipeline progress:
o Novel delivery formats for our probiotic strains
o Formulation and assessment of a topical skin format for BLIS Q24
o Continued evaluation of Blis’ microbial library for new product opportunities

Blis CEO, Brian Watson commented “We are very pleased with the performance in the first six
months of the year. We achieved strong revenue growth across all our trading regions and
maintained the profitability of the business following our maiden profit last financial year. Our
continued investment in marketing activity and R & D is driving a robust sales pipeline. Our
deliberate weighting of investment into new markets in the second half of the financial year will see
a focus on developing a China Cross Border e-Commerce sales channel and planning for a launch of
the BLIS range into the Canadian market”.


Regional performance

During the half year all regions saw sales growth compared with HY19.

Asia Pacific (incl. New Zealand) sales grew by 50% to $1.8m. The period included the first autumn
and winter of the distribution relationship with iNova Pharmaceuticals (Australia) Pty Limited
(iNova) in Australia. Order fulfilment spanned both the end of the prior financial year and the first
half of the current financial year. iNova’s pharmacy ranging capability, education of pharmacy staff
and building of consumer brand awareness has provided an excellent platform for ongoing success
in this important growth market. New Zealand sales have performed well compared with the same
period last year, delivering robust growth. The Japanese market has also had consistent ordering
from the established customer base.

Page 2 of 3
Sales in Europe increased by 84% to $2.4m compared to the prior period. This growth reflects the
underlying strength of a number of existing markets in the region and building sales in several new
markets. We have seen earlier ordering patterns by some key customers leading into the European
winter than was experienced last financial year.

North American sales increased by 126% to $1.0m during the period. This growth reflects both solid
ingredient orders as well as consistent growth in BLIS branded finished products on the Amazon
platform.


Growth initiatives and R&D

Our eCommerce focus has continued to deliver results. Through targeted investment we have seen
strong growth in the Amazon US channel. Our own eCommerce platform has been upgraded to a
Shopify platform including an order subscription service for customers.

We continue to invest in developing our future pipeline unlocking market access, enhancing the
evidence base for our products and driving R & D output. Our New Product Development process
has delivered on some important milestones including progress being made on BLIS Q24 and deeper
screening of our microbial strain library being undertaken. Four new clinical trials were published
1

further strengthening the evidence base of our products.

The company’s continuing growth has led to the decision to strengthen the management team with
the recruitment of Frank Spiewack as our Commercial Director, Dr Elliott Dunn as Science Manager –
Research and Leo Wolff to the role of eCommerce lead.

We have engaged a panel of external experts in the dental field and held our first focused advisory
meeting seeking feedback on our scientific and commercialisation focus in the dental health area.
This process has validated the strength of product offer and the opportunities for growth.

It was particularly pleasing to receive validation of our marketing activity with the brand campaign
winning the Health and Beauty sector award at TVNZ marketing awards. The campaign was designed
to lift awareness and understanding of the novel ThroatGuard PRO proposition and resulted in the
brand establishing itself as the number 1 product in the Throat Lozenge Category in New Zealand
pharmacies.




1
The four published clinical trials are:
1. Pilot study to explore the prophylactic efficacy of oral probiotic Streptococcus salivarius K12 in preventing recurrent
pharyngo-tonsillar episodes in pediatric patients.
Marini G, Sitzia E, Panatta ML, De Vincentiis GC.
Int J Gen Med. 2019 Jun 5;12:213-217. doi: 10.2147/IJGM.S168209. eCollection 2019.
2. Effects of Streptococcus salivarius K12 with nystatin on oral candidiasis-RCT.
Hu L, Mao Q, Zhou P, Lv X, Hua H, Yan Z.
Oral Dis. 2019 Sep;25(6):1573-1580. doi: 10.1111/odi.13142. Epub 2019 Jul 26.
3. A single-centre investigator-blinded randomised parallel group clinical trial to investigate the effect of probiotic
strains Streptococcus salivarius M18 and Lactobacillus acidophilus on gingival health of paediatric patients undergoing
treatment with fixed orthodontic appliances: study protocol.
Kaklamanos EG, Nassar R, Kalfas S, Al Halabi M, Kowash M, Hannawi H, Hussein I, Salami A, Hassan A, Senok AC.
BMJ Open. 2019 Sep 8;9(9):e030638. doi: 10.1136/bmjopen-2019-030638.
4. Oral probiotics reduce halitosis in patients wearing orthodontic braces: a randomized, triple-blind, placebo-controlled
trial.
Benic GZ, Farella M, Morgan XC, Viswam J, Heng NC, Cannon RD, Mei L.
J Breath Res. 2019 May 31;13(3):036010. doi: 10.1088/1752-7163/ab1c81.

Page 3 of 3
Regulatory approvals

In the first half of the year two key regulatory milestones were achieved for BLIS M18. In the US the
FDA issued a GRAS “No Objection” notice and Health Canada approved BLIS M18 with strong claims
based on our efficacy dossier.


Financial performance

Trading revenue for the period increased by 77% or $2.3m to $5.2m compared to the same period
last year.

EBITDA was $1.0m, an increase of $1.3m compared with the prior period. Net Profit was $0.8m, an
improvement of $1.3m from the $0.5m deficit recorded for the corresponding prior period.

Total expenses of $4.5m were up 29% on the prior period. The increase is principally due to an
investment in the R & D pipeline together with market development initiatives including investment
to grow our BLIS branded product opportunities in New Zealand retail market and across
eCommerce channels in particular on Amazon in the USA. This will provide Blis a higher share of
profit margins and enable sales direct to the buyer.

As at 30 September 2019, the Company held a net working capital position of $3.1m. The net
cashflows from operating activities are a $1.8m inflow resulting in cash balances at 30 September
2019 of $1.9m.


Outlook

The first six months of the 2020 financial year has seen good growth in revenue across all regions
compared with the same period last year.

There is a deliberate weighting of investment into new markets in the second half of the financial
year with a focus on developing a China cross-border eCommerce sales channel and planning for a
launch of the BLIS range into the Canadian market. The prudent management required to balance
the pipeline investment and accelerated growth opportunities whilst maintaining the profitable
growth objective will continue in the second half of the year.

Based on the continued strong growth expected from the ongoing investment in market expansion
and pipeline development we reaffirm our previous FY20 guidance of sustained profitable growth
and an EBITDA similar with FY19.

Ends


For further information, please contact:
Brian Watson
CEO
+64 27 705 9133


Blis Technologies Limited: 81 Glasgow Street, South Dunedin 9012, PO Box 2208, Dunedin 9012, New Zealand
T:+64 3 474 0988 E: info@blis.co.nz
W: www.blis.co.nz

---

Results announcement
for Equity Security issuer




Results for announcement to the market
Name of issuer Blis Technologies Limited
Reporting Period 6 months to 30 September 2019
Previous Reporting Period 6 months to 30 September 2018
Currency NZ dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$5,284 75%
Total Revenue $5,292 75%
Net profit/(loss) from
continuing operations
$759 252%
Total net profit/(loss) $759 252%
Interim/Final Dividend
Amount per Quoted Equity
Security
The Company does not propose to pay a dividend to its
shareholders
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
$0.0033 $0.0016
A bri ef explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the Operations Report in the accompanying unaudited
financial statements.
Authority for this announcement
Name of person

authorised
to make this announcement
Richard Wingham
Contact person for this
announcement
Richard Wingham
Contact phone number 021 284 0446
Contact email address richard.wingham@blis.co.nz
Date of release through MAP

19 November 2019

Unaudited financial statements accompany this announcement.

---

A
XXXXChair and CEO Report
BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
XXXXXChair and CEO Report (continued)
www.blis.co.nz
Half Year Report
BLIS TECHNOLOGIES LIMITED
FOR THE SIX MONTHS TO 30 SEPTEMBER 2019
Half Year Report

BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
www.blis.co.nz
“The first six months of the
year has delivered a number of
satisfying achievements and sees
Blis (Company) performing well. Of
note is the strong revenue growth
being achieved across all our
trading regions and the sustained
profit following our maiden profit
in the previous financial year ended
31 March 2019 (FY19).”

3
BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
www.blis.co.nz
Operations Report
Dear shareholder
The first six months of the year has delivered a number
of satisfying achievements and sees Blis (Company)
performing well. Of note is the strong revenue growth
being achieved across all our trading regions and the
sustained profit following our maiden profit in the
previous financial year ended 31 March 2019 (FY19).
The company reports an increase in trading revenue
for the six months ended 30 September 2019 (HY20) by
77% ($2.3m) compared to the same six month period
ended 30 September 2018 (HY19) (refer note 7.3). In
HY20 all regions saw growth compared with HY19.
HY20 Earnings before interest, tax, depreciation and
amortisation (EBITDA) surplus of $1.0m and a Net
Profit of $0.8m on trading revenue of $5.2m for HY20.
This represents an EBITDA improvement of $1.3m from
the $0.5m deficit recorded in HY19.
Key Highlights for HY20 include:
• Trading revenue for the period was $5.2m an
increase of 77% compared to the same period last
year
• EBITDA profit for the period was $1.0m
• Australian product launch achieved strong retail
support
• BLIS branded finished products on Amazon USA
platform delivered solid revenue growth
• Regulatory approvals:
·BLIS M18™ FDA Generally Accepted as Safe (GRAS)
“No Objection” approval
·BLIS M18™ Health Canada approval with strong
claims
• Successful senior management recruitment
programme
• Pipeline progress:
·Novel delivery formats for our probiotic strains
·Formulation and assessment of a topical skin
format for BLIS Q24™
·Continued evaluation of Blis’ microbial library for
new product opportunities
Key Challenges for HY20 include:
• Balancing pipeline investment and accelerated
growth opportunities whilst maintaining the
profitable growth objective.
Strong revenue growth
being achieved across
all our trading regions

4
BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
www.blis.co.nz
Operations Report (continued)
Regional performance
During the half year all regions saw sales growth
compared with HY19.
Asia Pacific (incl. New Zealand) sales grew by 50%
to $1.8m. The period included the first autumn and
winter of the distribution relationship with iNova
Pharmaceuticals (Australia) Pty Limited (iNova) in
Australia. Order fulfilment spanned both the end of
the prior financial year and the first half of the current
financial year. iNova’s pharmacy ranging capability,
education of pharmacy staff and building of consumer
brand awareness has provided an excellent platform
for ongoing success in this important growth market.
New Zealand sales have performed well compared with
the same period last year, delivering robust growth.
The Japanese market has also had consistent ordering
from the established customer base.
Sales in Europe increased by 84% to $2.4m compared
to the prior period. This growth reflects the underlying
strength of a number of existing markets in the region
and building sales in several new markets. We have
seen earlier ordering patterns by some key customers
leading into the European winter than was experienced
last financial year.
North American sales increased by 126% to $1.0m
during the period. This growth reflects both solid
ingredient orders as well as consistent growth in BLIS
branded finished products on the Amazon platform.
Growth initiatives and R&D
Our eCommerce focus has continued to deliver
results. Through targeted investment we have seen
strong growth in the Amazon US channel. Our own
eCommerce platform has been upgraded to a Shopify
platform including an order subscription service for
customers.
We continue to invest in developing our future pipeline
unlocking market access, enhancing the evidence base
for our products and driving R & D output. Our New
Product Development process has delivered on some
important milestones including progress being made
on BLIS Q24™ and deeper screening of our microbial
strain library being undertaken. Four new clinical trials
were published further strengthening the evidence
base of our products.
The company’s continuing growth has led to the
decision to strengthen the management team with
the recruitment of Frank Spiewack as our Commercial
Director, Dr Elliott Dunn as Science Manager – Research
and Leo Wolff to the role of eCommerce lead.
We have engaged a panel of external experts in
the dental field and held our first focused advisory
meeting seeking feedback on our scientific and
commercialisation focus in the dental health area. This
process has validated the strength of product offer and
the opportunities for growth.
It was particularly pleasing to receive validation of our
marketing activity with the brand campaign winning
the Health and Beauty sector award at TVNZ marketing
awards. The campaign was designed to lift awareness
and understanding of the novel ThroatGuard PRO
proposition and resulted in the brand establishing
itself as the number 1 product in the Throat Lozenge
Category in New Zealand pharmacies.
Consistent growth in
BLIS branded finished
products on the
Amazon platform

5
BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
www.blis.co.nz
Regulatory approvals
In the first half of the year two key regulatory
milestones were achieved for BLIS M18™. In the US
the FDA issued a GRAS “No Objection” notice and
Health Canada approved BLIS M18™ with strong
claims based on our efficacy dossier.
Financial performance
Trading revenue for the period increased by 77% or
$2.3m to $5.2m compared to the same period last
year.
EBITDA was $1.0m, an increase of $1.3m compared
with the prior period. Net Profit was $0.8m, an
improvement of $1.3m from the $0.5m deficit
recorded for the corresponding prior period.
Total expenses of $4.5m were up 29% on the
prior period. The increase is principally due to an
investment in the R & D pipeline together with
market development initiatives including investment
to grow our BLIS branded product opportunities in
New Zealand retail market and across eCommerce
channels in particular on Amazon in the USA. This
will provide Blis a higher share of profit margins and
enable sales direct to the buyer.
As at 30 September 2019, the Company held a net
working capital position of $3.1m. The net cashflows
from operating activities are a $1.8m inflow resulting
in cash balances at 30 September 2019 of $1.9m.
THE FOUR PUBLISHED CLINICAL
TRIALS ARE:
1. Pilot study to explore the prophylactic efficacy of oral probiotic
Streptococcus salivarius K12 in preventing recurrent pharyngo-tonsillar
episodes in pediatric patients.
Marini G, Sitzia E, Panatta ML, De Vincentiis GC.
Int J Gen Med. 2019 Jun 5;12:213-217. doi: 10.2147/IJGM.S168209.
eCollection 2019.
2. Effects of Streptococcus salivarius K12 with nystatin on oral candidiasis-
RCT.
Hu L, Mao Q, Zhou P, Lv X, Hua H, Yan Z.
Oral Dis. 2019 Sep;25(6):1573-1580. doi: 10.1111/odi.13142. Epub 2019
Jul 26.
3. A single-centre investigator-blinded randomised parallel group
clinical trial to investigate the effect of probiotic strains Streptococcus
salivarius M18 and Lactobacillus acidophilus on gingival health of
paediatric patients undergoing treatment with fixed orthodontic
appliances: study protocol.
Kaklamanos EG, Nassar R, Kalfas S, Al Halabi M, Kowash M, Hannawi H,
Hussein I, Salami A, Hassan A, Senok AC.
BMJ Open. 2019 Sep 8;9(9):e030638. doi: 10.1136/bmjopen-2019-030638.
4. Oral probiotics reduce halitosis in patients wearing orthodontic braces: a
randomized, triple-blind, placebo-controlled trial.
Benic GZ, Farella M, Morgan XC, Viswam J, Heng NC, Cannon RD, Mei L.
J Breath Res. 2019 May 31;13(3):036010. doi: 10.1088/1752-7163/ab1c81.
Operations Report (continued)
Trading revenue
for the period
increased by 77%

6
BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
www.blis.co.nz
The first six months of the 2020 financial year has seen good growth in revenue across all
regions compared with the same period last year.
There is a deliberate weighting of investment into new markets in the second half of the
financial year with a focus on developing a China cross-border eCommerce sales channel and
planning for a launch of the BLIS range into the Canadian market. The prudent management
required to balance the pipeline investment and accelerated growth opportunities whilst
maintaining the profitable growth objective will continue in the second half of the year.
Based on the continued strong growth expected from the ongoing investment in market
expansion and pipeline development we reaffirm our previous FY20 guidance of sustained
profitable growth and an EBITDA similar with FY19.

Outlook
Tony Offen
Chair
Brian Watson
Chief Executive

7
BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
www.blis.co.nz
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2019



BLIS TECHNOLOGIES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2019


Notes 6 Mths 6 Mths 12 Mths
30 Sep 19 30 Sep 18 31 Mar 19
(Unaudited) (Unaudited) (Audited)
$’000 $’000 $’000

REVENUES
Revenue 2 5,284 3,0 19 8,400
Interest received 8 3 6
5,292 3,022 8,406
LESS
Distribution expenses 81 44 120
Marketing expenses 643 248 787
Occupancy expenses 32 70 164
Employee benefits 1,230 1,022 2,074
Raw materials and consumables 1,223 675 2,305
Operating expenses 1,310 1,4 53 2,553
Finance expenses 14 10 22
4,533 3,522 8,025

SURPLUS / (DEFICIT) BEFORE TAX 759 (500) 381

Income tax expense - - -
SURPLUS / (DEFICIT) FOR THE PERIOD 759 (500) 381

Other comprehensive income - - -
TOTAL COMPREHENSIVE INCOME / (DEFICIT) FOR THE PERIOD 759 (500) 381


Surplus/ (deficit) for the for the period is attributable to:
Equity holders of the parent 759 (500) 381
759 (500) 381

Comprehensive income for the year is attributable to:
Equity holders of the parent 759 (500) 381
759 (500) 381


Earnings / (deficit) per Share:
Basic (cents per ordinary share) 0.07 (0.05) 0.03
Diluted (cents per ordinary share) 0.07 (0.05) 0.03

Net tangible assets per Share:
Basic (cents per share) 0.33 0.16 0.26
Diluted (cents per share) 0.33 0.16 0.26

8
BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
www.blis.co.nz
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2019



BLIS TECHNOLOGIES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2019

Unaudited

Notes Share Capital Retained
earnings/
(deficit)
Share option
Equity reserve
Total
attributable
to Group
$’000 $’000 $’000 $’000

OPENING EQUITY – 1 APRIL 2019 37,380 (33,996) 37 3,421

Surplus / (deficit) for the year - 759 - 759

Other comprehensive income / (expense) - - - -
Total comprehensive Income - 759 - 759

Equity contributions and distributions - - - -
Share option equity reserve - - - -
- - - -

CLOSING EQUITY – 30 SEPTEMBER 2019 (unaudited) 37,380 (33,237) 37 4,180


OPENING EQUITY – 1 APRIL 2018 37,338 (34,377) 46 3,007

Surplus / (deficit) for the year - (500) - (500)

Other comprehensive income / (expense) - - - -
Total comprehensive Income - (500) - (500)

Equity contributions and distributions - - - -
Share option equity reserve - - - -
- - - -

CLOSING EQUITY – 30 SEPTEMBER 2018 (unaudited) 37,338 (34,877) 46 2,507

9
BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
www.blis.co.nz
CONSOLIDATED BALANCE SHEET
As at 30 September 2019



BLIS TECHNOLOGIES LIMITED
CONSOLIDATED BALANCE SHEET
As at 30 September 2019


6 Mths 6 Mths 12 Mths
30 Sep 19 30 Sep 18 31 Mar 19
Notes (Unaudited) (Unaudited) (Audited)
$’000 $’000 $’000

CURRENT ASSETS
Cash and short term deposits 1,908 767 924
Trade and other receivables 1,580 674 2,372
Prepayments 140 54 220
Inventory 492 368 371
NZX bond 75 75 75
Foreign exchange contracts - - 4
4,195 1,938 3,966

LESS CURRENT LIABILITIES
Trade and other payables 947 632 929
Contract liability - - 22
Current borrowings 44 52 700
Lease liabilities 91 - -
Foreign exchange contracts 36 48 -
1,118 732 1,651

ORING CAPITAL 3,077 1,206 2,315

NON CURRENT ASSETS
Property, plant and equipment 638 745 669
Right -of-use assets 339 - -
Finite life intangible assets 482 706 566
1,459 1,451 1,235

NON CURRENT LIABILITIES
Non current borrowings 108 150 129
Lease liabilities 248 - -
356 150 129

NET ASSETS 4,180 2,507 3,421

ONERS EUIT
Share capital 37,380 37,338 37,380
Share option equity reserve 37 46 37
Retained earnings / (deficits) (33,237) (34,877) (33,996)
TOTAL EUIT 4,180 2,507 3,421


Tony Offen Graeme Boyd
Chair man Director

These financial statements have been authorised for issue 19
th
November 2019

10
BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
www.blis.co.nz
CONSOLIDATED STATEMENT OF CASHFLOWS
For the six months ended 30 September 2019



BLIS TECHNOLOGIES LIMITED
CONSOLIDATED STATEMENT OF CASHFLOWS
For the six months ended 30 September 2019


6 Mths 6 Mths 12 Mths
30 Sep 19 30 Sep 18 31 Mar 19
Notes (Unaudited) (Unaudited) (Audited)
$’000 $’000 $’000

CASH FLOWS FROM OPERATING ACTIVITES

Cash was provided from / (applied to):
Receipts from customers 6,076 3,069 6,771
Interest received 8 3 6
Payments to suppliers and employees (4,227) (3,228) (7,338)
Finance costs (14) (10) (22)
Net cash inflow / (outflow) from operating activities 1,843 (166) (583)

CASH FLOWS FROM INVESTING ACTIVITIES

Cash was provided from / (applied to):
Capitalise intangible costs (61) (17) (55)
Purchase of property, plant and equipment (55) (48) (75)
Net cash inflow / (outflow) from investing activities (116) (65) (130)

CASH FLOWS FROM FINANCING ACTIVITIES

Cash was provided from / (applied to):
Drawdown of borrowings - - 579
Repayment of borrowings (677) (19) (40)
Repayment of lease liabilities (39) - -
Repayment of share option - - 33
Net Cash inflow / (outflow) from financing activities (716) (19) 572

Net Increase / (Decrease) in cash held 1,011 (250) (141)

Add cash and short-term deposits at start of period 924 1,059 1,059
Foreign exchange differences (27) (42) 6
Balance at end of period 1,908 767 924

COMPRISED OF:
Cash and short-term deposits 1,908 767 924
1,908 767 924

11
BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
www.blis.co.nz
NOTES TO AND FORMING PART OF THE CONSOLIDATED
F I N A N C A L S TAT E M E N T S
For the six months ended 30 September 2019
1. BASIS OF REPORTING
Reporting entity
The unaudited consolidated condensed interim
financial statements presented are those of Blis
Technologies Limited (the “Company”) and its
subsidiary Blis Functional Foods Limited (the “Group”).
The Group’s principal activity is developing healthcare
products based on strains of bacteria that produce
bacteriocin activity for sale in New Zealand and
overseas.
Statutory base
The Company is a profit-oriented entity, domiciled
in New Zealand, registered under the Companies Act
1993 and listed on the New Zealand Stock Exchange.
The Company is an FMC reporting entity under the
Financial Markets Conduct Act 2013. The financial
statements have been prepared in line with the
requirements of these Acts and the Financial Reporting
Act 2013.
Basis of Preparation
The unaudited consolidated condensed interim
financial statements have been prepared in
accordance with New Zealand Generally Accepted
Accounting Practice (“NZ GAAP”) and comply with the
New Zealand equivalents to International Financial
Reporting Standards (“NZ IFRS”), as appropriate for
interim financial statements (“NZ IAS 34”). The interim
financial statements should be read in conjunction
with the Group annual report for the year ended 31
March 2019.
This is the first set of the Group’s financial statements
where NZ IFRS 16 Leases (“NZ IFRS 16”) has been
applied. Changes from the application of NZ IFRS 16 are
described in Significant accounting policies.
The unaudited consolidated condensed interim
financial statements were authorised for issue by the
Board of Directors on 19th November 2019.
Basis of Measurement
The unaudited consolidated condensed interim
financial statements have been prepared on the
historical cost basis, except for the derivative financial
instruments that are measured at fair value at the end
of each reporting period. Historical cost is based on the
fair values of the consideration given in exchange for
assets.
Accounting policies are selected and applied in a
manner which ensures that the resulting financial
information satisfies the concepts of relevance and
reliability, thereby ensuring that the substance of the
underlying transactions or other events is reported.
The same accounting policies and critical judgements,
estimates and assumptions are applied in these
unaudited consolidated condensed interim financial
statements as were applied in the preparation of the
Group’s consolidated financial statements for the year
ended 31 March 2019 except for the first time adoption
of NZ IFRS 16.
The unaudited consolidated condensed interim
financial statements are presented in thousands of
New Zealand dollars. The New Zealand dollar is the
Group’s functional currency.
The unaudited consolidated condensed interim
financial statements do not include all the information
required for full financial statements.
Critical Judgements, Estimates and
Assumptions
In the application of NZ IFRS, the Directors are required
to make judgements, estimates and assumptions
about carrying values of asset and liabilities that

12
BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
www.blis.co.nz
are not readily apparent from other sources. Apart
from the judgements used in the first time adoption
of NZ IFRS 16 (Refer Significant accounting policies),
the judgements estimates and assumptions used
in the preparation of these unaudited consolidated
condensed interim financial statements are consistent
with those used in the Group’s consolidated financial
statements for the year ended 31 March 2019.
Significant Accounting Policies
Except as described below, the accounting policies
in the unaudited consolidated condensed interim
financial statements are the same as those applied in
the Group’s consolidated financial statements for the
year ended 31 March 2019.
The changes in accounting policies are also expected
to be reflected in the Group’s consolidated financial
statements as at and for the year ending 31 March 2020.
New or amended standards adopted by the Group:
The following standard is mandatory for the Group’s
current accounting period:
• NZ IFRS 16 Leases
NZ IFRS 16 Leases
Impact of application
NZ IFRS 16 is effective for annual periods beginning
on or after 1 January 2019. The standard removes the
distinction between operating and finance leases as
previously required under NZ IAS 17 Leases (“NZ IAS
17”) and introduces a single model for lessees which
recognises all leases, except for short-term leases of 12
months or less and leases of low value assets, on the
balance sheet through a right-of-use (“ROU”) asset and
a liability for the obligation to make lease payments.
The Group reviewed leases where the Group is the
lessee and the leases primarily relate to leases for
properties and office equipment.
The Group adopted NZ IFRS 16 using the modified
retrospective approach with the ROU asset being equal
to the lease liability as at commencement date for all
existing leases at 1 April 2019.
The Group has made use of the practical expedient
available on transition to NZ IFRS 16 not to reassess
whether a contract is or contains a lease. Accordingly,
the definition of a lease in accordance with NZ IAS 17
will continue to be applied to those leases entered or
modified before 1 April 2019. Comparative numbers
have not been restated.
Impact on Lessee Accounting
Former operating leases
NZ IFRS 16 changes how the Group accounts for leases
previously classified as operating leases under NZ IAS
17, which were off-balance-sheet.
Applying NZ IFRS 16, for all leases (except as noted
below), the Group:
a) Recognises ROU assets and lease liabilities in the
consolidated balance sheet, initially measured at
the present value of future lease payments;
b) Recognises depreciation of the ROU assets and
interest on lease liabilities in the consolidated
statement of profit or loss; and
c) Separates the total amount of cash paid into a
principal portion (presented within financing
activities) and interest (presented within operating
activities) in the Consolidated statement of profit or
loss
Lease incentives are recognised as part of the
measurement of the ROU assets and lease liabilities
whereas under NZ IAS 17 they resulted in the
recognition of a lease incentive liability, amortised as a
reduction of rental expense on a straight-line basis.
Under NZ IFRS 16, ROU assets are tested for
NOTES TO AND FORMING PART OF THE CONSOLIDATED
F I N A N C A L S TAT E M E N T S (continued)
For the six months ended 30 September 2019

13
BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
www.blis.co.nz
impairment in accordance with NZ IAS 36 Impairment
of Assets. This replaces the previous requirements to
recognise a provision for onerous lease contracts.
For short-term leases and leases of low-value assets,
the Group has opted to recognise a lease expense on
a straight-line basis as permitted by NZ IFRS 16. This
expense is presented within occupancy costs in the
consolidated statement of comprehensive income.
Financial Impact of adopting NZ IFRS 16
The Group has applied the following practical
expedients when applying NZ IFRS 16 to leases
previously classified as operating leases under NZ IAS
17:
• The use of a single discount rate to a portfolio of
leases with similar characteristics
• Not recognising ROU assets and liabilities for leases
with less than 12 months of lease term; and
• Not recognising ROU assets and liabilities if the
underlying leased asset is considered a low value
asset. The Group has opted to recognise a lease
expense on a straight-line basis as permitted by NZ
IFRS 16. This expense is presented within occupancy
costs in the consolidated statement of profit or loss
Key judgement areas in applying the new standards
are:
• The use of discount rates; and
• The assessment of whether options to extend or
terminate a lease will be exercised.
The discount rates used are the Group’s incremental
borrowing rates (“IBR”). The Group’s IBR is the
expected borrowing rate obtained from financial
institutions as if the Group had purchased the leased
asset, with the term of the borrowing similar to the
lease term. The IBR rate applied to each leased asset
class are:



BLIS TECHNOLOGIES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCAL STATEMENTS (CONTINUED)
For the six months ended 30 September 2019

1. BASIS OF REPORTING (continued)

Significant Accounting Policies(continued)
Financial Impact of adopting NZ IFRS 16
The Group has applied the following practical expedients when applying NZ IFRS 16 to leases previously classified as
operating leases under NZ IAS 17:
• The use of a single discount rate to a portfolio of leases with similar characteristics
• Not recognising ROU assets and liabilities for leases with less than 12 months of lease term; and
• Not recognising ROU assets and liabilities if the underlying leased asset is considered a low value asset. The Group
has opted to recognise a lease expense on a straight-line basis as permitted by NZ IFRS 16. This expense is
presented within occupancy costs in the consolidated statement of profit or loss
Key judgement areas in applying the new standards are:
• The use of discount rates; and
• The assessment of whether options to extend or terminate a lease will be exercised.
The discount rates used are the Group’s incremental borrowing rates (“IBR”). The Group’s IBR is the expected borrowing
rate obtained from financial institutions as if the Group had purchased the leased asset, with the term of the borrowing
similar to the lease term. The IBR rate applied to each leased asset class are:

IBR %
Properties 6.00%
Office equipment 6.00%

The adoption of NZ IFRS 16 had the following impact on the Group’s unaudited consolidated statement of comprehensive
income, balance sheet and cash flows.

6 Mths
30 Sep 19
(Unaudited)

Occupancy costs (46)
Other expenses 39
Finance expenses 7
Impact on net surplus/ (deficit) for the year -

Right-of-use asset 338
Lease liabilities (338)
Impact on net assets -

Net cashflow Inflow / (outflow) from operating activities 39
Net cashflow Inflow / (outflow) from financing activities (39)



NOTES TO AND FORMING PART OF THE CONSOLIDATED
F I N A N C A L S TAT E M E N T S (continued)
For the six months ended 30 September 2019

14
BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
www.blis.co.nz
NOTES TO AND FORMING PART OF THE CONSOLIDATED
F I N A N C A L S TAT E M E N T S (continued)
For the six months ended 30 September 2019
Going Concern
The financial statements have been prepared based on
an assumption of going concern.
The Group has recorded a net surplus of $759k for HY20
(HY19: deficit $500k).
The Directors believe the going concern assumption is
valid, reaching such a conclusion after having regard
to the circumstances which they consider reasonably
likely to affect the Group during the period of one year
from the date the unaudited consolidated condensed
interim financial statements are approved.
Specifically, the Group held cash reserves and working
capital of $1,908k and $3,077k respectively as at
30 September 2019 which is considered sufficient to
meet its liquidity and working capital requirements.
Based on management budgets and plans, the Group
will be able to meet financial obligations for at least
12 months from the date of approval of the unaudited
consolidated condensed interim financial statements.
The Directors believe that there is no material
uncertainty in respect of the Group’s ability to continue
as a going concern for the period assessed above due
to the level of its current cash holdings and ability to
generate operating cash flows. Nevertheless, in the
event it fails to achieve planned profitability, the Group
may not be able to continue as a going concern.
If the Group were unable to continue as a going
concern, and pay debts as, and when, they become
due and payable, adjustments to the carrying value of
assets would have to be made to reflect the situation.
In such circumstances, assets may need to be realised
and liabilities extinguished, other than in the normal
course of business and at amounts which could differ
significantly from the amounts at which they are
currently recorded in the balance sheet. This situation
would likely impact, in particular, on the carrying value
of plant and equipment and intangible assets
The unaudited consolidated condensed interim
financial statements do not include any adjustments
relating to the classification and recoverability of
recorded asset amounts or to the amounts and
classification of liabilities that may be necessary should
the Group be unable to continue as a going concern.
2. REVENUE



BLIS TECHNOLOGIES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCAL STATEMENTS (CONTINUED)
For the six months ended 30 September 2019

Going Concern
The financial statements have been prepared based on an assumption of going concern.
The Group has recorded a net surplus of $759k for HY20 (HY1 9: deficit $500k).
The Directors believe the going concern assumption is valid, reaching such a conclusion after having regard to the
ci rcumstances which they consider reasonably likely to affect the Group during the period of one year from the date the
unaudited consolidated condensed interim financial statements are approved.
Specifically, the Group held cash reserves and working capital of $1,908k and $3,077k respectively as at 30 September 2019
which is considered sufficient to meet its liquidity and working capital requirements.
Based on management budgets and plans, the Group will be able to meet financial obligations for at least 12 months from
the date of approval of the unaudited consolidated condensed interim financial statements.
The Directors believe that there is no material uncertainty in respect of the Group’s ability to continue as a going concern
for the period assessed above due to the level of its current cash holdings and ability to generate operating cash flows.
Nevertheless, in the event it fails to achieve planned profitability, the Group may not be able to continue as a going concern.

If the Group were unable to continue as a going concern, and pay debts as, and when, they become due and payable,
adjustments to the carrying value of assets would have to be made to reflect the situation. In such circumstances, assets
may need to be realised and liabilities extinguished, other than in the normal course of business and at amounts which
could differ significantly from the amounts at which they are currently recorded in the balance sheet. This situation would
likely impact, in particular, on the carrying value of plant and equipment and intangible assets
The unaudited consolidated condensed interim financial statements do not include any adjustments relating to the
classification and recoverability of recorded asset amounts or to the amounts and classification of liabilities that may be
necessary should the Group be unable to continue as a going concern.

2. REVENUE
6 Mths 6 Mths 12 Mths
30 Sep 19 30 Sep 18 31 Mar 19
(Unaudited) (Unaudited) (Audited)
$’000 $’000 $’000
Revenue consists of the following items:

Point in time recognition:
Sale of goods – domestic sales
Finished goods 676 645 1,187
Ingredients 23 - 39
Sale of goods – export sales
Finished goods 863 97 1,934
Ingredients 3,54 5 2,19 0 4,953
Grant revenue 58 62 115
Other revenue 21 25 46
Over time recognition:
Right to access 98 - 126
5,284 3,019 8,400

15
BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
www.blis.co.nz
3. RECONCILIATION OF NET SURPLUS / (DEFICIT) WITH CASHFLOWS FROM OPERATING ACTIVITIES
4. SHARE CAPITAL
NOTES TO AND FORMING PART OF THE CONSOLIDATED
F I N A N C A L S TAT E M E N T S (continued)
For the six months ended 30 September 2019



BLIS TECHNOLOGIES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCAL STATEMENTS (CONTINUED)
For the six months ended 30 September 2019

3. RECONCILIATION OF NET SURPLUS / (DEFICIT) WITH CASHFLOWS FROM OPERATING ACTIVITIES

6 Mths 6 Mths 12 Mths
30 Sep 19 30 Sep 18 31 Mar 19
(Unaudited) (Unaudited) (Audited)
$’000 $’000 $’000

NET SURPLUS / (DEFICIT) FOR THE PERIOD 759 (500) 381

Adjustments for non-cash items:

Amortisation of capitalised product development costs 48 74 149
Amortisation of patents 71 57 136
Amortisation of trademarks 4 - 3
Amortisation of website development 22 23 45
Depreciation 125 88 192
Foreign exchange loss / (gain} 27 42 (5)
Loss / (gain) on fair value of foreign exchange contracts - - (4)

Movement in working capital
Trade and other receivables 795 20 (1,682)
Prepayments 80 35 (132)
Inventories (121) (25) (28)
Trade payable and contract liability 33 20 362

NET CASH INFLOW / (OUTFLOW) FROM OPERATING ACTIVITIES 1,843 (166) (583)

4. SHARE CAPITAL

30 Sep 19 30 Sep 18 31 Mar 19
(Unaudited) (Unaudited) (Audited)
No. of shares $,000 No. of shares $,000 No. of shares $,000

Balance at the beginning of the
period (fully paid)
1,107,653,565 37,3 80 1,107,653,565 37,338 1,107,653,565 37,338
Shares issued pursuant to CEO
Share plan
- - - - - 42
Balance at the end of the period 1,107,653,565 37,380 1,107,653,565 37,338 1,107,653,565 37,380

5. CAPITAL COMMITMENTS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES
There are no capital commitments or material contingent assets or contingent liabilities as at 30 September 2019 (30
September 2018: $Nil).

6. INVESTMENT IN SUBSIDIARY

Subsidiary Percentage Held Balance Date Principal Activity
30 Sep 19 30 Sep 18 31 Mar 19

Blis Functional Foods Limited 100% 100% 100% 31 March Non -trading

7. SEGMENTAL REPORTING

7.1 Operating Segments
The Group is internally reported as a single operating segment to the chief operating decision-maker.




BLIS TECHNOLOGIES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCAL STATEMENTS (CONTINUED)
For the six months ended 30 September 2019

3. RECONCILIATION OF NET SURPLUS / (DEFICIT) WITH CASHFLOWS FROM OPERATING ACTIVITIES

6 Mths 6 Mths 12 Mths
30 Sep 19 30 Sep 18 31 Mar 19
(Unaudited) (Unaudited) (Audited)
$’000 $’000 $’000

NET SURPLUS / (DEFICIT) FOR THE PERIOD 759 (500) 381

Adjustments for non-cash items:

Amortisation of capitalised product development costs 48 74 149
Amortisation of patents 71 57 136
Amortisation of trademarks 4 - 3
Amortisation of website development 22 23 45
Depreciation 125 88 192
Foreign exchange loss / (gain} 27 42 (5)
Loss / (gain) on fair value of foreign exchange contracts - - (4)

Movement in working capital
Trade and other receivables 795 20 (1,682)
Prepayments 80 35 (132)
Inventories (121) (25) (28)
Trade payable and contract liability 33 20 362

NET CASH INFLOW / (OUTFLOW) FROM OPERATING ACTIVITIES 1,843 (166) (583)

4. SHARE CAPITAL

30 Sep 19 30 Sep 18 31 Mar 19
(Unaudited) (Unaudited) (Audited)
No. of shares $,000 No. of shares $,000 No. of shares $,000

Balance at the beginning of the
period (fully paid)
1,107,653,565 37,3 80 1,107,653,565 37,338 1,107,653,565 37,338
Shares issued pursuant to CEO
Share plan
- - - - - 42
Balance at the end of the period 1,107,653,565 37,380 1,107,653,565 37,338 1,107,653,565 37,380

5. CAPITAL COMMITMENTS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES
There are no capital commitments or material contingent assets or contingent liabilities as at 30 September 2019 (30
September 2018: $Nil).

6. INVESTMENT IN SUBSIDIARY

Subsidiary Percentage Held Balance Date Principal Activity
30 Sep 19 30 Sep 18 31 Mar 19

Blis Functional Foods Limited 100% 100% 100% 31 March Non -trading

7. SEGMENTAL REPORTING

7.1 Operating Segments
The Group is internally reported as a single operating segment to the chief operating decision-maker.

5. CAPITAL COMMITMENTS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES
There are no capital commitments or material contingent assets or contingent liabilities as at 30 September 2019
(30 September 2018: $Nil).
6. INVESTMENT IN SUBSIDIARY



BLIS TECHNOLOGIES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCAL STATEMENTS (CONTINUED)
For the six months ended 30 September 2019

3. RECONCILIATION OF NET SURPLUS / (DEFICIT) WITH CASHFLOWS FROM OPERATING ACTIVITIES

6 Mths 6 Mths 12 Mths
30 Sep 19 30 Sep 18 31 Mar 19
(Unaudited) (Unaudited) (Audited)
$’000 $’000 $’000

NET SURPLUS / (DEFICIT) FOR THE PERIOD 759 (500) 381

Adjustments for non-cash items:

Amortisation of capitalised product development costs 48 74 149
Amortisation of patents 71 57 136
Amortisation of trademarks 4 - 3
Amortisation of website development 22 23 45
Depreciation 125 88 192
Foreign exchange loss / (gain} 27 42 (5)
Loss / (gain) on fair value of foreign exchange contracts - - (4)

Movement in working capital
Trade and other receivables 795 20 (1,682)
Prepayments 80 35 (132)
Inventories (121) (25) (28)
Trade payable and contract liability 33 20 362

NET CASH INFLOW / (OUTFLOW) FROM OPERATING ACTIVITIES 1,843 (166) (583)

4. SHARE CAPITAL

30 Sep 19 30 Sep 18 31 Mar 19
(Unaudited) (Unaudited) (Audited)
No. of shares $,000 No. of shares $,000 No. of shares $,000

Balance at the beginning of the
period (fully paid)
1,107,653,565 37,3 80 1,107,653,565 37,338 1,107,653,565 37,338
Shares issued pursuant to CEO
Share plan
- - - - - 42
Balance at the end of the period 1,107,653,565 37,380 1,107,653,565 37,338 1,107,653,565 37,380

5. CAPITAL COMMITMENTS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES
There are no capital commitments or material contingent assets or contingent liabilities as at 30 September 2019 (30
September 2018: $Nil).

6. INVESTMENT IN SUBSIDIARY

Subsidiary Percentage Held Balance Date Principal Activity
30 Sep 19 30 Sep 18 31 Mar 19

Blis Functional Foods Limited 100% 100% 100% 31 March Non -trading

7. SEGMENTAL REPORTING

7.1 Operating Segments
The Group is internally reported as a single operating segment to the chief operating decision-maker.

16
BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
www.blis.co.nz
7. SEGMENTAL REPORTING
7.1 Operating Segments
The Group is internally reported as a single operating segment to the chief operating decision-maker.
7.2 Revenue from major products and services
Non-core revenues include interest received, grant revenue and contract manufacturing revenue of non BLIS
branded products
7.3 Information about geographical areas
The Group operates in 3 principal geographical areas; Asia Pacific, Europe Middle East & Africa and North America.
The Group’s revenues from external customers and information about its assets by geographical location (of the
customer) are detailed below:
Revenues for the six months to 30 September 2019 include $2,414k, $700k, and $597k, which arose from sales to
the Group’s three largest customers.
Revenues for the six months to 30 September 2018 include $1,302k, $462k, and $417k, which arose from sales to
the Group’s three largest customers.
Revenues for the year ended 31 March 2019 include $2,945k, $1,652k and $991k which arose from sales to the
Group’s three largest customers.
NOTES TO AND FORMING PART OF THE CONSOLIDATED
F I N A N C A L S TAT E M E N T S (continued)
For the six months ended 30 September 2019



BLIS TECHNOLOGIES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCAL STATEMENTS (CONTINUED)
For the six months ended 30 September 2019

7. SEGMENTAL REPORTING (continued)

7.2 Revenue from major products and services

6 Mths 6 Mths 12 Mths
30 Sep 19 30 Sep 18 31 Mar 19
(Unaudited) (Unaudited) (Audited)
$’000 $’000 $’000
The Group’s revenues from its major products and
services were as follows:

BLIS products I,186 2,948 8,28I
Non -core business 106 74 121
Total Revenue 5,292 3,022 8,406

Non -core revenues include interest received, grant revenue and contract manufacturing revenue of non BLIS branded
products

7.3 Information about geographical areas
The Group operates in 3 principal geographical areas; Asia Pacific, urope iddle ast ? Africa and North America.
The Group’s revenues from external customers and information about its assets by geographical location (of the customer)
are detailed below:

Revenue from external Customers Non current Assets

6 Mths 6 Mths 12 Mths 6 Mths 6 Mths 12 Mths

30 Sep 19 30 Sep 18 31 Mar 19 30 Sep 19 30 Sep 18 31 Mar 19

(Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Audited)

$’000 $’000 $’000 $’000 $’000 $’000

New Zealand 729 64I 1,226 1,4I9 1,4I1 1,23I
Asia Pacific (excl. NZ) 1,061 I48 2,866 - - -
urope, iddle ast ? Africa 2,446 1,32I 2,971 - - -
North America 991 439 1,222 - - -
Total Trading Revenue 5,227 2,957 8,285 1,459 1,451 1,235

Interest received 8 3 6 - - -
Grant revenue I7 62 11I - - -
Total Revenue 5,292 3,022 8,406 1,459 1,451 1,235

Revenues for the six months to 30 September 2019 include A2,414#, A700#, and AI97#, which arose from sales to the
Group’s three largest customers.
Revenues for the six months to 30 September 2018 include A1,302#, A462#, and A417#, which arose from sales to the
Group’s three largest customers.
Revenues for the year ended 31 arch 2019 include A2,94I#, A1,6I2# and A991# which arose from sales to the Group’s
three largest customers.

8. SUBSEQUENT EVENTS
There were no subsequent events post 30 September 2019.

9. ADDITIONAL STOCK EXCHANGE INFORMATION
Refer to the half year preliminary announcement.





BLIS TECHNOLOGIES LIMITED
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCAL STATEMENTS (CONTINUED)
For the six months ended 30 September 2019

7. SEGMENTAL REPORTING (continued)

7.2 Revenue from major products and services

6 Mths 6 Mths 12 Mths
30 Sep 19 30 Sep 18 31 Mar 19
(Unaudited) (Unaudited) (Audited)
$’000 $’000 $’000
The Group’s revenues from its major products and
services were as follows:

BLIS products I,186 2,948 8,28I
Non -core business 106 74 121
Total Revenue 5,292 3,022 8,406

Non -core revenues include interest received, grant revenue and contract manufacturing revenue of non BLIS branded
products

7.3 Information about geographical areas
The Group operates in 3 principal geographical areas; Asia Pacific, urope iddle ast ? Africa and North America.
The Group’s revenues from external customers and information about its assets by geographical location (of the customer)
are detailed below:

Revenue from external Customers Non current Assets

6 Mths 6 Mths 12 Mths 6 Mths 6 Mths 12 Mths

30 Sep 19 30 Sep 18 31 Mar 19 30 Sep 19 30 Sep 18 31 Mar 19

(Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Audited)

$’000 $’000 $’000 $’000 $’000 $’000

New Zealand 729 64I 1,226 1,4I9 1,4I1 1,23I
Asia Pacific (excl. NZ) 1,061 I48 2,866 - - -
urope, iddle ast ? Africa 2,446 1,32I 2,971 - - -
North America 991 439 1,222 - - -
Total Trading Revenue 5,227 2,957 8,285 1,459 1,451 1,235

Interest received 8 3 6 - - -
Grant revenue I7 62 11I - - -
Total Revenue 5,292 3,022 8,406 1,459 1,451 1,235

Revenues for the six months to 30 September 2019 include A2,414#, A700#, and AI97#, which arose from sales to the
Group’s three largest customers.
Revenues for the six months to 30 September 2018 include A1,302#, A462#, and A417#, which arose from sales to the
Group’s three largest customers.
Revenues for the year ended 31 arch 2019 include A2,94I#, A1,6I2# and A991# which arose from sales to the Group’s
three largest customers.

8. SUBSEQUENT EVENTS
There were no subsequent events post 30 September 2019.

9. ADDITIONAL STOCK EXCHANGE INFORMATION
Refer to the half year preliminary announcement.

17
BLIS TECHNOLOGIES LIMITEDHALF YEAR REPORT
www.blis.co.nz
8.SUBSEQUENT EVENTS
There were no subsequent events post 30 September 2019.
NOTES TO AND FORMING PART OF THE CONSOLIDATED
F I N A N C A L S TAT E M E N T S (continued)
For the six months ended 30 September 2019

www.blis.co.nz
Physical Address
Blis Technologies Limited
81 Glasgow Street
Dunedin 9012
Postal Address
PO Box 2208
Dunedin 9044
New Zealand
Email
info@blis.co.nz
Telephone
+64 3 474 0988