FINANCIAL RESULTS FOR HALF YEAR ENDED 30 SEPTEMBER 2020

1



Market Release 19 November 2020

FINANCIAL RESULTS FOR HALF YEAR ENDED 30 SEPTEMBER 2020

AFT growth continues despite Covid-19

Performance Highlights
• Operating Revenues increase 4% to $48.8 million with growth in the Australian
and Rest of World markets.
• Underlying Operating Revenues from product sales increase 9% to $48.4 million.
• Net Profit After Tax (NPAT) increase of 968% to $1.2 million for the six months
following the normalised (NPAT)
1
$0.1 million for the same period a year ago.
• Maxigesic pain relief registrations up to 46 territories for the oral formulation and
20 territories for the intravenous formulation.
• Maxigesic US FDA complete response letter indicating final approvability of
Maxigesic tablets in US subject to Good Manufacturing Practice (GMP)
inspection.
• Equity Raise of $12 million to reduce debt facility and fund anticipated growth.
• Operating profit forecast for the year to 31 March 2021 remains in the $14 to $18
million range.

AFT Pharmaceuticals (NZX; AFT, ASX; AFP) today announces continued growth in
revenue and normalised earnings as it benefits from growth across its portfolio of over-
the-counter and prescription medicines.
It also reports continuing good progress commercialising its Maxigesic pain
medication in international markets, despite the Covid-19 challenges.
Group operating revenue for the six months to 30 September 2020 grew by 4% to $48.8
million from $46.9 million in the same period a year ago. Underlying revenue from
product sales grew 9% to $48.4 million.
AFT’s largest market, Australia grew revenue by 11%, New Zealand was flat while Asia
was down 7% with all markets seeing Covid-19 related disruptions.
Operating revenue from the Rest of the World declined 15% due to lower Maxigesic
licensing income as Covid-19 travel restrictions disrupted international out licensing
negotiations. However, the underlying product sales grew a strong 57%.
Group operating profit for the six months to 30 September 2020 was $2.4 million, down
from the normalised
1
$3.9 million operating profit in the same period a year ago. The
fall was due primarily to lower license income.
¹ FY20 normalised to exclude $9.8m gain on de-recognition of equity accounted investment and recognition of net assets acquired at
fair value in a step acquisition

2

Last year’s first half operating profit of $13.7 million was bolstered by the non-recurring
gain on acquisition of the joint venture Dermatology Specialty Limited Partnership
(DSLP) of $9.8 million.
Group net profit before tax (NPBT) rose to $1.2 million from the normalised $0.1 million
in the same period a year ago. The DSLP gain increased last year’s first half NPBT to
$9.9 million.
Chair David Flacks said: “AFT has delivered another strong result despite the disrupted
global environment. The rise in net profit confirms our strategy to expand our presence
in our home markets of Australia, New Zealand and Asia and grow our international
revenues through the out licensing of our intellectual property.
“This growth, coupled with the refinancing of our debt at New Zealand market rates
and the $12 million in new capital we raised earlier this year reinforces our position to
continue to grow shareholder value.”
Founder and Managing Director Dr Hartley Atkinson said: “We are pleased with the
progress we have made in what have been challenging market conditions. Following
on from last year, all divisions of the company - Australia, New Zealand, Asia and our
International markets – continue to contribute to group operating earnings.
“Our main Australian market continued to grow strongly despite some COVID-19
related disruptions. We are investing for growth and have added new medicines to
our in-licensed portfolio that have the potential to lift sales considerably in the coming
years.
“We are pleased with the ongoing progress of our development program. We have
filed for regulatory approval for a further four line extensions to Maxigesic. These come
on top of growing registrations around the world for Maxigesic tablets and Maxigesic
IV.
“We see further significant growth in international Maxigesic sales in the second half
of the 2021 financial year and into the following financial year as the number of
countries in which the medicine is launched increases. We also see a sharper
acceleration in the following years as sales in all these countries build, we add
additional dose forms and the impacts of Covid-19 lessen.
“Meanwhile, our pipeline of development opportunities continues to show promise.
We are looking to the future with confidence as we continue to execute on our plans.”

MAXIGESIC COMMERCIALISATION
Maxigesic tablets are now being sold in 34 countries, up from 28 at the end of the 2020
financial year.
Product Maxigesic Tablets Maxigesic IV Maxigesic oral
solution
Territories Sept
2020
March
2020
Sept
2020
March
2020
Sept
2020
March
2020
Licensed 125+ 125+ 90 80 122 122
Registered 46 44 20 3 - -
Sold 34 28 3 - - -

3
Licensing
In the half year we signed a further ten Maxigesic IV Licensing and Distribution
Agreements in six countries within the CEE, Germany, Austria, France and Italy. These
agreements have lifted the number of territories in which the medicine has been
licensed to 90 as at 30 September 2020 with further recent signings since then in Hong
Kong and the UK.
Licensing negotiations have been hampered due to Covid-19 restrictions, which have
limited our ability to travel to meet with potential licensees. In response we have
relocated one of AFT’s Business Development personnel to Switzerland.
AFT has also set up an EU affiliate, AFT Pharmaceuticals (EUR) Ltd based in Ireland to
handle anticipated growing sales in the region. The office will include sales and
regulatory resources for that market.
We are seeing deal momentum improving, particularly in Europe as the region gets
back to work after the initial lockdowns and the summer holiday season.
Since 30 September 2020, we have added tablet agreements for Greece and
Pakistan. This is consistent with the previously noted deal interest following a slow
period when Covid-19 broke out.
We are also working on out-licensing both the tablet and intravenous dose forms of
Maxigesic for the USA, China, and Japan, some of the largest pharmaceutical markets
in the world.
Importantly, Maxigesic tablets have now received a positive complete response letter
from the US FDA with successful GMP inspection of the manufacturing facility being
the last remaining step. This will not be possible until Covid-19 travel restrictions are
lifted.
Launches
Covid-19 has delayed Maxigesic launches in some markets however we are on track
to reach our goal of over 40 countries within the current financial year. We had
originally targeted sales and orders from 66 countries but now believe 50 is a more
likely outcome.
We anticipate launches of Maxigesic tablets in nine markets in the second half of this
financial year.

PRODUCT DEVELOPMENT
Maxigesic
The majority of the Maxigesic clinical trial programme has now been completed. An
additional 225 patient clinical study of Maxigesic IV was completed in USA in order to
prepare the US regulatory dossier.
Completion of this study was delayed due to Covid-19 in the USA, but despite some
significant challenges, this has been successfully completed and study data
monitored through remote audit which was an innovative approach.
We continue to develop line extensions to strengthen and build the Maxigesic product
franchise in Australia and New Zealand and further afield. New regulatory filings have

4
been made for Maxigesic Hot Drink Sachets and Maxigesic Oral Liquid. We continue
to work on securing our first regulatory approvals which are expected prior to the end
of this financial year.
Final development work also continues on Maxigesic Dry Stick Sachets which has been
delayed due to some challenges with stability data. Meanwhile additional Maxigesic
Rapid regulatory data is under preparation.
We have filed for the approval of Maxigesic Cold & Flu in Australia and we await
review. A further patent for the key Australian market has been in-licensed to create
an additional Maxigesic line extension. This has also now been filed in Australia. Hence
currently there are a further four Maxigesic lin e extensions under regulatory review and
a further one (Maxigesic Rapid) being prepared for submission which represents
pleasing progress in our development program.
Pascomer
The development programme for our drug Pascomer, a stable topical formulation of
Rapamycin being developed for facial angiofibromas in tuberous sclerosis complex,
continues to progress. Stability studies have now confirmed a 36-month shelf life at
room temperature which is extraordinary considering that the active ingredient
Rapamycin is easily oxidized.
We are enrolling patients into our large multi-centre international study with sites in
New Zealand, Australia, US and Europe. Although enrolment rates and running of the
study has been significantly impacted by Covid-19 restrictions we are well underway
and continue to enrol patients. Our focus remains to complete this initial study during
2021 despite challenges to enrolment.
NasoSURF
The development programme for NasoSURF, a nasal drug nebuliser, continues with
successful completion of the engineering batches.
We have now commenced work on development of the specific dose form for the
first formulation to be produced in the United Sates. Following this, preliminary batches
will be used for clinical studies which are planned for the 2021 calendar year.
Australasian markets.
Our in-licensing program has continued to gather momentum and we see this will
further grow our business across both markets in future. Positive results have started to
show from these efforts as we have, for example, achieved 23 new product approvals
across Australia and New Zealand during the first half of this financial year. The
subsequent launches of these products will assist in driving sales growth for Australia
and New Zealand.
We have also undertaken an extensive review of the requirements for medicinal
cannabis in Australia. We have followed on from our Memorandum of Understanding
with the Taupo-based SETEK to sign a distribution agreement for our first products. AFT
will take over responsibility for compiling product registration dossiers which will be an
important and essential next step.
In the meantime, we are rolling out the first launches of our hemp-based topical
product range, Hemptuary as an extension of our existing Topiderm branded range of
topical treatments, at this stage into Australia and New Zealand.

5
Outlook
This year has seen unprecedented challenges due to Covid-19, but regardless our
team has worked tirelessly to successfully minimise their impact.
Sales have grown and although development work has been delayed in some cases,
we continue to advance our development projects.
Additional launches continue, and are contributing to sales growth in our International
markets and we believe these will accelerate. Larger licensing agreements such as
USA for either Maxigesic IV or oral remain a key upside for the future.
We continue to expect the combination of sales growth, careful management of
expenditure and some additional licensing agreements to allow us to deliver our
forecast operating profit for the year to 31 March 2021 of $14 million to $18 million.
For more information:
Investors: Media:
Malcolm Tubby (CFO) Richard Inder
AFT Pharmaceuticals Ltd The Project
Phone: +64 9 488 0232 Phone: +64 21 645 643
Email: malcolm@aftpharm.com
Email: richard@theproject.co.nz

About AFT
AFT is a growing multinational pharmaceutical business with a broad range of
products, both developed itself and in-licensed from third parties. AFT’s products
cover all major pharmaceutical distribution channels: over-the-counter, prescription
and hospital. Historically, AFT’s home markets have been Australia, New Zealand and
Asia. However, the company is out-licensing its own products to licensees and
distributors to sell in an increasing number of countries around the world. The
company’s intensive Research and Development programme forms the basis of its
international sales strategy. For more information about the company, visit our website
www.aftpharm.com
.

6

19 November 2020
MANAGEMENT FINANCIAL DISCUSSION AND ANALYSIS
FOR THE HALF YEAR TO 30 SEPTEMBER 2020

Financial performance

Group Operating Results
NZ$’000
Six Month Period
Ended September 30
Change
($)
Change
(%)
FY2021 FY2020
Revenue 48,821 46,946 + 1,875 + 4
Cost of Sales (28,489) (25,598) + 2,891 + 11
Gross Profit 20,332 21,348 - 1,016 - 5
Other Income 230 336 - 106 - 32
Selling and distribution expenses (12,387) (12,938) - 551 - 4
General and administrative expenses (3,895) (4,536) - 641 - 14
Research and development expenses (1,858) (223) + 1,635 + 733
Equity Accounted Loss of joint venture
entity - (80) - 80 - 100
Gain on disposal of joint venture interest - 9,784 - 9,784 - 100
Operating Profit / (Loss) 2,422 13,691 -11,269 - 82



REVENUE

Australian Revenue grew by 11% to $28.6 million from $25.7million in the same period
a year ago and represented 58% of Group Operating Revenue. Operating profits rose
to $3.2 million from $1.9 million in the same period a year ago.

The OTC channel has been hindered by the Covid-19 restrictions but has grown at 9%
and is generating 60% of total Australian revenue. We have introduced hand sanitizer
and face masks to assist with the Covid-19 response and these have made a valuable
contribution to sales.
Maxigesic sales were impacted by Covid-19 restrictions and have not grown over the
period. However, the brand maintains its leadership of the paracetamol-ibuprofen
combination section of the pain management market.
Our eyecare range continued to deliver good growth, benefiting from the recently
introduced products including Novatears and its line extension Novatears Omega3
and Optisoothe.
We retain the number one position in the lubricating eyecare category in Australia.

7
The Hospital channel grew 13% to generate total sales of $8.6 million. It benefited from
anti-biotic sales in response to Covid-19. The Prescription channel grew at 17% with
the launch of new products, whilst some products, such as penicillin, were significantly
down due to the decline in GP visits during Covid-19 restrictions.






New Zealand Revenue of $13.7 million was flat on the same period a year ago and
represented 28% of Group Operating Revenue. Operating profit, excluding head
office costs, of $1.6 million was also level with the same period a year ago.
This is a good result given the significant impact of the Covid-19 restrictions. The end
of the prior year saw strong sales of a range of Covid-19 related products, in particular
Vitamin C and antibiotics, and this together with the subsequent Covid-19 restrictions
has impacted sales in this first half.
The OTC channel grew at 3% to $7.6 million from $7.4 million at the same time a year
ago. The standout categories were allergy medicines and face masks which were
introduced to assist with the Covid-19 response.
The Hospital channel grew at 11% to $2.2 million from $1.9 million at the same time a
year ago with strong sales of antibiotics. The Prescription channel declined 9% to $4.0
million from $4.4 million at the same time a year ago. The fall was due to the restrictions
on GP visits through the Covid-19 lock downs and government restrictions preventing
pharmacists from dispensing more than 30 days of medicine through this period. These
restrictions were eased to the standard 90 days in August, which will see a shift back
to more usual sales levels.

8
Asia Revenue declined 7% to $2.2 million from $2.4 million in the same period last year
and generated 5% of Group Operating Revenue. However, operating profits rose
strongly to $0.7 million from $0.1 million in the same period last year. The launches and
transition to better margin Hospital and prescription products have significantly
improved the profitability of this market.
The OTC channel benefitted from pandemic stockpiling of Maxigesic in Singapore.
The Hospital and prescription channels declined with the transition to better margin
products which resulted in the significant improvements in profitability.
We have launched a T-Mall flagship store to drive ecommerce sales into the Chinese
market and additionally brand recognition. Initial sales have been positive, but it is a
long-term project albeit with significant potential.
With sales commencing from China and in the near future, South Korea, we have
amended this segment to be named as Asia, as opposed to Southeast Asia, to reflect
the expanded geography.
Rest of World Revenue declined 16% to $4.4 million from $5.2 million in the same period
a year ago and represented 9% of Group Operating Revenue. The overall decline
was due to limited license income in this time period. However, revenues from product
sales grew by 57% to $3.9 million.
Maxigesic product sales and royalty income from existing markets, launch orders
shipped to the new markets of Mexico, Germany, Belgium and Luxembourg
generated a large proportion of the revenue.
Sales have been restricted by ongoing impacts of Covid-19 in India where
manufacturing of Maxigesic tablets is currently undertaken. Diversification of the
manufacturing base is well underway and is expected to mitigate these disruptions
by the end of this financial year.
Operating profit at break-even is behind the normalised $3.4 million result in the same
period last year, again reflecting lower license income. The prior period also
benefitted from one-off $1.7 million contributions from joint venture partners resulting
from successful development results.
The prior year’s first half operating profit of $13.1 million also included the non-recurring
gain on acquisition of the joint venture Dermatology Specialty Limited Partnership
(DSLP) of $9.8 million.
Gross Profit declined 5% to $20.3 million due to the lower license income, with the
underlying gross profit from product sales growing by 6% to $20 million driven by
revenue growth in Australia and the Rest of World. The gross profit margin on product
sales fell 1 percentage point to 41% due to the weaker New Zealand dollar at the start
of the year and additional freight costs incurred to get product to Australia and New
Zealand through the Covid19 transport shortages in order to ensure continuity of
supply

Other Income of $0.2 million was in line with the $0.3 million in the prior year. It includes
a Callaghan Innovation growth grant that we receive on eligible research and
development expenditure and NZTE International Growth Fund grants that we receive
on eligible market development expenditure in Asia.
Selling and Distribution expenses fell 4% to $12.4 million from $12.9 million in the same
period last year. We were able to tailor our spend in Australia and New Zealand to suit
the Covid-19 restrictions. We continue to benefit from efficiencies in Australia, New

9
Zealand and Asia and revenue growth in the Rest of World where licensees carry these
costs.
Selling and distribution expenses now represent 25% of revenue, down from 27% in the
same period a year ago. Whilst we will be investing to launch and promote new
products in our home markets, over the longer term we expect these expenses as a
proportion of total revenue to continue to reduce as revenue from the Rest of World
grows.
General and Administration expenses fell 14% to $3.9 million from $4.5 million in the
same period a year ago due to reduced legal fees in Australia. These fees relate to a
competitor legal action that challenged certain Maxigesic claims. The marketing
claims currently in use have maintained our market share lead in the category and
AFT remains confident of its legal position.
Research and development expenses increased to $1.8 million. The net $0.2 million for
the same period a year ago included the one-off $1.7 million contributions from joint
venture partners following successful development results. So actual spend has
remained consistent.
AFT is continuing to carefully run its Research and Development budgets and to
investigate other sources of funding such as international research grants, including
grants from the USA.
These efforts to date have been bolstered by agreements for Pascomer that recover
Research and Development costs from our partners, effectively minimising risk, and
lowering AFT’s spending.
However, despite the reduced expenditure we have not cut back on development
work. It continues and the biggest challenge at present remains navigating the impact
of Covid-19 on studies.
Cash Flow and Balance Sheet
Total Assets of $94.0 million rose from $87.1 million as at 31 March 2020 (referred to as
PCP for this section) with the increase in working capital and intangible assets driving
the rise.
Working Capital increased to $32.9 million (PCP $26.2 million) with inventory increasing
to $36.0 million (PCP $22.7 million). We have been building our inventory up to protect
our stock levels during the supply and freight difficulties and delays caused by Covid-
19.
Receivables have reduced to $16.6 million (PCP $26.0 million) with the year-end having
been particularly high due to the large pre-lockdown sales made at the back end of
last year. Payables and provisions reduced to $19.7 million (PCP $22.5 million).
Cash holdings of $5.9 million remained at about the same level as year-end (PCP $6.1
million). The $12 million we raised with the issue of new equity has been used to reduce
debt by $3.0 million.
A $2.7 million net cash outflow from operating activities was due primarily to the stock
build, the $3.9 million net cash outflow from investing activities and the $2.4 million
outflow of other financing activities.
We had initially anticipated using the equity raise to more actively reduce our debt
level, however as the ongoing nature of Covid-19 restrictions became more apparent
we have taken the more prudent approach of building inventory levels. Due to the

10
seasonal nature of our home markets we would more typically expect to hold
between $2 million to $4 million more inventory in September over March.
Finally, our new BNZ three-year facility provides us with greater flexibility than the
previous six -year term loan and at greatly reduced interest costs.
#ends

---

Condensed
Consolidated
Interim Financial
Statements

FOR THE SIX MONTHS ENDED
30 SEPTEMBER 2020

AFT PHARMACEUTICALS LIMITED
Condensed Consolidated Interim Financial Statements
2



This review report relates to the unaudited condensed consolidated interim financial statements of AFT Pharmaceuticals Limited for
the six months ended 30 September 2020 included on AFT Pharmaceuticals Limited’s website. The Board of Directors is responsible
for the maintenance and integrity of AFT Pharmaceuticals Limited website. We have not been engaged to report on the integrity of the
entity’s website. We accept no responsibility for any changes that may have occurred to the unaudited condensed consolidated interim
financial statements since they were initially presented on the website. The review report refers only to the unaudited condensed
consolidated interim financial statements named above. It does not provide an opinion on any other information which may have been
hyperlinked to/from these unaudited condensed consolidated interim financial statements. If readers of this report are concerned with
the inherent risks arising from electronic data communication they should refer to the published hard copy of the unaudited condensed
consolidated interim financial statements and related review report dated 19 November 2020 to confirm the information included in
the unaudited condensed consolidated interim financial statements presented on this website. Legislation in New Zealand governing
the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

INDEPENDENT REVIEW REPORT
TO THE SHAREHOLDERS OF AFT PHARMACEUTICALS LIMITED

We have reviewed the condensed consolidated interim financial statements of AFT Pharmaceuticals Limited and its
subsidiaries (‘the Group’) which comprise the consolidated balance sheet as at 30 September 2020, and the
consolidated income statement, consolidated statement of comprehensive income, consolidated statement of
changes in equity and consolidated statement of cash flows for the six m onths ended on that date, and a summary
of significant accounting policies and other explanatory information on pages 4 to 18.

This report is made solely to the company’s shareholders, as a body. Our review has been undertaken so that we
might state to the company’s shareholders those matters we are required to state to them in a review 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’s shareholders as a body, for our engagement, for this report, or for the opinions we have
formed.

Board of Directors’ Responsibilities
The Board of Directors are responsible for the preparation and fair presentation of the condensed consolidated
interim financial statements, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting and for such internal control as the Board of Directors determine is necessary to enable the preparation
and fair presentation of the condensed consolidated interim financial statements that are free from material
misstatement, whether due to fraud or error.

Our Responsibilities
Our responsibility is to express a conclusion on the condensed consolidated interim financial statements based on
our review. We conducted our review in accordance with NZ SRE 2410 Review of Financial Statements Performed
by the Independent Auditor of the Entity (‘NZ SRE 2410’). NZ SRE 2410 requires us to conclude whether anything
has come to our attention that causes us to believe that the condensed consolidated interim financial statements,
taken as a whole, are not prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial
Reporting and IAS 34 Interim Financial Reporting. As the auditor of AFT Pharmaceuticals Limited, NZ SRE 2410
requires that we comply with the ethical requirements relevant to the audit of the annual financial statements.

A review of the condensed consolidated interim financial statements in accordance with NZ SRE 2410 is a limited
assurance engagement. The auditor performs procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review procedures.

The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly we do not express an audit
opinion on these financial statements.

Other than in our capacity as auditor and the provision of taxation services, we have no relationship with or
interests in AFT Pharmaceuticals Limited or its subsidiaries. These services have not impaired our independence as
auditor of the Company and Group.

3



This review report relates to the unaudited condensed consolidated interim financial statements of AFT Pharmaceuticals Limited for
the six months ended 30 September 2020 included on AFT Pharmaceuticals Limited’s website. The Board of Directors is responsible
for the maintenance and integrity of AFT Pharmaceuticals Limited website. We have not been engaged to report on the integrity of the
entity’s website. We accept no responsibility for any changes that may have occurred to the unaudited condensed consolidated interim
financial statements since they were initially presented on the website. The review report refers only to the unaudited condensed
consolidated interim financial statements named above. It does not provide an opinion on any other information which may have been
hyperlinked to/from these unaudited condensed consolidated interim financial statements. If readers of this report are concerned with
the inherent risks arising from electronic data communication they should refer to the published hard copy of the unaudited condensed
consolidated interim financial statements and related review report dated 19 November 2020 to confirm the information included in
the unaudited condensed consolidated interim financial statements presented on this website. Legislation in New Zealand governing
the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated
interim financial statements of the Group do not present fairly, in all material respects, the financial position of the
Group as at 30 September 2020 and its financial performance and cash flows for the six months ended on that date
in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting.




Deloitte Limited

Auckland, New Zealand
19 November 2020

AFT PHARMACEUTICALS LIMITED
Condensed Consolidated Interim Financial Statements
4
Revenue
Cost of sales
Gross Profit
Other income
Selling and distribution expenses
General and administrative expenses
Research and development expenses
Equity accounted loss of joint venture entity
Gain on derecognition of equity accounted investment and recognition of
net assets acquired at fair value in a step acquisition
Operating Profit
Finance income
Interest expense
Other finance costs
Profit before tax
Tax expense
Profit after tax attributable to owners of the parent
Basic and diluted earnings per share ($)
12

11
11



48,821
(28,489)
20,332
230
(12,387)
(3,895)
(1,858)
-
-
2,422
4
(1,796)
599
1,229
(37)
1,192
0.01
Unaudited
6 Mths Ended
30-Sep-20
$NZ000’sNote
Unaudited
6 Mths Ended
30-Sep-19
46,946
(25,598)
21,348
336
(12,938)
(4,536)
(223)
(80)
9,784
13,691
14
(3,425)
(369)
9,911
(5)
9,906
0.10
Consolidated Statement of Comprehensive Income
For the Six Months Ended 30 September 2020

5
Profit after tax
Other comprehensive income
Items that may be reclassified to profit and loss:
Exchange difference on translation of foreign operations
Other comprehensive loss for the period, net of tax
Total comprehensive income for the period
attributable to owners of the parent
1,192
(63)
(63)
1,129
Unaudited
6 Mths Ended
30-Sep-20
$NZ000’s
Unaudited
6 Mths Ended
30-Sep-19
9,906
(245)
(245)
9,661
Consolidated Statement of Comprehensive Income
For the Six Months Ended 30 September 2020

AFT PHARMACEUTICALS LIMITED
Condensed Consolidated Interim Financial Statements
6
$NZ000’s
Consolidated Statement of Comprehensive Income
For the Six Months Ended 30 September 2020
Balance as at 31 March 2019
Unaudited
Six months to 30 September 2019
Profit after tax
Other comprehensive loss
Total comprehensive income
Preference dividends accumulated
Movement in share options reserve
Preference dividends paid or accumulated
Balance as at 30 September 2019
Unaudited
Six months to 31 March 2020
Profit after tax
Other comprehensive income
Total comprehensive income
Preference dividends accumulated
Issued share capital
Movement in share options reserve
Preference dividends paid or accumulated
Balance as at 31 March 2020
Unaudited
Six months to 30 September 2020
Profit after tax
Other comprehensive income
Total comprehensive income
Issue of share capital
Capital raising expenses
Movement in share options reserve
Movement in RPS Reserve
Preference dividends paid or accumulated
Balance 30 September 2020

8
1,241

-
-
-
254
-
-
1,495
-
-
-
174
-
-
-
1,669
-
-
-
-
-
-
(1,669)
-
-
63,743
-
-
-
-
-
-
63,743
-
-
-
-
3
-
-
63,746
-
-
-
12,375
(723)
-
1,669
-
77,067
(61,006)
9,906
-
9,906
-
-
(492)
(51,592)
2,786
-
2,786
-
-
33
(502)
(49,275)
1,192
-
1,192
-
-
586
-
(187)
(47,684)
Share
capital
Share
options
reserve
Redeemable
preference
share
reserve
Foreign
currency
translation
reserve
Retained
earnings
Total
equity
Note
431

-
(245)
(245)
-
-
-
186
-
166
166
-
-
-
-
352
-
(63)
(63)
-
-
-
-
-
289
682
-
-
-
-
68
-
750
-
-
-
-
-
13
-
763
-
-
-
-
-
(549)
-
-
214
5,091
9,906
(245)
9,661
254
68
(492)
14,582
2,786
166
2,952
174
3
46
(502)
17,255
1,192
(63)
1,129
12,375
(723)
37
-
(187)
29,886

7
ASSETS
Current assets
Inventories
Trade and other receivables
Cash and cash equivalents
Derivative assets
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Right of use assets
Deferred income tax assets
Total non-current assets
Total assets

LIABILITIES
Current liabilities
Trade and other payables
Provisions
Lease liabilities
Current income tax liability
Derivative liabilities
Interest bearing liabilities
Total current liabilities
Non-current liabilities
Lease liabilities
Interest bearing liabilities
Total non-current liabilities
Total liabilities

EQUITY
Share capital
Retained earnings/(losses)
Share options reserve
Redeemable preference share reserve
Foreign currency translation reserve
Total equity

Total liabilities and equity

13



7
13
7

7
7


8
8
35,995
16,576
5,870
108
58,549
295
30,704
3,722
713
35,434
93,983
18,877
836
595
-
193
5,447
25,948
3,449
34,700
38,149
64,097
77,067
(47,684)
214
-
289
29,886

93,983
Unaudited
As at
30-Sep-20
$NZ000’sNote
Audited
As at
31-Mar-20
Unaudited
As at
30-Sep-19


22,734
25,969
6,119
514
55,336

315
26,984
3,712
705
31,716
87,052



18,292
4,195
506
109
-
2,000
25,102

3,495
41,200
44,695
69,797


63,746
(49,275)
763
1,669
352
17,255

87,052
26,835
19,998
7,308
665
54,806
350
23,410
3,954
710
28,424
83,230
16,071
2,602
534
-
-
45,808
65,015
3,633
-
3,633
68,648
63,743
(51,592)
750
1,495
186
14,582

83,230
For and on behalf of the Board who authorised these financial statements for issue on 19 November 2020
Hartley Atkinson
Managing Director and Chief Executive Officer
David Flacks
Chairman
Consolidated Balance Sheet
As at 30 September 2020

AFT PHARMACEUTICALS LIMITED
Condensed Consolidated Interim Financial Statements
8
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Payments to suppliers and employees
Tax paid
Net cash (used in)/generated from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment
Investment in intangible assets
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Interest received
Interest and finance cost paid
Right of use lease interest paid
Right of use lease liability paid
Proceeds from issue of share capital
Capital raising cost paid
Borrowings repaid
New borrowings
Overdraft
Dividends paid
Net cash from/(used in) financing activities
Net increase in cash
Impact of foreign exchange on cash and cash equivalents
Opening cash and cash equivalents
Closing cash and cash equivalents

58,091
(60,689)
(146)
(2,744)
(27)
(3,862)
(3,889)
4
(1,359)
(145)
(204)
12,375
(723)
(4,750)
-
1,697
(187)
6,708
75
(324)
6,119
5,870
Unaudited
6 Mths Ended
30-Sep-20
$NZ000’s
Unaudited
6 Mths Ended
30-Sep-19
46,833
(40,548)
(150)
6,135
(50)
(2,720)
(2,770)
14
(2,618)
(152)
(292)
-
-
(14,493)
15,000
-
(237)
(2,778)
587
(195)
6,916
7,308
Consolidated Statement of Cash Flows
For the Six Months Ended 30 September 2020

9
1. GENERAL INFORMATION
AFT Pharmaceuticals Limited (the ‘Company’) is a company which is incorporated and domiciled in
New Zealand. It is registered under the Companies Act 1993. These financial statements comprise
AFT Pharmaceuticals Limited and its subsidiaries (together referred to as the Group). The Group is a
pharmaceutical distributor and developer of pharmaceutical intellectual property.
These condensed consolidated interim financial statements were approved by the Directors on 19
November 2020 and are not audited, but have been reviewed by Deloitte Limited in accordance with the
New Zealand Standard on Review Engagements 2410.
2. BASIS OF PREPARATION
These general-purpose financial statements for the six months to 30 September 2020 have been prepared
in accordance with New Zealand Generally Accepted Accounting Practice (NZ GAAP). They comply with
NZ IAS 34 and IAS 34, Interim Financial Reporting. The Group is a for-profit entity for the purposes of
complying with NZ GAAP.
These condensed consolidated interim financial statements do not include all the notes normally included in
an annual financial report. Accordingly, this report should be read in conjunction with the audited financial
statements for the year ended 31 March 2020, which have been prepared in accordance with the New
Zealand equivalents to International Financial Reporting Standards (NZ IFRS) and International Financial
Reporting Standards (IFRS).
The same accounting policies and methods of computation are followed in the condensed consolidated
interim financial statements as compared to the audited financial statements for the year ended 31 March
2020, as described in those annual financial statements.
3. GOING CONCERN ASSUMPTION
The financial statements have been prepared on a going concern basis.
Impact of Covid19
AFT, like every other organization and individual, is impacted by the global Covid19 pandemic.
Pharmaceuticals are classified as an essential service and the Group has continued to operate through
this situation. The initial impact on the Group overall has been favourable with an increase in demand for
specific products such as Analgesics (e.g. Maxigesic), Vitamin C Liposachets, Cold and Flu products and
Antibiotics. In the local Australasian market, AFT has a broad product portfolio across many therapeutic
areas which are largely unaffected in a sales sense by Covid19 pandemics since the associated medical
conditions continue and regardless require treatment. AFT where possible has multiple manufacturing
sites for its main products such as Maxigesic and these also feature different geographies to lessen country
risk. Covid19 is an evolving issue worldwide and the Directors continue to monitor the full economic and
financial impacts on the Group.
Potential areas of impact are sales volumes and prices, supply timing/interruption and pricing, with the
resulting stock levels and cash flow timings. In order to safeguard against the potential impacts, the Group
has increased average stock holdings to between five and six months.
Notes to the Financial Statements
For the Six Months Ended 30 September 2020

AFT PHARMACEUTICALS LIMITED
Condensed Consolidated Interim Financial Statements
10
Lease liabilities
BNZ overdraft
BNZ Term loans current portion
BNZ Term loans non-current portion
CRG (Capital Royalty Partners) loans
TOTAL
$NZ000’s
4. SIGNIFICANT TRANSACTIONS FOR THE CURRENT PERIOD
There were no other significant transactions during the current period.
5. ADOPTION OF NEW AND REVISED ACCOUNTING STANDARDS
Revised accounting standards did not have an impact on AFT’s adopted accounting policies.
6. SEASONALITY OF OPERATIONS
AFT Pharmaceuticals Ltd currently earns most of its incomes from the Australian and New Zealand markets.
Seasonal factors mean that revenues and operating profits are expected to be higher in the second half
of the financial year, than those of the first 6 months. In the financial year ended 31 March 2020, 44% of
revenues accumulated in the first half and 56% accumulated in the second half.
7. INTEREST BEARING LIABILITIES
The CRG loan facilities were repaid in full on 31 March 2020. At 30 September 2020 the CRG loan balance
owing was $nil (30 September 2019: $30.808m)
In March 2020, the Group entered a loan agreement with BNZ for $43.2m. The BNZ loans have a general
security over the assets of the Group together with a group guarantee. The new facility includes a
progressive part reduction in principle over the three-year term. The loan attracts an effective interest rate
of 8.48%, which is a reduction to the interest rates charged on the repaid CRG loan, resulting in a reduction
of interest costs during the period. At 30 September 2020 the BNZ loan balances owing were $38.45m (30
September 2019: $15m).
4,001
-
2,000
41,200
-
47,201
4,044
1,697
3,750
34,700
-
44,191
Audited
As at
31-Mar-20
Unaudited
As at
30-Sep-20
Unaudited
As at
30-Sep-19
-
-
-
15,000
30,808
45,808
Notes to the Financial Statements (continued)
For the Six Months Ended 30 September 2020

11
8. SHARE CAPITAL
Ordinary shares
On 15 June 2020 the Group issued 2,666,667 ordinary shares at a price of $3.75 per share, raising NZ$10m.
On 2 July 2020 a Share Purchase Plan was completed at a price of $3.75 per share. The SPP was fully
subscribed with 533,333 ordinary shares being issued and raising NZ$2m. The NZ$723k costs associated
with the capital raise are shown within the Consolidated Statement of Changes in Equity.
The funds raised have been applied to reducing working capital facilities and providing stability to fund
future anticipated growth.
Staff share options
Staff share options are exercisable at the price of $2.80 each, being the issue price of a share at the time of
the company’s initial listing on NZX and ASX. The vesting period is generally up to four years however this
varies according to various performance criteria. Other than in limited circumstances options are forfeited
if an employee leaves the group before the options vest. The options are valued at the grant date at fair
value as calculated independently using the Black Scholes model. During the period 134,000 options were
exercised, raising NZ$375K.
Redeemable preference shares
During the period all 3,300,000 redeemable preference shares issued on 24 March 2017 were converted
by the holders into 3,300,000 ordinary shares with an additional 605,856 ordinary shares being issued in
respect of accumulated dividends on the redeemable preference shares. CRG converted their preference
shares on 20 May 2020 and Atkinson Family Trust converted their preference shares on 7 August 2020.
The preference shares did not carry any right to vote except at meetings of an ‘interest group’ of holders of
redeemable shares.
9. DIVIDENDS PAID
Ordinary shares
No dividends have been paid or declared for the ordinary shares.
Redeemable preference shares
The redeemable preference shares issued on 24 March 2017 attracted a dividend rate of 9.4% per annum,
or 25.8 cents per share per annum and fell due on a quarterly basis. During the period all holders of
redeemable preference shares converted their preference shares into ordinary shares. Dividends from the
start of the accounting period up to the date of conversion were $187,574 (including withholding tax) and
were paid in cash.
Notes to the Financial Statements (continued)
For the Six Months Ended 30 September 2020

AFT PHARMACEUTICALS LIMITED
Condensed Consolidated Interim Financial Statements
12
10. RECONCILIATION OF PROFIT AFTER TAX WITH NET CASH FLOW FROM OPERATING
ACTIVITIES
11. INVESTMENT IN JOINT VENTURE PARTNERSHIP

During the previous reporting period the group acquired the remaining 50% of Dermatology Specialities
Limited Partner (DSLP), from its joint venture partner Tardimed Sciences LLC.
As a result of the transaction the Group retained rights to the intellectual property, future product sales
and royalties. The Group engaged external independent valuers to assist in determining the fair value
of the Pascomer intellectual property, and after taking into account the inherent uncertainties of both
the successful conclusion of clinical trials and the successful registration with orphan status, the Group
determined the fair value of the Pascomer intellectual property to be $12.5m.
The following fair values were recognised during the prior period within the consolidated financial
statements in respect of DSLP
Intangible asset – Pascomer IP $12.5m
Inventory $0.3m
Trade marks $0.1m
Gain on derecognition of equity accounted investment and $9.8m
recognition of net assets acquired at fair value in a step acquisition
The clinical trials have been progressing positively and other than the slowdown resulting from Covid19, the
Group remains confident of a successful outcome and have accordingly retained the fair value of $12.5m.
Profit after tax
Non-cash items and items classified as financing activities
Depreciation
Amortisation
Tax expense
Share options expense
Interest and finance expenses
Unrealised FX (gains) / losses
Share of JV Loss
Gain on derecognition of equity accounted investment and
recognition of net assets acquired at fair value in a step acquisition
Interest income
Movement in working capital:
(Increase) in inventories
Decrease/(Increase) in trade and other receivables
Decrease/(Increase) in trade and other payables
Net cash from/(used in) operating activities
$NZ000’s
1,192
422
141
37
37
1,796
(318)
-
-
(4)
(13,261)
9,799
(2,586)
(2,745)
Unaudited
As at
30-Sep-20
Unaudited
As at
30-Sep-19
9,906
417
109
195
68
3,425
2,825
80
(9,784)
(14)
(1,678)
(1,477)
2,063
6,135
Notes to the Financial Statements (continued)
For the Six Months Ended 30 September 2020

13
Unaudited
30 September 2020
Revenue - sale of goods
Revenue - royalty income
Revenue - licensing
Revenue
Other income
Depreciation and amortisation
Operating profit/(loss)
Finance income
Interest expense
Other finance costs
Gain / (Loss) before tax
Total Assets
Property, plant and equipment
Intangible assets
ROU assets
Capital expenditure
Unaudited
30 September 2019
Revenue - sale of goods
Revenue - royalty income
Revenue - licensing
Revenue
Other income
Depreciation and amortisation
Equity accounted loss of joint venture entity
Gain on derecognition of equity accounted
investment and recognition of net assets
acquired at fair value in a step acquisition
Operating profit/(loss)
Finance income
Interest expense
Other finance costs
Gain / (Loss) before tax
Total Assets
Property, plant and equipment
Intangible assets
ROU assets
Capital expenditure **restated
2,198
-
-
2,198
46
1
721
-
-
(103)
618
40
3
-
-
-
2,369
-
-
2,369
-
(2)
-
-
98
-
-
102
200
215
13
-
-
3
13,709
-
-
13,709
-
327
(1,425)
4
(1,745)
246
(2,920)
50,482
256
18,204
2,596
23
*restated
13,691
-
-
13,691
142
(292)
-
-
(1,378)
14
(3,382)
273
(4,473)
47,558
291
10,910
2,868
40
28,552
-
-
28,552
-
235
3,195
-
(51)
456
3,600
30,961
36
-
1,126
4
25,697
-
-
25,697
-
(232)
-
-
1,861
-
(43)
(744)
1,074
22,957
46
-
1,086
7
Southeast
Asia
New ZealandAustralia
$NZ000’s
Rest of
World
TOTAL
3,969
96
297
4,362
184
-
(69)
-
-
-
(69)
12,500
-
12,500
-
-
*restated
2,533
124
2,532
5,189
194
-
(80)
9,784
13,110
-
-
-
13,110
12,500
-
12,500
-
-
48,428
96
297
48,821
230
563
2,422
4
(1,796)
599
1,229
93,983
295
30,704
3,722
27
44,290
124
2,532
46,946
336
(526)
(80)
9,784
13,691
14
(3,425)
(369)
9,911
83,230
350
23,410
3,954
50
12. OPERATING SEGMENTS
*The New Zealand operating segment includes the costs associated with the Group’s Head Office function.
In the interim financial statements for the period ending 30 September 2019, the Head Office costs were
incorrectly included within Rest of World. This has been corrected in the table above.
**Capital expenditure does not include intangible assets.
Notes to the Financial Statements (continued)
For the Six Months Ended 30 September 2020
OPERATING SEGMENTS

AFT PHARMACEUTICALS LIMITED
Condensed Consolidated Interim Financial Statements
14
Notes to the Financial Statements (continued)
For the Six Months Ended 30 September 2020
13. FINANCIAL RISK MANAGEMENT
(a) Managing financial risk
The Group’s activities expose it to various financial risks as detailed below.
Market risk
Management is of the opinion that the Group’s exposure to market risk at balance date is defined as
Risk Factor DescriptionSensitivity
Foreign exchange riskExposure to changes in foreign
exchange rates on assets and liabilities
of the subsidiary
As below
Interest rate riskExposure to changes in interest rates
on borrowings
As below
Other price riskNo commodity securities are bought,
sold or traded
Nil
Foreign exchange risk
The Group benefits from the use of derivative financial instruments to manage foreign currency exposures.
The fair value of forward exchange contracts is calculated by reference to current forward exchange rates at
period end and the contract exchange rates, considered level 2 of the fair value hierarchy.
The Group purchases goods and services from overseas suppliers in a number of currencies, primarily AUD,
USD, EUR and GBP which exposes the Group to foreign currency risk. The Group manages foreign currency
risk through use of derivative arrangements, in particular forward exchange contracts. The exposure is
monitored on a regular basis based on Group foreign exchange policies. Future revenues from markets
outside Australasia will be denominated primarily in USD and EUR which will provide a natural hedge
against these costs.
In the current period for the six months to 30 September 2020 (H1 FY2021) net realised foreign exchange
gains totalled $445,140 (H1 FY2020: $368,637 loss). The balance of the gains/losses are derived from the
restatement of the monetary balances at the spot rate on the period end balance date of 30 September
2020.
In total, the group had financial assets and liabilities denominated in the following currencies, as at 30
September 2020:
Assets NZD $'000CurrencyLiabilities NZD $'000
11,822AUD3,719
435SGD16
229MYR50
1,336EUR1,002
2,242USD1,820
1GBP-

15
The following forward foreign exchange contracts were held at 30 September 2020
Forward Foreign Exchange Contracts
Buy Currency

Buy Currency
Amount ('000)
Sell Amount
NZD ('000)
Mark to Market 30/09/20
Sell amount NZD (‘000)
Fair Value
NZD ('000)
EUR3,7856,6616,767106
GBP306603597(6)
USD5,4658,4858,298(187)
Sell Currency

Sell Currency
Amount (‘000)
Buy amount
NZD (‘000)
Mark to Market 30/9/20
Buy amount NZD ('000)
Fair Value
NZD ('000)
AUD9,90710,70610,7042
Total liability as at 30/09/2020(85)
All contracts mature within one year from 30 September 2020.
The following forward foreign exchange contracts were held at 31 March 2020
Forward Foreign Exchange Contracts
Buy Currency

Buy Currency
Amount ('000)
Sell Amount
NZD ('000)
Mark to Market 31/03/20
Sell amount NZD (‘000)
Fair Value
NZD ('000)
EUR4,1957,2967,7 1 8422
GBP18135737114
USD10015516914
Sell Currency

Sell Currency
Amount (‘000)
Buy amount
NZD (‘000)
Mark to Market 31/03/20
Buy amount NZD (‘000)
Fair Value
NZD ('000)
AUD1,2501,3481,28464
Total asset as at 31/03/2020514
All contracts mature within one year from 31 March 2020.
The following forward foreign exchange contracts were held at 30 September 2019
Forward Foreign Exchange Contracts
Buy Currency

Buy Currency
Amount ('000)
Sell Amount
NZD ('000)
Mark to Market 31/03/20
Sell amount NZD (‘000)
Fair Value
NZD ('000)
EUR3,6656,3726,30270
GBP25248647610
USD6,5909,3048,719585
Total asset as at 30/09/2019665
All contracts mature within one year from 30 September 2019.
Interest rate risk
The BNZ loan is in NZ$ and priced at base plus margin which floats every renewal period (generally two
months).
Credit risk
Financial instruments, which potentially subject the Group to credit risk, principally consist of accounts
receivable. Regular monitoring is undertaken to ensure that the credit exposure remains within the Group’s
normal terms of trade.
Notes to the Financial Statements (continued)
For the Six Months Ended 30 September 2020
FINANCIAL RISK MANAGEMENT (continued)

AFT PHARMACEUTICALS LIMITED
Condensed Consolidated Interim Financial Statements
16
The Group has one significant concentration of credit risk at 30 September 2020 with the largest debtor
being $4,790,000 (30 September 2019: $2,966,000). There has been no past experience of default and no
indications of default in relation to this debtor.
The Group’s cash and short-term deposits are placed with high credit quality financial institutions.
Accordingly, the Group has no significant concentration of credit risk other than bank deposits, with 6.2%
of total assets at NAB Bank (H1 FY2020: 4.3%) and an overdraft position at BNZ (H1 FY2020: 4.3% assets).
The carrying value of financial assets represents the maximum exposure to credit risk.
Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulty in raising funds at short notice to meet
its commitments and arises from the need to borrow funds for working capital. The directors monitor the
risk on a regular basis and actively manage the cash available to ensure the net exposure to liquidity risk is
minimised.
The liquidity/maturity profile of the liabilities is as follows:
Liquidity Profile
30-September-2020
< 1 Year
$000
1-2 Years
$000
2-5 Years
$000
> 5 Years
$000
TOTAL
$000
Trade and other payables(18,877) - - -(18,877)
Lease liabilities (including interest)(868)(770)(1,560)(2,317)(5,515)
Borrowings (including interest)(6,507)(3,953)(36,105) -(46,565)
Derivative instruments (outbound)(26,455) - - -(26,455)
Derivative instruments (inbound)26,370 - - -26,370
Totals(26,337)(4,723)(37,665)(2,317)(71,042)
30-September-2019 $000 $000 $000 $000 $000
Trade and other payables(16,071) - - -(16,071)
Lease liabilities (including interest)(815)(682)(1,642)(2,723)(5,862)
Borrowings (including interest)(47,640) - - -(47,640)
Derivative instruments (outbound)(16,162) - - -(16,162)
Derivative instruments (inbound)16,827 - - -16,827
Totals(63,861)(682)(1,642)(2,723)(68,908)
(b) Fair Values
The carrying values of these financial instruments approximate their fair values because of their short terms
to maturity or interest reset dates.
Notes to the Financial Statements (continued)
For the Six Months Ended 30 September 2020
FINANCIAL RISK MANAGEMENT (continued)

17
14. RELATED PARTIES
During the period, the Group had related party relationships with the following entities:
Related party Nature of relationship

CRG (Capital Royalty Group) AFT Non-Executive Director, Nathan Hukill, is President and Chairman of
CRG, the Group that provided the loan that was repaid by AFT on 31 March
2020
Atkinson Family Trust AFT Chief Executive Officer, Hartley Atkinson, is a Trustee / Discretionary
Beneficiary of Atkinson Family Trust
AFT Chief of Staff, Marree Atkinson, is a Discretionary Beneficiary of
Atkinson Family Trust

CRG and Atkinson Family Trust were holders of the redeemable preference shares that were converted into
3,300,000 ordinary shares during the period.
The following transactions were carried out with these related parties:
(i) Loans
CRG
Total loan balances
(ii) Interest expense
CRG
(iii) Dividends on redeemable preference shares
CRG
Atkinson Family Trust
Directors fees
Executive salaries
Short term benefits
Share Options expense
Key management compensation
7
7
-
-
-
108
79
148
565
293
38
1,044
Unaudited
As at
30-Sep-20
Unaudited
As at
30-Sep-20
$NZ000’s
$NZ000’s
Note
Audited
As at
31-Mar-20
Audited
As at
31-Mar-20
Unaudited
As at
30-Sep-19
Unaudited
As at
30-Sep-19

-
-
5,648
775
219
295
1,083
233
42
1,653
30,808
30,808
2,803
383
108
146
551
230
16
943
Key management includes external Directors, the Chief Executive Officer, the Chief of Staff, the Chief Financial Officer and the Director
of International Business Development. These positions are mainly responsible for planning, controlling and directing the activities of the
business. The Chief of Staff is the spouse of the Chief Executive Officer.
Notes to the Financial Statements (continued)
For the Six Months Ended 30 September 2020
Key management compensation

AFT PHARMACEUTICALS LIMITED
Condensed Consolidated Interim Financial Statements
18
15. CONTINGENT LIABILITIES
AFT Pharmaceuticals Ltd is a guarantor of AFT Pharmaceuticals Pty Ltd for its lease contract for the
premises occupied in Sydney, Australia. AFT Pharmaceuticals Pty Ltd has placed AU$75,000 on term
deposit with NAB in favour of the landlord of the business premises to support this guarantee.
The company has placed NZ$75,000 on term deposit with the BNZ. This sum is security for a guarantee
issued by the BNZ in favour of the NZX, should the company ever default on any of its payment obligations
to NZX.
16. CAPITAL COMMITMENTS
The Group has no capital commitments at 30 September 2020 (31 March 2020: nil, 30 September 2019: nil).
17. SUBSEQUENT EVENTS
There were no material events occurring after balance date and before the date of approval of the financial
statements requiring disclosure.
Notes to the Financial Statements (continued)
For the Six Months Ended 30 September 2020

19
Notes

Working to improve your health
AFT PHARMACEUTICALS LIMITED
Condensed Consolidated Interim Financial Statements

---

Results for announcement to the market
AFT Pharmaceuticals Limited
Reporting Period 6 months to September 30 2021
Previous Reporting Period 6 months to September 30 2020
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$48,821 Up 4%
Total Revenue $48,821 Up 4%
Net profit/(loss) from continuing
operations
$2,422 Down 82%
Total net profit/(loss) $2,422 Down 82%
Interim/Final Dividend
Quoted Equity Securities:
Amount per Quoted Equity
Security
No dividends have been paid on ordinary shares and it is
currently not proposed to pay dividends.
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Unquoted Equity Securities:
Amount per Unquoted
Redeemable Preference Share
4.7c for each payment
Imputed Amount per Unquoted
Redeemable Preference Share
4.7c for each payment
Record Dates 20 May 2020, 30 June 2020 and 7 August 2020
Dividend Payment Dates 20 May 2020 and 7 August 2020
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
($0.01) ($0.09)
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Accompanying this announcement are the Group’s unaudited
consolidated financial statements for the six months ended
30 September 2020. These financial statements and the half
year results commentary dated 19 November 2020 provide
the balance of information requirements in accordance with
NZX Listing Rule 3.5 and Appendix 2.
Pursuant to ASX listing rule 1.15.3 AFT Pharmaceuticals
Limited confirms that it continues to comply with the rules of
its home exchange (NZX Main Board).

AFT Pharmaceuticals Limited, Level 1, 129 Hurstmere Road, Takapuna, Auckland 0622, New Zealand
Incorporated in New Zealand ARBN:
ARBN 609 017 969

The unquoted Redeemable Preference Shares issued on 24
March 2017 attracted a dividend rate of 9.4% per annum, or
25.8 cents per share per annum. These were converted into
ordinary shares by the holders during this accounting period.
The dividends were paid in full in cash on or around the
conversion dates and included in the above table.

Authority for this announcement
Name of person

authorised to
make this announcement
Malcolm Tubby
Contact person for this
announcement
Malcolm Tubby, Chief Financial Officer,
AFT Pharmaceuticals Ltd
Contact phone number +64 9 488 0232
Contact email address malcolm@aftpharm.com
Date of release through MAP

19 November 2020

Unaudited financial statements accompany this announcement.

---

Working to improve yourhealth
INVESTOR PRESENTATION NOVEMBER2020

Investor presentation November 2020
ImportantNotice
2
This presentation has been prepared by AFT Pharmaceuticals Limited (“AFT”), to provide a general overview of the
performance of AFTfor the financial year ended 31 March 2020. It is not prepared for any other purpose and must not be
provided to any person other than the intended recipient.This presentation should be read in conjunction with AFT’s
annual report, market releases and other periodic and continuous disclosure announcements, which are available at
www.nzx.comand www.asx.com.au.
All amounts are disclosed in New Zealand dollars (NZ$) unless otherwise indicated. All references to FY20XX appearing in
this presentation are to the financial year ending 31 March20XX, unless otherwise indicated.
This presentation is not a recommendation, offer or invitation to acquire AFT’s securitiesor other form of financial advice
or disclosure document. While reasonable care has been taken in compiling this presentation, none of AFT nor its
subsidiaries, directors, employees, agents or advisers (to the maximum extent permitted by law) gives any warranty or
representation (express or implied) of the accuracy, completeness or reliability of the information contained in it nor takes
any responsibility for it. The information in this presentation has not been and will not be independently verified or
audited.
This presentation may contain certain forward-looking statements and comments about future events, including with respect
to the financial condition, results, operations and business of A F T. These statements are based on management’s current
expectations, which may involve significant elements of subjective judgement and assumptions as to future events which
may or may not be correct,and the actual events or results may differ materially and adversely from these statements.
Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon
(and is not) an indication of future performance.

Investor presentation November 2020
H1 FY2021 financialhighlights
3
1
FY20 normalised to exclude $9.8m gain on de-recognition of equity accounted investment and
recognition of net assets acquired at fair value in a step acquisition
21%
Increase in number of countries Maxigesicsold in to
34
9%
Increase in operating revenue from product sales to
$48.4m
38%
Decline in normalised operating profit
1
to
(9% growth if adjusted for one off $1.7 million R&D credit in PY)
$2.4m
968%
Increase in normalised net profit after tax to
$1.2m
$8.9m
Decrease in operating cash flow to
(Used for stock build with Covid19 uncertainty)
$(2.7)m
Increase in shareholders equity to
$29.9m
73%

Investor presentation November 2020
RevenueGrowth
4
11% 0% (16)% (7)%
53% product
sales growth

Investor presentation November 2020
Financial performance - revenueby regionand
channel
5
Over-the-counterHospitalPrescription
NZ$000's
H1
H1
FY2020FY2021
Australia25,697 54.7%28,552 58.5%
YoY growth19.0%11.1%
New Zealand13,691 29.2%13,709 28.1%
YoY growth9.0%0.1%
Rest of World5,189 11.1%4,362 8.9%
YoY growth64.4%-15.9%
Product Sales2,533 3,969
57%
Asia2,369 5.0%2,198 4.5%
YoY growth111.9%-7.2%
Group46,946 100%48,821 100%
YoY growth22.1%4.0%
Product Sales44,290 48,428
9%
11%
30%
59%
29%
16%
55%
3%
97%
28%
62%
10%
16%
25%
59%

Investor presentation November 2020
6
Abbreviated Consolidated Income Statement
NZ$'000's Half Year to 30 September
H1% ofH1
% of
FY2021revenue
FY2020revenue
Revenue
48,821
46,946
Gross Profit
20,332
41.6% 21,348 45.5%
Underlying Operating Expenses and Other Income(17,910)
(36.7%)(17,441) (37.2%)
Underlying Operating Profit
2,422 5.0% 3,907 8.3%
Non-recurring Gain -
-
9,784
20.8%
Operating Profit2,422 5.0% 13,691
29.2%
Financing Expenses and Income(1,193) (2.4%)
(3,780)
Tax Expense(37) (5)
Net Profit after tax1,192 9,906
Revenue from product sales
48,428 44,290
Gross Profit from product sales19,939 41.2% 18,692 42.2%

Investor presentation November 2020
Abbreviated BalanceSheet
7
UnauditedAuditedUnaudited
NZ$'000's 30 Sept '2031 March '2030 Sept '19
Current assets52,679 49,217 47,498
Cash and cash equiv alents5,870 6,119 7,308
Non-current assets35,434 31,716 28,424
Total assets93,983 87,052 83,230
Current liabilities20,501 23,102 19,207
Current interest bearing liabilities5,447 2,000 45,808
Non-current liabilities3,449 3,495 3,633
Non-current interest bearing liabilities34,700 41,200 -
Total liabilities64,097 69,797 68,648
Total equity29,886 17,255 14,582
Total liabilities and equity93,983 87,052 83,230

Investor presentation November 2020
Cashflow
8
NZ$'000's Half Year to 30 September
H1
FY2021
H1
FY2020
Net cash from / (used in) operating activities(2,744) 6,135
Net cash used in investing activities(3,889) (2,770)
Net cash from / (used in) financing activities6,708 (2,778)
Net increase in cash75 587
Impact of foreign exchange on cash and cash equivalents(324) (195)
Opening cash and cash equivalents6,119 6,916
Closing cash and cash equivalents5,870 7,308

Investor presentation November 2020
Normalised Operating profit progress
NZ$ million
9
(1 5)
(1 0)
(5 )
-
5
10
15
20
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21

Investor presentation November 2020
Maxigesic
oFDA CRL received for tablets indicating
approvability after manufacturing site GMP
audit
oMaxigesic IV registrationssuccessfully
completed in 20 countries
oMaxigesic Oral Liquid awaiting first
registrations
Maxigesic Hot Drink Sachets regulatory filings
started inDecember 2019
Maxigesic Rapid formulation completed successfully
First filing in 2H 2021 calendar year
Maxigesic Cold & Flu new development underway
First filing started in 2020
Pascomer first large global multicenter study
progressing – US, AU, NZ, Europe
NasoSURF
Engineering batches completed.
Organizing development first dose form to be
made in USA.
New Products build Revenue pipeline
10

Launched
LaunchPending
Available
Ireland – launched
United Kingdom – launched
Belgium, Luxembourg- Launched
France- Launchpending2020dependingonpricingapproval
Spain & Portugal - launched April2019
Nordics – launched
Eastern Europe &Balkans
- Tablet launches pending2020
Eastern Europe IV-Licensed
Iraq – Kurdistanlaunched
Australia – No. #1 Para-IbuCombo.
Growing marketshare
- Maxigesic IVlaunched
United Arab Emirates -
sales growth stillstrong
Licensed inGreece
Italy - successful launchand
sales growingstill
Germany - Launched2020
OTC licensed Feb2020
Switzerland - licensed March2019Brazil - licensing
negotiations
underway
Columbia, Peru, Chile-
distributorappointed
Mexico- launch
pending2020
IV licensed - to launch2021
Licensing
discussions
started forUSA
Canada- Launch pendingFY21
CACM - launched&
licensed
New Zealand –
increasingsales
and codeine
rescheduling
confirmed.
MaxigesicPE
launched
Singapore & Brunei –
launched includingOTC
Licensed inRussia
Hong Konglaunched 2019
China - licensing negotiationsunderway
Licensed inTaiwan
Korea – licensing
negotiationsunderway
IVlicensed
Japan - licensing
discussions
areunderway
Indonesia -
distributorappointed
for MaxigesicIV
Pakistan -
distributor
appointed
for MaxigesicIV
Malaysia – launched
Philippines – distributor
to beappointed
MAXIGESIC GLOBALUPDATE
[primarilyoraldoseforms]
Vietnam - distributor
appointedfor
MaxigesicIV
andorals

Investor presentation November 2020
12
Maxigesic Countries sold andordered
0
20
40
60
80
100
120
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
2
3
4
7
9
20
28
43
82
105
15
7
sold
sold
orders
orders

Investor presentation November 2020
Maxigesic goingforward
ProductMaxigesicTabletsMaxigesicIVMaxigesic oralsolution
TerritoriesSept
2020
March
2020
Sept
2020
March
2020
Sept
2020
March
2020
Licensed125+125+- %90803%122122-%
Registered46445%203530%--- %
Soldin342820%3-+++%--- %
13

Investor presentation November 2020
Outlook
14
Further Drive InternationalSales
Keep acceleratingnumber of new countrieslaunched
Launchingnew line extensions (e.g. MaxigesicIV)
Extend InternationalLicensing
Finaliselicensing agreement discussions in China, Japan, LATAM andUSA
Progress commercialisation in additional new territories added
recently: Canada, Chile, Columbia, Cyprus Germany, Indonesia,
Pakistan, Peru and Switzerland
Drive Increased UpfrontPayments
Maxigesic IV licensing agreements
Larger territories such as USA, Japan,China
DriveLocal ANZ Sales
Drive Maxigesic sales in AU &NZ
New OTC launches in AU &NZ
Covid-19 related product launches
Strong Profit Growth Expected For FY21
Expected FY21 Operating Profit in range of NZ$14–18m, representing expected growth
of 23-58%over FY20, before any up-front licensing fees
Additional cash flow used to target a net debt position of $25–30m
Assess potential for a dividend policy in FY22 once debt is retired to satisfactory level