Me Today results for the six months ended 30 September 2020
27
th
November 2020
Me Today results for the six months ended 30 September 2020
Me Today Limited (NZX: MEE) has released its unaudited group results for the six months ended 30
th
September 2020.
Key Highlights:
• Net revenue grew by 132% on the same period last year from $183k to $424k.
• Operating loss of $1.26m versus $300k in the same period last year.
• Completion of successful capital raising of $4.3m net of capital raising costs.
• Cash reserves of $6.7m to support the planned growth strategy of the group.
• Stocked in 270 Unichem and Life Pharmacies through the Green Cross Health pharmacy
network nationwide.
• New product launches:
o Introduction of nine new supplements from April – August 2020.
o Launched six new skincare products in October 2020.
o Launched the Me Today Natural SPF30 Broad Spectrum Sunscreen in November
2020.
• Opening of the Me Today brand T-mall store in October 2020.
• Launched first Television campaign in October 2020, featuring Beauden Barrett and Sakura
Matches.
• Distribution discussions underway with potential partners in the United Kingdom, Ireland
and Japan.
Since listing on the NZX Main Board on 1
st
April 2020 the company has been implementing its
strategy of building the brand, market expansion, innovation, and channel development.
The six months to 30
th
September 2020 has seen a large amount of activity from the team, with
brand building highlights including:
• Growth of presence in the Green Cross Health network from 200 doors at 1
st
April 2020, to
270 now, a further 10 will be added prior to 31
st
December 2020.
• The signing of two global brand ambassadors: rugby star Beauden Barrett and Olympian
Sarah Walker.
• Development and implementation of radio, outdoor, digital and social media advertising
campaigns.
• Completion of the first brand television campaign airing on TVNZ during October and
November 2020.
During the six-month period the brand launched an additional 16 new products across skincare, sun
care and supplements. All 16 products are now stocked with the Green Cross Health group through
its Unichem and Life pharmacy stores..
Innovation and product development remain a key part of the brand’s strategy with further
development underway to assist the strategy of launching into international markets. Each market
has its own regulatory framework and the company has engaged with specialists in each market to
assist with product development.
The Group had revenue of $580k for the period before deducting the cost of marketing services
provided by a customer resulting in reported net revenue of $424k. The operating loss for the year
from the trading of both The Good Brand Company and Me Today divisions was $1.26m. The loss
arose as a result of ongoing investment in the brand, the sales team, and expansion into
international markets.
The strategy for the year ahead will be continued investment into growing the Me Today brand in
both New Zealand and international markets. As a result, the group will continue to be loss making
for the remainder of the FY21 year.
Me Today sales within stores in New Zealand continue to increase each month and together with
opportunities in international markets, the company is on track to deliver run rate annualised gross
revenue of $2m by March 2021.
The first steps have been completed to launch Me Today within the China market with listings on
both T-mall and Little Red Book. Investment around these platforms will increase in order to drive
sales and brand awareness in the online market in China.
The Me Today brand is in advanced discussion with distribution partners in the United Kingdom,
Ireland and Japan. The prospective partners have connections with large retail chains in these
markets and the company will provide further information as the negotiations in respect to these
partnerships are finalised.
The company is excited about the progress it has made in establishing, investing and growing the Me
Today brand during its first six months as a listed company and will update shareholders with
developments as the FY21 year progresses.
- ENDS -
For further information, please contact:
Michael Kerr
Chief Executive Officer, Me Today Limited
021 836 451
michael@metoday.com
About Me | Today
www.metoday.com
Me Today is a New Zealand owned and operated, health and wellness company with a nurturing
spirit. Encouraging positive change in the lives of its consumers through simple yet effective daily
self-care.
Based on science and tradition, Me Today’s range of supplements and skincare is thoughtfully
formulated in New Zealand using clean, high quality ingredients. Made effective and modern with
selfcare at its core, Me Today offers an efficacious cross-category product range that is clean, easy to
shop, and made with the environment in mind.
Created to help people put themselves first so that they are at their best to then look after the
people around them, Me Today is helping people unlock their best tomorrow.
--
Me Today supplements are made from premium quality formulas based on scientific and traditional
evidence, formulated for busy lifestyles. All products are encapsulated in easy to swallow vegetable
capsules and are packed in glass vessels for efficacy and environmental reasons.
The Me Today supplement range was launched in November 2019 with eight core complex products
to help with everything from general wellbeing to immune function, energy, mobility and relaxation.
The range has since grown to 17 supplements including high dose, targeted formulas such as B12 50,
Ashwagandha 3000, and Vitamin D3 1000.
Me Today Skincare is enriched with essential botanicals, antioxidants and vitamins blended specially
to hydrate, protect and comfort your skin. The entire Me Today skincare range is cruelty free, vegan
and/or vegetarian friendly, formulated without parabens, SLS/SLES, Phthalates, and is made from
93%+ naturally derived ingredients.
The Women’s Daily skincare range is enriched with botanical, antioxidants and vitamins from the Me
Today Women’s Daily supplement and spans the full spectrum from Micellar Gel, Cream Cleanser,
Mist Toner, Moisturiser and Serum to Eye Cream, Night Cream and a replenishing Face Mask.
The Protect skincare range is enriched with botanicals, antioxidants and vitamins from the Me Today
Protect supplement and includes a Lip Balm, Hand Wash, Hand Lotion, Hand Cream and the recently
added Mist Hand Sanitiser.
Most recently Me Today has expanded its skincare range to include four Vitamin Serums and two
Botanical Oils, enriched with active vitamins and supporting natural botanicals to provide targeted
treatment for skin.
Me Today Brand Roadmap
Vision – To be the leading wellness brand in pharmacy.
Mission – To help consumers live their best lives and feel good, both on the inside and outside.
Ambition – To be the ‘must have’ products to enhance consumers’ general wellbeing.
About The Good Brand Company Limited
Established in 2018 to grow agency brands. Specialists in the Health, Natural Skincare and Wellbeing
spaces. Currently selling products in Pharmacy (Green Cross Health, Chemist Warehouse, Independent
Pharmacy) and Health stores, with a dedicated national sales team. On behalf of its brand partners
currently The Good Brand Company has products in over 300 stores around New Zealand.
As part of the service provided, The Good Brand Company is also a commercial partner to brands,
offering services such as: key account management, supply and demand reviews, 4pl warehousing &
logistics options, go to market strategy input, trade marketing, brand marketing and ultimately a good
level of understanding of the New Zealand retail environment.
The Good Brand Company has positioned itself as the New Zealand sales partner for brands wanting
an effective yet efficient way to sell into New Zealand retailers.
The Good Brand Company believes in working with Good Brands, has Good people and offers Good
service.
---
27 November 2020
Unaudited results announcement for the 6 months ended
30 September 2020
Results for announcement to the market
Name of issuer Me Today Limited
Reporting Period Six months to 30 September 2020
Previous Reporting Period N/A
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$424 N/A
Total Revenue $424 N/A
Net profit/(loss) from
continuing operations
($1,260) N/A
Total net profit/(loss) ($1,260) N/A
Interim/Final Dividend
Amount per Quoted Equity
Security
The Company does not propose to pay a dividend at this time
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
$0.01775 N/A
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the market release attached.
Authority for this announcement
Name of person
authorised
to make this announcement
Stephen Sinclair
Contact person for this
announcement
Stephen Sinclair
Contact phone number 021 330053
Contact email address stephen@metoday.com
Date of release through MAP
27 November 2020
The unaudited interim financial statements accompany this announcement.
---
condensed consolidated
interim financial statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
contents
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF CASH FLOWS
CONDENSED NOTES TO THE INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
COMPANY DIRECTORY
4
5
6
7
9
22
Note
6 mths ended
30 Sep 2020
(unaudited)
NZ$000
6 mths ended
30 Sep 2019
(unaudited)
NZ$000
Revenue before marketing services
provided by customers
580 183
Less marketing services provided by customers(156) -
Revenue3424 183
Cost of sales(152) -
Selling and marketing expenses(870)(202)
Administrative expenses(707)(281)
Operating loss4(1,305)(300)
Finance expenses(1) -
Finance income46
Loss before tax(1,260)(300)
Income tax expense - -
Loss for the period(1,260)(300)
Other comprehensive income
Other comprehensive income for the period--
Total comprehensive loss for the period
attributable to owners of the company
(1,260)(300)
Earnings (loss) per share
Basic and diluted loss per share (NZ$)6(0.0033)(0.0036)
Consolidated Statement of
Comprehensive Income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
Consolidated Statement of
Changes in Equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
These interim financial statements have not been audited, nor reviewed by the auditor.
The accompanying notes form part of these interim financial statements and should be read in
conjunction with them.
These interim financial statements have not been audited, nor reviewed by the auditor.
The accompanying notes form part of these interim financial statements and should be read in
conjunction with them.
Share
capital
NZ$000
Share based
payments
reserve
NZ$000
Accumulated
losses
NZ$000
Total
equity
NZ$000
Balance at 1 April 2019
(audited)
- - - -
Loss attributable to owners of
the company
- - (300)(300)
Balance at 30 September 2019
(unaudited)
- - (300)(300)
Balance at 1 April 2020
(audited)
9,350 - (5,027)4,323
Loss attributable to owners of
the company
- - (1,260)(1,260)
Ordinary shares issued4,500 - - 4,500
Less: share issue costs(181) (181)
Share options issued - 8 - 8
Balance at 30 September 2020
(unaudited)
13,669 8 (6,287)7, 3 9 0
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interim financial statements | me | today
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Consolidated Statement
of Financial Position
AS AT 30 SEPTEMBER 2020
Consolidated Statement
of Cash Flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
Note
6 mths ended
30 Sep 2020
(unaudited)
NZ$000
6 mths ended
30 Sep 2019
(unaudited)
NZ$000
Cash flows from operating activities
Receipts from customers508 147
Payments to suppliers and employees(2,191)(590)
Interest received46 -
Interest paid(2) -
Income tax (paid)/refunded(3) -
Net cash used in operating activities13(1,642)(4 43)
Cash flow from investing activities
Payments for short term deposits(4,800) -
Payments for property, plant and equipment(64)(39)
Payments for intangibles(39)(32)
Net cash used in investing activities(4,903)(71)
Cash flow from financing activities
Proceeds from issue of share capital4,319 -
Payment of lease liabilities(13) -
Proceeds from shareholder advances - 500
Net cash flows from financing activities4,306 500
Net increase/(decrease) in cash and cash equivalents(2,239)(14)
Cash and cash equivalents at 1 April4,168 38
Cash and cash equivalents at 30 September1,929 24
Note
30 Sep 2020
(unaudited)
NZ$000
31 Mar 2020
(audited)
NZ$000
ASSETS
Current assets
Cash and cash equivalents1,929 4,168
Short term deposits4,800 -
Trade and other receivables517 247
Inventory830 341
Taxation receivable13 11
Total current assets
8,089 4,767
Non-current assets
Property, plant and equipment 98 23
Right-of-use asset8213 -
Intangible assets 74 62
Total assets 8, 474 4,852
LIABILITIES
Current liabilities
Trade payables and other liabilities 871 529
Lease liability959 -
Total current liabilities 930 529
Non-current liabilities
Lease liability9154 -
Total liabilities 1,084 529
Net assets
7, 3 9 0 4,323
EQUITY
Share capital1013,669 9,350
Share based payments reserve 8 -
Accumulated losses (6,287)(5,027)
Total equity
7, 3 9 0 4,323
These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying
notes form part of these interim financial statements and should be read in conjunction with them.
For and on behalf of the Board:
These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying
notes form part of these interim financial statements and should be read in conjunction with them.
Dated: 27 November 2020
Michael Kerr
CEO
Grant Baker
Chairman
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1. General information
These financial statements are for Me Today Limited (‘MTL’ or ‘the Company’) and its subsidiaries, The
Good Brand Company Limited (TGBC) and Me Today NZ Limited (together ‘the Group’).
Me Today Limited, The Good Brand Company Limited and Me Today NZ Limited are limited liability
companies incorporated and domiciled in New Zealand. The address of their registered office is Level 1,
25 Broadway, Newmarket, Auckland 1141.
The Group produce, sell, and market health and wellbeing products or act as an agent on behalf of other
health and wellbeing suppliers.
2. Summary of Significant
Accounting Policies
REVERSE ACQUISITION
On 31 March 2020 the Company entered into
a reverse acquisition in which the Company
acquired 100% of the shares of the already
operating The Good Brand Company Limited
(‘TGBC’) and its 100% owned subsidiary Me Today
NZ Limited, in exchange for issuing 1.11 billion new
fully paid ordinary shares in the Company.
The reverse acquisition did not represent a
business combination in accordance with NZ IFRS
3: Business Combinations. The Board of Directors
therefore accounted for the reverse acquisition as
a share-based payment transaction, as an issue
of shares, in accordance with NZ IFRS 2 Share-
based Payment.
The appropriate accounting treatment for
recognising the new group structure was to treat
TGBC as the acquirer of MTL. The consolidated
financial statements prepared following the
reverse acquisition were issued under the name
of the legal parent (MTL) but describe the
continuation of the financial statements of the
acquirer, TGBC.
As a result of this accounting treatment, the
comparative information presented in the
consolidated financial statements for the six
months ended 30 September 2019 reflect the
trading of the TGBC and its subsidiary Me Today
NZ Limited.
BASIS OF PREPARATION
These unaudited interim consolidated
financial statements for the six months ended
30 September 2020 have been prepared in
accordance New Zealand Generally Accepted
Accounting Practice (“NZ GAAP”), with New
Zealand Equivalent to International Accounting
Standard 34: Interim Financial Reporting (“NZ IAS
34”) and with International Accounting Standard
34: Interim Financial Reporting (“IAS 34”).
Me Today Limited is a company registered under
the Companies Act 1993 and is an FMC reporting
entity under the Financial Markets Conduct Act
2013. The Company is listed on the NZX Market.
These financial statements have been prepared
in accordance with the requirements of the
Condensed Notes to the Interim
Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
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Financial Markets Conduct Act 2013 and the NZX
Main Board Listing Rules.
The interim financial statements do not include
all of the notes of the type normally included
in an annual financial report. Accordingly, this
report should be read in conjunction with the
financial statements included in the annual report
for the year ended 31 March 2020 which have
been prepared in accordance with New Zealand
equivalents to International Financial Reporting
Standards (“NZ IFRS”) and International Financial
Reporting Standards (“IFRS”).
The interim financial statements are presented in
New Zealand dollars rounded, where necessary,
to the nearest thousand dollars.
The interim financial statements and the
comparative information as at 30 September 2019
are unaudited.
There are no seasonal or cyclical influences on
these interim results.
There have been no changes in accounting
policies since the last Annual Report except as
noted below.
SHARE BASED PAYMENT
TRANSACTIONS
For equity-settled share-based payments
where the goods or services acquired from
non-employees can be measured reliably, then
the goods or services are measured directly at
their fair value. If goods or services cannot be
measured reliably then the goods or services are
measured indirectly, i.e. with reference to the
fair value of equity instruments granted. Details
regarding the determination of the fair value of
equity-settled share-based transactions are set
out in note 12.
The fair value determined at the grant date of
the equity-settled share-based payments is
expensed on a straight-line basis over the vesting
period, based on the Group’s estimate of equity
instruments that will eventually vest, with a
corresponding increase in equity.
At the end of each reporting period, the Group
revises its estimate of the number of equity
instruments expected to vest. The impact of
the revision of the original estimates, if any,
is recognised in profit or loss such that the
cumulative expense reflects the revised estimate,
with a corresponding adjustment to the share-
based payments reserve.
COVID-19 PANDEMIC
In late March 2020, the New Zealand Government
ordered a four-week lockdown, during which
non-essential businesses and organisations were
not allowed to operate and individuals (other
than essential workers or those undertaking
essential business) were required to stay at home.
In late April 2020, the New Zealand Government
gradually started easing those restrictions.
In August 2020, Auckland again moved to a level
3 lockdown while the rest of the country moved
to level 2.
During the first four-week lockdown period the
Group had limited operations, which resulted
in revenue declines. Since the end of the first
lockdown period, the Group has been able to
operate, but the various levels of restrictions since
that time have impacted on the retail stores who
sell company product. As restrictions reduced
and retailers have become fully operational, the
Group has seen sales growth increase.
The Directors have concluded that the pandemic
has not had a material impact on the financial
statements, including trade debtors impairment
losses and inventory provisioning.
To date the Group has undertaken the following
steps to reduce the impact of COVID-19 on its
operations:
• reduced expenditure in areas of the
business, including removal of director fees
and reduction in key management personnel
remuneration until 1 June 2020
• taken advantage of the wage subsidies
made available by the New Zealand
Government.
Although the Group has been impacted by
COVID-19, the directors have concluded that the
Group will be able to continue operating for at
least 12 months from the date of signing these
financial statements. That conclusion has been
reached because the Group has substantial cash
reserves and it can further reduce expenditure if
it becomes necessary to do so.
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6 mths ended
30 Sep 2020
(unaudited)
NZ$000
6 mths ended
30 Sep 2019
(unaudited)
NZ$000
Revenue from sale of goods before marketing services
provided by customers
314 -
Less marketing services provided by customers(156) -
Revenue from sale of goods158 -
Revenue from agency services266 183
Total revenue424 183
All revenue is generated in New Zealand.
3. Revenue
4. Expenses
The loss for the period includes the following expenses.
6 mths ended
30 Sep 2020
(unaudited)
NZ$000
6 mths ended
30 Sep 2019
(unaudited)
NZ$000
Salaries(505)(286)
Directors' fees(132) -
Depreciation and amortisation expenses(29)(5)
Employer kiwisaver contributions(14)(8)
Finance expenses:
Interest expense on lease liability(2) -
Fees paid to the auditor:
For the current year audit(26) -
For taxation services(11) -
Total fees paid to the auditor(37) -
6 mths ended
30 Sep 2020
6 mths ended
30 Sep 2019
Sale of
goods
NZ$’000
Agency
services
NZ$’000
Other /
un-
allocated
NZ$’000
Total
NZ$’000
Sale of
goods
NZ$’000
Agency
services
NZ$’000
Other /
un-
allocated
NZ$’000
Total
NZ$’000
Revenue before
marketing services
provided by customers
314 266 - 580 - 183 - 183
Less marketing services
provided by customers
(156) - - (156) - - - -
Total external revenue158 266 - 424 - 183 - 183
Total inter-segment
revenue
- - - - - - - -
Total EBITDA(799)(30)(443)(1,272) - (295) - (295)
Finance income - - 46 46 - - - -
Finance expenses(1)(1) - - - -
Depreciation and
amortisation
(26)(3)(4)(33)(1)(4) - (5)
Net loss before taxation(825)(33)(402)(1,260)(1)(299) - (300)
Income tax expense - - - - - - -
Net loss for the year(825)(33)(402)(1,260)(1)(299) - (300)
As at 30 Sep 2020As at 31 Mar 2020
Sale of
goods
NZ$’000
Agency
services
NZ$’000
Other /
un-
allocated
NZ$’000
Total
NZ$’000
Sale of
goods
NZ$’000
Agency
services
NZ$’000
Other /
un-
allocated
NZ$’000
Total
NZ$’000
Segment assets1,295 155 7, 0 2 4 8 , 474 538 102 4,212 4,852
Segment liabilities636 82 366 1,084 135 230 164 529
5. Segment information
The Group has identified its operating segments based on the internal reports reviewed and used by
the Chief Operating Decision Maker (CODM), being the Board of Directors, in assessing the Group’s
performance and in determining the allocation of resources.
Unallocated operating expenses include head office costs and costs related to the NZX listing.
All operations are carried out in New Zealand.
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6. Earnings per share
At 30 September 2020, the 3,000,000 share options on issue were not considered to be dilutive due to the
Group’s loss (30 September 2019: nil).
On 3 April 2020 the Company undertook a one for five share consolidation. The earnings per share
calculation reflects the impact of this share consolidation (refer to note 10).
The issued shares as at 31 March 2020 is before the share consolidation at 3 April 2020.
The losses and weighted average number of ordinary shares used in the calculation of loss per share are
as follows:
6 mths ended
30 Sep 2020
(unaudited)
6 mths ended
30 Sep 2019
(unaudited)
Basic earnings/(loss) per share (NZ$)(0.0033)(0.0036)
Diluted earnings/(loss) per share (NZ$)(0.0033)(0.0036)
6 mths ended
30 Sep 2020
(unaudited)
6 mths ended
30 Sep 2019
(unaudited)
Loss from continuing operations (NZ$000)(1,260)(300)
Weighted average number of ordinary shares used in the
calculation of basic and diluted earnings per share ('000)
386,314 82,910
7. Net tangible asset backing
30 Sep 2020
(unaudited)
31 Mar 2020
(audited)
Net tangible assets (NZ$000)7, 3 1 6 4,261
Issued shares at balance date ('000) 412,278 1,824,550
Net tangible assets per share (NZ$)0.01770.0023
8. Right-of-use asset
Premises
NZ$000
Total
NZ$000
Net carrying amount:
30 September 2020213 213
31 March 2020 - -
Depreciation expense for the 6 months ended:
30 September 202013 13
30 September 2019 - -
6 mths ended
30 Sep 2020
(unaudited)
6 mths ended
30 Sep 2019
(unaudited)
Additions to right-of-use assets226 -
Total cash outflows for leases14 -
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9. Lease liability
30 Sep 2020
(unaudited)
NZ$000
31 Mar 2020
(audited)
NZ$000
Maturity analysis
- contractual undiscounted cash flows
Up to one year68 -
One to two years87 -
Two to five years73 -
More than five years - -
Total undiscounted lease liabilities at period end228 -
Lease liabilities included in the statement of
financial position at balance date
Current59 -
Non-current154 -
213 -
10. Share capital
6 mths ended
30 Sep 2020
(unaudited)
‘000
6 mths ended
30 Sep 2019
(unaudited)
‘000
Number of ordinary shares
Ordinary shares as at 1 April1,824,550 414,550
Share consolidation(1,459,640) -
Ordinary shares issued during the period47,368 -
Ordinary shares as at 30 September412,278 414,550
11. Related party transaction
As at 30 September 2020, potential future cash outflows of $170,000 (undiscounted) relating to a two
year right of renewal, have not been included in the lease liability because it is not reasonably certain
that the Group will extend the lease.
On 3 April 2020 the Company undertook a one for five share consolidation.
On 15 June 2020 the Company entered into an Ambassador Agreement with BB Promotions Limited for
a term of three years. BB Promotions Limited is a related party to the Group, as the shareholder and
director of BB Promotions Limited, B Barrett, is married to H Barrett, a director of MTL.
Under the terms of the agreement, BB Promotions Limited agreed to provide promotional services to
the Company in exchange for the payment of $50,000 per annum, the issue by the Company of ordinary
shares to BB Promotions Limited to the value of $100,000 per annum, and the granting of 3,000,000
options to purchase ordinary shares in the Company (as detailed in note 12).
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12. Share options
6 mths ended 30 Sep 20206 mths ended 30 Sep 2019
Number of
Options
(unaudited)
Weighted
average
exercise price
(unaudited)
Number
of Options
(unaudited)
Weighted
average
exercise price
(unaudited)
Balance as at 1 April - - - -
Granted during the period3,000,000 $0.09 - -
Exercised during the period - - - -
Balance at 30 September3,000,000 $0.09 - -
6 mths ended
30 Sep 2020
(unaudited)
NZ$000
6 mths ended
30 Sep 2019
(unaudited)
NZ$000
Share based payments are included in:
Promotional costs8 -
Inputs into the model
Option series
Series 1Series 2Series 3
Grant date opening share
price
$0.082$0.082$0.082
Exercise price$0.09$0.09$0.09
Expected volatility0.35-0.450.35-0.450.35-0.45
Option life12.5 months24.5 months36.5 months
Dividend yield0%0%0%
Risk free interest rate0.18%0.25%0.32%
At 30 September 2020 BB Promotions Limited held options on 3,000,000 ordinary shares of the Company
(31 March 2020: nil). Each option coverts into one ordinary share of the Company on exercise. No
amounts are paid or payable by BB Promotions Limited on receipt of the options. The options carry no
rights to dividends and no voting rights. Options may be exercised at any time from the date of vesting to
the date of their expiry.
12.1. FAIR VALUE OF SHARE OPTIONS GRANTED IN THE PERIOD
The weighted average fair value of the share options granted during the financial period is $0.015.
Options were priced using the Black-Scholes option pricing model.
The expected volatility in the measure of fair value at grant date has been based on the volatility of the
Company’s share price from 6 April 2020 up to the Grant Date and for comparable companies, as a
proxy of the company’s future volatility.
At reporting date, 3,000,000 of the share options granted had not yet vested. These share options will
vest over the period to 30 June 2023 as detailed in the table below.
Option series
Number
Vesting
date
Expiry
date
Exercise
price
Fair value
at grant
date
30 Sept
2020
31 March
2020
Granted 15 June 2020
2021 options1,000,000 -
1 June
2021
30 June
2021
$0.09 $0.011
2022 options1,000,000 -
1 June
2022
30 June
2022
$0.09 $0.015
2023 options1,000,000 -
1 June
2023
30 June
2023
$0.09 $0.019
Balance at 30
September
3,000,000 -
19
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14. Contingent liabilities
There are no contingent liabilities as at 30 September 2020 (2019: nil).
15. Commitments
The Company had no commitments for future capital expenditure as at 30 September 2020 (2019: nil).
16. Events subsequent to reporting date
There have been no significant events after reporting date.
13. Reconciliation of loss after taxation
with cash flow from operating activities
6 mths ended
30 Sep 2020
(unaudited)
NZ$000
6 mths ended
30 Sep 2019
(unaudited)
NZ$000
Net loss after taxation(1,260)(300)
Adjustments for:
Depreciation and amortisation29 5
Share-based payments8 -
Movements in working capital
(Increase) / decrease in trade and other receivables(269)(61)
(Increase) / decrease in inventory(489)(312)
Increase / (decrease) in trade payables and other liabilities342 225
(Increase) / decrease in taxation receivable(3) -
Net cash outflows from operating activities(1,642)(4 43)
21
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Company Directory
REGISTERED OFFICE
Level 1, 25 Broadway,
Newmarket
Auckland 1141
New Zealand
POSTAL ADDRESS
PO Box 24421
Royal Oak
Auckland 1345
New Zealand
SHARE REGISTRY
Link Market Services
Level 11, Deloitte Centre
80 Queen Street
Auckland 1010
PO Box 91976
Auckland 1142
New Zealand
BANKERS
BNZ
Deloitte Building
80 Queens Street
Auckland 1010
New Zealand
AUDITOR
BDO Auckland
4 Graham Street
Auckland
New Zealand
22
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M E TO DAY.C O M
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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