My Food Bag releases FY21 Results

My Food Bag Group Limited
My Food Bag Group Limited
NZCN 6113607
ARBN 646 807 301


21 May 2021
NZX/ASX Code: MFB

My Food Bag FY21 results ahead of PFI and FY22 forecast reaffirmed
• Revenue of $190.7 million, up 24% on FY20 and up $1.2 million on PFI forecast
• Pro forma EBITDA
1
of $29.0 million, up 78% on FY20 and $0.5 million on PFI forecast
• NPAT of $2.4 million, which includes one-off transaction costs relating to the IPO of $14.1 million
• 4.8 million meals delivered during FY21, up 22.6% on FY20
• Active customers
2
of 66,492 in the last quarter of FY21
My Food Bag Group Limited (NZX / ASX: MFB) has announced that its FY21 results were ahead of the forecast
outlined in the company's prospective financial information (PFI) prepared in connection with its IPO. My Food
Bag reported revenue of $190.7 million, up 24% on FY20 and up $1.2 million on the PFI.
The growth experienced in FY21 is attributed to the success of new products, particularly through the
introduction of My Choice for My Food Bag. It is also attributed to margin improvements as a result of supply
chain optimisation and the macro societal effects of the COVID-19 pandemic, which led to faster adoption of
online shopping.
Chairman, Tony Carter, says My Food Bag’s IPO was a significant milestone for the company and that the
business' significant investment in innovation and technology, and commitment to operational efficiencies, in
the lead up to the IPO has helped underpin this year’s strong growth.
“I would like to welcome all the people who bought a slice of My Food Bag this year and recognise their
support of this iconic Kiwi business. As a Board, we are conscious of how the share price has performed since
the IPO. We want to reassure investors that My Food Bag remains a very high-quality business positioned for
growth and committed to achieving what was laid out in the recent product disclosure statement.
“We're therefore very pleased to confirm that our financial performance for FY21 has been stronger than the
PFI and to reaffirm the forecast provided in the PFI for FY22. At My Food Bag, we're all working hard to ensure
that the business continues to grow, and we expect that growth to be reflected in the share price over time.”
Kevin Bowler, CEO of My Food Bag, says during FY21 My Food Bag saw a connection between product
innovation and higher order frequency, as well as higher levels of customer retention.
“Our high value customers are now buying more frequently, and we have increased our active customer base,
which sat at 66,492 in the final quarter of FY21. Introducing My Choice, a product that gives customers the
ability to choose what recipes they want in their bag each week, is a key driver of our growth since its launch in
July 2020.
“As a result of the success of My Choice for the My Food Bag brand, in April 2021 we began offering recipe
selection across Bargain Box,” says Mr Bowler.


1
Pro forma EBITDA is a non-GAAP measure that includes pro forma adjustments. These adjustments include adding incremental costs
associated with running a listed company and removing the one-off transaction costs associated with the IPO. A reconciliation from GAAP
NPAT to non-GAAP pro forma EBITDA can be found in the appendix of the accompanying FY21 results presentation. Pro forma EBITDA has
not been separately audited but has been derived from My Food Bag's audited financial statements for the year ended 31 March 2021.
2
My Food Bag uses the industry standard definition of "active customers" which includes acquired customers, retained customers and
reactivated customers and is generally measured over a 13-week period.

My Food Bag Group Limited
My Food Bag Group Limited
NZCN 6113607
ARBN 646 807 301

Operational highlights
Throughout the year, My Food Bag welcomed new suppliers and strengthened its relationships with its
cornerstone partners. Of particular note is the entry into a new five-year agreement with New Zealand Post.
The arrangement with New Zealand Post underpins My Food Bag’s commitment to superior customer service
and, alongside many other benefits, gives My Food Bag exclusive access to a Sunday delivery network provided
by New Zealand Post.
“We began a review of our supply chain during the year. This has resulted in added confidence in our supplier
contracts, further assuring us of accessing the best quality ingredients, delivered in full, on time, and at
competitive prices. This review has already realised considerable gross margin improvements for the
business,” says Mr Bowler.
My Food Bag also committed to a soft plastics recycling programme and launched it in partnership with the NZ
Packaging Forum and Future Post in March 2021. This programme leads the category by offering a direct pick-
up recycling solution to customers for their entire households’ soft plastics and is one of the many initiatives
My Food Bag is focusing on to reduce the business' environmental impact.
In mid-2020, the business also implemented an integrated Enterprise Resource Planning (ERP) system which
provides the foundation for scalability. The system strengthens My Food Bag’s control environment and
provides improved margin visibility.
“To set us up for growth, in FY21 we also signed a contract to design and build a facility to be leased by My
Food Bag in Christchurch. It is custom made for our growing needs in the South Island and we anticipate this
will be operational in 2022,” says Mr Bowler.
Dividend and forecast
Mr Carter says the company has ended FY21 in a strong financial position with a balance sheet well positioned
for growth opportunities, alongside continued strong cash flow generation.
“It has been a busy start to the new year. Trading and operations during the first seven weeks of FY22 have
been in-line with expectations. We’ve launched Bargain Box choice and an up-graded iOS app, as well as
delivered strong margins through on-going improvements to our supply chain,” says Mr Carter.
My Food Bag is pleased to reaffirm the FY22 forecast provided in its PFI, being revenue of $186.4 million,
EBITDA of $34.2 million and NPAT of $20.1 million for FY22.
As outlined during the IPO process, My Food Bag expects to declare and pay dividends twice yearly following
our interim and annual results. My Food Bag’s first dividend as a listed company is expected to be the interim
dividend paid in December 2021.
Authorised by:
Board of Directors of My Food Bag Group Limited

Ends

For investor or analyst queries, please contact: For media queries, please contact:
Mark Winter Louisa Kraitzick
+64 9 886 9840 021 299 2628
ir@myfoodbag.co.nz louisa@wearepead.co.nz

This release should be read in conjunction with the audited financial statements accompanying this release and
the NZX results announcement form. My Food Bag intends to finalise and release its annual report shortly.

---

Results Announcement
Results for announcement to the market
Name of issuer My Food Bag Group Limited (MFB)
Reporting Period 12 months to 31 March 2021
Previous Reporting Period 12 months to 31 March 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$190,710 24.40%
Total Revenue $190,710 24.40%
Net profit/(loss) from
continuing operations
$2,442 -70.15%
Total net profit/(loss) $2,442 -70.15%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend is proposed to be paid.
Imputed amount per Quoted
Equity Security
N/A
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
-$0.1314 -$0.1343
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to accompanying audited financial statements.
In January 2021, the company undertook a 2017:1 share split
whereby shareholders received 2017 ordinary shares for every
one ordinary share held. Net tangible assets per share for the
comparable period has been restated accordingly.
Authority for this announcement
Name of personauthorised
to make this announcement
Mark Winter, Chief Financial Officer
Contact person for this
announcement
Mark Winter, Chief Financial Officer
Contact phone number +64 9 886 9840
Contact email address ir@myfoodbag.co.nz
Date of release through MAP21 May 2021
Audited financial statements accompany this announcement.

---

31 M A R C H 2021
Consolidated Financial
Statements
My Food Bag Group Limited

Consolidated Statement
of Financial Position
02
Consolidated Statement
of Comprehensive Income
03
Consolidated Statement
of Changes in Equity
04
Consolidated Statement
of Cash Flows
05
Notes to the Consolidated
Financial Statements
06
Independent
Auditor’s Report
30
Financial Statements
FOR THE YEAR ENDED 31 MARCH 2021
FINANCIAL STATEMENTS
01

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2021
02
Consolidated Statement of Financial Position
AS AT 31 MARCH 2021
NZ$000Note20212020
ASSETS
Current
Cash and cash equivalents
13
1,5998,337
Trade and other receivables
5 , 13
4601,537
Raw materials work in progress1,02476 5
Packaging19 2343
Prepayments9 51290
Lease receivable5247
Total current assets4,27811 , 3 1 9
Non-current
Property, plant and equipment
7
3 , 11 83 ,141
Intangible assets
8
86,06385,296
Non-current lease receivable308358
Right-of-use assets
9
8,6189,534
Total non-current assets98,10798,329
Total assets102,385109,648
LIABILITIES
Current
Trade and other payables
6
(12,118)(11,388)
Deferred revenue(2,682)(5,078)
Lease liabilities
13
(2,542)(1,093)
Derivative financial liabilities
12, 13
(179)(497)
Other current liabilities(1,980)(888)
Current tax liability(826)(1,585)
Total current liabilities(20,327)(20,529)
Non-current
Lease liabilities
13
(7,464)(9,519)
Bank loan
12
(15,864)(16,919)
Deferred tax liability
14
(4,282)(4,208)
Provisions(250)(250)
Total non-current liabilities(27,860)(30,896)
Total liabilities(48,187)(51,425)
Net assets54,19858,223
EQUITY
Share capital
10
59,3361,000
Retained earnings(5,138)5,769
Other shareholder contributions
15
-51,095
Share-based payment reserve
11
-359
Total equity 54,19858,223
The above statement of financial position should be read in conjunction with the accompanying notes.
Tony Carter
Chair
21 May 2021
Jen Bunbury
Director
21 May 2021

03
FINANCIAL STATEMENTS
03
NZ$000Note
Year ended
2021
Year ended
2020
Income
1
190,710153,301
Cost of sales(141,913)(120,640)
Gross profit48,79732,661
Marketing expenses(4,527)(3,736)
Financing expenses(1,690)(1,408)
Indirect expenses
3
(19,223)(16,098)
Other income
1
3211 0
Share-based payment expense
11
(305)(273)
Offer costs(14,115)-
Net profit before tax8,96911,256
Income tax expense
14
(6,527)(3,076)
Net profit after tax2,4428,180
Total comprehensive income2,4428,180
Earnings per share
Restated*
Basic profit for the year attributable to ordinary equity holders of the parent
4
0.01 0.04
Diluted profit for the year attributable to ordinary equity holders of the parent
4
0.01 0.04
Consolidated Statement of Comprehensive Income
FOR THE YEAR ENDED 31 MARCH 2021
The above statement of comprehensive income should be read in conjunction with the accompanying notes.
* Refer to note 4 for restatement.

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2021
04
Note
Share
capital
Other
shareholder
contributions
Retained
earnings
Share-based
payment
reserve
Total
equity NZ$000
Balance at 1 April 20201,00051,0955,76935958,223
Profit for the period--2,442-2,442
Total comprehensive income for the year--2,442-2,442
Cash dividends (pre IPO)--(13,349)-(13,349)
Share-based payment expense---305305
Vesting of employee share options
10
5 , 5 41--(664)4,877
Offer costs capitalised to equity
10
(2,046)---(2,046)
Proceeds from primary issuance
10
54,841---54,841
Repayment of shareholder loans-(51,095)--(51,095)
Balance at 31 March 202159,336-(5,138)-54,198
Balance at 1 April 20191,00051,0956,1478658,328
Effect of adoption of new accounting standards--(157)-(157)
Profit for the period--8,180-8,180
Total comprehensive income for the year--8,023-8,023
Cash dividends--(8,401)-(8,401)
Share-based payment expense---273273
Balance at 31 March 20201,00051,0955,76935958,223
The above statement of changes in equity should be read in conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 MARCH 2021

05
FINANCIAL STATEMENTS
Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 31 MARCH 2021
NZ$000
Year ended
2021
Year ended
2020
OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers188,291157,526
Interest received1341
Proceeds from insurance-22
Cash was applied to:
Payments to suppliers and employees(158,684)(134,699)
Interest paid (1,698)(1,283)
Tax paid(3,858)(2,406)
Net cash flows from operating activities24,06419,201
INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant and equipment713
Cash was applied to:
Purchase of property, plant and equipment(674)(482)
Payments for development of digital assets(2,315)(3,172)
Net cash flows from investing activities(2,982)(3,641)
FINANCING ACTIVITIES
Cash was provided from:
Proceeds from issue of shares 54,841-
Proceeds from repayment of shareholder options1,535-
Proceeds from borrowings 67,095-
Cash was applied to:
Principal payments on leases(2,226)(1,775)
Dividends paid(13,349)(8,401)
Repayment of borrowings (68,095)-
Equity repurchase(51,095)-
Offer costs(16,161)-
Borrowing establishment costs(365)-
Net cash flows from financing activities(27,820)(10,176)
Net increase/(decrease) in cash flows(6,738)5,384
Cash and cash equivalents at the beginning of the period8,3372,953
Cash and cash equivalents at the end of the period 1,5998,337
The above statement of cash flows should be read in conjunction with the accompanying notes.

General Information 07
Reporting Entity 07
Basis of Preparation 07
Summary of Significant Accounting Policies 08
Financial Performance 09
1. Income 09
2. Operating Segments 09
3. Expenses 10
4. Earnings per Share 10
Working Capital 11
5. Trade Receivables 11
6. Trade and Other Payables 11
Long-term Assets 12
7. Property, Plant and Equipment 12
8. Intangible Assets 14
9. Leases 16
Funding and Equity 17
10. Issued Capital and Reserves 17
11 . Share Option Schemes 18
12. Borrowings 19
13. Financial Instruments and Financial
Risk Management
21
Other Notes 22
14. Taxation 22
15. Related Party Transactions 24
16. Operating Cash Flow Reconciliation 25
17. Contingent Liabilities 26
18. Capital Commitments 26
19. Comparison to Prospective
Financial Statements
26
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2021
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2021
06

07
FINANCIAL STATEMENTS
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 MARCH 2021
General Information
Reporting Entity
The consolidated financial statements (the financial statements) presented are those of My Food Bag Group Limited and its
subsidiary My Food Bag Limited (“the Group”). My Food Bag Group Limited is a profit-oriented Group incorporated and
domiciled in New Zealand under the New Zealand Companies Act 1993. My Food Bag Limited’s shares are publicly traded
on the New Zealand Stock Exchange (NZX) and Australian Securities Exchange (ASX).
The Group is an FMC reporting entity under the Financial Markets Conduct Act 2013.
The financial statements of the Group are for the year ended 31 March 2021. The financial statements were authorised for issue
by the Directors on 21 May 2021.
On 14 January 2021 MFB Group Limited was renamed My Food Bag Group Limited.
Basis of Preparation
STATEMENT OF COMPLIANCE
The financial statements comply with International Financial Reporting Standards (IFRS) and also with New Zealand equivalents
to International Financial Reporting Standards (NZ IFRS).
The 2020 income statement comparatives have been reclassified to conform to the current year’s presentation.
The changes are presentational only and do not change previously reported profit or equity.
BASIS OF MEASUREMENT
The financial statements have been prepared on the historical cost basis except where identified in the accounting policies below.
The Group’s consolidated financial statements are presented in New Zealand dollars, which is the Group’s functional currency.
The financial statements have been rounded to the nearest thousand dollars ($000), unless otherwise stated.
The financial statements have been prepared using the going concern assumption. In relation to the going concern assumption,
the Group has prepared forecasts which indicate that cash on hand, combined with cash flow as a result of operations, will enable
the Group to continue operating and satisfy its going concern and solvency requirements.
Accordingly, the Directors believe the going concern assumption is valid and have reached this conclusion having regard to the
circumstances which they consider likely to affect the Group during the period of one year from the date these financials are approved.
The accounting policies adopted are consistent with those followed in the preparation of the Group’s annual financial statements
for the year ended 31 March 2021.
KEY SOURCES OF ESTIMATION UNCERTAINTY AND KEY JUDGMENTS
The preparation of the Group’s financial statements requires management to make judgments, estimates and assumptions that
affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure
of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material
adjustment to the carrying amount of assets or liabilities affected in future periods. The estimates and judgments that are critical to the
determination of the amounts reported in the financial statements have been disclosed with the relevant financial statement notes.

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2021
08
Summary of Significant Accounting Policies
The primary accounting policies applied in the preparation of these financial statements are set out below or, where an accounting
policy is directly related to an individual note, within the accompanying notes to the financial statements. These policies have been
consistently applied to the years presented, unless otherwise stated.
BASIS OF CONSOLIDATION
The financial statements comprise of the financial statements of the Group and its subsidiary as at 31 March 2021. The subsidiary
is an entity controlled by the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its
involvement with the investee and has the ability to affect those returns through its power over the investee.
The subsidiary is included in the consolidated financial statements using the acquisition method of accounting, from the date control
commences to the date the control ceases.
OTHER TAXES
Revenue, expenses, assets and liabilities are recognised net of the amount of GST, except receivables and payables, which are
stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the IRD is included as part of
receivables or payables in the statement of financial position.
Cash flows are included in the statement of cash flows on a basis net of the GST component of the cash flows arising from investing
and financing activities, which is recoverable from, or payable to, the IRD which is classified as part of the operating cash flows.
CASH AND SHORT-TERM DEPOSITS
Cash and short-term deposits in the statement of financial position comprise cash at bank and on hand and short-term deposits with
a maturity of three months or less, which are subject to an insignificant risk of changes in value.
CHANGE IN ACCOUNTING POLICIES
There are no new standards and interpretations that have impacted the financial statements for the year ended 31 March 2021.
STANDARDS ISSUED BUT NOT YET EFFECTIVE
There are no new standards and interpretations that have been issued, but not yet effective, that will impact the Group up to the date
of issuance of the Group’s financial statements.
PROVISIONS
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events and it is probable
that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.

09
FINANCIAL STATEMENTS
Notes to the Consolidated Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
Financial Performance
1. Income

NZ$000
Year ended
2021
Year ended
2020
Contracts with customers190,710153,301
Total income190,710153,301
Interest income1341
Other income3556
Gain/(loss) on disposal of plant, property and equipment(16)13
Total other income32 11 0
Revenue Recognition
Revenue from contracts with customers is recognised when control of the goods are transferred to the customer at an amount
that reflects the consideration to which the Group expects to be entitled in exchange for those goods. The Group has concluded
that it is the principal in its revenue arrangements.
Revenue from sale of goods (net of discounts) is recognised at the point in time when control of the asset is transferred to the
customer, generally on delivery. Cash is normally received in advance of delivery. Where cash is received during the period
in advance of delivery, which is after year end, the balance is recognised as deferred revenue.
The Group considers there are no other promises in the contract that are separate performance obligations to which a portion of
the transaction price needs to be allocated. In determining the transaction price for the sale of goods, the Group considers there
is no variable or non-cash consideration and no significant financing component exists.
2. Operating Segments
The Group determines its operating segments based on internal information that is regularly reported to the Chief Executive, who
is the Group’s Chief Operating Decision Maker.
The Group operates in one reportable segment being online meal kit and pre-prepared ready to heat meal delivery. This consists of
creating and delivering meal kits and pre-prepared ready to heat meals to New Zealand consumers. Within this reportable segment
there are no separate operating segments.
The Group operates in one geographic area, that being New Zealand. The Group has no single external customers with revenues
that amount to more than 10% of the Group’s total revenue.

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2021
10
3. Expenses
Profit before income tax has been arrived at after charging the following expenses from operations:

NZ$000

Notes
Year ended
2021
Year ended
2020
Staff expenses
Salaries and wages(13,365)(10,901)
Defined contribution
(366)(234)
Interest expense
(1,698)(1,282)
IT expenses
(1,929)(1,632)
Fair value of derivatives
318(74)
Amortisation expense on intangible assets
8
(1,540)(2,073)
Depreciation expense on property, plant and equipment
7
(674)(844)
Depreciation expenses on right of use assets
9
(2,554)(1,395)
Fees paid to Ernst & Young:
Audit and review of financial statements
(98)(74)
4. Earnings per Share (EPS)
The Group completed a 1-for-2017 share split on 22 January 2021 for ordinary shares and 11 February 2021 for vested share
options. On 4 March 2021, the Group issued 242,438 thousand shares in the initial public offering (IPO). The weighted average
number of ordinary shares used in the calculation of earnings per share, basic and diluted, for 2020 has been adjusted to reflect
the share split.
NZ$000
Year ended
2021
Restated
year ended
2020
Basic earnings per share
Net profit attributable to shareholders ($) 2,442 8,180
Weighted average number of ordinary shares on issue (000) 242,438 201,700
Basic earnings per share ($)0.010.04
Diluted earnings per share
Net profit attributable to shareholders ($) 2,442 8,180
Weighted average number of ordinary shares on issue for diluted earnings per share (000) 242,438 212,794
Diluted earnings per share ($)0.010.04
Reconciliation of weighted average number of shares (000)
Ordinary shares 242,438 201,700
Adjustment for shares outstanding under the employee share scheme* - 11,094
Weighted average number of shares used as the denominator in calculating diluted
earnings per share 242,438 212,794
* There is no impact on diluted EPS of the senior executive incentive scheme (note 11) at balance date.

11
FINANCIAL STATEMENTS
Working Capital
5. Trade Receivables
Trade receivables are amounts due from customers for goods sold in the ordinary course of business. They are generally due
for settlement within 1 – 30 days and therefore are all classified as current. Debtors are recognised at their realisable value.
Collectability of trade receivables is reviewed on an ongoing basis. Refer to note 13 for expected credit loss policy.
NZ$00020212020
Trade receivables18 913 5
Estimated credit loss for trade receivables(112)(41)
Sundry debtors2401,443
GST receivable14 3 -
Trade and other receivables4601,537
6. Trade and Other Payables
Trade and other payables are stated at cost or estimated liability where accrued.
NZ$00020212020
Current liabilities
Trade payables(11,302)(9,979)
Credit cards(58)(44)
GST payable -(657)
Accrued expenses(758)(708)
Trade and other payables(12,118)(11,388)
Notes to the Consolidated Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2021
12
Long-Term Assets
7. Property, Plant and Equipment

NZ$000 Motor vehicles
Plant and
machinery
Furniture,
fittings and
equipment Computers Total
Year ended 31 March 2021
Balance as at 1 April 20204182,5651, 8244765,283
Additions224328413 66 74
Transfers-----
Disposals(28)(218)(56)(86)(388)
Balance as at 31 March 20214122,7791,8525265,569
Accumulated depreciation
Balance as at 1 April 2020(252)(746)(770)(374)(2,142)
Depreciation charge(63)(301)(195)(115)(674)
Depreciation eliminated on disposal of assets222095282365
Balance as at 31 March 2021(293)(838)(913)(407)(2,451)
Net book value as at 31 March 202111 91,94193911 93 , 11 8
Year ended 31 March 2020
Balance as at 1 April 20193 712,3171, 754 369 4,811
Additions4724678 111 482
Transfers-2(2)--
Disposals--(6)(4)(10)
Balance as at 31 March 20204182,5651,8244765,283
Accumulated depreciation
Balance as at 1 April 2019(183)(387)(501)(237)(1,308)
Depreciation charge(69)(359)(275)(141)(844)
Depreciation eliminated on disposal of assets--6410
Balance as at 31 March 2020(252)(746)(770)(374)(2,142)
Net book value as at 31 March 202016 618191,05410 23 ,141

13
FINANCIAL STATEMENTS
Property, Plant and Equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives,
using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end
of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Right-of-use assets are depreciated over the term of the lease. However, when there is no reasonable certainty that ownership
will be obtained by the end of the lease term, assets are depreciated over the shorter of the lease term and their useful lives.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to
arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and
equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised
in profit or loss.
For the purposes of considering whether there has been any impairment, assets are grouped at the lowest level for which there
are identifiable cash inflows that are largely independent of the cash flows of other groups of assets. When the book value of
a group of assets exceeds the recoverable amount an impairment loss arises and is recognised in earnings immediately.
The following depreciation rates have been used:
• Motor vehicles 21% – 25% Straight line
• Plant and machinery 8% – 67% Straight line
• Furniture, fittings and equipment 13% – 67% Straight line
• Computers 50% – 67% Straight line
Notes to the Consolidated Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2021
14
8. Intangible Assets
NZ$000Software
Software work
in progressGoodwill
Customer
relationshipsBrand Total
Year ended 31 March 2021
Cost or valuation
Balance as at 1 April 20203,2571, 72263,6315 , 2 6118,35792,228
Additions for the year52,310---2,315
Transfers3 ,12 2(3,122)----
Disposals(1,378)----(1,378)
Balance as at 31 March 20215,00691063,6315,26118,35793,165
Accumulated amortisation and
impairment
Balance as at 1 April 2020(1,671)--(5,261)-(6,932)
Amortisation charge(1,540)----(1,540)
Amortisation eliminated on
disposal of asset1,370----1,370
Balance as at 31 March 2021(1,841)--(5,261)-(7,102)
Book value as at 31 March 20213,16591063,631-18,35786,063
Year ended 31 March 2020
Cost or valuation
Balance as at 1 April 20191, 39447863,5395 , 2 6118,35789,029
Additions for the year533 , 11 992--3,264
Transfers1, 875(1,875)----
Disposals(65)----(65)
Balance as at 31 March 2020
3,2571,72263,6315,26118,35792,228
Accumulated amortisation and
impairment
Balance as at 1 April 2019(742)--(4,160)-(4,902)
Amortisation charge(972)--(1,101)-(2,073)
Amortisation eliminated on
disposal of asset43----43
Balance as at 31 March 2020(1,671)--(5,261)-(6,932)
Book value as at 31 March 20201,5861,72263,631-18,35785,296

15
FINANCIAL STATEMENTS
Notes to the Consolidated Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
ANNUAL IMPAIRMENT ASSESSMENT OF INDEFINITE USUAL LIFE ASSETS
Goodwill and brand are considered indefinite life intangible assets and are tested for impairment each reporting period.
There is only one cash-generating unit (CGU). For impairment purposes, the CGU has been valued on a value-in-use
basis using a discounted cash flow model.
The Group has assessed brand assets as having an indefinite useful life. In coming to this conclusion, management considered
expected expansion of the usage of the brands across other products and markets, the typical customer life cycle of these assets,
the stability of the industry in which the brands are operating, the level of maintenance expenditure required and the period of
legal control over the brands.
During the current period, management has determined that there is no impairment of any of the goodwill and brands.
The Group has determined that the assessment of any potential impairment of goodwill and intangible assets with indefinite useful
life is most sensitive to changes in the following assumptions:
• Projected cash flows, in particular the underlying growth rates supporting this which have been based on historical data,
Prospective Financial Information (PFI) information and current market information. Cash flows beyond five years have been
extrapolated using estimated terminal growth rates, which do not exceed the long-term average growth rate. The terminal
growth rate used was 2.0%.
• Post-tax discount rates to reflect the Group’s estimate of the time value of money and risks associated with the CGU.
In determining the appropriate discount rate, consideration has been given to the estimated weighted average cost of capital
(WACC) of 6.8%.
SENSITIVITY TO REASONABLY POSSIBLE CHANGES IN ASSUMPTION
The impairment assessment confirmed the recoverable amount exceeded the carrying value at 31 March 2021. Based on current
economic conditions and performance of the CGU, no reasonably possible change in a key assumption used in the determination
of the recoverable value of the CGU would result in a material impairment to the Group.
Computer Software
Costs that are directly associated with the development of identifiable and unique software products controlled by the
Group that will generate economic benefits exceeding costs beyond one year are recognised as intangible assets. Costs are
capitalised in accordance with NZ IAS 38. Costs associated with maintaining computer software programs are recognised
as an expense when incurred.
Computer software licences and development costs recognised as assets are amortised on a straight-line basis at the rates below:
• Software 14%–50% Straight-line
Brands
Brands for which relevant factors indicate that there is no limit to the foreseeable net cash flows are considered to have an
indefinite useful life and are held at cost and are not amortised but are subject to an annual impairment test. Brands are
considered to have an indefinite useful life as there are no factors which indicate that there is a limit on their capacity to
generate foreseeable cash flows.
Goodwill
Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount
recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities
assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group
reassesses whether it has correctly identified all the assets acquired and all the liabilities assumed and reviews the procedures
used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair
value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.
Goodwill is not amortised, but tested for impairment at least annually.

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2021
16
Finite-life Intangible Assets
Finite-life intangible assets represent customer relationships acquired in a business combination and are carried at cost less
accumulated amortisation and any accumulated impairment losses. Amortisation is recognised on a straight-line basis, to
appropriately reflect the reduction in value of the intangible over its deemed useful life of 2 years.
Intangible Assets Acquired in a Business Combination
All potential intangible assets acquired in a business combination are identified and recognised separately from goodwill
where they satisfy the definition of an intangible asset and their fair value can be measured reliably.
9. Leases
The Group has lease contracts for property and various items of plant, machinery, vehicles and other equipment used in its
operations. Leases of property have lease terms between 2 and 9 years, while plant, machinery, vehicles and other equipment
generally have lease terms between 3 and 5 years. The Group’s obligations under its leases are secured by the lessor’s title
to the leased assets. Generally, the Group is restricted from assigning and subleasing the leased assets. Some leases contain
extension options by the Group up to 1 year before the end of the non-cancellable contract period. The Group assesses at lease
commencement date whether it is reasonably certain to exercise the extension option. The Group reassesses whether it is reasonably
certain to exercise the option if there is a significant event or significant change in circumstances within its control.
The Group also has certain leases of machinery with lease terms of 12 months or less and leases of office equipment with low value.
The Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases.
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
NZ$000Property
Motor
vehicles
Plant and
machinery Total
As at 1 April 2020
Balance as at 1 April 20209 ,19 0143309,534
Additions/Increases4,587--4,587
Modifications(2,949)--(2,949)
Depreciation expense(2,410)(14)(130)(2,554)
Balance as at 31 March 20218,418-2008,618
As at 1 April 2019
Balance as at 1 April 201910 ,19 3584 5110,702
Additions/Increases18 7-40227
Depreciation expense(1,190)(44)(161)(1,395)
Balance as at 31 March 20209 ,19 0143309,534
The following are the amounts recognised in profit or loss:
NZ$0002021 2020
Depreciation expense of right-of-use assets2,5541, 395
Interest expense on lease liabilities496464
Total amount recognised in profit or loss3,0501,859
The Group had total cash outflows for leases of $2,647 thousand in 2021. The Group also had non-cash additions to right-of-use
assets and lease liabilities of $4,587 thousand in 2021. However, on 3 November 2020, the Group was notified by a current
landlord that a buyer has been identified for the My Food Bag leased property and My Food Bag will be required to vacate the site
in 2022. This has resulted in a modification. During the period the Group determined it was no longer reasonably certain it would
extend one of its property leases by utilising the extension option. This resulted in a modification.

17
FINANCIAL STATEMENTS
Notes to the Consolidated Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
Determining the Lease Term of Contracts with Renewal and Termination Options
– Group as Lessee
Determining the lease term of contracts with renewal and termination options – Group as lessee: The Group determines the
lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it
is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain
not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies
judgment in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease.
That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination.
After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances
that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (for example,
construction of significant leasehold improvements or significant customisation to the leased asset).
Leases – Estimating the Incremental Borrowing Rate
Leases – Estimating the incremental borrowing rate: The Group cannot readily determine the interest rate implicit in the lease,
it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have
to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to
the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group ‘would have to pay’,
which requires estimation when no observable rates are available or when they need to be adjusted to reflect the terms and
conditions of the lease. The Group estimates the IBR using observable inputs when available and is required to make certain
entity-specific estimates.
Funding and Equity
10. Issued Capital and Reserves
20212020
NZ$000
Number
(000s)NZ$000
Number
(000s)
Issued capital and reserves compromises:
Fully-paid ordinary shares59,336242,4381,000100
Each fully-paid ordinary share confers on the holder one vote at a meeting of the Group, a share in distributions approved by the
Directors, and a share in the distribution of the surplus assets of the Group on dissolution.
The ordinary shares have no par value.
2021
NZ$000
Number
(000s)
As at 1 April 20201,00010 0
Share split-201,600
Primary issuance54,84129,644
Issue of share capital on vesting of share options2 ,19 811,094
Offer costs(2,046)-
Tax benefit of share options vested3,343-
As at 31 March 202159,336242,438
CAPITAL MANAGEMENT
For the purpose of the Group’s capital management, capital includes issued capital, share options and all other equity reserves
attributable to the equity holders of the parent. The primary objective of the Group’s capital management is to maximise shareholder
value. The Group complied with all externally imposed capital requirements during the period to which it is subject.

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2021
18
11. Share Option Schemes
The Group has a share option scheme under which options to subscribe for the Group’s shares have been granted to certain
shareholders, board members and executives. The scheme vested during the year ended 31 March 2021. The options convert
to ordinary shares. This is an equity-settled share scheme.
A new Senior Executive Incentive Scheme was established in February 2021 for certain members of the executive management
team. Under the Scheme these executives will be offered a number of share rights determined by dividing a dollar value by the
value of one share in the Group at the issue date of the share rights (being the date on which the Group releases its FY22 results).
The dollar value of the grant of the share rights is based upon the Group’s EBITDA and certain other performance hurdles, assessed
against the Group’s performance during FY22 against the Prospective Financial Information (PFI) included in the Group’s recent
product disclosure statement, with a grant only being made where the Group outperforms the PFI by a prescribed amount for
this period.
The scheme has been determined to be an equity settled arrangement. The fair value assessment of the equity instruments granted
has been determined to be $124 thousand. The fair value of the scheme has been determined using the black-scholes option
pricing calculator and is being amortised over the restrictive period.
OTHER CAPITAL RESERVES
NZ$00020212020
As at 1 April 35986
Expense for the year305273
Reversal to share capital (664)-
As at 31 March -359
NATURE AND PURPOSE OF RESERVES
The share-based payment valuation reserve is used to recognise the value of equity-settled share-based payments provided to
employees, including key management personnel, as part of their remuneration.
All other reserves are as stated in the consolidated statement of changes in equity.
FAIR VALUE
The fair value of the share options were estimated on the grant date, based on a valuation methodology having regard to the
Group valuation at grant date, expiry date of the options, exercise price, risk free interest rate, volatility and dividend yield.
Fair value of equity share options
Options

NZ$000
Opening value – 1 April 20194,675397
Changes during the period825267
Closing value – 31 March 20205,500664
Changes during the period(5,500)(664)
Closing balance – 31 March 2021--

19
FINANCIAL STATEMENTS
Notes to the Consolidated Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
Equity-settled Transactions
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate
valuation model.
The cost is recognised in the statement of comprehensive income, together with a corresponding increase in equity (share-based
payment reserve), over the period in which service and, where applicable, the performance conditions are fulfilled (the vesting
period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects
the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will
ultimately vest. The expense or credit in the statement of comprehensive income for a period represents the movement in
cumulative expense recognised as at the beginning and end of the period.
Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards,
but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments
that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions
attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting
conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also
service and/or performance conditions.
No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions
have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of
whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the
unmodified award, provided that the original terms of the award are met. An additional expense, measured as at the date
of modification, is recognised for any modification that increases the total fair value of the share-based payment transaction,
or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining
element of the fair value of the award is expensed immediately through profit or loss.
12. Borrowings
The Group borrows in the form of bank loans and other financial instruments. Funding costs associated with the Group’s borrowings
are shown in the note below.
Reconciliation of Liabilities arising from Financial Activities
NZ$00020212020
Bank loans
15,864 16 , 919
Value of derivatives used to manage changes in hedged risk on debt instruments
179 497
Economic debt
16,043 17,416
Less: Cash and cash equivalents (1,599) (8,337)
Net debt 14,444 9,079
Carrying Value of Borrowings included within the Balance Sheet as follows:
NZ$00020212020
Non-current borrowings
15,864 16 , 919
Total borrowings
15,864 16,919
Less: Cash and cash equivalents (1,599) (8,337)
Net debt 14,265 8,582

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2021
20
At reporting date, the Group had the following facilities:
NZ$00020212020
Utilised revolving credit facility
16,000-
Unutilised overdraft
5,000 -
Unutilised revolving credit facility
19,000 -
Total facilities 40,000 -
BANK LOANS
At 31 March 2021 the Group had secured a revolving credit facility under a Senior Facility Agreement, the security interest in the
personal property, and a fixed charge over the ‘other property’ (meaning real property, and anything that is not personal property),
of My Food Bag Group Limited, and an expiry date of 5 March 2024.
Interest rate comprises a line fee of 1.16% and the base rate (BKBM rate) plus a margin of 1.74%.
On 5 March 2021, the Group repaid the historical term loan facility with the proceeds from the primary capital raise.
The Group has met the covenant requirements for the year ended 31 March 2021.
Liquidity risk is the risk that the Group will encounter difficulty in meeting its financial commitments as they fall due. The Group
manages its liquidity risk by maintaining a target level of undrawn committed credit facilities and a spread of the maturity dates
of the Group’s debt facilities that it reviews on an ongoing basis.
The table below summarises the maturity profile of the Group’s financial liabilities based on contractual payments.
Period ended 31 March 2021
NZ$000On demand
Less than
3 months3 to 12 months1 to 5 yearsTotal
Trade and other payables
- (12,118) - - (12,118)
Bank loan
- - - (15,864)(15,864)
Lease liabilities
- -(2,542)(7,464)(10,006)
Financial Liabilities - (12,118)(2,542) (23,328)(37,988)
INTEREST RATE RISK
It is estimated a +10 basis point increase in interest rates would result in an increase in the Group’s interest costs by approximately
$4 thousand pre-tax on the Group’s debt portfolio.
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and
borrowings. The Group’s profit before tax is affected through the impact on floating rate borrowings, as follows:
Increase/decrease
in basis points
2021
Effect on profit
before tax
NZ$000
2020
Effect on profit
after tax
NZ$000
NZD
+104(478)
NZD
–104(516)
The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market environment.
The impact on equity is the same as the impact on profit before tax.
The Group enters into interest rate swaps to manage the interest rate risk on the bank loan.
As at 31 March 2021, the Group had an interest rate swap agreement in place for a total notional amount of $15,000 thousand whereby
the Group pays a fixed rate of interest of 2.785% and receives interest at a variable rate, which as at 31 March 2021 is 0.32%.
Deal dateMaturity dateInterest rate
Notional
amount
($000s) Pay frequency
Fair value
($000s)
Interest rate swaps25/11/201630/09/20210.32%15,000Quarter(179)

21
FINANCIAL STATEMENTS
13. Financial Instruments and Financial Risk Management
2 0 212020
NZ$000
Financial loans
and receivables
at amortised
cost
Financial
assets/liabilities
at fair value
(level 2)
Financial loans
and receivables
at amortised
cost
Financial
assets/liabilities
at fair value
(level 2)
Assets
Cash and cash equivalents1,599-8,337-
Trade receivables 460-1,537-
Total financial assets 2,059-9, 874-
Liabilities
Trade and other payables(12,118)-(11,388)-
Derivative financial liabilities-(179)-(497)
Finance lease liabilities(10,006)-(10,862)-
Bank loan(15,864)-(16,919)-
Total financial liabilities(37,988)(179)(39,169)(497)
Financial Instruments and Financial Risk Management
Financial assets and financial liabilities are recognised when a Group entity becomes a party to the contractual provisions
of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value
through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate,
on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value
through profit or loss are recognised immediately in profit or loss.
Financial Assets
The Group’s financial assets are classified, at initial recognition, and subsequently measured at amortised cost.
The Group measures financial assets at amortised cost if both of the following conditions are met:
• The financial asset is held with the objective to hold financial assets in order to collect contractual cash flows; and
• The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
The Group’s financial assets at amortised cost includes trade receivables.
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.
For trade receivables, the Group applies a simplified approach in calculating expected credit losses (ECLs). Therefore,
the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each
reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted
for forward-looking factors specific to the debtors and the economic environment.
The Group does not measure any assets at fair value through other comprehensive income (OCI) or fair value through
profit or loss.
FINANCIAL LIABILITIES
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans
and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
Notes to the Consolidated Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2021
22
Other Notes
14. Taxation

NZ$000
Year ended
2021
Year ended
2020
Current period6,4013 , 6 71
Adjustments for prior periods46(60)
Current tax expense6,4473,611
Origination and reversal of temporary differences74(541)
Recognition of previously unrecognised tax losses66
Deferred tax expense/(income)80(535)
Total income tax expense6,5273,076
Reconciliation of effective tax rate
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the tax rate applicable
in New Zealand as follows:

NZ$000
Year ended
2021
Year ended
2020
Profit before tax8,96911,256
Income tax using the Group tax rate 28%2,5113 ,15 2
(Under)/over provided in prior years46(60)
Non-deductible expenses3,970(16)
Income tax expense6,5273,076
Deferred income tax
As at 1 April(4,208)(4,804)
Impact of IFRS 16 adoption to retained earnings-61
(Under)/over provided in prior years-(6)
Charge/(credit) to statement of comprehensive income(74)5 41
As at 31 March(4,282)(4,208)

23
FINANCIAL STATEMENTS
The movement in deferred income tax assets and liabilities during the period, without taking into consideration the offsetting balances
within the same tax jurisdiction, is as follows:

NZ$000
Leases and
right-of-use
assets
Fixed
assetsDerivativesIntangibles
Accrual and
provisionsTax lossesTotal
As at 1 April 202035419 713 9(5,140)2366(4,208)
Credited/(charged) to the
statement of comprehensive income19(249)(89)-245-(74)
Credited/(charged) to equity -------
Deferred tax as at
31 March 2021373(52)50(5,140)4 816(4,282)
As at 1 April 2019
-6211 8(5,448)4586(4,804)
Credited/(charged) to the
statement of comprehensive income25413 521308(222)-496
Credited/(charged) to equity 100-----10 0
Deferred tax as at
31 March 202035419 713 9(5,140)2366(4,208)
Deferred income tax assets are recognised for tax loss carry-forwards to the extent that the realisation of the related tax benefit
through the future taxable profits is probable.
Imputation credit account
The imputation credit account balance in the Group as at 31 March 2021 is $0.5 thousand (2020: $2,072 thousand).
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
CURRENT TAX
The tax currently payable is based on taxable profit for the period. Taxable profit differs from ‘profit before tax’ as reported in
the consolidated statement of comprehensive income because of items of income or expense that are taxable or deductible in
other years and items that are never taxable or deductible. The Group’s current tax is calculated using tax rates that have been
enacted or substantively enacted by the end of the reporting period. Management periodically evaluates positions taken in tax
returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where
appropriate on the basis of amounts expected to be paid to the tax authorities.
DEFERRED TAX
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated
financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally
recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available
against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not
recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets
and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that
it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Notes to the Consolidated Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2021
24
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability
is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end
of the reporting period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in
which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current
tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on
either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
CURRENT AND DEFERRED TAX FOR THE PERIOD
Current and deferred tax are recognised in the statement of comprehensive income, except when they relate to items that are
recognised in other comprehensive income or directly in equity, in which case the current and deferred tax are also recognised
in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial
accounting for a business combination, the tax effect is included in the accounting for the business combination.
15. Related Party Transactions
Balances and transactions between the Group and its subsidiary, which are related parties of the Group, have been eliminated
on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are
disclosed below.
TRADING TRANSACTIONS
During the period, Group entities entered into the following trading transactions with related parties that are not members
of the Group:
NZ$000Directors’ feesOther feesTotal
J & C Robinson 47 - 47
T Gattung 23 - 23
K Roberts 25 - 25
C Marshall 37 - 37
P Maud 24 - 24
L Jenkins 24 - 24
N Lim - 263263
T Carter 29 16 45
J Macdonald 18 10 28
J Bunbury 14 8 22
S Hindle 14 - 14
Total 255 297 552
Other shareholder contributions:
NZ$00020212020
The APL Holdings Trust - 5 , 518
The Theresa Gattung Investment Trust - 5 , 518
The Lim & Bagrie Family Trust - 2,759
The Red Rose Trust - 1,533
Waterman Fund 3LP - 35, 767
Total-51,095
The shareholder contributions have been repaid in full during FY21.
The other shareholder contributions were historically classified as equity contributions as repayment is on mutual agreement of both
the borrower and the lender (or else they are perpetual) and the contributions are interest free. The other shareholder contributions
carry no voting rights.

25
FINANCIAL STATEMENTS
COMPENSATION OF KEY MANAGEMENT PERSONNEL OF THE GROUP
The following amounts were paid to key management personnel of the Group during the financial period:
NZ$00020212020
Short-term employee benefits 2 ,1912 ,12 6
Share-based payment transactions 202181
Total compensation paid to key management personnel 2,3932,307
Share-based Payments
From time to time related parties, senior executive and management personnel of the Group receive remuneration in the form
of share-based payments and render services as consideration for equity instruments (equity-settled transactions). During the
period 5.5 thousand options were executed by senior executives and related parties (James Robinson – 500 options,
Cecila Robinson – 500 options, Nadia Lim – 600 options, Kevin Roberts – 250 options). $1,535 thousand was received
by the Group on execution of the options and a tax benefit of $3,343 thousand has been recorded in Equity in respect of
employees who executed their options.
16. Operating Cash Flow Reconciliation
The reconciliation of profit before tax to net cash flows from operations is as follows:
NZ$00020212020
Net profit before taxation8,96911,256
Adjustments for non-cash items:
Depreciation on property plant and equipment 6 74844
Amortisation on intangible assets1,5402,073
Non-cash movements in intangible assets31 0(22)
Gain/loss on sale of property, plant and equipment (15)13
Derivative financial instruments (318)74
Share-based payment expense359273
Depreciation on right-of-use assets2,554 1,395
Lease modifications - 352
Changes in assets and liabilities
(Increase)/decrease in trade and other receivables1, 077(410)
(Increase)/decrease in packaging151(115)
(Increase)/decrease in raw materials work in progress(259)(500)
(Increase)/decrease in prepayments(661)(58)
Increase/(decrease) in trade and other payables73 01,10 0
Increase /(decrease) in deferred revenue(2,396)4,729
Increase/(decrease) in other liabilities1,09222
(Increase)/decrease finance leases relating to operating cash flows - 581
Income tax paid (3,858)(2,406)
Offer costs not included in operating cash flow14 ,115-
Positive net cash flows from operating activities24,06419,201
Notes to the Consolidated Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2021
26
17. Contingent Liabilities
The Group has no contingent liabilities (2020: Nil).
18. Capital Commitments
The Group has capital commitments of $35 thousand (2020: $1,015 thousand).
19. Comparison to Prospective Financial Statements
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
NZ$000
Actual
2021
Unaudited
prospective
2021
Income190,710189,499
Cost of sales(141,913)(141,430)
Gross profit48,79748,069
Marketing expenses(4,527)(4,531)
Financing expenses(1,690)(1,764)
Indirect expenses(19,223)(19,390)
Other income32-
Share-based payment expense(305)(305)
Offer costs(14,115)(14,634)
Net profit for the year – before tax8,9697, 4 4 5
Income tax expense(6,527)(6,679)
Net profit for the year – after tax2,442766
Total comprehensive income for the year 2,442766
Earnings per Share
Basic profit for the year attributable to ordinary equity shareholders of the parent 0.01 0.00
Diluted profit for the year attributable to ordinary equity holders of the parent 0.01 0.00
EXPLANATION OF VARIANCES
The key variances to the PFI were:
• Higher sales volumes drove the gross profit variance.
• Financial expenses are less due to the gain of financial derivatives.
• Offer costs were lower than estimated.
* This information is sourced from the Product Disclosure Statement (PDS) and where necessary the prospective information has been aligned to the statutory financial statement format.
*

27
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Actual

NZ$000
Share
capital
Other
shareholder
contributions
Retained
earnings
Share-based
payment
valuation
reserve
Total
equity
Balance at 1 April 20201,00051,0955,76935958,223
Profit for the period--2,442-2,442
Total comprehensive income for the year--2,442-2,442
Cash dividends--(13,349)-(13,349)
Share-based payment expense---305305
Vesting of employee share options5 , 5 41--(664)4,877
Offer costs capitalised to equity(2,046)---(2,046)
Proceeds from primary issuance54,841---54,841
Repayment of shareholder loans-(51,095)--(51,095)
Balance at 31 March 202159,336-(5,138)-54,198
Prospective (unaudited)*

NZ$000
Share
capital
Other
shareholder
contributions
Retained
earnings
Share-based
payment
valuation
reserve
Total
equity
Balance at 1 April 20201,00051,0955,76935958,223
Profit for the period--76 6-76 6
Total comprehensive income for the year--766-766
Cash dividends--(13,287)-(13,287)
Share-based payment expense---305305
Vesting of employee share options5,685--(664)5,021
Offer costs capitalised to equity(2,033)---(2,033)
Proceeds from primary issuance54,841---54,841
Repayment of shareholder loans-(51,095)--(51,095)
Balance at 31 March 202159,493-(6,752)-52,741
EXPLANATION OF VARIANCES
Total equity is higher than PFI due to the higher profit during the PFI period.
Notes to the Consolidated Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
* This information is sourced from the PDS and where necessary the prospective information has been aligned to the statutory financial statement format.

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2021
28
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
NZ$000
Actual
2021
Unaudited
prospective
2021
Assets
Current
Cash and cash equivalents1,599-
Trade and other receivables4601,18 2
Raw materials work in progress1,024458
Packaging19 2287
Prepayments9 51876
Other current assets5297
Total current assets4,2782,900
Non-current
Property, plant and equipment3 , 11 83 ,16 5
Intangible assets86,06385,866
Non-current lease receivable308306
Right-of-use assets8,6188,562
Total non-current assets98,10797,899
Total assets102,385100,799
Liabilities
Current
Trade and other payables(12,118)(11,079)
Deferred revenue(2,682)(3,452)
Lease liabilities (2,542)(2,498)
Derivative financial liabilities(179)(395)
Other current liabilities(1,980)(1,438)
Bank loan-77
Current tax liability(826)(824)
Total current liabilities(20,327)(19,609)
Non-current
Lease liabilities (7,464)(7,453)
Bank loan(15,864)(16,248)
Deferred tax liability(4,282)(4,498)
Provision(250)(250)
Total non-current liabilities(27,860)(28,449)
Total liabilities(48,187)(48,058)
Net assets54,19852,741
Equity
Share capital59,33659,493
Retained earnings(5,138)(6,752)
Other shareholder contributions--
Share-based payment reserve--
Total equity 54,19852,741
EXPLANATION OF VARIANCES
Cash and cash equivalents are up on PFI due to higher profit in the PFI period. Trade and other receivables are lower than PFI due to the
reduction in supplier rebates as a result of supplier renegotiations. This has caused trade and other payables to be higher due to changes in
supplier payment terms.
* This information is sourced from the PDS and where necessary the prospective information has been aligned to the statutory financial statement format.
*

29
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS

NZ$000
Actual
2021
Unaudited
prospective
2021
Operating activities
Cash was provided from:
Receipts from customers188,291187,873
Interest received13-
Proceeds from insurance--
Cash was disbursed to:
Payments to suppliers and employees(158,684)(159,835)
Interest paid (1,698)(1,654)
Tax paid(3,858)(3,664)
Net cash flows from operating activities24,06422,720
Investing activities
Cash was provided from:
Proceeds from sale of property, plant and equipment7-
Cash was applied to:
Purchase of property, plant and equipment(674)(719)
Payments for development of digital assets(2,315)(2,201)
Net cash flows from investing activities(2,982)(2,920)
Financing activities
Cash was provided from:
Proceeds from issue of shares 54,84154,841
Proceeds from repayment of shareholder options 1,5351,535
Proceeds from borrowings 67,09567,436
Cash was applied to:
Principal payments on leases(2,226)(2,439)
Dividends paid(13,349)(13,288)
Repayment of borrowings (68,095)(68,095)
Equity repurchase(51,095)(51,095)
Offer costs(16,161)(16,667)
Borrowing establishment costs(365)(365)
Net cash flows from financing activities(27,820)(28,137)
Net increase / (decrease) in cash flows(6,738)(8,337)
Cash and cash equivalents at the beginning of the period8,3378,337
Cash and cash equivalents at the end of the period 1,599-
EXPLANATION OF VARIANCES
Cash and cash equivalents are up on PFI due to higher profit in the PFI period.
* This information is sourced from the PDS and where necessary the prospective information has been aligned to the statutory financial statement format.
Notes to the Consolidated Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2021
*

30
FINANCIAL STATEMENTS
Independent Auditor’s Report
FOR THE YEAR ENDED 31 MARCH 2021
To the Shareholders of My Food Bag Group Limited
OPINION
We have audited the financial statements of My Food Bag Group Limited (“the company”) and its subsidiary (together “the group”)
on pages 2 to 29, which comprise the consolidated statement of financial position of the group as at 31 March 2021, and the
consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash
flows for the year then ended of the group, and the notes to the consolidated financial statements including a summary of significant
accounting policies.
In our opinion, the consolidated financial statements on pages 2 to 29 present fairly, in all material respects, the consolidated
financial position of the group as at 31 March 2021 and its consolidated financial performance and cash flows for the year then
ended in accordance with New Zealand equivalents to International Financial Reporting Standards and International Financial
Reporting Standards.
This report is made solely to the company’s shareholders, as a body. Our audit has been undertaken so that we might state to
the company’s shareholders those matters we are required to state to them in an auditor’s 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 and the company’s
shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the group in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance
Practitioners (including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance
Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor we have no relationship with, or interest in, the company or its subsidiary. Partners and employees
of our firm may deal with the group on normal terms within the ordinary course of trading activities of the business of the group.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated
financial statements of the current year. These matters were addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each
matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of
the audit report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed
to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures,
including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying
consolidated financial statements.
A member firm of Ernst & Young Global Limited


Information other than the financial statements and auditor’s report
Those charged with governance are responsible for the Annual Report, which includes information other
than the financial statements and auditor’s report which is expected to be made available to us after the
date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained during the audit, or otherwise appears to be materially
misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and, if uncorrected, to take
appropriate action to bring the matter to the attention of users for whom our auditor’s report was
prepared.
Those charged with governance responsibilities for the financial statements
Those charged with Governance are responsible, on behalf of the entity, for the preparation and fair
presentation of the financial statements in accordance with Public Benefit Entity Standards Reduced
Disclosure Regime, and for such internal control as those charged with governance determine is
necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, those charged with governance are responsible for assessing on
behalf of the entity the Foundation’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless those charged
with governance either intend to liquidate the Foundation or cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an
audit conducted in accordance with International Standards on Auditing (New Zealand) will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board website: https://www.xrb.govt.nz/standards-for-assurance-
practitioners/auditors-responsibilities/audit-report-8/. This description forms part of our auditor’s report.


Chartered Accountants
Auckland
27 September 2019

MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2021
31
Independent Auditor’s Report (continued)
REVENUE
Why significantHow our audit addressed the key audit matter
The group’s principal revenue stream is the sale of meal kits.
Revenue is recognised at the time of delivery of the meal kit.
Revenue is presented net of any sales discounts.
As customers pay for meal kits in advance of delivery, revenue
recognition is deferred until delivery of the meal kits. As a result,
at balance date, cash received in relation to undelivered meal
kits is deferred on the statement of financial position and
presented as a liability.
The volume of meal kits sold and the receipt of cash in advance
of delivery increases the likelihood that revenue is recorded
in the incorrect period.
Disclosures in relation to the group’s revenue are included
in note 1 to the consolidated financial statements.
In obtaining sufficient appropriate audit evidence, we:
• used data analytical techniques to assess the correlation
between revenue, deferred revenue and cash;
• validated a sample of cash receipts related to revenue
transactions;
• assessed the appropriateness of the deferred revenue
balance at year end by reference to deliveries subsequent
to balance date;
• analysed credit notes issued subsequent to balance date to
assess whether these indicated that revenue was incorrectly
recognised in the 2021 financial year; and
• considered the adequacy of the associated disclosures
in the consolidated financial statements.
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT
The directors of the company are responsible for the Annual Report, which includes information other than the consolidated financial
statements and auditor’s report which is expected to be made available to us after the date of this auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge
obtained during the audit, or otherwise appears to be materially misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the
matter to those charged with governance and, if uncorrected, to take appropriate action to bring the matter to the attention of users
for whom our auditor’s report was prepared.
DIRECTORS’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the consolidated financial statements
in accordance with New Zealand equivalents to International Financial Reporting Standards and International Financial Reporting
Standards, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the entity the group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the group or cease operations, or have no realistic alternative but to do so.
A member firm of Ernst & Young Global Limited


Information other than the financial statements and auditor’s report
Those charged with governance are responsible for the Annual Report, which includes information other
than the financial statements and auditor’s report which is expected to be made available to us after the
date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained during the audit, or otherwise appears to be materially
misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and, if uncorrected, to take
appropriate action to bring the matter to the attention of users for whom our auditor’s report was
prepared.
Those charged with governance responsibilities for the financial statements
Those charged with Governance are responsible, on behalf of the entity, for the preparation and fair
presentation of the financial statements in accordance with Public Benefit Entity Standards Reduced
Disclosure Regime, and for such internal control as those charged with governance determine is
necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, those charged with governance are responsible for assessing on
behalf of the entity the Foundation’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless those charged
with governance either intend to liquidate the Foundation or cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an
audit conducted in accordance with International Standards on Auditing (New Zealand) will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board website: https://www.xrb.govt.nz/standards-for-assurance-
practitioners/auditors-responsibilities/audit-report-8/. This description forms part of our auditor’s report.


Chartered Accountants
Auckland
27 September 2019

32
FINANCIAL STATEMENTS
EY Sig.pdf 1 19/05/21 2:22 PM
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards
on Auditing (New Zealand) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located at the External Reporting
Board’s website: https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/.
This description forms part of our auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Brent Penrose.
Chartered Accountants
Auckland
21 May 2021
A member firm of Ernst & Young Global Limited


Information other than the financial statements and auditor’s report
Those charged with governance are responsible for the Annual Report, which includes information other
than the financial statements and auditor’s report which is expected to be made available to us after the
date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained during the audit, or otherwise appears to be materially
misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and, if uncorrected, to take
appropriate action to bring the matter to the attention of users for whom our auditor’s report was
prepared.
Those charged with governance responsibilities for the financial statements
Those charged with Governance are responsible, on behalf of the entity, for the preparation and fair
presentation of the financial statements in accordance with Public Benefit Entity Standards Reduced
Disclosure Regime, and for such internal control as those charged with governance determine is
necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, those charged with governance are responsible for assessing on
behalf of the entity the Foundation’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless those charged
with governance either intend to liquidate the Foundation or cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an
audit conducted in accordance with International Standards on Auditing (New Zealand) will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board website: https://www.xrb.govt.nz/standards-for-assurance-
practitioners/auditors-responsibilities/audit-report-8/. This description forms part of our auditor’s report.


Chartered Accountants
Auckland
27 September 2019

myfoodbag.co.nz

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34.0
37.6
Retained customersAcquired and reactivated customers
FY20FY21

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28.2%
H1H2H1H2
FY20FY21
Contribution Margin $CM%

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