FY21 Financial Results

Results announcement




Results for announcement to the market
Name of issuer Blis Technologies Limited
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
$10,613 0%
Total Revenue $10,613 0%
Net profit/(loss) from
continuing operations
$564 (65%)
Total net profit/(loss) $564 (65%)
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay a dividend for the 12 months to 31
March 2021.
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
$0.0031 $0.0039
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please see attached result announcement for commentary on
the result.
Authority for this announcement
Name of person

authorised
to make this announcement
Richard Wingham
Contact person for this
announcement
Richard Wingham
Contact phone number +64 21 284 0446
Contact email address richard.wingham@blis.co.nz
Date of release through MAP

27/05/2021

Audited financial statements accompany this announcement.

---

For the Year Ended 31 March 2021

2021 Annual Report
2
2021 Annual Report
2
FY21 was a year
of investment for the
future, with significant
allocation of resources
and funds toward longer-
term growth opportunities.
Despite volatile market conditions
arising from the COVID-19
pandemic, Blis achieved a
profitable year while also
establishing future
growth initiatives.

Blis Technologies Limited3Blis Technologies Limited3
Contents
Highlights 4
Our Year 6
Chairman’s Report 8
Chief Executive’s Report 9
Spotlight On Skin 12
Spotlight on Canada 14
Spotlight on Tmall 15
Sustainability 16
Board of Directors 20
Executive Team 22
Statement of Corporate Governance 23
Directors’ Interests 34
Directors’ Responsibility Statement 36
5 Year Trend 37
Consolidated Statement of Comprehensive Income 39
Consolidated Statement of Changes in Equity 40
Consolidated Balance Sheet 41
Consolidated Statement of Cashflows 42
Notes to and Forming Part of the Consolidated Financial Statements 43
Additional Stock Exchange Information 62
Auditor’s Report 64
Company Directory 67

Capability build
Key new hires:
2021 Annual Report
4
FY21 Summary.
Finished product sales
through traditional

retail channels
-38
%
PROFIT
$
0.6m
New market launches
• Canada
• China Cross Border e-commerce
Tmall Flagship store
New product launch
• BLIS Q24 our 3rd commercial probiotic strain
• Unconditional Skincare Co. - Live Probiotic
Hydration Serum
EBITDA
$
1.0m
$
10.6m
Revenue
maintained in a
challenging

environment
Regulatory
approvals
India BLIS K12™ and BLIS M18™
approval.
e-commerce
Director
People and
Culture Manager
Category Manager
ENT/ Immunity
Category
Manager Skin
Global Ingredients
and Private Label
Account Manager
Product
Technical Lead
Health Canada approval of
finished product range
Finished product
sales through

e-commerce channel
+22
%
Ingredient revenue
+12
%

Blis Technologies Limited5
Strategy.
The COVID-19 pandemic and rapidly changing market trends presented
an opportunity for Blis to refresh its strategy ensuring responsiveness to
capitalise on growth opportunities. Key features of this refresh are
a commitment to continue building our e-commerce capability recognising
the strong trends toward this channel and our early success. Along
with this we will continue to heavily invest in our pipeline driving new
innovation across three probiotic health and wellness targets.
Purpose
Developing breakthrough probiotic solutions for the health and wellbeing
of global consumers.
Strategic priorities
Build our branded finished product e-commerce sales presence.
A strategic emphasis on growth through the D2C e-commerce channel.
Prioritised markets: Australasia, USA, China Cross-Border e-commerce
(CBEC), Canada
Supported by retail finished goods presence in NZ, Australia, Canada
Launch into skincare, our third health and business stream
Health and wellbeing targets:
• ENT/ immunity
• Dental health
• Skincare
Targeted ingredient activity to drive scale
Complementary B2B Ingredients opportunities to drive further scale
Prioritised markets: USA, Europe, Japan, China
Invest in our pipeline
Strong investment in R&D, new product development (NPD) and IP
protection

2021 Annual Report
6
Our year.
Apr
2020
Aug
2020
Nov
2020
Dec
2020
New director
appointment
Tony Balfour
Health Canada
NPN Numbers
GreenLab
Certification
PurityLife
appointment
as distributor
for Canada
RooLife
appointment
as CBEC service
provider

Blis Technologies Limited7
Jan
2021
Mar
2021
Apr
2021
BLIS
PROBIOTICS™
Tmall flagship
store launch
Internal launch
of Faster and
Smarter- Business
transformation
programme
Unconditional
Skincare Co.
website live
and prelaunch
activity initiated
BLIS K12™ and
BLIS M18
™
approval
in India
BLIS PROBIOTICS™
feature with
John Tagg on
Bulletproof radio
BLIS PROBIOTICS™
launch to trade in
Canada at Canadian
Health Foods
Association (CHFA)
virtual tradeshow
BLIS PROBIOTICS™
portfolio launched
on Amazon
Canada platform

2021 Annual Report8
Chairman’s
Report.
Dear shareholder,
The Board is delighted to report to you on a year of significant
investment into growth opportunities.
The year has been accentuated by the challenges and
disruptions caused by the COVID-19 pandemic. At the beginning
of the year, the safety and wellbeing of our people under
these changed conditions was a priority focus. The board
would like to acknowledge and thank all the Blis team for
their responsiveness to quickly adapt to the changing work
environment.
Despite the disruptions caused by COVID-19 we remained
committed to increasing investment into new market and
product growth initiatives. Company revenues of $10.6m were
held at a similar level to last year and an EBITDA of $1.0m was
recorded after $0.9m of market development and product
development costs.
Changes in market conditions and consumer behaviours
provided us with a new lens to view strategy delivery. For
example, international travel and social gathering restrictions
impeded traditional in-market development activities, along
with this consumer concern for health and well-being has
increased and there has been a significant move to online
purchasing.
Our purpose: The delivery of breakthrough probiotic solutions
for better health and well-being, aligns strongly with consumers
heightened interest in health and wellness.
While the pharmacy retail channel is still a very important
aspect of our business model, the extent of a pharmacy retail
recovery and outlook remains uncertain. So, this last year for
us has been about shifting focus and resource toward building
e-commerce and direct to consumer capabilities that provide
platforms to directly grow the company’s branded finished
goods business.
The immediate focus is investing into areas that will generate
sales growth. We are resourcing for this growth with staff
numbers increasing to 29 over the year and subject to hitting
our sales targets staff numbers could potentially double within
next 2-3 years.
As a board we are mindful of the lag between investment
and the resulting revenue growth. Until the benefits of these
growth initiatives are realised, shorter term profitability will be
impacted due to the front-end phasing of investment.
As a company looking forward longer term, your board believes
Blis is very well placed for substantial growth through new
market and product development. Being domiciled in New
Zealand has advantages, however to achieve meaningful
scale internationally we will need collaborations with
established international companies capable of leveraging our
breakthrough technologies. This is an ongoing area of focus that
we are actively progressing.
This report will highlight for you the areas of achievement that
we are proud of and the challenges that we faced during the
year along with the progress that we are making as a company
toward a being more sustainable and substantial business.
Finally, on behalf of the board, a big welcome to the new staff
who have joined the company during the year and thank you
to Brian and the Blis team for their efforts and achievements
across the year.
Tony Offen
Chairman

Blis Technologies Limited9
Chief Executive’s
Report.
Our programme of investment in new
markets and product pipeline initiatives
is the cornerstone growth driver for the
future success of Blis. We have made good
progress on the foundations for future
year growth with pleasing progress in new
market development and new product
launches.
Key progress includes:
• CBEC – launch of the BLIS PROBIOTICS™ Tmall flagship
store
• Canada – Launch onto Amazon and launch to trade with
our partner Purity Life.
• Launch of Unconditional Skincare Co. brand, with our first
product the Live Probiotic Hydration Serum using BLIS
Q24™.
These developments occurred late in the financial year so
have had little effect on revenue for FY21 however the upfront
investment has added to our cost base. FY21 costs include
approximately $0.9m of costs associated with establishing new
market and product opportunities without matching revenue,
but these developments are expected to drive revenue in FY22
and beyond. To date we are pleased with the early performance
of these important new revenue drivers.
People and performance
As COVID-19 spread around the world in February and
March 2020 we had to consider how to look at Blis through
a different lens. Our initial view was that two areas clearly
needed to be prioritised so that we could effectively respond
to the challenging environment that was unfolding in front of
us - the safety and wellbeing of our people and maintaining
business momentum under changed working conditions. We
are extremely proud of the way our staff responded to these
challenges. As an Essential Business, we were able to continue
production and logistics operations during the lockdowns.
Overall our staff adapted quickly to new working practices to
maintain momentum across our core business functions. It was
tremendous to see the care and concern they showed for their
workmates and their families. The willingness to review and
adapt work processes to keep everyone safe demonstrated a
“can do” culture within our workforce.
As conditions stabilised, we initiated a recruitment drive,
having recognised we were both under resourced in certain
areas and would benefit from specific skills to support our
growth aspirations. Key hires that have been made to build Blis’
capability include an e-commerce director, category manager
Skin, category manager ENT/ Immunity, global ingredients
and white label account manager, product technical lead, and
people and culture manager.
Key to delivering on our growth aspirations is a focus on
extremely efficient execution of our priorities. “Faster and
Smarter” is a business transformation programme that will
enable us to focus on project delivery. We are already seeing
benefits as a result of a clearer and more transparent approach
to tracking of project milestones, problem-solving and rapid
decision making .
Pipeline progress
A deliberate increase in the level of R&D investment over the last
couple of years is now delivering significant opportunities.
Highlights
• Launch of our third commercial probiotic strain BLIS Q24™
and our first skincare product, the Unconditional Skincare
Co. Live Probiotic Hydration Serum.
• New patent filings:
◊ BLIS K12™ new use against respiratory infections,
new oral composition, new fermentation formulation
(ownership interest)
◊ BLIS M18™ new oral composition, new fermentations
formulation (ownership interest)
◊ BLIS Q24™ Topical composition and use
• A strong pipeline of new product development targets:
Skin and personal care probiotic offers, Dental care
including probiotic toothpaste, virus/ immunity
We continue to develop variations on existing product lines to
extend the range. Several variations are intended to be brought
to market in the current year.

2021 Annual Report
10
Chief Executive’s Report continued
Financial overview
Company revenues of $10.6m were at a similar level to last year with
an EBITDA of $1.0m after $0.9m of additional one-off market and
product development costs.
Over the past 12 months our existing retail sales channels have been
severely impacted by the covid pandemic driven reduction in foot
traffic through retail stores. While consumers have quickly adapted
to buying online, their purchasing patterns have required us to
boost the online profile of Blis products.
The increased online buying trend has supported the build of
our internal e-commerce capability and emphasising a digital e-
commerce strategy supported by distribution partnerships which
complement Blis’ own in-market activities.
Notable recent e-commerce developments which are expected to
make a meaningful contribution to future revenue growth include:
• In January 2021, Blis launched the BLIS PROBIOTICS™ store on
Alibaba’s TMall Global marketplace, the largest cross-border
marketplace in China. This represents the next stage of the
company’s CBEC strategy.
• In Canada we recently launched our products on Amazon.
This activity will be complemented by retail pharmacy and
health store activity with our distribution partner Purity Life
Health Products. We have now supplied the first shipment for
pharmacy distribution.
• More recently we announced the launch of our new
breakthrough skincare product under the Unconditional
Skincare Co. brand. The Live Probiotic Hydration Serum
will initially be sold exclusively on our own e-commerce
platform www.unconditionalskin.com.
These developments occurred late in the financial year so
have had limited impact on FY21 revenue but sees Blis well set
for significant future revenue streams.
Regional performance
In regions where we have traditionally been strong in the
pharmacy channel the trading conditions have been more
challenging. It has been widely reported that based on
lockdowns and shifting shopping patterns, foot traffic to retail
locations is down around the world. In line with this we have
seen weaker sales in our pharmacy-based channel. In markets
where we have a strong e-commerce customer and consumer
base, we have seen more favourable results.
Asia Pacific
Revenue decline of 35% to $2.4 m
Post the COVID-19 outbreak, we have noted the ongoing
impact on retail pharmacy foot traffic and the trend towards
greater online purchase of dietary supplements in both
Australia and New Zealand.
-
22
%
-
35
%
Asia PacificNorth America
$
2.4m
$
3.1m
$
5.1m
Europe/
Middle East/
Africa
+
71
%
Revenue Growth Trend
NZ$ Millions
12
10
8
6
4
2
0
F Y17F Y18
FY19FY20FY21
5 Year CAGR +14%

Blis Technologies Limited11
Chair & Chief Executive’s Report continued
Blis Technologies Limited
Chief Executive’s Report continued
11
Brian Watson
Chief Executive Officer
To date our business model in Australia has been
primarily focused on the pharmacy retail channel
through a distribution relationship with iNova
Pharmaceuticals (iNova), without a strong presence
online to drive e-commerce sales. We have mutually
agreed that the existing distribution relationship will
be wound up allowing Blis to pursue an integrated
channel strategy for Australia. In line with our strategic
emphasis on D2C e-commerce sales opportunities, Blis
will progress plans to build a stronger online presence in
the Australia market for the BLIS PROBIOTICS™ branded
range and coordinate this with the brand’s presence in
retail pharmacy. To support this retail activity we are in
negotiations with a new partner strongly aligned with
natural healthcare that brings complementary strengths
to support the brand’s presence in the market.
In New Zealand, unlike Australia, we have a well-
established e-commerce business and were able to
generate a 5% increase in sales through our website to
New Zealand based customers to partially offset the soft
retail sales.
We have made pleasing progress targeting the
Chinese based consumer through our focus on China
cross border e-commerce. Key to this has been our
partnership with RooLife and the launch of the BLIS
PROBIOTICS™ Tmall flagship store in January 2021.
Although off a small base in the previous year we have
seen strong growth in our CBEC channel sales.
Japan sales were similar to the previous year in spite
of challenging market conditions with COVID-19
restrictions. Japan remains an important market for our
ingredient and white label sales longer term.
Europe Middle East and Africa
Revenue decline of 22% to $3.1 m
This region was significantly impacted by extended
lockdowns and restrictions in sales representatives’
access to pharmacies and health professionals. Along
with this our partners have reported a very mild
northern hemisphere cold and flu season as a result of
these COVID-19 lockdowns and other hygiene practices.
Overall, these have resulted in a 22% decline in revenue.
We have also moved our distributor relationship with
Bluestone Pharma (BSP) in Europe and the Middle East
to non-exclusive allowing us to pursue complementary
revenue opportunities and partnerships across the
region. We will continue to support BSP with their
existing customer base and new customer opportunities
they are targeting, but will actively look for growth
opportunities beyond this.
North America
Revenue growth of 71% to $5.1 m
Our USA business is heavily focused on the e-commerce channel and
as a result has performed particularly well. We experienced strong
ingredient sales to customers selling within the e-commerce channel
resulting in 84% growth of ingredient revenue in this region. Along with
this we have seen 23% growth of our Finished Product portfolio sold
on the Amazon USA platform.
The Canada launch presents a new attractive market opportunity
in both retail and e-commerce. In March 2021 we launched our BLIS
PROBIOTICS™ portfolio onto Amazon Canada with strong claims based
on our Health Canada approvals. This launch was delayed based on
COVID-19 so has had little impact on our FY21 result. Following on from
this we have initiated pharmacy and health store trade activity with
our distribution partner PurityLife to launch the product range at the
April Canada Health Foods Association virtual trade show. This launch
activity has been enthusiastically received by the industry recognising
the innovation and strong claim opportunities across our range.
Health and safety
A key focus was our response to the changing Alert Levels in response
to COVID-19. The H & S committee effectively led guidance to the
business with each change ensuring the company adhered to safe
working practices and staff were supported through the uncertainty of
a changing environment.
It has been pleasing to see how the H & S committee has quickly
responded to a very different challenge, highlighting the maturity we
have built into our processes as a business.
Outlook
Meaningful longer-term growth and value creation will require
ongoing investment upfront. Over the short term, we expect to return
to revenue growth, with increases in costs as part of the company’s
strategic evolution to a D2C e-commerce and R&D business and
building internal capabilities likely to result in neutral earnings growth
until the benefits of the new strategy are realised.
It is our expectation that over the longer-term horizon finished
products will contribute to the majority of Blis’ sales revenue.
Blis will continue to invest in innovation and science and build on
its pioneering research to realise the full potential of probiotics in
improving human health and wellbeing and assessing other market
opportunities.
We continue to actively seek collaboration agreements with aligned
industry partners for their international reach.

2021 Annual Report
12
In March 2021, Blis Technologies
launched a new probiotic strain
BLIS Q24™, in the form of a live
topical probiotic for cosmetic
use under the brand name
Unconditional Skincare Co.®
BLIS Q24™ is a strain of Micrococcus luteus, a bacteria naturally found on
the skin which had been discovered by Prof. John Tagg in the early 2000’s.
BLIS Q24™ has a range of benefits that have been demonstrated in the
lab including being effective against bacteria that can contribute to acne,
eczema and other skin conditions.
The first product under the brand is the Live Probiotic Hydration Serum:
Powered by BLIS Q24™. The product consists of two chambers: one that
contains the probiotic serum, the second containing a rich hydration
cream. The components are pumped together in specific measures and
mixed together in the hands before being applied to the face.
A key to the product is that the BLIS Q24™ is kept alive at beneficial levels.
As with all Blis probiotics, the quality of the probiotic strain over shelf-life is
paramount.
Significant research and development time was spent in the formulation
and procurement of packaging that would keep the product at optimum
quality for its shelf life of 2 years.
The product is available exclusively at www.unconditionalskin.com
currently shipping within NZ and Australia. The full launch of the brand
in mid May will see a NZ-wide advertising campaign including outdoor,
influencer programs and strong digital advertising.
Our Live Probiotic Hydration Serum is a true live probiotic. The BLIS Q24® strain works with
your skin microbiome to balance, hydrate and restore your skin to its happy, glowy best.
Bring peace to
your biome
unconditionalskin.com
Introducing the new Live Probiotic
Hydration Serum powered by BLIS Q24®
Spotlight
on Skin.

Blis Technologies Limited13
Our Live Probiotic Hydration Serum is a true live probiotic. The BLIS Q24® strain works with
your skin microbiome to balance, hydrate and restore your skin to its happy, glowy best.
Bring peace to
your biome
unconditionalskin.com
Introducing the new Live Probiotic
Hydration Serum powered by BLIS Q24®

2021 Annual Report
14
Spotlight
on Canada.
The initial range of BLIS PROBIOTICS™ was launched on
Amazon Canada in February 2021 after the COVID-19 pandemic
delayed the launch planned for the previous calendar year.
The initial portfolio consists of 4 products and will be
distributed into the retail channel through PurityLife; Canada’s
largest distributor for natural health products. The brand
was officially launched to the trade at the recent CHFA virtual
trade show (April 16th) and received positive feedback. BLIS
PROBIOTICS™ are recognized as the originators and the experts
in oral targeted probiotics and retailers are excited by this
innovation coming to their shelves. The claims approved by
Health Canada as reflected on our packaging, are strong and
clear and this provides an immediate understanding of the
preventative nature of BLIS PROBIOTICS™ and how they can
be used. This allows consumers to easily identify what the
products are for and the potential health benefits of each.
Over the next few months we will be working to educate
retailers about the product range so they feel confident in
recommending the products correctly and answering questions
that consumers may have.
The main category launch is scheduled for September to align
with the refresh of supplement lines by retailers in the build up
to winter.

Blis Technologies Limited15
Spotlight
on Tmal l .
In January 2021 Blis Technologies along with their e-commerce and digital
agency RooLife (ASX:RLG) officially launched the BLIS PROBIOTICS™ flagship
store on Alibaba’s Tmall Global marketplace. RooLife is exclusively providing the
digital marketing services and online store operation to promote and sell the BLIS
PROBIOTICS™ range to Chinese consumers.
As China’s largest cross-border marketplace, Tmall Global is the premier channel
through which overseas brands and retailers can reach Chinese consumers,
build brand awareness and gain valuable consumer insights making it the ideal
platform for marketing and selling BLIS PROBIOTICS™.
The launch is supported by extensive digital marketing activities on China’s
leading social platforms like WeChat, Little Red Book and Weibo and working
closely with live-streamers and key opinion leaders.

2021 Annual Report
16
Sustainability.
Early in the financial year we formed an Environment, Social and
Corporate Governance (ESG) committee with representation from
across the business to map out and monitor company goals and
priorities for the year.
The committee established the
following set of core principles
to guide thinking and outcome
measurement:
• Define what sustainability means for
us as a business
• Develop sustainability goals for Blis
that are meaningful and relevant to
our stakeholders
• Define a framework and measures
for us to track and report on our
performance against these goals
• Embed these goals and metrics within
the business to deliver measurable
change

Four key areas of focus were
identified to underpin a meaningful
sustainability programme.
• Advance Health and Wellbeing
• Be a valuable contributor to society
• Reduce our environmental impact
• Contribute to an innovation economy
Goals have been identified that
are relevant and meaningful to key
stakeholder groups:
• Our people (staff, their families and
directors)
• Shareholders
• Customers and consumers
• Dunedin and the wider New Zealand
community
• Suppliers

Blis Technologies Limited17
Sustainability continued
Progress update
- key focus areas
Advance Health and Wellbeing
• Improving access to our product range with the aim of
improving the health and wellbeing of consumers.
• A focus on quality and continuous improvement across our
product range and service.
• The health, safety and wellbeing of our people including
ongoing provision of a staff and families free counselling
programme for support and guidance to enhance work
performance and improve home and personal wellbeing
yearly health checks and flu vaccinations for staff.
Be a valuable contributor to society
We recognise and value our contribution to the local economy
through employment, supplier relationships and export
revenues. Focus areas have included:
• High quality employment opportunities:
◊ We are committed to paying the living wage
◊ We value and embrace diversity in our staff
◊ Development programmes across our staff
• Supporting local businesses where practical and relevant.
• Sponsorship of high performing regional sports teams:
Highlanders, Southern Steel, Otago Nuggets.
Reduce our environmental impact
FY21 has been a year for establishing an understanding of our
carbon footprint, and setting a baseline measurement from
which initiatives can be established in areas of greatest impact
in order to deliver meaningful reductions.
Our initial focus areas have been to implement changes to our
supply chain efficiency through the use of offshore third party
logistics partners and warehousing, moving to recyclable and
biodegradable courier packaging and improving sustainability
practices in our R&D Lab.
Blis is proud to be the first NZ based laboratory to complete the
international My Green Lab certification process achieving the
highest level of certification. A case study is set out on page 19.
We believe introducing and embedding a sustainability mindset
within the business will be most successful when behaviour
change is visible and encouraged, allowing our staff to identify
and measure the benefit of changes to processes. Examples
of initiatives that have been successfully introduced and now
operate across Blis include paperless work practices and sound
“Reduce, Reuse and Recycle” practices.
At our production site we strive to reduce waste with KPI’s
focused on waste reduction and “Right first time” culture.
Contribute to an innovation economy
As a business, our science is world leading and provides
researched-backed health solutions. Our research aims to
unlock the potential of the microbiome in delivering health
benefits and, as an exporter of high value innovative products,
we contribute to New Zealand’s future export earnings. We
actively support academic research and collaboration through
the support of interns and post graduate study along with active
research activity with multiple academic units both in New
Zealand and overseas. While some of our research has a high
level of IP that must be protected, we seek to partner with and
support the work of industry experts wherever possible
Support of research endeavour has included:
• Completion of a PhD project with the Department of Food
Science, University of Otago “The role of food parameters
in defining the delivery of oral probiotics”.
• Support of two pharmacy interns for 4th year level projects
• Sponsorship of four summer research interns with
Callaghan Innovation (3) and DCC (1).
• Active collaboration with research units including:
◊ University of Otago (Dunedin, Christchurch and
Wellington campuses)
◊ University of Utah
◊ Callaghan Innovation

2021 Annual Report
18
Contribute to an innovation economy continued
• Clinical research underway:
◊ Sponsorship of Periodontal trial with Griffith
University in Australia
◊ Continued support (product gratis) for clinical trials:
»Effect of a probiotic on Otitis media (ear
infections) and Upper Respiratory Tract
Infections amongst 6-24 month old children.
(University of Otago) https://www.anzctr.org.au/
Trial/Registration/TrialReview.aspx?id=374076
»Blis supporting Phase III trial in UBC “Oral
Probiotic Supplementation in Pregnancy to
Reduce Group B Streptococcus Colonization”
https://ichgcp.net/clinical-trials-registry/
NCT03407157
Our Sustainability priorities are linked to the UN Sustainability Goals
Sustainability continued
Advance Health
& Wellbeing
• Access products
• Focus on quality
• Staff wellbeing
• Economic contribution
• Support of charities and sponsorship
• Staff policies: living wage, diversity, development
• Understanding of footprint
• Areas of greatest relevance - supply chain, packaging
• Leading behaviour change
• World leading science
• Research and academic support
• Innovative product export earnings
Contribution to
Society
Environmental
Impact
Contribute to an
innovation economy

Blis Technologies Limited19
Spotlight on
Green Lab.
Topics Covered
Our green lab certification program covers 14 topics related to energy, water,
waste, chemistry/materials and engagement
Certification levels
There are 5 levels of certification: bronze, silver, gold, platinum and green. 
The level of certification is determined by the percentage of green lab best
practices that the lab has adopted. 
Blis is proud to be the
first NZ based lab to
complete this international
certification achieving the
highest level of certification.
What is Green Lab?
Engaging scientists in laboratory sustainability to reduce waste, energy, and
water.
At My Green Lab, our mission is to build a culture of sustainability through
science. Our Green Lab Certification Program is the cornerstone of our mission,
educating and engaging scientists on laboratory sustainability best practices so
they can become active contributors in minimizing the environmental impact of
their laboratory operations.
Recognized by the Association for the Advancement of Sustainability in Higher
Education (AASHE), the American Energy Society, and the International Institute
for Sustainable Laboratories, My Green Lab’s Certification is considered the
global standard for laboratory sustainability best practices.
Congratulations
on achieving your
green lab certification!!
The lab did an incredible job
and should be very proud of
their accomplishment. I have
attached your feedback report,
the lab scored an 86% overall
and achieved the highest
certification level!
Feedback from Green Lab

2021 Annual Report
20
2021 Annual Report
20
Geoffrey Plunket
Deputy Chair, Independent non-
executive director
Chair of Audit and Risk Committee
Geoff is currently a Dunedin based
Professional Director and has been a
Director of Blis Technologies Limited
since May 2018 and was appointed
Audit and Risk Committee Chair in
August 2018 and Deputy Chair in July
2020.
Geoff worked for Coopers & Lybrand
(now PWC) and KPMG, in Dunedin and
Birmingham, UK through the 1980’s
before joining Port Otago Limited in
1988, as Chief Financial Officer. Geoff
spent the following 29 years with the
Port Otago Group, before retiring in
2017. Geoff worked across the business
in a variety of roles, culminating in
appointment as CEO in 2004, a position
he held until retirement. Geoff brings
significant experience in leading a large
successful organisation with expertise
in logistics, managing international
trading relationships, supply chain,
human resource, health and safety and
risk management.
Geoff is a Fellow of Chartered
Accountants Australia and New
Zealand, and a Member of the Institute
of Directors.
Anthony (Tony) Offen
Chair, Independent non-executive director
Member of Audit and Remuneration
committee
Tony is Dunedin based and has been
a Director and shareholder of Blis
Technologies Limited since May 2009.
Tony was appointed Board Chair in August
2017 and has previously served as Deputy
Chair and Chair of the Audit and Risk
Committee.
Through his Dunedin-based investment
company, Tony has been a director
and shareholder of private companies
involved in commercial property,
FMCG business sectors nationally and
internationally and with investment
interests requiring venture and start-up
capital.
Tony holds professional memberships
with the Chartered Accountants Australia
and New Zealand and is a Chartered
Member of the Institute of Directors. He
is independent chair of the Governance
Board of Brain Research New Zealand,
Centre of Research Excellence (CoRE)
and up to December 2019 was an elected
member of the National Council for
the Neurological Foundation of NZ
where he had served as the Council
Deputy Chair and Chair of its Audit and
Risk Management Committee. Tony
holds a B.Com. (Accounting) and B.A.
(Philosophy) from University of Otago.
Board of
Directors.
Antony (Tony) Balfour
Independent non-executive director
Member of Remuneration committee
Tony was appointed to the Board on
9 April 2020. He brings to the board
strong governance experience following
a successful executive career as an
international marketing and brand
management leader building consumer
goods businesses globally.
Tony has a diverse background of
international experience in driving
FMCG through retail channels and
e-commerce from the leadership roles
he held for Nike Inc, Icebreaker, Seek.
com and Monster Worldwide. He holds
directorships with The Warehouse
Group Limited, Les Mills International
Limited and Wayfare Limited (trading
as Real Journeys). Tony has previously
been a director of Silver Fern Farms
Co-operative Limited (and subsidiaries)
and Methven Limited.

Blis Technologies Limited21Blis Technologies Limited21
Dr Alison Stewart
Independent non-executive director
Chair of Remuneration Committee
Alison is Christchurch based and was
appointed to the Board in September
2018.
Alison brings to the Board governance
and commercial research and
development experience within
the international biotechnology
industry. Alison has held key executive
leadership roles in New Zealand and
US corporates and understands the
drivers for successful commercialisation
of research. Alison is an experienced
research and innovation leader with
expertise in microbe-based product
development, patents, IP protection,
new product pipeline and development
of strategic partnerships with large
international corporations.
Alison is a Distinguished Emeritus
Professor from Lincoln University, New
Zealand and was elected a Companion
of the NZ Order of Merit in 2011 for her
contributions to biology.
Dr Barry Richardson
Independent non-executive director
Member of Audit Committee
Barry is Dunedin based and has been a
Director of Blis Technologies Limited since
July 2018.
Barry began his career as a scientist at the
NZ Dairy Research Institute before joining
the NZ Dairy Board in 1985 as a Business
Development Manager, undertaking roles in
several biotechnology and nutritional Dairy
Board joint venture companies. Barry joined
the Tatua Co-Operative Dairy Company
Limited in 1991 as General Manager, Tatua
Biologics and was later appointed General
Manager, International and Strategic
Development commercialising value added
dairy ingredients. He was appointed CEO of
Westland Milk Products when that company
elected to be an independent exporter of
dairy products in late 2001. From 2006 to
2016 Barry was CEO of Blis Technologies
Limited, through the period when the
Company transitioned from a research
company into a commercial entity. His other
professional roles include a Director of
CertusBio among other business interests.
Barry has a M.Sc. (Hons) in Biochemistry and
a Ph.D. from Massey University. He is a past
Fellow of the NZ Institute of Management
and a Fellow of the NZ Institute of Food
Science and Technology. Barry received the
JC Andrews award for distinction in Food
Science and Technology in 2003.

2021 Annual Report
2222
Richard Wingham
Chief Financial Officer (CFO)
CA, BCom (Accounting)
Richard was appointed to the role
of CFO for Blis Technologies in
November 2017. Richard is a Chartered
Accountant with over 20 years
experience, including various senior
finance roles across the dairy FMCG,
construction and health sectors. His
skills cross over manufacturing, project
management, information technology
and strategic planning.
Frank Spiewack
Commercial Director
BA
Frank joined Blis Technologies in
November 2019 he was confirmed
as a member of the Executive in May
2020. Frank has a strong background
developing international markets
having worked as Vice President Global
Sales and Marketing for Alchemy
Equipment and Manager Distributor
and Emerging Markets for Icebreaker.
Dr John Hale
Chief Technology Officer (CTO)
PhD
John did his PhD studying bacteriocins
(BLIS) under the supervision of
Professor John Tagg at the Department
of Microbiology, University of Otago.
He carried out post-doctoral research
at the University of British Columbia
(Vancouver, Canada) and Monash
University School of Pharmacy
(Melbourne, Australia) investigating
the modes of action of antimicrobial
peptides. Dr Hale joined Blis
Technologies in 2011 and leads the
Scientific Services team.
Brian Watson
Chief Executive Officer (CEO)
BCom (Marketing), BPhEd
Brian was appointed CEO of Blis
Technologies in February 2016.
He joined Blis following senior
management roles with Fonterra and
within the pharmaceutical industry
in New Zealand and overseas. Brian’s
career has focused on general
management, marketing and sales
across healthcare, nutraceutical and
nutrition industries. Brian has a track
record of successfully launching global
brands into new markets and leading
change within organisations.
Julie Curphey
Chief Marketing Officer (CMO)
MBA, BCApSc (Food Science)
Julie joined Blis Technologies in
September 2016 as Chief Marketing
Officer. Prior to this she spent 18 years
working internationally in the FMCG and
pharmaceutical industries in various
leadership roles including market
research, marketing, operations and
change management. Julie returned to
NZ in 2014 to take up the CMO role at
Dunedin company ADInstruments.
Executive Team.

Blis Technologies Limited23
The Board and Management of Blis
Technologies Limited (Blis, the Company)
are committed to ensuring that the
Company maintains corporate governance
structures which ensure that the Company
operates efficiently and effectively and
maintains the highest ethical standards.
This statement of Corporate Governance provides a summary of
the Company’s governance processes and practices.
The Company’s Corporate Governance policies are based
on the principles set out in the NZX Corporate Governance
Code (NZX Code). This statement is structured to follow the
recommendations of the NZX Code.
The Board’s view is that Blis complies with the corporate
governance principles and recommendations set out in the
NZX Code but measurable objectives for diversity are under
development. The Board believes its governance structures are
appropriate and meet the Company’s strategic objectives.
The Company also complies with the corporate governance
requirements of the NZX Listing Rules. The Board regularly
reviews and assesses Blis’ governance structures and processes
to ensure that they are consistent with best practice.
This Corporate Governance Statement has been prepared
in accordance with the NZX Code that was published on 10
December 2020.
Blis’ key corporate governance documents referred to in this
statement, including charters and policies, can be found at
www.blis.co.nz/investor-centre/charters-policies (Investor
Centre). The Board operates under a set of guidelines set out
in its Directors’ Operations Manual to assist Directors and
Management in carrying out their duties and responsibilities.
The Directors’ Operations Manual covers such matters as:
• Corporate governance matters;
• Role of the Board and composition of the Board;
• Director responsibilities;
• Appointment of, responsibilities of and remuneration of a
Chief Executive Officer;
• Confidentiality and the safeguarding of company information;
• Compliance with laws and regulations;
• Shareholder participation; and
• Code of conduct.
This Corporate Governance Statement was approved by the
Board on 26 May 2021.
Statement of
Corporate Governance.
PRINCIPLE 1 – Code of Ethical Behaviour
“Directors should set high standards of ethical behaviour, model
this behaviour and hold management accountable for these
standards being followed throughout the organisation.”
Code of Ethics
As part of the Board’s commitment to the highest standard of
conduct, the Company has adopted a Code of Ethics (Code).
Every new Director and employee is provided with a copy of the
Code and must confirm that they have read and understand the
document. The Code is also available at the Investor Centre.
Each Director, and employee is asked to annually confirm that
they continue to comply with the Code of Ethics.
The procedure for advising the Company of a suspected
breach is set out in the Code of Ethics. Blis also has a Protected
Disclosures (Whistle-blower) Policy that sets out the process
that serves to protect employees who raise allegations of
serious wrongdoing by the Company.
Conflicts of interest
The Code of Ethics sets out the procedure to be followed where
Directors or employees are faced with a conflict of interest. At
all times, a Director must be able to act in the interests of the
organisation as a whole and in accordance with all relevant
laws and regulations including the NZX Listing Rules. The
personal interests of the Director or employee (as applicable)
and their family must not be allowed to prevail over those of the
Company and its shareholders generally.
Protected Disclosure (Whistle-Blowers) Policy
The Protected Disclosure (Whislte Blower) policy provides
information and guidelines to protect employees from
retaliatory action where they have raised allegations of serious
wrongdoing or reportable conduct they honestly believe
has been carried out by any Director, employee, consultant,
contractor or third party.
Blis is a small company and the main way to make a report is
through the Chair of the Audit and Risk Committee.
No breaches of the Code of Ethics were identified during FY21
and no matters were raised under the Protected Disclosures
(Whistle-blower) Policy.
The Code of Ethics is subject to annual review by the Board.
Share trading by Company Directors and Employees
The Board has implemented formal procedures to handle
trading in the Company’s equity securities by Directors,
employees, and advisers of the Company. These are set out in

2021 Annual Report
24
Blis’ Securities Trading Policy which is available at the Investor
Centre. Before any trading can occur approval is required to be
obtained from the Chair of the Board, CEO or CFO. The policy
provides that shares may not be traded at any time by any
individual holding material information. The fundamental rule
in the policy is that insider trading is prohibited at all times.
The requirements of the policy are separate from, and in
addition to, the legal prohibitions on insider trading in New
Zealand.
PRINCIPLE 2 – Board Composition &
Performance
“To ensure an effective board, there should be a balance of
independence, skills, knowledge, experience and perspectives.”
Responsibilities of the Board
The role of the Board is to act in the best interests of the
Company and to promote the interests of the Company and
its stakeholders. Directors are elected by the shareholders to
govern the Company. The Board is the overall and final body of
responsibility for all decision making within the Company.
The Directors have a diverse range of expertise and experience,
and are committed to using this to benefit the Company. The
Board is responsible to shareholders for charting the direction
of the Company by participating in the setting of objectives,
strategy and key policy areas. The Board is then responsible for
monitoring Management’s running of the business to ensure
implementation is in accordance with the agreed framework.
The Board delegates the conduct of the day-to-day affairs of the
Company to the CEO within this framework.
The Board operates under a Directors’ Operations Manual which
sets out the roles and responsibilities of the board, and other
matters as summarised on Page 26.
The primary responsibilities of the Board include:
• Ensuring that the Company purpose and goals are clearly
established, and with appropriate strategies ;
• Establishing policies for strengthening the performance of
the Company including ensuring that Management is pro-
actively seeking to build the business through innovation,
initiative, technology, new products and the development of
its business capital;
• Monitoring the performance of Management, including
the review and monitoring of compliance with delegated
authorities, and of regulatory compliance;
• Monitoring strategic, financial, social and environmental
performance;
• Appointing the CEO, setting the terms of the CEO’s
employment contract, including position description,
reviewing succession planning and where necessary,
terminating the CEO’s employment with the Company;
• Deciding on whatever steps are necessary to protect the
Company’s financial position and the ability to meet its debts
and other obligations when they fall due, and ensuring that
such steps are taken;
• Ensuring that the Company’s financial statements are true
and fair and otherwise conform with law;
• Ensuring that information of sufficient content, quality and
timeliness, as the Board considers necessary to enable it to
discharge its duties, is provided by Management;
• Ensuring that the Company adheres to high standards of
ethical and corporate behaviour;
• Ensuring that the Company has appropriate management
processes for defining risks and analysing options to
minimise, mitigate and manage risks;
• Ensuring an appropriate capital structure such that it
supports the business strategy; and
• Ensuring that the Company communicates with its
shareholders and stakeholders in a timely manner.
The Board uses committees to address certain issues that
require detailed consideration by members of the Board who
have specialist knowledge and experience. The Board retains
ultimate responsibility for the functions of its committees and
determines their responsibilities.
The Board has a statutory obligation to reserve responsibility
for certain matters. It deals directly with issues relating to the
Company’s mission, appointments to the Board, strategy,
business and financial plans.
The Directors appoint a Chair and Deputy Chair from amongst
the non-executive members. The Board supports the separation
of the role of Chair and CEO. The Chair’s role is to provide
leadership and to manage the Board effectively. The Chair has
responsibility for:
• ensuring the integrity and effectiveness of the governance
process of the Board;
• representing the Board to the shareholders;
• maintaining regular dialogue with the CEO over all
operational matters; and
• for overseeing the annual work programme
The Chief Executive Officer is not a Director.
The Board regularly meet without the CEO being present and
has a practice of holding Director-only meetings either prior to
or following each Board meeting.
The Board receives reports from Management and has access to
all of the information necessary for it to effectively discharge its
duties.
Director nomination and appointment
The Board as a whole is involved with recommending
candidates to act as Directors to shareholders. When
considering candidates for nomination, the Board will consider,
amongst other things, the individual’s experience, qualifications
Statement of Corporate Governance continued

Statement of Corporate Governance continued
Blis Technologies Limited25
and skills in comparison to the experience, qualifications and
skills of other Directors, whether that individual is “independent”
and whether that individual would be able to work effectively with
other Directors. A thorough check of the candidate and his or her
background is undertaken and shareholders are provided with all
material information that is relevant to the decision on whether to
elect or re-elect a Director.
The Board has the ability to appoint an individual to fill a
casual vacancy on the Board until the Company’s next Annual
Shareholder Meeting.
The procedures for the appointment and removal of Directors are
governed by the Company’s constitution and the NZX Listing Rules.
The Board has determined that based on the Company’s current
size and stage of development that an optimal number of
Directors is five. Each year as part of the board’s annual review
process the capability mix is assessed to evolve in line with
Company’s future development and international growth plan
requirements.
The Board has determined that to operate effectively and to
meet its responsibilities it requires competencies in disciplines
including executive leadership and strategy, governance, industry
experience, biotechnology IP development and protection,
international sales and marketing, international supply chain and
quality control, risk and compliance, finance and capital markets.
The current mix of skills and experience is considered appropriate
for the responsibilities and requirements of governing Blis. The
Board looks to strengthen its oversight of issues in all disciplines,
as required, via expert advice.
As at 31 March 2021, all Directors on the Board are independent.
Director independence is considered on a case-by-case basis (in
accordance with the NZX Listing Rules) and is monitored on an
ongoing basis.
Letter of appointment
All new Directors enter into a written agreement with Blis setting
out the terms of their appointment. A copy of the appointment
letter is available at the Investor Centre (www.blis.co.nz/investor-
centre).
Board of Directors
Director profiles are shown at pages 20 - 21 of this report. The
profiles include information on the year of appointment, skills,
experience and background of each Director.
All five Directors as at 31 March 2021 are non-executive and
independent members of the Board. Tony Offen is the Chair of
Blis. Geoff Plunket is Deputy Chair and Chair of the Audit and Risk
Committee. Dr Alison Stewart is the Chair of the Remuneration
Committee. Dr Barry Richardson and Tony Balfour are also
Directors.
The roles of Board Chair, Audit and Risk Committee Chair and
CEO are not held by the same person.
The Board determines annually on a case-by-case basis who,
in its view, are Independent Directors. The Board will consider
all relevant circumstances when determining independence.
Under the NZX Listing Rules, a Director is “Independent” when
they are not an employee of the Company and do not have
a ‘Disqualifying Relationship’ (as defined in the NZX Listing
Rules).
The Company does not require Directors to hold shares in the
Company but actively encourages them to do so. Directors’
share interests are disclosed at page 34 - 35.
The Board does not have a tenure policy however it
recognises that a regular refreshment programme leads to
the introduction of new perspectives, skills, attributes and
experience. Directors retire by rotation in accordance with the
NZX Listing Rules but are eligible for re-election on retirement
by rotation.
Director period of appointment
0-3 3-9 9 +
years years years
Number of Directors 4 - 1
Interest Register
The Board maintains an interest register for the Company. Any
Director who is interested in a transaction with the Company
must immediately disclose to the Board the nature, monetary
value and extent of the interest. A Director who is interested
in a transaction may attend and participate at a Board
meeting at which the transaction is discussed but may not be
counted in the quorum for that meeting or vote in respect of
the transaction, unless it is one in respect of which Directors
are expressly required by the Companies Act 1993 to sign a
certificate.
Entries made in the interest register of the Company for
the year ended 31 March 2021 are included in the Director
Disclosures section on page 34 - 35.
Diversity
Blis Technologies is committed to achieving a diverse workforce
and inclusive workplace practices in order to harness the
business benefits of diversity, further social justice and comply
with legislation. A Diversity and Inclusion Policy has been
adopted by the Board and is available at the Investor Centre.
Responsibility for workplace diversity and the setting of
measurable objectives is held by the Board. Appropriate
measurable diversity objectives are under development.

2021 Annual Report
26
Statement of Corporate Governance continued
The gender composition of Blis’ Directors, senior managers and
workforce was as follows:
31 March 2021 31 March 2020
Position Female Male Female Male
Director 1 (20%) 4 (80%) 1 (20%) 4 (80%)
Executives* 1 (20%) 4 (80%) 1 (20%) 4 (80%)
Employees** 14 (48%) 15 (52%) 12 (48%) 13 (52%)
*CEO and Direct Reports to the CEO
**Includes Executives
Director Training
The Board ensures that there is appropriate training available
to all Directors to enable them to remain current on how best
to discharge their responsibilities and keep up to date on
changes and trends in areas relevant to their work. Directors are
regularly provided with industry information and receive copies
of appropriate Company documents to enable them to perform
their role.
The Board also ensures that new Directors are appropriately
introduced to management and the business.
Board Performance Evaluation
The Board annually assesses its effectiveness in carrying out
its functions and responsibilities. The Chair of the Board leads
the review which considers the performance of the Board as
a whole, and of each of the Board Committees, against their
respective charters.
The Chair, on behalf of the Board, is responsible for assessing
the performance and contribution of individual Directors. The
assessment is undertaken annually.
Principle 3 - Board Committees
“The board should use committees where this will enhance
its effectiveness in key areas, while still retaining board
responsibility.”
Board Committees
The Board has two formally constituted committees – the
Audit and Risk Committee and the Remuneration Committee.
Committee membership is reviewed annually.
Each Committee has a written charter that is approved by the
Board and sets out its mandate. The charters are reviewed
annually with any proposed changes recommended to the
Board for approval.
Each Committee has an agreed annual work programme that
sets out matters to be addressed over the following twelve
month period. The Committees each review their performance
on an annual basis against the Committee charter and work
programme and report their findings to the Board.
Blis also has a Scientific Advisory Group (SAG) which is
established as required to provide an independent source
of advice to the Board and Management. SAG members are
selected based on significant contribution to their chosen field
and have complementary skillsets to those involved in the
Company’s research and development endeavours. There were
no SAG meetings held during FY21 (FY20: R&D efforts for dental
health needs).
Attendance at meetings
The table below sets out Director attendance at Board and
Committee meetings during the year ended 31 March 2021.
Board Audit & Risk Remuneration
Committee Committee
A Offen 11 11 3
G Plunket 11 11 -
A Balfour 10 - 2
Dr B Richardson 11 11 -
Dr A Stewart 11 - 3
G Boyd* 4 - 1
*G Boyd retired on 24 July 2020
Audit & Risk Committee
The Board has overall responsibility for the Company’s system
of internal financial control, risk management, for liaising
with the Company’s external auditors, and for ensuring the
integrity of the Company’s financial reporting. The Board
constantly monitors the operational and financial aspects of
the Company’s activities and has established procedures and
policies that are designed to provide effective internal financial
control. Annual budgets and business plans are prepared
and agreed by the Board. Monthly management accounts
are prepared by Management and reviewed by the Board
throughout the year to monitor performance against budget.
The Board has established an Audit and Risk Committee to
assist the Board in discharging its responsibilities relative to
financial reporting, related regulatory conformance and liaising
with the external auditors. The terms of reference for the Audit
and Risk Committee are set out in its charter which is available
in the Investor Centre.
The Audit and Risk Committee is appointed by the Board and
must comprise three Directors, the majority of whom are to
be independent. The Chair of Audit and Risk Committee must
be an Independent Director and not the Chair of the Board.
The current members of the Audit and Risk Committee are
Geoffrey Plunket (Chair), Tony Offen and Dr Barry Richardson.
All members are independent directors. Geoffrey Plunket is a
Fellow of Chartered Accountants Australia and New Zealand and
a Member of the Institute of Directors.

Statement of Corporate Governance continued
Blis Technologies Limited27
The Board considers the recommendations of the Audit and
Risk Committee and advice of external auditors and other
external advisors on the operational and financial risks that
face the Company. The Board ensures that recommendations
made by the Audit and Risk Committee, external auditors and
other external advisers are investigated and, where considered
necessary, action is taken to ensure that the Company has an
appropriate internal control environment in place to manage the
key risks identified.
In addition, the Board investigates ways of enhancing existing
risk management strategies, including appropriate segregation
of duties and the employment and training of suitably qualified
and experienced personnel.
Given the size of the Company, an internal audit function is not
considered necessary.
The Audit and Risk Committee met on 11 occasions during FY21.
The agenda items for each meeting generally relate to financial
governance, external financial reporting, external audit, internal
control review, risk management, compliance and insurance.
Meeting Attendance
The CFO and CEO will normally be invited to attend meetings.
Remuneration Committee
The Board has established a Remuneration Committee which has
responsibility for, amongst other things, setting the remuneration
policy for the CEO, CFO, Chief Marketing Officer, Chief Scientific/
Technical Officer (Executive), and recommending and monitoring
the level and structure of remuneration for senior management.
The terms of reference for this committee are set out in its
charter which is available in the Investor Centre (www.blis.co.nz/
investor-centre/charters-policies).
The Remuneration Committee is appointed by the Board and
must comprise three Directors, the majority of whom shall
be independent. The Chair of the Board may serve on the
committee. Members of the Remuneration Committee are
Dr Alison Stewart (Chair), Tony Balfour and Tony Offen. All
committee members are independent Directors.
The Board ensures that the recommendations made by
the Remuneration Committee are considered and acted on
accordingly.
The Remuneration Committee met 3 times during the year.
Nomination Committee
Given the size and composition of the Board, Directors believe
that there are no significant benefits in delegating matters
in relation to Board nominations and all appointments are
managed by the whole Board.
Committees
The Board has no Committees other than an Audit and Risk
Committee and Remuneration Committee. The Scientific
Advisory Group is not a Board committee.
Takeover Protocols
The Board has adopted a set of protocols to be followed in the
event of a takeover offer being made.
In the event of a takeover offer, a committee of Independent
Directors would be formed and would have responsibility for
managing the takeover in accordance with the Board protocols
and applicable laws, including the New Zealand Takeovers
Code.
Principle 4 – Reporting and Disclosure
“The board should demand integrity in financial and non-
financial reporting, and in the timeliness and balance of
corporate disclosure.”
Shareholder Communications and Market Disclosure
The Board is committed to keeping the financial products
markets informed of material information relating to the
Company and its shares and promoting investor confidence by
ensuring that trading of its equity securities takes place in an
efficient, well-informed market at all times.
The Company has in place a Continuous Disclosure Policy and
a Communications Policy designed to ensure this occurs. The
policies include procedures intended to ensure that:
• the Company complies with its continuous disclosure
obligations; and
• timely, accurate and complete information is provided to all
shareholders and other market participants.
The policies also outline mandatory requirements and
responsibilities in relation to the identification, reporting,
review and disclosure of material information relevant to the
Company.
Accountability for compliance with disclosure obligations is the
responsibility of the CEO and CFO. The CFO has been designated
as the Disclosure Officer and has overall management
responsibility for ensuring all material information is lodged
with NZX.
All non-promotional information intended to be made public,
whether or not it is believed to be material information, must be
reviewed by the Disclosure Committee (comprising the Chair,
Chair of the Audit and Risk Committee, CEO and CFO) prior to
release. The Disclosure Committee also refers certain decisions
to the Board.
Directors consider at each Board meeting whether there is any
material information which should be disclosed to the market.

2021 Annual Report
28
Governance Policies and Charters
Key corporate governance documents, including charters and
policies, can be found at the Investor Centre: www.blis.co.nz/
investor-centre/charters-policies.
Financial and Non-Financial Reporting
Blis is committed to ensuring integrity and timeliness in its
financial reporting and in providing information to the market
and shareholders which reflects a considered view on its
present and future prospects.
The Audit and Risk Committee oversees the quality and
integrity of external financial reporting, including the accuracy,
completeness, balance and timeliness of financial statements.
It reviews the Company’s full and half-year financial statements
and makes recommendations to the Board concerning
accounting policies, areas of judgement, compliance with
accounting standards, NZX and legal requirements, and
the results of the external audit. All matters required to be
addressed and for which the Audit and Risk Committee has
responsibility were addressed during FY21.
Blis has published its full and half-year financial statements that
were prepared in accordance with relevant financial standards.
The full year financial statements are set out on pages 39 - 61.
The CEO and CFO have confirmed in writing to the Board that
the Company’s external financial reports present a true and fair
view in all material aspects. These representations are given
on the basis that a sound system of internal controls and risk
management is operating effectively in all material respects in
relation to financial reporting.
In addition to releasing the full and half-year results
Blis provides an update on financial and non—financial
performance for the first and third quarters. Revenue and
EBITDA for the quarter and year to date, general commentary on
market conditions and an update on guidance is given.
The Board does not believe that the Company has any material
exposure to economic, environmental or social sustainability
risks that are not appropriately managed. The material risks
which may impact the Company’s ability to achieve its strategic
objectives and secure its future financial prospects, are
managed through the strategic planning process.
Work continues on suitable sustainability-reporting framework.
The project remains in its early stages and will involve preparing
a series of financial and non-financial targets for reporting
on regularly. This will ensure that non-financial reporting is
informative, includes forward looking assessments and aligns
with key strategies and metrics monitored by the Board. An
overview of the Company’s sustainability programme is set out
at pages 16 - 19.
Principle 5 - Remuneration
“The remuneration of directors and executives should be
transparent, fair and reasonable.”
Remuneration Report
The Remuneration Committee is responsible for making
recommendations to the Board on remuneration policies and
packages for Directors as well as the Executives.
The Company’s remuneration philosophy is aimed at attracting,
retaining and motivating employees of the highest quality at
all levels of the organisation. It is based on practical, guiding
principles and a framework that provides consistency, fairness
and transparency while having regard to the risk appetite of the
Company and alignment to its long-term strategic goals.
All remuneration packages are reviewed annually in the context
of individual and Company performance, market movements
and expert advice.
Non-executive Directors
The structure of non-executive Director remuneration is
separate and distinct from the remuneration of the CEO and
other executives.
The Board seeks to set aggregate remuneration for non-
executive Directors at a level which provides the Company with
the ability to attract and retain Directors of the highest calibre,
whilst incurring a cost which is acceptable to shareholders.
No remuneration is payable to Directors unless it is approved
by the Company’s shareholders, or permitted under the NZX
Listing Rules in the event of an increase in the total number of
Directors.
The NZX Listing Rules specify that shareholders can approve a
per Director remuneration amount or an aggregate Directors’
fee pool. The Board has adopted a remuneration pool approach,
as referred to in NZX Guidance Note - Governance. Shareholders
approved an aggregate remuneration pool for non-executive
Directors of $309,000 per annum in August 2020. Subject to
external review, an increase of the director fee pool will likely be
proposed at the 2022 Annual Shareholders Meeting.
Within the fee pool available, the Board reviews its fees
annually to ensure the Company’s non-executive Directors are
fairly remunerated for their services, recognising the level of
skill and experience required to fulfil the role, and to enable the
Company to attract and retain talented non-executive Directors.
The process involves benchmarking against a group of peer
companies.
In addition, the Board reviews the Remuneration Committee
structure and appropriate level of resourcing required to make
an on-going contribution to long term value creation. Non-
executive Directors have no entitlement to any performance-
based remuneration or participation in any share-based
incentive schemes.
Statement of Corporate Governance continued

Statement of Corporate Governance continued
Blis Technologies Limited29
Each non-executive Director receives a fee for services as a
Director of the Company and an additional fee is also paid to the
Chair, and each Chair and member of the Board Committees to
recognise the additional time commitment required for that role.
All Directors are entitled to be reimbursed for reasonable costs
associated with carrying out their duties.
For the period 1 August 2020 to 31 March 2021 the allocation of
the annual fee pool was as follows:
Board Audit and Risk Remuneration
Committee Committee
Chair $90,000 N/A $6,000
Deputy Chair $60,000 N/A N/A
Member $45,000 $7,000 $3,000
For the period 1 April 2020 to 31 July 2020 the allocation of the
fee pool was as follows:
Board Audit and Risk Remuneration
Committee Committee
Chair $66,000 $10,000 $4,000
Deputy Chair $45,000 N/A N/A
Member $35,000 $5,000 N/A
Non-executive Directors are encouraged to be shareholders, but
are not required to hold shares in the Company.
Fees payable to the non-executive Directors of the Company for
the period 1 April 2020 to 31 March 2021 were as follows:
Board Audit and Risk Remuneration
Committee Committee Total
A Offen $82,000 $1,667 - $83,667
G Plunket $51,667 $3,333 - $55,000
A Balfour $40,986 - $2,000 $42,986
Dr B Richardson $41,667 $6,333 - $48,000
Dr A Stewart $47,667 - $5,333 $53,000
G Boyd $15,000 - - $15,000
*Graeme Boyd retired on 24 July 2020
Remuneration of the CEO and Employees
The Company is committed to providing a remuneration
framework that promotes a high-performance culture and aligns
rewards to the creation of sustainable value for shareholders.
The underlying principle is to reward employees for Company
and business unit performance against targets set by reference to
appropriate benchmarks and key performance indicators and to:
• Align their interests with those of shareholders; and
• Ensure total remuneration is competitive by market standards.
Total remuneration is made up of fixed remuneration, a short
term incentive (STI) and a long term incentive (LTI).
Fixed remuneration includes all benefits, allowances and
deductions.
The STI and LTI performance incentives are “at-risk” and are
directly linked to both the performance of the Company and to
each individual’s performance while promoting the Company’s
long-term success.
The total remuneration earned by the Executive is set out in
note 5 to the financial statements.
(i) Fixed annual remuneration
Remuneration levels are reviewed annually to ensure that
they are appropriate for the responsibility, qualifications and
experience of the Executives and are competitive with the
market.
The Executives receive their fixed annual remuneration in
cash and a limited range of prescribed fringe benefits such as
superannuation, motor vehicle and health insurance. The total
employment cost of any remuneration package, including fringe
benefit tax, is taken into account in determining an employee’s
fixed annual remuneration.
For the financial year ended 31 March 2021, the CEO received
$328,944 (2020: $302,654) in fixed annual remuneration.
(ii) Variable remuneration – STI Scheme
The objective of the STI Scheme is to link the achievement
of the annual financial and operational targets with the
remuneration received by the Executives charged with meeting
those targets. The total potential remuneration under the STI
Scheme is set with a maximum of 30% for the CEO and 20% for
other Executives of fixed annual remuneration so as to provide
sufficient incentive to the executive to achieve the targets such
that the cost to the Company is flexible and in line with the
trading outcome for the year.
Actual STI Scheme payments granted to the CEO and each
nominated Executive depend on the extent to which specific
targets, set at the beginning of each year, are met. The
targets may include a weighted combination of Company,
Departmental, Financial and Non-Financial.
In determining the amount to be allocated the Board considers
the performance against the targets.
For the financial year ended 31 March 2021 there were four
nominated executives in the STI scheme (31 March 2020: four).
STI Scheme payments relating to the financial year ended
31 March 2021 are delivered as a taxable cash bonus and
are payable on completion of the annual audited financial
statements. The total accrual for FY21 for all nominated
executives in the STI Scheme is $125,145 being 50% of the total
pool for the year. The actual amount paid for FY21 was $174,225.

2021 Annual Report
30
In addition to the STI Scheme, the Board reserves the ability
to pay ad hoc bonus payments to any employee, again directly
related with the trading outcome.
(iii) Variable remuneration – LTI Scheme
The objective of the LTI Scheme is to align the executive with
shareholder interests over the longer term, and provide a longer
term employee retention benefit.
On 21 December 2021, the Company granted performance
share rights (PSRs) to certain members of its executive team.
There were no PSR schemes prior to this date. Details of the
performance criteria are detailed in note 5 to the financial
statements.
CEO remuneration
Taxable
Salary Benefits* Sub-total STI LTI** Total
FY21
328,944 12,653 341,597 93,000 3,773 438,370
FY20
302,654 11,647 314,301 85,605 - 399,906
*Includes the value of benefits including health care, superannuation, vehicle
and low interest loan.
**LTI includes PSRs awarded during the financial year. In the 2021 financial year
1,033,000 PSRs were granted (2020: nil). PSRs granted in 2020 will vest, if the
performance criteria are met, in the 2023 financial year. details of the plans and
valuation methodology are set out in Note 5 to the financial statements.
Total remuneration paid is fixed remuneration and any
STI Scheme payment physically received during the year.
Performance based payments are paid in the following year.
The CEO’s STI scheme payment for FY21 comprises several
financial and non-financial performance measures. Overall, the
STI is set at 30% of fixed remuneration. A breakdown of the STI
components follows:
Performance Measures Percent Achieved
50% based on financial revenue
and profitability targets FY20 Achieved
50% based on non-financial targets FY20 Achieved
Employee remuneration
The number of employees of the Company (including former
employees) who received remuneration and other benefits in
excess of $100,000 in the period 1 April 2020 to 31 March 2021
are shown below:
Remuneration Banding Number of Employees
FY21 FY20
100,001 – 110,000 2 2
110,001 – 120,000 1 -
160,001 – 170,000 1 -
170,001 – 180,000 - 1
180,001 – 190,000 - 1
190,001 – 200,000 - 1
210,001 – 220,000 1 -
240,001 – 250,000 1 -
390,001 – 400,000 - 1
430,001 – 440,000 1 -
Principle 6 – Risk Management
“Directors should have a sound understanding of the material
risks faced by the issuer and how to manage them. The board
should regularly verify that the issuer has appropriate processes
that identify and manage potential and material risks.”
Risk Management Framework
Blis operates in an environment that contains operational
and strategic risks. Risks are actively managed to ensure
Blis operates a safe workplace and is able to sustain the
achievement of its business objectives while at the same
time accepting an appropriate level of commercial risk that is
consistent with desired profitability.
The Board is responsible for ensuring that key business and
financial risks are identified, and that appropriate controls and
procedures are in place to effectively manage those risks.
The Audit and Risk Committee has overall responsibility
for ensuring that Company’s risk management framework
is appropriate and that risks are identified, considered and
managed. Risk management is a standing item on the agenda
for Audit and Risk Committee meetings, with detailed reports
provided by management.
A Risk Management Policy provides guidance on the Board’s
approach to risk management. The objectives of the Risk
Management Policy are:
• To allow Blis to pursue opportunities that involve risk in
an informed manner, so as to meet the expectations of
stakeholders;
• To enable full and due consideration to be given to the
balance of risk and reward in pursuing the achievement of
Blis’ business objectives;
• To apply risk management practices to enhance strategic,
tactical and operational decision making; and
• To ensure that Blis operates in a sustainable manner.
The policy is available at the Investor Centre.
Statement of Corporate Governance continued

Statement of Corporate Governance continued
Blis Technologies Limited31
Insurance
In managing the Company’s business risks, the Board approves
and monitors policy and procedures in areas such as treasury
management, financial performance, taxation and delegated
authorities. Blis has insurance policies in place covering most
areas where risk to its assets and business can be insured at a
reasonable cost.
Product Quality and Safety
Ensuring the safety and quality of our products is a key priority.
We establish processes that effectively manage risk and drive
continuous improvement in product quality throughout the
product production cycle.
We have introduced proactive quality control mechanisms
within our manufacturing operations. Through the use of data
collection and statistical analysis, we are improving the control
of our manufacturing processes, with the aim of being able to
intervene and correct a process prior to product quality being
compromised. This approach is providing further assurance that
our customers receive high quality products that are safe and
effective.
Health, Safety and Wellbeing
Overall responsibility for health and safety, specifically for
setting of high-level strategy and policy, resides with the
Board which is committed to continuous improvement and
progressively higher standards of work health and safety for the
benefit of all employees and others who work in, use or visit the
Company’s workplace.
The principles of the health and safety framework are to:
• Understand and comply with all applicable health and safety
legislation and regulations;
• Establish objectives and management systems consistent
with health and safety best practice; and
• Ensure all officers and workers engage in creating a positive
workplace culture to support health, safety and wellbeing.
The Executive are responsible for implementation of the health
and safety framework and will:
• Determine and implement business and action plans to give
effect to Board strategy;
• Acquire and maintain good understating of health, safety and
wellbeing matters;
• Be responsible and accountable for health and safety
compliance;
• Promote and role-model high workplace health, safety and
wellbeing standards; and
• Ensure business objectives are complementary to health,
safety and wellbeing objectives.
Management reports on a monthly basis to the Board which
consists of the following lead and lag indicators - H&S
Committee minutes, monthly hazard assessment, incidents &
accidents (including near miss incidents), good news stories,
achievements and training activities.
No lost time injuries, injuries resulting in workers being unable
to perform normal duties at next shift, have occurred over the
last three years.

2021 Annual Report
32
Principle 7 - Auditors
“The board should ensure the quality and independence of the
external audit process.”
External Auditor
Oversight of the Company’s external audit arrangements to
safeguard the integrity of financial reporting is the responsibility
of the Audit and Risk Committee.
Blis maintains an Auditor Independence Policy to ensure that
audit independence is maintained, both in fact and appearance.
The quality of the audit opinion is considered to be paramount.
Accordingly, any compromises to auditor objectivity and
independence that are considered to exist require appropriate
safeguards to eliminate or reduce the risk of compromise to an
acceptable level.
Blis has adopted the following requirements in relation to
auditor independence:
• the Blis auditor is required to comply with relevant
independence requirements promulgated by the Financial
Markets Authority and other governing bodies;
• the Audit and Risk Committee must approve the appointment
of the auditor to provide any non-audit services to the
Company or its subsidiaries.;
• the auditor is required to report to the Audit and Risk
Committee annually on matters pertaining to their
independence
The external auditor attends the Company’s annual meeting
each year to answer questions from shareholders in relation to
the audit.
Material business risks mitigation
After completing the risk management processes outlined on the previous page, the following key business and financial risks have been
identified.
Area Principal risk Strategies to mitigate
Product quality
and customer
safety
Customer harm caused as a
result of using Blis products
Our production facility operates under a Food Control Plan which requires high
standards and procedures to ensure quality and safety from our production.
We work with our suppliers and contact manufacturers to ensure high
standards are adhered to. Our company values also include a focus on high
quality standards across our business.
Market accessLoss of regulatory approval
to market and sell Blis
products in certain countries
Blis has robust regulatory affairs processes for obtaining and maintaining
product licenses, as well as a quality management system that ensures
compliance with applicable regulatory requirements.
Health and safety Work related injuriesPractices and processes are reviewed annually by an accredited Workplace
Health and Safety independent expert.
Health, safety and wellbeing metrics are reported regularly to the Board.
Intellectual
Property
Third parties assert IP rights
against us
A comprehensive patent portfolio across our products is held and maintained.
Market searches undertaken in product development phase of product design.
Competitor patent filings are actively monitored.
Business
continuity
Loss of continuity and
quality of supply
We actively monitor the quality of raw materials, end products, production
processes and systems. Business impact analysis is used to identify,
understand and quantify the impact of a material disruption to a key facility,
location, supplier or business process.
Technology and know-how for future production of both BLIS K12™ and
BLIS M18™ is transferred to an offshore fermentation supplier which ensures
production can be continued in the event of a single supplier failure.
Cyber security
and data
protection
Cyber security attack results
in disruption to operations
and data breach.
Independent review of control mechanisms is undertaken.
Statement of Corporate Governance continued

Statement of Corporate Governance continued
Blis Technologies Limited33
Internal audit
The Company does not have a formal internal audit function,
however it does have internal processes and controls that are
considered to be appropriate for the size and complexity of the
organisation. The Audit and Risk Committee carefully considers
the auditor’s management report which lists its key findings and
recommendations about significant matters arising from the
audit.
Principle 8 – Shareholder Relations
“The board should respect the rights of shareholders and foster
relationships with shareholders that encourage them to engage
with the issuer.”
Shareholder Rights and Relations
The Company is committed to regularly communicating with
shareholders and other stakeholders in a timely, accurate and
clear manner with respect to both procedural matters and
major issues affecting the Company.
To achieve this, the Company communicates through a range
of forums and publications. Annual reports, NZX releases,
governance policies and charters, and a variety of corporate
information is available at the Investor Centre.
Each shareholder is entitled to receive a hard copy of each
annual report on request.
Documents relating to annual shareholder meetings are
available at the Investor Centre.
Annual shareholder meetings to date have been held at a venue
in Dunedin, reflecting the head office location for the Company,
as well as being live streamed to shareholders joining online.
The speeches and slides are lodged with NZX prior to the start of
the meeting. Shareholders may raise matters for discussion at
the annual shareholder meeting either in person or by emailing
the Company with a question to be asked.
Electronic Communications
Shareholders have the option of receiving their communications
electronically. Contact details for the Company’s head office are
available on the Blis website.
Major Decisions
The Directors’ commitment to timely and balanced
disclosure is set out in the Continuous Disclosure Policy and
Communications Policy. The commitments include advising
shareholders on any major decisions. Where voting on a matter
is required, the Board encourages investors to attend the
meeting or to send in a proxy vote.
Equity Issues
In the event of a capital raising, the Board will carefully consider
and, where practical, will favour an offer of shares to existing
shareholders on a pro-rata basis and on no less favourable
terms before offering shares to other investors.
Dividend Policy
Under the current strategy of full reinvesment into growth and
pipeline development, no dividend has been declared.
Notice of Meeting
The Notice of Meeting will be lodged with NZX at least 20
working days prior to the annual shareholder meeting and will
be available in the Investor Centre.

2021 Annual Report
34
Directors’ Shareholdings
The following table sets out, for the purposes of the disclosures required under Listing Rule 3.7.1 (d) of the NZX Listing Rules, the relevant
interests of Directors and associated persons of the Directors in equity securities of the Company as at 31 March 2021:
Name of Director Number of Equity Securities in which a relevant interest is held by a director
A Offen Ordinary 31,157,388 (a)
G Plunket Ordinary 800,000 (b)
A Balfour
- -
Dr B Richardson Ordinary 17,903,624 (c)
Dr A Stewart Ordinary 350,000 (d)
Note that particular shareholdings can appear under more than one director.
(a) The number of equity securities in which Mr A P Offen holds a relevant interest includes 31,157,388 ordinary shares; 11,157,388
ordinary shares held by AP Offen, BJ Offen and Downie Stewart Trustee Limited, 10,000,000 ordinary shares held by BJ Offen and
10,000,000 ordinary shares held by Edinburgh Securities Limited. Mr Offen is a director and beneficial shareholder of Edinburgh
Securities Limited.
(b) The number of equity securities in which Mr G Plunket holds a relevant interest includes 800,000 ordinary shares held by Mr Plunket
personally.
(c) The number of equity securities in which Dr B Richardson holds a relevant interest includes 17,903,624 ordinary shares held by
Custodial Services Limited.
(d) The number of equity securities in which Dr A Stewart holds a relevant interest includes 350,000 ordinary shares held by Custodial
Services Limited.
Director’s Share Dealings
No Directors (or associated entities in which the Directors have relevant interests) acquired or disposed of equity securities in the Group
during the year ended 31 March 2021.
Disclosures of Interest by Directors
Name of Director Organisation Active Interests
A Offen Blis Functional Foods Limited Director
Bark Avenue Limited Director/Shareholder
Edinburgh Equity Limited Director/Shareholder
Edinburgh Securities Limited Director/Shareholder
Mill Park 60 Limited Director/Shareholder
Mill Park 92 Limited Director/Shareholder
Offen Nominee Limited Director/Shareholder
Plaza Funds Management Limited Director/Shareholder
Taieri Investments Limited Director/Shareholder
Directors’
interests.

Blis Technologies Limited35
Directors’ Interests continued
G Plunket North Otago Irrigation Company Limited Director
Orokonui Foundation Trust Trustee
Orokonui Ecosanctuary Limited Director
Otago Natural History Trust Trustee
A Balfour Bottom Right Hand Corner Limited Director/Shareholder
Joy Business Academy Limited Shareholder
Les Mills International Limited Director/Shareholder
Little Stream Water Company Limited Director/Shareholder
Pioneer Energy Limited Director
Strong Action Wool Group Limited Director
The Warehouse Group Limited Director/Shareholder
Wakatipu High School Trustee
Wayfare Group Limited (and its wholly owned subsidiaries) Director
Dr B Richardson CertusBio Limited Director/Shareholder
Otago Classic Spares Limited Director/Shareholder
Zircon Services Limited Director/Shareholder
Dr A Stewart Arable Food Industry Council Executive committee member
Foundation for Arable Research Chief Executive
GIA Brown Marmorate Stink Bug Council Council Member
GIA Plant Biosecurity Council Governance Group Member
Good Farming Practice Governance Group Member
MBIE Tissue Culture Partnership Chair Governance Group
MfE Measure and Manage diffused nutrient losses from arable crops Governance Council Chair
MPI A Lighter Touch PGP Governance Group Member
Seed & Grain Readiness & Response Chair Governance Group
Seed Industry Research Centre Advisory Board member
Vegetable Research & Innovation Governance Group Member

Use of Company information
There were no notices from Directors regarding the use of Company information.

2021 Annual Report
36
Indemnities and Insurance
Pursuant to s162 of the Companies Act 1993 and the
Company’s Constitution, the Company has entered into deeds
of access, insurance and indemnity, with the directors of the
Group to indemnify them to the maximum extent permitted
by law, against all liabilities which they may incur in the
performance of their duties as directors of any company within
the Group. Insurance cover extends to directors and officers for
the expenses of defending legal proceedings and the cost of
damages incurred. Specifically excluded are proven criminal
liability and fines and penalties other than those pecuniary
penalties which are legally insurable. In accordance with
commercial practice, the insurance contract prohibits further
disclosure of the terms of the policy. All Directors who voted
in favour of authorising the insurance certified that in their
opinion, the cost of the insurance is fair to the Company.
Donations
There were no donations made by the Company during the
year ended 31 March 2021 (2020: Nil)
Directors’ Interests continued
Directors’
Responsibility
Statement.
The Directors of Blis Technologies Limited are pleased to
present to shareholders the financial statements for the Group
for the year ended 31 March 2021.
The Directors are responsible for presenting financial
statements in accordance with New Zealand law and generally
accepted accounting practice, which fairly presents the
financial position of the Group as at 31 March 2021 and the
results of its operations and cash flows for the year ended on
that date.
The Directors consider the financial statements of the Group
have been prepared using accounting policies which have been
consistently applied and supported by reasonable judgements
and estimates and that all relevant financial reporting and
accounting standards have been followed.
The Directors believe that proper accounting records have been
kept which enable with reasonable accuracy, the determination
of the financial position of the Group and facilitate compliance
of the financial statements with the Financial Reporting Act
2013 and the Financial Markets Conduct Act 2013.
The Directors consider that they have taken adequate steps to
safeguard the assets of the Group, and to prevent and detect
fraud and other irregularities. Internal control procedures
are also considered to be sufficient to provide a reasonable
assurance as to the integrity and reliability of the financial
statements.
The Financial Statements are signed on behalf of the Board by:

Tony Offen Geoff Plunket
Chairman Director
26 May 2021 26 May 2021

Blis Technologies Limited37
5 Year Trend.
2021 2020 2019 2018 2017
($000) ($000) ($000) ($000) ($000)
Revenue 10,613 10,642 8,239 5,285 6,543

Earnings before interest, tax, depreciation
and amortisation (EBITDA) 975 2,119 922 (427) 580
Depreciation and amortisation 406 513 525 610 608
Net interest expense 5 4 16 5 (4)
Net profit after tax (NPAT) 564 1,602 381 (1,042) (24)
Net debt 83 128 829 290 -
Shareholder’s Equity 5,662 5,056 3,421 3,007 4,017
Total assets 7,806 7,058 5,201 3,888 4,500
Current assets 5,146 5,746 3,966 2,260 2,736
Current liabilities 1,812 1,642 1,651 712 483
Working capital 3,334 4,104 2,315 1,548 2,253
Net tangible assets (NTA)
1
3,473 4,311 2,856 2,164 2,899
Cash generated from operations 589 3,197 (583) 118 244
Number of shares on issue (‘000) 1,107,654 1,107,654 1,107,654 1,107,654 1,107,654
Earnings per share (EPS) – basic (cents) 0.05 0.14 0.03 (0.09) (0.00)
Share price at 31 March 0.06 0.06 0.02 0.02 0.04
NTA per share (cents) 0.31 0.39 0.26 0.20 0.26
Cash conversion ratio
2
60.3% 150.9% (63.2%) (27.6%) 42.1%
Return on shareholders’ equity
3
10.0% 31.7% 11.1% (34.7%) (0.6%)
Return on assets
4
7.7% 26.2% 8.7% (24.7%) (0.6%)
Gearing ratio
5
1.4% 2.5% 19.5% 8.8% -
EBIT to revenue ratio 5.4% 15.1% 4.8% (19.6%) (0.4%)
Current assets to current liabilities (times) 2.8 3.5 2.4 3.2 5.7
% CHANGE ON PRIOR YEAR
Revenue (0.3%) 29.2% 55.9% (19.2%) 16.3%
EBITDA (54.0%) 129.8% 315.9% (173.6%) 298.0%
NPAT (64.8%) 320.5% 136.6% (4,241.7%) 97.1%
EPS (64.8%) 320.5% 136.6% (4,241.7%) 97.1%
1. Calculated as Net Assets less right of use assets and finite life intangible assets.
2. Calculated as cash generated from operations divided by EBITDA.
3. Calculated as net profit after tax divided by closing shareholders’ equity.
4. Calculated as EBIT divided by average total assets.
5. Gearing ratio is calculated as net debt divided by the sum of net debt and shareholders’ equity.

2021 Annual Report
38
2021 Annual Report
38
Financial
Statements
2021

Blis Technologies Limited39
Consolidated Statement of
Comprehensive Income.
For the year ended 31 March 2021
Note 2021 2020
($000) ($000)
REVENUES
Revenue 2 (a) 10,613 10,642
Other income 2 (b) 226 217
Total Revenue and Other Income 10,839 10,859
EXPENSES
Distribution expenses 257 160
Marketing expenses 2,533 1,642
Occupancy expenses 66 85
Employee benefits 2,566 2,558
Raw materials and consumables 1,877 2,229
Operating expenses 2,950 2,553
Finance expenses 26 30
Total Expenses 2 (c) 10,275 9,257
SURPLUS / (DEFICIT) BEFORE TAX 2, 4, 5 564 1,602
Income tax expense 3 - -
SURPLUS / (DEFICIT) FOR THE PERIOD 564 1,602
Other comprehensive income - -
TOTAL COMPREHENSIVE INCOME 564 1,602
Earnings / (deficit) per Share:
Basic (cents per ordinary share) 15 0.05 0.14
Diluted (cents per ordinary share) 15 0.05 0.14
The above consolidated statements should be read in conjunction with the accompanying notes on pages 43 to 61.

2021 Annual Report
40
Consolidated Statement of
Changes in Equity.
For the year ended 31 March 2021
Share
based
Notes Share Retained payments Total
capital earnings/ equity attributable
deficit reserves to Group
($000) ($000) ($000) ($000)
OPENING EQUITY – 1 APRIL 2019 37,380 (33,996) 37 3,421
Surplus / (deficit) for the year - 1,602 - 1,602
Other comprehensive income - - - -
Total comprehensive Income - 1,602 - 1,602
Equity contributions and distributions
CEO share option equity reserves 15,16 44 - (11) 33
44 - (11) 33
CLOSING EQUITY – 31 MARCH 2020 37,424 (32,394) 26 5,056
OPENING EQUITY – 1 APRIL 2020 37,424 (32,394) 26 5,056
Surplus / (deficit) for the year - 564 - 564
Other comprehensive income - - - -
Total comprehensive Income - 564 - 564
Equity contributions and distributions
CEO share option equity reserve 15,16 45 - (13) 32
Employee performance rights plan reserve 16 - - 10 10
45 - (3) 42
CLOSING EQUITY – 31 MARCH 2021 37,469 (31,830) 23 5,662
The above consolidated statements should be read in conjunction with the accompanying notes on pages 43 to 61.

Blis Technologies Limited41
Consolidated
Balance Sheet.
As at 31 March 2021
Notes 2021 2020
($000) ($000)
ASSETS
Current Assets
Cash and short term deposits 6 2,187 3,214
Trade and other receivables 7 1,572 1,570
Prepayments 308 202
Inventory 8 1,004 685
NZX Bond 6 75 75
TOTAL CURRENT ASSETS 5,146 5,746
NON CURRENT ASSETS
Property, plant and equipment 9 471 567
Finite life intangible assets 10 1,711 404
Right-of-use assets 11 478 341
TOTAL NON CURRENT ASSETS 2,660 1,312
TOTAL ASSETS 7,806 7,058
LIABILITIES
Less Current Liabilities
Trade and other payables 12 1,549 1,520
Current borrowings 13 46 43
Lease liabilities 11 200 76
Foreign exchange contracts 22 (e) 17 3
TOTAL CURRENT LIABILITIES 1,812 1,642
Non Current Liabilities
Non current borrowings 13 37 85
Lease liabilities 11 295 275
TOTAL NON CURRENT LIABILITIES 332 360
TOTAL LIABILITIES 2,144 2,002
NET ASSETS 5,662 5,056
OWNERS EQUITY
Share capital 15 37,469 37,424
Retained earnings / (deficits) (31,830) (32,394)
Share based payment equity reserves 16 23 26
TOTAL EQUITY 5,662 5,056
The above consolidated statements should be read in conjunction with the accompanying notes on pages 43 to 61.

2021 Annual Report
42
Consolidated Statement
of Cashflows.
For the year ended 31 March 2021
Notes 2021 2020
($000) ($000)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from / (applied to):
Receipts from customers 10,853 11,626
Interest received 22 26
Payments to suppliers and employees (10,260) (8,425)
Finance costs (26) (30)
Net cash inflow / (outflow) from operating activities 21 589 3,197
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from / (applied to):
Purchase of intangible assets 10 (1,443) (94)
Purchase of property, plant and equipment 9 (96) (73)
Sale of property, plant and equipment 9 56 -
Net cash inflow / (outflow) from investing activities (1,483) (167)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from / (applied to):
Repayment of borrowings (45) (701)
Repayment of lease liabilities (127) (72)
Receipt of share option 33 33
Net cash inflow / (outflow) from financing activities (139) (740)
Net Increase / (Decrease) in cash held (1,033) 2,290
Add cash and short-term deposits at start of period 3,214 924
Foreign exchange differences 6 -
Balance at end of period 2,187 3,214
COMPRISED OF:
Cash and short-term deposits 2,187 3,214
2,187 3,214
The above consolidated statements should be read in conjunction with the accompanying notes on pages 43 to 61.

Blis Technologies Limited43
1. BASIS OF REPORTING
Reporting Entity
The consolidated financial statements presented are those of
Blis Technologies Limited (the “Company”) and its subsidiary
Blis Functional Foods Limited (the “Group”).
The Group’s principal activity is developing healthcare products
based on strains of bacteria that produce bacteriocin activity for
sale in New Zealand and overseas.
Statutory Base
The Company is a profit-oriented entity, domiciled in New
Zealand, registered under the Companies Act 1993 and listed
on the New Zealand Stock Exchange. The Company is an FMC
reporting entity under the Financial Markets Conduct Act 2013.
The financial statements have been prepared in line with the
requirements of these Acts and the Financial Reporting Act
2013.
Basis of Preparation
The financial statements have been prepared in accordance
with New Zealand Generally Accepted Accounting Practice
(“NZ GAAP”). They comply with the New Zealand Equivalents
to International Financial Reporting Standards (“NZ IFRS”) and
other applicable financial reporting standards as appropriate
for profit-oriented entities. The financial statements comply
with International Financial Reporting Standards (“IFRS”).
The Financial Statements were authorised for issue by the
Board of Directors on 26th May 2021.
Basis of Measurement
The financial statements have been prepared on the historical
cost basis, except for the derivative financial instruments that
are measured at fair value at the end of each reporting period as
explained in the relevant accounting policies.
Historical cost is based on the fair values of the consideration
given in exchange for assets.
Accounting policies are selected and applied in a manner which
ensures that the resulting financial information satisfies the
concepts of relevance and reliability, thereby ensuring that
the substance of the underlying transactions or other events is
reported.
Notes to and Forming
Part of the Consolidated
Financial Statements.
Unless otherwise stated the accounting policies set out below
have been applied in preparing the consolidated financial
statements for the year ended 31 March 2021 and 31 March
2020.
The financial statements are presented in thousands of
New Zealand dollars. The New Zealand dollar is the Group’s
functional currency.
Critical Judgements, Estimates and Assumptions
In the application of NZ IFRS, the Directors are required to make
judgements, estimates and assumptions about carrying values
of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based
on historical experience and various other factors that are
believed to be reasonable under the circumstance, the results of
which form the basis of making the judgements. Actual results
may differ from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised if the revision affects
only that period or in the period of the revision and future periods
if the revision affects both current and future periods.
Judgements made by the Directors in the application of NZ IFRS
that have significant effects on the financial statements and
estimates with a significant risk of material adjustments in the
next year include:
• Assessing the point at which a project has moved from the
research phase to the development phase and which costs
may be capitalised as internally generated intangible assets.
Refer to note 10 for further information.
• The Group determines whether finite life intangibles
are impaired at least on an annual basis. Where there is
an indication of impairment then an estimation of the
recoverable amount of the finite life intangible assets is
required. Determining the recoverable amounts of intangible
assets requires judgement in relation to the effects of
uncertain future events at balance date. Assumptions are
required with respect to future cash flows and discount rates
used. Refer note 10 for sensitivities and assumptions used.
• The determination of separate performance obligations
for the recognition of revenue. Refer to note 2 for further
information.

2021 Annual Report
44
Notes to and Forming Part of the Consolidated Financial Statements continued
• Tax Losses - The recognition of a deferred tax asset arising
from prior year tax losses and temporary differences is
dependent on generating future taxable profits.
No deferred tax asset has been recognised as at 31 March
2021 but this position will be reviewed in future periods
as the Company demonstrates a consistent track record of
profitable Group results. The Group’s ability to utilise tax
losses is explained in note 3.
Significant Accounting Policies
The principal accounting policies applied in the preparation and
presentation of the financial statements are set out below or in
the notes with the item to which they relate, where policies are
specific to certain transactions or balances.
These policies have been consistently applied unless otherwise
stated.
Basis of Consolidation
The Group financial statements incorporate the financial
statements of the Company and all entities controlled by the
Company (its subsidiaries) that comprise the Group, being Blis
Technologies Limited (the parent entity) and its subsidiary
Blis Functional Foods Limited. Control is obtained when the
Company has power over the investee, is exposed to or has
rights to variable returns from its investment, and has the ability
to use its power to affect returns. Consistent accounting policies
are employed in the preparation and presentation of the group
financial statements.
The results of subsidiaries acquired or disposed of during
the year are included in the Consolidated Statement of
Comprehensive Income from the effective date of acquisition or
up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial
statements of subsidiaries to bring their accounting policies into
line with those used by the Group.
All intra-group transactions, balances, income and expenses are
eliminated in full on consolidation.
Foreign Exchange
In the course of normal trading activities, the Group undertakes
transactions denominated in foreign currencies, hence
exposures to exchange rate fluctuations arise. Transactions in
currencies other than the New Zealand dollar are recognised at
the rate of exchange prevailing on the dates of the transactions.
Trade and other receivables, trade and other payables, the
Euro denominated bank account and the United States Dollar
(USD) denominated bank account balances are translated at the
exchange rates prevailing at the end of each reporting period
as sourced from the Reserve Bank of New Zealand. Exchange
differences are recognised in the statement of comprehensive
income in the period in which they occur.
Goods and Services Tax (GST)
All items in the balance sheet are stated exclusive of GST, with
the exception of receivables and payables, which include GST.
All items in the income statement are stated exclusive of GST.
The GST component of cash flows arising from investing and
financing activities which is recoverable from, or payable to, the
taxation authority is classified as operating cash flows.
New and revised NZ IFRS Standards and Interpretations
Issued but not yet adopted
All mandatory new and revised standards and interpretations
have been adopted in the current year. None had a material
impact on these financial statements
At the date of authorisation of these financial statements,
certain new standards and interpretations to existing standards
have been published but are not yet effective. The Group
expects to adopt these when they become mandatory. None are
expected to materially impact the Group’s financial statements.
2. SURPLUS / (DEFICIT) FROM OPERATIONS
Policy
Revenue is recognised from the following major sources:
• Sale of goods;
• Right to access; and
• Grants.
Revenue is measured at the fair value of the consideration the
Group expects to be entitled to in accordance with customer
contracts and excludes amounts collected on behalf of third
parties.
Sale of Goods
The Group sells ingredients and finished goods to manufacturer
and wholesale customers. In addition to product sales, the
Group provides sales training and support to its customers. The
Group has determined that the sales training and support is not
a distinct performance obligation.
In addition to selling products to customers, the Group also
arranges delivery of the products to its customers. Where
control of the product passes to the customer on departure the
delivery services represent a separate performance obligation.
The Group is an agent in the performance of the delivery service
and the allocated revenue is recognised net of costs.
Revenue from the sale of goods is recognised when the Group
has transferred control of the goods to the customer, which
is typically at the point goods are dispatched. For some
customers, the customer does not obtain control until the goods
have been delivered to their premises. For these customers,
revenue is recognised at the date the goods are delivered. One
of the Group’s major customers has entered into a consignment
arrangement. Sales to this customer, are not recognised until
the sale is made to the end customer.

Blis Technologies Limited45
Notes to and Forming Part of the Consolidated Financial Statements continued
Rebates
The Group provides rebates to certain customers based on the
quantity of products purchased during the period. Rebates are
offset against revenue. To estimate the variable consideration
for the expected rebates, the Group applies the expected
value method. The Group recognises a refund liability for the
expected rebates.
Right to access
Right to access agreements with customers provide exclusive
rights to the customer for specified products throughout the
contract period.
Revenue from right to access agreements is recognised over
time, on a straight-line basis over the contract term as this
depicts the period of exclusive supply to the customer.
A material right is recognised as a separate performance
obligation where the customer has the right to extend the
access period at a discounted price. In such instances, the Group
recognises revenue when the rights are exercised or expired.
The material right is estimated based on the likelihood of the
customer exercising the option.
Contract liabilities
Revenue is recognised when all associated obligations have
been met. Where consideration has been received but the
associated obligations have not been met, for instance goods
have not yet been provided, it will be recognised as a contract
liability on the balance sheet.
Grant Income
Grant income is recognised when the Group has met all of
the requirements established by the grant. Grant income
that is receivable as compensation for expenses or losses
already incurred or for the purpose of giving immediate
financial support to the entity with no future required costs
are recognised as revenue of the period in which it becomes
receivable.
Interest Income
Interest income is accrued on a time basis, by reference to the
principal outstanding and the effective interest rate applicable,
which is the rate that exactly discounts estimated future cash
receipts through the expected life of the financial asset to that
asset’s net carrying amount.
2021 2020
(a) Revenue $’000 $’000
Revenue consists of the following items:
Point in time recognition:
Sale of goods – domestic sales
Finished goods 1,115 1,663
Ingredients 27 45
Sale of goods – export sales
Finished goods 969 1,445
Ingredients 8,203 7,290
Over time recognition:
Right to access 299 199
10,613 10,642
2021 2020
(b) Other Income $’000 $’000
Grant income 201 181
Other income 3 10
Interest income 22 26
226 217
2021 2020
(c) Expenses $’000 $’000
This includes the following specific expenses:
Director’s fees 298 248
Other operating expenses 1,799 1,521
Depreciation of property,
plant and equipment (note 9) 137 156
Depreciation of right of use assets
(note 11) 134 82
Amortisation of finite life
intangible assets (note 10) 122 256
(Gain) / loss on disposal of property,
plant and equipment (note 9) (1) 19
Loss on disposal of Intangibles
(note 10) 14 -
Reversal of allowance on trade
receivables (note 22 g) - (6)
Operating lease payment 5 20
Research and development 445 290
Employee benefits 2,951 2,492
Employee benefits capitalised (469) -
Post employment benefits 84 66

2021 Annual Report
46
Notes to and Forming Part of the Consolidated Financial Statements continued
3. INCOME TAXES
Policy
Current tax
Current tax is calculated by reference to the amount of income
taxes payable or recoverable in respect of the taxable profit
or tax loss for the period. It is calculated using tax rates and
tax laws that have been enacted or substantively enacted by
reporting date. Current tax for current and prior periods is
recognised as a liability (or asset) to the extent it is unpaid (or
refundable).
Deferred tax
Deferred tax is accounted for using the comprehensive balance
sheet liability method in respect of temporary differences
arising from differences between the carrying amount of assets
and liabilities in the financial statements and the corresponding
tax base of those items.
In principle, deferred tax liabilities are recognised for all taxable
temporary differences. Deferred tax assets are recognised to the
extent that it is probable that sufficient taxable amounts will
be available against which deductible temporary differences or
unused tax losses and tax offsets can be utilised.
However, deferred tax assets and liabilities are not recognised
if the temporary differences giving rise to them arise from the
initial recognition of assets and liabilities (other than as a result
of a business combination) which affects neither taxable income
nor accounting profit.
Deferred tax assets and liabilities are measured at the tax rates
that are expected to apply in the period when the liability is
settled or the asset is realised based on tax rates that have been
enacted or substantively enacted at reporting date.
Deferred tax is charged or credited in the statement of
comprehensive income, except when it relates to items charged
or credited directly to equity, in which case the deferred tax is
also dealt with in equity.
(a) Income tax recognised in profit or loss
The prima facie income tax expense on pre-tax accounting profit
reconciles to the income tax expense in the financial statements
as follows:
2021 2020
$’000 $’000
Net surplus before tax 564 1,602
Income tax expense calculated at 28% 158 449
Non-deductible items 86 61
Temporary differences excluding
tax losses not recognised (46) 14
Tax losses (recognised)/not recognised (198) (524)
Income tax expense - -
(b) Income tax recognised directly in equity
There was no current or deferred tax charged/ (credited) directly
to equity during the period.
(c) Deferred tax balances
The Group has an unrecognised deferred tax asset of $4,302,366
(2020: $4,669,199). The unrecognised deferred tax asset arises in
relation to temporary differences of $298,930 (2020: $346,118)
and gross tax losses of $14,297,985 (2020: $15,439,574) with a
tax effect of $4,003,436 (2020: $4,323,081). The tax losses may
be able to be carried forward and offset against future taxable
income (subject to meeting the requirements of the Income Tax
Act 2007) and accounting recognition requirements.
4. REMUNERATION OF AUDITORS
2021 2020
$’000 $’000
Audit of the financial statements 85 70
Additional fees relating to 2019 audit - 6
85 76
The auditor of Blis Technologies Limited is Deloitte Limited.
5. KEY MANAGEMENT PERSONNEL
COMPENSATION
2021 2020
$’000 $’000
Short term employee benefits 1,234 1,061
Post employee benefits 37 29
Share based payments 10 -
1,281 1,090

Blis Technologies Limited47
Notes to and Forming Part of the Consolidated Financial Statements continued
Equity settled share based payments
The fair value (at grant date) of performance share rights
plan (PSRs) granted to the CEO and certain other senior
management, is recognised in profit or loss within the
consolidated statement of Comprehensive Income over the
vesting period with a corresponding increase in the share based
payment reserve. When PSRs are exercised, the amount in the
share based payment reserve relating to those instruments is
transferred to share capital. When any PSRs lapse, the amount
in the share based payment reserve relating to those PSRs is
also transferred to retained earnings.
Employee share based compensation
From 21 December 2020, the Company grants PSRs to certain
members of its senior leadership and senior management
teams under the 2020 Performance Share Rights Plan. There
were no Employee share based schemes prior to December
2020.
i) Performance share rights plan
Under the 2020 Performance Share Rights Plan, one share right
gives the employee the potential to exercise a share right for an
ordinary share in the Company. Performance share rights will
only become exercisable if the Company meets certain market
based and performance based requirements set by the board
in respect of its share price and net profit, and the continuous
employment of the relevant holder.
The plan is a three year scheme, with the potential rights to fully
vest on the third anniversary of the grant date if the following
criteria are met:
• 50% of the Performance rights shall vest on the Vesting Date
subject to the average market price of the shares of the
Company from the Grant Date to the Vesting Date increase by
15% per annum.
• 50% of the Performance rights shall vest on the Vesting date
subject to the Company achieving 15% compound annual
growth rate (CAGR) for net profit from 31 March 2020 to the
Vesting Date; and
• The holder of the Performance Rights is continuously
employed by the Company during the period from the Grant
Date to the Vesting Date.
Measurement
The fair value of the PSRs was determined using the Black
Scholes option pricing model to value the 50% performance
rights which vest on achieving 15% CAGR for net profit being
non market conditions and a Monte Carlo simulation valuation
methodology for the 50% performance rights with market based
vesting conditions.
The compensation of the key management personnel of the
entity, is set out below:
Movements in the number of PSRs outstanding and their
exercise prices are as follows:
2021 2020
Number of options outstanding
As at beginning of the year - -
Granted during the year 2,674,000 -
Exercised during the year - -
Lapsed during the year - -
As at end of the year 2,674,000 -
Exercisable at year end - -
Number of employees 4 -
Weighted average exercise price $0.08 -
Weighted average remaining
contractual life (months) 33
Fair value of rights granted
during the year 106,960 -
Fair value of rights granted
during the year ($ per share) 0.04 -
Key inputs and assumptions used in fair value of PSRs granted
during the year
2021 2020
Share price at grant date $0.08 -
Contractual life (years) 4 -
Exercise price $0.08 -
Dividend yield 0% -
Expected volatility
(i)
70-75% -
Risk free rate 0.31% -
(i) The expected share price volatility is derived by analysing the historical
volatility over the most recent historical period corresponding to the term of
the PSR.

2021 Annual Report
48
Notes to and Forming Part of the Consolidated Financial Statements continued
6. CASH AND SHORT TERM DEPOSITS
Policy
Cash and short term deposits
Cash and short term deposits comprise cash on hand, demand
deposits, and other short term highly liquid investments that
are readily convertible to a known amount of cash and are
subject to an insignificant risk of changes in value. Cash and
short term deposits are initially recognised at fair value and
subsequently measured at amortised cost using the effective
interest method.
NZX Bond
A short term deposit is held at Bank of New Zealand as security
for a bond issued to the NZX. These funds do not represent
operating cash reserves.
2021 2020
$’000 $’000
Cash 1,487 1,614
Short term deposits 700 1,600
2,187 3,214
NZX bond 75 75
7. TRADE AND OTHER RECEIVABLES
Policy
Trade and other receivables
Trade and other receivables are initially recognised at fair
value and subsequently measured at amortised cost using the
effective interest method, less any provision for expected credit
losses.
The Group applies the simplified approach to measuring
expected credit losses which uses a lifetime expected credit loss
allowance.
The measurement of expected credit losses is a function of the
probability of default, loss given default and the exposure at
default.
The expected credit losses on trade receivables are estimated
using a provision matrix by reference to past default experience
of the debtor and an analysis of the debtor’s current financial
position, adjusted for factors that are specific to the debtors,
general economic conditions of the industry in which the
debtors operate and an assessment of both the current as well
as the forecast direction of conditions at the reporting date.
The allowance recognised is measured as the difference
between the asset’s carrying amount and the present value of
estimated future cash flows discounted at the effective interest
rate computed at initial recognition.
2021 2020
$’000 $’000
Trade receivables 1,474 1,543
Allowance for expected
credit losses (note 22 g) (2) (2)
GST receivable 100 29
1,572 1,570
Trade receivables and other receivables are non-interest bearing
and receipt is normally on 30 to 60 day terms. Therefore,
the carrying value of trade debtors and other receivables
approximates its fair value.
8. INVENTORIES
Policy
Inventories are stated at the lower of cost and net realisable
value. Cost is determined using average cost. Net realisable
value represents the estimated selling price less all estimated
costs of completion and costs to be incurred in marketing,
selling and distribution.
2021 2020
$’000 $’000
Raw materials 666 549
Finished goods 338 136
1,004 685
9. PROPERTY, PLANT AND EQUIPMENT
Policy
All items of Property, Plant and Equipment are stated at cost
less accumulated depreciation, and impairment. Cost includes
expenditure that is directly attributable to the acquisition of the
item. In the event that settlement of all or part of a purchase
consideration is deferred, cost is determined by discounting the
amounts payable in the future to their present value as at the
date of acquisition.
Depreciation is provided on property, plant and equipment.
Depreciation is calculated on a straight line basis so as to write
off the net cost of the asset over its expected useful life to its
estimated residual value. The following estimates of useful lives
are used in the calculation of depreciation:
Leasehold improvements 1 – 10 years
Furniture and fittings 2 – 15 years
Plant and equipment 3 – 12 years

Blis Technologies Limited49
Notes to and Forming Part of the Consolidated Financial Statements continued
2021 Accumulated Accumulated Accumulated Book
Cost Cost depreciation depreciation depreciation Value
1 April Additions/ 31 March 1 April Depreciation reversed on 31 March 31 March
2020 Transfers Disposals 2021 2020 expense disposal Transfer 2021 2021
$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Leasehold improvements 364 - - 364 (314) (6) - - (320) 44
Furniture and fittings 100 30 - 130 (100) (7) - - (107) 23
Plant and equipment 1,601 66 (149) 1,518 (1,084) (124) 94 - (1,114) 404
2,065 96 (149) 2,012 (1,498) (137) 94 - (1,541) 471
2020 Accumulated Accumulated Accumulated Book
Cost Cost depreciation depreciation depreciation Value
1 April Additions/ 31 March 1 April Depreciation reversed on 31 March 31 March
2019 Transfers Disposals 2020 2019 expense disposal Transfer 2020 2020
$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Leasehold improvements 367 2 (5) 364 (314) (6) 6 - (314) 50
Furniture and fittings 98 2 - 100 (96) (4) - - (100) -
Plant and equipment 1,667 69 (135) 1,601 (1,053) (146) 115 - (1,084) 517
2,132 73 (140) 2,065 (1,463) (156) 121 - (1,498) 567
10. FINITE LIFE INTANGIBLE ASSETS
Policy
Intangible assets acquired separately are reported at cost
less accumulated amortisation and accumulated impairment
losses. Amortisation is recognised on a straight-line basis over
their estimated useful lives. The estimated useful lives, residual
values and amortisation method are reviewed at the end of each
reporting period, with the effect of any changes in estimate being
accounted for on a prospective basis.
Intellectual Property
The cost of intellectual property is written off until such time as
it becomes clear that future economic benefits attributable to
that expenditure will flow to the Group and there is sufficient
evidence to support the probability of the expenditure
generating sufficient future economic benefits.
Intellectual property including patents, trademarks and licenses
are considered finite life intangibles and are recorded at cost
less accumulated amortisation and impairment. Amortisation is
charged on a straight-line basis over the estimated useful life of
the intangible asset being 8 to 20 years. The estimated useful life
and amortisation method is reviewed at the end of each annual
reporting period.
Website
Following the initial development of a website, which is
recorded at cost and amortised over 3 years, the cost of further
website development is expensed as incurred.
Internally-generated Intangible Assets – Capitalised Product
Development Expenditure
Expenditure on research activities is recognised as an expense
in the period in which it is incurred.
An internally-generated intangible asset arising from
development (or from the development phase of an internal
project) is recognised if, and only if, all of the following have
been demonstrated:
• the technical feasibility of completing the intangible asset so
that it will be available for use or sale;
• the intention to complete the intangible asset and use or sell
it;
• the ability to use or sell the intangible asset;
• how the intangible asset will generate probable future
economic benefits
• the availability of adequate technical, financial and other
resources to complete the development and to use or sell the
intangible asset; and
• the ability to measure reliably the expenditure attributable to
the intangible asset during its development.

2021 Annual Report
50
The amount initially recognised for internally-generated
intangible assets is the sum of the expenditure incurred from
the date when the intangible asset first meets the recognition
criteria listed above. Where no internally-generated intangible
asset can be recognised, development expenditure is charged
to profit or loss in the period in which it is incurred.
Subsequent to initial recognition, internally-generated
intangible assets are reported at cost less accumulated
amortisation and accumulated impairment losses, on the same
basis as intangible assets acquired separately. The useful life of
internally-generated intangible assets is 8 years.
Intangibles work in progress
Intangibles work in progress is not amortised until work is
complete and the asset is fit for its intended use.
Impairment of Assets
At each balance sheet date, the Group reviews the carrying
amounts of its assets to determine whether there is any
indication that those assets have suffered an impairment loss. If
any such indication exists, the recoverable amount of the asset
is estimated in order to determine the extent of the impairment
loss (if any). Where the asset does not generate cash flows that
are independent from other assets, the Group estimates the
recoverable amount of the cash-generating unit to which the
asset belongs.
The recoverable amount is the higher of fair value less costs to
sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset
for which the estimates of future cash flows have not been
adjusted.
If the recoverable amount of an asset (cash-generating unit)
is estimated to be less than its carrying amount, the carrying
amount of the asset (cash-generating unit) is reduced to its
recoverable amount. An impairment loss is recognised in profit
or loss immediately.
Where an impairment loss subsequently reverses, the carrying
amount of the asset (cash-generating unit) is increased to the
revised estimate of its recoverable amount, but only to the
extent that the increased carrying amount does not exceed
the carrying amount that would have been determined had no
impairment loss been recognised for the asset (cash-generating
unit) in prior years.

IT, website
Capitalised development
Trademarks Patents development and software Total
2021 $’000 $’000 $’000 $’000 $’000
Gross Carrying Amount
Balance at 1 April 2020 130 1,072 3,115 193 4,510
Additions - acquired 76 106 - - 182
Additions - internally generated (WiP) - - 1,054 207 1,261
Disposals - (14) - - (14)
Balance at 31 March 2021 206 1,164 4,169 400 5,939
Accumulated amortisation and impairment
Balance at 1 April 2020 11 829 3,082 184 4,106
Amortisation expense 15 71 33 3 122
Balance at 31 March 2021 26 900 3,115 187 4,228
Net Book Value at 31 March 2021 180 264 1,054 213 1,711
Notes to and Forming Part of the Consolidated Financial Statements continued

Blis Technologies Limited51
Notes to and Forming Part of the Consolidated Financial Statements continued
IT, website
Capitalised development
Trademarks Patents development and software Total
2020 $’000 $’000 $’000 $’000 $’000
Gross Carrying Amount
Balance at 1 April 2019 47 1,072 3,115 182 4,416
Additions - acquired 83 - - 11 94
Balance at 31 March 2020 130 1,072 3,115 193 4,510
Accumulated amortisation and impairment
Balance at 1 April 2019 3 689 2,998 160 3,850
Amortisation expense 8 140 84 24 256
Balance at 31 March 2020 11 829 3,082 184 4,106
Net Book Value at 31 March 2020 119 243 33 9 404
Trademarks are amortised over their estimate useful lives, which is
on average 10 years.
Patents are amortised over their estimated useful lives, which is on
average 20 years.
The amortisation period for development costs incurred on the
Group’s K12, M18 and Q24 product development is 8 years.
The amortisation period for the development costs incurred on
the Group’s IT, website and software development is 3 years.
No impairment losses have been recorded in the current year
(2020: Nil).
Capitalised product development expenditure relates to
costs incurred in relation to the development of ingredient,
intermediate and food products containing BLIS, and the
associated regulatory approval processes.
Impairment test for Intangible Assets
For the purposes of preparing these accounts, the Board reviewed
the intangible assets and have determined that there is no
impairment of any intangible assets.
The Group is considered to be one cash-generating unit.
The calculation of the recoverable amount has been determined
based on a value-in-use calculation that uses cash flow projections
based on the financial forecasts prepared by management
covering a five year period.
The recoverable amount calculations are most sensitive to
assumptions regarding growth rate, contribution margins and the
required rate of return. Key assumptions used in the value-in-use
calculation are:
• Annual sales growth rate of between 15% - 19% (2020: 0% - 5%)
• Contribution margins of 73% - 75% (2020: 61% – 65%)
• Pre-tax discount rate of 16.45% (2020: 17.4% pre tax)
• Terminal growth rate of 2% (2020: 2%)
The calculation supports the carrying amount of intangible
assets. Excluding costs associated with new growth or
development activities:
• A sales growth rate of 0% would not have resulted in an
impairment loss
• A reduction of contribution margins by 5% would not have
resulted in an impairment loss
• A 5% increase in the discount rate would not have resulted in
an impairment loss
The recoverable amount is sensitive to each of these
assumptions. If sales growth and/or contribution margins fall
short of projections, the recoverable amount of the capitalised
intangible asset expenditure may be less than the carrying value.
11. LEASES
Policy
The Group as a lessee
The Group leases certain property, plant and equipment. The
Group recognises a right-of-use asset and a corresponding lease
liability with respect to all lease arrangements in which it is the
lessee, except for short-term leases and leases of low value assets
where the Group recognises the lease payments as an other
operating expense on a straight-line basis over the term of the
lease.
Lease Liabilities
Lease liabilities are initially measured at the present value of the
lease payments that are not paid at the commencement date,
discounted by using the rate implicit in the lease. If this rate
cannot be readily determined, the Group uses its incremental
borrowing rate (IBR).

2021 Annual Report
52
Notes to and Forming Part of the Consolidated Financial Statements continued
Lease payments included in the measurement of the lease
liability comprise:
• Fixed lease payments, less any lease incentives;
• Variable lease payments that depend on an index or
rate, initially measured using the index or rate at the
commencement date;
• The exercise price of purchase options, if the lessee is
reasonably certain to exercise the options; and
• Payments of penalties for terminating the lease, if the lease
term reflects the exercise of an option to terminate the lease.
Lease liabilities are presented as a separate line in the balance
sheet and are subsequently measured by increasing the
carrying amount to reflect interest on the lease (using the
effective interest method) and reducing the carrying amount to
reflect the lease payments made.
The Group remeasures the lease liability if:
• The lease term has changed or there is a change in the
assessment of exercise of a purchase option, in which case
the lease liability is remeasured by discounting the revised
lease payments using a revised discount rate;
• Lease payments changing due to changes in an index or rate,
in which case the lease liability is remeasured by discounting
the revised lease payments using the initial discount rate; or
• A lease contract is modified and the lease modification is
not accounted for as a separate lease, in which case the
lease liability is remeasured by discounting the revised lease
payments using a revised discount rate.
ROU assets
ROU assets comprise of the initial measurement of the
corresponding lease liability, lease payments made at or before
the commencement date and any initial direct costs. They are
subsequently measured at cost less accumulated depreciation
and impairment losses.
Wherever the Group incurs an obligation for costs to dismantle
and remove a leased asset, restore the site on which it is located
or restore the underlying asset to the condition required by
the terms and conditions of the lease, a provision is recognised
and measured under NZ IAS 37. The costs are included in the
related ROU asset, unless those costs are incurred to produce
inventories.
ROU assets are depreciated over the shorter period of lease
term and useful life of the underlying asset. The estimated
useful lives of ROU assets are determined on the same basis as
similar owned assets within property, plant and equipment.
Depreciation starts at the commencement date of the lease.
ROU assets are presented as a separate line in the balance
sheet.
The Group applies NZ IAS 36 to determine whether a ROU asset
is impaired and accounts for any identified loss under the same
policy adopted for property, plant and equipment.
Variable rents that do not depend on an index or rate are not
included in the measurement of the lease liability and ROU
asset. The related payments are recognised as an expense in
the period in which the event or condition that triggers those
payments occurs and are included in other operating expenses
in the income statement.
Right-of-use assets
Properties Office Equipment Total
2021 $’000 $’000 $’000
As at 1 April 2020 325 16 341
Additions 244 38 282
Terminations - (22) (22)
Depreciation expense (132) (2) (134)
Depreciation write back on terminations - 11 11
Net Book Value as at 31 March 2021 437 41 478

Blis Technologies Limited53
Notes to and Forming Part of the Consolidated Financial Statements continued
Properties Office Equipment Total
2020 $’000 $’000 $’000
As at 1 April 2019 401 22 423
Additions - - -
Terminations - - -
Depreciation expense (76) (6) (82)
Net Book Value as at 31 March 2020 325 16 341
Lease Liabilities – Maturity Analysis 2021 2020
$’000 $’000
Lease Liabilities under NZ IFRS 16
Less than one year 200 76
Between one and five years 184 141
More than five years 111 134
495 351
Current 200 76
Non-Current 295 275
Total 495 351
The Group leases various properties and office equipment
under non-cancellable leases expiring within two to ten years.
The leases have varying terms and have no option to purchase
in respect to the leased equipment in the financial year ended
31 March 2021.
2021 2020
$’000 $’000
Amounts Recognised in consolidated
statement of comprehensive income:
Depreciation of right-of-use assets 134 82
Interest expense on lease liabilities 23 23
Expense relating to short-term leases 2 17
Expense relating to low value assets 3 3
The total cash outflow for leases in 2021 was $148,461 (2020:
$115,388).
The incremental borrowing rate applied on properties was 6%
(2020: 6%) and office equipment 6% (2020: 6%).
The below table details changes in the group’s lease liabilities from financing activities, including both cash and non-cash changes.
Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the group’s
statement of cash flows from financing activities.
2021 Opening Closing
balance at Non-cash Recognised on Non-financing Financing balance at
1 April 2020 changes
(1)
acquisition cash flows cash flow 31 March 2021
Lease liabilities 351 271 - - (127) 495
351 271 - - (127) 495
2020 Opening Closing
balance at Non-cash Recognised on Non-financing Financing balance at
1 April 2019 changes
(1)
acquisition cash flows cash flow 31 March 2020
Lease liabilities - 423 - - (72) 351
- 423 - - (72) 351
(1) Non-cash changes within lease liabilities relate to new leases entered into during the financial year, interest, lease modifications and reassessments of lease terms.

2021 Annual Report
54
Notes to and Forming Part of the Consolidated Financial Statements continued
12. TRADE AND OTHER PAYABLES
Policy
Trade Payable
Trade payable are initially measured at fair value and
subsequently measured at amortised cost using the effective
interest rate method.
Employee Benefits
Provision is made for benefits accruing to employees in respects
of wages and salaries and annual leave when it is probable
that settlement will be required and they are capable of being
measured reliably. Provisions are initially measured at fair
value and subsequently measured at amortised cost using the
effective interest rate method.
Provisions made in respect of employee benefits expected to
be settled within 12 months, are measured at their nominal
values using the remuneration rate expected to apply at the
time of settlement. Provisions made in respect of employee
benefits which are not expected to be settled within 12 months
are measured at the present value of the estimated future
cash outflows to be made by the Group in respect of services
provided by employees up to reporting date.
Refund Liabilities
Refund liabilities are initially measured at fair value and
subsequently measured at amortised cost using the effective
interest rate method.
2021 2020
$’000 $’000
Trade payable 1,246 1,222
Employee entitlements 303 295
Refund liabilities - 3
1,549 1,520
13. BORROWINGS
Policy
Borrowings are recognised initially at fair value less directly
attributable transaction costs and subsequently measured at
amortised cost using the effective interest method.
2021 2020
$’000 $’000
Asset finance 83 128
Total borrowings 83 128
2021 2020
$’000 $’000
Current borrowings 46 43
Non-current borrowings 37 85
Total borrowings 83 128
The Group has an undrawn trade credit loan facility with the
Bank of New Zealand that has a base limit of $550,000. The
effective interest rate of the trade credit loans is between 5.86%
- 6.49% (2020: 6.76% - 7.43%).
Asset Finance loan with the Bank of New Zealand was utilised
to finance the purchase of the Natoli tablet press. The loan has
an effective interest rate of 4.48% (2020: 5.21%). The term of this
loan is over 60 months with the final payment due December
2022. The loan is secured over the Natoli tablet press, purchased
for $293,479.
Security
The banking facilities from Bank of New Zealand are secured by
general security agreement over all present and after acquired
property of Blis Technologies Limited. There is assignment of
Trade Credit Insurance Policy covering export receivables and
specific security (set off and charge) over Term Deposit funds to
secure NZX Bond.

Blis Technologies Limited55
Notes to and Forming Part of the Consolidated Financial Statements continued
14. INVESTMENT IN SUBSIDIARY
Percentage held Balance date Principal activity
2021 2020
Blis Functional Foods Limited 100% 100% 31 March Non-trading
15. SHARE CAPITAL AND EARNINGS PER SHARE
2021 2020
No. of shares $’000 No. of shares $’000
Balance at the beginning of the year (fully paid) 1,107,653,565 37,424 1,107,653,565 37,380
Shares pursuant to the CEO share plan - 45 - 44
Balance at the end of the year 1,107,653,565 37,469 1,107,653,565 37,424
All 1,107,653,565 ordinary shares are issued and carry equal voting rights. All issued shares participate equally in any dividend
distribution or any surplus on winding up of the Company.
On 2 June 2016, 5,500,000 shares were issued to Mr Brian Watson, Chief Executive of the Company. The shares were issued at a price of
$0.0299 per share. Details of this transaction is shown in note 17.
Basic earnings per share
2021 2020
Profit attributable to members of the Company used in calculating basic and diluted EPS ($’000) 564 1,602
Weighted average number of ordinary shares (‘000) for basic EPS 1,107,654 1,107,654
Effect of dilution due to performance rights - -
Weighted average number of ordinary shares (‘000) for diluted EPS 1,107,654 1,107,654
Earnings per share
Basic EPS (cents) 0.05 0.14
Diluted EPS (Cents) 0.05 0.14
Recognition and measurement
Basic EPS is calculated as net profit attributable to members of the parent, adjusted to exclude any costs of servicing equity (other than
dividends), divided by the weighted average number of ordinary shares outstanding during the financial year. Diluted EPS adjusts basic
EPS for the dilutive effect of employee share rights and options that may be converted into ordinary shares in the Company to the extent
that the shares are contingently issuable at balance date.

2021 Annual Report
56
Notes to and Forming Part of the Consolidated Financial Statements continued
16. RESERVES
Nature and purpose of share based payment equity reserves
Share option equity reserve
The Share option equity reserve relates to the CEO share plan
refer note 17.
Employee performance rights plan reserve
The Reserve is used to recognise the fair value of PSRs granted
but not exercised refer to note 5.
2021 2020
$’000 $’000
Balance at the beginning of the year 26 37
Repayment of CEO share option
equity reserve (13) (11)
Expense recognised in relation to
employee performance rights
plan reserve 10 -
Balance at end of the year 23 26
17. RELATED PARTY TRANSACTIONS
During the year, BLIS products were not sold to any related
parties (excluding web sales). Product seconds are made
available to the staff and Board members for personal use at no
charge.
CEO Share option and issue of shares to the CEO
The Company entered into a Subscription Agreement and
issued 5,500,000 new ordinary shares to the CEO, Brian Watson,
on 2 June 2016. The shares were issued for cash consideration
of 2.99 cents per share being an aggregate $164,500, which
was satisfied by way of a contemporaneous interest free loan
provided by the Company to the CEO for an aggregate amount
equivalent to the subscription price for the shares.
The loan is secured by a lien on the issued shares and repayable
in equal annual instalments commencing on the 1st of
December 2017 with the final instalment due on 1 December
2021.
The shares were issued at 90% of the volume weighted average
share price for the 5 trading days prior to 1 June 2016. The issue
price was considered by the Directors of the Company to be
equivalent to the price that the tranche of shares would have
been issued to an independent third party at the time of issue.
The Subscription Agreement provides security against the loan
through a charge on the shares. The appropriate approach
consistent with the relevant accounting standard is to treat the
entire arrangement as a share option.
Using the Black Scholes option pricing model for the CEO
Share Plan at an implied volatility of 32% and referenced to the
prevailing share price of 3.32 cents on 2 June 2016 yielded an
aggregate option value of $54,517. This amount was treated as
an expense.
As a result of the charge to the Statement of Comprehensive
Income a CEO Share Option Reserve was created in the
Consolidated Balance Sheet. Upon receipt of each of the
scheduled loan repayment the notional option value associated
with each tranche transfers from the CEO Share Plan Reserve to
Share Capital and the amount of each loan repayment recorded
to equity to represent the consideration received for each
tranche of shares issued to the CEO.
Consideration of $32,900 was received for the fourth tranche of
shares in November 2020 (third instalment in November 2019:
$32,900, second instalment in November 2018: $32,900, first
instalment in November 2017 $32,900).
Fair Value of Share Options
The fair value of the share options granted during the 2017
financial year was $54,517. Options were priced using the Black-
Scholes option pricing model. Expected volatility is based on
the historical share price over the past 5 years, consistent with
the options lives, factoring in a step change in the 9 months
prior to grant date.
No allowance for early exercise was incorporated into the fair
value calculation as it was assumed that the CEO would exercise
the options at the latest exercise date.
There are no market or service conditions.
The fair value model is most susceptible to changes in the
expected volatility. Had an expected volatility of 45% been
utilised, the fair value of the share options would have been
$69,000.

Blis Technologies Limited57
Notes to and Forming Part of the Consolidated Financial Statements continued
Inputs to the model:
Option Series 1 2 3 4 5
Grant date weighted average share price $0.0322 $0.0322 $0.0322 $0.0322 $0.0322
Exercise price $0.0299 $0.0299 $0.0299 $0.0299 $0.0299
Expected volatility 31.93% 31.93% 31.93% 31.93% 31.93%
Option life (years) 1.5 2.5 3.5 4.5 5.5
Dividend yield 0% 0% 0% 0% 0%
Risk free interest rate 2.07% 2.01% 2.00% 2.06% 2.02%
Final exercise date 1/12/17 1/12/18 1/12/19 1/12/20 1/12/21
18. COMMITMENTS FOR EXPENDITURE
As at 31 March 2021 there is no capital expenditure
commitments (2020: $nil)
19. CONTINGENT ASSETS AND
CONTINGENT LIABILITIES
There were no material contingent assets or contingent
liabilities at 31 March 2021 (2020: $Nil).
20. SEGMENTAL REPORTING
20.1 Operating segments
The Group is internally reported as a single operating segment
to the chief operating decision-maker.
20.2 Revenue from major products and services
2021 2020
$’000 $’000
The Group’s revenues from its major
products and services were as follows:
BLIS products 10,613 10,642
Non-core business 226 217
Total Revenue and Other Income 10,839 10,859
Non-core business includes grant revenue and contract
manufacturing revenue of non-BLIS branded products.
20.3 Information about geographical areas
The Group operates in 3 principal geographical areas, Asia
Pacific, Europe Middle East and Africa (EMEA) and North
America.
The Group’s revenue from external customers and information
about its assets by geographical location (of the customer) are
detailed below:
Revenue from Non-current
external customers assets
2021 2020 2021 2020
$’000 $’000 $’000 $’000
New Zealand 1,148 1,708 2,660 1,312
Asia Pacific
(excl. NZ) 1,301 2,010 - -
EMEA 3,101 3,964 - -
North America 5,063 2,970 - -
Total revenue 10,613 10,642 2,660 1,312
Grant revenue 201 181 - -
Other revenue 3 10 - -
Interest revenue 22 26 - -
Total revenue
& other income 10,839 10,859 2,660 1,312
Included in revenue are revenues of $4,038k and $3,084k (2020:
$3,923k, $2,190k and $1,034k) which arose from sales to the
Group’s two largest customers (2020: three).
Web sales are allocated to the region where the end consumer
is based.

2021 Annual Report
58
Notes to and Forming Part of the Consolidated Financial Statements continued
21. RECONCILIATION OF NET SURPLUS /
(DEFICIT) WITH CASHFLOWS FROM
OPERATING ACTIVITIES
Policy
For the purpose of the cash flow statement, cash and cash
equivalents includes cash on hand and in banks and investments
in money market instruments net of outstanding bank overdrafts.
The cash flow statement is prepared exclusive of GST, which is
consistent with the method used in the consolidated statement
of comprehensive income.
Definition of terms used in the cash flow statement:
Operating activities include all transactions and other events
that are not investing or financing activities.
Investing activities are those activities relating to the acquisition
and disposal of current and non-current investments and any
other non-current assets.
Financing activities are those activities relating to changes in
the equity and debt capital structure of the Group and those
activities relating to the cost of servicing the Group’s equity.
2021 2020
$’000 $’000
Net surplus / (deficit) for the year 564 1,602
Adjustments for non-cash items:
Amortisation 122 256
Depreciation property,
plant and equipment 137 156
Depreciation right of use assets 134 82
Foreign exchange loss / (gain) (14) 9
ECL provision - (6)
PSR Expense 10 -
Loss / (gain) on fair value of
foreign exchange contracts 17 3
Loss on disposal of intangible assets 14 -
Loss / (gain) on disposal of fixed assets (1) 19
983 2,121
Movements in working capital
Trade and other receivables 2 797
Prepayments (106) 18
Inventories (319) (308)
Trade and other payable 29 569
(394) 1,076
Net cash inflow/ (outflow)
from operating activities 589 3,197
22. FINANCIAL INSTRUMENTS
Policy
Financial Instruments
Financial assets and financial liabilities are recognised on the
Group’s Balance Sheet when the Group becomes a party to the
contractual provisions of the instrument.
All of the Group’s financial assets (excluding derivative financial
assets) are measured at amortised cost. Foreign exchange
contracts are measured at fair value, all of the Group’s other
financial liabilities are measured at amortised cost.
(a) Financial risk management objectives
Exposure to credit, interest rate, foreign currency and liquidity
risks arises in the normal course of the Group’s business.
The Group does not enter into derivative financial instruments
for speculative purposes. The Group utilises forward cover
on confirmed foreign currency transactions. Specific risk
management objectives and policies are set out below.
(b) Capital risk management
The Group manages its capital to ensure that the Group will be
able to continue as a going concern while maximising the return
to stakeholders through the optimisation of debt and equity.
The capital structure of the Group comprises issued capital
reserves, share based payment equity reserves and retained
earnings as disclosed in the Statement of Changes in Equity.
The Group’s Board of Directors reviews the capital structure on
a regular basis.
The Group is not subject to externally imposed capital
requirements.
The Group’s overall strategy remains unchanged from 2020.
(c) Market risk
Market risk is the potential for change in the value of financial
instruments caused by a change in the value, volatility or
relationship between market risks and prices. Market risk arises
from the mismatch between assets and liabilities. The Group’s
activities expose it primarily to market risk associated with
changes in foreign currency rates and interest rates as set out
below. These risks are measured using sensitivity analysis. The
mechanisms for managing these risks are set out below. The
Group enters into foreign exchange contracts to manage its
exposure to foreign currency transactions, there have been no
changes during the year to the Group’s exposure to such risks or
the manner in which the risks are measured and managed.

Blis Technologies Limited59
Notes to and Forming Part of the Consolidated Financial Statements continued
(d) Interest rate risk
The Group is exposed to interest rate risk as from time to time it borrows funds at floating interest rates and also invests cash in short
term deposits at fixed interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate due to
changes in market interest rates.
Investments and borrowings at fixed interest rates expose the Group to fair value interest rate risk. The Group does not hedge this risk.
Cash flow interest rate risk is the risk that the cash flows from a financial instrument will fluctuate because of changes in market interest
rates. Borrowings issued at variable interest rates expose the Group to cash flow interest rate risk. The Group does not hedge this risk.
(e) Foreign exchange risk
In the course of normal trading activities, the Group undertakes transactions denominated in foreign currencies; hence exposures to
exchange rate fluctuations arise. The Group enters into foreign exchange contacts on certain sales denominated in foreign currencies to
economically hedge the foreign exchange risk associated with the timing between the date of sale and receipt of payment. The Group
has not adopted hedge accounting.
The carrying amount of the Group’s foreign currency denominated monetary assets are as follows:
2021 2020
$’000 $’000
Euro 105 1
United States dollar 422 1
Canadian dollar 6 1
The table below details the notional principal amounts and remaining terms of foreign exchange contracts outstanding at reporting date:
Average contract rate Foreign currency Nominal contract Value Fair value asset
/(liability)

2021 2020 2021 2020 2021 2020 2021 2020
$’000 $’000 $’000 $’000 $’000 $’000
Euro
Less than 1 year - 0.5297 - 460 - 472 - 12
USD
Less than 1 year 0.7135 0.6324 718 281 701 266 (17) (15)
718 741 701 738 (17) (3)
The above tables express foreign currency amounts in New Zealand dollar equivalents using the exchange rates at 31 March 2021 and 31
March 2020. The rates applied at 31 March 2021 were:
2021 2020
EUR 0.5943 0.5429
USD 0.6966 0.5987
The fair value of the foreign exchange contracts is based on a discounted cash flow analysis using observable market data and is a level 2
fair value measurement.
Foreign exchange rate sensitivity
Reasonable fluctuations in foreign exchange rates were determined based on a review of the last two years’ historical movements. A
movement of plus or minus 10% has therefore been applied to the exchange rates to demonstrate the sensitivity to foreign currency risk
of the Group.

2021 Annual Report
60
Notes to and Forming Part of the Consolidated Financial Statements continued
The following sensitivity is based on the foreign currency risk
exposures in existence at balance date. The impact of a plus or
minus 10% foreign exchange movement on New Zealand dollars
against all trading currencies, with all other variables held
constant, is illustrated below:
-10% +10%
2021 2020 2021 2020
$’000 $’000 $’000 $’000
Surplus / (deficit)
before tax (97) (86) 32 60
(f) Other price risk
The Group is not exposed to substantial other price risk arising
from financial instruments.
(g) Credit risk
Credit risk refers to the risk that a counter-party will default
on its contractual obligations resulting in financial loss to the
Group. Financial instruments which potentially subject the
Group to credit risk, principally consist of bank balances and
trade and other receivables.
In the normal course of business, the Group is exposed to
counterparty credit risk. The maximum exposure to credit
risk is equal to the carrying value of cash and short term
deposits, trade and other receivables and transactions with
financial institutions (derivative financial instruments). The
Group requires payment of deposits prior to production by
high credit risk customers and carries trade credit insurance
for its four largest customers. The Group, as a result of the
markets in which they operate, can be exposed to significant
concentrations of credit risk from trade receivables. They
do not require any collateral or security to support financial
instruments as these represent deposits with, or loans to, banks
and other financial institutions with high credit ratings.
2021 2020
$’000 $’000
Cash and short term deposits 2,187 3,214
NZX bond 75 75
Trade receivables (net of loss allowance) 1,472 1,541
GST receivable 100 29
3,834 4,859
Ageing receivables breakdown
2021 Allowance
Gross for expected
amounts credit Net
receivable losses balance
$’000 $’000 $’000
Current 1,402 - 1,402
0 – 30 days (past due) 30 - 30
31 – 60 days (past due) 4 - 4
Greater than 60 days
(past due) 38 (2) 36
Total past due 72 (2) 70
Total trade receivables 1,474 (2) 1,472
Ageing receivables breakdown
2020 Allowance
Gross for expected
amounts credit Net
receivable losses balance
$’000 $’000 $’000
Current 1,311 - 1,311
0 – 30 days (past due) 97 - 97
31 – 60 days (past due) 78 - 78
Greater than 60 days
(past due) 57 (2) 55
Total past due 232 (2) 230
Total trade receivables 1,543 (2) 1,541
At 31 March 2021, trade receivables includes amounts of $434k,
$224k and $381k (2020: $633K and $246K) due from the Group’s
three largest receivables (2020: two). All of the Group’s bank
accounts are held with Bank of New Zealand. Otherwise the
Group does not have any other concentrations of credit risk
(h) Liquidity risk management
Ultimate responsibility for liquidity risk management rests
with the Board of Directors, who have built an appropriate
liquidity risk management framework for the management of
the Group’s short, medium and long-term funding and liquidity
management requirements. The Group manages liquidity risk
by maintaining adequate reserves by continuously monitoring
forecast and actual cash flows and matching the maturity
profiles of financial assets and liabilities. The Group also has
approved trade funding facilities with a base limit of up to $550k
which are linked to customer specific limits. As at 31 March 2021
the facility was not drawn down (2020: Nil).
The maturity profiles of the Group’s borrowings are disclosed
later in this note.

Blis Technologies Limited61
Notes to and Forming Part of the Consolidated Financial Statements continued
Liquidity risk tables
The following tables detail the Group’s remaining contractual maturity for non-derivative financial liabilities. The tables have been drawn
up based on the undiscounted contractual maturities of the financial liabilities including interest that will accrue to those liabilities.
2021 Weighted
average YEARS
effective
interest rate < 1 1 - 2 2 - 3 3 - 4 4 - 5 5 + Total
$’000 $’000 $’000 $’000 $’000 $’000 $’000
Financial liabilities at amortised cost
Trade payables - 1,246 - - - - - 1,246
Borrowings 4.48% 49 38 - - - - 87
Lease liabilities 6.00% 224 116 41 38 30 125 574
1,519 154 41 38 30 125 1,907
2020
Financial liabilities at amortised cost
Trade payable - 1,222 - - - - - 1,222
Borrowings 5.21% 51 51 38 - - - 140
Lease liability 6.00% 95 91 35 30 30 155 436
Total 1,368 142 73 30 30 155 1,798
(i) Fair value of financial instruments
The fair values of financial assets and financial liabilities are
determined as follows:
• the fair value of financial assets and financial liabilities with
standard terms and conditions and traded on active liquid
markets are determined with reference to quoted market
prices; and
• The fair value of other financial assets and financial liabilities
(excluding derivative instruments) are determined in
accordance with generally accepted pricing models based on
discounted cash flow analysis using prices from observable
current market transactions and dealer quotes for similar
instruments.
The Directors consider that the carrying amount of financial
assets and financial liabilities recorded at amortised cost in the
financial statements approximates their fair values.
23. EVENTS AFTER BALANCE DATE
There were no significant events after balance date (2020: nil)

2021 Annual Report
62
The Company’s ordinary shares are listed on the NZX Limited Main Board (NZSX).
As at 31 March 2021 the total number of issued ordinary shares in the Company was 1,107,653,565
1. Substantial product holders
The following substantial product holder information is given pursuant to section 293 of the Financial Markets Conduct Act 2013. These
substantial product holders are shareholders that have a relevant interest in 5% or more of the ordinary shares in the Company. As at 31
March 2021 details of the substantial product holders of the Company and their relevant interests in the ordinary shares of the Company
are as follows:
Name of Substantial product holder Shareholding as at 31 March 2021 % of issued share capital
Leveraged Equities Finance 178,776,130 16.14%
2. Spread of security holders at 31 March 2021 - Ordinary shares
Number of security holders Percentage of security holders Percentage of shares held
1 - 50,000 1,399 48.17% 2.39%
50,001 - 100,000 460 15.83% 2.69%
100,001 - 150,000 310 10.67% 3.15%
150,001 - 200,000 133 4.58% 2.00%
200,001 - 300,000 174 5.99% 3.66%
300,001-500,000 145 4.99% 4.85%
500,001 - 1,000,000 134 4.61% 7.83%
1,000,001 - 5,000,000 118 4.06% 20.36%
5,000,001 and above 32 1.10% 53.07%
2,905 100% 100%

Additional Stock
Exchange Information.
For the year ended 31 March 2021

Blis Technologies Limited63
Additional Stock Exchange Information continued
3. Twenty largest equity security holders
The names of the 20 largest holders of each class of quoted equity security as at 31 March 2021 are listed below.
Top 20 shareholders Number of issued ordinary shares Percentage issued
Leveraged Equities Finance 178,776,130 16.14%
New Zealand Depository Nominee 44,991,993 4.06%
Mingchun Qiu 26,895,482 2.43%
Custodial Services Limited 25,179,416 2.27%
Zhaoyi Li 25,000,000 2.26%
Mark Alexander Stevens & Wendy Joanne Stevens & W M C Trustees Limited 24,094,577 2.18%
Asia Pacific Partners Limited 21,850,878 1.97%
New Zealand Central Securities 19,036,330 1.72%
Hui Ai Adriana Tong & Morlan Tong 16,878,179 1.52%
FNZ Custodians Limited 16,089,857 1.45%
Stephen Patrick Ward & Julie Patricia Ward & James Michael Ward 15,307,128 1.38%
Phaben Holdings Limited 15,243,436 1.38%
Jennbring Fruit Ltd 12,250,000 1.11%
Caroline Robyn Ball & Christopher John Thomson Bush 11,617,336 1.05%
Anthony Paul Offen & Bilinda Jane Offen & Downie Stewart Trustee Limited 11,157,388 1.01%
Michael Herbert Bird 11,000,000 0.99%
Bilinda Jane Offen 10,000,000 0.90%
Circada Limited 10,000,000 0.90%
Edinburgh Securities Limited 10,000,000 0.90%
Richard Mark Keenan 9,637,308 0.87%
515,005,438 46.50%
4. Credit rating
The Company does not currently have a credit rating.
5. NZX matters
No waivers were granted by NZX (or relied upon) with respect to the Company during the period 1 April 2020 to 31 March 2021.

2021 Annual Report
64


Independent Auditor’s Report 
To the Shareholders of Blis Technologies Limited 
Opinion We have audited the consolidated financial statements of Blis Technologies Limited (the ‘Company’) and its 
subsidiaries (the ‘Group’), which comprise the consolidated balance sheet as at 31 March 2021, and the 
consolidated statement of comprehensive income, statement of changes in equity and statement of cash flows 
for the year then ended, and notes to the consolidated financial statements, including a summary of significant 
accounting policies.  
In our opinion, the accompanying consolidated financial statements, on pages 39 to 61, 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 (‘NZ IFRS’) and International Financial Reporting Standards (‘IFRS’). 
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and International 
Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those standards are further 
described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our 
report.  
We believe that the audit evidence we have obtained is sufficient and appropriate 
to provide a basis for our 
opinion. 
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 the International Ethics Standards Board for 
Accountants’ International Code of Ethics for Professional Accountants (including International Independence 
Standards), and we have fulfilled our other ethical responsibilities in accordance with these requirements. 
Other than in our capacity as auditor, we have no relationship with or interests in the Company or any of its 
subsidiaries, except that partners and employees of our firm deal with the Company and its subsidiaries on 
normal terms within the ordinary course of trading activities of the business of the Company and its subsidiaries. 
Audit materiality 
 
 
We consider materiality primarily in terms of the magnitude of misstatement in the financial statements of the 
Group that in our judgement would make it probable that the economic decisions of a reasonably 
knowledgeable person would be changed or influenced (the ‘quantitative’ materiality). In addition, we also 
assess whether other matters that come to our attention during the audit would in our judgement change or 
influence the decisions of such a person (the ‘qualitative’ materiality). We use materiality both in planning the 
scope of our audit work and in evaluating the results of our work. 
We determined materiality for the Group financial statements as a whole to be $130,000 (2020: $110,000).  
Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit 
of the consolidated financial statements of the current period. These matters were addressed in the context of 
our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not 
provide a separate opinion on these matters.  

  

Blis Technologies Limited65


Independent Auditor’s Report 
To the Shareholders of Blis Technologies Limited 
Opinion We have audited the consolidated financial statements of Blis Technologies Limited (the ‘Company’) and its 
subsidiaries (the ‘Group’), which comprise the consolidated balance sheet as at 31 March 2021, and the 
consolidated statement of comprehensive income, statement of changes in equity and statement of cash flows 
for the year then ended, and notes to the consolidated financial statements, including a summary of significant 
accounting policies.  
In our opinion, the accompanying consolidated financial statements, on pages 39 to 61, 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 (‘NZ IFRS’) and International Financial Reporting Standards (‘IFRS’). 
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and International 
Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those standards are further 
described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our 
report.  
We believe that the audit evidence we have obtained is sufficient and 
appropriate to provide a basis for our 
opinion. 
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 the International Ethics Standards Board for 
Accountants’ International Code of Ethics for Professional Accountants (including International Independence 
Standards), and we have fulfilled our other ethical responsibilities in accordance with these requirements. 
Other than in our capacity as auditor, we have no relationship with or interests in the Company or any of its 
subsidiaries, except that partners and employees of our firm deal with the Company and its subsidiaries on 
normal terms within the ordinary course of trading activities of the business of the Company and its subsidiaries. 
Audit materiality 
 
 
We consider materiality primarily in terms of the magnitude of misstatement in the financial statements of the 
Group that in our judgement would make it probable that the economic decisions of a reasonably 
knowledgeable person would be changed or influenced (the ‘quantitative’ materiality). In addition, we also 
assess whether other matters that come to our attention during the audit would in our judgement change 
or 
influence the decisions of such a person (the ‘qualitative’ materiality). We use materiality both in planning the 
scope of our audit work and in evaluating the results of our work. 
We determined materiality for the Group financial statements as a whole to be $130,000 (2020: $110,000).  
Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit 
of the consolidated financial statements of the current period. These matters were addressed in the context of 
our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not 
provide a separate opinion on these matters.  

  



Key audit matter How our audit addressed the key audit matter 
Capitalisation of internally generated intangible assets 
As disclosed in Note 10 of the financial statements, the Group capitalises 
costs incurred in the development of its products and website. For the 
year ended 31 March 2021 Blis has capitalised $1,261,000 of internally 
generated intangible assets in relation to development costs.  
Management has assessed these as satisfying the requirements for 
recognition in line with NZ IAS 38 Intangible Assets. These costs are then 
amortised over the estimated useful life of the product / asset.  
The Group’s process for calculating the value of internally developed 
products and website involves judgement as it includes: 
 assessing the point at which a project has moved from the 
research phase to development phase in accordance with NZ 
IAS 38 Intangible Assets; 
 determining which costs may be capitalised in accordance 
with the criteria included within NZ IAS 38; 
 assessing internal staff time spent on developing products  
and determining the value attributable to that time. 
 We consider the capitalisation of development costs as internally 
generated intangible assets to be a key audit matter as these costs are 
material to the financial statements and judgement is exercised by 
management when determining whether amounts incurred meet the 
criteria to be capitalised. 
 
Our procedures, amongst others focussed on: 
• Reviewing the accounting memo prepared by management and 
assessing whether management’s capitalisation methodology is in 
accordance with NZ IAS 38. 
• Obtaining an understanding from and challenging, key 
management personnel, on project objectives and timelines 
including the current status of projects. 
• For a sample of transactions capitalised, agreeing amounts 
capitalised to supporting documentation /evidence and assessing 
the reasonableness of the costs capitalised relative to the 
capitalisation requirements under NZ IAS 38. 
• Assessing the procedures applied by management to determine 
payroll costs that were capitalised to ensure these were 
reasonable. 
• Assessing the adequacy of the disclosures related to internally 
generated intangible assets in the consolidated financial 
statements. 
 
 
 
Other information 
 
The directors are responsible on behalf of the Group for the other information. The other information 
comprises the information in the Annual Report that accompanies the consolidated financial statements and 
the audit 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. 
Our responsibility is to read the other information and consider whether it is materially inconsistent with the 
consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be 
materially misstated. If so, we are required to report that fact. We have nothing to report in this regard. 
Directors’ responsibilities for the 
consolidated financial statements  
The directors are responsible on behalf of the Group for the preparation and fair presentation of the 
consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the 
directors determine is necessary to enable the preparation of consolidated financial statements that are free 
from material misstatement, whether due to fraud or error. 
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for 
assessing 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 to cease operations, or have no realistic alternative but to do so. 
Auditor’s responsibilities for the audit 
of the consolidated 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 ISAs and ISAs (NZ) 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 our responsibilities for the audit of the consolidated financial statements is located on 
the External Reporting Board’s website at:  
https://www.xrb.govt.nz/standards‐for‐assurance‐practitioners/auditors‐responsibilities/audit‐report‐1  
This description forms part of our auditor’s report. 
 
 
 
 

2021 Annual Report
66



 
 
 
 
 
Heidi Rautjoki, Partner 
for Deloitte Limited 
Dunedin, New Zealand 
26 May 2021 
 
 
This audit report relates to the consolidated financial statements of Blis Technologies Limited (the ‘Company’) for the year ended 31 March 2021 included on the 
Company’s website. The Directors are responsible for the maintenance and integrity of the Company’s website. We have not been engaged to report on the 
integrity of the Company’s website. We accept no responsibility for any changes that may have occurred to the consolidated financial statements since they were 
initially presented on the website. The audit report refers only to the consolidated financial statements named above. It does not provide an opinion on any other 
information which may have been hyperlinked to/from these consolidated financial statements. If readers of this report are concerned with the inherent risks 
arising from electronic data communication they should refer to the published hard copy of the audited consolidated financial statements and related audit report 
dated 26 May 2021 to confirm the information included in the audited consolidated financial statements presented on this website. 
 
Restriction on use 
 
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’s shareholders as a body, for our audit work, for this report, 
or for the opinions we have formed. 

Blis Technologies Limited67
Company
Directory.
For the year ended 31 March 2021
Company number
1042367

Issued capital
1,107,653,565 Ordinary Shares

Registered office
Blis Technologies Limited
81 Glasgow Street, South Dunedin
Dunedin 9012

Shareholders
Listed on the NZX main board

Share registrar
Link Market Services Limited
Deloitte Centre, 80 Queen street
Auckland

Directors
A Offen
G Plunket
A Balfour (appointed 8 April 2020)
Dr B Richardson
Dr A Stewart
G Boyd (retired 24 July 2020)
Chief executive
B D Watson

Auditors
Deloitte Limited
PO Box 1245
Dunedin

Bankers
Bank of New Zealand
Dunedin

Solicitors
Anderson Lloyd
Private bag 1959
Dunedin 9054

Downie Stewart Lawyers
PO Box 1345
Dunedin 9054

Goldsmith Law
PO Box 40
Dunedin 9054

Website
www.blis.co.nz
www.unconditionalskin.com
Facebook
www.facebook.com/BLISTechnologiesLtd
www.facebook.com/unconditionalskin
Instagram
www.instagram.com/blisprobiotics
www.instagram.com/unconditionalskin
Blis Technologies Limited67