Me Today 30 September 21 results and conditional placement

Unaudited results announcement for the 6 months ended 30 September 2021
Results for announcement to the market
Name of issuer Me Today Limited (NZX: MEE)
Reporting Period Six months to 30 September 2021
Previous Reporting Period Six months to 30 September 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$2,415 469%
Total Revenue $2,415 469%
Net profit/(loss) from
continuing operations
($2,773) 120%
Total net profit/(loss) ($2,773) 120%
Interim/Final Dividend
Amount per Quoted Equity
Security
The Company does not propose to pay a dividend at this time
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.02076
(as at 30 September 2021)
$0.01775
(as at 30 September 2020)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the market release and unaudited interim financial
statements that accompany this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
Stephen Sinclair
Contact person for this
announcement
Stephen Sinclair
Contact phone number 021 330 053
Contact email address stephen@metoday.com
Date of release through MAP

29 November 2021
Unaudited interim financial statements accompany this announcement.

---

Me Today Limited


Condensed Consolidated
Interim Financial Statements


For the six months ended 30 September 2021

Me Today Limited
Interim Financial Statements
For the six months ended 30 September 2021



2
Contents


Page
Consolidated Statement of Comprehensive Income 3
Consolidated Statement of Changes in Equity 4
Consolidated Statement of Financial Position 5
Consolidated Statement of Cash Flows 6
Condensed Notes to the Interim Consolidated Financial Statements 7
Company Directory 23

Me Today Limited
Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2021




These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form
part of these interim financial statements and should be read in conjunction with them.
3




6 mths ended6 mths ended
30 Sep 202130 Sep 2020
Note(unaudited)(unaudited)
NZ$000NZ$000
Revenue before marketing services provided by a customer2,582580
Less marketing services provided by a customer(167)(156)
Revenue42,415424
Cost of sales(1,550)(152)
Selling and marketing expenses(984)(596)
Distribution expenses(167)(38)
Administrative expenses(2,021)(942)
Acquisition related costs16.1(364)-
Finance expenses(119)(2)
Finance income1746
Loss before income tax5(2,773)(1,260)
Income tax expense--
Loss for the period attributable to owners of the company(2,773)(1,260)
Total comprehensive loss for the period attributable to
owners of the company
(2,773)(1,260)
Earnings (loss) per share:
Basic and diluted loss per share (NZ$)7(0.0049)(0.0033)

Me Today Limited
Consolidated Statement of Changes in Equity
For the six months ended 30 September 2021




These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form
part of these interim financial statements and should be read in conjunction with them.
4


Share
Share based
paymentsAccumulatedTotal
Notecapitalreservelossesequity
NZ$000NZ$000NZ$000NZ$000
Balance at 1 April 2020 (audited)9,350-(5,027)4,323
Total comprehensive income
Loss attributable to owners of the company--(1,259)(1,259)
Transactions with owners
Shares issued during the period154,500--4,500
Less: share issue costs(181)--(181)
Share options issued-8-8
Balance at 30 September 2020 (unaudited)13,6698(6,286)7,391
Balance at 1 April 2021 (audited)13,669110(7,887)5,892
Total comprehensive income
Loss attributable to owners of the company--(2,773)(2,773)
Transactions with owners
Shares issued during the period1515,890(111)-15,779
Less: share issue costs(813)--(813)
Shares issued on acquisition of subsidiaries1610,000--10,000
Shares bought back and cancelled15(2)(2)
Share options issued-13-13
Other share based payments-56-56
Balance at 30 September 2021 (unaudited)38,74468(10,660)28,152

Me Today Limited
Consolidated Statement of Financial Position
As at 30 September 2021



These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form
part of these interim financial statements and should be read in conjunction with them.
5


For and on behalf of the Board on 28 November 2021:




Grant Baker Michael Kerr
30 Sep 202131 Mar 2021
Note(unaudited)(audited)
NZ$000NZ$000
ASSETS
Current assets
Cash and cash equivalents2,2931,195
Short term deposits-3,804
Trade and other receivables1,919418
Inventory
8
14,126934
Biological work in progress
12
3,221-
Taxation receivable2923
Total current assets21,5886,374
Non-current assets
Property, plant and equipment
9
5,56991
Right-of-use assets
10
2,257176
Biological assets
11
3,283-
Goodwill
16
13,415-
Other intangible assets7473
Total non-current assets24,598340
Total assets46,1866,714
LIABILITIES
Current liabilities
Trade and other payables2,485629
Lease liabilities1383579
Borrowings141,655-
Total current liabilities4,975708
Non-current liabilities
Lease liabilities131,562114
Borrowings1411,497-
Total non-current liabilities13,059114
Total liabilities18,034822
Net assets
28,1525,892
EQUITY
Share capital1538,74413,669
Share based payments reserve68110
Accumulated losses(10,660)(7,887)
Total equity
28,1525,892

Me Today Limited
Consolidated Statement of Cash Flows
For the six months ended 30 September 2021



These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form
part of these interim financial statements and should be read in conjunction with them.
6


6 mths ended6 mths ended
30 Sep 202130 Sep 2020
Note(unaudited)(unaudited)
NZ$000NZ$000
Cash flows from operating activities
Receipts from customers
1,428508
Payments to suppliers and employees
(6,054)(2,191)
Interest received
946
Income tax refunded (paid)
(5)(3)
Net cash used in operating activities
19(4,622)(1,640)
Cash flows from investing activities
Cash paid on acquisition of subsidiaries
16(21,000)-
Cash received on acquisition of subsidiaries
16209-
Investments in short term deposits
3,807(4,800)
Payments for property, plant and equipment
(174)(64)
Payments for intangibles
(4)(39)
Net cash used in investing activities
(17,162)(4,903)
Cash flows from financing activities
Proceeds from issue of share capital15,2774,488
Share capital issue costs(311)(169)
Payments to buy back shares(2)-
Proceeds from bank borrowings8,500-
Repayment of principal on borrowings(398)-
Interest paid on borrowings(69)-
Payment of lease liabilities(101)(13)
Interest paid on lease liabilities(14)(2)
Net cash flows from financing activities
22,8824,304
Net increase/(decrease) in cash and cash equivalents1,098(2,239)
Cash and cash equivalents at 1 April1,1954,168
Cash and cash equivalents at 30 September
2,2931,929

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 30 September 2021



7
1. General information
Me Today Limited (‘MTL’ or ‘the Company’) is a limited liability company incorporated and domiciled in
New Zealand. The address of the company’s registered office is Level 1, 25 Broadway, Newmarket,
Auckland 1141.
The financial statements presented are for Me Today Limited and its subsidiaries (together ‘the Group’).
Details of subsidiary companies and their principal activities are set out in note 17.
The Group produces, sells, and markets health and wellbeing products or act as an agent on behalf of
other health and wellbeing suppliers. With the acquisition of King Honey Limited (‘King Honey’) on 30 June
2021 the Group also produces premium manuka honey.

2. Basis of preparation
These unaudited interim condensed consolidated financial statements for the six months ended 30
September 2021 have been prepared in accordance New Zealand Generally Accepted Accounting
Practice (‘NZ GAAP’), with New Zealand Equivalent to International Accounting Standard 34: Interim
Financial Reporting (‘NZ IAS 34’) and with International Accounting Standard 34: Interim Financial
Reporting (‘IAS 34’).
Me Today Limited is a company registered under the Companies Act 1993 and is an FMC reporting entity
under the Financial Markets Conduct Act 2013. The Company is listed on the NZX Market. These financial
statements have been prepared in accordance with the requirements of the Financial Markets Conduct
Act 2013 and the NZX Main Board Listing Rules.
The interim condensed consolidated financial statements do not include all of the notes of the type
normally included in an annual financial report. Accordingly, this report should be read in conjunction with
the financial statements included in the annual report for the year ended 31 March 2021 which have been
prepared in accordance with New Zealand equivalents to International Financial Reporting Standards (‘NZ
IFRS’) and International Financial Reporting Standards (‘IFRS’).
The interim condensed consolidated financial statements are presented in New Zealand dollars which is
the Company’s functional and presentation currency, rounded to the nearest thousand dollars.
The interim condensed consolidated financial statements are unaudited. The comparative information as
at 31 March 2021 is audited.
2.1. Basis of measurement
The interim condensed consolidated financial statements have been prepared on a historical cost basis,
except for biological assets which are measured at fair value. Historical cost is generally based on the fair
value of the consideration given in exchange for goods and services.
2.2. Impact of COVID-19 and going concern
The international impact of the COVID-19 pandemic, the extended lockdown of Auckland since 17 August
2021 and the various levels of lockdown across the rest of New Zealand since that date, have impacted
the Group’s performance during the interim period. While the Group has continued to make significant
progress, the restrictions on pharmacies during lockdown and the lack of tourists to New Zealand have
reduced domestic sales, and the ongoing closure of New Zealand’s borders have slowed the Group’s
ability to develop international markets and interact with existing customers.
The COVID-19 pandemic has not had a material impact on trade receivables, impairment losses or
inventory provisioning.
The directors have concluded that the Group will be able to continue operating for at least 12 months from
the date of signing these financial statements. The Group incurred a loss of $2.77 million in the six months
to 30 September 2021 (six months to 30 September 2020: $1.26 million loss). Forecast sales from the
recently acquired King Honey are lower than anticipated, as previously notified to the NZX market.

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 30 September 2021



8
Ongoing sales are anticipated to recover in the next financial year as King Honey’s China distributor sells
down its current inventory levels and once again increases its purchasing of King Honey products.
On 26 November 2021 the Group entered into a share placement subscription agreement (refer note 22.2)
which, subject to shareholder approval, will provide the Group with an additional $6 million in funding
through the issue of share capital. This additional funding will assist the Group meet its operational and
working capital funding requirements over the next 18 months while it focuses on growth.
The Board has concluded that, with this agreement for additional capital and given the anticipated trading
outcome, the Group will be able to continue operating for at least 12 months from the date of signing these
financial statements.

3. Changes in Significant Accounting Policies
The interim condensed consolidated financial statements have been prepared using the same accounting
policies and methods of computation detailed in the audited financial statements for the year ended 31
March 2021, except for the new additional accounting policies detailed below which have been
implemented in response to the acquisition of King Honey. For details of the accounting policies for the
year ended 31 March 2021 please refer to the 2021 Annual Report.
3.1. Business combinations
Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred
in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date
fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of
the acquiree and the equity interests issued by the Group in exchange for control of the acquiree.
Acquisition related costs are generally recognised in profit or loss as incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their
fair value at the acquisition date, except that deferred tax assets or liabilities, and liabilities related to
employee benefit arrangements, are recognised and measured in accordance with NZ IAS 12 Income
Taxes and NZ IAS 19 Employee Benefits respectively.
Goodwill is measured as the excess of the sum of the consideration transferred over the net of the
acquisition‑date amounts of the identifiable assets acquired and the liabilities assumed.
If the initial accounting for a business combination is incomplete by the end of the reporting period in
which the combination occurs, the Group reports provisional amounts for the items for which the
accounting is incomplete. Those provisional amounts are adjusted during the measurement period or
additional assets or liabilities are recognised, to reflect new information obtained about facts and
circumstances that existed as of the acquisition date that, if known, would have affected the amounts
recognised as of that date. Measurement period adjustments are adjustments that arise from additional
information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition
date) about facts and circumstances that existed at the acquisition date.
3.2. Goodwill
Goodwill that arises on the acquisition of subsidiaries and other business combinations is measured at
cost less accumulated impairment losses.
Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment
testing, goodwill is allocated to each of the Group’s cash‑generating units (or groups of cash‑generating
units) expected to benefit from the synergies of the combination. Cash‑generating units to which goodwill
has been allocated are tested for impairment annually, or more frequently when there is an indication that
the unit may be impaired. If the recoverable amount of the cash‑generating unit is less than the carrying
amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill
allocated to the unit and then to the other assets of the unit pro‑rata on the basis of the carrying amount of
each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period.

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 30 September 2021



9
3.3. Inventories
The deemed cost for the Group’s agricultural produce (honey) inventory is fair value at harvest date less
estimated point-of-sale costs. Fair value is determined by reference to market prices for honey. Point-of-
sale costs include all costs that would be necessary to sell the assets.
3.4. Biological assets
Biological assets consist of bees (including queens).
Biological assets are measured at fair value less point-of-sale costs, with any change therein recognised
in the profit or loss. Point-of-sale costs include all costs that would be necessary to sell the assets. The fair
value of biological assets is assessed on an annual basis post-harvest, which involves reviewing the
number of operational hives in use and referencing market prices for hives.
3.5. Biological work in progress
Biological work in progress consists of unharvested honey.
Biological assets are measured at fair value less point-of-sale costs, with any change therein recognised
in the profit or loss. Point-of-sale costs include all costs that would be necessary to sell the assets.
The growth in the biological work in progress in the period from harvest to 30 September 2021 cannot be
reliably measured at fair value due to the variables in hive growth and honey production between 1 April
2021 and reporting date. Therefore, as required under NZ IAS 41, the cost of agricultural activity
(beekeeping costs) in the period to 30 September has been capitalised as biological work in progress to
account for this growth.
Agricultural produce (honey) from biological assets is transferred to inventory at fair value, by reference to
market prices for honey less estimated point-of-sale costs, at the date of harvest. The biological work in
progress is transferred to inventory as part of this fair value recognition at each harvest, which occurs at
least annually.
3.6. Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated
impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values, over their useful
lives using the diminishing value method. The following depreciation rates are used in the calculation:
Plant, vehicles and equipment 6% - 67%
Office equipment and furniture 10% - 50%
Leasehold improvements 6% - 25%

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 30 September 2021



10
4. Revenue


The details above disaggregate the Group's revenue from contracts with customers into primary markets,
and major product and service lines. All revenue is generated in New Zealand.

5. Expenses
The loss for the period includes the following expenses.



6 mths ended6 mths ended
30 Sep 202130 Sep 2020
(unaudited)(unaudited)
NZ$000NZ$000
1,128314
(167)(156)
Revenue from sale of health and wellbeing products961158
Revenue from sale of honey products1,251-
Revenue from agency services203266
Total revenue2,415424
Revenue from sale of health and wellbeing products before marketing services
provided by customers
Less marketing services provided by customers
6 mths ended6 mths ended
30 Sep 202130 Sep 2020
(unaudited)(unaudited)
NZ$000NZ$000
Salaries(1,936)(505)
Employer kiwisaver contributions(44)(14)
Directors' fees(198)(132)
Depreciation of property, plant and equipment(241)(9)
Depreciation of right of use assets(216)(13)
Amortisation of intangible assets(2)(7)
Finance expenses:
Interest on lease liabilities(23)(2)
Interest on borrowings(119)-
(142)(2)
Fees paid to the auditor:
For the current year audit(29)(26)
(28)(11)
Total fees paid to the auditor(57)(37)
For tax services and accounting advisory services

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 30 September 2021



11
6. Segment information
The Group has identified its operating segments based on the internal reports reviewed and used by the
Chief Operating Decision Maker (‘CODM’), being the Board of Directors, in assessing the Group’s
performance and in determining the allocation of resources.
The Group produces, sells, and markets health and wellbeing products (‘sale of goods’ segment) or acts
as an agent on behalf of other health and wellbeing suppliers (‘agency services’ segment). With the
acquisition of King Honey Limited (‘King Honey’) on 30 June 2021 the Group also produces and sells
premium manuka honey (‘honey’ segment).
Unallocated operating expenses include head office costs and costs related to the NZX listing.
All operations are carried out in New Zealand.



6.1. Seasonal and cyclical influences
The Group’s honey production operations have seasonal influences. Over winter, hives are downsized
and operating costs are primarily spent on maintaining hives and operations. Honey production occurs
from early spring to late summer with the majority of honey harvest occurring from January to April.
Operating costs increase during the honey production and harvest months. Beekeeping costs are deferred
and recognised as biological work in progress up until harvest, at which point they are transferred to
inventory. Sales of honey occur throughout the year and the cost of honey sold is recognised at the same
time.
There are no seasonal or cyclical influences on the sale of goods or agency services operations.

Sale of AgencyHoneyOther / TotalSale of AgencyHoneyOther / Total
goodsservicesunallocatedgoodsservicesunallocated
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
1,1282031,251-2,582314266--580
(167)---(167)(156)---(156)
Total external revenue9612031,251-2,415158266--424
Total inter-segment revenue---------
Total EBITDA(812)(164)(296)(553)(1,825)(798)(30)(442)(1,270)
Finance income--01717---4646
Finance expenses--(138)(4)(142)---(2)(2)
Depreciation and amortisation(8)(3)(400)(48)(459)(27)(3)-(4)(34)
Acquisition expenses---(364)(364)-----
Net loss before taxation(820)(167)(834)(952)(2,773)(825)(33)-(402)(1,260)
Income tax expense---------
Net loss for the year(820)(167)(834)(952)(2,773)(825)(33)-(402)(1,260)
Sale of AgencyHoneyOther / TotalSale of AgencyHoneyOther / Total
goodsservicesunallocatedgoodsservicesunallocated
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Segment assets2,17312039,5944,29946,1861,334128-5,2526,714
Segment liabilities7137516,87936718,03440163-358822
Six months ended 30 September 2021Six months ended 30 September 2020
Revenue before marketing services
provided by a customer
Less marketing services provided by
a customer
As at 30 September 2021As at 31 March 2021

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 30 September 2021



12
7. Earnings per share


At 30 September 2021, there were no financial instruments that carried any shareholder dilution rights that
were considered to be dilutive (2020: none). The 3,000,000 share options on issue where not considered
to be dilutive due to the Group’s loss.

8. Inventory


6 mths ended6 mths ended
30 Sep 202130 Sep 2020
(unaudited)(unaudited)
Basic earnings/(loss) per share (NZ$)(0.0049)(0.0033)
Diluted earnings/(loss) per share (NZ$)(0.0049)(0.0033)
6 mths ended6 mths ended
30 Sep 202130 Sep 2020
(unaudited)(unaudited)
Loss from continuing operations (NZ$000)(2,773)(1,260)
561,004386,314
Weighted average number of ordinary shares used in the calculation of basic
and diluted earnings per share ('000)
The losses and weighted average number of ordinary shares used in the calculation of loss per share are as
follows:
30 Sep 202131 Mar 2020
(unaudited)(audited)
NZ$000NZ$000
Raw materials10,283-
Finished goods2,869647
Packaging materials974287
14,126934

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 30 September 2021



13
9. Property, plant and equipment




NZ$000
NZ$000
NZ$000
NZ$000
Cost:
Balance at 1 April 2020
10


28


-


38


Additions
-


56


31


87


Balance at 30 September 2020
10


84


31


125


Additions
-


11


-


11


Balance at 31 March 2021
10


95


31


136


Additions
145


30


1


176


Acquisition of subsidiary
5,146


62


335


5,543


Balance at 30 September 2021
5,301


187


367


5,855


Accumulated depreciation:
Balance at 1 April 2020
(2)


(13)


-


(15)


Depreciation expense
(1)


(7)


(1)


(9)


Balance at 30 September 2020
(3)


(20)


(1)


(24)


Depreciation expense
(1)


(15)


(5)


(21)


Disposals
-


-


-


-


Balance at 31 March 2021
(4)


(35)


(6)


(45)


Depreciation expense
(206)


(21)


(14)


(241)


Balance at 30 September 2021
(210)


(56)


(20)


(286)


Plant,
vehicles and
equipment
Office
equipment
and furniture
Leasehold
improvements
Total
NZ$000NZ$000NZ$000NZ$000
Carrying Amounts:
30 September 2020
Cost 10 84 31 125
Accumulated depreciation(3) (20) (1) (24)
Carrying amounts7 64 30 101
31 March 2021
Cost 10 95 31 136
Accumulated depreciation(4) (35) (6) (45)
Carrying amounts6 60 25 91
30 September 2021
Cost 5,301 187 367 5,855
Accumulated depreciation(210) (56) (20) (286)
Carrying amounts5,091 131 347 5,569
Plant,
vehicles and
equipment
Office
equipment
and furniture
Leasehold
improvements
Total

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 30 September 2021



14
10. Right-of-use asset
The Group leases warehouse and administration premises, and land used for hive placements.

Premises
Hive
placements
Total
NZ$000
NZ$000
NZ$000
Cost:
Balance at 1 April 2020
-


-


-


Additions
226


-


226


Balance at 30 September 2020
226


-


226


Additions
-


-


-


Balance at 31 March 2021
226


-


226


Additions
296


313


609


Acquisition of subsidiary
933


755


1,688


Balance at 30 September 2021
1,455


1,068


2,523


Accumulated amortisation:
Balance at 1 April 2020
-


-


-


Depreciation expense
(13)


-


(13)


Balance at 30 September 2020
(13)


-


(13)


Depreciation expense
(37)


-


(37)


Balance at 31 March 2021
(50)


-


(50)


Depreciation expense
(107)


(109)


(216)


Balance at 30 September 2021
(157)


(109)


(266)


Premises
Hive
placements
Total
NZ$000
NZ$000
NZ$000
Carrying Amounts:
30 September 2020
Cost
226


-


226


Accumulated amortisation
(13)


-


(13)


Carrying amounts
213


-


213


31 March 2021
Cost
226


-


226


Accumulated amortisation
(50)


-


(50)


Carrying amounts
176


-


176


30 September 2021
Cost
1,455


1,068


2,523


Accumulated depreciation
(157)


(109)


(266)


Carrying amounts
1,298


959


2,257

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 30 September 2021



15
11. Biological assets

The Group has 15,595 operational hives and 3,660 nucs.
The Group is exposed to some risks related to owning bees, primarily the risk of damage from climatic
changes and diseases. The Group has processes in place aimed at monitoring and mitigating those risks,
through hiring of experienced beekeepers, the intensive maintenance of beehives and disease prevention
programmes.
Fair value hierarchy
The Group’s bees are level 3 on the fair value hierarchy, being calculations for which inputs are not based
on observable market data (unobservable inputs).
The Group has valued the biological assets based on market sales price information and the Group’s own
sales of hives and queens.

12. Biological work in progress


13. Lease liability


30 Sep 202131 Mar 2021
(unaudited)(audited)
NZ$000NZ$000
Bees:
Balance at 1 April- -
Acquisition of subsidiary3,283-
Balance at reporting date
3,283 -
30 Sep 202131 Mar 2021
(unaudited)(audited)
NZ$000NZ$000
Beekeeping costs relating to next harvest
3,221-
30 Sep 202131 Mar 2021
(unaudited)(audited)
NZ$000NZ$000
Maturity analysis - contractual undiscounted cash flows
Up to one year94086
One to two years62188
Two to five years87729
More than five years138-
Total undiscounted lease liabilities at period end2,576203
Lease liabilities included in the statement of financial position at balance date
Current83579
Non-current1,562114
2,397193

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 30 September 2021



16
14. Borrowings

The Group has two bank loans from the Bank of New Zealand. A customised average rate loan facility
(CARL) of $3,339,000 (31 March 2021: $nil) and a fixed rate loan of $4,763,000 (31 March 2021: $nil).
The loans were taken out on 30 June 2021 and are for five years, ending 29 June 2026. The loans are
secured over all property of Me Today Manuka Honey Limited, the parent company of King Honey Limited
and a subsidiary of Me Today Limited.
The CARL facility monthly repayments consist of a fixed principal repayment plus interest based on a
floating rate that is adjusted monthly. The average interest on the CARL facility rate during the reporting
period was 3.55%. Interest on the fixed rate loan is fixed at 2.51% and the loan is repaid by 60 monthly
instalments over the term of the loan.
Under the terms of the sale and purchase agreement for the acquisition of King Honey it was agreed that
$5,000,000 of the purchase price would be left payable to the vendors as a subordinated note (refer note
16). The subordinated loan is repayable in three years from the acquisition date of 30 June 2021 with
interest of 4% payable annually in arrears. The note is secured over all property of Me Today Manuka
Honey Limited. This security interested ranks behind any security interest in favour of the Bank of New
Zealand pursuant to the bank loan agreements noted above, but ahead of any other indebtedness of Me
Today Manuka Honey Limited.

15. Share capital

On 14 June 2021 the Company issued 809,074 fully paid ordinary shares in the favour of BB Promotions
Limited, Sarah Walker and independent directors. Shares issued to BB Promotions Limited and Sarah
Walker are in accordance with the terms of the relevant agreements for promotional services.
On 29 June 2021 Me Today issued 178,977,270 fully paid ordinary shares under a wholesale and retail
share offer to part fund the purchase of King Honey. On the same date a further 765,356 fully paid
ordinary shares were issued in favour of BB Promotions Limited and Sarah Walker.
30 Sep 202131 Mar 2021
(unaudited)(audited)
NZ$000NZ$000
Banks loans8,102-
Subordinated note5,050-
13,152-
Current1,655-
Non-current11,497-
13,152-
6 mths ended6 mths ended
30 Sep 202130 Sep 2020
(unaudited)(unaudited)
'000'000
Number of ordinary shares
Ordinary shares as at 1 April412,2781,824,550
Share consolidation-(1,459,640)
Issue of shares on acquisition of subsidiary113,636-
Ordinary shares issued during the period180,55247,368
Share buy back and cancellation(34)-
Ordinary shares as at 30 September706,432412,278

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 30 September 2021



17
On 30 June 2021 Me Today issued 113,638,364 fully paid ordinary shares to the vendors as part
consideration for the acquisition of King Honey (refer note 16).
On 14 September 2021 the company bought back shares held in parcel sizes of less than 1,000 shares.
The total number of shares acquired and cancelled were 34,414 from 1,302 shareholders.
On 3 April 2020 the Company undertook a one for five share consolidation.
On 10 July 2020 the company undertook a retail share issue of 42,105,263 shares.
On 31 July 2020 the company issued 5,263,167 shares to be allotted to a share purchase plan.

16. Acquisition of subsidiaries
On 30 June 2021 Me Today Manuka Honey Limited, a subsidiary of Me Today Limited, acquired 100% of
the issued share capital of King Honey Limited (‘King Honey’) thereby obtaining control of King Honey and
its subsidiaries, Pure Manuka NZ Limited, Bee Plus Manuka NZ Limited, Manuka Wellness Limited and
King Honey Health Products Limited. King Honey is one of New Zealand’s premium Manuka Honey
producers. Its subsidiaries are all non-trading. The King Honey business complements the Me Today
brand and the acquisition enables Me Today to expand its existing lifestyle, health and wellness
businesses.
16.1. Assets acquired and liabilities assumed at the date of acquisition
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed as at the
date of acquisition are as set out in the table below.


30 Jun 2021
(unaudited)
NZ$000
Net assets / (liabilities) acquired:
Cash
209
Receivables and prepayments
216
Inventory
13,612
Taxation receivable
95
Biological work in progress
1,456
Biological assets
3,283
Property, plant and equipment
5,543
Right of use assets
1,688
Trade and other payables
(1,829)
Lease liabilities
(1,688)
Net assets acquired
22,585
Goodwill
13,415
Total consideration
36,000
Satisfied by:
Cash
21,000
Issues of shares (113,636,364 ordinary shares of Me Today Limited)
10,000
Subordinated loan
5,000
Total consideration transferred
36,000

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 30 September 2021



18
The fair value of the 113,636,364 ordinary shares issued as part of the consideration paid for King Honey
($10 million) was determined on the basis of the agreement between the parties supported by an
independent appraisal.
Acquisition related costs amount to $0.36million.
16.2. Provisional accounting for the acquisition
The initial accounting for the acquisition of King Honey has only been provisionally determined at the end
of the reporting period. The acquisition accounting is expected to be finalised by the next reporting date
and this may impact the fair value of net assets acquired. Potentially of most impact is the recognition of
identifiable intangible assets. For King Honey the most important customer relationship currently is the
partnership relating to the BEE+ brand. This brand is well established in the Chinese market with an
extensive reach created by the brand principal and distribution partner. In discussions with the BEE+
brand partner, Me Today has established that the distribution partner is holding a large amount of
inventory of BEE+ products in market in China. The amount of inventory is more than Me Today expected
as a result of enquiries through the due diligence carried out leading into the acquisition. Until further
discussions and investigations are completed, Me Today is unable to determine the fair value of these
distribution and customer agreements and accordingly is unable to recognise the related identifiable
intangible assets at this time.
16.3. Trading transactions
During the period, and prior to acquisition, the Group had no transactions with King Honey. Following the
acquisition of King Honey, transactions and balances due between companies in the Group have been
eliminated on consolidation.
16.4. Impact of acquisition on the results of the Group
King Honey contributed $1.25million revenue and $0.7million to the Group’s loss for the period between
the date of acquisition and the reporting date.
16.5. Goodwill

The provisional goodwill of $13.4million arising from the acquisition of King Honey consists of distribution
rights, other recurring revenue streams and relationships, which at this time have not been fair valued and
separately identified. The goodwill also relates to expected synergies, and the capability and expertise
developed within the acquired business.
16.5.1. Impairment testing for cash-generating units containing goodwill ("CGU")
For the purpose of impairment testing, goodwill is allocated to the Group’s CGUs which represent the
lowest level within the Group at which the goodwill is monitored for internal management purposes. All
goodwill is currently allocated to the Honey segment.
The King Honey business was only 90 days post acquisition on 30 September 2021 and is still being
bedded in as the new honey harvest season starts and the sales strategy is executed. However, given the
unexpected delay in sales orders from the BEE+ brand distribution partner (refer note 16.2), the Board has
undertaken value in use impairment testing and reviewed sensitivity analysis relating to the carrying value
of the goodwill. The Board has concluded that the value in use impairment testing does not result in the
impairment of goodwill.

30 Sep 202131 Mar 2021
(unaudited)(audited)
NZ$000NZ$000
Cost:
Balance at 1 April
--
Recognised on acquisition of subsidiary13,415-
Balance at reporting date
13,415-

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 30 September 2021



19
Value in use was determined by discounting the future cash flows generated from the continuing use of
the unit and were based on the following key assumptions:


Cash flows were projected on actual operating results, the 12 month budget, multi-year forecasts and
business plan.

Sensitivity to changes in assumptions
A 5% reduction of total annual revenues across all years in the discounted cash flow analysis will lead to
the consideration of an impairment charge against goodwill.

17. Subsidiaries


All subsidiaries are domiciled in New Zealand, with the exception of Me Today EU Limited, which is
domiciled in Ireland. All subsidiaries have a balance date of 31 March.

30 Sep 2021
(unaudited)
Anticipated annual revenue growth included in the cash
flow projections for the years 2022 to 2026
30% - 45%
Pre-tax discount rate17%
Terminal growth rate applied beyond 20263%
Name of subsidiaryPrincipal activity
30 Sep 202131 Mar 2021
The Good Brand Company LimitedSale of health & wellbeing
products
100%100%
Me Today NZ LimitedProduction & sale of health
& wellbeing products
100%100%
Today LimitedNon-trading entity100%100%
Me Today EU LimitedSale of health & wellbeing
products
100%100%
Me Today Manuka Honey LimitedInvestment in King Honey
Limited
100%-
King Honey LimitedSale of manuka honey
products
100%-
Manuka Wellness LimitedNon-trading entity100%-
King Honey Health Products LimitedNon-trading entity100%-
Pure Manuka NZ LimitedNon-trading entity100%-
Bee Plus Manuka NZ LimitedNon-trading entity100%-
Equity holding

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 30 September 2021



20
18. Related parties
18.1. Directors
The names of persons who are directors of the Company are; Grant Baker (Chairman), Hannah Barrett,
Roger Gower, Michael Kerr, Stephen Sinclair, and Antony Vriens.
18.2. Key management personnel compensation
Key management personnel compensation is set out below. The key management personnel are all the
directors of the Company.
Directors were paid directors’ fees of $190,000 (30 September 2020: $132,000). $28,000 was payable to
directors at 30 September 2021 (31 March 2021: $15,000). This amount is payable to the independent
directors and is intended to be settled by the issue of shares in the Company. In the period to
30 September 2021 $29,000 of the remuneration due to the independent directors was settled by the
issue of 346,653 shares in the Company (30 September 2020: $32,000 settled by issue of 332,139
shares).
Michael Kerr received total remuneration of $112,500 in the current period in his role as CEO (2020:
$100,000).
A company owned by Stephen Sinclair received $52,083 in consulting fees (2020: $41,667).
18.3. Related entities
MTL Securities Limited is an entity owned and controlled by M & N Kerr Holdings, of which Michael Kerr is
a director, and Velocity Capital, of which Grant Baker and Stephen Sinclair are directors. MTL Securities
Limited owns 31.42% of Me Today Limited.
18.4. Related party transactions
In the 6 months to 30 September 2021, the Company issued 346,653 ordinary shares to Antony Vriens,
Hannah Barrett and Roger Gower in part settlement of their directors’ remuneration.
On 15 June 2020 the Company entered into an Ambassador Agreement with BB Promotions Limited for a
term of three years. BB Promotions Limited is a related party to the Group, as the shareholder and director
of BB Promotions Limited, B Barrett, is married to H Barrett, a director of MTL.
Under the terms of the agreement, BB Promotions Limited agreed to provide promotional services to the
Company in exchange for the payment of $50,000 per annum, the issue by the Company of ordinary
shares to BB Promotions Limited to the value of $100,000 per annum, and the granting of 3,000,000
options to purchase ordinary shares in the Company. Share based payments for promotion services in the
period was $100,000 (2020: $100,000) in relation to the Ambassador Agreement with BB Promotions
Limited.

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 30 September 2021



21
19. Reconciliation of loss after taxation with cash flow from operating activities


20. Contingent liabilities
There are no contingent liabilities as at 30 September 2021 (2020: nil).

21. Commitments
The Company had no commitments for future capital expenditure as at 30 September 2021 (2020: nil).

22. Events subsequent to reporting date
22.1. New subsidiary
On 28

October 2021 the Group registered a 100% owned limited company in the United Kingdom, named
Me Today UK Group Limited.
22.2. Share placement subscription agreement
On 26 November 2021, Me Today, the TW Jarvis (No. 1) Family Trust (“Jarvis Trust”) and MTL Securities
Limited (“MTL”) entered into a share placement subscription agreement under which the Jarvis Trust and
MTL agreed to invest additional cash of $6 million through a share placement, conditional upon
shareholder approval. The shares will be issued at 8.8 cents per share, the same issue price for capital
raised as part of the King Honey acquisition and reflecting their respective shareholdings, MTL Securities
has agreed to contribute $3.75 million and Jarvis Trust $2.25 million.
6 mths ended
6 mths ended
30 Sep 2021
30 Sep 2020
(unaudited)
(unaudited)
NZ$000
NZ$000
Net loss after taxation
(2,773)
(1,260)
Adjustments for:
Depreciation and amortisation
474
29
Share-based payments
68
8
Interest paid on lease liabilities
22
2
Interest paid on borrowings
119
-
Other non-cash based movements
(19)
-
Movements in working capital
(Increase) / decrease in trade and other receivables
(1,501)
(269)
(Increase) / decrease in inventory
(13,192)
(489)
(Increase) / decrease in biological work in progress
(3,221)
-
Increase / (decrease) in trade and other payables
1,856
342
(Increase) / decrease in taxation receivable
(5)
(3)
Movement in working capital on acquisition of subsidiaries
13,550
-
Net cash outflows from operating activities
(4,622)
(1,640)

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 30 September 2021



22
The commitment to invest $6 million by the major shareholders resolves the discussions between the
Company and the Jarvis Trust relating to the level of pre-purchase BEE+ inventory in market in China.
Jarvis Trust is a substantial security holder in Me Today and is the previous vendor of King Honey Limited.
MTL is a substantial security holder, and the largest shareholder, in Me Today. MTL is an entity owned
and controlled by M & N Kerr Holdings, of which Michael Kerr is a director, and Velocity Capital, of which
Grant Baker and Stephen Sinclair are directors.

Me Today Limited
Company Directory




23


Registered Office
Level 1, 25 Broadway
Newmarket
Auckland 1141
New Zealand

Postal Address
As above

Bankers
BNZ
Deloitte Building
80 Queen Street
Auckland 1010
New Zealand

Auditor
BDO Auckland
4 Graham Street
Auckland
New Zealand

Share Registry
Computershare Investor Services
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622

PO Box 92119
Auckland 1142

---

29 November 2021
Me Today Limited (NZX: MEE) has released its unaudited group results for the six months ended 30
th

September 2021.
The result includes ninety days trading of the King Honey business since acquisition on 30 June 2021
together with six months trading for the Me Today Group.
The result for the group records net sales of $2.4m and net loss before tax of $2.8m.
The company advised the market on the 23rd of September that the largest customer relationship
for the King Honey business was the arrangement relating to the BEE+ Brand. In discussions with the
BEE+ brand manager and channel owner, Me Today established that sales would be lower than
expected due to the higher than anticipated inventory levels of BEE+ products in market in China.
Me Today has continued discussions with the Chinese channel partner in respect to future orders
post their reports of a successful 11.11 trading period which consumed a significant amount of their
inventory. However the group has not yet finalised forward orders for 2022. Given the uncertainty
around timing of these orders the company now expects sales for the 2022 financial year for King
Honey under the ownership of Me Today to be between $5m and $7m, which will create some
cashflow pressure.
In order to lessen the cashflow impact, the company’s major shareholders MTL Securities Limited
and the Jarvis Trust have agreed to invest additional cash of $6m through a share placement,
conditional upon shareholder approval at a meeting to be held in February 2022. The shares will be
issued at 8.8 cents per share, the same issue price for capital raised as part of the King Honey
acquisition and reflecting their respective shareholdings. MTL Securities has agreed to contribute
$3.75m and the Jarvis Trust $2.25m. It should be noted that there are no outstanding issues
between the parties.
With the commitment to increased investment by Jarvis Trust, the board of Me Today has accepted
a request to appoint a director to represent the trust’s interests. Accordingly, Richard Pearson will
be appointed to the board effective immediately. Richard has many years of experience in various
board roles and currently sits on the boards of Wellington Electricity, Envirowaste Limited, New
Image Limited and Dominion Salt Limited. In addition Richard has many connections in Asia and
China in particular. Richard will be a valued member of the board and he will be well placed to assist
the business in delivering to its strategy of international growth.
It should also be noted that the King Honey business incurs a significant portion of its annual costs in
the harvesting season from November through to April. Inventory is built up during this time, and at
the conclusion of the current harvest, honey inventory is expected to be approximately $20m at
wholesale value. Therefore while cash expenses are high a significant asset is being built.


In respect to underlying trading of each of the divisions the company advises as follows:

King Honey
• Through its brand principal and distribution partner King Honey launched BEE+ Lozenges mid
2021, early indications are that these have sold through well. Further BEE+ product
development continues with snaps, high-end Manuka honey and other honey related
products.
• The refresh of the SuperLife brand is complete with the new range now available for launch
in New Zealand and internationally. The refresh creates a clean fresh look for the brand and
allows SuperLife to expand its retail footprint both in bricks and mortar retail as well as
online.
• Through The Good Brand Company, the newly launched Superlife brand will be sold to
selected retailers around New Zealand.
• The SuperLife range has been accepted by a large customer in the United Kingdom who will
sell through online channels and a significant number of retail stores. Product is shipping in
December.
• The set-up of Superlife on Amazon in the United Kingdom and other selected markets is also
underway with launch on Amazon first quarter of 2022.
• Discussions are advanced with a distributor in Germany with an intended launch date in
market of February 2022.
• The business has developed relationships in the OEM space with some medium to long term
business relationships emerging from this work.
• The 2022 manuka honey season is underway with hives in the manuka flow in the North of
New Zealand. The company expects to have 18,500 hives placed through the full 2022
season.
Me Today

• Due to changes in the New Zealand Pharmacy channel driven by COVID-19 and increased
competition, the retail distribution agreement with Green Cross Health was reviewed. The
brand has now expanded its reach into other retailers including further expanding the
number of independent pharmacies stocking Me Today, launching Me Today into Chemist
Warehouse NZ stores, Hardy’s Health stores, as well as launching Me Today online with
Pharmacy Direct. Discussions with selected other retailers also continue.
• A range of five supplements and twelve skincare products are now stocked in over 90
Pharmacies in Ireland. Me Today’s distribution partner in Ireland is confident in further
expansion opportunities throughout 2022.
• Me Today was activated in Japan, from a brand perspective, throughout September and
October and launched in November 2021. The brand is being well accepted in this market
with Mash Beauty Co Lab, Me Today’s Japanese distributor already placing a second order.
• Nine TGA approved supplements and eleven skincare products have been formatted for the
Australian market and launched through Adore Beauty November 2021.
• Me Today will also launch a new Me Today Women’s Daily Essentials gift pack for Christmas
with stock on shelf early December 2021. New product development continues within the
existing core categories of supplements and skincare.
• The Me Today Manuka Honey range has been developed and negotiations are underway
with existing distribution partners for launch in the first quarter of 2022.

• Me Today continues to market actively through social media, radio and print and works
collaboratively with its ambassadors Beauden Barrett, Sarah Walker and Hannah Barrett
along with many other friends of the brand.
The Good Brand Company
• The Good Brand Company represents the Life Space, Artemis and Sleep Drops brands from a
sales perspective into Pharmacy and Health Stores nationwide. The Good Brand Company
continues to build its reputation as a reliable supplier to these channels.
- ENDS -

For further information, please contact:

Grant Baker
Chairman, Me Today Limited
021 729 800


Michael Kerr
Chief Executive Officer, Me Today Limited
021 836 451
michael@metoday.com