Me Today 31 March 2022 results and Capital raise

Unaudited results announcement for the 12 months ended 31 March 2022
Results for announcement to the market
Name of issuer Me Today Limited (NZX: MEE)
Reporting Period Twelve months to 31 March 2022
Previous Reporting Period Twelve months to 31 March 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$7,216 531%
Total Revenue $7,216 531%
Net profit/(loss) from
continuing operations
$(17,805) 523%
Total net profit/(loss) $(17,805) 523%
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
$0.0168 $0.0141
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the market release and unaudited consolidated 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

30 May 2022
Unaudited interim consolidated financial statements accompany this announcement.

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1

30 May 2022

Me Today results for the twelve months ended 31 March 2022,
non-cash impairment and pro-rata capital raise
Me Today Limited (NZX: MEE) has released its unaudited group results for the twelve months ended
31st March 2022.
The result includes nine months trading of the King Honey business since acquisition on 30 June
2021, together with twelve months trading for the other members of Me Today group. The group
has changed its balance date to 30 June and will prepare audited financial statements for the fifteen-
month period ended 30 June 2022, to be released to the market by 30 August 2022.
The result for the group records net sales of $7.22m and an operating loss before tax of $5.89m. In
addition to operating losses, the group has incurred extraordinary non-cash items of $11.92m. The
total net loss for the year is $17.81m. The extraordinary items are explained further below and
include an impairment of $9.9m of the Goodwill recognised on acquisition of the King Honey
business.
In September 2021 the company advised the market that sales by the King Honey business would be
significantly lower than expected. Sales revenue continues to be challenging creating cashflow
pressure. The King Honey business has had a successful harvest with 380 tonnes of honey produced
in the 2022 season just completed. In addition, King Honey has 265 tonnes of Honey available from
the 2020 and 2021 seasons.
With the significant volume of honey stocks, the group has made the decision to downsize its
Beekeeping operations and reduce the cashflow draw created by the next season's harvest. A
decision has been made to close the Kaitaia, Kerikeri and Blenheim Beekeeping operations. The
group will continue to review all aspects of the King Honey business to ensure the cost structure is
sized right for sustainable growth.
To enable continued investment in brands, and to take advantage of international opportunities, the
Me Today board has agreed to undertake a pro rata capital raise of up to $10m through a rights
issue of 1.3 new shares for every one share existing held at an issue price of 1 cent per new share.
The record date and further details of the capital raise will be communicated to the market prior to 6
June 2022.
The company’s largest shareholder, MTL Securities Limited, has agreed to apply for $4.2m of new
shares (comprising its $3.416m entitlement and the balance as oversubscriptions). To the extent
required by the Takeovers Code, MTL Securities has agreed that some of its existing shares would be
reclassified as non-voting shares, contemporaneously with allotments under the capital raise.

The key aspects of the 31 March 2022 financial statements are explained further below.
• Total revenue for the group for the year is $7.59m less marketing services provided by a
customer of $0.38m resulting in net revenue of $7.22m
o Gross revenue for the Me Today sale of goods and agency services segments was
$2.98m an increase of 104% on revenue of $1.46m in the March 2021 year.

2

o Gross revenue for King Honey segment was $4.61m

• The operating EBITDA loss for the group was $4.27m, split between the business divisions as
follows.
o The Me Today sale of goods and agency services segment operating EBITDA loss was
$1.81m compared to an EBITDA loss of $1.86m for the year ended 31 March 2021.
o The King Honey segment operating EBITDA loss was $1.21m.
o The listed company and shared services operating costs were $1.25m compared to
$982k for the year to 31 March 2021.

• The Group incurred extraordinary non-cash items of $11.92m. Further explanation of these
are provided below.

o Goodwill Impairment
The group has considered the future cash flows arising out of the sale of Manuka
Honey through the King Honey division. As a result of the completion of discounted
cashflow modelling the group has determined that the carrying value of Goodwill
should be impaired by $9.9m.
o Accounting loss on current season harvest
The accounting policies of the group require honey to be valued at fair value at
harvest date. The group has made an assessment of the fair value of honey taking
into account the value of the unique Manuka factor (UMF) rating of the new harvest.
The value of the honey at harvest on 31 March has been determined at $6.94m. The
total cost to produce the 380 tonnes of honey in the year to 31 March 2022 was
$8.09m. As a result, a write down of $1.1m has been recorded as a non-operating
item in the financial statements. The honey inventory will increase in value over
time and any financial benefit of that growth will be recorded in gross margin as the
honey is sold.
o Write-down of assets due to closure of Beekeeping Branches.
As a result of the decision to close the three Beekeeping branches, assets with a
carrying value of $1.4m have been identified as assets available for sale. An amount
of $566k has been recorded as a non operating cost being the estimated loss on sale
of these assets.
o Inventory Valuation adjustment
The original carrying value of honey inventory is $18.6m after adjusting for the value
of the 2022 harvest. The group has created provisions of $3m in respect to inventory
on hand at acquisition date to provide for risks in realising the carrying value of
acquisition honey inventory. The carrying value of honey inventory at 31 March has
been recorded as $15.6m.
Summary of the 2022 year and opportunities into 2023.
During the financial year to 31 March 2022 the group focused on the integration of the King Honey
business into the wider Me Today group. At the same time the company continued to execute the
Invest and Grow strategy set up to foster growth of the Me Today brand. Importance was also

3

placed on nurturing existing King Honey customer relationships whilst growing new ones. Locally and
globally opportunities in the growing health and wellness spaces have developed. The landscape has
been more difficult due to COVID-19 challenges impacting supply chain and overseas travel.

The group now operates in 3 clear health and wellness categories:
1. Manuka Honey
2. Supplements
3. Skincare
Strong commercial relationships are developing with new customers across each of these 3
categories.

The largest opportunity the group has is with Bee+ through Access Corporate Group (ACG) & its
brand management division Access Brand Management (ABM). ABM and the Me Today Group
jointly own the Bee+ Manuka Honey brand. ABM continues to sell through its high levels of Bee+
inventory and the group continues to closely work with ABM to maximize the opportunities that
their network offers. Discussions are ongoing with ACG in respect to sales plans and market
opportunities into 2023 and beyond. The opening of borders enabling face to face meetings is
making it easier to develop a strong partnership for the future.

In addition to the ACG and the Bee+ brand relationship the group has continued to build new
Manuka Honey opportunities through group owned Brands Me Today and SuperLife. The multi
brand portfolio being created provides opportunity for synergy in engaging distributors, sales force
and marketing agencies internationally.

The SuperLife brand has now launched within both NZ and international markets.

• SuperLife is available in selected SuperDrug stores in the UK and on SuperDrug online.
• SuperLife launched in NZ across selected Pharmacy and Pak n Save stores.
• SuperLife is available through SuperLifeManuka.co.nz and SuperLifeManuka.co.uk and on
Amazon.co.uk.
• The German opportunity for SuperLife is still progressing with product now expected to ship
in July 2022.
• The UK and Irish markets continue to show interest in the SuperLife brand with the product
launching into John Bell & Croydon in London in June 2022.
• In Switzerland the Group has signed an agreement with a partner to distribute Me Today
supplements and skincare as well as SuperLife Manuka Honey.

Me Today continues to expand internationally with Me Today now available in New Zealand,
Australia, Japan, Ireland, and the United Kingdom.

• In New Zealand Me Today has continued to grow its retail footprint and is now available in
selected Unichem and Life Pharmacy stores, selected independent Pharmacy stores, Chemist
Warehouse, Bargain Chemist, and various online retailers. As of May 2022, a selection of Me
Today supplements have been ranged in 190 Countdown stores New Zealand wide, further
strengthening the presence of Me Today in the New Zealand market.

• In Australia Me Today launched nine TGA approved supplements and eleven skincare
products into Adore Beauty’s Australian and New Zealand websites late 2021 with two other
online platforms ranging Me Today in 2022.

4


• The UK and Irish markets continue to show interest in the Me Today brand with
Supplements and Skincare launching into John Bell & Croydon alongside SuperLife in May
2022. Me Today is now in over 100 retail stores in Ireland including selected pharmacy
outlets, online and through Chemist Warehouse Ireland stores. Me Today launched into
Dunnes Stores in April 2022 and has signed an agreement to launch 12 Skincare SKUs into
Tesco supermarkets in June 2022.

• In Japan and in partnership with Mash Beauty Co Lab, Me Today has launched a range of Me
Today skincare into Mash Beauty’s Biople stores across Japan. Mash Beauty introduced the
brand at its Biople Fes in October 2021 to media and influencers with the brand being well
received. Mash has also indicated that Me Today will roll out to its Cosme Kitchen stores in
2022. A pipeline of NPD is being developed for the Japanese market across all key
categories.

• Me Today has signed an agreement with a distributor and launched a range of Skincare into
retail and online in Romania and Hungary in May 2022. The distributor has also agreed to
distribute SuperLife.

• In other parts of Europe, the group is progressing discussions around distribution of Me
Today and SuperLife products in Sweden, Finland, Italy, Austria, France and Poland.

• The Group also sees the USA as an opportunity with a strategic focus to drive branded
presence in market through online and retail across Supplements, Skincare and Manuka
Honey. The Group has employed a senior sales manager to work directly with potential key
partners in market. A pipeline of product has been through initial regulatory review with
launch into market late 2022/ early 2023.

As borders open, the group expects to see more interest in its products from global travellers. The
opening up of the Duty-Free channel and the Tourism channel will bring revived demand from an
area of retail that was strong for King Honey prior to the COVID-19 pandemic. The opportunity now
exists across Me Today, SuperLife and BEE+.

At Me Today our group mission is “To produce world leading products that support people to
manage their overall health and wellness”. We believe we will do this “by formulating,
manufacturing and marketing desirable consumer products that help people to live better lives
daily”.

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

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Me Today Limited


Unaudited
Condensed Interim
Consolidated Financial Statements


For the twelve months ended 31 March 2022

Me Today Limited
Interim Financial Statements
For the twelve months ended 31 March 2022



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 27

Me Today Limited
Consolidated Statement of Comprehensive Income
For the twelve months ended 31 March 2022




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



12 mths ended
12 mths ended
31 Mar 2022
31 Mar 2021
Note
(unaudited)
(audited)
NZ$000
NZ$000
Revenue before marketing services provided by a customer
7,593
1,455
Less marketing services provided by a customer
(377)
(312)
Revenue
4
7,216
1,143
Cost of sales
(4,554)
(463)
Selling and marketing expenses
(3,057)
(2,659)
Distribution expenses
(539)
(97)
Administrative and other operating expenses
(4,104)
(851)
Finance income
13
73
Finance expenses
5
(492)
(6)
Acquisition related costs
17.1
(368)
-
Operating loss before revaluations, impairments and
income tax
(5,885)
(2,860)
Fair value loss on harvested honey
13
(1,149)
-
Fair value loss on biological assets
12
(305)
-
Write down of assets held for sale
9
(566)
-
Impairment of goodwill
17.5
(9,900)
-
Loss before income tax
5
(17,805)
(2,860)
Income tax expense
-
-
Loss for the period attributable to owners of the company
(17,805)
(2,860)
Total comprehensive loss for the period attributable to
owners of the company
(17,805)
(2,860)
Earnings (loss) per share:
Basic and diluted loss per share (NZ$)
7
(0.028)
(0.007)

Me Today Limited
Consolidated Statement of Changes in Equity
For the twelve months ended 31 March 2022




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
payments
Accumulated
Total
Note
capital
reserve
losses
equity
NZ$000
NZ$000
NZ$000
NZ$000
Balance at 1 April 2020 (audited)
9,350
-
(5,027)
4,323
Total comprehensive income
Loss attributable to owners of the company
-
-
(2,860)
(2,860)
Transactions with owners
Shares issued during the period
16
4,500
-
-
4,500
Less: share issue costs
(181)
-
-
(181)
Share options issued
-
21
-
21
Other share based payments
-
89
-
89
Balance at 31 March 2021 (audited)
13,669
110
(7,887)
5,892
Balance at 1 April 2021 (audited)
13,669
110
(7,887)
5,892
Total comprehensive income
Loss attributable to owners of the company
-
-
(17,805)
(17,805)
Transactions with owners
Shares issued during the period
16
21,890
(111)
-
21,779
Less: share issue costs
(854)
-
-
(854)
Shares issued on acquisition of subsidiaries
17
10,000
-
-
10,000
Shares bought back and cancelled
16
(2)
-
-
(2)
Share options issued
-
25
-
25
Other share based payments
-
112
-
112
Balance at 31 March 2022 (unaudited)
44,703
136
(25,692)
19,147

Me Today Limited
Consolidated Statement of Financial Position
As at 31 March 2022



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 30 May 2022:




Grant Baker Michael Kerr
31 Mar 2022
31 Mar 2021
Note
(unaudited)
(audited)
NZ$000
NZ$000
ASSETS
Current assets
Cash and cash equivalents
1,146
1,195
Short term deposits
-
3,804
Trade and other receivables
2,564
418
Inventory
8
17,070
934
Assets held for sale
9
858
-
Taxation receivable
36
23
Total current assets
21,674
6,374
Non-current assets
Property, plant and equipment
10
4,248
91
Right-of-use assets
11
1,556
176
Biological assets
12
2,013
-
Goodwill
17
6,066
-
Other intangible assets
91
73
Total non-current assets
13,974
340
Total assets
35,648
6,714
LIABILITIES
Current liabilities
Trade and other payables
2,595
629
Lease liabilities
14
672
79
Borrowings
15
1,817
-
Total current liabilities
5,084
708
Non-current liabilities
Lease liabilities
14
781
114
Borrowings
15
10,636
-
Total non-current liabilities
11,417
114
Total liabilities
16,501
822
Net assets
19,147
5,892
EQUITY
Share capital
16
44,703
13,669
Share based payments reserve
136
110
Accumulated losses
(25,692)
(7,887)
Total equity
19,147
5,892

Me Today Limited
Consolidated Statement of Cash Flows
For the twelve months ended 31 March 2022



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


12 mths ended
12 mths ended
31 Mar 2022
31 Mar 2021
Note
(unaudited)
(audited)
NZ$000
NZ$000
Cash flows from operating activities
Receipts from customers
5,682
1,384
Payments to suppliers and employees
(15,303)
(4,774)
Interest received
13
69
Income tax refunded (paid)
(12)
(13)
Net cash used in operating activities
20
(9,620)
(3,334)
Cash flows from investing activities
Cash paid on acquisition of subsidiaries
17
(21,000)
-
Cash received on acquisition of subsidiaries
17
209
-
Acquisition related costs
(368)
-
Investments in short term deposits
3,804
(3,800)
Payments for property, plant and equipment
(270)
(98)
Payments for intangibles
(12)
(21)
Net cash used in investing activities
(17,637)
(3,919)
Cash flows from financing activities
Proceeds from issue of share capital
21,248
4,500
Share capital issue costs
(352)
(181)
Payments to buy back shares
(2)
-
Proceeds from bank borrowings
8,500
-
Repayment of principal on borrowings
(1,198)
-
Interest paid on borrowings
(296)
-
Payment of lease liabilities
(652)
(33)
Interest paid on lease liabilities
(40)
(6)
Net cash flows from financing activities
27,208
4,280
Net increase/(decrease) in cash and cash equivalents
(49)
(2,973)
Cash and cash equivalents at 1 April
1,195
4,168
Cash and cash equivalents at 31 March
1,146
1,195

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



7
1. General information
Me Today Limited (‘MTL’ or ‘the Company’) is a limited liability company incorporated and domiciled in
New Zealand.
The Company has recently changed its annual reporting date to 30 June and, as a result of the change,
will prepare full audited consolidated financial statements for the 15 months ended 30 June 2022. Due to
the change in reporting date the Company has prepared these unaudited interim condensed consolidated
financial statements for the 12 months ended 31 March 2022.
The interim condensed consolidated 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 18.
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 12 months ended 31 March
2022 have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (‘NZ
GAAP’), with New Zealand Equivalent to International Accounting Standard 34: Interim Financial
Reporting (‘NZ IAS 34’), with International Accounting Standard 34: Interim Financial Reporting (‘IAS 34’),
and with the requirements on the NZX Listing Rules.
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 Main Board.
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 for
the year ended 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
The international and domestic impact of the COVID-19 pandemic, the extended lockdown and other
restrictions in Auckland and the rest of New Zealand since 17 August 2021, and the recent lockdowns in
China, have impacted the Group’s performance during the interim period. While the Group has continued
to make significant progress, the restrictions on retail during lockdown and other restrictions 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.
King Honey’s 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. The impact of the COVID-19 pandemic in China, including lockdowns,
has impacted on the volume of sales through this distribution partner, which have been significantly lower

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



8
than expected (refer to note 17.2). The reduced level of sales through this distribution partner has been a
key consideration in the Group’s decision to downsize its beekeeping operations (refer note 23.1). The
financial impact of the downsizing, the assessed impairment in goodwill (refer note 17.5) and the
requirements during the period for additional working capital, are all linked to this underperformance of
Bee+ distribution in the Chinese market.
The COVID-19 pandemic has not had a material impact on trade receivables.
2.3. Going concern
The interim consolidated financial statements have been prepared on a going concern basis, which
assumes that the Group has the intention and ability to continue its operations for the foreseeable future.
The Group incurred a loss of $17.8 million in the 12 months to 31 March 2022 (12 months to 31 March
2021: $2.86 million loss). The Group’s net cash outflows from operating activities during the 12 months
was $9.6 million (2021: $3.3 million). At reporting date the Group had cash of $1.1 million (2021: $1.2
million), working capital of $16.6 million (2021: $5.7 million) and net assets of $19.1 million (2021: $5.9
million). The Group had bank loans of $7.3 million (2021: nil) and $5.15 million was payable to the
previous owners of King Honey under a subordinated note (2021: nil).
The considered view of the Board is that, after making due enquiries and considering relevant factors,
there is a reasonable expectation that the Group will have access to adequate resources and
commitments from its borrowers and support from shareholders (discussed below), that will enable it to
meet its financial obligations for the foreseeable future.
For this reason, the Board considers the adoption of the going concern basis in preparing the unaudited
interim condensed consolidated financial statements for the 12 months ended 31 March 2022 to be
appropriate. The Board has reached this conclusion having regard to circumstances which it considers
likely to affect the Group during the period of at least one year from the date of approval of these interim
consolidated financial statements, and to circumstances which it considers will occur after that date which
will affect the validity of the going concern basis.
The Directors are satisfied, based on their review of the Group’s current financial forecasts, that, during
the 12 months after the date of signing these interim condensed consolidated financial statements, there
will be adequate cash flows available to meet the financial obligations of the Group as they arise. This
consideration is made with reference to the following events:
On 29 November 2021 the Company announced subject to shareholder approval, and on 22 March 2022
following shareholder approval completed, a placement of $6 million through the issue of 68,181,818 fully
paid ordinary shares to assist the Group meet its operational and working capital funding requirements
including the repayment of its bank overdraft.
On 29 May 2022, the Board decided to undertake a further capital raise of up to $10 million. The capital
raise is expected to be completed by 30 June 2022. The Company’s largest shareholder, MTL Securities
Limited, has agreed to apply for $4.2 million of new shares (comprising its $3.4 million entitlement and the
balance as oversubscriptions).
The Group’s banker, Bank of New Zealand, has confirmed that it will keep the Group’s existing bank
facilities in place (refer note 15) on the basis of MTL Securities Limited’s shareholder support. The bank
has agreed to a 12-month amortisation relief period with a six-month review. The Group currently has
available overdraft facilities of $5 million to support seasonal operating cash flows.
Strong commercial relationships are developing with new customers. Me Today continues to expand
internationally with Me Today now available in New Zealand, Australia, Japan, Ireland, and the United
Kingdom. The SuperLife brand has now launched within both New Zealand and international markets.

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



9
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 consolidated 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.
3.3. Inventories
The deemed cost for the Group’s agricultural produce (honey) inventory is fair value at harvest 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.

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



10
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.
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.
The growth in the biological work in progress in the period from the 2021 harvest to 30 June 2021 (the
date of acquisition of King Honey) could not be reliably measured at fair value due to the variables in hive
growth and honey production between 1 April 2021 and the acquisition date. Therefore, as required under
NZ IAS 41, the cost of agricultural activity (beekeeping costs) in the pre-acquisition period to 30 June 2021
was capitalised and recognised as the value of biological work in progress at acquisition date (refer note
17.1).
At 31 March 2022 the biological work in progress could be reliably measured at fair value as all honey had
been harvested and tested. At that point the total biological work in progress asset was recognised as
inventory. An unrealised loss on honey harvest was recognised in the loss for the period (refer note 13).
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%
3.7. Assets held for sale
Non‑current assets classified as held for sale are measured at the lower of carrying amount and fair value
less costs to sell. Non‑current assets are classified as held for sale if their carrying amount will be
recovered through a sale transaction rather than through continuing use. This condition is regarded as met
only when the sale is highly probable and the asset is available for immediate sale in its present condition.
The Group must be committed to the sale which should be expected to qualify for recognition as a
completed sale within one year from the date of classification.

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



11
4. Revenue

The details above disaggregate the Group's revenue from contracts with customers into primary markets,
and major product and service lines.
$214,000 of the Group’s revenue was generated in Europe. All other revenue was generated in New
Zealand. Revenue is allocated geographically based upon jurisdiction in which the revenue is recognised
for taxation purposes.

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

12 mths ended
12 mths ended
31 Mar 2022
31 Mar 2021
(unaudited)
(audited)
NZ$000
NZ$000
2,571
932
(377)
(312)
Revenue from sale of health and wellbeing products
2,194
620
Revenue from sale of honey products
4,614
-
Revenue from agency services
408
523
Total revenue
7,216
1,143
Revenue from sale of health and wellbeing products before marketing
services provided by customers
Less marketing services provided by customers
12 mths ended
12 mths ended
31 Mar 2022
31 Mar 2021
(unaudited)
(audited)
NZ$000
NZ$000
Salaries
(5,197)
(1,212)
Employer kiwisaver contributions
(122)
(30)
Directors' fees
(420)
(329)
Depreciation and amortisations:
Depreciation of property, plant and equipment
(741)
(30)
Depreciation of right of use assets
(526)
(50)
Amortisation of intangible assets
(4)
(10)
(1,271)
(90)
Depreciation and amortisation are allocated as follows:
Included in the operating loss
(772)
(90)
Capitalised to biological WIP
(499)
-
(1,271)
(90)

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



12


6. Segment information
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).



The Group has identified its operating segments based on the internal reports reviewed and used by the
Chief Operating Decision Maker (‘CODM’), being the Board of Directors, in assessing the Group’s
performance and in determining the allocation of resources.
Unallocated operating expenses include head office costs and costs related to the NZX listing.
Significantly all operations are carried out in New Zealand.

12 mths ended
12 mths ended
31 Mar 2022
31 Mar 2021
(unaudited)
(audited)
NZ$000
NZ$000
Finance expenses:
Interest on lease liabilities
(46)
(6)
Interest on borrowings
(446)
-
(492)
(6)
Auditor's remuneration:
For the current year audit
(82)
(57)
(8)
(17)
Total auditor's remuneration
(90)
(74)
For tax services and accounting advisory services
Sale of AgencyHoneyOther / TotalSale of AgencyHoneyOther / Total
goodsservicesunallocatedgoodsservicesunallocated
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
2,5714084,614-7,593932523--1,455
(377)---(377)(312)---(312)
Total external revenue2,1944084,614-7,216620523--1,143
Total inter-segment revenue------
Total operating EBITDA(1,535)(278)(1,207)(1,246)(4,266)(1,764)(91)-(982)(2,837)
Finance income---1313---7373
Finance expenses--(492)-(492)---(6)(6)
Depreciation and amortisation(16)(6)(652)(98)(772)(21)(8)-(61)(90)
Acquisition expenses---(368)(368)-----
Fair value loss on harvested honey--(1,149)-(1,149)-----
Fair value loss on biological assets--(305)-(305)-----
Write down of assets held for sale--(566)-(566)-----
Impairment of goodwill--(9,900)-(9,900)-----
Net loss before taxation(1,551)(284)(14,271)(1,699)(17,805)(1,785)(99)-(976)(2,860)
Income tax expense----------
Net loss for the year(1,551)(284)(14,271)(1,699)(17,805)(1,785)(99)-(976)(2,860)
Sale of AgencyHoneyOther / TotalSale of AgencyHoneyOther / Total
goodsservicesunallocatedgoodsservicesunallocated
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Segment assets2,28217832,0521,13635,6481,319128-5,2676,714
Segment liabilities5497515,39748016,5013,974(1,652)-(1,500)822
Twelve months ended 31 March 2022Twelve months ended 31 March 2021
Revenue before marketing services
provided by a customer
Less marketing services provided
by a customer
As at 31 March 2022As at 31 March 2021

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



13
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 March.
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.

7. Earnings per share


At 31 March 2022, there were no financial instruments that carried any shareholder dilution rights that
were considered to be dilutive (2021: none). The 3,000,000 share options on issue where not considered
to be dilutive due to the Group’s loss.

8. Inventory


12 mths ended
12 mths ended
31 Mar 2022
31 Mar 2021
(unaudited)
(audited)
Basic and diluted earnings/(loss) per share (NZ$)
(0.028)
(0.007)
Loss from continuing operations (NZ$000)
(17,805)
(2,860)
634,784
398,691
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:
31 Mar 202231 Mar 2021
(unaudited)(audited)
NZ$000NZ$000
Raw materials13,850-
Finished goods2,490647
Packaging materials730287
17,070934

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



14
9. Assets held for sale




The Board has decided to downsize its beekeeping operations (refer note 23.1). As part of this restructure,
the Group is planning to sell approximately 3,650 hives and 2,300 nucs. These hives and nucs have been
classified as assets held for sale and measured at the lower of their carrying value and the anticipated
sales price.

31 Mar 2022
31 Mar 2021
(unaudited)
(audited)
NZ$000
NZ$000
Property, plant and equipment
269
-
Biological assets
589
-
858


-


31 Mar 2022
31 Mar 2021
(unaudited)
(audited)
NZ$000
NZ$000
Balance at 1 April
-


-


Reclassified from property, plant & equipment:
- cost
516


-


- accumulated depreciation
(58)


-


Net book value reclassified from property, plant & equipment
458


-


Reclassified from biological assets
965


-


Write down of assets held for sale
(566)


-


Balance at 31 March
858


-

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



15
10. Property, plant and equipment



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


28


-


38


Additions
-


67


31


98


Balance at 31 March 2021
10


95


31


136


Additions
286


40


1


327


Acquisition of subsidiary
4,698


62


335


5,095


Transferred to assets held for sale
(516)


-


-


(516)


Disposals
(95)


-


-


(95)


Balance at 31 March 2022
4,383


197


367


4,947


Accumulated depreciation:
Balance at 1 April 2020
(2)


(13)


-


(15)


Depreciation expense
(2)


(22)


(6)


(30)


Balance at 31 March 2021
(4)


(35)


(6)


(45)


Depreciation expense
(654)


(52)


(35)


(741)


Transferred to assets held for sale
58


-


-


58


Disposals
29


-


-


29


Balance at 31 March 2022
(571)


(87)


(41)


(699)


NZ$000
NZ$000
NZ$000
NZ$000
Carrying Amounts:
31 March 2021
Cost
10


95


31


136


Accumulated depreciation
(4)


(35)


(6)


(45)


Carrying amounts
6


60


25


91


31 March 2022
Cost
4,383


197


367


4,947


Accumulated depreciation
(571)


(87)


(41)


(699)


Carrying amounts
3,812


110


326


4,248


Plant,
vehicles and
equipment
Office
equipment
and furniture
Leasehold
improvements
Total
Plant,
vehicles and
equipment
Office
equipment
and furniture
Leasehold
improvements
Total

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



16
11. Right-of-use asset
The Group leases warehouse and administration premises, and land used for hive placements.



* Lease modifications – the Group has reassessed the likely period of renewal of leases impacted by the
restructure (refer note 23.1) and adjusted the related right-of-use assets and lease liabilities accordingly.


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


-


-


Additions
226


-


226


Balance at 31 March 2021 (audited)
226


-


226


Additions
296


313


609


Lease modifications *
(82)


(626)


(708)


Acquisition of subsidiary
934


1,071


2,005


Balance at 31 March 2022 (unaudited)
1,374


758


2,132


Accumulated amortisation:
Balance at 1 April 2020 (audited)
-


-


-


Depreciation expense
(50)


-


(50)


Balance at 31 March 2021 (audited)
(50)


-


(50)


Depreciation expense
(283)


(243)


(526)


Balance at 31 March 2022 (unaudited)
(333)


(243)


(576)


Premises Hive
placements
Total
NZ$000NZ$000NZ$000
Carrying Amounts:
31 March 2021
Cost 226 - 226
Accumulated amortisation(50) - (50)
Carrying amounts (audited)176 - 176
31 March 2022
Cost 1,374 758 2,132
Accumulated depreciation(333) (243) (576)
Carrying amounts (unaudited)1,041 515 1,556

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



17
12. Biological assets

The bees biological assets consist of Hives and 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.


31 Mar 2022
31 Mar 2021
(unaudited)
(audited)
NZ$000
NZ$000
Bees:
Balance at 1 April
-


-


Acquisition of subsidiary
3,283
-


Reclassified to assets held for sale (note 9)
(965)


-


Fair value loss on biological assets
(305)


-


Balance at 31 March
2,013


-


31 Mar 2022
31 Mar 2021
(unaudited)
(audited)
number of
number of
Hives:
Balance at 1 April
-


-


Acquisition of subsidiary
15,595


-


Net movement in operational hives
(1,709)
-


Hives classified as assets held for sale (note 9)
(3,650)
-


Hives included in biological assets at 31 March
10,236


-


Nucleus colonies (Nucs):
Balance at 1 April
-


-


Acquisition of subsidiary
3,660


-


Net movement in operational nucs
-


-


Nucs classified as assets held for sale (note 9)
(2,300)
-


Nucs included in biological assets at 31 March
1,360


-

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



18
13. Biological work in progress


14. Lease liability


15. Borrowings

The Group has two bank loans from the Bank of New Zealand. A customised average rate loan facility
(CARL) of $3,015,980 (31 March 2021: $nil) and a fixed rate loan of $4,286,125 (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.
31 Mar 2022
31 Mar 2021
(unaudited)
(audited)
NZ$000
NZ$000
As at 1 April
-
-
Recognised on acquisition of King Honey
1,437
-
Current period beekeeping costs
6,652
-
Fair value loss on harvested honey
(1,149)
-
Honey recognised as inventory on harvest
(6,940)
-
As at 31 March
-
-
31 Mar 202231 Mar 2021
(unaudited)(audited)
NZ$000NZ$000
Maturity analysis - contractual undiscounted cash flows
Up to one year70186
One to two years41388
Two to five years64929
More than five years94-
Total undiscounted lease liabilities at period end1,858203
Lease liabilities included in the statement of financial position at balance date
Current67279
Non-current781114
1,453193
31 Mar 202231 Mar 2021
(unaudited)(audited)
NZ$000NZ$000
Banks loans7,303-
Subordinated note5,150-
12,453-
Current1,817-
Non-current10,636-
12,453-

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



19
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 3.91%. 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
17). 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.

16. 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 20 June 2021 a further 765,356 fully paid ordinary shares were issued in favour of BB Promotions
Limited, Sarah Walker and independent directors.
On 30 June 2021 Me Today issued 113,636,364 fully paid ordinary shares to the vendors as part
consideration for the acquisition of King Honey (refer note 17).
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 22 March 2022 the Company issued 42,613,636 fully paid ordinary shares to MTL Securities Limited
and 25,568,182 fully paid ordinary shares to the trustees of TW Jarvis (No. 1) Trust for $6 million.


12 mths ended
12 mths ended
31 Mar 2022
31 Mar 2021
(unaudited)
(audited)
'000
'000
Number of ordinary shares:
Ordinary shares as at 1 April
412,278
1,824,550
Share consolidation
-
(1,459,640)
Issue of shares on acquisition of subsidiary
113,636
-
Ordinary shares issued during the period
248,734
47,368
Share buy back and cancellation
(34)
-
Ordinary shares as at 31 March
774,614
412,278

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



20
17. 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.
17.1. 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.


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 amounted to $0.37 million.
17.2. Provisional accounting for the acquisition
The initial accounting for the acquisition of King Honey has only been provisionally determined during the
reporting period.
Since the Group’s previous interim reporting as at 30 September 2021, the Group has received further
information about inventory, property, plant and equipment, right of use assets and lease liabilities
acquired. These acquisition balances have been updated accordingly with a corresponding adjustment to
goodwill, as set out below:
30 Jun 2021
(unaudited)
NZ$000
Net assets / (liabilities) acquired:
Cash
209
Receivables and prepayments
179
Inventory
11,594
Taxation receivable
95
Biological work in progress
1,437
Biological assets
3,283
Property, plant and equipment
5,096
Right of use assets
2,005
Trade and other payables
(1,859)
Lease liabilities
(2,005)
Net assets acquired
20,034
Goodwill
15,966
Total consideration36,000
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 transferred36,000

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



21
• At 30 September 2021 an initial $1 million provision for inventory obsolescence was recognised as
part of the acquisition balances. During the 6 months to 31 March 2022 the provision was increased
by a further $2 million.
• Property, plant and equipment was reduced by $0.5 million.
• Right of use assets were increased by $0.3 million and lease liabilities were increased by a
corresponding $0.3 million.
The above adjustments resulted in a corresponding $2.5 million increase in the initial goodwill arising on
acquisition (prior to the assessment of impairment) compared to the goodwill recognised in the 30
September 2021 interim consolidated financial statements.
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. Sales by
the King Honey business through the Bee+ distribution partner have been significantly lower than
expected. 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 (refer note 17.5 re assessment of impairment in
intangibles assets on acquired).
17.3. 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.
17.4. Impact of acquisition on the results of the Group
King Honey contributed $4.6 million revenue and $14.3 million to the Group’s loss for the period between
the date of acquisition and the reporting date.

17.5. Goodwill

The provisional goodwill 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.

31 Mar 2022
31 Mar 2021
(unaudited)
(audited)
NZ$000
NZ$000
Cost:
Balance at 1 April
-
-
Recognised on acquisition of subsidiary
15,966
-
Balance at reporting date
15,966
-
Accumulated impairment losses:
Balance at 1 April
-
-
Impairment losses for the period
(9,900)
-
Balance at reporting date
(9,900)
-
Carrying amount
6,066
-

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



22
17.5.1. Impairment testing for cash-generating units containing goodwill
For the purpose of impairment testing, goodwill is allocated to the Group’s cash generating units (‘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.
Given the current underperformance of the Bee+ brand distribution channel (refer note 17.2), the Board
has undertaken value in use impairment testing and reviewed sensitivity analysis relating to the carrying
value of the goodwill.
The Group has considered the future cash flows arising out of the sale of Manuka Honey through the
Honey segment. As a result of the completion of discounted cashflow modelling the Board has assessed
the value of the Honey CGU as $29.0 million and has concluded that it is appropriate for the Group to
recognise a $9.9 million impairment in the value of goodwill arising from the King Honey acquisition.
Value in use was determined by discounting the future cash flows generated from the continuing use of
the CGU 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.
The discount rate selected reflects the level of uncertainty in relation to the future sales through the Bee+
distribution channel.


31 Mar 2022
(unaudited)
Anticipated annual revenue growth included in the cash
flow projections for the years 2023 to 2027
26% - 39%
Pre-tax discount rate
17%
Terminal growth rate applied beyond 2027
3%

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



23
18. Subsidiaries

All subsidiaries are domiciled in New Zealand, with the exception of Me Today EU Limited which is
domiciled in Ireland, Me Today UK Group Limited which is domiciled in England and Me Today Pty which
is domiciled in Australia. All subsidiaries have a balance date of 30 June.

19. Related parties
19.1. Directors
The names of persons who are directors of the Company are; Grant Baker (Chairman), Hannah Barrett,
Roger Gower, Michael Kerr, Stephen Sinclair, Richard Pearson and Antony Vriens.
19.2. 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 $420,000 (31 March 2021: $329,168). $42,187 was payable to
directors at 31 March 2022. (31 March 2021: $15,322). 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 31 March
2022 $29,384 of the remuneration due to the independent directors was settled by the issue of 346,653
shares in the Company (31 March 2021: nil).
Michael Kerr received total remuneration of $225,000 in the current period in his role as CEO (2021:
$212,500).
A company owned by Stephen Sinclair received $114,500 in consulting fees (2021: $114,000).

Name of subsidiary
Principal activity
31 Mar 2022
31 Mar 2021
The Good Brand Company Limited
Sale of health & wellbeing
products
100%
100%
Me Today NZ Limited
Production & sale of health
& wellbeing products
100%
100%
Today Limited
Non-trading entity
100%
100%
Me Today EU Limited
Sale of health & wellbeing
products
100%
100%
Me Today UK Group Limited
Sale of health & wellbeing
products
100%
-
Me Today Manuka Honey Limited
Investment in King Honey
Limited
100%
-
King Honey Limited
Sale of manuka honey
products
100%
-
Me Today AU Pty Limited
Non-trading entity
100%
-
Manuka Wellness Limited
Non-trading entity
100%
-
King Honey Health Products Limited
Non-trading entity
100%
-
Pure Manuka NZ Limited
Non-trading entity
100%
-
Bee Plus Manuka NZ Limited
Non-trading entity
100%
-
Equity holding

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



24
19.3. 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 34.16% of Me Today Limited.
19.4. Related party transactions
In the 12 months to 31 March 2022, 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 (2021: $100,000) in relation to the Ambassador Agreement with BB Promotions
Limited.
19.5. 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 were 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
agreed to contribute $3.75 million and Jarvis Trust $2.25 million. Shareholders approved the share
placement on 18 March 2022.
On 22 March 2022 the Company issued 42,613,636 fully paid ordinary shares to MTL Securities Limited
and 25,568,182 fully paid ordinary shares to the trustees of TW Jarvis (No. 1) Trust.
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
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



25
20. Reconciliation of loss after taxation with cash flow from operating activities



21. Contingent liabilities
There are no contingent liabilities as at 31 March 2022 (2021: nil).

22. Commitments
The Company had no commitments for future capital expenditure as at 31 March 2022 (2021: nil).

23. Events subsequent to reporting date
23.1. Restructure
With the current significant volume of honey stocks, at the end of March 2022 the Board approved a plan
to downsize the Group’s Beekeeping operations and reduce the cashflow draw created by the next
season's harvest. The decision was made to close the Kaitaia, Kerikeri and Blenheim Beekeeping
operations.
The plan was communicated to relevant staff in early April. As staff were notified after the reporting date
the restructure is treated as a subsequent event and, as required by NZ IFRS, estimated costs of
12 mths ended
12 mths ended
31 Mar 2022
31 Mar 2021
(unaudited)
(audited)
NZ$000
NZ$000
Net loss after taxation
(17,805)
(2,860)
Adjustments for:
Depreciation and amortisation
1,274
90
Share-based payments
166
110
Interest accrued on term deposits
-
(4)
Interest on lease liabilities
46
6
Interest on borrowings
446
-
Impairment of goodwill
9,900
-
Acquisition related costs
368
-
Fair value loss on biological assets
305
-
Write down of assets held for sale
566
-
Movements in working capital
(Increase) / decrease in trade and other receivables
(2,148)
(170)
(Increase) / decrease in inventory
(16,155)
(593)
Increase / (decrease) in trade and other payables
1,966
99
(Increase) / decrease in taxation receivable
(13)
(12)
Movement in working capital on acquisition of subsidiaries
11,464
-
Net cash outflows from operating activities
(9,620)
(3,334)

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the twelve months ended 31 March 2022



26
$670,000 associated with the restructure have not been provided for in these interim consolidated
financial statements.
Under NZ IFRS the impact of the restructure is taken into account when assessing the fair value of
biological assets and the carrying values of property, plant and equipment. Also, where the Group has
now changed its view on the likely duration of leases, the values of both the related right-of-use assets
and lease liabilities have been adjusted. The Group will sell some of its hives and nucleus colonies (‘nucs’)
and these have been reclassified to assets held for sale and shown as a current asset in the Consolidated
Statement of Financial Position.
23.2. Further capital raising
On 29 May 2022, the Board decided to undertake a further capital raise of up to $10 million. The capital
raise is expected to be completed by 30 June 2022. The Company’s largest shareholder, MTL Securities
Limited, has agreed to apply for $4.2 million of new shares (comprising its $3.4 million entitlement and the
balance as oversubscriptions).

Me Today Limited
Company Directory




27

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

Postal Address
PO Box 109047
Newmarket
Auckland 1149

Bankers
BNZ
Deloitte Building
80 Queen Street
Auckland 1010
New Zealand

Lawyers
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West
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