Me Today results for the 15 Month Period Ended 30 June 2022

Audited results announcement for the 15 months ended 30 June 2022

Results for announcement to the market
Name of issuer Me Today Limited
Reporting Period 15 months to 30 June 2022
Previous Reporting Period 12 months to 31 March 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$8,273 624%
Total Revenue $8,273 624%
Net profit/(loss) from
continuing operations
$(19,544) 583%
Total net profit/(loss) $(19,544) 583%
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
As at 30 June 2022:
$0.0114
$0.0141
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the audited financial statements and press release
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 August 2022

Audited financial statements accompany this announcement.

---

Me Today Limited


Consolidated Financial Statements


For the fifteen months ended 30 June 2022

Me Today Limited
Consolidated Financial Statements
For the fifteen months ended 30 June 2022



1
Contents


Page
Consolidated Statement of Comprehensive Income 2
Consolidated Statement of Changes in Equity 3
Consolidated Statement of Financial Position 4
Consolidated Statement of Cash Flows 5
Notes to the Consolidated Financial Statements 6
Independent Auditor’s Report 38

Me Today Limited
Consolidated Statement of Comprehensive Income
For the fifteen months ended 30 June 2022

The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
2


15 mths ended12 mths ended
Note30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Revenue before marketing services provided by a customer8,8111,455
Less marketing services provided by a customer(538)(312)
Revenue58,2731,143
Cost of sales(5,132)(463)
Selling and marketing expenses(3,729)(2,659)
Distribution expenses(610)(97)
Administrative and other operating expenses(5,489)(851)
Amortisation of customer relationship asset20(1,084)-
Finance income61373
Finance expenses6(641)(6)
Acquisition related costs29.1(368)-
Operating loss before one-off items and income tax6(8,767)(2,860)
Fair value loss on harvested honey15(1,724)-
Fair value loss on biological assets16(720)-
Restructuring costs(494)-
Write down of assets held for sale14(543)-
Impairment of goodwill19.1(9,120)-
Impairment of other intangible assets19.1(780)-
Loss before income tax6(22,148)(2,860)
Income tax (expense)/benefit82,604-
Loss for the period attributable to owners of the company(19,544)(2,860)
Total comprehensive loss for the period attributable to
owners of the company
(19,544)(2,860)
Earnings (loss) per share:
Basic and diluted loss per share (NZ$)9(0.029)(0.007)

Me Today Limited
Consolidated Statement of Changes in Equity
For the fifteen months ended 30 June 2022

The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
3


Share
Share based
paymentsAccumulatedTotal
Notecapitalreservelossesequity
NZ$000NZ$000NZ$000NZ$000
At 1 April 20209,350-(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 year234,500--4,500
Less: share issue costs(181)--(181)
Share options issued25-21-21
Other share based payments24-89-89
At 31 March 202113,669110(7,887)5,892
Total comprehensive income
Loss attributable to owners of the company--(19,544)(19,544)
Transactions with owners
Shares issued during the period2328,733(177)-28,556
Less: share issue costs(975)--(975)
Shares issued on acquisition of subsidiaries2910,000--10,000
Share options issued25-30-30
Share options expired24(26)26-
Other share based payments24-140-140
At 30 June 202251,42777(27,405)24,099

Me Today Limited
Consolidated Statement of Financial Position
As at 30 June 2022

The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
4

These financial statements were approved by the Board on 29 August 2022.
Signed on behalf of the Board by:




Grant Baker Michael Kerr
Note30 Jun 2022 31 Mar 2021
NZ$000NZ$000
ASSETS
Current assets
Cash and cash equivalents
10
5,3701,195
Short term deposits
11
-3,804
Trade and other receivables
12
1,199418
Inventory
13
16,793934
Biological work in progress
15
698-
Taxation receivable3523
24,0956,374
Assets classified as held for sale
14
1,063-
Total current assets25,1586,374
Non-current assets
Biological assets161,598-
Property, plant and equipment173,78891
Right-of-use asset18.11,387176
Goodwill19--
Customer relationship asset207,436-
Other intangible assets208973
Total non-current assets14,298340
Total assets39,4566,714
LIABILITIES
Current liabilities
Trade and other payables211,766629
Lease liabilities18.231679
Borrowings22942-
Total current liabilities3,024708
Non-current liabilities
Lease liabilities18.21,041114
Borrowings2211,292-
Total non-current liabilities12,333114
Total liabilities15,357822
Net assets
24,0995,892
EQUITY
Share capital2351,42713,669
Share based payments reserve2477110
Accumulated losses(27,405)(7,887)
Total equity
24,0995,892

Me Today Limited
Consolidated Statement of Cash Flows
For the fifteen months ended 30 June 2022

The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
5



15 mths ended12 mths ended
Note30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Cash flows from operating activities
Receipts from customers
8,2701,384
Payments to suppliers and employees
(19,998)(4,774)
Interest received
1369
Income tax paid
(11)(13)
Net cash used in operating activities
26
(11,726)(3,334)
Cash flows from investing activities
Proceeds from/(investments in) short term deposits
3,804(3,800)
Acquisition of subsidiaries
29.1(20,791)-
Acquisition related costs
29.1(368)-
Payments for property, plant and equipment
(327)(98)
Proceeds from sale of property, plant and equipment
97-
Payments for intangibles
126(21)
Net cash used in investing activities(17,459)(3,919)
Cash flows from financing activities
Proceeds from issue of share capital27,9834,500
Share capital issue costs(474)(181)
Proceeds from bank borrowings278,500-
Repayment of principal on borrowings27(1,466)-
Interest paid on borrowings27(379)-
Payment of lease liabilities27(742)(33)
Interest paid on lease liabilities27(62)(6)
Net cash flows from financing activities
33,3604,280
Net (decrease)/increase in cash and cash equivalents4,175(2,973)
Cash and cash equivalents at the beginning of the period1,1954,168
Cash and cash equivalents at the end of the period10
5,3701,195

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


6
1. General information
Me Today Limited (‘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,
these consolidated financial statements are for the 15 months ended 30 June 2022. The comparative
information is for the 12 months ended 31 March 2021.
These financial statements are for Me Today Limited and its subsidiaries (together ‘the Group’). Details of
subsidiary companies and their principal activities are set out in note 28.
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
2.1. Basis of measurement
The consolidated financial statements have been prepared on a historical cost basis, except for biological
assets which are measured at fair value less cost to sell. Historical cost is generally based on the fair
value of the consideration given in exchange for goods and services.
The financial statements are presented in New Zealand dollars which is the Company’s functional and
Group’s presentation currency, rounded to the nearest thousand dollars unless otherwise stated.
2.2. Statement of compliance and reporting framework
The consolidated financial statements have been prepared in accordance Generally Accepted Accounting
Practice in New Zealand (‘NZ GAAP’). The Group is a for-profit entity for the purposes of complying with
NZ GAAP. The financial statements comply with New Zealand equivalents to International Financial
Reporting Standards (‘NZ IFRS’), and International Financial Reporting Standards (‘IFRS’).
The Company is an FMC reporting entity under the Financial Markets Conduct Act 2013. 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.
3. Significant accounting policies
The principal accounting policies adopted are set out below. The 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 which have been implemented in response to the acquisition of King Honey.
3.1. Principles of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
controlled by the Company. Control is achieved when the Company:
• has power over the investee;
• is exposed, or has rights, to variable returns from its involvement with the investee; and
• has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control listed above.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their
accounting policies into line with the Group's accounting policies.

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


7
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions
between members of the Group are eliminated in full on consolidation.
3.2. 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.
3.3. 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.
3.4. Revenue recognition
The Group recognises revenue from the following major sources:
• sale of goods; and
• agency services.
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract
with a customer and excludes amounts collected on behalf of third parties, such as goods and service tax
and customs duties.
3.4.1. Sale of goods
The Group sells goods such as health and wellbeing products, and honey products. The Group considers
the performance obligation is satisfied when control of the goods has transferred, being when the goods
have been delivered to the customer. Revenue derived from the sale of goods is recognised at the point in
time the performance obligation is satisfied. Marketing payments paid to a customer for the purchase of
health and wellbeing products, are treated as a reduction in revenue.

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


8
3.4.2. Agency services
For revenues derived from agency services, where the Group acts as a sales agent for other health and
wellness brands, the Group considers its performance obligations are satisfied over time, on the basis that
agency services are provided and consumed by the customer on a simultaneous basis, and so will
recognise the related revenue as the performance obligation is satisfied. Revenue is measured on an
output method basis.
3.5. Income Tax
Income tax expense comprises both current and deferred tax.
3.5.1. Current tax
The tax currently payable is based on taxable profit for the period. Taxable profit differs from ‘profit before
tax’ as reported in the statement of profit or loss and other comprehensive income because of items of
income or expense that are taxable or deductible in other periods and items that are never taxable or
deductible. The Group's current tax is calculated using tax rates that have been enacted or substantively
enacted by the end of the reporting period.
3.5.2. Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable temporary differences except for the initial
recognition of goodwill and the initial recognition of an asset or liability in a transaction which is not a
business combination and at the time of the transaction affects neither accounting or taxable profit.
Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable
that taxable profits will be available against which those deductible temporary differences can be utilised.
Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial
recognition (other than in a business combination) of assets and liabilities in a transaction that affects
neither the taxable profit nor the accounting profit.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in
which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted
or substantively enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow
from the manner in which the Group expects, at the end of the reporting period, to recover or settle the
carrying amount of its assets and liabilities.
3.6. Goods and services tax
Revenue, expenses, assets and liabilities are recognised net of the amount of goods and services tax
(GST) except:
• where the amount of GST incurred is not recovered from the taxation authority, it is recognised as
part of the cost of acquisition of an asset or as part of an item of expense; or
• for receivables and payables, which are recognised inclusive of GST.
The net amount of GST recoverable or payable to the taxation authority is included as part of receivables
or payables.
3.7. Inventories
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined on
a first-in-first-out basis. Net realisable value represents the estimated selling price for inventories less
estimated costs of completion and costs necessary to make the sale.
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 selling prices for honey. Point-of-
sale costs include all costs that would be necessary to sell the assets.

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


9
3.8. 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.
3.9. 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 June 2022 cannot be reliably
measured at fair value due to the variables in hive growth and honey production between harvest and
reporting date. Therefore, as required under NZ IAS 41: Agriculture, the cost of agricultural activity
(beekeeping costs) in the period to 30 June 2022 has been capitalised as biological work in progress to
account for this growth. Likewise, the cost of agricultural activity incurred by the King Honey Group in the
pre-acquisition period from the 2021 harvest to 30 June 2021, was capitalised and recognised as the
value of biological work in progress at acquisition date (refer note 29.1).
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. A fair value loss on honey harvest was recognised in the loss for the period (note 15).
3.10. Leasing
The Group assess whether a contract is or contains a lease, at inception of the contract. The Group
recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements
in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or
less) and lease of low value assets. For these leases, the Group recognises the lease payments as an
operating expense on a straight-line basis over the term of the lease unless another systematic basis is
more representative of the time pattern in which economic benefit from the leased assets are consumed.
The lease liability is initially measured at the present value of the future lease payments, discounted by
using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental
borrowing rate. The lease liability is measured at amortised cost using the using the effective interest
method. It is remeasured when there is a change in future lease payments arising from a change in an
index or rate or if the Group changes its assessment of whether it will exercise a purchase, extension of
termination option, with a corresponding adjustment made to the carrying value of the right-of-use asset.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease
payments made at or before the commencement date and any initial direct costs. They are subsequently
measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are
depreciated over the shorter period of lease term and the useful life of the underlying asset. The
depreciation starts at the commencement date of the lease.
The Group applies NZ IAS 36: Impairment of Assets to determine whether a right-of-use asset is impaired
and accounts for any identified impairment loss as described in the 'property, plant and equipment' policy.
3.11. 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 estimated useful lives, residual values and depreciation
method are reviewed at the end of each reporting period, with the effect of any changes in estimate
accounted for on a prospective basis.

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


10
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%
An item of property, plant and equipment is derecognised upon disposal or when no future economic
benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal
or retirement of an item of property, plant and equipment is determined as the difference between the
sales proceeds and the carrying amount of the asset and is recognised in profit or loss.
3.12. Assets held for sale
Biological assets held for sale are measured at fair value less costs to sell. Other 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.
3.13. Intangible assets
Acquired intangible assets with finite useful lives are carried at cost less accumulated amortisation and
accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated
useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting
period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible
assets with indefinite useful lives that are acquired separately are carried at cost less accumulated
impairment losses.
The following amortisation rates are used in the calculation:
Customer relationship 12.5%
Website 50%
Trademarks & domains indefinite useful life
3.14. Financial instruments
Financial assets and financial liabilities are recognised in the Consolidated Statement of Financial Position
when the Group becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are
directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or
deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial
recognition.
3.15. Financial assets
Financial assets are measured at amortised cost on the basis that the Group’s business model for
managing financial assets and the contractual cash flow characteristics of the financial assets. The Group
classifies its financial assets as at amortised cost only if both of the following criteria are met:
• the asset is held within a business model whose objective is to collect the contractual cash flows: and
• the contractual terms give rise to cash flows that are solely payments of principal and interest.
Financial assets at amortised costs
The Group holds receivables with the objective to collect the contractual cash flows, the cash flows are
solely payments of principal and interest, and therefore measures them subsequently at amortised cost
using the effective interest method, less impairment provisions.
The Group’s financial assets at amortised cost include cash and cash equivalents, short term deposits and
trade receivables. Cash and cash equivalents include cash in hand and deposits held at call with banks.

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


11
Interest income
Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective
interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the
expected life of the financial asset to that asset's net carrying amount on initial recognition.
Impairment of financial assets at amortised cost
The Group recognises a loss allowance for expected credit losses on trade receivables. The amount of
expected credit losses is updated at each reporting date to reflect changes in credit risk since initial
recognition of the respective financial instrument.
The Group recognises lifetime expected credit losses for trade receivables. The expected credit losses on
these financial assets are estimated using a provision matrix based on the Group’s historical credit loss
experience, adjusted for factors that are specific to the debtors, general economic conditions and an
assessment of both the current as well as the forecast direction of conditions at the reporting date,
including time value of money where appropriate.
3.16. Financial liabilities
Other financial liabilities
Other financial liabilities (including trade, other payables and borrowings) are subsequently measured at
amortised cost using the effective interest method. The effective interest method is a method of calculating
the amortised cost of a financial liability and of allocating interest expense over the relevant period. The
effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees
and points paid or received that form an integral part of the effective interest rate, transaction costs and
other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a
shorter period, to the net carrying amount on initial recognition.
3.17. Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker. The chief operating decision maker, who is responsible for allocating resources
and assessing performance of the operating segments, has been identified as the Board of Directors.
3.18. Foreign currency translation
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions.
At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at
the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a
foreign currency are not retranslated.
Exchange differences on monetary items are recognised in the profit or loss in the period in which they
arise.
For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group’s
foreign operations are translated at exchange rates prevailing on the reporting date. Income and expense
items are translated at the average exchange rates for the period, unless exchange rates fluctuate
significantly during that period, in which case the exchange rates at the date of transactions are used.
Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in a
foreign exchange translation reserve.
3.19. Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares
are shown in equity as a deduction, net of tax, from the proceeds.
3.20. Share based payment transactions
For equity-settled share-based payments where the goods or services acquired from non-employees can
be measured reliably, then the goods or services are measured directly at their fair value. If goods or
services cannot be measured reliably, or for transactions with employees, the goods or services are
measured indirectly, i.e. with reference to the fair value of equity instruments granted.

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


12
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a
straight-line basis over the vesting period, based on the Group’s estimate of equity instruments that will
eventually vest, with a corresponding increase in equity.
At the end of each reporting period, the Group revises its estimate of the number of equity instruments
expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss
such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the
share-based payments reserve.
3.21. Borrowing costs
Borrowing costs are capitalised, net of interest received on cash drawn down yet to be expended when
they are directly attributable to the acquisition, contribution or production of an asset that necessarily takes
a substantial period of time to get ready for its intended use or sale.
3.22. Application of new and revised International Financial Reporting Standards
The Group has not early adopted any standards, interpretations or amendments that have been issued
but are not yet effective. Early adoption of these new standards, interpretations or amendments would not
have had a material impact on the financial result or financial position of the Group.
4. Critical accounting estimates and judgements
In the application of the Group’s accounting policies, which are described in note 3, the directors of the
Group are required to make judgements, estimates and assumptions about the carrying amounts of
assets and liabilities that are not readily apparent from other sources. The estimates and associated
assumptions are based on historical experience and other factors that are considered to be relevant.
Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and future
periods. Below are the critical accounting judgements.
4.1. 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 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
than expected (refer note 19.1). The reduced level of sales through this distribution partner has been a
key consideration in the Group’s decision to downsize its beekeeping operations. The financial impact of
the downsizing, the assessed impairment in goodwill (refer note 19) 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.

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


13
4.2. Going concern
The 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 an after-tax loss of $19.54 million in the 15 months to 30 June 2022 (12 months to
31 March 2021: $2.86 million loss). The Group’s net cash outflows from operating activities during the 15
months was $11.7 million (12 months to 31 March 2021: $3.3 million).
During the period, to meet operational and working capital funding requirements, the Company undertook
a capital raise of $6 million in March 2022 and a further capital raise of $6.75 million in June 2022.
At the reporting date the Group had cash of $5.4 million (2021: $1.2 million), working capital of $22.1
million (2021: $5.7 million) and net assets of $24.1 million (2021: $5.9 million). The Group had bank loans
of $7.3 million (2021: nil) and $5.2 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, 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 consolidated
financial statements for the 15 months ended 30 June 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 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 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:
Following the reporting date, the Company raised a further $0.75 million through the issue of ordinary
shares on 6 July 2022.
The Group’s banker, Bank of New Zealand, has confirmed that it will keep the Group’s existing bank
facilities in place (refer note 22) subject to further review no later than 31 August 2023 in conjunction with
the FY23 audited financial statements and FY24 budget. Facilities will remain on an interest only basis
until 31 August 2023. The requirement for an amortisation programme will be considered at that time in
conjunction with the FY24 budget. The bank also confirmed covenant requirements were amended to
extend the suspension of earnings related covenants until 31 August 2023 at which stage the covenants
will be aligned with the FY24 budget.
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.
4.3. Deferred tax
Judgement is exercised in determining the timing and extent of recognition of the benefit of tax losses.
The benefit of tax losses can be recognised as an asset if its recovery is ‘probable’ (more likely than not).
In the absence of any track record of profitability, convincing evidence is needed of how the losses will be
recovered in the future, before any deferred tax asset is recognised. At 30 June 2022 the Group has
recognised the benefit in respect of the tax losses generated to the extent they offset a deferred tax
liability (refer note 8).

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


14
4.4. Accounting for leases
Judgement is required in determining whether it is reasonably certain that an extension option will be
exercised. The Group considers all relevant factors that create an economic incentive for it to exercise the
extension. After the commencement date, the Group reassesses the lease term if there is a significant
event or change in circumstances that is within its control and affects its ability to exercise or not to
exercise the option to extend (refer notes 3.1 and 18).
The Group has included the extension period as part of those premises leases where it is reasonably
certain an extension option will be exercised.
4.5. Impairment of goodwill
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. The Board has undertaken value in
use impairment testing and reviewed sensitivity analysis relating to the carrying value of the goodwill.
Judgement is required in determining the extent to which there has been an impairment in goodwill (refer
note 19.1).
4.6. Fair value of biological assets
Biological assets are measured at fair value less point-of-sale costs. 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. Judgement is required to determine the fair value of hives
(refer note 16).
4.7. Fair value of biological work in progress
Biological assets are measured at fair value less point-of-sale costs. The growth in the biological work in
progress in the period from harvest to 30 June 2022 cannot be reliably measured at fair value due to the
variables in hive growth and honey production between harvest and reporting date. Therefore, as required
under NZ IAS 41: Agriculture, the cost of agricultural activity (beekeeping costs) in the period to 30 June
2022 has been capitalised as biological work in progress to account for this growth (refer note 15).
4.8. Fair value of inventory at harvest
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.
Judgement is required to determine the market price of the honey at harvest based upon each drum’s
tested chemical markers (refer note 15).
5. Revenue


15 mths ended12 mths ended
30 Jun 2022 31 Mar 2021
NZ$000NZ$000
3,260932
Less marketing services provided by customers(538)(312)
Revenue from sale of health and wellbeing products2,722620
Revenue from sale of honey products5,022-
Revenue from agency services529523
Total revenue8,2731,143
Revenue from sale of health and wellbeing products before marketing
services provided by customers

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


15
The details above disaggregate the Group's revenue from contracts with customers into primary markets,
and major product and service lines.
$431,000 of the Group’s revenue was generated in Europe (2021: nil). All other revenue was generated in
New Zealand. Revenue is allocated geographically based upon jurisdiction in which the revenue is
recognised for taxation purposes.
6. Expenses
The loss for the year includes the following expenses.


15 mths ended12 mths ended
30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Salaries(7,898)(1,212)
Employer kiwisaver contributions(163)(30)
Directors' fees(538)(329)
Accounting and consulting(125)(106)
Shareholder expenses(90)(88)
Depreciation and amortisations:
Depreciation of property, plant and equipment(986)(30)
Depreciation of right of use assets(695)(50)
Amortisation of customer relationship asset(1,084)-
Amortisation of other intangible assets(7)(10)
(2,772)(91)
Depreciation and amortisation are allocated as follows:
Capitalised to biological WIP647-
Included in the operating loss(2,125)(91)
Finance expenses:
Interest on lease liabilities(62)(6)
Interest on borrowings(579)-
(641)(6)
Auditor's remuneration:
For the current year audit(106)(57)
For the prior year audit(1)-
For tax advice and returns(9)(12)
For general accounting advice(5)(5)
Total auditor's remuneration(121)(74)

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


16
7. 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.
7.1. Information about major customers
For the 15 months ended 30 June 2022 there were 2 customers who individually accounted for more than
10% of the Group's total sales (12 months to 31 March 2021: 3 customers). Sales to these customers
were $2,011,161 and $1,852,980 (2021: $474,923, $315,203 and $116,557). These customers purchased
goods or agency services.

Sale of
Agency
Honey
Other /
Total
Sale of
Agency
Honey
Other /
Total
goods
services
unallocated
goods
services
unallocated
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
3,260
529
5,022
-
8,811
932
523
-
-
1,455
(538)
-
-
-
(538)
(312)
-
-
-
(312)
Total external revenue
2,722
529
5,022
-
8,273
620
523
-
-
1,143
Total inter-segment revenue
-
-
-
-
-
-
-
-
-
-
Total operating EBITDA
(1,913)
(310)
(1,881)
(1,548)
(5,652)
(1,764)
(91)
-
(982)
(2,837)
Finance income
-
-
6
13
19
-
-
-
73
73
Finance expenses
-
-
(633)
(8)
(641)
-
-
-
(6)
(6)
Amortisation of customer
relationship asset
-
-
(1,084)
-
(1,084)
-
-
-
-
-
Depreciation and amortisation
(20)
(8)
(889)
(124)
(1,041)
(21)
(8)
-
(61)
(90)
Acquisition expenses
-
-
-
(368)
(368)
-
-
-
-
-
Fair value loss on harvested honey
-
-
(1,724)
-
(1,724)
-
-
-
-
-
Fair value loss on biological assets
-
-
(720)
-
(720)
-
-
-
-
-
Restructuring costs
-
-
(494)
-
(494)
-
-
-
-
-
Write down of assets held for sale
-
-
(543)
-
(543)
-
-
-
-
-
Impairment of goodwill
-
-
(9,120)
-
(9,120)
-
-
-
-
-
Impairment of customer
relationship asset
-
-
(780)
-
(780)
-
-
-
-
-
Net loss before taxation
(1,933)
(318)
(17,862)
(2,035)
(22,148)
(1,785)
(99)
-
(976)
(2,860)
Income tax benefit
-
-
2,604
-
2,604
-
-
-
-
-
Net loss for the year
(1,933)
(318)
(15,258)
(2,035)
(19,544)
(1,785)
(99)
-
(976)
(2,860)
Sale of
Agency
Honey
Other /
Total
Sale of
Agency
Honey
Other /
Total
goods
services
unallocated
goods
services
unallocated
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
Segment assets
2,255
147
31,590
5,464
39,456
1,319
128
-
5,267
6,714
Segment liabilities
396
43
14,471
447
15,357
3,974
(1,652)
-
(1,500)
822
Revenue before marketing services
provided by a customer
Less marketing services provided
by a customer
15 months to 30 June 2022
12 months to 31 March 2021
30 June 2022
31 March 2021

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


17
8. Taxation
8.1. Income tax recognised in profit or loss
The analysis of the income tax expense is as follows:


8.2. Reconciliation of income tax expense
The charge for the year can be reconciled to the loss before income tax as follows:


8.3. Deferred tax

15 mths ended12 mths ended
30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Current income tax
Current income tax charge--
Deferred tax(2,604)-
Total income tax expense/(benefit) recognised in the current year(2,604)-
15 mths ended12 mths ended
30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Loss before income tax(22,148)(2,860)
Current year tax at the tax rate of 28% (2021: 28%)(6,201)(801)
Non-deductible expenses2,8683
Timing differences-7
Current tax losses not recognised729791
Income tax expense/(benefit)(2,604)-
NZ$000NZ$000NZ$000NZ$000
30 June 2022
Deferred tax assets/(liabilities) in relation to:
Customer relationship asset
- 522 (2,604) (2,082)
Inventory fair value adjustments at acquisition
- (14) 1,486 1,472
Fair value loss on harvested honey
- 483 - 483
Write down of assets held for sale
- 152 - 152
Other
13 54 79 146
Deferred tax assets not recognised
(13) (675) (1,565) (2,253)
Tax losses offset against deferred tax liability- 2,082 - 2,082
- 2,604 (2,604) -
31 March 2021
Deferred tax assets/(liabilities) in relation to:
Other
6 7 - 13
Deferred tax asset not recognised
(6) (7) - (13)
- - - -
Opening
balance
Recognised
in loss
Acquisition of
subsidiaries
Closing
balance

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


18


The Group did not recognise deferred income tax assets in relation to the losses disclosed above except
to the extent they offset the deferred tax liability. The losses can be carried forward against future income
subject to meeting the requirements of income tax legislation including those relating to shareholder
continuity and business continuity.

9. Earnings per share


At 30 June 2022, there were no financial instruments that carried any shareholder dilution rights that were
considered to be dilutive (2021: none). The 1,000,000 share options on issue were not considered to be
dilutive due to the Group’s loss (2021: 3,000,000) (note 25).

10. Cash and cash equivalents


The carrying amount for cash and cash equivalents equals the fair value. Cash balances are on call and
earn no interest.

30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Tax losses
14,7353,454
Potential tax benefit @ 28%4,126967
Tax losses for which no deferred tax asset has been recognised
15 mths ended12 mths ended
30 Jun 2022 31 Mar 2021
Basic and diluted earnings/(loss) per share (NZ$)(0.029)(0.007)
Loss from continuing operations (NZ$000)(19,544)(2,860)
664,695398,961
The losses and weighted average number of ordinary shares used in the calculation of loss per share are as
follows:
Weighted average number of ordinary shares used in the calculation of
basic and diluted earnings per share ('000)
30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Cash at bank and on hand5,3701,195
5,3701,195

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


19
11. Short term deposits

Short term deposits are held by the Group’s bank and are generally for a term of 180 days. The carrying
amount for short term deposits equals their fair value. The average interest rate of deposits at 31 March
2021 was 1.0%.
12. Trade and other receivables


There has been no expected credit loss impairment to profit or loss in the period (2021: none).






The Group’s receivables aging is as follows:


The standard credit period on sales of goods is 30 or 60 days on the provision of the sale of goods or
rendering of agency services.
In determining the recoverability of a trade receivable, the Group considers any change in the credit
quality of the trade receivable from the date credit was initially granted up to the end of the reporting
period. The Group has 2 main customers who are both assessed as creditworthy. The Group maintains
30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Short term deposits-3,804
-3,804
30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Trade receivables913218
Other receivables5-
GST receivable11256
Prepayments169144
Total trade and other receivables1,199418
30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Allowance for expected credit losses
--
NZ$000
CurrentLess than 30
days past due
30 to 60 days
past due
More than 60
days past due
Total
30 June 2022
Trade receivables
736872367913
Loss allowance
-----
31 March 2021
Trade receivables
218---218
Loss allowance
-----

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


20
close working relationships with these customers. The Group does not hold any collateral over these
balances.
The Group determines the expected credit losses on receivables by using a provision matrix, estimated
based on historical credit loss experience based on the past due status of the debtors, adjusted as
appropriate to reflect current conditions and estimates of future economic conditions.
13. Inventories

No inventory was written off to profit and loss in the period (2021: $79,657). Inventory expensed in the
period was $4,899,517 (2021: $541,543).
14. Assets held for sale




The Board has decided to downsize its beekeeping operations. 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 their fair value which is their anticipated sales price.

30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Raw materials13,069-
Finished goods3,119647
Packaging materials605287
16,793934
30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Property, plant and equipment450-
Biological assets613-
1,063 -
30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Balance at 1 April- -
Reclassified from property, plant & equipment:
- cost744 -
- accumulated depreciation(104) -
Write down of assets held for sale(190) -
Net book value reclassified from property, plant & equipment450 -
Reclassified from biological assets965 -
Write down of assets held for sale(352) -
Net book value reclassified from biological assets613 -
Balance at reporting date
1,063 -

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


21
15. Biological work in progress


16. 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.

30 Jun 2022 31 Mar 2021
NZ$000NZ$000
As at 1 April
--
Acquisition of subsidiaries
1,437-
Current period beekeeping costs
7,239-
Fair value loss on harvested honey
(1,724)-
Honey recognised as inventory on harvest
(6,952)-
Beekeeping costs related to next harvest698 -
As at reporting date
698-
30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Bees:
At 1 April- -
Acquisition of subsidiaries3,283-
Reclassified to assets held for sale (note 14)(965) -
Fair value loss on biological assets(720) -
Balance at reporting date
1,598 -
30 Jun 2022 31 Mar 2021
number ofnumber of
Hives:
At 1 April-
-
Acquisition of subsidiaries15,595
-
Reduction in operational hives
(2,995)-
Hives classified as assets held for sale (note 14)
(3,650)-
Hives included in biological assets at reporting date8,950 -
Nucleus colonies (Nucs):
At 1 April-
-
Acquisition of subsidiaries3,660
-
Reduction in operational nucs
(1,360)-
Nucs classified as assets held for sale (note 14)
(2,300)-
Nucs included in biological assets at reporting date- -

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


22
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. The fair value per hive is $179 (2021: n/a).
17. Property, plant and equipment


NZ$000NZ$000NZ$000NZ$000NZ$000
Cost:
At 1 April 202010 - 28 - 38
Additions- - 67 31 98
Disposals- - - -
At 31 March 202110 - 95 31 136
Additions81 208 37 1 327
Acquisition of subsidiaries3,731 968 62 335 5,096
Transferred to assets held for sale(406) (338) - - (744)
Disposals(2) (133) - - (135)
At 30 June 2022
3,414 705 194 367 4,680
Accumulated depreciation:
At 1 April 2020(2) - (13) - (15)
Depreciation expense(2) - (22) (6) (30)
At 31 March 2021(4) - (35) (6) (45)
Depreciation expense(660) (210) (68) (48) (986)
Transferred to assets held for sale104 - - - 104
Disposals- 35 - - 35
At 30 June 2022
(560) (175) (103) (54) (892)
Carrying Amount:
At 30 June 20222,854 530 91 313 3,788
At 31 March 20216 - 60 25 91
At 1 April 20208 - 15 - 23
Plant &
equipment
Office
equipment
& furniture
Leasehold
improvements Total Vehicles

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


23
18. Leases
18.1. 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
Board’s decision to downsize its beekeeping operations and adjusted the related right-of-use assets and
lease liabilities accordingly.

18.2. Lease liability


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


-


-


Additions
226


-


226


At 31 March 2021
226


-


226


Additions
296


313


609


Acquisition of subsidiaries
934


1,071


2,005


Lease modifications *
(82)


(626)


(708)


At 30 June 2022
1,374


758


2,132


Accumulated amortisation:
At 1 April 2020
-


-


-


Depreciation expense
(50)


-


(50)


At 31 March 2021
(50)


-


(50)


Depreciation expense
(371)


(324)


(695)


At 30 June 2022
(421)


(324)


(745)


Carrying Amount:
At 30 June 2022
953


434


1,387


At 31 March 2021
176


-


176


At 1 April 2020
-


-


-


30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Maturity analysis - contractual undiscounted cash flows
Up to one year38186
One to two years52688
Two to five years49229
More than five years77-
Total undiscounted lease liabilities at period end1,476203
Lease liabilities included in the Consolidated Statement of Financial Position at reporting date
Current31679
Non-current1,041114
1,357193

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


24
At the reporting date the Group had 8 property leases with an average remaining term of 3.75 years
(2021: 2.1 years). The Group also had 25 land access leases with an average remaining term of 0.75
years (2021: nil).
The average IBR rate is 3.63% (2021: 4.5%).
Short term lease expenses included in operating loss were $1,122,000 (2021: $nil).
As at 30 June 2022, potential future cash outflows of $181,000 (undiscounted) relating to a two year right
of renewal of its lease for premises, have not been included in the lease liability because it is not
reasonably certain that the Group will extend the lease (2021: $181,000).
19. Goodwill

The goodwill relates to expected synergies, and the capability and expertise developed within the acquired
business.

19.1. Impairment testing for cash-generating units containing goodwill and the customer
relationship asset
For the purpose of impairment testing, goodwill (note 19) and the customer relationship asset (note 20)
are 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 and the
customer relationship asset are currently allocated to the Honey segment.
Given the underperformance of the Bee+ brand distribution channel, the Board undertook a value in use
impairment test at 31 March 2022 and reviewed sensitivity analysis relating to the carrying value of the
goodwill and the customer relationship asset.
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 at 31 March 2022 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 the following impairments in value in the goodwill and the customer relationship
asset arising from the King Honey acquisition:


30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Cost:
Balance at 1 April--
Recognised on acquisition of subsidiary (note 20)9,120-
Balance at reporting date9,120-
Accumulated impairment losses:
Balance at 1 April--
Impairment losses for the period(9,120)-
Balance at reporting date(9,120)-
Carrying amount
--
30 Jun 2022
NZ$000
Impairment losses:
Impairment of goodwill (note 19)(9,120)
Impairment of customer relationship asset (note 20)(780)
(9,900)

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


25
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.
The growth rate applied in years 2027-2032 (years 5 to 10 in the model) to revenue is 3% and to costs is
2-3%. These rates reflect the long-term growth rates of the markets in which the revenues are earned and
the costs expended. These years have been included in the calculation to forecast a tax outflow in the
terminal year where the terminal value has been derived, as existing tax losses in early years are
expected to be utilised against taxable profits in earlier years.
At 30 June 2022, management has concluded that there were no indicators of impairment in relation to the
Group's customer relationship asset.
20. Other intangible assets


Anticipated annual revenue growth included in the cash
flow projections for the years 2023 to 2027
26% - 39%
Pre-tax discount rate16.5%
Terminal growth rate3%
Customer
relationship Website
Trademarks
& domains Total
NZ$000NZ$000NZ$000NZ$000
Cost:
At 1 April 2020- 26 40 66
Additions- - 21 21
At 31 March 2021
- 26 61 87
Additions
- - 23 23
Acquisition of subsidiaries (note 29.1)
9,300 - - 9,300
At 30 June 2022
9,300 26 84 9,410
Accumulated amortisation:
At 1 April 2020
- (4) -
(4)
Amortisation expense
- (10) -
(10)
At 31 March 2021
- (14) - (14)
Amortisation expense
(1,084) (7) -
(1,091)
Impairment of intangibles asset (note 19.1)
(780) - -
(780)
At 30 June 2022
(1,864) (21) - (1,885)
Carrying Amount:
At 30 June 20227,436 5 84 7,525
At 31 March 2021- 12 61 73
At 1 April 2020- 22 40 62

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


26
21. Trade and other payables

22. 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.
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.
The Group has a 6 month repayment holiday from June 2022 to November 2022. Subsequent to the
reporting date, the bank has provided an additional repayment holiday through to 31 August 2023. As this
was not in place at the reporting date it is not reflected in the Consolidated Statement of Financial Position
classification at 30 June 2022.
The bank has agreed to continue its suspension of earnings related covenants until 31 August 2023 at
which stage covenants will be re-assessed in line with the FY24 budget. The Group was compliant with
applicable covenants at 30 June 2022.
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
29.1). 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.

30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Trade payables482183
Accruals626385
Other payables65861
1,766629
30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Banks loans7,034-
Subordinated note5,200-
12,234-
Current942-
Non-current11,292-
12,234-

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


27
23. 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 29 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 29.1).
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.
On 30 May 2022 the Company issued a further 1,571,168 fully paid ordinary shares in the favour of BB
Promotions Limited, Sarah Walker and independent directors.
On 29 June the Company issued 674,598,811 for $6.75 million. Contemporaneously to this share issue,
the Company agreed with MTL Securities Limited (refer note 31) to reclassify 287,086,206 of its quoted
shares held by MTL Securities Limited, as non-voting shares to ensure compliance with the takeovers
code. The non-voting shares have the same rights as ordinary shares, except the right to vote at meetings
of Me Today Limited shareholders. The non-voting shares may be reclassified as quoted ordinary shares
by notice in writing by the holder (MTL Securities Limited) to the Company.
All voting ordinary shares on issue are fully paid and rank equally with one vote attached to each share.
All non-voting ordinary shares are fully paid.

31 Mar 2021
Voting
ordinary
shares
Non-voting
ordinary
shares
Voting
ordinary
shares
'000'000'000
Number of ordinary shares:
Ordinary shares as at 1 April412,278-1,824,550
Share consolidation--(1,459,640)
Issue of shares as settlement of purchase price113,636--
Ordinary shares issued during the period924,903-47,368
Ordinary shares reclassified as non-voting(287,086)287,086-
Share buy back and cancellation(34)--
Ordinary shares as at reporting date1,163,697287,086412,278
30 Jun 2022

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


28
24. Share based payments reserve

The Group has entered into two Ambassador Agreements for the provision of promotional services. A
portion of the consideration payable for the promotional services will be settled by the issue of shares. For
one ambassador, who is a related party, shares will be issued twice yearly with a total of 1,244,444
ordinary shares to be issued each year at an issue price of $0.09 per share. 1,111,111 shares are to be
issued annually under an agreement with a three-year term. For the other ambassador 133,333 shares
are to be issued annually under an agreement with a two-year term.
All share based payments were included in promotional expenses.
25. Share options
At 30 June 2022 BB Promotions Limited, a related party to the Group (refer note 31), held options on
1,000,000 ordinary shares of the Company (31 March 2021: 3,000,000). Each option coverts into one
ordinary share of the Company on exercise. No amounts are paid or payable by BB Promotions Limited
on receipt of the options. The options carry no rights to dividends and no voting rights. Options may be
exercised at any time from the date of vesting to the date of their expiry.


At reporting date, 1,000,000 of the share options granted had not yet vested. These share options will vest
over the period to 30 June 2023 as detailed in the table below.



30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Balance as at 1 April110-
Share options granted (refer note 25)3021
Share options expired(26)-
Share based payments for promotional services14089
Shares issued in period(177)-
Balance at reporting date
77110
Balance as at 1 April3,000,000$0.09--
Granted during the period--3,000,000$0.09
Exercised during the period----
Expired during the period(2,000,000)$0.09--
Balance at reporting date
1,000,000$0.093,000,000$0.09
30 Jun 2022 31 Mar 2021
Number of
Options
Weighted
average
exercise price
Number of
Options
Weighted
average
exercise price
Option seriesVesting dateExpiry dateExercise priceFair value at
30 Jun 2022 31 Mar 2021 grant date
Granted 15 June 2020
2021 options-1,000,0001 June 202130 June 2021$0.09 $0.011
2022 options-1,000,0001 June 202230 June 2022$0.09 $0.015
2023 options1,000,0001,000,0001 June 202330 June 2023$0.09 $0.019
Balance at reporting date1,000,0003,000,000
Number

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


29


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



30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Share based payments are included in:
Promotional costs3021
15 mths ended12 mths ended
30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Net loss after taxation(19,544)(2,860)
Adjustments for:
Depreciation and amortisation2,77190
Interest on lease liabilities626
Interest on borrowings579-
Impairment of goodwill9,270-
Impairment of customer relationship asset629-
Acquisition costs368-
Fair value loss on biological assets720-
Write down of assets held for sale543-
Share-based payments242110
Interest accrued on term deposits-(4)
Income tax benefit(2,604)-
Movements in working capital
(Increase) / decrease in trade and other receivables(778)(170)
(Increase) / decrease in inventory(15,859)(593)
(Increase) / decrease in biological work in progress(698)-
Decrease / (increase) in taxation receivable(12)99
Increase / (decrease) in trade and other payables1,139(12)
Movement in working capital on acquisition of subsidiaries11,446-
Net cash outflows from operating activities(11,726)(3,334)

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


30
27. Reconciliation of liabilities arising from financing activities




30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Borrowings:
At 1 April
--
Cash:
Proceeds from bank borrowings8,500-
Payment of principal on borrowings(1,466)-
Interest paid on borrowings(379)-
Non-cash:
On acquisition of subsidiaries
5,000-
Interest on borrowings579-
At reporting date
12,234-
30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Lease liabilities:
At 1 April
193-
Cash:
Payment of lease liabilities(742)(33)
Interest paid on lease liabilities(62)-
Non-cash:
Lease liabilities recognised609226
On acquisition of subsidiaries2,005-
Lease modifications(708)-
Interest on lease liabilities62-
At reporting date
1,357193

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


31
28. Subsidiaries and other investments



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 reporting date of 30 June.

NamePrincipal activity
30 Jun 2022 31 Mar 2021
Subsidiaries:
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 UK Group LimitedSale of health & wellbeing
products
100%-
Me Today Manuka Honey LimitedInvestment in King Honey
Limited
100%-
King Honey LimitedSale of manuka honey
products
100%-
Me Today AU Pty LimitedNon-trading entity100%-
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%-
Me Today USA Inc.Sale of health, wellbeing and
honey products
100%-
Other investments:
Bee Plus New Zealand LimitedBrand ownership. Non trading15%-
Equity holding

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


32
29. 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.
29.1. 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 at $0.088 per share 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. The issue price of $0.088 per share is in line with the volume-
weighted average price (VWAP) of the Me Today shares prior to the announcement of the King Honey
acquisition.
30 Jun 2021
NZ$000
Net assets / (liabilities) acquired at fair value:
Cash209
Receivables and prepayments179
Inventory11,594
Taxation receivable95
Deferred tax liability(2,604)
Biological work in progress1,437
Biological assets3,283
Property, plant and equipment5,096
Right of use assets2,005
Customer relationship asset9,300
Trade and other payables(1,709)
Lease liabilities(2,005)
Net assets acquired26,880
Goodwill9,120
Total consideration
36,000
Satisfied by:
Cash21,000
Issue of shares (113,636,364 ordinary shares of Me Today Limited)10,000
Subordinated loan5,000
Total consideration transferred
36,000
30 Jun 2021
NZ$000
Net cash outflows on acquisition:
Cash consideration
21,000
Less: cash balances acquired
(209)
20,791

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


33
Acquisition related costs amounted to $0.37 million.
29.2. Previous provisional interim accounting for the acquisition
The accounting for the acquisition of King Honey has now been finalised.
Since the Group’s previous provisional interim acquisition reporting as at 31 March 2022, the Group has
received further information about the identifiable intangibles acquired, including undertaking an
independent valuation of customer relationships.
The acquisition balances have been updated accordingly with a corresponding adjustment to goodwill, as
set out below:
• A $9.3 million customer relationship asset has been recognised as part of the acquisition balances.
The ABM customer relationship has been determined by Me Today to be the only material intangible
asset of King Honey that meets the criteria for separate recognition at acquisition. The ABM customer
relationship is formalised in a Distribution Partnering Agreement dated 8 May 2019 and varied on 31
December 2020 (the ABM Agreement), whereby King Honey appointed ABM to be its sole and
exclusive importer and distributor of King Honey Mānuka Honey BEE+ branded products in China,
Taiwan, Hong Kong and Macau (Territory 1) and the USA and Canada (Territory 2). The ABM
Agreement has an initial term of 10 years from 1 April 2019 to 31 March 2029, which, subject to
agreement, shall renew for a further 5 years and thereafter, subject to agreement, automatically
renew for 1 year on a rolling basis. The ABM Agreement sets annual minimum purchase
requirements in each Territory.
The customer relationship asset was valued using an income approach commonly referred to as the
multi-period excess earnings method.
• A deferred tax liability of $2.6 million in relation to the $9.3 million intangible asset noted above, has
been recognised as part of the acquisition balances.
The above adjustments resulted in a corresponding $6.7 million reduction in the initial goodwill arising on
acquisition (prior to the assessment of impairment) compared to the goodwill recognised in the 31 March
2022 interim consolidated financial statements.
29.3. 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.
29.4. 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.
30. Financial instruments
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and
interest rate risk), credit and liquidity risk. The Group’s overall risk management programme focuses on
the unpredictability of financial markets and seeks to minimise potential adverse effects on its financial
performance.
Risk management is carried out under policies approved by the Board of Directors. The Board provides
written principles for overall risk management as well as policies covering specific areas such as interest
rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments.
The Group has entered into a number of non-derivative financial instruments all of which are classified as
financial assets and liabilities at amortised cost. The carrying values of these items approximate their fair
value and represent the maximum exposures for each type of financial instrument. They are listed as
follows:

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


34

The fair value of trade receivables, trade payables, cash and cash equivalents and short-term deposits are
determined to be equivalent to their carrying value due to the short-term nature of these balances.


The Group does not have any derivative financial instruments (2021: nil).
30.1. Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will
affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control the market risk exposures within acceptable parameters, while
optimising the return on risk. There is minimal market risk.
30.2. Cash flow and fair value interest rate risk
The Group’s interest rate risk arises from interest on borrowings at variable rates. The Group has no
interest-bearing cash and cash equivalent bank accounts.
The fixed rate bank loan and the subordinated note (see note 22) have interest rates that are fixed for the
life of the loan. The BNZ CARL is the only borrowing with a variable interest rate (see note 22). The
Group’s exposure to a change in interest rates is therefore currently limited to the borrowings under the
BNZ CARL facility. The table below shows the impact of a 1% movement in the current interest rate on the
BNZ CARL facility.

30.3. Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument
fails to meet its contractual obligations and arises from cash and cash equivalents, deposits with banks
and the Group’s receivables from customers. The Group’s maximum credit risk is represented by the
carrying value of these financial assets. The credit risk associated with cash transactions and deposits is
managed through the Group’s policies that limit the use of counterparties to high credit quality financial
institutions.

Note30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Financial assets at amortised cost
Cash and cash equivalents105,3701,195
Short term deposits11-3,804
Trade receivables12913218
Total financial assets6,2835,217
Note30 Jun 2022 31 Mar 2021
NZ$000NZ$000
Financial liabilities at amortised cost
Trade payables and other liabilities211,766629
Lease liabilities - current18.231679
Lease liabilities - non current18.21,041114
Borrowings - current22942-
Borrowings - non current2211,292-
Total financial liabilities15,357822
30 Jun 2022 Rate (+/-1%)
NZ$000NZ$000
BNZ CARL facility2,92129/(29)

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


35
30.4. Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as and when the fall
due. The Group’s liquidity risk management includes maintaining sufficient cash reserves to meet future
commitments. Refer to notes 4.1 and 4.2 in relation to the impact of COVID-19 and going concern.
The following table provides a maturity analysis of the Group’s remaining contractual cash flows relating to
financial liabilities. Contractual cash flows include contractual undiscounted principal and interest
payments.



30.5. Capital risk management
The Group’s objectives when managing capital are to safeguard their ability to continue as a going
concern, so that they can continue to provide returns to shareholders and benefits for other stakeholders
and to maintain an optimal capital structure that reduces the cost of capital.
31. Related parties
31.1. Directors
The names of persons who are directors of the Company are; Grant Baker (Chairman), Hannah Barrett,
Roger Gower, Michael Kerr, Richard Pearson, Stephen Sinclair, and Antony Vriens.
31.2. 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 $538,000 (2021: $329,000). $14,062 was payable to directors at
30 June 2022 (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 30 June 2022 $71,572 of the remuneration
due to the independent directors was settled by the issue of 1,312,266 shares in the Company (31 March
2021: $29,384).
At 30 June 2022 $7,000 was payable to Mei Mei Limited, a company owned by Richard Pearson, for
directors fees (2021: nil).
Michael Kerr received total remuneration of $281,000 in the 15 months to 30 June 2022 in his role as CEO
(2021: $212,500).
A company owned by Stephen Sinclair received $156,250 in consulting fees (2021: $114,000).
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Non-derivative financial liabilities
As at 30 June 2022
Trade and other payables1,766 1,766 1,766 - - -
Borrowings12,234 13,291 270 926 7,417 4,677
Lease liability1,357 1,389 386 166 421 416
15,357 16,445 2,422 1,092 7,838 5,093
As at 31 March 2021
Trade and other payables629 629 629 - - -
Lease liability193 203 43 43 88 29
822 832 672 43 88 29
Payable
2-5 years
Carrying
amount
Contractual
cash flows
Payable
0-6 months
Payable
6-12 months
Payable
1-2 years

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


36
31.3. 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 holds 34.16% of the voting ordinary shares, and 47.19% of the total voting and non-voting ordinary
shares in Me Today Limited.
31.4. Related party transactions
In the 15 months to 30 June 2022, the Company issued 965,613 ordinary shares to Antony Vriens,
Hannah Barrett and Roger Gower in part settlement of their directors’ remuneration.
The Company issued 712,575 ordinary shares to Roger Gower and 3,411,778 ordinary shares to Antony
Vriens as part of the retail offer to investors on 29 June 2022 for $7,126 and $34,118 respectively.
The Company issued 354,282 ordinary shares to Antony Vriens as part of the retail offer to investors on
19 July 2020 for $33,657.
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 the Company. Under the terms of
the agreement, BB Promotions Limited agreed to provide promotional services to the Company in
exchange for the payment of $50,000 per annum, the issue by the Company of ordinary shares to BB
Promotions Limited to the value of $100,000 per annum, and the granting of 3,000,000 options to
purchase ordinary shares in the Company (as detailed in notes 25). Share based payments for promotion
services shown in note 25 includes $62,500 in relation to the Ambassador Agreement with BB Promotions
Limited.
On 1 April 2021 Hannah Barrett entered into a marketing services agreement, renewed annually, to
provide promotional services to the value of $15,000 per annum.
31.5. 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.
32. Contingent liabilities
There are no contingent liabilities as at 30 June 2022 (2021: nil).
33. Commitments
The Company had no commitments for future capital expenditure as at 30 June 2022 (2021: nil).

Me Today Limited
Notes to the Consolidated Financial Statements
For the fifteen months ended 30 June 2022


37
34. Events subsequent to reporting date
On 6 July 2022 the Company issued a further 75,264,609 fully paid ordinary shares for $752,646 as a part
placement of the shortfall from its rights issue undertaken in June 2022. The Company has agreed with
MTL Securities Limited to contemporaneously reclassify 39,051,043 of its non-voting shares as quoted
shares to preserve MTL Securities Limited’s holding and control of voting rights at 34.16%. The new
shares issued have consequentially reduced MTL Securities Limited’s economic rights to 44.86%.
On 24 August 2022 the Group’s bank confirmed its continuance of existing facilities subject to further
review no later than 31 August 2023 in conjunction with the FY23 audited financial statements and FY24
budget. Facilities will remain on an interest only basis until 31 August 2023. The requirement for an
amortisation programme will be considered at that time in conjunction with the FY24 budget. The bank
also confirmed covenant requirements were amended to extend the suspension of earnings related
covenants until 31 August 2023 at which stage the covenants will be aligned with the FY24 budget.
Subsequent to the reporting date the Board has decided to further reduce beekeeping operations with a
view to reducing total hive numbers to approximately 4,000.

BDO Auckland

38

INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF ME TODAY LIMITED

Opinion
We have audited the consolidated financial statements of Me Today Limited (“the Company”) and its subsidiaries
(together, “the Group”), which comprise the consolidated statement of financial position as at 30 June 2022, and the
consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in
equity and consolidated statement of cash flows for the 15 month period (“the period”) then ended, and notes to the
consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
consolidated financial position of the Group as at 30 June 2022, and its consolidated financial performance and its
consolidated cash flows for the period then ended in accordance with New Zealand equivalents to International
Financial Reporting Standards (“NZ IFRS”).

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (“ISAs (NZ)”). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report. We are independent of the Group in accordance with
Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International
Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board, and we
have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

In addition to audit services, our firm provided other services in the areas of taxation compliance and advisory
services. BDO partners and staff also transact with the Group on normal trading terms throughout the year. These
engagements and trading transactions have not impaired our independence as auditor of the Group. We have no
other relationship with, or interests in, the Company or its subsidiaries.

Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the consolidated financial statements of the current period. These matters were addressed in the context of our
audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.


Acquisition of subsidiaries, including recognition of customer relationship intangible asset


Key Audit Matter How The Matter Was Addressed in Our Audit
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.

The financial reporting of the acquisition involves
assessing the fair value accounting for assets acquired
and liabilities assumed, as well as the identification of
separate intangible assets. This has resulted in the
recognition of a customer relationship intangible asset of
$9.3m. In addition, goodwill of $9.12m was recorded but
subsequently impaired during the period.

We consider there to be a significant level of
management judgement required in determining if
separately identifiable intangible assets were acquired
as part of the business combination, and in determining
fair values of assets and liabilities.

See note 29 to the financial statements.
Fair value accounting for assets acquired and liabilities
assumed as part of the business combination:
• We obtained management’s assessment of the King
Honey transaction as a business combination under
NZ IFRS 3. We compared the assessment to
requirements of the accounting standard and final
signed sale and purchase agreement. We
confirmed the acquirer, acquisition date,
consideration, the warranties/indemnities, book
value of assets and liabilities, and commitments
and contingencies taken over, which may impact
the accounting for the business combination.
• We performed audit procedures on management’s
fair value adjustments to assets and liabilities at
acquisition date. This included fair value
adjustments to inventories, biological assets,
biological work in progress, and leases recognition
(see separate Key Audit Matters on the recognition
of these assets).
• We performed audit procedures on the book value
of other assets and liabilities at acquisition date.
• We performed cut off procedures for debtors and
creditors transactions around the acquisition date
to ensure transactions were recorded in the
correct period.

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• We attended the King Honey stocktake on the date
of acquisition to inspect physical inventories and
property, plant and equipment on hand.

Intangible asset acquired as part of the business
combination:
• We obtained management’s fair value calculation
for the customer relationship intangible asset,
prepared by an external valuation expert.
• We assessed the competence and objectivity of
management’s external valuation expert and
challenged the expert as to findings and
conclusions of their work.
• We reviewed the key assumptions/inputs to the
fair value calculations to supporting
documentation.
• We engaged our internal valuation expert to
review the valuation methodology used and the
discount rate applied.


Goodwill impairment


Key Audit Matter How The Matter Was Addressed in Our Audit
The Group recognised goodwill of $9.12m arising from
the King Honey acquisition. The annual impairment
testing was completed at 31 March 2022 and this
determined that the recoverable amount of the Group's
goodwill was $nil. An impairment charge was recognised
to profit or loss.

The recoverable amount of the King Honey goodwill is
derived from a value in use calculation. This calculation
is subject to key inputs and assumptions, such as
discount rate and future cash flows, which inherently
include a degree of estimation uncertainty.

See note 19 to the financial statements.
• We obtained management's value in use
calculation prepared at 31 March 2022, and
critically evaluated the key inputs and
assumptions. The key inputs included forecast
revenue, gross margin, costs, working capital
assumptions and discount rate.
• We obtained management’s discount rate
calculation, prepared by an external valuation
expert. We challenged the expert as to the
findings and conclusions of their work.
• We engaged our internal valuation expert to
review the mechanics of the value in use
calculation against valuation industry techniques
and the discount rate used.
• We compared the carrying value of the assets to
the recoverable amount determined by the
impairment test that calculated the impairment
charge of $9.9m applied to goodwill and other
assets.
• As the goodwill balance was fully impaired at 30
June 2022, we considered management’s
assessment of impairment for the remaining non-
financial assets, including the customer
relationship intangible asset.

BDO Auckland

40


Fair value of biological work in progress and biological assets


Key Audit Matter How The Matter Was Addressed in Our Audit
The Group has recognised biological work in progress
(unharvested honey) and biological assets consisting of
bees (including hives and nucs) on acquisition of the King
Honey business.

The determination of fair value involves significant
judgement and estimation. Also, management has made
a significant judgement that the fair value of
unharvested honey cannot be reliably measured.

See notes 15 and 16 to the financial statements. The
Group's accounting policies are disclosed in notes 3.8 and
3.9 to the financial statements.
Biological work in progress:
• We obtained management’s assessment of the fair
value of the unharvested honey biological work in
progress at the acquisition date and period end.
• We challenged the determination that the fair
value of unharvested honey cannot be reliably
measured against the requirements of the
accounting standard, industry norms and other
available information.
• We agreed a sample of costs recognised to
supporting invoices and ensured the transactions
related to the harvest.
• We reviewed the disclosures in the financial
statements to the requirements of the accounting
standards.
Biological assets (bees)
• We obtained management’s assessment of the fair
value of the biological assets relating to the bees
and compared to the requirements of the
accounting standard.
• We obtained management’s fair value calculations
at the acquisition date and at the reporting date
for the bees biological assets. We agreed the key
inputs to supporting documentation, and critically
evaluated judgements and assumptions made by
management in the calculations. This included the
number of hives and value per hive.
• We considered the movement in the fair values
between date of acquisition and the reporting
date, including the fair value gains or losses in
profit or loss and items held for sale.
• We reviewed the disclosures in the financial
statements to the requirements of the accounting
standards.


Cost of inventories on harvest


Key Audit Matter How The Matter Was Addressed in Our Audit
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. This initial measurement
becomes the cost of the inventory when applying NZ IAS
2 Inventories. Management has determined a fair value
on harvest of $6.52m during the period.

Management has considered if the inventories are
carried at the lower of cost or net realisable value.

The determination of fair value involves significant
judgement and estimation. There is also judgement
involved to ensure the inventories is carried at the lower
of cost or net realisable value at the reporting date.

See note 15 to the financial statements. The Group's
accounting policy is disclosed in note 3.9 to the financial
statements.
• We obtained management’s assessment of the cost
of harvested honey inventories at the harvest date.
We agreed the key inputs to supporting
documentation, and critically evaluated the
judgements and assumptions made by management
in the calculations. This included harvest data,
market prices, historical sales data, honey
laboratory testing results, physical honey on hand
and any capitalised costs to sell.
• We obtained management’s calculation of the
required net realisable value provision against the
carrying value of inventories and considered the
forecast excess inventory, realisable values and
provisioning rates used against inventory
quantities, management agreed sales forecasts and
sales prices expected.

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Leases accounting


Key Audit Matter How The Matter Was Addressed in Our Audit
The Group has recognised right of use assets and lease
liabilities in relation to warehouse and administration
premises and land used for hive placements on
acquisition of the King Honey business.

The recognition of any leases requires various estimates
and judgements to be made both initially and on an
ongoing basis.

See note 18 to the financial statements. The Group's
accounting policy is disclosed in note 3.10 to the
financial statements.
• We obtained management’s assessment of key
estimates and judgements involved in the land
lease recognition. This included how the apiary
land use agreements met the definition of a lease,
the treatment of any variable price components of
the lease, the “reasonably certain” lease terms,
the basis for the short term (less than 12 months)
lease exemption taken up and the incremental
borrowing rates utilised to discount the future
lease payments.
• Management also recognised lease liabilities and
right of use assets for King Honey’s premises. We
considered the key estimates and judgements
involved in the premises lease recognition, namely
the reasonably certain lease term.
• We obtained management’s acquisition date and
period-end lease calculations and reconciled to the
general ledger for the right of use assets, lease
liability, depreciation charge, effective interest
expense and rent payments.
• We re-performed the calculations for a sample of
leases based on the underlying agreements and
requirements of the new standard.
• We reviewed the disclosures to the financial
statements.


Other Information
The directors are responsible for the other information. The other information comprises the Market Announcement
on the Me Today results for the fifteen months ended 30 June 2022 (but does not include the consolidated financial
statements and our auditor’s report thereon), which we obtained prior to the date of this auditor’s report, and the
Annual Report, which is expected to be made available to us after that date.

Our opinion on the consolidated financial statements does not cover the other information and we do not and will not
express any form of audit opinion or assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially inconsistent with
the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this
auditor’s report, we conclude that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.

When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to the directors.

Directors’ Responsibilities for the Consolidated Financial Statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated
financial statements in accordance with NZ IFRS, and for such internal control as the directors determine is necessary
to enable the preparation of consolidated financial statements that are free from material misstatement, whether
due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes

BDO Auckland

42

our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the decisions of users taken on the basis of these consolidated financial statements.

A further description of our responsibility for the audit of the financial statements is located on the External
Reporting Board’s website at:

https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1.

This description forms part of our auditor’s report.

Who we Report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that we
might state those matters which we are required to state to them in an auditor’s report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company
and the Company’s shareholders, as a body, for our audit work, for this report or for the opinions we have formed.

The engagement partner on the audit resulting in this independent auditor’s report is Chris Neves.




BDO Auckland
Auckland
New Zealand
29 August 2022

---

1

29 August 2022

Me Today results for the fifteen months ended 30 June
Me Today Limited (NZX: MEE) has released its audited Group results for the fifteen months ended 30
June 2022.
The result includes twelve months trading of the King Honey business since acquisition on 30 June
2021, together with fifteen months trading for the other members of Me Today Group. The Group
recently changed its balance date to 30 June.
The result for the Group records net revenue of $8.27m and a loss after tax of $19.544m. Included
within the loss after tax are one off and amortisation items which total $14.47m. These items are
explained further below and include a $9.9m impairment recognised on the goodwill and intangible
assets of the King Honey business. This impairment is consistent with the amount recognised in the
interim financial statements for the period to 31 March 2022.
Capital Raise and Restructuring
During June and July 2022, the Company undertook a capital raise through a rights issue and
shortfall placement to existing and new shareholders. In total the Group raised $7.5m at the rights
issue price of 1 cent per share.
The purpose of the Capital Raise Funds was to;
• enable continued investment in brands
• take advantage of international opportunities
• lessen cashflow pressure
• meet additional working capital requirements
Since announcing the interim result on 30 May 2022 the Group has continued to implement plans to
reduce costs within the King Honey operation.
With the significant volume of honey stocks, the Group made the decision to downsize its
beekeeping operations and reduce the cashflow draw created by the next season's harvest. As
advised on 30 May 2022 the decision had been made to close the Kaitaia, Kerikeri and Blenheim
beekeeping operations. In addition, the Group is reviewing the remaining operations in the
Wairarapa and Central Plateau with a view of reducing total hive numbers to approximately 4,000.
The business proposes to continue to operate reduced beekeeping operations in these areas to
provide a geographical spread to help mitigate the impact of weather on the harvest. The changes
made to take physical hive numbers from 15,595 to 4,000 will reduce the cost of the harvest by
approximately $5m per annum.
At 30 June 2022 the Group has 630 tonnes of Mānuka honey. The Group’s strategy is to sell down
honey stocks in a managed way through investment in brand creating increased demand for jar
honey sales, together with sales of drum honey on the wholesale market as appropriate
opportunities arise.
The Group will continue to optimise its Beekeeping operation and its production and storage facility
in Taupō.

2


Given the recent capital raise, the restructuring and the sales pipeline, the Group believes it has
sufficient funding to meet operational requirements while it focusses on strong sales growth
through FY23.
Strategy and opportunities within the 2023 Financial Year
The Group now operates in 3 clear health and wellness categories:
1. Mānuka Honey
2. Supplements
3. Skincare
The focus for FY23 and beyond remains to grow brands locally and internationally within the Health
and Wellness spaces. The Group will expand this strategy through three brands, Me Today,
SuperLife, and BEE+.
Investment in brand and international opportunities will continue through FY23 meaning that the
brands and the Group will continue to be loss making. The investment will provide revenue growth
and growth in the value of brands.
Further explanation of the opportunities and strategy by brand are explained further below.
Me Today
Me Today continues to expand internationally with Me Today products now available in New
Zealand, Australia, Japan, Ireland (and other selected EU countries), and the United Kingdom.

• In New Zealand Me Today continues to grow its retail footprint and is now available in
selected Unichem and Life Pharmacy stores, independent pharmacy stores, Chemist
Warehouse and Bargain Chemist. Fourteen Me Today supplements have been ranged in 190
Countdown stores New Zealand-wide and five Me Today Womens Daily Skincare products
have also been accepted into the Countdown range.

• In Australia Me Today launched nine TGA approved supplements and eleven skincare
products into Adore Beauty’s Australian and New Zealand websites late 2021. Four more
online retailers have also accepted the Me Today brand.

• The UK and Irish markets continue to show interest in the Me Today brand with Me Today
supplements and skincare now in John Bell & Croydon alongside SuperLife Mānuka honey.
Me Today is now in approximately to 200 retail stores in Ireland including selected pharmacy
outlets, online and through Chemist Warehouse Ireland stores. Me Today launched into
Dunne’s stores in April 2022. 12 skincare SKUs have been launched into Tesco supermarkets
and Tesco have accepted a range of Me Today supplements that will be in stores from
September 2022.

• Me Today has launched a range of Me Today skincare into Mash Beauty’s Biople stores
across Japan in partnership with Mash Beauty Co Lab. 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 accepted Me Today skincare products into its Cosme Kitchen stores meaning

3

that the brand is now available in approximately 80 premium stores in Japan. A pipeline of
New Products are 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. The distributor has also agreed to distribute the
SuperLife brand.

• 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 US market as an opportunity with a strategic focus to drive branded
presence through online and retail sales across supplements, skincare and Mānuka honey.
The Group has employed a senior sales manager and engaged a broker 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.

The brand also continues to expand its product offering. The Me Today brand now includes an
extensive skincare and supplement range, with a new Mānuka Active skincare range launching in
August 2022 as well as three new Mānuka honey products launching in September 2022. New
product development continues to be a core part of the growth strategy for the brand. In the second
half of the 2022 calendar year Me Today expects to launch nine new supplements, further
expanding its presence in the growing supplement category.

SuperLife

• SuperLife is available in selected SuperDrug stores in the UK and on SuperDrug online.
• SuperLife launched in New Zealand into selected Pharmacy and Pak n Save stores and is now
also available in several other stores around New Zealand.
• SuperLife is available through SuperLifeManuka.co.nz and SuperLifeManuka.co.uk and on
Amazon.co.uk.
• Purchase orders have been received from the company’s German distributor. Airfreight and
Sea Freight orders will depart NZ in September 2022.
• The UK and Irish markets continue to show interest in the SuperLife brand with the product
now available in John Bell & Croydon in London.
• The brand is about to be launched in Romania and Hungary through its distribution
partnership in both countries.
• In Switzerland the Group has signed an agreement with a partner to distribute Me Today
supplements and skincare as well as SuperLife Mānuka honey.
• The Group has secured a relationship with a US Grocery chain and a purchase order has
been received for a select honey product. The order is the initial pipe fill order however, the
Group is expecting additional sell through orders on an ongoing basis.

BEE +
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+ Mānuka 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. Sales are expected to resume on a regular basis to ABM
through the later part of the 2022 calendar year and into 2023. The opening of borders has enabled

4

in-market promotional activity to occur. King Honey hosted 50 members of the ABM sales team in
Auckland and Taupō during June 2022. ABM have also started to promote the brand outside of China
in markets such as Canada and South East Asia and are also looking at opportunities for Bee+ on
other e-commerce platforms.

As borders continue to 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 all Group brands; 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”.

The key aspects of the Group’s consolidated financial statements for the 15 months to 30 June
2022 are explained further below:
• Total revenue for the Group for the period is $8.81m less marketing services provided by
customer of $0.54m resulting in net revenue of $8.27m
o Gross revenue for the Me Today sale of goods and agency services segments was
$3.79m an increase of 160% on revenue of $1.46m in the twelve months to 31
March 2021.
o Gross revenue for King Honey segment was $5.02m for the 12 months from
acquisition to 30 June 2022.

• The operating EBITDA loss for the Group was $5.65m, split between the business divisions as
follows.
o The Me Today sale of goods and agency services segment operating EBITDA loss was
$2.22m compared to an EBITDA loss of $1.86m for the 12 months ended 31 March
2021.
o The King Honey segment operating EBITDA loss was $1.88m.
o The listed company and shared services operating costs were $1.55m compared to
$982k for the 12 months ended 31 March 2021.

• The Group incurred one off and amortisation items of $14.47m. Further explanation of these
are provided below.

o Goodwill and intangible asset impairment and amortisation of customer contract.
The Group has considered the future cash flows arising out of the sale of Mānuka
Honey through the King Honey division. As at 31 March 2022, the result of the
completion of discounted cashflow modelling performed by the Group has
determined that the carrying value of goodwill and the customer relationship
intangible asset, should be impaired by $9.9m. The Group completed a valuation of
intangibles acquired at acquisition. The ABM contract was separately identified and
has been valued at $9.3m at acquisition date. The Group has determined 8 years as
the appropriate useful life for this asset. An amortisation charge of $1.08m has been
included in these consolidated financial statements.

5

o Fair value loss on the 2022 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 Mānuka Factor (UMF) rating of the new
harvest. The value of the honey at harvest on 30 June 2022 has been determined at
$6.95m. The total cost to produce the 380 tonnes of honey in the year to 30 June
2022 was $8.67m. As a result, a fair value loss of $1.72m has been recorded as in the
consolidated financial statements. The harvested honey will increase in value over
time as its chemical markers improve and any financial benefit of that increase in
value will be recorded in gross margin as the honey is sold.
o Closure of beekeeping branches.
As a result of the decision to close the three Beekeeping branches, the following
costs have been incurred:
• The reduction in hive numbers has resulted in a biological asset fair value
loss of $0.72m.
• Property, plant and equipment and biological assets with a combined
carrying value of $1.063m have been identified as assets held for sale. These
have been assessed at fair value resulting in a write down of $0.54m.
• Restructuring costs of $0.49m have been incurred in relation to closing
beekeeping branches.


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