Me Today results for the six months ended 31 December 2022

1


1 March 2023

Me Today results for the six months ended 31 December 2022
Me Today Limited (NZX: MEE) has released its unaudited Group results for the six months ended 31
December 2022.
The result for the Group records net revenue of $3.60m compared to $3.66 for the six months ended
31 December 2021. The Group incurred a loss after tax of $5.81m in the period compared to $3.91m
in the six months ended 31 December 2021. The operating EBITDA loss for the period is $3.08m
before adjusting for the estimated loss on the current season’s harvest. Further explanation of the
result is included below with a reconciliation of the items between operating EBITDA and the net
loss after tax.
Gross revenue for the Group before the costs of marketing services provided by a customer was
$4.15m. This was split between the Honey segment of $2.51m, Me Today branded sales of $1.35m
and agency services revenue at $0.28m.
As advised previously the company received orders of $1.6m in respect to its BEE+ brand that will
ship in the first quarter of the 2023 calendar year. As a result, the sales for the second half of the
financial year will be higher than the first half and the operating loss will be lower.
The Group has now fully implemented the restructuring of the Beekeeping Division and has
consolidated its manufacturing site in Taupō. As described further below the Group continues to
create sales opportunities across its three core brands. The sales activity comes from new customers
and repeat business building with existing customers. With borders now opening post Covid the
Group is seeing increased activity internationally. In particular there is increased interest in China for
Mānuka honey, which we are seeing both domestically in NZ and in market in China. The Group
believes this will continue to build as the Duty-Free channel in New Zealand opens fully to Chinese
Tourists.

Taking into account the current sales pipeline, the Group believes it has sufficient funding to meet
operational requirements while it focusses on continuing to grow the business.
As discussed in December in terms of brands, we now have 3 focus brands, Me Today, SuperLife and
BEE+.

BEE +
The largest immediate opportunity the Group continues to have is with Bee+ through Access
Corporate Group (ACG) and its brand management division Access Brand Management (ABM). ABM
and the Me Today Group jointly own the Bee+ Mānuka honey brand.

Management have built a close working relationship with ABM and meet on a regular basis to
discuss the requirements of the BEE+ Brand.

The opening of borders internationally and within China continue to benefit trading in the BEE+
brand and discussions are ongoing with ABM in respect to purchase orders for the 2023 calendar
year.

2

Me Today Brand
With Me Today we continue to invest in establishing the brand locally in New Zealand and
Internationally.

In New Zealand the brand continues to have a strong presence in pharmacy and grocery stores
nationally. The trading model in the latest six months has changed as compared to the December
2021 period with further investment into the retail partnership meaning a decrease in New Zealand
net revenue as a result of the accounting treatment of marketing spend which is deducted from
gross revenue.

In Ireland Me Today continues to be listed in approximately 200 retail stores across independent
pharmacies, Chemist Warehouse and Tesco. The focus within the Irish market is in building the
relationship with Tesco and Chemist Warehouse. In the six months to 31 December 2022, sales in
Ireland were $158k versus $433k in the comparative six month period. The sales in the December
2021 period included pipefill in stocking the Irish distributor.

The Group is reviewing its strategy of investment for Me Today in international markets to limit
spreading its resources too widely. Outside of NZ and the Irish market investment in brand will be
limited to the US, Japan, UAE and Australia. Each market is reviewed continuously to ensure brand
growth is achieved.

SuperLife

SuperLife provides the Group with a Mānuka honey brand that competes in different parts of the
market to both Me Today and BEE+.

As we have advised previously SuperLife has customer and distributor relationships across a number
of international markets. The opportunities within these markets continue to change as the sell
through rate of products is established.

The largest opportunity for SuperLife currently is the relationship with a US grocery chain. Initial sell
through has been positive and a full calendar year forecast has been received. Sales to the customer
are expected to be greater than NZD $1m for the 2023 calendar year. Discussions on how to expand
out the range are taking place with this retailer.

Outside of NZ and the USA, the focus markets for SuperLife are Germany, Romania and the UAE with
sales and reorders into these markets over the past six months.

Investment into the SuperLife brand and International markets will focus around markets where
ongoing sell through of product is being established.


Beekeeping Operations

The Group’s restructured beekeeping operation now has 4,000 hives in the North Island with two
branches operating out of Turangi and Masterton. The industry over the past few years has had a
surplus of Mānuka honey resulting from seasons of strong production and lower demand driven by
Covid. The 2023 season has been significantly impacted by the weather and industry wide
indications are that the season production will be well below average. The 2023 season honey is
currently being harvested, volumes and quality are currently unknown. The Group however expects

3

that the wholesale value of honey for the 2023 season at harvest date will be less than cost requiring
a write down in the year ending 30 June 2023. The exact amount of the write down will not be
known until all testing and processing has been completed. A decision however has been taken to
write down the expected value of the harvest by $0.86m in this period.

The key aspects of the Group’s consolidated financial statements for the six months to
31 December 2022 are explained further below:

• The operating EBITDA loss for the Group was $3.08m, split between the business divisions as
follows.
o The Me Today sale of goods and agency services segment operating EBITDA loss was
$1.33m compared to an EBITDA loss of $1.06m for the 6 months ended 31
December 2021.
o The King Honey segment operating EBITDA loss (before adjusting for the estimated
loss on the current season’s harvest) was $1.06m which was consistent with the six
months to 31 December 2021.
o The listed company and shared services operating costs were $0.69m compared to
$0.63m for the 6 months ended 31 December 2021.
Deducted from operating EBITDA were expenses amounting to $2.73m resulting in a net loss after
tax of $5.81m.
The $2.73m of expenses consisted of the following.

• Write down of the 2023 season harvest $0.86m
• Finance Costs (net) $0.29m
• Fair Value loss on Biological Assets $0.54m
• Depreciation and Amortisation $0.25m
• Amortisation of customer relationship asset $0.54m
• Restructuring costs $0.15m
• Write Down of Assets held for sale $0.10m

Total Expenses deducted from EBITDA $2.73m
Further explanation of these are provided below.

o Write down of the current season Harvest
As explained above the Group has taken the decision to write down the value of the
current season harvest by $0.86m due to the impact of the weather on the harvest.
Full details of the harvest will not be known until all processing and testing is
complete later in this financial year.
o Amortisation of the Customer Relationship Asset
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

4

resulting in an annual amortisation charge of $1.08m. Half of this amount of $542k
has been included in these consolidated financial statements.
o Closure of beekeeping branches and Consolidation of the Taupō Production Facility
The following costs have been incurred as a result of the decision to close the three
beekeeping branches and the consolidation of the Taupō Production Facility.
• The ongoing reduction in hive numbers has resulted in a biological asset fair
value loss of $0.54m.
• Property, plant and equipment and biological assets with a combined
carrying value of $0.52m have been identified as assets held for sale. These
have been assessed at fair value resulting in a write down of $0.10m.
$0.128m remain unsold as at 31 December 2022.
• Restructuring costs of $0.15m have been incurred in relation to closing
beekeeping branches and consolidating the Taupō Production Facility.
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

---

Unaudited results announcement for the 6 months ended 31 December 2022

Results for announcement to the market
Name of issuer Me Today Limited
Reporting Period 6 months to 31 December 2022
Previous Reporting Period 6 months to 31 December 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$3,599 (2)%
Total Revenue $3,599 (2)%
Net profit/(loss) from
continuing operations
$(5,805) 49%
Total net profit/(loss) $(5,805) 49%
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 December 2022:
$0.0079
As at June 2022:
$0.0114
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the unaudited 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

1
st
March 2023

Unaudited financial statements accompany this announcement.

---

Me Today Limited


Unaudited Condensed Interim
Consolidated Financial Statements


For the six months ended 31 December 2022

Me Today Limited
Unaudited Condensed Interim Consolidated Financial Statements
For the six months ended 31 December 2022



2
Contents


Page
Consolidated Statement of Profit or Loss and other Comprehensive
Income
3
Consolidated Statement of Changes in Equity 4
Consolidated Statement of Financial Position 5
Consolidated Statement of Cash Flows 6
Condensed Notes to the Interim Consolidated Financial Statements 7
Company Directory 17

Me Today Limited
Consolidated Statement of Profit or Loss and other Comprehensive
Income
For the six months ended 31 December 2022




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


6 mths ended
6 mths ended
31 Dec 2022
31 Dec 2021
Note
(unaudited)
(unaudited)
NZ$000
NZ$000
Revenue before marketing services provided by a customer
4,146
3,942
Less marketing services provided by a customer
(547)
(286)
Revenue
4
3,599
3,656
Cost of sales
(2,178)
(2,379)
Selling and marketing expenses
(1,651)
(1,694)
Distribution expenses
(437)
(240)
Administrative and other operating expenses
(2,657)
(2,390)
Amortisation of customer relationship asset
(542)
(542)
Impairment of biological work in progress asset
11
(861)
-
Finance income
4
4
Finance expenses
5
(289)
(275)
Acquisition related costs
-
(45)
Operating loss before restructure related items and
income tax
5
(5,012)
(3,905)
Fair value loss on biological assets
10
(544)
-
Restructuring costs
(151)
-
Write down of assets held for sale
8
(98)
-
Loss before income tax
(5,805)
(3,905)
Income tax (expense)/benefit
-
-
Loss for the period attributable to owners of the company
(5,805)
(3,905)
Other comprehensive income
Other comprehensive income for the period
-
-
Total comprehensive loss for the period attributable to
owners of the company
(5,805)
(3,905)
Earnings (loss) per share:
Basic and diluted loss per share (NZ$)
7
(0.0038)
(0.0055)

Me Today Limited
Consolidated Statement of Changes in Equity
For the six months ended 31 December 2022




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

Share
Share
based
payments
Accumulated
Total
capital
reserve
losses
equity
NZ$000
NZ$000
NZ$000
NZ$000
At 1 July 2021 (unaudited)
38,744
33
(17,421)
21,356
Total comprehensive income
Loss attributable to owners of the company
-
-
(3,905)
(3,905)
Transactions with owners
Share options issued
-
12
-
12
Other share based payments
-
56
-
56
At 31 December 2021 (unaudited)
38,744
101
(21,326)
17,519
At 1 July 2022 (audited)
51,427
77
(27,405)
24,099
Total comprehensive income
Loss attributable to owners of the company
-
-
(5,805)
(5,805)
Transactions with owners
Shares issued during the period
752
-
-
752
Less: share issue costs
(70)
-
-
(70)
Share options issued
-
3
-
3
Other share based payments
-
61
-
61
At 31 December 2022 (unaudited)
52,109
141
(33,210)
19,040

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


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


These financial statements were approved by the Board on 28 February 2023.
Signed on behalf of the Board by:


Grant Baker Michael Kerr
31 Dec 202230 Jun 2022
Note(unaudited)(audited)
NZ$000NZ$000
ASSETS
Current assets
Cash and cash equivalents2,3125,370
Trade and other receivables82,8531,199
Inventory15,64816,793
Biological work in progress111,171698
Taxation receivable935
21,99324,095
Assets classified as held for sale91281,063
Total current assets22,12125,158
Non-current assets
Biological assets107521,598
Property, plant and equipment3,2803,788
Right-of-use assets12.18011,387
Customer relationship asset6,8947,436
Other intangible assets9689
Total non-current assets11,82314,298
Total assets33,94439,456
LIABILITIES
Current liabilities
Trade and other payables1,7881,766
Lease liabilities12.2281316
Borrowings13538942
Total current liabilities2,6073,024
Non-current liabilities
Lease liabilities12.25011,041
Borrowings1311,79611,292
Total non-current liabilities12,29712,333
Total liabilities14,90415,357
Net assets
19,04024,099
EQUITY
Share capital52,10951,427
Share based payments reserve14177
Accumulated losses(33,210)(27,405)
Total equity
19,04024,099

Me Today Limited
Consolidated Statement of Cash Flows
For the six months ended 31 December 2022



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

6 mths ended
6 mths ended
31 Dec 2022
31 Dec 2021
Note
(unaudited)
(unaudited)
NZ$000
NZ$000
Cash flows from operating activities
Receipts from customers
2,707
3,130
Payments to suppliers and employees
(7,377)
(9,175)
Interest received
4
4
Income tax (paid)/refunded
26
(4)
Net cash used in operating activities
15
(4,640)
(6,045)
Cash flows from investing activities
Acquisition related costs
-
(45)
Payments for property, plant and equipment
(15)
(208)
Payments for intangibles
(8)
(10)
Proceeds from sale of assets held for sale
1,360
-
Net cash from/(used in) investing activities
1,337
(263)
Cash flows from financing activities
Proceeds from issue of share capital
753
-
Share capital issue costs
(70)
-
Repayment of principal on borrowings
-
(797)
Interest paid on borrowings
(177)
(159)
Payment of lease liabilities
(242)
(670)
Interest paid on lease liabilities
(19)
(43)
Net cash flows from/(used in) financing activities
245
(1,669)
Net decrease in cash and cash equivalents
(3,058)
(7,977)
Cash and cash equivalents at 1 July
5,370
6,576
Cash and cash equivalents at 31 December
2,312
(1,401)

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


7
1. General information
Me Today Limited (‘the Company’) is a limited liability company incorporated and domiciled in New
Zealand.
The condensed interim consolidated financial statements presented are for Me Today Limited and its
subsidiaries (together ‘the Group’).
The Group produces, sells, and markets health and wellbeing products or acts as an agent on behalf of
other health and wellbeing suppliers. The Group also produces and sells premium Mānuka honey.
2. Basis of preparation
These unaudited condensed interim consolidated financial statements for the 6 months ended
31 December 2022 have been prepared in accordance with New Zealand Generally Accepted Accounting
Practice (‘NZ GAAP’), with New Zealand Equivalent to International Accounting Standard 34: Interim
Financial Reporting (‘NZ IAS 34’), with International Accounting Standard 34: Interim Financial Reporting
(‘IAS 34’), and with the requirements on the NZX Listing Rules.
Me Today Limited is a company registered under the Companies Act 1993 and is an FMC reporting entity
under the Financial Markets Conduct Act 2013. The Company is listed on the NZX Main Board.
The condensed interim consolidated financial statements do not include all of the notes of the type
normally included in an annual financial report. Accordingly, this report should be read in conjunction with
the financial statements included in the annual report for the year ended 30 June 2022 which have been
prepared in accordance with New Zealand equivalents to International Financial Reporting Standards (‘NZ
IFRS’) and International Financial Reporting Standards (‘IFRS’).
The condensed interim consolidated financial statements are presented in New Zealand dollars which is
the Company’s functional and presentation currency, rounded to the nearest thousand dollars.
This is the first time the Group has reported interim results for the six months to 31 December following
the recent change of balance date from 31 March to 30 June. As a result, this is also the first time the
Group has reported the financial results for the 6 months to 31 December 2021 as shown in the
comparatives. The condensed interim consolidated financial statements, including the financial results for
the 6 months to 31 December 2022 and 2021, are unaudited. The comparative information as at 30 June
2022 and for the 15 months then ended, is audited.
2.1. Basis of measurement
The condensed interim 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.
2.2. Impact of COVID-19
The international and domestic impact of the COVID-19 pandemic, including the ongoing lockdowns in
China, continued to have an impact on the Group’s performance during the period.
Retail domestic sales have continued to be impacted by the reduced number of tourists in New Zealand.
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,
impacted on the volume of sales through this distribution partner. The financial impact of the downsizing of
the King Honey operations, which commenced in the previous financial period, is 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
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2022


8
2.3. Going concern
The interim consolidated financial statements have been prepared on a going concern basis, which
assumes that the Group has the intention and ability to continue its operations for the foreseeable future.
The Group incurred an after-tax loss of $5.8 million in the 6 months to 31 December 2022 (6 months to
31 December 2021: $3.9 million loss). The Group’s net cash outflows from operating activities during the 6
months was $4.6 million (2021: $6.0 million net cash outflow).
At the reporting date the Group had cash of $2.31 million (30 June 2022: $5.37 million), working capital of
$19.5 million (30 June 2022: $22.1 million) and net assets of $19.0 million (30 June 2022: $24.1 million).
The Group had bank loans of $7.03 million (30 June 2022: $7.03 million), and a subordinated note
payable of $5.3 million (30 June 2022: $5.2 million) which is due for payment to the previous owners of
King Honey in June 2024.
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 unaudited
interim consolidated financial statements for the 6 months ended 31 December 2022 to be appropriate.
The Board has reached this conclusion having regard to circumstances which it considers likely to affect
the Group during the period of at least one year from the date of approval of these interim consolidated
financial statements, and to circumstances which it considers will occur after that date which will affect the
validity of the going concern basis.
The Directors are satisfied, based on their review of the Group’s current financial forecasts, that, during
the 12 months after the date of signing these condensed interim 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:
The Group’s banker, Bank of New Zealand, has confirmed that it will keep the Group’s existing bank
facilities in place (refer note 13) 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 continue to be developed with new customers with ongoing expansion
into international markets.
3. Changes in Significant Accounting Policies
There have been no changes in the accounting policies and methods of computation used in preparing the
condensed interim consolidated financial statements compared to those used in preparing the audited
consolidated financial statements for the 15 months ended 30 June 2022. For details of the accounting
policies for the 15 months ended 30 June 2022 please refer to the 2022 Annual Report.

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


9
4. Revenue

The details above disaggregate the Group's revenue from contracts with customers into primary markets,
and major product and service lines.
The Group’s revenue by geographical region is shown below.

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

6 mths ended
6 mths ended
31 Dec 2022
31 Dec 2021
(unaudited)
(unaudited)
NZ$000
NZ$000
1,353
1,524
(547)
(286)
Revenue from sale of health and wellbeing products
806
1,238
Revenue from sale of honey products
2,509
2,216
Revenue from agency services
284
202
Total revenue
3,599
3,656
Revenue from sale of health and wellbeing products before marketing
services provided by customers
Less marketing services provided by customers
6 mths ended
6 mths ended
31 Dec 2022
31 Dec 2021
(unaudited)
(unaudited)
NZ$000
NZ$000
New Zealand
2,953
3,202
Europe
158
433
United Kingdom
19
21
United States
469
-
Total revenue
3,599
3,656
6 mths ended6 mths ended
31 Dec 202231 Dec 2021
(unaudited)(unaudited)
NZ$000NZ$000
Salaries(2,196)(3,194)
Employer Kiwisaver contributions(74)(74)
Directors' fees(235)(198)
Depreciation and amortisation:
Depreciation of property, plant and equipment(302)(449)
Depreciation of right of use assets(254)(458)
Amortisation of customer relationship asset(542)(542)
Amortisation of intangible assets(1)(3)
(1,099)(1,452)
Depreciation and amortisation is allocated as follows:
Capitalised to biological work in progress308642
Included in the operating loss(791)(810)

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


10


6. Segment information
The Group produces, sells, and markets health and wellbeing products (‘sale of goods’ segment) or acts
as an agent on behalf of other health and wellbeing suppliers (‘agency services’ segment). The Group
also produces and sells premium Mānuka 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.
6.1. Seasonal and cyclical influences
The Group’s honey production operations have seasonal influences. Over winter, hives are downsized
and operating costs are primarily spent on maintaining hives and operations. Honey production occurs
from early spring to late summer with the majority of honey harvest occurring from January to March.
Operating costs increase during the honey production and harvest months. Beekeeping costs are deferred
6 mths ended
6 mths ended
31 Dec 2022
31 Dec 2021
(unaudited)
(unaudited)
NZ$000
NZ$000
Finance expenses:
Interest on lease liabilities
(19)
(43)
Interest on borrowings
(277)
(259)
(296)
(302)
Finance expenses are allocated as follows:
Capitalised to biological work in progress
7
27
Included in the operating loss
(289)
(275)
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
1,353
284
2,509
-
4,146
1,524
202
2,216
-
3,942
(547)
-
-
-
(547)
(286)
-
-
-
(286)
Total external revenue
806
284
2,509
-
3,599
1,238
202
2,216
-
3,656
Total inter-segment revenue
-
-
-
-
-
-
-
-
-
-
Operating EBITDA
(1,240)
(85)
(1,058)
(692)
(3,075)
(934)
(127)
(1,086)
(632)
(2,779)
-
-
(861)
-
(861)
-
-
-
-
-
Depreciation and amortisation
(4)
(2)
(735)
(50)
(791)
(8)
(3)
(750)
(49)
(810)
Fair value loss on biological assets
-
-
(544)
-
(544)
-
-
-
-
-
Restructuring costs
-
-
(151)
-
(151)
-
-
-
-
-
Write down of assets held for sale
-
-
(98)
-
(98)
-
-
-
-
-
Acquisition related costs
-
-
-
-
-
-
-
-
(45)
(45)
Finance income
-
-
-
4
4
-
-
-
4
4
Finance expenses
-
-
(287)
(2)
(289)
-
-
(272)
(3)
(275)
Net loss before taxation
(1,244)
(87)
(3,734)
(740)
(5,805)
(942)
(130)
(2,108)
(725)
(3,905)
Income tax expense
-
-
-
-
-
-
-
-
-
Net loss for the year
(1,244)
(87)
(3,734)
(740)
(5,805)
(942)
(130)
(2,108)
(725)
(3,905)
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
3,610
417
28,930
1,848
34,805
2,255
147
31,590
5,464
39,456
Segment liabilities
378
138
14,036
352
14,904
396
43
14,471
447
15,357
Six months ended 31 December 2022
Six months ended 31 December 2021
Revenue before marketing services
Less marketing services provided
As at 31 December 2022
As at 30 June 2022
Impairment of biological work in
progress asset

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


11
and recognised as biological work in progress (net of any impairment) up until harvest, at which point they
are transferred to inventory. Sales of honey occur throughout the year and the cost of honey sold is
recognised at the same time.
There are no seasonal or cyclical influences on the sale of goods or agency services operations.
7. Earnings per share

At 31 December 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 where not considered
to be dilutive due to the Group’s loss (2021: 2,000,000 share options).
8. Trade and other receivables

6 mths ended
6 mths ended
31 Dec 2022
31 Dec 2021
(unaudited)
(unaudited)
Basic and dilluted earnings/(loss) per share (NZ$)
(0.0038)
(0.0055)
Loss from continuing operations (NZ$000)
(5,805)
(3,905)
1,523,567
706,446
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)
31 Dec 2022
30 Jun 2022
(unaudited)
(audited)
NZ$000
NZ$000
Trade receivables
1,705
913
Other receivables
654
5
101
112
Prepayments
393
169
2,853
1,199
GST receivable

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


12
9. Assets held for sale


The Group has continued to downsize its beekeeping operations which commenced in the previous
reporting period.
10. Biological assets

The reduction in the number of hives and the resulting reduction in the fair value of the biological asset in
the six months to 31 December 2022, is a result of the downsizing of the beekeeping operations.
31 Dec 2022
31 Dec 2021
30 Jun 2022
(unaudited)
(unaudited)
(audited)
NZ$000
NZ$000
NZ$000
Opening balance
1,063


-


-


Reclassified from property, plant & equipment:
- cost
275


-


744


- accumulated depreciation
(54)


-


(104)


Write down of assets held for sale
(31)


-


(190)


Net book value reclassified from property, plant &
equipment
190


-


450


Reclassified from biological assets
302


-


965


Write down of assets held for sale
(67)


-


(352)


Net book value reclassified from biological assets
235


-


613


Sales of assets
(1,360)


-


-


At reporting date
128


-


1,063


31 Dec 202231 Dec 202130 Jun 2022
(unaudited)(unaudited)(audited)
NZ$000NZ$000NZ$000
Bees:
Opening balance1,598 3,283 -
Acquisition of subsidiaries- - 3,283
Reclassified to assets held for sale(302)- (965)
Fair value loss on biological assets(544) - (720)
At reporting date752 3,283 1,598
31 Dec 202231 Dec 202130 Jun 2022
number ofnumber ofnumber of
Operational hives:
Opening balance8,950 18,394 -
Acquisition of subsidiaries- - 15,595
Net movement in operational hives(4,738) - (6,645)
At reporting date4,212 18,394 8,950

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


13
11. Biological work in progress

The impairment loss recognised reduces the carrying value of biological work in progress to its estimated
realisable value.
12. Leases
12.1. Right-of-use asset
The Group leases warehouse and administration premises, and land used for hive placements.


31 Dec 2022
31 Dec 2021
30 Jun 2022
(unaudited)
(unaudited)
(audited)
NZ$000
NZ$000
NZ$000
Opening balance
698


1,437


-


Acquisition of subsidiaries
-


-


1,437


Current period beekeeping costs
1,334


3,949


7,239


Impairment of biological work in progress asset
(861)


-


-


Fair value loss on harvested honey
-


-


(1,724)


Honey recognised as inventory on harvest
-


-


(6,952)


Beekeeping costs related to next harvest
-


-


698


At reporting date
1,171


5,386


698


Premises Hive
placements
Total
NZ$000NZ$000NZ$000
Cost:
At 1 July 20211,160 1,071 2,231
Additions296 313 609
At 31 December 20211,456 1,384 2,840
Lease modifications*(82) (626) (708)
At 30 June 20221,374 758 2,132
Additions- 186 186
Lease modifications*(294) (224) (518)
At 31 December 20221,080 720 1,800
Accumulated amortisation:
At 1 July 2021(69) - (69)
Depreciation expense(175) (283) (458)
At 31 December 2021(244) (283) (527)
Depreciation expense(177) (41) (218)
At 30 June 2022(421) (324) (745)
Depreciation expense(172) (82) (254)
At 31 December 2022
(593) (406) (999)

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


14


* 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.

12.2. Lease liability


Short term lease expenses included in operating loss were $309,234 (2021: $528,607).
13. Borrowings

The Group’s bank has provided a principal repayment holiday through to 31 August 2023. The
subordinated note is repayable in June 2024.
Premises
Hive
placements
Total
NZ$000
NZ$000
NZ$000
Carrying amounts:
At 31 December 2022
487


314


801


At 30 June 2022
953


434


1,387


At 31 December 2021
1,212


1,101


2,313


At 1 July 2021
1,091


1,071


2,162


31 Dec 2022
30 Jun 2022
(unaudited)
(audited)
NZ$000
NZ$000
Maturity analysis - contractual undiscounted cash flows
Up to one year
413
381
One to two years
258
526
Two to five years
155
492
More than five years
-
77
Total undiscounted lease liabilities at period end
826
1,476
Lease liabilities included in the statement of financial position at balance date
Current
281
316
Non-current
501
1,041
782
1,357
31 Dec 202230 Jun 2022
(unaudited)(audited)
NZ$000NZ$000
Banks loans7,0347,034
Subordinated note5,3005,200
12,33412,234
Current538942
Non-current11,79611,292
12,33412,234

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


15
14. Related parties
14.1. 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.
14.2. 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 $235,000 in the 6 months to 31 December 2022 (6 months to 31
December 2021: $197,500). $45,437 was payable to directors at 31 December 2022 (30 June 2022:
$14,062). The $45,437 is payable to the independent directors and is intended to be settled by the issue
of shares in the Company (30 June 2022: $14,062).
Michael Kerr received total remuneration of $125,000 in the current period in his role as CEO (6 months to
31 December 2021: $112,500).
A company owned by Stephen Sinclair received $62,500 in consulting fees (6 months to 31 December
2021: $62,500).
14.3. Related entities
MTL Securities Limited is an entity owned and controlled by M & N Kerr Holdings, of which Michael Kerr is
a director, and Velocity Capital, of which Grant Baker and Stephen Sinclair are directors. MTL Securities
Limited owns 44.86% of Me Today Limited.
14.4. Related party transactions
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. 1,000,000 share options remained on issue at the reporting
date (30 June 2022: 1,000,000). Share based payments for promotion services in the period was $53,000
(6 months to 31 December 2021: $62,000) in relation to the Ambassador Agreement with BB Promotions
Limited.
Hannah Barrett received $6,250 for providing marketing services to the Group (6 months to 31 December
2021: $7,500).
14.5. Share placement subscription agreement (2021)
On 26 November 2021, Me Today, the TW Jarvis (No. 1) Family Trust (“Jarvis Trust”) and MTL Securities
Limited entered into a share placement subscription agreement under which the Jarvis Trust and MTL
Securities Limited 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 Limited agreed to contribute $3.75 million and Jarvis Trust $2.25 million. Shareholders
approved the share placement on 18 March 2022.
Jarvis Trust is a substantial security holder in Me Today and is the previous vendor of King Honey Limited.
MTL Securities Limited is a substantial security holder, and the largest shareholder, in Me Today. 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.

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


16
15. Reconciliation of loss after taxation with cash flow from operating activities


16. Contingent liabilities
There are no contingent liabilities as at 31 December 2022 (30 June 2022: nil).
17. Commitments
The Company had no commitments for future capital expenditure as at 31 December 2022 (30 June 2022:
nil).
18. Events subsequent to reporting date
There have been no significant events after the reporting date.

6 mths ended
6 mths ended
31 Dec 2022
31 Dec 2021
(unaudited)
(unaudited)
NZ$000
NZ$000
Net loss after taxation
(5,805)
(3,905)
Adjustments for:
Depreciation and amortisation
557
910
Amortisation of customer relationship asset
542
542
Share-based payments
64
68
Interest paid on lease liabilities
19
43
Interest paid on borrowings
277
259
Impairment of biological work in progress asset
861
-
Fair value loss on biological assets
544
-
Write down of assets held for sale
98
-
Acquisition related costs
-
45
Movements in working capital
(Increase) / decrease in trade and other receivables
(1,653)
(839)
(Increase) / decrease in inventory
1,145
506
(Increase) / decrease in biological work in progress
(1,334)
(3,979)
Increase / (decrease) in trade and other payables
19
309
(Increase) / decrease in taxation receivable
26
(4)
Net cash outflows from operating activities
(4,640)
(6,045)

Me Today Limited
Company Directory
As at 31 December 2022



17

Registered Office
Level 1, 25 Broadway
Newmarket
Auckland
New Zealand

Postal Address
PO Box 109047
Newmarket
Auckland 1023

Bankers
BNZ
Deloitte Building
80 Queen Street
Auckland 1010
New Zealand

Lawyers
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand

Auditor
BDO Auckland
4 Graham Street
Auckland
New Zealand

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

PO Box 92119
Auckland 1142