My Food Bag releases FY23 Financial Results
19 May 2023
NZX/ASX Code: MFB
My Food Bag Releases FY23 Financial Results
• Revenue of $175.7 million, down 9.4% compared to FY22
• EBITDA
1
of $18.2 million, compared to $34.0 million in FY22
• NPAT of $7.9 million, compared to $20.0 million in FY22
• NZ’s most affordable meal kit, Bargain Box, grew active customers
2
by 12% year-on-year
• Transformational investment in automated pick technology rolled out at assembly centres
• Cost reduction initiatives implemented to ensure alignment with current demand
Subscription-based meal kit and food solutions business, My Food Bag Group Limited, today reported
EBITDA of $18.2 million for the twelve months to 31 March 2023 (FY23), in line with the trading
update provided to the market in February 2023.
FY23 ingredient margin was 48.4%, down slightly on 49.3% in FY22. This is an extremely strong result
given food prices rose 12.1% in New Zealand during the year ending March 2023, and was achieved
without compromising customer value.
Responding to economic conditions
Tony Carter, Chairman of My Food Bag, says the business has navigated a challenging year driven by
the changing economic environment.
“Inflationary pressure on households and low consumer confidence have resulted in subdued
demand, driving diseconomies of scale within the business.
“As a result, we have undertaken a reset of our business spanning our leadership, supply chain and
brand positioning, all focused on strengthening My Food Bag to deliver.
“Our investment in pick technology, initiatives to increase choice, flexibility, customisation and value
for customers, and our focus on cost, will drive performance in FY24 and will position us for further
growth into the future,” says Carter.
My Food Bag’s free cash flow was impacted in FY23 by the subdued demand seen, as well as
strategic investment in pick technology and some one-off costs. Given this, the Board has taken the
prudent approach not to pay a final dividend for the FY23 year. The interim cash dividend for FY23
of 3.0 cents per share represents a pay-out of $7.3 million.
“We expect to see free cash flow strengthen over FY24 and to resume dividend payments in the
coming year,” says Carter.
1
EBITDA (earnings before interest, tax, depreciation and amortisation) is a non-GAAP measure. A reconciliation
from GAAP NPBT to non-GAAP EBITDA can be found in the FY23 Annual Report.
2
Active customers are customers that have taken at least one delivery in the 13 weeks prior.
Business highlights
Mark Winter, CEO of My Food Bag, says: “While we have seen some softening of demand in FY23
across the business, we’ve invested in Bargain Box to support growth. As New Zealand’s most
affordable meal kit, it is well placed to grow during current economic conditions. During FY23,
Bargain Box active customers grew by 12%, and overall deliveries grew by 2% year-on-year.”
In addition to a focus on Bargain Box, we continue to drive performance across all our consumer
brands and the company delivered in excess of 15.8 million meals across the year at an average order
value of $130.11, up 2.7% on $126.63 in FY22.
During the year, My Food Bag also made a transformational investment in automated pick
technology to unlock growth. This proven technology enables a vast improvement in customer
choice, productivity, and quality.
The technology is expected to underpin significant simplification of operating processes, unlocking
productivity and cost efficiencies in FY24 and beyond.
Alongside the pick technology, the business implemented other initiatives to reduce costs in FY24
and beyond.
“We’ve reviewed and adjusted our costs to ensure they are aligned with current levels of demand.
This has included reducing the number of people across our non-operational team by approximately
10% and commencing the delisting process from the ASX to reduce compliance costs, given the poor
liquidity seen.
“This will be an ongoing focus for us, and we will continue to review and reduce costs where
prudent,” says Winter.
Outlook
Winter says he is confident the changes the business has made means it can deliver during these
times.
“We have adapted, and will continue to adapt, our business for the current climate, ensuring our
ability to deliver and perform now, as well as continuing to strengthen our position. We are a
profitable business with a strong brand and customer offer. In FY24 our intent is to stabilise sales and
execute a disciplined plan to deliver sustainable active customer growth, focused on driving our
portfolio of brands, growing choice and flexibility, as well as operational efficiencies.
“We look forward to FY24 where we can demonstrate the strength of the business – with a focus on
leveraging our deep understanding of Kiwis’ needs, our digital platform and our nationwide supply
chain to grow demand,” says Winter.
Ends
For investor relations queries:
Leanne Dekker
+64 29 770 8189
ir@myfoodbag.co.nz
For media queries:
Louisa Kraitzick
+64 21 299 2628
louisa.kraitzick@pead.co.nz
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Results Announcement
Results for announcement to the market
Name of issuer My Food Bag Group Limited (MFB)
Reporting Period 12 months to 31 March 2023
Previous Reporting Period 12 months to 31 March 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$175,694 -9.4%
Total Revenue $175,694 -9.4%
Net profit/(loss) from
continuing operations
$7,850 -60.8%
Total net profit/(loss) $7,850 -60.8%
Interim/Final Dividend
Amount per Quoted Equity
Security
N/A
Imputed amount per Quoted
Equity Security
N/A
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
-$0.1125 -$0.0742
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Please see attached result announcement for commentary on the
result.
Authority for this announcement
Name of person authorised to
make this announcement
Leanne Dekker, Chief Financial Officer
Contact person for this
announcement
Leanne Dekker, Chief Financial Officer
Contact phone number +64 9 886 9840
Contact email address ir@myfoodbag.co.nz
Date of release through MAP 19 May 2023
Audited financial statements accompany this announcement.
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FY23
results
2
Chief Executive Officer
My Food Bag Group Limited FY23 Result
Chief Financial Officer
PRESENTING
today
CONTENTS
My Food Bag Group Limited FY23 Result
*EBITDA is a non-GAAP measure. A reconciliation from GAAP NPBT to non-GAAP EBITDA can be found in the appendices.
** 3.0 cents per share dividend was the interim dividend paid in December 2022 and that no final dividend has been declared for FY23; Yield Based on share price as at31 March of $0.23.
REVENUE
$
175.7m
EBITDA*
$
18.2m
NPAT
$
7.9m
48.4%
4
AOV
$
130.11
TOTAL DIVIDEND**
3.0cps
GROSS MARGIN %
YEAR IN
review
ACTIVE CUSTOMERS
57.5k
My Food Bag Group Limited FY23 Result5
YEAR IN
review
1
BUSINESS
update
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My Food Bag Group Limited FY23 Result7
8
Be relevant and drive active customers by delivering flexibility, convenience, and great value
Expand the KitchenDeliver flexibilityRe-invigorate
FreshStart
Growing awareness
of Bargain Box
affordability
Productivity to drive growth
My Food Bag Group Limited FY23 Result
1.Highlight comparison to
supermarket
2.Price freeze for six months to
provide consumer certainty
1.Expand recipe choice
2.Launch preferences and filters
enhancing the user journey
1.Sharper messaging around goal-
based solution
2.New website/customer journey
3.Increased recipe choice
1.Expand SKU range available
2.Continue to test and learn with
new categories
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My Food Bag Group Limited FY23 Result9
11
15
Apr-22Current
Fresh Start
My Food Bag Group Limited FY23 Result10
9
15
Apr-22Current
Bargain Box
15
32
Apr-22Current
My Food Bag
+113%
+67%
+36%
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•
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•
Pick Technology
implementation
delivers a
platform for
innovation
without added
operational
complexity
Using this
capability along
with recipe
development
with added
variety and an
enhanced
digital journey
drive all
revenue growth
levers
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My Food Bag Group Limited FY23 Result11
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My Food Bag Group Limited FY23 Result12
My Food Bag Group Limited FY23 Result13
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My Food Bag Group Limited FY23 Result14
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FINANCIAL
overview
1,3501,532-11.8%1,5331,250
$ 130.11$ 126.632.7%$ 124.40$ 122.61
175.7 194.0 -9.4%190.7 153.3
85.0 95.5 -11.1%89.2 66.0
48.4%49.3%-0.9ppt46.8%43.0%
41.452.7-21.5%48.832.7
23.5%27.2%-3.6ppt25.6%21.3%
18.234.0-46.5%28.816.3
7.9 20.0-60.8%2.4 8.2
My Food Bag Group Limited FY23 Result16
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My Food Bag Group Limited FY23 Result17
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My Food Bag Group Limited FY23 Result18
Active Customers are defined as number of unqique customers purchased in the last 13 weeks
*High value active customers are defined as customers who have taken at least 20 deliveries in the previous 12 months
Retention %
Weeks since acquisition/reactivation
2019202020212022
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My Food Bag Group Limited FY23 Result19
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My Food Bag Group Limited FY23 Result20
Cummulative% change over 12 months
FPIMFB GroupCompetitor ACompetitor B
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My Food Bag Group Limited FY23 Result
*Gross margin is a non-GAAP measure defined as revenue less cost of goods sold (including free marketing goods)
21
Improved
relative
affordability
**MFB group increase reflects weighted average price movement. FPI (Food Price index) taken from stats NZ Food price index: March 2023 | Stats NZ, Competitor A and Competitor B are averages of movements in regular
prices seen over the last 12 months.
**
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My Food Bag Group Limited FY23 Result*Contribution margin is a non-GAAP measure defined as revenue less cost of goods sold (including free marketing goods) less direct costs (assembly and distribution expenses).22
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My Food Bag Group Limited FY23 Result23
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My Food Bag Group Limited FY23 Result
*EBITDA is a non-GAAP measure. A reconciliation from GAAP NPBT to non-GAAP EBITDA can be found in the appendices.
24
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My Food Bag Group Limited FY23 Result25
* 3.0 cents per share interim dividend paid in December 2022. No final dividend declared for FY23
3
FY24
outlook
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My Food Bag Group Limited FY23 Result27
Meal-kits remain relevant in the current environment
*The price comparison compared the prices of products online from New W orld and Countdown against the prices of meal ingredients for Bargain Boxes 5 nights for 4. The top 5 selected Bargain Box recipes each week have been
used to compare with like for like supermarket ingredients to make those same recipes. W here necessary, prorating was used. Prices compared across 11 weeks, between 15th January and 26 March 2023. On average, Bargain Box
was 4.44% cheaper, including delivery. This data was reviewed by NZIER in April 2023.
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My Food Bag Group Limited FY23 Result28
FY24 trading conditions and outlook
4
APPENDICES
My Food Bag Group Limited FY23 Result30
My Food Bag Group Limited FY23 Result31
THANK
you
This presentation has been prepared by My Food Bag Group Limited (the “Company” and, together with My Food Bag
Limited, "My Food Bag") and is dated 19 May 2023. Receipt of this document and/or attendance at the corresponding
presentation given on behalf of the Company constitutes acceptance of the terms of this disclaimer.
Information
This presentation contains summary information about My Food Bag and its activities, which is current as at the date of this
presentation. The information in this presentation is of a general nature and does not purport to be complete nor does it
contain all the information which an investor may require when evaluating an investment in the Company. This presentation
has been prepared to provide additional commentary on the financial statements of the Company for the period ending 31
March 2023. It should be read in conjunction with those financial statements and the Company's other periodic and continuous
disclosure announcements, available on the NZX and ASX or My Food Bag's investor website.
Forward looking information
This presentation may include certain “forward-looking statements” about My Food Bag and the environment in which My
Food Bag operates. These forward-looking statements may be identified by words such as ‘forecast’, 'projections', ‘anticipate’,
‘believe’, ‘estimate’, ‘expect’, ‘will’, ‘plan’, ‘may’, ‘could’ and similar expressions.
Forward-looking information is inherently uncertain and subject to contingencies, known and unknown risks and uncertainties
and other factors, many of which are outside of My Food Bag's control, and may involve elements of subjective judgement and
assumptions as to future events which may or may not be correct. A number of important factors could cause actual results or
performance to differ materially from the forward-looking statements.No assurance can be given that actual outcomes or
performance will not materially differ from the forward-looking statements.The forward-looking statements are based on
information available to My Food Bag as at the date of this presentation. Except as required by law or regulation (including the
Listing Rules), the Company is under no obligation to update this presentation whether as a result of new information, future
events or otherwise.
No liability
The information contained in this presentation has been prepared in good faith by My Food Bag. No representation or
warranty, expressed or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates or opinions or
other information contained in this presentation, any of which may change without notice.
To the maximum extent permitted by law, My Food Bag, its directors, officers, employees and agents disclaim all liability and
responsibility (including any liability arising from fault or negligence on the part of My Food Bag, its directors, officers,
employees and agents) for any direct or indirect loss or damage which may be suffered by any person through the use of or
reliance on anything contained in, or omitted from, this presentation. This presentation is not a product disclosure statement,
prospectus, investment statement or disclosure document, or an offer of shares for subscription, or sale, in any jurisdiction.
Not financial product advice
This presentation is for information purposes only and is not financial or investment advice or a recommendation to acquire the
Company’s securities. Before making an investment decision, you should consider the appropriateness of the information
having regard to your own objectives, financial situation and needs and consult a financial adviser, solicitor, accountant or
other professional adviser, if necessary.
Past performance
Any past performance information given in this presentation should not be relied upon as (and is not) an indication of future
performance. No representations or warranties are made as to the accuracy or completeness of such information.
Non-GAAP financial information
This presentation includes non-GAAP financial information, includingEBITDA, which is a non-GAAP financial measure. A
reconciliation from GAAP NPBT to non-GAAP EBITDA can be found in the appendix to this presentation. Non-GAAP financial
information have not been separately audited but have been derived by management from My Food Bag’s audited financial
statements for the period ended 31 March 2023. EBITDA is a measure used extensively by the Board and management as an
indication of underlying profitability, however, as a non-GAAP measure it is provided for illustrative purposes only and caution
should be taken as other companies may calculate this measure differently.
Distribution of presentation
This presentation must not be distributed in any jurisdiction to the extent that its distribution in that jurisdiction is restricted or
prohibited by law or would constitute a breach by the Company of any law. The distribution of this presentation in other
jurisdictions outside New Zealand or Australia may be restricted by law, and persons into whose possession this presentation
comes should observe any such restrictions.
All currency amounts are in New Zealand dollars unless otherwise stated.
This presentation has been authorisedfor release by the Company’s Board.
My Food Bag Group Limited FY23 Result33
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MY FOOD BAG
Annual Report
2023
In this annual report references to the ‘Company’ are
references to My Food Bag Group Limited. References
to ‘My Food Bag’ or the ‘Group’ are to My Food Bag
Group Limited together with its subsidiary My Food Bag
Limited. All references to financial years (e.g. ‘FY22’
and ‘FY23’) are to the financial year ended 31 March.
References to $ and NZ$ are to New Zealand dollars.
The annual report includes certain non-GAAP financial
information, including EBITDA, Ingredients margin
and Contribution margin. These measures are used
extensively by the Board and management as indicators
of underlying profitability. Non-GAAP measures are
not defined in NZ IFRS and are not subject to audit.
Non-GAAP performance measures are not defined
consistently by all companies. Accordingly, these
performance measures may not be comparable with
similarly titled measure used by other companies.
Reconciliations of Non-GAAP financial information to
a comparable GAAP measure are shown on page 58.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
Letter from the Chair and CEO 2
Results at a Glance 8
Business Update 10
Driving our portfolio of brands 11
Growing choice and flexibility 14
Operational efficiencies 16
Environmental, Social and Governance 19
Culture and Capability 24
Board of Directors 26
Management Team 28
Financial Statements 31
Independent Auditor’s Report 54
Non-GAAP Financial Information 58
Corporate Governance Statement 59
Other Disclosures 71
Directory 79
Key Dates 79
This Annual Report is dated 18 May 2023
and is signed on behalf of the Board by:
Tony Carter
Chair
Jen Bunbury
Director and Chair of the
Audit and Risk Committee
CONTENTS
1
MY FOOD BAG GROUP LIMITED
ANNUAL REPORT 2023
Letter from the
Chair and CEO
As we marked My Food Bag’s
ten-year anniversary in March 2023, we
also navigated a challenging year for the
business primarily driven by the changing
economic environment. We have responded
to these challenges and are confident that
the business is in a strong position to perform
well going forward.
During the year we undertook a reset of our business
spanning our leadership, supply chain and brand
positioning, all focused on strengthening My Food
Bag to remain relevant and continue delivering into its
second decade.
Inflationary pressure on households and low consumer
confidence have resulted in more subdued demand over
the second half of the year.
This has been seen across all our brands except Bargain Box,
which saw the year end with active customers up 12% on the
prior year. As our most affordable meal kit, this strong result is
pleasing to see, and we expect this to continue into FY24.
We are focused on driving the full range of brands across our
portfolio as they each play an important part in our offering.
The importance of health and wellbeing has never been more
important. We offer families the ability to eat high quality,
2
MY FOOD BAG GROUP LIMITED
ANNUAL REPORT 2023
nutritious meals – together, at home –across a wide range of
taste preferences and price points, and continue to innovate
our offering for different meal occasions.
We have adapted, and will continue to adapt, our business
for the current climate, ensuring our ability to deliver and
perform now, as well as continuing to strengthen our position.
This includes proactively managing input cost pressures and
ensuring that overhead costs are at an appropriate level
for demand.
We are a profitable business with a strong brand and customer
offer. We are executing a disciplined plan to drive sustainable
active customer growth, focused on:
• Driving our portfolio of brands
• Growing choice and flexibility
• Operational efficiencies
We anticipate that the economic environment will get worse
before it gets better, but we are confident that our adaptability
and resilience holds us in good stead, and we will continue to
do what we do well.
Financial Performance
Across FY23 revenue was $175.7 million, down 9.4%
compared to the previous year, and deliveries were down
11.8% over the same time period. Lower active customers
and retention rates have driven this result.
We achieved an EBITDA of $18.2 million, compared to
$34.0 million in FY22. This 46.5% drop is primarily driven by
diseconomies of scale and the impact of the subdued demand
seen in FY23. Inflationary pressure felt throughout the supply
chain have been partially offset by price increases early in the
financial year. NPAT for the year was $7.9 million, compared
to $20.0 million in FY22.
Across FY23, the company delivered in excess of 15.7 million
meals and achieved an order value of $130.11, up $2.7% on
$126.63 in FY22. This has been achieved despite Bargain
Box, at our lowest price point, performing the strongest
across the portfolio.
Average order values were driven up by purchases through the
Kitchen and surcharge meals adding to basket size, in addition
to recovering some of the input cost inflation through price.
Ingredient margin was 48.4% for FY23, down slightly on the
49.3% seen in FY22. This is an extremely strong result given
food prices rose 12.1% in New Zealand during the year
ended 31 March 2023*, and it has been achieved without
compromising customer value.
Our stable ingredient margin in the current environment
demonstrates our ability to manage costs with methods
such as recipe optimisation. Ingredient substitution is also
an important tool in managing varying produce and other
food item availability and spend.
We have also managed supply chain challenges due to the
severe weather events in the fourth quarter, which meant we
needed to issue additional credits and write-offs due to bags
not being able to be delivered, and produce availability
was impacted.
CASH MANAGEMENT AND DIVIDENDS
Our cash position in FY23 has seen the impact of a strong
FY22 and the timing of FY22 final dividend and final tax
payments falling into the current year. We have also invested in
new pick technology across our sites, which is a key foundation
to enable successful execution of strategy.
The total cash dividend for FY23 is 3.0 cents per share,
representing a total payment of $7.3 million. This total dividend
is a pay-out of 92% of net profit after tax, slightly outside our
distribution target of 70-90%. This is driven by the changing
conditions across the second half resulting in actual results
being less than forecast earlier in the year.
The Board has taken the prudent approach not to pay a final
dividend for the FY23 year.
Net debt was $15.3 million at balance date and remains at a
prudent level. Despite this, we are focused on reducing net debt
over time through the generation of free cash flow and expect
to see this strengthen over FY24.
The Board expects to resume paying dividends in FY24.
* Stats NZ, Food price index: March 2023
3
LETTER FROM THE CHAIR AND CEO
PICK TECHNOLOGY
Just prior to the close of the financial year we rolled out
automated pick technology in our primary Auckland assembly
centre, and we completed installation in our Christchurch
assembly centre in early May. This pick technology includes
the utilisation of software to enable efficient picking at an
ingredient level rather than a recipe level, with automated
prompts to make picking very clear and simple.
This is a transformational investment in proven technology to
unlock growth. Pick technology enables a vast improvement
in customer choice, productivity, and quality.
Within the first week of installation, our accuracy of picking
ingredients for boxes improved. This technology has already
allowed us to increase recipe choice to 25 dinners a week
without increasing labour costs.
We expect this technology to underpin significant simplification
of our operating processes, unlocking productivity and cost
efficiencies in FY24 and beyond.
RIGHT-SIZING COSTS
During FY23 we incurred a number of one-off costs.
Some of these related to strategic initiatives, including
the pick technology, as well as in areas such as culture
revitalisation and ESG.
We reviewed and adjusted our costs across the business at the
end of FY23 to ensure these are aligned with current levels of
demand, and to set us up for FY24.
This included restructuring our non-operational team to
reduce the number of people by approximately 10%. This was
completed at the end of FY23.
Business update
With FY23 presenting challenging trading conditions, we’ve
leveraged our different brands to drive active customers across
our portfolio.
We offer the broadest range of meal kits in New Zealand.
During the first half of the financial year we worked to
differentiate these four brands further and strengthen each one.
By offering different brands with varying propositions and price
points we can appeal to a wider audience overall and meet a
bigger range of customer needs.
We know that price and value play a central role in consumer
consideration and are pleased that we have recently been
receiving the highest ‘Value For Money’ scores since May
2021 for My Food Bag and Fresh Start customers since
launching new pick technology in March 2023.
In addition to Bargain Box active customers increasing
year-on-year, deliveries across this brand were also up 1.6%
compared to FY22.
Bargain Box, our most accessible meal kit, is particularly
well placed to capitalise on the current economic environment.
Across the year we upweighted our investment in the brand and
spent the back end of FY23 setting Bargain Box up for further
growth in FY24.
This work aligns with the announcement in April 2023 of a
six-month price freeze for Bargain Box, giving significant
certainty to this customer base in a time of rising food cost.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
4
Other cost reduction initiatives implemented include delisting
from the ASX to reduce compliance costs and adjusting
our lending facilities to right-size them for our needs and to
reduce line fees. We will continue to review and reduce costs
where prudent, including assessment of our North Island
footprint, with a view on costs.
OUR PEOPLE
Across the year we made significant progress revitalising our
team culture and building capability where we need it.
In the middle of the financial year, we launched a
new measure of internal engagement eNPS (Employee
Net Promoter Score) and scored a two on a scale from
-100 to +100. By the end of the financial year, we lifted
this score to +15.
This improvement in team culture has come off the back of our
investment in developing and rolling out new company values
and incorporating them into every aspect of the business.
As the New Zealand labour market has tightened, we have
also dealt with upwards pressure on wages, which has
required us to review how we incentivise team members for
the long term to motivate them and increase loyalty.
We have rolled out two new training programmes, as well
as a long-term incentive plan, to serve the business’ strategic
growth initiatives.
SENIOR LEADERSHIP
The Board were delighted to announce Mark Winter’s
appointment into the role of Chief Executive Officer of
My Food Bag in November 2022 following the departure
of Kevin Bowler.
Having been with the business since 2019, Mark has
been integral to My Food Bag’s success and it has been
really pleasing to see succession from within the business.
Mark’s passion for the business, and strong leadership has
seen him transition seamlessly into this role.
We also saw Leanne Dekker join the Senior Leadership Team in
March 2023 as Chief Financial Officer. Leanne joins My Food
Bag with nearly 20 years’ experience in professional services
and listed company environments and complements the skill set
of management.
GOVERNANCE
In August 2022 we bid farewell to Chris Marshall as a Director
and we also welcomed Cecilia Robinson back to the Board.
Cecilia’s entrepreneurial background and drive for innovation,
as well as her extensive institutional knowledge, are a great fit
with the existing skillset across the Board.
Mark Powell also joined us in October 2022, bringing the total
number of Directors to six.
Mark has diverse experience across a number of industries
including retail, property, logistics, food, financial services,
agriculture and education.
We established a Marketing Committee of the Board during
FY23, utilising the expertise of Directors with Cecilia Robinson
chairing this committee. The committee’s purpose is to enhance
the effectiveness of marketing and innovation plans across My
Food Bag in order to drive sustainable, profitable sales and
market share growth.
5
LETTER FROM THE CHAIR AND CEO
A BETTER WAY TO SHOP AND EAT
Core to our ability to return to sustainable active customer
growth is our environmental, social and governance strategy.
Our materiality assessment in FY23 aligned our work streams.
Major milestones include launching our new Coola Box, a
cardboard solution that has displaced 15 tonnes of soft plastic
being sent to customers since August 2022.
We also started measuring our Scope 1, 2 and 3 greenhouse
gas (GHG) emissions, which will be audited in the first half
of FY24.
During the year we continued our commitment to building
stronger, healthier families and communities, via charitable
relationships with Garden to Table and a plethora of
other charities.
We also focused on building uncompromisingly high
food safety standards and a transparent supply chain.
During the year we were pleased to increase the seniority of
our key food safety roles, as well as to refresh our approved
supplier programme and to bring our supplier audit programme
in house to enable collaboration and build stronger supplier
relationships. We have made robust improvements to quality
control verification processes, ensuring optimal ingredient
quality throughout packing operations.
Outlook
As a profitable business with a strong brand and customer
offer, our intent in FY24 is to stabilise sales and execute a
disciplined plan to drive sustainable active customer growth.
Our investment in pick technology, initiatives to increase choice,
flexibility, customisation and value for customers, and our
focus on cost will drive performance over the coming financial
year. We also continue to progress strategic initiatives across
the organisation.
We would like to acknowledge the My Food Bag whānau
and our partners for their commitment and dedication
throughout FY23 as we have navigated the various
challenges which have arisen over the year.
We look forward to FY24 where we can demonstrate the
strength of the business – with a focus on leveraging our
strong understanding of Kiwis’ needs, our digital platform
and our nationwide supply chain to grow demand.
We thank shareholders for their commitment to the business.
Tony Carter Mark Winter
Chair CEO
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
6
GROWING AWARENESS
OF BARGAIN BOX
AFFORDABILITY
DELIVER FLEXIBILITY RE-INVIGORATE
FRESH START
EXPAND THE KITCHEN
Productivity to drive growth
Be relevant and drive active customers by delivering flexibility,
convenience, and great value
My Food Bag Strategy
7
LETTER FROM THE CHAIR AND CEO
REVENUE
TOTAL DIVIDEND
NPAT
Results
at a glance
TRIFRGM%
48.4%
ACTIVE CUSTOMERS
AOV
Total Recordable Incident Frequency Rate
(number of injuries multiplied by 2,000,000
divided by number of hours worked)
Fully imputed
EBITDA
$
7. 9 m
$
175 . 7m
YOY
9. 4%
5 7. 5 k
$
13 0 .11
2.7% YOY
FY23 Q4
2.3
3.0c
/
SHARE
$
18 . 2 m
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
MEALS DELIVERED SINCE LAUNCH
attachment of The Kitchen
customers received
a loyalty reward
YOY growth in Bargain
Box active customers
fresh protein & produce
sourced locally
20k
+
12%
98%
at a glance
Average recipe rating
15T
less plastic used due to the
launch of the Coola Box
4.08
12%
$44k raised
for Garden To Table
2023202220212020201920182017201620152014
1m
4m
10m
22m
34m
54m
69m
90m
106m
122m
12 2 m
RESULTS AT A GLANCE
Business
Update
Our strategy remains to expand our share
of New Zealand’s $41 billion retail food
sector via a pipeline of growth initiatives,
and we have a clear focus on this
throughout the buisness.
Aotearoa’s current economic environment and inflationary
pressures have presented challenges for My Food Bag during
the past financial year, and we anticipate that the environment
will get worse before it gets better.
However, we are confident that we have the flexibility to adapt
the business to ensure we can continue to deliver during this
period while progressing growth initiatives that will set us up
for the future.
We have a strong portfolio of brands, and we will continue to
leverage each of them to capitalise on their different offerings.
Growing the awareness of Bargain Box has been a particular
focus recently as our most affordable meal kit, while we have
promoted our increased flexibility on My Food Bag and weight
loss focus on Fresh Start.
We have looked at our cost base to ensure that it is appropriate
for current levels of demand and will continue to review this and
manage costs where appropriate. We also implemented new
pick technology late in FY23 and expect to see efficiencies as
a result of this in FY24 and beyond.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
10
We have a strong portfolio of brands which
we are able to leverage and ensure we have
a relevant offering for all Kiwis. We are
committed to providing quality and delicious
meal kit solutions, at a range of price
points and are focused on providing value
through our range with recipe variety and
convenience options to suit all budgets.
We offer the broadest range of meal kits in New Zealand
under our My Food Bag, Bargain Box, Fresh Start and
MADE brands.
Each of our four consumer brands has a different proposition
and price points allowing us to appeal to a wider audience
overall and meet more specific customer needs.
During the first half of the financial year we worked to
differentiate these brands further and strengthen each
one. We have further work to do here, and work to
increase consumer awareness continues.
Bargain Box is our most accessible meal kit and is
New Zealand’s most affordable, with simple recipes
that are a good introduction to the meal kit category.
15
%
FRESH START
30
%
BARGAIN BOX
3
%
MADE
52
%
MY FOOD BAG
TOTAL
DELIVERIES
FY23
In April 2023, we showed that five Bargain Box dinnertime
meals for a household of four is on average 4.44% cheaper
than Countdown and New World based on a like-for-like
basket, making it a very compelling offering for Kiwis and
helping to dispel the myth that meal kits are expensive.
The My Food Bag brand offers greater choice and inspiration
for all Kiwi households, with our largest range of recipes.
We focus on delivering great value with My Food Bag by
concentrating on ease, quality and variety with food.
Our specialist brand, Fresh Start, targets weight loss and
wellness with calorie-controlled meals accompanied by
weight loss challenges designed by our in-house nutritionist.
Our ready-made meal brand, MADE, can be purchased as
a weekly or fortnightly subscription, or included as meals
within our recipe ranges. This gives us access to another
market segment, looking for an easier and more convenient
alternative to cooking a recipe.
Driving our portfolio of brands
11
BUSINESS UPDATE
MY FOOD BAG TAKING KIWIS ON TASTE ADVENTURES
Synonymous with meal kits in New Zealand, My Food Bag
continues to own mealtimes for Kiwi families no matter their
taste preference.
During the year we had an ongoing cadence of campaigns
direct to our database of customers to take them on taste
adventures and highlight local brands and restaurants.
These campaigns are effective at both reactivating lapsed
customers and driving frequency from our loyal foodies and
have included collaborations with Kiwi brands like Proper
Crisps and Tiny (Garage Project’s non-alcoholic beer).
My Food Bag was the principal sponsor of the first season of
Nadia’s Farm on television station Three, and we took recipes
Nadia created on TV into our My Food Bag menus. We
reached more than 1.1 million people during the 8-week show.
Across the year we also added more convenience to the My
Food Bag range, with the launch of a new bag ‘Ready to
Cook’ in October featuring Superquick, ready-made, pre-
prepped and one pan meals – which are all available within
My Food Bag My Choice.
UPWEIGHTING INVESTMENT IN BARGAIN BOX
In FY23 we increased investment in the Bargain Box brand,
including revealing a fresh new brand look, and launching a
new advertising campaign during the second half focussed
on owning the proposition of ‘NZ’s most affordable meal kit –
more than you bargained for’.
The brand is particularly well positioned to continue to grow in
the current economic climate. Bargain Box finished FY23 with
12% more active customers, compared to the end of FY22.
Across the whole year, deliveries were up 1.6% year-on-year,
and customer acquisition was on an upwards trajectory across
the final quarter of the year.
With the full price per plate starting at $6.60, Bargain Box is
not only cheaper than meal kit competitors, but significantly
cheaper than takeaways and also priced below buying the
same quality ingredients from most supermarkets.
We have made the strategic decision to freeze the price
of Bargain Box over the first two quarters of FY24 to give
customers certainty in the current inflationary environment.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
12
FY24 FOCUS
During FY24, we will continue to invest in our full portfolio of
brands, and we are particularly focused on continuing to drive
the affordability message for Bargain Box through marketing
activity given its current strong performance and relevance.
Our commitment to freezing Bargain Box prices for six months
is just one of the ways we are building brand momentum and
awareness in the current economic climate.
Another focus over the coming year is our digital roadmap
of improvements and enhancements planned for the website
and app. These are all focused on making the digital
experience even better for customers and allowing us to better
communicate promotions and recipe features.
13
BUSINESS UPDATE
Growing choice and flexibility
Centred on ensuring all our customers
can build just the right menu for them, we’re
committed to our expanded recipe choice
and to enhancing flexibility with how meals
can be customised, as well as extending
into new categories.
ENABLING EXPANDED CHOICE THROUGH PICK
TECHNOLOGY AND INNOVATION
During FY23 we engaged an international vendor with
extensive experience implementing ingredient-level pick
technology in the global meal kit industry. This includes
the utilisation of software to enable efficient picking at an
ingredient level rather than a recipe level, with automated
prompts to make picking very clear and simple.
In the fourth quarter of the financial year we rolled out this
automated pick technology in our primary assembly centre in
Auckland, and we completed installation in our Christchurch
assembly centre in early May. This technology will underpin
operational efficiencies in FY24 and beyond.
The new pick technology allows us to significantly simplify our
operating processes, making the job of picking ingredients
easier. In Auckland, we have seen an immediate improvement
in the quality and accuracy of our bag picking.
After installing the new pick technology, we have been able to
increase recipe choice to 25 dinners a week for My Food Bag
customers in the North Island, up from 15, without increasing
labour cost and will shortly do this in the South Island also
following the recent implementation at our Christchurch site.
Our pick technology creates capacity to extend the range
depth and breadth within our Kitchen offering. It also enables
us to accurately identify each customer’s bag, allowing us to
personalise their experience and creating the opportunity to
offer customers further flexibility and grow our range to target
new food preferences and consumer trends.
In the long term, the technology enables us to introduce
more complex pricing architecture that delivers customer
value through customisation, including surcharges on more
premium and other meal-specific customisation.
In addition to increasing the recipe choices for My Food Bag,
we also expanded our Bargain Box range up from 11 to 15
recipes per week to broaden appeal and improve the value
proposition of the brand. We simplified our recipe instructions
without compromising on taste or nutrition, making the brand
even more accessible.
We have also built out specific offerings for different Bargain
Box customer segments. For example, we launched ‘Feed the
team’, which provides a recipe that serves double the amount
of people to add value and convenience. We have also added
balanced and low carb Bargain Box meals to increase the
health credentials of the range.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
14
KITCHEN EXPANSION
In mid- 2021, we launched The Kitchen, offering a curated
collection of food solutions in addition to our range of meal
kits. Nearly two years on and the Kitchen continues to play
an important role in moving beyond weeknight meals.
Kitchen orders contributed to average order values being
up 3% year-on-year across the portfolio.
Each week a constantly evolving range of 100+ locally
sourced products are offered to customers to add onto their
order. On average, weekly attachment rates were between
12% to 16% and average order value for the Kitchen was
between $20 to $28.
The Kitchen aligns with our weekly operational cycle for meal
kits, meaning customers have until 11:59pm on a Sunday night
to tell us what they want to order the following week from The
Kitchen. We then place orders with suppliers on Monday and
goods start arriving during the week. This means we only carry
stock that customers have already paid for.
This year we have sold more than 80 thousand breakfasts,
150 thousand lunches and 170 thousand desserts and treats
via the Kitchen range.
Premium staples and sides like organic milk, oat milk,
sourdough bread and garlic bread, as well as seasonal
specials over occasions like Easter and Christmas drive
the highest attachment rates.
DIGITAL PLATFORM DRIVING UPSELLS
Throughout FY23, our in-house digital team developed
several new features to improve customer experience,
flexibility and personalisation.
We increased the number of premium meals we offer each
week at a range of surcharge prices. On average we’re
achieving around 5% attachment each week for surcharge
and gourmet upsell meals, equating to more than a million
in revenue across the year.
FY24 FOCUS
Looking ahead, we have streams of work planned or underway
focusing on further flexibility, choice and improved customer
experience. This will help ensure we have an offering that suits
maximum different household and taste preferences and can
capitalise on emerging trends we see demand for.
We intend to expand customisation and recipe choice further
across My Food Bag and Bargain Box, by leveraging what
our new pick technology and our digital platform enables
while continuing to drive our Fresh Start offering with the
aim of taking a bigger slice of the weight loss and wellbeing
goal-driven market.
15
BUSINESS UPDATE
Operational efficiencies
With ten years of operating under our
belt we have a clear history and strong
operational foundation to build on.
In the second half of FY23 we made a number of changes to
ensure our costs are aligned with current levels of demand and
also put in place initiatives to create operational step changes
that transform our operating model, build culture and team
capability and advance our integrated ESG ambition.
ASSEMBLY FOOTPRINT
As part of our strategy to maintain robust supply chains and
source as locally to our customers as we can, we invested in a
new assembly centre for our South Island operations. In April,
we opened this purpose-built 4,405 m2 site in Christchurch,
complete with four pick lines and capacity for our growing
Kitchen offering.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
16
SUPPLY CHAIN MANAGEMENT
FY23 was a particularly complex year from a supply chain
perspective. We started the year navigating the hangover of
the Omicron Covid wave in early 2022. This had a marked
effect on our supply-side confidence and meant we had to
reduce our product offering, resulting in a slower start to
FY23 than anticipated.
Across the year we have navigated rising costs (fuel,
ingredients, labour) and we ended the year navigating
severe weather events.
Both the Auckland Floods and Cyclone Gabrielle created
logistical issues that our team, in partnership with NZ Post,
worked hard to resolve for customers. Where we were unable
to deliver boxes to customers, we worked with a range of
charities to ensure the food was gifted to those in need.
The cyclone also impacted availability and costs for some fresh
produce items, long after the storm and required us to write off
bags that couldn’t be delivered due to storm disruptions.
Despite this, our local chefs enabled us to minimise customer
impact as much as possible by making recipe changes that
made sense for customers. Throughout these challenges, we
continued to operate our weekly business cycle. Orders for
the following week’s delivery are ‘locked’ on a Sunday night,
ingredients arrive to our assembly centres on Tuesday through
Friday, and items are ‘picked and packed’ on Thursday and
Friday prior to being delivered to customers.
RIGHT-SIZING COSTS
We reviewed and adjusted cost across the business at the
end of FY23 to match current levels of demand and to set us
up for FY24.
In March 2023 we restructured our non-operational teams to
ensure we have the right team mix in FY24, while also removing
some personnel costs. As a result, we reduced the number of
people across the non-operational team by approximately
10% and made the decision not to make a grant of the ESOS
scheme to eligible staff in FY24.
Our investment in pick technology will allow us to increase
efficiency at our assembly centres. We expect to be able to
pick more efficiently, for overall quality to increase, and for the
value of customer credits that we factor in every week due to
picking errors to reduce.
Other cost reduction initiatives such as delisting from the ASX
to reduce compliance costs and adjusting our lending facilities
to reduce line fees have been implemented and we will
continue to review and amend our cost base as appropriate.
17
BUSINESS UPDATE
CASH MANAGEMENT
Our free cash flow was impacted in FY23 by the timing of
dividend and tax payments related to a strong FY22 year
falling into the current year, as well as our strategic investment
in pick technology which sets us up with a strong foundation
for efficiency and growth. Given this, the Board has taken
the prudent approach not to pay a final dividend for the
F Y23 year.
We expect to see free cash flow strengthen over FY24 with
these impacts not recurring and a continued focus on capital
management, and it is anticipated that payment of dividends
will resume for the coming year.
MONDAY
• The billing run is
made and customer
money received
• My Food Bag’s
procurement team
reviews and places
orders with suppliers
TUESDAY & WEDNESDAY
• Ingredients begin to arrive at our assembly
centres in Auckland and Christchurch, with the
majority arriving on site on Wednesday and
Thursday. Other ingredients are delivered
as late as Friday to ensure freshness
• Ingredients are sourced from more than
200 suppliers
THURSDAY
• Picking and
packing
commences
mid-morning
SATURDAY
• Picking and
packing concludes
• Boxes are transported
to distribution depots
around the country
• Delivery is made to
customers electing
Saturday delivery
• Bargain Box and
MADE deliveries
begin (via the NZ Post
overnight network)
FRIDAY
• Staging commences
to get boxes ready
for pickup from
the Auckland
and Christchurch
assembly centres
SUNDAY
• Boxes are delivered
to customers via
NZ Post’s exclusive
Sunday network
(with some deliveries
on Monday via
NZ Post’s overnight
network)
• Customers are sent
a text to inform them
of delivery details
13
4
765
2
SUNDAY EVENING
• Subscribers have
until 11:59pm to
adjust their orders
for the following
week’s delivery
• Orders can be
changed through
both the website
and mobile app
Weekly Operations Cycle
FY24 FOCUS
The focus for FY24 is realising the benefits from the changes
we have made in the last six months and continuing to identify
and implement further productivity gains.
While there is still work to do, we have made good progress
and expect to see the benefit of initiatives and investments
recently made, and we look forward to FY24 in an upbeat
frame of mind.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
18
BETTER PACKAGING
Improve the sustainability of our
packaging with a focus on reduction,
recyclable or compostable material
and supporting our customers
to thoughtfully dispose of their
packaging waste.
Key focus areas
• Internal packaging
(boxes, insulation, ice)
• On-site waste
BETTER FOR THE ENVIRONMENT
Continue to develop greener practices
through monitoring and ongoing
initiatives to understand, minimise and
mitigate our impact on the environment
to ensure our meal kits are the most
climate-friendly way to shop and eat.
Key focus areas
• Food miles
• Freight
• Energy usage
• Water usage
• Food waste
• Climate-friendly
cooking
BETTER FOR OUR
PEOPLE & COMMUNITY
To support our people and
the wider community to eat
better and live better.
Key focus areas
• Charitable partnerships
• Employee benefits and initiatives
• Health & safety
BETTER, SAFER FOOD
To ensure we maintain uncompromisingly
high health and safety standards for our
people and product and a transparent
supply chain.
Key focus areas
• Local sourcing
• Approved supplier programme
• Food safety
• Allergens & labelling
Icons indicate which of the United Nations Sustainable Development Goals (UNSDGs) our ESG Pillars are aligned with.
CREATING A BETTER WAY TO SHOP AND EAT
Our Environmental Social and Governance
Strategy brings to life our vision of creating
a better way for people to shop and eat.
To be successful in the long run, we look beyond just delivering
great customer service and products, into how we serve the
environment, our people and the communities we can impact.
In FY23 we conducted a Materiality Assessment with internal
stakeholders and customers. This study aligned with our
workstreams and has helped us prioritise future initiatives.
We view our responsibility through four broad
sustainability workstreams.
Environmental, Social and Governance
19
BUSINESS UPDATE
Better packaging
We are committed to using the minimum
amount of the most sustainable packaging
we can, to keep food safe and fresh
for our customers. We’re focused on
reducing packaging where possible,
and ensuring all packaging we need
to use is easily recyclable.
This includes:
• Approximately 80% of our ingredients by value
now being delivered to our factories in reusable crates.
• Our cardboard boxes being made from forest stewardship
council (FSC) certified 47% recycled cardboard and all
our paper printing coming from FSC-certified pulp.
• The trays we use for our MADE meals containing
80% recycled plastic.
• Being the first NZ meal kit provider to switch to
100% water in our ice packs, instead of the gel
still found in many chiller packs.
SPOTLIGHT ON:
Coola Box
In FY23 we replaced our plastic-lined
wool insulation system with a new fully
recyclable, cardboard solution. Working
together with our packaging partners and
following extensive testing, we developed
the Coola Box.
Made with 70% recycled cardboard
and Forest Stewardship Council (FSC)
pulp, it’s a big step forward in our plastic
reduction journey. Since launching in
August 2022, our Coola Box has already
prevented 15 tonnes of soft plastic being
sent to customers.
20
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
Better for the environment
We aspire for our meal kits to be the
most climate-friendly way to shop and
eat. Through innovative ideas and
strong partnerships, we are working to
comprehensively monitor and reduce
our greenhouse gas emissions and
operational waste.
Some examples of this:
• Research shows meal kits are as much as 33% more
greenhouse-gas efficient than supermarket-bought
meals because of reduced wastage in our supply chain*.
• 98% of our fresh meat and produce is locally sourced close
to our North Island and South Island factories, greatly
reducing transport emissions.
• Our just-in-time ordering model means that we purchase
just what we need. This means that our operations have all
but eliminated the food waste which has become normalised
in conventional grocery retailing, and we are a near-zero
food waste company.
• Working with NZ Post, our delivery partner, we optimise
delivery routes to minimise emissions for our depot-to
door deliveries.
SPOTLIGHT ON:
Carbon footprint action plan
Our sustainability action is driven by
our internal team. However, in FY23
we commissioned external consultants
to help develop our Carbon Action Plan
to ensure we make the right decisions
and changes for our business.
During FY23 we started measuring our
Scope 1, 2 and 3 greenhouse gas (GHG)
emissions, which will be audited in the first
half of FY24. From there we then conduct
a gap analysis between Aotearoa
New Zealand Climate Standards,
and My Food Bag’s current position.
In tandem with this work, we are still
progressing carbon-reducing initiatives
and in FY23 we purchased our first
e-vehicle for Auckland deliveries.
* Source: Scientific Journal Resources, Conservation and Recycling (USA, 2019)
21
BUSINESS UPDATE
SPOTLIGHT ON:
Health and safety
My Food Bag’s motto “Work Safe,
Home Safe” is frequently referenced
as a reminder for our team to take all
steps to work safely, so that they can
go home to their families safely.
In FY23 we launched numerous new
health and safety initiatives and
improvements. This included new
induction videos, the implementation
of a new Health and Safety Reporting
System (Engage) which in turn has
improved our reporting rates and
the launch of a manual handling
programme called “First Move”.
Across the year, our Total Recordable
Injury Frequency Rate (TRIFR)
increased from 1.62 in 2022 to 2.3
in 2023. TRIFR is a metric based on
the number of injuries multiplied by
2,000,000 divided by hours worked.
This increase in TRIFR is the result of
teams being more engaged in health
and safety, and our increased focus
on reporting – both of which we see
as a positive.
Better for our people and community
We passionately believe that cooking and
eating together can help build stronger,
healthier families and communities.
Some of the ways we do this:
• Any unused food bags and food left over from recipe
tests are given to families in need through our support
of charitable organisations including Kiwi Harvest and
City Missions across the country.
• We have a partnership with the Heart Foundation
aimed at making it easier for Kiwis to choose to eat
for a healthier heart.
• For the fourth year in a row, we raised funds for Garden
to Table, a charitable trust empowering kids to grow,
harvest, prepare, and share great food. We proudly
raised $44,000 during FY23 for the charity.
• Across the year we donated bags and vouchers to many
charitable fundraising initiatives including for Raukatauri
Music Therapy Centre, World Asthma Day, Waikato
Women’s Refuge, Well Foundation and Northern
Regions Intensive Care Units.
SPOTLIGHT ON:
Love local
Supporting the communities impacted by the Auckland Floods and
Cyclone Gabrielle was of utmost importance to the My Food Bag team.
Following these events the logistics team worked hard to donate hundreds of food boxes
to local charities, including Kindness Collective and BBM Foodbank. Following Cyclone
Gabrielle, we sold Support Local Veggie Boxes and donated all proceeds from the
boxes to the Red Cross Disaster Relief fund.
22
MY FOOD BAG GROUP LIMITED
ANNUAL REPORT 2023
Better, safer food
We strive to build uncompromisingly high
food safety standards and a transparent
supply chain, through our local sourcing,
Approved Supplier Programme and our
cold chain management.
Investing in better, safer food:
• All of our suppliers run extensive Food Control Plans
or National Programmes aligned to the Food Regulations
Act 2015, and we operate under a National Level 3 Food
Safety Programme, compliant with the Food Act 2014.
• Since day one, we’ve only delivered free range eggs,
chicken and beef, free farmed pork and sustainably caught
fish. But we don’t stop there. We continually look for ways
we can improve our ethical and sustainability practices, and
in FY23 we aligned with the Better Chicken Commitment.
• In FY23 we refreshed our Approved Supplier Programme
to strengthened the requirements of My Food Bag branded
products, in particular encouraging a risk-based approach
to food safety and quality management.
• We made a significant change to our supplier audit
programme during the year, bringing it in house,
to collaborate more closely with our suppliers in
quality improvements.
SPOTLIGHT ON:
Local suppliers
We love creating seasonally inspired
recipes using locally sourced ingredients.
And as foodies, we’re passionate about
provenance and the incredible suppliers
we work with.
We work with more than more than 250
suppliers, growers, and farmers across
Aotearoa, including:
• Royalburn Station: Run by My
Food Bag co-founders Nadia Lim
and Carlos Bagrie, the station is a
leader in regenerative, diverse and
ethical farming supplying meat to
My Food Bag Kitchen.
• Mt Cook Alpine Salmon: Raised in
the swift, cold current flowing from the
alpine ridges, Mt Cook Alpine Salmon
is sustainably farmed and delicious.
• Meadow Mushrooms: Operating
for more than 50 years, this
family-owned farm handpicks
and harvests mushrooms 364 days
a year in Canterbury.
ROYALBURN STATION WILD VENISON SLIDER KIT
MEADOW MIUSHROOMS
23
BUSINESS UPDATE
Culture and Capability
Across FY23 we focused on revitalising team
culture and building capability, both of which
are fundamental to delivering our strategic
growth initiatives.
VALUES DRIVING CULTURE REVITALISATION
During the first half of the year, we created and launched
a new set of values to drive culture and collaboration
across our teams. We engaged our entire business with
the support of our Culture Chefs (functional representatives
who are communication champions) to develop and roll out
these values.
We have been purposeful and deliberate to embed these
values into all our company activity, including our recruitment
processes, development and performance frameworks and
our recognition programme.
Off the back of all this work our eNPS, which is our new
internal engagement measure, has increased significantly
since it was first measured at the end of Q2. We initially
scored two and increased this to 15 by the end of the
year. During the second half of the year staff turnover
has also reduced.
We were very proud to have all this work recognised
by winning the HRNZ Organisational Change and
Development Award in March 2023.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
24
INVESTING IN LEARNING AND DEVELOPMENT
During the year we defined what leadership competencies
are important to achieving our strategy and developed our
own leadership programme to teach these skills across the
team. Starting with direct reports to the Senior Leadership
Team, 35 people have been through this training.
For our Operations team in Auckland, we partnered with
Aspire2 to leverage government funding to build literacy
and numeracy skills in our distribution centres. This sets our
team up for success with our Pick to Light transformation.
We are halfway through the first round of training and
receiving strong feedback about the content.
INCENTIVISING PERFORMANCE
We are focused on attracting the best talent and paying
for performance, both in terms of salaries and incentives
for certain roles.
Like most businesses we have experienced an upwards
pressure in wages during FY23, as the talent
market tightened.
To help combat this and encourage performance, we
launched a new long-term incentive scheme for senior
employees. We made the decision to engage a broad
number of senior people in this scheme to ensure we are
keeping key team members focused on longer-term business
performance. The scheme also supports retention ensuring
we keep IP within the business, helping to drive performance.
We also developed a skills matrix for Operations and
Customer Love teams to incentivise and motivate them
to engage in training. We have laid out a clear pathway
for people to earn more, when they can perform more
for the business.
ADVANCING INCLUSION AND DIVERSITY
Across our business, we strive for a 40/40/20 gender balance
across team members, meaning 40% women, 40% men and
20% open.
We are also pleased to join the growing number of companies
committed to publicly reporting their gender pay gaps on the
Mind the Gap registry.
As at March 2023 our average pay gap was 14.93% and
our median pay gap is 12.77%. All permanent My Food
Bag employees – part-time and full-time– are included in
the calculation and the salaries of those who are not full-time
employees are converted to a full-time equivalent.
We’re also proud to have added the full details of our parental
leave policy to The New Zealand Parental Leave Register
through Crayon. This is the first register globally to have this
level of verified parental leave information and our decision to
join reflects our commitment to transparency.
To advance diversity and inclusion across My Food Bag
in FY24 we intend to:
• Continue focusing on pay equity through our annual
remuneration review and recruitment processes.
• Measure and publicly report our gender pay gap annually.
• Create a diversity and inclusion team to enable targeted
activity to increase belonging and equity.
• Incorporate diversity into our Leadership programmes.
• Continue to offer flexible working arrangements as well
as a parental leave policy that supports new parents.
25
BUSINESS UPDATE
Sarah Hindle
Independent Non-Executive Director
Sarah was appointed as a director
of My Food Bag in January 2021.
She has a broad range of experience in
management and governance across the
technology and consumer sectors. Sarah
was most recently the founding general
manager of Tech Futures Lab, where
she helped grow New Zealand’s most
innovative, tech-led learning institute.
Previously, Sarah was Global Head of
Business Delivery for Direct Wines and
Manager of Customer Experience and
Digital for KPMG Boxwood in the United
Kingdom. She began her career as a
solicitor for Minter Ellison Rudd Watts
in New Zealand.
She is also passionate about agri-tech
and the application of ‘tech for good’
and has held governance roles as
Chair of the Executive Council of
AgriTech New Zealand and as a
director and deputy chair for NZTech.
Sarah holds a Bachelor of Arts and
Bachelor of Laws from Victoria University
of Wellington, along with an MBA
from BI Norwegian Business School
of Management. She is enrolled as a
barrister and solicitor of the High Court
in New Zealand.
Tony Carter
Independent Chair
Tony joined the My Food Bag board
in January 2021 and was appointed
Chair at that time.
He has a broad range of experience
in governance across the consumer,
industrial services, infrastructure and
energy sectors. Tony moved into
governance following a successful
executive career, where he served as
Chief Executive and Managing Director
at Foodstuffs – New Zealand’s largest
retail organisation – for 10 years.
Tony is currently Chairman of Datacom
and TR Group and sits on the respective
boards of Vector, The Interiors Group
and The Skin Institute. He was formerly
Chair of Air New Zealand for six years,
Chair of Fisher & Paykel Healthcare for
eight years, a director of Fletcher Building
for nine years and a director of ANZ
Bank New Zealand for 10 years. He was
Chairman of the New Zealand Institute
when it merged with the New Zealand
Business Roundtable to form the New
Zealand Initiative in 2012, of which he
served as inaugural Chairman until 2013.
Tony graduated from the University
of Canterbury with a Bachelor of
Engineering with honours, before
completing a Master’s of Philosophy
at Loughborough University of
Technology in the United Kingdom.
In 2020 he was made a Companion
of the New Zealand Order of Merit
for services to business governance.
Jennifer (Jen) Bunbury
Independent Non-Executive Director
Jen was appointed as a director
of My Food Bag in January 2021
and acts as Chair of the Audit and
Risk Committee.
She has an extensive background
in financial services, including NZX
listings, acquisitions, mergers and
strategic advisory. Jen was a director
in the Investment Banking team at Craigs
Investment Partners for nine years, with
experience in the horticulture, logistics
and energy sectors. Her earlier career
included investor relations roles at BHP
and Publicis in Europe, following four
years in the Investment Banking
team at ABN Amro in New Zealand.
Jen is currently on the board of Oyster
Property Group. She is a member
of the NZ Institute of Directors and
participated in the Future Directors
programme with the board of
agribusiness Scales Corporation.
Jen completed a Bachelor of Commerce
majoring in finance, graduating with
first-class honours from the University
of Canterbury.
BOARD OF DIRECTORS
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
26
Mark Powell
Independent Non-Executive Director
Mark joined the My Food Bag board
in November 2022.
Mark has extensive and diverse
experience having worked in a number
of different industries in New Zealand
and overseas as part of his executive
and governance career, including
retail, property, logistics, food services,
financial services, agriculture and
education. Mark moved into governance
following a successful executive career,
where he established and led Wal-Mart
Canada’s logistics operations, served
as the Logistics Operations Director for
Tesco Plc, and spent 13 years at the
Warehouse Group, ultimately as Group
CEO – for five years.
Mark is currently a director of ASX
listed JB Hi-Fi and Bapcor, NZX listed
Kiwi Property Group and one of
Australia’s largest private companies,
7-Eleven Australia.
Mark graduated from the University of
Wales, UK with a Bachelor of Mining
Engineering with honours, before
completing a Masters in Logistics at
Cranfield and later a MBA at Cardiff
Business School, UK. He has also
completed a number of executive
courses including the ESG Sustainability
Programme at London Business School.
He is a Chartered Member of the
New Zealand Institute of Directors,
a Graduate Member of the Australian
Institute of Company Directors and
a Fellow of the Chartered Institute
of Transport and Logistics.
Jon Macdonald
Independent Non-Executive Director
Jon joined the My Food Bag board
in January 2021 and acts as the
Chair of the Nomination and
Remuneration Committee.
He has deep experience in technology,
the internet and consumer behaviour.
Jon held senior roles at Trade Me for
more than 15 years, including 11 years
as Chief Executive Officer, and has
since held a position as a director
(through Trade Me’s parent company,
Titan Parent NZ Ltd). He is also on the
boards of Contact Energy, Mitre 10
and Sharesies.
Earlier in his career, Jon worked in
the United Kingdom for HSBC, and in
Australia and New Zealand for Deloitte.
He has a Bachelor of Engineering (Hons)
from the University of Canterbury, and is
a Chartered Member of the NZ Institute
of Directors.
Cecilia Robinson
Non-Executive Director
Cecilia was appointed as a director of
My Food Bag in August 2022 and acts
as Chair of the Marketing Committee.
Cecilia has extensive knowledge of the
business as she co-founded My Food
Bag in 2012, was co-CEO until 2018
and served as a director of the company
prior to its listing on the NZX Main
Board in 2021.
Cecilia is one of New Zealand’s leading
entrepreneurs and has an extensive
background in business management.
She was the Supreme Winner 2017
Women of Influence Awards, Next
Magazine Businesswoman of the year
2014, EY Young Entrepreneur of the
year 2013 and HER Businesswomen of
the year 2012. She was also a founding
trustee of the Prince’s Trust Aotearoa
New Zealand.
Passionate about helping women in
business and solving the everyday
problems of working mums and dads,
Cecilia is also the founder and co-CEO
of Tend Health, a board member of Pie
Funds and a member of the NZ Institute
of Directors.
27
BOARD OF DIRECTORS
MANAGEMENT TEAM
My Food Bag’s Senior Leadership Team bring a depth and
breadth of experience across multiple industries including
FMCG, services, and e-commerce.
With a balanced representation of men and women, the team
work collaboratively together to effectively lead the business
strategy and culture.
Leanne Dekker
Chief Financial Officer
Leanne leads the finance
function and has primary
responsibility for planning,
implementing, and controlling
all finance related activities.
She achieves this with a
collaborative team focused on
strong business partnerships.
Past experience:
• Group Financial
Controller, Kiwi Property
(2020 – 2023)
• Deputy CFO and
Company Secretary,
Summerset Group
(2011 – 2020)
Paul Kelly
Chief Supply Chain Officer
Paul oversees a broad team,
and is responsible for both
our operations and logistics
teams. This includes the
management of our assembly
operations in both the North
and South Islands, as well
as the nationwide logistics
teams. Paul also leads
the compliance functions
covering both health and
safety and food safety.
Past experience:
• General Manager –
Dairy Process Excellence,
Fonterra (2021 – 2022)
• Director Technical
Excellence (Acting),
Fonterra (2019 – 2021)
• General Manager –
Value Chain Centres
of Excellence, Fonterra
(2016 – 2019)
• Director Operations,
Fonterra Brands
(2012 – 2014)
Polly Brodie
Head of Development Kitchen
Polly leads a passionate
team who are responsible
for both recipe development
and food photography.
The culinary team design the
menus and recipes as well as
sourcing and developing new
ingredients. The team ensure
that not only is the product
delicious, but ingredient
margin is maintained while
upholding My Food Bag’s
high food quality and
nutrition standards.
Past experience:
• Development Kitchen
and Nutrition Manager,
My Food Bag
(2015 – 2018)
• Recipe Development
and Test Kitchen Chef,
My Food Bag
(2014 – 2015)
• Sous Chef, Motor
Yacht SIRONA III
(2012 – 2014)
Mark Winter
Chief Executive Officer
Mark drives the team to do
the basics brilliantly every
week while also developing
and implementing the long-
term vision and goals. He is
responsible for all day-to-day
management decisions.
Past experience:
• Chief Financial
Officer, My Food Bag
(2019 – 2022)
• Group Financial
Controller, Fonterra
Brands NZ (2016 – 2019)
• Commercial Manager
Operations & Supply
Chain, Fonterra Brands
NZ (2015 – 2016)
• GM Commercial
Operations, Fonterra
LATAM (2014 – 2015)
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
28
Craig Jordan
Chief Digital Officer
Craig manages all digital,
technology and data
functions, leading a capable
data-driven team responsible
for maintaining and
enhancing My Food Bag’s
proprietary e-commerce
platform, along with
providing actionable
data insights. Craig also
leads the growth marketing
team to drive customer
acquisition and retention
through digital channels.
Past experience:
• Chief Digital Officer,
The Warehouse Group
(2014 – 2017 )
• Various executive and
senior leadership roles,
Trade Me (2007 – 2014)
Cassie Ormand
Head of People & Culture
Cassie drives performance
and culture within the
business by ensuring sound
frameworks and processes
are in place to attract and
retain great people and
enable them to achieve.
She leads a team that
offers commercially focused
advice in partnership
with the business to
drive culture, capability
and communication.
Past experience:
• Head of People & Culture
Plan B (2019 – 2021)
• Senior HR Business
Partner, Goodman Fielder
(2018 – 2019)
• Head of HR AMEA,
Rexam Beverage Can
(2014 – 2017 )
Trish Whitwell
Head of Innovation
Trish drives business growth
through the creation of new
products and the evolution
of existing ones. She runs
a collaborative innovation
process that allows
My Food Bag to respond
quickly to market changes.
Trish also leads the brand
marketing team to create
and implement campaigns
that strengthen and grow
awareness of My Food
Bags’ portfolio of brands.
Past experience:
• Head of Marketing,
My Food Bag
(2016 – 2017 )
• Marketing Manager,
Meadow Fresh, Goodman
Fielder (2015 – 2016)
• Marketing Manager,
Digital Channels, TVNZ
(2011 – 2013)
29
MANAGEMENT TEAM
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
30
31
FINANCIAL STATEMENTS
Statement of
Financial Position
32
Statement of
Comprehensive Income
33
Statement of
Changes in Equity
34
Statement of
Cash Flows
35
Notes to the
Financial Statements
36
Independent
Auditor’s Report
54
Financial Statements
FOR THE YEAR ENDED 31 MARCH 2023
FINANCIAL STATEMENTS
31
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
32
Statement of Financial Position
AS AT 31 MARCH 2023
NZ$000Note20232022
ASSETS
Current
Cash and cash equivalents15 05 , 913
Trade and other receivables
5
670570
Inventories
6
2,1602,608
Prepayments1, 6281,799
Total current assets4,60810,890
Non-current
Property, plant and equipment
9
7, 9 4 63,372
Intangible assets
10
85,26384,889
Right-of-use assets
11
10,5496,269
Other receivables18 5248
Total non-current assets103,94394,778
Total assets108,551105,668
LIABILITIES
Current
Bank overdraft
13
3,995-
Trade and other payables
7
12,73713,000
Deferred revenue3 ,19 94,004
Lease liabilities2,5352,022
Other current liabilities
8
1, 2961,089
Tax liability1,4004,850
Total current liabilities25,16224,965
Non-current
Lease liabilities9,3445, 576
Borrowings
13
11 , 4 2 03 , 4 11
Deferred tax liability
15
4,3174,556
Provisions330250
Total non-current liabilities25,41113,793
Total liabilities50,57338,758
Net assets5 7, 9 7 866,910
EQUITY
Share capital
12
59,33659,336
Retained earnings(1,624)7, 5 74
Share-based payment reserve266-
Total equity5 7, 9 7 866,910
For and on behalf of the Board of Directors who authorised the issue of the financial statements on 18 May 2023.
Tony Carter
Chair
18 May 2023
Jen Bunbury
Director and Chair of the
Audit and Risk Committee
18 May 2023
33
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
33
NZ$000Note20232022
Income
1
175,694193,954
Cost of sales(134,319)(141,282)
Gross profit41, 37552,672
Marketing expenses(5,640)(4,804)
Financing expenses(1,493)(1,079)
Indirect expenses(23,284)(19,130)
Other income
1
4514 8
Net profit before tax
3
11,00327,807
Income tax expense
15
(3,153)(7,800)
Net profit after tax7,85020,007
Total comprehensive income7,85020,007
Earnings per share
NZ$NZ$
Basic and diluted earnings per share
4
0.030.08
Statement of Comprehensive Income
FOR THE YEAR ENDED 31 MARCH 2023
FINANCIAL STATEMENTS
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
34
Note
Share
capital
Retained
earnings
Share-based
payment
reserve
Total
equity NZ$000
At 1 April 202259,3367, 5 74-66,910
Net profit for the year-7,850-7,850
Total comprehensive income for the year-7,850-7,850
Dividend
12
-(17,048)-(17,048)
Share-based payments--266266
At 31 March 202359,336(1,624)2665 7, 9 7 8
At 1 April 202159,336(5,138)-5 4 ,19 8
Net profit for the year-20,007-20,007
Total comprehensive income for the year-20,007-20,007
Dividend
12
-(7,295)-(7,295)
At 31 March 202259,3367, 5 74-66,910
Statement of Changes in Equity
FOR THE YEAR ENDED 31 MARCH 2023
35
FINANCIAL STATEMENTS
Statement of Cash Flows
FOR THE YEAR ENDED 31 MARCH 2023
NZ$000Note20232022
OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers174,755194,958
Tax refund277-
Proceeds from insurance-59
Interest received7540
Cash was applied to:
Payments to suppliers(156,874)(160,667)
Interest paid(1,447)(1,211)
Tax paid(7,028)(3,645)
Net cash flows from operating activities9,75829,534
INVESTING ACTIVITIES
Cash was provided from:
Proceeds from the sale of property, plant and equipment1111
Cash was applied to:
Purchase of property, plant and equipment(5,178)(896)
Payments for development of software(2,569)(1,983)
Net cash flows from investing activities(7,736)(2,868)
FINANCING ACTIVITIES
Cash was provided from:
Proceeds from borrowings
13
19,2508,000
Cash was applied to:
Principal payments on leases(2,603)(2,557)
Dividends paid( 17,13 9 )(7,295)
Repayment of borrowings
13
(11,250)(20,500)
Credit facility extension fee(38)-
Net cash flows from financing activities(11,780)(22,352)
Net (decrease) / increase in cash flows(9,758)4,314
Cash and cash equivalents at the beginning of the year5 , 9131,599
Net (bank overdraft) / cash and cash equivalents at the end of the year(3,845)5 , 913
Represented by:
Cash and cash equivalents15 05 , 913
Bank overdraft(3,995)-
Net (bank overdraft) / cash and cash equivalents at the end of the year(3,845)5 , 913
General Information 37
Financial Performance 38
1. Income 38
2. Segment Reporting 38
3. Expenses 39
4. Earnings per Share (EPS) 39
Working Capital 40
5. Trade and Other Receivables 40
6. Inventories 40
7. Trade and Other Payables 41
8. Other Current Liabilities 41
Long-term Assets 42
9. Property, Plant and Equipment 42
10. Intangible Assets 43
11. Leases 45
Funding and Equity 46
12. Share Capital and Dividend 46
13. Borrowings 47
14. Financial Risk Management 48
Other Notes 49
15. Taxation 49
16. Share-based Payments 50
17. Related Party Transactions 52
18. Operating Cash Flow Reconciliation 53
19. Contingent Liabilities 53
20. Capital Commitments 53
Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2023
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
36
37
FINANCIAL STATEMENTS
Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2023
General Information
Reporting Entity
My Food Bag Group Limited is a profit-oriented company incorporated and domiciled in New Zealand. My Food Bag Group
Limited is registered under the Companies Act 1993 and is a FMC reporting entity under the Financial Markets Conduct Act 2013.
My Food Bag Group Limited is listed on the NZX Main Board and as a Foreign Exempt Listing on the Australian Securities
Exchange (ASX).
The consolidated financial statements (the financial statements) presented are for My Food Bag Group Limited and its wholly
owned subsidiary My Food Bag Limited (together referred to as “the Group”).
Basis of Preparation
STATEMENT OF COMPLIANCE
These financial statements comply with International Financial Reporting Standards (IFRS) and New Zealand equivalents to
International Financial Reporting Standards (NZ IFRS). These financial statements have been prepared in accordance with Generally
Accepted Accounting Practice applicable to for-profit entities and the requirements of the Financial Markets Conduct Act 2013.
BASIS OF MEASUREMENT
These financial statements have been prepared on the historical cost basis except for derivative financial instruments which are
measured at fair value.
FUNCTIONAL AND PRESENTATION CURRENCY
These financial statements are presented in New Zealand dollars (NZ$), which is the Group’s functional currency, and rounded to
the nearest thousand dollars (NZ$000) unless otherwise stated.
GOING CONCERN
These financial statements have been prepared on the basis the Group is a going concern.
Significant Estimates and Judgements
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the
reported amounts of income, expenses, assets and liabilities, and the accompanying disclosures. Actual outcomes may differ from
these estimates.
Information about significant estimation uncertainty and judgments in applying accounting policies that have the most significant
effect on the amounts recognised are set out below:
• Recoverable amount assessment (Note 10 Intangible Assets).
An impairment test is performed annually to assess the recoverable amount of goodwill. The recoverable amount is based on a
value-in-use calculation that requires the use of estimates.
Significant Accounting Policies
The significant accounting policies which are relevant to an understanding of these financial statements are included throughout the
notes to the financial statements.
Standards Issued but Not Yet Effective
There are no new or amended standards that are issued, but not yet effective, that are expected to have a material impact
to the Group.
Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
38
Financial Performance
1. Income
Revenue from the sale of goods is recognised when control of the goods transfers to the customer. This is typically when the
goods are delivered to the customer.
The amount of revenue recognised reflects the consideration that the Group expects to be entitled for providing the goods to
the customer.
Revenue is measured as the sales price (net of discounts), adjusted for customer credits. Customer credits are recognised as
deductions from revenue at the time that the related sales are recognised.
Payment for the goods is typically received a week in advance of delivery. The payment received in advance of delivery is
recognised in the Statement of Financial Position as a liability (deferred revenue) until the goods are delivered to the customer.
NZ$00020232022
Contracts with customers175,694193,954
Total income175,694193,954
Interest income7540
Proceeds from insurance-59
Other income1558
Loss on disposal of property, plant and equipment(45)(9)
Total other income4514 8
2. Segment Reporting
Operating segments are determined based on the financial information that is regularly reported to the Chief Executive Officer
(CEO) and Chief Financial Officer (CFO). The CEO together with the CFO is considered to be the Chief Operating Decision
Maker (CODM).
The Group operates in one reportable segment being online meal kit and food delivery. This consists of creating and delivering
meal kits, pre-prepared ready-to-heat meals and grocery items to New Zealand customers.
The Group operates in one geographic area, New Zealand.
39
FINANCIAL STATEMENTS
3. Expenses
Net profit before income tax has been arrived at after charging / (crediting) the following items:
NZ$00020232022
Staff expenses
Salaries and wages16,62713 ,16 8
Defined contribution485426
Share-based payment expense266-
Interest expense
1, 4931,258
Fair value of derivatives
-(179)
IT expenses
2,7202,267
Depreciation and amortisation
5,7455 ,121
Fees paid to the auditor (Ernst & Young)
Audit and review of the financial statements
1
15 512 0
1. The audit fee includes the fees for both the annual audit of the financial statements and the review of the interim financial statements.
4. Earnings per Share (EPS)
Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders by the weighted average
number of shares outstanding during the year.
Diluted earnings per share is calculated by adjusting the profit or loss attributable to equity holders and the weighted average
number of shares outstanding during the year for the effects of shares with dilutive potential.
20232022
Basic and diluted earnings per share
Net profit attributable to equity holders (NZ$000)7,85020,007
Weighted average number of shares for basic EPS (000)242,438242,438
Weighted average number of shares for diluted EPS (000)242,646242,438
Basic and diluted earnings per share (NZ$)0.030.08
The diluted weighted average number of shares takes into account the number of share rights and performance share rights that may
be dilutive depending on the likelihood of vesting conditions being met.
Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
40
Working Capital
The Group operates a weekly meal-kit subscription business and has a weekly business cycle. Customers are invoiced, and cash is
received, in advance each week on a Monday (initially recognised as a current liability, deferred revenue). Inventory in relation to
the customers invoiced is received during the week following this and suppliers are predominantly paid monthly. This cycle results in
the business operating with net current liabilities and negative working capital as the cash generated from customers in advance is
used to fund investing and financial activities.
5. Trade and Other Receivables
Trade receivables are amounts due from customers for goods sold in the ordinary course of business. Trade receivables are
initially recognised at the amount invoiced to the customer and subsequently measured at the amount expected to be collected.
Estimates are used to determine the amount of trade receivables that may not be collected. A provision for impairment of trade
receivables is recognised based on the lifetime expected credit loss at each reporting date.
NZ$00020232022
Trade receivables355238
Provision for impairment of trade receivables(207)(125)
Other receivables522457
Trade and other receivables670570
6. Inventories
Inventories are measured at the lower of cost or net realisable value. In the case of finished goods, cost includes direct costs plus
a portion of fixed and variable overheads incurred in assembling the finished goods.
NZ$00020232022
Ingredients and work in progress2041,584
Finished goods1, 87876 6
Packaging78258
Inventories2,1602,608
During the year inventories of NZ$95,953,000 (2022: NZ$103,976,000) were recognised as an expense in Cost of sales.
41
FINANCIAL STATEMENTS
7. Trade and Other Payables
Trade and other payables are recognised at the amount invoiced by the supplier, or the estimated amount where the cost
is accrued.
NZ$00020232022
Trade payables11 , 5 1 811 , 9 6 5
Other payables57384
Accrued expenses1,16 26 51
Trade and other payables12,73713,000
8. Other Current Liabilities
Liabilities for wages and salaries and annual leave are recognised at the amounts expected to be paid when the liabilities
are settled.
NZ$00020232022
Accrued wages and salaries420279
Annual leave751627
Employee benefits1,171906
Other liabilities12 518 3
Other current liabilities1,2961,089
Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
42
Long-Term Assets
9. Property, Plant and Equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and any impairment losses. Cost
includes the purchase consideration and those costs attributable to bringing the asset to the location and condition necessary for
its intended use. Subsequent costs are capitalised only when it is probable the future economic benefits associated with the item
will flow to the Group. The carrying amount of any replaced part is derecognised. All other repairs and maintenance costs are
recognised as an expense when they are incurred.
Gains or losses on disposals are calculated by comparing the sales proceeds with the carrying amount, and are recognised in
profit or loss.
Depreciation is calculated on a straight-line basis to allocate the cost of the asset, less any residual value, over its useful
economic life. Residual values and useful lives are reviewed, and adjusted if required, each financial year.
The depreciation rates for each class of property, plant and equipment are as follows:
• Motor vehicles 21% - 25%
• Plant and machinery 8% - 67%
• Furniture, fixtures and fittings 13% - 67%
• Computers 50% - 67%
NZ$000
Motor
vehicles
Plant and
machinery
Furniture,
fittings and
equipmentComputersTotal
Cost
At 1 April 20223893,4461, 8 717 116,417
Additions12 95 , 01210118 45,426
Disposals-(126)(29)(23)(178)
At 31 March 20235188,3321,94 387211,665
Accumulated depreciation
At 1 April 20223091,19 31, 0105333,045
Depreciation2943617815 2795
Disposals-(80)(22)(19)( 121 )
At 31 March 20233381,5491,16 66663,719
Net book value at 31 March 202318 06,7837772067, 9 4 6
Cost
At 1 April 2021
4122,7791, 8525265,569
Additions-6802419 2896
Disposals(23)(13)(5)(7)(48)
At 31 March 20223893,4461, 8717 116,417
Accumulated depreciation
At 1 April 20212938389134072,451
Depreciation3435510213 2623
Disposals(18)-(5)(6)(29)
At 31 March 20223091,19 31, 0105333,045
Net book value at 31 March 2022802,2538 6117 83,372
At 31 March 2023 additions of $1,841,000 (2022: $174,000) included in Plant and machinery are not ready for use and
therefore have not been subject to depreciation during the year. Of these additions $1,473,000 (2022: nil) relate to the
implementation of pick technology.
43
FINANCIAL STATEMENTS
10. Intangible Assets
The significant intangible assets recognised by the Group are goodwill, brands and software assets.
Goodwill
Goodwill represents the premium paid by the Group over the fair value of the Group’s share of net identifiable assets of an
acquired subsidiary at the date of acquisition. Goodwill is initially measured at cost and subsequently measured at cost less
accumulated impairment losses, if any. Goodwill is not amortised.
Brands
Brands that are purchased by the Group are initially recognised at cost, or at their fair value if acquired as part of a business
combination. A brand is determined to have an indefinite life where there is an intention to maintain and support the brand
for an indefinite period. Indefinite life brands are not amortised, they are subsequently measured at cost less accumulated
impairment losses, if any.
Software assets
Software assets, both purchased and internally developed, are capitalised provided there is an identifiable asset, controlled by
the Group, that will generate future economic benefits through supporting revenue generation or cost savings. Subsequent costs
are capitalised if they extend the useful life or enhance the functionality of the asset. Software assets are amortised on a straight-
line basis over their estimated useful lives (using amortisation rates of 14% - 50%). Amortisation is included in Indirect expenses.
Impairment testing
Goodwill and indefinite life brands are tested for impairment annually, or more frequently if there is an indicator of impairment.
Software assets are tested for impairment when an indicator of impairment exists.
Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
44
NZ$000GoodwillBrandsSoftware
Software
WIPOther Total
Cost
At 1 April 202263,63118,3576,2312725 , 2 6193, 752
Additions--762,493-2,569
Transfers--1, 854(1,854)--
Disposals---(18)-(18)
At 31 March 202363,63118,3578 ,1618935,26196,303
Accumulated amortisation
At 1 April 2022--3,602-5 , 2 618,863
Amortisation--2 ,17 7--2 ,17 7
At 31 March 2023--5,779-5,26111,040
Net book value at 31 March 202363,63118,3572,382893-85,263
NZ$000GoodwillBrandsSoftware
Software
WIP Other Total
Cost
At 1 April 202163,63118,3573,6209005 , 2 6191, 76 9
Additions--1311, 852-1,98 3
Transfers--2,480(2,480)--
At 31 March 202263,63118,3576,2312725,26193,752
Accumulated amortisation
At 1 April 2021--1,662-5 , 2 616,923
Amortisation--1,94 0--1,94 0
At 31 March 2022--3,602-5,2618,863
Net book value at 31 March 202263,63118,3572,629272-84,889
IMPAIRMENT TESTING
The recoverable amount of the Group, which is a single cash-generating unit, was determined on a value-in-use basis using a
discounted cash flow methodology.
The model uses a 5-year cash flow forecast based on the budget for the financial year ending 31 March 2023 approved by the
Board. Cash flows for FY25 and FY26 are based on forecast performance of the core meal kit business including the on-going
impact of strategic initiatives implemented during FY23 and FY24. Cash flows for FY27 and FY28 are based on revenue growth and
margin assumptions.
The key assumptions in the cash flow forecast are revenue growth (estimated based on number of deliveries and average order
value), and EBITDA margin (estimated based on ingredients price inflation, operational performance and operating expenses). The
values attributed to the key assumptions are based on past performance and current market information including, where negotiated,
contracted prices for ingredients.
The discount rate used in the model is 11.7% (2022: 8.5%).
The long-term growth rate applied to the forecast cash flows after year 5 is 2.0% (2022: 2.0%). This reflects the expected long-term
economic growth rate in New Zealand.
45
FINANCIAL STATEMENTS
The following table shows the sensitivity analysis for the value-in-use calculation.
Key assumptionChange in key assumption
Reduction in
recoverable
amount
NZ$million
Increase in
recoverable
amount
NZ$million
Would the
change result
in impairment
Revenue growth: 5-year CAGR 3.8%
+/- 500 basis points
(CAGR range: -1.2% to 8.8%)-31.843.5No
EBITDA margin %: 5-year increase 210
basis points
+/- 200 basis points
(EBITDA margin range: 10.5% to 14.5%)-28.236.6No
Discount rate: 11.7%+/- 200 basis points-19.028.6No
Terminal growth rate: 2.0%+/- 50 basis points-3.94.4No
While the sensitivity of key assumptions provided in the above table would not on their own result in impairment in each case, it is
possible that they could occur in combination.
The impairment test does not result in an impairment of goodwill or indefinite life brands. Reasonably possible changes in key
assumptions do not result in impairment of goodwill or indefinite life brands.
11. Leases
Lease liabilities
Lease liabilities are recognised at the commencement date of the lease at the present value of the future lease payments over
the term of the lease. If the rate implicit in the lease is not readily determinable, the lease payments are discounted using the
Group’s incremental borrowing rate at the lease commencement date. The lease term is the non-cancellable period plus rental
renewal options that are determined to be reasonably certain to be exercised. Once the lease has commenced, the Group only
reassesses the lease term on occurrence of a significant event or change in circumstance that is within its control and affects its
ability to exercise, or not exercise a renewal option in the contract.
Right-of-use assets
Right-of-use assets are initially measured at the amount of the lease liability at commencement date plus direct costs incurred
in establishing the lease and an estimate of costs required to dismantle and remove the underlying asset or to restore the
underlying asset.
Right-of-use assets are depreciated on a straight-line basis over the lease term, unless the useful life of the asset is less than
the lease term, or if the Group will own the asset at the end of the lease term. In these circumstances the right-of-use asset is
depreciated over the useful life of the asset.
The Group enters into lease arrangements for property, and plant and machinery. Leases of property have lease terms between one
and ten years, plant and machinery have terms between three and five years. Changes to the lease payments are renegotiated at
periods specified in the contracts and are usually based on the consumer price index or market rental rates. The Group has elected
not to recognise right-of-use assets and lease liabilities for leases of low value assets and short-term leases. These lease costs are
recognised as an expense as incurred.
Information about right-of-use assets is shown below.
20232022
NZ$000
Net book
value
Depreciation
charge
Net book
value
Depreciation
charge
Property10,3832,5276,0292,369
Plant and machinery16 624624018 9
Right-of-use assets10,5492,7736,2692,558
Additions to right-of-use assets during the year were NZ$6,315,000 (2022: NZ$232,000). Of this amount, NZ$6,113,000 relates
to the lease of the Group’s new assembly and distribution site in Christchurch that commenced in April 2022.
Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
46
Amounts recognised in the Statement of Comprehensive Income
NZ$0002023 2022
Interest on lease liabilities610328
Expense relating to short-term leases and low value assets11 2151
Lease liabilities
NZ$0002023 2022
Lease liabilities at 1 April7,59810,006
Principal lease payments(2,603)(2,557)
New leases6,315232
Non-cash changes in lease liabilities569(83)
Lease liabilities at 31 March11 , 8 7 97,598
Total cash payments for leases during the year was NZ$3,213,000 (2022: NZ$2,885,000).
Leases not yet commenced
At 31 March 2023 there are no leases that have not yet commenced. At 31 March 2022, the Group had entered into a lease for the
new assembly and distribution site in Christchurch and leases for machinery that had not yet commenced. The total cash payments
over the non-cancellable period of these leases were $8,322,000 and $231,000 respectively.
Funding and Equity
12. Share Capital and Dividend
SHARE CAPITAL
20232022
Fully paid ordinary sharesNZ$000
Number
(000s)NZ$000
Number
(000s)
At 1 April and 31 March59,336242,43859,336242,438
All ordinary shares issued are fully paid and have no par value. The holders of ordinary shares are entitled to receive dividends as
declared by the Board and are entitled to one vote per share. All shares rank equally in any surplus on winding up of the Group.
DIVIDENDS
A liability to pay a dividend is recognised when the distribution is declared by the Board. A corresponding amount is recognised
directly in equity.
NZ$00020232022
Interim dividend for 2022 – 3.0 cents per share-7, 2 9 5
Final dividend for 2022 – 4.0 cents per share9,740-
Interim dividend for 2023 – 3.0 cents per share7,308-
Dividends paid17,0487,295
The imputation credit account balance as at 31 March 2023 is NZ$1,014,000 (2022: NZ$481,000).
Dividend declared after the reporting period
No further dividend relating the financial year ended 31 March 2023 has been declared by the Board.
47
FINANCIAL STATEMENTS
CAPITAL MANAGEMENT
The Group’s capital includes share capital and retained earnings. The objective of the Group’s capital management is to maintain a
strong capital base to support investor and market confidence and the future growth of the business. To manage the capital structure,
the Group may adjust the proportion of earnings paid to shareholders, return capital to shareholders, issue new shares or amend
capital spending plans.
The Group is not subject to externally imposed capital requirements.
13. Borrowings
Borrowings are initially measured at fair value, net of transaction costs incurred. Borrowings are subsequently measured at
amortised costs using the effective interest method.
The Group’s net debt position is shown below.
NZ$00020232022
Bank loan – non-current
11 , 4 2 03 , 4 11
Total borrowings
11,4203,411
Less: cash and cash equivalents
(150)(5,913)
Add: bank overdraft
3,995-
Net debt / (cash)15,265(2,502)
A reconciliation of the changes in borrowings to the proceeds and repayments of borrowings presented in the Statement of Cash
flows is shown below.
NZ$00020232022
Total borrowings at 1 April
3 , 4 1115,864
Proceeds from borrowings
19,2508,000
Repayments of borrowings(11,250)(20,500)
Payment of credit facility extension fee(38)-
Non-cash change in deferred finance costs4747
Total borrowings at 31 March11,4203,411
Funding arrangements
The Group’s funding arrangements are shown below.
NZ$00020232022
Revolving credit facility
25,00035,000
Bank overdraft
5,0005,000
Total facilities
30,00040,000
Revolving credit facility utilised
(11,500)(3,500)
Bank overdraft utilised(3,995)-
Total undrawn facilities14,50536,500
In March 2023 the revolving credit facility agreement was amended and restated to reduce the amount of the facility available and
extend the tenure of the agreement to 5 April 2026.
The amount drawn down is secured over current and future accounts receivables and all the property, plant and equipment of the
Group. The interest rate on the revolving credit facility comprises base rate (BKBM rate) plus a margin of 1.77%.
The Group was in compliance with its banking covenants during the year, and at 31 March 2023. The Group was also in
compliance with its banking covenants during the prior year and at 31 March 2022.
Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
48
14. Financial Risk Management
The objective of the Group’s risk management framework is to appropriately identify and manage risks within acceptable levels.
Risk management policies and procedures are reviewed regularly to ensure they reflect changes in market conditions and the
Group’s activities.
The financial risks that impact the Group are liquidity risk and interest rate risk and credit risk.
LIQUIDITY RISK
Liquidity risk is the risk that the Group will encounter difficulties in meeting its financial commitments as they fall due. The Group
manages its liquidity risk by maintaining a level of undrawn credit facilities and a spread of maturity dates.
The table below shows the timing of the gross contractual cash flows of the Group’s financial liabilities.
2023
NZ$000
Carrying
amount
Contractual
cash flows
3 months
or less
3 to 12
months
1 to 5
years
More than
5 years
Bank loan11 , 4 2 011,500--11,500-
Bank overdraft3,9953,9953,995---
Lease liabilities11,87913 , 9 748062,2137, 3 4 73,608
Trade and other payables12,73712,73712,737---
Financial liabilities40,03142,20617,5382,21318,8473,608
2022
NZ$000
Carrying
amount
Contractual
cash flows
3 months
or less
3 to 12
months
1 to 5
years
More than
5 years
Bank loan3 , 4 113,500--3,500-
Lease liabilities7,5987,8805 911, 6135, 676-
Trade and other payables13,00013,00013,000---
Financial liabilities24,00924,38013,5911, 6139 ,176-
INTEREST RATE RISK
Interest rate risk is the impact of changes in interest rates on the financial results. The Group manages its interest rate risk through the
use of interest rate swaps where appropriate, based on the amount and tenure of the Group’s borrowing requirements.
The following table shows the effect on profit or loss and equity at reporting date of a reasonably possible change in interest rates.
A change in interest rates would impact the floating rate interest payments on the Groups borrowings held at reporting date.
20232022
NZ$000EquityProfitEquityProfit
50 basis point increase(41)(41)(19)(19)
10 basis point decrease101044
CREDIT RISK
Credit risk is the risk of loss due to customers not paying amounts owed. The Group’s exposure to credit risk is managed through the
Group’s operating model, where payment for the goods is typically received in advance of delivery. Refer to Note 5 Trade
and Other Receivables for details of the level of provision for impairment of trade receivables at reporting date.
49
FINANCIAL STATEMENTS
Other Notes
15. Taxation
Tax expense comprises current and deferred tax. Tax expense is recognised in the Statement of Comprehensive Income. The tax
consequence of items recognised directly in equity is also recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at
the reporting date, and any adjustment to tax payable in respect of a previous year.
Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and those for tax purposes. Deferred tax is measured at the tax rate that is expected to apply to the
temporary differences when they reverse, based on laws that have been enacted or substantially enacted at the reporting date.
Deferred tax is not recognised on the initial recognition of goodwill, or the initial recognition of assets and liabilities in a
transaction that affects neither accounting nor taxable profit.
Deferred tax assets are recognised to the extent it is probable that future taxable profits will be available against which the
temporary differences can be utilised.
Tax expense
NZ$00020232022
Current period3,4537, 73 9
Adjustments to prior periods(61)(213)
Current tax expense3,3927,526
Origination and reversal of temporary differences(239)2 74
Deferred tax expense(239)274
Income tax expense3,1537,800
Reconciliation of effective tax rate
NZ$00020232022
Profit before tax11,00327,807
Prima facie income tax expense at 28% on profit before tax3,0817,786
Non-deductible expenses1214
Adjustments to prior year60-
Income tax expense3,1537,800
Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
50
Deferred tax
Deferred tax assets and liabilities are attributed to the following:
NZ$000At 1 April 2022
Recognised in the Statement
of Comprehensive IncomeAt 31 March 2023
Property, plant and equipment225(20)205
Leases and right-of-use assets35756413
Prepayments(265)66(199)
Intangible assets(5,140)-(5,140)
Accruals and provisions2 6111 2373
Share-based payments-3131
Tax losses carried forward
6(6)-
Net deferred tax liability(4,556)239(4,317)
NZ$000At 1 April 2021
Recognised in the Statement
of Comprehensive IncomeAt 31 March 2022
Property, plant and equipment(52)277225
Leases and right-of-use assets373(16)357
Prepayments-(265)(265)
Intangible assets(5,140)-(5,140)
Derivatives50(50)-
Accruals and provisions4 81(220)2 61
Tax losses carried forward
6-6
Net deferred tax liability(4,282)(274)(4,556)
16. Share-based Payments
Equity-settled share-based payments
The cost of equity-settled share-based payments is determined based on the grant-date fair value of the award. The fair value is
estimated using a valuation model appropriate to the terms and conditions of the award.
The cost is recognised in Staff expenses, together with a corresponding increase in equity (Share-based payment reserve), over
the period in which the service condition and, where applicable, the performance measures are fulfilled.
At each reporting date the likelihood of the service condition, and where applicable, the Earnings per Share (EPS) performance
measure being met is reassessed. The cumulative expense through profit or loss and equity is adjusted to reflect the best estimate
of the number of share rights and performance share rights that will ultimately vest.
Therefore, on a cumulative basis, no expense is recognised for awards that do not ultimately vest because the service condition
or EPS hurdle have not been met. As the Total Shareholder Return (TSR) performance measure is reflected in the grant-date fair
value, these awards are treated as vested, and the expense is recognised, irrespective of whether the TSR hurdle is achieved
(provided the service condition is met).
51
FINANCIAL STATEMENTS
During the year, the Board approved an Employee Share Ownership Scheme (ESOS) and a Long-Term Incentive scheme (LTI) for
the year ending 31 March 2023. The key features of the schemes are as follows:
ESOS
Permanent employees working at least 30 hours per week were eligible to participate in the ESOS June 2022 grant. Under the
scheme, participants were awarded restricted share rights of $3,000. The share rights vest after two years, subject to participants’
continued employment with the Group. After 2 years each share right converts to one ordinary share, at no cost to the employee.
Employees eligible for the ESOS December 2022 were primarily permanent employees working at least 30 hours per week who
commenced employment after June 2022. Participants in the December grant were awarded 1,691 restricted share rights. The share
rights vest after 18 months, subject to participants’ continued employment with the Group. After 18 months each share right converts
to one ordinary share, at no cost to the employee.
The ESOS is an equity-settled share-based payment scheme.
LTI
The Senior Leadership Team and certain Key Operational Leaders are eligible to participate in the LTI. Under the scheme,
participants are awarded performance share rights based on a percentage of their base salary. Each performance share right
converts to one ordinary share, at no cost to the employee. The awards lapse if the performance hurdles are not met or if the
participant ceases to be an employee of the Group. The LTI is an equity-settled share-based payment scheme.
For the FY23 scheme the performance share rights vest after two years (June grant) or after 18 months (December grant), subject to
achievement of the following performance measures:
• 50% of the rights vest based on continued employment with the Group (retention tranche),
• 50% of the rights vest based on continued employment with the Group and the relative Total Shareholder Return (TSR) compared
to the companies included the NZX 50 (TSR tranche).
CEO award – June 2022 grant
The CEO was awarded performance share rights under the FY23 LTI (CEO’s award). The performance share rights awarded to the
CEO vest after two years, subject to achievement of the following performance measures:
• 50% of the rights vest based on continued employment with the Group and the earnings per share target achieved for the year
ending 31 March 2024 (EPS tranche),
• 50% of the rights vest based on continued employment with the Group and the relative TSR compared to the companies included
in the NZX 50 (TSR tranche).
In September 2022 the CEO resigned from the Group and the performance share rights granted under CEO’s award were forfeited.
CEO award – December 2022 grant
The CEO was awarded performance share rights under the FY23 LTI (CEO’s December award). The performance share rights
awarded to the CEO vest after 18 months, subject to achievement of the following performance measures:
• 100% of the rights vest based on continued employment with the Group and the relative TSR compared to the companies
included in the NZX 50 (TSR tranche).
Number of rights outstandingESOSLTI
At 1 April 2022--
Granted – June 2022385,5481,820,518
Granted – December 202265,949154,675
Forfeited(91,314)(811,192)
At 31 March 2023360,1831,164,001
Notes to the Financial Statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
52
VALUATION APPROACH
ESOS
The fair value of the restricted share rights is estimated based on the grant date share price less the present value of
expected dividends.
LTI
The fair value of performance share rights is estimated for each performance measure separately:
• The fair value of the TSR tranche of the performance share rights is estimated at the grant date using the Monte Carlo simulation
approach, taking into account the terms and conditions of the award.
• The fair value of the Retention tranche of the performance share rights, and the EPS tranche of the CEO’s award, is estimated
based on the grant date share price less the present value of expected dividends.
Key inputs in determining the fair values
Value attributed
Share price at grant date – June 2022 grant$0.83
Share price at grant date – December 2022 grant$0.40
Risk-free interest rate3.36%
Expected cash dividend yield8.6%
Expected share price volatility36.7%
Vesting period - June 2022 grant
2 years
Vesting period - December 2022 grant
1.5 years
The expected share price volatility is based on historic data and the expected dividend yield is based on external market
expectations at grant date.
The weighted average grant date fair values of are shown below.
ESOSLTI
Grant date fair value – June 2022 grant$0.69$0.50
Grant date fair value – December 2022 grant$0.32$0.23
17. Related Party Transactions
The transactions with related parties that were entered into during the year, and the year-end balances that arose from those
transactions are shown below.
KEY MANAGEMENT PERSONNEL REMUNERATION
Key management personnel comprise members of the Board and members of the Senior Leadership Team (SLT). The Board
comprised five members until 1 November 2022 when a sixth director was appointed (2022: five members). The SLT comprised
eight members (2022: eight).
NZ$00020232022
Short-term employee benefits3 ,18 52,269
Share-based payment transactions92-
Directors’ remuneration515420
Key management personnel remuneration3,7922,689
TRANSACTIONS WITH RELATED PARTIES DURING THE YEAR
Transactions with related parties are at a discount to normal terms and conditions.
NZ$00020232022
Key management personnel
Sale of goods7663
53
FINANCIAL STATEMENTS
18. Operating Cash Flow Reconciliation
The reconciliation of net profit before tax to net cash flows from operations is shown below.
NZ$00020232022
Net profit before tax11,00327,807
Adjustments for non-cash items
Depreciation and amortisation5,7455 ,121
Non-cash change in deferred finance costs4747
Loss on disposal of property, plant and equipment459
Disposal of intangible asset18-
Share-based payment expense266-
Derivative financial instruments-(179)
Changes in assets and liabilities
(Increase) in trade and other receivables(144)(58)
Decrease / (increase) in inventories448(1,392)
Decrease in prepayments171369
(Decrease) / increase in trade and other payables(492)882
(Decrease) / increase in deferred revenue(805)1, 322
Increase / (decrease) in other current liabilities207(749)
Income tax paid(7,028)(3,645)
Tax refund277-
Net cash flows from operating activities9,75829,534
19. Contingent Liabilities
The Group has no contingent liabilities (2022: Nil)
20. Capital Commitments
In August 2022, the Group entered into a contract for the implementation of pick technology. The total contractual commitment was
EUR1,439,000. Of this amount EUR1,174,000 (NZ$2,116,000) was paid during the year and is included in property, plant and
equipment. The remaining amount committed of EUR265,000 (NZ$460,000 based on the foreign exchange rate at 31 March
2023) is payable on the achievement of certain project milestones that are expected to be completed within 12 months.
The Group has no other capital commitments (31 March 2022: $61,000).
54
MY FOOD BAG GROUP LIMITED
ANNUAL REPORT 2023
Independent Auditor’s Report
FOR THE YEAR ENDED 31 MARCH 2023
A member firm of Ernst & Young Global Limited
Information other than the financial statements and auditor’s report
Those charged with governance are responsible for the Annual Report, which includes information other
than the financial statements and auditor’s report which is expected to be made available to us after the
date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained during the audit, or otherwise appears to be materially
misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and, if uncorrected, to take
appropriate action to bring the matter to the attention of users for whom our auditor’s report was
prepared.
Those charged with governance responsibilities for the financial statements
Those charged with Governance are responsible, on behalf of the entity, for the preparation and fair
presentation of the financial statements in accordance with Public Benefit Entity Standards Reduced
Disclosure Regime, and for such internal control as those charged with governance determine is
necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, those charged with governance are responsible for assessing on
behalf of the entity the Foundation’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 those charged
with governance either intend to liquidate the Foundation or cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an
audit conducted in accordance with International Standards on Auditing (New Zealand) will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board website: https://www.xrb.govt.nz/standards-for-assurance-
practitioners/auditors-responsibilities/audit-report-8/. This description forms part of our auditor’s report.
Chartered Accountants
Auckland
27 September 2019
Independent auditor’s report to the shareholders of My Food Bag Group Limited
OPINION
We have audited the financial statements of My Food Bag Group Limited (the “Company”) and its subsidiaries (together the
“Group”) on pages 32 to 53, which comprise the consolidated statement of financial position of the Group as at 31 March 2023,
and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement
of cash flows for the year then ended of the Group, and the notes to the consolidated financial statements including a summary of
significant accounting policies.
In our opinion, the consolidated financial statements on pages 32 to 53 present fairly, in all material respects, the consolidated
financial position of the Group as at 31 March 2023 and its consolidated financial performance and cash flows for the year then
ended in accordance with New Zealand Equivalents to International Financial Reporting Standards and International Financial
Reporting Standards.
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so that we might state to
the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s
shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities under those
standards are further described in the Auditor’s responsibilities for the audit of the 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.
Other than in our capacity as auditor we have no relationship with, or interest in, the Company or any of its subsidiaries. Partners and
employees of our firm may deal with the Group on normal terms within the ordinary course of trading activities of the business of the
Group.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated
financial statements of the current year. These matters were addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each
matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of
the audit report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed
to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures,
including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying
consolidated financial statements.
55
A member firm of Ernst & Young Global Limited
Information other than the financial statements and auditor’s report
Those charged with governance are responsible for the Annual Report, which includes information other
than the financial statements and auditor’s report which is expected to be made available to us after the
date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained during the audit, or otherwise appears to be materially
misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and, if uncorrected, to take
appropriate action to bring the matter to the attention of users for whom our auditor’s report was
prepared.
Those charged with governance responsibilities for the financial statements
Those charged with Governance are responsible, on behalf of the entity, for the preparation and fair
presentation of the financial statements in accordance with Public Benefit Entity Standards Reduced
Disclosure Regime, and for such internal control as those charged with governance determine is
necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, those charged with governance are responsible for assessing on
behalf of the entity the Foundation’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 those charged
with governance either intend to liquidate the Foundation or cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an
audit conducted in accordance with International Standards on Auditing (New Zealand) will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board website: https://www.xrb.govt.nz/standards-for-assurance-
practitioners/auditors-responsibilities/audit-report-8/. This description forms part of our auditor’s report.
Chartered Accountants
Auckland
27 September 2019
REVENUE
Why significantHow our audit addressed the key audit matter
The Group’s principal revenue stream is the sale of meal kits.
Revenue is recognised at the time of delivery of the meal kit.
Revenue is presented net of any sales discounts.
As customers pay for meal kits in advance of delivery, revenue
recognition is deferred until delivery of the meal kits. As a result, at
balance date, cash received in relation to undelivered meal kits is
deferred on the statement of financial position and presented as a
liability.
The volume of meal kits sold and the receipt of cash in advance
of delivery increases the likelihood that revenue is recorded in the
incorrect period.
Disclosures in relation to the Group’s revenue are included in
Note 1 to the consolidated financial statements.
In obtaining sufficient appropriate audit evidence, we:
• used data analytical techniques to assess the correlation
between revenue, deferred revenue and cash.
• validated a sample of cash receipts related to revenue
transactions.
• assessed the appropriateness of the deferred revenue balance
at year end by reference to deliveries subsequent to balance
date.
• analysed credit notes issued subsequent to balance date to
assess whether these indicated that revenue was incorrectly
recognised in the 2023 financial year.
• considered the adequacy of the associated disclosures in the
consolidated financial statements.
GOODWILL AND BRAND INTANGIBLE ASSETS’ IMPAIRMENT ASSESSMENT
Why significantHow our audit addressed the key audit matter
At 31 March 2023 the Group recorded indefinite useful life
intangible assets, being goodwill and brand intangible assets, with
a combined value of $82 million. These comprise 76% of the
Group’s total assets.
The value-in-use of the Group’s cash generating unit (“CGU”)
is determined by management each reporting period by an
impairment model that requires significant judgement and estimation
in respect of forecast cash flows, discount rate and terminal growth
rate assumptions. Changes in certain assumptions can lead to
significant changes in the assessment of the value-in-use.
Disclosures regarding the Group’s key assumptions adopted and
sensitivity to reasonably possible changes in those key assumptions
are included in note 10 of the consolidated financial statements.
In obtaining sufficient appropriate audit evidence, we:
• understood the Group’s goodwill impairment assessment
process.
• assessed the Group’s determination of CGUs based on our
understanding of the nature of the Group’s business and
considered whether management’s assessment of a single CGU
was appropriate.
• determined the appropriateness of using a discounted cash
flow methodology to assess value in use.
• tested the discounted cash flow model for mathematical
accuracy.
• challenged the reasonableness of management’s forecast cash
flows, including by comparing them to historic results and the
Board’s approved budget.
• considered the accuracy of previous Group cash flow
forecasting to inform our evaluation of forecasts included in the
impairment model.
• involved our business valuation specialists to assess the terminal
growth and discount rates applied.
• challenged the assumptions and judgements used by
management by performing sensitivity analysis in relation to the
discount rate, terminal growth rate and forecast cash flows to
consider the potential impact of changes in these assumptions.
• evaluated the adequacy of the related financial statement
disclosures.
FINANCIAL STATEMENTS
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
56
A member firm of Ernst & Young Global Limited
Information other than the financial statements and auditor’s report
Those charged with governance are responsible for the Annual Report, which includes information other
than the financial statements and auditor’s report which is expected to be made available to us after the
date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained during the audit, or otherwise appears to be materially
misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and, if uncorrected, to take
appropriate action to bring the matter to the attention of users for whom our auditor’s report was
prepared.
Those charged with governance responsibilities for the financial statements
Those charged with Governance are responsible, on behalf of the entity, for the preparation and fair
presentation of the financial statements in accordance with Public Benefit Entity Standards Reduced
Disclosure Regime, and for such internal control as those charged with governance determine is
necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, those charged with governance are responsible for assessing on
behalf of the entity the Foundation’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 those charged
with governance either intend to liquidate the Foundation or cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an
audit conducted in accordance with International Standards on Auditing (New Zealand) will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board website: https://www.xrb.govt.nz/standards-for-assurance-
practitioners/auditors-responsibilities/audit-report-8/. This description forms part of our auditor’s report.
Chartered Accountants
Auckland
27 September 2019
Independent Auditor’s Report (continued)
FOR THE YEAR ENDED 31 MARCH 2023
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT
The directors of the Company are responsible for the annual report, which includes information other than the consolidated financial
statements and auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge
obtained during the audit, or otherwise appears to be materially misstated.
If, based upon the work we have performed, 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.
DIRECTORS’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the consolidated financial statements
in accordance with New Zealand Equivalents to International Financial Reporting Standards and International Financial Reporting
Standards, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the entity 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 cease operations, or have no realistic alternative but to
do so.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on
Auditing (New Zealand) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located at the External Reporting
Board’s website: https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/.
This description forms part of our auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is Brent Penrose.
Chartered Accountants
Auckland
18 May 2023
EY Sig.pdf 1 19/05/21 2:22 PM
57
Non-GAAP
Financial Information
58
Corporate Governance
Statement
59
Other Disclosures 71
Directory 79
Key Dates 79
Other Information
OTHER INFORMATION
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
58
MY FOOD BAG GROUP LIMITED
ANNUAL REPORT 2023
The reconciliation of net profit after tax to earnings before interest, tax and depreciation and amortization (EBITDA) is shown below.
NZ$00020232022
Net profit after tax7,85020,007
Add: Tax3 ,15 37,800
Net profit before tax11,00327,807
Add: Depreciation and amortisation5,7455 ,121
Add: Net financing costs1, 4181,039
EBITDA18 ,16 633,967
The reconciliation of revenue to gross margin and contribution margin is shown below.
NZ$00020232022
Revenue175,694193,954
Less: Cost of goods sold(90,725)(98,480)
Gross margin84,96995,474
Less: Assembly and distribution costs(43,594)(42,802)
Contribution margin41, 37552,672
Non-GAAP Financial Information
59
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
The Board of My Food Bag Group Limited (Company) and its subsidiary (collectively, My Food Bag) are responsible for the overall
management of My Food Bag and aim to promote and achieve high standards of corporate governance, consistent with the size
and nature of My Food Bag’s operations.
The objective of strong corporate governance at My Food Bag is to lay the foundation for a culture that is open, transparent and
inclusive, and which develops capability, seeks out new opportunities and drives good decision making, in turn creating long-term,
sustainable value for shareholders.
This Corporate Governance Statement provides an overview of My Food Bag’s current corporate governance framework, which is
structured in alignment with the NZX Corporate Governance Code (NZX Code) and discloses the extent to which My Food Bag has
followed the recommendations in the NZX Code. The Board’s view is that (unless specifically stated) My Food Bag complies in all
material respects with the principles and recommendations set out in the NZX Code.
For the purposes of this Corporate Governance Statement, My Food Bag has continued to report against the NZX Code published
as at 17 June 2022. As required by the NZX Listing Rules, My Food Bag will transition to the new NZX Code on and from 1 April
2023 and report against that NZX Code in its next Annual Report.
This statement was approved by the Board on 18 May 2023 and is current as at that date.
Principle 1 – Code of Ethical Behaviour
“Directors should set high standards of ethical behaviour, model this behaviour and hold management accountable for these
standards being followed throughout the organisation.”
CODE OF ETHICS
My Food Bag expects its people to behave ethically and act with integrity. It has adopted a written Code of Ethics with which all
of its Directors and employees are required to comply. This Code does not include an exhaustive list of what is or is not acceptable
behaviour at My Food Bag – rather, it is intended to facilitate decisions and promote ethical standards that are consistent with
My Food Bag’s business standards, reputation, objectives and legal obligations.
The Code of Ethics (taken together with My Food Bag’s other internal policies and charters) includes the content specified in
Recommendation 1.1 of the NZX Code and will be reviewed by the Board at least every two years. It is currently structured to
include certain fundamental requirements for ethical behaviour generally, alongside a number of more targeted areas, including the
management of conflicts of interest, protection of My Food Bag’s assets and information, reporting of unlawful or unethical behaviour,
confidentiality and pursuit of corporate opportunities. The Code of Ethics was last updated on 27 March 2023.
The Code of Ethics is readily available to all employees at My Food Bag. In addition, every new Director and employee of My Food
Bag is provided with a copy of the Code of Ethics as part of their induction to the business. Any breaches of the Code of Ethics are
required to be addressed promptly, dealt with consistently and handled by senior management and/or the Board, as appropriate.
The reporting of breaches of the Code of Ethics is encouraged and the steps for doing so are set out in the Code and My Food
Bag’s separate Whistleblowing Policy. In FY23, My Food Bag enhanced its whistleblowing processes to enable employees to
anonymously report suspected wrongdoing through a third party service provider.
The Code of Ethics is available to view on the My Food Bag investor website.
SECURITIES TRADING POLICY
My Food Bag has a Securities Trading Policy that details the Company’s trading policy and guidelines, including the restrictions
on trading in the Company’s securities. It applies to all Directors, employees and contractors of My Food Bag. The requirements
imposed by the policy are separate from, and in addition to, the legal prohibitions on insider trading.
The Securities Trading Policy places additional restrictions on certain “restricted persons” which includes the Directors, the Chief
Executive Officer (CEO), the members of the Senior Leadership Team and their direct reports. These restricted persons are generally
prohibited from trading in the Company’s securities during prescribed “blackout” periods. Outside of these blackout periods, the
restricted persons are generally permitted to trade with the prior written consent of the Chief Financial Officer (CFO) (and subject
always to compliance with underlying insider trading laws).
The Securities Trading Policy is available to view on the My Food Bag investor website.
Corporate Governance Statement
OTHER INFORMATION
Corporate Governance Statement (continued)
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
60
Principle 2 – Board Composition and Performance
“To ensure an effective board, there should be a balance of independence, skills, knowledge, experience and perspectives.”
BOARD CHARTER
The role of the Board is to provide overall strategic direction to My Food Bag and effective management for the purpose of protecting
and enhancing the value of My Food Bag and its assets. The Board has legal responsibility for managing the business and affairs
of the Company, which, in practice, is substantially achieved through delegation to the CEO, who is charged with the day-to-day
operational leadership and management of the business (and who subdelegates certain functions to other members of the Senior
Leadership Team, subject to certain limitations and qualifications).
The Board operates under a written Board charter, which sets out the role, responsibilities, composition, structure and approach of
the Board. The charter provides guidance for the effective oversight and monitoring of the operational management of My Food
Bag on behalf of shareholders, employees and other stakeholders. The charter distinguishes and discloses the respective roles and
responsibilities of the Board and management – in this regard, Directors are generally free to discuss business matters with the Senior
Leadership Team, but they are expected to respect the distinction between Board and management responsibilities.
A copy of the Board charter is available to view on the My Food Bag investor website.
NOMINATION AND APPOINTMENT OF DIRECTORS
The appointment of directors to the Board is principally governed by the Companies Act 1993, the Company’s constitution and the NZX
Listing Rules. The Board has delegated to the Nomination and Remuneration Committee the responsibility to make recommendations to
the Board for nomination as members of the Board and its committees and the terms, if any, of such membership.
This Committee is governed by its own written charter. It is responsible for identifying individuals believed to be qualified to become
Board members, and to recommend to the Board the nominees to stand for election as directors at the annual shareholders’ meeting.
If a casual vacancy arises, the Committee recommends to the Board an individual to fill such vacancy. In nominating candidates, the
Committee may consider a range of factors and attributes, including any terms of reference for the Directors from time to time. The
Committee is also responsible for reviewing nominations from shareholders and providing recommendations to the Board in respect of
such nominations.
The Company enters into written agreements with each of its Directors establishing the terms and conditions of their appointment,
including in relation to their duties, term of appointment (subject to shareholder approval) and expectations of the role and
remuneration. In addition, the Company indemnifies and arranges insurance for its Directors in accordance with applicable laws for
certain claims which may be brought against them as directors.
Under the NZX Listing Rules, a director must not hold office (without re-election) past the third annual shareholders’ meeting following
that director’s appointment or three years, whichever is longer. From time to time certain Directors may also retire early and seek
reappointment at an annual shareholders’ meeting so as to effectively stagger the appointment of directors and preserve continuity by
avoiding a scenario where all or a majority of the Directors are required to retire at the same meeting. This occurred during FY23, with
the Chair, Tony Carter, voluntarily retiring early and standing for re-election at the annual shareholders’ meeting.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
61
DIRECTORS
The Board currently comprises six Directors: an independent Chair, Tony Carter; four independent non-executive Directors, Sarah
Hindle, Jen Bunbury, Jon Macdonald and Mark Powell; and one non-executive Director, Cecilia Robinson. A profile highlighting the
experience of each Director, including his or her length of service with My Food Bag, is available on My Food Bag’s website and
included in the Board of Directors section of the Annual Report.
Directors are chosen for their corporate leadership skills, professional backgrounds, experience and expertise. The right blend of
skills and experience, combined with a diversity of perspectives, is crucial for the Board to be able to create value for My Food Bag’s
shareholders over the long term. The current balance of skills, experience, tenure and diversity on the Board is summarised below:
Board skills, experience,
tenure and diversity
ExperienceBanking and finance
Legal and regulatory
Technology
Consumer business
Grocery and meal kits
Investment and M&A
Health
SkillsFinancial acumen
Governance and compliance
Strategy and risk
Grocery supply chain and logistics
Customer experience and agri-tech
E-commerce
Investor relations
Entrepreneurship
TenureMore than 4 years*1
2 to 4 years4
Less than 2 years1
DiversityFemale50%
Male50%
Directors are encouraged (but not required) to hold shares in the Company in order to more strongly align their interests with the
interests of shareholders. All Directors currently own shares (either directly or through a related entity or trust), and those relevant
interests are included in the Other Disclosures section of the Annual Report.
* Includes the period during which Cecilia Robinson was a director of My Food Bag prior to the Initial Public Offering in 2021.
OTHER INFORMATION
Corporate Governance Statement (continued)
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
62
ATTENDANCE AT BOARD AND COMMITTEE MEETINGS
For the year ended 31 March 2023
Board meetings
available to
attend
Number
attended
ARC
1
meetings
available to
attend
Number
attended
NRC
2
meetings
available to
attend
Number
attended
MC
3
meetings
available to
attend
Number
attended
Chris Marshall662211--
Tony Carter13134333--
Jon Macdonald13134433--
Sarah Hindle1313443333
Jen Bunbury13134433--
Cecilia Robinson77222233
Mark Powell55222233
During FY23, members of the Board also provided more informal oversight and strategic support to management at different times,
for example, in response to recent extreme weather events.
DIVERSITY
My Food Bag aims to cultivate an environment where all of its people enjoy coming to work and contributing to the collective
success of the business. It is committed to creating an open workplace where every team member is welcomed, supported and
inspired, and where diversity is celebrated at all levels of the business. To do this, My Food Bag actively seeks to remove perceived
or tangible barriers to becoming part of the My Food Bag team and provides equal opportunities based on performance
and potential.
My Food Bag has a written Inclusion and Diversity Policy that is available on the My Food Bag investor website. The guiding
principles of this policy include to: encourage diversity throughout the workforce; create a flexible and inclusive work environment;
leverage diversity of thought and individuality; ensure the behaviour of My Food Bag’s leaders reflects its values; attract and retain
talented people; and maintain a zero tolerance for bullying and harassment. This policy will be reviewed by the Board as required
and at least every two years.
Diversity and inclusion has been a hallmark of My Food Bag’s values since its inception, reflecting the values and expectations of the
founders of the business. These values are formalised in the written policy. The Board is generally comfortable with My Food Bag’s
core statistics with regards to diversity and inclusion, albeit it recognises there are always opportunities to further improve My Food
Bag’s workplace, including through new programmes and initiatives designed to target particular aspects of diversity and inclusion.
In FY23, as part of a broader focus on people and culture, My Food Bag advanced its position on diversity and inclusion through
an initial focus on gender. My Food Bag reviewed the gender pay gap for all of its permanent employees and, at March 2023,
the median gender pay gap was 12.77%. My Food Bag intends to continue to focus on improving the pay equity position through
annual remuneration reviews and its recruitment processes. In collaboration with the Board, My Food Bag has identified a number
of initiatives to support gender diversity and inclusion, including: maintaining a 40/40/20 gender balance at both the Board and
Senior Leadership Team level (meaning 40% women, 40% men and 20% open), reducing the gender pay gap, and establishing
a Diversity and Inclusion team to enable targeted programs of activity to increase belonging and equity. A further update on these
diversity and inclusion initiatives, including any formal measurable objectives adopted, will be provided in next year’s Annual Report
(or other corporate governance reporting).
1. Audit and Risk Committee.
2. Nomination and Remuneration Committee.
3. Marketing Committee. This committee was established part-way through FY23.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
63
The Board recognises that gender is one important and commonly reported measure of diversity. The gender composition at
My Food Bag as at the last two balance dates is set out in the table below.
2022
1, 3
2023
1, 3
FemaleMaleFemaleMale
Directors2333
Officers
2
4443
Other employees13 08812190
Total13 69512 896
DIRECTOR TRAINING
On appointment, all Directors receive a comprehensive induction from the business to familiarise themselves with My Food Bag’s
management and operations. Under its charter, the Board has also committed to ensure that new Directors are appropriately
introduced to My Food Bag’s management and business, are acquainted with relevant industry knowledge and receive all
appropriate papers, policies and documents to enable them to discharge their duties effectively. Visits to specific operations of the
business are arranged, when appropriate, and reports and presentations from management are incorporated into the Board meeting
schedule on a regular basis.
More generally, Directors are expected to maintain appropriate levels of financial, legal and industry understanding, and are
encouraged to take responsibility for their own professional development, including by attending relevant courses or conferences
and through membership of industry bodies such as the NZ Institute of Directors. Each Director is also entitled to access Company
information and to seek independent advice in respect of their role as a Director should the need arise.
BOARD PERFORMANCE
The Board has committed to critically evaluate its own performance and the performance of individual Directors every two years
(as well as to review My Food Bag’s key policies and charters). In addition, the Chair of the Audit and Risk Committee reviews that
Committee’s performance at least every two years and is required to report her findings to the Board.
The Nomination and Remuneration Committee is tasked with making recommendations to the Board to ensure that adequate
procedures are in place to review the performance of the Board as a whole, its Committees and the contributions of Directors.
Open and constructive discussion is encouraged at all Board and Committee meetings to ensure decisions are taken that benefit from
the diverse range of skills, experiences and perspectives of Directors – in this regard, each Director is expected to fully participate in
meeting discussions, having read all Board and briefing papers provided.
INDEPENDENCE
The Board currently comprises six Directors. All Directors are non-executive Directors. The Board has considered which of the
Directors are independent Directors for the purposes of the NZX Listing Rules and has determined that, as at 18 May 2023 (the date
of this corporate governance statement), five Directors are independent Directors, including the Chair and the Chair of the Audit and
Risk Committee. The independent Directors are Tony Carter, Jen Bunbury, Jon Macdonald, Mark Powell and Sarah Hindle. Cecilia
Robinson is not considered to be independent at this time due to her long association with My Food Bag, including as co-founder.
The positions of Chair of the Board and CEO of My Food Bag are held by different people.
The Board’s standards for determining independence of Directors includes the non-exhaustive factors set out in Recommendation
2.4 of the NZX Code, and requires the Board to ultimately assess whether a Director’s interest, position, association or relationship
might interfere, or might reasonably be seen to interfere, with that Director’s capacity to bring an independent judgment to bear on
issues before the Board, to act in the best interests of the Company and to represent its shareholders generally. The Board assesses
the independence of Directors on their appointment and at least annually thereafter. If there is a change in the Board’s determination,
it will be announced to the market.
1. As at 31 March in each year.
2. In accordance with NZX Listing Rule 3.8.1(c), an “Officer” for this purpose means a person who is concerned or takes part in the management of an issuer and reports directly to the
Board or a person who reports to the Board. In My Food Bag’s circumstances, this category of person comprises members of the Senior Leadership Team.
3. Directors, officers and other employees are also given the option to elect to not specify their gender or to identify as gender diverse.
OTHER INFORMATION
Corporate Governance Statement (continued)
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
64
The Company maintains an Interests Register. Any Director who is interested in a transaction with the Company must immediately
disclose to the Board the nature, monetary value and extent of that interest. A Director who is interested in a transaction may attend
and participate at a Board meeting at which the transaction is discussed, but may not be counted in the quorum for that meeting or
vote in respect of the transaction, unless it is one in respect of which Directors are expressly required by the Companies Act 1993
to sign a certificate. The particulars of entries made in My Food Bag’s Interests Register during FY23 are included in the Other
Disclosures section of the Annual Report.
Principle 3 – Board Committees
“The board should use committees where this will enhance its effectiveness in key areas, while still retaining board responsibility.”
AUDIT AND RISK COMMITTEE
The Company has an Audit and Risk Committee which operates under its own written charter. The members of the Audit and Risk
Committee are currently the same as the Board, except that the Chair of the Audit and Risk Committee is Jen Bunbury who has a
background in financial services and was previously the Chief Financial Officer of a large NZX-listed company. Like the Board, the
Audit and Risk Committee is majority independent and comprises solely non-executive Directors of the Company.
The Committee may, in its discretion, invite the Company’s external auditors (currently Ernst & Young), CEO, CFO, Financial
Controller and others, as appropriate, to attend committee meetings. The Committee meets formally at least three times a year,
including in the lead up to the release of half-year and annual financial results.
NOMINATION AND REMUNERATION COMMITTEE
The Company has a combined Nomination and Remuneration Committee which operates under its own written charter. The
members of the Nomination and Remuneration Committee are currently the same as the Board, and the Chair of this Committee is
Jon Macdonald. Like the Board, the Nomination and Remuneration Committee is majority independent and comprises solely non-
executive Directors of the Company.
The primary responsibilities of the Nomination and Remuneration Committee include to identify and make recommendations to the
Board in respect of Director nominations (including casual vacancies and composition of Committees), to review and recommend to
the Board appropriate remuneration of non-executive Directors, and to review and approve annually the remuneration strategy for
My Food Bag, including specific responsibilities in relation to the CEO and his direct reports.
Management is only invited to attend meetings of the Nomination and Remuneration Committee at the invitation of the Committee.
The Committee meets formally at least three times a year.
OTHER COMMITTEES
During FY23, the Board established a Marketing Committee as a standing committee designed to have greater oversight over, and
input into, My Food Bag’s marketing strategy and execution. The Chair of the Marketing Committee is Cecilia Robinson and the other
two members are Mark Powell and Sarah Hindle.
The Board does not consider that it is necessary at this time to establish any other standing committees. However, from time to time
the Board may seek to establish ad hoc or special purpose committees to examine, or have the delegated authority to deal with,
specific issues.
TAKEOVER PROTOCOLS
The Board has established detailed takeover protocols to assist My Food Bag to prepare for, and to respond to, any unsolicited
approaches or proposals it may receive in relation to a takeover. These protocols would help to inform the Board of their roles and
responsibilities with respect to any approach or proposal, assist the Board and its advisers in developing and executing a response
strategy, and act as a basic guide on the process for any takeover offer. These protocols include the option of forming a committee to
investigate and consider the approach or proposal, with that committee to be comprised of Directors who are independent and not
interested in the relevant approach.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
65
Principle 4 – Reporting and Disclosure
“The board should demand integrity in financial and non-financial reporting, and in the timeliness and balance of corporate disclosures.”
CONTINUOUS DISCLOSURE
My Food Bag is committed to ensuring that all investors have equal, full and timely access to material information about the
Company that is accurate, balanced, meaningful and consistent.
The Company has established a written Continuous Disclosure Policy which sets out the internal principles and processes designed to
ensure that the Company complies with the continuous disclosure obligations under the Financial Markets Conduct Act 2013 and the
NZX Listing Rules. The Board has adopted this policy and it applies to all members of the Board as well as senior managers, officers,
employees and contractors of, and secondees to, My Food Bag. Directors formally consider at each Board meeting whether there is
material information which should be disclosed to the market to comply with the Company’s continuous disclosure obligations.
The Continuous Disclosure Policy is available to view on the My Food Bag investor website.
CHARTERS AND POLICIES
Information about My Food Bag’s corporate governance framework (including its Code of Ethics, Board and Committee Charters,
Securities Trading Policy and other key governance policies) is available to view on the My Food Bag investor website at https://
investors.myfoodbag.co.nz/investor-centre/.
REPORTING
Financial reporting
My Food Bag publishes its half-year and audited full-year financial statements that are prepared in accordance with the relevant
financial reporting standards. The audited full-year financial statements for FY23 are included in this Annual Report.
The Audit and Risk Committee oversees the quality and integrity of external financial reporting including the accuracy, completeness
and timeliness of financial statements. The Committee is committed to providing balanced, clear and objective financial reporting. It
reviews half-year and annual financial statements and makes recommendations to the Board concerning accounting policies, areas
of judgment, compliance with accounting standards, stock exchange and legal requirements, and the results of the external audit.
Non-financial reporting
Non-financial information is included throughout this Annual Report, including in relation to My Food Bag’s general environmental
and social sustainability factors and practices. For more information, refer to the Environmental, Social and Governance section of
this Annual Report.
My Food Bag recognises the opportunity to further formalise its sustainability framework and to put in place a clear set of
operational or non-financial targets which are aligned with My Food Bag’s strategy, values and reputation. As part of this, My Food
Bag has begun preparing for the new mandatory climate-related disclosure regime that will be introduced from FY24 and is in the
process of obtaining verification of its FY22 carbon footprint, which will be the base year for its carbon action plan.
Principle 5 – Remuneration
“The remuneration of directors and executives should be transparent, fair and reasonable.”
DIRECTORS’ REMUNERATION
Shareholders fix the total remuneration available for Directors. The current director fee pool limit is $600,000 per annum, which was
approved by the shareholders on 14 January 2021 and is to be divided among the non-executive Directors as they see fit. Directors
are entitled to be reimbursed for all reasonable travel, accommodation and other expenses incurred by them in connection with their
attendance at Board or shareholder meetings, or otherwise in connection with the Company’s business. No additional fees are paid
to any Director for their role on any Board Committee.
The Directors do not receive any performance- or equity-based remuneration. This reflects the differences in the role of the Directors,
which is to provide oversight and strategic direction, and the role of management, which is to operate the business and execute My
Food Bag’s strategy.
OTHER INFORMATION
Corporate Governance Statement (continued)
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The actual remuneration of Directors of the Company in respect of FY23 is included in the Other Disclosures section of the
Annual Report.
REMUNERATION POLICY
The Nomination and Remuneration Committee is responsible for reviewing and recommending to the Board appropriate
remuneration for the non-executive Directors. Where appropriate, the Board will consider advice of independent remuneration
consultants when setting remuneration levels and other relevant factors when recommending Directors’ fees to shareholders. The
Board will not be seeking any increase in the current fee pool limit of $600,000 at the upcoming annual shareholders’ meeting.
My Food Bag has a Remuneration Policy that provides a framework for setting and reviewing remuneration arrangements for the
officers of My Food Bag. This policy is administered by the Nomination and Remuneration Committee. The Committee may seek
external advice on remuneration matters as it deems appropriate and will make recommendations to the Board in regard to the
CEO’s contractual arrangements, including remuneration. The Committee may also endorse the CEO’s recommendations on the total
remuneration packages for his direct reports and the company generally.
When setting remuneration, My Food Bag has regard to market remuneration, taking into account the complexity of the business itself,
and also carefully considers the scale and complexity of the role and its performance requirements and expectations.
In respect of FY23, the remuneration of the CEO and other members of the Senior Leadership Team included a mix of fixed and
variable components, summarised as follows:
• Fixed remuneration – this included the relevant employee’s base salary and any direct cash or non-cash benefits
(e.g. KiwiSaver contributions and other fringe benefits such as discounted My Food Bag meal kits and car parks).
• Short term variable remuneration – members of the Senior Leadership Team (and certain other senior employees) were
eligible to participate in a short-term incentive plan (STI), a recurring plan which rewards achievement against prescribed
performance measures. Eligibility was determined by the Board and the CEO. Each participating employee’s STI was valued
at 20% of their base salary (or 15% for invitees that are not part of the Senior Leadership Team), with a pay-out range of up to
150% in circumstances of outperformance against the agreed targets.
In FY23, the performance measures were based on company performance. These targets were not met and no STI was paid to
employees in respect of FY23. The STI that will operate in respect of FY24 is based 60% on company performance and 40% on
individual performance.
CEO eligibility to participate in the STI varies. The CEO will be eligible to participate in the STI that will operate in respect of
FY24. The CEO STI is valued at 40% of base salary. Pay-out is based 80% on company performance and 20% on individual
performance, with a pay-out range of up to 150% in circumstances of outperformance against performance measures.
• Long term variable remuneration – members of the Senior Leadership Team (and certain other senior employees) were
invited to participate in My Food Bag’s long term incentive plan (LTI) which operated for the first time in FY23. This LTI is a
performance share rights plan and aims to: (1) assist in the reward and retention of eligible employees; (2) drive longer-term
business performance; and (3) align the interests of eligible employees with the interests of shareholders. The vesting criteria for
grants made in FY23 (excluding the CEO) is 50% based solely on retention over the two-year vesting period and 50% based
on retention and the achievement of a relative total shareholder return performance hurdle over the vesting period. The value of
the initial grants was between 20% and 30% of base salary for each participant, depending on the job grading of the eligible
employee. The grant made to the CEO is 100% performance based.
A breakdown of employees of My Food Bag, not being Directors of the Company, who received remuneration and other benefits in
their capacity as employees that exceeded $100,000 during FY23 is included in the Other Disclosures section of this Annual Report.
The remuneration arrangements in relation to the CEO (Mark Winter) and the former CEO (Kevin Bowler) are also included in that
section of the Annual Report for the purposes of Recommendation 5.3 of the NZX Code.
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MY FOOD BAG’S EMPLOYEE SHARE OWNERSHIP SCHEME
In the course of the review of My Food Bag’s remuneration framework, the Board identified an opportunity to establish an inclusive
employee share ownership scheme (ESOS) targeted at all permanent employees (other than those participating in the LTI) working
at least 30 hours per week. The purpose of the ESOS is to assist My Food Bag to reward and retain employees. The ESOS operates
in a similar manner to the LTI, except that the vesting criteria for the share rights granted under the ESOS is solely retention over the
two-year vesting period.
An initial grant of share rights under the ESOS was made to eligible employees in June 2022. The value of the grant for each
employee was $3,000 (or $1,500 for those who participated in the catch-up grant in December 2022).
In the current economic environment, the Board has made the decision to suspend the ESOS in FY24 and prioritise other aspects of
remuneration and benefits.
Principle 6 – Risk Management
“Directors should have a sound understanding of the material risks faced by the issuer and how to manage them. The board should
regularly verify that the issuer has appropriate processes that identify and manage potential and material risks.”
RISK MANAGEMENT FRAMEWORK
My Food Bag is committed to the process of identifying and mitigating material risks and has systems, policies and procedures in
place to manage risks and to protect My Food Bag and its employees, customers, shareholders and other stakeholders. While no
risk management system is infallible, the overriding objective at My Food Bag is to make sure that at all times material risks are
appropriately identified and managed within acceptable levels.
The Board is ultimately responsible for endorsing My Food Bag’s risk management framework and policies, monitoring compliance,
reviewing risk registers, considering advice and recommendations made by the Audit and Risk Committee and, where appropriate,
responding to serious risk incidents.
The CEO and other members of the Senior Leadership Team are required to review, approve and take ownership of the day-to-day
management and operation of My Food Bag’s risk management framework and associated policies and procedures. This includes
identifying new risks within each senior employee’s area of responsibility, allocating “risk owners” to each risk, maintaining a risk
register, undertaking periodic risk assessments and preparing appropriate risk mitigation plans or controls. This risk management
framework is embedded into My Food Bag’s processes, including the annual planning and budgeting processes, project
management, procurement and reporting.
As a general rule, different risks will have different risk treatments depending on the severity and nature of the risk – these risk
treatments include avoidance, mitigation, acceptance and transfer (e.g. through insurance or contract).
The Board is provided with updates from the Senior Leadership Team at least every quarter, including an update on any new risks
identified, the status of any risk incidents that have occurred (or are heightened or emerging) and the adequacy of any action plans
and controls. More generally, risk owners report any risk incidents that have occurred (or are heightened) (including new risks that
have emerged) to the Senior Leadership Team as soon as practicable so that they can consider how best to manage or control
that risk. If the matter escalated is material, it will be promptly reported to the Board. At the same time, the CFO and the Board will
consider whether any disclosure is required to the market under the Company’s continuous disclosure obligations. From time to time
the business will simulate an event that causes disruption to its operations and use that as an opportunity to test and refine its controls.
OTHER INFORMATION
Corporate Governance Statement (continued)
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PRINCIPAL BUSINESS RISKS AND KEY STRATEGIES TO MITIGATE
My Food Bag is focused on the principal risks across its business as outlined in the table below. These risks are dynamic and in
the future the importance or extent of each risk may change, or new risks and uncertainties may materialise, owing to changes in
economic or environmental conditions, the regulatory environment and other factors (e.g. more frequent extreme weather events). For
the purposes of this Annual Report and Recommendation 6.1 of the NZX Code, a high-level description of these principal business
risks is provided below.
1
AreaDescription of riskKey strategies to mitigate
Food safety Customers could become unwell as a result
of eating our products (e.g. where products
contain foreign objects or harmful bacteria).
We may have to withdraw products. Our
reputation could be impacted and we may face
other regulatory consequences.
We have strict and thorough procedures in place
for food handling and safety. These include inward
checks of ingredients, monitoring cold chain settings,
removal of damaged products, maintenance of
incident registers and quality control standards, and
checks of products prepared by third parties.
We also continually monitor customer feedback
and have strict supplier standards, including
an “Approved Supplier Programme”. Regular
food safety audits are undertaken to ensure our
procedures meet recommended standards.
IT and data security Access to our IT systems could be impacted (e.g.
by a cyber-attack) and we may be unable to
communicate with our customers or suppliers
effectively. This could impact our ability to
accept orders or fulfil our commitments.
We have systems and processes in place to lessen
the likelihood that our business would be subject
to or affected by a cyber-attack. This includes
compliance with high standards of data protection,
frequent identification and reporting on any
weaknesses or issues in our existing system and
response readiness testing to a cyber-attack.
We have a detailed cyber security road map in
place that is focussed on improving controls and
mitigations in a number of areas of cyber security,
including the key risks: DDoS; ransomware and
data breach.
We have implemented alternative communication
channels for our customers, have good relationships
with our suppliers, have backup systems in place to
ensure data and business continuity is maintained
and do not hold any customer credit card details.
Product assembly Product assembly could be disrupted by
an event (e.g. fire, power outage or lack of
availability of temporary labour). This could
result in us being late or unable to deliver to
customers, which could lead to refunds, credits
or cancelled subscriptions.
We operate decentralised assembly centres with
robust systems and procedures in place to prevent
serious disruption. This includes a secondary
assembly site in Auckland, providing an ability to
move and restart a proportion of our operations.
Assembly centres have heat and smoke detection
systems to identify fires before they spread.
Windsock and ammonia alarms are included
at assembly centres that utilise ammonia as
a refrigerant.
We also maintain relationships with a range of
temporary labour suppliers to mitigate risks of
temporary labour shortages or cost pressure.
1. Certain financial risks are separately disclosed in the audited FY23 financial statements included in this Annual Report.
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69
AreaDescription of riskKey strategies to mitigate
Distribution Our distribution network could be interrupted
(e.g. by weather or road closures). This could
result in us being late or unable to deliver to
customers, which could lead to refunds, credits
or cancelled subscriptions. Products could also
be stolen or damaged.
We use a reliable third-party distributor,
New Zealand Post, with an extensive NZ distribution
network. We also have alternative transport
providers available to us at short notice for all main
centres. Appropriate driver training and insurance
is arranged.
Our ‘Customer Love’ team has a response plan in
place to communicate with customers impacted by
disruption to the distribution network, and, following
the North Island weather events early in 2023,
a business continuity plan for flood events has
been developed.
We prepare ‘buffer bags’ each week to cover
damaged or lost orders, and we have alternative
sales channels in place that we can utilise.
Customer acquisition
and retention
Our growth depends on customer acquisition
and retention.
Acquiring new customers is challenging in a
competitive market and depends on successful
marketing campaigns.
The cost to switch to a competitor is low,
retention is generally driven by the customer
experience.
In FY23, the Board established a Marketing
Committee, designed to have greater oversight over,
and input into, our marketing strategy and execution.
We use marketing campaigns, including promotions
and loyalty programmes, to drive order frequency
and favourable brand mix.
We continue to innovate to appeal to our customers
and recognise and adapt to changes in customer
preferences and behaviour. We continue to
improve the customer experience through digital
enhancements and a focus on operational
performance and choice.
Competition Customers may switch to existing competitors,
including in response to discounting or other
promotions, or a new competitor may enter the
market and seek to gain market share.
My Food Bag already operates in this competitive
industry as a long-standing meal-kit provider. We
have high levels of brand advocacy, a diverse
product range, and experience in adapting our
strategy in response to the actions of competitors
and changes in consumer spending.
Ingredients An ingredient could become unavailable (e.g.
due to inclement weather) or more expensive,
impacting our ability to satisfy customer needs.
We retain an ability to substitute ingredients, change
upcoming menus or seek to pass on sustained price
increases to customers. We communicate any changes
clearly and appropriately with our customers.
InflationInflation could impact the cost of ingredients
and put pressure on My Food Bag’s margins.
Higher costs of living could put financial
pressure on customers, and they may be less
able to absorb price increases or may trade
down to cheaper substitutes (within My Food
Bag’s brands or otherwise).
As noted above, we retain some ability to preserve
margins by substituting ingredients, changing
upcoming menus or seeking to pass on sustained
price increases to customers.
In response to an inflationary environment, we
carefully position our brands and messaging, with a
focus (within our portfolio of brands) on Bargain Box
and its key messages around value and affordability.
Brand and marketing A brand ambassador or promoter could be
brought under public scrutiny and bring into
question the integrity of our brand and cause a
loss of goodwill and customer trust.
We have a long association with our brand
ambassadors and go through a careful process
when selecting new brand ambassadors.
We also monitor content and follow up rapidly if
any inappropriate or offensive content is identified.
HEALTH AND SAFETY
My Food Bag is very conscious of the importance of health and safety. The business adopts a systematic approach to the
management of health and safety risks and has comprehensive health and safety documentation in place. Detailed health and
safety policies, standards and procedures are implemented alongside hazard and risk management processes, including an incident
notification and management system. The business encourages active involvement by Directors, management, employees and
contractors to participate in improving health and safety within the organisation.
OTHER INFORMATION
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Corporate Governance Statement (continued)
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70
In FY23, My Food Bag implemented a number of initiatives to improve awareness of its health and safety policies and increase the
reporting of potential hazards. The installation of new pick technology has resulted in site reconfiguration that has improved the
separation of pedestrians from materials handling equipment.
Principle 7 – Auditors
“The board should ensure the quality and independence of the external audit process.”
AUDIT
My Food Bag is committed to maintaining auditor independence, consistent with best-practice governance and regulatory
requirements. The Company has adopted an Auditor Independence Policy that is administered by the Audit and Risk Committee.
The objective of this policy is to ensure that My Food Bag’s auditors carry out their functions independently and without impairment,
safeguarding the reliability and credibility of My Food Bag’s external financial reporting. The policy addresses Recommendation 7.1
of the NZX Code and includes the criteria for approval of an external audit firm, the monitoring of audit independence, audit rotation
requirements, the circumstances where it may be appropriate for an auditor to provide non-audit services and the responsibilities of
My Food Bag (including in relation to the monitoring of audit performance, value and fees).
Ernst & Young, as auditor of the FY23 financial statements, will be invited to attend this year’s annual shareholders’ meeting and will
be available to answer questions about the conduct of the audit, preparation and content of the auditor’s report, accounting policies
adopted by the Company and the independence of the auditor in relation to the conduct of the audit.
While the Company does not have a dedicated internal audit function, it has, in addition to the Company’s external audit process,
an internal framework through which it seeks to review, evaluate and continually improve risk management and internal control
processes. Where appropriate, more specific audits are carried out by My Food Bag using external providers or regulators.
Principle 8 – Shareholder rights and relations
“The board should respect the rights of shareholders and foster constructive relationships with shareholders that encourage them to
engage with the issuer.”
SHAREHOLDER INFORMATION
My Food Bag maintains an investor website that contains a comprehensive set of investor-related materials and data, including
market disclosures and media releases, annual reports, share-price and dividend information, shareholder meeting materials and all
My Food Bag’s important governance charters and policies.
SHAREHOLDER COMMUNICATION
Shareholders have the option of receiving their communications electronically, including by email, and are actively encouraged to take
up this option. My Food Bag is committed to open dialogue with shareholders and welcomes investor enquiries. Following each results
announcement, My Food Bag holds an investor call to present the results and invite investors to ask questions.
RIGHT TO VOTE ON MAJOR DECISIONS
In accordance with the Companies Act 1993, the Company’s constitution and NZX Listing Rules, the Company refers any significant
matters to shareholders for approval at the annual shareholders’ meeting, and shareholders are given the opportunity to vote
by proxy ahead of the meeting or by polling if attending the meeting in person or virtually. If a significant transaction or decision
requiring shareholder approval were to arise outside the period of the annual shareholders’ meeting, a special meeting of the
shareholders would be called by the Board to allow shareholders to consider and vote on that matter.
NOTICE OF ANNUAL SHAREHOLDER MEETINGS
The annual meeting of shareholders is held at a convenient time and location and this year is anticipated to be run as a hybrid
meeting (being a combination of the physical meeting as well as a virtual online meeting). The annual shareholders’ meeting is
expected to be held on 17 August 2023. The Notice of Meeting will be circulated at least 20 working days before the meeting
and will also be posted on the My Food Bag investor website.
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Other Disclosures
STOCK EXCHANGE LISTINGS
The Company’s ordinary shares are listed and quoted on the NZX Main Board and the ASX under the company code ‘MFB’. The
Company’s listing on the ASX is as a Foreign Exempt Listing. This category of listing on the ASX is based on a principle of substituted
compliance recognising that, for secondary listings, the primary regulatory role and oversight rests with the home exchange and the
supervisory regulator in that jurisdiction. Therefore, the Company must comply with the NZX Listing Rules, but is exempt from almost
all of the ASX Listing Rules. For the purpose of ASX Listing Rule 1.15.3, the Company confirms that it continues to comply with the
NZX Listing Rules.
My Food Bag has submitted a formal application to be delisted from the ASX, driven by the poor liquidity and low daily trading
volumes in the Company’s stock on the ASX and a review of My Food Bag’s cost base. Subject to ASX approving the delisting,
the Company’s shares will no longer be quoted on the ASX and they will no longer be able to be traded on the ASX. Shares will
continue to be listed on the NZX and company will remain subject to the NZX Listing Rules. The delisting from the ASX is expected
to occur by late June 2023.
PRINCIPAL ACTIVITIES
My Food Bag’s principal activity remains the commercial operation of a meal kit business. There has been no material change in the
nature of My Food Bag’s business, or the classes of business in which the Company has an interest, during FY23.
MY FOOD BAG DIRECTORS
The Directors of the Company holding office as at 31 March 2023 are noted below.
NameDate of appointmentIndependence
Tony Carter (Chair)14 January 2021Independent
Jon Macdonald14 January 2021Independent
Sarah Hindle14 January 2021Independent
Jen Bunbury14 January 2021Independent
Cecilia Robinson 19 August 2022Non-Independent
Mark Powell1 November 2022Independent
Chris Marshall retired as a Director of the Company on 19 August 2022 at the Company’s annual meeting.
The current Directors of the Company’s only subsidiary, My Food Bag Limited, are Mark Winter (CEO) and Leanne Dekker (CFO).
Mr Winter was appointed on 14 January 2021 and Ms Dekker was appointed on 20 March 2023. Kevin Bowler, the previous CEO
of My Food Bag, ceased to be a director of My Food Bag Limited on 14 October 2022.
OTHER INFORMATION
Other Disclosures (continued)
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DISCLOSURE OF DIRECTORS’ INTERESTS
The Company maintains an Interests Register in which particulars of relevant transactions and matters involving the Directors are
entered. Details of the interests entered during FY23 are recorded below.
General disclosures
The following are particulars of general disclosures of interest made by Directors of the Company (or its subsidiary) holding office
as at 31 March 2023, pursuant to section 140(2) of the Companies Act 1993. Each Director will be regarded as interested in all
transactions between My Food Bag and their disclosed companies, trusts or persons (or their subsidiaries, which are not specifically
listed in th table below). Where appointment was made during FY23, this is indicated in the table below.
DirectorGeneral disclosure
Tony CarterVector Limited (director)
T R Group Limited (director)
Datacom Group Limited (director)
Capital Solutions Limited (adviser)
Capital Training Limited (adviser)
Fonterra Independent Selection Panel (member)
Loughborough Investments Limited (director)
Maurice Carter Charitable Trust (trustee)
Skin Institute Holding Company Limited (director)
The Interiors Group Holdco Limited (director)
Royal Auckland and Grange Golf Club (captain)
Jon MacdonaldContact Energy Limited (director)
Titan Parent New Zealand Limited (director)
Sharesies Group Limited (director)
Sharesies Limited (director)
Mitre 10 (New Zealand) Limited (director)
Summer of Technology Limited (director)
The Champ Trust (trustee)
Jen BunburyFenway Capital Limited (director)
Oyster Property Group Limited (director) (Appointed 10 May 2022)
Oyster Industrial Limited (director) (Appointed 14 June 2022)
Cecilia RobinsonTend Health Holdings Limited (director)
TLC Property Holdings Limited (director)
The Robinson Duo Limited (director)
Robinson Nominees Limited (director)
Pie Funds Management Limited (director)
Mark Powell7-Eleven Pty Ltd (director)
Kiwi Property Group Limited (director)
Bapcor Limited (director)
JB Hi-Fi Group Limited (director)
Tahi Electrical Limited (director)
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There were no specific disclosures made by Directors of the Company or its subsidiary during FY23 of any interests in transactions
entered into by the Company or its subsidiary.
Use of Company information
There were no notices from Directors of the Company or its subsidiary requesting to disclose, use or act on My Food Bag’s
information received in their capacity as Directors.
Indemnity and insurance
The Company has granted indemnities in favour of each of its Directors (and the Directors of its subsidiary) as permitted by the
Companies Act 1993 and the Financial Markets Conduct Act 2013. The Company also maintains Directors’ and Officers’ liability
insurance for all Directors and officers of the Company and its related companies. This insurance is renewed annually and was most
recently renewed on 15 April 2023.
Directors holding of securities
Directors are encouraged (but not required) to hold shares in the Company in order to more strongly align their interests with the
interests of shareholders. Details of the ordinary shares of the Company in which each Director has a relevant interest (as defined in
the Financial Markets Conduct Act 2013) as at 31 March 2023 are set out below:
DirectorNature of relevant interestShares
Tony Carter20% or more interest in Loughborough Investments Limited, resulting in
Tony being deemed to have the same relevant interest in the shares as
Loughborough Investments Limited. 100,000 of these ordinary shares are
held by FNZ Custodians Limited as custodian for Loughborough Investments
Limited.
154,054
Jon MacdonaldRegistered holder and beneficial owner120,000
Sarah HindleRegistered holder and beneficial owner10,811
Jen BunburyRegistered holder as trustee of the Jennifer L Bunbury Trust26,216
Cecilia RobinsonRegistered holder as trustee of the APL Holdings Trust7,430,258
Mark PowellRegistered holder and beneficial owner105,000
OTHER INFORMATION
Other Disclosures (continued)
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Securities dealings of Directors
For the purposes of section 148(2) of the Companies Act 1993, Directors disclosed the following acquisitions or disposals of relevant
interests (of the nature described in the previous table) in the Company’s ordinary shares during FY23. No shares were acquired or
disposed of by a Director during any “blackout” period of trading prescribed by the Company’s Securities Trading Policy.
DirectorDate Nature of transactionConsideration (NZ$)Shares
Jon Macdonald 21 Nov 2022Acquisition$9,80020,000
Mark Powell21 Nov 2022Acquisition$51,566105,000
REMUNERATION
Employee remuneration
All employees of My Food Bag are employed by My Food Bag Limited. The number of employees and former employees of My
Food Bag Limited, not being directors of the Company, who, in their capacity as employees, received remuneration and other
benefits the value of which was or exceeded $100,000 during FY23 is set out in the table of remuneration bands below.
Remuneration (NZ$) Number of employees
$100,000 to $109,9998
$110,000 to $119,9997
$120,000 to $129,9994
$130,000 to $139,9992
$140,000 to $149,9991
$150,000 to $159,9993
$160,000 to $169,9993
$170,000 to $179,9992
$180,000 to $189,9993
$190,000 to $199,9991
$210,000 to $219,9991
$320,000 to $329,9992
$440,000 to $449,9991
$480,000 to $489,9991
$780,000 to $789,9991
The remuneration figures include all monetary amounts actually paid to employees and former employees during FY23, including:
base salaries; short-term incentives (if any) paid in FY23 (relating to FY22); vested share rights; and if the employee is a KiwiSaver
member, contributions of 3% of gross earnings towards that employee’s KiwiSaver scheme. The figures do not include amounts paid
after 31 March 2023 relating to FY23; share rights that have been granted but not yet vested (including those rights granted under
My Food Bag’s incentive schemes); and fringe benefits provided to employees such as product concessions or car parking.
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Directors’ remuneration and other benefits
The total remuneration and value of other benefits received by each Director in respect of FY23 is set out below. All of this
remuneration reflects the fees paid to each individual in the ordinary course for services provided in their capacity as a director
of the Company.
Director
Total remuneration and value of other
benefits received in respect of FY23
1
Chris Marshall$32,719
Tony Carter (Chair)$140,000
Jon Macdonald$85,000
Sarah Hindle$85,000
Jen Bunbury$85,000
Cecilia Robinson$52,280
Mark Powell$35,340
Shareholders fix the total remuneration available for Directors. The current Director fee pool limit is $600,000 per annum, which was
approved by the shareholders on 14 January 2021. The current Directors do not receive any performance or equity-based
remuneration. No additional fees are paid to any Director for their role on any Board Committee.
Directors are entitled to be reimbursed for all reasonable travel, accommodation and other expenses incurred by them in connection
with their attendance at meetings, or otherwise in connection with the Company’s business.
The Company has granted indemnities, as permitted by law, in favour of each of its Directors. The Company also maintains insurance
for its Directors and officers.
No employee of My Food Bag that is appointed as an executive director of the Company’s subsidiary, My Food Bag Limited,
receives or retains any remuneration or other similar benefits for acting in their capacity as a Director, except for the benefit of
indemnification and insurance referenced above.
CEO REMUNERATION
Kevin Bowler was the Chief Executive Officer (CEO) of My Food Bag until 14 October 2022. The remuneration and other benefits
paid to Mr Bowler during FY23 (being a part period) is set out in the table below.
Remuneration – Kevin BowlerFY23 (NZ$)FY22 (NZ$)
Base salary
2
$344,717$540,000
Other benefits
3
$437,975$16,200
During FY23, Mr Bowler also participated in the Company’s Long Term Incentive Scheme and was granted 624,013 performance
rights. These rights lapsed at the time of Mr Bowler’s departure and will not vest.
1. Directors’ fees are gross amounts in NZD and exclude GST (where applicable) and are rounded to the nearest dollar. The remuneration for Chris Marshall, Cecilia Robinson and Mark
Powell reflects that they were not Directors of the Company for the full FY23 year.
2. Base salary is not at risk. Mr Bowler’s annualised base salary as CEO for FY23 was $553,500.
3. Includes a contribution of 3% of gross earnings towards Mr Bowler’s KiwiSaver scheme. This remuneration includes a final one-off contractual payment to Mr Bowler in connection with
ceasing employment with My Food Bag.
OTHER INFORMATION
Other Disclosures (continued)
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
76
Following the departure of Mr Bowler, Mark Winter was appointed as the Chief Executive Officer (CEO) of My Food Bag on
17 October 2023, first in an interim capacity and then as the permanent CEO on and from 11 November 2023. The remuneration
and other benefits paid to Mr Winter in his capacity as CEO during FY23 is set out in the table below. This information reflects a part
period during FY23 and does not include the remuneration or other benefits paid to Mr Winter in his previous role as CFO of My
Food Bag. As Mr Winter’s appointment to CEO was made during FY23, no comparison is provided to the prior year in this report.
Remuneration – Mark WinterFY23 (NZ$)
Base salary
1
$248,538
Other benefits
2
$7,456
CEO PAY FOR PERFORMANCE (FY23)
Mr Winter was eligible to participate in the Company’s Short Term Incentive plan (STI) in FY23. This is a recurring STI plan, which
rewards achievement against prescribed performance measures. Details of the STI that operated in respect of FY23 is described in
the table below.
DescriptionPerformance Measures% Achieved
STISet at 20% of base salary, with a pay-out range of
up to 150% for overachievement against agreed
performance targets.
40% based on revenue targets and 60% based on an
earnings (EBITDA) target.
Not achieved.
Mr Winter participated in the Company’s Long Term Incentive scheme (LTI). This was the first year in which the LTI was operated by
the Company and no rights granted to Mr Winter vested (or were eligible to vest in FY23). The grant made to Mr Winter (in his role
as CEO) is described in the table below.
Performance RightsPerformance MeasuresVesting Date
LTI56,369 performance rights, with each right entitling
the holder to receive one share in My Food Bag
on vesting.
100% based on the Company’s relative TSR
performance against the NZX50. 50% of the rights
vest with performance at the 50th percentile and
100% of the rights vest with performance at the 75th
percentile; the level of vesting is pro rata between
these levels.
June 2024
Mr Winter (in his previous role as CFO) was granted a further 108,229 performance rights. This grant was made on 30 June 2022.
These rights are subject to vesting at the same time as the rights granted to Mr Winter in his role as CEO during FY23, but have
different vesting criteria with only 50% of these rights being subject to the same relative TSR performance measure described in
the table above (the other 50% of these rights are solely based on retention during the vesting period).
1. Base salary is not at risk. Mr Winter’s annualised base salary as CEO for FY23 was $520,000.
2. Includes a contribution of 3% of gross earnings towards Mr Winter’s KiwiSaver scheme.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
77
SHAREHOLDER INFORMATION
The shareholder information in this section of the disclosures has been taken from the Company’s registers.
Twenty largest shareholders (as at 12 April 2023)
Shareholder
1
Number of ordinary shares% of ordinary shares
Long Term Food Group LP38,165,96515 . 74
National Nominees New Zealand Limited19,274,6877.95
Tea Custodians Limited12,945,0485.34
FNZ Custodians Limited12,381,6935 . 11
Accident Compensation Corporation12,053,8534.97
Custodial Services Limited9,643,9053.98
New Zealand Permanent Trustees Limited8,048,9943.32
Cecilia Charlotte L Robinson, James Charles Robinson and Heimsath
Alexander Trustee Ltd
7,430,2583.06
New Zealand Depository Nominee7,335,6373.03
Hobson Wealth Custodian Limited7,179,2432.96
Theresa Elizabeth Gattung and Philippa Mary Greenwood6,825,1582.82
Masfen Securities Limited5,000,0002.06
Cogent Nominees (NZ) Limited4,395,6091 . 81
Citibank Nominees (NZ) Ltd4,204,0901. 73
JPMORGAN Chase Bank4,007,0691.65
Carlos Edward James Bagrie, Covisory Trust Limited and JKA
Holdings Limited
3,775,6391.56
HSBC Nominees (New Zealand) Limited3,520,5301.45
BNP Paribas Nominees NZ Limited Bpss403,003,3221.24
JBWERE (NZ) Nominees Limited2,305,8660.95
FNZ Custodians Limited2,298,0900.95
Total173,794,65671.68
Distribution of shareholders and shareholdings
As at 12 April 2023, the total number of voting securities of the Company was 242,437,524 fully paid ordinary shares, each
conferring on the registered holder the right to one vote on a poll at a meeting of shareholders. The distribution of these shareholders
and their shareholding at that date is shown below.
Size of holdingNumber of holders% of holders
Number of
ordinary shares% of ordinary shares
1 – 1,0002,79544.051, 471,15 30.61
1,001 – 5,0002,08132.805,410,6132.23
5,001 – 10,0006099.604,696,3101.94
10,001 – 100,00073511.5823,463,5459.68
100,001 and over12 51.97207,395,90385.54
Total6,345100.00242,437,524100.00
1. New Zealand Central Securities Depository Limited (NZCSD) provides a custodial depository service which allows electronic trading of securities to its members. For the purpose of this
table, shares in the Company held by NZCSD have been allocated to the applicable members. For reference, as at 12 April 2023, the total holding through NZCSD was 74,864,654
ordinary shares or 30.88 % of shares on issue.
OTHER INFORMATION
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
Other Disclosures (continued)
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
78
Substantial product holders
According to notices given to the Company under the Financial Markets Conduct Act 2013, the following persons were substantial
product holders of the Company as at 31 March 2023. There were 242,437,524 ordinary shares in the Company at that date.
Substantial product holder
Number of ordinary shares in which
relevant interest is held
% of shares held at
date of noticeDate of notice
Long Term Food Group LP and
Waterman Capital (Fund 3) LP
38,165,96515.743%31 March 2023
Milford Asset Management Limited21,303,3278.796%12 Nov 2021
Harbour Asset Management Limited
and Jarden Securities Limited35,727,56414.737%21 Feb 2023
EXERCISE OF NZX DISCIPLINARY POWERS
Neither NZX nor ASX took any disciplinary action against the Company during FY23. In particular, there was no exercise of powers
by NZX under NZX Listing Rule 9.9.3 (relating to powers to cancel, suspend or censure an issuer) with respect to the Company.
NZX WAIVERS
No waivers were granted by NZX or relied on by the Company during FY23.
AUDITOR’S FEES
My Food Bag’s external auditor is Ernst & Young (EY). Total fees payable by My Food Bag to EY in its capacity as auditor in respect
of FY23 is $155,000. No other professional services were provided by EY during FY23.
CREDIT RATING
My Food Bag does not have a credit rating.
DONATIONS
Following the North Island weather events of January 2023 and February 2023 My Food Bag donated $2,786 to the Red Cross
New Zealand Disaster Fund and donated food to a number of New Zealand charities. My Food Bag partners closely with the
Garden to Table charity, and donated $2,769 to this charity in FY23 and collected (and passed through) donations of $41,577
from customers. In addition, My Food Bag donated $476 to New Zealand Chinese Language Week Charitable Trust and as
discussed in further detail elsewhere in this Annual Report, My Food Bag regularly donates food to a number of worthwhile
New Zealand charities.
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
79
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
Directory
BOARD OF DIRECTORS
Tony Carter (Chair)
Jen Bunbury
Jon Macdonald
Sarah Hindle
Mark Powell
Cecilia Robinson
SENIOR LEADERSHIP TEAM
Mark Winter
Chief Executive Officer
Leanne Dekker
Chief Financial Officer
Paul Kelly
Chief Supply Chain Officer
Craig Jordan
Chief Digital Officer
Cassie Ormand
Head of People & Culture
Polly Brodie
Head of Development Kitchen
Trish Whitwell
Head of Innovation
REGISTERED OFFICE
Level 3, 56 Parnell Road
Parnell
Auckland 1052
New Zealand
Ph: 0800 469 366
Website: www.myfoodbag.co.nz
For enquiries about My Food Bag’s operating
and financial performance, contact investor relations:
Ph: +64 9 8869840
Email: ir@myfoodbag.co.nz
AUDITOR
Ernst & Young, Auckland
SOLICITORS
Russell McVeagh
BANKERS
ASB Bank
SHARE REGISTRY
My Food Bag’s share register is maintained by Link Market
Services Limited. Link is your first point of contact for any
queries regarding your investment in My Food Bag.
You can view your investment, indicate your preference for
electronic communications, access and update your details
and view information relating to dividends and transaction
history at any time by visiting the Link Investor Centre at
investorcentre.linkmarketservices.co.nz (for New Zealand
shareholders) and investorcentre.linkmarketservices.com.au
(for Australian shareholders).
NEW ZEALAND REGISTRY
Link Market Services Limited
Level 30 PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
Ph: +64 9 375 5998
Email: myfoodbag@linkmarketservices.co.nz
www.linkmarketservices.co.nz
AUSTRALIAN REGISTRY
Link Market Services Limited
Level 12, 680 George Street
Sydney NSW 2000
Australia
Ph: +61 1300 554 474
Email: myfoodbag@linkmarketservices.co.nz
www.linkmarketservices.com.au
My Food Bag Group Limited
NZCN 6113607
ARBN 646 807 301
Key Dates
Half year results – November 2023
FY24 year end – 31 March 2024
Annual shareholders’ meeting – 17 August 2023
Half year end – 30 September 2023
OTHER INFORMATION
MY FOOD BAG GROUP LIMITED ANNUAL REPORT 2023
80
Notes
81
FINANCIAL STATEMENTS
myfoodbag.co.nz
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.