Trading Update – Honey Harvest

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23 May 2023
Trading Update – Honey Harvest
On 1 March as part of the half year results announcement Me Today advised that the 2023 Manuka
Honey season had been significantly impacted by weather and industry wide indications were that
the season production would be well below average. At that time the group provided for a write-
down of $860k.

The Me Today Group has now completed the honey harvest and finalised all manuka test results.
The total yield achieved from the Hive Placements was 61 tonne of honey. The yield was down 50%
on what was expected from an average season. However, the quality of the Manuka Honey was also
down significantly meaning the value of the honey harvested was much less than expected.

Including depreciation, the total cost of the Harvest was $2.8m; the estimated value of that honey
has been determined at $700k meaning a total write-down of approximately $2.1m will be included
in the 2023 financial result.

The half year results announcement advised that the group had received orders of $1.6m in respect
to its BEE+ brand that will ship in the first quarter of the 2023 calendar year and that the sales for
the second half of the calendar year would be higher than the first half and the operating loss would
be lower. These sales have now shipped meaning the second half result is currently tracking to be
consistent with this statement, this is subject to finalisation and audit of the year end result post 30
June 2023. It should be noted that in this context the operating loss excludes the $2.1m write down
of the honey harvest.

For further information, please contact:

Grant Baker
Chairman, Me Today Limited
021 729 800


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