H1 FY23 Market Update and Guidance Update

1
AoFrio Ltd
AoFrio
Interim Report
2023
Interim Report 2023

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AoFrio Ltd
AoFrio experienced softer demand than expected during H1 FY23. This was
as a result of customers over purchasing inventory in FY22 to protect against
supply chain disruption and the impact of macroeconomic conditions on
overall demand. While there is still uncertainty, we are expecting conditions
to moderately improve in H2 FY23. Against this backdrop we are focused on
navigating through FY23, looking to maintain a base level of EBITDA and an
adequate level of liquidity. We are confident we have maintained our market
share and have won new business that will enable us to grow revenue in
FY24 as these conditions further improve.
Financial performance
Revenue for H1 FY23 was $30.1 million, compared to $31.9 million for the
same period last year.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) was
a loss of $0.7m compared to a $0.6m loss for the corresponding period last
year. The pre-tax result was a loss of $2.7 million compared to a pre-tax loss
of $1.9 million in H1 FY22.
Metric (NZ$m)H1 FY23H1 FY22Variance
Revenue30.131.9(1.8)
IoT Revenue17.116.30.8
Motors & Fans Revenue13.015.6(2.6)
Gross Margin %30.3%26.6%3.7pp
EBITDA(0.7)(0.6)(0.1)
Profit / (Loss)(2.6)(1.9)(0.7)
Revenue
Across our core business segments, we shipped 238,000 IoT devices and
338,000 motors in the period. This resulted in a change in revenue of 5.3% for
IoT and -16.9% for Motors compared to H1 FY22.
We continue to experience the impact of some customers over-purchasing
inventory in FY22 to protect their businesses from supply chain disruptions.
We expected this excess stock to be largely consumed during the first half
of FY23, but this is taking longer than expected and some customers are still
Letter from the CEO and Chair
Gottfried Pausch
Chairman
Chief Executive Officer
Greg Balla

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Interim Report 2023
holding excess stock and have therefore reduced their
order rate.
Within the motors segment, demand for AoFrio’s
ECR 2 range was 15% lower than the first half of FY22.
This was largely due to North American customers
reducing orders due to overstocking and the challenging
macroeconomic conditions impacting overall demand. In
particular, one of the Company’s largest North American
motor customers reduced demand to near zero for the
first half of the year. We are pleased to see monthly
demand from this customer is now returning.
IoT equipment volumes held up well in the difficult
environment as customers continued to connect their
coolers to the AoFrio cloud. South America was the
stand-out regional performer, recording 30.4% year-
on-year revenue growth. This was driven by customer
wins for AoFrio’s market leading IoT solutions, including
volume won off a local competitor. We sold 65,000 IoT
devices in South America during H1 FY23 compared to
33,000 during H1 FY22.
EMEA volumes also held up reasonably well, with a
small year over year volume reduction, despite the
macroeconomic issues in Europe and in Turkey, mainly
caused by geopolitical uncertainty and natural disasters.
We invoiced $2.1 million for cloud data connection
and software development charges during H1 FY23
compared to $2.8 million for the same period last year.
This revenue is multi-year and is recognised in the
Income Statement over the duration of the contract.
At 30 June 2023, $11.6 million of revenue has been
deferred for recognition in subsequent periods.
(2022:$9.0 million).
Gross Margin
H1 FY23 gross margin was 30.3% compared to 26.6%
during the same period last year. This significant lift is
due to improved component supply, reduced shipping
costs, higher mix of IoT and the impact of pricing
changes late in 2022.
Across the first half of FY23, the margin for IoT products
was 41.8% and 15.2% for motors. This compares
to 41.0% and 11.7% for the same period last year,
demonstrating that the company managed to maintain its
product margins despite pressures in the market.
Operating expenses
Operating expenses for the six months ending 30
June 2023 were $10.5 million, 17% higher than for the
comparable period last year.
Staff costs of $8.3 million represent 80% of our total
operating expenses ($6.3 million - 71% in H1 FY22).
Revenue by geography:
Revenue (NZ$m)H1 FY23H1 FY22Change
North America19.221.8-11.8%
South America4.73.6+30.4%
EMEA3.33.4-2.9%
APAC2.93.1-7.1%
30.131.9-5.6%

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AoFrio Ltd
The increase in staff costs was largely the result of new
roles added over the eighteen-month period in FY22 and
H1 FY23 and to salary increases required in what was
a challenging labour market. There were 86 staff at the
commencement of FY22, 98 in June 2022, 105 at 31
December 2022 and 115 at 30 June 2023. We recruited
ten new roles out of the forty planned for this year in H1
FY23 to support our business growth plan. This level
of staff hires was required to accelerate our long-term
strategy of growth, but we are managing our spending
and investments carefully in the short term given more
difficult than expected trading conditions. We will
continue to prudently manage AoFrio’s resource levels
through H2 FY23.
Capitalised development time increased from $0.5
million to $1.1 million in H1 FY23. Our engineering
and product teams are focused on new product
development to progress AoFrio’s strategies of
protecting and growing the bottle cooler market and
diversification into new markets. These developments
include completing development of a new higher power
motor (ECR 2+), a new variable speed compressor
solution, new higher margin software products and new
connected hardware for ice-cream and food service
customers. In H1 FY22 the teams were focussed on
component swap work to support our base business
which is non-capitalisable work.
Working Capital
Cash on 30 June 2023 was $2.5 million compared to
$2.8 million at 31 December 2022.
The $5 million BNZ Trade Finance facility was increased
to $8 million for a three-month term expiring 31 July 2023
to provide short-term working capital flexibility given
longer than expected customer payment cycles. The
facility was drawn to $7.7 million at 30 June 2023 and
has since been reduced to below the $5 million approved
limit in July 2023.
Net trade receivables at 30 June 2023 was $18.5 million
compared to $23.0 million at 31 December 2022. North
and South American customers typically have payment
terms of 90-120 days, although foreign currency controls
in Argentina mean payments from Argentinian customers
take 180 days.
Inventory at 30 June 2023 was $10.3 million, a $0.9
million decrease compared to 31 December 2022.
This inventory included components sourced in 2022
to ensure component supply issues didn’t continue to
impact in FY23.
Trade and other payables at 30 June 2023 was $16.7
million, a $8.4 million reduction compared to 31
December 2022.
H1 FY23 Operational Summary
The first half result was significantly impacted by
customers holding excess inventory and macroeconomic
issues.
We have increased AoFrio’s gross margin percentage
through reduced costs and pricing increases
implemented during FY22.
We have maintained our IoT market share on lower
volumes and have had some significant recent market
share wins that will positively impact FY24 revenue.
We continue to manage costs and cash tightly to
respond to the challenging market conditions.
Strategy update
Historically, we described our business as (a) Motors
and fans and (b) IoT. As we progressively broaden
the markets we serve, Motors and our IoT products
are being incorporated into our key vertical product
segments:
• Branded bottle coolers
• Food service and retail
• Ice cream

5
Interim Report 2023
Our top strategic initiatives are:
• Continuous Improvement
◦Margin Improvement. Cost down initiatives for
our ECR 2 motor and SCS controller products.
◦Cash Management: focussed on reducing
inventories held by AoFrio and its suppliers.
• Protecting and growing AoFrio’s existing bottle
cooler market
• Diversifying into the food service and retail markets
• Diversifying into the ice cream market
Protecting and growing AoFrio’s existing bottle
cooler market
Our market share of the approximately $300 million
serviceable and available bottle cooler market is strong.
We have approximately 25% market share of the new
build branded bottle cooler business.
AoFrio is the only company with its own fully integrated
hardware and software IoT solution in the bottle cooler
market. Having a single, integrated supplier is a
preference for many customers and a clear advantage
for us, as we expect the new-build bottle cooler market
size to double in value during the next five years as more
bottlers choose to add cellular devices for near real-time
monitoring of their fleet.
In anticipation of this, we have many proof-of-concept
trials underway across North America, South America,
Eastern Europe, Southeast Asia and Australia. During
H1 FY23 we completed a trial in South America which
enabled us to win the business of one of the biggest
bottlers in the region and which will result in new volume
in FY24.
At our May 2023 ASM we talked about the development
of our higher powered ECR 2+ motor. Since then, this
work programme has tracked well, and samples of this
new motor are with early adopter customers from
August 2023.
We have internally validated the results from our
variable speed compressor control trials in July and
are relaunching our complete energy saving value
proposition to customers. This solution involves
demonstrating the significant energy saving we can
produce, for an individual refrigerator, and further
sizeable savings for a cooler fleet, by leveraging our
complete ecosystem of a SCS controller with algorithms,
our variable speed ECR 2 motor, and our software
solution. This solution will be launched in September this
year when third party validation of energy savings
is complete.
To deliver against our strategy of protecting and growing
our existing bottle cooler market, we have advanced
our connected Network Pro solution to target the North
American and European markets. We updated investors
about this at our ASM and it remains on track for trials to
commence in Q1 FY24.
Diversifying into food service & retail
Our focus on expanding into food service & retail
markets is based on the opportunity to leverage and
build on our existing hardware and software product
investments.
Food retail and food service has a serviceable available
market of $4.5B and this space includes mid-size
supermarkets, convenience stores and micro

6
AoFrio Ltd
markets or food service companies such as
restaurants andfast-food chains.
We have three trials underway globally with food
service and retail customers, including with a New
Zealand quick service restaurant chain and a major
coffee chain in South Africa.
These trials will help us better understand our value
proposition and refine the optimal solution. Since
our ASM, we have demonstrated to customers that
our controllers can control hot food service devices
and have developed the initial firmware functionality
to support our South African trial partner.
These trials are currently tracking well. If successful
they will convert into revenue during FY24.
Diversifying into ice cream
The ice cream segment presents clear opportunity
for AoFrio, because it is similar to the branded bottle
cooler market in the way product is deployed by
large brands through their fleet of freezers at the
point of sale.
While it has taken us several years to get to where
we are with our IoT solutions in the branded bottle
coolers space, we anticipate it will be faster to
market for ice cream. We have existing in-region
relationships with customers that we can work with
closely, an existing product base to build on, and an
early adopter customer already willing to work with
us beyond MVP.
We have two key trials underway with ice cream
retailers, in Chile and Peru.
Governance and policy update
Following Gottfried Pausch announcing his intention
to step down as Board Chair and Director and
recently resigning effective August 31,2023, the
Board resolved to appoint John Scott as the new
Chair effective September 1,2023. The Board
has also implemented governance changes to
add new skills and experience. AoFrio welcomes
new directors Melissa Clark-Reynolds and Roz

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Interim Report 2023
Buick, effective 21 August 2023 and 31 January 2024,
respectively. Both bring extensive expertise in global
markets, alongside deep software, strategic oversight,
innovation, and governance experience.

We have progressed our people and culture
workstreams in line with our FY23 plan. This includes
launching a whistleblower policy, a diversity and
inclusion policy, and conducting our first annual diversity
and inclusion survey. Pleasingly, this survey showed
80% of participants felt they belonged and were
respected at AoFrio. and we are working with the team to
develop an ongoing improvement plan.

During the first half of the year, we also advanced
our ESG strategy and before the end of FY23 will be
releasing our Sustainability Policy and a new Modern
Slavery Policy that governs supply chain and other
business relationships. AoFrio’s software and hardware
products support our customers carbon reduction goals
through reduced energy consumption, and from 2008 to
the end of June 2023 we have helped customers save
an estimated 7.4m tonnes of CO2 emissions.

Looking forward
The financial performance for the first half was a
reflection of the global economic uncertainty impacting
customers, including the residual effects from global
supply chain issues that have lasted longer than
expected and resulted in a number of AoFrio’s customers
still working through excess inventory from FY22.
AoFrio’s challenge is delivering the balance between
managing its financial position while continuing to invest
in the significant opportunities from new products and
adjacent markets.
Our markets remain more volatile than usual, making
short-term forecasting difficult. Our customers excess
inventories are taking longer than initially anticipated
to be consumed. Global beverage brands have also
adopted a more conservative stance due to market
uncertainty which has exacerbated the position for
AoFrio’s customers that supply those brands.

We are confident we have maintained market share in
our core motor and IoT markets, so we expect more
usual volumes to return as conditions normalise.
However, any meaningful improvement now seems
unlikely until Q4 FY23 and it is therefore appropriate to
update our FY23 guidance.
We now expect FY23 revenue to be similar to FY22
and for EBITDA to be around $2.5 million, which is
50% ahead of FY22 although down from prior guidance
of around $3.5 million. Some risk remains that the
improvement in market conditions may be delayed
beyond Q4 FY23 and the Company will update its
projections and guidance as it progresses further through
FY23.

We are increasingly measured in our approach to
managing the investment required for new product
and adjacent market growth, including cost controls,
and tighter criteria for investment in innovation. These
investments are nevertheless setting the groundwork for
FY24, which we expect to produce improved results.

We are focused on ensuring we can deliver sustainable
growth and shareholder value utilising the existing capital
and resources available to the business.
Thank you to the AoFrio team and our shareholders
as we continue our commitment to delivering the
AoFrio strategy.
Gottfried Pausch
Chairman
Greg Balla
Chief Executive Officer

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AoFrio Ltd
Financial Statements
Consolidated and Condensed Interim Statement of Comprehensive Income
Six months ended
Unaudited
Year ended
Audited
Note
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Revenue2.1,2.330,10831,89274,324
Cost of sales(20,974)(23,397)(53,734)
Gross profit9,1348,49520,590
Foreign exchange gains / (losses)474(250)(133)
Other income2.414932202
Operating expenses2.5(10,464)(8,924)(19,114)
Gain on remeasurement of contingent consideration-6868
Earnings before interest, taxation, depreciation,
amortisation and impairment
(707)(579)1,613
Depreciation3.5(315)(283)(559)
Amortisation3.6(1,107)(908)(1,887)
Impairment3.6---
Loss before interest and taxation(2,129)(1,770)(833)
Finance income4.2334064
Finance expenses4.2(556)(136)(386)
Loss before income tax(2,652)(1,866)(1,155)
Income tax (expense) / credit 2.7(22)(1)4,415
(Loss) / profit for the period(2,674)(1,867)3,260
Other comprehensive income:
Items that may be reclassified subsequently to the profit
or loss:
Exchange differences on translation operations (306)886115
Other comprehensive income for the period
(306)886115
Total comprehensive (loss) / income for the period(2,980)(981)3,375
(Loss) / profit for the period attributable to the
Owners of the Company
(2,674)(1,867)3,260
Total comprehensive (loss) / income attributable to
the Owners of the Company
(2,980)(981)3,375
Basic earnings per share – cents2.6(0.62)(0.43)0.75
Diluted earnings per share – cents2.6 (0.62)(0.43)0.73

The above Consolidated and Condensed Interim Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

9
Interim Report 2023
Consolidated and Condensed Interim Statement of Movements in Equity



Note
Share
capital
$000s
Accumulated
losses
$000s
Other
reserves
$000s
Total
equity
$000s
Unaudited for the six months ended 30 June 2023
Balance on 1 January 2023135,578(108,207)(3,590)23,781
Comprehensive income
Loss for the period-(2,674)-(2,674)
Other comprehensive income
Exchange differences on translation
of foreign operations
--(306)(306)
Total comprehensive income
-(2,674)(306)(2,980)
Share options compensation expensed--3333
Contributions of equity, net of costs4.3--
Balance at 30 June 2023135,578(110,881)(3,863)20,834
Unaudited for the six months ended 30 June 2022

Note
Share
capital
$000s
Accumulated
losses
$000s
Other
reserves
$000s
Total
equity
$000s
Balance at 1 January 2022135,555(111,467)(3,800)20,288
Comprehensive income:
Loss for the period-(1,867)-(1,867)
Other comprehensive income
Exchange differences on translation
of foreign operations
--886886
Total comprehensive income
-(1,867)886(981)
Share options compensation expensed--4747
Part paid shares repayment(2)--(2)
Contributions of equity, net of costs4.3253--253
Balance at 30 June 2022135,806(113,334)(2,867)19,605

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AoFrio Ltd
Consolidated and Condensed Interim Statement of Movements in Equity - continued
Audited for year ended 31 December 2022

Note
Share
capital
$000s
Accumulated
losses
$000s
Other
reserves
$000s
Total
equity
$000s
Balance at 1 January 2022135,555(111,467)(3,800)20,288
Comprehensive income
Profit for the year-3,260-3,260
Other comprehensive income
Exchange differences on translation of foreign
operations
--115115
Total comprehensive income
-3,2601153,375
Share options compensation expensed--9595
Contributions of equity, net of costs23--23
Balance at 31 December 2022135,578(108,207)(3,590)23,781
The above Consolidated and Condensed Interim Statement of Movements in Equity should be read in conjunction with the accompanying notes.

11
Interim Report 2023
Consolidated and Condensed Interim Statement of Financial Position
UnauditedAudited
Note
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Current Assets
Cash and cash equivalents2,5154,8392,839
Trade and other receivables3.119,81715,67724,281
Derivative financial instruments--140
Inventories3.210,3466,70311,272
Total current assets32,67827,21938,532
Non-Current Assets
Property, plant and equipment3.55,8531,8911,156
Deferred tax asset10,5386,05110,538
Intangible assets3.613,53913,27512,907
Total non-current assets29,93021,21724,601
Total assets62,60848,43663,133
Current Liabilities
Trade and other payables3.316,73517,17125,095
Contract liability2.32,2091,8742,008
Provisions3.4184225177
Derivative financial instruments56274-
Liabilities in respect of right-of-use assets5.36223383
Borrowings4.18,4617963,369
Total current liabilities
27,70720,57330,732
Non-Current Liabilities
Borrowings4.1
342513466
Liabilities in respect of right-of-use assets5.3
4,289645-
Contract liability2.3
9,4367,1008,154
Total non-current liabilities14,0678,2588,620
Total liabilities41,77428,83139,352
Net assets20,83419,60523,781
Equity
Contributed equity4.3135,578135,806135,578
Accumulated losses(110,881)(113,334)(108,207)
Other reserves(3,863)(2,867)(3,590)
Total equity20,83419,60523,781
The above Consolidated and Condensed Interim Statement of Financial Position should be read in conjunction with the accompanying notes.

12
AoFrio Ltd
Consolidated and Condensed Interim Cash Flow Statement
Six months ended
Unaudited
Year ended
Audited
Note
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Cash flows from operating activities
Receipts from customers exclusive of GST/VAT36,30037,06471,586
Payments to suppliers and employees exclusive
of GST/VAT
(39,432)(37,506)(75,874)
Foreign exchange gains / (losses)474(250)(133)
Other income1493253
Interest paid(503)(136)(344)
Interest received4.2334064
Taxation paid(89)(97)(225)
Net GST/VAT received245303509
Net cash outflow from operating activities(2,823)(550)(4,364)
Cash flows from investing activities
Payments for property, plant, and equipment3.5(655)(292)(415)
Proceeds from disposals of property, plant,
and equipment
552536
Payments for intangible assets3.6(1,265)(554)(1,431)
Net cash outflow from investing activities(1,865)(821)(1,810)
Cash flows from financing activities
Cash payment to acquire ordinary shares4.3--(230)
New loans and drawdowns4.112,3964226,945
Loan repayments
4.1(7,828)(189)(4,027)
Principal payments for lease liabilities4.1(77)(114)(232)
Net cash inflow from financing activities4,4911192,456
Net decrease in cash and cash
equivalents
(197)(1,252)(3,718)
Cash and cash equivalents at the beginning of the
financial period
2,8395,9535,953
Effect of exchange rate movements on cash
(127)138604
Cash and cash equivalents at end of period2,5154,8392,839

The above Consolidated and Condensed Interim Cash Flow Statement should be read in conjunction with the accompanying notes.

13
Interim Report 2023
Notes to the Financial Statements
for the six months ended 30 June 2023
1. Basis of preparation
1.1 General Information
AoFrio Limited (the “Company”) and its subsidiaries (together the “Group”) develop Internet of Things (IoT)
solutions and manufacture, market and sell energy saving, electronically commutated (EC) motors, connected
controllers and fans for worldwide use.
The Company is a limited liability incorporated and domiciled in New Zealand. The address of its registered office
is 78 Apollo Drive, Rosedale, Auckland 0632 New Zealand. The Company is registered under the Companies
Act 1993 and is an FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The financial
statements have been prepared in accordance with the requirements of Part 7 of the Financial Markets Conduct
Act 2013 and the NZX Main Board Listing Rules.
These interim financial statements do not include all the notes and disclosures set out in the annual report. As
a result, this report should be read in conjunction with the annual financial statements for the year ended 31
December 2022.
These consolidated and condensed financial statements have been approved for issue by the Board of Directors
on 23 August 2023 and have not been audited.
1.2 Summary of Significant Accounting Policies
(a). Basis of preparation
These consolidated and condensed financial statements of the Group have been prepared in accordance with
generally accepted accounting practice in New Zealand. The Group is a for-profit entity for the purposes of
financial reporting. The consolidated and condensed financial statements comply with New Zealand International
Accounting Standard 34: Interim Financial Reporting.
All significant accounting policies have been consistently applied to all the years presented, unless otherwise
stated.
Entities reporting
The financial statements are for the consolidated group which is the economic entity comprising of AoFrio Limited
and its subsidiaries.
Historical cost convention
These financial statements have been prepared under the historical cost convention except for derivative financial
information which is measured at fair value.
New standards, amendments, and interpretations not yet adopted
The following accounting standards, amendments and interpretations have not had a material impact on the
financial statements.
• NZ IFRS 17 - Insurance Contracts
• NZ IAS 1 - Disclosure of Accounting Policies
• NZ IAS 8 - Definition of Accounting Estimates
• NZ IAS 12 - Deferred Tax Related Assets and Liabilities from a Single Transaction

14
AoFrio Ltd
Going concern assumption
The Group reported a loss for the six months ended 30 June 2023 of $2,674,000 (2022: loss of $1,867,000) and
operating cash outflows of $2,823,000 (2022: outflows of $550,000). Cash at 30 June 2023 was $2,515,000
(2022: $4,839,000) and net debt (defined as cash balances net of borrowings) was $6,288,000 (2022: net cash
$3,530,000).
Revenue in the interim period was impacted by excess inventory in the global supply chain along with generally
lower demand due to macro-economic factors. Management has prepared forecasts for the period through to 31
December 2024 that show improved trading performance partly on the basis that global supply chain conditions
in particular, progressively normalise. The Board has reviewed these forecasts which show revenue growth,
improved profitability from increased revenues and positive cash flows. The Board is satisfied that if global supply
chain or macro-economic conditions continue to adversely impact demand or cause other issues for the Group,
the Group can and will manage its planned increases in operating and capital expenditure to ensure the Group
maintains adequate cash reserves.
Therefore, the Board has, at the time of approving the financial statements, assessed it is appropriate to continue
to adopt the going concern basis in preparing the financial statements.
(b). Significant accounting estimates and judgements
Estimates and judgments are continually evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will,
by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk
of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
detailed in the following notes to the financial statements:
Areas of estimation
• Going concern – forecasts – note 1.2
Areas of judgement
• Deferred tax asset – recognition – note 2.7
• Development costs – capitalisation of expenses and impairment testing – note 3.6

15
Interim Report 2023
2. Results for the period
2.1 Segment information
An operating segment is a component of an entity that engages in business activities from which it earns revenues
and incurs expenses, whose operating results are regularly reviewed by the chief operating decision maker and
for which discrete financial information is available.
The chief operating decision maker, who is responsible for allocating resources and assessing performance of the
operating segments, has been identified as the Chief Executive Officer supported by the management team who
report directly to the CEO.
(a). Reportable segments
The Group is organised on a global basis into two operating divisions – Motors and IoT. These divisions offer
different products and services and are managed separately because they require different technology and
marketing strategies. The Group’s chief executive officer reviews the financial performance of each division at
least monthly. Each division is a reportable segment.
There are varying levels of integration between the segments. There are engineering and sales staff that support
both segments as well as shared logistical and quality management services.
Information related to each reportable segment is set out below:
June 2023 (six months)
Motors
$000s
IoT
$000s
Unallocated
$000s
Total
$000s
Revenue12,97617,132-30,108
Cost of goods sold(11,001)(9,973)-(20,974)
Gross profit1,9757,159-9,134
Gross margin %15.2%41.8%-30.3%
Foreign exchange gains--474474
Other income-3146149
Operating expenses(1,954)(4,118)(4,392)(10,464)
EBITDA213,044(3,772)(707)
Depreciation(67)(16)(232)(315)
Amortisation(158)(877)(72)(1,107)
Profit / (loss) before interest and taxation(204)2,151(4,076)(2,129)
Finance income1-3233
Finance expense--(556)(556)
(Loss) / profit before income tax(203)2,151(4,600)(2,652)
Income tax expense--
(22)(22)
Profit / (loss) for the period(203)2,151(4,622)(2,674)

16
AoFrio Ltd
Non-current assets
Property, plant & equipment364755,4145,853
Deferred tax asset--10,53810,538
Goodwill-3,224-3,224
Intangible assets3,7875,88064810,315
Total4,1519,17916,60029,930

June 2022 (six months)
Motors
$000s
IoT
$000s
Unallocated
$000s
Total
$000s
Revenue15,61916,273-31,892
Cost of goods sold(13,797)(9,600)-(23,397)
Gross profit1,8226,673-8,495
Gross margin %11.7%41.0%-26.6%
Foreign exchange losses--(250)(250)
Other income632332
Operating expenses(1,497)(3,346)(4,081)(8,924)
Gain on remeasurement of
contingent consideration
-68-68
EBITDA3313,398(4,308)(579)
Depreciation(161)(87)(35)(283)
Amortisation(167)(739)(2)(908)
Profit / (loss) before interest & taxation32,572(4,345)(1,770)
Finance income--4040
Finance expense--(136)(136)
Profit / (loss) before income tax32,572(4,441)(1,866)
Income tax expense--
(1)(1)
Profit / (loss) for the period32,572(4,442)(1,867)
Non-current assets
Property, plant & equipment5541191,2181,891
Deferred tax asset--6,0516,051
Goodwill-3,254-3,254
Intangible assets3,7756,1479910,021
Total4,3299,5207,36821,217

17
Interim Report 2023
December 2022 (12 months)
Motors
$000s
IoT
$000s
Unallocated
$000s
Total
$000s
Revenue37,79836,526-74,324
Cost of goods sold(31,007)(22,727)-(53,734)
Gross profit6,79113,799-20,590
Gross profit %18.0%37.8%27.7%
Foreign exchange losses
--
(133)(133)
Other income(93)22273202
Operating expenses(3,903)(7,562)(7,649)(19,114)
Gain on remeasurement of
contingent consideration
-68-68
EBITDA2,7956,327(7,509)1,613
Depreciation(154)(35)(370)(559)
Amortisation(221)(1,001)(665)(1,887)
Impairment
----
Profit / (loss) before interest & taxation2,4205,291(8,544)(833)
Finance income--6464
Finance expense--(386)(386)
Profit / (loss) before income tax2,4205,291(8,866)(1,155)
Income tax credit(1)-
4,4164,415
Profit / (loss) for the year2,4195,291(4,450)3,260
Non-current assets
Property, plant & equipment338737451,156
Deferred tax asset--10,53810,538
Goodwill-3,151-3,151
Intangible assets3,6745,986969,756
Total non-current assets4,0129,21011,37924,601

18
AoFrio Ltd
(b). Geographical segments
The Group operates in three main geographical areas, although it is managed on a global basis.
Six months endedYear ended
Revenue from external customers by
geographic areas
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Americas23,88225,41658,042
Asia / Pacific (APAC)2,8793,0866,770
Europe / Middle East / Africa (EMEA)3,3473,3909,512
Total30,10831,89274,324
Revenue is allocated above based on the country in which the customer is located. APAC revenue includes
$1,382,000 (2022: $597,000) from New Zealand customers.
Total non-current assets
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Americas1,134321,134
Asia / Pacific – mainly in New Zealand28,79021,15923,455
Europe / Middle East / Africa62612
Total29,93021,21724,601
Total non-current assets are allocated based on where the assets are located.
2.2 Seasonality of operations
Revenues and operating profits are generally expected to be higher in the first six months of a calendar year,
lower in the 3
rd
quarter due to customers in the northern hemisphere shutting down for summer holidays and
increasing again in the 4
th
quarter.
This does not appear to be the case this year so far due to reduced demand in the 1
st
half year and current
forecasts show a higher 2
nd
half year.
Revenues and operating profits in the 4
th
and 1
st
quarters of a calendar year can be impacted by the timing of the
China New Year and Vietnam Tet holidays.
2.3 Revenue
Six months endedYear ended
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Sales of goods revenue28,98630,76472,128
Services revenue 1,1221,1282,196
Total30,10831,89274,324

19
Interim Report 2023
Revenue is measured at the fair value of the consideration received or receivable for the sale of goods
andservices, excluding GST / VAT, rebates and discounts and after eliminating sales within the Group. The Group
disaggregates revenues from contracts by geographical regions.
(a). Sale of Goods
The Group manufactures and sells a range of energy efficient motors and IoT hardware to the food and beverage
market. Sales are recognised when control has transferred to the buyer which is usually when delivery of the
goods to the buyer pursuant to the Incoterms that apply is fulfilled, and there is no unfulfilled obligation that could
affect the customer’s acceptance of the products. Delivery occurs when the products have been delivered in
accordance with the pre-agreed Incoterms between the Group and the buyer, the risks of obsolescence and loss
have been transferred to the buyer, and either the buyer has accepted the products in accordance with the sales
arrangement, the acceptance provisions have lapsed, or the Group has objective evidence that all criteria for
acceptance and performance obligations under the contract with the customer have been satisfied.
Some of the sales of goods are subject to CIF (Cost, Insurance and Freight) Incoterms. The Group considers
these freight and insurance services to be a distinct service. For these sales, the total sales price is allocated to
the separate performance obligations, being the product and the insurance and freight costs. Further, the Group
considers itself an agent only in the provision of the freight services. Revenue for the CIF element is recognised
only to the extent of the margin for providing the agent services. However, there are limited sales under CIF terms
and the impact on revenue is estimated to be minor.
The Group has in-market distributors in China and Brazil to supply goods to buyers in those markets who require
local delivery. These distributors transact as agents. The Group is the principal in these transactions. Sales of
product are recognised when these distributors deliver the product to buyers at which point control passes to
the buyer.
Products may be sold with retrospective volume rebates based on aggregate sales over a 12-month period.
Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume
rebates. Accumulated experience and customer knowledge are used to determine the rebate amounts using the
expected value method and revenue is only recognised to the extent that it is highly probable significant reversals
will not occur. The liability to pay volume rebates is recognised (included in trade and other payables) in respect of
sales made until the end of the reporting period.
No element of financing is deemed present as the sales are made with a credit term of 30 - 120 days which is
consistent with market practice. A receivable is recognised when the goods are delivered as this is the point of
time that the consideration is unconditional because only the passage of time is required before the payment
is due.
(b). Sale of services
Associated with the supply of IoT hardware, the Group supplies a range of data, and reporting services, all
installed on every AoFrio SCS, AoFrio Monitor and AoFrio Click sold and are distinct services from the sale of
goods. Revenue from the provision of such services is recognised when services are rendered to the buyer.
Contracts typically cover a period from hardware supply of anywhere from 1 to 10 years, dependent on customer
requirements. Contracts specify the price for the provision of the services. Revenue from such contracts is
recognised on a straight-line basis over the contract term because the customer receives and uses the benefits
simultaneously. As set out in note 2.3(a), no explicit element of financing is deemed present as the purpose of the
advance payment of revenue is for reasons other than financing.
The Group also provides software development services for customers. Revenue from these services is
recognised when the contracted development is completed according to the agreed scope of work.

20
AoFrio Ltd
Six months endedYear ended
Contract liabilities
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Carrying amount at start of period10,1626,7936,793
Invoiced in the period2,1452,7685,137
Recognised in revenue(1,122)(1,128)(2,196)
Exchange adjustment460541428
Carrying amount at end of period11,6458,97410,162
Current portion2,2091,8742,008
Non-current portion9,4367,1008,154
11,6458,97410,162
2.4 Other income
Six months endedYear ended
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Remeasurement of right-of-use liability--149
Other income1493253
Total14932202

2.5 Operating expenses include
Six months endedYear ended
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Wages and salaries and other
short-term benefits
8,0716,05912,673
Employer contributions to Kiwisaver
and 401K plans
268231459
Employee share options expense334795
Employee benefits8,3726,33713,227
Payments to contractors5288931,886
Capitalisation of labour and expenses
to intangible assets
(1,077)(526)(1,382)

21
Interim Report 2023
The amount disclosed above for wages and salaries is stated before capitalisation of labour to intangible assets.
Liability for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave
expected to be settled within twelve months of the reporting date are recognised in other payables in respect
of employees’ services up to the reporting date and are measured at the amounts expected to be paid when
the liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken and
measured at the rates paid or payable.
The Group recognises a liability and an expense for bonuses and creates a provision where contractually obliged
or where there is past practice that has created a constructive obligation.
2.6 Earnings per share
Earnings per share (‘EPS’) is the amount of post-tax profit attributable to each share.
Basic EPS of a loss of 0.62 cents (June 2022 – loss of 0.43 cents) is calculated by dividing the loss attributable to
equity holders of the Company of $2,674,000 (June 2022 – loss of $1,867,000) by the weighted average number
of ordinary shares in issue during the period of 431,853,006 (June 2022 – 432,229,459).
Diluted EPS for the six months ended 30 June 2023 of a loss of 0.62 cents (June 2022 - loss of 0.43 cents) is
calculated by dividing the loss attributable to equity holders of the Company of $2,674,000 (June 2022: - loss of
$1,867,000) by the weighted average number of shares in issue adjusted to reflect any commitments the Group
has to issue shares in future that would decrease EPS. The weighted average number of ordinary shares is
compared with the number of shares that would have been issued assuming the exercise of share options.
2.7 Income tax
Six months endedYear ended
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Current year income tax expense(22)(1)(72)
Deferred tax – recognition of deferred tax asset--4,487
Income tax (expense) / credit(22)(1)4,415
The income tax credit for the year can be reconciled to the result before tax as follows:
Six months endedYear ended
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Reported loss for the year before tax(2,652)(1,866)(1,155)
Tax at 28%(743)(522)(323)
Adjustment of prior periods--67
Effect of different tax rates of subsidiaries in other
jurisdictions
-
(7)(14)
Tax effect of non-deductible / non-assessable items(102)(40)(84)
Tax effect of utilisation of losses in current period823568(1,430)
Recognition of carried forward tax losses--6,199
Income tax (expense) / credit(22)(1)4,415

22
AoFrio Ltd
As it is probable that future taxable amounts will be available to utilise temporary differences and losses, a
deferred tax asset was recognised at 31 December 2022 for deductible temporary differences and for that portion
of the unused tax losses expected to be utilised in the five years 2023 through to 2027. No additional deferred tax
has been recognised in H1 FY23. The key judgements within the forecast taxable profit model include revenue
growth rates and gross margin. No deferred tax asset has been recognised in respect of the remaining tax losses
to carry forward due to uncertainty as to forecast taxable income after the five years.
Losses available to be carried forward are subject to the shareholder continuity requirements of the New Zealand
Income Tax Act 1994 and the countries in which the losses have arisen.

23
Interim Report 2023
3. Operating assets and liabilities
3.1 Trade and other receivables
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Trade receivables18,56614,28923,094
Provision for loss allowance(96)(47)(92)
Net trade receivables18,47014,24223,002
Prepayments530862620
VAT/GST refunds due9360166
Income tax refund due372310281
Other receivables352203212
19,81715,67724,281
The Group applies the simplified approach permitted by NZ IFRS 9 which requires lifetime expected credit losses
to be recognised from initial recognition of the trade receivable. Trade receivables are written off when there is no
reasonable expectation of recovery.
The Group takes out trade credit insurance to hedge against some of the credit risk.
3.2 Inventories
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Finished goods – at cost8,1654,6279,082
Raw materials – at cost2,5802,4772,572
Less inventory provisions(399)(401)(382)
Total inventories10,3466,70311,272

3.3 Trade and other payables
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Trade payables13,22413,87721,787
Employee entitlements1,4801,3651,668
VAT / GST payable416310394
Income tax payable24
--
Accrued expenses1,5911,6191,246
16,73517,17125,095

24
AoFrio Ltd
3.4 Provisions
Warranty provision
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Carrying amount at start of period177205205
Additional provisions recognised455629
Amounts used(45)(56)(74)
Exchange adjustment72017
Carrying amount at end of period184225177

3.5 Plant and equipment
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Net book amount at start of period1,1561,7241,724
Additions5,000292415
Depreciation(315)(283)(559)
Disposals(59)--
Remeasurement of right-of-use asset--(517)
Exchange adjustment7115893
Net book amount at end of period5,8531,8911,156
Additions comprise $ 4,404,000 of right-of-use assets, refer to note 5.3 for lease details, and $596,000 of property
plant and equipment.
Depreciation
Property15497191
Plant and equipment115124256
Office equipment, furniture & fittings4662112
315283559

Capital commitments
Capital commitments contracted at 30 June 2023 amounted to $326,000 (June 2022 $136,000)

25
Interim Report 2023
3.6 Intangible assets
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Net book amount at start of period12,90712,61912,619
Additions1,2655541,431
Amortisation(1,107)(908)(1,887)
Impairment---
Exchange adjustment4741,010744
Net book amount at end of period13,53913,27512,907
Analysis of net book amount
Internally generated development assets9,7219,4219,340
Patents248235218
Goodwill3,2243,2543,151
Other346365198
13,53913,27512,907
Additions in the six months to 30 June 2023 include $1,081,000 (2022: $526,000) for internally generated
development costs and $184,000 (2022: $28,000) for patents, trademarks and software. Payments for intangible
assets in the period amounting to $1,265,000 (2022: $554,000) are included in the Consolidated and Condensed
Interim Cash Flow Statement.
Internally generated development costs include $3,336,000 (2022: $4,256,000) for projects underway and not
complete at balance date. This cost is not yet being amortised.
Goodwill and intangible assets with indefinite lives
Goodwill acquired through business combinations with indefinite lives has been allocated to the IoT Cash
Generating Unit (CGU) which is also an operating and reportable segment for impairment testing. The Group
performed an impairment test at 30 June 2023. The recoverable amount of the IoT CGU at 30 June 2023 has
been determined based on a value in use calculation using cash flow projections from the latest forecast for
2023. The pre-tax discount rate applied to the cash flow projections is 16% (2022: 14%) and cash flows beyond
2023 using a 9.4% growth rate. The calculation of value in use is most sensitive to assumptions on gross
margins, completion and launch of new products and retaining volumes to current customer, growth rates used to
extrapolate cash flows beyond the forecast period and operating expense increases. Gross margins are based on
current pricing and product costs. The assumption is that operating expenses are maintained at the same ratio to
sales. As a result of this analysis, management did not identify an impairment for this CGU.

26
AoFrio Ltd
4. Capital and financing costs
4.1 Borrowings
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Current portion
Bank trade finance facility7,6771342,652
Bank loans516424436
Other borrowings268238281
8,4617963,369
Non-Current portion
Bank loans319311306
Other borrowings23202160
342513466
BNZ trade finance facility
The bank trade finance facility is $5 million. A temporary $3 million increase was in place for May to July 2023 and
has been repaid subsequent to balance date. The facility has no term, is repayable on demand and is secured.
The Company can finance invoices to certain customers over a maximum term of 120 days. Interest is payable on
repayment at a 3% margin above bank base lending rate.
Bank loans
The Company’s US subsidiary borrowed US$198,100 under the Small Business Act. The SBA loan has monthly
repayments over a 30-year term with repayments commencing in July 2021. Interest is payable at 3.75% pa.
The Company’s Mexican subsidiary borrowed 5 million Mexican Pesos from the Banco del Bajio ($481,000 at 30
June 2023). The loan is repayable after six months and interest is payable at 4% above the Tiee Rate.

27
Interim Report 2023
4.2 Finance income and expenses
Six months endedYear ended
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Finance income
Interest income334064
334064
Finance expenses
Interest expense – Bank loans239790
Other interest expense317129296
556136386
4.3 Contributed equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of tax, from the proceeds.
(a). Ordinary shares – fully paid
30 Jun 2023
Shares
30 Jun 2022
Shares
30 Jun 2023
$000s
30 Jun 2022
$000s
Opening balance of ordinary
shares on issue
431,853,006431,914,620135,578135,553
New shares issued
-1,574,196-253
Share issue costs----
Ordinary fully paid shares on
issue at period end
431,853,006433,488,816135,578135,806
All ordinary shares are authorised and have no par value. Ordinary shares entitle the holder to participate in
dividends and the proceeds on winding up of the Company in proportion to the number of and amounts paid on
shares held.

28
AoFrio Ltd
5. Other information
5.1 Related party transactions
(a). Directors
The names of persons who are Directors of the Company are on page 33.
(b). Key management personnel and compensation
Key management personnel compensation is set out below. Key management personnel comprises the Directors,
the Chief Executive Officer (CEO) and all the senior executives that report directly to the CEO.
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Salaries, fees and other short-term benefits1,1131,4222,400
Share based remuneration333195
Directors’ remuneration168119281
Total1,3141,5722,776
(c). Employee share-based remuneration
In 2021,12,930,000 options were issued to the Chief Executive Officer. 8,620,000 options (Tranche One) will vest
on 1 October 2024 and 4,310,000 options (Tranche Two) will vest on 1 October 2025, if the CEO remains a
full-time employee on those dates. The exercise price of the Tranche One options is 9.1 cents and of the Tranche
Two options is 11.5 cents.
The fair value of the employee services received in exchange for the grant of options are recognised as an
expense over the vesting period. The proceeds received net of any directly attributable transaction costs are
credited to share capital when options are exercised.
5.2 Contingencies and commitments
There are no material contingent liabilities or assets (June 2022 - $nil).
5.3 Leases
The Consolidated and Condensed Interim Statement of Financial Position includes the following amounts related
to leases of right of use assets:
Right-of-use assets
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Properties4,283740114
Plant & equipment-123
Office equipment, furniture & fittings-42
Total4,283756119

29
Interim Report 2023
Liabilities in respect of right-of-use assets
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Current6223383
Non-current4,289645-
Total4,35187883
Liabilities in respect of right-of-use assets comprise leases of the premises at Apollo Drive Rosedale through
to final expiry in 2035 and Dallan Place Rosedale through to final expiry in 2032. The lease of the premises at
Arrenway Drive Rosedale terminated in March 2023.
Additions to right-of-use assets in the period
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Properties4,404--
Plant and equipment---
Office equipment, furniture and fittings---
4,404 --
The Consolidated and Condensed Interim Statement of Comprehensive Income shows the following amounts
related to leases of right-of-use assets:
Six months endedYear ended
Depreciation charge for right-of-use assets
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Properties11999193
Plant & equipment3918
Office equipment, furniture & fittings223
124110214
Interest expense on lease liabilities 1193147
Expense relating to short-term leases
(included in operating expenses)
502650

30
AoFrio Ltd
The Consolidated and Condensed Interim Cash Flow Statement shows the following amounts related to
right-of-use leases:
Six months endedYear ended
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Total principal payments for right-of-use assets 77114232
5.4 Financial instruments by category
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Assets per Statement of Financial Position
Financial assets measured
at amortised cost
Trade and other receivables18,82215,30723,214
Cash and cash equivalents2,5154,8392,839
Derivatives used for hedging at fair value
Derivative financial instruments-
-140
21,33720,14626,193
Liabilities per Statement of Financial
Position at amortised cost
Trade and other payables16,73517,17125,095
Borrowings13,1542,1873,918
Liabilities at fair value
Derivative financial instruments56
274-
29,945
19,63229,013

31
Interim Report 2023
Fair value estimation
The only financial instruments carried at fair value at 30 June 2023 are derivatives comprising forward foreign
exchange contracts.
The forward exchange contract has been classified as Level 2.
The different levels have been defined as follows:
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1)
• Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2)
• Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs)
(Level 3)
The fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance
sheet date, with the resulting value discounted back to present value.
5.5 Maturity analysis
The amounts disclosed are the contractual undiscounted cash flows.
30 June 2023
Trade and other
payables
$000s
Borrowings
$000s
Right-of-Use
asset
Liabilities
$000s
Total
$000s
Less than 6 months16,7358,319(5)25,049
7 to 12 months-14267209
2 to 5 years-3424,2894,631
16,7358,8034,35129,889
30 June 2022
Less than 6 months17,17167911717,967
7 to 12 months-117116233
2 to 5 years-5136451,158
17,1711,30987819,358
31 December 2022
Less than 6 months25,0953,2328328,410
7 to 12 months-137-137
2 to 5 years-466-466
25,0953,8358329,013

32
AoFrio Ltd
5.6 Reconciliation of profit for the period to net cash inflow from operating activities
Six months ended
Unaudited
Year ended
Audited
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
(Loss) / profit after taxation for the period(2,674)(1,867)3,260
Adjustments for:
Income tax (credit) / expense221(4,415)
Depreciation, amortisation & impairment1,4221,1912,446
Share based payments334795
Increase / (decrease) in Inventory provision17(46)(65)
Increase / (decrease) in loss allowance provision4(43)2
Increase / (decrease) in provision for warranty720(28)
Change in fair value of contingent consideration-(68)(68)
Net foreign exchange differences(146)(127)(1,845)
Decrease / (increase) in trade & other receivables4,4602,214(8,831)
Increase in contract liabilities1,4832,1813,369
Decrease / (increase) in inventories909(2,057)(4,212)
(Decrease) / increase in trade & other payables(8,360)(1,996)5,928
Net cash (outflow) / inflow from operating
activities
(2,823)(550)(4,364)
5.7 Net cash reconciliation
30 Jun 2023
$000s
30 Jun 2022
$000s
31 Dec 2022
$000s
Cash and cash equivalents2,5154,8392,839
Borrowings – repayable within one year(8,461)(796)(3,369)
Borrowings – repayable after one year(342)(513)(466)
Net cash(6,288)
3,530(996)
5.8 Events after reporting date
There are no events after reporting date requiring disclosure.

33
Interim Report 2023
Contacts
Directors
Gottfried Pausch, Chairman
John McMahon, Independent Director
John Scott, Independent Director
Keith Oliver, Independent Director
Greg Allen, Director
Melissa Clark - Reynolds, Independent Director
Executive Team
Greg Balla, CEO
Howard Milliner, CFO & Company Secretary
Laura Bocock, Transformation Lead
Angela Lewis, Chief People Officer
David Burden, Chief Customer Officer
Rami Elbeltagi, Vice President Engineering and IT
Genevieve Dawick, Vice President, Product
Marc Tinsel, Executive Vice President, Operations
Danielle Scott, Manager Executive Operations
and Sustainability
Phone/fax
Ph: 64-9-477 4500
Fax: 64-9-479 5540
Internet
Website: www.aofrio.com
Email: info@aofrio.com
Address and registered office
78 Apollo Drive,
Rosedale, Auckland 0632, New Zealand
PO Box 302-533, North Harbour,
Auckland 0751, New Zealand
Auditor
Deloitte Limited
80 Queen Street, Auckland CBD, Auckland 1010
Banker
Bank of New Zealand
Share registry
Computershare Investor Services Ltd,
Private Bag 92119, Auckland 1142,
New Zealand

34
AoFrio Ltd
www.aofrio.com
WT9798
AoFrio
Interim Report
2023

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Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019


Results for announcement to the market
Name of issuer AoFrio Limited
Reporting Period 6 months to 30 June 2023
Previous Reporting Period 6 months to 30 June 2022
Currency New Zealand Dollar
Amount (000s) Percentage change
Revenue from continuing
operations
$30,108 -5.6%
Total Revenue $30,108 -5.6%
Net profit/(loss) from
continuing operations
($2,674) -43.2%
Total net profit/(loss) ($2,674) -43.2%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend will be paid
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
$0.017 $0.015
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
NTA is calculated to exclude Intangible Assets but include
Deferred Tax.
Authority for this announcement
Name of person

authorised
to make this announcement
Howard Milliner
Contact person for this
announcement
Howard Milliner
Contact phone number 0275870455
Contact email address Howard.Milliner@aofrio.com
Date of release through MAP

24/08/2023

Unaudited financial statements accompany this announcement.

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A: 78 Apollo Drive, Rosedale, Auckland 0632, New Zealand
PO Box: 302-533 North Harbour, Auckland 0751, New
Zealand

P: + 64 9 477 4500 E: info@aofrio.com
® is a registered Trademark of AoFrio Ltd.


24 August 2023

Market Announcement
For immediate release

H1 FY23 market update and guidance update

AoFrio today has released its Interim Report for the six months ended 30 June 2023. The report includes
financial statements for the period and a comprehensive commentary on the financial performance, strategy
update, governance changes and outlook.

Financial performance for H1 FY23 was broadly consistent with H1 FY22. It reflected the global economic
uncertainty impacting customers, including the residual effects from global supply chain issues that have lasted
longer than expected. Meaningful improvement in trading conditions now seems unlikely until Q4 FY23 and it
is therefore appropriate to update our FY23 guidance.
Metric (NZ$m) H1 FY23 H1 FY22 Variance
Revenue 30.1 31.9 (1.8)
IoT Revenue 17.1 16.3 0.8
Motors & Fans Revenue 13.0 15.6 (2.6)

Gross Margin % 30.3% 26.6% 3.7pp

EBITDA (0.7) (0.6) (0.1)

Profit / (Loss) (2.6) (1.9) (0.7)


We now expect FY23 revenue to be similar to FY22 and for EBITDA to be around $2.5 million, which is 50%
ahead of FY22, although down from prior guidance of around $3.5 million. Some risk remains that the
improvement in market conditions may be delayed until FY24 and the Company will update its projections and
guidance as it progresses further through FY23.
We will continue to exercise tight cost control and be measured in our approach to managing the investment
required for new product development and adjacent market growth.
These investments are nevertheless setting the groundwork for FY24, which we expect to produce improved
results.
Thank you to the AoFrio team and our shareholders as we continue our commitment to delivering the AoFrio
strategy.
*EBITDA (i.e., Earnings before interest, taxation, depreciation, amortisation, and impairment) is a non-GAAP earnings
figure that equity analysts tend to focus on for comparable company performance analysis. AoFrio considers it a valuable
financial indicator because it avoids the distortions caused by differences in amortisation and impairment policies

Contact

Greg Balla Howard Milliner
Chief Executive Officer Chief Financial Officer
Phone + 64 21 938 601 +64 27 587 0455