Me Today Limited Annual Report
Annual
Report
FOR THE YEAR ENDED
30 JUNE 2023
Contents
CHAIR & CEO REPORT
DIRECTORS’ PROFILES
FINANCIAL STATEMENTS
Consolidated Statement of Profit and Loss and
Other Comprehensive Income
Consolidated Statement of Changes in Equity
Consolidated Statement of Financial Position
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
INDEPENDENT AUDITOR’S REPORT
CORPORATE GOVERNANCE STATEMENT
SHAREHOLDER & STATUTORY INFORMATION
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Chair &
CEO Report
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Chair & CEO Report
Me Today
The strategy in respect to the Me Today brand
continues to be the investment into the brand locally
in New Zealand and Internationally.
In New Zealand the brand has a strong national
presence in pharmacy and grocery stores with
Me Today stocked in all Countdown stores and
partnerships with major pharmacy banners Chemist
Warehouse and Bargain Chemist. Me Today also
has a good presence in selected Unichem and
Life Pharmacy stores as well as a number of good
independents throughout New Zealand.
The international strategy remains focused on the
following core markets, US, Japan, Ireland, the UAE
and Australia.
• In Ireland the brand is listed with Chemist
Warehouse and Tesco and is also stocked in
selected pharmacy stores around the country.
• In the US the positioning of the brand is in
partnership with major Online platforms. The
USA business of Me Today has a logistics hub
based out of Arkansas with orders distributed
from this warehouse nationwide in the USA.
The brand is also in discussion with bricks
and mortar retailers, and it is fulfilling orders
through a west coast broker.
• Repeat orders continue in Japan and the UAE
and we continue to develop the brand and
partnerships in these markets.
• In Australia we have an Online presence, and
we are in discussions with two large retailers in
respect to a wider listing.
Across all markets Online sales are proving to be
a good way of building the brand footprint and
creating interest in the brand to enable access to big
box retailers.
Together with the core market strategy the brand
continues to invest in new product development.
Launched in the 2023 financial year have been the
following new products.
• 3 UMF rated Me Today Manuka Honey products
• 4 Me Today Manuka Honey Lozenges
• 9 new Me Today supplements
• 4 Me Today Manuka Active skincare products
Projects under development for launch in the
remainder of the 2023 calendar year include a Me
Today Super Honey which will see a range of infused
Dear Shareholder
Me Today’s financial results for the year ended 30 June 2023 includes twelve months trading of the King Honey
business together with the Me Today brand and the agency business the Good Brand Company.
The Group recorded net revenue of $7.88m and a loss after tax of $12.97m. The operating EBITDA loss was
$5.15m after adding back non-recurring and non-cash items of $7.82m.*
Gross revenue for the Group before the costs of marketing services provided by a customer was $9.20m. This
was split between the King Honey business at $5.82m, Me Today branded sales of $2.78m and agency services
revenue at $0.60m.
The trading environment for the business continued to be challenging given the performance of the largest
customer trading in the Chinese market. The 2023 Manuka Honey season was also challenging as a result of
the significant weather events during the year. The honey harvest both in volume and quality was well down
on average which resulted in a financial loss on the harvest this year.
Given the large holding of Manuka honey, the Group decided to further reduce the size of its beekeeping
operation. This reduction is in addition to the changes announced last year and takes total hive numbers to
approximately 1,600 hives operating out of Turangi.
Together with the reduction in beekeeping, the Group has continued to reduce expenditure across the other
parts of its business. The Group continues to create sales opportunities across its three core brands of Me
Today, BEE+ and SuperLife. The sales activity comes from new customers and repeat business with existing
customers.
The Group will continue to review its cost base and make necessary adjustments as required. It is also
considering funding alternatives to lower a part of its term debt which may include the sale of assets or raising
new capital.
As part of the year end audit process the group considered the carrying value of its intangible assets given the
continuing challenging market for selling Manuka honey. The result is the directors have decided to make a
further impairment by writing down the value of the intangible assets associated with the King Honey asset by
an additional $2.36m.
An overview of the activity of the Group for the year is summarized as follows.
* Refer to note 7. Segment Information
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honey products launched. The initial launch will
take place in New Zealand with opportunities in
international markets currently being considered.
From a product development perspective we
will continue to see development across the 3
key product platforms being: Manuka Honey,
Supplements and skincare.
The Good Brand Company
The Good Brand Company represents the groups
brands being: Me Today and Superlife whilst also
representing four other agency brands. The group
has invested in people growing the expertise and
skillset of its staff to support the growth of The Good
Brand Company’s stable of brands and has capacity
to bring on new agency brands with the right fit.
The King Honey business
King Honey operates a fully integrated Hive to table
Manuka honey business. It has production, storage
and a bottling facility in Taupo and operates a
beekeeping operation based out of Turangi.
As discussed above the beekeeping operations
have been further reduced through the closing of
the Wairarapa unit leaving a 1,600-hive operation
managed from Turangi. King Honey has a large
quantity of beekeeping equipment which means
that it has the ability to increase hive numbers as
demand requires.
King Honey manages the production of the BEE+
and SuperLife brands as well as contract packing on
behalf of a number of other labels.
BEE +
The group continues to have a good relationship
with the Bee+ Brand through Access Corporate
Group (ACG) and its brand management division
Access Brand Management (ABM). ABM and the
Me Today Group jointly own the Bee+ Mānuka
honey brand.
In conjunction with ABM, Me Today has developed
new product offerings with the BEE+ brand which it
has produced and delivered during the FY23 year.
ABM are committed to the development of the
brand and Me Today are continuing to support ABM
in respect to the growth of the brand.
SuperLife
SuperLife provides the Group with a Mānuka
honey brand that competes in different parts of the
market to both Me Today and BEE+. It has customer
and distributor relationships across a number of
international markets. The opportunities within
these markets continue to change as the sell-
through rate of products is established.
The largest opportunity for SuperLife continues
to be the relationship with a US grocery chain.
Sell through has been positive for FY23 with sales
into the US for SuperLife more than NZD $1m for
the 2023 financial year. Range extension and new
product development opportunities exist with this
retailer.
Outside NZ and the USA, the focus markets for
SuperLife are Germany, Romania and the UAE with
sales and reorders into these markets over the past
six months.
The Group’s outlook for the year ahead remains
challenging. However, the Group is confident that
it has the right strategies in place to reduce costs
and improve sales across its brands. The Group will
continue to review its options for funding and will
make further announcements as appropriate.
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Chair & CEO Report
The board would like to thank shareholders for their support over the past year. The board
would also like to thank our employees for their hard work during the 2023 financial year.
Grant Baker Michael Kerr
Chairman CEO
Directors’
Profiles
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Directors’ Profiles
Grant Baker
NON-EXECUTIVE CHAIRMAN
Appointed to the Board, March 2020
Grant Baker has wide experience at a senior level in both public and private New
Zealand companies. He is currently the chairman of Turners Automotive Group, a
position he has held for more than 10 years. He was a cofounder of The Business
Bakery and has a number of successes under his belt, including being chairman
of both 42 Below vodka and Trilogy International. 42 Below was sold to Bacardi
in 2006, and Trilogy was sold to CITIC Group. Grant is also a cancer survivor and
has a strong interest in the health and wellbeing sector. Until recently he was
the chairman of The Gut Cancer Foundation, a position he held for more than 10
years.
Grant is not considered to be an independent director under the NZX Listing Rules
as MTL Securities Limited, a company in which he is a director, is a substantial
product holder of Me Today. Also, interests associated with Grant have an
ownership interest in MTL Securities Limited.
Michael Kerr
CHIEF EXECUTIVE OFFICER / EXECUTIVE DIRECTOR
Appointed to the Board, March 2020
Michael holds a Bachelor of Commerce degree, majoring in marketing
and management, from the University of Auckland. Michael has worked in
sales and marketing roles for several local and multinational businesses.
More recently he was responsible for establishing the Swisse brand in New
Zealand across multiple retail channels, and was the general manager of the
skincare brand, Trilogy. Michael’s career spans 20 years, in which time he has
developed a wealth of knowledge both locally and internationally of how to
create and grow brands in the Health and Wellness space.
Michael is not considered to be an independent director under the NZX Listing
Rules as he is the Chief Executive Officer and a director of MTL Securities
Limited, a substantial product holder of Me Today. Interests associated with
Michael have an ownership interest in MTL Securities Limited.
Stephen Sinclair
EXECUTIVE DIRECTOR
Appointed to the Board, March 2020
Stephen is a Chartered Accountant, and spent the early part of his
career with PriceWaterhouseCoopers. In 1999 he started working with
Grant Baker and since then has been involved with numerous successful
startups, including 42 Below, Ecoya and Trilogy, and was involved in the
recapitalisation of Dorchester Pacific which is now the Turners Automotive
Group.
Stephen is not considered to be an independent director under the NZX
Listing Rules as MTL Securities Limited, a company in which he is a director,
is a substantial product holder of Me Today. Interests associated with
Stephen have an ownership interest in MTL Securities Limited. Stephen also
provides consulting services to Me Today.
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Hannah Barrett
INDEPENDENT DIRECTOR
Appointed to the board, March 2020
Hannah has a Bachelor of Commerce degree, majoring in commercial
law and accounting, from Victoria University and is a qualified Chartered
Accountant. Hannah spent three years working at PricewaterhouseCoopers
in the Financial Advisory team working on assignments for global companies
as well as New Zealand based businesses and individuals. Hannah also runs
her own business specialising in digital consulting and marketing. Hannah
supports a number of charities and is an ambassador for Sweet Louise.
Richard Pearson
NON-EXECUTIVE DIRECTOR
Appointed to the board, November 2021
Richard has been Chairman of Wellington Electricity Distribution Network
Limited and its subsidiary companies since the organisation’s establishment
in 2008. He was also appointed Chairman of Enviro (NZ) Limited in 2013.
Prior to his current positions, Richard worked for Hutchison Whampoa Group
(now known as CK Hutchison Holdings) from 1975 to 2007, holding various
senior roles in Hutchison Port Holdings Group, including Managing Director –
Europe Division from 2005 to 2007, President of ECT Rotterdam from 2002 to
2004, as well as Managing Director of Hongkong International Terminals Ltd
from 1996 to 1998. Richard holds a Bachelor’s degree in Commerce. Richard
is not considered to be an independent director under the NZX listing rules
due to an association with the trustees of the TW Jarvis (No. 1) Trust, the
company’s second largest shareholder.
Roger Gower
INDEPENDENT DIRECTOR
Appointed to the Board, July 2008
Roger has wide experience as a company executive, director and Chairman
in both public and private companies. He is currently Chairman of PrimePort
Timaru Limited and New Zealand Food Innovation Auckland Limited (the
Food Bowl). Roger is the Chief Executive of New Zealand’s Best Food &
Beverage Limited, a company affiliated with Douglas Pharmaceuticals
that has developed wellbeing products targeting the mother & baby and
aged care sectors under the Douglas Nutrition brand. Roger was Chairman
at Charlie’s juice company, which listed in 2005 and prior to that had a
corporate career in logistics and transportation. Roger has a BCom from the
University of Auckland, an MBA from Massey University and an MPhil from
the University of Cambridge.
Antony Vriens
INDEPENDENT DIRECTOR
Appointed to the board, March 2020
Antony is a seasoned executive with a career in health and financial
services corporations across New Zealand, Australia and Asia. He is
currently an Independent Director of the Turners Automotive Group, and
is the Chairman of DPL Insurance Limited (Turners’ insurance subsidiary).
Antony is a medical doctor by background and brings a strong interest in
wellness and nutrition, which is supported by his medical training. Antony
is also currently involved in new health technology initiatives to support
lifestyle change in the Asia region. In addition to his medical degree,
Antony holds an MBA from the University of Auckland, with a background
in international business and innovation.
Financial
Statements
FOR THE YEAR ENDED 30 JUNE 2023
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Financial Statements
Consolidated Statement of Profit and Loss
and Other Comprehensive Income
FOR THE YEAR ENDED 30 JUNE 2023
Note
30 Jun 2023
(12 months)
NZ$000
30 Jun 2022
(15 months)
NZ$000
Revenue before marketing services provided by a customer9,201 8,811
Less marketing services provided by customers(1,318)(538)
Revenue57,883 8,273
Changes in inventories of finished goods and work in progress(4,767)(5,132)
Selling and marketing expenses(2,968)(3,729)
Distribution expenses(861)(610)
Administrative and other operating expenses(4,881)(5,489)
Amortisation of customer relationship asset19(1,083)(1,084)
Finance income4 13
Finance expenses6(594)(641)
Acquisition related costs(115)(368)
Operating loss before tax, fair value adjustments,
restructuring and impairment costs
6(7,382)(8,767)
Fair value loss on harvested honey14(2,223)(1,724)
Fair value loss on biological assets15(544)(720)
Restructuring costs(337)(494)
Write down of assets held for sale13(128)(543)
Impairment of goodwill19.1 - (9,120)
Impairment of customer relationship asset19.1(2,360)(780)
Loss before income tax(12,974)(22,148)
Income tax (expense)/benefit8 - 2,604
Loss for the period attributable to owners of the company(12,974)(19,544)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations(69) -
Total comprehensive loss for the period attributable to
owners of the company
(13,043)(19,544)
Earnings (loss) per share:
Basic and diluted loss per share (NZ$)9(0.009)(0.029)
The accompanying notes form part of these consolidated financial statements and should be read in
conjunction with them.
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Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 30 JUNE 2023
Note
Share
capital
NZ$000
Share based
payments
reserve
NZ$000
Accumulated
losses
NZ$000
Foreign
currency
translation
reserve
NZ$000
Total
equity
NZ$000
At 1 April 202113,669 110 (7,887) - 5,892
Total comprehensive income
Loss attributable to owners of the
company
- - (19,544) - (19,544)
Transactions with owners
Shares issued during the period2228,733 (177) - - 28,556
Less: share issue costs(975) - - - (975)
Shares issued on acquisition of
subsidiaries
10,000 - - - 10,000
Share options issued24 - 30 - - 30
Share options expired23 - (26)26 - -
Other share based payments23 - 140 - - 140
At 30 June 202251,427 77 (27,405) - 24,099
Total comprehensive income
Loss attributable to owners of the
company
- - (12,974) - (12,974)
Exchange differences on translation
foreign operations
- - - (69)(69)
Transactions with owners
Shares issued during the period221,026 (159) - - 867
Less: share issue costs(72) - - - (72)
Share options issued23 - - - - -
Share options expired23 - (13) - - (13)
Other share based payments23 - 95 - - 95
At 30 June 202352,381 - (40,379)(69)11,933
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
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Financial Statements
Consolidated Statement of Financial Position
AS AT 30 JUNE 2023
Note
2023
NZ$000
2022
NZ$000
ASSETS
Current assets
Cash and cash equivalents
10
913 5,370
Trade and other receivables
11
2,443 1,199
Inventory
12
14,759 16,793
Biological work in progress
14
160 698
Taxation receivable
11 35
18,286 24,095
Assets classified as held for sale
13
93 1,063
Total current assets
18,379 25,158
Non-current assets
Biological assets15752 1,598
Property, plant and equipment162,958 3,788
Right-of-use asset1 7.1770 1,387
Customer relationship asset193,993 7,436
Intangible assets1998 89
Total non-current assets 8,571 14,298
Total assets 26,950 39,456
LIABILITIES
Current liabilities
Trade and other payables201,777 1,766
Lease liabilities17.2334 316
Borrowings217,248 942
Total current liabilities 9,359 3,024
Non-current liabilities
Lease liabilities17.2472 1,041
Borrowings215,186 11,292
Total non-current liabilities 5,658 12,333
Total liabilities 15,017 15,357
Net assets 11,933 24,099
EQUITY
Share capital2252,381 51,427
Share based payments reserve23 - 77
Accumulated losses (40,379)(27,405)
Foreign currency translation reserve (69) -
Total equity 11,933 24,099
These financial statements were approved by the Board on 29 August 2023.
Signed on behalf of the Board by:
Michael KerrGrant Baker
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Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 30 JUNE 2023
Note
30 Jun 2023
(12 months)
NZ$000
30 Jun 2022
(15 months)
NZ$000
Cash flows from operating activities
Receipts from customers7,949 8,270
Payments to suppliers and employees(13,534)(19,998)
Interest received4 13
Income tax paid26 (11)
Net cash used in operating activities25(5,555)(11,726)
Cash flows from investing activities
Proceeds from short term deposits - 3,804
Acquisition of subsidiaries - (20,791)
Acquisition related costs(115)(368)
Payments for property, plant and equipment(35)(327)
Proceeds from sale of property, plant and equipment1,410 97
Payments for intangibles(11)126
Net cash used in investing activities1,249 (17,459)
Cash flows from financing activities
Proceeds from issue of share capital 739 27,983
Share capital issue costs (72)(474)
Proceeds from bank borrowings26 - 8,500
Repayment of principal on borrowings26 - (1,466)
Interest paid on borrowings26(377)(379)
Payment of lease liabilities26(355)(742)
Interest paid on lease liabilities26(17)(62)
Net cash flows from financing activities (82)33,360
Net (decrease)/increase in cash and cash equivalents(4,388)4,175
Cash and cash equivalents at the beginning of the period5,370 1,195
Effect of foreign exchange rates(69) -
Cash and cash equivalents at the end of the period10913 5,370
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
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Financial Statements
Notes to the Consolidated Financial
Statements
FOR THE YEAR ENDED 30 JUNE 2023
1. GENERAL INFORMATION
Me Today Limited (‘the Company’) is a limited liability company incorporated and domiciled in New Zealand.
These financial statements are for Me Today Limited and its subsidiaries (together ‘the Group’). Details of
subsidiary companies and their principal activities are set out in note 27.
The Group:
• produces, sells, and markets health and wellbeing products or acts as an agent on behalf of other health
and wellbeing suppliers; and
• produces premium manuka honey.
In 2022 the Company changed its annual reporting date to 30 June and, as a result of the change, the
comparative amounts are for the 15 months ended 30 June 2022, unless otherwise stated.
2. BASIS OF PREPARATION
2.1.Basis of measurement
The consolidated financial statements have been
prepared on a historical cost basis, except for
biological assets which are measured at fair value
less cost to sell. Historical cost is generally based on
the fair value of the consideration given in exchange
for goods and services.
The consolidated financial statements are
presented in New Zealand dollars which is the
Company’s functional and Group’s presentation
currency, rounded to the nearest thousand dollars
unless otherwise stated.
2.2.Statement of compliance
and reporting framework
The consolidated financial statements have been
prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (‘NZ GAAP’).
The Group is a for-profit entity for the purposes of
complying with NZ GAAP. The consolidated financial
statements comply with New Zealand equivalents
to International Financial Reporting Standards
(‘NZ IFRS’) and International Financial Reporting
Standards (‘IFRS’).
The Company is an FMC reporting entity under
the Financial Markets Conduct Act 2013. These
consolidated financial statements have been
prepared in accordance with the requirements of
the Financial Markets Conduct Act 2013 and the NZX
Main Board Listing Rules.
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3.SIGNIFICANT
ACCOUNTING POLICIES
The principal accounting policies adopted are
set out below. There have been no changes in
accounting policies since the previous reporting
date unless otherwise stated.
3.1. Principles of consolidation
The consolidated financial statements incorporate
the financial statements of the Company and
entities controlled by the Company. Control is
achieved when the Company:
• has power over the investee;
• is exposed, or has rights, to variable returns
from its involvement with the investee; and
• has the ability to use its power to affect its
returns.
The Company reassesses whether or not it controls
an investee if facts and circumstances indicate
that there are changes to one or more of the three
elements of control listed above.
When necessary, adjustments are made to the
financial statements of subsidiaries to bring their
accounting policies into line with the Group’s
accounting policies.
All intragroup assets and liabilities, equity, income,
expenses and cash flows relating to transactions
between members of the Group are eliminated in
full on consolidation.
3.2. Revenue recognition
The Group recognises revenue from the following
major sources:
• sale of goods; and
• agency services.
Revenue is measured based on the consideration to
which the Group expects to be entitled in a contract
with a customer and excludes amounts collected on
behalf of third parties, such as goods and service
tax and customs duties.
3.2.1 Sale of goods
The Group sells goods such as health and wellbeing
products, and honey products. The Group considers
the performance obligation is satisfied when control
of the goods has transferred, being when the goods
have been delivered to the customer. Revenue
derived from the sale of goods is recognised at the
point in time the performance obligation is satisfied.
Marketing payments paid to a customer for the
purchase of health and wellbeing products, are
treated as a reduction in revenue.
3.2.2 Agency services
For revenues derived from agency services, where
the Group acts as a sales agent for other health
and wellness brands, the Group considers its
performance obligations are satisfied over time,
on the basis that agency services are provided
and consumed by the customer on a simultaneous
basis, and so will recognise the related revenue as
the performance obligation is satisfied. Revenue is
measured on an output method basis.
3.3. Income Tax
Income tax expense comprises both current and
deferred tax.
3.3.1 Current tax
The tax currently payable is based on taxable profit
for the period. Taxable profit differs from ‘profit
before tax’ as reported in the statement of profit
or loss and other comprehensive income because
of items of income or expense that are taxable or
deductible in other periods and items that are never
taxable or deductible. The Group’s current tax is
calculated using tax rates that have been enacted
or substantively enacted by the end of the reporting
period.
3.3.2 Deferred tax
Deferred tax is recognised on temporary differences
between the carrying amounts of assets and
liabilities in the financial statements and the
corresponding tax bases used in the computation of
taxable profit. Deferred tax liabilities are generally
recognised for all taxable temporary differences
except for the initial recognition of goodwill and
the initial recognition of an asset or liability in a
transaction which is not a business combination
and at the time of the transaction affects neither
accounting or taxable profit. Deferred tax assets are
recognised for all deductible temporary differences
to the extent that it is probable that taxable profits
will be available against which those deductible
temporary differences can be utilised. Such
deferred tax assets and liabilities are not recognised
if the temporary difference arises from the initial
recognition (other than in a business combination)
of assets and liabilities in a transaction that affects
neither the taxable profit nor the accounting profit.
Deferred tax liabilities and assets are measured
at the tax rates that are expected to apply in the
period in which the liability is settled or the asset
realised, based on tax rates (and tax laws) that
have been enacted or substantively enacted by the
end of the reporting period.
The measurement of deferred tax liabilities and
assets reflects the tax consequences that would
follow from the manner in which the Group expects,
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19
Financial Statements
at the end of the reporting period, to recover
or settle the carrying amount of its assets and
liabilities.
3.4. Goods and services tax
Revenue, expenses, assets and liabilities are
recognised net of the amount of goods and services
tax (GST) except:
• where the amount of GST incurred is not
recovered from the taxation authority, it is
recognised as part of the cost of acquisition of
an asset or as part of an item of expense; or
• for receivables and payables, which are
recognised inclusive of GST.
The net amount of GST recoverable or payable
to the taxation authority is included as part of
receivables or payables.
3.5. Inventories
Inventories are stated at the lower of cost and net
realisable value. Costs of inventories are determined
on a first-in-first-out basis. Net realisable value
represents the estimated selling price for inventories
less estimated costs of completion and costs
necessary to make the sale.
The deemed cost for the Group’s agricultural
produce (honey) inventory is fair value at harvest
less estimated point-of-sale costs. Fair value is
determined by reference to selling prices for honey.
Point-of-sale costs include all costs that would be
necessary to sell the assets.
3.6. Biological assets
Biological assets consist of bees (including queens).
Biological assets are measured at fair value less
point-of-sale costs, with any change therein
recognised in the profit or loss. Point-of-sale costs
include all costs that would be necessary to sell the
assets. The fair value of biological assets is assessed
on an annual basis post-harvest, which involves
reviewing the number of operational hives in use
and referencing market prices for hives.
3.7. Biological work in progress
Biological work in progress consists of unharvested
honey.
Biological assets are measured at fair value less
point-of-sale costs, with any change therein
recognised in the profit or loss. Point-of-sale costs
include all costs that would be necessary to sell the
assets.
The growth in the biological work in progress in the
period from harvest to 30 June cannot be reliably
measured at fair value due to the variables in hive
growth and honey production between harvest and
reporting date. Therefore, as required under NZ
IAS 41: Agriculture, the cost of agricultural activity
(beekeeping costs) in the period to 30 June has been
capitalised as biological work in progress to account
for this growth.
Agricultural produce (honey) from biological assets
is transferred to inventory at fair value, by reference
to market prices for honey less estimated point-
of-sale costs, at the date of harvest. The biological
work in progress is transferred to inventory as part
of this fair value recognition at each harvest, which
occurs at least annually. A fair value loss on honey
harvest was recognised in the loss for the period
(note 15).
3.8. Leasing
The Group assess whether a contract is or contains
a lease, at inception of the contract. The Group
recognises a right-of-use asset and a corresponding
lease liability with respect to all lease arrangements
in which it is the lessee, except for short-term leases
(defined as leases with a lease term of 12 months
or less) and lease of low value assets. For these
leases, the Group recognises the lease payments
as an operating expense on a straight-line basis
over the term of the lease unless another systematic
basis is more representative of the time pattern in
which economic benefit from the leased assets are
consumed.
The lease liability is initially measured at the present
value of the future lease payments, discounted
by using the rate implicit in the lease. If this rate
cannot be readily determined, the Group uses its
incremental borrowing rate. The lease liability is
measured at amortised cost using the using the
effective interest method. It is remeasured when
there is a change in future lease payments arising
from a change in an index or rate or if the Group
changes its assessment of whether it will exercise
a purchase, extension of termination option, with
a corresponding adjustment made to the carrying
value of the right-of-use asset.
The right-of-use assets comprise the initial
measurement of the corresponding lease
liability, lease payments made at or before the
commencement date and any initial direct costs.
They are subsequently measured at cost less
accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the
shorter period of lease term and the useful life of
the underlying asset. The depreciation starts at the
commencement date of the lease.
The Group applies NZ IAS 36: Impairment of
Assets to determine whether a right-of-use
asset is impaired and accounts for any identified
impairment loss as described in the ‘property, plant
and equipment’ policy.
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3.9. Property, plant and
equipment
Property, plant and equipment are stated at cost
less accumulated depreciation and accumulated
impairment losses.
Depreciation is recognised so as to write off the
cost of assets less their residual values, over their
useful lives using the diminishing value method.
The estimated useful lives, residual values and
depreciation method are reviewed at the end
of each reporting period, with the effect of any
changes in estimate accounted for on a prospective
basis.
The following depreciation rates are used in the
calculation:
Plant, vehicles and equipment6% - 67%
Office equipment and furniture10% - 50%
Leasehold improvements 6% - 25%
An item of property, plant and equipment is
derecognised upon disposal or when no future
economic benefits are expected to arise from
the continued use of the asset. Any gain or loss
arising on the disposal or retirement of an item of
property, plant and equipment is determined as
the difference between the sales proceeds and the
carrying amount of the asset and is recognised in
profit or loss.
3.10. Assets held for sale
Biological assets held for sale are measured at fair
value less costs to sell. Other non-current assets
classified as held for sale are measured at the lower
of carrying amount and fair value less costs to sell.
Non-current assets are classified as held for sale
if their carrying amount will be recovered through
a sale transaction rather than through continuing
use. This condition is regarded as met only when the
sale is highly probable and the asset is available for
immediate sale in its present condition. The Group
must be committed to the sale which should be
expected to qualify for recognition as a completed
sale within one year from the date of classification.
3.11. Intangible assets
Acquired intangible assets with finite useful lives
are carried at cost less accumulated amortisation
and accumulated impairment losses. Amortisation
is recognised on a straight-line basis over their
estimated useful lives. The estimated useful life
and amortisation method are reviewed at the
end of each reporting period, with the effect of
any changes in estimate being accounted for on a
prospective basis. Intangible assets with indefinite
useful lives that are acquired separately are carried
at cost less accumulated impairment losses.
The following amortisation rates are used in the
calculation:
Customer relationship12.5%
Website 50%
Trademarks & domainsindefinite useful life
3.12. Financial instruments
Financial assets and financial liabilities are
recognised in the Consolidated Statement of
Financial Position when the Group becomes a party
to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially
measured at fair value. Transaction costs that are
directly attributable to the acquisition or issue of
financial assets and financial liabilities are added
to or deducted from the fair value of the financial
assets or financial liabilities, as appropriate, on
initial recognition.
3.13. Financial assets
Financial assets are measured at amortised cost
on the basis that the Group’s business model for
managing financial assets and the contractual cash
flow characteristics of the financial assets. The
Group classifies its financial assets as at amortised
cost only if both of the following criteria are met:
• the asset is held within a business model whose
objective is to collect the contractual cash
flows: and
• the contractual terms give rise to cash flows
that are solely payments of principal and
interest.
Financial assets at amortised costs
The Group holds receivables with the objective to
collect the contractual cash flows, the cash flows
are solely payments of principal and interest, and
therefore measures them subsequently at amortised
cost using the effective interest method, less
impairment provisions.
The Group’s financial assets at amortised cost
include cash and cash equivalents, short term
deposits and trade receivables. Cash and cash
equivalents include cash in hand and deposits held
at call with banks.
Impairment of financial assets at amortised cost
The Group recognises a loss allowance for expected
credit losses on trade receivables. The amount of
expected credit losses is updated at each reporting
date to reflect changes in credit risk since initial
recognition of the respective financial instrument.
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Financial Statements
The Group recognises lifetime expected credit
losses for trade receivables. The expected credit
losses on these financial assets are estimated using
a provision matrix based on the Group’s historical
credit loss experience, adjusted for factors that
are specific to the debtors, general economic
conditions and an assessment of both the current
as well as the forecast direction of conditions at the
reporting date, including time value of money where
appropriate.
3.14. Financial liabilities
Financial liabilities (including trade, other payables
and borrowings) are subsequently measured at
amortised cost using the effective interest method.
The effective interest method is a method of
calculating the amortised cost of a financial liability
and of allocating interest expense over the relevant
period. The effective interest rate is the rate that
exactly discounts estimated future cash payments
(including all fees and points paid or received that
form an integral part of the effective interest rate,
transaction costs and other premiums or discounts)
through the expected life of the financial liability,
or (where appropriate) a shorter period, to the net
carrying amount on initial recognition.
3.15. Segment reporting
Operating segments are reported in a manner
consistent with the internal reporting provided
to the chief operating decision maker. The chief
operating decision maker, who is responsible for
allocating resources and assessing performance of
the operating segments, has been identified as the
Board of Directors.
3.16. Foreign currency
translation
Foreign currency transactions are translated into
the functional currency using the exchange rates
prevailing at the dates of the transactions.
At the end of each reporting period, monetary items
denominated in foreign currencies are retranslated
at the rates prevailing at that date. Non-monetary
items that are measured in terms of historical cost in
a foreign currency are not retranslated.
Exchange differences on monetary items are
recognised in the profit or loss in the period in which
they arise.
For the purpose of presenting consolidated financial
statements, the assets and liabilities of the Group’s
foreign operations are translated at exchange
rates prevailing on the reporting date. Income
and expense items are translated at the average
exchange rates for the period, unless exchange
rates fluctuate significantly during that period,
in which case the exchange rates at the date of
transactions are used. Exchange differences arising,
if any, are recognised in other comprehensive
income and accumulated in a foreign exchange
translation reserve.
3.17. Share capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of
new shares are shown in equity as a deduction, net
of tax, from the proceeds.
3.18. Share based payment
transactions
For equity-settled share-based payments where
the goods or services acquired from non-employees
can be measured reliably, then the goods or
services are measured directly at their fair value.
If goods or services cannot be measured reliably,
or for transactions with employees, the goods or
services are measured indirectly, i.e. with reference
to the fair value of equity instruments granted.
The fair value determined at the grant date of the
equity-settled share-based payments is expensed
on a straight-line basis over the vesting period,
based on the Group’s estimate of equity instruments
that will eventually vest, with a corresponding
increase in equity.
At the end of each reporting period, the Group
revises its estimate of the number of equity
instruments expected to vest. The impact of
the revision of the original estimates, if any, is
recognised in profit or loss such that the cumulative
expense reflects the revised estimate, with a
corresponding adjustment to the share-based
payments reserve.
3.19. Borrowing costs
Borrowing costs are capitalised, net of interest
received on cash drawn down yet to be expended
when they are directly attributable to the
acquisition, contribution or production of an asset
that necessarily takes a substantial period of time to
get ready for its intended use or sale.
3.20. Application of new and
revised International Financial
Reporting Standards
The Group has not early adopted any standards,
interpretations or amendments that have been
issued but are not yet effective. Early adoption
of these new standards, interpretations or
amendments would not have had a material impact
on the financial result or financial position of the
Group.
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4. CRITICAL ACCOUNTING
ESTIMATES AND
JUDGEMENTS
In the application of the Group’s accounting policies,
which are described in note 3, the directors of the
Group are required to make judgements, estimates
and assumptions about the carrying amounts of
assets and liabilities that are not readily apparent
from other sources. The estimates and associated
assumptions are based on historical experience and
other factors that are considered to be relevant.
Actual results may differ from these estimates.
The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period
in which the estimate is revised if the revision affects
only that period, or in the period of the revision and
future periods if the revision affects both current
and future periods. Below are the critical accounting
judgements.
4.1. Going concern
The consolidated financial statements have been
prepared on a going concern basis, which assumes
that the Group has the intention and ability to
continue its operations for the foreseeable future.
The Group incurred an after-tax loss of $12.97
million in the year to 30 June 2023 (15 month period
to 30 June 2022: $19.54 million loss). The Group’s net
cash outflows from operating activities during the
year was $5.56 million (15 months to 30 June 2022:
$11.73 million net cash outflow).
At the reporting date the Group had cash of $0.9
million (2022: $5.4 million), working capital of $9.0
million (2022: $22.1 million) and net assets of $11.9
million (2022: $24.1 million).
As at 30 June 2023, the Group had bank loans of
$7.0 million (2022: $7.0 million), and $5.4 million was
payable to the previous owners of King Honey under
a subordinated note (2022: $5.2 million) which, as
at the reporting date, was due for payment to the
previous owners of King Honey in June 2024.
The Group’s banker, Bank of New Zealand, has
confirmed that it will keep the Group’s existing bank
facilities in place (refer note 21) subject to further
review no later than 31 August 2024 in conjunction
with the FY24 audited financial statements and
FY25 budget. The facilities include an unused
overdraft of $5 million. The facilities will remain
on an interest only basis until 31 August 2024. The
requirement for an amortisation programme will be
considered at that time in conjunction with the FY25
budget. The bank also confirmed the continued
suspension of earnings-related covenants until 31
August 2024.
On 28 August 2023, the Jarvis Trust has agreed to
extend the repayment date of the subordinated note
for nine months to 31 March 2025 (refer note 21). A
condition of this extension is that the Group cannot
increase its indebtedness to the BNZ above $9.5
million without the consent of the Jarvis Trust.
The Directors are satisfied that based on their
review of the Group’s current financial forecasts,
confirmation from the Group’s banker of the existing
facilities, and the extension agreement with Jarvis
Trust, that, during the 12 months after the date of
signing these consolidated financial statements,
there will be adequate cash flows available to meet
the financial obligations of the Group as they arise.
The Directors acknowledge that whilst the Group
continues to build commercial relationships with
new and existing customers future looking forecasts
are inherently uncertain. The Directors consider
the overdraft facility available to the Group (as
modified by the Jarvis Trust condition) provide it with
sufficient headroom should it be required if sales or
cost forecasts are not achieved.
The considered view of the Board is that, after
making due enquiries and considering relevant
factors, there is a reasonable expectation that the
Group will have access to adequate resources and
commitments from its borrowers, that will enable it
to meet its financial obligations for the foreseeable
future.
For this reason, the Board considers the adoption
of the going concern basis in preparing the
consolidated financial statements for the year
ended 30 June 2023 to be appropriate. The Board
has reached this conclusion having regard to
circumstances which it considers likely to affect the
Group during the period of at least one year from
the date of approval of these consolidated financial
statements, and to circumstances which it considers
will occur after that date which will affect the
validity of the going concern basis.
4.2. Fair value of inventory at
harvest
The deemed cost for the Group’s agricultural
produce (honey) inventory is fair value at harvest
less estimated point-of-sale costs. Fair value is
determined by reference to market prices for honey.
Judgement is required to determine the market price
of the honey at harvest based upon each drum’s
tested chemical markers (refer note 14).
4.3. Impairment of customer
relationship asset
The cash-generating unit to which the customer
relationship asset has been allocated is tested for
impairment when there is an indication that the unit
may be impaired. The Board has undertaken value
in use impairment testing and reviewed sensitivity
analysis relating to the carrying value of the
customer relationship asset. Judgement is required
in determining the extent to which there has been
an impairment in value (refer note 19.1).
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Financial Statements
4.4. Inventory net realisable
value
Inventories are carried at the lower of cost and
net realisable value. Management has identified
that based on near term forecast demand there is
currently excess inventory held and therefore there
may be issues in achieving the carrying value of this
inventory. They have estimated this excess quantity
by grade of honey and have considered its net
realisable value by reference to the likely manner in
which it will be used. There is judgement involved in
these estimates (refer note 12).
4.5. Fair value of biological
assets
Biological assets are measured at fair value less
point-of-sale costs. The fair value of biological
assets is assessed on an annual basis post-harvest,
which involves reviewing the number of operational
hives in use and referencing market prices for hives.
Judgement is required to determine the fair value of
hives (refer note 15).
4.6. Fair value of biological work
in progress
Biological assets are measured at fair value less
point-of-sale costs. The growth in the biological
work in progress in the period from harvest to 30
June cannot be reliably measured at fair value
due to the variables in hive growth and honey
production between harvest and the reporting date.
Therefore, as required under NZ IAS 41: Agriculture,
the cost of agricultural activity (beekeeping costs)
in the period to 30 June has been capitalised as
biological work in progress to account for this
growth (refer note 14).
4.7. Deferred tax
Judgement is exercised in determining the timing
and extent of recognition of the benefit of tax
losses. The benefit of tax losses can be recognised
as an asset if its recovery is ‘probable’ (more likely
than not). In the absence of any track record of
profitability, convincing evidence is needed of how
the losses will be recovered in the future, before any
deferred tax asset is recognised. At 30 June 2023
the Group has recognised the benefit in respect of
the tax losses generated to the extent they offset a
deferred tax liability (refer note 8).
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4.8. Accounting for leases
Judgement is required in determining whether it is reasonably certain that an extension option will be
exercised. The Group considers all relevant factors that create an economic incentive for it to exercise the
extension. After the commencement date, the Group reassesses the lease term if there is a significant event or
change in circumstances that is within its control and affects its ability to exercise or not to exercise the option
to extend (refer note 17).
The Group has included the extension period as part of those premises leases where it is reasonably certain
an extension option will be exercised.
5. REVENUE
30 Jun 2023
(12 months)
NZ$000
30 Jun 2022
(15 months)
NZ$000
Revenue from sale of health and wellbeing products before
marketing services provided by customers
2,781 3,260
Less marketing services provided by customers(1,318)(538)
Revenue from sale of health and wellbeing products1,463 2,722
Revenue from sale of honey products5,818 5,022
Revenue from agency services602 529
Total revenue7,883 8,273
The details above disaggregate the Group’s revenue from contracts with customers into primary markets, and
major product and service lines.
Revenue was generated from the following geographical regions:
30 Jun 2023
(12 months)
NZ$000
30 Jun 2022
(15 months)
NZ$000
New Zealand6,474 7,842
USA1,147 -
Europe262 431
Total revenue7,883 8,273
Revenue is allocated geographically based upon the jurisdiction in which the revenue is recognised for
taxation purposes.
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Financial Statements
6. EXPENSES
The loss for the year includes the following expenses.
Note
30 Jun 2023
(12 months)
NZ$000
30 Jun 2022
(15 months)
NZ$000
Salaries(4,380)(7,898)
Employer kiwisaver contributions(106)(163)
Directors' fees29(470)(538)
Accounting and consulting(79)(125)
Shareholder expenses(40)(90)
Depreciation and amortisations:
Depreciation of property, plant and equipment16(600)(986)
Depreciation of right of use assets1 7.1(421)(695)
Amortisation of customer relationship asset19(1,083)(1,084)
Amortisation of other intangible assets19(3)(7)
(2,107)(2,772)
Depreciation and amortisation are allocated as follows:
Capitalised to biological WIP576 647
Included in the operating loss(1,531)(2,125)
Finance expenses:
Interest on lease liabilities26(17)(62)
Interest on borrowings26(577)(579)
(594)(641)
Auditor's remuneration:
For the current year audit(157)(106)
For the prior year audit - (1)
Corporate finance service fee(11) -
For tax advice and returns - (9)
For general accounting advice - (5)
Total auditor's remuneration(168)(121)
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7. SEGMENT INFORMATION
The Group:
• produces, sells, and markets health and wellbeing
products (‘sale of goods’ segment) or acts as an
agent on behalf of other health and wellbeing
suppliers (‘agency services’ segment); and
• produces premium manuka honey (‘honey’
segment).
The Group has identified its operating segments
based on the internal reports reviewed and used
by the Chief Operating Decision Maker (‘CODM’),
being the Board of Directors, in assessing the
Group’s performance and in determining the
allocation of resources.
The ‘Operating EBITDA’ measure is stated after
depreciation and amortisation capitalised to
biological WIP (note 6).
Head office expenses include costs related to the
NZX listing.
12 months to 30 June 202315 months to 30 June 2022
Sale of
goods
NZ$000
Agency
services
NZ$000
Honey
NZ$000
Head
office
NZ$000
Total
NZ$000
Sale of
goods
NZ$000
Agency
services
NZ$000
Honey
NZ$000
Head
office
NZ$000
Total
NZ$000
Revenue before
marketing services
provided by a
customer
2,781 602 5,818 - 9,201 3,260 529 5,022 - 8,811
Less marketing
services provided by
customers
(1,318) - - - (1,318)(538) - - - (538)
Total external
revenue
1,463 602 5,818 - 7,883 2,722 529 5,022 - 8,273
Total inter-segment
revenue
- - - - - - - - - -
Total operating
EBITDA
(2,365)(161)(1,228)(1,392)(5,146)(1,913)(310)(1,881)(1,548)(5,652)
Finance income - - 1 3 4 - - 6 13 19
Finance expenses - - (591)(3)(594) - - (633)(8)(641)
Amortisation of
customer relationship
asset
- - (1,083) - (1,083) - - (1,084) - (1,084)
Depreciation and
amortisation
(8)(3)(339)(98)(448)(20)(8)(889)(124)(1,041)
Acquisition expenses - - - (115)(115) - - - (368)(368)
Fair value loss on
harvested honey
- - (2,223) - (2,223) - - (1,724) - (1,724)
Fair value loss on
biological assets
- - (544) - (544) - - (720) - (720)
Restructuring costs - - (337) - (337) - - (494) - (494)
Write down of assets
held for sale
- - (128) - (128) - - (543) - (543)
Impairment of
goodwill
- - - - - - - (9,120) - (9,120)
Impairment of
customer relationship
asset
- - (2,360) - (2,360) - - (780) - (780)
Net loss before
taxation
(2,373)(164)(8,832)(1,605)(12,974)(1,933)(318)(17,862)(2,035)(22,148)
Income tax benefit - - - - - - - 2,604 - 2,604
Net loss for the year(2,373)(164)(8,832)(1,605)(12,974)(1,933)(318)(15,258)(2,035)(19,544)
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Financial Statements
20232022
Sale of
goods
NZ$000
Agency
services
NZ$000
Honey
NZ$000
Head
office
NZ$000
Total
NZ$000
Sale of
goods
NZ$000
Agency
services
NZ$000
Honey
NZ$000
Head
office
NZ$000
Total
NZ$000
Segment assets3,495 243 22,482 730 26,950 2,255 147 31,590 5,464 39,456
Segment liabilities695 123 13,639 560 15,017 396 43 14,471 447 15,357
7.1. Information about major customers
For the 12 months ended 30 June 2023 there were 2 customers who individually accounted for more than 10% of
the Group’s total sales (15 months ended 30 June 2022: 2 customers). Sales to these customers were $2,087,994
and $1,308,287 (2022: $2,011,161 and $1,852,980). These customers purchased goods or agency services.
8. TAXATION
8.1. Income tax recognised in profit or loss
The analysis of the income tax expense is as follows:
30 Jun 2023
(12 months)
NZ$000
30 Jun 2022
(15 months)
NZ$000
Current income tax
Current income tax charge - -
Deferred tax - (2,604)
Total income tax expense/(benefit) recognised in the current year - (2,604)
8.2.Reconciliation of income tax expense
The charge for the year can be reconciled to the loss before income tax as follows:
30 Jun 2023
(12 months)
NZ$000
30 Jun 2022
(15 months)
NZ$000
Loss before income tax(12,974)(22,148)
Current year tax at the tax rate of 28% (2022: 28%)(3,633)(6,201)
Non-deductible expenses188 2,868
Current tax losses not recognised3,445 729
Income tax expense/(benefit) - (2,604)
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8.3. Deferred tax
Opening
balance
NZ$000
Recognised
in loss
NZ$000
Acquisition of
subsidiaries
NZ$000
Closing
balance
NZ$000
2023
Deferred tax assets/(liabilities) in relation to:
Customer relationship asset (2,082) 964 - (1,118)
Inventory fair value adjustments 1,472 (109) -
1,363
Fair value loss on harvested honey 483 526 - 1,009
Write down of assets held for sale 152 (116) - 36
Other 133 (112) - 21
Deferred tax assets not recognised (2,240) (189) - (2,429)
Tax losses offset against deferred tax liability 2,082 (964) - 1,118
- - - -
2022
Deferred tax assets/(liabilities) in relation to:
Customer relationship asset - 522 (2,604)(2,082)
Inventory fair value adjustments - (14) 1,486 1,472
Fair value loss on harvested honey - 483 -
483
Write down of assets held for sale - 152 - 152
Other - 54 79 133
Deferred tax assets not recognised - (675) (1,565)(2,240)
Tax losses offset against deferred tax liability - 2,082 - 2,082
- 2,604 (2,604)-
2023
NZ$000
2022
NZ$000
Tax losses
Tax losses for which no deferred tax asset has been recognised27,039 14,735
Potential tax benefit @ 28%7,571 4,126
The Group did not recognise deferred income tax assets in relation to the losses disclosed above except to the
extent they offset the deferred tax liability. The losses can be carried forward against future income subject
to meeting the requirements of income tax legislation including those relating to shareholder continuity and
business continuity (note 4.7).
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Financial Statements
9.EARNINGS PER SHARE
2023
(12 months)
2022
(15 months)
Basic and diluted earnings/(loss) per share (NZ$)(0.009)(0.029)
The losses and weighted average number of ordinary shares
used in the calculation of loss per share are as follows:
Loss from continuing operations (NZ$000)(12,974)(19,544)
Weighted average number of ordinary shares used in the
calculation of basic and diluted earnings per share (‘000)
1,525,112 664,695
At 30 June 2023, there were no financial instruments that carried any shareholder dilution rights that were
considered to be dilutive (2022: none). The 1,000,000 share options on issue in 2022 (refer note 24) were not
considered to be dilutive due to the Group’s loss.
10. CASH AND CASH EQUIVALENTS
2023
NZ$000
2022
NZ$000
Cash at bank and on hand913 5,370
913 5,370
The carrying amount for cash and cash equivalents equals the fair value. Cash balances are on call and earn
no interest.
11. TRADE AND OTHER RECEIVABLES
2023
NZ$000
2022
NZ$000
Trade receivables1,660 913
Other receivables511 5
GST receivable41 112
Prepayments231 169
Total trade and other receivables2,443 1,199
There has been no expected credit loss impairment to profit or loss in the period (2022: none).
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The Group’s trade receivables aging is as follows:
NZ$000Current
Less than 30
days past due
30 to 60 days
past due
More than 60
days past dueTotal
2023
Trade receivables675 551 50 384 1,660
Loss allowance - - - - -
2022
Trade receivables736 87 23 67 913
Loss allowance - - - - -
The standard credit period on sales of goods is 30 or 60 days on the provision of the sale of goods or
rendering of agency services.
In determining the recoverability of a trade receivable, the Group considers any change in the credit quality
of the trade receivable from the date credit was initially granted up to the end of the reporting period. The
Group has 2 main customers who are both assessed as creditworthy. The Group maintains close working
relationships with these customers. The Group does not hold any collateral over these balances.
The Group determines the expected credit losses on receivables by using a provision matrix, estimated based
on historical credit loss experience based on the past due status of the debtors, adjusted as appropriate to
reflect current conditions and estimates of future economic conditions.
Other Receivables includes amounts due from the sale of assets. These are repayable in instalments over
periods of up to 2 years.
12. INVENTORIES
2023
NZ$000
2022
NZ$000
Raw materials10,777 13,069
Finished goods2,686 3,119
Packaging materials1,296 605
14,759 16,793
No inventory was written off to profit and loss in the period (2022: nil). Inventory expensed in the period was
$4,767,197 (2022: $4,899,517).
The Group’s inventory net realisable value provision at 30 June 2023 was $2.6 million (2022: $3.0 million). The
change in the provision was reversed to profit or loss in the year upon the sale of the related inventory.
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Financial Statements
13. ASSETS HELD FOR SALE
2023
NZ$000
2022
NZ$000
Property, plant and equipment93 450
Biological assets - 613
93 1,063
2023
NZ$000
2022
NZ$000
At 1 July 1,063 -
Reclassified from property, plant & equipment (note 16):
- cost 335 744
- accumulated depreciation (70) (104)
Write down of assets held for sale (61) (190)
Net book value reclassified from property, plant & equipment 204 450
Reclassified from biological assets (note 15) 302 965
Write down of assets held for sale (67)(352)
Net book value reclassified from biological assets 235 613
Sale of assets (1,409) -
Balance at 30 June 93 1,063
14. BIOLOGICAL WORK IN PROGRESS
2023
NZ$000
2022
NZ$000
At 1 July698 -
Acquisition of subsidiaries - 1,437
Current period beekeeping costs2,349 7,239
Fair value loss on harvested honey(2,223)(1,724)
Honey recognised as inventory on harvest(683)(6,952)
Beekeeping costs related to next harvest160 698
Beekeeping costs expensed due to restructure(141) -
At 30 June160 698
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15. BIOLOGICAL ASSETS
2023
NZ$000
2022
NZ$000
Bees:
At 1 July 1,598 -
Acquisition of subsidiaries - 3,283
Reclassified to assets held for sale (note 13)(302)(965)
Fair value loss on biological assets(544)(720)
At 30 June 752 1,598
The bees biological assets consist of hives and nucs.
2023
number of
2022
number of
Hives:
At 1 July 8,950 -
Acquisition of subsidiaries - 15,595
Reduction in operational hives(3,047)(2,995)
Hives classified as assets held for sale (note 13)(1,691)(3,650)
Hives included in biological assets at 30 June 4,212 8,950
Nucleus colonies (Nucs):
At 1 July - -
Acquisition of subsidiaries - 3,660
Reduction in operational nucs - (1,360)
Nucs classified as assets held for sale (note 13) - (2,300)
Nucs included in biological assets at 30 June - -
The Group is exposed to some risks related to owning bees, primarily the risk of damage from climatic
changes and diseases. The Group has processes in place aimed at monitoring and mitigating those risks,
through hiring of experienced beekeepers, the intensive maintenance of beehives and disease prevention
programmes.
Fair value hierarchy
The Group’s bees are level 3 on the fair value hierarchy, being calculations for which inputs are not based on
observable market data (unobservable inputs).
The Group has valued the biological assets based on market sales price information and the Group’s own
sales of hives. The fair value per hive is $179 (2022: $179).
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Financial Statements
16. PROPERTY, PLANT AND EQUIPMENT
Plant &
equipment
NZ$000
Vehicles
NZ$000
Office
equipment &
furniture
NZ$000
Leasehold
improvements
NZ$000
Total
NZ$000
Cost:
At 1 April 2021 10 - 95 31 136
Additions 81 208 37 1 327
Acquisition of subsidiaries 3,731 968 62 335 5,096
Transferred to assets held for sale (406) (338) - - (744)
Disposals (2) (133) - - (135)
At 30 June 2022 3,414 705 194 367 4,680
Additions 31 - 4 - 35
Transferred to assets held for sale (314) (21) - - (335)
At 30 June 2023 3,131 684 198 367 4,380
Accumulated depreciation:
At 1 April 2021 (4) - (35) (6) (45)
Depreciation expense (660) (210) (68) (48) (986)
Transferred to assets held for sale 41 63 - - 104
Disposals - 35 - - 35
At 30 June 2022 (623) (112) (103) (54) (892)
Depreciation expense (410) (113) (36) (41) (600)
Transferred to assets held for sale 59 11 - - 70
At 30 June 2023 (974) (214) (139) (95) (1,422)
Carrying amount:
At 30 June 2023 2,157 470 59 272 2,958
At 30 June 2022 2,791 593 91 313 3,788
At 1 April 2021 6 - 60 25 91
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17. LEASES
17.1. Right-of-use asset
The Group leases warehouse and administration premises, and land used for hive placements.
Premises
NZ$000
Hive
placements
NZ$000
Total
NZ$000
Cost:
At 1 April 2021 226 - 226
Additions 296 313 609
Acquisition of subsidiaries 934 1,071 2,005
Lease modifications (82) (626) (708)
At 30 June 2022 1,374 758 2,132
Additions 174 186 360
Lease modifications (332) (224) (556)
At 30 June 2023 1,216 720 1,936
Accumulated amortisation:
At 1 April 2021 (50) - (50)
Depreciation expense (371) (324) (695)
At 30 June 2022 (421) (324) (745)
Depreciation expense (284) (137) (421)
At 30 June 2023 (705) (461) (1,166)
Carrying Amount:
At 30 June 2023 511 259 770
At 30 June 2022 953 434 1,387
At 1 April 2021 176 - 176
The Group leases warehouse and administration premises, and land used for hive placements.
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Financial Statements
17.2. Lease liability
2023
NZ$000
2022
NZ$000
Maturity analysis - contractual undiscounted cash flows
Up to one year356 381
One to two years335 526
Two to five years156 492
More than five years - 77
Total undiscounted lease liabilities at 30 June847 1,476
Lease liabilities included in the Consolidated Statement of Financial Position
Current334 316
Non-current472 1,041
806 1,357
At the reporting date the Group had 4 property leases with an average remaining term of 2.6 years (2022:
3.75 years). The Group also had 7 land access leases with an average remaining term of 1.86 years (2022: 0.75
years).
The average IBR rate is 3.6% (2022: 3.63%).
Short term lease expenses included in operating loss were $1,122,000 (2022: $1,122,000).
18. GOODWILL
2023
NZ$000
2022
NZ$000
Balance at 1 July - -
Recognised on acquisition of subsidiary - 9,120
Impairment losses for the period (note 19.1) - (9,120)
Balance at 30 June - -
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19. OTHER INTANGIBLE ASSETS
Customer
relationship
NZ$000
Website
NZ$000
Trademarks
& domains
NZ$000
Total
NZ$000
Cost:
At 1 April 2021 - 26 61 87
Additions - - 23 23
Acquisition of subsidiaries 9,300 - - 9,300
At 30 June 2022 9,300 26 84 9,410
Additions - - 12 12
At 30 June 2023 9,300 26 96 9,422
Accumulated amortisation and impairment:
At 1 April 2021 - (14) - (14)
Amortisation expense (1,084) (7) - (1,091)
Impairment of intangible asset (note 19.1) (780) - - (780)
At 30 June 2022 (1,864) (21) - (1,885)
Amortisation expense (1,083) (3) - (1,086)
Impairment of intangible asset (note 19.1) (2,360) - - (2,360)
At 30 June 2023 (5,307) (24) - (5,331)
Carrying Amount:
At 30 June 2023 3,993 2 96 4,091
At 30 June 2022 7,436 5 84 7,525
At 1 April 2021 - 12 61 73
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Financial Statements
19.1. Impairment testing for cash-generating units containing
goodwill and the customer relationship asset
Given the financial performance of the Honey segment did not meet internal forecast expectations, the
Board undertook a value in use impairment test at 30 June 2023 and reviewed sensitivity analysis relating to
the carrying value of the customer relationship asset (2022: impairment test as at 31 March 2022 to assess
carrying value of the goodwill and customer relationship assets).
The Group considered the future cash flows arising out of the sale of Manuka Honey through the Honey
segment. As a result of the completion of discounted cashflow modelling, the Board assessed the value of the
Honey CGU as $21.1 million (2022: $29.0 million). The Board concluded that it was appropriate for the Group
to recognise impairments in value in the goodwill and the customer relationship asset arising from the King
Honey acquisition as set out below:
2023
NZ$000
2022
NZ$000
Impairment losses:
Impairment of customer relationship asset(2,360)(780)
Impairment of goodwill (note 18) - (9,120)
(2,360)(9,900)
Value in use was determined by discounting the future cash flows generated from the continuing use of the
CGU and was based on the following key assumptions:
20232022
Years assessed in cash projections2024 - 20282023 - 2027
Anticipated annual revenue growth3% - 20%26% - 39%
Anticipated annual overhead expense increase3%2%
Pre-tax discount rate18.2%16.5%
Terminal growth rate3%3%
Cash flows were projected on actual operating results, the 12-month budget, multi-year forecasts and
business plan.
The discount rate selected reflects the level of uncertainty in relation to the future revenue from the Honey
CGU.
The growth rate applied in years 2029-2037 (years 6 to 14 in the model) to revenue is 3% and to costs is 2-3%.
These rates reflect the long-term growth rates of the markets in which the revenues are earned and the costs
expended. These years have been included in the calculation to forecast a tax outflow in the terminal year
where the terminal value has been derived, as existing tax losses are expected to be utilised against taxable
profits in earlier years.
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20.TRADE AND OTHER PAYABLES
2023
NZ$000
2022
NZ$000
Trade payables946 482
Accruals593 626
Other payables238 658
1,777 1,766
21. BORROWINGS
2023
NZ$000
2022
NZ$000
Banks loans7,034 7,034
Subordinated note5,400 5,200
12,434 12,234
Current7,248 942
Non-current5,186 11,292
12,434 12,234
The Group has two bank loans from the Bank of New Zealand. A customised average rate loan facility (CARL)
of $2,908,420 (2022: $3,015,980) and a fixed rate loan of $4,125,809 (2022: $4,286,125). The loans were taken
out on 30 June 2021 and are for five years, ending 29 June 2026. The loans are secured over all property of
Me Today Manuka Honey Limited, the parent company of King Honey Limited and a subsidiary of Me Today
Limited.
The CARL facility monthly repayments consist of a fixed principal repayment plus interest based on a floating
rate that is adjusted monthly. The average annual interest on the CARL facility rate during the reporting period
was 6.58% (2022: 3.91%). Interest on the fixed rate loan is fixed at 2.51% per annum and the loan is repaid by
monthly instalments over the term of the loan. The Group had a repayment holiday from June 2022 to August
2023. The bank has also agreed to suspend its earnings-related covenants until 31 August 2023 at which
stage covenants will be re-assessed in line with the FY24 budget. The Group was compliant with applicable
covenants at 30 June 2023.
Under the terms of the sale and purchase agreement for the acquisition of King Honey it was agreed that
$5,000,000 of the purchase price would be left payable to the vendors, the Jarvis Trust, as a subordinated
note. As at 30 June 2023 the subordinated loan was repayable in three years from the acquisition date of 30
June 2021 and is classified in the Consolidated Statement of Financial Position as a current liability. The note
is secured over all property of Me Today Manuka Honey Limited. This security interested ranks behind any
security interest in favour of the Bank of New Zealand pursuant to the bank loan agreements noted above,
but ahead of any other indebtedness of Me Today Manuka Honey Limited. Subsequent to the reporting date
the parties have agreed to extend the repayment date of the subordinated note for nine months to 31 March
2025. A condition of this extension is that the Group cannot increase its indebtedness with the BNZ above $9.5
million without the consent of the Jarvis Trust. Interest of 4% per annum is payable annually in arrears until 30
June 2024. Interest of 8% per annum is payable from 1 July 2024 onwards. The extension is subject to Me Today
obtaining shareholder approval under NZX Listing Rule 5.2 (related party transactions) or a waiver of that rule.
The Group currently has available overdraft facilities of $5 million (2022: $5 million). The interest rate on this
facility at 30 June 2023 was 9.91% per annum.
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Financial Statements
22. SHARE CAPITAL
20232022
Voting
ordinary
shares
‘000
Non-voting
ordinary
shares
‘000
Voting
ordinary
shares
‘000
Non-voting
ordinary
shares
‘000
Number of ordinary shares:
Ordinary shares as at 1 July1,163,697 287,086 412,278 -
Issue of shares as settlement of purchase price - - 113,636 -
Ordinary shares issued during the period92,980 - 924,903 -
Ordinary shares reclassified as non-voting39,051 (39,051)(287,086)287,086
Share buy back and cancellation - - (34) -
Ordinary shares as at reporting date1,295,728 248,035 1,163,697 287,086
On 6 July 2022 the Company issued 75,264,609 fully paid ordinary shares for $752,646 as a part placement of
the shortfall from its rights issue undertaken in June 2022. The Company agreed with MTL Securities Limited to
contemporaneously reclassify 39,051,043 of its non-voting shares as quoted shares to preserve MTL Securities
Limited’s holding and control of voting rights at 34.16%. The new shares issued have consequentially reduced
MTL Securities Limited’s economic rights to 44.86%.
On 28 June 2023 the Company issued 17,715,461 fully paid ordinary shares in the favour of BB Promotions
Limited, Sarah Walker, independent directors and a non-executive director. Shares issued to BB Promotions
Limited and Sarah Walker are in accordance with the terms of the relevant agreements for promotional
services.
All voting ordinary shares on issue are fully paid and rank equally with one vote attached to each share.
All non-voting ordinary shares are fully paid.
23. SHARE BASED PAYMENTS RESERVE
30 Jun 2023
NZ$000
30 Jun 2022
NZ$000
Balance as at 1 July77 110
Share options granted (note 24) - 30
Share options expired (note 24)(13)(26)
Share based payments for promotional services95 140
Shares issued in period(159)(177)
Balance at reporting date - 77
The Group has entered into two Ambassador Agreements for the provision of promotional services. A portion
of the consideration payable for the promotional services is settled by the issue of shares. For one ambassador,
who is a related party, shares are issued twice yearly with a total of 1,244,444 ordinary shares to be issued each
year at an issue price of $0.09 per share. 1,111,111 shares are to be issued annually under an agreement with a
three-year term. For the other ambassador 133,333 shares are issued annually under an agreement with a two-
year term.
All share-based payments were included in promotional expenses.
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24. SHARE OPTIONS
2023 2022
Number of
Options
Weighted average
exercise price
Number of
Options
Weighted average
exercise price
Balance as at 1 July1,000,000 $0.093,000,000 $0.09
Granted during the period - - - -
Exercised during the period - - - -
Expired during the period(1,000,000)$0.09(2,000,000)$0.09
Balance at 30 June - - 1,000,000 $0.09
At 30 June 2022 BB Promotions Limited, a related party to the Group (refer note 29.4), held options on
1,000,000 ordinary shares of the Company. Each option could be converted into one ordinary share of the
Company on exercise. No amounts were paid or payable by BB Promotions Limited on receipt of the options.
The options carried no rights to dividends and no voting rights. The options expired during the 2023 financial
year.
2023
NZ$000
2022
NZ$000
Share based payments are included in:
Promotional costs95 30
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Financial Statements
25. RECONCILIATION OF LOSS AFTER TAXATION WITH CASH
FLOW FROM OPERATING ACTIVITIES
30 Jun 2023
(12 months)
NZ$000
30 Jun 2022
(15 months)
NZ$000
Net loss after taxation(12,974)(19,544)
Adjustments for:
Depreciation and amortisation2,107 2,771
Interest on lease liabilities17 62
Interest on borrowings577 579
Impairment of goodwill - 9,120
Impairment of customer relationship asset2,360 780
Acquisition costs114 367
Fair value loss on biological assets544 720
Write down of assets held for sale128 543
Share-based payments209 242
Income tax benefit - (2,604)
Movements in working capital
(Increase) / decrease in trade and other receivables(1,244)(778)
(Increase) / decrease in inventory2,034 (15,859)
(Increase) / decrease in biological work in progress538 (698)
Decrease / (increase) in taxation receivable24 (12)
Increase / (decrease) in trade and other payables11 1,139
Movement in working capital on acquisition of subsidiaries - 11,446
Net cash outflows from operating activities(5,555)(11,726)
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26. RECONCILIATION OF LIABILITIES ARISING FROM
FINANCING ACTIVITIES
2023
NZ$000
2022
NZ$000
Borrowings:
At 1 July12,234 -
Cash:
Proceeds from bank borrowings - 8,500
Payment of principal on borrowings - (1,466)
Interest paid on borrowings(377)(379)
Non-cash:
On acquisition of subsidiaries - 5,000
Interest on borrowings577 579
At 30 June12,434 12,234
2023
NZ$000
2022
$000
Lease liabilities:
At 1 July1,357 193
Cash:
Payment of lease liabilities principal(355)(742)
Interest paid on lease liabilities(17)(62)
Non-cash:
Lease liabilities recognised186 609
On acquisition of subsidiaries - 2,005
Lease modifications(382)(708)
Interest on lease liabilities17 62
At 30 June806 1,357
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Financial Statements
27. SUBSIDIARIES AND OTHER INVESTMENTS
NamePrincipal activityEquity holding
20232022
Subsidiaries:
The Good Brand Company Limited
Sale of health & wellbeing
products
100%100%
Me Today NZ Limited
Production & sale of health &
wellbeing products
100%100%
Today LimitedNon-trading entity100%100%
Me Today EU Limited
Sale of health & wellbeing
products
100%100%
Me Today UK Group Limited
Sale of health & wellbeing
products
100%100%
Me Today Manuka Honey LimitedInvestment in King Honey Limited100%100%
King Honey LimitedSale of manuka honey products100%100%
Me Today AU Pty LimitedNon-trading entity100%100%
Manuka Wellness LimitedNon-trading entity100%100%
King Honey Health Products LimitedNon-trading entity100%100%
Pure Manuka NZ LimitedNon-trading entity100%100%
Bee Plus Manuka NZ LimitedNon-trading entity100%100%
Me Today USA Inc.
Sale of health, wellbeing and
honey products
100%100%
Other investments:
Bee Plus New Zealand LimitedBrand ownership. Non trading15%15%
All subsidiaries are domiciled in New Zealand, with the exception of Me Today EU Limited which is domiciled
in Ireland, Me Today UK Group Limited which is domiciled in England, Me Today USA Inc. which is domiciled in
the United States and Me Today Pty which is domiciled in Australia. All subsidiaries have a reporting date of
30 June.
28. FINANCIAL INSTRUMENTS
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and
interest rate risk), credit and liquidity risk. The Group’s overall risk management programme focuses on
the unpredictability of financial markets and seeks to minimise potential adverse effects on its financial
performance.
Risk management is carried out under policies approved by the Board of Directors. The Board provides written
principles for overall risk management as well as policies covering specific areas such as interest rate risk,
credit risk, use of derivative financial instruments and non-derivative financial instruments.
The Group has entered into a number of non-derivative financial instruments all of which are classified as
financial assets and liabilities at amortised cost. The carrying values of these items approximate their fair
value and represent the maximum exposures for each type of financial instrument. They are listed as follows:
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44
Note
2023
NZ$000
2022
NZ$000
Financial assets at amortised cost
Cash and cash equivalents10913 5,370
Trade receivables111,660 913
Other receivables11511 -
Total financial assets3,084 6,283
The fair value of cash and cash equivalents and trade receivables are determined to be equivalent to their
carrying value due to the short-term nature of these balances.
Note
2023
NZ$000
2022
NZ$000
Financial liabilities at amortised cost
Trade payables and other liabilities201,777 1,766
Banks loans217,034 7,034
Subordinated note215,400 5,200
Total financial liabilities14,211 14,000
The fair value of trade payables and other liabilities, and the subordinated note, are determined to be
equivalent to their carrying value due to the short-term nature of these balances.
The fair value of the bank loans is $6,618,000 (2022: $6,728,000).
The Group does not have any derivative financial instruments (2022: nil).
28.1. Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will
affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control the market risk exposures within acceptable parameters, while
optimising the return on risk. There is minimal market risk.
28.2. Cash flow and fair value interest rate risk
The Group’s interest rate risk arises from interest on borrowings at variable rates. The Group has no interest-
bearing cash and cash equivalent bank accounts.
The fixed rate bank loan and the subordinated note (see note 21) have interest rates that are fixed for the
life of the loan. The BNZ CARL is the only borrowing with a variable interest rate (see note 21). The Group’s
exposure to a change in interest rates is therefore currently limited to the borrowings under the BNZ CARL
facility. The table below shows the impact that a 1% movement in the current interest rate on the BNZ CARL
facility would have on the per annum interest expense.
Facility balance
2023
NZ$000
Interest impact
Rate (+/-1%)
NZ$000
BNZ CARL facility2,908 29/(29)
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45
Financial Statements
28.3. Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails
to meet its contractual obligations and arises from cash and cash equivalents, deposits with banks and the
Group’s receivables from customers. The Group’s maximum credit risk is represented by the carrying value of
these financial assets. The credit risk associated with cash transactions and deposits is managed through the
Group’s policies that limit the use of counterparties to high credit quality financial institutions.
28.4. Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as and when the fall
due. The Group’s liquidity risk management includes maintaining sufficient cash reserves to meet future
commitments. Refer to note 4.1 in relation to going concern.
The following table provides a maturity analysis of the Group’s remaining contractual cash flows relating to
financial liabilities. Contractual cash flows include contractual undiscounted principal and interest payments
Carrying
amount
NZ$000
Contractual
cash flows
NZ$000
Payable
0-6months
NZ$000
Payable
6-12 months
NZ$000
Payable
1-2 years
NZ$000
Payable
2-5 years
NZ$000
Non-derivative financial liabilities
2023
Trade and other payables1,777 1,777 1,665 112 - -
Borrowings12,434 13,293 911 6,862 2,498 3,022
Lease liability 806 927 242 122 335 228
15,017 15,997 2,818 7,096 2,833 3,250
2022
Trade and other payables 1,766 1,766 1,766 - - -
Borrowings12,234 13,290 270 926 7,417 4,677
Lease liability 1,357 1,389 386 166 421 416
15,357 16,445 2,422 1,092 7,838 5,093
28.5. Capital risk management
The Group’s objectives when managing capital are to safeguard their ability to continue as a going concern,
so that they can continue to provide returns to shareholders and benefits for other stakeholders and to
maintain an optimal capital structure that reduces the cost of capital.
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29. RELATED PARTIES
29.1. Directors
The names of persons who are directors of the
Company are; Grant Baker (Chairman), Hannah
Barrett, Roger Gower, Michael Kerr, Richard
Pearson, Stephen Sinclair, and Antony Vriens.
29.2. Key management
personnel compensation
Key management personnel compensation is set out
below. The key management personnel are all the
directors of the Company.
Directors were paid directors’ fees of $470,000 (15
months to 30 June 2022: $538,000). In the period
to 30 June 2023 $70,214 of the remuneration due to
the independent directors was settled by the issue
of 1,312,266 shares in the Company (15 months to 30
June 2022: $71,572 by the issue of 1,312,266 shares in
the Company). At 30 June 2022 $14,062 was payable
to the independent directors and was subsequently
settled by the issue of shares in the Company.
At 30 June 2023 $9,104 was payable to Bakers
Consultants Limited, a company owned by Grant
Baker, for directors fees (2022: nil).
At 30 June 2023 $6,563 was payable to Mei Mei
Limited, a company owned by Richard Pearson, for
directors fees (2022: $7,000).
Michael Kerr received total remuneration of
$250,000 in 2023 in his role as CEO (15 months to 30
June 2022: $281,000).
A company owned by Stephen Sinclair received
$125,000 in consulting fees (15 months to 30 June
2022: $156,250).
29.3. Related entities
MTL Securities Limited is an entity owned and
controlled by M & N Kerr Holdings, of which Michael
Kerr is a director, and Velocity Capital, of which
Grant Baker and Stephen Sinclair are directors.
MTL Securities Limited holds 34.16% of the voting
ordinary shares, and 44.86% of the total voting and
non-voting ordinary shares in Me Today Limited.
29.4. Related party transactions
In the year to 30 June 2023, the Company issued
3,277,150 ordinary shares to each of Antony Vriens,
Hannah Barrett and Roger Gower and 6,117,346
to Richard Pearson, in part settlement of their
directors’ remuneration. In the 15 months to 30 June
2022, the Company issued 965,613 ordinary shares
to Antony Vriens, Hannah Barrett and Roger Gower
in part settlement of their directors’ remuneration.
The Company issued 712,575 ordinary shares to
Roger Gower and 3,411,778 ordinary shares to
Antony Vriens as part of the retail offer to investors
on 29 June 2022 for $7,126 and $34,118 respectively.
On 15 June 2020 the Company entered into an
Ambassador Agreement with BB Promotions Limited
for a term of three years. BB Promotions Limited
is a related party to the Group, as the shareholder
and director of BB Promotions Limited, B Barrett,
is married to H Barrett, a director of the Company.
Under the terms of the agreement, BB Promotions
Limited agreed to provide promotional services
to the Company in exchange for the payment of
$50,000 per annum, the issue by the Company of
ordinary shares to BB Promotions Limited to the
value of $100,000 per annum, and the granting of
3,000,000 options to purchase ordinary shares in
the Company (as detailed in notes 24). Share based
payments for promotion services shown in note
23 includes $62,500 in relation to the Ambassador
Agreement with BB Promotions Limited.
Hannah Barrett received $6,250 for providing
marketing services to the Group (15 months to 30
June 2022: $18,750).
29.5. Share placement
subscription agreement
On 26 November 2021, Me Today, the TW Jarvis (No.
1) Family Trust (“Jarvis Trust”) and MTL Securities
Limited (“MTL”) entered into a share placement
subscription agreement under which the Jarvis
Trust and MTL agreed to invest additional cash of
$6 million through a share placement, conditional
upon shareholder approval. The shares were issued
at 8.8 cents per share, the same issue price for
capital raised as part of the King Honey acquisition
and reflecting their respective shareholdings. MTL
Securities agreed to contribute $3.75 million and
Jarvis Trust $2.25 million. Shareholders approved the
share placement on 18 March 2022.
On 22 March 2022 the Company issued 42,613,636
fully paid ordinary shares to MTL Securities Limited
and 25,568,182 fully paid ordinary shares to the
trustees of TW Jarvis (No. 1) Trust.
Jarvis Trust is a substantial security holder in Me
Today and is the previous vendor of King Honey
Limited. MTL is a substantial security holder, and
the largest shareholder, in Me Today. MTL is an
entity owned and controlled by M & N Kerr Holdings,
of which Michael Kerr is a director, and Velocity
Capital, of which Grant Baker and Stephen Sinclair
are directors.
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47
Financial Statements
30.CONTINGENT LIABILITIES
There are no contingent liabilities as at 30 June 2023 (2022: nil).
31.COMMITMENTS
The Company had no commitments for future capital expenditure as at 30 June 2023 (2022: nil).
32.EVENTS SUBSEQUENT TO REPORTING DATE
On 23 August 2023 the Group’s bank confirmed its continuance of existing facilities subject to further review no
later than 31 August 2024 in conjunction with the FY24 audited financial statements and FY25 budget. Facilities
will remain on an interest only basis until 31 August 2024. The requirement for an amortisation programme
will be considered at that time in conjunction with the FY25 budget. The bank also confirmed covenant
requirements continue to be amended to extend the suspension of earnings-related covenants until 31 August
2024.
Subsequent to the reporting date the Board has decided to further reduce beekeeping operations with a view
to reducing total hive numbers to below 2,000.
On 28 August 2023 the Group entered into an agreement with the Jarvis Trust to extend the repayment date of
the subordinated note for nine months to 31 March 2025. A condition of this extension is that the Group cannot
increase its indebtedness with the BNZ above $9.5m without the consent of the Jarvis Trust. Interest of 4% per
annum is payable annually in arrears until 30 June 2024. Interest of 8% per annum is payable from 1 July 2024
onwards.
Independent
Auditor’s Report
TO THE SHAREHOLDERS OF ME TODAY LIMITED
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49
Independent Auditors Report
Opinion
We have audited the consolidated financial statements of Me Today Limited (“the Company”) and its
subsidiaries (together, “the Group”), which comprise the consolidated statement of financial position as at 30
June 2023, and the consolidated statement of profit or loss and other comprehensive income, consolidated
statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to
the consolidated financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
consolidated financial position of the Group as at 30 June 2023, and its consolidated financial performance
and its consolidated cash flows for the year then ended in accordance with New Zealand equivalents to
International Financial Reporting Standards (“NZ IFRS”) and International Financial Reporting Standards
(“IFRS”).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (“ISAs (NZ)”).
Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in
accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners
(including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and
Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
In addition to audit services, our firm provided other services in the areas of corporate finance services.
BDO partners and staff also transact with the Group on normal trading terms throughout the year. The
engagement and trading transactions have not impaired our independence as auditor of the Group. We have
no other relationship with, or interests in, the Company or its subsidiaries.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the consolidated financial statements of the current period. These matters were addressed in the context of
our audit of the consolidated financial statements as a whole and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.
Independent Auditor’s Report
TO THE SHAREHOLDERS OF ME TODAY LIMITED
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50
Impairment of intangible assets
Key Audit Matter
The Group had a customer relationship
intangible asset of $3.9m at 30 June 2023,
which is required to be assessed for impairment
indicators as it is a non- financial asset.
Given the financial performance of the Honey
cash generating unit did not meet internal
forecast expectations, management performed
a formal impairment test to determine the
recoverable amount of the cash generating
asset.
We identified the calculation of the recoverable
amount as a key audit matter to our audit
due to the significance of the balance to the
financial statements and the key inputs and
assumptions that are subject to significant
management judgement and estimation
uncertainty.
See note 19.1 to the financial statements.
How The Matter Was Addressed in Our Audit
• We obtained management’s value in use
calculation prepared at 30 June 2023, and
critically evaluated the key inputs and
assumptions. The key inputs included forecast
revenue, gross margin, costs, working capital
assumptions, tax outflows and discount rate.
• We agreed the forecasts used to the
management approved budget.
• We obtained management’s discount rate
calculation, prepared by an external valuation
expert. We considered the objectivity and
competence of the expert.
• We engaged our internal valuation expert to
review the value in use calculation against
valuation industry techniques and the discount
rate used.
• We compared the carrying value of the assets
to the recoverable amount determined by the
impairment test that calculated the impairment
charge of $2.4m.
Inventory net realisable value
Key Audit Matter
At the reporting date, management is required to
consider if the Group’s inventories are carried at the
lower of cost or net realisable value.
Management has identified that based on near
term forecast demand that there is currently
excess inventory held and that therefore there may
be issues in achieving the carrying value of this
inventory.
They have estimated this excess quantity, by grade
of honey, and have considered its net realisable
value by reference to the likely manner in which it
will be used. Management recorded an inventory
net realisable value provision in this respect of
$2.6m (2022: $3.0m).
We identified the determination of the net realisable
value by management as a key audit matter to our
audit due to the significance of the balance to the
financial statements and the significant judgement
involved in determining these estimates.
See note 12 to the financial statements. The Group’s
critical accounting estimate and judgement
regarding inventory net realisable value is disclosed
in note 4.4 to the financial statements.
How The Matter Was Addressed in Our Audit
• We obtained management’s calculation of
the required net realisable value provision
against the carrying value of inventories. We
re- calculated the excess inventory by grade by
reference to quantity held and forecast demand
which was agreed to management approved
budgets.
• We obtained management’s rationale for
the expected use of this excess inventory
and the net realisable value provision held.
We challenged management with respect to
their rationale and on the existence of other
alternative uses for the inventories.
• We agreed the net realisable values used in
the management calculation to supporting
documentation and re-calculated the net
realisable value provision required.
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51
Independent Auditors Report
Other Information
The directors are responsible for the other information. The other information comprises the Market
Announcement on the Me Today results for the year ended 30 June 2023 (but does not include the consolidated
financial statements and our auditor’s report thereon), which we obtained prior to the date of this auditor’s
report, and the Annual Report, which is expected to be made available to us after that date.
Our opinion on the consolidated financial statements does not cover the other information and we do not and
will not express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be
materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this
auditor’s report, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to the directors.
Directors’ Responsibilities for the Consolidated Financial Statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the
directors determine is necessary to enable the preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the directors either intend to liquidate
the Group or to cease operations, or have no realistic alternative but to do so.
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52
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs (NZ) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the decisions of users taken on the basis of these consolidated
financial statements.
A further description of our responsibility for the audit of the financial statements is located on the External
Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1.
This description forms part of our auditor’s report.
Who we Report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken
so that we might state those matters which we are required to state to them in an auditor’s report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the Company and the Company’s shareholders, as a body, for our audit work, for this report or for
the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Chris Neves.
BDO Auckland
Auckland
New Zealand
29 August 2023
Corporate
Governance
Statement
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54
Corporate Governance & Company Directory
Corporate Governance Statement
FOR THE 12 MONTHS ENDED 30 JUNE 2023
The Board is responsible for the overall corporate governance of the Company, and it recognises the need
for the highest standards of behaviour and accountability. The Board develops strategies for the Company,
reviews strategic objectives and monitors the Company’s performance against those objectives. The overall
goals of the corporate governance process are to:
• drive shareholder value;
• assure a prudential and ethical base to the Company’s conduct and activities; and
• ensure compliance with the Company’s legal and regulatory obligations.
The Governance Principles adopted by the Board are designed to achieve these goals.
The full content of the Company’s Governance Code and related polices and charters, can be found at the
following link (https://www.metodayinvestors.com/corporate-governance/).
This statement is a summary of the Corporate Governance arrangements approved and observed by the
Board as at 30 June 2023. The statement has been approved by the Board.
CODE OF ETHICS
The board has documented a code of ethics, which can be found at
https://www.metodayinvestors.com/corporate-governance/, detailing the ethical standards to which Me
Today Limited’s directors and employees are expected to adhere.
ROLE OF THE BOARD
The Board assumes the following primary responsibilities:
• formulation and approval of the strategic direction, objectives and goals of the Company;
• monitoring the financial performance of the Company, including approval of the Company’s financial
statements;
• ensuring that adequate internal control systems and procedures exist and that compliance with these
systems and procedures is maintained;
• review of performance and remuneration of directors and executive officers; and
• establishment and maintenance of appropriate ethical standards for the Company to operate by.
A formal Governance Code, which can be found at https://www.metodayinvestors.com/corporategovernance/,
has been adopted by the Board and outlines directors’ responsibilities. The Board internally evaluates its
performance and continues to assess the size, diversity and skills of the Board.
BOARD COMPOSITION
In accordance with the Company’s constitution the Board will comprise not less than three directors. The
Board will be comprised of a mix of persons with complementary skills appropriate to the Company’s
objectives and strategies.
The Board currently comprises seven Directors. For the 12 months ended 30 June 2023, Hannah Barrett, Roger
Gower and Antony Vriens are considered Independent directors. The Board considers that, although it does not
have a majority of independent board members per the NZX Corporate Governance Code Recommendation,
it has the right balance for the current size and structure of the Company.
Independence of directors is assessed against the requirements of the NZX Listing Rules, NZX Corporate
Governance Code, and the factors included in the Company’s Governance Code.
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55
Although the Chair of the board is not Independent, the board considers that for the size and structure of the
Company, an Independent Chair is not required at this time.
BOARD MEETINGS
The board aims to meet at least 11 times each year for scheduled meetings. Additional meetings are held
where specific matters require attention between scheduled meetings. Board meetings are used to monitor,
challenge, develop and fully understand business and operational issues.
The following table shows director attendance at meetings during the 12 month period ended 30 June 2023.
BoardAudit, Finance & Risk Committee
G Baker11n/a
H Barrett103
R Gower103
M Kerr112
R Pearson9n/a
S Sinclair113
A Vriens10n/a
CRITERIA FOR BOARD MEMBERSHIP
When a vacancy arises, the Board will identify candidates with a mix of diversity, capabilities and perspectives
considered necessary for the Board to carry out its responsibilities effectively. A director appointed by the
Board must stand for election at the next Annual Meeting. No director shall hold office (without re-election)
past the third annual meeting following that directors’ appointment or three years, whichever is longer.
Retiring directors are eligible for re-election.
BOARD COMMITTEES
The Board has established an Audit, Finance and Risk Committee and a Remuneration, Nomination and Health
& Safety Committee.
The Audit, Finance and Risk Committee operates under a Charter approved by the Board and is accountable
to the Board for: the business relationship with, and the independence of, external auditors; the reliability and
appropriateness of the disclosure of the financial statements and external financial communication; and the
maintenance of an effective business risk management framework including compliance and internal controls.
The Audit, Finance and Risk Committee is chaired by Roger Gower with Stephen Sinclair, Hannah Barrett
as members. Mr Gower and Ms Barrett are Independent Directors. Only committee members attend Audit,
Finance and Risk Committee meetings unless an invitation is extended to the other directors, management
and/or employees.
The Remuneration, Nominations and Health & Safety Committee operates under a Charter approved by
the Board. The role of the Remuneration, Nominations and Health & Safety Committee is to consider the
appointment of any future directors and their suitability to hold that position, the employment of senior
executive employees of the Company, and reviewing Health & Safety policies to ensure the Company is
providing a safe working environment for all employees and contractors. The Remuneration, Nominations
and Health & Safety Committee is also responsible for considering the remuneration to be paid to executive
employees and directors.
During the period under review, given the current size of the Board and composition of the sub committees,
the Board incorporated all matters of the Remuneration, Nominations and Health & Safety Committee as a
separate part of board meetings and accordingly the full board are in practice the members of the committee.
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Corporate Governance & Company Directory
TRADING IN SHARES
The Company has a detailed Financial Markets Trading Policy applying to all directors and employees which
can be found at https://www.metodayinvestors.com/corporate-governance/. The procedures outlined in this
policy must be followed by all Directors and employees to obtain consent to trade in the Group’s shares, at all
times. Under the policy, trading restrictions (blackout periods) apply:
• two weeks before 31 December until 48 hours after the half-year results are released to NZX;
• two weeks before 30 June 48 hours after the full-year results are released to NZX; and
• 30 days prior to release of an offer document (such as a product disclosure statement or prospectus) for a
general public offer of the same class of shares.
Outside the black-out periods specified above, dealing is subject to the notification and consent requirements
outlined in the policy.
MAKE TIMELY AND BALANCED DISCLOSURE
The Company has in place procedures designed to ensure compliance with the NZX Listing Rules such that
all investors have equal and timely access to material information concerning the Company, including its
financial situation, performance, ownership and governance.
Company announcements are factual and presented in a clear and balanced way.
Significant market announcements, including the preliminary announcement of the half year and full year
results, and the financial statements for those periods, require review by the Board prior to release.
The Group’s Market Disclosure Policy to ensure it complies with its continuous disclosure obligations at all
times can be found at https://www.metodayinvestors.com/corporate-governance/.
HEALTH AND SAFETY
The Group’s Board is responsible for oversight of the Company’s health and safety risks. Creating a safe
working environment for any employees or contractors is a key focus. Health and safety issues are a separate
agenda item on every board meeting where the Board monitors, supports and completes its own due
diligence on the health and safety practices.
DIVERSITY POLICY
The Group recognises the wide-ranging benefits that diversity brings to an organisation. Diversity is
considered more broadly than gender and includes ethnicity, cultural background, sexual orientation, age
and skill. The Company endeavours to incorporate diversity to ensure a balance of skills and perspectives are
available to benefit our shareholders, which is reflected in the Company’s Diversity Policy, which can be found
at https://www.metodayinvestors.com/corporate-governance/.
As at 30 June 2023, the gender balance of the Company’s directors and officers was as follows:
20232022
FemaleMaleFemaleMale
Directors1616
Officers (excluding directors)----
Total1616
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57
CORPORATE GOVERNANCE BEST PRACTICE CODE
For the 12 months ended 30 June 2023, the Group has followed the recommendations in the NZX Corporate
Governance Code (April 2023 edition) in all material aspects, with the following exceptions:
ReferenceRecommendation
Alternative Governance Practice and Reason for
the Practice
Recommendation 2.8A majority of the board
should be independent
directors.
The Board considers that, although it does not
have a majority of independent board members, it
has the right balance for the current needs of the
Company.
Recommendation 2.9An issuer should have an
independent chair of the
board.
Grant Baker, the current chair is not considered
to be an independent director as MTL Securities
Limited, a company in which he is a director, is
a substantial product holder of Me Today. Mr
Baker has been appointed as Chair due to the
level of expertise that he brings in relation to the
Company’s current growth focus.
Recommendation 4.4An issuer should provide
non-financial disclosure
at least annually, including
considering environmental,
economic and social
sustainability factors
and practices. It should
explain how operational or
non-financial targets are
measured. Non-financial
reporting should be
informative, include forward
looking assessments, and
align with key strategies
and metrics monitored by
the board.
Me Today has provided limited reporting on
environmental, economic and social sustainability
factors to date while it focuses on growing sales.
The wellbeing of its customers, employees and
other stakeholders is important to Me Today,
as is its social responsibility and environmental
impact. The Company will implement and report
on appropriate non-financial measures in future
periods.
Recommendation 8.5The board should ensure
that the notices of annual or
special meetings of quoted
equity security holders
is posted on the issuer’s
website as soon as possible
and at least 20 working
days prior to the meeting.
The notice of the Annual Meeting was released on
11 November 2022, being 18 workings days prior to
the meeting held on 7 December 2022 to enable
completion of director nomination period.
Shareholder
& Statutory
Information
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59
Shareholder & Statutory Information
Statutory Information
FOR THE YEAR ENDED 30 JUNE 2023
Listing
The Company’s shares are listed on the NZX Main Board Market operated by NZX Limited (“NZX”).
20 largest shareholdings as at 3 August 2023
NameNo. of shares% of voting Shares
MTL Securities Limited436,578,473 33.69%
Terrence Wayne Jarvis & Jarvis Burnes Trustee Limited139,204,546 10.74%
New Zealand Depository Nominee Limited <A/C 1 Cash Account>73,259,7375.65%
Forsyth Barr Custodians Limited72,973,232 5.63%
Custodial Services Limited 62,699,998 4.84%
ASB Nominees Limited35,000,000 2.70%
Hunter Holdings Limited35,000,000 2.70%
JPMorgan Chase Bank Na NZ Branch31,545,455 2.43%
James Patrick Keogh24,288,971 1.87%
Marvel Fantasy Limited20,000,000 1.54%
Rhonda Lillian Preston11,534,091 0.89%
Ilakolako Investments Limited10,927,273 0.84%
Ashvegas Limited10,250,000 0.79%
Waitara Trustee Limited10,153,289 0.78%
Wallflower Limited8,933,400 0.69%
Foster Capital NZ Limited8,500,001 0.66%
Antony Vriens8,159,527 0.63%
Wayne Wright & Chloe Wright 8,009,091 0.62%
WFT Finance Limited7,659,000 0.59%
Sean Robert Joyce7,236,046 0.56%
MTL Securities have a total of 684,613,636 as at 3 August 2023, of which 248,035,163 are classified as non-
voting and are not quoted on the NZX Main Board.
Distributions of ordinary shares as at 3 August 2023
Number of Security HoldersNumber of Securities
Size of HoldingNumber%Number%
1-999 5 0.61% 281 0.00%
1,000-4,999 68 8.33% 170,310 0.01%
5,000-9,999 55 6.74% 370,748 0.03%
10,000-49,999 239 29.29% 5,683,243 0.44%
50,000-99,999 106 12.99% 6,719,473 0.52%
100,000 or more 343 42.03% 1,282,784,727 99.00%
816 100.00% 1,295,728,782 100.00%
The above distribution does not include the non-voting ordinary shares held by MTL Securities Limited which
are not quoted on the NZX Main Board.
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60
Substantial financial product holders
Pursuant to Section 293 of the Financial Markets Conduct Act 2013, the following are details of substantial
financial product holders and their total relevant interests in quoted voting shares as at 30 June 2023.
NameNo. of Shares% of shares
MTL SECURITIES LIMITED 436,578,473 33.69%
TERRENCE WAYNE JARVIS & JARVIS BURNES TRUSTEE LIMITED 139,204,546 10.74%
Me Today Limited has 1,295,728,782 quoted voting shares on issue as at 30 June 2023. In addition to the
436,578,473 quoted voting shares it holds, MTL Securities holds 248,035,163 non-voting shares as at 30 June
2023. Subject to compliance with the Takeovers Code and applicable exemptions, the non-voting shares may
be reclassified as quoted voting shares by written notice to Me Today Limited.
Directors
The names of the directors of Me Today Limited and its subsidiaries holding office during the year are listed
below:
Me Today LimitedG Baker
H Barrett
R Gower
M Kerr
R Pearson
S Sinclair
A Vriens
The Good Brand Company Limited G Baker
M Kerr
S Sinclair
King Honey LimitedG Baker
M Kerr
S Sinclair
Me Today NZ Limited
Me Today Manuka Honey Limited
Today Limited
M Kerr
S Sinclair
Me Today USA Inc.M Kerr
S Sinclair
Pure Manuka LimitedM Kerr
S Sinclair
King Honey Health Products LimitedM Kerr
S Sinclair
Bee Plus Manuka NZ LimitedM Kerr
S Sinclair
F Henderson
Me Today UK Group LimitedM Kerr
S Sinclair
L Seaton
Me Today EU LimitedM Kerr
S Sinclair
T O’Leary
C Egan (Outgoing)
Me Today AU LimitedM Kerr
S Sinclair
F Henderson
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61
Shareholder & Statutory Information
Directors’ shareholding
G Baker, M Kerr and S Sinclair have a joint relevant interest in 436,578,473 quoted voting shares and
248,035,163 non-voting shares in the Company. H Barrett holds relevant interest in 3,825,285 quoted voting
shares in the Company, R Gower holds a relevant interest in 4,537,860 quoted voting shares in the Company.
R Pearson holds a relevant interest in 6,117,346 quoted voting shares in the Company. A Vriens holds a relevant
interest in 8,159,527 quoted voting shares in the Company.
These relevant interest are stated as at 30 June 2023.
Independent directors
The Board consider H Barrett, R Gower and A Vriens to be independent.
Directors’ remuneration
Details of the nature and the amount of remuneration of each director for the year ended 30 June 2023 are:
Directors’ fees
NZ$000
Salary
NZ$000
Consulting fees
NZ$000
Total
NZ$000
Directors' fees and salary
G Baker (Chairman)95 - - 95
H Barrett75 - - 75
R Gower75 - - 75
M Kerr (CEO) - 250 - 250
R Pearson75 - - 75
S Sinclair75 - 125 200
A Vriens75 - - 75
Total remuneration of directors
(excluding GST)
470 250 125 845
No director of a subsidiary receives or retains any remuneration or other benefits from Me Today for acting as
such.
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62
Directors’ interests
The directors provided the following disclosure of interests in which, due to the nature of their relationship,
may be related parties to Me Today Limited.
Grant Baker
Baker Consultants Limited
MTL Securities Limited
Velocity Capital GP Limited
Director / Shareholder
Director
Director / Shareholder
Hannah Barrett
BB Promotions Limited
Shareholder
Roger Gower
Roger Gower and Associates Limited
Director / Shareholder
Michael Kerr
The Good Brand Company Limited
M & N Kerr Holdings Limited
MTL Securities Limited
Employee
Director / Shareholder
Director
Richard Pearson
Mei Mei LimitedDirector / Shareholder
Stephen Sinclair
MTL Securities Limited
Velocity Capital GP Limited
Stephen Sinclair Consulting Limited
Director
Director / Shareholder
Director / Shareholder
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63
Shareholder & Statutory Information
Indemnification for directors and officers
As permitted by the New Zealand Companies Act 1993, the Group has provided an indemnity for directors and
employees of the Company and its subsidiaries for losses from actions undertaken in the course of their duties,
unless the liability related to conduct involving lack of good faith or is otherwise not able to be indemnified as
a matter of law.
Remuneration of employees
The table below shows the number of employees and former employees (excluding Executive Directors) in the
Group receiving remuneration and other benefits in their capacity as employees, the value of which was equal
to or exceeded $100,000 for the 12 months ended 30 June 2023.
2023
Employee remuneration rangeNumber of employees
$100,001 - $110,000 1
$110,001 - $120,000 2
$120,001 - $130,000 1
$140,001 - $150,000 1
$150,001 - $160,000 1
$160,001 - $170,000 2
$190,001 - $200,000 1
$200,001 - $210,000 1
Auditor
BDO Auckland is the auditor for the Group. Audit fees due and payable to the auditor (excluding GST) during
the year were $156,685.
Donations
No donations were paid by the Group during the year.
NZX Waivers
There are no NZX waivers relied upon during the year.
Lawyers
Chapman Tripp
Level 34, PWC Tower
15 Custom Street West
Auckland 1010
New Zealand
Bankers
BNZ
Deloitte Building
80 Queens Street
Auckland 1010
New Zealand
Company directory
Postal Address
PO Box 109047
Newmarket
Auckland 1023
Auditor
BDO Auckland
4 Graham Street
Auckland
New Zealand
Share Registry
Computershare Investor Services Limited
159 Hurstmere Road
Takapuna
Auckland
Private Bag 92119
Auckland 1142
New Zealand
Registered Office
Level 1, 25 Broadway
Newmarket
Auckland 1141
New Zealand
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.
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