Growth of B2B customer base in challenging conditions

Blis Technologies Limited: Ground Floor, 442 Moray Place, Dunedin Central 9016, PO Box 2208, Dunedin 9044, New Zealand
T:+64 3 474 0988 E: info@blis.co.nz W: www.blis.co.nz





16 November 2023

Growth of B2B customer base in challenging market conditions

Highlights in the first half of the financial year to 30 September 2023 (1HY24) include growth of Probi
royalty payments, private label business in China, and the first license agreement for topical live
probiotic serum technology containing BLIS Q24™.

Market conditions have been challenging globally with cost-of -living impacting product demand. We
continue to see late commitments to ordering as the customer base closely manages stock holdings
and remain conservative in forward ordering.

We are pleased to report revenue for 1HY24 was up 11% to $4.8m. Key contributors are an increase
in Probi royalty revenue from their licensed sales of BLIS K12™ and BLIS M18™, new private label
customers in China, and finished product revenue in NZ Pharmacy retail and the Amazon platform.
An unaudited loss of $0.7m compares with a loss of $1.7m in the same period last year. EBITDA loss
for the interim period was $0.6m, which compares with a $1.2m loss in the previous period. Net cash
flow for the interim period was $0.4m decrease.

B2B sales
Our business strategy centres on growing and diversifying B2B revenues. B2B revenue grew 9%
growth on the previous year period, delivering $3.1m. Royalty revenue from Probi is in line with
expectations and represents a key contributor to our revenue growth in the first half year. We have
established two new Chinese customers for private label and see this as an important growth driver
in the future. BLIS® ingredient customers continue to closely monitor their stock levels and operate
just-in-time ordering.

B2C sales
B2C revenue was $1.7m, 15% growth on the previous year period. Pharmacy retail in NZ was up 25%
influenced by price increases in April, supported by a new dental advertising campaign and Green
Cross distribution. eCommerce sales were up 6% with increases from the Amazon platform but
offset by soft sales via Daigou given tough market conditions.

Skincare licensing agreement
We are particularly pleased to have completed the first licensing agreement for BLIS Q24® with
agreement Emma Lewisham, a fast-growing science-led natural skincare company. The agreement
allows for an exclusive license in New Zealand, Australia and the United Kingdom, where Emma
Lewisham has developed a strong retail and online presence. The product offer “Supernatural
Blemish Serum with live probiotic” launched in October. The first royalty payments associated with
this relationship will be recorded in the 2nd half of the financial year.

Private label sales
We have established attractive new relationships for private label supply of finished products in the
China market. The product offers are based on the BLIS PROBIOTICS™ NZ finished products and
manufactured in Dunedin. Private label is as an important contributor to future growth.

Blis Technologies Limited: Ground Floor, 442 Moray Place, Dunedin Central 9016, PO Box 2208, Dunedin 9044, New Zealand
T:+64 3 474 0988 E: info@blis.co.nz W: www.blis.co.nz

Probi licensing and distribution agreement
Licensing royalties from this relationship in the first half year are in line with expectations and
represent new revenue compared with the first half year last year. In August Probi took over
distribution for North America and will service the existing customer base established by previous
distribution partner Stratum Nutrition. We have now completed two R&D collaborations with Probi
which represent early pipeline opportunities for the future.

Research and development
Within our NPD programme we are actively prioritising the ongoing development of patented
positions for new symbiotic combinations of BLIS K12™ and BLIS M18™. Development work has
identified pre-biotics which have been shown to boost functional activity and deliver additional
benefits over the strain alone. Work continues on the live probiotic toothpaste development
programme. We have published seven new clinical trials and reviews on BLIS® probiotic strains to
further bolsters the evidence base for selling activity.

Outlook
In the face of the challenging global economic environment, there will be continued pressure on
growth. We remain optimistic that the B2B strategy will continue to deliver revenue growth, albeit
pressure on profitability remains.
We will continue to keep shareholders updated.

Ends

For further information, please contact:

Brian Watson
CEO
+64 27 705 9133


About Blis Technologies Ltd

Delivering proven health benefits through evidence-based, advanced probiotics
Blis Technologies is an NZX-listed manufacturer of advanced probiotic strains that go beyond the gut.
Combining innovation with evidence-based research and the highest quality production controls enables
the delivery of probiotic solutions for specific health targets including throat health, halitosis (bad breath),
immune support, teeth and gum health and skin health. BLIS
®
products are sold throughout New Zealand
and in Australia, Asia, Europe and the USA. More information about Blis Technologies Ltd can be found at
www.blis.co.nz.

Website: www.blis.co.nz
Instagram: @blisprobiotics #blisk12 #blism18 #blisq24
Facebook: @BLISProbiotics

---

HALF YEAR
REPORT
FOR THE SIX MONTHS TO 30 SEPTEMBER 2023
PROBIOTIC PIONEERS
FOR A HEALTHIER YOU

HALF YEAR REPORT
2
CONTENTS
HY24 SUMMARY
FINANCIAL
STATEMENTS
HALF YEAR REPORT
DIRECTORY
03
08
04
22

BLIS TECHNOLOGIES LIMITED
3
HY24 SUMMARY
PRIVATE LABEL
• Two new customers in China
SKINCARE
• Licensing live probiotic serum
technology containing BLIS
Q24® to cosmetic skincare
company Emma Lewisham
R&D PROGRESS
• Oral composition (BLIS M18
™
)
and new topical composition
(BLIS Q24
™
) patents progressed
to National Phase.
• New patent filing on Topical
application progressed to PCT
stage
• Seven new independent
publications further
strengthening BLIS K12
™
and
BLIS M18
™
evidence base
PROBI STRATEGIC
PARTNERSHIP
• Royalty revenue growth in
line with expectations
• Two new R&D collaboration
projects completed
REVENUE
+11%
$
4.8m
EBITDA LOSS
50% improvement
$
0.6m
B2B
REVENUE
+9%
B2C
REVENUE
+15%
$
3.1m
$
1.7m
Note: % movement comparisons above are to the same period of the prior year

CHAIR & CHIEF
EXECUTIVE’S REPORT
HALF YEAR REPORT
HALF YEAR REPORT
4
Market conditions in the first half of
the year have been challenging with
several markets reporting increases
in the cost-of-living impacting
customers product demand. Based
on this we continue to see late
commitments to ordering as the
customer base closely manages
their stock holding and remains
conservative in forward ordering.
FINANCIAL OVERVIEW
Despite challenging market
conditions revenue for 1HY24 was
up 11% to $4.8m. Key contributors
to this growth has been an increase
in Probi royalty revenue from their
licensed sales of BLIS K12™ and BLIS
M18™, new private label customers
within China, and growth in finished
product revenue in NZ Pharmacy
retail and the Amazon platform.
An unaudited loss of $0.7m was
recorded in the six months to 30
September 2023 compared with a
loss of $1.7m in the same period last
year.
EBITDA loss for the interim period
was $0.6m, which compares with a
$1.2m loss in the previous half year.
Net cash flow for the interim period
was $0.4m decrease. Operating cash
flow was neutral and the EBITDA
loss was moderated by a reduction
in receivables and prepayment
balances. Cash flow from investing
activities includes $0.1m for
laboratory equipment replacement
and $0.2m of trademark and patent
investment. The company held cash
and short term deposit balances of
$7.9m at 30 September 2023.
B2B sales
Our business strategy centres on
growing and diversifying B2B
revenues. B2B revenue for 1HY24
was $3.1m, being 9% growth on the
same period last year.
Highlights in the first half of the financial year to 30 September 2023 (1HY24)
include growth of Probi royalty payments, establishing new private label
business in China and the first licensing agreement for our topical live probiotic
serum technology containing BLIS Q24
™
.

BLIS TECHNOLOGIES LIMITED
5
Royalty revenue from Probi is in line
with expectations and represents
a key contributor to our revenue
growth in the first half year and
future revenue growth. The other
key contributor has been growth
in private label sales of finished
product into China. We have
recently established two new
customers for this revenue stream
and see this as an important growth
driver in the future.
BLIS
®
ingredient customers continue
to closely monitor their stock levels
and operate just-in-time ordering.
BLIS
®
ingredient sales to Europe
are down 30% compared with the
same period last year due to shifting
order patterns and a price reduction
in line with the renegotiated supply
agreement taking effect early this
year.
BLIS
®
ingredient sales to Japan
continue to be impacted by the weak
Yen to US dollar exchange rate.
B2C sales
B2C revenue was $1.7m, 15%
growth on the previous year.
Through the first half year we have
completed the transition out of the
Canadian market selling through
the last of the stock holding for
this market. In the corresponding
period last year, we made a $0.2m
provision for costs associated
with withdrawing from Canada.
Excluding this provision in the
comparative period B2C sales are
similar to last year.
Pharmacy retail in NZ was up 25%
on 1HY23. The revenue growth
was influenced by price increases
implemented in April 2023 to offset
increased material, staffing and
overhead costs. Although volume is
relatively flat in the Pharmacy retail
channel this does compare favorably
with an overall channel decline. Late
in the half year we implemented
a new campaign focused on our
dental portfolio and have partnered
with Green Cross Health Pharmacies
to range our portfolio within
their oral health sections within
pharmacy.
ECommerce sales were up 6% on
increased sales on Amazon, as we
sold through stock in the Canada
market and experienced small
growth in the US. Canadian sales
were heavily discounted to exit
stock and recover holding costs.
Daigou sales in 1HY23 were
influenced by new diagou activity
where sales volumes included buy-
in quantities. Sales for 1HY24 are
down as reseller sell through activity
is moderated by a conservative
approach to the Asian markets they
operate in facing tough economic
conditions.
SKINCARE LICENSING
AGREEMENT
We are particularly pleased to
have completed our first licensing
agreement for our cosmetic facial
live probiotic serum formulation
containing BLIS Q24
®
. The
agreement is with Emma Lewisham,
a fast-growing cosmetic skincare
company known for its science-led
natural skincare. The agreement
allows for an exclusive license to
use the cosmetic live probiotic
formulation under the Emma
Lewisham brand in New Zealand,

HALF YEAR REPORT
6
CHAIR & CHIEF EXECUTIVE’S REPORT CONTINUED
Australia and the United Kingdom,
markets where Emma Lewisham has
developed a strong retail and online
presence.
Emma Lewisham’s product offer,
“Supernatural Blemish Serum with
live probiotic” was launched within
retail and online from 3 October
2023. The first royalty payments
associated with this relationship will
be recorded in the 2nd half of the
financial year.
PRIVATE LABEL SALES
We have established new attractive
relationships for private label supply
of finished products into the China
market. These product offers are
based on our own finished products
we supply for NZ under the BLIS
PROBIOTICS™ brand. By offering
supply of the finished product
produced in our own production
facility in Dunedin we are providing
quality product and unlocking a
potential barrier for entry. Private
label is seen as an important
contributor to our growth in the
coming years.
PROBI LICENSING
AND DISTRIBUTION
AGREEMENT
Licensing royalties from this
relationship in the first half
year have been in line with our
expectations and represent new
revenue compared with the first half
year last year. Along with this Probi
have taken over distribution for
North America and will service the
existing customer base established
by our previous distribution partner
Stratum Nutrition. This changeover
happened at the beginning of
August.
In the first half year we also
completed two R & D collaborations
with Probi combining the relative
strengths of both companies. These
initiatives represent early pipeline
opportunities for the future.
We have also seen good
collaboration across the two
companies undertaking joint trade
show activity to generate new leads.
RESEARCH AND
DEVELOPMENT
We continue to actively prioritise
investment in research and
development to further delivery of
probiotic innovation.
Within our NPD programme we are
actively prioritising the ongoing
development of patented positions
for new symbiotic combinations
of BLIS K12™ and BLIS M18™.
Development work has identified
pre-biotics which have been shown
to boost functional activity and
deliver additional benefits over the
strain alone.
The live probiotic toothpaste
development programme has
taken longer than anticipated to
optimise the flavour properties of
a prototype. An industry partner is
currently working to deliver flavour
variants required to meet regional
needs.
We have further progressed a mix
of new patents including:
•
Oral composition (BLIS M18™)
and new topical composition
(BLIS Q24™) patents
progressed to National Phase
entry
.
•New patent filing on topical
application progressed to PCT.
In the first half year there has been
seven new clinical trials and reviews
published on BLIS® probiotic strains
which further bolsters the evidence
base for these strains and provides
valuable new data for selling
activity.
STAFF
As announced in July 2023,
Brian Watson CEO resigned
with a six month notice period.
Our recruitment process is well
advanced.

BLIS TECHNOLOGIES LIMITED
7
Jennifer Walker, Chief Revenue
Officer goes on maternity leave in
November 2023. Jennifer’s role will
be covered by senior team members
until her return anticipated at the
end of March 2024.
OUTLOOK
In the face of the challenging
global economic environment,
there will be continued pressure on
growth.
We remain optimistic that
the B2B strategy will continue to
deliver revenue growth, albeit
pressure on profitability remains.
We will continue to keep
shareholders updated.
Brian Watson
Chief Executive Officer
16 November 2023
Geoff Plunket
Chair
16 November 2023

HALF YEAR REPORT
8
FINANCIAL
STATEMENTS
FOR THE SIX MONTHS ENDED
30 SEPTEMBER 2023

BLIS TECHNOLOGIES LIMITED
9
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 2023 30 SEP 2022 31 MAR 2023
(UNAUDITED) (UNAUDITED) (AUDITED)
NOTES $’000 $’000 $’000
REVENUES
Revenue 3.1 4,777 4,290 10,235
Other income 3.2 198 74 255
Total revenue and other income 4,975 4,364 10,490
EXPENSES
Distribution expenses 147 140 236
Marketing expenses 606 772 1,329
Occupancy expenses 45 47 117
Employee benefits 2,102 2,072 4,099
Raw materials and consumables 963 848 2,188
Operating expenses 1,765 2,159 3,836
Finance expenses 17 15 35
Total Expenses 5,645 6,053 11,840
SURPLUS / (DEFICIT) BEFORE TAX (670) (1,689) (1,350)
Income tax expense - - -
SURPLUS / (DEFICIT) FOR THE PERIOD (670) (1,689) (1,350)
Other comprehensive income - - -
TOTAL COMPREHENSIVE INCOME (670) (1,689) (1,350)
Earnings / (deficit) per share:
Basic (cents per ordinary share) (0.05) (0.13) (0.11)
Diluted (cents per ordinary share) (0.05) (0.13) (0.11)

HALF YEAR REPORT
10
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
(UNAUDITED)
SHARE BASED
RETAINED PAYMENTS TOTAL
SHARE EARNINGS/ EQUITY ATTRIBUTABLE
CAPITAL (DEFICIT) RESERVES TO GROUP
$’000 $’000 $’000 $’000
OPENING EQUITY – 1 APRIL 2023 46,649 (35,887) 74 10,836
Surplus / (deficit) for the year - (670) - (670)
Other comprehensive income - - - -
Total comprehensive income - (670) - (670)
Employee performance rights plan reserve - - (1) (1)
- - (1) (1)
CLOSING EQUITY – 30 SEPTEMBER 2023 46,649 (36,557) 73 10,165
OPENING EQUITY – 1 APRIL 2022 46,649 (34,537) 37 12,149
Surplus / (deficit) for the year - (1,689) - (1,689)
Other comprehensive income - - - -
Total comprehensive income - (1,689) - (1,689)
Employee performance rights plan reserve - - 17 17
- - 17 17
CLOSING EQUITY – 30 SEPTEMBER 2022 46,649 (36,226) 54 10,477

BLIS TECHNOLOGIES LIMITED
11
CONSOLIDATED
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 2023 30 SEP 2022 31 MAR 2023
(UNAUDITED) (UNAUDITED) (AUDITED)
NOTES $’000 $’000 $’000
ASSETS
Current Assets
Cash and cash equivalents 3,902 8,754 4,272
Short term deposits 4,000 - 4,000
Trade and other receivables 996 509 1,444
Prepayments 224 177 339
Inventory 814 763 734
NZX Bond 75 75 75
TOTAL CURRENT ASSETS 10,011 10,278 10,864
Non Current Assets
Property, plant and equipment 503 516 470
Finite life intangible assets 4 969 1,052 889
Right-of-use-assets 470 590 586
TOTAL NON CURRENT ASSETS 1,942 2,158 1,945
TOTAL ASSETS 11,953 12,436 12,809
Continued overleaf / >>

HALF YEAR REPORT
12
SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 2023 30 SEP 2022 31 MAR 2023
(UNAUDITED) (UNAUDITED) (AUDITED)
NOTES $’000 $’000 $’000
LIABILITIES
Current Liabilities
Trade and other payables 1,268 1,249 1,353
Current borrowings - 10 -
Lease liabilities 235 205 229
Foreign exchange contracts 15 82 1
TOTAL CURRENT LIABILITIES 1,518 1,546 1,583
Non Current Liabilities
Non current borrowings - - -
Lease liabilities 270 413 390
TOTAL NON CURRENT LIABILITIES 270 413 390
TOTAL LIABILITIES 1,788 1,959 1,973
NET ASSETS 10,165 10,477 10,836
OWNERS EQUITY
Share capital 5 46,649 46,649 46,649
Retained earnings / (deficits) (36,557) (36,226) (35,887)
Share based payment equity reserves 73 54 74
TOTAL EQUITY 10,165 10,477 10,836
CONSOLIDATED
BALANCE SHEET CONTINUED
AS AT 30 SEPTEMBER 2023
Geoff Plunket Barry Richardson
Chair Director
These financial statements have been authorised for issue 16 November 2023.

BLIS TECHNOLOGIES LIMITED
13
CONSOLIDATED
STATEMENT OF CASHFLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 2023 30 SEP 2022 31 MAR 2023
(UNAUDITED) (UNAUDITED) (AUDITED)
NOTES $’000 $’000 $’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from / (applied to):
Receipts from customers 5,430 5,566 10,603
Interest received - 51 217
Payments to suppliers and employees (5,450) (5,251) (10,680)
Finance costs (17) (15) (34)
Net cash inflow / (outflow) from operating activities 6 (37) 351 106
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from / (applied to):
Purchase of short term deposits - - (4,000)
Purchase of intangible assets (177) (1) (47)
Purchase of property, plant and equipment (87) (40) (50)
Net cash inflow / (outflow) from investing activities (264) (41) (4,097)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from / (applied to):
Repayment of borrowings - (25) (37)
Repayment of lease liabilities (109) (101) (238)
Net cash inflow / (outflow) from financing activities (109) (126) (275)
Net Increase / (Decrease) in cash held (410) 184 (4,266)
Add cash and cash equivalents at start of period 4,272 8,519 8,519
Foreign exchange differences 40 51 19
Balance at end of period 3,902 8,754 4,272
COMPRISED OF:
Cash and cash equivalents 3,902 8,754 4,272
3,902 8,754 4,272

HALF YEAR REPORT
14
1. BASIS OF REPORTING
Reporting entity
The unaudited consolidated condensed interim financial
statements presented are those of Blis Technologies
Limited (the “Company”) and its subsidiary Blis
Functional Foods Limited (the “Group”).
The Group’s principal activity is developing healthcare
products and technologies based on proprietary strains
of probiotic bacteria for sale and licensing in New
Zealand and overseas.
Statutory base
The Company is a profit-oriented entity, domiciled in
New Zealand, registered under the Companies Act 1993
and listed on the New Zealand Stock Exchange. The
Company is an FMC reporting entity under the Financial
Markets Conduct Act 2013. The financial statements
have been prepared in line with the requirements of
these Acts and the Financial Reporting Act 2013.
Basis of Preparation
The unaudited consolidated condensed interim financial
statements have been prepared in accordance with New
Zealand Generally Accepted Accounting Practice (“NZ
GAAP”) and comply with the New Zealand equivalents
to International Financial Reporting Standards (“NZ
IFRS”), as appropriate for interim financial statements
(NZ IAS 34). The interim financial statements should be
read in conjunction with the Group annual report for
the year ended 31 March 2023.
The unaudited consolidated condensed interim financial
statements were authorised for issue by the Board of
Directors on 16 November 2023.
Basis of Measurement
The unaudited consolidated condensed interim financial
statements have been prepared on the historical cost
basis, except for the derivative financial instruments that
are measured at fair value at the end of each reporting
period. Historical cost is based on the fair values of the
consideration given in exchange for assets.
Accounting policies are selected and applied in a manner
which ensures that the resulting financial information
satisfies the concepts of relevance and reliability,
thereby ensuring that the substance of the underlying
transactions or other events is reported.
The same accounting policies and critical judgements,
estimates and assumptions are applied in these
unaudited consolidated condensed interim financial
statements as were applied in the preparation of the
Group’s consolidated financial statements for the year
ended 31 March 2023.
The unaudited consolidated condensed interim financial
statements are presented in thousands of New Zealand
dollars. The New Zealand dollar is the Group’s functional
currency.
The unaudited consolidated condensed interim financial
statements do not include all the information required
for full financial statements.
NOTES TO AND FORMING
PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023

BLIS TECHNOLOGIES LIMITED
15
Critical Judgements, Estimates and Assumptions
In the application of NZ IFRS, the Directors are required
to make judgements, estimates and assumptions about
carrying values of asset and liabilities that are not readily
apparent from other sources. The judgements, estimates
and assumptions used in the preparation of these
unaudited consolidated condensed interim financial
statements are consistent with those used in the Group’s
consolidated financial statements for the year ended 31
March 2023.
Significant Accounting Policies
The accounting policies in the unaudited consolidated
condensed interim financial statements are the same
as those applied in the Group’s consolidated financial
statements for the year ended 31 March 2023.
2. SIGNIFICANT TRANSACTIONS
AND EVENTS FOR THE CURRENT
PERIOD
There were no significant transactions and events
that affected the financial performance and financial
position of the Group for the six-month period ended 30
September 2023.
3. REVENUE AND OTHER INCOME
3.1 REVENUE
SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 2023 30 SEP 2022 31 MAR 2023
(UNAUDITED) (UNAUDITED) (AUDITED)
$’000 $’000 $’000
Revenue consists of the following items:
Point in time recognition:
Sale of goods – domestic sales
Finished goods 1,019 1,098 1,989
Ingredients 37 26 62
Sale of goods – export sales
Finished goods 934 457 1,525
Ingredients 2,304 2,701 6,375
License fee and royalties 483 8 284
4,777 4,290 10,235
3.2 OTHER INCOME
SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 2023 30 SEP 2022 31 MAR 2023
(UNAUDITED) (UNAUDITED) (AUDITED)
$’000 $’000 $’000
Grant income - - 37
Other income - - 11
Interest income 198 74 207
198 74 255

HALF YEAR REPORT
16
4. FINITE LIFE INTANGIBLE ASSETS
IT, WEBSITE
CAPITALISED DEVELOPMENT
TRADEMARKS PATENTS DEVELOPMENT AND SOFTWARE TOTAL
$’000 $’000 $’000 $’000 $’000
30 SEPTEMBER 2023 (Unaudited)
Gross Carrying Amount
Balance at 1 April 2023 224 1,226 4,103 400 5,953
Additions 57 102 18 - 177
Disposals - - - - -
Balance at 30 September 2023 281 1,328 4,121 400 6,130
Accumulated amortisation
and impairment
Balance at 1 April 2022 95 1,022 3,568 379 5,064
Amortisation expense 10 15 63 9 97
Impairment expense - - - - -
Balance at 30 September 2023 105 1,037 3,631 388 5,161
Net book value at 30 September 2023 176 291 490 12 969
30 SEPTEMBER 2022 (Unaudited)
Gross Carrying Amount
Balance at 1 April 2022 212 1,191 4,169 400 5,972
Additions - - - - -
Disposals - - - - -
Balance at 30 September 2022 212 1,191 4,169 400 5,972
Accumulated amortisation
and impairment
Balance at 1 April 2022 47 960 3,252 258 4,517
Amortisation expense 23 31 62 10 126
Impairment expense 10 - 158 90 277
Balance at 30 September 2022 99 991 3,472 358 4,920
Net book value at 30 September 2022 113 200 697 42 1,052
NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS (CONTINUED)

BLIS TECHNOLOGIES LIMITED
17
IT, WEBSITE
CAPITALISED DEVELOPMENT
TRADEMARKS PATENTS DEVELOPMENT AND SOFTWARE TOTAL
$’000 $’000 $’000 $’000 $’000
31 MARCH 2023 (Audited)
Gross Carrying Amount
Balance at 1 April 2022 212 1,191 4,169 400 5,972
Additions 12 35 - - 47
Disposals - - (66) - (66)
Balance at 31 March 2023 224 1,226 4,103 400 5,953
Accumulated amortisation
and impairment
Balance at 1 April 2022 47 960 3,252 258 4,517
Amortisation expense 19 62 116 31 228
Impairment expense 29 - 215 90 334
Disposals - - (15) - (15)
Balance at 31 March 2023 95 1,022 3,568 379 5,065
Net book value at 31 March 2023 129 204 535 21 889

5. SHARE CAPITAL
30 SEP 2023 (UNAUDITED) 30 SEP 2022 (UNAUDITED) 31 MAR 2023 (AUDITED)
NO. OF SHARES $’000 NO. OF SHARES $’000 NO. OF SHARES $’000
Balance at the beginning
of the period (fully paid) 1,273,801,599 46,649 1,273,801,599 46,469 1,273,801,599 46,469
Share capital issued - - - - - -
Capital raising costs paid - - - - - -
Shares pursuant to
CEO share plan - - - - - -
Balance at the end
of the period 1,273,801,599 46,649 1,273,801,599 46,649 1,273,801,599 46,649

HALF YEAR REPORT
18
NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS (CONTINUED)
6. RECONCILIATION OF NET SURPLUS/ (DEFICIT) WITH CASHFLOWS FROM
OPERATING ACTIVITIES
SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 2023 30 SEP 2022 31 MAR 2023
(UNAUDITED) (UNAUDITED) (AUDITED)
$’000 $’000 $’000
NET SURPLUS / (DEFICIT) FOR THE PERIOD (670) (1,689) (1,350)
Adjustments for non-cash items:
Amortisation 97 127 228
Depreciation property, plant and equipment 55 64 120
Depreciation right of use assets 112 105 221
Foreign exchange loss / (gain) (40) (51) (16)
Lease liability adjustment - - 24
PSR expense (1) 17 38
Loss / (gain) on fair value of foreign exchange contracts 15 108 27
Loss on disposal of intangible assets - - 51
Impairment of intangible assets - 277 334
(432) (1,042) (323)
Movement in working capital
Trade and other receivables 447 1,242 307
Prepayments 115 121 (42)
Inventories (81) 19 48
Trade and other payables (86) 11 116
395 1,393 429
NET CASH INFLOW / (OUTFLOW) FROM OPERATING ACTIVITIES (37) 351 106

BLIS TECHNOLOGIES LIMITED
19
7. CAPITAL COMMITMENTS, CONTINGENT ASSETS AND CONTINGENT
LIABILITIES
There are no capital commitments or material contingent assets or contingent liabilities as at 30 September 2023 (30
September 2022: $Nil).
8. INVESTMENT IN SUBSIDIARY
SUBSIDIARY PERCENTAGE HELD BALANCE PRINCIPAL
30 SEP 2023 30 SEP 2022 31 MAR 2023 DATE ACTIVITY
Blis Functional Foods Limited 100% 100% 100% 31 March Non-trading

9. SEGMENTAL REPORTING
9.1 Operating Segments
The Group is internally reported as a single operating segment to the chief operating decision-maker.
9.2 Revenue from major products and services
SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 2023 30 SEP 2022 31 MAR 2023
(UNAUDITED) (UNAUDITED) (AUDITED)
$’000 $’000 $’000
The Group’s revenues from its major products and
services were as follows:
BLIS products 4,777 4,290 10,235
Non-core business 198 74 255
Total revenue and other income 4,975 4,364 10,490
Non-core revenues include interest received and grant revenue.

HALF YEAR REPORT
20
NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS (CONTINUED)
9. SEGMENTAL REPORTING CONTINUED
9.3 Information about geographical areas
REVENUE FROM EXTERNAL CUSTOMERS NON CURRENT ASSETS
SIX MONTHS SIX MONTHS 12 MONTHS SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 23 30 SEP 22 31 MAR 23 30 SEP 23 30 SEP 22 31 MAR 23
(UNAUDITED) (UNAUDITED) (AUDITED) (UNAUDITED) (UNAUDITED) (AUDITED)
$’000 $’000 $’000 $’000 $’000 $’000
New Zealand 984 1,022 2,052 1,942 2,158 1,926
Asia Pacific (excl. NZ) 557 591 1,313 - - -
EMEA 1,463 2,063 4,594 - - -
North America 1,773 614 2,276 - - -
Total revenue 4,777 4,290 10,235 1,942 2,158 1,926
Grant revenue - - 38 - - -
Other revenue - - 10 - - -
Interest revenue 198 74 207 - - -
Total revenue
and other income 4,975 4,364 10,490 1,942 2,158 1,926
Revenues for the six months to 30 September 2023 include $1,408k, $558k, and $521k, which arose from sales, license
fees and royalties to the Group’s three largest customers.
Revenues for the six months to 30 September 2022 include $2,009k, $354k, and $225k, which arose from sales, license
fees and royalties to the Group’s three largest customers.
Revenues for the year ended 31 March 2023 include $4,507k, $895k and $684k which arose from sales, license fees and
royalties to the Group’s three largest customers.
Web sales are allocated to the region where the end consumer is based.

10. SUBSEQUENT EVENTS
There were no subsequent events post 30 September 2023 (2022: Nil).

BLIS TECHNOLOGIES LIMITED
21

HALF YEAR REPORT
22
DEVELOPED FROM A
SPECIAL STRAIN OF
BENEFICIAL BACTERIA
STREPTOCOCCUS
SALIVARIUS K12
A NEW
GENERATION OF
ADVANCED ORAL
PROBIOTICS
COMPANY NUMBER
1042367

ISSUED CAPITAL
1,273,801,599 Ordinary Shares

REGISTERED OFFICE
Blis Technologies Limited
Ground Floor, 442 Moray Place, Dunedin Central
Dunedin 9016

SHAREHOLDERS
Listed on the NZX main board

SHARE REGISTRAR
Link Market Services Limited
Deloitte Centre, 80 Queen Street
Auckland

DIRECTORS
G Plunket
Dr J Andreas
A McCammon
Dr B Richardson
Dr A Stewart

CHIEF EXECUTIVE
B Watson
AUDITORS
Deloitte Limited
PO Box 1245
Dunedin

BANKERS
Bank of New Zealand
Dunedin

SOLICITORS
Anderson Lloyd
Private Bag 1959
Dunedin 9054

Downie Stewart Lawyers
PO Box 1345
Dunedin 9054
WEBSITE
www.blisprobiotics.co.nz
FACEBOOK
www.facebook.com/BLISTechnologiesLtd
INSTAGRAM
www.instagram.com/blisprobiotics
COMPANY
DIRECTORY
FOR THE YEAR ENDED 30 SEPTEMBER 2023

BLIS TECHNOLOGIES LIMITED
23
DEVELOPED FROM A
SPECIAL STRAIN OF
BENEFICIAL BACTERIA
STREPTOCOCCUS
SALIVARIUS K12
A NEW
GENERATION OF
ADVANCED ORAL
PROBIOTICS

HALF YEAR REPORT
24
www.blis.co.nz
Physical Address
Blis Technologies Limited
Ground Floor
442 Moray Place
Dunedin 9016
Postal Address
PO Box 2208
Dunedin 9044
New Zealand
Email
info@blis.co.nz
Telephone
+64 3 474 0988

---

Results announcement




Results for announcement to the market
Name of issuer Blis Technologies Limited
Reporting Period 6 months to 30 September 2023
Previous Reporting Period 6 months to 30 September 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$4,777 11%
Total Revenue $4,777 11%
Net profit/(loss) from
continuing operations
($670) -60%
Total net profit/(loss) ($670) -60%
Interim/Final Dividend
Amount per Quoted Equity
Security
The Company does not propose to pay a dividend to its
shareholders
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.0069 $0.0069
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please see attached result announcement for commentary on
the result.
Authority for this announcement
Name of person

authorised
to make this announcement
Richard Wingham
Contact person for this
announcement
Richard Wingham
Contact phone number +64 21 284 0446
Contact email address richard.wingham@blis.co.nz
Date of release through MAP

16/11/2023

Audited financial statements accompany this announcement.