Me Today half year results and restructure plan

Unaudited results announcement for the 6 months ended 31 December 2023

Results for announcement to the market
Name of issuer Me Today Limited
Reporting Period 6 months to 31 December 2023
Previous Reporting Period 6 months to 31 December 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$2,276 (36.76)%
Total Revenue $2,276 (36.76)%
Net profit/(loss) from
continuing operations
$(7,251) (24.91)%
Total net profit/(loss) $(7,251) (24.91)%
Interim/Final Dividend
Amount per Quoted Equity
Security
The Company does not propose to pay a dividend at this time
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
As at 31 December 2023:
$0.2929
Adjusted for the 100 to 1 share
consolidation on 9 January
2024.
As at 30 June 2023:
$0.5080
For comparative purposes
the calculation has been
updated to reflect the impact
of the 100 to 1 share
consolidation on 9 January
2024.
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the unaudited financial statements and press release
that accompany this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
Stephen Sinclair
Contact person for this
announcement
Stephen Sinclair

Contact phone number 021 330 053
Contact email address stephen@metoday.com
Date of release through MAP

28 February 2024

Unaudited financial statements accompany this announcement.

---

Me Today Limited


Unaudited Condensed Interim
Consolidated Financial Statements


For the six months ended 31 December 2023

Me Today Limited
Unaudited Condensed Interim Consolidated Financial Statements
For the six months ended 31 December 2023



2
Contents


Page
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
3
Consolidated Statement of Changes in Equity 4
Consolidated Statement of Financial Position 5
Consolidated Statement of Cash Flows 6
Condensed Notes to the Interim Consolidated Financial Statements 7
Company Directory 17

Me Today Limited
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
For the six months ended 31 December 2023




These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form
part of these interim financial statements and should be read in conjunction with them.
3



6 mths ended6 mths ended
31 Dec 202331 Dec 2022
Note(unaudited)(unaudited)
NZ$000NZ$000
Revenue before marketing services provided by customers2,8854,146
Less marketing services provided by customers(609)(547)
Revenue42,2763,599
Changes in inventories of finished goods and work in progress(1,213)(2,178)
Selling and marketing expenses(1,141)(1,651)
Distribution expenses(329)(437)
Administrative and other operating expenses(2,001)(2,657)
Amortisation of customer relationship asset(542)(542)
Finance income-4
Finance expenses5(326)(289)
Operating loss before tax, fair value adjustments,
restructuring and impairment costs
5(3,276)(4,151)
Fair value loss on biological assets10(350)(544)
Impairment of customer relationship asset11(3,451)-
Impairment of biological work in progress asset-(861)
Restructuring costs(150)(151)
Write down of assets held for sale(24)(98)
Loss before income tax(7,251)(5,805)
Income tax (expense)/benefit--
Loss for the period attributable to owners of the company(7,251)(5,805)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations(54)-
Total comprehensive loss for the period attributable to
owners of the company
(7,305)(5,805)
Earnings (loss) per share:
Basic and diluted loss per share (NZ$)7(0.4697)(0.3810)

Me Today Limited
Consolidated Statement of Changes in Equity
For the six months ended 31 December 2023




These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form
part of these interim financial statements and should be read in conjunction with them.
4

Share
Share
based
payments
Accumulated
Foreign
currency
translation
Total
capital
reserve
losses
reserve
equity
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
At 1 July 2022 (unaudited)
51,427
77
(27,405)
-
24,099
Total comprehensive income
Loss attributable to owners of the company
-
-
(5,805)
-
(5,805)
Transactions with owners
Shares issued during the period
752
-
-
-
752
Less: share issue costs
(70)
-
-
-
(70)
Share options issued
-
3
-
-
3
Other share based payments
-
61
-
-
61
At 31 December 2022 (unaudited)
52,109
141
(33,210)
-
19,040
At 1 July 2023 (audited)
52,381
-
(40,379)
(69)
11,933
Total comprehensive income
Loss attributable to owners of the company
-
-
(7,251)
-
(7,251)
Exchange differences on translation of foreign operations
-
-
-
(54)
(54)
At 31 December 2023 (unaudited)
52,381
-
(47,630)
(123)
4,628

Me Today Limited
Consolidated Statement of Financial Position
As at 31 December 2023


These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form
part of these interim financial statements and should be read in conjunction with them.
5



These financial statements were approved by the Board on 28 February 2024.
Signed on behalf of the Board by:


Grant Baker Stephen Sinclair
31 Dec 202330 Jun 2023
Note(unaudited)(audited)
NZ$000NZ$000
ASSETS
Current assets
Cash and bank balances-913
Trade and other receivables2,1312,443
Inventory814,22414,759
Biological work in progress9736160
Taxation receivable911
17,10018,286
Assets classified as held for sale4393
Total current assets17,14318,379
Non-current assets
Biological assets10304752
Property, plant and equipment2,5822,958
Right-of-use assets518770
Customer relationship asset11-3,993
Other intangible assets10798
Total non-current assets3,5118,571
Total assets20,65426,950
LIABILITIES
Current liabilities
Bank overdraft121,161-
Trade and other payables1,7911,777
Lease liabilities252334
Borrowings12-7,248
Total current liabilities3,2049,359
Non-current liabilities
Lease liabilities288472
Borrowings1212,5345,186
Total non-current liabilities12,8225,658
Total liabilities16,02615,017
Net assets
4,62811,933
EQUITY
Share capital52,38152,381
Accumulated losses(47,630)(40,379)
Foreign currency translation reserve(123)(69)
Total equity
4,62811,933

Me Today Limited
Consolidated Statement of Cash Flows
For the six months ended 31 December 2023



These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form
part of these interim financial statements and should be read in conjunction with them.
6
6 mths ended6 mths ended
31 Dec 202331 Dec 2022
Note(unaudited)(unaudited)
NZ$000NZ$000
Cash flows from operating activities
Receipts from customers
2,5252,707
Payments to suppliers and employees
(4,446)(7,377)
Interest received
-4
Income tax (paid)/refunded
-26
Net cash used in operating activities14
(1,921)(4,640)
Cash flows from investing activities
Payments for property, plant and equipment
(10)(15)
Payments for intangibles
(11)(8)
Proceeds from sale of property, plant and equipment
149-
Proceeds from sale of assets held for sale
1241,360
Net cash from investing activities
2521,337
Cash flows from financing activities
Proceeds from issue of share capital-753
Share capital issue costs-(70)
Interest paid on borrowings(217)(177)
Payment of lease liabilities(125)(242)
Interest paid on lease liabilities(9)(19)
Net cash flows from/(used in) financing activities
(351)245
Net decrease in cash and cash equivalents(2,020)(3,058)
Cash and cash equivalents at 1 July9135,370
(1,107)2,312
Effect of foreign exchange rates(54)-
Cash and cash equivalents at 31 December
(1,161)2,312

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2023


7
1. General information
Me Today Limited (‘the Company’) is a limited liability company incorporated and domiciled in New
Zealand.
The condensed interim consolidated financial statements presented are for Me Today Limited and its
subsidiaries (together ‘the Group’).
The Group produces, sells, and markets health and wellbeing products or acts as an agent on behalf of
other health and wellbeing suppliers. The Group also produces and sells premium Mānuka honey.
2. Basis of preparation
These unaudited condensed interim consolidated financial statements have been prepared in accordance
with New Zealand Generally Accepted Accounting Practice (‘NZ GAAP’), with New Zealand Equivalent to
International Accounting Standard 34: Interim Financial Reporting (‘NZ IAS 34’), with International
Accounting Standard 34: Interim Financial Reporting (‘IAS 34’), and with the requirements on the NZX
Main Board Listing Rules.
Me Today Limited is a company registered under the Companies Act 1993 and an FMC reporting entity
under the Financial Markets Conduct Act 2013. The Company is listed on the NZX Main Board.
The condensed interim consolidated financial statements do not include all of the notes of the type
normally included in an annual financial report. Accordingly, this report should be read in conjunction with
the financial statements included in the annual report for the year ended 30 June 2023 which have been
prepared in accordance with New Zealand equivalents to International Financial Reporting Standards (‘NZ
IFRS’) and International Financial Reporting Standards (‘IFRS’).
The condensed interim consolidated financial statements are presented in New Zealand dollars which is
the Company’s functional and presentation currency, rounded to the nearest thousand dollars.
Certain comparative information has been adjusted to be consistent with the presentation in the current
period.
The condensed interim consolidated financial statements are unaudited. The comparative information as
at 30 June 2023 is audited.
2.1. Basis of measurement
The condensed interim 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.
2.2. Going concern
The interim 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 $7.3 million in the 6 months to 31 December 2023 (6 months to
31 December 2022: $5.8 million loss). The Group’s net cash outflows from operating activities during the 6
months was $1.9 million (6 months to 31 December 2022: $4.6 million net cash outflow).
At the reporting date the Group had drawn down $1.16 million of its $2.5 million cash overdraft facility (30
June 2023: $0.91 million cash at bank and no overdraft utilised), had working capital of $13.9 million (30
June 2023: $9.0 million) and net assets of $4.6 million (30 June 2023: $11.9 million). The Group had bank
loans of $7.0 million (30 June 2023: $7.0 million), and a subordinated note payable of $5.5 million
(30 June 2023: $5.4 million).
Since 30 June 2023 the Group has updated its borrowing arrangements with the Bank of New Zealand
(‘BNZ’). The BNZ have agreed to continue supporting the business through term loan and overdraft
facilities to 30 June 2026 (refer note 12). Facilities will remain on an interest only basis until 30 June 2025.

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2023


8
The Jarvis Trust has agreed to extend the repayment date of the subordinated note until 30 June 2026
(refer note 12). The new terms agreed are subject to approval by the Company’s shareholders.
The new terms agreed by the BNZ and the Jarvis Trust are contingent on the Company raising new
capital.
The Company will hold a special meeting of shareholders on 8 March 2024 seeking approval for the
amendment to the terms of the subordinated note and the recapitalisation of Me Today Limited. The total
capital raise being sought is up to $2.78 million with an ability to take oversubscriptions in excess of $2.78
million at the Board’s discretion, but subject to the NZX Listing Rules.
To assist with the capital raise the Baker Investment Trust No. 2 and the Sinclair Investment Trust have
agreed to underwrite the first $2 million (refer note 13.3). Approval for the capital raise requires an
ordinary resolution of shareholders. MTL Securities Limited, which is a substantial shareholder of the
Company, and its associated persons, are not permitted to vote on this resolution.
The Directors are satisfied that based on their review of the Group’s current financial forecasts, the
extension agreement with the BNZ and the Jarvis Trust, and the agreements to underwrite the March
2024 capital raise, 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 pending capital raise and the overdraft facility available to the Group 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 unaudited
interim consolidated financial statements for the 6 months ended 31 December 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 interim consolidated
financial statements, and to circumstances which it considers will occur after that date which will affect the
validity of the going concern basis.
3. Changes in Accounting Policies
There have been no changes in the material accounting policies and methods of computation used in
preparing the condensed interim consolidated financial statements compared to those used in preparing
the audited consolidated financial statements for the 12 months ended 30 June 2023. For details of the
accounting policies for the 12 months ended 30 June 2023 please refer to the 2023 Annual Report.

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2023


9
4. Revenue
The following disaggregate the Group's revenue from contracts with customers into major product and
service lines, and geographical markets.


5. Expenses
The loss for the period includes the following expenses.


Sale of AgencyHoneyTotal
goodsservices
NZ$000NZ$000NZ$000NZ$000
New Zealand - Retail472304156932
New Zealand - Bulk----
China--470470
United States189-477666
Europe49-2271
Rest of the world112-25137
Total revenue8223041,1502,276
Six months ended 31 December 2023
Sale of
Agency
Honey
Total
goods
services
NZ$000
NZ$000
NZ$000
NZ$000
New Zealand - Retail
462
284
229
976
New Zealand - Bulk
-
-
836
836
China
-
-
207
207
United States
-
-
555
555
Europe
158
-
285
443
Rest of the world
185
-
396
581
Total revenue
806
284
2,509
3,599
Six months ended 31 December 2022
6 mths ended6 mths ended
31 Dec 202331 Dec 2022
(unaudited)(unaudited)
NZ$000NZ$000
Salaries(1,018)(2,196)
Employer Kiwisaver contributions(36)(74)
Directors' fees(118)(235)
Depreciation and amortisation:
Depreciation of property, plant and equipment(239)(302)
Depreciation of right of use assets(94)(254)
Amortisation of customer relationship asset(542)(542)
Amortisation of intangible assets(1)(1)
(876)(1,099)
Depreciation and amortisation is allocated as follows:
Capitalised to biological work in progress150308
Included in the operating loss(726)(791)

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2023


10

6. 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 9). Head office expenses include costs related to the NZX listing.

6 mths ended
6 mths ended
31 Dec 2023
31 Dec 2022
(unaudited)
(unaudited)
NZ$000
NZ$000
Finance expenses:
Interest on lease liabilities
(9)
(19)
Interest on borrowings
(318)
(277)
(327)
(296)
Finance expenses are allocated as follows:
Capitalised to biological work in progress
1
7
Included in the operating loss
(326)
(289)
Sale of AgencyHoneyHead Total
goodsservicesoffice
NZ$000NZ$000NZ$000NZ$000NZ$000
1,4313041,150-2,885
(609)---(609)
Total external revenue8223041,150-2,276
Total inter-segment revenue-----
Operating EBITDA(674)(134)(765)(651)(2,224)
Depreciation and amortisation(4)(1)(131)(48)(184)
Amortisation of customer relationship asset--(542)-(542)
Fair value loss on biological assets--(350)-(350)
--(3,451)-(3,451)
Restructuring costs--(150)-(150)
Write down of assets held for sale--(24)-(24)
Finance expenses--(322)(4)(326)
Net loss before taxation(678)(135)(5,735)(703)(7,251)
Income tax expense-----
Net loss for the period(678)(135)(5,735)(703)(7,251)
Six months ended 31 December 2023
Revenue before marketing services provided by
customers
Less marketing services provided by
customers
Impairment of customer relationship asset

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2023


11




6.1. Seasonal and cyclical influences
The Group’s honey production operations have seasonal influences. Over winter, hives are downsized
and operating costs are primarily spent on maintaining hives and operations. Honey production occurs
from early spring to late summer with the majority of honey harvest occurring from January to March.
Operating costs increase during the honey production and harvest months. Beekeeping costs are deferred
and recognised as biological work in progress (net of any impairment) up until harvest, at which point they
are transferred to inventory. Sales of honey occur throughout the year and the cost of honey sold is
recognised at the same time.
There are no seasonal or cyclical influences on the sale of goods or agency services operations.
Sale of
Agency
Honey
Head
Total
goods
services
office
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
1,353
284
2,509
-
4,146
(547)
-
-
-
(547)
Total external revenue
806
284
2,509
-
3,599
Total inter-segment revenue
-
-
-
-
-
Operating EBITDA
(1,240)
(85)
(1,058)
(692)
(3,075)
Depreciation and amortisation
(4)
(2)
(193)
(50)
(249)
Amortisation of customer relationship asset
-
-
(542)
-
(542)
-
-
(861)
-
(861)
Fair value loss on biological assets
-
-
(544)
-
(544)
Restructuring costs
-
-
(151)
-
(151)
Write down of assets held for sale
-
-
(98)
-
(98)
Finance income
-
-
-
4
4
Finance expenses
-
-
(287)
(2)
(289)
Net loss before taxation
(1,244)
(87)
(3,734)
(740)
(5,805)
Income tax expense
-
-
-
-
-
Net loss for the period
(1,244)
(87)
(3,734)
(740)
(5,805)
Six months ended 31 December 2022
Revenue before marketing services provided by
customers
Less marketing services provided by
customers
Impairment of biological work in progress asset
Sale of
Agency
Honey
Head
Total
goods
services
office
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
Segment assets
3,476
606
16,195
377
20,654
Segment liabilities
1,920
224
13,366
516
16,026
Sale of
Agency
Honey
Head
Total
goods
services
office
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
Segment assets
3,495
243
22,482
730
26,950
Segment liabilities
695
123
13,639
560
15,017
As at 31 December 2023
As at 30 June 2023

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2023


12
7. Earnings per share

On 9 January 2024 the Company undertook a 100 to 1 share consolidation. The earnings per share
calculation for both the current and comparative periods reflects the impact of this share consolidation.
At 31 December 2023, there were no financial instruments that carried any shareholder dilution rights that
were considered to be dilutive (31 December 2022: none).
8. Inventories

9. Biological work in progress


6 mths ended
6 mths ended
31 Dec 2023
31 Dec 2022
(unaudited)
(unaudited)
Basic and dilluted earnings/(loss) per share (NZ$)
(0.4697)
(0.3810)
Loss from continuing operations (NZ$000)
(7,251)
(5,805)
15,438
15,236
The losses and weighted average number of ordinary shares used in the calculation of loss per share are as
follows:
Weighted average number of ordinary shares used in the calculation of
basic and diluted earnings per share ('000)
31 Dec 2023
30 Jun 2023
(unaudited)
(audited)
NZ$000
NZ$000
Raw materials
10,610
10,777
Finished goods
3,033
2,686
Packaging materials
580
1,296
14,224
14,759
31 Dec 202331 Dec 202230 Jun 2023
(unaudited)(unaudited)(audited)
NZ$000NZ$000NZ$000
Opening balance160 698 698
Current period beekeeping costs7261,334 2,349
Fair value loss on harvested honey- (861) (2,223)
Fair value loss on harvested honey- - (683)
Honey recognised as inventory on harvest- - 160
Beekeeping costs expensed due to restructure
(150)
- (141)
At reporting date736 1,171 160

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2023


13
10. Biological assets


The reduction in the number of hives and the resulting reduction in the fair value of the biological asset in
the six months to 31 December 2023, is a result of the downsizing of the beekeeping operations.
11. Customer relationship assets
Due to the ongoing levels of sales through the Honey segment the Board undertook an updated value in
use impairment test at 31 December 2023 in relation to the carrying value of the customer relationship
asset (impairment testing was previously performed as at 30 June 2023).
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 cash generating unit (“CGU”) as $17.1 million (30 June 2023: $21.1 million). The Board
concluded that it was appropriate for the Group to recognise a full impairment in value of the customer
relationship asset. The customer relationship asset was originally recognised as part of the King Honey
acquisition.
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:

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 2029-2041 (years 6 to 18 in the model) to revenue is 3% and to costs is
2%. 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
31 Dec 2023
31 Dec 2022
30 Jun 2023
(unaudited)
(unaudited)
(audited)
NZ$000
NZ$000
NZ$000
Bees:
Opening balance
752


1,598


1,598


Reclassified to assets held for sale
-
(302)


(302)


Sale of assets
(98)


-


-


Fair value loss on biological assets
(350)


(544)


(544)


At reporting date
304


752


752


31 Dec 2023
31 Dec 2022
30 Jun 2023
number of
number of
number of
Operational hives:
Opening balance
4,212


8,950


8,950


Reduction in operational hives
(1,957)


(3,047)


(3,047)


Sale of assets
(551)


-


-


Hives classified as assets held for sale
-


(1,691)


(1,691)


At reporting date
1,704


4,212


4,212


31 Dec 2023
30 Jun 2023
(unaudited)
(audited)
Years assessed in cash projections
2024 - 2041
2024 - 2028
Anticipated annual revenue growth
3% - 31%
3% - 20%
Anticipated annual overhead expense increase
2%
3%
Pre-tax discount rate
21.0%
18.2%
Terminal growth rate
3%
3%

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2023


14
terminal year where the terminal value has been derived, as existing tax losses are expected to be utilised
against taxable profits in earlier years.
The movement in the customer relationship asset is shown below.

12. Borrowings

As part of the acquisition of the King Honey business the Group has borrowings of $7.0 million with the
BNZ and a subordinated note payable to the Jarvis Trust of $5.5 million. Given the performance of the
King Honey business the amounts due to both the BNZ and the Jarvis Trust have not been able to be
repaid as scheduled. The Group has therefore agreed new terms with the lenders.
The loans payable to the BNZ and the Jarvis Trust have different security profiles. Currently, the BNZ debt
is secured by a first ranking general security agreement over the entire Me Today group and its
subsidiaries. The Jarvis debt is secured by a second ranking general security agreement over just the
King Honey business.
As part of the agreement to inject new capital into Me Today Limited (Note 2.2) the BNZ has agreed that
Me Today Limited be removed from the debt security group except for an amount of $2 million. The
$2 million continues to rank ahead of the Jarvis Trust.
As part of the new arrangement:
- the BNZ loan will remain interest only until 30 June 2025 at which time $250,000 of the principal is
repayable quarterly (repayments to commence 30 September 2025); and
- the current $2.5 million limit of the overdraft facility is to reduce to $1.5 million by $250,000 increments
per quarter commencing 30 September 2024. The term remains on demand and subject to annual
review.
The BNZ debt is secured by a first ranking debenture over the Company and its subsidiaries. The BNZ
has agreed that Me Today Limited be removed from the debt security group except for an amount of
$2 million. This $2 million continues to rank ahead of the Jarvis Trust.
On 20 December 2023 a variation agreement was signed with the Jarvis Trust to extend the repayment
date to 30 June 2026 with a quarterly review from 1 July 2025. The variation agreement with the Jarvis
Trust is subject to shareholder approval. The Jarvis Trust is a substantial security holder in Me Today.
The new terms agreed by the BNZ and the Jarvis Trust are contingent on the Group raising new capital.
31 Dec 2023
31 Dec 2022
30 Jun 2023
(unaudited)
(unaudited)
(audited)
NZ$000
NZ$000
NZ$000
Net book value:
Opening balance
3,993


7,436


7,436


Amortisation expense
(542)
(542)
(1,083)


Impairment of asset
(3,451)


-


(2,360)


At reporting date
-


6,894


3,993

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2023


15
13. Related parties
13.1. 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.
13.2. 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 $117,500 in the 6 months to 31 December 2023 (6 months to 31
December 2022: $235,000). $32,813 was payable to directors at 31 December 2023 (30 June 2023: $nil).
The $32,813 is payable to the independent directors and is intended to be settled by the issue of shares in
the Company (30 June 2023: $nil).
Michael Kerr received total remuneration of $117,372 in the current period in his role as CEO (6 months to
31 December 2022: $125,000).
A company owned by Stephen Sinclair received $62,500 in consulting fees (6 months to 31 December
2022: $62,500).
13.3. 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 GP Limited, of which Grant Baker and Stephen Sinclair are directors. MTL
Securities Limited holds 34.16% of the voting ordinary shares, and owns 44.86% of Me Today Limited.
The Company is seeking shareholder approval to raise additional share capital at a shareholders meeting
on 8 March 2024 (refer note 2.2). The Baker Investment Trust No. 2, an entity associated with Grant
Baker and shareholder of Velocity Capital GP Limited, has agreed to underwrite up to $1,500,000 of the
Company’s proposed capital raise. The Sinclair Investment Trust, an entity associated with Stephen
Sinclair and shareholder of Velocity Capital GP Limited, has agreed to underwrite up to $500,000 of the
Company’s capital raise.
13.4. Related party transactions
During the 6 months to 31 December 2022 the Group provided $53,000 share based payments for
promotion services to BB Promotions Limited. The shareholder and director of BB Promotions Limited, B
Barrett, is married to H Barrett, a director of the Company.
During the 6 months to 31 December 2022 H Barrett received $6,250 for providing marketing services to
the Group.

Me Today Limited
Condensed Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2023


16
14. Reconciliation of loss after taxation with cash flow from operating activities

15. Contingent liabilities
There are no contingent liabilities as at 31 December 2023 (30 June 2023: nil).
16. Commitments
There were no capital commitments at 31 December 2023 (30 June 2023: nil).
17. Events subsequent to reporting date
On 9 January 2024 the Company undertook a 100 to 1 share consolidation.
6 mths ended
6 mths ended
31 Dec 2023
31 Dec 2022
(unaudited)
(unaudited)
NZ$000
NZ$000
Net loss after taxation
(7,251)
(5,805)
Adjustments for:
Depreciation and amortisation
334
557
Amortisation of customer relationship asset
542
542
Share-based payments
-
64
Interest paid on lease liabilities
9
19
Interest paid on borrowings
317
277
Inmpairment of customer relationship asset
3,451
-
Fair value loss on biological assets
350
544
Impairment of biological work in progress asset
-
861
Write down of assets held for sale
24
98
Other non-cash based movements
20
-
Movements in working capital
(Increase) / decrease in trade and other receivables
312
(1,653)
(Increase) / decrease in inventory
535
1,145
(Increase) / decrease in biological work in progress
(576)
(1,334)
Increase / (decrease) in trade and other payables
14
19
(Increase) / decrease in taxation receivable
(2)
26
Net cash outflows from operating activities
(1,921)
(4,640)

Me Today Limited
Company Directory
As at 31 December 2023



17

Registered Office
Level 1, 25 Broadway
Newmarket
Auckland
New Zealand

Postal Address
PO Box 109047
Newmarket
Auckland 1023

Bankers
BNZ
Deloitte Building
80 Queen Street
Auckland 1010
New Zealand

Lawyers
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand

Auditor
BDO Auckland
4 Graham Street
Auckland
New Zealand

Share Registry
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Auckland

PO Box 92119
Auckland 1142

---

1

28 February 2024
Me Today Ltd announce six-month results and restructure plan
to support growth and improved value of Me Today brand

• Results for the six months ended 31 December 2023 show revenues
down but reduced / improved operating EBITDA losses.
• China licensing deal unlocks potential for Me Today brand, which is
also preparing to launch a new supplements range and reports positive
trading developments.
• Plans to sell the King Honey business.
• Up to $2.78m capital raise and debt restructure proposed to
strengthen foundations for growth of Me Today brand.
• Stephen Sinclair, ex Trilogy CEO, steps into CEO seat.

Me Today Limited (NZX: MEE) has released its unaudited Group results for the six months ended
31 December 2023. The Company says it now plans to try to sell the King Honey business, to focus
on growing and improving the stronger performing Me Today brand.
A comprehensive debt restructuring plan and proposed capital raise will provide the underlying
foundations for growth and increasing value.
Results show revenue of $2.3m, compared to $3.6m for the six months ended 31 December 2022,
and a loss after tax of $7.25m, compared to $5.81m in the six months in the year prior. The
operating EBITDA loss for the period is $2.22m, before adjusting for the write down of the customer
relationship asset of $3.45m. By comparison operating EBITDA for the same period last year was a
loss of $3.08m, indicating an improved position.
Further explanation of the result is included below, with a reconciliation of the costs that account for
the difference between operating EBITDA and the net loss after tax.
Gross revenue for the Group, before the costs of marketing services provided by a customer, was
$2.9m. This was split between the Honey segment at $1.15m, Me Today branded sales of $1.43m
and agency services revenue of $0.3m.
Capital Raise
On 22 February the company confirmed details of a special meeting of shareholders to be held on
8 March 2024 to seek approval for a recapitalisation and restructuring plan for the Me Today Group.
Me Today Limited is seeking approval from shareholders to raise up to $2.78m in new capital,
supported by an underwrite of the first $2m from trusts associated with directors Grant Baker and
Stephen Sinclair. Shareholders will also be asked to ratify confirm and approve the variation and
extension to the Jarvis Trust Loan, advised to the market on 20 December 2023.

2

Subject to approval from shareholders, the new capital is being raised at 8 cents per share. The raise
will be via a partially underwritten non-renounceable rights issue, providing all shareholders the
opportunity to participate in the raise should they wish to do so.
Licensing Deal for Me Today brand In China
Me Today has signed a ‘heads of agreement’ with a large Chinese sports nutrition company for a
licensing arrangement which will see Me Today included in its extensive product portfolio. The heads
of agreement includes an upfront payment for the use of the Me Today trademark and sets out the
basis under which a long-term licensing arrangement would operate.
The arrangement is an exciting partnership for the Me Today brand which, as well as creating new
revenue, will increase global brand visibility, provide access to new product development concepts
and potential manufacturing benefits from economies of scale, including potentially more
competitive pricing on bulk raw materials.
Debt Restructure
Following the acquisition of King Honey, the Group has borrowings of $7.0m with the BNZ and a
subordinated note payable to the Jarvis Trust of $5.5m. Given the performance of the King Honey
business, payments to both the BNZ and the Jarvis Trust have not been able to be made as
scheduled. The group has therefore agreed new terms with the lenders.
The loans payable to the BNZ and the Jarvis Trust have different security profiles. The BNZ debt is
secured by a first ranking general security agreement over the entire Me Today group and its
subsidiaries. The Jarvis debt is secured by a second ranking general security agreement over just the
King Honey business.
As part of the agreement to inject new capital into Me Today Limited, the BNZ has agreed that Me
Today Limited be removed from the debt security group, except for an amount of $2m. The $2m
continues to rank ahead of the Jarvis Trust.
The restructure is a comprehensive proposal to ring fence the Me Today business from the King
Honey business while the group works to sell King Honey.
Trading Update
Me Today and the Good Brand Company
The founders of Me Today, Michael Kerr, Grant Baker and Stephen Sinclair, continue to believe in
the strength of the Me Today brand and say they want to continue to support the growth of this
through the proposed capital raise.
Currently, the Me Today brand is sold in seven international markets including New Zealand,
Australia, USA, China, Japan, Ireland and the UAE. Me Today produces approximately 70 different
products across the three distinct categories of Natural Skincare, Manuka Honey and Supplements.
In development is a new supplement range that focuses on anti-aging and regeneration.
In New Zealand the brand is distributed nationwide in approximately 500 retail outlets across
pharmacy, health stores, grocery and gift stores. The brand is in discussion with a local retail group
in respect to a range which is specific to its consumer base, and hopes to launch this range in stores
during mid-2024.

3

In the US the Me Today brand continues to grow its online business through its presence on three
large online platforms. In retail, Me Today Manuka is about to be stocked in a large US grocery chain,
with that retailer also recently agreeing to stock the Me Today Skincare range in their 400 stores
from late April.
In support of its US market development, the brand has also taken space at the upcoming ‘Expo
West’ trade show in Anaheim in Mid-March, where Michael Kerr and the team will showcase it to a
large wholesale audience.
These developments complement the new China licensing agreement highlighted above well to
underpin good progress in the trading outlook for Me Today. Further updates will be provided once
the licensing agreement is fully negotiated and signed.
King Honey and Manuka Honey
The Group remains committed to optimizing performance of the King Honey business until a sale is
achieved, albeit acknowledging tough market operating conditions.
There are three separate strategies in place to grow the sales of Manuka as follows:
• Access Corporate Group (ACG) and the BEE+ Brand
• Branded opportunity though Me Today and SuperLife
• Contract pack and OEM opportunities.
King Honey continues to partner with ACG in respect to the BEE+ brand. The brand is established in
the Chinese market and continues to be a focus for ACG. ACG have placed purchase orders with King
Honey for products to be delivered between now and 30 June. Discussions are centered on the design
look and feel of the brand and marketing initiatives to drive brand growth. In addition, ACG are looking
to expand the product offering of the BEE+ brand into other wellness categories. Discussions are
ongoing with the next meeting with the ACG team scheduled for mid-March.
The most secure opportunity to create sales of Manuka Honey is through established brands. The
Manuka Honey industry is competitive and currently price conscious, meaning a point of difference
through brand is even more important. The highest interest in branded sales comes through the Me
Today brand and its ability to offer a point of difference through the multi category approach including
Supplements and Skincare. In the situations where brand is not as important, and there is an
opportunity based on price, then ‘SuperLife’ is available as a brand alternative to the customer.
In addition, King Honey continues to provide contract pack and OEM services to a number of
customers. It receives regular inbound enquiry in this area. The focus of this customer is price, and
King Honey will be price competitive whilst ensuring it can recover the carrying value of Manuka Honey
inventory.
2024 Harvest
The harvest of Manuka Honey from the 23/24 season is underway. Initial indications are that the
season will be strong. The weather patterns through the summer have provided more productive
conditions, especially in comparison to the previous season which was impacted by cyclone and
extreme flooding events. We expect the volume harvested to be higher than the 22/23 season off half
the number of hives in the field.

4

Refocused management structure
Given the challenges created by the King Honey acquisition and the resulting restructure plan, the
potential is for management time to become absorbed by the restructure. Structuring, asset sales
and funding also require a different skill set and focus.
The board have reviewed its operating structure, and the decision has been taken to appoint
Stephen Sinclair to the role of CEO for the group.
This change in structure will allow Michael Kerr, founder of the Me Today brand, to focus on the
growth of Me Today in New Zealand and internationally, as well as wider sales and marketing for the
Group including King Honey.
This change in management structure will take effect immediately.
We are confident that by focusing on Me Today brand growth, resolving King Honey challenges, and
pursuing international opportunities, we will improve value for all stakeholders. We remain
committed to open communication and will continue to update you on our progress.
Half Year Results Further explained.
The key aspects of the Group’s consolidated financial statements for the six months to
31 December 2023 are explained further below:
• The operating EBITDA loss for the Group was $2.22m, split between the business divisions as
follows.
o The Me Today sale of goods and agency services segments combined operating EBITDA loss
was $0.81m compared to an EBITDA loss of $1.33m for the 6 months ended 31 December
2022.
o The King Honey segment operating EBITDA loss was $0.77m compared to an EBITDA loss of
$1.06m for the 6 months period ended 31 December 2022.
o The listed company and shared services operating costs were $0.65m compared to $0.69m
for the 6 months ended 31 December 2022.
Deducted from operating EBITDA were expenses amounting to $5.03m resulting in a net loss after
tax of $7.25m.
The $5.03m of expenses consisted of the following.
• Finance Costs $0.33m
• Fair Value loss on Biological assets $0.35m
• Depreciation and Amortisation $0.18m
• Amortisation of Customer Relationship asset $0.54m
• Impairment of Customer Relationship asset $3.45m
• Restructuring costs $0.15m
• Write Down of assets held for sale $0.03m

Total Expenses deducted from EBITDA $5.03m
Further explanation of the customer relationship asset is provided below.

5

o Amortisation and impairment of the Customer Relationship Asset
As part of the review of the half year financial statements the directors completed a discounted
cashflow valuation of the King Honey cash generating unit. Following the completion of this
assessment a decision has been taken to write down the intangible asset completely. The half
year financial statements record an amortization of the asset of $0.54m and an impairment of
$3.45m. The value of this at 31 December 2023 is now recorded as zero in the financial
statements.
For further information, please contact:

Grant Baker
Chairman, Me Today Limited
021 729 800

Stephen Sinclair
CEO, Me Today Limited
021 330 053
stephen@metoday.com