Me Today announces result for the Year Ended 30 June 2024

Audited results announcement for the 12 months ended 30 June 2024

Results for announcement to the market
Name of issuer Me Today Limited
Reporting Period 12 months to 30 June 2024
Previous Reporting Period 12 months to 30 June 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$5,032 (36.2)%
Total Revenue $5,032 (36.2)%
Net profit/(loss) from
continuing operations
$(11,276) 13.1%
Total net profit/(loss) $(11,276) 13.1%
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 30 June 2024
$0.0639
As at 30 June 2023
$0.508
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 audited 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

29 August 2024

Audited financial statements accompany this announcement.

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29 August 2024
Me Today Ltd announces result for the Year Ended 30 June 2024
Me Today Limited (NZX: MEE) today announced its audited Group results for the year ended 30 June
2024.
The Group recorded revenue of $5.03m and a loss after tax of $11.28m. The operating EBITDA loss
was $4.48m after adding back non-recurring and non-cash items of $6.8m relating to the King Honey
business as explained further below. By comparison the operating EBITDA loss for FY23 was $5.15m.
Gross revenue for the Group before the costs of marketing services provided by a customer was
$6.13m. This was split between the King Honey business at $2.05m, Me Today branded sales of
$3.43m and agency services revenue at $0.65m.
The Group has signalled previously it intended to sell the King Honey business; discussions are
ongoing with one interested party which the board hopes to bring to a conclusion within the coming
months.
The FY24 result and strategy of each business unit is described further below.
Me Today and the Good Brand Company
The revenue and operating EBITDA for the Me Today brand in FY24 was as follows.

Gross revenue for Me Today and the agency business segments before the costs of marketing
services provided by a customer was $4.1m which was an increase of 21% on FY23 gross revenue of
$3.38m.

At operating EBITDA the loss for the brand and the agency business segments was $1.5m which was
a decrease of 39% on the loss of $2.5m in FY23.

The improvement in operating EBITDA comes from the increase in revenue together with an effort
to reduce costs and spend on the brand in a more targeted way. The strategy for FY25 is to continue
to bring down the operating EBITDA loss whilst still investing in the brand.

The New Zealand market remains important to the strategy, a strong New Zealand business enables
us to take the story of the brand offshore, it is also a market where we test strategy and Product
Development.

As we advised earlier this month there has been an increased activity in the New Zealand market
recently. The brand presence has been expanded through a new above-the-line marketing campaign
which went live in June. The brand has launched a range of seven new premium supplements into
New Zealand pharmacies. In October it will further expand its range by adding fourteen products
across different formats which will see expanded shelf presence within the New Zealand pharmacy
channel. We will continue to monitor this activity and consider the next steps as the new strategy
rolls into the market.

Outside of New Zealand the near-term strategy will focus on Greater China, Southeast Asia, the USA
and Australia.

2


Greater China

The Me today brand will continue to work with its Chinese Partner to grow sales within the Greater
China territory. The group sees this partnership providing the platform to accelerate growth for the
brand in China and Internationally.

The engagement of the partner is high with daily interaction with the New Zealand based Me Today
team. The Chinese partner has a detailed plan of further events and promotional activity for the
brand over the next six months which is being supported and, in some case, executed by the Me
Today team in New Zealand.

USA

The strategy in the USA is threefold, across online, offline and social.

We have presence in offline traditional retail through Manuka Honey and Skincare. As we have
advised previously, the Manuka Honey category is competitive, and price driven in the current
environment.

Online sales are building through the traditional channels, and we continue to add online retailers
into the customer mix. We are in early-stage discussions with our Chinese partner around looking to
replicate the social media opportunity in the USA. Our partner has considerable experience in the
channel in China and we are considering structures to take this model into other markets.

Southeast Asia and Australia

Australia continues to be important given its proximity to New Zealand. As the NZ business grows
leverage opportunities arise in Australia. We have been cautious about these opportunities to date
but will look to invest more as the right opportunities present.

Our Chinese partner has also expressed interest in distributing Me Today products into SE Asia and
we are in early-stage discussions around the appropriate business model to establish Me Today in
these markets.

Other Markets

Whilst not listed as focus markets we still have strong relationships in Japan, Ireland and the UAE
and we will continue to work with our partners in those markets to grow the Me Today brand.


King Honey
The revenue and operating EBITDA for the King Honey business in FY24 was as follows.

Revenue was $2.1m which was a decrease of 65% on FY23 gross revenue of $5.8m. The reasons for
the reduction in revenue were as follows. The business made a decision not to sell bulk drum honey
in FY24, sales from ABM were down in FY24, there were timing differences with orders shipping over
July and August 2024 that were initially placed for June delivery.

At operating EBITDA the loss for the King honey business was $1.8m which was an increase of 51%
on the loss of $1.3m in FY23. The business has carried out cost cutting, and the full impact of these

3

savings will not be seen until the FY25 year. The total King Honey segment loss was $8.5m after
deducting non-cash and non-recurring items of $6.6m.

As stated previously the King Honey business has three separate strategies in place to grow the sales
of manuka honey:
• Access Corporate Group (ACG) and the BEE+ Brand
• Branded opportunity though Me Today and SuperLife
• Contract pack and OEM opportunities.
King Honey continues to engage in the partnership with ACG in respect to the BEE+ brand. Michael
Kerr and Antony Vriens attended the product launch for the new product that has been launched as
part of the strategy to expand the BEE+ brand wider into the Wellness category. The launch event was
held in Hangzhou in front of an audience of 500 people with an online reach into the millions. Over
the coming months ACG are looking to add additional new products into this wellness range. King
Honey is currently in discussions with ACG to finalize purchase orders for the remainder of this
calendar year. Strategy discussions are ongoing with the next quarterly meeting with the ACG team
scheduled for mid-October.
The most secure opportunity to create sales of Manuka Honey is through established brands. The
manuka honey industry remains competitive, meaning a point of difference through brand is even
more important. Outside of BEE+ the King Honey business has access to two brands in the group Me
Today and SuperLife. Under the new operating structure post the restructure in March Me Today
purchases manuka honey products for sale through its network. SuperLife sales are made direct from
King Honey to SuperLife distributors.
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.
Alongside the activity to sell the business the group are in ongoing discussions with the lenders to the
King Honey business in respect to the challenging trading conditions and King Honey will continue to
review its overall cost structure. Both lenders to the business remain supportive at this time.
Full Year Results Further explained.
The key aspects of the Group’s consolidated financial statements for the twelve months to 30 June
2024 are explained further below:
• The operating EBITDA loss for the Group was $4.48m (FY23 $5.15m), split between the business
divisions as follows.
o The Me Today sale of goods and agency services segments combined operating EBITDA loss
was $1.53m compared to an operating EBITDA loss of $2.52m for the 12 months ended 30
June 2023.
o The King Honey segment operating EBITDA loss was $1.85m compared to an operating
EBITDA loss of $1.2m for the 12 months ended 30 June 2023.
o The listed company and shared services operating costs were $1.1m compared to $1.4m for
the 12 months ended 30 June 2024.
Deducted from operating EBITDA were expenses amounting to $6.80m resulting in a net loss after
tax of $11.28m.

4

The $6.80m of expenses consisted of the following.
• Net finance Costs $0.72m
• Fair Value loss on Biological assets $0.47m
• Depreciation and Amortisation $0.47m
• Amortisation of Customer Relationship asset $0.54m
• Impairment of Customer Relationship asset $3.45m
• Restructuring costs $0.36m
• Impairment of Right of Use Asset $0.12m
• Loss on Disposal of fixed assets $0.57m
• Other Costs $0.10m

Total Expenses deducted from operating EBITDA $6.80m
Further explanation of these expenses is provided below.
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 the decision was taken to write down the intangible asset completely. The financial
statements record an amortisation of the asset of $0.54m and an impairment of $3.45m. This
position remains consistent at year end meaning that the value of the customer relationship
asset is now recorded as zero in the financial statements.
o Closure of beekeeping
The following costs have been incurred as a result of the decision to close the beekeeping operation.
• The reduction in hive numbers has resulted in a biological asset fair value loss of $0.47m.
• Property, plant and equipment has been sold resulting in a loss on sale of $0.57m
• Restructuring costs of $0.36m have been incurred in relation to closing the beekeeping
business and include commitments still to be paid.
• Impairment of the Right of use assets in relation to Beekeeping leases of $0.12m
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

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Me Today Limited
Consolidated Financial Statements
For the year ended 30 June 2024

Me Today Limited
Consolidated Financial Statements
For the year ended 30 June 2024
1
Contents
Page
Consolidated Statement of Profit or Loss and Other Comprehensive Income2
Consolidated Statement of Changes in Equity3
Consolidated Statement of Financial Position4
Consolidated Statement of Cash Flows5
Notes to the Consolidated Financial Statements6
Independent Auditor’s Report32

Me Today Limited
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
For the year ended 30 June 2024
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
2
Note20242023
NZ$000NZ$000
Revenue55,0327,883
Changes in inventories of finished goods and work in progress(2,789)(4,767)
Selling and marketing expenses(2,136)(2,968)
Distribution expenses(651)(861)
Administrative and other operating expenses(4,403)(4,881)
Amortisation of customer relationship asset18(542)(1,083)
Finance income154
Finance expenses6(731)(594)
Acquisition related costs-(115)
Loss before tax, fair value adjustments, restructuring and
impairment costs(6,205)(7,382)
Fair value loss on harvested honey14(82)(2,223)
Restructuring costs:
- fair value loss on biological assets15(471)(544)
- loss on disposal for property, plant and equipment(566)-
- impairment of right of use asset17.1(115)-
- write down of assets held for sale13(28)(128)
- other restructuring costs(358)(337)
Impairment of customer relationship asset18.1(3,451)(2,360)
Loss before income tax(11,276)(12,974)
Income tax (expense)/benefit8--
Loss for the year attributable to owners of the company(11,276)(12,974)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations(3)(69)
Total comprehensive loss for the year attributable to owners
of the company
(11,279)(13,043)
Earnings/(loss) per share:
Basic and diluted loss per share (NZ$)9(0.411)(0.851)

Me Today Limited
Consolidated Statement of Changes in Equity
For the year ended 30 June 2024
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
3
Share
Share based
paymentsAccumulated
Foreign
currency
translationTotal
Notecapital
reservelossesreserveequity
NZ$000NZ$000NZ$000NZ$000NZ$000
At 1 July 202251,42777(27,405)-24,099
Total comprehensive income
Loss attributable to owners of the company--(12,974)-(12,974)
Exchange differences on translation of
foreign operations---(69)(69)
Transactions with owners
Shares issued during the year211,026(159)--867
Less: share issue costs(72)---(72)
Share options expired-(13)--(13)
Other share based payments-95--95
At 30 June 202352,381-(40,379)(69)11,933
Total comprehensive income
Loss attributable to owners of the company--(11,276)-(11,276)
Exchange differences on translation of
foreign operations---(3)(3)
Transactions with owners
Shares issued during the year213,111---3,111
Less: share issue costs(159)---(159)
At 30 June 202455,333-(51,655)(72)3,606

Me Today Limited
Consolidated Statement of Financial Position
As at 30 June 2024
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
4
These financial statements were approved by the Board on 29 August 2024.
Signed on behalf of the Board by:
Grant BakerStephen Sinclair
Note20242023
NZ$000NZ$000
ASSETS
Current assets
Cash and cash equivalents102,837913
Trade and other receivables111,7602,443
Inventory1214,51814,759
Biological work in progress14-160
Taxation receivable2111
19,13618,286
Assets classified as held for sale1324193
Total current assets19,37718,379
Non-current assets
Biological assets15-752
Property, plant and equipment161,6372,958
Right-of-use assets17.1314770
Intangible assets181344,091
Total non-current assets2,0858,571
Total assets21,46226,950
LIABILITIES
Current liabilities
Trade and other payables192,0601,777
Lease liabilities17.2326334
Borrowings201,0007,248
Total current liabilities3,3869,359
Non-current liabilities
Lease liabilities17.2100472
Borrowings2014,3705,186
Total non-current liabilities14,4705,658
Total liabilities17,85615,017
Net assets
3,60611,933
EQUITY
Share capital2155,33352,381
Accumulated losses(51,655)(40,379)
Foreign currency translation reserve(72)(69)
Total equity
3,60611,933

Me Today Limited
Consolidated Statement of Cash Flows
For the year ended 30 June 2024
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
5
Note20242023
NZ$000NZ$000
Cash flows from operating activities
Receipts from customers6,6797,949
Pay ments to suppliers and employees
(9,795)(13,534)
Interest received154
Income tax (paid)/refunded(12)26
Net cash used in operating activities
22
(3,113)(5,555)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
1621,410
Proceeds from sale of biological assets
181-
Proceeds from sale of assets held for sale
62-
Pay ments for intangibles
(36)(11)
Pay ments for property, plant and equipment
(12)(35)
Acquisition related costs-(115)
Net cash used in investing activities3571,249
Cash flows from financing activities
Proceeds from issue of share capital
3,042739
Share capital issue costs
(159)(72)
Proceeds from bank borrowings23
2,736-
Interest paid on borrowings23
(513)(377)
Pay ment of lease liabilities23
(406)(355)
Interest paid on lease liabilities23
(18)(17)
Net cash flows from financing activities4,682(82)
Net (decrease)/increase in cash and cash equivalents1,926(4,388)
Cash and cash equivalents at the beginning of the period9135,370
Effect of foreign exchange rates(2)(69)
Cash and cash equivalents at the end of the period
10
2,837913

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
6
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 24.
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 and distributes premium mānuka honey.
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, and assets classified as held for sale which are
valued at the lower of costs and 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
IFRS Accounting Standards ('NZ IFRS'), IFRS
®
Accounting Standards, and other applicable New Zealand
Financial Reporting Standards as appropriate for for-profit entities.
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.
3. Material accounting policy information
The material 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.
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.

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
7
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 consolidated 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.
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 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.
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.

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
8
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 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.
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 if the Group changes its assessment of whether it will exercise an extension or
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. 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.
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.

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
9
The following depreciation rates are used in the calculation:
Plant, vehicles and equipment6% - 67%
Office equipment and furniture10% - 50%
Leasehold improvements6% - 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. 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%
Website50%
Trademarks & domainsindefinite useful life
3.12. Financial instruments
The Group’s financial assets at amortised cost include cash and cash equivalents and trade receivables.
Cash and cash equivalents include cash in hand and deposits held on call with banks.
Financial liabilities include trade and other payables, and borrowings.
3.13. 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.
3.14. Foreign currency translation
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. Exchange differences arising, if any,
are recognised in other comprehensive income and accumulated in a foreign exchange translation
reserve.

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
10
3.15. Application of new and revised International Financial Reporting Standards
All new and amended standards were implemented and the impact deemed not to be material.
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.
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 $11.3 million in the year to 30 June 2024 (30 June 2023: $13.0
million loss). The Group’s net cash outflows from operating activities during the year was $3.1 million
(30 June 2023: $5.6 million net operating cash outflow).
At the reporting date the Group had cash of $2.8 million (2023: $0.9 million), working capital of $16.0
million (2023: $9.0 million) and net assets of $3.6 million (2023: $11.9 million).
At 30 June 2024 the Group had drawn down its $2.5 million cash overdraft facility (2023: no overdraft
utilised). The Group had total bank loans of $7.3 million (2023: $7.0 million), and a subordinated note
payable of $5.6 million (2023: $5.4 million).
During the 2024 financial year 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 loans and
overdraft facilities (refer note 20).
The Jarvis Trust has agreed to extend the repayment date of the subordinated note until 30 June 2026
(refer note 20).
As part of the capital and debt restructuring plan implemented in March 2024 the Me Today group advised
shareholders that it intended to sell the King Honey business. Discussions have continued with interested
parties however no formal offer has been received for the business.
Trading for the King Honey business continues to remain challenging across all of its export markets. The
company continues to have a good dialogue with its major customer in China however demand for
mānuka honey for their brand remains low. The customer has invested further in the brand and is
expanding the product range beyond pure mānuka honey. However, they remain cautious in respect to
their levels of mānuka honey inventory.
As a result of the ongoing challenging market conditions the Group has continued to reduce costs. As part
of the cost-saving measures the beekeeping division of King Honey has now been closed. The Group are
in ongoing discussions with the lenders to the King Honey business in respect to the challenging trading
conditions and King Honey will continue to review its overall cost structure.
Notwithstanding the ongoing performance of the business, 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, that, during the 12 months after the date of signing these consolidated financial statements, there

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
11
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 Group’s
current cash balances 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 2024 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.
The consolidated financial statements incorporate the financial statements of its subsidiary King Honey as
a going concern. Should the Group not be able to sell the King Honey business and King Honey continue
to not generate adequate cashflows, the Board may decide to fully wind down the King Honey operations.
If this were to occur adjustments may have to be made to the financial statements of King Honey to reflect
the situation that assets may need to be realised other than in the amounts at which they are currently
recorded in the Consolidated Statement of Financial Position. In addition, the Consolidated Statement of
Financial Position may have to provide for further liabilities that might arise on the wind up of King Honey.
4.2. Discontinued activities
As noted in 4.1 above, during the year the Group announced it was working to sell the King Honey Limited
('King Honey') subsidiary. NZ IFRS 5 Non-current Assets Held for Sale and Discontinued Activities
requires the sale of a disposal group, such as King Honey, to be highly probable in order to be classified
as held for sale. The Board have assessed the guidance of highly probable in NZ IFRS 5 and determined
that, in their judgment, currently the potential sale of King Honey does not meet the criteria to be classified
as held for sale.
The classification of whether King Honey should be held for sale fundamentally alters the disclosure of the
operations of the King Honey subsidiary in the Consolidated Statement of Financial Performance,
Consolidated Statement of Financial Position and Consolidated Statement of Cash Flows. There is
significant Board judgment in determining this classification.
4.3. 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).
4.4. 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 age and
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. 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. 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 and concluded that

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
12
it was appropriate for the Group to recognise a full impairment in value of the customer relationship asset
at that time. At 30 June 2024 the Board reconfirmed the recognition of a full impairment. Judgement is
required in determining the extent to which there has been an impairment in value (refer note 18.1).
4.6. 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. 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).
5. Revenue
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:
Revenue is allocated geographically based upon the jurisdiction in which the revenue is recognised for
taxation purposes.
20242023
NZ$000NZ$000
3,4252,781
Less marketing services provided by customers(1,094)(1,318)
Revenue from sale of health and wellbeing products2,3311,463
Revenue from sale of honey products2,0525,818
Revenue from agency services649602
Total revenue5,0327,883
Revenue from sale of health and wellbeing products before marketing
services provided by customers
20242023
NZ$000NZ$000
3,0256,474
USA1,8791,147
Europe128262
Total revenue5,0327,883
New Zealand

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
13
6. Expenses
The loss for the year includes the following expenses.
Note
20242023
NZ$000NZ$000
Salaries(3,080)(4,380)
Employer kiwisaver contributions(80)(106)
Directors' fees26(193)(470)
Accounting and consulting(59)(79)
Shareholder expenses(47)(40)
Depreciation and amortisations:
Depreciation of property, plant and equipment16(467)(600)
Depreciation of right of use assets17.1(367)(421)
Amortisation of customer relationship asset18(542)(1,083)
Amortisation of other intangible assets18(1)(3)
(1,377)(2,107)
Depreciation and amortisation are allocated as follows:
Capitalised to biological WIP58576
Included in the operating loss(1,319)(1,531)
Finance expenses:
Interest on lease liabilities23(18)(17)
Interest on borrowings23(713)(577)
(731)(594)
20242023
NZ$000NZ$000
Fees incurred for services provided by the auditor, BDO Auckland
Audit of the financial statements(139)(157)
Other agreed-upon procedures engagements
Corporate finance service fee-(11)
Tax compliance fees(19)-
(19)(11)
Total fees incurred for services provided by BDO Auckland(158)(168)

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
14
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 mānuka 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.
‘Operating EBITDA’ is used by the Board to measure the underlying performance of segments before
interest, tax, depreciation, amortisation, fair value adjustments, restructuring and impairment costs. The
‘Operating EBITDA’ measure is stated after depreciation and amortisation capitalised to biological WIP
(note 6).
Head office expenses include management salaries and costs related to the NZX listing.
Sale ofAgencyHoneyHeadInterTotal
goodsservicesofficesegment
NZ$000NZ$000NZ$000NZ$000NZ$000
3,4256492,052--6,126
(1,094)----(1,094)
Total external revenue2,3316492,052--5,032
Total inter-segment revenue--458-(458)-
Total revenue2,3316492,510-(458)5,032
Total operating EBITDA(1,349)(180)(1,849)(1,106)-(4,484)
Finance income--114-15
Finance expenses--(672)(59)-(731)
Amortisation of customer relationship
asset--(542)--(542)
Depreciation and amortisations(7)(2)(362)(96)-(467)
Fair value loss on harvested honey--(82)--(82)
Restructuring costs:
- fair value loss on biological assets--(471)--(471)
- loss on disposal of fixed assets--(566)--(566)
- impairment of right of use asset--(115)--(115)
- write down of assets held for sale--(24)--(24)
- other restructuring costs--(358)--(358)
Impairment of customer relationship
asset--(3,451)--(3,451)
Net loss before taxation(1,356)(182)(8,491)(1,247)-(11,276)
Inc ome tax benefit------
Net loss for the year(1,356)(182)(8,491)(1,247)-(11,276)
2024
Revenue before marketing services
provided by customers
Less marketing services provided by
c ustomers

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
15
7.1. Information about major customers
During the financial year there were 2 customers who individually accounted for more than 10% of the
Group's total sales (2023: 2 customers). Sales to these customers were $968,667 and $740,545 (2023:
$2,087,994 and $1,308,287). These customers purchased goods or agency services.
Sale ofAgencyHoneyHeadInterTotal
goodsservicesofficesegment
NZ$000NZ$000NZ$000NZ$000NZ$000
2,7816025,818--9,201
(1,318)----(1,318)
Total external revenue1,4636025,818--7,883
Total inter-segment revenue------
Total revenue1,4636025,818--7,883
Total operating EBITDA(2,365)(161)(1,228)(1,392)-(5,146)
-
Finance income--13-4
Finance expenses--(591)(3)-(594)
Amortisation of customer relationship
asset--(1,083)--(1,083)
Depreciation and amortisations(8)(3)(339)(98)-(448)
Acquisition expenses---(115)-(115)
Fair value loss on harvested honey--(2,223)--(2,223)
Restructuring costs:--
Fair value loss on biological assets--(544)--(544)
Write down of assets held for sale--(128)--(128)
Restructuring costs--(337)--(337)
Impairment of customer relationship
asset--(2,360)--(2,360)
Net loss before taxation(2,373)(164)(8,832)(1,605)-(12,974)
Inc ome tax benefit------
Net loss for the year(2,373)(164)(8,832)(1,605)-(12,974)
2023
Revenue before marketing services
provided by customers
Less marketing services provided by
c ustomers
Sale ofAgencyHoneyHeadTotal
goodsservicesoffice
NZ$000NZ$000NZ$000NZ$000NZ$000
Segment assets3,96257614,5282,39621,462
Segment liabilities94215014,1242,64017,856
2024
Sale ofAgencyHoneyHeadTotal
goodsservicesoffice
NZ$000NZ$000NZ$000NZ$000NZ$000
Segment assets3,49524322,48273026,950
Segment liabilities69512313,63956015,017
2023

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
16
8. Taxation
8.1. Income tax recognised in profit or loss
The analysis of the income tax expense is as follows:
8.2. Reconciliation of income tax expense
The charge for the year can be reconciled to the loss before income tax as follows:
8.3. Deferred tax
20242023
NZ$000NZ$000
Current income tax
Current income tax charge--
Deferred tax--
Total income tax expense/(benefit) recognised in the current year--
20242023
NZ$000NZ$000
Loss before income tax(11,276)(12,974)
Current year tax at the tax rate of 28% (2023: 28%)(3,157)(3,633)
Non-deductible expenses11188
Current tax losses not recognised3,1463,445
Income tax expense/(benefit)--
NZ$000NZ$000NZ$000
2024
Deferred tax assets/(liabilities) in relation to:
Customer relationship asset(1,118)1,118-
Inventory fair value adjustments1,3632511,614
Fair value loss on harvested honey1,009(137)872
Write down of assets held for sale36(29)7
Other21150171
Deferred tax assets not recognised(2,429)(235)(2,664)
Tax losses offset against deferred tax liability1,118(1,118)-
---
Opening
balance
Recognised
in loss
Closing
balance

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
17
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 4.5).
9. Earnings per share
At 30 June 2024 there were no financial instruments that carried any shareholder dilution rights that were
considered to be dilutive (2023: none).
On 9 January 2024 the Company undertook a 100 to 1 share consolidation (refer note 21). The earnings
per share calculation for both the current and comparative periods reflects the impact of this share
consolidation.
NZ$000NZ$000NZ$000
2023
Deferred tax assets/(liabilities) in relation to:
Customer relationship asset(2,082)964(1,118)
Inventory fair value adjustments1,472(109)1,363
Fair value loss on harvested honey4835261,009
Write down of assets held for sale152(116)36
Other133(112)21
Deferred tax assets not recognised(2,240)(189)(2,429)
Tax losses offset against deferred tax liability2,082(964)1,118
---
Opening
balance
Recognised
in loss
Closing
balance
20242023
NZ$000NZ$000
Tax losses
38,27527,039
Potential tax benefit @ 28%10,7177,571
Tax losses for which no deferred tax asset has been recognised
20242023
Basic and diluted earnings/(loss) per share (NZ$)(0.411)(0.851)
Loss from continuing operations (NZ$000)(11,276)(12,974)
27,42115,251
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)

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
18
10. Cash and cash equivalents
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
11.1. Allowance for expected credit losses
The Group’s trade receivables aging is as follows:
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.
20242023
NZ$000NZ$000
Cash at bank and on hand
2,837913
20242023
NZ$000NZ$000
Trade receivables1,4161,660
Allowance for expected credit losses(129)-
Other receivables330511
Total financial assets at amortised cost1,6172,171
GST receivable1941
Prepayments124231
Total trade and other receivables1,7602,443
20242023
NZ$000NZ$000
At 1 July
--
Impairment losses recognised on receivables
129-
At 30 June
129-
NZ$000
CurrentLess than 30
days past due
30 to 60 days
past due
More than 60
days past due
Total
2024
Trade receivables
42844525411,416
Loss allowance
---(129)(129)
2023
Trade receivables
675551503841,660
Loss allowance
-----

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
19
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.
12. Inventories
$50,000 of inventory was written off to profit or loss during the year (2023: nil). $2.8 million of inventory
was expensed to profit or loss during the year (2023: $4.8 million).
The Group’s inventory net realisable value provision at 30 June 2024 was $2.2 million (2023: $2.6 million).
The change in the provision was reversed to profit or loss in the year upon the sale of the related inventory
(refer to note 4.4 for the details of judgements about inventory net realisable value).
13. Assets held for sale
20242023
NZ$000NZ$000
Raw materials10,17110,777
Finished goods3,7802,686
Packaging materials5671,296
14,51814,759
20242023
NZ$000NZ$000
Property, plant and equipment16993
Biological assets72-
24193
20242023
NZ$000NZ$000
At 1 July
931,063
Reclassified from property, plant & equipment (note 16):
- cost267335
- accumulated depreciation(129)(70)
W rite down of assets held for sale-(61)
Net book value reclassified from property, plant & equipment138204
Reclassified from biological assets (note 15)100302
W rite down of assets held for sale(28)(67)
Net book value reclassified from biological assets72235
Sale of assets(62)(1,409)
At 30 June
24193

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
20
14. Biological work in progress
15. Biological assets
The bees biological assets consist of the following number of hives:
Prior to winding down the beekeeping operations in 2024, the Group was exposed to some risks related to
owning bees, primarily the risk of damage from climatic changes and diseases. The Group had 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. In 2023 the fair value per hive was $179.
20242023
NZ$000NZ$000
At 1 July
160698
Current period beekeeping costs
7942,349
Fair value loss on harvested honey
(82)(2,223)
Honey recognised as inventory on harvest
(872)(683)
Beekeeping costs related to next harvest-160
Beekeeping costs expensed due to restructure-(141)
At 30 June
-160
20242023
NZ$000NZ$000
Bees:
At 1 July
7521,598
Reclassified to assets held for sale (note 13)
(100)(302)
Bees sold
(181)-
Fair value loss on biological assets
(471)(544)
At 30 June
-752
20242023
number ofnumber of
At 1 July4,212
8,950
Reduction in operational hives
(2,479)(3,047)
Hives sold
(1,171)-
Hives classified as assets held for sale (note 13)
(562)(1,691)
Hives included in biological assets at 30 June
-4,212

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
21
16. Property, plant and equipment
NZ$000NZ$000NZ$000NZ$000NZ$000
Cost:
At 1 July 20223,4147051943674,680
Additions31-4-35
Transferred to assets held for sale
(note 13)
(314)(21)--(335)
At 30 June 20233,1316841983674,380
Additions12---12
Transferred to assets held for sale
(note 13)
-(267)--(267)
Disposals(1,074)(255)--(1,329)
At 30 June 20242,0691621983672,796
Accumulated depreciation:
At 1 July 2022(623)(112)(103)(54)(892)
Depreciation expense(410)(113)(36)(41)(600)
Transferred to assets held for sale
(note 13)
5911--
70
At 30 June 2023(974)(214)(139)(95)(1,422)
Depreciation expense(342)(76)(21)(28)(467)
Transferred to assets held for sale
(note 13)
-129--
129
Disposals490111--601
At 30 June 2024(826)(50)(160)(123)(1,159)
Carrying amount:
At 30 June 20241,243112382441,637
At 30 June 20232,157470592722,958
At 1 July 20222,791593913133,788
Plant &
equipment
Office
equipment
& furniture
Leasehold
improvements Total Vehicles

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
22
17. Leases
17.1. Right-of-use assets
The Group leases warehouse and administration premises, and previously leased land used for hive
placements.
17.2. Lease liability
Refer to note 23 for a reconciliation of the movement in leases liabilities.
Premises
Hive
placements Total
NZ$000NZ$000NZ$000
Cost:
At 1 July 2022
1,3747582,132
Additions
-186186
Lease modifications
(158)(224)(382)
At 30 June 2023
1,2167201,936
Additions
38-38
Lease modifications
-(12)(12)
At 30 June 2024
1,2547081,962
Accumulated amortisation:
At 1 July 2022(421)(324)
(745)
Depreciation expense
(284)(137)(421)
At 30 June 2023
(705)(461)(1,166)
Depreciation expense
(235)(132)(367)
Impairment of right-of-use assets
-(115)(115)
At 30 June 2024
(940)(708)(1,648)
Carrying amount:
At 30 June 2024314
-
314
At 30 June 2023511259770
At 1 July 20229534341,387
20242023
NZ$000NZ$000
Maturity analysis - contractual undiscounted cash flows
Up to one year336356
One to two years66335
Two to five years38156
Total undiscounted lease liabilities440847
Lease liabilities included in the Consolidated Statement of Financial Position
Current326334
Non-current100472
426806

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
23
At the reporting date the Group had 5 property leases with an average remaining term of 1.7 years (2023:
2.6 years). The Group also had 3 land access leases with an average remaining term of 1.5 years (2023:
1.86 years).
The average IBR rate is 7.17% (2023: 3.63%).
Short term lease expenses included in operating loss were $194,000 (2023: $1,122,000).
18. Intangible assets
18.1. Impairment testing for cash-generating unit containing the customer relationship asset
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 mānuka 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. At 30 June 2024 the Board reconfirmed the recognition of a full impairment. The
customer relationship asset was originally recognised as part of the King Honey acquisition.
Customer
relationship W ebsite
Trademarks
& domains Total
NZ$000NZ$000NZ$000NZ$000
Cost:
At 1 July 20229,30026849,410
Additions
--12
12
At 30 June 2023
9,30026969,422
Additions
--37
37
At 30 June 2024
9,300261339,459
Accumulated amortisation and impairment:
At 1 July 2022
(1,864)(21)-
(1,885)
Amortisation expense
(1,083)(3)-
(1,086)
Impairment of intangible asset (note 18.1)
(2,360)--
(2,360)
At 30 June 2023
(5,307)(24)-(5,331)
Amortisation expense
(542)(1)-
(543)
Impairment of intangible asset (note 18.1)
(3,451)--
(3,451)
At 30 June 2024
(9,300)(25)-(9,325)
Carrying amount:
At 30 June 2024
-
1133134
At 30 June 20233,9932964,091
At 1 July 20227,4365847,525
20242023
NZ$000NZ$000
Impairment of customer relationship asset(3,451)(2,360)

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
24
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
terminal year where the terminal value has been derived, as existing tax losses are expected to be utilised
against taxable profits in earlier years.
19. Trade and other payables
Trade and other payables are unsecured, non-interest bearing and usually paid within 45 days of
recognition. Therefore, the carrying value of creditors and other payables approximates their fair value.
20. Borrowings
The Group has borrowings of $9.77 million with the Bank of New Zealand (BNZ) and a subordinated note
payable to the Jarvis Trust of $5.6 million.
31 Dec 202330 June 2023
Years assessed in cash projections
2024-20412024 - 2028
Anticipated annual revenue growth3% - 31%3% - 20%
Anticipated annual overhead expense increase2%3%
Pre-tax discount rate21.0%18.2%
Terminal growth rate3%3%
20242023
NZ$000NZ$000
Trade payables1,058946
Ac cruals581593
Customer deposit238-
Other payables183238
2,0601,777
20242023
NZ$000NZ$000
Secured borrowings at amortised cost
Banks overdraft2,486-
Banks loans7,2847,034
Subordinated note5,6005,400
15,37012,434
Current1,0007,248
Non-current14,3705,186
15,37012,434

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
25
As part of the acquisition of the King Honey business in 2021 the Group borrowed $7.2 million from the
BNZ and agreed a subordinated note payable to the Jarvis Trust of $5 million. The BNZ facilities were
subject to amortisation and repayable on 29 June 2026.
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. During the year the Group has therefore agreed new terms
with both lenders.
The BNZ debt was secured by a first ranking debenture over the Company and its subsidiaries. The new
borrowing arrangements ring fence the Me Today business from the King Honey business while the Group
seeks to sell the King Honey business. To this end, the BNZ has agreed that Me Today Limited is
removed from the previous debt security group security arrangements noted below, except for an amount
of $2.25 million.
As part of the new arrangement:
- Me Today Manuka Honey Limited (MTMHL) borrowed $0.9 million through a customised average rate
loan facility (CARL). The facility is for a term of 5 years which matures on 29 June 2026. Repayments
are interest only until 30 June 2025 with quarterly repayments of $250,000 due thereafter. The interest
rate on this facility at 30 June 2024 was 9.1% per annum. The facility is secured by a first ranking
general security agreement over all present and acquired property of MTMHL and an unlimited
intercompany guarantee from King Honey Limited.
- MTMHL borrowed $4.1 million through a Business First Term Loan facility. The facility is for a term of 5
years which matures on 29 June 2026. Repayments during the term are interest only. The interest rate
on this facility at 30 June 2024 was 2.3% per annum. The facility is secured by a first ranking general
security agreement over all present and acquired property of MTMHL and an unlimited intercompany
guarantee from King Honey Limited.
- MTMHL entered into a $2.5 million overdraft facility. The facility was initially agreed to reduce to
$1.5 million by $250,000 increments per quarter commencing 30 September 2024. Subsequent to the
reporting date, the BNZ agreed to defer the commencement of the $250,000 per quarter reduction of
the overdraft facility until 31 December 2024. The term remains on demand and subject to annual
review. The interest rate on this facility at 30 June 2024 was 9.8% per annum. The facility is secured by
a first ranking general security agreement over all present and acquired property of MTMHL and an
unlimited intercompany guarantee from King Honey Limited.
- Me Today Limited borrowed $2.3 million through a CARL facility. The facility is for a term of 2 years
and matures on 20 March 2026. Payments are interest only during the term. At 30 June 2024 the
interest rate on this facility was 8.81% per annum. The facility is secured by:
Bank overdraft
20242023
NZ$000NZ$000
Balance at 1 July--
Net draw down on overdraft facility2,486-
Balance at 30 June2,486-
Bank loans
20242023
NZ$000NZ$000
Balance at 1 July7,0347,034
Proceeds from bank loans250-
Balance at 30 June7,2847,034

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
26
a) a first ranking general security agreement over all present and acquired property of Me Today
Limited, Me Today NZ Limited and The Good Brand Company Limited and by unlimited
intercompany guarantees between those companies; and
b) $2 million of the facility is secured by guarantees from MTMHL and King Honey Limited.
The Group was compliant with applicable covenants on its borrowing arrangements with BNZ at 30 June
2024.
At 30 June 2023 the Group had two bank loans from the Bank of New Zealand. A CARL of $2,908,420
and a fixed rate loan of $4,125,809. The loans were for a five year term ending 29 June 2026. The loans
were 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 consisted of a fixed
principal repayment plus interest based on a floating rate. The average annual interest on the CARL
facility rate during the 2023 reporting period was 6.58%. Interest on the fixed rate loan was fixed at 2.51%
per annum and the loan was being repaid by monthly instalments over the term of the loan. The Group
had a repayment holiday from June 2022 to August 2023.
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 based on the value of mānuka honey
inventory levels. The note is secured over all property of Me Today Manuka Honey Limited. This security
interest 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.
Interest of 4% per annum is payable annually in arrears (2023: 4% per annum).
21. Share capital
On 9 January 2024 the Company undertook a 1 for 100 share consolidation.
On 8 March 2024, following shareholder approval, all non-voting shares were reclassified as voting
shares.
On 28 March 2024 the Company issued 38,882,457 fully paid ordinary shares following the completion of
a shareholder approved rights issue.
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.
Subordinated note
20242023
NZ$000NZ$000
Balance at 1 July5,4005,200
Interest on borrowings200200
Balance at 30 June5,6005,400
Voting
ordinary
shares
Non-voting
ordinary
shares
Voting
ordinary
shares
Non-voting
ordinary
shares
'000'000'000'000
Number of ordinary shares:
Balance at 1 July1,295,728248,0351,163,697287,086
1 for 100 share consolidation(1,282,771)(245,555)--
Ordinary shares issued during the period38,882-92,980-
Non-voting shares reclassified as voting2,480(2,480)39,051(39,051)
Balance at 30 June54,320-1,295,728248,035
20242023

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
27
22. Reconciliation of loss after taxation with cash flow from operating activities
23. Reconciliation of liabilities arising from financing activities
20242023
NZ$000NZ$000
Net loss after taxation(11,276)(12,974)
Adjustments for:
Depreciation and amortisation1,3772,107
Interest on lease liabilities1817
Interest on borrowings713577
Impairment of customer relationship asset3,4512,360
Impairment of ROU asset115-
Acquisition costs-114
Fair value loss on biological assets471544
Write down of assets held for sale28128
Loss on disposal of fixed assets566-
Share-based payments69209
Other non-cash based movements(2)-
Movements in working capital
(Increase) / decrease in trade and other receivables683(1,244)
(Increase) / decrease in inventory2412,034
(Increase) / decrease in biological work in progress160538
Decrease / (increase) in taxation receivable(10)24
Increase / (decrease) in trade and other payables28311
Net cash outflows from operating activities(3,113)(5,555)
20242023
NZ$000NZ$000
Borrowings:
Balance at 1 July12,43412,234
Cash:
Proceeds from bank borrowings2,736-
Interest paid on borrowings(513)(377)
Non-cash:
Interest on borrowings713577
Balance at 30 June15,37012,434

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
28
24. Subsidiaries and other investments
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.
20242023
NZ$000NZ$000
Lease liabilities:
Balance at 1 July8061,357
Cash:
Payment of lease liabilities principal(406)(355)
Interest paid on lease liabilities(18)(17)
Non-cash:
Lease liabilities recognised38186
Impairment of lease(12)(382)
Interest on lease liabilities1817
Balance at 30 June426806
NamePrincipal activity
20242023
Subsidiaries:
The Good Brand Company LimitedSale of health & wellbeing
products
100%100%
Me Today NZ LimitedProduction & sale of health &
wellbeing products
100%100%
Today LimitedNon-trading entity100%100%
Me Today EU LimitedSale of health & wellbeing
products
100%100%
Me Today UK Group LimitedSale of health & wellbeing
products
100%100%
Me Today Manuka Honey LimitedInvestment in King Honey
Limited
100%100%
King Honey LimitedSale of manuka honey products100%100%
Me Today USA Inc.Sale of health, wellbeing and
honey products
100%100%
Me Today China LimitedBrand owner, non-trading100%-
Me Today AU Pty LimitedNon-trading entity100%100%
Manuka W ellness 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%
Other investments:
Bee Plus New Zealand LimitedBrand owner, non-trading
15%
15%
Equity holding

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
29
25. 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:
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.
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 $6,669,000 (2023: $6,618,000).
The Group does not have any derivative financial instruments (2023: nil).
25.1. 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.
25.2. 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 20) 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 20). 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.
Note20242023
NZ$000NZ$000
Financial assets at amortised cost
Cash and cash equivalents102,837913
Trade receivables111,4161,660
Other receivables11330511
Total financial assets
4,5833,084
Note20242023
NZ$000NZ$000
Financial liabilities at amortised cost
Trade and other payables192,0601,777
Banks loans207,2847,034
Subordinated note205,6005,400
Total financial liabilities
14,94414,211

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
30
25.3. 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.
25.4. 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.
25.5. 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.
FacilityInterest
balanceimpact
2024 Rate (+/-1%)
NZ$000NZ$000
BNZ CARL facility3,15832/(32)
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Non-derivative financial liabilities
2024
Trade and other payables2,0601,6431,57766--
Borrowings15,37016,52168868815,145-
Lease liability4264402111256638
17,85618,6042,47687915,21138
2023
Trade and other payables1,7771,7771,665112--
Borrowings12,43413,2939116,8622,4983,022
Lease liability806927242122335228
15,01715,9972,8187,0962,8333,250
Payable
2-5 years
Car rying
amount
Contractual
cash flows
Payable
0-6 months
Payable
6-12 months
Payable
1-2 years

Me Today Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2024
31
26. Related parties
26.1. 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.
26.2. 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 $193,000 (30 June 2023: $470,000). In the period to 30 June 2024
$75,000 of the remuneration due to the independent directors was settled by the issue of 937,500 shares
in the Company (30 June 2023: $70,214 by the issue of 1,312,266 shares in the Company). At 30 June
2024 $32,296 was payable to the independent directors (2023: $14,062).
At 30 June 2024 no money was owed to companies owned by related parties for directors fees. In 2023
$9,104 was payable to Bakers Consulting Limited, a company owned by Grant Baker and $6,563 was
payable to Mei Mei Limited, a company owned by Richard Pearson, for directors fees.
Michael Kerr received total remuneration of $219,000 in 2024 (30 June 2023: $250,000).
A company owned by Stephen Sinclair received $125,000 in consulting fees (30 June 2023: $125,000).
26.3. Related party transactions
The Company issued the following fully paid ordinary shares at $0.08 per share to directors or their related
entities, as part of the 8 March 2024 rights issue to shareholders:
 20,937,500 issued to Baker Investment Trust No 2 of which Grant Baker is a trustee
 8,437,500 issued to Sinclair Investment Trust of which Stephen Sinclair is a trustee
 468,750 issued to Antony Vriens
 156,250 issued to Hannah Barrett
 156,250 issued to Roger Gower
 156,250 issued to Richard Pearson
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.
Hannah Barrett received $6,250 for providing marketing services to the Group (30 June 2023: $6,250).
27. Contingent liabilities
There are no contingent liabilities as at 30 June 2024 (2023: nil).
28. Commitments
The Company had no commitments for future capital expenditure as at 30 June 2024 (2023: nil).
29. Significant events subsequent to the reporting date
There have been no events subsequent to the reporting date which would materially affect the financial
statements.

BDO Auckland

32

INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF ME TODAY LIMITED

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 2024, 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 material accounting policy information.

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 2024, 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 IFRS
®
Accounting Standards.

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 tax compliance services. BDO partners
and staff also transact with the Group on normal trading terms throughout the year. These matters 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.


Inventory net realisable value


Key Audit Matter How The Matter Was Addressed in Our Audit
At the reporting date, management is required to
consider if the inventories are carried at the lower of
cost or net realisable value.

Management has identified that based on short 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 reference to age and
grade of honey, and have considered its net realisable
value based on the likely manner in which it will be
used. Management recorded an inventory net realisable
value provision in this respect of $2.5m (2023: $2.6m).

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 consolidated financial statements.
The Group's critical accounting estimate and judgement
regarding inventory net realisable value is disclosed in
note 4.4 to the consolidated financial statements.



• We obtained management’s calculation of the net
realisable value provision against the carrying
value of inventories.
• We obtained management’s rationale for the
expected use of this excess inventory and the basis
for the net realisable value provision held.
• We agreed the net realisable values used in the
management calculation and re-calculated the
provision.
• We challenged management with respect to their
rationale and on the existence of other
alternatives.
• We calculated our estimate of the provision
required for the excess inventory by age and grade
by reference to quantity held and forecast demand
which was agreed to management approved
budgets.
• We have reviewed disclosures in the consolidated
financial statements, to the requirements of the
accounting standard.

BDO Auckland

33


Cost of inventories on harvest

Key Audit Matter How The Matter Was Addressed in Our Audit
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. This initial measurement
becomes the cost of the inventory when applying NZ IAS
2 Inventories. Management has determined a fair value
on harvest of $872k during the year.

We identified the determination of the cost of
inventories on harvest 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 their fair value.

Refer to Note 4.3 to the consolidated financial
statements.


• We obtained management’s assessment of the fair
value of honey inventories at the harvest date. We
agreed the key inputs to supporting
documentation, and critically evaluated the
judgements and assumptions made by management
in the calculations. This included harvest data,
current sales data, honey laboratory testing results
and physical honey on hand.
• We have reviewed disclosures in the consolidated
financial statements, to the requirements of the
accounting standard.



Disclosure of King Honey Limited

Key Audit Matter How The Matter Was Addressed in Our Audit
During the year it was announced that the group was
working to sell the King Honey Limited ('King Honey')
subsidiary. NZ IFRS 5 'Non-current Assets Held for Sale
and Discontinued Activities' requires the sale of a
disposal group to be highly probable in order to be
classified as held for sale. Management have assessed
the guidance of highly probable in NZ IFRS 5 and
determined that, in their judgement, currently the sale
of King Honey does not meet the highly probably criteria
to be classified as held for sale.

We identified the determination of whether King Honey
should be classified as held for sale as a key audit matter
to our audit as this fundamentally alters the disclosure
of the operations of King Honey in the Statement of
Financial Performance, Statement of Financial Position
and Statement of Cash Flows. Further, there is
significant management judgement in determining this
classification.

Refer to Note 4.2 to the consolidated financial
statements.


• We understood the rationale for the judgement
adopted for the classification and considered
information provided by management and the
directors against the guidance and requirements of
the accounting standard.

• We have reviewed disclosures in the consolidated
financial statements, to the requirements of the
relevant accounting standards.
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 2024 (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.

BDO Auckland

34

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 Accounting Standards, 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.

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 2024