Me Today Limited Annual Report
Annual
Report
FOR THE YEAR ENDED
30 JUNE 2024
Contents
CHAIR & CEO REPORT
DIRECTORS’ PROFILES
FINANCIAL STATEMENTS
Consolidated Statement of Profit and Loss and
Other Comprehensive Income
Consolidated Statement of Changes in Equity
Consolidated Statement of Financial Position
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
INDEPENDENT AUDITOR’S REPORT
CORPORATE GOVERNANCE STATEMENT
SHAREHOLDER & STATUTORY INFORMATION
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7
11
12
13
14
15
44
49
55
Chair &
CEO Report
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Chair & CEO Report
Me Today and the Good Brand
Company
The revenue and operating EBITDA for the Me
Today brand in FY24 was as follows.
Revenue for Me Today and agency was $3.0m.
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.
The loss for the year was $1.5m. 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.
The brand’s 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 eleven 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.
Greater China
Me Today advised on the 1st of July that it had signed
a full suite of commercial agreements relating to
the licensing arrangement with a large Hong Kong
based sports nutrition company.
The arrangement is an exciting partnership for the
Me Today brand and it is delivering on increasing
global brand visibility and providing manufacturing
benefits through economies of scale. The licensing
arrangement includes a base retainer fee for the first
year and then a percentage of revenue thereafter.
The Chinese partner also has the opportunity to
progressively own up to 50% of the trademark for
the greater China region should they achieve certain
revenue targets.
As part of the relationship the Chinese partner
facilitated the visit of Chinese Douyin influencer Liu
Yuan Yuan to New Zealand, a livestream event was
held over two days in July. The Livestream revenue
belongs to the Chinese license partner however it
has created significant presence and value for the
Dear Shareholder
Me Today’s financial results for the year ended 30 June 2024 includes twelve months trading of the King Honey
business together with the Me Today brand and the agency business the Good Brand Company.
The Group recorded 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, as set out in Note 7 of the financial statements.
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.
In March 2024 the group completed a restructure and recapitalisation plan which included a capital raise of
$3.1m supported by founding directors Grant Baker and Stephen Sinclair. Shareholders were also asked to
approve the variation and extension of the Jarvis Trust Loan. As part of the agreement to inject new capital
into Me Today Limited, the BNZ has agreed that Me Today be removed from the King Honey debt security
group, except for an amount of $2m.
The restructure was a comprehensive proposal to ring fence the Me Today business from the King Honey
business while the group works to sell the King Honey business.
As communicated as part of the FY24 results announcement the intention remains to sell the King Honey
business. The group advised that discussions are underway with one interested party which the board hopes
to bring a conclusion in the coming months.
Given the challenging trading environment and the large holding of manuka honey, the Group decided to
close its beekeeping operations completely.
Alongside the activity of selling 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.
The FY24 result and strategy of each business unit is described further below.
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brand in New Zealand 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 cases, executed by the Me
Today team in New Zealand.
USA
The strategy in the USA is threefold, across online,
offline and social.
We have a 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 $2.5m which was a decrease of 57%
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.
The total King Honey segment loss was $8.5m after
deducting non-cash and non-recurring items of
$6.6m. At operating EBITDA, the loss for the King
Honey business was $1.8m which was an increase of
50% on the loss of $1.2m in FY23. The business has
carried out cost cutting, and the full impact of these
savings will not be seen until the FY25 year.
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. Two of our
directors 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. We are
finalising purchase orders for the remainder of this
calendar year. Strategy discussions are ongoing
with the next quarterly meeting with the ACG team
now scheduled for post the November 11/11 selling
period.
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Chair & CEO Report
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.
The board would like to thank shareholders for their support over the past year. The board would also like to
thank our employees for their hard work during the 2024 financial year.
Grant Baker
Chairman
25 September 2024
Stephen Sinclair
CEO
Directors’
Profiles
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Directors’ Profiles
Grant Baker
NON-EXECUTIVE CHAIRMAN
Appointed to the Board, March 2020
Grant Baker has wide experience at a senior level in both public and private New
Zealand companies. He is currently the chairman of Turners Automotive Group, a
position he has held for more than 15 years. He was a cofounder of The Business
Bakery and has a number of successes under his belt, including being chairman
of both 42 Below vodka and Trilogy International. 42 Below was sold to Bacardi
in 2006, and Trilogy was sold to CITIC Group. Grant is also a cancer survivor and
has a strong interest in the health and wellbeing sector. he was the chairman of
The Gut Cancer Foundation, a position he held for more than 10 years.
Grant is not considered to be an independent director under the NZX Listing Rules
as MTL Securities Limited, a company in which he is a director and The Baker
Investment Trust No 2 of which he is a Trustee, both being substantial product
holders of Me Today.
Michael Kerr
FOUNDER / EXECUTIVE DIRECTOR
Appointed to the Board, March 2020
Michael holds a Bachelor of Commerce degree, majoring in marketing and
management, from the University of Auckland. Michael has worked in sales and
marketing roles for several local and multinational businesses. More recently
he was responsible for establishing the Swisse brand in New Zealand across
multiple retail channels, and was the general manager of the skincare brand,
Trilogy. Michael’s career spans 25 years, in which time he has developed a
wealth of knowledge both locally and internationally of how to create and grow
brands in the Health and Wellness space.
Michael is not considered to be an independent director under the NZX Listing
Rules as MTL Securities Limited, a company in which he is a director and M &
N Holdings Limited of which he is a director, both being substantial product
holders of Me Today.
Stephen Sinclair
CHIEF EXECUTIVE OFFICER / EXECUTIVE DIRECTOR
Appointed to the Board, March 2020
Stephen is a Chartered Accountant, and spent the early part of his career with
PriceWaterhouseCoopers. In 1999 he started working with Grant Baker and since
then has been involved with numerous successful startups, including 42 Below,
Ecoya and Trilogy, and was involved in the recapitalisation of Dorchester Pacific
which is now the Turners Automotive Group.
Stephen is not considered to be an independent director under the NZX Listing
Rules as he is the Chief Executive Officer, also MTL Securities Limited, a company
in which he is a director and The Sinclair Investment Trust of which he is a
Trustee, both being substantial product holders of Me Today.
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Hannah Barrett
INDEPENDENT DIRECTOR
Appointed to the board, March 2020
Hannah has a Bachelor of Commerce degree, majoring in commercial law and
accounting, from Victoria University and is a qualified Chartered Accountant.
Hannah spent three years working at PricewaterhouseCoopers in the Financial
Advisory team working on assignments for global companies as well as New
Zealand based businesses and individuals. Hannah also runs her own business
specialising in digital consulting and marketing. Hannah supports a number of
charities and is an ambassador for Sweet Louise.
Richard Pearson
NON-EXECUTIVE DIRECTOR
Appointed to the board, November 2021
Richard has been Chairman of Wellington Electricity Distribution Network Limited
and its subsidiary companies since the organisation’s establishment in 2008. He
was also appointed Chairman of Enviro (NZ) Limited in 2013. Prior to his current
positions, Richard worked for Hutchison Whampoa Group (now known as CK
Hutchison Holdings) from 1975 to 2007, holding various senior roles in Hutchison
Port Holdings Group, including Managing Director – Europe Division from 2005
to 2007, President of ECT Rotterdam from 2002 to 2004, as well as Managing
Director of Hongkong International Terminals Ltd from 1996 to 1998. Richard
holds a Bachelor’s degree in Commerce. Richard is not considered to be an
independent director under the NZX listing rules due to an association with the
trustees of the TW Jarvis (No. 1) Trust, a shareholder of Me Today.
Roger Gower
INDEPENDENT DIRECTOR
Appointed to the Board, July 2008
Roger has wide experience as a company executive, director and Chairman in
both public and private companies. He is currently Chairman of PrimePort Timaru
Limited, and IntoWork New Zealand Limited. Roger is an independent director
of WasteCo Group Limited and Being AI Limited. Roger had a corporate career
in logistics and transportation; he has BCom from the University of Auckland, an
MBA from Massey University and an MPhil from the University of Cambridge.
Antony Vriens
INDEPENDENT DIRECTOR
Appointed to the board, March 2020
Antony is a seasoned executive with a career in health and financial services
corporations across New Zealand, Australia and Asia. He is currently an
Independent Director of the Turners Automotive Group, and is the Chairman of
DPL Insurance Limited (Turners’ insurance subsidiary). Antony is a medical doctor
by background and brings a strong interest in wellness and nutrition, which is
supported by his medical training. Antony is also currently involved in new health
technology initiatives to support lifestyle change in the Asia region. In addition to
his medical degree, Antony holds an MBA from the University of Auckland, with a
background in international business and innovation.
Financial
Statements
FOR THE YEAR ENDED 30 JUNE 2024
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Financial Statements
Consolidated Statement of Profit or Loss and
Other Comprehensive Income
FOR THE YEAR ENDED 30 JUNE 2024
Note
2024
NZ$000
2023
NZ$000
Revenue5
5,032 7,883
Changes in inventories of finished goods and work in progress(2,789)(4,767)
Selling and marketing expenses(2,136)(2,968)
Distribution expenses(651)(861)
Administrative and other operating expenses(4,403)(4,881)
Amortisation of customer relationship asset18(542)(1,083)
Finance income15 4
Finance expenses6(731)(594)
Acquisition related costs - (115)
Loss before tax, fair value adjustments, restructuring and
impairment costs
(6,205)(7,382)
Fair value loss on harvested honey14(82)(2,223)
Restructuring costs:
- fair value loss on biological assets15(471)(544)
- loss on disposal for property, plant and equipment(566) -
- impairment of right of use asset1 7.1(115) -
- write down of assets held for sale13(28)(128)
- other restructuring costs(358)(337)
Impairment of customer relationship asset18.1(3,451)(2,360)
Loss before income tax(11,276)(12,974)
Income tax (expense)/benefit8 - -
Loss for the year attributable to owners of the company(11,276)(12,974)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations(3)(69)
Total comprehensive loss for the year attributable to owners
of the company
(11,279)(13,043)
Earnings/(loss) per share:
Basic and diluted loss per share (NZ$)9(0.411)(0.851)
The accompanying notes form part of these consolidated financial statements and should be read in
conjunction with them.
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Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 30 JUNE 2024
Note
Share
capital
NZ$000
Share based
payments
reserve
NZ$000
Accumulated
losses
NZ$000
Foreign
currency
translation
reserve
NZ$000
Total
equity
NZ$000
At 1 July 202251,427 77 (27,405) - 24,099
Total comprehensive income
Loss attributable to owners of the
company
- - (12,974) - (12,974)
Exchange differences on translation
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
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
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Financial Statements
Consolidated Statement of Financial Position
AS AT 30 JUNE 2024
Note
2024
NZ$000
2023
NZ$000
ASSETS
Current assets
Cash and cash equivalents
10
2,837 913
Trade and other receivables
11
1,760 2,443
Inventory
12
14,518 14,759
Biological work in progress
14
- 160
Taxation receivable
21 11
19,136 18,286
Assets classified as held for sale
13
241 93
Total current assets
19,377 18,379
Non-current assets
Biological assets15 - 752
Property, plant and equipment161,637 2,958
Right-of-use assets1 7.1314 770
Intangible assets18134 4,091
Total non-current assets 2,085 8,571
Total assets 21,462 26,950
LIABILITIES
Current liabilities
Trade and other payables192,060 1,777
Lease liabilities17.2326 334
Borrowings201,000 7,248
Total current liabilities 3,386 9,359
Non-current liabilities
Lease liabilities17.2100 472
Borrowings2014,370 5,186
Total non-current liabilities 14,470 5,658
Total liabilities 17,856 15,017
Net assets 3,606 11,933
EQUITY
Share capital2155,333 52,381
Accumulated losses
(51,655)(40,379)
Foreign currency translation reserve
(72)(69)
Total equity 3,606 11,933
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
These financial statements were approved by the Board on 29 August 2024.
Signed on behalf of the Board by:
Grant Baker
Chairman
Stephen Sinclair
CEO
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Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 30 JUNE 2024
Note
2024
NZ$000
2023
NZ$000
Cash flows from operating activities
Receipts from customers6,679 7,949
Payments to suppliers and employees(9,795)(13,534)
Interest received15 4
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 equipment162 1,410
Proceeds from sale of biological assets181 -
Proceeds from sale of assets held for sale62 -
Payments for intangibles(36)(11)
Payments for property, plant and equipment(12)(35)
Acquisition related costs - (115)
Net cash flows from investing activities357 1,249
Cash flows from financing activities
Proceeds from issue of share capital 3,042 739
Share capital issue costs
(159)(72)
Proceeds from bank borrowings232,736 -
Interest paid on borrowings23(513)(377)
Payment of lease liabilities23(406)(355)
Interest paid on lease liabilities23(18)(17)
Net cash flows from financing activities 4,682 (82)
Net (decrease)/increase in cash and cash equivalents1,926 (4,388)
Cash and cash equivalents at the beginning of the period913 5,370
Effect of foreign exchange rates(2)(69)
Cash and cash equivalents at the end of the period102,837 913
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
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Financial Statements
Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024
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.
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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.
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.
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
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Financial Statements
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 leases 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.
The following depreciation rates are used in the
calculation:
Plant, vehicles and equipment6% - 67%
Office equipment and furniture10% - 50%
Leasehold improvements 6% - 25%
An item of property, plant and equipment is
derecognised upon disposal or when no future
economic benefits are expected to arise from
the continued use of the asset. Any gain or loss
arising on the disposal or retirement of an item of
property, plant and equipment is determined as
the difference between the sales proceeds and the
carrying amount of the asset and is recognised in
profit or loss.
3.10. Assets held for sale
Biological assets held for sale are measured at fair
value less costs to sell. Other non-current assets
classified as held for sale are measured at the lower
of carrying amount and fair value less costs to sell.
Non-current assets are classified as held for sale
if their carrying amount will be recovered through
a sale transaction rather than through continuing
use. This condition is regarded as met only when the
sale is highly probable and the asset is available for
immediate sale in its present condition. The Group
must be committed to the sale which should be
expected to qualify for recognition as a completed
sale within one year from the date of classification.
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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%
Website 50%
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.
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.
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Financial Statements
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 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
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20
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 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).
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Financial Statements
5. REVENUE
2024
NZ$000
2023
NZ$000
Revenue from sale of health and wellbeing products before
marketing services provided by customers
3,425 2,781
Less marketing services provided by customers(1,094)(1,318)
Revenue from sale of health and wellbeing products2,331 1,463
Revenue from sale of honey products2,052 5,818
Revenue from agency services649 602
Total revenue
5,032 7,883
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:
2024
NZ$000
2023
NZ$000
New Zealand3,025 6,474
USA1,879 1,147
Europe128 262
Total revenue
5,032 7,883
Revenue is allocated geographically based upon the jurisdiction in which the revenue is recognised for
taxation purposes.
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6. EXPENSES
The loss for the year includes the following expenses.
Note
2024
NZ$000
2023
NZ$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 assets1 7.1(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 WIP58 576
Included in the operating loss(1,319)(1,531)
Finance expenses:
Interest on lease liabilities23(18)(17)
Interest on borrowings23(713)(577)
(731)(594)
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)
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Financial Statements
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.
2024
Sale of
goods
NZ$000
Agency
services
NZ$000
Honey
NZ$000
Head
office
NZ$000
Inter
segment
Total
NZ$000
Revenue before marketing services
provided by customers
3,425 649 2,052 -
-
6,126
Less marketing services provided by
customers
(1,094) - - -
-
(1,094)
Total external revenue2,331 649 2,052 -
-
5,032
Total inter-segment revenue - - 458 -
(458)
-
Total revenue2,331 649 2,510 - (458)5,032
Total operating EBITDA(1,349)(180)(1,845)(1,106)
-
(4,480)
Finance income - - 1 14
-
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 - - (28) -
-
(28)
- 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)
Income tax benefit - - - - - -
Net loss for the year(1,356)(182)(8,491)(1,247) - (11,276)
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2023
Sale of
goods
NZ$000
Agency
services
NZ$000
Honey
NZ$000
Head
office
NZ$000
Inter
segment
Total
NZ$000
Revenue before marketing services
provided by customers
2,781 602 5,818 -
-
9,201
Less marketing services provided by
customers
(1,318) - - -
-
(1,318)
Total external revenue1,463 602 5,818 -
-
7,883
Total inter-segment revenue - - - -
-
-
Total revenue1,463 602 5,818 - - 7,883
Total operating EBITDA(2,365)(161)(1,228)(1,392)
-
(5,146)
Finance income - - 1 3
-
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)
Income tax benefit - - - - - -
Net loss for the year(2,373)(164)(8,832)(1,605) - (12,974)
2024
Sale of
goods
NZ$000
Agency
services
NZ$000
Honey
NZ$000
Head
office
NZ$000
Total
NZ$000
Segment assets3,962 576 14,528 2,396 21,462
Segment liabilities942 150 14,124 2,640 17,856
2023
Sale of
goods
NZ$000
Agency
services
NZ$000
Honey
NZ$000
Head
office
NZ$000
Total
NZ$000
Segment assets3,495 243 22,482 730 26,950
Segment liabilities695 123 13,639 560 15,017
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Financial Statements
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.
8. TAXATION
8.1. Income tax recognised in profit or loss
The analysis of the income tax expense is as follows:
2024
NZ$000
2023
NZ$000
Current income tax
Current income tax charge - -
Deferred tax - -
Total income tax expense/(benefit) recognised in the current year - -
8.2. Reconciliation of income tax expense
The charge for the year can be reconciled to the loss before income tax as follows:
2024
NZ$000
2023
NZ$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 expenses11 188
Current tax losses not recognised3,146 3,445
Income tax expense/(benefit) - -
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8.3. Deferred tax
Opening
balance
NZ$000
Recognised
in loss
NZ$000
Closing
balance
NZ$000
2024
Deferred tax assets/(liabilities) in relation to:
Customer relationship asset (1,118) 1,118 -
Inventory fair value adjustments 1,363 251 1,614
Fair value loss on harvested honey 1,009 (137)872
Write down of assets held for sale 36 (29) 7
Other 21 150 171
Deferred tax assets not recognised (2,429) (235)(2,664)
Tax losses offset against deferred tax liability 1,118 (1,118)-
- - -
Opening
balance
NZ$000
Recognised
in loss
NZ$000
Closing
balance
NZ$000
2023
Deferred tax assets/(liabilities) in relation to:
Customer relationship asset (2,082) 964 (1,118)
Inventory fair value adjustments 1,472 (109) 1,363
Fair value loss on harvested honey 483 526 1,009
Write down of assets held for sale 152 (116) 36
Other 133 (112) 21
Deferred tax assets not recognised (2,240) (189)(2,429)
Tax losses offset against deferred tax liability 2,082 (964) 1,118
- - -
2024
NZ$000
2023
NZ$000
Tax losses
Tax losses for which no deferred tax asset has been recognised38,275 27,039
Potential tax benefit @ 28%
10,717 7,571
The Group did not recognise deferred income tax assets in relation to the losses disclosed above except to the
extent they offset the deferred tax liability. The losses can be carried forward against future income subject
to meeting the requirements of income tax legislation including those relating to shareholder continuity and
business continuity (note 4.5).
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Financial Statements
9. EARNINGS PER SHARE
2024 2023
Basic and diluted earnings/(loss) per share (NZ$)(0.411)(0.851)
The losses and weighted average number of ordinary shares
used in the calculation of loss per share are as follows:
Loss from continuing operations (NZ$000)(11,276)(12,974)
Weighted average number of ordinary shares used in the
calculation of basic and diluted earnings per share (‘000)
27,421 15,251
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.
10. CASH AND CASH EQUIVALENTS
2024
NZ$000
2023
NZ$000
Cash at bank and on hand2,837 913
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
2024
NZ$000
2023
NZ$000
Trade receivables1,416 1,660
Allowance for expected credit losses(129) -
Other receivables330 511
Total financial assets at amortised cost1,617 2,171
GST receivable19 41
Prepayments124 231
Total trade and other receivables1,760 2,443
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11.1. Allowance for expected credit losses
2024
NZ$000
2023
NZ$000
At 1 July - -
Impairment losses recognised on receivables 129 -
At 30 June129 -
The Group’s trade receivables aging is as follows:
NZ$000Current
Less than 30
days past due
30 to 60 days
past due
More than 60
days past dueTotal
2024
Trade receivables428 445 2 541 1,416
Loss allowance - - - (129)(129)
2023
Trade receivables675 551 50 384 1,660
Loss allowance - - - - -
The standard credit period on sales of goods is 30 or 60 days on the provision of the sale of goods or
rendering of agency services.
In determining the recoverability of a trade receivable, the Group considers any change in the credit quality
of the trade receivable from the date credit was initially granted up to the end of the reporting period. The
Group has 2 main customers who are both assessed as creditworthy. The Group maintains close working
relationships with these customers. The Group does not hold any collateral over these balances.
The Group determines the expected credit losses on receivables by using a provision matrix, estimated based
on historical credit loss experience based on the past due status of the debtors, adjusted as appropriate to
reflect current conditions and estimates of future economic conditions.
12. INVENTORIES
2024
NZ$000
2023
NZ$000
Raw materials10,171 10,777
Finished goods3,780 2,686
Packaging materials567 1,296
14,518 14,759
$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).
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Financial Statements
13. ASSETS HELD FOR SALE
2024
NZ$000
2023
NZ$000
Property, plant and equipment169 93
Biological assets72 -
241 93
2024
NZ$000
2023
NZ$000
At 1 July 93 1,063
Reclassified from property, plant & equipment (note 16):
- cost 267 335
- accumulated depreciation (129)(70)
Write down of assets held for sale - (61)
Net book value reclassified from property, plant & equipment 138 204
Reclassified from biological assets (note 15) 100 302
Write down of assets held for sale (note 7) (28)(67)
Net book value reclassified from biological assets 72 235
Sale of assets (62)(1,409)
At 30 June 241 93
14. BIOLOGICAL WORK IN PROGRESS
2024
NZ$000
2023
NZ$000
At 1 July160 698
Current period beekeeping costs794 2,349
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
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15. BIOLOGICAL ASSETS
2024
NZ$000
2023
NZ$000
Bees:
At 1 July 752 1,598
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
The bees biological assets consist of the following number of hives:
2024
number of
2023
number of
Hives:
At 1 July 4,212 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
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.
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Financial Statements
16. PROPERTY, PLANT AND EQUIPMENT
Plant &
equipment
NZ$000
Vehicles
NZ$000
Office
equipment &
furniture
NZ$000
Leasehold
improvements
NZ$000
Total
NZ$000
Cost:
At 1 July 20223,414 705 194 367 4,680
Additions31 - 4 -
35
Transferred to assets held for sale (note 13) (314)(21) - -
(335)
At 30 June 20233,131 684 198 367 4,380
Additions12 - - -
12
Transferred to assets held for sale (note 13)- (267) - -
(267)
Disposals(1,074)(255) - -
(1,329)
At 30 June 20242,069 162 198 367 2,796
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) 59 11 - -
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
Disposals490 111 - -
601
At 30 June 2024(826)(50) (160) (123)(1,159)
Carrying amount:
At 30 June 20241,243 112 38 244 1,637
At 30 June 20232,157 470 59 272 2,958
At 1 July 20222,791 593 91 313 3,788
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17. LEASES
17.1. Right-of-use assets
The Group leases warehouse and administration premises, and land used for hive placements.
Premises
NZ$000
Hive
placements
NZ$000
Total
NZ$000
Cost:
At 1 July 2022 1,374 758 2,132
Additions - 186 186
Lease modifications (158) (224) (382)
At 30 June 2023 1,216 720 1,936
Additions 38 - 38
Lease modifications - (12) (12)
At 30 June 2024 1,254 708 1,962
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 2024 314 - 314
At 30 June 2023 511 259 770
At 1 July 2022 953 434 1,387
The Group leases warehouse and administration premises, and previously leased land used for hive
placements.
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Financial Statements
17.2. Lease liability
2024
NZ$000
2023
NZ$000
Maturity analysis - contractual undiscounted cash flows
Up to one year336 356
One to two years66 335
Two to five years38 156
Total undiscounted lease liabilities440 847
Lease liabilities included in the Consolidated Statement of Financial Position
Current326 334
Non-current100 472
426 806
Refer to note 23 for a reconciliation of the movement in leases liabilities.
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
Customer
relationship
NZ$000
Website
NZ$000
Trademarks
& domains
NZ$000
Total
NZ$000
Cost:
At 1 July 2022 9,300 26 84 9,410
Additions - - 12
12
At 30 June 2023 9,300 26 96 9,422
Additions - - 37 37
At 30 June 2024 9,300 26 133 9,459
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)
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Customer
relationship
NZ$000
Website
NZ$000
Trademarks
& domains
NZ$000
Total
NZ$000
Carrying amount:
At 30 June 2024 - 1 133 134
At 30 June 2023 3,993 2 96 4,091
At 1 July 2022 7,436 5 84 7,525
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.
2024
NZ$000
2023
NZ$000
Impairment of customer relationship asset(3,451)(2,360)
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:
31 Dec 202330 June 2023
Years assessed in cash projections2024-20412024 - 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%
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.
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Financial Statements
19. TRADE AND OTHER PAYABLES
2024
NZ$000
2023
NZ$000
Trade payables1,058 946
Accruals581 593
Customer deposit238 -
Other payables183 238
2,060 1,777
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
2024
NZ$000
2023
NZ$000
Secured borrowings at amortised cost
Banks overdraft2,486 -
Banks loans7,284 7,034
Subordinated note5,600 5,400
15,370 12,434
Current1,000 7,248
Non-current14,370 5,186
15,370 12,434
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.
Bank Overdraft
2024
NZ$000
2023
NZ$000
Balance at 1 July - -
Net draw down on overdraft facility2,486 -
Balance at 30 June2,486 -
Bank loans
2024
NZ$000
2023
NZ$000
Balance at 1 July7,034 7,034
Proceeds from bank loans250 -
Balance at 30 June7,284 7,034
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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:
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.
Subordinated note
2024
NZ$000
2023
NZ$000
Balance at 1 July5,400 5,200
Interest on borrowings200 200
Balance at 30 June5,600 5,400
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).
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37
Financial Statements
21. SHARE CAPITAL
20242023
Voting
ordinary
shares
‘000
Non-voting
ordinary
shares
‘000
Voting
ordinary
shares
‘000
Non-voting
ordinary
shares
‘000
Number of ordinary shares:
Balance at 1 July1,295,728 248,035 1,163,697 287,086
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 - 1,295,728 248,035
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.
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38
22. RECONCILIATION OF LOSS AFTER TAXATION WITH
CASH FLOW FROM OPERATING ACTIVITIES
2024
NZ$000
2023
NZ$000
Net loss after taxation(11,276)(12,974)
Adjustments for:
Depreciation and amortisation1,377 2,107
Interest on lease liabilities18 17
Interest on borrowings713 577
Impairment of customer relationship asset3,451 2,360
Impairment of ROU asset115 -
Acquisition costs - 114
Fair value loss on biological assets471 544
Write down of assets held for sale28 128
Loss on disposal of fixed assets566 -
Share-based payments69 209
Other non-cash based movements(2) -
Movements in working capital
(Increase) / decrease in trade and other receivables683 (1,244)
(Increase) / decrease in inventory241 2,034
(Increase) / decrease in biological work in progress160 538
Decrease / (increase) in taxation receivable(10)24
Increase / (decrease) in trade and other payables283 11
Net cash outflows from operating activities(3,113)(5,555)
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39
Financial Statements
23. RECONCILIATION OF LIABILITIES ARISING FROM
FINANCING ACTIVITIES
2024
NZ$000
2023
NZ$000
Borrowings:
Balance at 1 July12,434 12,234
Cash:
Proceeds from bank borrowings2,736 -
Interest paid on borrowings(513)(377)
Non-cash:
Interest on borrowings713 577
Balance at 30 June15,370 12,434
2024
NZ$000
2023
NZ$000
Lease liabilities:
Balance at 1 July806 1,357
Cash:
Payment of lease liabilities principal(406)(355)
Interest paid on lease liabilities(18)(17)
Non-cash:
Lease liabilities recognised38 186
Impairment of lease(12)(382)
Interest on lease liabilities18 17
Balance at 30 June426 806
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40
24. SUBSIDIARIES AND OTHER INVESTMENTS
NamePrincipal activityEquity holding
20242023
Subsidiaries:
The Good Brand Company LimitedSale of health & wellbeing products100%100%
Me Today NZ Limited
Production & sale of health &
wellbeing products
100%100%
Today LimitedNon-trading entity100%100%
Me Today EU LimitedSale of health & wellbeing products100%100%
Me Today UK Group LimitedSale of health & wellbeing products100%100%
Me Today Manuka Honey LimitedInvestment in King Honey Limited100%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 Wellness LimitedNon-trading entity100%100%
King Honey Health Products LimitedNon-trading entity100%100%
Pure Manuka NZ LimitedNon-trading entity100%100%
Bee Plus Manuka NZ LimitedNon-trading entity100%100%
Other investments:
Bee Plus New Zealand LimitedBrand owner, non-trading15%15%
All subsidiaries are domiciled in New Zealand, with the exception of Me Today EU Limited which is domiciled
in Ireland, Me Today UK Group Limited which is domiciled in England, Me Today USA Inc. which is domiciled in
the United States and Me Today Pty which is domiciled in Australia. All subsidiaries have a reporting date of
30 June.
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41
Financial Statements
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:
Note
2024
NZ$000
2023
NZ$000
Financial assets at amortised cost
Cash and cash equivalents102,837 913
Trade receivables111,416 1,660
Other receivables11330 511
Total financial assets4,583 3,084
The fair value of cash and cash equivalents and trade receivables are determined to be equivalent to their
carrying value due to the short-term nature of these balances.
Note
2024
NZ$000
2023
NZ$000
Financial liabilities at amortised cost
Trade and other payables192,060 1,777
Bank overdraft202,486 -
Banks loans207,284 7,034
Subordinated note205,600 5,400
Total financial liabilities17,430 14,211
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.
me | today annual report
42
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.
Facility balance
2024
NZ$000
Interest impact
Rate (+/-1%)
NZ$000
BNZ CARL facility3,158 32/(32)
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.
Carrying
amount
NZ$000
Contractual
cash flows
NZ$000
Payable
0-6months
NZ$000
Payable
6-12 months
NZ$000
Payable
1-2 years
NZ$000
Payable
2-5 years
NZ$000
Non-derivative financial liabilities
2024
Trade and other payables2,060 1,643 1,577 66 - -
Borrowings15,370 16,521 688 688 15,145 -
Lease liability426 440 211 125 66 38
17,856 18,604 2,476 879 15,211 38
2023
Trade and other payables1,777 1,777 1,665 112 - -
Borrowings12,434 13,293 911 6,862 2,498 3,022
Lease liability806 927 242 122 335 228
15,017 15,997 2,818 7,096 2,833 3,250
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43
Financial Statements
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.
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.
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).
Independent
Auditor’s Report
TO THE SHAREHOLDERS OF ME TODAY LIMITED
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45
Independent Auditor’s Report
Opinion
We have audited the consolidated financial statements of Me Today Limited (“the Company”) and its
subsidiaries (together, “the Group”), which comprise the consolidated statement of financial position as at 30
June 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.
Independent Auditor’s Report
TO THE SHAREHOLDERS OF ME TODAY LIMITED
me | today annual report
46
Inventory net realisable value
Key Audit Matter
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.
How The Matter Was Addressed in Our Audit
• 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.
Cost of inventories on harvest
Key Audit Matter
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.
How The Matter Was Addressed in Our Audit
• 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.
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47
Independent Auditor’s Report
Other Information
The directors are responsible for the other information. The other information comprises the Market
Announcement on the Me Today results for the year ended 30 June 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.
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.
Disclosure of King Honey Limited
Key Audit Matter
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.
How The Matter Was Addressed in Our Audit
• 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.
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48
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
Corporate
Governance
Statement
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50
Corporate Governance & Company Directory
Corporate Governance Statement
FOR THE 12 MONTHS ENDED 30 JUNE 2024
The Board is responsible for the overall corporate governance of the Company, and it recognises the need
for the highest standards of behaviour and accountability. The Board develops strategies for the Company,
reviews strategic objectives and monitors the Company’s performance against those objectives. The overall
goals of the corporate governance process are to:
• drive shareholder value;
• assure a prudential and ethical base to the Company’s conduct and activities; and
• ensure compliance with the Company’s legal and regulatory obligations.
The Governance Principles adopted by the Board are designed to achieve these goals.
The full content of the Company’s Governance Code and related polices and charters, can be found at the
following link (https://www.metodayinvestors.com/corporate-governance/).
This statement is a summary of the Corporate Governance arrangements approved and observed by the
Board as at 30 June 2024. The statement has been approved by the Board.
CODE OF ETHICS
The Board has documented a code of ethics, which can be found at https://www.metodayinvestors.com/
corporate-governance/, detailing the ethical standards to which Me Today Limited’s directors and employees
are expected to adhere.
ROLE OF THE BOARD
The Board assumes the following primary responsibilities:
• formulation and approval of the strategic direction, objectives and goals of the Company;
• monitoring the financial performance of the Company, including approval of the Company’s financial
statements;
• ensuring that adequate internal control systems and procedures exist and that compliance with these
systems and procedures is maintained;
• review of performance and remuneration of directors and executive officers; and
• establishment and maintenance of appropriate ethical standards for the Company to operate by.
A formal Governance Code, which can be found at https://www.metodayinvestors.com/corporategovernance/,
has been adopted by the Board and outlines directors’ responsibilities. The Board internally evaluates its
performance and continues to assess the size, diversity and skills of the Board.
Directors seek appropriate training opportunities as required.
BOARD COMPOSITION
In accordance with the Company’s constitution the Board will comprise not less than three directors. The
Board will be comprised of a mix of persons with complementary skills appropriate to the Company’s
objectives and strategies.
The Board currently comprises seven directors, three of whom are Independent.The Board considers that,
although it does not have a majority of independent Board members per the NZX Corporate Governance
Code Recommendation, it has the right balance for the current size and structure of the Company.
Independence of directors is assessed against the requirements of the NZX Listing Rules, the factors set out in
the NZX Corporate Governance Code and the factors included in the Company’s Governance Code.
As set out above, Hannah Barrett, Roger Gower and Antony Vriens are considered by the Board to be
independent directors, as defined under the NZX Listing Rules, as at 30 June 2024. This determination has been
made on the basis that neither H Barret, R Gower or A Vriens are employees of the Group, nor do they have
any ‘Disqualifying Relationship’ as that term is defined in the Listing Rules.
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51
Although the Chair of the Board is not Independent, the Board considers that for the size and structure of
the Company, an Independent Chair is not required at this time. The positions of the Chair and CEO of the
Company are held by different people.
BOARD MEETINGS
The board aims to meet at least 11 times each year for scheduled meetings. Additional meetings are held
where specific matters require attention between scheduled meetings. Board meetings are used to monitor,
challenge, develop and fully understand business and operational issues.
The following table shows director attendance at meetings during the 12 month period ended 30 June 2024.
BoardAudit, Finance & Risk Committee
G Baker10n/a
H Barrett103
R Gower94
M Kerr93*
R Pearson10n/a
S Sinclair104
A Vriens9n/a
* M Kerr attended whilst CEO* M Kerr attended whilst CEO
CRITERIA FOR BOARD MEMBERSHIP
When a vacancy arises, the Board will identify candidates with a mix of diversity, capabilities and perspectives
considered necessary for the Board to carry out its responsibilities effectively. A director appointed by the
Board must stand for election at the next Annual Meeting. No director shall hold office (without re-election)
past the third annual meeting following that director’s appointment or three years, whichever is longer.
Retiring directors are eligible for re-election.
BOARD COMMITTEES
The Board has established an Audit, Finance and Risk Committee and a Remuneration, Nomination and Health
& Safety Committee.
The Audit, Finance and Risk Committee operates under a Charter approved by the Board and is accountable
to the Board for: the business relationship with, and the independence of, external auditors; the reliability and
appropriateness of the disclosure of the financial statements and external financial communication; and the
maintenance of an effective business risk management framework including compliance and internal controls.
The Audit, Finance and Risk Committee is chaired by Roger Gower with Stephen Sinclair, Hannah Barrett as
members. Mr Gower and Ms Barrett are independent directors. The CEO and other employees attend Audit,
Finance & Risk Committee meetings by invitation.
The performance of the Audit, Finance and Risk Committee is reviewed annually by the Board against the
Committee’s Charter.
The Audit, Finance and Risk Committee Charter contains a framework for the Company’s relationship with its
external auditors.
The framework for the Company’s internal audit function is also outlined in the Committee Charter.
The external auditor was invited to the 2023 Annual Meeting.
The Remuneration, Nominations and Health & Safety Committee operates under a Charter approved by
the Board. The role of the Remuneration, Nominations and Health & Safety Committee is to consider the
appointment of any future directors and their suitability to hold that position, the employment of senior
executive employees of the Company, and reviewing Health & Safety policies to ensure the Company is
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Corporate Governance & Company Directory
providing a safe working environment for all employees and contractors. The Remuneration, Nominations
and Health & Safety Committee is also responsible for considering the remuneration to be paid to executive
employees and directors.
During the period under review, given the current size of the Board and composition of the sub committees,
the Board incorporated all matters of the Remuneration, Nominations and Health & Safety Committee
as a separate part of Board meetings and accordingly the full Board are in practice the members of the
committee.
Employees who are not members of the Remuneration, Nominations and Health & Safety Committee attend
meetings by invitation.
Consideration has been given as to whether any other Standing Board Committees are appropriate, and it has
been determined that they are not required.
TRADING IN SHARES
The Company has a detailed Financial Markets Trading Policy applying to all directors and employees which
can be found at https://www.metodayinvestors.com/corporate-governance/. The procedures outlined in this
policy must be followed by all directors and employees to obtain consent to trade in the Group’s shares, at all
times. Under the policy, trading restrictions (blackout periods) apply:
• two weeks before 31 December until 48 hours after the half-year results are released to NZX;
• two weeks before 30 June 48 hours after the full-year results are released to NZX; and
• 30 days prior to release of an offer document (such as a product disclosure statement or prospectus) for a
general public offer of the same class of shares.
Outside the black-out periods specified above, dealing is subject to the notification and consent requirements
outlined in the policy.
MAKE TIMELY AND BALANCED DISCLOSURE
The Company has in place procedures designed to ensure compliance with the NZX Listing Rules such that
all investors have equal and timely access to material information concerning the Company, including its
financial situation, performance, ownership and governance.
Company announcements are factual and presented in a clear and balanced way.
Significant market announcements, including the preliminary announcement of the half year and full year
results, and the financial statements for those periods, require review by the Board prior to release.
The Group’s Market Disclosure Policy to ensure it complies with its continuous disclosure obligations at all
times can be found at https://www.metodayinvestors.com/corporate-governance/.
HEALTH AND SAFETY
The Group’s Board is responsible for oversight of the Company’s health and safety risks. Creating a safe
working environment for any employees or contractors is a key focus. Health and safety issues are a separate
agenda item on every Board meeting where the Board monitors, supports and completes its own due
diligence on the health and safety practices.
DIVERSITY POLICY
The Group recognises the wide-ranging benefits that diversity brings to an organisation. The Company
endeavours to incorporate diversity to ensure a balance of skills and perspectives are available to benefit
our shareholders, which is reflected in the Company’s Diversity Policy, which can be found at https://www.
metodayinvestors.com/corporate-governance/. The Board reviews the effectiveness of the Diversity Policy
annually.
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53
REMUNERATION POLICY
The Company has a Remuneration Policy contained in the Company’s Governance Code. Director
remuneration is recommended to Shareholders in a transparent manner.
MAJOR DECISIONS
Shareholders have a right under the NZX Listing Rules to vote on major decisions that may change the nature
of the Company.
SHAREHOLDER COMMUNICATION
Shareholders can elect to receive communications electronically. As a small company, Me Today only holds
either in person or online Annual Meetings, due to the costs associated with hybrid meetings.
TAKEOVER RESPONSE POLICY
The Company has a Takeover Response Policy within the Company’s Governance Code.
ADDITIONAL EQUITY CAPITAL
The last capital raise was a pro rata offer.
As at 30 June 2024, the gender balance of the Company’s directors and officers was as follows:
20242023
FemaleMaleFemaleMale
Directors1616
Officers (excluding directors)----
Total1616
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Corporate Governance & Company Directory
CORPORATE GOVERNANCE BEST PRACTICE CODE
The Group has followed the recommendations in the NZX Corporate Governance Code in all material aspects,
with the following exceptions:
ReferenceRecommendation
Alternative Governance Practice and Reason
for the Practice
Recommendation 2.3An issuer should enter into written
agreements with each newly appointed
director establishing the terms of their
appointment.
The directors are appointed pursuant to the listing
rules, shareholder approval and the Companies Act.
Written terms of appointment will be put in place
with any new directors.
Recommendation 2.8A majority of the Board should be
independent directors.
The Board considers that, although it does not
have a majority of independent Board members, it
has the right balance for the current needs of the
Company.
Recommendation 2.9An issuer should have an independent
chair of the Board. If the chair is not
independent, the chair and the CEO
should be different people.
Grant Baker, the current chair is not considered
to be an independent director as MTL Securities
Limited, a company in which he is a director, and
The Baker Investment Trust No 2, of which he is a
Trustee, are both substantial product holders of Me
Today. Mr Baker has been appointed as Chair due
to the level of expertise that he brings in relation to
the Company’s current growth focus.
Recommendation 3.1An issuer’s audit committee should
operate under a written charter.
Membership on the audit committee
should be majority independent and
comprise solely of non-executive directors
of the issuer. The chair of the audit
committee should be an independent
director and not the chair of the Board.
The current members of the Audit and Risk
Committee are Roger Gower (Chair), Hannah
Barrett and Stephen Sinclair. Stephen Sinclair is
an executive director. The current composition of
the Audit and Risk Committee is considered to be
appropriate given the size of the organisation and
Board.
Recommendations
3.3 and 3.4
At least the majority of the remuneration
committee should be independent
directors.
At least the majority of the nomination
committee should be independent
directors.
Because the Board does not have a majority
of independent directors, the majority of the
Remuneration, Nominations and Health & Safety
Committee is not independent.
Recommendation 4.4An issuer should provide non-financial
disclosure at least annually, including
considering environmental, social
sustainability and governance factors
and practices. It should explain how
operational or non-financial targets are
measured. Non-financial reporting should
be informative, include forward looking
assessments, and align with key strategies
and metrics monitored by the Board.
Me Today has provided limited reporting on
environmental, economic and social sustainability
factors to date while it focuses on growing sales.
The wellbeing of its customers, employees and
other stakeholders is important to Me Today, as is its
social responsibility and environmental impact. The
Company will implement and report on appropriate
non-financial measures in future periods.
Recommendation 8.5The Board should ensure that the notices
of annual or special meetings of quoted
equity security holders is posted on the
issuer’s website as soon as possible and
at least 20 working days prior to the
meeting.
The notice of the Special Meeting was released The notice of the Special Meeting was released
on 23 February 2024, being 10 workings days prior on 23 February 2024, being 10 workings days prior
to the meeting held on 8 March 2024. The shorter to the meeting held on 8 March 2024. The shorter
period was required to ensure critical material period was required to ensure critical material
relevant to the meeting was completed for release. relevant to the meeting was completed for release.
Shareholder
& Statutory
Information
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56
Shareholder & Statutory Information
Statutory Information
FOR THE YEAR ENDED 30 JUNE 2024
Stock exchange listing
The Company’s shares are listed on the NZX Market (“NZX”). As at 12 August 2024 the Company had
54,320,096 ordinary shares on issue (30 June 2024: 54,320,096 ordinary shares).
Distribution of security holders
Details of the distribution of ordinary shares amongst shareholders as at 12 August 2024 are set out below
Number of Security HoldersNumber of Securities
Size of HoldingNumber%Number%
1-999406 52.86% 103,218 0.19%
1,000-4,999192 25.00% 418,048 0.77%
5,000-9,99936 4.69% 252,535 0.46%
10,000-49,99989 11.59% 1,750,830 3.22%
50,000-99,99919 2.47% 1,226,008 2.26%
100,000 or more26 3.39% 50,569,457 93.10%
768 100.00% 54,320,096 100.00%
20 largest shareholdings
The 20 largest shareholdings as at 12 August 2024 are provided in the table below.
NameNo. of shares% of voting Shares
Baker Investment Trust No 2 20,184,915 37.16%
The Sinclair Investment Trust 7,684,915 14.15%
MTL Securities Limited 6,846,137 12.60%
Custodial Services Limited 3,191,824 5.88%
New Zealand Depository Nominee Limited 3,073,059 5.66%
M & N Kerr Holdings Limited 1,505,170 2.77%
James Patrick Keogh 1,421,086 2.62%
Terrence Wayne Jarvis & Jarvis Burnes Trustee Limited 1,392,045 2.56%
Rewi Hamid Bugo 1,281,304 2.36%
Brendon Jon Lindsay & Jeffrey John Parsonson & Wayne Derek Anderson
& Simon Middleton Palmer
729,727 1.34%
Antony Vriens 550,345 1.01%
David Christopher Smith & Jacqueline Mary Smith 350,000 0.64%
JP Morgan Chase Bank Na NZ Branch 298,040 0.55%
Mei Mei Limited 217,423 0.40%
Roger Hamilton Gower & Deborah Lynda Gower 201,629 0.37%
Marvel Fantasy Limited 200,000 0.37%
Hannah Mariah Barrett 194,503 0.36%
Ilakolako Investments Limited 178,023 0.33%
Sean Robert Joyce 169,259 0.31%
Lovepreet Singh 162,500 0.30%
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Substantial product holders
As at 30 June 2024 the following persons were substantial product holders according to the Group’s records
and disclosures under the Financial Markets Conduct Act 2013.
NameNo. of Shares
% of total shares issued
Trustees of the Baker Investment Trust No 223,876,955 43.96%
Trustees of the Sinclair Investment Trust10,616,972 19.55%
MTL Securities Limited6,846,137 12.60%
The numbers of shares and percentage holdings represent the substantial product holders’ relevant interest in
the Company’s ordinary shares, and not necessarily their registered shareholdings.
Directors
The names of the Directors of Me Today Limited and its subsidiaries holding office during the year are:
Me Today LimitedG Baker
H Barrett
R Gower
M Kerr
R Pearson
S Sinclair
A Vriens
The Good Brand Company Limited
King Honey Limited
G Baker
M Kerr
S Sinclair
Me Today NZ Limited
Me Today Manuka Honey Limited
Today Limited
Me Today USA Inc.
Pure Manuka Limited
King Honey Health Products Limited
Bee Plus Manuka NZ Limited
Me Today China Limited
M Kerr
S Sinclair
Me Today UK Group Limited
M Kerr
S Sinclair
L Seaton (ceased October 2023)
Me Today EU Limited
M Kerr
S Sinclair
T O’Leary
Me Today AU LimitedM Kerr
S Sinclair
F Henderson
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Shareholder & Statutory Information
Independent directors
The Board consider H Barrett, R Gower and A Vriens to be independent directors, as defined under the NZX
Listing Rules, as at 30 June 2024. This determination has been made on the basis that H Barrett, R Gower and
A Vriens are not employees of the Group, nor do they have any ‘Disqualifying Relationship’ as that term is
defined in the Listing Rules.
Directors’ relevant interest in equity securities
As at 30 June 2024 the directors of the Group held the following relevant interests in equity securities issued by
the Company.
NameNumber of shares
G Baker 23,876,955
H Barrett194,503
R Gower201,629
M Kerr1,727,170
R Pearson217,423
S Sinclair10,616,972
A Vriens550,345
Directors’ remuneration
Details of the nature and the amount of remuneration of each director for the year ended 30 June 2024 are:
Directors’ fees
NZ$
Salary
NZ$
Consulting fees
NZ$
Total
NZ$
Directors of parent company and
group
G Baker (Chairman)23,750 - -
23,750
H Barrett37,500- -
37,500
R Gower37,500- -
37,500
M Kerr - 218,643 -
218,643
R Pearson37,500 - -
37,500
S Sinclair (CEO)*18,750 - 125,000
143,750
A Vriens37,500 - -
37,500
192,500 218,643 125,000 536,143
Directors of subsidiaries
F Henderson10,746
T O'Leary10,151
20,897
* S Sinclair replaced M Kerr as CEO in March 2024
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Chief Executive Officer’s (‘CEO’s’) remuneration
A company owned by S Sinclair receives $125,000 annually in consulting fees as remuneration for his role as
CEO. He also receives $19,000 annually in directors fees. He receives no other remuneration of benefits in his
role as CEO.
Former CEO M Kerr, now Founder, received $218,643 in annual salary.
Remuneration of employees
The number of employees, including former employees, not being directors disclosed in the Directors’
renumeration section above, within the Group, who received remuneration and other benefits above $100,000
for the year ended 30 June 2024 are:
Number of employees
$110,001 - $120,0001
$150,001 - $160,0001
$160,001 - $170,0001
$170,001 - $180,0001
$210,001 - $220,0002
Interests register
The following entries were made in the interest register during the year ended 30 June 2024:
The directors provided the following disclosure of interests in which, due to the nature of their relationship,
may be related parties to Me Today Limited.
Grant BakerNature of interest
Baker Consultants LimitedDirector / Shareholder
MTL Securities LimitedDirector
Velocity Capital GP LimitedDirector / Shareholder
Baker Investment Trust No 2Trustee
The trustees of the Baker Investment Trust No 2 subscribed for 20,937,500 shares in Me Today’s rights issue at
the issue price of 8 cents per share and as part of the intended winding-up of MTL Securities Limited directed
that 752,585 shares be issued to M&N Kerr Holdings Limited, resulting in 20,184,915 shares being held by the
trustees as registered holder. This issue was approved by shareholders for the purposes of rule 7(d) of the
Takeovers Code at the special meeting of shareholders of Me Today held on 8 March 2024.
In addition, the trustees are entitled to the transfer of 3,692,080 shares in MTL Securities Limited on completion
of the winding-up of MTL Securities Limited (which has not yet occurred). This intended transfer was approved
for the purposes of rule 7(c) of the Takeovers Code at the special meeting of shareholders held on 8 March
2024.
Hannah BarrettNature of interest
BB Promotions LimitedShareholder
Hannah Barrett acquired 156,250 shares under the March 2024 rights issue for $0.08 each.
Hannah Barrett received $6,250 for providing marketing services to the Group.
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Shareholder & Statutory Information
Roger GowerNature of interest
Roger Gower and Associates LimitedDirector / Shareholder
Roger Gower acquired 156,250 shares under the March 2024 rights issue for $0.08 each.
Michael KerrNature of interest
The Good Brand Company LimitedEmployee
M & N Kerr Holdings LimitedDirector / Shareholder
MTL Securities Limited Director
Michael Kerr is entitlement to the transfer of 222,222 shares from MTL Securities Limited in conjunction with the
intended winding-up of MTL Securities Limited. The intended transfer was approved by shareholders of Me
Today at the special meeting held on 8 March 2024.
Richard PearsonNature of interest
Mei Mei LimitedDirector / Shareholder
New Image InternationalDirector
MTL Securities Limited Director
Richard Pearson acquired 156,250 shares under the March 2024 rights issue for $0.08 each.
Stephen SinclairNature of interest
MTL Securities Limited Director
Stephen Sinclair Consulting LimitedDirector / Shareholder
Velocity Capital GP LimitedDirector / Shareholder
Sinclair Investment TrustTrustee
The trustees of the Sinclair Investment Trust subscribed for 8,437,500 shares in Me Today’s March 2024 rights
issue at the issue price of 8 cents per share and as part of the intended winding-up of MTL Securities Limited
directed that 752,585 shares be issued to M&N Kerr Holdings Limited, resulting in 7,684,915 shares being held
by the trustees as registered holder. This issue was approved by shareholders for the purposes of rule 7(d) of
the Takeovers Code at the special meeting of shareholders of Me Today held on 8 March 2024
In addition, the trustees of the Sinclair Investment Trust are entitled to the transfer of 2,932,057 shares in MTL
Securities Limited on completion of the winding-up of MTL Securities Limited (which has not yet occurred).
This intended transfer was approved for the purposes of rule 7(c) of the Takeovers Code at the special meeting
of shareholders held on 8 March 2024.
Antony Vriens
Antony Vriens acquired 468,750 shares under the March 2024 rights issue for $0.08 each.
In addition, Directors disclosed the following interests during the period the Group has provided insurance
for, and indemnity to, directors and employees of the Company and its subsidiaries for losses from actions
undertaken in the course of their duties, unless the liability related to conduct involving lack of good faith.
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Auditor
BDO Auckland is the auditor for the Group. Audit fees due and payable to the auditor (excluding GST) during
the year were $139,000.
Donations
No donations were paid by the Group during the year.
NZX Waivers
There are no NZX waivers relied upon during the year.
Lawyers
Chapman Tripp
Level 34, PWC Tower
15 Custom Street West
Auckland 1010
New Zealand
Bankers
BNZ
Deloitte Building
80 Queen Street
Auckland 1010
New Zealand
Company directory
Postal Address
PO Box 109047
Newmarket
Auckland 1023
Auditor
BDO Auckland
4 Graham Street
Auckland
New Zealand
Share Registry
Computershare Investor Services Limited
159 Hurstmere Road
Takapuna
Auckland
Private Bag 92119
Auckland 1142
New Zealand
Registered Office
Level 1, 25 Broadway
Newmarket
Auckland 1141
New Zealand
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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