AFC Group Holdings Limited (AFC) Releases Interim Results

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer AFC Group Holdings Limited
Reporting Period 6 months to 30 September 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$402 (18%)
Total Revenue $402 (18%)
Net profit/(loss) from
continuing operations
($98)
(1%)
Total net profit/(loss) ($157) (25%)
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay any dividends for the period ended 30
September 2024
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable

Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.00007661 $0.00007089
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood

AFC Group reports a revenue of NZ$402 thousand during the six-
month period, which was 18% lower than the prior six-month
period ended 30 September 2023. The primary reason for this is
the decline in revenue from domestic wines sales. Accordingly, the
Company has begun to focus on strengthening collaboration with
our local distributor to promote sales. The partnership is expected
to boost domestic sales in the second half year.

In the six months to 30 September 2024, AFC Group produced a
net loss of NZ$157 thousand for this period due to lower revenue.
This compares with a net loss of $126 thousand for the prior
comparable period. The net assets of AFC Group were NZ$271
thousand, with a 37% down from the annual position as at 31
March 2024.

This results announcement should be read in conjunction with
the unaudited consolidated financial statements for the six
months ended 30 September 2024.

Authority for this announcement
Name of person authorised
to make this announcement
Jenny Liang
Contact person for this
announcement
Jenny Liang
Contact phone number +64 9 3006 268
Contact email address Jenny.liang@afcnz.com
Date of release through MAP 29/11/2024

Unaudited financial statements for the six months ended 30 September 2024 accompany
this announcement.

---

AFC GROUP HOLDINGS LIMITED
(Listed on the NZX: AFC)
Level 15, Tower 2, 205 Queen Street
Auckland CBD,1010
Ph: +64 (09) 300-6268


AFC Group Holdings Limited (AFC) Releases Interim Results

AFC Group Holdings Limited (AFC Group) reports its financial results for the six-
months ended 30 September 2024. The interim financial statements for the period have
not been audited.

Financial Results Summary

AFC Group reports a revenue of NZ$402 thousand during the six-month period, which
was 18% lower than the prior six-month period ended 30 September 2023. The primary
reason for this is the decline in revenue from domestic wines sales. Accordingly, the
Company has begun to focus on strengthening collaboration with our local distributor
to promote sales. The partnership is expected to boost domestic sales in the second half
year.

In the six months to 30 September 2024, AFC Group produced a net loss of NZ$157
thousand for this period due to lower revenue. This compares with a net loss of $126
thousand for the prior comparable period. No dividends have been declared or paid for
the six months ended 30 September 2024.

The net assets of AFC Group were NZ$271 thousand, with a 37% down from the
annual position as at 31 March 2024.

Principal Activities

AFC Group engages in a number of businesses in New Zealand, with subsidiaries
operating vineyard and winery, manufacture of skin care products, and international
marketing and distribution. Through years of efforts, the Group has developed a number
of well-known brands and products, such as DD Mask, Longview Estate White
Diamond Wine and so on. Meanwhile, AFC Group is committed to helping New
Zealand small and medium-sized enterprises (SMEs) gain access to the Chinese market
and provide them with more opportunities.

Review of Operations and Outlook

AFC Longview Limited (“AFCLV” and “Longview Estate”)

AFCLV has been focused on enhancing both productivity and market presence.
The Company has conducted ecological testing and restoration of its vineyards, with
plans to boost yields by strengthening vineyard planting management and sourcing
additional grapes externally to ensure a steady supply for production. To maximize
reach and drive sales, AFCLV is focused on strengthening its sales channels by

integrating export, local distributor, and online shop. Efforts are also underway to
increase customer engagement via targeted email campaigns, social media promotions,
and participation in wine exhibitions.

AFC Biotechnology Manufacture Co Ltd (“AFCBIO”)

AFCBIO has been partnered with an experienced domestic distributor to drive sales
of its flagship products: DDMASK rose water brightening facial mask and
DDMASK manuka honey moisturising smoothing facial mask. However, due to the
economic conditions, the sales were not as expected during the six-month period.
The Company will strength collaboration with the distributor to enhance sales performance.

AFC Group Holdings Limited(“AFC”)

AFC continues to explore new business ventures. The Company is progressing with
its mobile building project, having entered negotiations with potential clients and
initiated applications for Resource and Building Consents. While revenue from this
project will take time to materialize, the Company is optimistic about future growth
as these new opportunities develop.


The AFC Group is committed to advancing its strategic initiatives to improve
operational efficiency and financial performance. The Group will continue to focus on
enhancing its presence in the domestic and international markets and looks forward to
seizing new opportunities in the near future.



On behalf of the Board of Directors



Jenny Liang
CFO
AFC Group Holdings Limited

---

AFC GROUP HOLDINGS LIMITED
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS PERIOD ENDED 30 SEPTEMBER 2024

AFC GROUP HOLDINGS LIMITED
INTERIM CONSOLIDATED REPORT CONTENTS
FOR THE SIX MONTHS PERIOD ENDED 30 SEPTEMBER 2024
Page
Financial Statements
Interim Consolidated Statement of Comprehensive Income 3
Interim Consolidated Statement of Financial Position 4
Interim Consolidated Statement of Changes in Equity 5
Interim Consolidated Statement of Cash Flows6
Notes to the Interim Consolidated Financial Statements 7 - 21
Corporate Information22

Interim Report September 2024
Page 2

AFC GROUP HOLDINGS LIMITED
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
Unaudited Unaudited
6 Months6 Months
September 2024September 2023
$$
Operating Revenue
2
402,345 489,319
Cost of Sales(110,810)(102,716)
Gross profit291,535 386,603
Other Income
2
21,633 2,241
Expenses
Selling and Distribution Expenses
3
(59,456)(180,042)
Administration Expenses
3
(351,936)(308,050)
(98,224)(99,248)
Finance Income
2,079 1,031
Finance Expense
(60,767)(27,574)
(58,688)(26,543)
Profit / (Loss) before income tax(156,912)(125,791)
Income tax
Net profit / (loss) for the period(156,912)(125,791)
Other comprehensive income- -
Total comprehensive income / (loss) for the period(156,912)(125,791)
Equity holders of the parent(124,464)(79,316)
Non-controlling interest(32,448)(46,475)
(156,912)(125,791)
Profit / (loss) per share:
Basic and Diluted Earning per share in NZ$
5
(0.00003397)(0.00002165)
Operating profit / (loss)
Profit/(loss) and Total Comprehensive Income/(Loss)
Attributable to:
Theinterimfinancialstatementsaretobereadinconjunctionwiththenotestothefinancialstatementssetouton
pages 7 to 21.
Interim Report September 2024
Page 3

AFC GROUP HOLDINGS LIMITED
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
Unaudited Audited
At 30 SeptemberAt 31 March
20242024
Note
$$
SHAREHOLDERS EQUITY
Issued share capital628,679,503 28,679,503
Accumulated losses(27,637,820)(27,513,356)
1,041,683 1,166,147
Non-controlling Interest(770,215)(737,767)
Total shareholders funds 271,468 428,380
Represented by:
CURRENT ASSETS
Cash and cash equivalents73,206 26,181
Trade, other and related party receivables9102,060 14,446
Inventories8533,046 452,556
Prepayments and other current assets115,306 82,849
Total current assets753,618 576,032
NON-CURRENT ASSETS
Property, plant and equipment
101,377,640 1,382,719
Right-of-use assets
1123,719 44,049
Intangible assets and goodwill
12333 408
Total non-current assets1,401,692 1,427,176
Total assets2,155,310 2,003,208
CURRENT LIABILITIES
Trade, other and related party payables 131,784,081 1,457,804
Lease liabilities1133,314 45,698
Short-term Loan1437,447 37,447
Total current liabilities1,854,842 1,540,949
NON-CURRENT LIABILITIES
Borrowings
1429,000 29,000
Lease liabilities11- 4,879
Total non-current liabilities29,000 33,879
Total liabilities1,883,842 1,574,828
Net assets 271,468 428,380
Total Equity attributable to shareholders of
the company
Theinterimfinancialstatementsaretobereadinconjunctionwiththenotestothefinancialstatementsset
out on pages 7 to 21.
Interim Report September 2024
Page 4

AFC GROUP HOLDINGS LIMITED
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
Issued Share
Capital
Accumulated
Loss
Equity
Holders
Non-
Controlling
Interests
Total
$ $ $ $ $
Balance as at 1 April 202328,679,503 (27,505,871) 1,173,632 (799,163) 374,469
Comprehensive income
Net loss for the financial period- (79,316) (79,316) (46,475) (125,791)
Other comprehensive income- - - - -
Total comprehensive income/(loss)- (79,316) (79,316) (46,475) (125,791)
Balance as at 30 September 2023 (unaudited)28,679,503 (27,585,187) 1,094,316 (845,638) 248,678
Balance as at 1 April 202328,679,503 (27,505,871) 1,173,632 (799,163) 374,469
Comprehensive income
Net loss for the financial year-(7,485) (7,485) 61,396 53,911
Other comprehensive income- - - - -
Total comprehensive income- (7,485) (7,485) 61,396 53,911
Balance as at 31 March 2024(audited)28,679,503 (27,513,356) 1,166,147 (737,767) 428,380
Comprehensive income
Net loss for the financial period- (124,464) (124,464) (32,448) (156,912)
Other comprehensive income- - - - -
Total comprehensive income/(loss)- (124,464) (124,464) (32,448) (156,912)
Balance as at 30 September 2024 (unaudited)28,679,503 (27,637,820) 1,041,683 (770,215) 271,468
The interim financial statements are to be read in conjunction with the notes to the financial statements set out on pages 7 to 21.
Interim Report September 2024
Page 5

AFC GROUP HOLDINGS LIMITED
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2023
Unaudited Unaudited
6 Months6 Months
September 2024 September 2023
Note
$$
Cash flows from operating activities
Cash was received from:
Receipts from customers 31,352 20,961
Receipts from related parties283,379 476,993
Interest received2,079 1,031
Other receipts14,772 3,579
Cash was applied to:
Payments to suppliers and employees(368,980)(302,154)
Payments to related parties(166,197)(103,129)
Interest paid(2,417)(23,231)
Leases interest(2,275)(4,343)
Net cash inflow/(outflow) from operating activities(208,287)69,707
Cash flows from investing activities
Cash was received from:
Proceeds from disposal of property, plant and equipment-
-
Cash was applied to:
Purchase of property, plant and equipment(3,174.32)-
Net cash outflow from investing activities(3,174)-
Cash flows from financing activities
Cash was received from:
Proceeds from borrowings-
-
Receipts from related parties198,888
-
Cash was applied to:
Payments for lease liabilities principal
(17,263)(14,627)
Repayment borrowings
- (1,562)
Payments to related parties- (42,825)
Net cash inflow/(outflow) from financing activities181,625 (59,014)
(29,836)10,693
Foreign currency translation adjustment
6,861 (1,338)
Cash and cash equivalents at the beginning of the period
26,181 4,963
Cash and cash equivalents at the end of the period
73,206 14,318
Net increase/(decrease) in cash and cash equivalents
Theinterimfinancialstatementsaretobereadinconjunctionwiththenotestothefinancialstatementssetouton
pages 7 to 21.
Interim Report September 2024
Page 6

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
1.ACCOUNTING POLICIES
REPORTING ENTITY
1.1Statement of compliance
1.2 Basis of preparation
1.3 Significant accounting policies
AFC Group Holdings Limited (the“Company”)is a company incorporatedanddomiciledinNew Zealandandregisteredunderthe
Companies Act1993.The Companyis listedandits ordinary shares are quotedonthe NZX main board equity security market (NZX
main market)andthe addressesofits registered officeandprincipal placeofbusiness are disclosedinthe Corporate Information
sectionofthis report. The CompanyisanFMC Reporting Entityunderthe Financial Markets Conduct Act2013 andits financial
statements comply with the Companies Act 1993 and the Financial Markets Conduct Act 2013.
The interim consolidated financial statementsofAFC Group Holdings Limited for the six month periodended 30September2024
comprise the Companyandits subsidiaries (together referredtoasthe "Group"). For the purposesofcomplying with generally
accepted accounting practicein New Zealand ("NZ GAAP"), the Groupis a for-profit entity. The principal activityofthe Companyand
the Groupistoproduce, manufactureandpurchase food, health,andcosmetic products for distributioninNew Zealandandthe
Chinese markets. The Group also operates in the winery and vineyard industry which has manufacturing operations.
The condensed interim consolidated financial statements were approvedandauthorised for issuebythe directorson ____________.
The directors are not able to amend the financial statements after issue.
The interim consolidated financial statements are preparedona cost basis except for financial assets which are carriedatamortised
cost. The interim consolidated financial statements for the Group are presentedinNew Zealand dollars ($), whichis the functional
currency of all entities within the Group. All financial information has been rounded to the nearest dollar unless otherwise stated.
The preparationofthe interim financial statements requires managementto make judgements, estimatesandassumptions that affect
the reported amountsinthe interim financial statements. The estimatesandunderlying assumptions are basedonhistorical
experienceandadjusted for current market conditionsandother factors, including expectationsoffuture events that are considered
tobereasonableunderthe circumstances.If outcomes within the next financial period are significantly different from assumptions,
this could result in adjustments to carrying amounts of the asset or liability affected.
AFC Group Holdings Limitedhas appliedthe same accounting policiesandmethodsofcomputationinits interim consolidated
financial statements as were applied in the annual financial statements for the year ended 31 March 2024.
The interim financial statements arein respectofthe six months period 1 April2024to30September2024.The comparative period
is inrespectofthe six months period 1 April2023to30September2023.The year-end balance date willbe 31March2025 andfull
financial statements will cover the 12 months period 1 April 2024 to 31 March 2025.
These unaudited consolidated condensed interim financial statements(‘interimfinancialstatements’)havebeenpreparedin
accordance with New Zealand Generally Accepted Accounting Practiceandcomply with the requirementsofInternational Accounting
Standard (IAS)34Interim Financial Reportingandwith New Zealand EquivalenttoInternational Accounting Standard (NZ IAS)34
Interim Financial Reporting and the NZX Main Board Listing Rules.
The interim financial statementsdo notincludeallthe notesofthe type normally includedin an annualfinancial report. Accordingly,
these interim financial statements shouldbereadinconjunction with the audited consolidated financial statements for the period
ended 31March2024 and any publicannouncements madebythe Group during the interim reporting periodand uptothe dateof
these interim financial statements.
These consolidated financial statements havebeenpreparedinaccordance withNZGAAP. These consolidated financial
statements comply with New Zealand EquivalentstoInternational Financial reporting Standards ("NZ IFRS")andother applicable
Financial Reporting Standards, as appropriate for profit oriented entities.
Interim Report September 2024
Page 7
29/11/2024

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
2.Revenue
September
2024
September
2023
NoteNZ$NZ$
Operating revenue
Sales - wine products375,519 430,748
Sales - cosmetic products26,713 58,461
Sales - other products113 111
Total operating revenue402,345 489,319
Other Income21,633 2,241
Total Other Income21,633 2,241
Total Income423,978 491,560
3.Expense
September
2024
September
2023
NoteNZ$NZ$
Included in Selling and Distribution Expenses
Business Events
2,730 3,516
Freight and Courier
1,662 1,887
Salaries and Sales Commission
55,063 174,192
Other expense
- 446
Total Selling and Distribution Expenses
59,456 180,042
Included in Administration Expenses
Salaries
117,982 66,565
Consulting & Accounting
44,725 54,075
Audit Fees
35,251 34,931
Depreciation
21,217 22,206
Share Registry & listing Costs
18,534 19,887
Management fee
16,667 20,000
Storage fee
9,609 6,200
Rent
9,283 10,042
Licences & Subscriptions
9,285 10,441
Insurance
5,332 7,825
Other expenses
64,052 55,878
Total Administration Expenses
351,936 308,050
Finance costs:
Interest paid on borrowings from related parties56,075 17,384
Lease interest2,275 4,343
Other interest paid2,417 5,724
60,767 27,451
Profit / (Loss) before income tax has been
Interim Report September 2024
Page 8

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
4. INCOME TAX
5.EARNINGS PER SHARE
September
2024
September
2023
NZ$NZ$
Basic earnings per share
Profit/ (Loss) after taxation attributable to equity holders of the parent
(124,464) (79,316)
3,664,253,194 3,664,253,194
Basic and Diluted Earning per share in NZ$(0.00003397) (0.00002165)
6.AUTHORISED AND ISSUED SHARE CAPITAL
Balance as at 31 March 2023
Shares Issued
No.
$
Ordinary shares
Balance at 1 April 2023
Ordinary shares on issue3,664,253,194 28,679,577
Treasury shares
(37,082)(74)
Ordinary shares on issue at 1 April 2023 excluding treasury shares
3,664,216,112 28,679,503
Movement for 2024 financial year
Ordinary shares authorised and issued- -
Ordinary shares on issue at 31 March 2024
3,664,216,112 28,679,503
Movement to 30 September 2024
Ordinary shares authorised and issued
- -
Ordinary shares on issue at 30 September 2024 excluding treasury shares
3,664,216,112 28,679,503
Theearningsandweightedaveragenumberofordinarysharesusedinthecalculationofbasicearningspershareareas
follows:
TheGroupcalculatestheperiod'sincometaxexpenseusing28%whichisthetaxratethatwouldbeapplicabletothe
expected total annual earnings (September 2023: 28%).
TheGrouphasanunusedtaxlossesof$1,459,508boughtforwardfrom31March2024.Lossescanbecarriedforward
indefinitelyunderNewZealandtaxlaw(assumingshareholdercontinuityrequirementsaremetandapprovaloftheInland
Revenue Department is obtained).
TheGrouphasnotrecognisedadeferredtaxassetonitsStatementofFinancialPositionasatreportingdate.Indeciding
whethertorecognisethedeferredtaxassets,theGrouphasdeterminediftheutilisationofdeferredassetsisprobableand
whetheritislikelythatsufficientandsuitabletaxableprofitswillbeavailableinthefutureagainstwhichthereversalof
temporary differences can be deducted.
TheGrouphasnotissuedanynewsharesduringtheperiod.Allordinarysharesissuedarefullypaid.Allordinaryshares
rankequallywithonevoteattachedtoeachfullypaidordinaryshareandhaveequaldividendrightsandnoparvalue.The
Group has not declared or proposed to pay any dividends for the period ended 30 September 2024 (September 2023: Nil).
Treasurysharesarethosesharesacquiredbythecompanyfromshareholderswhoexercisedtheirminoritybuybackrightsat
thetimeshareswereissuedtoNZSilverayGroupLimited.Thesesharesareheldbythecompanyuntilthedirectorsresolve
toreissuethesharesortocanceltheshares.Atreportingdate,thecompanyheld37,082treasuryshareswhichwere
acquired during 2016.
Weighted average number of ordinary shares on issue
Therehavebeennoothertransactionsinvolvingordinarysharesorpotentialordinarysharesbetweenthereportingdateand
the date of authorisation of these financial statements.
Interim Report September 2024
Page 9

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
7.CASH AND CASH EQUIVALENTS
SeptemberMarch
20242024
$$
Cash at bank and on hand3,206 26,181
Total cash and cash equivalents3,206 26,181
8.INVENTORIES
SeptemberMarch
20242024
$$
Work in progress
184,051 155,078
Finished goods
556,720 506,226
Provision for inventory
(207,725)(208,748)
Total Inventories
533,046 452,556
Provision of closing stock
Opening provision of closing stock
(208,748)(257,263)
Reversal of opening provision for inventory
- -
Released/(Charged) to profit & loss
1,023 48,515
Closing provision for closing stock
(207,725)(208,748)
9.
TRADE, OTHER AND RELATED PARTY RECEIVABLES
SeptemberMarch
20242024
Note
$$
Trade receivables - third parties13,810 14,460
Trade receivables - related parties
15
88,250 -
102,060 14,460
Allowance for impairment losses- (14)
Total trade and related party receivables
102,060 14,446
Tradedebtorsarenon-interestbearingandreceiptisnormallyon30daysterms.Relatedpartyreceivablesarenon-interest
bearing and repayable on demand as disclosed in note 15.
Thecarryingamountofcashandcashequivalentsapproximatestheirfairvalue.Cashatbankearnsinterestatfloatingrates
on daily deposit balances. Cash and cash equivalents consist of bank accounts and petty cash.
Inventory of $207,725 has been written down to net realisable value/lower of cost (31 March 2024: $208,748).
Assessingwritedownsforinventoryobsolescenceandnetrealisablevalueinvolvesmakingestimatesandjudgementsin
relation to future selling prices between the most recent store stock counts and reporting date.
Interim Report September 2024
Page 10

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
9.
TRADE, OTHER AND RELATED PARTY RECEIVABLES(contiued)
SeptemberMarch
20242024
Movement in the allowance for impairment losses
$$
Opening Balance 1 April
14 8
Reversal of prior year provision
(1)(8)
- 14
13 14
TheGroupestablishesanallowanceforimpairmentthatrepresentsitsestimateofincurredlossesinrespectoftradeand
relatedpartyreceivables.Themaincomponentofthisallowanceisaspecificlosscomponentthatrelatestoindividually
significantexposures,andacollectivelosscomponentestablishedforgroupsofsimilarassetsinrespectoflossesthathave
beenincurredbutnotyetidentified.Thecollectivelossallowanceisdeterminedbasedonhistoricaldataofpaymentstatistics
for similar financial assets.
Thedirectorsconsiderthatthereisnomaterialdifferencebetweenthecarryingvalueandfairvalueoftradedebtorsand
relatedpartyreceivables.TheGroup'smanagementconsidersthatallfinancialassetsthatarenotimpairedorpastduefor
eachofthereportingdatesunderreviewareofgoodcreditquality.Thedirectorsalsoconsiderthatthereceivablesthatare
past due and not impaired are fully recoverable.
Charge for the financial year
Closing Balance 30 September/31 March
Interim Report September 2024
Page 11

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
10.
PROPERTY, PLANT AND EQUIPMENT
Land Buildings
Land
Improvements
Plant &
Equipment
Motor
Vehicles
Computer
Equipment
Fixture &
Fittings,
Office
Equipment
Bearer
Plants -
Grape Vines
Total
$$$$$$$$$
As at 31 March 2024
Cost
Cost as at 1 April 2023
320,000 905,200 50,000 303,949 76,135 19,159 32,447 80,000
1,786,890
Additions - - - 1,906 - 1,645 - - 3,552
Disposal- - - - - - - - -
Impairment- - - - - - - - -
Prior period correction- - - - - - - - -
Written off- - - - - - - - -
Cost as at 31 March 2024320,000 905,200 50,000 305,855 76,135 20,803 32,447 80,000 1,790,443
Accumulated Depreciation
- (14,477)- (229,744)(66,043)(17,130)(28,700)(33,647)
(389,741)
- (1,901)- (8,616)(1,304)(1,357)(1,324)(3,477)
(17,979)
- - - - - - - -
-
- - - - - - - -
-
Impairment
- - - - - - - -
-
- (16,377)- (238,360)(67,347)(18,487)(30,024)(37,125)(407,721)
Carrying Amount
Cost
320,000 905,200 50,000 305,855 76,135 20,803 32,447 80,000 1,790,440
- (16,377)- (238,360)(67,347)(18,487)(30,024)(37,125)
(407,721)
320,000 888,823 50,000 67,494 8,788 2,316 2,423 42,875 1,382,719
As at 30 September 2024
Cost
Cost as at 1 April 2024
320,000 905,200 50,000 305,855 76,135 20,803 32,447 80,000
1,790,440
Additions
- - - - 3,174 - - -
3,174
Impairment
- - - - - - - -
-
Disposal
- - - - - - - -
-
Cost as at 30 September 2024320,000 905,200 50,000 305,855 79,309 20,803 32,447 80,000 1,793,614
Accumulated Depreciation
- (16,377)- (238,360)(67,347)(18,487)(30,024)(37,125)(407,721)
- (894)- (3,897)(951)(579)(324)(1,608)(8,252)
disposal
- - - - - - - -
-
- (17,272)- (242,257)(68,298)(19,066)(30,348)(38,733)(415,973)
Carrying Amount
Cost
320,000 905,200 50,000 305,855 79,309 20,803 32,447 80,000 1,793,613.91
- (17,272)- (242,257)(68,298)(19,066)(30,348)(38,733)
(415,973.32)
320,000 887,928 50,000 63,598 11,011 1,737 2,099 41,267 1,377,640
Depreciationchargeforthe
period
Accumulated Depreciation at
30 September 2024
Accumulated Depreciation
Carrying Amount 30
September 2024
Accumulated Depreciation at 1
April 2023
Depreciation charge for the year
Accumulated Depreciation at
31 March 2024
Accumulated Depreciation
Carrying Amount 31 March
2024
Accumulated Depreciation at 1
April 2024
Disposal
Prior period correction
Interim Report September 2024
Page 12

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
11.RIGHT-OF-USE ASSETS
11.1Right-of-use assets
Buildings
At 1 April 2023
84,710
Termination of lease
-
Addition of lease
-
Depreciation
(40,661)
At 31 March 2024
44,049
At 1 April 2024
44,049
Depreciation
(20,330)
Addition
-
disposal
-
At 30 September 2024
23,719
11.2Lease liabilities
Buildings
At 1 April 2023
90,567
Termination of lease
-
Addition of lease liabilities
-
Lease interest
7,643
Lease payments
(47,632)
At 31 March 2024
50,577
Lease liabilities
Current lease liabilities45,698
Non-current lease liabilities4,879
Total lease liabilities
50,577
At 1 April 2024
50,577
Lease interest
2,275
Lease payments
(19,538)
At 30 September 2024
33,314
Lease liabilities
Current lease liabilities
33,314
Non-current lease liabilities
-
Total lease liabilities
33,314
TheGroupterminatedtwoleasedpropertiesandleasesonenewpropertyinNewZealand.Theperiodicrentisfixed
over the lease term.
31 March 2024
30 September 2024
31 March 2024
30 September 2024
Interim Report September 2024
Page 13

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
12.INTANGIBLE ASSETS
TrademarksTotal
Period ended 31 March 2024
$$
Cost
Cost as at 1 April 20231,500 1,500
Additions- -
Cost as at 31 March 20241,500 1,500
Accumulated Amortisation
Accumulated amortisation 1 April 2023
(942)(942)
Amortisation for the year
(150)(150)
Accumulated amortisation as at 31 March 2024
(1,092)(1,092)
Carrying Amount
Cost 1,500 1,500
Accumulated amortisation
(1,092)(1,092)
Carrying Amount 31 March 2024
408 408
Period ended 30 September 2024
Cost
Cost as at 1 April 20241,500 1,500
Additions - -
Cost as at 30 September 20241,500 1,500
Accumulated Amortisation
Accumulated amortisation 1 April 2024
(1,092)(1,092)
Amortisation for the period
(75)(75)
Accumulated amortisation as at 30 September 2024
(1,167)(1,167)
Carrying Amount
Cost 1,500 1,500
Accumulated amortisation
(1,167)(1,167)
Carrying Amount 30 September 2024333 333
13.TRADE, OTHER AND RELATED PARTY PAYABLES
SeptemberMarch
20242024
Note
$$
Trade payables
273,217 97,807
Accruals
88,216 125,372
Related party payables
15 1,396,617 1,215,371
Other payables
19,940 19,254
GST payable
6,092 -
1,784,081 1,457,804
ThenormaltradecredittermsgrantedtotheGrouprangefrom30to90days.Thetradepayablesareunsecuredand
non-interest bearing. The carrying amount disclosed above is a reasonable approximation of fair value.
Amortisationandimpairmentchargesof$75arerecognisedunderadministrationexpensesintheStatementof
Comprehensive Income.
TherelatedpartyadvanceswithNZSilverayGroupLimitedandHaoLongareinterestbearingadvanceswithinterest
beingchargedat10.08%-13.70%perannumforoutstandingamounts.TheadvancewithGuangdongFarmside
International Trading Co. Limited is non-interest bearing.
Interim Report September 2024
Page 14

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
14.BORROWINGS
SeptemberMarch
20242024
$$
Small business cashflow loan
66,447 66,447
Other(Insurance expense financing)
- -
66,447 66,447
Current
37,447 37,447
Non-current: Between one and five years
29,000 29,000
66,447 66,447
15.RELATED PARTIES
Related Parties:
Company associated with director, Mr Bo Xian CaoE Way Holdings Group Limited
Guangdong Farmside International Trading Co.
Limited
The carrying amount of the borrowings is considered to be a reasonable approximation of the fair value.
Borrowings are initially recognised at fair value plus transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (plus transaction costs) and the
redemption amount is recognised in the income statement over the period of the borrowings using the
effectiveinterestmethod.TheSmallbusinesscashflowloansareclassifiedascurrentandnon-currentliabilitiesbased
on the final repayment date.
TheSmallBusinessCashflow(Loan)Scheme(SBCS)hasbeenintroducedtosupportbusinessesimpactedbyCovid-
19.TheGrouphavereceivedloansof$53,400on8September2020and$29,000on7June2022withthefinal
repaymentdatebeingfiveyearsafterthereceipt.Theloansaresubjecttoanannualinterestrateof3%fromthedate
the loan is made available. Interest will not be charged if the loan is fully repaid within 2 years.
Australasian International Group Limited
Bo Xian Cao
Relatedpartytransactionshavearisenwhereaperson(s)hascontrolorsignificantinfluenceoverthereportingentityor
wheretwoentitiesarecontrolledorjointlycontrolledbyaperson(s)thathascontrolorsignificantinfluenceoverthe
reporting entity.
Anhui Asin International Trade Co. Ltd
Company associated to company's major shareholder, Mr Yang Xia
Director of company
Company associated to company's major shareholder, Mr Yang Xia
Company associated to company's major shareholder, Mr Yang XiaAnhui Asin Supply Chain Co. Ltd
Company associated to company's major shareholder, Mr Yang Xia
Howard & Co Consulting and Advisory Services
Limited
Company associated with former director of subsidiary, senior
management Mr Hao Long
Interim Report September 2024
Page 15

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
15.RELATED PARTIES (continued)
Related Parties:
Yang Xia
Related party balances
The following balances were held with related parties at period/year end.
SeptemberMarch
20242024
$$
88,250 -
88,250 -
52,524 54,399
Purchase of goods115,790
119,094
102,977 104,803
60,000 60,000
18,826
3,057
12,075
12,075
- 10,638
1,034,425
851,305
1,396,617 1,215,371
Australasian International Group Limited
Director of company
Company associated with director, Mr Jianfeng Chen
Company associated with director, Mr Jianfeng Chen
Shuang Xia
Sale of products
Hao Long
New Zealand National Trade LimitedCompany associated with former director, Mr Qiang Li
Nature of Transactions
Related Party Receivables
Company's major shareholder
Senior employee of AFC, shareholder of company
Director of subsidiary, director of NZ Silveray Group Limited
Director of company and subsidiary
Zilei Wang
Hao Long
Purchase of goods
Director of company
Jianfeng Chen
Ex space limited
Anhui Asin International Trade Co. Ltd
Director fees
Advances
New Zealand National Trade Limited
Howard & Co Consulting and Advisory Services
Limited
Management fees & salary
Guangdong Farmside International Trading Co.
Limited
Guangdong Farmside International Trading Co.
Limited
Related Party Payables
Advance
JFC Group Limited
The related parties payables are unsecured and repayable on demand. There is no collateral or guarantees for
related parties payables. Related parties payables for purchases of goods, directors fees and management fees are non-
interest bearing.
TherelatedpartyadvanceswithNZSilverayGroupLimitedandHaoLongareinterestbearingadvanceswithinterest
beingchargedat10.08%to13.7%perannum.TheadvancewithAnhuiAsinInternationalTradeCo.Limitedwasrepaid
this year and was non-interest bearing.
JFC Group Limited
NZ Silveray Group Limited
Purchase of goods
NZ Silveray Group Limited
Advance
Interim Report September 2024
Page 16

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
15.RELATED PARTIES (continued)
SeptemberSeptember
20242023
Related party transactions
$$
Sales of products or services provided to the following:
NZ Silveray Group Limited
234,237 -
Ex space limited
- 412,174
Howard & Co Consulting and Advisory Limited
- 7,670
JFC Group Limited
137,391 56,700
371,629 476,543
Guangdong Farmside International Trading Co., Ltd
49,000 49,000
62,917 76,450
Ex space limited
- 156,522
JFC Group Limited
43,478 -
155,395 281,972
Interest paid or credited on related party balances:
Hao Long
465 3,512
NZ Silveray Group Limited
55,610 13,872
56,075 17,384
Key Management Personnel
September
September
20242023
$
$
Salaries and other short-term benefits
57,399
55,500
Directors' fees
-
-
57,399 55,500
16.COMMITMENTS AND CONTINGENCIES
The Group has no capital commitments at 30 September 2024(31 March 2024: Nil)
Keymanagementpersonnelaredefinedasthosepersonshavingauthorityandresponsibilityforplanning,directingand
controllingtheactivitiesoftheGroup,directlyorindirectly,andincludethedirectorsandtheChiefExecutive.
Remuneration paid to key management personnel is as follows:
Purchases from the following for services or products provided:
Howard & Co Consulting and Advisory Limited
Interim Report September 2024
Page 17

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
17.FINANCIAL INSTRUMENTS
Financial
assets at
amortised
cost
Financial
liabilities at
amortised cost
Total
NZ$NZ$NZ$
Financial Assets:
Cash and cash equivalents3,206 - 3,206
Trade and related party receivables102,060 - 102,060
Total financial assets105,266 - 105,266
Financial liabilities:
Trade and other payables
-
1,777,989 1,777,989
Borrowings
-
66,447 66,447
Lease liabilities
-
33,314 33,314
Total financial liabilities- 1,877,750 1,877,750
Financial Assets:
Cash and cash equivalents26,181 - 26,181
Trade and related party receivables14,446 - 14,446
Total financial assets40,627 - 40,627
Financial liabilities:
Trade and other payables
-
1,457,804 1,457,804
Borrowings
-
66,447 66,447
Lease liabilities
-
50,577 50,577
Total financial liabilities- 1,574,828 1,574,828
18. INVESTMENT IN SUBSIDIARIES
Name of subsidiaryPrincipal activity
September
2024
March
2024
Vineyard and winery51%51%
Commodity trading100%100%
100%100%
51%51%
100%100%
100%100%
Non-Trading
Non-Trading
Ownership interest and voting
rights
AFC International Trading Group Limited
Categories of financial assets and liabilities
Thecarryingamountspresentedinthestatementoffinancialpositionrelatetothefollowingcategoriesofassetsand
liabilities:
AFC Longview Limited
ThefairvalueofthefinancialinstrumentsoftheGroupapproximatestheircarryingvalue.Theuseoffinancial
instrumentsexposestheGrouptocredit,interestrateandliquidityrisks.TheGroup'soverallriskmanagement
programme seeks to minimise potential adverse effects on the Group's financial performance.
30 September 2024
31 March 2024
Manufacturing
Non-Trading
National Dairy Group Limited
AFC Biotechnology Manufacture Co Limited
AFC GoGlobal Education Limited
AFC Education Investment Limited
AllthesubsidiariesareincorporatedinNewZealandandhave31Marchbalancedates.Theyalsoapplyuniform
accounting policies with the parent company.
Interim Report September 2024
Page 18

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
19.SEGMENT REPORTING
Vineyard and winery
Manufacturing
Corporate
TheGroup'soperatingsegmentsarereportedinamannerconsistentwiththeinternalreportingprovidedtothechief
operatingdecision-maker.Thechiefoperatingdecision-makeristhepersonorgroupthatallocatesresourcestoand
assessestheperformanceoftheoperatingsegmentsonanentity.TheGrouphasdeterminedtheGroup'sBoardof
Directorsasitschiefoperatingdecision-makerastheboardisresponsibleforallocatingresourcesandassessingthe
performanceoftheoperatingsegmentsandmakingstrategicandoperatingdecisions.Incomeandexpensesdirectly
associated with each segment are included in determining each segment's performance.
Theoperationsofthissegmentincludeprovidingaccounting,managementandadministrationservicestoother
segmentsoftheGroup.AFCGoGlobalEcommerceLimitedandAFCEducationInvestmentLimiteddidnottradeduring
theperiodandhavebeenincludedunderthissegment.AFCInternationalTradingGroupLimited,whichsources
packagedfoodproducts,cosmeticsandhealthproducts.NationalDairyGroupLimited,whichsourcesfoodproductsfor
distribution for China. National Dairy Group Limited was not trading during the period.
Nooperatingsegmentshavebeenaggregatedtoformtheabovereportableoperatingsegments.TheGroup'staxation
has not been allocated to segments and is included centrally. Financing has been allocated to segments.
SalesbetweenthesegmentsoftheGrouparecarriedoutatanarm’slengthbasisinasimilarmannertotransactions
with third parties.
ThefollowingtablespresentrevenueandprofitinformationfortheGroup'soperatingsegmentsforthesixmonthsended
30 September 2024 and 2023, respectively:
TheGroupoperatesinanumberofbusinesssegmentsinNewZealand.TheGrouphasdetermineditsoperating
segmentsintofoursegments,namelyinternationalmarketinganddistribution,vineyardandwinery,manufacturingand
corporate.ThesesegmentsreflectthedifferenttypeofindustrysectorswithinwhichtheGroupoperates.TheCompany
is considered to be in the corporate operating segment.
Information regarding the operations of each reportable operating segment is included below.
AFCLongviewLimited,avineyardandwinerybasedinWhangareiwhichproducesandsellsanumberofvarietalsand
blends of wine.
AFC Biotechnology Manufacture Co Limited which manufactures disposable face masks.
Interim Report September 2024
Page 19

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
19.SEGMENT REPORTING (continued)
Vineyard and
winery Corporate

Manufacturing
Eliminations and
adjustments
Period ended 30
September
$$$$$
For the six months ended 30 September 2024
Operating Income
Revenue from external customers
375,632 - 26,713 - 402,345
Other Income
10,518 94,205
6,910 (90,000)21,633
Finance Income1
155,787 33
(153,742)2,079
Total Revenue386,151 249,992 33,656 (243,742)426,057
Cost of sales78,689 - 32,121 - 110,810
Operating Expenses
Interest35,493
64,113 114,903
(153,742)60,767
Amortisation and impairment losses- 75 - - 75
Depreciation
118 20,907 192 - 21,217
Other expenses186,094 255,589 38,417 (90,000)390,100
Total operating expenses
221,705 340,684 153,512 (243,742)472,159
85,757 (90,692)(151,977)- (156,912)
For the six months ended 30 September 2023
Operating Income
Revenue from external customers
430,845 - 58,474 - 489,319
Other Income
3,140 120,164 1,063-
(120,000)2,241
Finance Income2
130,203 48
(129,222)1,031
Total Revenue433,987 250,367 57,459 (249,222)492,591
Cost of sales55,320 - 47,396 - 102,716
Operating Expenses
Interest33,321
27,425 96,050
(129,222)27,574
Amortisation and impairment losses
- 75 - - 75
Depreciation
235 20,748 1,222 - 22,206
Other expenses
262,389 233,062 90,361 (120,000)465,811
Total operating expenses
295,945 281,310 187,633 249,222- 515,666
Segment profit/(loss) before tax
82,722 (30,943)(177,570)- (125,791)
Segment profit/(loss) before tax
Interim Report September 2024
Page 20

AFC GROUP HOLDINGS LIMITED
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2024
19.SEGMENT REPORTING (continued)
Vineyard and
winery Corporate

Manufacturing
Eliminations and
adjustments Total
$$$$$
As at 30 September 2024
Segment assets1,758,870 6,427,032 145,852 (6,176,444)2,155,310
Capital Expenditure- - - - -
Segment Liabilities833,351 1,803,816 2,689,119 (3,442,444)1,883,842
As at 31 March 2024
Segment assets1,622,323 6,273,571 120,429 (6,013,114)2,003,209
Capital Expenditure- - - - -
Segment Liabilities782,561 1,559,662 2,511,719 (3,279,113)1,574,828
20.NET TANGIBLE ASSETS PER SHARE
SeptemberMarch
20242024
$$
Total assets2,155,310 2,003,208
Less right-of-use assets23,719 44,049
Less intangible assets333 408
Tangible assets2,131,258 1,958,751
Less total liabilities1,883,842 1,574,828
Add lease liabilities33,314 50,577
Net tangible assets280,730 434,500
Number of ordinary shares on issue3,664,253,194 3,664,253,194
Net tangible assets / liabilities per share in NZ$0.00007661 0.00011858
21.CONTINGENT LIABILITIES
22.EVENTS AFTER THE REPORTING PERIOD
23.SEASONALITY OF INTERIM OPERATIONS
Thevineyardandwinerysegmentharvestit'sgrapesinthesecondhalfofthefinancialyear,andprocessesthegrapes
into bottles in the interim period. This does not affect the sales for the segment.
There are no other significant seasonality or cyclicality of business affecting the interim operations.
ThefollowingtablespresentassetsandliabilitiesinformationfortheGroup'soperatingsegmentsasat30September
2024 and 31 March 2024, respectively:
Theeliminationsandadjustmentsofsegmentprofit,assetsandliabilitiesrelatetointercompanytransactionsand
balances which are eliminated on consolidation.
The Group has no contingent liabilities at 30 September 2024 (31 March 2024 : Nil)
The net tangible assets and number of shares are as follows:
There are no significant events after the reporting period.
Interim Report September 2024
Page 21

AFC GROUP HOLDINGS LIMITED
CORPORATE INFORMATION
SOLICITORSAFC GROUP HOLDINGS LIMITED
Buddle Findlay New Zealand LawyersSecurity code: AFC
P O Box 1433Listed on NZX Market
Auckland 1140NZ Company number: 1799581
SHARE REGISTRAR HEAD OFFICE / REGISTERED OFFICE
Computershare Investor Services Limited AFC Group Holdings Limited
Level 2, 159 Hurstmere RoadLevel 15, Tower 2, 205 Queen Street
Private Bag 92-119Auckland CBD
Auckland 1142Auckland 1010
ACCOUNTANTS TELEPHONE
RSM New Zealand (Auckland)64-09-300-6268
PO Box 204276
Level 2, Building 5
62 Highbrook Drive, HighbrookWEBSITE
Auckland 2013www.afcnz.com
AUDITORS
William Buck Audit (NZ) Limited
P O Box 106 090
Level 4, 21 Queen Street
Auckland 1010
BANKERS
ANZ Bank New Zealand Limited
Interim Report September 2024
Page 22