AoFrio releases FY24 Annual Report

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019


Results for announcement to the market
Name of issuer AoFrio Limited
Reporting Period 12 months to 31 December 2024
Previous Reporting Period 12 months to 31 December 2023
Currency New Zealand Dollar
Amount (000s) Percentage change
Revenue from continuing
operations
$79,690 +19.7%
Total Revenue $79,690 +19.7%
Net profit/(loss) from
continuing operations
($1,880) n/a
Total net profit/(loss) ($1,880) n/a
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend will be paid
Imputed amount per Quoted
Equity Security
n/a
Record Date n/a
Dividend Payment Date n/a
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
-$0.004 $0.013
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
NTA is calculated to exclude Intangible Assets but include
Deferred Tax.
Authority for this announcement
Name of person

authorised
to make this announcement
Howard Milliner
Contact person for this
announcement
Howard Milliner
Contact phone number 0275870455
Contact email address Howard.Milliner@aofrio.com
Date of release through MAP

27/02/2025

Audited financial statements accompany this announcement.

---

www.aofrio.com





P: + 64 9 477 4500 E: info@aofrio.com
® is a registered Trademark of AoFrio Ltd


A: 78 Apollo Drive, Rosedale Auckland 0632, New Zealand
PO Box: 302-533 North Harbour, Auckland 0751, New
Zealand

27 February 2025



AoFrio releases FY24 Annual Report.

AoFrio (NZX: AOF) has today released its audited results for the year ending 31 December 2024. The
report includes the financial statements for the period and comprehensive commentary on financial
performance, progress on strategy, governance, ESG and the FY25 outlook.
FY24 was a year of successful execution. AOF achieved strong revenue growth and delivered on both
revenue and EBITDA guidance. AOF made good progress on its growth strategy, entering new
geographies for the Cold Drinks Equipment (CDE) market, launching new solutions for the CDE and
the Motors and Fans business and taking three proof-of-concept trials to commercial proposals for a
new market segment: Food Retail.
In summary, all segments are contributing, operating costs are under control and growth investments
have been funded from operating cash flows.

Revenue for FY24 was $79.7m, a 19.7% increase over FY23. The gross margin was 29.1%, down 0.9pp
and earnings before interest, tax, depreciation, and amortisation (EBITDA) improved $1.5m to $2.5m.
The loss for the year reduced by $1.6m, reflecting the improved EBITDA result.
Net operating cash flow was $5.8m compared to $3.9m in FY23. As we have stated previously, this
was invested in product development activities as AOF continues to fund growth strategies from
generated cash flows.
In FY25, AOF will continue to pursue the strategy to protect and grow the core businesses and to
diversify its market segments with a focus on:
• The multi-year CDE market entry strategy for the USA and Europe.
• Completion of the new connected controller and web-based software solution, for launch in
FY25.
• Implementing the rollout of the new Food Retail solution following successful trials in FY24.

AOF 202


A: 21 Arrenway Drive, Rosedale, Auckland 0632, New
Zealand PO Box: 302-533 North Harbour, Auckland 0751,
New Zealand

P: + 64 9 477 4500 E: info@aofrio.com
® is a registered Trademark of AoFrio Ltd.


Robust business growth is expected through FY25 and beyond. Based on the approved budget for
FY25, revenue in FY25 is projected in the range $85m to $95m. EBITDA guidance for FY25 is set
between $3.5m and $4.0m, though macroeconomic conditions and NZ$ / US$ currency fluctuations
may influence these projections.
AoFrio’s Chair John Scott said, “We had a strong year reflected in financial and non-financial
metrics. The results were strong each quarter. It’s a testament to the team’s focus on customers and
outcomes. It positions us strongly for 2025 as we continue to build.”
AOF is holding an investor briefing today at 11.30 am. To attend, please follow this link Join Event
Here or alternatively email investor-relations@aofrio.com and a meeting invite will be sent to you.
Thank you to the AoFrio team and our shareholders as we continue our commitment to delivering
the AoFrio strategy.







*EBITDA (i.e., Earnings before interest, taxation, depreciation, amortisation, and impairment) is a non-
GAAP earnings figure that equity analysts tend to focus on for comparable company performance
analysis. AoFrio considers it a valuable financial indicator because it avoids the distortions caused by
differences in amortisation and impairment policies. Contacts

Greg Balla Howard Milliner
Chief Executive Officer Chief Financial Officer
Phone + 64 21 938 601 Phone +64 27 587 0455

---

1
Annual Report 2024
Annual Report 2024
AoFrio
Annual Report
2024

2
Results at a glance
AoFrio Ltd
$79.7million
Revenue
67% to 79%
Average staff engagement score
Revenue up 19.7%
29.1%
Gross margin
Gross margin down 0.9pp12pp increase
$2.5million
EBITDA
EBITDA up $1.5mup 66%
App utilisation
2.3million
+40
+54
Net Promoter Score (NPS)
NPS up 14 points
FY 22FY 24

3
Annual Report 2024
Contents
Chair and CEO review
FY24: Strong growth, stronger future
04
04
16
Governance
18
Executive team
84
Sustainability report
22
62
66
69
97
Financial statements
Statutory information
Shareholder information
Corporate governance statement
Contacts
Strategy
Outlook for FY25
08
12
04
Financial performance

4
AoFrio Ltd
FY24: Strong growth, stronger future
We are pleased to provide our annual report that shows FY24 was a year of
successful execution for AoFrio.
Opening FY24 market guidance was for revenue between $70-$80 million and
EBITDA around $2.5 million. AoFrio delivered on both the revenue and EBITDA
guidance.
While squarely focused on revenue growth, AoFrio delivered a FY24 EBITDA
surplus of $2.5 million, consistent with guidance, and up from $1.0 million in
FY23.
Our team also successfully delivered on our growth strategy, entering new
geographies for the Cold Drinks Equipment (CDE) market, launching new
solutions for our CDE and Motors and Fans businesses and taking three
proof-of-concept trials to commercial proposals for a new market segment:
Food Retail.
We also invested in our core data and analytics platform, our sustainability
plan and people development as part of our strategy to transform AoFrio’s
foundations.
Financial performance – all segments contributing,
operating costs under control
In December 2024, AoFrio updated market guidance for the full year. Revenue
was expected to be around $79 million at the top end of the previously advised
range.
We are now reporting full-year revenue of $79.7 million, up 19.7% on FY23.
Revenue and margin performance are direct results of the implementation of
our strategy as well as our focus on execution. All major business segments
reported strong growth, with Internet of Things (IoT) delivering revenue of
$43.3 million, up 23.4% on FY23 at a 40.7% gross margin. Our Motors
segment delivered revenue of $36.4 million, up 15.6% from FY23 at a 15.4%
gross margin.
We are focused on delivering our longer-term strategic goal of growing revenue
at an annual rate of 20% per annum with 50% of the revenue recurring.
Chair and CEO review
John Scott
Chairman
Chief Executive Officer
Greg Balla

5
Annual Report 2024
Chair and CEO review
Metric (NZ$m)FY24FY23Variance
Revenue79.766.6+13.1
IoT 43.335.1+8.2
Motors and Fans36.431.5+4.9
Gross Margin %29.1%30.0%-0.9pp
EBITDA2.51.0+1.5
Loss before tax(1.9)(3.3)+1.4
Loss for year(1.9)(3.5) +1.6
Net operating cash flow5.83.9+1.8
Revenue
We made significant progress across key strategic initiatives, which translated into solid revenue growth.
In FY24, AoFrio shipped 682,000 IoT devices (FY23: 519,000) and 963,000 motors (FY23: 834,000). This resulted in
a 23.4% increase for IoT revenue and 15.6% for motors compared to FY23.
AoFrio invoiced $5.3 million for Cloud data connection and software development charges in FY24 compared to
$4.4 million in FY23. This revenue is multi-year and is recognised in the Income Statement over the duration of the
data contract. At 31 December 2024, $16.5 million of revenue was deferred for recognition in subsequent periods
(FY23: $12.3 million).
Revenue (NZ$m) by geography
FY 23FY 24
EMEA
7.4
6.4-1.0
APAC
5.0
5.6+0.6
North America
42.8
54.1+11.3
South America
11.4
13.6+2.2

6
AoFrio Ltd
Strong revenue growth in the Americas was due to a
series of sales initiatives and, in part, because FY23
was adversely impacted by higher inventories carried
over from FY22. North American year-on-year growth
was 26.4% and South America was 19.1%. There were
significant market share wins during the period:

• Launching IoT in the USA – the launch of AoFrio’s
always-on connected device opened this market to
AoFrio’s connectivity solution. AoFrio’s IoT invoiced
revenue for the USA market was $1.3 million and
there is significant potential to grow this further.
• ECR
®
2 motors into the USA – AoFrio has been
working with its USA distributor to secure ECR 2
motor demand with a major USA manufacturer of
water heaters. First orders were received in May
2024 and revenue in FY24 was $4.9 million.
• IoT in Brazil – AoFrio won volume from a local
competitor during the first half of the year and is
now providing its IoT solution to one of the biggest
Coca-Cola bottlers in the country.
APAC revenue for the year showed a modest increase.
EMEA revenue declined due to aggressive competitor
motor pricing. We are hiring additional sales staff in
both regions to pursue significant opportunities for
IoT solutions.
Gross margin
FY24 gross margin was slightly lower at 29.1%
compared to 30.0% last year due to higher product costs
and strategic pricing. The margin for IoT products was
40.7% and 15.4% for motors compared to 41.7% and
17.1% last year.
Operating expenses
Operating expenses for the year were $21.3 million, a
$1.5 million increase compared to last year.
Staff costs (including contractors) of $21.1 million
(pre-capitalised development) increased $3.1 million,
in line with revenue. New roles were recruited in FY24
to support the business growth plan; not as many as
originally planned because spending and investments
are being carefully managed.
Capitalised development time increased to $4.9 million
from $3.0 million in FY23. The increase reflects our
focus on new product development to progress AoFrio’s
strategies of protecting and growing the CDE market and
diversification into new markets. These initiatives include
completing development of a new higher power motor
(ECR 2 26W), a new energy solution (AoFrio
®
INSIDE™)
a new range of Gateways for connectivity and new
solutions for Food Retail customers.
Finance costs
Finance costs increased $0.4 million compared to FY23,
in part due to the higher interest rate environment in
2024 but also arising from extended payment terms
made available by AoFrio’s contract manufacturer,
East West, to allow AoFrio to manage working capital
increases.
Working capital
Cash at 31 December 2024 was $2.1 million compared
to $3.3 million at 31 December 2023.
Throughout the year, there was pressure on working
capital due to changes in customer mix (increased sales
to customers with longer payment terms and requiring
local delivery) and higher inventory (longer shipping
times). Trade receivables were $3.6 million higher than
2023 and inventory was $0.6 million higher than 2023.
Trade payables at 31 December 2024 were $19.6
million, a $5.4 million increase compared to 2023.
Segment and SaaS-based reporting
We are evolving our reporting to better reflect our
business and in alignment with our strategy. In this report
we report our results for our traditional product segments
(IoT and Motors) and discuss strategy for our market
segments (CDE and Motors and Fans).

In addition, we are providing SaaS (Software as a
Service) metrics appropriate for AoFrio. We will continue
to align our reporting to our strategy as it develops.

7
Annual Report 2024
Rule of 40
The Rule of 40 is a financial metric used in the SaaS
industry to assess a company’s performance. It states
that the sum of a company’s annual revenue growth
rate and EBITDA margin should equal or exceed 40%.
Looking at all our segments, revenue growth in 2024
was 19.7% and EBITDA was 3.2% of revenue, which
calculates to a 22.9% metric. This calculation includes
the Motors and Fans segment. If the calculation excludes
Motors and Fans, because they are not part of our
SaaS offering, then revenue growth in 2024 was 23.4%
and EBITDA (after deduction of a pro-rata share of
unallocated overheads) was 12.1%, a 35.5% metric.
We are making progress towards achieving this Rule of
40 metric.
Recurring revenue
Associated with the supply of IoT hardware, AoFrio
provides a range of data and reporting services, all
installed on every AoFrio SCS and AoFrio Monitor
sold. Revenue from the provision of such services is
recognised typically over a period from one to ten years.
In FY24 we invoiced $5.3 million of recurring revenue and
recognised $2.7 million which is 3.2% of total revenue.
Our longer-term target is for recurring revenue to be
50% of total revenue. $16.5 million has been deferred for
recognition in future periods.
Customer retention rate
This 83% measure is the number of customers who
purchased our IoT solution in 2023 and continued to
purchase our solution in 2024. The customer churn tends
to be of customers with small fleets.
Number of connected devices
This measures the number of customer devices
connected to the AoFrio cloud. There were 3.1 million
devices connected at 31 December 2024, an increase
of 692,000 (29%) in 2024. The more devices we have
connected, the better the quality of the fleet insights
we can provide, and the more opportunity to generate
additional revenue from added value services currently
being developed.
App utilisation
This is a measure of the number of times customers
interacted with our software, an increase of 921,000
(66%) compared to FY23.
Uptime
This is a measure of the time our platform was available
to customers. The rate is consistent with that achieved in
FY23 (99.85%).
SaaS metrics

8
AoFrio Ltd
Strategy
Delivering our growth strategy
In FY24 we made significant progress on our two primary
growth strategies: protecting and growing the core
business and diversifying into new market segments.
We remain focused on strengthening customer value
across five key areas of operation: Asset and Fleet
Management, Service and Maintenance, Energy and
Sustainability, Commercial Performance and Food
Safety.
To continually improve the value of our customer
solutions, we are focused on rapidly increasing the
number of devices connected to our platform, integrating
other data sources, implementing real-time two-way data
flow and remote fleet management capability. This allows
us to provide high value actions including notifications
and automated workflows.
In FY24 we successfully shifted our product development
focus from supply continuity – a major priority for the
business due to global component shortages – to
prioritising innovation and new product development.
This organisational focus led to a significant number of
new product launches across our entire hardware and
software portfolio in FY24. Accelerating new product
development is essential to support our growth strategy.
It is our ongoing imperative to bring highly differentiated
solutions to the market at pace.
Asset & Fleet
Management
• Manage assets
throughout their
lifecycle
• Procure the right asset
models, sizes and
quantities
• Trust that your fleet
is always in the right
place, performing
optimally
Food
Safety
• Reduce or avoid
stock loss
• Ensure food safety
and quality
• Meet compliance
reporting obligations
• Automate food safety
workflows
Commercial
Performance
• Transform your fleet
into strategic sales
points
• Place coolers in
the best location
to maximise sales
performance
• Keep coolers fully
stocked with your
product, at the
optimal temperature
Energy
& Sustainability
• Monitor fleet
energy use
• Identify and act on
opportunities for
energy reduction
• Track ESG progress
and reduce retailer
costs
Service
& Maintenance
• Ensure timely and
efficient maintenance
and repairs
• Avoid unnecessary
callouts
• Extend the lifetime of
your assets, optimising
the maintenance and
replacement cycle
based on actual
equipment condition
Value added services to customers

9
Annual Report 2024
Protect and grow the core
IoT for Cold Drink Equipment (CDE) market
Aofrio is committed to growing our core IoT CDE
business by 20% year-on-year (FY24 23.4%). We will
continue to achieve this by entering new geographies,
launching innovative products and solutions and
consistently increasing market share.
Entering new geographies: USA, Europe and APAC
regions (estimated Serviceable Available Market
(SAM) is $75 million annually)
AoFrio’s commitment to product innovation led to a
record number of proof-of-concept trials across the US,
Europe, and APAC in FY24. This achievement signals
encouraging prospects for FY25 revenue, given the
importance of these markets in our core CDE market
growth strategy.
Each of these new geographies required a different
market entry approach for our CDE solution.
• For the US, we successfully entered the USA market
by relocating existing staff and focusing on the newly
developed Network Pro solution. In our first year, we
generated $1.3 million revenue.
• For Europe, we hired two new salespeople and
leveraged technical specialists from other regions,
to support proof-of-concepts and pursuits. Product
market fit is still a challenge in this region, our 2025
development focus will address this.
• For Asia, our focus was to continue to build
relationships with key brands throughout the region.
We have built a strong pipeline of opportunities
focused on AoFrio INSIDE, our energy solution, as
well as existing products, generating $2.7 million of
CDE revenue for the year.
Strategic pricing has been important to support our
success in these markets. This aligns with our strategy
of rapidly increasing the number of connections to our
platform.
Over the next three years, our focus is on becoming
the preferred choice for branded cooler solutions in
the USA, targeting industry leaders like Coca-Cola and
PepsiCo. In Europe, cellular connectivity continues to
gain momentum as the first choice for leading brands,
including Heineken, AB InBev and Carlsberg, and our
success in other regions is allowing us to position AoFrio
as a trusted partner.
New products and solutions
We continue to ensure we solve the right problems with
the right solution, driving stronger engagement between
our product delivery teams, field teams and customers.
In FY24, we launched AoFrio INSIDE, AoFrio Gateway,
and many software releases.
• Energy efficiency with AoFrio
®
INSIDE™
(estimated Total Addressable Market (TAM) is
$300 million)
We launched AoFrio INSIDE, our complete
refrigeration hardware and software bundle, which
delivers up to 64% of energy savings per cooler for
our customers, as well as providing real-time fleet
wide energy usage and savings insights. Further
development will provide actions to improve the
performance of individual coolers and to enable
remote actions to address these issues.
• Launch of AoFrio
®
Gateway™
Our first cellular solution, Network Pro One, was
launched in late FY23. The solution allowed entry
into the US market with great success, achieving our
revenue expectations through strong sales to several
US-based Coca-Cola bottlers.

The next iteration of our cellular solution, AoFrio
®

Gateway™, launched in the last quarter of FY24,
is supporting the shift towards always-on cloud-
connected devices and significantly improved
real-time two-way data communication and action
management.

The Gateway is an advanced IoT communications
hub designed for beverage coolers, enabling
the integration of IoT devices and secure data
transfer to and from the AoFrio
®
cloud platform.
These combined technologies (Gateway and cloud
platform) facilitate performance monitoring, precise
asset tracking, real-time alerts and remote asset
management, empowering businesses to optimise

10
AoFrio Ltd
operations across commercial, service, energy and asset management
domains in real time.
• Expanding the reach and value of our IoT platform through third-party
hardware integration
We successfully integrated third party hardware to our platform for one of our
biggest customers in Brazil. This customer had a diverse fleet comprising both
AoFrio and third-party controllers. We provided a unified solution that tracks
data across their entire fleet of coolers on a single platform.

This solution extends the reach and value of our data and analytics platform
to our customers, increasing the number of connected assets visible within it.
It also enhances our data aggregation abilities, which are fundamental to our
machine-learning and AI capabilities.
In FY25, we will launch AoFrio
®
iQ™ for our CDE segment —a modernised,
workflow-oriented version of our existing solution. This will be paired with a new,
fully integrated cellular-connected controller, the next evolution of our current
cellular solution.
We are also developing an advanced remote management package focused on
delivering remote temperature control, defrost and cooler disable capabilities.
Motors and Fans strategy execution
AoFrio achieved a 15.6% increase in motors and fans revenue in FY24. The focus
for 2024 was on expanding our range, better integrating motors into our broader
ecosystem and exploring new applications.
Launch of the Wellington ECR
®
2 26W (estimated SAM for ECR 2 26W is
$60 million)
We extended our motors range with the launch of the Wellington ECR
®
2 26W,
our most powerful motor yet. This motor delivers up to 74% energy efficiency and
is designed for use in large bottle coolers, supermarket display cases and other
applications that require high power, high humidity and moisture tolerance with
reduced energy consumption.
Integration of ECR 2 into AoFrio INSIDE
The ECR 2 motor is a vital component of the AoFrio INSIDE bundle. A significant
portion of the total energy savings achieved by the solution is due to the integration
of the ECR 2 motor with our smart SCS refrigeration controller.
Motors for hot water heat pumps
We were also successful in winning new business for a new application, hot water
heat pumps. To commercialise this opportunity, our team worked with a distributor
over a two-year period to configure a solution that was right for this application. This
is a growing new segment with an estimated SAM of $180 million.

Annual Report 2024
11
Annual Report 2024

12
AoFrio Ltd
Diversify our market segments
Food Retail (TAM for Food Service/Retail $17 billion)
In FY24, the development of our SaaS solution for the
Food Retail market continued to progress well. Three
proof-of-concept trials have now been completed with
customers across different geographies and retail store
layout types.
The trials focused on discovering and responding to
customer food safety and compliance needs at the
point-of-sale. During the trials, we learned our existing
solution did not fully achieve product-market fit. As a
result, we introduced new hardware and connectivity
options, as well as new software. This allowed us to
provide connectivity for large range of retail store layouts.
We also needed to redesign the way we presented
information and introduce real-time alerting and action
management via a range of communication platforms.
This required agility from our teams to respond in a timely
way while still delivering high quality solutions.
In each case the proof-of-concepts solution development
trials were successful at demonstrating value. The
automated monitoring, reporting and alerts provided by
our solution allowed staff on the ground to act quickly
to preserve products, avoiding wastage and food safety
concerns. These proof-of-concepts are now at the stage
of commercial discussions, which have progressed to
the point that initial orders are now anticipated in early
2025. We expect revenue from this solution to include a
recurring component.
Transforming our foundations
Environmental, Social and Governance (ESG)
Sustainability remains a priority for AoFrio. A
comprehensive report on our progress against our
sustainability strategy and ESG initiatives can be found
on page 84 of this report.
People and Culture
In FY24 we lifted our employee engagement score
from 72 to 79, which is in the top 25% of New Zealand
companies. Key initiatives included connecting our
teams to our strategy, improving communication around
organisational performance and developing an innovation
mindset and lean improvement capabilities.
SaaS platform
AoFrio has made significant strides in the modernisation
of our SaaS platform to ensure the data structures and
processing approach are machine learning and AI ready.
This is a multi-year initiative.
Information systems
We have completed a significant amount of work to
ensure our IT systems, including AoFrio’s and customers’
data, are protected against cyber attacks. We continue
to train our teams on cyber security risks and have
implemented risk mitigation and incident response
strategies. We continue to invest in our customer
relationship management and ERP systems as required
to support business growth.
Outlook for FY25
Post Covid, we can look at the AoFrio journey in four time
blocks
• Early exuberance and just-in-case buying by
customers.
• Market and global supply chains stabilising.
• Customer inventory reduction and moving back to
just-in-time purchasing.
• Business as ‘normal’.
We have had six consecutive quarters of achieving
market guidance, giving us confidence that the market is
now “normal”.
The biggest macro-economic risk at time of writing is the
new United States Government which is promising tariffs,
spending cuts and lower taxes. It is also taking strong
trading positions with bordering countries, including
Mexico, where we have an office.
A low NZ$ relative to the US$ is beneficial. It’s hard to
predict what tariffs will be applied and how our USA
based customers would respond, but we manufacture
in Vietnam and have relatively low revenue for Mexican
supply into the USA. We are monitoring the position.
We are continuing to invest in modernising our tech
stack and expanding our engineering capabilities. This is
allowing us to accelerate product delivery.

13
John Scott
Chairman
Greg Balla
Chief Executive Officer
We are conscious investment sentiment has changed
post Covid and even growth companies (meeting the
Rule of 40) must show a path to profit in much shorter-
term time frames.
In FY25 we will continue to pursue the strategy to protect
and grow our core business and to diversify our market
segments with a focus on:
• The multi-year CDE market entry strategy for the
USA and Europe.
• Completion of our new connected controller and
web-based software solution, for launch in late FY25.
• Implementing the roll out of our new Food Retail
solution following successful trials in FY24.
We anticipate robust business growth to persist through
FY25 and beyond. Based on the approved budget for
2025, we project revenue for the year to be in the range
of $85 million to $95 million. Our EBITDA guidance for
2025 is set between $3.5 million and $4.0 million, though
macroeconomic conditions and NZ$/US$ currency
fluctuations may influence these projections.
Our achievements are driven by our strategic approach,
the creativity and innovation behind our hardware and
software and our ability to deliver value to our customers.
These successes are made possible by the skill, passion,
and commitment of our global team. The AoFrio directors
would like to thank the entire AoFrio team for their effort
in making this a successful year for the business. We
also thank our shareholders and, most importantly, our
customers for their continued support of AoFrio.
Annual Report 2024

One of the most valued benefits that we observed while
collaborating with AoFrio is that, through the information
stored and provided by the hardware, it creates an
entire ecosystem, allowing us to establish a logic and
order to predict attributes that help us optimise the
cooler fleet.
Antonio Manuel Martínez - Commercial Transformation
Manager at Grupo Vierci
14
AoFrio’s connectivity solution boosts client’s
sales visits by 75%
AoFrio partnered with a customer to design and
deploy a sophisticated ecosystem of connected
cooler fleets. This solution captured real-time data
from the field, turning it into actionable insights
for better business management. By addressing
the critical challenges of inconsistent Enterprise
Resource Planning (ERP) data and the unauthorised
movement of coolers, the system offers real-time
alerts on cooler movements and precise location
tracking. The outcome has been a marked reduction
in equipment loss and significant improvements in
operational efficiency, demonstrating how advanced
connectivity can transform routine processes into
strategic business assets.
Grupo Vierci enhances fleet efficiency with
AoFrio’s IoT technology
Grupo Vierci, the PEPSICO Beverages bottler in
Paraguay, sought to enhance the management
and efficiency of its nationwide refrigeration fleet.
Partnering with AoFrio, the company installed IoT
devices, integrating AoFrio Monitors into existing
units and SCS Controllers into new display units for
a comparative evaluation.
The AoFrio IoT ecosystem provided actionable
insights into asset location, performance and energy
consumption, enabling Grupo Vierci to improve
asset management, predictive maintenance, and
operational efficiency. These successful outcomes
set the stage for expanding the AoFrio IoT ecosystem
across their entire refrigeration fleet.
AoFrio Ltd
Case Studies

15
Annual Report 2024

16
AoFrio Ltd
Governance
Chairman, Independent Director
Independent Director
John Scott
John McMahon
John has been an AoFrio board member since 2019. His in-depth knowledge of
exporting vertically integrated hardware, firmware & applications technology solution
stacks used in DaaS, SaaS and IoT has seen him play a pivotal role in recalibrating the
business into a hardware-enabled, SaaS company.
Alongside his role on the AoFrio Board, John is on the boards of ERoad, Vessev
(Chair), Digital Matter and AsBuilt. John has an engineering degree from Auckland
University.
Greg has been an AoFrio Director since April 2021 and chairs the AoFrio risk
committee. He was CEO of AoFrio from 2011 to 2021.
Residing in Vancouver, he is a Partner with Chrysalix Venture Capital and a board
member and observer of several venture-backed start-ups. Greg also sits on the
Economic Advisory Committee for the City of Richmond, British Columbia.
He has over 30 years of experience leading business development, tech manufacturing,
and corporate governance and holds the ICD.D Directors Designation of the Canadian
Institute of Corporate Directors.
John has more than 30 years of experience in the Australasian equity markets,
predominantly as an equity analyst covering the telecommunications, media, gaming,
transport and industrials sectors.
John’s previous roles include Head of Research and Head of Equities for ABN AMRO
NZ and Managing Director of ASB Securities. John is a director and Chair of Solution
Dynamics Ltd (SDL), is Director and Chair of Vital Ltd (VTL) and Director and Chair of
NZX Ltd (NZX).
Director
Greg Allen

17
Annual Report 2024
Keith is Chairman of Blackhawk.io, and a director at VWork Limited and Alto Capital.
Keith’s previous roles include Executive Chairman at high-tech company Compac
Sorting Ltd and independent director of Rakon Limited and the science-led Crown
Research Institute ESR.
Melissa became a futurist after 25 plus years experience as an entrepreneur and
CEO of several technology companies. She works with food companies to execute
transformational strategies, through futurecentre.nz.
She was awarded the ONZM for Services to Technology in 2015. Melissa is a director of
Atkins Ranch Lamb and Wētā workshop and chair of Alpine Energy.
Melissa is a Chartered Fellow of the Institute of Directors.
Roz has 27 years experience leading businesses that digitally transform industries
via innovative workflow re-engineering and automation across hardware, SaaS and
software platforms. A catalyst for change, she has consistently scaled growth via
synergistic product and go-to-market strategies across agriculture, architecture,
engineering and construction, geospatial, property and land management.
Previously Senior Vice President at Oracle and Trimble Inc leading global businesses,
she is now an independent consultant and board director on several global technology
companies, including ikeGPS, FRAMECAD and Propeller Aero.
Independent Director
Independent Director
Independent Director
Keith Oliver
Melissa Clark-Reynolds
Roz Buick

18
AoFrio Ltd
Executive Team
Chief Executive Officer
Greg Balla
Greg was appointed CEO of AoFrio in May 2021. He brought extensive experience
leading marketing, procurement, supply chain, manufacturing, process engineering, IT
and HR teams across his multi-decade career.
Prior to AoFrio, he spent eight years working at Orion Health, where he started as
Executive Vice President of Clinical Workflow and Business Transformation and spent
four years as Chief Operating Officer.
Greg, along with the whole AoFrio team, is wholly committed to growing AoFrio and
delivering clear customer insights, sustainable transformative technologies and a
connected advantage for customers around the world.
Chief Financial Officer & Company Secretary
Howard Milliner
With more than twelve years at AoFrio, Howard has been instrumental in driving the
organisation’s strategy to become a hardware-enabled, SaaS company. He is also
responsible for all financial and administrative operations across AoFrio and brings a
wealth of experience from previous roles.
Prior to joining AoFrio, Howard spent 14 years working as the CFO and then CEO of
NZX-listed engineering business, Mercer Group (now MHM Automation).
Chief Revenue Officer
James Rice
James, formerly Managing Director at iSOFT, General Manager at DXC and most
recently Chief Revenue Officer at Orion Health, leads AoFrio’s regional sales and
service teams.
James has extensive experience in SaaS sales strategy, new market entry and
leadership, which aligns well with AoFrio’s growth ambitions.

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Annual Report 2024
Vice President of Engineering & IT
Rami Elbeltagi
As VP of Enginnering and IT, Rami leads the engineering and IT teams to develop
products and solutions to keep AoFrio delivering clear customer insights, sustainable
transformative technologies and a connected advantage.
With over 15 years’ experience in product development, Rami brings extensive
experience leading cross-functional engineering teams (software, hardware, firmware
and mechanical) to AoFrio.
Prior to AoFrio, Rami has developed strong leadership, product design and agile
innovation experience in large organisations, most recently as Group Chief Engineer at
Fisher & Paykel Appliances. Rami holds a master’s degrees in business administration
(MBA) and mechatronics (ME) and is PMP certified.
Vice President of Product
Genevieve Clark
As VP of Product, Genevieve leads the development and execution of a product vision
and roadmap that complements and delivers to AoFrio’s business strategy.
Prior to joining AoFrio, Genevieve gained over 20 years’ experience in developing,
implementing, and commercialising solutions in complex global environments, working
with technology companies including Orion Health, Vista Entertainment Solutions and
Qrious, as well as large enterprises and government entities such as Air New Zealand,
Auckland Council and Te Toka Tumai.

20
AoFrio Ltd
Executive Vice President Operations
Marc Tinsel
As Executive Vice President of Operations, Marc is responsible for AoFrio’s day-to-
day manufacturing, logistics, supply chain, quality, and associated operations. Marc
started at AoFrio as a Programme Manager for Sustaining Engineering in 2013 and
was promoted to Head of Manufacturing in 2015 and then Vice President Supply Chain
and Operations in 2018. He was also supporting the business as General Manager of
Engineering for 23 months in parallel with his other responsibilities until October 2022.
Before joining AoFrio, Marc worked as a Project Manager for Omexom, managing
multiple projects, budgets, contractors, and multidisciplinary teams in the electrical
distribution industry and had worked for 13 years in senior technical and management
positions in international safety standard testing and certification laboratories in New
Zealand and the United Kingdom.
Manager People, Sustainability and Executive Operations
Danielle Scott
As Manager People, Sustainability and Executive Operations, Danielle is responsible
for operational and strategic visibility within the executive and people teams whilst
championing sustainability and ESG initiatives. Danielle contributes operational
expertise gained in publicly listed company environments, with a focus on the
technology industry and experience in navigating global teams.
Danielle, committed to AoFrio’s core values of Explore Together, Thrive Together, and
a Better World Together, leverages her diverse background and experience to optimise
outcomes and drive continuous improvement for AoFrio. She is dedicated to supporting
the team, fostering a collaborative environment where each member can flourish and
contribute to the collective success of AoFrio.

21
Annual Report 2024

22
AoFrio Ltd
Financial statements
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2024
Note
2024
$000s
2023
$000s
Revenue2.279,69066,552
Cost of sales(56,468)(46,564)
Gross profit23,22219,988
Net foreign exchange (loss) / gain(14)490
Other income2.3591327
Operating expenses2.4(21,285)(19,799)
Earnings before interest, taxation, depreciation,
amortisation & impairment
2,5141,006
Depreciation3.2(815)(748)
Amortisation3.3(1,959)(2,306)
Loss before interest & taxation(260)(2,048)
Finance income4.24859
Finance expenses4.2(1,678)(1,322)
Loss before income tax(1,890)(3,311)
Income tax credit / (expense)2.5a10(223)
Loss for the year(1,880)(3,534)
Other comprehensive income:
Items that may be reclassified subsequently to the profit or loss:
Exchange differences on translation of
foreign operations
4.5b(423)(781)
Other comprehensive loss for the year(423)(781)
Total comprehensive loss for the year(2,303)(4,315)
Loss for the year attributable to the Owners
of the Company
(1,880)(3,534)
Total comprehensive loss attributable to the
Owners of the Company
(2,303)(4,315)
Basic loss per share – cents2.6(0.44)(0.82)
Diluted loss per share – cents2.6 (0.44)(0.82)

The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

23
Annual Report 2024
Consolidated Statement of Movements in Equity
for the year ended 31 December 2024


2024

Note
Contributed
equity
$000s
Accumulated
losses
$000s
Other
reserves
$000s
Total
equity
$000s
Balance on 1 January 2024135,578(111,741)(4,294)19,543
Comprehensive income
Loss for year
-
(1,880)
-
(1,880)
Other comprehensive income
Exchange differences on translation
of foreign operations
4.5b--(423)(423)
Total comprehensive income-(1,880)(423)(2,303)
Share option compensation expensed4.5a--7171
Balance on 31 December 2024135,578(113,621)(4,646)17,311


2023

Note
Contributed
equity
$000s
Accumulated
losses
$000s
Other
reserves
$000s
Total
equity
$000s
Balance on 1 January 2023135,578(108,207)(3,590)23,781
Comprehensive income
Loss for the year
-
(3,534)
-
(3,534)
Other comprehensive income
Exchange differences on translation of
foreign operations
4.5b--(781)(781)
Total comprehensive income-(3,534)(781)(4,315)
Share option compensation expensed4.5a--7777
Balance on 31 December 2023135,578(111,741)(4,294)19,543

The above Consolidated Statement of Movements in Equity should be read in conjunction with the accompanying notes.

24
AoFrio Ltd
Consolidated Statement of Financial Position
as at 31 December 2024

Note
2024
$000s
2023
Restated
$000s
Current Assets
Cash and cash equivalents3.1a2,0933,295
Trade and other receivables3.1b20,47516,480
Derivative financial instruments6.4-254
Inventories3.1c9,4338,803
Total current assets32,00128,832
Non-Current Assets
Property, plant and equipment3.25,7755,482
Deferred tax asset2.5b10,37010,363
Intangible assets3.319,02913,923
Total non-current assets35,17429,768
Total assets67,17558,600
Current Liabilities
Trade and other payables3.1d24,11317,251
Contract liability2.22,5242,269
Provisions3.1e139133
Derivative financial instruments6.4295-
Liabilities in respect of right-of-use assets6.5268181
Borrowings4.14,2374,674
Total current liabilities31,57624,508
Non-Current Liabilities
Borrowings4.1341311
Liabilities in respect of right-of-use assets6.53,9984,213
Contract liability2.213,94910,025
Total non-current liabilities18,28814,549
Total liabilities49,86439,057
Net assets17,31119,543

25
Annual Report 2024
Consolidated Statement of Financial Position - continued
as at 31 December 2024
Note
2024
$000s
2023
$000s
Equity
Contributed equity4.3135,578135,578
Accumulated losses4.4(113,621)(111,741)
Other reserves4.5(4,646)(4,294)
Total equity17,31119,543
For and on behalf of the Board
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Director
27 February 2025
Director
27 February 2025

26
AoFrio Ltd
Consolidated Cash Flow Statement
for the year ended 31 December 2024
Note
2024
$000s
2023
$000s
Cash flows from operating activities
Receipts from customers exclusive of GST / VAT81,14076,130
Payments to suppliers and employees exclusive of GST / VAT(74,279)(71,969)
Foreign exchange (losses) / gains(14)490
Other income591327
Interest paid(1,683)(1,284)
Interest received4.24859
Taxation paid(16)(104)
Net GST / VAT received(25)299
Net cash inflow from operating activities5,7623,948
Cash flows from investing activities
Payments for property, plant, and equipment(483)(1,030)
Proceeds from disposals of property, plant, and equipment-51
Payments for intangible assets3.3(5,419)(3,349)
Net cash outflow from investing activities(5,902)(4,328)
Cash flows from financing activities
New loans and drawdowns4.114,77021,654
Loan repayments4.1(15,630)(20,614)
Principal payments for right-of-use assets6.5(186)(78)
Net cash (outflow) / inflow from financing activities(1,046)962
Net (decrease) / increase in cash and cash equivalents(1,186)582
Cash and cash equivalents at the beginning of the
financial period
3,2952,839
Effect of exchange rate movements on cash(16)(126)
Cash and cash equivalents at end of year3.1a2,0933,295

The above Consolidated Cash Flow Statement should be read in conjunction with the accompanying notes.

27
Annual Report 2024
Notes to the Consolidated Financial
Statements
1. Basis of preparation
This section sets out the Group’s significant accounting policies that relate to the financial statements as a whole.
Where an accounting policy is specific to a note, that policy is stated in the note to which it relates.
1.1 General Information
AoFrio Limited (the “Company”) and its subsidiaries (together the “Group”) develop Internet of Things (IoT)
solutions and manufacture, market and sell energy saving, electronically commutated (EC) motors and fans for
worldwide use.
The Company is a limited liability incorporated and domiciled in New Zealand. The address of its registered office
is 78 Apollo Drive, Rosedale, Auckland 0632 New Zealand. The Company is registered under the Companies
Act 1993 and is an FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The financial
statements have been prepared in accordance with the requirements of Part 7 of the Financial Markets Conduct
Act 2013 and the NZX Main Board Listing Rules.
These consolidated financial statements have been approved for issue by the Board of Directors on 27 February
2025.
1.2 Summary of Significant Accounting Policies
(a). Basis of preparation
These consolidated financial statements of the Group have been prepared in accordance with generally accepted
accounting practice in New Zealand. The Group is a for-profit entity for the purposes of financial reporting. The
consolidated financial statements comply with New Zealand Equivalents to IFRS Accounting Standards (NZ
IFRS), other New Zealand accounting standards and authoritative notices that are applicable to entities that apply
NZ IFRS. The consolidated financial statements also comply with IFRS Accounting Standards (IFRS).
The principal accounting policies adopted in the preparation of the financial statements are set out below. These
policies have been consistently applied to all the years presented.
Entities reporting
The financial statements are for the consolidated Group which is the economic entity comprising of AoFrio Limited
and its subsidiaries.
Historical cost convention
These financial statements have been prepared under the historical cost convention except for derivative financial
information which is measured at fair value.
New standards, amendments, and interpretations adopted
The accounting policies adopted in the preparation of these consolidated financial statements are consistent with
those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31
December 2023, except for the adoption of new standards effective as of 1 January 2024. The Group has not
early adopted any standard, interpretation or amendment that has been issued but is not yet effective. NZ IFRS
18 Presentation and Disclosure in Financial Statements (NZ IFRS 18) was issued in April 2024 as replacement
for NZ IAS 1 Presentation of Financial Statements (NZ IAS 1). The Group is currently assessing the impact of NZ
IFRS 18 and will disclose a more detailed assessment in the future. Several amendments apply for the first time in
2024, but do not have an impact on the consolidated financial statements of the Group.

28
AoFrio Ltd
Supplier Finance Arrangements (Amendments to NZ IAS 7 and NZ IFRS 7) and Supplier Finance
Arrangements Reduced Disclosure Regime In May 2023, the IASB issued amendments to IAS 7 Statement
of Cash Flows and IFRS 7 Financial Instruments: Disclosures to clarify the characteristics of supplier finance
arrangements and require additional disclosure of such arrangements. The disclosure requirements in the
amendments are intended to assist users of financial statements in understanding the effects of supplier finance
arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk.
Amendments to NZ IAS 1: Classification of Liabilities as Current or Non-current In January 2020 and
October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for
classifying liabilities as current or non-current. The amendments clarify: • What is meant by a right to defer
settlement • That a right to defer must exist at the end of the reporting period • That classification is unaffected by
the likelihood that an entity will exercise its deferral right. In addition, a requirement has been introduced whereby
an entity must disclose when a liability arising from a loan agreement is classified as non-current and the entity’s
right to defer settlement is contingent on compliance with future covenants within twelve months.
Going concern assumption
The Group reported a loss for the year ended 31 December 2024 of $1,880,000 (2023: loss of $3,534,000)
and operating cash inflows of $5,762,000 (2023: inflows of $3,948,000). Cash at 31 December 2024 was
$2,093,000 (2023: $3,295,000) and net debt (defined as cash balances net of borrowings) was $2,485,000 (2023:
$1,690,000).
The Board approved budget for 2025 forecasts revenue growth, improved profitability from increased revenues
and positive cash flows.
The Board is satisfied that if global supply chain or macro-economic conditions adversely impact demand for the
Group, the Group can and will manage its planned increases in operating and capital expenditure to ensure the
Group maintains adequate cash reserves for at least the next 12 months after reporting date.
The Board closely monitors the Group’s compliance with banking covenants.
Therefore, the Board has at the time of approving the financial statements, assessed it is appropriate to continue
to adopt the going concern basis in preparing the financial statements.
(b). Principles of consolidation
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is
exposed to, or has rights to, variable returns from its involvement with the entity and can affect these returns
through its power over the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The
cost of an acquisition is measured as the fair value of the assets transferred and equity instruments issued, and
liabilities incurred or assumed at the date of exchange. Identifiable assets acquired, and liabilities and contingent
liabilities assumed in a business combination are measured initially at their fair values at the acquisition date,
irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the
Group’s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than
the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the Statement of
Comprehensive Income.
Intercompany transactions, balances, and unrealised gains on transactions between Group companies are
eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies of
the Group.

29
Annual Report 2024
(c). Foreign currency translation
(i) Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency
of the primary economic environment in which the entity operates (‘the functional currency’). The Company’s
functional currency is US Dollars because its purchase and sale of product is mainly denominated in US Dollars.
Subsidiaries and operations in the USA, Brazil, Turkey, Mexico, Italy, Australia and Singapore use their local
currency as the functional currency.
The consolidated financial statements are presented in New Zealand dollars, rounded to the nearest thousand,
which is the Group’s presentation currency. The presentation currency remains New Zealand dollars due to the
Company’s shareholder base being concentrated in New Zealand.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in
foreign currencies are recognised in the Statement of Comprehensive Income.
(iii) Foreign operations
The results and balance sheets of all foreign operations that have a functional currency different from New
Zealand dollars are translated into the presentation currency as follows:
• Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of the
Statement of Financial Position.
• Income and expenses for each Statement of Comprehensive Income are translated at the rates prevailing on
the transaction dates; and
• All resulting exchange differences are recognised in other comprehensive income as a separate component
of equity.
(d). Significant accounting estimates and judgements

Estimates and judgments are continually evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will,
by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk
of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
detailed in the following notes to the financial statements:
Areas of estimation
• Going concern – forecasts – note 1.2a
Areas of judgement
• Development costs – capitalisation of expenses and impairment testing – note 3.3

30
AoFrio Ltd
2. Results for the year
This section focuses on the results and performance for the Group and how those numbers are calculated.
2.1 Segment information
An operating segment is a component of an entity that engages in business activities from which it earns revenues
and incurs expenses, whose operating results are regularly reviewed by the chief operating decision maker and
for which discrete financial information is available.
The chief operating decision maker, who is responsible for allocating resources and assessing performance of the
operating segments, has been identified as the Chief Executive Officer supported by the management team who
report directly to the CEO.
(a). Reportable segments
The Group is organised on a global basis into two operating divisions – Motors and IoT. These divisions offer
different products and services and are managed separately because they require different technology and
marketing strategies. The Group’s Chief Executive Officer reviews the financial performance of each division at
least monthly. Each division is a reportable segment.
There are varying levels of integration between the segments. There are engineering and sales staff that support
both segments as well as shared logistical and quality management services.
Information related to each reportable segment is set out below:
2024
Motors
$000s
IoT
$000s
Unallocated
$000s
Total
$000s
Revenue36,42643,264-79,690
Cost of goods sold(30,805)(25,663)-(56,468)
Gross profit5,62117,601-23,222
Gross margin %15.4%40.7%-29.1%
Foreign exchange loss--(14)(14)
Other income-2589591
Operating expenses(4,140)(7,330)(9,815)(21,285)
EBITDA1,48110,273(9,240)2,514
Depreciation(103)(20)(692)(815)
Amortisation(323)(1,575)(61)(1,959)
(Loss) / profit before interest & taxation1,0558,678(9,993)(260)
Finance income--4848
Finance expense--(1,678)(1,678)
(Loss) / profit before income tax1,0558,678(11,623)(1,890)
Income tax credit--1010
(Loss) / profit for the year1,0558,678(11,613)(1,880)

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Annual Report 2024
2024
Motors
$000s
IoT
$000s
Unallocated
$000s
Total
$000s
Non-current assets
Property, plant & equipment150305,5955,775
Deferred tax asset--10,37010,370
Goodwill-3,254-3,254
Other intangible assets5,1899,99059615,775
Total5,33913,27416,56135,174
2023Motors
$000s
IoT
$000s
Unallocated
$000s
Total
$000s
Revenue31,49835,054-66,552
Cost of goods sold(26,118)(20,446)-(46,564)
Gross profit5,38014,608-19,988
Gross margin %17.1%41.7%30.0%
Foreign exchange gain--490490
Other income-3324327
Operating expenses(3,905)(7,083)(8,811)(19,799)
EBITDA1,4757,528(7,997)1,006
Depreciation(127)(30)(591)(748)
Amortisation(317)(1,821)(168)(2,306)
(Loss) / profit before interest & taxation1,0315,677(8,756)(2,048)
Finance income1-5859
Finance expense--(1,322)(1,322)
(Loss) / profit before income tax1,0325,677(10,020)(3,311)
Income tax expense--(223)(223)
(Loss) / profit for the year1,0325,677(10,243)(3,534)
Non-current assets
Property, plant & equipment245495,1885,482
Deferred tax asset--10,36310,363
Goodwill-3,190-3,190
Other intangible assets3,9966,20353410,733
Total4,2419,44216,08529,768

32
AoFrio Ltd
(b). Geographical segments
The Group operates in three main geographical areas, although it is managed on a global basis.
Revenue from external customers by geographic areas
2024
$000s
2023
$000s
Americas67,69354,214
Asia / Pacific (APAC)5,6064,974
Europe / Middle East / Africa (EMEA)6,3917,364
Total79,69066,552
Revenue is allocated above based on the country in which the customer is located.
APAC revenue includes $758,000 (2023: $1,824,000) from New Zealand customers.
Major Customers
The Group has two major customers (defined as customers representing 10% or more of revenues) accounting for
invoiced revenues of $21,800,000 (2023: three customers accounting for invoiced revenues of $26,018,000), all
within the Americas geographic segment.
Total non-current assets
2024
$000s
2023
$000s
Americas574266
Asia / Pacific – mainly in New Zealand34,52629,483
Europe / Middle East / Africa7419
Total35,17429,768
Total non-current assets are allocated based on where the assets are located.
2.2 Revenue
2024
$000s
2023
$000s
Sales of goods revenue – recognised at a point in time77,03064,228
Services revenue – recognised over time2,6602,324
79,69066,552
Revenue is measured at the fair value of the consideration received or receivable for the sale of goods and
services, excluding GST / VAT, rebates and discounts and after eliminating sales within the Group. The Group
disaggregates revenue from contracts with customers by geographical regions, which is detailed in note 2.1(b).

33
Annual Report 2024
(a). Sale of Goods
The Group manufactures and sells a range of energy efficient motors and IoT hardware to the food and beverage
market. Sales are recognised when control has transferred to the buyer which is usually when delivery of the
goods to the buyer pursuant to the Incoterms that apply is fulfilled, and there is no unfulfilled obligation that could
affect the customer’s acceptance of the products. Delivery occurs when the products have been delivered in
accordance with the pre-agreed Incoterms between the Group and the buyer, the risks of obsolescence and loss
have been transferred to the buyer, and either the buyer has accepted the products in accordance with the sales
arrangement, the acceptance provisions have lapsed, or the Group has objective evidence that all criteria for
acceptance and performance obligations under the contract with the customer have been satisfied.
Some of the sales of goods are subject to CIF (Cost, Insurance and Freight) Incoterms. The Group considers
these freight and insurance services to be a distinct service. For these sales, the total sales price is allocated to
the separate performance obligations, being the product and the insurance and freight costs. Further, the Group
considers itself an agent only in the provision of the freight services. Revenue for the CIF element is recognised
only to the extent of the margin for providing the agent services. However, there are limited sales under CIF terms
and the impact on revenue is estimated to be minor.
The Group has an in-market distributor in Brazil to supply goods to buyers who require local delivery. The
distributor transacts as agent. The Group is the principal in these transactions. Sales of product are recognised
when the distributor delivers product to buyers at which point control passes to the buyer.
Products may be sold with retrospective volume rebates based on aggregate sales over a 12-month period.
Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume
rebates. Accumulated experience and customer knowledge are used to determine the rebate amounts using
the expected value method and revenue is only recognised to the extended that it is highly probable significant
reversals will not occur. The liability to pay volume rebates is recognised (included in trade and other payables) in
respect of sales made until the end of the reporting period.
No element of financing is deemed present as the sales are made with a credit term of 30 - 120 days which is
consistent with market practice. A receivable is recognised when the goods are delivered as this is the point of
time that the consideration is unconditional because only the passage of time is required before the payment
is due.
(b). Sale of services
Associated with the supply of IoT hardware, the Group supplies a range of data, and reporting services, all
installed on every AoFrio SCS, AoFrio Monitor and AoFrio Click sold and are distinct services from the sale of
goods. Revenue from the provision of such services is recognised when services are rendered to the buyer.
Contracts typically cover a period from hardware supply of anywhere from 1 to 10 years, dependent on customer
requirements. Contracts specify the price for the provision of the services. Revenue from such contracts is
recognised on a straight-line basis over the contract term because the customer receives and uses the benefits
over the time period. As set out in note 2.2(a), no explicit element of financing is deemed present as the purpose
of the advance payment is for reasons other than financing.
The Group also provides software development services for customers. Revenue from these services is
recognised when the contracted development is completed according to the agreed scope of work.

34
AoFrio Ltd
Contract liabilities
2024
$000s
2023
$000s
Carrying amount at start of year12,29410,162
Invoiced in the year5,2964,403
Recognised in revenue(2,660)(2,324)
Exchange adjustment1,54353
Carrying amount at end of year16,47312,294
Current portion2,5242,269
Non-current portion13,94910,025
16,47312,294
2.3 Other income
2024
$000s
2023
$000s
Research & Development tax incentive claims received452290
Other income13937
591327

2.4 Operating expenses include
2024
$000s
2023
$000s
Wages and salaries and other short-term benefits19,82816,613
Employer contributions to Kiwisaver and 401K plans610545
Employee share options expense7177
Total employee benefits20,50917,235
Payments to contractors623798
Capitalisation of labour to intangible assets(4,900)(3,022)

The amount disclosed above for wages and salaries is stated before capitalisation of labour to intangible assets.

35
Annual Report 2024
Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave
expected to be settled within 12 months of the reporting date are recognised in other payables in respect of
employees’ services up to the reporting date and are measured at the amounts expected to be paid when the
liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken and
measured at the rates paid or payable.
The Group recognises a liability and an expense for bonuses and creates a provision where contractually obliged
or where there is a past practice that has created a constructive obligation.
2.5 Income tax expense
Current and deferred income tax
The income tax expense or credit for the year is the tax payable on the current period’s taxable income (based
on the national income tax rate for each jurisdiction) adjusted by changes in deferred tax assets and liabilities
attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in
the financial statements, and to unused tax losses.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to
apply when the assets are recovered, or liabilities are settled, based on those tax rates which are enacted or
substantively enacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of
deductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is made
for certain temporary differences arising from the initial recognition of an asset or a liability. No deferred tax asset
or liability is recognised in relation to these temporary differences if they arose in a transaction, other than a
business combination, that at the time of the transaction did not affect either accounting profit or taxable profit
or loss. The Amendment to NZ IAS 12 - Deferred tax related to assets and liabilities arising from a single
transaction introduced an exception to the initial recognition exemption in NZ IAS 12. Applying this exception, an
entity does not apply the initial recognition exemption for transactions that does not give rise to equal taxable and
deductible temporary differences.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is
probable that future taxable amounts will be available to utilise those temporary differences and losses.
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and
tax bases of investments in controlled entities where the parent entity is able to control the timing of the reversal of
the temporary differences and it is probable that the differences will not reverse in the foreseeable future.
Goods and Services Tax (GST) and Value Added Tax (VAT)
The Statement of Comprehensive Income has been prepared so that all components are stated exclusive of GST
and VAT. All items in the Statement of Financial Position are stated net of GST and VAT, except for receivables
and payables, which include GST and VAT invoiced.
(a). Income tax
2024
$000s
2023
$000s
Current year income tax expense3(48)
Deferred tax – recognition of deferred tax asset7(175)
Income tax credit / (expense) 10(223)

36
AoFrio Ltd
The income tax credit for the year can be reconciled to the result before tax as follows:
2024
$000s
2023
$000s
Reported loss for the year before tax(1,890)(3,311)
Tax at 28%(529)(927)
Adjustment of prior periods(527)992
Tax effect of non-deductible / non-assessable items(225)(113)
Recognition of carried forward tax losses1,291(175)
Income tax credit / (expense) for the year10(223)

(b). Deferred tax
As it is probable that future taxable amounts will be available to utilise temporary differences and losses, based
on projections of taxable income, a deferred tax asset is recognised for deductible temporary differences and for
that portion of the unused tax losses that are expected to be utilised in the five years 2025 through to 2029. No
deferred tax asset has been recognised in respect of the remaining tax losses to carry forward due to uncertainty
as to forecast taxable income after the five years.
Losses available to be carried forward are subject to the shareholder continuity requirements of the New Zealand
Income Tax Act 1994 and the countries in which the losses have arisen.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset, and they
relate to the same tax authority. The tax rate applicable to each group company has been used to determine the
below recognised and unrecognised deferred tax assets:
2024
$000s
2023
$000s
Doubtful debts1512
Inventory provisions and unrealised profit eliminations 252200
Employee benefits518224
Internally generated development(3,626)(2,638)
Warranty provision3937
Contract liabilities3,7932,860
Rebates277237
Fixed assets(1,040)(986)
Right of use lease liability1,2051,224
Other timing differences-(9)
Total temporary differences1,4331,161

37
Annual Report 2024
2024
$000s
2023
$000s
Tax losses to carry forward25,88025,977
Total temporary differences and tax losses to carry forward27,31327,138
Deferred tax asset recognised for:
Temporary differences1,2141,022
Carry forward tax losses utilised9,1569,341
Total recognised10,37010,363

The benefit of unrecognised tax losses is $16,724,000 (2023: $16,636,000). Of the total consolidated losses
available to carry forward to future years, $3,336,000 (2023: $2,955,000) arises in the USA and is subject to their
continuity requirements. USA Federal tax losses expire after 15 to 20 years, depending on when those losses
were incurred. During 2024 no USA Federal tax losses expired (2023: None).
(c). Imputation credits
The Group has no imputation credits available (2023: $nil) and no movements occurred in the Imputation Credit
Account (2023: $nil).
2.6 Earnings per share
Earnings per share (‘EPS’) is the amount of post-tax profit attributable to each share.
Basic EPS of a loss of 0.44 cents (2023: loss of 0.82 cents) is calculated by dividing the loss attributable to equity
holders of the Company of $1,880,000 (2023: loss of $3,534,000) by the weighted average number of ordinary
shares in issue during the year of 431,853,006 (2023: 431,853,006).
Diluted EPS of a loss of 0.44 cents (2023: loss of 0.82 cents) is calculated by dividing the loss attributable to
equity holders of the Company of $1,880,000 (2023: loss of $3,534,000) by the weighted average number of
shares in issue during the year. No adjustment was made for effects of 12,930,000 dilutive potential ordinary
shares, refer to note 6.2(c), because the effect would have been anti-dilutive.

38
AoFrio Ltd
3. Operating assets and liabilities
This section focuses on the assets used to generate the Group’s trading performance and the liabilities incurred as
a result.
3.1 Working capital
Working capital represents the assets and liabilities the Group generates through its trading activities. The Group
therefore defines working capital as cash, trade and other receivables, inventory, trade and other payables and
provisions.
(a). Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions and other short
term and highly liquid investments with original maturities of three months or less that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in value.
2024
$000s
2023
$000s
Cash on hand and at bank1,7342,921
Call deposits56
Short term bank deposit354368
2,0933,295
The carrying amount of the Group’s cash and cash equivalents is denominated in the following currencies:
NZD411420
USD1,6272,637
Other55238
2,0933,295

(b). Trade and other receivables
Trade receivables are recognised initially at the value of the invoice sent to the customer. The Group generally
holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Trade receivables are generally due for
settlement no more than 120 days from the date of recognition.
The Group applies the simplified approach permitted by NZ IFRS 9 which requires expected lifetime credit losses
to be recognised from initial recognition of the trade receivable. Trade receivables are written off when there is no
reasonable expectation of recovery.
NZ IFRS 9 requires the Group to calculate expected credit losses on trade receivables using a provision matrix.
The Group has reviewed its credit loss experience and has determined that the probability weighted credit
loss experience over that period was approximately 0.1% of revenue. Consideration has been given to market
environmental factors to determine whether future conditions will impact. The provision for expected credit loss at
balance date has been calculated at 1.5% for customers assessed as higher risk and 0.1% for all others (2023:
1.5% and 0.1% respectively).

39
Annual Report 2024
2024
$000s
2023
$000s
Trade receivables19,14015,483
Provision for loss allowance(51)(41)
Net trade receivables19,08915,442
Prepayments389239
VAT / GST refunds due30096
Income tax refund due333361
Other receivables364342
20,47516,480
The carrying amount of the Group’s trade and other receivables is denominated in the following currencies:
NZD19150
USD18,59114,497
EUR111527
MXP352380
BRL746309
Other484717
20,47516,480
Provision for loss allowance
Carrying amount at start of year4192
Decrease in loss allowance2(51)
Exchange adjustment8-
Carrying amount at end of year5141
The decrease in provision is recognised within ‘Operating expenses’ in the Statement of Comprehensive Income.
(c). Inventories
Inventories are stated at the lower of cost and net realisable value. Costs are assigned to individual items of
inventory based on first in first out. Net realisable value is the estimated selling price in the ordinary course of
business less the estimated costs necessary to make the sale.
Management reviews inventory on a line-by-line basis. Judgments are made about expected selling prices and
obsolescence based on forecast sales. A provision is recognised for inventory which is expected to sell for less
than cost.

40
AoFrio Ltd
2024
$000s
2023
$000s
Finished goods – at cost8,1136,886
Raw materials – at cost1,6382,203
Less inventory provisions(318)(286)
Total inventories9,4338,803
Cost of inventories recognised as an expense and included in cost of sales $53,704,000 (2023: $44,112,000).
(d). Trade and other payables
Trade payables are recognised at the value of the invoice received from a supplier. These amounts represent
liabilities for goods and services provided to the Group prior to balance date. The amounts are unsecured and are
usually paid within 90 days of recognition.
2024
$000s
2023
$000s
Trade payables19,57114,198
Employee entitlements 2,6141,313
GST / VAT payable395388
Income tax payable-24
Accrued expenses1,5331,328
24,11317,251
The carrying amount of the Group’s trade and other payables is denominated in the following currencies:
NZD2,9481,344
USD20,45515,204
Other710703
24,11317,251
(e). Provisions
Provisions are recognised when the Group has a present legal or constructive obligation because of past events,
is more likely than not that an outflow of resources will be required to settle the obligation, and the amount has
been reliably estimated. Provisions are not recognised for future operating losses.
The Group sells goods with warranty periods of up to five years. The terms of the warranty provide that the Group
will repair or replace items that fail to perform satisfactorily. A provision has been recognised based on historical
data and average levels of repairs and warranty claims experienced by the Group. It is expected that the provision
will be utilised within one year as any product failures are typically exhibited within one year of sale.

41
Annual Report 2024
Warranty provision
2024
$000s
2023
$000s
Carrying amount at start of year133177
Additional provisions recognised10745
Amounts used(118)(89)
Exchange adjustment17-
Carrying amount at end of year139133

3.2 Property, plant and equipment
All property, plant and equipment are stated at historical cost less depreciation and impairments. Historical cost
includes expenditure that is directly attributable to the acquisition of the items and the costs of bringing the asset
to the location and condition for it to be capable of operating in the manner intended.
Costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it
is probable that future economic benefits associated with the item will flow to the Group and the cost of the item
can be measured reliably. All other repairs and maintenance are charged to the Statement of Comprehensive
Income during the financial year in which they are incurred.

Depreciation of owned plant and equipment is calculated using the straight-line method to allocate their cost net of
their residual values, over their estimated useful lives, as follows:
Useful Life
Plant and equipment3 – 15 years
Property12 years
Office equipment, furniture and fittings 3 – 15 years
The assets’ residual values and useful lives are reviewed and adjusted as appropriate at each balance date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Plant and equipment can be analysed as follows:
Plant &
equipment
$000s
Office equipment,
furniture & fittings
$000s
Properties
$000s
Total
$000s
Year ended 31 December 2023
Opening net book amount7732331501,156
Additions2283264,8215,375
Depreciation(241)(129)(378)(748)
Disposals(17)-(38)(55)
Exchange adjustment(30)(19)(197)(246)
Closing net book amount7134114,3585,482

42
AoFrio Ltd
Plant &
equipment
$000s
Office equipment,
furniture & fittings
$000s
Properties
$000s
Total
$000s
At 31 December 2023
Cost4,9528444,82910,625
Accumulated depreciation and
impairment
(4,199)(372)(333)(4,904)
Exchange adjustment(40)(61)(138)(239)
Net book amount7134114,3585,482
Year ended 31 December 2024
Opening net book amount7134114,3585,482
Additions31414326483
Depreciation(229)(136)(450)(815)
Disposals----
Exchange adjustment5943523625
Closing net book amount8574614,4575,775
At 31 December 2024
Cost5,2289874,85511,070
Accumulated depreciation and
impairment
(4,390)(508)(783)(5,681)
Exchange adjustment19(18)385386
Net book amount8574614,4575,775
The above amounts include those relating to right-of-use assets. Refer to note 6.5 for further disclosures.
Capital commitments
Capital commitments contracted for at 31 December 2024 amounted to $471,000 (2023: $328,000).

43
Annual Report 2024
3.3 Intangible assets
Research, development and patent costs
Expenditure on research activities, undertaken with the prospect of obtaining new scientific or technical knowledge
and understanding, is recognised in the Statement of Comprehensive Income as an expense when it is incurred.
Expenditure on development activities, being the application of research findings or other knowledge to a plan or
design to produce new or substantially improved products or services before the start of commercial production
or use, is capitalised if the product or service is technically and commercially feasible and adequate resources
are available to complete development. This involves the use of judgement. Development costs are capitalised
once it can be demonstrated that the asset is supported by future economic benefits. Management considers
the following criteria when making its judgment as to when it is appropriate to commence capitalisation of
development costs:
• Technical feasibility of completing the development so that it will be available for use or sale.
• Intention to complete the development.
• Ability to use the developed asset or sell it.
• Existence of a market.
• Availability of adequate technical, financial, and other resources to complete and commercialise the
development; and
• Ability to measure reliably the expenditure attributable to the development.
All capitalised development costs met the criteria as outlined above.
The expenditure capitalised comprises all directly attributable costs, including costs of materials, services, direct
labour and an appropriate proportion of overheads.
Development expenditure which does not meet the criteria for capitalisation is recognised in the Statement of
Comprehensive Income as an expense as incurred. Capitalised development expenditure is stated at cost less
accumulated amortisation and any impairment losses.
Amortisation is calculated using the straight-line method to allocate the cost over the period of the expected
benefit, up to a maximum of 10 years for motors and up to a maximum of 5 years for IoT hardware. Judgment
is involved in determining this period of benefit. For motors, the Group considered the earlier versions of motors
and the length of time from completion to continued sales contribution; whereas for IoT hardware, the Group
considered that 5 years is an appropriate life given the inherent risk of rapid technological change.
Patents
Capitalised patent costs are amortised on a straight-line basis over the period of expected benefit no longer than
the life of the patent, up to a maximum of 20 years.
Computer software
Acquired computer software licences are capitalised based on the costs incurred to acquire and bring to use the
specific software. These costs are amortised over their estimated useful lives (3 to 5 years).
Costs associated with maintaining computer software programmes are recognised as an expense as incurred.
Impairment testing of non-financial assets
Intangible assets that have an indefinite useful life or intangible assets not ready for use are not subject to
amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed
for impairment whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value
in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are
separately identifiable cash flows (cash generating units).
Goodwill is tested annually for impairment, or immediately if events or changes in circumstances indicate that it
might be impaired and carried at cost less accumulated impairment losses. Impairment losses on goodwill are
not reversed.

44
AoFrio Ltd
Internally
Generated
Development
$000s
Patents
$000s
Goodwill
$000s
Other
$000s
Total
$000s
Year ended 31 December 2023
Opening net book amount9,3402183,15119812,907
Additions3,15944-1463,349
Amortisation(2,244)(53)-(9)(2,306)
Exchange adjustment(66)239(2)(27)
Closing net book amount10,1892113,19033313,923
At 31 December 2023
Cost23,9981,6943,2191,02029,931
Accumulated amortisation &
impairment
(14,741)(1,531)-(682)(16,954)
Exchange adjustment93248(29)(5)946
Net book amount10,1892113,19033313,923
Year ended 31 December 2024
Opening net book amount10,1892113,19033313,923
Additions5,37232-155,419
Amortisation(1,898)(57)-(4)(1,959)
Exchange adjustment1,5162564411,646
Closing net book amount15,1792113,25438519,029
At 31 December 2024
Cost29,3701,7263,2191,03535,350
Accumulated amortisation
& impairment
(16,639)(1,588)-(686)(18,913)
Exchange adjustment2,4487335362,592
Net book amount15,1792113,25438519,029

45
Annual Report 2024
Goodwill relates to the iProximity Pty Limited which is a component of the IoT reportable segment.
Internally generated development costs include $11,559,000 (2023: $5,193,000) for projects underway and not
complete at balance date. This cost is not yet being amortised.
Movement in internally generated development costs
2024
$000s
2023
$000s
Opening net book amount - projects not completed5,1932,969
Additions5,3723,159
Completed(23)(811)
Exchange adjustment1,017(124)
Closing net book amount - projects not completed11,5595,193

An impairment assessment has been performed at 31 December 2024 considering costs to complete the
developments, costs to set up the manufacturing capability, estimates of market volume and price and estimated
manufacturing unit costs.
Amortisation and impairment
2024
$000s
2023
$000s
Amortisation of intangible assets1,9592,306
Impairment of intangible assets--
1,9592,306
Goodwill and intangible assets with indefinite lives
Goodwill acquired through business combinations with indefinite lives has been allocated to the IoT Cash
Generating Unit (CGU) which is also an operating and reportable segment for impairment testing. The Group
performed its impairment test at 31 December 2024.
The recoverable amount of the IoT CGU at 31 December 2024 has been determined based on a value in use
calculation using cash flow projections from the annual operating budget approved by senior management for
2025. The pre-tax discount rate applied to cash flow projections is 13.5% (2023: 13.5%) and cash flows beyond
2025 using the 12.48% growth rate for IoT revenue over the period from 2019 to 2024 (2023: 9.92%).
The calculation of value in use is most sensitive to the following assumptions:
• Gross margins.
• Completion and launch of new IoT products under development and retaining volumes to current customers.
• Growth rates used to extrapolate cash flows beyond the forecast period.
• Operating expense increases.
Gross margins are based on the 2025 budget pricing and product costs. The gross margin in 2024 was 43.0% and
is forecast unchanged for 2025 and later years. Operating expenses for 2025 are budgeted $5.3 million higher
than 2024 and increase proportional to revenue in later years. In the 2025 annual operating budget, the ratio of
operating expenses to revenue is 24.2% and this is expected to increase in later years pursuant to implementation
of strategy.
As a result of this analysis, management did not identify an impairment for this CGU.

46
AoFrio Ltd
4. Capital and financing costs
This section sets out the Group’s capital structure and shows how it finances its operations and growth.
To finance the Group’s activities (now and in the future) the Board monitors and determines the appropriate capital
structure for AoFrio to execute strategy and to deliver its business plan.
4.1 Borrowings
2024
$000s
2023
$000s
Current portion
Bank trade finance facility4,2164,004
Bank loans21486
Other borrowings-184
Liability at end of year4,2374,674
Non-Current portion
Bank loans341311
Other borrowings--
Liability at end of year341311
Borrowings are initially recognised at fair value, net of transaction costs incurred, and are subsequently
measured at amortised cost. Any difference between the proceeds and the redemption amount is recognised in
the Statement of Comprehensive Income over the period of the borrowings using the effective interest method.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of
the liability for at least 12 months after balance date. Borrowing costs are expensed when incurred.
Movements in bank and other loans during the year were:
2024
$000s
2023
$000s
Liability at start of year4,9853,835
New loans and drawdowns14,77021,654
Repayments(15,630)(20,614)
Exchange adjustment453110
Liability at end of year4,5784,985
Bank trade finance facility
The bank trade finance facility is $5m, repayable on demand and is secured. The Company can finance invoices
to certain customers over a maximum term of 120 days. Interest is payable at a 3% margin above bank base
lending rate. The weighted average interest rate charged in 2024 was 9.86% (2023: 9.34%). Refer to note 5.1(d)
for covenants details.

47
Annual Report 2024
Bank term loans
The Company’s US subsidiary loan is US$199,800 under the Small Business Act. The SBA loan has monthly
repayments over a 30-year term. Interest is payable at 3.75% pa.
The Company’s Mexican subsidiary had a 5 million Mexican Pesos loan ($466,000 at 31 December 2023) from
the Banco del Bajio. The loan was repaid was repaid during the year. Interest was payable at 5% pa above the
Tiie Rate.
4.2 Finance
2024
$000s
2023
$000s
Finance income
Other interest income4859
4859
Finance expenses
Interest expense – Bank loans482552
Other interest expense1,196770
1,6781,322
4.3 Contributed equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of tax, from the proceeds.
2024
Shares
2023
Shares
2024
$000s
2023
$000s
Total shares and options on issue431,853,006431,853,006135,578135,578
All ordinary shares are authorised, fully paid and have no par value. Ordinary shares entitle the holder to
participate in dividends and the proceeds on winding up of the Company in proportion to the number of and
amounts paid on shares held.
4.4 Accumulated losses
2024
$000s
2023
$000s
Opening balance(111,741)(108,207)
Loss for the year(1,880)(3,534)
Accumulated losses at end of year(113,621)(111,741)

48
AoFrio Ltd
4.5 Other reserves
2024
$000s
2023
$000s
Share option compensation reserve596525
Currency translation reserve(5,242)(4,819)
(4,646)(4,294)
(a). Share Option Compensation Reserve
2024
$000s
2023
$000s
Share based compensation recognised at start of year525448
Net compensation expensed7177
596525
(b). Currency Translation Reserve
2024
$000s
2023
$000s
Opening balance(4,819)(4,038)
Exchange loss on translation of foreign operations(423)(781)
(5,242)(4,819)

49
Annual Report 2024
5. Risk
This section presents information about the Group’s exposure to financial and commercial risks; the Group’s
objectives, policies and processes for managing those risks.
5.1 Key financial risks
The Group’s principal financial instruments comprise receivables, payables, cash and cash equivalents,
borrowings, and derivatives.
The Group manages its exposure to the key financial risks – market risk (including foreign currency risk and
interest rate risk), credit risk, liquidity risk and capital risk. The Group enters into derivative transactions (principally
forward currency contracts) to manage currency risks.
(a). Financial market risk
Foreign currency risk
The Group operates internationally and is exposed to foreign currency risk arising from various currency
exposures. Presently the Group’s revenue is based on USD pricing and invoicing is substantially USD
denominated. The Company’s functional currency is USD. The majority of the Group’s product, manufacturing and
logistics cost is invoiced and settled in USD. This provides a strong natural hedge position between revenues and
costs. USD funds are converted to NZD to meet New Zealand operational costs as required.
The Group is primarily exposed to changes in other currencies against the USD exchange rate. The Group’s
exposure to foreign currency risk at the end of the reporting period for currencies other than USD, expressed in
NZD was:
2024
EUR
$000s
NZ
$000s
Turkish
Lira
$000s
Mexican
Peso
$000s
Other
$000s
Cash114118279
Trade and other receivables111191483352747
Trade and other payables(49)(2,948)(27)(500)(134)
Liabilities in respect of right-of-
use assets
-(4,195)---
Borrowings-----
Derivative financial instruments-5,000---
2023
Cash1420215085
Trade and other receivables52750715380310
Trade and other payables(40)(1,344)(25)(605)(33)
Liabilities in respect of right-of-
use assets
-(4,371)---
Borrowings-(184)-(467)-
Derivative financial instruments-4,000---

50
AoFrio Ltd
The sensitivity of profit or loss to changes in the exchange rates arises mainly from changes in currencies against
the local functional currency of the group company. The impact on post tax profit holding all other variables
constant at 10% sensitivity movement against the functional currency is as follows:
2024
$000s
2023
$000s
Gain from decrease relative to the functional currencies3631
Loss from increase relative to the functional currencies(36)(31)
The impact on other components of equity is not material because of minimal foreign forward exchange contracts
designated as cash flow hedges.
Interest Rate Risk
The interest rate on the bank trade finance facility is at variable rates. All other debt is fixed interest.
The Group has cash deposits in various currencies to facilitate trading in the countries in which it has a presence.
Most of the cash deposits are held in either NZD or USD.
The impact of a 1% increase / decrease in interest rates over a one-year period on the closing cash balance is
not significant.
(b). Credit risk
The Group generally trades with customers and banking counterparties who are well established. While there
are individually significant customers, the Group takes out trade credit insurance to provide better security.
Receivables balances are managed by and reported regularly to senior management according to credit
management policies and procedures. The amount outstanding at balance date represents the maximum
exposure to credit risk.
At balance date, the Group had six major debtors (defined as debtors representing 10% or more of trade
receivables) accounting for outstanding debt of $11,797,000 (2023: three debtors accounting for outstanding debt
of $6,211,000).
At balance date, trade receivables of $547,000 were past due but not considered impaired (2023: $1,203,000). Of
this amount $284,000 (2023: $1,021,000) was 3 months or more overdue.
The Group enters into forward foreign exchange contracts within specified policy limits and only with
counterparties approved by Directors.
Cash and cash equivalents are deposited with several financial institutions in New Zealand and overseas.
$411,000 is deposited with a major NZ trading bank with a Standard & Poors rating of AA- (2023: $674,000
AA-) and $628,000 (2023: $1,480,000) with Convera with a Standard & Poors rating of BBB/A-2. The remaining
balance of $1,054,000 (2023: $1,141,000) is held across several territories and non-performance of obligations by
the relevant banks is not expected due to the credit rating of the counter parties considered.
(c). Liquidity risk
The Group maintains regular forecasts of liquidity based on expected cash flows. The table below analyses the
Group’s financial liabilities into relevant groups based on the remaining period at the reporting date to the end of
the contractual date.

51
Annual Report 2024
The amounts disclosed are the contractual undiscounted cash flows.
2024
Trade and other
payables
$000s
Borrowings

$000s
Right-of-use
liabilities
$000s
Total

$000s
Less than 6 months24,1134,22613128,470
7 to 12 months-11137148
2 to 5 year-3413,9984,339
24,1134,5784,26632,957
2023
Less than 6 months17,2514,6387121,960
7 to 12 months-36110146
2 to 5 year-3114,2134,524
17,2514,9854,39426,630
Trade and other payables above exclude any liabilities for tax (including payroll taxes), statutory liabilities and
contract liabilities.
(d). Capital risk management
The Company closely monitors its cash requirements.
Gearing ratio
2024
$000s
2023
$000s
Total borrowing (excluding liabilities in respect of
right-of-use assets)
4,5784,985
Total equity17,31119,543
Gearing26.4%25.5%
The Group is required to comply with the following financial covenants under the bank trade finance facility:
EBITDA / Interest covenant – EBITDA to be a minimum of 1.5 times gross interest expense and 3.0 times BNZ
interest expense (calculated as if IFRS16 does not apply) to be tested annually at 31 December.
Working capital covenant - Inventory and receivables divided by borrowings under the trade finance facility to be a
minimum of 2.5 times.
The result of the test completed at 31 December 2024 was that the Group complied with all covenants.

52
AoFrio Ltd
6. Other information
This section includes other information that must be disclosed to comply with accounting standards and other
pronouncements, but that is not immediately related to individual line items in the financial statements.
6.1 Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in Note 1.2b.
Country of
incorporation
Class of
shares
20242023
Wellington Drive Sales LtdNew ZealandOrdinary100%100%
Wellington Drive Technologies US, IncUSAOrdinary100%100%
Wellington Motor Teknolojileri San Tic Ltd StiTurkeyOrdinary100%100%
Wellington Italia SrlItalyOrdinary100%100%
Wellington Drive Technologies Pte LtdSingaporeOrdinary100%100%
Wellington Latin America Services SA de CVMexicoOrdinary100%100%
iProximity Pty LimitedAustraliaOrdinary100%100%
All subsidiaries have a common balance date of 31 December.
6.2 Related party transactions
(a). Directors
The names of persons who are directors of the Company are on pages 16 to 17.
(b). Key management personnel and compensation
Key management personnel compensation is set out below. Key management personnel comprise the Directors
including the Chief Executive Officer (CEO) and all the senior executives who report directly to the CEO.
2024
$000s
2023
$000s
Salaries, fees, and other short-term benefits2,4312,404
Share based remuneration7177
Directors’ remuneration357316
Total2,8592,797

53
Annual Report 2024
(c). Employee share-based remuneration
In 2021, 12,930,000 options were issued to the Chief Executive Officer. 8,620,000 options (Tranche One) vested
on 1 October 2024 and 4,310,000 options (Tranche Two) will vest on 1 October 2025, if the CEO remains a full-
time employee on that date. The exercise price of the Tranche One options is 9.1 cents and of the Tranche Two
options is 11.5 cents.
The fair value of the employee services received in exchange for the grant of part paid shares or options are
recognised as an expense over the vesting period. The proceeds received net of any directly attributable
transaction costs are credited to share capital when the partly paid share proceeds are received, or options
are exercised.
Fair value is assessed at the date that the share options are issued using a binomial option pricing model that
takes into account the exercise price, the term of the options, the exercise criteria, the likelihood of staff turnover,
the non-tradable nature of the option, the share price at the issue date, the volatility of the returns on the
underlying share and the risk-free interest rate for the term of the options.
(d). East West Manufacturing LLC
East West Legacy LLC, a substantial security holder in the Company, is considered a related party under NZX
Listing Rules. The Group does not transact with East West Legacy LLC. The Group transacts with East West
Manufacturing LLC independent from East West Legacy LLC and is not a related party.
6.3 Contingencies
There are no material contingent liabilities or assets (2023 - $nil).

6.4 Financial instruments by category
2024
$000s
2023
$000s
Assets per Statement of Financial Position
Financial assets measured at amortised cost
Trade and other receivables19,45315,784
Cash and cash equivalents2,0933,295
Derivatives used for hedging (at fair value)
Derivative financial instruments-254
21,54619,333
Liabilities per Statement of Financial Position
at amortised cost
Trade and other payables24,11317,251
Borrowings4,5784,985
Liabilities in repect of right-of-use assets4,2664,394
Derivatives used for hedging (at fair value)
Derivative financial instruments295-
33,25226,630

54
AoFrio Ltd
Fair value estimation
The only financial instruments carried at fair value are derivatives comprising forward foreign exchange contracts.
The carrying amount of borrowings approximates fair value.
The forward exchange contract has been classified as Level 2.
The different levels have been defined as follows:
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
• Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2).
• Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs)
(Level 3).
The fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance
sheet date, with the resulting value discounted back to present value.
6.5 Leases
Property, plant and equipment in the Statement of Financial Position shows the following amounts related to
leases of right-of-use assets:
Right-of-use assets
2024
$000s
2023
$000s
Properties3,9843,918
Plant & equipment67-
Office equipment and furniture & fittings1215
Total4,0633,933
Additions to right-of-use assets
2024
$000s
2023
$000s
Properties-4,345
Plant & equipment5826
Office equipment, furniture & fittings-18
Total584,389

Liabilities in respect of right-of-use assets
2024
$000s
2023
$000s
Current268181
Non-current3,9984,213
Total4,2664,394

55
Annual Report 2024
Movements in liabilities in respect of right-of-use assets during the year were:
2024
$000s
2023
$000s
Liability at start of year4,39483
New liabilities584,389
Remeasurement--
Repayments(186)(78)
Liability at end of year4,2664,394
The Consolidated Statement of Comprehensive Income shows the following amounts related to right-of-use
leases:
Depreciation charge for right-of-use assets2024
$000s
2023
$000s
Properties386342
Plant & equipment157
Office equipment and furniture & fittings44
Total405353
Interest expense on liabilities in respect right-of-use assets358299
Expense relating to short-term leases (included in operating
expenses)
73103
The Consolidated Cash Flow Statement shows the following amounts related to right-of-use leases:
Total principal payments on liabilities in respect right-of-use assets18678
The Group leases property, equipment, and cars. Rental contracts are typically made for fixed periods but may
have extension options as described below. Lease terms for equipment and cars tend to be industry standard.
Other leases are negotiated on an individual basis.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is
available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance
cost is charged to Statement of Comprehensive Income over the lease period to produce a constant periodic rate
of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the
shorter of the asset’s useful life and the lease term on a straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include
the net present value of the following lease payments:
• Fixed payments (including in-substance fixed payments), less any lease incentives receivable.
• Variable lease payments based on an index or rate.
• Amounts expected to be payable by the lessee under residual value guarantees.
• The exercise price of a purchase option if the lessee is reasonably certain to exercise that option.
• Payments or penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or
the Group’s incremental borrowing rate.

56
AoFrio Ltd
Right-of-use assets are measured at cost comprising the following:
• The amount of the initial measurement of lease liability.
• Any lease payments made at or before the commencement date less any lease incentives received.
• Any initial direct costs.
• Restoration costs.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line
basis as an expense in the Statement of Comprehensive Income. Short-term leases are leases with a lease term
of 12 months or less. Low-value assets are assets of a value of US$5,000 or less.
Lease renewal options are included in the property lease. In determining the lease term, management considers
all facts and circumstances that create an economic incentive to exercise the renewal option. Renewal options are
only included in the lease term if the lease is reasonably certain to be extended. The assessment is reviewed if a
significant event or a significant change in circumstances occurs which affects this assessment and that is within
the control of the lessee.
6.6 Other disclosures
Fees paid to auditor
2024
$000s
2023
$000s
Audit and review of financial statements
- Audit of the Group (Deloitte)200191
- Audit of a subsidiary (Thong & Lim)44
Other services
- Tax compliance (Deloitte)3936
243231

57
Annual Report 2024
6.7 Cash flow information
(a). Reconciliation of (loss) / profit for the year to net cash inflow / (outflow) from operating activities
2024
$000s
2023
Restated
$000s
Loss for the year(1,880)(3,534)
Adjustments for:
Income tax (credit) / expense(10)223
Depreciation, amortisation & impairment2,7743,054
Share based payments7177
Increase / (decrease) in inventory provision32(96)
Increase / (decrease) in loss allowance provision10(51)
Increase / (decrease) in provision for warranty6(44)
Net foreign exchange differences(1,615)(386)
(Increase) / decrease in trade and other receivables(4,005)7,852
Increase in contract liabilities4,1792,132
(Increase) / decrease in inventories(662)2,565
Increase / (decrease) in trade and other payables6,862(7,844)
Net cash inflow from operating activities5,7623,948
(b). Net debt reconciliation
2024
$000s
2023
$000s
Cash and cash equivalents2,0933,295
Borrowings – repayable within one year(4,237)(4,674)
Borrowings – repayable after one year(341)(311)
Net debt(2,485)(1,690)
The bank trade finance facility is at variable interest rates. All other borrowings are at fixed interest rates,
with borrowings movements disclosed in note 4.1. The decrease in cash during the year of $1,186,000 (2023:
increase $582,000) included a $16,000 decrease (2023: $126,000 decrease) caused by exchange
rate movement.
6.8 Events after reporting date
There are no events after reporting date requiring disclosure.

58
AoFrio Ltd
Independent Auditor’s Report
To the Shareholders of AoFrio Limited
We have audited the consolidated financial statements of AoFrio Limited and its subsidiaries (the
‘Group’), which comprise the consolidated statement of financial position as at 31 December 2024,
and the consolidated statement of comprehensive income, statement of movements in equity and
cash flow statement 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, on pages 22 to 57 present fairly,
in all material respects, the consolidated financial position of the Group as at 31 December 2024,
and its consolidated financial performance and cash flows for the year then ended in accordance
with New Zealand Equivalents to IFRS Accounting Standards (‘NZ IFRS’) as issued by the External
Reporting Board and IFRS Accounting Standards (‘IFRS’) as issued by the International Accounting
Standards Board.
We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
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
the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (including International Independence Standards), and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
Our firm carries out other assignments for the Group in the area of taxation advice, including tax
compliance services. These services have not impaired our independence as auditor of the Company
and Group. In addition to this, partners and employees of our firm deal with the Company and its
subsidiaries on normal terms within the ordinary course of trading activities of the business of the
Company and its subsidiaries. The firm has no other relationship with, or interest in, the Company or
any of its subsidiaries.
We consider materiality primarily in terms of the magnitude of misstatement in the financial
statements of the Group that in our judgement would make it probable that the economic
decisions of a reasonably knowledgeable person would be changed or influenced (the ‘quantitative’
materiality). In addition, we also assess whether other matters that come to our attention during the
audit would in our judgement change or influence the decisions of such a person (the ‘qualitative’
materiality). We use materiality both in planning the scope of our audit work and in evaluating the
results of our work.
We determined materiality for the Group financial statements as a whole to be $1,000,000.
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.
Opinion
Basis for opinion
Audit materiality
Key audit matters

59
Annual Report 2024
Capitalisation of internal development costs
The Group capitalised $5.4 million of internal development
costs (2023: $3.2 million), as set out in note 3.3 ‘Intangible
assets’. This includes capitalised employee and contractor
time.
Judgement is required when determining if the recognition
criteria to capitalise costs of development under NZ IAS 38
Intangible Assets have been met.
This includes demonstrating technical feasibility to complete
the asset so that it will be available for use, the viability of
resources and availability of funding to complete the asset,
and the likelihood of generating future economic benefits.
These are based on key inputs and assumptions within cash
flow forecasts as explained in the ‘Evaluation of the cash flow
forecast supporting the use of the going concern assumption’
below.
We have included capitalisation of internal development costs
as a key audit matter due to the level of judgement required.
We have evaluated the appropriateness of internal
development costs capitalised by:
• Challenging the Group’s determination of which
development costs meet the criteria to be capitalised
under NZ IAS 38. We obtained an understanding of the
nature of the projects from management, including how
they are used in the business, the stage of development,
and the likelihood of the development being successfully
completed and used to generate revenue;
• Checking capitalisation of cost calculations for
mathematical accuracy;
• Testing the amounts capitalised on a sample basis and
agreeing this to underlying evidence, including, for
employee and contractor costs allocated to development
projects, and testing a sample of hours worked on each
project and the relevant wage rates; and
• Challenging the recoverability of capitalised costs by
assessing the reasonableness of management’s forecast
and revenues in relation to each product.
Evaluation of the cash flow forecast supporting the use of the
going concern assumption
The consolidated financial statements have been prepared on
a going concern basis as discussed in note 1.2(a).
In determining whether the use of the going concern
assumption is appropriate, the Board prepared a cash flow
forecast to assess the Group’s ability to settle their liabilities
as they fall due for a period of at least 12 months from the
date of approval of these consolidated financial statements. As
noted in ‘Capitalisation of internal development costs’ above,
the cash flow forecasts are a key assumption in determining
the appropriateness of capitalisation of development costs.
Therefore, the evaluation of the cash flow forecast supporting
the use of going concern assumption is a key audit matter due
to the key inputs and assumptions present within the forecast.
In evaluating the cash flow forecast used in supporting the use
of the going concern assumption, our procedures included:
• Obtaining an understanding of the Group’s processes
and related controls in place for preparing and approving
the 2025 cash flow forecast for the period of at least 12
months from the date of approval of the consolidated
financial statements;
• Obtaining an understanding of the key points and
assumptions present within the cashflow forecast;
• Checking the mechanical accuracy of the cash flow
forecast;
• Checking the appropriateness of the going concern
disclosure in note 1.2(a) of the consolidated financial
statements; and
• Assessing the appropriateness of the key inputs and
assumptions present within the cashflow forecast by:
-Assessing the reasonableness of forecasted revenue
growth rates, gross profit margins including planned
employee costs, movements in borrowings and
capital expenditure of the Group over the forecast
period;
-Assessing the reliability of the Group’s forecasting
by performing a retrospective review of previous
forecasts in comparison to actuals;
-Understanding the bank facility key terms, and
challenging the Group’s ability to comply with
covenant requirements; and
Key audit matterHow our audit addressed the key audit matter

60
AoFrio Ltd
The directors are responsible on behalf of the Group for the other information. The other information
comprises the information in the Annual Report that accompanies the consolidated financial
statements and the audit report.
Our opinion on the consolidated financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If so, we are required to report that fact. We have nothing to
report in this regard.
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, 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.
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 and 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 economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
Other information
Auditor’s
responsibilities for
the audit of the
consolidated financial
statements
Directors’
responsibilities for the
consolidated financial
statements
-Assessing the sensitivity of the forecast to reasonably
possible changes in assumptions to assess their
impact on banking covenant compliance and the
ability of the Group to continue as a going concern
should circumstances change.
Key audit matterHow our audit addressed the key audit matter

61
Annual Report 2024
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken
so that we might state to the Company’s shareholders those matters 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’s shareholders as a body, for our
audit work, for this report, or for the opinions we have formed.
Restriction on use
Paul Seller, Partner
for Deloitte Limited
Auckland, New Zealand
27 February 2025
This audit report relates to the consolidated financial statements of AoFrio Limited (the ‘Company’) for the year ended 31 December 2024
included on the Company’s website. The directors are responsible for the maintenance and integrity of the Company’s website. We have
not been engaged to report on the integrity of the Company’s website. We accept no responsibility for any changes that may have occurred
to the consolidated financial statements since they were initially presented on the website. The audit report refers only to the consolidated
financial statements named above. It does not provide an opinion on any other information which may have been hyperlinked to/from these
consolidated financial statements. If readers of this report are concerned with the inherent risks arising from electronic data communication,
they should refer to the published hard copy of the audited consolidated financial statements and related audit report dated 27 February 2025
to confirm the information included in the audited consolidated financial statements presented on this website.

62
AoFrio Ltd
Statutory information
Introduction
Directors have resolved that no dividend be declared.
The Company does not have a credit rating.
Remuneration of Directors
During the year the following remuneration was paid or payable to directors:
20242023
Mr J. Scott $96,000$68,667
Mr G Allen
1
$55,000$55,000
Ms Roz Buick
2
$45,833-
Ms M Clark-Reynolds
3
$50,000$18,714
Mr J. McMahon
4
$55,000$55,000
Mr K Oliver
5
$55,000$55,000
Mr G. Pausch-$64,000

Note.
1. Fees for Mr G Allen are paid to RJ-Alpha Advisory Services Ltd.
2. Fees for Ms R Buick are paid to 5280 Lodge Ltd.
3. Fees for Ms M Clark-Reynolds are paid to Purple Dragon Ltd.
4. Fees for Mr J. McMahon are paid to Meta Capital Ltd.
5. Fees for Mr K Oliver are paid to Alto Capital Ltd.
Interested transactions
The Directors have disclosed the following transactions with the Company:
• Interested transactions: There have been no transactions during the year with interested or related parties of
the Directors.
• Directors’ remuneration: Remuneration details of directors are provided above.
• Indemnification and insurance of Officers and Directors: The Company indemnifies Directors and Executive
Officers of the Group against all liabilities which arise out of the performance of their normal duties as director or
executive officer, unless the liability relates to conduct involving lack of good faith. To manage this risk, the Group
has indemnity insurance. The total cost of this insurance expensed during the year ended 31 December 2024 was
$129,205 (2023: $128,795).
• Directors’ share transactions: Details of numbers of shares held by directors are shown below.
• Directors’ loans: There were no loans by the Company to directors.
• The Board received no notices during the year from directors requesting to use Company information received in
their capacity as directors which would not otherwise have been available to them.

63
Annual Report 2024
Directors’ shareholding
31 December 2024 31 December 2023
Ordinary shares Total Relevant Interest Total Relevant Interest
Mr J. McMahon19,178,25319,178,253
Mr J Scott2,350,0001,250,000
Mr G Allen7,493,3827,493,382
Ms M Clark-Reynolds5,8622,495
Employees
The number of employees, other than Directors, within the Group receiving remuneration and benefits above
$100,000, as is required to be disclosed in accordance with section 211(1) (g) of the Companies Act 1993, is indicated
in the following table.
GroupGroup
2024202320242023

$100,000 - $109,999 89$240,000 - $249,999--
$110,000 - $119,999 88$250,000 - $259,99931
$120,000 - $129,999 129$260,000 - $269,99912
$130,000 - $139,999 108$270,000 - $279,999-1
$140,000 - $149,999 104$280,000 - $289,99912
$150,000 - $159,99945$290,000 - $299,9991-
$160,000 - $169,99954$300,000 - $309,9991-
$170,000 - $179,999 23$310,000 - $319,99911
$180,000 - $189,999 67$320,000 - $329,999-1
$190,000 - $199,999 73$330,000 - $339,9991-
$200,000 - $209,99942$340,000 - $349,999-1
$210,000 - $219,999 12$360,000 - $369,9991-
$220,000 - $229,9991-$490,000 - $499,99912
$230,000 - $239,99934
Donations
No donations have been made by the Company during the year ended 31 December 2024 (2023: Nil).

64
AoFrio Ltd
Diversity by gender statistics
In accordance with NZX Listing Rule 3.8.1 the Company makes the following diversity disclosures as at 31 December
2024:
Male
#%
Female
#%
Total
31 December 2024
Board467%233%6
Senior management team*571%229%7
969%431%13
31 December 2023
Board480%120%5
Senior management team*571%229%7
975%325%12

*The senior management team comprises of the Chief Executive Officer (CEO) and all the senior executives who
report directly to the CEO. The senior management team are “officers” for the purpose of the NZX Listing Rules.

65
Annual Report 2024

66
AoFrio Ltd
Shareholder information
Shareholders
On 31 December 2024 there were 1,297 shareholders holding 431,853,006 fully paid ordinary shares.
Share issues
There were no share issues in 2024.
Shareholder details
The ordinary shares of AoFrio Limited are listed on the New Zealand Stock Exchange. The information in the
disclosures below has been taken from the Company’s share register on 31 January 2025:
20 largest shareholdersOrdinary shares
1. East West Legacy LLC.55,149,807
2. Wairahi Investments Ltd26,000,000
3. Ballynagarrick Investments Ltd21,185,103
4. ASB Nominees Ltd (Meta Capital Ltd)19,178,253
5. Forsyth Barr Custodians Ltd17,930,511
6. Graham Trustees Ltd16,592,744
7. HSBC Nominees (New Zealand) Ltd15,443,235
8. Tea Custodians Ltd14,501,867
9. FNZ Custodians Ltd13,821,264
10. Accident Compensation Corporation 13,477,799
11. New Zealand Depository Nominee Ltd11,607,324
12. BNP Paribas Nominees (NZ) Ltd7,788,431
13. Gregory Charles Allen6,488,049
14. Flynn No 2 Trustees Ltd6,054,758
15. JP Morgan Chase Bank NA NZ Branch4,771,497
16. FNZ Custodians Ltd4,189,577
17. Lean Holdings Pty Ltd4,125,123
18. Howard Duncan Milliner3,536,561
19. Circada Ltd3,200,000
20. Forsyth Barr Custodians Ltd3,050,580

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Annual Report 2024
How our audit addressed the key audit matter
Distribution of equity securities
Size of holdings at 31 January 2025.
ShareholdersFully paid Ordinary Shares
Number%Number%
1-999513.9219,7000.00
1,000-1,999312.3839,6080.01
2,000-4,999443.38130,4130.03
5,000-9,99920615.821,496,7820.35
10,000-49,99950338.6311,362,0702.63
50,000-99,99915812.1310,630,0732.46
100,000-499,99921716.6745,560,79110.55
500,000
-
999,999322.4620,808,8864.82
over 1,000,000604.61341,804,68379.15
1,302100.00431,853,006100.00

54 (or 4.15%) shareholders, holding 85,157,849 shares (or 19.72%) reside outside of New Zealand.
Substantial product holders
Pursuant to section 26 of the Securities Markets Act 1988, details of substantial product holders and their total relevant
interests as per their most recent notices are:
NameNumber of shares
1
Date of notice
First Cape Group Ltd40,773,0711 May 2024
Wairahi Investments Ltd26,120,2864 August 2021
East West Legacy, LLC55,149,80724 December 2021
1
Number of shares is taken from notices received. No adjustments have been made for changes that may have subsequently occurred from the
dates of notices stated. The definition of “relevant interest” in the Securities Markets Act 1988 provides that more than one relevant interest can
exist in respect of the same securities.
Shareholder enquiries
Shareholders should send changes of address to Computershare Investor Services Limited at the address noted in
the directory on page 97. Notification must be in writing. Questions relating to shareholdings should also be addressed
to Computershare Investor Services Limited. For information about the Group please contact the Company at the
registered office by sending an email to info@aofrio.com or visit our website www.aofrio.com.

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AoFrio Ltd
Announcements to shareholders
The Company has established an email list of shareholders that wish to receive announcements made by the
Company to the New Zealand Stock Exchange. Announcements are emailed to shareholders who wish to receive
them shortly after they are released to the NZX. This will include the annual meeting addresses. If you wish to be
added to this listing, please email info@aofrio.com and advise us of your email address. Your email details will be
kept confidential.
Announcements are also posted on our website www.aofrio.com.

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Annual Report 2024
Corporate governance statement
The Board of AoFrio Limited (AoFrio or the Company) is responsible for the management oversight, supervision and
direction of the AoFrio Group and considers “best practice” corporate governance to be essential to the achievement
of strong and sustainable Company performance and to the maintenance of the trust and confidence of shareholders.
Integrity and high standards of behaviour and accountability are expected from all the Company’s Directors, officers,
employees and contractors.
The Board’s primary objective is the enhancement of shareholder value by following a set of core principles,
appropriate governance and ethical strategies and ensuring effective and innovative use of Company resources.
The Board has delegated to the Chief Executive Officer responsibility for implementing the strategic objectives of the
Board and for otherwise managing the day-to-day affairs of the Company in accordance with formal delegations of
authority from the Board.
The governance principles adopted by the Board are designed to meet best practice recommendations for listed
companies to the extent that they are appropriate to the size and nature of AoFrio’s operations. The Board endorses
the overall principles embodied in the NZX Corporate Governance Code (NZX Code) and believes the Company’s
corporate governance principles, policies and practices are appropriately aligned with the NZX Code.
The Company’s governance framework is recorded in various policies, charters and processes, many of which are
discussed below. These are reviewed and approved at regular intervals by the Board and standing Committees
to ensure they continue to meet the high standards required by the Board and reflect regulatory changes and
developments in corporate governance practices. The Company has integrated the governance policies into employee
induction and training, and monitors compliance with the policies.
The NZX Listing Rules require the Company to report against the NZX Code. This Corporate Governance Statement
follows the structure of the NZX Code and describes below the corporate governance policies and practices AoFrio
has in place and highlights the small number of areas of the NZX Code where AoFrio has not fully followed the Code’s
recommendations.
The Company’s Constitution, Board and Committee Charters and many of the policies referred to in this document are
available to view on the Company’s website – www.aofrio.com/investors (the Company’s Website).
This statement is current to 27 February 2025 and has been approved by the AoFrio Board of Directors.
NZX Code
Principle 1 – Ethical Standards
AoFrio’s reputation as a trusted respected company is one of its most
valuable assets and the Company is committed to being ethically and
socially responsible and ensuring that our business decisions should
reflect our values, acting within the laws of the countries in which we
operate. The Company expects its people to maintain high standards of
ethical conduct and to act legally, ethically and with integrity in a manner
consistent with the Company’s policies. These include the following:

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AoFrio Ltd
Code of Conduct
The Board has adopted a Code of Conduct, which is a formal statement designed to help guide and support
employees in their day-to-day work at AoFrio, to ensure they “do the right thing”.
The Code of Conduct brings together all our policy principles and provides a working guide for our people when
making decisions in our daily activities, and in relation to:
• Acting safely, ethically, and responsibly.
• Prioritising AoFrio’s best interests in accordance with the law.
• Safeguarding the confidentiality of AoFrio’s business information.
• Declaring conflicts of interest and proactively advising of potential conflicts.
• Upholding legal, regulatory, and ethical obligations.
• Holding their colleagues accountable for ethical conduct.
• Avoiding actions that could harm AoFrio’s reputation.
• Ensuring honesty in dealings with all stakeholders.
• Executing duties with diligence and care.
• Respecting individual and cultural differences.
• Nurturing a work environment that encourages open dialogue for resolving ethical concerns, free from fear
of retaliation.
• Maintaining accuracy in records and reports.
• Adhering to Company policy around giving and receiving of gifts.
• Speaking out against and reporting unsafe or unethical behaviours.
• Adhering to Company policy regarding whistleblowing.
AoFrio takes the Code of Conduct seriously. It is the responsibility of all AoFrio people globally to promptly bring
suspected violations to the attention of the Company, for the benefit of all.
The Code of Conduct is available on the Company’s Website.
Diversity and Inclusion Policy
AoFrio’s Diversity and Inclusion Policy records the Company’s commitment to creating a workplace that embraces
diversity and welcomes differences in cultures, backgrounds, experiences, and perspectives. We believe that a
diverse, equitable and inclusive company makes our culture stronger, our products richer, our customers happier, and
is critical to our success as a thriving global business.
Everyone at AoFrio is responsible for supporting and fostering an inclusive environment where each individual,
regardless of gender, age, nationality, sexual orientation, ethnicity, religion, disability status, veteran status, family
status, or other protected category, whether visible or not visible, can succeed, and feel welcomed, valued, and
included.
The Company recognises our people are critical to our business. AoFrio has a small number of employees, a
significant number of whom are based outside of New Zealand, which makes it challenging for the Company to adopt
any formal targets in relation to diversity as is recommended by the NZX Code. While we do not have any such
formal targets, AoFrio values and respects the contributions, ideas, and experiences of people from all backgrounds
and is proud to have a diverse company with staff from around the world and from many cultures. Attracting the best
person for a role may involve a global search for a suitable candidate and that selection may add to our diversity.
AoFrio recognises diversity brings a range of ideas, skills, and innovation to the Company, which is important to the
achievement of our objectives.

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Annual Report 2024
AoFrio is committed to attracting, developing, and advancing the best person for the role. Selection processes for
recruitment and employee development are unbiased and based on merit. Any form of discrimination, bullying or
harassment is not tolerated.
The Board is generally satisfied with the Company’s performance in relation to diversity but considers that the
Company could improve its diversity at the senior management and board level and is conscious of the benefits a
diverse leadership team can provide to the business.
The Diversity and Inclusion Policy is available on the Company’s Website.
Rules for Staff Trading in AoFrio Securities Policy
The Company’s Rules for Staff Trading in AoFrio Securities Policy provides guidance and sets out the rules for all
trading in AoFrio securities on the NZX by directors, officers, employees, and contractors.
Staff members wishing to trade in AoFrio securities must obtain the written consent of the Company before trading in
Company securities (which must occur outside of certain blackout periods relating to the Company’s half-year and full
year financial results and public offerings of securities in the Company).
Company-wide internal training is also provided to employees on the key themes of the policy and its application.
The Rules for Staff Trading in Securities Policy are available on the Company’s Website.
Health and Safety Policy
AoFrio’s Health and Safety Policy records the Company’s commitment to maintaining a safe and healthy environment
in all our workplaces around the world, and putting the health, safety and well-being of our employees, visitors, and
contractors first. We operate our business so that we meet or exceed statutory health and safety requirements and
relevant codes of practice, and we establish additional standards where required. The Health and Safety Policy
governs what we will do to keep everyone safe and healthy at work and to continuously improve our workplace health
and safety management practices.
The Health and Safety Policy is available on the Company’s Website.
Whistleblowing Policy
The Company’s Whistleblowing Policy applies to all employees, contractors, consultants, officers, interns, casual and
agency workers at AoFrio. It sets out what they should do if they have reason to believe that something dangerous,
unlawful, or unethical is going on at work and it is affecting (or risks affecting) them or other colleagues. The Company
will support any person who reports any legal or policy breach in good faith.
The Whistleblowing Policy is available on the Company’s Website
Conflicts of interest
The principles that govern the management of conflicts of interest are addressed in several governance documents,
including the Company’s Constitution, the Board Charter and Code of Conduct (all of which are available on the
Company’s Website). Collectively these policies provide guidance to both directors and employees as to when a
conflict of interest may arise and set out the procedures for managing a conflict of interest.
The Company has an ongoing programme to maintain employee awareness and understanding of Company policies.

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AoFrio Ltd
Principle 2 – Board composition and performance
The AoFrio Board comprises directors with an appropriate range and
mix of skills and experience; who have a proper understanding of, and
competence to deal with, current and emerging issues of the business;
and who can effectively review and challenge the performance of
management and exercise judgment independent of management.
The Board’s structure and governance arrangements are set out in
the AoFrio Board Charter, which is available to view on the Company’s
Website.
The AoFrio Constitution requires the Company to comply with the minimum Board composition requirements of the NZ
Stock Exchange which are that there must be at least three directors, and at least two directors must be independent
directors and two ordinarily resident in New Zealand. We assess director independence against the “disqualifying
relationship” criteria in the NZX Listing Rules. The Board currently has six directors, all of whom are considered
independent.
Profiles of all directors and their dates of appointment are set out in the Directors section of this Annual Report on
pages 16 to 17 and are available on the Company’s website.
Attendance at meetings held during 2024 was:
Directors’ meetings
John
Scott
Greg
Allen
Roz
Buick
Melissa
Clark-
Reynolds
John
McMahon
Keith
Oliver
Meetings held whilst a director111111111111
Attendance111197117
Audit Committee meetings
John McMahonKeith
Oliver
Melissa Clark-
Reynolds
Meetings held whilst a committee
member
333
Attendance312
Executive Appointment &
Remuneration Committee meetings
Keith
Oliver
John
Scott
Meetings held whilst a committee
member
22
Attendance22
Risk Committee
meetings
Greg
Allen
Roz
Buick
Technology & Innovation
Committee meetings
John
Scott
Roz
Buick
Melissa
Clark-
Reynolds
Meetings held whilst
a committee member
33
Meetings held whilst a
committee member
333
Attendance23Attendance232

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Annual Report 2024
As the Board is small, the Company has not established a separate nomination committee as recommended under
the NZX Corporate Governance Code, believing these matters are best dealt with by the full Board of Directors.
Periodically the Board evaluates its performance, composition, size, diversity and mix of skills. The method of review
is determined by the chairperson annually and may include interviews, questionnaires and/or external review. The
Board is satisfied that it is operating well and that the performance processes we have used are both effective and
suited to the Company.
When a decision is made to recruit a new director, the Board identifies candidates with a mix of capabilities and
perspectives considered necessary for the Board to carry out its responsibilities effectively. The Board also considers
the skills of the existing directors to ensure that the skills of the new director will complement and add to the
effectiveness of decision making. Appropriate pre-appointment checks are made on the background and suitability of
all directors.
New Board members enter into a written agreement establishing the terms of their appointment. A director appointed
by the Board must stand for election at the next annual meeting. Listing Rule 2.7.1 requires directors to stand for
re-election on the later of three years and the third annual shareholders’ meeting after their appointment. Retiring
directors are eligible for re-election.
Directors undertake to attend appropriate education to remain current in how to best perform their duties as
directors. Directors are encouraged to attend courses and maintain membership of relevant bodies, such as the
Institute of Directors.
Directors receive information independently from management in relation to specific issues relevant to AoFrio,
the markets in which the Company operates and to NZX listed companies generally. All directors have access to
management for any additional information they consider necessary for informed decision making.
Director independence
The independence of Directors is determined under the NZX Listing Rules and the NZX Code.
In considering whether a director is independent, the Board has regard to the factors described in the NZX Code
that may impact director independence (if applicable) and considers all the circumstances including the history of the
relationship between the director and the company and the director’s tenure on the Board. In summary this means
that they are not (or associated in any way with) existing or former suppliers, customers or substantial shareholders
or recent former executives of AoFrio and they are free of any direct or indirect interests or relationships or length of
tenure (under the NZX Code, a period of 12 years or more is a factor that may affect independence) with AoFrio that
could reasonably interfere, or reasonably be seen to interfere, in a material way, with the independent exercise of their
judgement on issues before the Board and their acting in the best interests of AoFrio and representing the interests of
the holders of the Company’s financial products generally.
Directors must immediately disclose to the Company a change in the status of a director’s independence.
The roles of Chairman and Chief Executive Officer are exercised by different persons. The Chairman is appointed by
the Board from amongst the independent directors.
In discharging their respective duties, individual directors may, with the prior approval of the Chairman, seek advice
from external professional advisors from time to time, with any costs being met by the Company.

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AoFrio Ltd
Indemnity and insurance
In accordance with section 162 of the Companies Act and the Company’s Constitution, and to the extent permitted
by law, AoFrio has indemnified and arranged insurance for all current and former directors and executive officers of
the Company and its subsidiary companies. The indemnity and insurance protect the directors and executive officers
against liabilities that arise when they carry out their normal duties. The indemnity and insurance do not apply to
liabilities which cannot be insured or indemnified by law, or that relate to conduct involving a lack of good faith.
Principle 3 – Board committees
The Board has established four standing committees to guide and
assist them with overseeing certain aspects of corporate governance.
These committees are the Audit Committee, the Risk Committee,
the Technology and Innovation Committee and the Executive
Appointments, Remuneration and Nomination Committee. Each
Committee operates under a Board-approved charter that sets out
its delegations and responsibilities. These Committees play a crucial
part in the governance framework and review matters on behalf of the
Board, subject to the terms of each Committee’s charter. The Board
appoints the members of the Committees, and members are selected
based on relevant skills and experience. Each Committee is empowered to seek any information it requires from
employees in pursuing its duties and to obtain independent legal or other professional advice. In practice, employees
only attend meetings of the Committees at the invitation of the relevant Committee.
Audit Committee
The Audit Committee operates under a charter approved by the Board and assists the Board in; overseeing the
quality and integrity of external financial reporting including the accuracy, completeness, and timeliness of financial
statements; the appropriateness of accounting policies, areas of judgement, compliance with accounting standards,
stock exchange and legal requirements; and the business’s relationship with, and the independence of, the
external auditor.
The committee also approves any non-audit work carried out by the Company’s auditor and ensures that the lead
partner in the audit firm is rotated every five years.
The committee currently comprises three non-executive directors, all of whom independent and at least one of whom
has a financial or accounting background. The Chairman of the Committee is not also the Chairman of the Board.
The current members are John McMahon (Committee Chairman), Keith Oliver and Melissa Clark-Reynolds.
Executive Appointments, Remuneration and Nomination Committee
The Executive Appointments, Remuneration and Nomination Committee operates under a charter approved by
the Board and assists the Board in; the remuneration and appointment of the senior executive team; management
succession planning; reviewing and approving compensation arrangements; establishing employee incentive
schemes and the remuneration of the Board. The committee also advises on proposals for significant company-wide
remuneration policies and programmes. In carrying out this role, the sub-committee operates independently of senior
management of the Company and, where appropriate, obtains independent advice on remuneration policy
and packages.
The Committee must be comprised of at least a majority of independent directors. Employees only attend meetings at
the invitation of the Committee.

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Annual Report 2024
The current members are independent directors Keith Oliver (Committee Chairman) and John Scott.
Technology & Innovation Committee
The Technology & Innovation Committee operates for the primary purpose of overseeing and providing counsel on
matters of innovation and technology. The current members are Roz Buick (Committee Chairman), John Scott and
Melissa Clark-Reynolds.
Risk Committee
The Risk Committee operates for the primary purpose of taking reasonable steps to acquire and maintain
up-to-date knowledge of enterprise risk management. The current members are Greg Allan (Committee Chairman)
and Roz Buick.
Other committees
From time-to-time the Board may establish a committee to assist in the management of a matter or project.
Whilst not a committee of Board members, AoFrio has a Health and Safety Committee that meets monthly and reports
to the Board. The Company is strongly committed to maintaining a safe and healthy workplace and believes all
accidents are preventable. The committee is made up of a mix of senior management and staff from key operational
areas. The committee strives to; maintain and continually improve our health and safety systems; proactively identify
hazards and take all steps to eliminate or mitigate these; consult and actively promote participation in health and
safety matters throughout the Company.
Control transaction protocols
The Company has established protocols for dealing with a control transaction should an offer be received.

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AoFrio Ltd
Principle 4 – Reporting and disclosure
The Board is committed to the promotion of investor confidence by
timely, balanced, accurate and meaningful reporting of financial and
non-financial information, including both positive and negative news.
As a listed company there is an imperative to ensure the market is
informed and that the Company’s listed securities are being fairly
valued by the market.
The integrity of the Company’s financial reporting and disclosures is
supported through several mechanisms, including:
Continuous disclosure
The Board seeks to promote investor confidence by ensuring that dealing in its securities take place in an efficient,
competitive and informed market. The Company strives to ensure that all investors have equal and timely access to
market sensitive information. The Company considers that evenly balanced disclosure (during good times and bad)
is fundamental to building shareholder value and earning the trust of staff, customers, suppliers, communities,
and shareholders.
The Company has a Board-approved Group Market Disclosure Policy (available on the Company’s Website) and
established disclosure procedures, which aim to ensure directors and staff are aware of and fulfil the Company’s
disclosure obligations in accordance with best practice and the NZX Listing Rules.
The Board has delegated responsibility for the day-to-day oversight of the Company’s continuous disclosure
obligations to a Disclosure Committee comprising the Chairman of the Board, the Chief Executive Officer and the
Chief Financial Officer. In addition, the Group Market Disclosure Policy requires directors and management to
regularly consider if there is any information that may require disclosure, and there is a standing agenda item at Board
meetings regarding continuous disclosure. All market disclosures are made to the NZX and are available on the
Company’s Website.
The Board promptly reviews and approves material announcements and specifically considers with management
at each Board meeting whether there are any issues which might require disclosure to the market under the NZX
continuous disclosure requirements.
The Company operates an Investor website which is designed to provide relevant public information to all Investors.
For further details on how the Company engages with its shareholders and investors, refer to the Group Market
Disclosure Policy which is available on the Company’s Website.
Financial reporting
The Board has overall responsibility for ensuring the integrity of the Company’s reporting to shareholders, including
for financial statements that comply with generally accepted accounting practice. The Audit Committee assists the
Board to fulfil its responsibilities in this area. The Committee makes enquiries of management and the external
auditors (including requiring management representations) so that the Company can be satisfied as to the validity and
accuracy of all aspects of AoFrio’s financial reporting.
The Company’s financial results are reported in its Annual Report in accordance with New Zealand Equivalents to
International Financial Reporting Standards and International Financial Reporting Standards (IFRS). The Annual
Report includes detailed financial commentary and notes to the financial statements which also explain any changes
to financial reporting.

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Annual Report 2024
The Board receives formal assurances from the Chief Executive Officer and Chief Financial Officer that the annual
financial statements for the group present fairly, in all material respects, the financial position of the AoFrio Group at 31
December and the financial performance and cash flows for the financial year, and that they comply with IFRS.
AoFrio strives to improve the clarity and readability of its financial statements, while continuing to comply with all the
requirements of the financial reporting standards including the Companies Act 1993, the Financial Markets Conduct
Act 2013, and the NZX Listing Rules.
The Company ensures that financial information reported in investor materials for road shows, Company overviews
and other documents is portrayed in an accurate, fair, and understandable format, and is disclosed to the NZX in
accordance with the Company’s Group Market Disclosure Policy.
Climate reporting
The Company is not a climate reporting entity under Part 7A of the Financial Markets Conduct Act 2013 and is
therefore not required to prepare a climate-related disclosure statement.
Non-financial reporting
The Company provides non-financial disclosures on environmental, social and governance (ESG) practices and
performance in its Annual Report
Balanced disclosures
The Company’s aim is that its reporting is balanced, clear and objective and includes consideration of material
environmental, economic, and social factors and explains how operational and non-financial objectives are measured.
The Company discloses its Code of Conduct, its Board and Committee Charters and certain key governance
documents and policies on the Company’s Website.
Information for investors
The Company’s Website includes the Company’s reports, investor communications, audio and video releases and
the governance policies and Charters referred to in this document. The Annual and Interim Reports are available in
electronic and hard copy format.

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AoFrio Ltd
Principle 5 – Remuneration
The Executive Appointment and Remuneration Committee is responsible for ensuring directors and executives
receive the appropriate rewards to support AoFrio in achieving its commercial and stakeholder goals. The Executive
Appointment and Remuneration Committee has a formal charter. Its membership and role are set out under Principle
3 above.
Approach to remuneration
The Company’s remuneration strategy aims to attract, motivate, and
retain talented employees at all levels of the Company and seeks to
align the interests of its shareholders and employees, whilst driving
performance and growth in shareholder value and return. This strategy
is supported by a performance-based remuneration system that, among
other things, seeks to align individual employee objectives with the
Company’s strategic and business goals.

The Executive Appointments, Remuneration and Nomination Committee is responsible for ensuring directors and
executives receive the appropriate rewards to support AoFrio in achieving its commercial and stakeholder goals. The
Committee has a formal charter. Its membership and role are set out under Principle 3 above.
Director remuneration
Directors’ fees are intended to be aligned with other organisations of similar scale and complexity. Directors’ fees
are currently set at a maximum aggregate cap of $400,000 per annum. This was approved by shareholders at the
2019 Annual Meeting. Directors’ fees paid in the 2024 financial year amounted to $356,833 due to the small size of
the Board. Full disclosure of director remuneration is set out on page 62. Other than as disclosed here, no director
is entitled to any other remuneration or retirement benefits from AoFrio. Directors are entitled to be reimbursed for
reasonable travel, accommodation and other expenses incurred by them in connection with their attendance at Board
or shareholder meetings or otherwise in connection with AoFrio business.
The Executive Appointments, Remuneration and Nomination Committee conducts a regular review of directors’
fees, to determine whether the level of fees paid to the Company’s chairperson and other non-executive directors is
aligned with other organisations of similar scale, scope, and complexity. Fees are normally subject to an overall cap,
approved by the shareholders. At the 2022 Annual Meeting, shareholders approved increases to fees paid to directors
but within the $400,000 aggregate cap. The next review is scheduled for the 2025 Annual Shareholders Meeting. Any
increases in fees paid to directors must be authorised by the Board and be within the above aggregate cap approved
by shareholders.
Executive remuneration policy
AoFrio’s approach is to pay a base salary and a performance-based bonus that includes a short-term and a long-term
incentive component. This ensures executive motivation is aligned with the goals of the Company in the short and
long term.
As stated above, the Company recognises our people are critical to our business and its growth strategies. AoFrio’s
remuneration strategy is to pay executives a remuneration that is fair and reasonable in a competitive market for
the skills, knowledge and experience required by the Company. Salaries are determined for their current position
in the market using relevant and up to date market benchmark data and an individual’s performance and are
reviewed annually. Many of our employees are based outside of New Zealand and remuneration varies by location in
accordance with the local market.

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Annual Report 2024
Chief Executive’s remuneration
The following tables sets out the payments made to the CEO during FY24.
Greg Balla – CEO
Fixed remuneration$485,437
Employer contributions to KiwiSaver$14,563
Total remuneration$500,000
Commencing for the 2024 year, Greg Balla is eligible for an annual STI target payment of 15% of base salary based
on Board-approved economic objectives being achieved. Overachievement is possible if financial objectives are
substantially overachieved. The Board of Directors must approve any STI payment, and such payment will only be
made if a minimum EBITDA threshold level is achieved.
Greg Balla was issued 12,930,000 share options representing 2.99% of the Company’s ordinary shares at the time
of issue. 8.62 million options vested on 1 October 2024 and may be exercised within 18 months following 1 October
2024 at an exercise price of 9.1 cents per share. Provided he is a full-time employee on 1 October 2025, a further 4.31
million options shall vest on 1 October 2025 and may be exercised within 18 months of that date at an exercise price
of 11.5 cents per share.
Principle 6 – Risk management
AoFrio is a global, complex business that is exposed to a range of
strategic, financial and operational risks. Risk management is ingrained
in AoFrio’s strategic and operational activities and is a priority for
the Board.
As discussed above, the Board has established a Risk Committee
to assist the Board with its oversight, monitoring, and review of risk.
Bi-annually there is a review of the entire risk landscape to establish
a forward-looking perspective on business risks, both financial and non-financial, in both the internal and external
environment. The committees provide a forum for discussion of risk, including the Board’s appetite for risk, with the
Chief Executive Officer and management. The Chief Executive Officer and senior management team are required to
regularly identify the major risks affecting the business and to develop strategies to mitigate these risks. Significant
risks are discussed at each Board meeting, or as required.
The Company maintains insurance policies that it considers adequate to meet the insurable risks of the Group.
Exposure to any foreign exchange risk is managed in accordance with policies laid down by the Board.
Safety and wellness
The health, safety, and wellbeing of our people (employees, contractors, customers, and members of the public whom
we interact with) is paramount.
Management’s Health and Safety Committee meets monthly and reports to the Board on health, safety, and wellbeing
matters. Minutes of the Health and Safety Committee are a priority agenda item at all Board meetings and specific
reviews are sought as required. The committee continuously reviews health and safety risks and systems used
to identify and manage those risks, ensuring they are fit for purpose, are being effectively implemented, regularly
reviewed, and improved. The frequency of incidents has been low and no Accident Compensation Corporation claims
involving the Company have been recorded for several years. The Board undertakes ongoing health and safety
education and regularly visits key operational sites.

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AoFrio Ltd
Principle 7 – Auditors
The Audit Committee has oversight responsibility for the Company’s external audit arrangements and the Board
appoints the external auditor.
The NZX Listing Rules require rotation of the lead audit partner at least every five years and this requirement is
reflected in the Audit Committee’s Charter, available on the Company’s Website.
The Company has adopted a policy, set out in the Audit Committee’s
Charter, to ensure that audit independence is maintained, both in fact
and appearance, so that AoFrio’s external financial reporting is both
reliable and credible. The Committee must pre-approve and monitor
all audit-related services and non-audit services to be provided by the
Company’s audit firm to ensure that these services comply with the
requirements of Professional & Ethical Standards 1, Code of Ethics
for Assurance Practitioners in maintaining the independence of the
external auditors. The external auditor must monitor its independence
and report to the Board that it has remained independent.
To ensure full and frank dialogue between the Audit Committee and the auditor, the auditor’s senior representatives
meet separately with the Committee (without management present) at least twice a year, including immediately before
finalisation and release of the Company’s half-year and full-year financial results to the market.
Representatives of the Company’s external auditor, Deloitte, attend the annual shareholders meeting where they are
available to answer shareholders’ questions relevant to the audit.
For a copy of the Company’s most recent audit report, relating to the last financial year, refer to the Annual Report
available at www.aofrio.com/investors.
The Audit Committee also has oversight responsibility for the Company’s climate-related assurance requirements.
Internal audit
The Audit Committee has oversight of the internal audit function. Due to its small size, the Company does not have
an internal audit function as is recommended by the NZX Code. As discussed above, the Chief Executive Officer is
accountable for all operational and compliance risks across the Company’s operations and businesses. The Chief
Executive Officer has management accountability for the effective control, implementation and improvement of internal
systems and controls.

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Principle 8 – Shareholder rights and relations
The Board’s policy is to ensure, in an open and transparent manner,
that shareholders are informed of all major and strategic developments
affecting the Company.
We provide information about who we are, including our governance
policies, on our website for investors to access at any time.
The Company releases all material information via the NZX in
accordance with its continuous disclosure requirements. All major
disclosures are also posted on the Company’s website on a timely basis.

The Company provides a printed copy of its annual report to shareholders who have elected to receive a printed copy.
The Annual Report is available on the Company’s website in accordance with the requirements of the NZ Companies
Act 1993.
The Company’s share register is managed and maintained by Computershare. Shareholders can access
their shareholding details or make enquiries about their current shareholding interests online or by contacting
Computershare by mail or by telephone.
Company website and material
The Company’s Website is used actively to complement the official release of material information to the market,
enabling broader access to Company information by investors and stakeholders. The Company’s Website has copies
of all presentations, media releases and reports.
Electronic communications
The Company seeks to continually improve its online and electronic communications and improve the functionality
of its website. The Company encourages shareholders to provide email addresses to enable the receipt of
shareholder communications by electronic means, and the option to receive the Annual Report in electronic format.
As at 24 February 2025, approximately 74% percent of AoFrio’s shareholders and investors had elected to receive
communications electronically from the Company’s registrar, Computershare Investor Services Limited.
Shareholder voting rights
In accordance with the Companies Act 1993, the Company’s Constitution and the NZX Listing Rules, the Company
refers the election of directors and major decisions that may change the nature of the Company to shareholders
for approval. Voting at shareholder meetings is based on one share, one vote and voting is conducted by poll.
Shareholders may lodge postal votes and appoint a proxy to vote on their behalf at the meeting. Voting outcomes are
announced to the market in accordance with the NZX Listing Rules.
Capital raisings
If the Company seeks additional equity capital, the Board will ensure it considers the interests of existing shareholders
and, where that is reasonable and in the best interests of the Company, permit shareholders to participate on a
pro-rata basis.
Annual shareholders’ meetings
Details of the Company’s Annual Shareholders Meetings are made available on the Company’s Website. The
Company targets to have its notices of the annual meeting available on the Company’s Website at least 20 working
days prior to the meeting. The Company did not meet this target for the 2024 meeting because it was late to issue

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AoFrio Ltd
the notice inviting director nominations. The notice of meeting was issued on 13 May 2024 for the meeting on 29 May
2024. The timetable for the 2025 meeting targets compliance with the NZX Code.
The Board encourages active participation by shareholders at the meetings and shareholders may present questions
during the meeting. Consistent with best practice, the external auditor is available to answer questions from
shareholders at the Annual Shareholders Meetings and in attendance are the Company’s legal advisers and share
registry provider.
The Annual Shareholder Meeting presentation materials are made available on the Company’s Website.
The materials provided to shareholders prior to the meeting describe the arrangements for the meeting, the timing for
the return of voting and proxy forms and how shareholders can propose questions and vote at the meeting. Notices
of meeting sent to shareholders describe how shareholders can send questions in advance of the meeting which are
then addressed at the meeting.
The Company’s 2024 Annual Shareholders Meeting was held on a hybrid basis, with shareholders participating in
the meeting either in person or via an online service through an internet connection established by Computershare
using a computer, laptop, tablet, or smartphone. The Company intends to continue to provide this online capability to
shareholders in conjunction with physical meetings.
Differences in practice to NZX Code
Under the NZX Listing Rules, the Company is required to disclose the extent to which its corporate governance
practices materially differ from the above principles set out in the NZX Code. The Board-approved differences relating
to the period up to the date of this Corporate Governance Statement are described below.
The Company has not published standalone remuneration policies for its directors and executives because it
publishes details of its remuneration policies for directors and executives in AoFrio’s Corporate Governance
Statements and Annual Reports, which are available on the Company’s Website. The disclosures outline the relative
weightings of remuneration components and relevant performance criteria.
As stated above, given the size of the Company, we have not established a separate Nomination Committee to deal
with director nominations, as recommended under the NZX Corporate Governance Code, but in September 2023 we
combined the functions typically associated with such a committee within a reconstituted Executive Appointments,
Remuneration and Nomination Committee.
Recognising the small size of the Company, we have not previously published diversity targets, as recommended
by the NZX Code. However, the Company’s Diversity and Inclusion Policy adopted by the Board in September 2023
provides for the Company to track diversity, equity and inclusion statistics and report on them in our Annual Report
as appropriate. See the latest Annual Report for details of targets and performance against those targets in the 2023
financial year.
Due to its small size, the Company does not have a formal internal audit resource as is recommended by the
NZX Code.
This Corporate Governance Statement was approved by the Board of AoFrio on 27 February 2025.

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Annual Report 2024

AoFrio Ltd
Our ongoing commitment to sustainable growth
84
Values
Guided by our values of:
-Explore together
-Thrive together
-A better world together.
Purpose
AoFrio is a hardware-enabled SaaS
company that is leading the charge
towards a more sustainable and
efficient food and beverage industry.
Vision
We envision a future where our
innovative solutions empower
customers to significantly reduce
their environmental impact and
enhance their profitability.
How we deliver?
-Minimise environmental impact
-Drive customer efficiency
-Partner for success.
Sustainability report

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Annual Report 2024
Embedding
sustainability into
every aspect of
our business
We aim to do this by not only providing sustainable
solutions to our customers, but by driving sustainable
decision-making, both in our operations and across our
supply chain.

86
Our approach to sustainability
What matters most to our stakeholders and our business.
Importance to AoFrio (Internal)
Importance to stakeholders (External)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
0.51.01.52.02.53.0
Product quality, design and innovation
Diversity and inclusion
Engagement and wellbeing
Health and safety
Modern slavery and labour practices
Customer privacy and data security
Waste and water management
Sustainability data, metrics and targets
Systemic risk management
Physical climate risk
Board composition
Sustainable sourcing of materials (Environment)
Social responsibility and community impact
Intellectual property
GHG emissions(Scope 1 and 2 Operational)
GHG emissions(Scope 3 - Upstream
Waste and circularity
In 2022 we worked with Ernst & Young (EY) to determine
what matters most to our key stakeholders and our
business. This materiality matrix highlights the areas
where we should focus our efforts and resources. These
key material topics were summarised into our three core
pillars:
These pillars are a reflection of our sustainability strategy,
ensuring we prioritise and embed sustainability into the
right areas. However, we recognise that as the world
evolves, areas of importance can change. Therefore,
alongside our core pillars, we use the United Nations
(UN) Sustainable Development Goals (SDGS) and
EcoVadis to ensure the sustainability strategy remains
on track and to stay aligned with the most urgent global
priorities.
Our Team
Our Operation
Our Products

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Annual Report 2024
Our approach to sustainability
While aligning with global standards, our key focus areas:
PillarsOur TEAMOur OPERATIONSOur PRODUCTS
Objectives
Foster a diverse, strong and
healthy workplace culture across
all levels of the business where
individuals feel respected,
challenged and included.
Work with our supply chain
partners to ensure first-rate
treatment of workers and the
environment, while reducing
greenhouse gas emissions
across the entirety of our value
chain.
Provide high-quality and secure
products and service that
generate positive outcomes for
our customers, society and the
environment throughout the
entirety of the lifecycle.
Material
topics
• Health, safety and wellbeing
• Diversity, equity and
inclusion
• Engagement and connection.
• Modern slavery and labour
practices
• Sustainable sourcing of
materials
• Greenhouse gas emissions
(Scope 1, 2 and 3).
• Product quality, design and
innovation
• Waste and circularity
• Customer privacy and data
security.
UN goals
EcoVadis
theme
The table above highlights the key drivers of our sustainability strategy, our ESG priority areas, our materiality topics
and their alignment with the UN SDGS and EcoVadis core themes.
EnvironmentEnvironment
Sustainable
Procurement
Sustainable
Procurement
EthicsEthicsEthics
Labor & Human
Right
Labor & Human
Right

88
United Nations Sustainable Development Goals
The SDGS are global sustainability initiatives set out by the UN. These goals
provide a comprehensive framework for sustainable development, encompassing
economic, social and environmental dimensions. At AoFrio we view the SDGS as a
framework to identify our direct contributions to sustainability.
EcoVadis
EcoVadis is a leading provider of business sustainability ratings, evaluating
companies on their environmental, social and ethical performance. For us at
AoFrio, following the EcoVadis methodology allows us to monitor, quantify, and
evaluate our performance against our objectives, material topics, UN SDGS and
our overall sustainability strategy. This approach ensures continuous improvement,
evolving expectations and enables us to consistently enhance our sustainability
performance.

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Annual Report 2024

90
Core pillar one: Team
Diversity ScoreEngagement Score
Progress made in 2024
AoFrio continues to embed sustainable
thinking and practices throughout the
organisation. We are pleased to report
progress across our pillars and key
areas of focus.
• Our AOWLead (AoFrio Woman Leaders) group has significantly
enhanced employee engagement throughout FY24 from 67% to
79%. Policy familiarisation sessions addressed important topics
like the pay gap and parental leave, unconscious bias and an
International Women’s Day event, with an inspirational talk from
our board member Melissa Clark-Reynolds emphasised gender
equality and inclusivity.
• Organisation-wide training on diversity and inclusion on
unconscious bias. We organised large engagement events
from different religious and belief systems such as Pride, Diwali
and Eid.
• Sustainability awareness was fostered through initiatives
like beach cleanups and Earth Day activities, alongside
investments in employee learning and development.
• Detailed remuneration reviews including an analysis of pay
equity across the Company and a commitment to paying all
employees a living wage.
• Our new remote working policy allowed employees to work
from anywhere in the world for up to four weeks, with 14 team
members benefiting in 2024.
These initiatives allow us to attract and retain an innovative, loyal
and impactful workforce. This is evidenced by our low 7% turnover
rate for the last 12 months.
88%79%
PillarsOur TEAM
Objectives
Foster a diverse, strong
and healthy workplace
culture across all
levels of the business
where individuals feel
respected, challenged
and included.
Material
topics
• Health, safety and
wellbeing
• Diversity, equity and
inclusion
• Engagement and
connection
UN goals
EcoVadis
theme

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Annual Report 2024
Core pillar two: Operations
EcoVadis RatingPower and Water
data collected for
NZ entities
(Scope 1)
Progress made in 2024
• Circularity and sustainability remained a core focus, with
initiatives like a recycling workshop in Auckland and global
circularity training led by ThinkStep ANZ.
• We collaborated with East West Industries in Vietnam to align
on sustainability practices and begin work on circularity and
end-of-life procedures for our products.
• AoFrio’s EcoVadis bronze medal places us among the top 35%
of rated companies, reflecting our commitment to delivering
meaningful environmental, social, and ethical impact.
EcoVadis is a well-recognised platform required by our customers,
so holding a rating with them allows us to support our customers’
strategies as well as our own.
PillarsOur OPERATIONS
Objectives
Work with our supply
chain partners to ensure
first-rate treatment
of workers and the
environment, while
reducing greenhouse
gas emissions across
the entirety of our value
chain.
Material
topics
• Modern slavery and
labour practices
• Sustainable sourcing
of materials
• Greenhouse gas
emissions (Scope 1,
2 and 3)
UN goals
EcoVadis
theme

92
Core pillar three: Product
Employees
introduced to
circular economy
Our AoFrio INSIDE
product energy
saving
Progress made in 2024
• We began embedding life cycle management into our product
design, with ThinkStep ANZ conducting circularity reviews for
our ECR and monitor products, and plan to expand this to two
more products in FY25.
• To deepen technical expertise, we held an intensive circularity
workshop for our product, engineering, and design teams,
building on our organisation-wide circularity training.
• In August 2024 we launched our energy-saving solution, AoFrio
INSIDE to the market. AoFrio INSIDE is the most efficient and
advanced solution for commercial refrigeration. The heart of
AoFrio INSIDE is the smart SCS controller which controls and
optimises the Wellington ECR
®
2 motors and industry-standard
variable speed compressor to contribute to up to 64% (third
party verified) in total energy savings.
Our AoFrio Inside product has enabled new customers and revenue
opportunities in FY24.
7064%
PillarsOur PRODUCTS
Objectives
Provide high-quality and
secure products and
service that generate
positive outcomes for
our customers, society
and the environment
throughout the entirety
of the lifecycle.
Material
topics
• Product quality,
design and
innovation
• Waste and circularity
• Customer privacy
and data security
UN goals
EcoVadis
theme

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Annual Report 2024

94
Our workforce
By the numbers (full time equivalents).
NationalityAge range
Length of service
Count by ethnicityAge group
26
19
Latin American/Hispanic
European
Length of
service
Not Stated/I’d rather not say
Southeast Asian
Asian
Chinese
Other Ethnicity
European, African
NZ European, Maori
NZ European, Pacific Peoples
NZ European, Other Ethnicity
Blank
Indian
NZ European
19
18
13
10
8
4
2222
11
Gender diversity
Gender 2
ManWoman
20202025
Prefer to not say
Running total headcount
0
50
100
4.69%
12.50%
17.97%
14.84%
36.72%
17.97%
28.91%
8.59%
1.56%
12.50%
8.59%
10.94%
3.13%
21.09%
Age group
active
18 to 26
27 to 35
36 to 45
46 to 55
2 to 3 year
3 to 4 year
56 to 64
over 65
4 to 5 year
5 to 6 year
6 to 9 year
10+ year
Under 1 year
1 to 2 year

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Annual Report 2024
Looking forward
Our aspirational roadmap.
CurrentPlannedFuture
Health and Safety Global
Review
Language Scholarship
Program
Leadership Development
Program
Diversity targets, i.e. Gender
split, DEI engagement
results
Implement a Sustainable
Supplier Policy & Supplier
Code of Conduct
Review physical and
transitional risks likely to
have a material effect on
AoFrio
Identify climate-based
scenarios for AoFrio and
conduct a scenario analysis
process
Complete a test case LCA
Begin data collection of
product components for
GHG reporting
Track and improve
diversity
Set emissions reduction
target and begin reporting
Scope 1 & 2 emissions
Track suppliers EcoVadis
ratings
Describe the scenario
analysis process externally
Develop a conflict minerals
policy
Invest in Research and
Development (R&D) aimed
at continuing reductions
of emissions intensities
(i.e., increases in energy
efficiency) provided by
AoFrio products and
services
Establish a process for
tracking energy intensity
savings for clients that have
purchased IoT services
Explore the first Voluntary
Task Force on Climate-
related Financial Disclosures
(TCFD)
Consider climate-related
metrics and targets
(Financial and non-financial)
to support our strategy
Explore and eventually
obtain validation of a
science-based target (SBT)
by the Science-based Target
Initiative (SBTi)
Refine the reduction target
for emissions intensities to
reflect data obtained from
tracking IoT service clients

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AoFrio Ltd

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Annual Report 2024
Contacts
AoFrio offices
New Zealand (Head office)
AoFrio Ltd
78 Apollo Drive
Rosedale, Auckland 0632
New Zealand
Postal Address
P.O. Box 302 – 533
North Harbour
Auckland 0751, New Zealand
Ph: 64-9-477 4500
Mexico
Wellington Latin America Services SA de CV
San Serafin No. 4
Residencial San Gil
San Juan del Rio, Qro,
Mexico 76815
PO Box 57
San Juan del Rio
Querétaro
Mexico 76800
Ph: +52 427 167 3857
Brazil
Wellington Drive Technologies (Brazil)
Rua Xamim, 370 - Iririu
Joinville, SC
Brazil 89227917-315
Ph: +55 47 3028 3858
Turkey
Wellington Motor Teknolojileri San Tic Ltd. Sti.
Fatih Sultan Mehmet Mah.
Poligon Cad. No: 8C
Buyaka Kule 3 Kat:11 Daire:70
Tepeüstü 34771 Umraniye – Istanbul
Ph: +90 0 (216) 420 12 02
Fax: +90 0 (216) 420 12 05
Internet and social media
Website: www.aofrio.com
Email: info@aofrio.com
LinkedIn
Twitter
Address and registered office
78 Apollo Drive
Rosedale, Auckland 0632, New Zealand
PO Box 302-533, North Harbour,
Auckland 0751, New Zealand
Auditor
Deloitte Limited
1 Queen Street, Auckland CBD, Auckland 1010
Banker
Bank of New Zealand
Share registry
Computershare Investor Services Ltd,
Private Bag 92119, Auckland 1142,
New Zealand

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AoFrio Ltd

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Annual Report 2024

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Annual Report 2024
www.aofrio.com
AoFrio
Annual Report
2024