My Food Bag achieves record earnings; confirms dividend

INTERIM FINANCIAL REPORT
For the six months ended 30 September 2021
Share in
the goodness

Letter from the Chair and CEO 1
Directory 6
Interim Financial Statements 8
Review Report 16
CONTENTS
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2022

LETTER FROM THE CHAIR AND CEO
W h a t ’s
simmering
The My Food Bag Board is delighted
to announce record earnings for the
six-month period to 30 September 2021,
with NPAT and EBITDA
1
up 24.6% and
11.6%, respectively, on the prior year.
Revenue for the period of $98.4 million is down 6.5%
year-on-year due to the 2020 nationwide lockdown spike.
These results reflect that we are on track to deliver the
previously forecast full year EBITDA of $34.2m, which
will be up 18% year-on-year.
This report marks the halfway point of our first full year as
a publicly listed company and demonstrates clear progress,
and the achievement of some important milestones, as we
grow within New Zealand’s $37 billion retail food sector.
FINANCIAL PERFORMANCE
Deliveries and revenue during H1 FY22 were in line with
expectations.
During the first half of this financial year, My Food Bag recorded
revenue of $98.4 million. We also recorded net profit after
tax of $9.4 million, up 24.6% year-on-year, and EBITDA of
$16.0 million, up 11.6% year-on-year. The growth of EBITDA
was underpinned by procurement optimisation that led to
improved contribution margin, at a rate of 26.3%.
Total deliveries of 808k during H1 FY22 were down on
the same period in FY21, due to a spike during the first
Alert Level 4 nationwide lockdown in 2020.
Average order value was also slightly down on H1 FY21,
from $124.04 to $121.81. Again, this was mainly driven
by a spike in larger bag orders during the first Alert Level 4
nationwide lockdown, as well as an upweight of marketing
discounts and stronger Bargain Box performance skewing
brand mix during the first half of FY22.
Pleasingly active customers increased by 3.3% compared
to H1 FY21 and high value active customers
2
grew by 3.1%
year-on-year, with margin improvements further increasing
their value. Retained customer numbers remained strong at
around 60% of active customers during the last six months.
DIVIDEND AND REAFFIRMING GUIDANCE
Due to these strong results and outlook, the Board is pleased to
declare a fully imputed interim dividend of 3.0 cents per share,
payable on 16 December 2021. A final dividend of 4.0 cents
per share is forecast to be paid in 2022, following the release
of the FY22 results.
This interim dividend allows for sufficient retained cash to fund
growth requirements internally and, together with the expected
final dividend, represents a distribution of approximately
85% of anticipated net profit after tax (within My Food Bag's
distribution policy which aims to distribute between 70%
and 90% of NPAT).
The Board is also pleased to reaffirm its FY22 EBITDA guidance
of $34.2m as outlined in My Food Bag’s Prospective Financial
Information (PFI) prior to listing. While revenue for FY22 is
now anticipated to be slightly improved on the PFI, this is not
expected to result in an increase in earnings for the period
given higher input costs and operating expenses associated
with operating safely during the pandemic and introducing
new product initiatives.
1. A reconciliation from GAAP NPAT to non-GAAP EBITDA can be found in the appendices to the FY22 Half Year Results Announcement Presentation at www.myfoodbag.co.nz.
2. High value active customer is a customer who has taken at least 20 deliveries in the past 12 months.
LETTER FROM THE CHAIR AND CEO
1

BUSINESS UPDATE
OPERATING AS AN ESSENTIAL SERVICE
Building on our 2020 COVID-19 business continuity plans,
our operations smoothly transitioned when the country, once
again, found itself in Alert Level 4 during August. This included
rigorous planning to position us well to manage health and
safety, and any supply chain disruptions.
We experienced an increase in demand during the short nation-
wide Alert Level 4 lockdown. We also incurred increased costs
stemming from reduced productivity in operations as a result of
changed operating procedures, the provision of additional PPE
and other safety measures implemented during this time.
Thankfully, as in 2020, My Food Bag recorded zero cases of
COVID-19 among its workforce, and we continued to adhere
to the robust processes to protect business continuity to manage
any suspected COVID-19 cases.
We would like to take this opportunity, on behalf of the My Food
Bag Board of Directors and Senior Leadership Team, to convey
our heart-felt thanks to every member of our resilient, amazing
team for their dedication during this period and ongoing.
EXPANDING BEYOND MEALS
Since our inception, we’ve delivered exciting products and
recipes that reflect Kiwis’ changing food preferences. This half
year was no different, as we successfully launched phase one
of the My Food Bag Kitchen.
The My Food Bag Kitchen expands our offer beyond meal kits
and ready made meals, for the first time, with a range of curated
go-to grocery products and recipes, specifically selected by
our chefs, that customers can add to their orders. This is our first
significant step outside of weeknight meals and signals our move
beyond providing a solution to the original question of ‘What’s
for dinner?’ towards providing more everyday solutions for our
customers for more meal occasions.
The Kitchen takes My Food Bag into eight new categories and is
one plank of our growth strategy to access a greater proportion
of New Zealand’s $37 billion retail food sector. Top categories
to emerge from the first phase of the Kitchen include sides and
snacks, baking and dessert, breakfast and pantry items.
This initial offering in phase one is available across My Food
Bag, Bargain Box and Fresh Start and uses our existing
operational footprint and resources to extend our offering.
During phase one of the My Food Bag Kitchen we have
achieved attachment rates in line with our internal target of
10% – 15% and an average order value in excess of $20
in September.
In order to keep building attachment rates and average
order values we will keep optimising and growing the range.
By leveraging the insights from the first phase of the Kitchen, we
have identified significant opportunities to invest and accelerate
in order to establish ourselves as a source of highly valued
solutions, beyond meals, for our customer base.
In the medium term, this will include enhancing availability to
customers with or without a meal kit order, as well as reducing
the time between ordering and delivery.
GROWING CHOICE
During the first half of the financial year we also expanded the
number of bags offering recipe choice.
Our data demonstrates that recipe choice is driving higher active
customer growth and increasing order frequency. The expansion
of choice is one of the underpinning factors of our confidence
in H2 performance.
First launched in January 2020, My Food Bag My Choice
initially allowed customers to pick from 10 options, across a
range of family-friendly recipes, ready-made meals and quick
cooking options. This initiative gave customers more options
every week, encouraging them to purchase more frequently
from us.
During this half year we expanded to 15 meal options across
My Choice and began offering recipe choice across Bargain
Box and Fresh Start brands.
We are also proud to have partnered with The New Zealand
Heart Foundation and University of Otago to develop recipes
to assist with their studies to help Kiwis achieve good health
outcomes. As part of these partnerships we now offer at least
two heart healthy meals in our My Choice range each week.
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2022
2

LETTER FROM THE CHAIR AND CEO
3

COMMUNITY AND ENVIRONMENTAL IMPACT
Our sustainability vision is to build a healthier food system
for our customers, Aotearoa and the world.
As part of this vision, just before the beginning of FY22
we launched our first Soft-Plastics Recycling Programme.
This initiative, in partnership with the NZ Packaging Forum
and Future Post, enables NZ Post to collect all our customers’
soft-plastics, and then responsibly recycle it.
The programme has proved popular. To date, we’ve distributed
12,000 soft-plastic recovery bags, which translates into diverting
approximately six tonnes of soft-plastics from landfill to recycling.
Packaging sustainability has also been an aspect of the
My Food Bag Kitchen launch, as we’ve prioritised non-plastic
packaging and cleaning accessories throughout the range.
Beyond packaging, we have maintained our commitment to
minimising food waste through our source-to-order business
model, and working with charities to ensure leftover ingredients
and food are not wasted. We donated more than 35,000 meals
in the first half of this financial year.
During H1 we have grown our partnership with Garden to Table
by using the My Food Bag Kitchen as a channel to sell Garden
to Table baking recipes. All profits from the recipes go directly
to support schools to participate in this valuable programme.
BUILDING FOR FUTURE GROWTH
We have also made timely progress on a purpose built
assembly site in the South Island. We anticipate this site to
be operational in Q1 FY23.
OUTLOOK
As a business, we are well-positioned to benefit from the
accelerated adoption and retention of digital channels seen
across multiple geographies and categories.
We continue to experience high levels of input cost growth
across most areas, but it has been particularly the case with
food ingredients. An effectively closed border for New Zealand
has tightened the labour market causing upwards pressure on
wages, alongside supply chain disruptions, and weather events
locally, this has contributed to an inflationary environment for
the company.
In the immediate future, we forecast that average order value
will be higher in H2 FY22 than H1 due to the first phase of
the My Food Bag Kitchen, a favourable brand mix and a
price rise in October.
We are also forecasting an increase in deliveries during H2
compared to the same period a year ago. We also anticipate
our contribution margin in H2 to improve based on seasonality
(lower produce costs) and the benefit of ongoing continuous
improvement initiatives.
We are informing our growth strategy through the first phase
of the My Food Bag Kitchen and building the footprint we
need to profitably expand into the second phase during FY23.
This second phase will see us introduce new categories and
deepen our offer in some of the categories that have proven
successful to date.
The business continues to see opportunities for vertical
integration, which will be margin accretive and add further
operational flexibility beyond the PFI period.
The strength of our balance sheet allows us the flexibility to
consider M&A activity when the right option is available to us.
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2022
4

SUMMARY
My Food Bag has continued to operate as an essential service
since August 2021 when New Zealand entered a new period
of lockdowns in response to the COVID-19 Delta variant
being present in our communities. As our top priority, we have
looked after our staff and stakeholders’ wellbeing through
these uncertain periods.
My Food Bag continues to meet more and more of
New Zealanders’ demand for high quality, locally sourced
food ingredients combined with Kiwi developed recipes
that meet their lifestyle needs. By adding recipe choice and
additional Kitchen items, we have seen customer numbers,
purchase frequency and order values respond favourably.
The FY22 EBITDA outlook remains consistent with the
prospective financial information issued prior to listing.
Looking beyond the PFI period and into FY23, the business
continues to see opportunities for growth from its core product
offering and its expansion of the My Food Bag Kitchen, and
is well positioned to pursue inorganic growth opportunities
that arise and offer value to the business.
Tony Carter Kevin Bowler
Chair CEO

LETTER FROM THE CHAIR AND CEO
5

BOARD OF DIRECTORS
Tony Carter (Chair)
Jen Bunbury
Jon Macdonald
Sarah Hindle
Chris Marshall
SENIOR LEADERSHIP TEAM
Kevin Bowler
Chief Executive Officer
Mark Winter
Chief Financial Officer
Fred Britton
(Acting) Chief Operating Officer
Jo Mitchell
Chief Customer Officer
Craig Jordan
Chief Digital Officer
Cassie Ormond
Head of People & Performance
Polly Brodie
Head of Development Kitchen
Trish Whitwell
Head of Innovation
REGISTERED OFFICE
Level 3, 56 Parnell Road
Parnell
Auckland 1052
New Zealand
Ph: 0800 469 366
Website: www.myfoodbag.co.nz
For enquiries about My Food Bag’s operating
and financial performance, contact investor relations:
Ph: +64 9 8869840
Email: ir@myfoodbag.co.nz
AUDITOR
Ernst & Young, Auckland
SOLICITORS
Chapman Tripp
Russell McVeagh
BANKERS
ASB Bank
SHARE REGISTRY
My Food Bag’s share register is maintained by Link Market
Services Limited. Link is your first point of contact for any
queries regarding your investment in My Food Bag.
You can view your investment, indicate your preference for
electronic communications, access and update your details
and view information relating to dividends and transaction
history at any time by visiting the Link Investor Centre at
investorcentre.linkmarketservices.co.nz (for New Zealand
shareholders) and investorcentre.linkmarketservices.com.au
(for Australian shareholders).
NEW ZEALAND REGISTRY
Link Market Services Limited
Level 30, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
Ph: +64 9 375 5998
Email: myfoodbag@linkmarketservices.co.nz
www.linkmarketservices.co.nz
AUSTRALIAN REGISTRY
Link Market Services Limited
Level 12, 680 George Street
Sydney NSW 2000
Australia
Ph: +61 1300 554 474
Email: myfoodbag@linkmarketservices.co.nz
www.linkmarketservices.com.au
My Food Bag Group Limited
NZCN 6113607
ARBN 646 807 301
Directory
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2022
6

7
DIRECTORY

Consolidated Statement
of Financial Position
9
Consolidated Statement
of Comprehensive Income
10
Consolidated Statement
of Changes in Equity
11
Consolidated Statement
of Cash Flows
12
Notes to the Consolidated
Financial Statements
13
Review Report 16
Interim Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
8
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2022

NZ$000Note
Unaudited
30 September
2021
Audited
Restated
31 March
2021
ASSETS
Current
Cash and cash equivalents
6
1,8441,599
Trade and other receivables5 11460
Raw materials work in progress2,3741,024
Packaging24319 2
Prepayments2 ,1762,168
Lease receivable5452
Total current assets7,202 5,495
Non-current
Property, plant and equipment3,2203 , 11 8
Intangible assets
5
84,80584,846
Lease receivable273308
Right-of-use assets7,3538,618
Total non-current assets95,651 96,890
Total assets102,853 102,385
LIABILITIES
Current
Trade and other payables(12,468)(12,118)
Deferred revenue(4,270)(2,682)
Lease liabilities (2,316)(2,542)
Derivative financial liabilities
7
-(179)
Other current liabilities(1,264)(1,980)
Current tax liability(2,280)(826)
Total current liabilities(22,598)(20,327)
Non-current
Lease liabilities (6,401)(7,464)
Bank loan
6
(5,887)(15,864)
Deferred tax liability(4,084)(4,282)
Provisions(250)(250)
Total non-current liabilities(16,622)(27,860)
Total liabilities(39,220)(48,187)
Net assets63,63354,198
EQUITY
Share capital59,33659,336
Retained earnings4,297(5,138)
Total equity 63,63354,198
On behalf of the Board
Tony Carter
Chair
18 November 2021
Jen Bunbury
Director
18 November 2021
Consolidated Statement of Financial Position
AS AT 30 SEPTEMBER 2021
INTERIM FINANCIAL STATEMENTS
1. Comparative information has been restated for the change in accounting policy relating to software as a service arrangements. Please see Basis of Preparation section for further details.
1
9

10
NZ$000Note
Unaudited
6 months ended
30 September
2021
Unaudited
6 months ended
30 September
2020
Revenue
1
98,441105,292
Cost of sales(72,598)(79,985)
Gross profit25,84325,307
Marketing expenses(2,883)(3,067)
Financing expenses(847)(371)
Indirect expenses(9,370)(10,456)
Other income
1
8624
Share based payment expense-(153)
Net profit before tax12,82911,284
Income tax expense(3,394)(3,709)
Net profit after tax9,4357, 5 75
Total comprehensive income9,4357, 5 75
Earnings per share
Restated
NZ$
NZ$
Basic and diluted earnings per share
3
0.04 0.04
Consolidated Statement of Comprehensive Income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
10
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2022

INTERIM FINANCIAL STATEMENTS
Share
capital
Other
shareholder
contributions
Retained
earnings
Share-based
payment
reserve
Total
equity NZ$000
Balance at 1 April 202159,336-(5,138)-54,198
Profit for the period--9,435-9,435
Total comprehensive income for the period--9,435-9,435
Balance at 30 September 2021 (Unaudited)59,336-4,297-63,633
Balance at 1 April 20201,00051,0955,76935958,223
Equity repurchase-(6,095)--(6,095)
Profit for the period--7, 5 75-7, 5 75
Total comprehensive income for the period-(6,095)7, 5 75-1,480
Cash dividends (pre IPO)--(6,288)-(6,288)
Share-based payment expense---15 215 2
Balance at 30 September 2020 (Unaudited)1,00045,0007,0565 1153,567
Consolidated Statement of Changes in Equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
11

NZ$000
Unaudited
6 months ended
30 September
2021
Unaudited
Restated
6 months ended
30 September
2020
OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers100,017104,224
Interest received77
Cash was applied to:
Payments to suppliers and employees(84,249)(91,035)
Interest paid (1,003)(467)
Tax paid(2,284)(2,670)
Net cash flows from operating activities12,48810,059
INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant and equipment10-
Cash was applied to:
Purchase of property, plant and equipment(369)(432)
Payments for development of digital assets(896)(958)
Net cash flows from investing activities(1,255)(1,390)
FINANCING ACTIVITIES
Cash was provided from:
Proceeds from borrowings 3,0006,095
Cash was applied to:
Principal payments on leases(988)(1,279)
Dividends paid-(6,288)
Repayment of borrowings (13,000)(5,000)
Equity repurchase-(6,095)
Net cash flows from financing activities(10,988)(12,567)
Net increase/(decrease) in cash flows245(3,898)
Cash and cash equivalents at the beginning of the period1,5998,337
Cash and cash equivalents at the end of the period 1,8444,439
Consolidated Statement of Cash Flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
1
Comparative information has been restated for the change in accounting policy relating to software as a service arrangements. Please see the Basis of Preparation section for further details.
1
12
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2022

Notes to the Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
General Information
Reporting Entity
My Food Bag Group Limited is a profit-orientated company incorporated and domiciled in New Zealand. My Food Bag Group
Limited is registered under the Companies Act 1993 and is an FMC reporting entity under the Financial Markets Conduct Act 2013.
My Food Bag Group Limited is listed on the NZX Main Board and as a Foreign Exempt Listing on the Australian Securities Exchange
(ASX).
The interim financial statements presented are for My Food Bag Group Limited and its subsidiary My Food Bag Limited (together
referred to as “the Group”) for the six months ended 30 September 2021.
These interim financial statements were authorised for issue by the Directors on 18 November 2021.
Basis of Preparation
STATEMENT OF COMPLIANCE
These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and NZ IAS 34 Interim
Financial Reporting. They have also been prepared in accordance with Generally Accepted Accounting Practice (GAAP) applicable
to for-profit entities.
These interim financial statements do not include all the information and disclosures required in annual financial statements and
should be read in conjunction with the Group’s annual financial statements for the year ended 31 March 2021.
These interim financial statements are presented in New Zealand dollars, which is company’s functional currency. Amounts have
been rounded to the nearest thousand dollars, unless otherwise stated.
ACCOUNTING POLICIES
Other than the change discussed below in relation to Software as a Service arrangements, the accounting policies applied in the
preparation of these interim financial statements were consistent with those applied in the Group’s annual financial statements for the
year ended 31 March 2021.
Software as a Service (SaaS) arrangements
In April 2021, the IFRS Interpretations Committee published a final agenda decision, Configuration or Customisation Costs in a
Cloud Computing Arrangement. This agenda decision confirms that in a SaaS arrangement, costs incurred to configure or customise
the provider’s application software are recognised as an expense when the services are received.
SaaS arrangements are service contracts providing the Group with the right to access a cloud provider’s application software over
the contract period. The Group has previously capitalised configuration and customisation costs incurred in implementing a SaaS
arrangement as an intangible software asset and amortised them over the contract period.
The change in recognition of these costs has been applied retrospectively and impacted these interim financial statements as follows:
Statement of Comprehensive Income:
• An increase in IT expenses for the period ended 30 September 2020 of NZ$59,000;
• A decrease in amortisation expense on intangible assets for the period ended 30 September 2020 of NZ$59,000.
Statement of Financial Position:
• An increase in prepayments at 31 March 2021 of NZ$1,217,000;
• A decrease in intangible assets at 31 March 2021 of NZ$1,217,000.
Statement of Cash Flows:
• An increase in payments to suppliers and employees for the period ended 30 September 2020 of NZ$237,000;
• A decrease in payments for development of digital assets for the period ended 30 September 2020 of NZ$237,000.
KEY SOURCES OF ESTIMATION UNCERTAINTY AND KEY JUDGMENTS
In preparing these interim financial statements, the significant judgements made in applying the Group’s accounting policies and
the key sources of estimation uncertainty were consistent with those applied to the Group’s annual financial statements for the year
ended 31 March 2021.
INTERIM FINANCIAL STATEMENTS
13

SEGMENT REPORTING
The Group operates in one reportable segment being online meal kit and pre-prepared ready to heat meal delivery.
This consists of creating and delivering meal kits and pre-prepared meals to New Zealand consumers.

Financial Information
1. Income

NZ$000
Unaudited
6 months ended
30 September
2021
Unaudited
6 months ended
30 September
2020
Revenue from contracts with customers98,441105,292
Total revenue98,441105,292
Interest income77
Other income8016
(Loss) / gain on disposal of property, plant and equipment(1)1
Total other income8624
2. Expenses
Profit before income tax has been arrived at after charging the following expenses from operations:

NZ$000
Unaudited
6 months ended
30 September
2021
Unaudited
Restated
6 months ended
30 September
2020
Staff expenses
Salaries and wages(6,421)(6,655)
Defined contribution
(215)(182)
Interest expense
(568)(437)
Interest on Leases
(442)(30)
IT expenses
(1,139)(1,074)
Fair value of derivatives
17995
Amortisation expense on intangible assets
(960)(806)
Depreciation expense on property, plant and equipment
(256)(196)
Depreciation expenses on right of use assets
(979)(1,568)
3. Earnings per Share
The Group completed a 1-for-2017 share split on 22 January 2021 for ordinary shares and 11 February 2021 for vested share
options. On 4 March 2021, the Group issued 242,438,000 shares in the initial public offering (IPO). The weighted average number
of ordinary shares used in the calculation of earnings per share, basic and diluted, for the six months ended 30 September 2020 has
been adjusted to reflect the share split.
4. Dividends
No dividends were paid in the six months ended 30 September 2021. In the six months ended 30 September 2020 a (pre IPO)
cash dividend of NZ$6,288,000 was paid.
DIVIDEND DECLARED AFTER THE REPORTING PERIOD
On 18 November 2021, the Board declared an interim dividend of 3.0 cents per share, to be paid on 16 December 2021
to shareholders on the company's register at 1 December 2021.
Notes to the Consolidated Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
14
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2022

5. Intangible Assets
NZ$000Software
Software work
in progressGoodwillBrand Total
Book value as at 30 September 2021 (Unaudited)2,62918 863,63118,35784,805
Book value as at 31 March 2021 (Audited, Restated)1,95890063,63118,35784,846
IMPAIRMENT INDICATORS
The Group performs a detailed impairment assessment annually and considers indicators of impairment at each interim reporting
date. At 30 September 2021 no impairment indicators were identified.
6. Borrowings
NZ$000
Unaudited
30 September
2021
Audited
31 March
2021
Non-current borrowings
5,88715,864
Total borrowings
5,88715,864
Less: Cash and cash equivalents (1,844)(1,599)
Net debt4,04314,265
AT REPORTING DATE, THE GROUP HAD THE FOLLOWING FACILITIES:
NZ$000
Unaudited
30 September
2021
Audited
31 March
2021
Utilised revolving credit facility
6,000 16,000
Unutilised overdraft
5,000 5,000
Unutilised revolving credit facility
29,000 19,000
Total facilities40,000 40,000
7. Fair Value Measurement
No financial instruments are measured at fair value.
At 31 March 2021, the Group had an interest rate swap agreement in place which was measured fair value. This agreement matured
on 30 September 2021.
8. Related Party Transactions
KEY MANAGEMENT PERSONNEL COMPENSATION
Key management personnel comprise members of the Board and members of the Senior Leadership Team.
NZ$000
Unaudited
30 September
2021
Unaudited
30 September
2020
Short-term employee benefits1, 4291,13 6
Directors' remuneration2 11105
Total compensation paid to key management personnel 1,640 1,241
9. Contingent Liabilities
The Group has no contingent liabilities (31 March 2021:NIL).
10. Capital Commitments
The Group has no capital commitments (31 March 2021: NZ$35,000).
Notes to the Consolidated Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
INTERIM FINANCIAL STATEMENTS
15

Independent Auditor’s Review Report
To the Shareholders of My Food Bag Group Limited
CONCLUSION
We have reviewed the interim financial statements of My Food Bag Group Limited (“the Company”) and its subsidiaries (together
“the Group”) which comprise the consolidated statement of financial position as at 30 September 2021, and the consolidated
statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for
the period ended on that date, and a summary of significant accounting policies and other explanatory information. Based on
our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements of the
Group do not present fairly, in all material respects, the financial position of the Group as at 30 September 2021, and its financial
performance and its cash flows for the period ended on that date, in accordance with New Zealand Equivalent to International
Accounting Standard 34: Interim Financial Reporting.
This report is made solely to the Company's shareholders, as a body. Our review has been undertaken so that we might state to
the Company's shareholders those matters we are required to state to them in a review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's
shareholders as a body, for our review procedures, for this report, or for the conclusion we have formed.
BASIS FOR CONCLUSION
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent
Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial
Statements section of our report. We are independent of the Group in accordance with the relevant ethical requirements in
New Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in
accordance with these ethical requirements.
Other than in our capacity as auditor we have no relationship with, or interest in, the Group. Partners and employees of our firm
may deal with the Group on normal terms within the ordinary course of trading activities of the business of the Group.
DIRECTORS' RESPONSIBILITY FOR THE INTERIM FINANCIAL STATEMENTS
The Directors are responsible, on behalf of the entity, for the preparation and fair presentation of the interim financial statements in
accordance with New Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting and for such internal
control as the Directors determine is necessary to enable the preparation and fair presentation of the interim financial statements that
are free from material misstatement, whether due to fraud or error.
A member firm of Ernst & Young Global Limited


Information other than the financial statements and auditor’s report
Those charged with governance are responsible for the Annual Report, which includes information other
than the financial statements and auditor’s report which is expected to be made available to us after the
date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained during the audit, or otherwise appears to be materially
misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and, if uncorrected, to take
appropriate action to bring the matter to the attention of users for whom our auditor’s report was
prepared.
Those charged with governance responsibilities for the financial statements
Those charged with Governance are responsible, on behalf of the entity, for the preparation and fair
presentation of the financial statements in accordance with Public Benefit Entity Standards Reduced
Disclosure Regime, and for such internal control as those charged with governance determine is
necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, those charged with governance are responsible for assessing on
behalf of the entity the Foundation’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 those charged
with governance either intend to liquidate the Foundation or cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the 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 International Standards on Auditing (New Zealand) 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 financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board website: https://www.xrb.govt.nz/standards-for-assurance-
practitioners/auditors-responsibilities/audit-report-8/. This description forms part of our auditor’s report.


Chartered Accountants
Auckland
27 September 2019
16
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2022

AUDITOR’S RESPONSIBILITIES FOR THE REVIEW OF THE INTERIM FINANCIAL STATEMENTS
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised)
requires us to conclude whether anything has come to our attention that causes us to believe that the interim financial statements,
taken as a whole, are not prepared in all material respects, in accordance with New Zealand Equivalent to International Accounting
Standard 34: Interim Financial Reporting.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently do not enable us to
obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not
express an audit opinion on those interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Brent Penrose.
Chartered Accountants
Auckland
18 November 2021
A member firm of Ernst & Young Global Limited


Information other than the financial statements and auditor’s report
Those charged with governance are responsible for the Annual Report, which includes information other
than the financial statements and auditor’s report which is expected to be made available to us after the
date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained during the audit, or otherwise appears to be materially
misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and, if uncorrected, to take
appropriate action to bring the matter to the attention of users for whom our auditor’s report was
prepared.
Those charged with governance responsibilities for the financial statements
Those charged with Governance are responsible, on behalf of the entity, for the preparation and fair
presentation of the financial statements in accordance with Public Benefit Entity Standards Reduced
Disclosure Regime, and for such internal control as those charged with governance determine is
necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, those charged with governance are responsible for assessing on
behalf of the entity the Foundation’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 those charged
with governance either intend to liquidate the Foundation or cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the 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 International Standards on Auditing (New Zealand) 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 financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board website: https://www.xrb.govt.nz/standards-for-assurance-
practitioners/auditors-responsibilities/audit-report-8/. This description forms part of our auditor’s report.


Chartered Accountants
Auckland
27 September 2019
EY Sig.pdf 1 19/05/21 2:22 PM
17
FINANCIAL STATEMENTS

myfoodbag.co.nz

---

Results Announcement
Results for announcement to the market
Name of issuer My Food Bag Group Limited (MFB)
Reporting Period 6 months to 30 September 2021
Previous Reporting Period 6 months to 30 September 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$98,441 -6.51%
Total Revenue $98,441 -6.51%
Net profit/(loss) from
continuing operations
$9,435 24.55%
Total net profit/(loss) $9,435 24.55%
Interim Dividend
Amount per Quoted Equity
Security
$0.03000000
Imputed amount per Quoted
Equity Security
$0.01166667
Record Date 1 December 2021
Dividend Payment Date 16 December 2021
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
-0.0873 -0.1276
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
This results announcement should be read in conjunction with the
accompanying unaudited consolidated interim financial statements
for the six months ended 30 September 2021.
Authority for this announcement
Name of personauthorised to
make this announcement
Mark Winter, Chief Financial Officer
Contact person for this
announcement
Mark Winter, Chief Financial Officer
Contact phone number +64 9 886 9840
Contact email address ir@myfoodbag.co.nz
Date of release through MAP19 November 2021
Unaudited interim financial statements accompany this announcement.

---

Distribution Notice
Section 1: Issuer information
Name of issuer My Food Bag Group Limited
Financial product name/description Ordinary shares
NZX ticker code MFB
ISIN (If unknown, check on NZX website) NZMFBE0004S1
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies No
Record date 1 December 2021
Ex-Date (one business day before the Record Date) 30 November 2021
Payment date (and allotment date for DRP) 16 December 2021
Total monies associated with the distribution $7,273,125.73
(242,437,524 shares at $0.03 per share)
Source of distribution (for example, retained
earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
1
$0.04166667
Gross taxable amount
2
$0.04166667
Total cash distribution
3
$0.03000000
Excluded amount (applicable to listed PIEs) N/A (not a listed PIE)
Supplementary distribution amount $0.00529412
Section 3: Imputation credits and Resident Withholding Tax
4
Is the distribution imputed Fully imputed
If fully or partially imputed, please state imputation
rate as % applied
5
28%
Imputation tax credits per financial product $0.01166667
Resident Withholding Tax per financial product $0.00208333
1
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of Resident
Withholding Tax (RWT).
2
“Gross taxable amount” is the gross distribution minus any excluded income.
3
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT. This should
include any excluded amounts, where applicable to listed PIEs.
4
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is fully imputed
the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute advice as to whether
or not RWT needs to be withheld.
5
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

Section 5: Authority for this announcement
Name of personauthorised to make this
announcement
Mark Winter, Chief Financial Officer
Contact person for this announcement Mark Winter, Chief Financial Officer
Contact phone number +64 9 886 9840
Contact email address ir@myfoodbag.co.nz
Date of release through MAP19 November 2021

---

FY22 H1 Results
November 2021

Presenting
Kevin Bowler
Chief Executive Officer
Mark Winter
Chief Financial Officer
My Food Bag Group Limited FY22 Half Year Result

3
Business update
1
Financial overview
2
FY22 outlook
4
Q&A
5
Contents
Appendices
6
Platform update
3

Business
1

Key
5My Food Bag Group Limited FY22 Half Year Result
*EBITDA is a non-GAAP measure. It has been calculated on a consistent basis to the EBITDA measure presented in the FY22 PFI.
A reconciliation from GAAP NPAT to non-GAAP EBITDA can be found in the appendices.
REVENUE
$
98.4m
EBITDA
$
16.0m
NPAT
$
9.4m
MAIDEN INTERIM DIVIDEND
3.0cps
Fully imputed and
to be paid on 16
th
December
MFB reaffirms
FY22 EBITDA
forecast
With +3.3% growth
in active customers
versus prior year
At a margin of 16.2%
Up +24.6% on prior year
Launched
the My Food
Bag Kitchen
–leveraging
our platform
to expand
beyond
mealkits

Operating through COVID-19
As an essential service our priority remains operating safely through the pandemic
6
•MFB designated an essential service.
•COVID-19 preparedness ensured smooth
transition when lockdown took effect in August.
•Protocols in place based on learnings from the
last Alert Level 4.
•No confirmed COVID-19 cases among our
workforce and a robust process to manage any
suspected cases.
•Well positioned to respond to any supply chain
disruptions caused by COVID-19.
My Food Bag Group Limited FY22 Half Year Result

Focused on growth
7
Choice across
the portfolio
Choice drives higher
active customer growth
and improved order
frequency.
In the first 6 months
we have:
•Launched recipe
choice on Bargain
Box.
•Expanded
My Choice to
15 recipes.
•Launched recipe
choice on Fresh Start.
•Successfully launched
the first phase of the
My Food Bag Kitchen
offering.
Continuing to expand our
online platform capability
•Native iOS app enabling
direct push notifications
personalised for customer
cohorts.
•Improved promotional
capability across web and
iOS.
•Customer experience
improvements to allow
more flexibility &
personalization.
•Data platform upgrade
and back endefficiencies.
My Food Bag Group Limited FY22 Half Year Result

Focused on growth
8
Building for future growth
•Purpose-built South Island assembly site.
•Increases capacity vs current site.
•Footprint for vertical integration.
•Target completion Q1 FY23.
How big is it?
•2,370m2 of chilled space
(1,730m2 currently).
•500m2 ambient.
•180m2 freezer.
•91 carparks on site.
•8m ceilings.
Target
completion
Q1 FY23.
My Food Bag Group Limited FY22 Half Year Result

Strong ESG performance is a priority
9
Packaging
Soft plastics
•Strong customer uptake since April with over
12k soft plastic recycling bags sent out and
approx. 6 tonnes of soft plastics diverted
from landfill and recycled so far this year.
A sustainable My Food Bag Kitchen
•Sustainable packaging and plastic reduction
has been a key feature of innovation in our
Kitchen with a focus on paper and glass
packaging and the launch of “plastic free”
household cleaning accessories.
My Food Bag Group Limited FY22 Half Year Result

Strong ESG performance is a priority
10
EnvironmentCommunity
Targeting zero food waste
•We maintained our commitment
to minimising food waste through
our source to order business
model and working with charities
to ensure leftover ingredients &
food are not wasted.
Sourcing local
•Sourcing local remains
paramount both in our bags and
our innovations in the Kitchen. This
year we’ve supplied 2.2 million
Kiwi carrots to our foodies from NZ
growers.
Garden to Table
•Our partnership with Garden to
Table continues to grow,
accelerated by using the Kitchen
to sell exclusive Garden to Table
baking recipes with all profits
going to help fund more schools
joining the programme.
Population health
•We are working with the NZ Heart
Foundation and the University of
Otago to develop recipes and
contribute to studies to help health
outcomes for Kiwis.
My Food Bag Group Limited FY22 Half Year Result

Financial
2

Summary financial performance
Year-on-year EBITDA* growth of 11.6% driven from contribution margin improvement
12
•H1 FY22 deliveries and revenue in
line with expectation.
•Innovation and upweighted
marketing investment has
resulted in active customer
growth and improved frequency.
•Contribution margin expansion
through delivery of procurement
optimisation.
•EBITDA* of $16.0m which
represents growth of $1.7m versus
prior year (+11.6%).
•Strong cashflow enabling 3.0
cents per share interim dividend
to be paid.
77.3
105.3
98.4
FY20 H1FY21 H1FY22 H1
Revenue $m
6.9
14.3
16.0
FY20 H1FY21 H1FY22 H1
EBITDA* $m
*EBITDA is a non-GAAP measure. It has been calculated on a consistent basis to the EBITDA measure presented in the FY22 PFI.
A reconciliation from GAAP NPAT to non-GAAP EBITDA can be found in the appendices.My Food Bag Group Limited FY22 Half Year Result

Deliveries performance
COVID-19 has accelerated the adoption of digital shopping with online groceries remaining particularly sticky.*
13
•Deliveries of 808k down on H1 FY21 due to COVID-19 spike in
Q1 FY21.
•Strong momentum through H1 despite the slower start due
to extended annual leave and a weaker than expected
Fresh Start campaign.
•Delivery performance driven by:
•Choice driving up order frequency.
•Marketing investment including successful loyalty
campaign.
•COVID-19 uplift from Alert Level 4 at end of H1. This
impactwasover5weeks ofwhichonly1 delivery week
overlapped with the nationwide Alert level 4 period.
•Q2 FY22 deliveries (and revenue) higher than Q2 FY21.
•Strong momentum heading into H2.
643k
849k
808k
FY20 H1FY21 H1FY22 H1
Deliveries (000’s)
My Food Bag Group Limited FY22 Half Year Result
*Source: McKinsey Global Institue analysis

45.6
46.2
28.8
30.7
FY21 Q2FY22 Q2
Total active customers split (000's)
RetainedNew/Reactivated
Marketing investment and active customer growth
14
•Marketing investment upweighted in H1 FY22 by $1.9m versus prior year driven by;
•Launch of recipe choice on Bargain Box and Fresh Start brands.
•Winter loyalty campaign.
•Lower promotional and discount spend in H1 FY21 due to COVID-19 spike.
•Active customers grew +3.3% versus Q2 FY21. Retained customers continue to represent around 60% of active customers.
•High value active customers* grew by 3.1% v H1 FY21, with margin improvements further increasing their value.
74.4
+3.3%
* High value active customers are defined as customers who have taken at least 20 deliveries in the previous 12 months
FY21 Q2FY22 Q2
High value customers*
+3.1%
76.9

Growth in order frequency
Growth off the back of marketing investment and choice expansion providing confidence in H2 FY22
15
•FY22 acquired and reactivated customer cohort has been retained at a comparable level to historic cohorts.
•Continuous product innovation and marketing investment (including our loyalty campaigns) has driven higher order
frequency from active retained customers.
•While we have seen the cost of acquisition increase in H1 FY22, the associated payback has remained within 6
months.
•Growth in the active customer and high value customer groups, combined with strong order frequency provides
confidence in the full year revenue forecast and beyond.
FY22FY21FY20
Weeks since acquisition/reactivation
Retention %
6.7
7.1
7.5
FY20 Q2FY21 Q2FY22 Q2
Retention profile of acquired and reactivated customers 13-week frequency retained customers
My Food Bag Group Limited FY22 Half Year Result

Average order value forecast to rise in H2 FY22
Strong brand mix, the My Food Bag Kitchen and price expected to drive higher average order value in H2 FY22
16
Average order value was $121.8, down on H1 FY21
driven by:
•Higher bag sizes in COVID-19 Q1 FY21 spike.
•Upweight in marketing discount investment.
•Strong Bargain Box Choice performance skewing
brand mix.
•Softer Fresh Start campaign.
Higher average order value in H2 FY22 expected to be
driven by:
•The rollout of the My Food Bag Kitchen across the
portfolio, and extension of range.
•Stronger Fresh Start choice performance.
•Seasonality impact favours H2 based on brand mix.
•Price increases to recover higher input costs.
Average order value
My Food Bag Group Limited FY22 Half Year Result
120.2
124.0
121.8
FY20 H1FY21 H1FY22 H1

Strong growth in contribution margin* vs. H1 FY21
Contribution margin improvements driven by ongoing procurement optimisation
17
21.6%
23.5%
26.3%
FY20 H1FY21 H1FY22 H1
Contribution Margin %
•Contribution margin improvement of +2.8 percentage points
largely driven by procurement optimisation initiatives.
•Gross profit was 48.1% versus H1 FY21 of 44.5%.
•We have experienced meaningful input cost inflation during the
H1 FY22 period, however recent price increases are expected
to largely offset the impact.
•Assembly & distribution costs were 21.8% versus 21.0% in H1 FY21.
Commissioning costs associated with roll out of new products
along with labour rate increases were the key drivers.
•H2 FY22 contribution margin expected to improve further based
on seasonality (lower ingredient costs) and on-going focus on
continuous improvement.
My Food Bag Group Limited FY22 Half Year Result*Contribution margin is a non-GAAP measure defined as revenue less cost of goods sold (including free marketing goods) less direct costs (assembly and distribution expenses).

EBITDA* of $16.0m in H1 FY22
Strong earnings trajectory with margin improvements driving H1 FY22 increase
18
*EBITDA is a non-GAAP measure. It has been calculated on a consistent basis to the EBITDA measure presented in the FY22 PFI.
A reconciliation from GAAP NPAT to non-GAAP EBITDA can be found in the appendices.
•EBITDA* of $16.0m which represents growth of $1.7m
versus prior year (+11.6%).
•Modest H1 FY22 earnings impact from the recent
COVID-19 outbreak with sales uplift tempered by
operational costs.
•Continued margin growth demonstrating significant
operating leverage, which improves overall
profitability.
•NPAT of $9.4m representing a $1.9m improvement on
H1 FY21.
•Higher average order value and improved
contribution margin are seasonal features that are
expected to drive higher profitability in H2 FY22.
6.9
14.3
16.0
FY20 H1FY21 H1FY22 H1
EBITDA* ($m)
3.2
7.6
9.4
FY20 H1FY21 H1FY22 H1
NPAT ($m)
My Food Bag Group Limited FY22 Half Year Result

Balance sheet is well positioned for growth opportunities
Asset light business model and conservative gearing positions the business well
for further reinvestment in growth initiatives
19
Summary balance sheet (NZ$m)
FY22 H1FY21 FY
Assets
Cash and cash equivalents
1
1.81.6
Working capital assets5.32.8
Property, plant, and equipment10.611.7
Intangible + other assets85.185.2
Liabilities
Working capital liabilities(16.7)(14.8)
Lease liabilities(8.7)(10.0)
Bank debt(5.9)(15.9)
Other liabilities(7.9)(7.5)
Equity63.654.2
•We operate with a negative
working capital position.
•We have a total facility of $40m
that expires in March 2024.
•Our net debt position reflects strong
operating cashflow in the period.
•Capex spend broadly in line with
expectations.
•The balance sheet is well
positioned to execute on future
growth opportunities.
My Food Bag Group Limited FY22 Half Year Result
The balance sheet information for FY21 FY and FY22 H1 reflects that one of the facilities available to My Food Bag is a revolving credit facility, and cash held by My Food Bag is therefore used to
offset and reduce the balance owing as total bank debt.

Cash generative nature supports dividend payment
Negative working capital position, coupled with an asset light business model
underpins strong cash flow generation
20
Summary cash flow (NZ$m)
FY22 H1FY22F
Net cash from operating activities12.526.6
Lease principal payments(1.0)(2.4)
Capex(1.3)(2.7)
Free cash flow10.221.4
EBITDA*16.034.2
Lease payments(1.4)(2.7)
Pre-IFRS 16 EBITDA14.631.5
Pre-IFRS 16 cash flow conversion %70%68%
•Strong profitability driving cash flow
from operations.
•Maiden interim dividend of 3.0 cents
per share declared and to be paid on
16
th
December 2021.
•Forecast dividend represents ~85% of
NPAT, within policy range of 70% -
90%.
•Allows for sufficient retained cash to
fund growth requirements internally.
•Forecast gross dividend yield of 8.1%**
and cash dividend yield of 5.8%**
My Food Bag Group Limited FY22 Half Year Result
*EBITDA is a non-GAAP measure. It has been calculated on a consistent basis to the EBITDA measure presented in the FY22 PFI. A reconciliation from GAAP NPAT to non-GAAP EBITDA can be found in the appendices.
**Forecast dividend yield ratios calculated using a forecast annual dividend of 7.0 cents per share and a share price of $1.20 per share (as at15 November 2021) and assumes 100% imputation / fully imputed.

PLATFORM
3

The My Food Bag Kitchen –Phase 1 launch
22
Expansion into
ready made
meals and the
My Food Bag
Kitchen has
provided more
solutions for
customers
Leverage our platform to access a greater Total Addressable Market.
The Kitchen is providing valuable insights into adjacent categories.
We continue to progress the work on our prioritised adjacent
categories for growth.
Meal kit
market
Ready
meals
market
Grocery retail
$25 billion
Retail
food sector
$37 billion
My Food Bag Group Limited FY22 Half Year Result

The My Food Bag Kitchen –Phase 1 launch
Optimising our offer and processes
23
•A test & learn approach to optimise offer and processes.
•Available across My Food Bag, Bargain Box & Fresh Start.
•8+ categories with over >150 different SKUs offered to
date.
•Using existing operational footprint & resources.
Test
and
learn
Sauces &
Pantry
Breakfast
Milks
Bread &
Soups
Proteins
BakingSnackReady
Made
My Food Bag Group Limited FY22 Half Year Result

24
The Kitchen –Phase 1 launch goals
BUILD AOV TO
$20+
Utiliseexisting
operations and
procurement
platform to
quickly scale
Demonstrate
customer
appetite
for our chefs go-tos
and products
beyond meal kits
Ability to quickly test,
learn and optimise
both range and CX
Achieve attachment
of 10% -15%
Access "hard to find" food
products & unique
solutions for our customers
Utiliseexisting packaging
& logistics solution (one
box for the customer)
Goals being achieved, now planning to scale offering in FY23
My Food Bag Group Limited FY22 Half Year Result

The My Food Bag Kitchen –Phase 1 launch
Our first phase of the Kitchen is driving improvement in average order value
25
$10
$19
$20
JulyAugustSeptember
Average Order Value
17
32
54
JulyAugustSeptember
SKU growth
The Kitchen saw strong growth over the first ten weeks since launch which has continued
into H2 FY22. Key drivers of this are attachment rate and average order value.
To build revenue for the Kitchen we continue to focus on growing attachment rate and
average order value.
The Kitchen provides valuable insights into adjacent categories to inform our growth
ambitions beyond meal kits and ready mademeals.
6%
13%
17%
JulyAugustSeptember
Attachment %*
My Food Bag Group Limited FY22 Half Year Result*Attachment percentage on products where the My Food Bag Kitchen is available.

The Kitchen –Phase 2 invest and accelerate
Invest and accelerate to establish a solutions based online grocery provider
26
Full range of meal
solutions for
all occasions
and dayparts
Enhanced
availability
Best in class
customer experience
Automation
Building on our phase 1 proof of concept, we will work towards phase 2 of the My Food
Bag Kitchen in the medium term which will be establishing a more flexible, broader solution
My Food Bag Group Limited FY22 Half Year Result

Our growth strategy
Leverage our platform to expand
our food-based offerings and
disrupt the B2C market
27
Leadin
Meal Kits
Ready made meals
New categories
Beyond food
New channels
Vertical integration
Goal-based weight loss solutions
Goal-based meat-free solutions
Our platform will enable the successful execution of our growth strategy
Brand, Database, Nationwide coverage, Capability
Curated
meal
solutions
New Zealand’s
most loved
provider of
consumer
solutions
Meal Kits
Expand food-based offersLeverage the
My Food Bag
platform to disrupt the B2C market
My Food Bag Group Limited FY22 Half Year Result

FY22
4

Positionedto build on favourable demand
A positive start to H2 FY22
•We continue to operate safely through COVID-19 as an essential business.
•Our recent price increases are expected to largely offset the impact of cost inflation with little discernible churn noted to
date.
•The combination of further innovation and upweighted marketing investment in H1, combined with the continuation of
covid related lockdowns in Auckland, has led to favourable demand drivers leading into H2.
•Our Fresh Start Reset campaign has commenced, enhanced with Fresh Start Choice. We are pleased with the early stages
of the campaign which has included highest deliveries ever on Fresh Start.
•The average order value of the My Food Bag Kitchen continues to increase.
•Operational costs related to the latest COVID-19 outbreak are trending down as we optimise and improve our operating
performance.
29My Food Bag Group Limited Half Year Result 2022

FY22 EBITDA outlook remains consistent with PFI
30
153.3
190.7
186.4
FY20AFY21AFY22 PFI
Revenue $m
•MFB continues to be well positioned to benefit from the
accelerated adoption of digital shopping, enhanced by
its recent launch of the My Food Bag Kitchen.
•MFB reaffirms FY22 EBITDA PFI forecast.
•RevenueforFY22is anticipated to be slightly improved on
PFI.
•Interim dividend of 3.0 cents per share to be paid (fully
imputed) with a further 4.0 cents per share forecast for the
full year.
•H2 FY22 business focus is on:
•Maintaining a safe working environment adhering to
strict COVID-19 protocols.
•Growth and innovation supported by a strong
platform.
•Progress our strategic growth plan including investing
and accelerating the Kitchen and actively exploring
M&A opportunities as they arise.
16.3
29.0
34.2
FY20AFY21AFY22 PFI
EBITDA $m
My Food Bag Group Limited FY22 Half Year Result

Q&A
5

Appendices
6

Statement of Comprehensive Income
33
The Statement of Comprehensive Income for FY22 H1 is presented on a consistent basis with the PFI. It excludes the $0.1m
adjustment to indirect expenses and amortisationrelating to the change in accounting policy for SaaS implementation costs.
FY22 H1FY22FY21 H1
Consolidated Statement of Comprehensive Income ($m)
Actual PFIActual
Income98.4186.4105.3
Cost of Goods Sold(51.1)(93.6)(58.4)
Gross Profit47.392.846.9
Assembly and Distribution(21.5)(39.0)(22.1)
Contribution Margin25.853.824.7
Indirect Expenses(9.9)(19.6)(10.4)
EBITDA16.034.214.3
Depreciation and Amortisation(2.3)(5.3)(2.6)
EBIT13.629.911.6
Interest and Funding(0.9)(1.1)(0.4)
Net Profit Before Tax12.827.911.3
Income Tax Expense(3.4)(7.8)(3.7)
Net Profit After Tax and Comprehensive Income9.420.17.6
My Food Bag Group Limited FY22 Half Year Result

Reconciliation between GAAP and pro forma financials
34
FY22 H1FY22FY21 H1
Reconciliation of non-GAAP to GAAP financials ($m)
Actual PFIActual
Net Profit After Tax 9.420.17.6
Add Back:
Depreciation and amortisation2.25.32.6
Net financing costs0.91.10.4
Income tax expense3.47.83.7
SaaS accounting policy adjustment0.1--
EBITDA16.034.214.3
Pro forma adjustments:
Offer costs--0.3
Listed company costs--(0.3)
Pro forma EBITDA16.034.214.3
My Food Bag Group Limited FY22 Half Year Result

Thank

Disclaimer and important information
This presentation has been prepared by My Food Bag Group Limited (the “Company” and, together with My
Food Bag Limited, "My Food Bag") and is dated 19 November 2021. Receipt of this document and/or
attendance at the corresponding presentation given on behalf of the Company constitutes acceptance of
the terms of this disclaimer.
Information
This presentation contains summary information about My Food Bag and its activities, which is current as at
the date of this presentation. The information in this presentation is of a general nature and does not purport
to be complete nor does it contain all the information which an investor may require when evaluating an
investment in the Company. This presentation has been prepared to provide additional commentary on the
half year financial statements of the Company for the period ending 30 September 2021. It should be read
in conjunction with those financial statements and the Company's other periodic and continuous disclosure
announcements, available on the NZX and ASX or My Food Bag's investor website.
Forward looking information
This presentation may include certain “forward-looking statements” about My Food Bag and the
environment in which My Food Bag operates. These forward-looking statements may be identified by words
such as ‘forecast’, 'projections', ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘will’, ‘plan’, ‘may’, ‘could’ and
similar expressions.
Forward-looking information is inherently uncertain and subject to contingencies, known and unknown risks
and uncertainties and other factors, many of which are outside of My Food Bag's control, and may involve
elements of subjective judgement and assumptions as to future events which may or may not be correct. A
number of important factors could cause actual results or performance to differ materially from the forward-
looking statements.No assurance can be given that actual outcomes or performance will not materially
differ from the forward-looking statements.The forward-looking statements are based on information
available to My Food Bag as at the date of this presentation. Except as required by law or regulation
(including the Listing Rules), the Company is under no obligation to update this presentation whether as a
result of new information, future events or otherwise.
No liability
The information contained in this presentation has been prepared in good faith by My Food Bag. No
representation or warranty, expressed or implied, is made as to the accuracy, adequacy or reliability of any
statements, estimates or opinions or other information contained in this presentation, any of which may
change without notice.
To the maximum extent permitted by law, My Food Bag, its directors, officers, employees and agents
disclaim all liability and responsibility (including any liability arising from fault or negligence on the part of My
Food Bag, its directors, officers, employees and agents) for any direct or indirect loss or damage which may
be suffered by any person through the use of or reliance on anything contained in, or omitted from, this
presentation. This presentation is not a product disclosure statement, prospectus, investment statement or
disclosure document, or an offer of shares for subscription, or sale, in any jurisdiction.
Not financial product advice
This presentation is for information purposes only and is not financial or investment advice or a
recommendation to acquire the Company’s securities. Before making an investment decision, you should
consider the appropriateness of the information having regard to your own objectives, financial situation
and needs and consult a financial adviser, solicitor, accountant or other professional adviser, if necessary.
Past performance
Any past performance information given in this presentation should not be relied upon as (and is not) an
indication of future performance. No representations or warranties are made as to the accuracy or
completeness of such information.
Non-GAAP financial information
This presentation includes non-GAAP financial information, includingpro forma EBITDA, which is a non-GAAP
financial measure that includes pro-forma adjustments. A reconciliation from GAAP NPAT to non-GAAP pro
forma EBITDA can be found in the appendix to this presentation. Non-GAAP financial information, including
pro forma figures, have not been separately audited but have been derived by management from My
Food Bag’s reviewed half year financial statements for the period ended 30 September 2021. Pro forma
EBITDA is a measure used extensively by the Board and management as an indication of underlying
profitability, however, as a non-GAAP measure it is provided for illustrative purposes only and caution should
be taken as other companies may calculate this measure differently.
Distribution of presentation
This presentation must not be distributed in any jurisdiction to the extent that its distribution in that jurisdiction
is restricted or prohibited by law or would constitute a breach by the Company of any law. The distribution
of this presentation in other jurisdictions outside New Zealand or Australia may be restricted by law, and
persons into whose possession this presentation comes should observe any such restrictions.
All currency amounts are in New Zealand dollars unless otherwise stated.
This presentation has been authorisedfor release by the Company’s Board.

---

19 November 2021
NZX/ASX Code: MFB
My Food Bag achieves record earnings and confirms maiden dividend
My Food Bag is pleased to release its half year results for the six months ended 30 September 2021. These
results demonstrate a strong first half of the year for the business, underpinned by a combination of
operational achievements and further product innovation.
Highlights include:
NPAT of $9.4 million, up 24.6% on H1 FY21
EBITDA
1
of $16.0 million, up 11.6% on H1 FY21
Active customers up 3.3% compared to the end of H1 FY21
High value active customers
2
up 3.1% year-on-year
Revenue of $98.4 million, down 6.5% year-on-year due to 2020 nationwide lockdown spike
Launch of My Food Bag Kitchen, the business’ first significant step outside of weeknight meals
Expanded recipe choice to include Bargain Box and Fresh Start brands
Fully imputed interim dividend of 3.0 cents per share declared
Tony Carter, Chairman of My Food Bag says “These results mark the halfway point of our first full year as a
publicly listed company and demonstrate clear progress, and the achievement of some important milestones,
as we grow within New Zealand’s $37 billion retail food sector.
“We are pleased to have achieved record earnings as a business and to be in a position to declare our first
dividend as a listed company. While demand remained solid through the half year period, total deliveries of
808k and an average order value of $121.81 were lower than the same period in FY21, owing to a spike during
the 2020 nationwide lockdown in the early part of the pandemic response.
“Pleasingly, during H1 FY22, the business increased active customer numbers by 3.3% and grew high value
active customers
2
by 3.1% year-on-year, with margin improvements further increasing their value. Retained
customer numbers remained strong at around 60% of active customers throughout the last six months.”
As a result of H1 FY22 performance and outlook, the Board is pleased to reaffirm its FY22 EBITDA guidance of
$34.2m, which represents an 18% improvement year-on-year. While revenue for FY22 is now anticipated to be
slightly improved on the Prospective Financial Information (PFI), this is not expected to result in an increase in
earnings for the period given higher input costs and operating expenses associated with operating safely
during the pandemic and introducing new product initiatives.
The Board has declared a fully imputed interim dividend of 3.0 cents per share, payable on 16 December 2021,
with a final dividend of 4.0 cents per share forecast to be paid in 2022 following the release of FY22 results.
This dividend allows for sufficient retained cash to fund growth requirements internally and, on a full year
basis, represents a distribution of approximately 85% of anticipated net profit after tax (within My Food Bag's
distribution policy which aims to distribute between 70% and 90% of NPAT).
CEO, Kevin Bowler, commented: “During the first half of FY22, we launched the first phase of the My Food Bag
Kitchen, which is an important step towards expanding our offering beyond meal kits and ready made meals.
We now offer a range of curated go-to grocery products and recipes, specifically selected by our chefs, that
customers can add to their orders. This is our first significant step outside of weeknight meals and signals our
1
EBITDA is a non-GAAP measure. It has been calculated on a consistent basis to the EBITDA measure presented in the FY22 PFI. A reconciliation from GAAP
NPAT to non-GAAP EBITDA can be found in the appendices ofthe accompanying investor presentation.
2
High value active customer is a customer who has taken at least 20 deliveries in the past 12 months.

move beyond providing a solution to the original question of ‘What’s for dinner?’ towards providing more
everyday solutions for our customers for more meal occasions.
“Throughout the first phase of the Kitchen, we achieved attachment rates in line with internal targets of 10%
to 15% and an average order value in excess of $20. We also identified significant opportunities to invest and
accelerate further to establish ourselves as a source of highly valued solutions, beyond meals, for our
customers,” says Bowler.
The business also expanded its recipe choice offering. My Food Bag My Choice now has 15 meal options a
week and meal choice is also now part of the Bargain Box and Fresh Start brands.
“Our data demonstrates that recipe choice is driving higher active customer growth and increasing order
frequency. So, the expansion of choice is one of the underpinning factors of our confidence in H2
performance,” says Bowler.
Looking beyond the PFI period and into FY23, the business continues to see opportunities for growth from its
core product offering and its expansion of the My Food Bag Kitchen, and is well positioned to pursue inorganic
growth opportunities that arise and offer value to the business.
Ends
Authorised by:
Board of Directors of My Food Bag Group Limited
For investor or analyst queries, please contact:For media queries, please contact:
Mark Winter Louisa Kraitzick
+64 9 886 9840 021 299 2628
ir@myfoodbag.co.nz louisa.kraitzick@pead.co.nz
This release should be read in conjunction with the unaudited interim financial statements accompanying this
release and the NZX results announcement form.