My Food Bag Releases FY24 H1 Financial Results

23 November 2023
NZX Code: MFB
My Food Bag releases FY24 H1 Financial Results

• Revenue of $83.8 million, compared to $94.4 million in FY23 H1
• Bargain Box delivery volumes up 12% year-on-year across H1
• 61,600 active customers at the end of FY24 H1, up from 57,500 at the end of FY23
1

• EBITDA of $7.4 million, versus $11.5 million in FY23 H1
2

• Gross margin of 47.9%, holding in line with the 49.3% during FY23 H1
• Net profit after tax (NPAT) of $2.5 million, versus $5.9 million in FY23 H1
• Full implementation of pick technology for more recipe choice and flexibility
• Auckland assembly centres consolidated into one location

Meal kit and food solutions business, My Food Bag Group Limited today reported its financial
performance for the six months to 30 September 2023 (FY24 H1).
Tony Carter, Chairman of My Food Bag, says: “Despite the deteriorating economic environment, the
first half of FY24 has been a successful period of transition as we stabilised demand and began to
steadily grow active customer numbers.
“We remain a profitable business with a strong brand and customer offer, and continue to
proactively reduce costs, while also growing our offering to New Zealanders.
“We continue to focus on debt reduction, capital management and rightsizing the business through
the rest of the financial year. Against this backdrop, the board has decided not to declare an interim
dividend. While the board intends to resume dividend payments with a final FY24 dividend, this is
subject to both net debt position and financial performance across the remainder of FY24.
“While we anticipate the current economic climate will remain for the foreseeable future, we are
focused on driving our portfolio of brands, growing choice and flexibility, and increasing operational
efficiencies to deliver value to shareholders,” says Carter.
During the first half of the year, My Food Bag strengthened its core meal kit offering and expanded
its non-meal kit offerings, with the launch of one-off products such as The Butcher and Summer BBQ
Box.
This expansion was supported by new pick technology driving more choice and flexibility for
customers, without increasing costs.
My Food Bag CEO, Mark Winter, says: “During the first half of the year, we completed the roll out of
Pick to Light in our Christchurch distribution centre, as well as consolidated our Auckland operation

1
Active customers are customers that have taken at least one delivery in the 13 weeks prior.
2
EBITDA (earnings before interest, tax, depreciation and amortisation) is a non-GAAP measure. A reconciliation
from GAAP NPBT to non-GAAP EBITDA can be found in the notes to the interim financial statements.

into one facility to further reduce overheads and deliver value for customers through improved
quality performance and expansion of choice.
“We also invested in a large-scale brand reset for the My Food Bag brand and launched a six-month
price freeze for all Bargain Box products, backed by an integrated marketing campaign.
“By leveraging Bargain Box’s position as New Zealand’s most affordable meal kit, we’ve increased
delivery volumes for this brand by 12% year-on-year across H1.
“Beyond this, we continue to execute our disciplined plan to keep driving the sustainable active
customer growth we’ve experienced during the first half of the year and continue to innovate our
offering beyond meal kit subscription services to focus on all meal solutions we can add value to,”
says Winter.
End
For investor relations queries:
Mark Winter
+64 9 886 9840
ir@myfoodbag.co.nz
For media queries:
Louisa Kraitzick
+64 21 299 2628
louisa.kraitzick@pead.co.nz
This release should be read in conjunction with the accompanying unaudited interim financial statements and the NZX
results announcement form.

---

FY24 H1
results

2
Chief Executive Officer
My Food Bag Group Limited FY24 Half Year Result
Chief Financial Officer
PRESENTING
today

CONTENTS

My Food Bag Group Limited FY24 Half Year Result
*EBITDA is a non-GAAP measure. A reconciliation from GAAP NPBT to non-GAAP EBITDA can be found in the appendices.
** Active Customers are defined as number of unique customers purchased in the last 13 weeks
REVENUE
$
83.8m
EBITDA*
$
7.4m
NPAT
$
2.5m
47.9%
4
AVERAGE ORDER VALUE
$
128.5
GROSS MARGIN %
SIX MONTHS IN
review
ACTIVE CUSTOMERS**
61.6k

My Food Bag Group Limited FY24 Half Year Result5
SIX MONTHS IN
review

1
BUSINESS
update

•
•
•
•
•
My Food Bag Group Limited FY24 Half Year Result7

8
Be relevant and drive active customers by delivering flexibility, convenience, and great value
Expand the KitchenDeliver flexibilityRe-invigorate
FreshStart
Growing awareness
of Bargain Box
affordability
Productivity to drive growth
My Food Bag Group Limited FY24 Half Year Result
1.Highlight comparison to
supermarket
2.Price freeze for six months to
provide consumer certainty
1.Expand recipe choice
2.Launch preferences and filters
enhancing the user journey
1.Sharper messaging around goal-
based solution
2.New website/customer journey
3.Increased recipe choice
1.Expand SKU range available
2.Continue to test and learn with
new categories

•
•
•
•
My Food Bag Group Limited FY24 Half Year Result9
April May June July August September October November
Active Customers
Active Customers FY23Active Customers FY24

•
•
•
•
•
•
My Food Bag Group Limited FY24 Half Year Result10

•
•°
•
•
My Food Bag Group Limited FY24 Half Year Result11

•
•
•
•
My Food Bag Group Limited FY24 Half Year Result12

My Food Bag Group Limited FY24 Half Year Result13
•
•
•
•
•
•
•
•
•
•
•

•
•
•
•
•
•
My Food Bag Group Limited FY24 Half Year Result14
•
•
•
•
•
•
•
•
•

My Food Bag Group Limited FY24 Half Year Result15
•
•
•
o
•
•
•
•

•
•
•
•
My Food Bag Group Limited FY24 Half Year Result16
•
•
•
•

2
FINANCIAL
overview

My Food Bag Group Limited FY24 Half Year Result18
•
•
•
•

652732-10.9%808849 643
$ 128.5$ 129.0-0.3%$ 121.8$124.0$120.2
83.8 94.4-11.2%98.4 105.3 77.3
40.2 46.5 -13.7%47.346.933.7
47.9%49.3%-1.4ppt48.1%44.5%43.5%
18.523.9-22.6%25.924.7 16.7
22.0%25.3%-3.3ppt26.3%23.5%21.6%
7.411.5-36.1%15.814.3 6.9
2.55.9-57.4%9.4 7.63.2
My Food Bag Group Limited FY24 Half Year Result19
•
•
*YOY movement % based on unrounded figures.

•
•
•
My Food Bag Group Limited FY24 Half Year Result20
43.5
41.7
37.2
38.0
25.6
20.5
24.4
23.7
69.1
62.2
61.6
61.7
FY23 H1FY23 NovemberFY24 H1FY24 November
Acquired and Reactivated customers
Retained Customers

•
•
•
•
•
My Food Bag Group Limited FY24 Half Year Result21

•
•
•
•
My Food Bag Group Limited FY24 Half Year Result*Gross margin is a non-GAAP measure defined as revenue less cost of goods sold (including free marketing goods)22
**MFB group increase reflects weighted average price movement. FPI (Food Price index) taken from stats NZ Food price index: September 2023 | Stats NZ,
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
Cummulative % change over 12 months
FPIMFB Group

•
•
•
•
My Food Bag Group Limited FY24 Half Year Result23

•
•
•
•
•
My Food Bag Group Limited FY24 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).24

•
•
•
•
•
My Food Bag Group Limited FY24 Half Year Result25

•
•
My Food Bag Group Limited FY24 Half Year Result
*EBITDA is a non-GAAP measure. A reconciliation from GAAP NPBT to non-GAAP EBITDA can be found in the appendices.
26

3
FY24
outlook

•
•
•
•
My Food Bag Group Limited FY24 Half Year Result28
FY24 trading conditions and outlook

4
APPENDICES

My Food Bag Group Limited FY24 Half Year Result30
*YOY movement % based on unrounded figures.

My Food Bag Group Limited FY24 Half Year Result31
*YOY movement % based on unrounded figures.

THANK
you

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 23 November 2023. 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 financial statements of the Company for the period ending 30
September 2023. It should be read in conjunction with those financial statements and the Company's other periodic and
continuous disclosure announcements, available on the NZX 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, includingEBITDA, which is a non-GAAP financial measure. A
reconciliation from GAAP NPBT to non-GAAP EBITDA can be found in the appendix to this presentation. Non-GAAP financial
information have not been separately audited but have been derived by management from My Food Bag’s reviewed financial
statements for the period ended 30 September 2023. 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.
My Food Bag Group Limited FY24 Half Year Result33

---

INTERIM FINANCIAL REPORT
For the six months ended 30 September 2023

Letter from our Chair and CEO 3
Directory 6
Interim Financial Statements 8
Review Report 19
CONTENTS
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
2

Despite the deteriorating economic
environment, the first half of FY24 has
been a successful period of transition
as we stabilised demand following decline
in the second half of FY23, began to
steadily grow active customer numbers
and acted to right-size our business.
Overall demand across the group is down year-on-year, and
as a result our FY24 H1 revenue is down 11.2% and EBITDA
is down 36.1%. Bargain Box continues to perform well,
with revenue for this brand up 17.6% on the prior year.
We remain a profitable business with a strong brand and
customer offer. We continue to proactively reduce costs,
while also growing our offering to New Zealanders.
During the first half of the year, we strengthened our core meal
kit offering and expanded our non-meal kit offerings, such as
the launch of The Butcher and Summer BBQ Box.
This has been supported by new pick technology driving more
choice and flexibility for customers, without increasing costs.
Letter
from our
Chair and CEO
Financial performance
During the first half of FY24, revenue was down 11.2%
year-on-year, to $83.8 million. EBITDA was $7.4 million in
FY24 H1, compared to $11.5 million in FY23 H1, and NPAT
was $2.5 million, compared to $5.9 million during the same
period last year.
This decrease in profit was driven by reduced demand,
resulting in fewer deliveries across the period. During FY24
H1 deliveries fell by 10.9% on the same period last year to
652,000. However, demand stabilised across the first half
of FY24, with deliveries up 5.5% compared to FY23 H2.
Average order value has remained stable year-on-year
at $128.5 in H1, compared to $129.0 in FY23 H1.
Gross margin percentage also remained stable at 47.9%,
versus 49.3% in FY23 H1, as we navigated inflationary
pressures. Contribution margin sat at 22.0% during the
first half of the financial year, versus 25.3% in FY23 H1.
Since April this year we have reversed the trend of declining
active customer numbers and have experienced month-on-
month growth.
At the end of FY24 H1, we had 61,600 active customers across
all My Food Bag brands, and by mid-November this number
was 61,700. This compares to active customers of 57,500 as
at 31 March 2023.
Amongst active customers, order frequency has increased
and skip rates are at the lowest levels seen in some time.
Across FY24 H1, net debt declined from $15.3m at the end
of March 2023 to $14.1m at the end of September 2023.
This is expected to reduce further across the second half with
lower capital expenditure and lower lease costs, following
the consolidation of Auckland assembly centres assisting
this reduction.
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
3

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
As we continue to focus on capital management and rightsizing
the business, the Board has decided not to declare an interim
dividend. While the Board intends to resume dividend
payments with a final FY24 dividend, this is subject to both
net debt position and financial performance across the
remainder of FY24.
Business update
PICKING TECHNOLOGY UNDERPINNING
CHOICE AND FLEXIBILITY
Since the beginning of the financial year, we have completed
the roll out of new pick technology (Pick to Light) at our
Christchurch distribution centre, as well as consolidated
our Auckland operations into one assembly centre.
Pick to Light technology enables us to pack orders at an
ingredient level, rather than recipe level in our distribution
centres. It enables us to offer more choice and variety within
the same operational footprint, using less labour overall.
This consolidation of assembling boxes for all brands onto one
site for the North Island enabled the closure of our Highbrook
assembly centre at the end of September – meaningfully
reducing overheads further, while continuing to deliver
value for our customers.
During the first half of the year we experienced expected
commissioning costs, with Pick to Light technology now
running in line with business case.
Since March 2023, we have added 25 additional recipe
options across all brands each week, with an additional five
new Fresh Start options planned for launch in the New Year.
The feedback from customers on the increased recipe choice
has been extremely positive.
In the two months after implementing Pick to Light in Auckland,
we saw an increase in the accuracy of picking ingredients
and our Net Promoter Score for North Island customers
increased 11 percentage points – supported by a wider
range of recipes and customer flexibility.
NEW DELIVERY WINDOWS UNDERPINNED
BY SUPPLIER FORECASTING CAPABILITY
Alongside bedding in pick technology, we have also improved
our supplier forecasting capabilities. This enables us to offer
customers tighter delivery turnaround times, while still giving
our suppliers the certainty they need.
For example, we introduced our first Friday delivery slot for
people ordering the Butcher, including the Summer BBQ Box,
ahead of the weekend.
Our increased supplier forecasting capabilities enable us to
better anticipate customer demand, allowing greater flexibility
and giving us the platform to offer more personalised meal
solutions in the future.
MEAL KIT SUBSCRIPTION UPDATE
We continue to promote our different brands to drive
active customers across our portfolio. Each brand has a
clear differentiated proposition, while also leveraging the
master My Food Bag brand.
We invested in a large-scale brand reset of the My Food
Bag brand during the first half of the year, including rolling
out a new marketing campaign – Dinner, Done Better. –
to showcase the gap My Food Bag meal kits fill for busy
Kiwi consumers.
We were delighted to have Nadia Lim leading this campaign
for My Food Bag, including on television.
In April we also launched a six-month price freeze for
all Bargain Box products, backed by an integrated
marketing campaign.
By promoting Bargain Box’s status as New Zealand’s most
affordable meal kit, we have increased delivery volumes
by 11.7% year-on-year across H1.
Our Net Promoter Score for Bargain Box customer satisfaction
also increased by 22 percentage points over FY24 H1, which
is measured by the perception of value for money, service
and quality.
4

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
BEYOND SUBSCRIPTIONS
We continue to innovate our product offerings beyond meal
kit subscription services, to focus on all meal solutions we can
add value to.
Empowered by the flexibility and speed of our Pick to Light
technology – and coupled with our improved supplier
forecasting capabilities – we’re seeing growing potential
of one-off products and seasonal subscriptions.
Since the launch of My Food Bag we’ve curated flexible,
convenient solutions to save customers worrying about food
decisions for events and their day-to-day lives.
We have launched The Butcher, which gives people the ability
to pick locally sourced proteins delivered fresh to their door,
irrespective of whether they have a meal kit subscription.
We’re also getting set to launch one-off purchase functionality
to drive a trial of meal kits.
ENVIRONMENTAL, SOCIAL AND
CORPORATE GOVERNANCE
While we continue to invest in our operations, it’s equally
important to serve our communities and the people working
to make My Food Bag tick day in and day out.
In late September, Nadia Lim, in conjunction with our Bargain
Box chefs, created an online cookbook to help Kiwi households
navigate increasing food prices.
The Saver Flavour cookbook delivers more than 45 nutritious
recipes all costing less than $20 for 4 serves and has been
downloaded more than 36,000 times.
We’re also continuing to invest in our company culture and
exemplary leadership capabilities. It’s encouraging to see
our eNPS trend upwards as well as team turnover rates
reduce, signalling a confidence in our culture and direction
for the future.
We also want to acknowledge the retirement of
Jon Macdonald from the Board and thank him for his
outstanding contribution to My Food Bag since 2021.
The Board does not intend to fill the vacancy created by
Jon’s departure and will remain as a Board of five members
at this point in time.
Conclusion
Health and wellbeing have never been more important
to Kiwis, and we offer the ability to conveniently eat high
quality, nutritious meals across a wide range of cuisines
and price points.
We remain profitable and continue
to execute a disciplined plan to
drive the sustainable active customer
growth seen across the first half.
While we anticipate the current economic climate will
remain for the foreseeable future, we are focused on driving
our portfolio of brands, growing choice and flexibility,
and increasing operational efficiencies to deliver value
to shareholders.
We’re pleased with the resilience the company is showing
in the face of a high inflation environment and how we have
continued to innovate our offering for different meal occasions
throughout this period.
We thank our shareholders for their commitment to the business
during this time and acknowledge the whole My Food Bag
team and our partners for their dedication during the first half
of this financial year.
Tony Carter Mark Winter
Chair Chief Executive Officer
45+ RECIPES FOR LESS THAN $20 FOR 4 PEOPLE
PLUS SNACKS, DESSERTS AND HEAPS OF HACKS AND TRICKS TO MAKE
EATING WELL ON A BUDGET EASY AND TASTY!
45+
TASTY
RECIPES
for less than
$5 per serve
BARGAIN BOX by MY FOOD BAG, NADIA LIM
with contribution from TikTok influencer
@thecontraversialkiwi
5

Directory
BOARD OF DIRECTORS
Tony Carter (Chair)
Jen Bunbury
Jon Macdonald
Sarah Hindle
Mark Powell
Cecilia Robinson
SENIOR LEADERSHIP TEAM
Mark Winter
Chief Executive Officer
Leanne Dekker
Chief Financial Officer
Paul Kelly
Chief Supply Chain Officer
Craig Jordan
Chief Digital Officer
Cassie Ormand
Head of People & Culture
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: 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
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 .
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
Website: linkmarketservices.co.nz
My Food Bag Group Limited
NZBN 6113607
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
6

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
7

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
Statement of
Financial Position 9
Statement of
Comprehensive Income 10
Statement of
Changes in Equity 11
Statement of
Cash Flows 12
Notes to the
Financial Statements 13
Review Report 19
Interim Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
8
MY FOOD BAG GROUP LIMITED
INTERIM REPORT 2024

Statement of Financial Position
AS AT 30 SEPTEMBER 2023
NZ$000Note
Unaudited
30 September
2023
Audited
31 March
2023
ASSETS
Current
Cash and cash equivalents15 215 0
Trade and other receivables556670
Inventories1,9262,160
Prepayments1,6681, 628
Total current assets4,3024,608
Non-current
Property, plant and equipment8,4877, 9 4 6
Intangible assets
5
85,60385,263
Right-of-use assets9,09610,549
Other receivables14 918 5
Total non-current assets103,335103,943
Total assets10 7, 6 3 7108,551
LIABILITIES
Current
Bank overdraft
7
1,8393,995
Trade and other payables12,28512,737
Deferred revenue2,8093 ,19 9
Lease liabilities2,1462,535
Other current liabilities1,7021, 296
Tax liability9861,400
Total current liabilities21, 76725,162
Non-current
Lease liabilities 8,2579,344
Borrowings
7
12,43311 , 4 2 0
Deferred tax liability4,0904,317
Provisions330330
Total non-current liabilities25,11025,411
Total liabilities46,87750,573
Net assets60,7605 7, 9 7 8
EQUITY
Share capital59,33659,336
Retained earnings882(1,624)
Share-based payment reserve542266
Total equity60,7605 7, 9 7 8
For and on behalf of the Board of Directors who authorised the issue of the financial statements on 22 November 2023.
Tony Carter
Chair
22 November 2023
Jen Bunbury
Director
22 November 2023
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
9

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
10
NZ$000Note
Unaudited
6 months ended
30 September
2023
Unaudited
6 months ended
30 September
2022
Income
1
83,83594,410
Cost of sales(65,375)(70,557)
Gross profit18,46023,853
Marketing expenses(2,702)(3,432)
Financing expenses(1,033)(648)
Indirect expenses(11,323)(11,653)
Other income
1
9460
Net profit before tax3,4968,180
Income tax expense(990)(2,302)
Net profit after tax2,5065,878
Total comprehensive income2,5065,878
NZ$NZ$
Earnings per share
Basic and diluted earnings per share
3
0.010.02
Statement of Comprehensive Income
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
10

Note
Share
capital
Retained
earnings
Share-based
payment
reserve
Total
equity NZ$000
At 1 April 202359,336(1,624)26657,978
Net profit for the period-2,506-2,506
Total comprehensive income for the period-2,506-2,506
Dividend
4
----
Share-based payments--276276
At 30 September 2023 (Unaudited)59,33688254260,760
At 1 April 202259,3367, 5 74-66,910
Net profit for the period-5,878-5,878
Total comprehensive income for the period-5,878-5,878
Dividend
4-(9,740)-(9,740)
Share-based payments--12 712 7
At 30 September 2022 (Unaudited)59,3363,71212 76 3 ,175
Statement of Changes in Equity
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
11

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
Statement of Cash Flows
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
NZ$000Note
Unaudited
6 months ended
30 September
2023
Unaudited
6 months ended
30 September
2022
OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers83,46393,848
Tax refund-213
Interest received3544
Cash was applied to:
Payments to suppliers( 75 , 917 )(81,899)
Interest paid(1,020)(624)
Tax paid(1,632)(6,101)
Net cash flows from operating activities4,9295,481
INVESTING ACTIVITIES
Cash was provided from:
Proceeds from the sale of property, plant and equipment143
Cash was applied to:
Purchase of property, plant and equipment(1,345)(1,484)
Payments for development of software(1,140)(1,327)
Net cash flows from investing activities(2,471)(2,808)
FINANCING ACTIVITIES
Cash was provided from:
Proceeds from borrowings5,0006,000
Cash was applied to:
Principal payments on leases(1,300)(1,279)
Dividends paid
4
-(9,740)
Repayment of borrowings(4,000)(7,000)
Net cash flows from financing activities(300)(12,019)
Net increase / (decrease) in cash2,158(9,346)
Cash and cash equivalents at the beginning of the period(3,845)5 , 913
Net (bank overdraft) / cash and cash equivalents at the end of the period(1,687)(3,433)
Represented by:
Cash and cash equivalents15 213 4
Bank overdraft(1,839)(3,567)
Net (bank overdraft) / cash and cash equivalents at the end of the period(1,687)(3,433)
12

Notes to the Financial Statements
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
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.
The interim financial statements presented are for My Food Bag Group Limited and its wholly owned subsidiary My Food Bag Limited
(together referred to as “the Group”).
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 2023.
FUNCTIONAL AND PRESENTATION CURRENCY
These interim financial statements are presented in New Zealand dollars (NZ$), which is the Group’s functional currency, and
rounded to the nearest thousand dollars (NZ$000) unless otherwise stated.
ACCOUNTING POLICIES
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 2023.
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 2023.
SEGMENT REPORTING
The Group operates in one reportable segment being online meal kit and food delivery. This consists of creating and delivering meal
kits, pre-prepared ready-to-heat meals and grocery items to New Zealand consumers.
The Group operates in one geographical area, New Zealand.
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
13

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
Financial Information
1. Income
NZ$000
Unaudited
6 months ended
30 September
2023
Unaudited
6 months ended
30 September
2022
Contracts with customers83,83594,410
Total income83,83594,410
Interest income3544
Insurance proceeds92-
Other income813
(Loss) / Gain on disposal of property, plant and equipment(41)3
Total other income9460
2. Expenses
Net profit before income tax has been arrived at after charging/(crediting) the following items:
NZ$000
Unaudited
6 months ended
30 September
2023
Unaudited
6 months ended
30 September
2022
Staff expenses
Salaries and wages7, 4 818,250
Defined contribution 2392 21
Share-based payment expense27612 7
Interest expense74 2343
Interest on leases2 91305
IT expenses1, 5421, 428
Amortisation of intangible assets8001, 019
Depreciation of property, plant and equipment75 0378
Depreciation of right-of-use assets1 , 3121,338
3. Earnings per Share
Unaudited
6 months ended
30 September
2023
Unaudited
6 months ended
30 September
2022
Basic and diluted earnings per share
Net profit attributable to equity holders (NZ$000)2,5065,878
Weighted average number of shares for basic EPS (000)242,438242,438
Weighted average number of shares for diluted EPS (000)243,470242,655
Basic and diluted earnings per share (NZ$)0.010.02
14
Notes to the Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023

4. Dividends
NZ$000
Unaudited
6 months ended
30 September
2023
Unaudited
6 months ended
30 September
2022
Final dividend for 2022 – 4.0 cents per share-9,740
The Directors have determined that no interim dividend will be paid in respect of the six months ended 30 September 2023.
5. Intangible Assets
NZ$000GoodwillBrandsSoftware
Software work
in progressTotal
Net book value at 30 September 2023 (Unaudited)63,63118,3573,20241385,603
Net book value at 31 March 2023 (Audited)63,63118,3572,38289385,263
SOFTWARE ASSETS
During the period, the Group reassessed the expected useful life of software assets, including those with an opening book value
at 1 April 2023 and determined the useful life of the majority of software assets to be 3 years instead of 2 years. This resulted in
an increase to the carrying value of the assets of NZ$279,000, and a reduction of NZ$279,000 in amortisation in the current
period. The estimated impact of this change on amortisation for future periods is to be a decrease of NZ$279,000. Software assets
capitalised from 1 April 2023 are amortised on a straight-line basis over their estimated useful lives (using amortisation rates of
between 14% and 33%). Amortisation is included in Indirect expenses.
IMPAIRMENT INDICATORS
The Group performs a detailed impairment assessment annually and considers indicators of impairment at each reporting date. At
30 September 2023, consistent with the position at 31 March 2023, the carrying amount of the net assets of the Group is more than
its market capitalisation, which is an indication that goodwill and indefinite life brands may be impaired.
There have been no material changes in forecast cash flows or market conditions since 31 March 2023, when the Group last carried
out an impairment test that would indicate a significant deterioration in the recoverable amount of the Group or impairment of
goodwill or indefinite life assets.
6. Leases
The lease of one of the Group’s Auckland assembly and distribution sites was not renewed in September 2023. The operations and
assets of that site were consolidated into the Group’s other Auckland assembly and distribution site resulting in a reduction to the
right-of-use assets and lease liabilities of $179k.
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
15
Notes to the Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
7. Borrowings
The Group’s net debt position is shown below.
NZ$000
Unaudited
30 September
2023
Audited
31 March
2023
Bank loan – non-current12,43311 , 4 2 0
Total borrowings12,43311,420
Less: cash and cash equivalents(152)(150)
Add: bank overdraft1,8393,995
Net debt /(cash)14,12015,265
Borrowings are initially measured at fair value, net of transactions costs incurred. Borrowings are subsequently measured
at amortised costs using the effective interest method.
FUNDING ARRANGEMENTS
The Group’s funding arrangements are shown below.
NZ$000
Unaudited
30 September
2023
Audited
31 March
2023
Revolving credit facility25,00025,000
Bank overdraft5,0005,000
Total facilities30,00030,000
Revolving credit facility utilised(12,500)(11,500)
Bank overdraft utilised(1,839)(3,995)
Total undrawn facilities15,66114,505
The Group was in compliance with its banking covenants during the period and as at 31 March 2023 and 30 September 2022.
16
Notes to the Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023

8. Share-based Payments
ESOS
The Employee Share Ownership Scheme (ESOS) is an equity-settled share-based payment scheme. There were no ESOS rights
offered to Employees during the period to 30 September 2023 (30 September 2022: 385,548). No rights vested during the period
to 30 September 2023 (30 September 2022: none).
LTI
During the year the Board approved a Long-Term Incentive scheme (LTI) grant for the Senior Leadership Team and certain
Key Operational Leaders with performance rights vesting after two years. The scheme and measures are consistent with the
LTI performance rights granted during FY23. No rights vested during the period to 30 September 2023 (30 September 2022: none).
CEO award – July 2023 grant
The CEO was awarded performance share rights which vest after 2 years, subject to achievement of the following
performance measure:
• 100% of the rights vest based on continued employment with the Group and the relative TSR compared to the companies
included in the NZX 50 (TSR tranche).
Number of rights outstandingESOSLTI
At 1 April 2023360,1831,164,001
Granted-6,922,230
Forfeited
1
(47,348)(360,560)
At 30 September 2023312,8357,725,671
Number of rights outstandingESOSLTI
At 1 April 2022--
Granted385,5481,820,518
Forfeited
1
(16,910)(624,013)
At 30 September 2023368,6381,196,505
1
Forfeited rights relate to the share rights of eligible Employees who have finished their employment with the Group during the period.

For further information on share-based payments, refer to the Group’s annual financial statements for the year ended 31 March 2023.
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
17
Notes to the Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
9. Related Party Transactions
Key management personnel remuneration
Key management personnel comprise members of the Board and members of the Senior Leadership Team (SLT). The Board
comprised six members (2022: five members) and the SLT comprised seven members (2022: eight members).
NZ$000
Unaudited
6 months ended
30 September
2023
Unaudited
6 months ended
30 September
2022
Short-term employee benefits1 ,12 31,645
Share-based payment transactions13 644
Directors’ remuneration283240
Key management personnel remuneration1,5421,929
10. Contingent Liabilities
The Group has no contingent liabilities (31 March 2023: Nil).
11. Capital Commitments
The Group has no capital commitments (31 March 2023: $460k).
12. Non-GAAP financial information
The reconciliation of net profit before tax to earnings before interest, tax, depreciation and amortisation (EBITDA) is shown below.
NZ$000
Unaudited
6 months ended
30 September
2023
Unaudited
6 months ended
30 September
2022
Net profit before tax3,4968,180
Add: Depreciation and amortisation2,8622,735
Add: Net financing costs998604
EBITDA7,35611 , 5 1 9
18
Notes to the Financial Statements (continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
Independent auditor’s review report to the
shareholders of My Food Bag Group Limited
Report on the review of the
interim financial statements

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 statement of financial position as at 30 September 2023, and the statement of comprehensive
income, statement of changes in equity and 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 2023, 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 Company or any of its subsidiaries. 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
19

EY Sig.pdf 1 19/05/21 2:22 PM
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
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 Lloyd Bunyan.
Chartered Accountants
Auckland
22 November 2023
Independent auditor’s review report to the
shareholders of My Food Bag Group Limited
(continued)
MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
20

MY FOOD BAG GROUP LIMITED INTERIM REPORT 2024
myfoodbag.co.nz

---

Results Announcement

Results for announcement to the market
Name of issuer My Food Bag Group Limited (MFB)
Reporting Period 12 months to 31 March 2024
Previous Reporting Period 12 months to 31 March 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$175,694 -9.4%
Total Revenue $175,694 -9.4%
Net profit/(loss) from
continuing operations
$7,850 -60.8%
Total net profit/(loss) $7,850 -60.8%
Interim/Final Dividend
Amount per Quoted Equity
Security
N/A
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
-$0.1125 -$0.0742
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Please see attached result announcement for commentary on the
result.

Authority for this announcement
Name of person authorised to
make this announcement
Leanne Dekker, Chief Financial Officer
Contact person for this
announcement
Leanne Dekker, Chief Financial Officer
Contact phone number +64 9 886 9840
Contact email address ir@myfoodbag.co.nz
Date of release through MAP 19 May 2023

Audited financial statements accompany this announcement.