Tuesday, 20 February 2018

Announcement

HALFYR: AFC: Half Year Preliminary Announcement of AFC

14 Dec 2017 08:30NZX
Directors Review

The interim financial statements of AFC Group Holdings Limited ("AFC Group")
for the period ended 30 September 2017 will not be audited.

The net assets of AFC Group were NZ$4.95 million, with a 9% decrease from the
half year position as at 30 September 2016. Cash and cash equivalent products
were NZ$0.36 million, and property, plant and equipment were $1.96 million.

The sales revenue for the period to 30 September 2017 was NZ$4.99 million.
AFC Group experienced a net loss of NZ$234 thousand for the period, which is
NZ$339 thousand less than the loss incurred in the period ended 30 September
2016.

The Group operates in a number of business segments in New Zealand.  These
are:

International Marketing
This includes AFC International Trading Group Limited, who source packaged
food products, cosmetics and health products and National Dairy Group
Limited, who source food products for distribution to China. The half year
sales of AFC International Trading Group Limited, an AFC Group subsidiary,
were more than NZ$4 million. The company is actively changing the current low
margin trade, by adjusting its product mix and increasing sales of "DD Mask".
The company is expecting a decrease in turnover but an increase in margin.

Vineyard and Winery
The half year wine sales of AFC Longview Ltd were more than NZ$300 thousand.

Manufacturing
AFC Biotechnology Manufacture Co Ltd has started manufacturing its product
"DD Mask" from the beginning of 2018 financial year, resulting in half year
sales of more than NZ$910 thousand.

Corporate
The operations of this segment include providing accounting, management and
administration services to other segments of the Group.

Hao Long
Director
AFC Group Holdings Limited

For Further Information
Please contact Mr Howard Long
howard.long@afcnz.com
+64- 21- 244-8000
End CA:00311908 For:AFC    Type:HALFYR     Time:2017-12-14 08:30:50
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Australasian Food Corporation
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