Serko's Audited FY25 Financial Results

Saatchi Building, Level 1, 125 The Strand, Parnell, Auckland 1010, New Zealand
Phone: +64 (9) 309 4754 • serko.com
20 May 2025
Audited Full Year Financial Results
for the period ended 31 March 2025
Serko Limited (ASX & NZX: SKO) today announces its full-year financial results for the year to
31 March 2025.
Please find attached the following documents:
• Market Release
• Results Announcement (NZX Appendix 2)
• Investor Presentation
• Annual Report
• ESG Report, including our mandatory climate-related disclosures and GHG inventory
These documents will be made available on www.serko.com/investors.
Full Year Results Conference Call
Serko Chief Executive Darrin Grafton and Chief Financial Officer Shane Sampson will host a
conference call and webcast at 11am (NZT) this morning to discuss the results. Dial-in details are set
out in the market release.
ENDS
Released for an on behalf of Serko Limited by Shane Sampson, Chief Financial Officer

FURTHER INFORMATION
Investor relations
Shane Sampson
Chief Financial Officer
+64 9 884 5916
investor.relations@serko.com
Media relations
Coran Lill
+61 (0)468 963 068
coran.lill@csladvisory.com

---

Saatchi Building, Level 1, 125 The Strand, Parnell, Auckland 1010, New Zealand
Phone: +64 (9) 309 4754 • serko.com
Market Release
20 May 2025
Audited financial results for the
twelve months to 31 March 2025
1,2

Serko delivers 27% total income growth
Pre-acquisition business is cash-generative, supporting growth

Serko Limited (NZX & ASX: SKO) today reports its audited results for the twelve months to 31 March
2025 (FY25) with total income up 27% to $90.5 million, continuing its track record of high growth.
The result was driven by continued demand and growth in Booking.com for Business, with completed
room nights and active customers both increasing 29%. The result also included a solid performance
by Serko’s Australasian business and $4.8 million of income from the acquisition of GetThere on
7 January 2025.
Serko Chief Executive and Co-Founder Darrin Grafton said: “Serko is pursuing new growth, supported
by targeted investment in its platform and North American expansion. We are in a strong position to
do this, with continued income growth, cost discipline and an increase in our capability, including in
data and AI.
“Our pre-acquisition business generated positive Free Cash Flow for FY25 of $7.4 million, an
improvement of $14.5 million
3
. We expect the cash-generative strength of our pre-acquisition
business to continue building, providing a solid foundation as we scale.”

Financial summary
“Increased total income and our operational efficiency delivered positive EBITDAFI of $2.8 million for
the year, a $4.3m improvement. Total spend-to-income ratio fell from 118% to 102%.
“Our net loss after tax was $22 million, an increase of $6.1 million, reflecting one-off costs and a non-
cash accounting impairment.
“Free Cash Flow showed a $5.2 million improvement, narrowing the net outflow to $1.9 million.

1
Comparative numbers are for the prior comparative period (FY24) unless otherwise stated. All dollar amounts are New
Zealand dollars, unless otherwise stated.
2
See notes to this release for definitions of non-GAAP financial measures used in the released materials.
3
A financial summary of Serko’s FY25 financial performance for its pre-acquisition business is on slide 11 of the investor
presentation.

2
“We remain well capitalised with $61.4m in cash and no debt.”

12 months ending 31 March
2024
NZD
2025
NZD
Change
Total income $71.2m $90.5m 27%
Total spend $83.9m $92.7m 10%
Operating expenses $89.7m $107.6m 20%
EBITDAFI gain/(loss) ($1.5m) $2.8m $4.3m
improvement
Net gain/(loss) after tax ($15.9m) ($22.0m) $6.1m
increase
Free Cash Flow ($7.1m) ($1.9m) $5.2m
improvement

Business performance
Booking.com for Business
• Completed room nights - from 2.5 million to 3.3 million
• Active customers - from 172,000 to 222,000
• Average revenue per completed room night down 1% to €9.63
“Demand for Booking.com for Business remains strong and active customers are up 29%. Working
closely with Booking.com we have delivered improvements in activation, onboarding, customer
engagement and repeat bookings.
Managed travel
• Online bookings up 6% in Australasia - from 3.9 million to 4.1 million
• Average revenue per booking $5.73 in Australasia, up 12%
“In managed travel, we also delivered several product enhancements for our Zeno partners and
customers. This included drawing on Booking.com for Business learnings to reduce friction and boost
satisfaction. We also welcomed the GetThere team and are engaging with GetThere customers as we
shape the future of our market offerings.”

FY26 Outlook
Overall demand for business travel remains strong, and Serko’s year-to-date performance is in line
with our expectations.
For FY26, total income is expected to be $115m -$123m, underpinned by the trajectory in
Booking.com for Business.

3
We are confident in the long term opportunity in North America, with revenue contribution remaining
modest in FY26.
For FY26, Serko expects total spend in the range of $127m-$133m.
Risks to Serko achieving its FY26 goals include macro economic and geopolitical factors,
and currency and ARPCRN movements.


Approved for release by the Board of Serko.


Investor Call
Serko Chief Executive Officer Darrin Grafton and Chief Financial Officer Shane Sampson will host a
conference call and webcast at 11am (NZT) this morning to discuss the results.
To join the conference call, please dial the numbers below using the participant passcode 602965.
New Zealand +64 (0)9 9133 624 or toll free 0800 423 972
Australia +61 (0)2 7250 5438 or toll free 1800 590 693
Numbers for additional countries can be accessed here.
You can join the live webcast here.


FURTHER INFORMATION
Investor relations
Shane Sampson
Chief Financial Officer
+64 9 884 5916
investor.relations@serko.com
Media relations
Coran Lill
CSL Advisory
+61 (0)468 963 068
coran.lill@csladvisory.com

4
Important Notes
Non-GAAP definitions
Non-GAAP (generally accepted accounting practices) financial measures do not have standardised
meanings prescribed by GAAP and therefore may not be comparable to similar financial information
presented by other entities. Non-GAAP measures are used by management to monitor the business
and are considered useful to provide information to investors to assess business performance.
Reconciliation of non-GAAP financial measures to GAAP measures can be found within the Annual
Report and this Investor Presentation.
• ARPB or Average Revenue Per Booking is a non-GAAP measure. Serko uses this as a useful
indicator of the revenue value per online booking. ARPB for travel-related revenue is calculated as
travel-related revenue divided by the total number of online bookings.
• ARPCRN or Average Revenue per Completed Room Night is a non-GAAP measure and comprises
the gross unmanaged supplier commissions revenue per completed room night for revenue
generating hotel transactions.
• Australasia: New Zealand and Australia.
• Cash on hand is a non-GAAP measure comprising cash and short-term investments.
• CRN or Completed room nights is a non-GAAP measure comprising the number of unmanaged
hotel room nights which have been booked and the traveller has completed the stay at the hotel.
• EBITDAFI is a non-GAAP measure representing Earnings Before the deduction of costs relating to
Interest, Taxation, Depreciation, Amortisation, Foreign Currency (Gains)/Losses, Fair value
measurement and Impairment.
• Free Cash Flow is a non-GAAP measure comprising GAAP cash flows excluding movements
between cash and short-term investments, cash flows related to capital raises
and strategic acquisition payments.
• Online Bookings is a non-GAAP measure comprising the number of travel bookings made using
Serko’s Zeno and Serko Online platforms.
• Operating Expenses is a non-GAAP measure comprising expenses excluding costs relating to
taxation, interest, finance expenses and foreign exchange gains and losses.
• Pre-acquisition business is a non-GAAP measure reflecting the Serko business excluding the
impacts of acquiring GetThere, including related transaction and implementation costs.
• To t a l S p e n d is a non-GAAP measure comprising of operating expenses and capitalised
development costs. It excludes depreciation and amortisation.

---

Saatchi Building, Level 1, 125 The Strand, Parnell, Auckland 1010, New Zealand
Phone: +64 (9) 309 4754 • serko.com
Results Announcement
20 May 2025
Results for announcement to the market


Name of issuer Serko Limited (SKO)
Reporting Period 31 March 2025
Previous Reporting Period 31 March 2024
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$90,461 Up 27%
Total Revenue $90,461 Up 27%
Net profit/(loss) from
continuing operations
($21,962) 38% decrease
Total net profit/(loss) ($21,962) 38% decrease
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividends have been paid during the period and there is no intention
to pay dividends while Serko pursues growth opportunities
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
57.03 cents 68.75 cents
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the market release and annual report released in
conjunction with this announcement.
Pursuant to ASX listing rule 1.15.3, Serko Limited confirms that it
continues to comply with the rules of its home exchange (NZX Main
Board).
Authority for this announcement
Name of person authorised to
make this announcement
Shane Sampson
Contact person for this
announcement
Shane Sampson, CFO
Contact phone number +64 9 884 5916
Contact email address investor.relations@serko.com
Date of release through MAP 20 May 2025

Audited financial statements for the period ended 31 March 2025 accompany this announcement.

---

Financial Results
for the 12 months to 31 March 2025
Investor Presentation • 20 May 2025

Important notice
•This presentation has been prepared by Serko Limited ("Serko"). All information is current at the date of this presentation, unless stated otherwise.
All currency amounts are in NZ dollars unless stated otherwise.
•Information in this presentation
•is for general information purposes only, and does not constitute, or contain, an offer or invitation for subscription,
purchase, or recommendation of securities in Serko for the purposes of the Financial Markets Conduct Act 2013
or otherwise, or constitute legal, financial, tax, financial product, or investment advice;
•should be read in conjunction with, and is subject to Serko’s Financial Statements and Annual Reports,
market releases and information published on Serko’s website (www.serko.com);
•mayinclude forward-looking statements about Serko and the environment in which Serko operates,
which are based on assumptions and subject to uncertainties and contingencies outside Serko’s control –
Serko’s actual results;or performance may differ materially from these statements;
•may include statements relating to past performance information for illustrative purposes only and should
not be relied upon as (and is not) an indication of future performance;
•may contain information from third-parties believed to be reliable, however, no representations or warranties
are made as to the accuracy or completeness of such information.
The informationin this presentation has beenprepared with all reasonable care, howeverneither Serko (includingits related entities),nor any of their
directors, employees, agents or advisers give any representations or warranties (either express or implied) as to the accuracy or completeness of the
information. To the maximum extent permitted by law, no such person/s shall have any liability whatsoever to any other person for any loss (including,
without limitation, arising from any fault or negligence) arising from this presentation or any information supplied or omitted in connection with it.
Non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial
information presented by other entities. The non-GAAP financial information included in this release has not been subject to review by auditors.
Non-GAAP measures are used by management to monitor the business and are useful to provide investors to assess business performance.
Comparative figures are for the prior comparative period (FY2024) unless otherwise stated.
Serko 2
Serko Limited, 125 The Strand, Parnell, Auckland, New Zealand • T: +64 9 309 4754 • investor.relations@serko.com
Incorporated in New Zealand ARBN 611 613 980

What we'll cover today
Results
overview
Darrin Grafton
Chief Executive Officer
Slide 4
Financial
results
Shane Sampson
Chief Financial Officer
Slide 10
Strategy &
FY26 outlook
Darrin Grafton
Chief Executive Officer
Slide 15
Your
questions
Serko 3

Results overview
Serko 4
Darrin Grafton
Chief Executive Officer

27% total income growth
Serko 5
+27%
FY25 v FY24
+30%
FY25 v FY24
$85.7m
$4.8m
$48.0m
$71.2m
$90.5m
$0m
$10m
$20m
$30m
$4 0m
$50m
$60m
$7 0m
$80m
$90m
$100m
FY23FY24FY25
Total income
5.5m
0.9m
4.1m
4.9m
6.4m
0m
1m
2m
3m
4m
5m
6m
7m
FY23FY24FY25
Total online bookings
Strong total income growth driven by momentum in Booking.com for Business
1. See notes to this release for definitions of non-GAAP financial measures used in the released materials.
GetTherePre-acquisition business
Pre-acquisition business is cash generating, supporting our growth plans
1

29% increase in Booking.com for Business CRNs
Serko 6
1.5m
2.5m
3.3m
0.0m
0.5m
1.0m
1.5m
2.0m
2.5m
3.0m
3.5m
FY23FY24FY25
Completed room nights
€ 9.34
€ 9.75
€ 9.63
€ 6
€ 7
€ 7
€ 8
€ 8
€ 9
€ 9
€ 10
€ 10
FY23FY24FY25
Average revenue per CRN
157k
172k
222k
-
50
100
150
200
250
FY23FY24FY25
Active customers
Completed room nights increased to 3.3 million, underpinned by stronger demand
and product improvements
Active customer numbers increased 29%
+29%
-1%
+29%

18% growth in Australasian travel revenue
Serko 7
3.4m
3.9m
4.1m
.0m
1.0m
2.0m
3.0m
4. 0m
FY23FY24FY25
Australasia online bookings
12% increase in average revenue per booking and 6% increase in online bookingsdrove
higher travel revenue growth
Continued to invest and innovate in the Australasian market to strengthen our market leadership
$4.96
$5.12
$5.73
$0. 00
$1. 00
$2. 00
$3. 00
$4 .00
$5. 00
$6. 00
$7 . 00
FY23FY24FY25
Australasia ARPB
+6%
+12%

We are accelerating organisational
performance as we scale globally
We are attracting global talent from leading consumer
technology businesses to strengthen our team
In FY25, we welcomed senior leaders withdata, AI, and e-commerce
expertisefrom Airbnb, Booking.com and Uber for Business
We continued our delivery of operational efficiency
•Reallocated resources to support growth
•Headcount reduced 1% (excluding acquisition)
86%
Overall employee
engagement
89%
Proud to work
at Serko
91%
Would recommend Serko
as a great place to work
Serko 8
Annual employee survey, November 2024.
Comparisons with December 2023 annual employee survey.
8pts
5pts
10pts
Data and AI are critical to our success
•79% of our people say they’re equipped to succeed
with data — up 13 points on 2023
•99% of our people have completed AI training

We are achieving growth with cost discipline
Serko 9
$19.4m
$28.6m
$36.3m
$34.8m
$42.7m
$47.7m
$41.1m
$42.2m $42.2m
$41.8m
$44.1m
$48.6m
$0m
$10m
$20m
$30m
$40m
$50m
$60m
1H 232H2 31H 242H2 41H 252H2 5
Total income vs total spend
Total incomeTotal spend
•Disciplined cost management
saw income grow ahead of spend
•Total spend fell from 118% (FY24)
to 102% of income (FY25)
•Business is drivinga return
to positive Free Cash Flow

Financial results
Serko 10
Shane Sampson
Chief Financial Officer

Total incomeup 27% to $90.5 million
FY25 summary
FY25Change v FY24FY25Change v FY24
Total income$90.5m27%$85.7m20%
Total spend $92.7m10%$83.0m(1%)
Total operating expenses$107.6m20%$97.0m8%
EBITDAFI gain/(loss) $2.8m
$4.3m
improvement
$7.7m
$9.2m
improvement
Net gain/(loss) after tax$(22.0m)
$6.1m
increase
$(10.9m)
$5.0m
improvement
Free Cash Flow $(1.9m)
$5.2m
improvement
$7.4m
$14.5m
improvement
For a more detailed view of financial and operational performance in FY25 see slides 22 and 26 – 31in the Appendix.
Serko 11
Pre-acquisition business

Strong cashflow trajectory in pre-acquisition business
Serko 12
$48.0m
$71.2m
$85.7m
$83.3m
$83.9m
$83.0m
$0m
$10m
$20m
$30m
$40m
$50m
$60m
$70m
$80m
$90m
FY23FY24FY25
Pre-acquisition business
Total income vs total spend
Total IncomeTotal Spend
($36.8m)
($7.1m)
$7.4m
($ 4 0m )
($ 35 m )
($ 30 m )
($ 25 m )
($ 20 m )
($ 1 5m )
($ 1 0m )
($ 5m )
$0m
$5m
$10m
FY23FY24FY25
Pre-acquisition business Free Cash Flow

•Serko’s balance sheet
remainsstrong with cash
and short-termdeposits of
$61.4 million and nodebt
•Cash and short term
deposits reduced 24%,
reflecting the GetThere
purchase
Balance Sheet20252024ChangeChange
$'m$'m$'m%
Cash and Short Term Deposits
61.4
80.6
(19.2)(24%)
Other Current Assets
28.6
14.8
13.893%
Intangibles
30.7
31.1
(0.4)(1%)
Other Non Current Assets
5.7
3.6
2.056%
Total Assets
126.3130.1(3.8)(3%)
Current Liabilities
24.113.310.8
81%
Non Current Liabilities
2.31.11.2
113%
Equity
99.9115.7(15.8)
(14%)
Total Liabilities and Equity
126.3130.1(3.8)(3%)
Serko 13
Balance sheet
Well capitalised with total cash in hand of $61.4 million

50%
50%50%50%
$-
$50m
$100m
3. 3m4. 2m6. 2m8. 5m
Completed Room Nights
Gross Revenue at various CRN volumes
Incremental tiers
50% commission tier
Total contribution will continue to grow
Booking.com for Business
Projections based on assuming AComPCRN, NZD: EUR rate, seasonality and room nights per booking are consistent with FY25 actuals. Revenue estimates are approximate, contractual calculations are
monthly rather than annual and on completed bookings rather than CRNs. Gross revenue is revenue before deducting consideration payable to customers relating to jointly agreed marketing fees.
Serko 14
Potential future volumes
The pre-acquisition business achieved positive cashflows on FY25 volumes.
FY25

Strategy & FY26 Outlook
Serko 15
Darrin Grafton
Chief Executive Officer

Our opportunity and strategic focus
Strategic focus
Growth drivers
Serko 16
* GBTA Business Travel Index Outlook (2024) on total transaction value basis, including in-destination spend.
Consumer-
grade
expectations
Business
efficiency
Data and
intelligence
Content choice
Booking.com for Business growth
Reinforce Australasian position
North American expansion
Serko platform evolution
Serko’s strategic focus areas
Global business travel forecast
to rise from USD $1.5 trillion to
USD $2.0 trillion by 2028.
*
2
1
4
3

North American foothold and expansion
INTEGRATION
Acquisition completion
•Employee onboarding
•Customer and prospect
engagement through multiple
customer and industry events
•Activation of Sabre partnership
ACTIVATION
Expanding pipeline
•Building sales pipeline including
co-selling with Sabre
•Co-development with Sabre
including leveraging AI capabilities
•Deliver Zeno and GetThere product
enhancements
•Deliver pilot consumer-grade
traveller experiences to US
customers on the Serko platform
EXPANSION AND SCALE
Scale US customer base
•Signingand implementing
new customers
•Platform capabilities available
for enterprise customers
Serko 17
3
NOW
US represents 24% of the global business travel market
* GBTA Business Travel Index Outlook (2024) on total transaction value basis, including in-destination spend.

Targeted investment in platform acceleration
Accelerated investment to unlock opportunity, drive faster innovation,
and improve cost efficiency – built to support AI and data capabilities.
We have continued to release new platform capabilities since the accelerated
investment programme announced in October 2024.
The platform is successfully powering core components of
Booking.com for Business, including all hotel transactions
Current key priorities
Advanced scoping and planning
•Flight service modernisation
•Multi-component
API integration
Technical foundations
•Multi-tenant architecture
•Extended authentication
and authorisation
Expertise
•Expanding India-based product
and technology capability
Serko 18
June 2023:
New hotel search
experience for
Booking.com for
Business
June 2024:
New Booking.com
for Business user
dashboard
March 2025:
New Booking.com
for Business
onboarding
experience
FY26 upcoming:
New checkout
experience and
company
onboarding
4

FY26 Outlook
Overall demand for business travel remains strong, and Serko’s
year-to-date performance is in line with our expectations.
For FY26, total income is expected to be$115m -$123m,
underpinned by the trajectory in Booking.com for Business.
We are confident in the long term opportunity in North America, with
revenue contribution remaining modest in FY26.
For FY26, Serko expects total spend in the range of $127m-$133m.
Risks to Serko achieving its FY26 goals include macro economic and
geopolitical factors, andcurrency and ARPCRN movements.
Serko 19

Your questions
Serko 20

Appendix
Serko 21

FY25 financial and operational summary
1H242H24FY241H252H25FY25FY25 v FY24 %
Financial ($m)
Total income
$36.3m $34.8m $71.2m $42.7m $47.7m $90.5m 27%
Total spend
$42.2m $41.8m $83.9m $44.1m $48.6m $92.7m 10%
Total operating expenses
$45.4m $44.4m $89.7m $50.4m $57.2m $107.6m 20%
EBITDAFI gain/(loss)
($0.8m)($0.8m)($1.5m)$1.2m $1.5m$2.8m (281%)
Net gain/(loss) after tax
($7.2m)($8.7m)($15.9m)($5.1m)($16.9m)($22.0m) 38%
Free Cash Flow
($3.4m)($3.7m)($7.1m)$1.3m($3.2m)($1.9m) (73%)
Operational
Online bookings (millions)
2.5m 2.4m 4.9m 2.8m 3.6m 6.4m 30%
Completed room nights (millions)
1.3m 1.2m 2.5m 1.6m 1.7m 3.3m 29%
ARPB
$12.88 $12.53 $12.71 $13.76 $12.15 $12.85 1%
ARPCRN
€ 10.09€ 9.38€ 9.75€ 10.00€ 9.30€ 9.63(1%)
Active Customers (000)
176 172 172 187 222 222 29%
Serko 22

FY25 progress: Booking.com for Business
•New user dashboard
•New signup /
onboarding flow
•Automated welcome /
"Let's get started" checklist
•Reduced login /
authentication friction
•Use of AI todrive improved
search results (in testing)
•Customer journey
touchpoints (for example,
transactional emails)
•Better optimising search
results towards business
travellers
•Checkout and payment
improvements
•One-click rebooking of
previously searched or
booked properties
Serko 23
Engagement & repeat useConversion Activation & onboarding

•Unify booking data and
profiles for clear business
and leisure visibility
•Scaled support of loyalty
and incentives
•Begin foundational work
for mobile integration
•Personalised dashboard
tailored to role and workflow
•Bringing together multiple
accounts under a unified
company framework
•Simple employee onboarding
with smart verification
•Proactive insights to enhance
onboarding and policy set up
•Checkout modernisation
to enable faster iteration,
experimentation
•Enhance the end-to-end
booking experienceacross
air, and ground transport
•Improve post-booking
management, including
changes

Serko 24
Empowering businessSimplify travel bookingDeepening integration
FY26 plans: Booking.com for Business

FY25 & 26: Zeno enhancements
FY25
User
experience
Applying Booking.com for
Business learnings to
reduce friction and boost
satisfaction.
FY25
Personalised
airline offers
Provides added
value to corporations,
bookers and TMCsby
accessing a range of
airline offers via a Sabre
NDC integration.
FY25
Real-time
changes
Seamless experience for
travellers making changes
online - removing manual
steps for partners.
FY25
Travel
recommendations
Leverage previous trip
information and location
data to deliver more
tailored hotel and
transport options.
FY26
Zeno FY26
priorities
•Booking simplification
•Leveraging data
intelligence
•Simplified travel policies
Serko 25
FY25 FY26

Net profit summary /
EBITDAFI reconciliation
•Goodwill on acquisition was treated as
impaired consistent with NZ IAS 36
prohibition on incorporating planned
improvement in business performance
in the impairment test
•Stronger New Zealand dollar drove foreign
exchange gain on forward exchange
contracts used to provide an economic
hedge for revenue
Net Profit Summary
20252024Changechange
EBITDAFI Reconciliation$'m$'m$'m%
Revenue
88.568.819.7
29%
Other income
2.02.4(0.4)
(18%)
Total income
90.571.219.3
27%
Operating expenses
(107.6)(89.7)(17.9)
20%
Percentage of revenue
(122%)(130%)
Net exchange gains/(losses)
(1.4)(1.1)(0.3)27%
Asset impairments and disposals
(5.4)(0.1)(5.3)nm¹
Net finance income/(expense)
3.33.9(0.6)(16%)
Net (loss) before tax
(20.6)(15.7)(4.9)31%
Percentage of revenue
(23%)(23%)
Income tax expense
(1.4)(0.2)(1.2)605%
Net (loss) after tax
(22.0)(15.9)(6.1)38%
Percentage of revenue
(25%)(23%)
Deduct: net finance (income)/expense
(3.3)(3.9)0.6(16%)
Add back: income tax
1.40.21.2605%
Add back:depreciation and amortisation
19.917.02.917%
Add back:asset impairmentand disposals
5.40.15.3nm¹
Add back: net exchange (gains)/losses
1.41.10.327%
EBITDAFI (loss)
2.8(1.5) 4.3(281%)
Percentage of revenue
3%(2%)
Serko 26
1 nm stands for not meaningful

Revenue analysis
•Booking.com for Business partnership
continues to drive growth in the Supplier
Commissions category and the Europe and
Other geography
•Travel platform booking revenue grew driven
by increased Australian business travel
volumes partially offset by a weaker NZ
market and a higher ARPB in ANZ
•ARPB grew driven by the increased
proportion of Booking.com for Business
transactions
•The $90.5m includes $4.8 million of income
following the acquisition of GetThere on
7 January 2025. Excluding the GetThere
contribution, total income was $85.7m
Revenue and other Income by Type20252024changechange
$'m$'m$'m%
Revenue – transaction and usage fees:
Travel platform booking revenue
27.319.28.142%
Expense platform revenue
5.35.30.01%
Supplier commissions revenue
54.342.911.427%
Services revenue
1.21.00.220%
Other revenue
0.30.30.01%
Other Income
2.02.4(0.4)(18%)
Total revenue and other income
90.571.219.327%
Operating Revenue by Geography
Australia
24.320.63.818%
New Zealand
2.73.0(0.2)(8%)
North America
6.73.03.7124%
Europe and Other
54.742.212.530%
Total Revenue
88.568.819.729%
Total travel bookings (m)7.75.91.729%
Online bookings (m)6.44.91.530%
ARPB (travel related revenue only/online bookings)$12.85$12.71$0.141%
Average revenue per completed room night (ARPCRN)€9.63€9.75(€0.12)(1%)
Serko 27

Total spend
•Total spend increased by $8.8m, due to
acquisition related expenditure and GetThere
operating spend
•Despite online booking growth of 30%,
third party direct costs reduced driven by
efficiency initiatives
•Wage inflation was offset by reduced
headcount as organisational efficiency and
effectiveness initiatives were delivered
•The ability to strongly grow total income
while holding total spend in the pre-
acquisition business reflects the strong unit
economics of Serko’s business and the
operating leverage that can be delivered
as we continue to scale
Total Spend
2025
2024changechange
$'m$'m$'m%
Operating Expenses107.689.717.920%
Add back: capitalised development5.011.2(6.2)(55%)
Deduct:depreciation and amortisation(19.9)(17.0)(2.9)17%
Total Spend92.783.98.810%
Percentage of revenue105%122%
Serko 28
23
343
364
347
421
-
100
200
300
400
500
FY23FY24FY25
Total Headcount
71
07
GetThere
Serko Platform Acceleration

Operating expenses
•Lower capitalisation of development has
increased operating expenses from FY24
without increased cash spend
•Third party direct costs reduced due to the
focus on rationalisation of hosting services,
despite increased booking volumes
•Amortisation has increased reflecting
a higher proportion ofintangibles being
amortised over three years rather than
five years
•Transaction related expenses incurred
for the GetThere acquisition were $2.6m.
Implementation expenses to March 2025
were $0.8m
Operating expenses20252024changechange
$'m$'m$'m%
Total remuneration and benefits
59.149.49.7
20%
Percentage of revenue
67%
72%
Third party direct costs
11.412.2(0.8)(7%)
Percentage of revenue
13%
18%
Other operating expenses
17.211.16.155%
Percentage of revenue
19%
16%
Total amortisation and depreciation
19.917.0
2.9
17%
Percentage of revenue
22%
25%
Total Operating Expenses
107.689.717.920%
Percentage of revenue
122%130%
Serko 29
22
$89.7m
$97.0m
$107.6m
$6.2m
$1.1m
$7.1m
$2.6m
$0.8m
$60m
$65m
$7 0m
$7 5m
$80m
$85m
$90m
$95m
$100m
$105m
$11 0m
FY24 Op erat ing...
Lower...
Other...
Pr e -ac qu is tion bu s ine s s
GetThere operating ...
Transaction related...
Im plem entatio n...
FY25 Operating...
Operating Expenses FY25 v FY24

Product and Technology
•Product & Technology (P&T)¹ costs is
a non-GAAP measure representing the
internal and external costs related to
P&T that have been included in operating
expenses or capitalised as computer
software development during the period plus
amortisation of previously capitalised P&T
•Total P&T expenditure has increased due to
GetThere operations
Product & Technology Expenditure
20252024changechange
$'m$'m$'m%
Total Product & Technology spend42.640.71.95%
Percentage of revenue48%59%
Less: capitalised product development costs(5.0)(11.2)6.2(55%)
Percentage of Product Design & Development costs12%27%
Product & Technology (excluding amortisation)37.729.58.228%
Percentage of revenue43%43%
Add: Amortisation of capitalised development costs18.415.33.120%
Total Product & Technology Operating Expense56.144.811.325%
Percentage of revenue63%65%
Serko 30
24
1 Previously named Product Design & Development

Free Cash Flow
•Free Cash Flow excludes movements
between cash and short term investments,
cash flows related to capital raises and
unusual items from a timing perspective
•Pre-acquisition business Free Cash Flow has
improved as Serko continues to achieve
operational leverage on strong revenue
growth
•Pre-acquisition business Free Cash Flow
was $7.4m, a $14.5m improvement
•Free cashflow includes purchases of fixed
assets and multi year licences to support the
acquired business but excludes the
purchase price payments
Free Cash Flow20252024ChangeChange
$'m$'m$'m%
Movement in cash2.3(1.1)3.4305%
Cash movements from short-term deposits
(21.5)
(6.0)(15.5)(258%)
GetThere purchase price payments17.3-
17.3
nm¹
Free Cash Flow(1.9)(7.1)5.2(73%)
Cash, cash equivalents and short-term deposits
at beginning of year
80.687.7(7.1)(8%)
Reported Cash, cash equivalents and
short-term deposits at the end of the year
61.480.6(19.2)(24%)
Free Cash Flow(1.9)(7.1)
5.2
(73%)
Net payments relating to GetThere operations5.6-
5.6
nm¹
Payments relating to transaction related costs2.3-
2.3
nm¹
Payments relating to implementation costs1.4-
1.4
nm¹
Pre-acquisition business Free Cash Flow7.4(7.1)
14.5
(204%)
Serko 31
24
1 nm stands for not meaningful

Definitions
Non-GAAP (generally accepted accounting practices) financial measures do not have standardised meanings prescribed by GAAP
and therefore may not be comparable to similar financial information presented by other entities. Non-GAAP measures are used by
management to monitor the business and are considered useful to provide information to investors to assess business performance.
Reconciliation of non-GAAP financial measures to GAAP measures can be found within the Annual Report and this Investor Presentation.
•Active customers (unmanaged) is a non-GAAP measure comprising the number of companies who have made a booking in the preceding
12-month period.
•ARPB or Average Revenue Per Booking is a non-GAAP measure. Serko uses this as a useful indicator of the revenue value per online
booking. ARPB for travel-related revenue is calculated as travel-related revenue divided by the total number of online bookings.
•AComPCRN or Average Commission per Completed Room Night is a non-GAAP measure and comprises the total unmanaged supplier
commissions from a transaction, prior to the commission sharing arrangements per completed room night for revenue generating hotel
transactions.
•ARPCRN or Average Revenue per Completed Room Night is a non-GAAP measure and comprises the gross unmanaged supplier
commissions revenue per completed room night for revenue generating hotel transactions – Serko’s share of the AComPCRN.
•Australasia: New Zealand and Australia.
•Cash on hand is a non-GAAP measure comprising cash and short-term investments.
•CRN or Completed room nights is a non-GAAP measure comprising the number of unmanaged hotel room nights which have been booked
and the traveller has completed the stay at the hotel.
•EBITDAFI is a non-GAAP measure representing Earnings Before the deduction of costs relating to Interest, Taxation, Depreciation,
Amortisation, Foreign Currency (Gains)/Losses, Fair value measurement and Impairment.
•Free Cash Flow is a non-GAAP measure comprising GAAP cash flows excluding movements between cash and short-term investments,
cash flows related to capital raises andstrategicacquisition payments.
Serko 32

Definitions (continued)
•Headcount is a non-GAAP measure comprising of the number of employees (excluding casual workers and employees on
maternity leave) and contractors employed on the last day of the period.
•Managed customers is a non-GAAP term referring to companies that make online bookings through travel management
companies.
•Online Bookings is a non-GAAP measure comprising the number of travel bookings made using Serko’s Zeno and Serko
Online platforms.
•Operating Expenses is a non-GAAP measure comprising expenses excluding costs relating to taxation, interest, finance
expenses and foreign exchange gains and losses.
•P&T or Production & Technology costs are a non-GAAP measure representing the internal and external costs related to
the design, development and maintenance of Serko’s platforms, including costs within operating expenses and
amortisation. It excludes capitalised development costs.
•Pre-acquisition business is a non-GAAP measure reflecting the Serko business excluding the impacts of acquiring
GetThere, including related transaction and implementation costs.
•Total Spend is a non-GAAP measure comprising of operating expenses and capitalised development costs. It excludes
depreciation and amortisation.
•Total travel bookings include both online and offline bookings. Offline bookings are system automated bookings.
•Unmanaged customers is a non-GAAP term referring companies who make online bookings through Serko’s Booking.com
for Business platform.
Serko 33

---

Annual
Report
2025

This Annual Report is dated 20 May 2025 and is signed on behalf
of the Board of Directors of Serko Limited by Claudia Batten, Chair,
and Darrin Grafton, Chief Executive Officer.
Important notice
Some parts of this report include information regarding Serko’s plans and strategy and
include forward-looking statements about Serko and the environment in which Serko
operates that involve risks and uncertainties. All forward-looking statements are based
on assumptions and subject to uncertainties and contingencies outside Serko’s control.
Actual results and the timing of certain events may differ materially from future results
expressed or implied by the forward-looking statements. Non-GAAP (generally accepted
accounting practice) financial information is used by management to monitor the business
and is included in this report to assist readers to assess business performance. Non-GAAP
financial information does not have a standardised meaning prescribed by GAAP and
therefore may not be comparable to similar financial information presented by other entities.
The non-GAAP financial information included in this release has not been subject to review
by auditors. All amounts are presented in NZ dollars unless stated otherwise.
Darrin Grafton
Chief Executive Officer
Claudia Batten
Chair

Contents
Who we are .............................02
FY25 financial highlights
..................03
From our Chair and CEO
..................05
Our opportunity and focus
.................08
FY25 financial summary
...................12
Our products and revenue model
...........14
ESG Report highlights
.....................16
Our leadership
...........................18
Financial Statements
.....................22
Independent Auditor’s Report
..............56
Corporate Governance Statement
..........60
Remuneration Report
.....................89
Glossary
...............................110
Company Directory
......................112
FY25 financial
highlights
From our Chair
and CEO
FY25 financial
summary
Financial
statements
03
05
12
22

Our guiding
principles
Be a good
human
Win
together
Dare to
simplify
Boldly go
beyond
Serko is a technology company that simplifies
the complex world of business travel.
Our solutions are used by millions of travellers around the world to book and manage
their work trips, and by thousands of organisations to manage their travel programs.
Our purpose
We bring
people together
Our vision
Create a connected,
frictionless travel
experience
Our mission
Build the world’s
leading business
travel platform
Who we are
2

* EBI TDAFI is a non-GAAP measure representing Earnings Before Interest,
Taxation, Depreciation, Amortisation, Impairment, Foreign Exchange gains
/ losses and Fair value remeasurements.
Serko’s total income was up 27% to $90.5 million — continuing its track
record of high growth. The result was driven by continued demand and
growth in Booking.com for Business, with completed room nights and
active customers both increasing 29%. The result also included a solid
performance by Serko’s Australasian business and $4.8 million of
income following the acquisition of GetThere on 7 January 2025.
FY25 financial highlights
Cash flow
Free Cash Flow
$( 1.9m)
$5.2m improvement
Balance Sheet
Post-acquistion
Cash on hand
$61.4m
24% decrease
Profit (Loss)
EBITDAFI
*
gain
$2.8m
$4.3m improvement
Net loss after tax
$(22.0m)
$6.1m increase
Revenue
Total income
$90.5m 27%
Costs
Operating expenses
$ 1 07. 6 m 20%
Total spend
$92.7m 10%
3
FY25 FinanCiaL highLights

4

From the Chair and CEO
Serko delivered a 27% increase in
total income for the year to 31 March
2025 — continuing our track record of
high growth.
This result reflects strategic decisions backed by
committed delivery. With a dual focus on operational
efficiency and growing the top-line, Serko is proving it
can match its ambitions with disciplined execution.
Much of the growth we’re reporting today stems from
the 2019 decision to expand our partnership with
Booking.com. There was no guarantee of success
when we took that step. In 2022 there were 300,000
completed room nights on Booking.com for Business.
This year, there were 3.3 million.
It has been rewarding and challenging but we’ve
never wavered in our belief that it was the right move
for Serko.
In many respects the story is about the business we’ve
become since that big step in 2019. Serko has grown
as an organisation into a more capable, efficient and
data-driven business. This creates more opportunity
and also positions us to capture the upsides of the
expanding, dynamic and changing industry vertical
of business travel.
With business travel forecast to reach $US2 trillion
globally by 2028, the opportunity for a technology
company operating in the sector remains substantial.
Technology is reshaping expectations, economics
and execution. Business travellers now expect
consumer-grade experiences and businesses need
more efficient, interconnected systems. Data and
AI will define the next wave of change.
This is why Serko has set new ambitions in the past
year and why we have chosen to accelerate investment
to achieve them. Our pre-acquisition business is cash
generating — supporting our plans.
Our talented team is behind the results we delivered
in FY25. Whether it’s total income growth, major
partnership renewals, new customers or the strategic
acquisition of Sabre’s GetThere business, our team have
been committed to excellence and innovation. We are
proud of our team’s high levels of engagement (86%)
and high levels of employee advocacy — with 91% of our
people recommending Serko as a great place to work.
Business highlights
Booking.com for Business
• Completed room nights up 29%, from 2.5 million
to 3.3 million.
• Active customers up 29% to 222,000.
• Average revenue per completed room night down
1% to €9.63.
Demand for Booking.com for Business remains strong
and active customers are up 29%. With the team at
Booking.com we have delivered improvements in
activation, onboarding, customer engagement and
repeat use.
Managed travel
• Online bookings up 6% in Australasia, from 3.9 million
to 4.1 million.
• Average revenue per booking $5.73 in Australasia,
up 12%.
In managed travel, we also delivered several product
enhancements for our Zeno partners and customers.
This included drawing on Booking.com for Business
learnings to reduce friction and boost satisfaction
inside the Zeno product.
5
From our Chair and CEo

Investing for additional growth
We announced plans to expand our business in North
America through a long-term partnership with Sabre
and the acquisition of its travel management platform,
GetThere. Expanding in this market is a critical part of
our global ambitions.
We welcomed the GetThere team at the beginning of
the year and we are engaging with GetThere customers
to shape the future of our market offerings.
We also announced plans to accelerate investment in
our product and technology, to support our plans and
remain at the forefront of business travel. This will
allow us to maximise the opportunities available to us
in our chosen markets — and position us to respond to
increasing demands for automation, data and AI tools.
This work will also support our focus on operational
efficiency, with AI and data-led decision-making
helping to accelerate performance and precision.
Accelerating capability
Organisational performance remains front and
centre. This has been a concerted effort by the whole
Company — to be clear on our goals and plans and
to uplift our capability. This includes attracting and
retaining the best in the business, setting ambitious
and measurable goals and being honest about when
we don’t meet our targets.
We are delighted to have welcomed senior leaders with
data, AI and e-commerce experience to join us from
leading global consumer technology businesses.
Data and AI are embedded in how we work at Serko.
With 99% of our people having completed initial
training in AI in the past year, we are excited about the
possibilities as we leverage cutting-edge technology
and drive growth and operational efficiency.
Financials
• We’ve delivered higher total income growth alongside
disciplined cost management. Our ratio of total spend
against total income improved from 118% to 102%.
• We delivered positive EBITDAFI of $2.8 million for the
year, a $4.3 million improvement, reflecting higher
total income and our continued cost management.
• Our net loss after tax was $22 million, a decrease of
$6.1 million, reflecting one-off costs and a non-cash
accounting impairment relating to the acquisition
of GetThere.
• Free Cash Flow showed a $5.2 million improvement,
narrowing the net outflow to $1.9 million.
• We remain well capitalised with $61.4 million in cash
and no debt.
Outlook
Overall demand for business travel remains strong,
and Serko’s year-to-date performance is in line with
our expectations.
For FY26, total income is expected to be
$115 – $123m, underpinned by the trajectory
in Booking.com for Business.
We are confident in the long term opportunity in
North America, with revenue contribution remaining
modest in FY26.
6

Darrin Grafton
CEO & Co-founder
Claudia Batten
Chair
Board succession
Our Board composition has evolved over time
through thoughtful succession. In recent years,
we’ve welcomed two exceptional independent
directors: Jan Dawson (2021) and Dr Sean
Gourley (2024).
Jan brings deep experience in governance,
following a successful accounting career,
including as partner, CEO and Chair of KPMG
New Zealand. She chairs Serko’s Audit, Risk and
Sustainability Committee and is also Chair of
Port of Auckland Limited and a director of ACC.
Jan was named chairperson of the year at the
2024 Deloitte Top 200 awards.
Sean is a technology entrepreneur and global
expert in data and AI. He has founded and
scaled two Silicon Valley companies, worked
as a research scientist at NASA and served on
the board of US-based Fortune 500 company
Anadarko Petroleum until its acquisition in 2019.
Sean has been a champion of Serko’s AI focus
and a champion of data decisioning across
the business.
Clyde McConaghy, who joined Serko’s Board
as a non-executive independent director at the
time of our NZX listing in 2014, has confirmed
he will not be standing for re-election at the
2025 Annual Shareholders Meeting. Clyde has
made a lasting contribution to Serko and has
brought a valuable perspective as the Company
grew from a local start-up into a fast-growing
international technology company. On behalf of
the Board, I sincerely thank him for his service.
I will personally miss having his insights and
perspective around the board table.
Following the Annual Shareholders Meeting,
Sean will become the Chair of the People,
Remuneration and Culture Committee. As part of
ongoing succession planning, the Board intends
to appoint a new independent director. I look
forward to keeping you updated.
Claudia Batten
For FY26, Serko expects total spend in the range of
$127m – $133m.
Risks to Serko achieving its FY26 goals include macro
economic and geopolitical factors, and currency and
ARPCRN movements.
Thank you
We love what we do and we couldn’t do it without
our partners, customers and shareholders. We bring
ambition and focus to everything we do, so we can
deliver outstanding products and performance.
We greatly appreciate the support and engagement
of all of you, our shareholders.
But, most of all, we couldn’t do any of this without
our incredible team. Thank you for leaning into our
AI journey, for your tireless pursuit of excellence
and for caring so deeply about what we do — and
why we do it. We win together.
7
From our Chair and CEo

Our opportunity and focus
Organisational performance
We’ve invested in our people
Serko’s strategic focus areasGrowth drivers
GBTA 2024 Business Travel Index Outlook.
Includes in-destination spend.
gl obal business travel forecast to rise from
usd $1.5 trillion to usd $2.0 trillion by 2028.
da ta and
intelligence
Consumer-grade
expectations
Business
efficiency
Content
choice
Booking.com for Business growth
no rth american expansion
se rko platform evolution
re inforce australasian position
Annual employee survey, November 2024.
Comparisons with December 2023 annual employee survey.
86% 8pts
ov erall employee
engagement
89% 5pts
Proud to work
at serko
91% 10pts
Would recommend serko
as a great place to work
We’re attracting
global talent from
leading consumer
technology
businesses
We welcomed senior
leaders with data,
AI and e-commerce
expertise from Airbnb,
Booking.com and
Uber for Business.
Data and AI
are at the
centre of
how we work
79% of our people say
they’re equipped to
succeed with data –
up 13 points on 2023.
99% of our people have
completed initial AI
learning pathways.
• 23 Australia
• 85 China
• 51 India
• 217 NZ
• 02 UK
• 43 US
421
people
globally
8

Booking.com for Business reflects
the quality of innovation and focus of
the teams at serko and Booking.com
over many years. We are delighted that
our partnership with serko has renewed
and are looking forward to the
opportunities ahead.
Joshua Wood
Booking.com director
of Business travel
Launched by Booking.com in 2015 and
powered by Serko’s Zeno since 2019,
Booking.com for Business has grown
to over 222,000 active customers in
more than 180 countries.
In April 2024, Booking.com and Serko renewed
their partnership for an additional five years and
both are committed to continuing to scale and
grow the platform globally.
Together, we continue to evolve the offering with
enhanced capabilities — over the past 12 months
we’ve released a new dashboard, streamlined the
new user experience and introduced an improved
checkout experience.
We have also deepened our commitment to helping
businesses go further, faster by launching a partnership
marketplace of special offers on related travel products
and services.
These continual enhancements help businesses save
time, reduce costs and gain greater control — reflecting
our customer-driven evolution and ensuring we remain
the go-to business travel solution for small and medium
enterprises worldwide.
FY25 • Booking.com for Business
Demand and innovation driving growth
Activation and
onboarding
• New user dashboard
• New user signup /
onboarding flow
• Automated welcome
/ ‘Let’s get started’
checklist
Engagement and
repeat use
• Reduced login /
authentification
friction
• Use of AI to drive
improved search
results (in testing)
Conversion
• Purchase funnel
improvements (flights
and accommodation)
• Checkout and payment
improvements
• Continued
optimisation of
booking conversion
3.3mcompleted room nights
222kactive customers
500+product experiments
Examples of
Booking.com
for Business
enhancements
delivered
9
our oPPortunitY and FoCus

Serko is the market leader in the
Australia and New Zealand managed
business travel market.
We work with leading travel management companies to
support online trip booking and management for some
of Australasia’s largest organisations.
We are committed to continuing to deliver the best
solutions to our partners. During FY25 we have
delivered improvements that help travellers start online
and stay online, reducing the need for agent support for
international bookings and itinerary changes.
Examples of Zeno enhancements delivered
User
experience
Applying Booking.com
for Business learnings
to reduce friction and
boost satisfaction.
Personalised
airline offers
Provides added value to
corporations, bookers
and TMCs using Zeno
by accessing a range
of airline offers via a
Sabre NDC integration.
Real-time
changes
Seamless experience
for travellers
making changes
online — removing
manual steps for
partners.
Travel
recommendations
Leverage previous
trip information and
location data to deliver
more tailored hotel and
transport options.
FY25 • Managed travel
Reinforcing our Australasian leadership
Australasian online bookings
3.4m
3.9m
4.1m
FY23FY24FY25
10

Managed travel • Partner profile
Flight Centre Travel Group
FCtg and serko are committed to solving
business travel pain points with innovative
technology. With the extension of our
unique partnership and saVi offering,
we’re excited to continue working with the
se rko team to enhance the user experience
for FCm, Corporate traveller and
st age&screen customers.
Melissa Elf
Chief operating officer, FCm
Flight Centre Travel Group (FCTG) is one
of the world’s leading corporate travel
management companies, providing tailored
solutions to businesses of all sizes.
FCTG and Serko have been in partnership since 2016
with 4,000+ customers across Australia and New
Zealand leveraging Serko’s technology to book and
manage their corporate travel.
With a strong focus on innovation and technology,
FCTG combines personalised service with cutting-edge
technology to streamline travel planning and enhance
the traveller experience. Their proprietary tools and
global network ensure clients receive 24/7 support,
real-time insights and cost-effective travel options.
• FCTG leverages Serko’s technology to power Savi,
its intuitive online booking tool.
• Key innovations include Savi Select (recommending
tailored itineraries) and Savi Credits (tracking unused
travel credits).
11
our oPPortunitY and FoCus

FY25
Financial summary
Total income
• Total income was up 27% to $90.5 million — driven by continued demand and growth in Booking.com for Business.
• The result also included a solid performance by Serko’s Australian business and $4.8 million of income from the
acquisition of GetThere on 7 January 2025.
Total online bookings
4.1m
4.9m
6.4m
0.9m
5.5m
FY23FY24FY25
Total income ($m)
FY23FY24FY25
48.0m
71.2m
90.5m
4.8m
85.7m
Pre-acquisition business GetThere Pre-acquisition business GetThere
FY25
% change
v FY24FY25
% change
v FY24
Year ended 31 March$m%$m%
Total income90.527%85.720%
Total operating expenses107.620%97.08%
Total spend92.710%83.0(1%)
EBTIDAFI gain / (loss)2.8(281%)7.7nm
1
Net gain / (loss) after tax(22.0)38%(10.9)(31%)
Free Cash Flow(1.9)(73%)7.4(204%)
Pre-aquisition business
Growth underpinned by cost discipline
• Positive EBITDAFI of $2.8 million, a $4.3 million improvement. This reflected higher total income growth
and continued cost management. The ratio of total spend to total income improved from 118% to 102%.
• Net loss after tax was $22 million, a decrease of $6.1 million, reflecting one-off costs and an impairment
relating to the acquisition of GetThere.
• Free Cash Flow showed a $5.2 million improvement, narrowing the outflow to $1.9 million.
• Our pre-acquisition business generated positive Free Cash Flow for FY25 of $7.4 million,
an improvement of $14.5 million.
12

Net (loss) after tax / EBITDAFI
1
reconciliation
Year ended 31 March20252024changechange
$m$m$m%

Net (loss) after tax(22.0)(15.9)(6.1)38%
Deduct: net finance (income) / expense (3.3)(3.9)0.6(16%)
Add back: income tax1.40.21.2605%
Add back: depreciation and amortisation 19.917.02.917%
Add back: asset impairment and disposals5.40.15.3nm
2
Add back: net exchange (gains) / losses1.41.10.327%
EBITDAFI
1
(loss)2.8(1.5)4.3(281%)
Percentage of revenue3%(2%)
Long-term revenue trends
Travel platform
Expense platform
1. EBI TDAFI is a non-GAAP measure representing Earnings Before the
deduction of costs relating to Interest, Taxation, Depreciation, Amortisation,
Foreign Currency (Gains) / Losses and Fair value measurement.
2. nm stands for not meaningful.
Investor presentation available at
serko.com/investors
FY14FY15FY17FY18FY19FY20FY21FY22FY23FY24FY25
$0m
$10m
$20m
$30m
$40m
$50m
$60m
$70m
$80m
FY16
Covid-19
impact
Supplier commissions and other
Services
13
FY25 FinanCiaL summarY

Our products
For small to medium size businesses
Booking.com for Business
Booking.com for Business, powered by Serko, is the free,
all-in-one business travel platform designed for small
to medium size businesses. Company users can book
and manage complete trips for themselves or their teams,
including accommodation, flights and rental cars —
with no fees or ongoing subscription costs.
For enterprise companies
GetThere
GetThere uniquely enables corporations to deliver an
unbeatable online booking experience, control costs and drive
compliance globally. Whether you’ve got hundreds of travellers
in one country or tens of thousands of travellers across the
globe, GetThere offers travel management with flexibility,
scalability, choice and ease.
For larger companies
Zeno
Zeno’s integrated corporate travel and expense management
platforms help travellers book and manage complete trips,
and look after expenses, through an easy-to-use interface with
intelligent workflows. Zeno is sold and supported through our
international network of travel management company partners.
14

Business travellers managed
by a tmC make a booking
via serko platforms
Booking and other fees
Serko provides technology platforms, including Zeno and GetThere, that are used by Enterprise customers,
Travel Management Companies (TMCs) and Booking.com to provide a seamless process of booking and
managing travel for the world’s business travellers. The Zeno platform also offers travel and entertainment
expense management services for simple financial control.
Our revenue model
Business traveller
submits receipts using
se rko platforms
mo nthly user fee
Business traveller books
a hotel, car or taxi via a
connected aggregator on
se rko platforms
su pplier commissions
1 Serko does not earn any supplier commission on Sabre / CWT bookings (currently low volume).
2 The basis of charging can vary depending on the contractual terms with the customer, which may specify time and materials, capped or fixed pricing.
Supplier commissions
revenue
Travel platform
booking revenue
Expense platform
booking revenue
Services and other
revenue and income
Business travellers
book a hotel, flight, car
or taxi via Booking.com
for Business platform.
Booking.com receives
commissions from
suppliers, primarily
hotels. Serko receives
a component of these
commissions where
revenue is recognised at
the time the relevant stay
is completed, as bookings
that are cancelled do not
result in revenue.
1

Serko also earns
commission income on
a portion of bookings
sourced from aggregators
outside the GDS. Serko
is paid directly from
the suppliers of these
services and it is included
in supplier commissions.
Business travellers make
a booking via Zeno or
GetThere and Serko
receives revenue from
the TMC managing the
business traveller.
Travel platform revenue
is made up of transaction
fees, ancillary service
fees and contracted
minimum payments
(where applicable) and
is stated net of volume-
related rebates and
discounts.
Travel platform revenue
is generally recognised
at the time a booking is
made.
The Zeno Expense
management platforms
allow registered users
of corporate customers
to process travel
and expense claims
for accounting and
reimbursement.
Expense platform
revenues are derived
from a combination of
fees for active users,
registered users and
reports processed.
Services revenue is
derived from customised
software development
undertaken on behalf of
the TMCs, and installation
services. It also includes
the fees charged to
develop connections
to third party systems
wanting to integrate
with Serko’s platforms.
2
Other revenue includes
income from Serko
mobile licence fees and
other miscellaneous
revenues.
Serko also receives
research and
development tax
incentives (RDTI).
15
our ProduCts and rEVEnuE modEL

Serko’s 2025 ESG Report available
now at serko.com/investors
Environment
As a technology company, Serko operates primarily
in an online, office-based environment. While our direct
environmental footprint is relatively small — stemming
mainly from third-party data centres, office energy
use, employee travel and typical technology business
consumables — we are committed to continually
improving our efficiency and minimising our
environmental impact.
As we grow and connect increasing
numbers of business travellers, we are
committed to doing what is right for our
business, people, customers, investors
and communities. We believe strong ESG
practices give Serko its social licence
to operate, as well as creating long-term
value for our business.
Our 2025 ESG Report and Climate-related
Disclosures provides Serko’s stakeholders
with a view of our ESG performance
and activities for FY25.
FY25 progress and highlights
• Emissions intensity improvement of 56% against
the FY23 baseline
• 36% reduction in emissions from hosting
v FY23 baseline
• New enhanced Mission Zero tools launched to help
customers make sustainable travel choices
• Serko’s Mission Zero sustainability module wins
2025 B2B Travel Innovation of the Year at the
Travel Tech Breakthrough Awards
Our key areas of focus
In FY24 we undertook a materiality assessment,
assisted by external advisers. This assessment
enabled us to understand and prioritise the
environment, social, governance and commercial
areas that matter most to our stakeholders and our
business. It has provided a strong foundation for our
strategy and through FY25 enabled us to prioritise
our efforts and allocate resources to the right areas.
Sustainability
at Serko
16

Governance
A key focus for the Board is to oversee and support
the delivery of Serko’s strategy, which this year included
the renewal of the Booking.com partnership and our
North American expansion.
Our governance focus in FY25 included succession
planning and investment in global talent development,
remuneration structures and levels, refinement of
risk management practices, investment in core cyber
security programmes and AI and data-governance
framework development.
Social
At Serko, we are focused on empowering our people,
communities, customers and partners. We continuously
evolve and enhance our business practices to align with
Serko’s long-term success.
FY25 progress and highlights
• Growth strategy oversight, including
five-year Booking.com partnership renewal
and North American expansion
• Strengthened executive and leadership capability
to support accelerated growth
• Global remuneration strategy enhanced to attract
and retain top talent
• Improved cyber security posture to achieve PCIDSS
4.0 certification on 19 March 2025 and obtained
SOC2 (type II) certification on 9 April 2025
• New governance frameworks developed to ensure
responsible and ethical use of AI and data
• Serko Investor Day held in December 2024 with
valuable investor engagement
FY25 progress and highlights
• Overall employee engagement 86% favourable (+8pts)
• Global workforce expansion in India and the US,
through the acquisition of GetThere (Sabre)
• Ongoing investment in inclusion and diversity drives
improved engagement scores, including female
engagement up 8pts
• 975 hours contributed through Day of Community
and NZD $26,000 in contributions through community
investment programme
• 99% of employees completed Al learning pathways,
driving company-wide uplift in AI capability
17
su stainaBiLitY at sErko

Chair
Claudia Batten
Our Board of Directors
ap pointed
30 April 2014
Re-elected June 2023
Experience and qualifications
Claudia is an accomplished technology industry leader, with over 20 years’ experience in
the US, where she co-founded two successful digital ventures: Massive Incorporated, the
pioneering gaming ad network acquired by Microsoft, and Victors & Spoils, the world’s
first crowdsourced technology-led creative agency, acquired by Havas SA. She has driven
innovation at the intersection of technology, media and advertising and is a mentor
and adviser to startups and emerging businesses globally. Claudia is a director of
Air New Zealand and Vista Group International and Deputy Chair of Michael Hill
International. She has an LLB (Hons) and a BCA from Victoria University of Wellington.
re sponsibilities
• Chair, Non-executive and independent director
• Member of Audit, Risk and Sustainability Committee
• Member of People, Remuneration and Culture Committee
Jan Dawson
Sean Gourley
ap pointed
18 August 2021
Elected August 2022
ap pointed
1 February 2024
Elected July 2024
Experience and qualifications
Jan is Chair of Port of Auckland and a director of ACC. She was previously Chair of
Westpac New Zealand, Deputy Chair for Air New Zealand and a director of Beca, AIG NZ and
Meridian Energy and a member of the University of Auckland Council. She was a partner
of KPMG for 30 years and the Chair and Chief Executive of KPMG New Zealand from 2006
until 2011. She holds a Bachelor of Commerce from the University of Auckland and is a
fellow of the New Zealand Institute of Chartered Accountants and a fellow of the Institute
of Directors in New Zealand. In 2024 she was named Chairperson of the Year at the Deloitte
Top 200 Awards.
re sponsibilities
• Non-executive and independent director
• Chair, Audit, Risk and Sustainability Committee
• Member of People, Remuneration and Culture Committee
Experience and qualifications
Sean has established and grown two ground-breaking Silicon Valley technology companies:
as CEO of Primer, an AI and machine-learning company from 2015 to 2023, and as CTO at
Quid, an AI-powered visualisation company. In his early career, he was a NASA research
scientist and research fellow at the University of Oxford. He was on the board of Anadarko
Petroleum, a Fortune 500 energy company, from 2015 until its acquisition in 2019. Sean has
a Master of Science in physics from the University of Canterbury (NZ) and a PhD in physics
from the University of Oxford, where he was a Rhodes Scholar.
re sponsibilities
• Non-executive and independent director
• Member, Audit, Risk and Sustainability Committee
Chair of People, Remuneration and Culture Committee from 26 June 2025
(following Serko’s 2025 Annual Shareholders Meeting)
18

Darrin Grafton
Clyde McConaghy
Bob Shaw
ap pointed
5 April 2007
Re-elected August 2022
ap pointed
30 April 2014
Re-elected August 2022
ap pointed
5 April 2007
Re-elected July 2024
Experience and qualifications
Darrin is a co-founder of Serko and has more than 30 years’ experience in travel
technology. He is a recognised industry innovator and in 2024 was named as one of
the top 25 most influential executives in the travel industry by the BTN Group for the
second time. Darrin has held directorships and senior management positions across a
number of private and public companies, including the Gullivers Travel Group. In 2021
Darrin was awarded the INFINZ Leadership Award and has previously been awarded the
NZX Hi-Tech Entrepreneur Award. He is a member of the Institute of IT Professionals
NZ and the Institute of Directors in New Zealand.
re sponsibilities
• Executive director
• Chief Executive Officer
Experience and qualifications
Clyde has worked in the technology, media, automotive and online sectors, living in the UK,
Germany, China and Australia. He is the founder of Optima Boards, providing independent
director and advisory services to public, private, family office and charitable entities around
the world. He is a director and Chair of Investment Committee of Neuroscience Research
Australia. He has an MBA from Cranfield University (UK) and is a fellow of the Australian
Institute of Company Directors.
re sponsibilities
• Non-executive and independent director
• Chair, People, Remuneration and Culture Committee
• Member, Audit, Risk and Sustainability Committee
* Will not seek re-election at 2025 Annual Shareholders Meeting
Experience and qualifications
Bob is a co-founder of Serko and has been involved in transforming the travel industry
since 1987. He has held a number of directorships and senior management positions in
various high-profile ventures, including Gullivers Travel Group and Interactive Technologies.
Bob has been a past finalist for the EY Entrepreneur of the Year Award. He is a member
of the Institute of IT Professionals NZ, the Institute of Directors in New Zealand and
the Australian Institute of Company Directors.
re sponsibilities
• Executive director
• Chief Strategy Officer
19
our LEadErshiP

Our Executive Team
Darrin Grafton
Chief Executive Officer, Executive Director and Co-founder
Darrin is a co-founder of Serko and has more than 30 years’ experience in
travel technology. He is a recognised industry innovator and in 2024 was named
as one of the top 25 most influential executives in the travel industry by the BTN
Group for the second time. Darrin has held directorships and senior management
positions across a number of private and public companies, including the
Gullivers Travel Group. In 2021 Darrin was awarded the INFINZ Leadership
Award and has previously been awarded the NZX Hi-Tech Entrepreneur Award.
He is a member of the Institute of IT Professionals NZ and the Institute of
Directors in New Zealand.
Liz Fraser
Chief Revenue Officer
Liz joined Serko in 2024 having previously held a range of commercial and
customer leadership roles in New Zealand and internationally. This includes
senior roles at Air New Zealand such as Regional General Manager of the
Americas based in Los Angeles and General Manager Customer. Before joining
the airline, Liz worked in the media industry at TVNZ, MSN and MediaWorks.
Liz is also the Chair of Crescendo Trust of Aotearoa.
Matthew Gerrie
Chief Operating Officer
Matthew joined Serko in 2025 from Booking Holdings where he was Director
of Strategy, Analytics in Global Strategy & Business Development. Previously
he had more than 11 years at Booking.com where he held senior roles,
including Vice President of Customer Insights and Senior Director of Marketing
Science & Communication. As COO, he will play a key role in scaling Serko’s
global operations, optimising performance across international markets
and overseeing product strategy and delivery.
20

Shane Sampson
Chief Financial Officer
Shane joined Serko in 2021 with over 30 years’ experience in finance
and commercial leadership roles at Vector, Spark and Pulse Energy and
most recently as the CFO of PushPay. Shane is a member of Chartered
Accountants Australia & New Zealand.
Rachael Satherley
Chief People Officer
Rachael joined Serko in 2021 and has 20 years of global HR experience in
Europe, North America and Asia Pacific, including more than 15 years with travel
technology company Expedia Group. She has particular experience in unlocking
individual, team and organisational potential through transformation.
Bob Shaw
Chief Strategy Officer, Executive Director and Co-founder
Bob is a co-founder of Serko and has been involved in transforming the
travel industry since 1987. He has held a number of directorships and senior
management positions in various high-profile ventures, including Gullivers
Travel Group and Interactive Technologies. Bob has been a past finalist
for the EY Entrepreneur of the Year Award. He is a member of the Institute
of IT Professionals NZ, the Institute of Directors in New Zealand and the
Australian Institute of Company Directors.
Simon Young
Chief Technology Officer
Simon has more than 20 years’ experience in local and global technology
companies. He joined Serko as the Vice President of Engineering in 2023
and was appointed Chief Technology Officer in 2024. He has held a number
of executive leadership roles, including as Chief Product and Technology
Officer at Trade Me and VP of Engineering at Halter.
21
our LEadErshiP

Financial
Statements
For the year ended 31 March 2025
Consolidated statement of comprehensive income24
Consolidated statement of changes in equity25
Consolidated statement of financial position26
Consolidated statement of cash flows27
Notes to the Financial Statements28
Independent Auditor’s Report56
22

The directors of Serko Limited are pleased to present the financial statements
for Serko Limited and its subsidiaries (the Group) for the year ended 31 March 2025
to shareholders.
The directors are responsible for presenting financial statements in accordance with
New Zealand law and generally accepted accounting practice, which fairly present the
financial position of the Group as at 31 March 2025 and the results of its operations
and cash flows for the year ended on that date.
The directors consider the financial statements of the Group have been prepared using
accounting policies that have been consistently applied and supported by reasonable
judgements and estimates and that all relevant financial reporting and accounting
standards have been followed.
The directors believe that proper accounting records have been kept that enable,
with reasonable accuracy, the determination of the financial position of the Group
and facilitate compliance of the financial statements with the Companies Act 1993,
NZX Listing Rules, Financial Reporting Act 2013 and the Financial Markets Conduct
Act 2013.
The directors consider they have taken adequate steps to safeguard the assets
of the Group and to prevent and detect fraud and other irregularities. Internal control
procedures are also considered to be sufficient to provide a reasonable assurance
as to the integrity and reliability of the financial statements.
The financial statements are signed on behalf of the Board of Directors
on 20 May 2025 by:
Jan Dawson
Chair of Audit, Risk and Sustainability Committee
Claudia Batten
Chair
23
FinanCiaL statEmEnts

Consolidated statement of comprehensive income
For the year ended 31 March 2025
The accompanying notes form part of these financial statements.
Notes31 Mar 202531 Mar 2024
$ (000)$ (000)

Revenue488,48268,761
Other income41,9792,424
Total income 90,46171,185

Remuneration and benefits (59,143)(49,417)
Other operating expenses (28,568)(23,286)
Amortisation and depreciation (19,907)(16,973)
Expenses from ordinary activities5(107,618)(89,676)

Loss before finance items, asset impairments and disposals (17,157)(18,491)

Foreign exchange gains / (losses) – net (65)(664)
Forward exchange contract gains / (losses)(1,348)(420)
Asset impairments and disposals5(5,354)(59)
Finance income53,4704,167
Finance expenses5(148)(219)
Loss before income tax (20,602)(15,686)
Income tax expense6(1,360)(193)
Net loss (21,962)(15,879)

Movement in foreign currency translation reserve 656627
Total comprehensive loss for the period (21,306)(15,252)

Earnings per share
Basic and diluted earnings / (loss) per share (dollars)16(0.18)(0.13)
2424

Consolidated statement of changes in equity
For the year ended 31 March 2025
The accompanying notes form part of these financial statements.
* Items in other comprehensive income / (loss) may be reclassified to the income statement and are shown net of tax.
 Notes
Share
capital
Share-based
payment
reserve
Foreign
currency
translation
reserve
Accumulated
lossesTotal
  
$ (000)$ (000)$ (000)$ (000)$ (000)
        
Balance as at 1 April 2024 244,5469,092(49)(137,863)115,726
Net loss for the year ---(21,962)(21,962)
Other comprehensive income / (loss)* --656-656
Total comprehensive loss for the year --656(21,962)(21,306)
  
Transactions with owners 
Equity-settled share-based payments 5,127390-15,518
Balance as at 31 March 202515249,6739,482607(159,824)99,938
       
Balance as at 1 April 2023237,97610,637(676)(122,007)125,930
Net loss for the year---(15,879)(15,879)
Other comprehensive income / (loss)*--627-627
Total comprehensive loss for the year--627(15,879)(15,252)
       
Transactions with owners      
Equity-settled share-based payments 6,570(1,545) - 23 5,048
Balance as at 31 March 202415244,5469,092(49)(137,863)115,726
25
FinanCiaL statEmEnts
25
FinanCiaL statEmEnts

Jan Dawson
Chair of Audit, Risk and Sustainability Committee
Claudia Batten
Chair
Consolidated statement of financial position
As at 31 March 2025
For and on behalf of the Board of Directors, who authorise these financial statements for issue on 20 May 2025
The accompanying notes form part of these financial statements.
 Notes31 Mar 202531 Mar 2024
  $ (000)$ (000)
  
Current assets 
Cash at bank 716,40414,139
Short-term deposits745,00066,500
Trade and other receivables828,39214,637
Derivative financial instruments9194145
Total current assets89,99095,421
 
Non-current assets
Property, plant and equipment103,4822,500
Intangible assets 1130,69231,099
Deferred tax asset63291,120
Other non-current assets1,847-
Total non-current assets36,35034,719
 
Total assets126,340130,140
 
Current liabilities
Trade and other payables1218,3389,734
Deferred income141,9051,489
Lease liabilities139221,035
Derivative financial instruments92,565421
Income tax payable369655
Total current liabilities24,09913,334
 
Non-current liabilities
Deferred income14-132
Lease liabilities131,131948
Deferred tax liability61,172-
Total non-current liabilities2,3031,080
 
Total liabilities26,40214,414
 
Equity
Share capital15249,673244,546
Share-based payment reserve159,4829,092
Foreign currency translation reserve607(49)
Accumulated losses(159,824)(137,863)
Total equity99,938115,726
  
Total equity and liabilities126,340130,140
26

Consolidated statement of cash flows
For the year ended 31 March 2025
The accompanying notes form part of these financial statements.
 Notes31 Mar 202531 Mar 2024
 $ (000)$ (000)
 
Cash flows from operating activities
Receipts from customers83,142 69,101
Interest received3,706 4,339
Receipts from government grants231 1,663
Taxation paid (858)(391)
Payments to suppliers and employees (84,080)(70,946)
Interest payments on lease liabilities (100)(169)
Net GST refunded2,781 2,298
Net cash flows (used in) / from operating activities20 4,822 5,895
Cash flows from investing activities
Purchase of property, plant and equipment (1,236)(232)
Capitalised development costs and other intangible assets (4,982)(11,193)
Business combinations (17,322)-
Investment in term deposits (101,000)(85,000)
Proceeds from matured term deposits122,500 91,000
Net cash flows (used in) / from investing activities (2,040)(5,425)
Cash flows from financing activities
Payment of lease liabilities (1,159)(1,163)
Net cash flows (used in) / from financing activities (1,159)(1,163)
Net decrease in total cash1,623 (693)
Net foreign exchange difference642 (412)
Cash and cash equivalents at beginning of period14,139 15,244
Cash and cash equivalents at the end of the period16,404 14,139
Cash and cash equivalents comprises the following:
Cash at bank and on hand716,404 14,139
16,404 14,139
27
FinanCiaL statEmEnts

Notes to the Financial Statements
For the year ended 31 March 2025
1. Corporate information
The financial statements of Serko Limited (Company
or Serko) and subsidiaries (Group) were authorised for
issue in accordance with a Board resolution.
The Company is a limited liability company domiciled
and incorporated in New Zealand under the Companies
Act 1993 and is listed on the New Zealand Stock
Exchange (NZX) and the Australian Securities Exchange
(ASX) as an ASX Foreign Exempt Listing. The Company
is a for-profit entity and is required to be treated as
an FMC reporting entity under the Financial Markets
Conduct Act 2013.
Its registered office is at Unit 14d, 125 The Strand,
Parnell, Auckland, New Zealand.
The Group provides online business travel booking
software solutions and is headquartered in Auckland,
New Zealand.
2. Basis of accounting
The material accounting policies applied in the
preparation of these consolidated financial statements
are set out in the respective notes and in this note.
These policies have been consistently applied to
all the years presented, unless otherwise stated.
a. Basis of preparation
The financial statements have been prepared in
accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP) and the
requirements of the Financial Markets Conduct Act
2013. The financial statements comply with New
Zealand equivalents to IFRS Accounting Standards
(NZ IFRS) and IFRS Accounting Standards (IFRS),
as appropriate for profit-oriented entities with public
accountability. Other than where described below, or in
the notes, the consolidated financial statements have
been prepared using the historical cost convention.
The financial statements are presented in New Zealand
dollars (NZD) and all values are rounded to the nearest
thousand dollars unless stated otherwise.
b. Going concern
The Board has considered the ability of the Group to
continue to operate as a going concern for at least the
next 12 months from the date the financial statements
are authorised for issue. It is the conclusion of the
Board that the Group will continue to operate as
a going concern and the consolidated financial
statements have been prepared on that basis.
In reaching their conclusion the Board has considered
the following factors:
• cash reserves (Cash at bank and Short-term deposits)
at 31 March 2025 of $61.4 million provides
a sufficient level of headroom to support the
business for at least the next 12 months; and
• average monthly cash burn for the year was
$1.6 million, this included the one-off acquisition
outflow for GetThere of NZD $17.3 million.
c. Basis of consolidation
The Group’s consolidated financial statements
incorporate the financial statements of the Company
and entities controlled by the Company. Control is
achieved when the Company:
• has power over the investee;
• is exposed, or has the rights, to variable returns
from its involvement with the investee; and
• has the ability to use its power to affect its returns.
Subsidiaries are consolidated from the date the
Company obtains control. They are de-consolidated
from the date that control is lost. The acquisition
method of accounting is used to account for the
acquisition of subsidiaries by the Group. The
consideration transferred for an acquisition is measured
as the fair value of the assets transferred by the Group,
equity instruments issued, and liabilities incurred or
assumed, by the Group at the date of exchange.
Costs directly attributable to the acquisition are
recognised in the income statement. At the acquisition
date the identifiable assets acquired, and the liabilities
assumed, are recognised at their fair value.
28

A change in the ownership interest of a subsidiary,
without a cease of control, is accounted for as an
equity transaction. If the Group ceases control over
a subsidiary, it:
• derecognises the assets (including goodwill) and
liabilities of the subsidiary;
• derecognises the carrying amount of any
non-controlling interests;
• derecognises the cumulative translation difference
recorded in equity;
• recognises the fair value of the consideration
received;
• recognises the fair value of any investment retained;
• recognises any surplus or deficit in profit or loss; and
• reclassifies the parent’s share of components
previously recognised in other comprehensive income
to profit or loss or retained earnings, as appropriate,
as would be required if the Group had directly
disposed of the related assets or liabilities.
Intra-Group transactions, balances and unrealised gains
and losses on transactions between Group companies
are eliminated. Accounting policies of subsidiaries are
consistent with the policies adopted by the Group.
d. Foreign currency translation
i. Functional and presentation currency
Items included in these consolidated financial
statements of each of the Group’s entities are
measured using the currency of the primary economic
environment in which the entity operates (functional
currency). These financial statements are presented in
New Zealand dollars, which is the Group’s presentation
currency and the Parent’s functional currency.
Key factors supporting the determination that
New Zealand dollars are the Company’s functional
currency are:
• Serko is NZX listed and has raised capital in
New Zealand dollars;
• Serko generates revenue in multiple currencies; and
• New Zealand dollars are the primary currency for
labour, operating costs and capital expenditure.
ii. Transactions and balances
Transactions in foreign currencies are initially recorded
in the functional currency by applying the exchange
rates ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies
are retranslated at the rate of exchange ruling at
balance date.
Non-monetary items measured in terms of historical
cost in a foreign currency are translated using the
exchange rate as at the date of the initial transaction.
Non-monetary items measured at fair value in a
foreign currency are translated using the exchange
rates at the date when the fair value was determined.
Foreign exchange gains and losses resulting from
the settlement of such transactions, and from the
translation at year end of exchange rates for monetary
assets and liabilities denominated in foreign currencies,
are recognised in the profit and loss.
iii. Foreign currency translation reserve
(FCTR)
Serko translates the results of its foreign operations
from their functional currencies to the presentation
currency using the closing exchange rate at balance
date for assets and liabilities and the average monthly
exchange rates for income and expenses. The
difference arising from the translation of the statement
of financial position at the closing rates and the
statement of comprehensive income at the average
rates is recognised in other comprehensive income and
accumulated within the foreign currency translation
reserve within the statement of changes in equity.
e. Sales tax
The Consolidated statement of comprehensive income
and the Consolidated statement of cash flows have
been prepared so that all components are stated
exclusive of sales tax, except where sales tax is not
29
notEs to FinanCiaL statEmEnts

recoverable. All items in the Consolidated statement
of financial position are stated net of sales tax except
for trade receivables and trade payables, which include
sales tax payable / receivable. Sales tax includes Goods
and Services Tax.
f. Application of new and revised standards,
amendments and interpretations
NZ IFRS 18: Presentation and Disclosure in Financial
Statements was issued in May 2024 as replacement
for NZ IAS 1: Presentation of Financial Statements.
The standard introduces a new requirement to classify
the components of the income statement into five
defined categories — operating, investing, financing,
income taxes, and discontinued operations — along with
two mandatory sub-totals — operating profit, and profit
before finance and income taxes.
Along with the above classification changes, the
standard also provides enhanced guidance on how to
organise information and whether to provide it in the
primary financial statements or the notes.
This standard will be effective for the Group’s reporting
period beginning 1 April 2027 and it is expected that
there will be changes to the layout and disclosures in
the Consolidated statement of comprehensive income.
Other amendments to existing standards that are not
yet effective are not expected to have a material impact
on the Group.
g. Comparatives
Certain comparative amounts have been reclassified
to conform to the current year’s presentation.
3. Material accounting estimates
and judgements
The preparation of the Group’s consolidated financial
statements requires the Group to make judgements,
estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities
and the accompanying disclosures.
The material judgements, estimates and assumptions
made by management in the preparation of these
financial statements are outlined within the financial
statement notes to which they relate. A summary of
these judgements is as follows:
• Capitalised development costs (note 11);
• Impairment of intangible assets (note 11);
• Revenue (note 4); and
• Business combinations (note 19).
4. Revenue and other income
Revenue is recognised and measured at the fair value of
the consideration received or receivable to the extent it
is probable that the entity will collect the consideration
to which it will be entitled in exchange for the goods
or services that will be transferred to the customer.
Where a contract contains an element of variable
consideration, revenue is only recognised once it is
highly probable that a significant reversal event will not
occur. Revenue is disclosed net of credit notes, rebates
and discounts.
a. Revenue from transaction and usage fees
Revenue from transaction and usage fees include travel
platform booking revenue, expense platform revenue
and supplier commission revenue.
Revenue from travel platform bookings is recorded at
the time the travel bookings are processed through
Serko’s platforms. The revenue generated is derived
from numerous customer contracts that feature diverse
pricing structures including transactional and usage
fees with varying triggers for recognising revenue.
Some contracts have fixed minimum booking volume
arrangements. These commitments typically cover the
duration of the agreement and extend across multiple
financial reporting periods and revenue is recognised
over the period of volume commitment. Serko records
revenue from its portfolio of contracts with reference
to actual transactions, forecast transactions and
minimum contracted commitments. Management
exercises judgement to estimate future transaction
volumes to determine projected revenue and accrue or
defer revenue accordingly. For contracts without fixed
consideration, we have applied the ‘as invoiced’ basis
of recognition.
Expense platform revenue is earned over a month,
however we have applied the practical expedient by
recognising revenue at a point in time. Revenue is
recognised on an active user basis at the end of
each month.
30

4. Revenue and other income (continued)
Supplier commission revenue, predominantly from hotel bookings, is recognised when the performance obligation
is fulfilled, which is when the reservation has been completed (completed stay). Management exercises judgement
to estimate the amount of accrued commissions due at reporting date due to the timing of commissions received
from partners.
b. Revenue from services
Revenue from services is generated from installation or other chargeable work orders and is recognised upon
completion of the contract or services.
c. Contract assets
Contract assets primarily relate to accrued supplier commissions revenue (note 8).
The contract asset is reclassified to trade receivables at the point at which it is invoiced to the customer. Contract
modifications arising from changes in pricing minimum guaranteed volumes are assessed on an individual basis and
are accounted for prospectively, rather than adjusting the revenue for already satisfied performance obligations.
d. Contract liabilities
If payments received exceed the revenue recognised to date, a contract liability is recognised for the difference
(note 14).
 Notes20252024
  $ (000)$ (000)
   
Revenue – transaction and usage fees:  
Travel platform booking revenue 27,28019,215
Expense platform revenue 5,3365,291
Supplier commissions revenue 54,33342,930
Services revenue 1,2041,000
Other revenue 329325
Total revenue 88,48268,761
   
Government grants141,9772,412
Other 212
Total other income 1,9792,424
   
Total revenue and other income 90,46171,185
  20252024
  $ (000)$ (000)
Geographic information   
Australia 24,31520,564
New Zealand 2,7482,981
US 6,6852,980
Europe and Other 54,73442,236
Total revenue 88,48268,761
31
notEs to FinanCiaL statEmEnts

4. Revenue and other income (continued)
The Board and Executive Team monitor the results of the Group’s operations as a whole for the purpose of making
decisions about resource allocation and performance assessment and therefore the Board has determined the Group
is a single reportable operating segment. For the year ended 31 March 2025 there were two customers (2024: two)
that contributed more than 10% of the revenue for the Group. These customers accounted for $65.4 million of the
revenue for the year ended 31 March 2025 (2024: $52.2 million).
Serko reduces supplier commissions revenue by the amount of consideration payable to customers relating to jointly
agreed marketing fees. For the year ended 31 March 2025, consideration payable to customers was $3.6 million
(2024: $2.0 million).
5. Expenses
 20252024
 
$ (000)$ (000)
 
Loss before finance and taxation includes the following expenses: 
 
Employee remuneration54,80452,456
Capitalised development costs(4,627)(10,823)
Contributions to pension plans2,3472,148
Share-based payment expenses5,4295,048
Other remuneration and benefits
1,190588
Total remuneration and benefits59,14349,417
 
Hosting expenses6,9557,796
Third-party connection costs1,9502,257
Other platform-related costs2,4682,149
Auditor remuneration and other assurance fees339290
Directors’ fees681465
Directors’ fees - subsidiaries2618
Movement of expected credit loss allowance on receivables52(601)
Bad debts written off-647
Rental and other lease expenses337117
Professional fees6,0332,300
Computer licenses2,6161,736
Insurance costs1,4501,288
Marketing expenses1,6811,392
Recruitment fees174370
Donations1524
Travel and entertainment1,8781,372
Other expenses
1,9131,666
Total other operating expenses28,56823,286
 
Amortisation18,44115,313
Depreciation
1,4661,660
Total amortisation and depreciation19,90716,973
 
Expenses from ordinary activities107,61889,767
32

5. Expenses (continued)
* Other assurance services relate to the Greenhouse Gas Emissions Inventory limited assurance engagement in the current and prior year.
 20252024
 $ (000)$ (000)
  
Finance income and expenses includes: 
  
Finance income 
Interest received3,4684,166
Dividends received11
Total finance income3,4694,167
 
Finance expenses
Interest expense on lease liabilities(100)(169)
Other finance expenses(48)(50)
Total finance expenses(148)(219)
 
Total finance income and expenses3,3213,948
 20252024
 $ (000)$ (000)
  
Asset impairments and disposals includes: 
Goodwill impairment5,038-
Loss on disposal of fixed and intangible assets27159
Total asset impairments and disposals5,35459
Auditor remuneration
 20252024
 $ (000)$ (000)
Amounts for services performed by Deloitte Limited: 
Audit of financial statements303260
Other assurance services*3630
Total fees paid to auditors339290
33
notEs to FinanCiaL statEmEnts

6. Income tax
Income tax expense comprises current and deferred tax movements.
Tax assets and liabilities for the current period are measured at the amount expected to be recovered from, or paid to,
the taxation authorities based on the current period’s taxable income. The tax rates and tax laws used to compute the
amounts are those that are enacted or substantively enacted in the jurisdictions in which the Group operates at the
reporting date. Taxation is recognised in the income statement, except when it relates to items recognised directly
in equity.
Deferred tax is recognised on all temporary differences at the balance sheet date between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary differences except:
• where the entity has unrecognised losses sufficient to cover the deferred income tax liability; and
• for a deferred income tax liability arising from the initial recognition of goodwill; and
• where the deferred income tax liability arises from the initial recognition of an asset or liability in a transaction that
is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable
profit or loss, nor gives rise to equal taxable or deductible temporary differences.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses, to the extent that
it is probable that taxable profit will be available against which the deductible temporary differences can be utilised.
The carrying amount of deferred income tax assets is reviewed at each balance date and reduced to the extent that
it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax
asset to be utilised.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year
when the asset is realised or the liability is settled, based on tax rates (and tax laws) relevant to the appropriate
tax jurisdiction, that have been enacted or substantively enacted at the balance date. Deferred tax assets and liabilities
are offset where there is a legally enforcable right to offset current tax assets and liabilities, and where the deferred
tax balance relate to the same taxation authority.
 
20252024
 $ (000)$ (000)
  
Current income tax 
Current income tax charge815 646
Adjustments in respect of income tax(200)317
 615 963
 
Deferred income tax
Origination and reversal of temporary differences745(770)
 
Income tax expense / (benefit) reported in the statement of comprehensive income1,360193
34

6. Income tax (continued)
The prima facie tax payable on profit before income tax is reconciled to the income tax expense as follows:
Deferred income tax at 31 March relates to the following:
 20252024
 $ (000)$ (000)
  
Accounting loss before income tax(20,602)(15,686)
  
At the statutory income tax rate of 28% (2024:28%) (5,769)(4,392)
Non-deductible items3,09433
Adjustments in respect of income tax(200)317
Foreign taxes1,560(124)
Tax losses and temporary differences unrecognised1,7464,346
Effect of tax on overseas subsidiaries at different rate92913
Income tax (benefit) / expense1,360193
 
At effective income tax rate of:-6.6%-1.2%
20252024
 
Statement of
financial
position
Statement of
comprehensive
income
Statement of
financial
position
Statement of
comprehensive
income
 $ (000)$ (000)$ (000)$ (000)
   
Deferred income tax liabilities recognised  
Intangibles and non-current assets(1,186)33-19
Employee entitlements1414
Deferred income tax asset recognised
Intangibles and non-current assets249(339)588586
Employee entitlements105(199)304118
Provisions-(225)22443
Other(25)(29)44
Net deferred tax liability recognised(843)(745)1,120770
 
Deferred income tax liabilities not recognised
Intangibles and non-current assets(104)(82)(22)(22)
Deferred income tax asset not recognised
Intangibles and non-current assets---(132)
Provisions286(713)999489
Employee entitlements76(469)54517
Share based payments6,1994,7211,478(114)
Capital expenditure - patents---(1)
Deferred income tax asset not recognised6,4573,4573,000237
35
notEs to FinanCiaL statEmEnts

6. Income tax (continued)
Unrecognised tax losses carried forward include $127.5 million (2024: $114.2 million) relating to New Zealand and
$10.5 million (2024: $8.7 million) relating to foreign jurisdictions.
The New Zealand tax group has a history of tax losses, which do not expire. Given the historical losses, no recognition
of New Zealand temporary or tax loss assets has occurred.
7. Cash at bank and short-term deposits
Cash and cash equivalents in the consolidated statement of financial position comprises cash at bank and short-term
highly liquid investments with an original maturity of three months or less.
Cash includes USD $1.0 million (2024: USD $1.0 million) of restricted cash in the form of a minimum bank balance
required in the US to provide same-day clearance for expense reimbursement services.
Short-term deposits of $45.0 million (2024: $66.5 million) represent term deposits used for the investment of surplus
funds. Short-term deposits are all New Zealand dollars denominated.
 20252024
 $ (000)$ (000)
  
Cash at bank – New Zealand dollar balances6,8155,006
Cash at bank – foreign currency balances9,5899,133
Cash and cash equivalents16,40414,139
   
The carrying amounts of the Group’s cash at bank are denominated in the following currencies:
   
New Zealand dollars6,815 5,006
Australian dollars727 1,232
Chinese Yuan2,897 1,980
US dollars5,590 5,069
Indian Rupee367 -
Euros8 852
 16,40414,139
 
Short-term deposits45,00066,500
36

8. Trade and other receivables
Receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method, less provision for impairment.
Collectability of receivables is reviewed on an ongoing basis. Debts that are known to be uncollectable are written off
when identified. In accordance with NZ IFRS 9: Financial instruments, trade receivables are assessed for impairment
and an expected credit loss (ECL) provision made based on lifetime expected credit losses. The ECL model considers
various aspects of credit risk within a risk matrix, considering history of debtor write off, ageing of invoices, country,
market and product risk.
The impairment, and any subsequent movement, including recovery, is recognised in the statement of
comprehensive income.
 20252024
 $ (000)$ (000)
  
Trade receivables7,9703,560
Expected credit loss provision(356)(174)
Trade receivables (net)7,6143,386
 
GST receivable424396
Sundry debtors4,1242,560
Contract assets12,3946,234
Prepayments 3,8362,061
Total trade and other receivables28,39214,637
  
Foreign currency risk 
The carrying amounts of the Group’s receivables are denominated in the following currencies: 
  
New Zealand dollars3,6553,291
Australian dollars2,5532,370
Euro9,3506,193
US dollars8,898872
Other45624
 24,91212,750

At 31 March the ageing analysis of receivables and contract assets was as follows:
 20252024
Ageing analysis$ (000)$ (000)
 
0-30 days13,8706,748
31-60 days4,7672,879
61-90 days1,576-
91+ days151167
20,3649,794
37
notEs to FinanCiaL statEmEnts

8. Trade and other receivables (continued)
Expected credit loss – Trade receivables
The Group’s trade receivables over 60 days were $1.7 million (2024: $167 thousand). An ECL provision of $356
thousand (2024: $174 thousand) has been made, resulting in a movement for the period of $182 thousand (2024: $46
thousand). Additionally, the Group recognises an allowance of individual receivables if there is objective evidence of
credit impairment or non-collectability.
Trade receivables are non-interest bearing and are generally on 30 to 60 day terms. Serko has historically low levels of
impairment on trade receivables.
Movement in the Group’s expected credit loss during the year was as follows:
 20252024
 $ (000)$ (000)
  
Balance at 1 April 174220
Acquisition123-
Bad debts written off-(647)
Expected credit loss provision52601
Currency translation7-
Balance at 31 March 356174
9. Derivative financial instruments
Derivative financial instruments
The Group uses derivatives in the form of forward exchange contracts (FECs) to reduce the risk that movements in the
exchange rate will affect the Group’s New Zealand dollar cash flows. Such derivative financial instruments are initially
recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at
fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the
fair value is negative.
The following table presents the Group’s foreign currency forward exchange contracts measured at fair value:
 20252024
 $ (000)$ (000)
   
Current:  
Foreign currency forward exchange contracts: asset194145
Foreign currency forward exchange contracts: (liability)(2,565)(421)
   
Contractual amounts of forward exchange contracts outstanding were as follows:  
Foreign currency forward exchange contracts: asset8,88116,210
Foreign currency forward exchange contracts: liability59,45430,536
Derivative financial instruments have been determined to be within level 2 of the fair value hierarchy. Foreign currency
forward exchange contracts have been fair valued using published market foreign exchange rates and contract
forward rates discounted at rates that reflect the credit risk of the counterparties.
38

10. Property, plant and equipment
All items of property, plant and equipment are recorded at cost less accumulated depreciation and impairment.
Cost includes expenditure that is directly attributable to the acquisition of the asset.
Depreciation is calculated on a straight-line basis over the estimated useful life of the asset.
The following estimates have been used:
• Leasehold improvements - Term of lease (16.7% - 25%)
• Furniture and fittings - 10% - 13.5%
• Computer equipment - 17.5% - 48%
• Right-of-use asset - Term of lease
* Right-of-use assets relate to premises leases.
 
Leasehold
improvement
Furniture &
fittings
Computer
equipment
Right-of-use
asset*Total
 $ (000)$ (000)$ (000)$ (000)$ (000)
      
2025     
      
Cost or valuation     
Balance at 1 April 20246488983,0405,43910,025
Additions15781,1601,1892,442
Disposals(14)-(644)(252)(910)
Currency translation24316299
Balance at 31 March 2025651 980 3,587 6,438 11,656
 
Depreciation
Balance at 1 April 20245615552,6923,7177,525
Depreciation expense10683801,0081,466
Disposals--(636)(252)(888)
Currency translation13313671
Balance at 31 March 2025572 626 2,467 4,509 8,174
Net carrying amount79 354 1,120 1,929 3,482
      
2024     
      
Cost or valuation     
Balance at 1 April 2023617
9522,9485,77310,290
Additions3218182-232
Lease modifications---66
Disposals(3)(77)(104)(394)(578)
Currency translation25145475
 Balance at 31 March 20246488983,0405,43910,025
Depreciation     
Balance at 1 April 20235435052,2863,0106,344
Depreciation expense17824771,0841,660
Disposals(1)(34)(83)(390)(508)
Currency translation22121329
Balance at 31 March 20245615552,6923,7177,525
Net carrying amount873433481,7222,500
39
notEs to FinanCiaL statEmEnts

a. Impairment
The carrying values of property, plant and equipment
are reviewed for impairment when events or changes in
circumstances indicate the carrying value may not be
recoverable.
If any such indication exists and where the carrying
values exceed the estimated recoverable amount, the
assets are written down to their recoverable amounts.
b. Disposal
An item of property, plant and equipment is
derecognised upon disposal or when no further
future economic benefits are expected from its use or
disposal. Any gain or loss arising on derecognition of
the asset (calculated as the difference between the
net disposal proceeds and the carrying amount of the
asset) is included in the income statement in the year
the asset is derecognised.
11. Intangibles
Intangible assets consist of both internally generated
intangible assets, such as capitalised expenditure
for software development, and externally generated
intangible assets, such as trademarks, intellectual
property and goodwill upon acquisition.
Key judgements on the capitalisation of
development costs
An intangible asset arising from development
expenditure on an internal project is recognised
only when the Group can demonstrate the technical
feasibility of completing the intangible asset so that
it will be available for use or sale, its intention to
complete and its ability to use or sell the asset.
Also considered by management is how the asset
will generate future economic benefits, the availability
of resources to complete the development and the
ability to reliably measure the expenditure attributable to
the intangible asset during its development. Following
initial recognition of the development expenditure,
the cost model is applied requiring the asset to be
carried at cost less any accumulated amortisation
and impairment losses. Any expenditure capitalised is
amortised over the period of expected benefit from the
related project.
Software assets in the current year relate to the
continued development of the Group’s Booking.com
integration with Zeno, the GetThere software acquired
during the year, along with the ongoing development of
the existing product offerings. The Group capitalises
software development costs based on direct costs
associated with the project and a proportion of
employee costs that directly relate to the software
development project. Computer software development
costs recognised as assets are amortised over their
estimated useful lives and tested for impairment
whenever there is an indication that the intangible asset
may be impaired. Intangible assets under development
and not yet completed at balance date are recorded as
work in progress.
Other expenditures that do not meet the above criteria
are recognised as expenses as they are incurred. This
includes research costs and costs associated with
maintaining internal computer software programs.
10. Property, plant and equipment (continued)
40

11. Intangibles (continued)
Amortisation and impairment of
non-financial assets
Amortisation is recognised as an expense in the income
statement. The estimated useful lives are as follows:
• goodwill and other intangible assets (indefinite
useful life, not amortised but tested annually
for impairment);
• intellectual property (finite, amortised on 5 years
straight-line basis);
• brand (finite, amortised on 5 years straight line basis);
• the strategic partnership and collaboration
agreement (finite, amortised on 5 years on
a straight-line basis); and
• computer software (finite, amortised between
3 and 5 years on a straight-line basis).
At each reporting date the Group assesses whether
there is an indication that an asset may be impaired.
Where an indicator of impairment exists the Group
makes a formal estimate of the recoverable amount.
Where the asset exceeds its recoverable amount, the
asset is considered impaired and is written down to
its recoverable amount. The recoverable amount is the
greater of its fair value less costs of disposal or value in
use. For the purposes of assessing impairment assets
are grouped into cash generating units.
Goodwill acquired in a business combination is
allocated to cash generating units and along with work
in progress and other indefinite life intangible assets,
is tested at least annually for impairment, or whenever
indicators of impairment exist.
At the balance date Serko had two cash generating
units – GetThere, comprising the newly acquired
GetThere business and Core Serko being the remainder
of the Group.
Core serko cash generating unit
The recoverable amount of the Core Serko cash-
generating unit was determined from a value-in-use
calculation that uses a discounted cash flow analysis.
The key assumptions for the value-in-use calculation
are those regarding the discount rate, growth rates and
forecast financial performance and cash flows.
Management estimates the discount rate using
rates that reflect current market assumptions of the
time value of money and risk specific to the CGU.
The growth rates are based on management’s best
estimate. Forecast revenues, direct and indirect costs,
are based on historical experience/past practices and
expectations of future changes in the markets the
Group operates in and services.
The value-in use was determined using cashflow
projections across a five-year forecast period using a
pre-tax discount rate of 11.5% (2024: 14.1%), equivalent
to a post-tax weighted average cost of capital of 11.4%
(2024: 11.5%), and a terminal growth rate of 2.0%
(2024: 3.2%). A sensitivity analysis has been performed
over the key assumptions. This included reducing
the estimated revenue in the fifth year by 20%. These
reasonable possible changes in assumptions did not
result in impairment.
ge tthere cash generating unit
The recoverable amount of the GetThere CGU was
based on fair value less costs of disposal, taking
into account changes in market conditions. The
assumptions included future cash flow projections
across a five-year forecast period, a pre-tax discount
rate of 18.3% and a terminal growth rate of 2.0%,
the model is most sensitive to changes in growth
rates. Due to current uncertainties in the US market,
the recoverable amount of the CGU has been valued
as $10.3 million, resulting in an impairment charge
recognised in the current period of $5.1 million.
At 31 March 2025 there is no remaining goodwill
related to the GetThere CGU.
41
notEs to FinanCiaL statEmEnts

11. Intangibles (continued)
 Goodwill
Intellectual
property
Other
intangible
assets
Development
work in
progress
Computer
softwareTotal
 $ (000)$ (000)$ (000)$ (000)$ (000)$ (000)
       
2025      
       
Cost      
Balance at 1 April 20241,5941,681784,87663,53071,759
Additions---4,982-4,982
Acquisition5,110-5,803-7,38518,298
Disposal and impairment(5,083)--(45)(2,289)(7,417)
Transfer of cost---(8,010)8,010-
Currency translation55871-222365
Balance at 31 March 20251,6761,7685,8821,80376,85887,987
 
Amortisation and impairment
Balance at 1 April 2024-1,68178-38,90140,660
Amortisation--269-18,17218,441
Disposal----(2,068)(2,068)
Currency translation-871-174262
Balance at 31 March 2025-1,768348-55,17957,295
Net carrying amount1,676-5,5341,80321,67930,692
       
2024      
       
Cost      
Balance at 1 April 20231,5211,603784,37852,63860,218
Additions---11,193-11,193
Transfer of cost---(10,695)10,695-
Currency translation7378--197348
Balance at 31 March 20241,5941,681784,87663,53071,759
       
Amortisation and impairment     
Balance at 1 April 2023-1,363--23,81425,177
Amortisation-24778-14,98815,313
Currency translation-71--99170
Balance at 31 March 2024-1,68178-38,90140,660
Net carrying amount1,594--4,87624,62931,099
42

12. Trade and other payables
Trade and other payables
Trade and other payables are carried at amortised cost and represent liabilities for goods and services provided to the
Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future
payments in respect of the purchase of these goods and services.
The average credit period on trade payables is approximately 30 days.
Employee benefits
Liabilities for wages and salaries, including non-monetary benefits, long-service leave and annual leave expected to
be settled within 12 months of the reporting date, are recognised in respect of employees’ services up to the reporting
date. They are measured at the amounts expected to be paid when the liabilities are settled.
 20252024
 $ (000)$ (000)
  
Trade payables3,2741,350
Accrued expenses5,6262,924
Annual leave accrual3,5043,046
Other payables5,9342,414
Total trade and other payables18,3389,734
 
Disclosed as:
Current18,3389,734
Non-current--
 18,3389,734
  
Foreign currency risk 
The carrying amounts of the Group’s payables are denominated in the following currencies:
   
New Zealand dollars8,1397,259
Australian dollars1,145942
US dollars8,063865
Other991668
 18,3389,734
43
notEs to FinanCiaL statEmEnts

13. Lease liabilities
Recognition and measurement of Serko leasing activities
The Group leases property for fixed periods of between one and five years and some include extension options. These
extension options are usually at the discretion of the Group and are included in the measurement of the lease asset if
management concludes it is reasonably certain that the extension will be exercised.
Lease liabilities include the net present value of fixed payments less any lease incentives receivable. The lease
payments are discounted using the lessee’s incremental borrowing rate, being the rate that the lessee would have to
pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar
terms and conditions.
The amortisation of the discount applied on recognition of the lease liability is recognised as interest expense in the
income statement.
Low value and short-term leases are expensed to the income statement. These include leases on property of $199
thousand (2024: $86 thousand) that are short term in nature.
Key movements relating to lease balances are presented below:
 20252024
 $ (000)$ (000)
   
Balance at 1 April1,9833,110
Leases entered into during the period1,189-
Lease modification-6
Principal repayments(1,159)(1,163)
Foreign exchange adjustment4030
Closing balance2,0531,983
 
Classified as:
Current9221,035
Non-current1,131948
Closing balance2,0531,983
 
Maturity analysis – contractual undiscounted cash flows:
Less than 1 year1,0591,128
Greater than 1 year but less than 2 years672596
Greater than 2 years 566405
Total undiscounted lease liabilities at 31 March2,2972,129
44

Government grants are not recognised until there is a reasonable assurance that the Group will comply with the
conditions attached to them and that the grants will be received.
The research and development tax incentive is recognised as income as it is expected to be received in cash.
Government grants are recognised in the consolidated statement of comprehensive income on a systematic basis
over the periods in which the Group recognises as expenses the related costs for which the grants are intended to
compensate. As some grants relate to costs capitalised to depreciable assets, amounts are recognised as deferred
income in the consolidated statement of financial position and transf
erred to the income statement on a systematic
and rational basis over the useful lives of the related assets.
Income relating to grants is presented in the table below:
14. Deferred income and government grants
Deferred income is presented in the table below:
 20252024
 $ (000)$ (000)
Opening deferred income1,6211,931
Covid-19 government subsidies(75)(151)
Research and development tax incentive (RDTI)(548)(608)
Contract liabilities907449
Closing deferred income1,9051,621
 
Deferred income disclosed as:
Current1,9051,489
Non-current-132
 1,9051,621
 20252024
 $ (000)$ (000)
   
During the year, the Group claimed the following grants:  
Research and development tax incentive (RDTI)1,7321,882
Other government grants122178
Total compensation1,8542,060
  
Income recognised 
Covid-19 government subsidies148151
Research and development tax incentive (RDTI)1,7072,083
Other government grants122178
Total income recognised1,9772,412
45
notEs to FinanCiaL statEmEnts

15. Equity
Ordinary share capital is recognised at the fair value of the consideration received for the issue of new shares in
the Company. Transaction costs relating to the listing of new ordinary shares and the simultaneous sale and listing
of existing shares are allocated to those transactions on a proportional basis.
Transaction costs relating to the sale and listing of existing shares are not considered costs of an equity instrument
as no equity instrument is issued and, consequently, costs are recognised as an expense in the statement of
comprehensive income when incurred. Transaction costs relating to the issue of new share capital are recognised
directly in equity as a reduction of the share proceeds received.
During the year the Group allocated the following equity instruments to Serko employees (note 17) in respect of:
• the Restricted Share Plan (RSP), the Group allocated nil shares (2024: nil). Unallocated shares
are 1,263,865 (2024: 1,263,865); and
• Restricted Share Units (RSUs), the Group allocated 2,903,814 (2024: 2,278,734).
 2025202420252024
  
Number of
shares
Number of
shares
 $ (000)$ (000)(000)(000)
  
Ordinary shares 
Balance at 1 April244,546237,976121,846120,443
Issue of shares pursuant to RSU scheme5,0386,5701,2551,403
Issue of shares to non-executive directors89-25-
Share capital at 31 March249,673244,546123,126121,846
  
Share-based payment reserve 
Balance at 1 April9,09210,637 
RSUs expensed during the year5,4295,048 
Shares vested to employees via RSU scheme(5,038)(6,570) 
Share options expired(1)(23) 
Share-based payment reserve at 31 March9,4829,092 
46

16. Earnings per share (EPS)
Basic EPS amounts are calculated by dividing the profit / (loss) for the year attributable to ordinary equity holders of
the Parent by the weighted average number of ordinary shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit / (loss) attributable to ordinary equity holders of the Parent
by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number
of shares that would be issued on conversion of all of the dilutive potential ordinary shares into ordinary shares.
Potential ordinary shares are treated as dilutive when their conversion to ordinary shares would decrease EPS or
increase the loss per share.
The following reflects the data used in the basic and diluted EPS computations:
* Net tangible assets per security is a non-GAAP measure and is provided for NZX reporting purposes. Net tangible assets per security is calculated as
Total assets less Total liabilities less Intangible assets divided by the issued ordinary shares (excluding treasury shares) as at 31 March.
  20252024
  $ (000)$ (000)
   
Loss attributable to ordinary equity holders of the Parent  
Continuing operations (21,962)(15,879)
  (21,962)(15,879)
   
 Notes20252024
 NumberNumber
 (000)(000)
   
Basic earnings per share 
Issued ordinary shares15123,126121,846
 
Weighted average of issued ordinary shares122,629121,616
Adjusted for unallocated employee restricted share plan shares(1,264)(3,014)
Weighted average of issued ordinary shares outstanding121,365118,602
   
Basic and diluted earnings / (loss) per share (dollars)(0.18)(0.13)
   
 20252024
 CentsCents
  
Net tangible assets per security*57.0368.75
47
notEs to FinanCiaL statEmEnts

17. Share-based payments
Employees of the Group receive remuneration at the Board’s discretion in the form of share-based payment
transactions, where services are provided as consideration for the receipt of equity instruments.
The cost of share-based payment transactions are recognised, together with a corresponding increase in equity,
over the period in which the service conditions are fulfilled. The cumulative expense recognised for share-based
transactions at each reporting date, until the vesting date, reflects the extent to which the vesting period has expired
and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit for
a period represents the movement in cumulative expenses recognised at the beginning and end of that period.
No cumulative expense is recognised for awards that do not ultimately vest except where vesting is conditional upon
a market condition.
Employee Restricted Share Plan
The employee restricted share plan has been superseded by the RSUs scheme. There are no future plans to allocate
the shares held by the trustee. At year end there were 1,263,865 unallocated shares held by the trustee (2024:
1,263,865 shares)
Employee Restricted Share Units (RSUs)
Under the employee incentive share scheme (EISS), CEO long-term incentive scheme (CLTI), and executive long-term
incentive scheme (ELTI), RSUs are allocated to employees at grant date, which convert into ordinary shares in
Serko at vesting date with a zero-exercise price. Awards will be taxable to the employee in the income year when
the awards vest.
Vesting conditions are based on:
• continued employment at vesting date; and / or
• performance hurdles, such as performance against share price targets based on absolute total shareholder return.
The weighted average grant date fair value of RSUs issued during the year was determined by the volume weighted
average price (VWAP) of shares traded in the previous 20 trading days preceding the designated grant date.
Share-based payments with performance hurdles are initially recognised at fair value, subsequently measured and
reassessed at each reporting date for the probability of meeting performance targets, with movements recognised in
the Statement of comprehensive income.
 2025202520242024
 
Weighted average
price NZ$
Number of
RSUs
Weighted average
price NZ$
Number
of RSUs
    
Outstanding at 1 April2,910,248 2,378,995
Allocated to employees during the year3.112,903,8142.802,278,734
Cancelled during the year3.16(717,896)3.61(348,428)
Vested during the year4.01(1,255,919)4.69(1,399,053)
Outstanding at 31 March3.113,840,2473.502,910,248
48

17. Share-based payments (continued)
Employee incentive share options scheme
There were no options granted during the year, as this scheme has been replaced with employees now receiving RSUs.
Options are conditional on the completion of the necessary years of service (the vesting period) as appropriate to that
tranche. The options are considered graded equity instruments that vest in tranches over two to five years from the
grant date. No options can be exercised later than five years from the grant date. There were 14 holders of options at
31 March 2025 (2024: 16).
The Group has no legal or constructive obligation to repurchase or settle the options in cash.
Movements in the number of options outstanding and their related weighted average exercise prices are as follows:
 2025202520242024
 
Weighted
average exercise
price ($)Options
Weighted
average exercise
price ($)Options
    
Outstanding at 1 April63,12494,974
Cancelled during the year4.80(1,924)4.71(8,518)
Expired during the year3.32(992)2.84(23,332)
Outstanding at 31 March4.5960,2084.5863,124
   
Options outstanding at 31 March fall within the following ranges:
   
   20252024
GrantedExpiry dateExercise price ($)OptionsOptions
   
201920243.32- 992
202020254.8020,20840,000
202120254.49 40,00022,132
  60,20863,124
49
notEs to FinanCiaL statEmEnts

b. Transactions with related parties
There were no transactions or outstanding balances held with related parties for the year other than key management
personnel remuneration.
c. Key management remuneration*
* K ey management personnel includes Serko’s Board of Directors, the Chief Executive Officer and direct reports. Share-based payments represent the
current years expense recognised in the income statement on unvested share-based payments granted that will vest in future years.
d. Terms and conditions of transactions with related parties
Other than amounts related to the remuneration of key management personnel, directors fees and expense
reimbursement, there are no balances or commitments outstanding with key management. Outstanding balances
at year end are unsecured and settlement occurs in cash.
18. Related parties
The Group has related party relationships with its controlled entities and with key management personnel.
a. Subsidiaries
The consolidated financial statements include the financial statements of Serko Limited and its subsidiaries
as listed in the following table:
  % Equity interest% Equity interest
Entity NamePrincipal activity20252024
   
Serko Australia Pty LtdSales and marketing100%100%
Serko Trustee LimitedTrustee100%100%
Serko India Private LimitedResearch and development services 100%100%
Serko Investments LimitedNon-trading100%100%
Foshan Sige Information Technology LimitedResearch and development services100%100%
Serko Inc.Sales and marketing100%100%
InterplX, Inc.Expense management100%100%
GetThere LLCSales and marketing100%-
 20252024
 $ (000)$ (000)
 
Non-executive directors’ remuneration592465
Non-executive directors’ share-based payments89-
Salary and other short-term benefits4,1214,445
Share-based payments1,8662,031
Total compensation6,6686,941
50

19. Business combinations
The Group acquired 100% of the ownership interest in GetThere LP (GetThere) on 6 January 2025. GetThere
was converted to GetThere LLC on 6 January 2025. The total acquisition price for GetThere and related business
assets was USD $11.4 million, comprising USD $9.4 million in cash paid on acquisition date and USD $2.0 million
to be paid on the one-year anniversary of the acquisition, settled in either cash or ordinary shares of the Parent.
Acquisition related costs (included in Other operating expenses in the Consolidated statement of comprehensive
income and note 5), amounted to $2.6 million.
GetThere is an online booking tool with a customer base primarily in the United States and supports the Group’s
plans to grow in the North American market. The purchase included the software, brand, intellectual property and the
GetThere teams in the United States, India, Australia and the United Kingdom.
GetThere contributed $4.8 million in revenue and $11.1 million in net loss for the year ended 31 March 2025. If the
acquisition had occurred on 1 April 2024, the Group revenue and net loss for the 12 months ended 31 March 2025 is
estimated to have been $103.4 million and $32.8 million, respectively.
In conjunction with the acquisition of GetThere, Serko signed a transitional hosting services agreement, strategic
partnership and collaboration agreement, and a developer agreement with Sabre. These agreements cover co-selling,
joint development, continued hosting of the GetThere platform, and other collaboration activities between Sabre and
Serko post-acquisition. The strategic partnership has been valued at $4.6 million and sits within other intangible
assets (note 11).
The purchase consideration was allocated to the acquired assets and liabilities based on their estimated fair values
as at the date of acquisition, with the excess consideration recorded to goodwill as shown below:
2025
Purchase consideration$ (000)
Cash paid to vendor 16,465
Deferred consideration3,517
Total purchase consideration 19,982
Made up of:
Strategic partnership and collaboration agreement4,572
Acquisition of GetThere15,410
Fair value of net assets acquired on 6 January 2025
Trade and other receivables 3,102
Software 7,385
Brand 1,231
Deferred tax liability(1,219)
Trade and other payables(80)
Employee entitlement (119)
Net assets 10,300
 
Total GetThere purchase consideration 15,410
Net assets
10,300
Goodwill recognised 5,110
51
notEs to FinanCiaL statEmEnts

21. Financial risk management objectives and policies
The Group’s principal financial instruments comprise cash at bank and on hand, short-term deposits, derivatives, trade
receivables and trade payables.
The Group’s capital consists of share capital and retained earnings. To maintain or adjust the capital structure, the
Group may adjust amounts of dividends paid to shareholders, return capital to shareholders, issue new shares or
amend capital spending plans.
Financial assets
Cash and cash equivalents, short-term deposits and trade receivables are initially measured at fair value plus directly
attributable transaction costs and then subsequently measured at amortised cost less any impairment.
19. Business combinations (continued)
The fair value of the acquired receivables was $3.1 million. The gross contractual value for the trade receivables due is
$3.2 million, with a loss allowance of $0.1 million.
The goodwill recognised as a result of the acquisition reflects the assembled workforce and the synergies expected to
be achieved from integrating GetThere into the Group’s existing business. No goodwill is eligible to be deducted for tax
purposes.
The cash consideration in the above note of $16.5 million differs from the amount presented in the Consolidated
statement of cashflows of $17.3 million due to a net working capital adjustment that is receivable from the vendor
at 31 March 2025.
20. Reconciliation of operating profit to net cash outflow
from operating activities
20252024
$(000)$(000)
Net loss(21,962)
(15,879)
 
Add non-cash items
Amortisation18,44115,313
Depreciation1,4661,660
Asset impairments and disposals5,35459
Deferred tax (gain) / loss745(770)
Unrealised foreign currency gains / losses2,0171,084
Share-based compensation5,5185,048
 11,5796,515
Add / (less) movements in working capital items
(Increase) / decrease in receivables(11,643)(754)
Increase / (decrease) in income tax payable(286)572
Increase / (decrease) in trade and other payables5,172(438)
 (6,757)(620)
  
Net cash flow used in operating activities4,8225,895
52

21. Financial risk management objectives and policies (continued)
Financial liabilities
Financial liabilities are initially measured at fair value, net of transaction costs and subsequently measured at
amortised cost using the effective interest method.
Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement
of the liability for at least 12 months after the balance date.
The main risks arising from the Group’s financial instruments are currency, interest rates, credit and liquidity risk.
The Group uses different methods to measure and manage the different types of risks to which it is exposed.
These include monitoring levels of exposure to currency risk and assessments of market forecasts for foreign
exchange. Ageing analyses and monitoring of specific credit allowances are undertaken to manage credit risk.
Liquidity risk is monitored through the development of future rolling cash flow forecasts.
The Board reviews and agrees policies for managing each of these risks as summarised below.
a. Risk exposures and responses
i. Interest rate risk
At balance date this year and the prior year, the Group did not have any financial liabilities exposed to variable
interest rate risk.
Excess funds over the forecasted requirements are invested in short-term deposits with a mixture of maturity dates.
All short-term deposits have fixed interest rates which means the Group’s exposure to movements in interest rates
is limited.
ii. Liquidity risk
Liquidity risk represents the Group’s ability to meet its financial obligations as they fall due. In terms of managing
its liquidity risk, the Group holds sufficient cash reserves to meet its obligations arising from its financial liabilities.
Surplus funds are invested in term-deposits, with varying maturity dates based on forecasted cash flows, to manage
liquidity risks.
The following table sets out the contractual cash flows for all non-derivative financial liabilities settled on a gross
cash flow basis:
Weighted
average effective
interest rate %
Contractual
cash flows
6 months
or less
7-12
months
1-2
years
2-5
years
More than
5 years
  $ (000)$ (000)$ (000)$ (000)$ (000)$ (000)
        
Group - 2025
Trade and other payables0%14,83414,834----
Lease liability8%2,297729330672566-
  17,131 15,563 330 672 566  -
Group - 2024       
Trade and other payables0%6,6886,688----
Lease liability10%2,129496632596405-
 8,8177,184632596405-
53
notEs to FinanCiaL statEmEnts

21. Financial risk management objectives and policies (continued)
b. Currency risk
The Group has exposure to currency risk as a result of transactions denominated in foreign currencies. The risk
specifically relates to the variability of foreign exchange rates for the currencies the Group trades in and the impact
this has on the Group’s financial results. The majority of the Group’s expenditure occurred in New Zealand dollars,
however, sales to overseas customers are transacted in Euros, Australian dollars, New Zealand dollars and US dollars.
Refer to notes 7, 8, 9 and 12 for further details on the Group’s foreign currency denominated accounts receivable,
cash and short-term deposit balances, and accounts payable.
The following table summarises the sensitivity to foreign currency exchange rate movements. A sensitivity of
+/- 10% (2024: +/- 10%) has been selected based on what management consider to be a r
easonable movement
in exchange rates.
The sensitivity table below is excluding the impact of foreign exchange contracts:
  Foreign currency risk
  +10% -10% 
Foreign exchange
balances
Carrying
amount
Post-tax
profitEquity
Post-tax
profitEquity
 $ (000)$ (000)$ (000)$ (000)$ (000)
      
2025
Cash at bank9,589872872(1,065)(1,065)
Trade and other receivables21,2571,9321,932(2,362)(2,361)
Trade and other payables(10,199)(927)(927)1,1331,133
Net exposure20,6471,8771,877(2,294)(2,294)
      
 +20% -20% 
Carrying
amount
Post-tax
profitEquity
Post-tax
profitEquity
 $ (000)$ (000)$ (000)$ (000)$ (000)
2024
Cash at bank9,133830830(1,015)(1,015)
Trade and other receivables9,459860860(1,051)(1,051)
Trade and other payables(2,475)(225)(225)275275
Net exposure16,1171,4651,465(1,791)(1,791)
54

21. Financial risk management objectives and policies (continued)
c. Credit risk
Credit risk arises from the financial assets of the Group, which comprise cash at bank, short-term deposits, derivative
assets, trade receivables and contract assets. The Group’s exposure to credit risk arises from potential default of the
counterparty, with a maximum exposure equal to the carrying amount of these instruments. Exposure at balance date
is addressed in each applicable note.
The Group does not hold any credit derivatives to offset its credit exposure.
The Group monitors and manages the exposure to credit risk by ensuring customers have an appropriate credit
history. Banking arrangements (including the investment of surplus funds) are monitored to ensure all banks have
sufficient credit ratings and exposure to any one banking partner is limited.
The Group’s other largest concentration of credit risk is with one customer, with $9.2 million receivable at
31 March 2025 (2024: $7.2 million).
At reporting date, the Group’s cash and short-term deposits were held in several banks with the following distribution:
The largest bank concentration makes up 60%, the second largest concentration is 20%, with the remaining 20% held
in other banks (2024: 41% & 37% each held with two banks and 22% in other banks). A total of 88% (2024: 91%) of
cash and short-term deposits is held by New Zealand and Australian banks with a Standard & Poors credit rating
of at least ‘AA-’. The Group has no other significant concentrations of credit risk.
d. Fair value
The Board considers that the carrying amounts of financial assets and financial liabilities recognised in the
consolidated financial statements approximate their fair value.
22. Events after balance sheet date
There were no other material events between the balance sheet date and the date these financial statements were
authorised for issue.
23. Contingent liabilities
There were no contingent liabilities at balance date (2024: $nil).
55
notEs to FinanCiaL statEmEnts




/ndependent Auditor’s Report
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ĨŽƌŽƵƌŽƉŝŶŝŽŶ͘
tĞĂƌĞŝŶĚĞƉĞŶĚĞŶƚŽĨƚŚĞŽŵƉĂŶLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚWƌŽĨĞƐƐŝŽŶĂůĂŶĚƚŚŝĐĂů^ƚĂŶĚĂƌĚϭ
/ŶƚĞƌŶĂƚŝŽŶĂůŽĚĞŽĨƚŚŝĐƐĨŽƌƐƐƵƌĂŶĐĞWƌĂĐƚŝƚŝŽŶĞƌƐ;ŝŶĐůƵĚŝŶŐ/ŶƚĞƌŶĂƚŝŽŶĂů/ŶĚĞƉĞŶĚĞŶĐĞ
^ƚĂŶĚĂƌĚƐͿ;EĞǁĞĂůĂŶĚͿŝƐƐƵĞĚďLJƚŚĞEĞǁĞĂůĂŶĚƵĚŝƚŝŶŐĂŶĚƐƐƵƌĂŶĐĞ^ƚĂŶĚĂƌĚƐŽĂƌĚĂŶĚ
the International Ethics Standards Board for Accountants’ /ŶƚĞƌŶĂƚŝŽŶĂůŽĚĞŽĨƚŚŝĐƐĨŽƌ
WƌŽĨĞƐƐŝŽŶĂůĐĐŽƵŶƚĂŶƚƐ;ŝŶĐůƵĚŝŶŐ/ŶƚĞƌŶĂƚŝŽŶĂů/ŶĚĞƉĞŶĚĞŶĐĞ^ƚĂŶĚĂƌĚƐͿ͕ĂŶĚǁĞŚĂǀĞĨƵůĨŝůůĞĚ
ŽƵƌŽƚŚĞƌĞƚŚŝĐĂůƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘
KƚŚĞƌƚŚĂŶŝŶŽƵƌĐĂƉĂĐŝƚLJĂƐĂƵĚŝƚŽƌĂŶĚƚŚĞƉƌŽǀŝƐŝŽŶŽĨĂƐƐƵƌĂŶĐĞƐĞƌǀŝĐĞƐ͕ǁĞŚĂǀĞŶŽ
ƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚŽƌŝŶƚĞƌĞƐƚƐŝŶƚŚĞŽŵƉĂŶLJŽƌĂŶLJŽĨŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͕ĞdžĐĞƉƚƚŚĂƚƉĂƌƚŶĞƌƐĂŶĚ
ĞŵƉůŽLJĞĞƐŽĨŽƵƌĨŝƌŵĚĞĂůǁŝƚŚƚŚĞŽŵƉĂŶLJĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐŽŶŶŽƌŵĂůƚĞƌŵƐǁŝƚŚŝŶƚŚĞ
ŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨƚƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞďƵƐŝŶĞƐƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͘
ƵĚŝƚŵĂƚĞƌŝĂůŝƚLJ


tĞĐŽŶƐŝĚĞƌŵĂƚĞƌŝĂůŝƚLJƉƌŝŵĂƌŝůLJŝŶƚĞƌŵƐŽĨƚŚĞŵĂŐŶŝƚƵĚĞŽĨŵŝƐƐƚĂƚĞŵĞŶƚŝŶƚŚĞĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉ ƚŚĂƚŝŶŽƵƌũƵĚŐĞŵĞŶƚǁŽƵůĚŵĂŬĞŝƚƉƌŽďĂďůĞƚŚĂƚƚŚĞĞĐŽŶŽŵŝĐĚĞĐŝƐŝŽŶƐ
of a reasonably knowledgeable person would be changed or influenced (the ‘quantitative’
ŵĂƚĞƌŝĂůŝƚLJͿ͘/ŶĂĚĚŝƚŝŽŶ͕ǁĞĂůƐŽĂƐƐĞƐƐǁŚĞƚŚĞƌŽƚŚĞƌŵĂƚƚĞƌƐƚŚĂƚĐŽŵĞƚŽŽƵƌĂƚƚĞŶƚŝŽŶĚƵƌŝŶŐ
ƚŚĞĂƵĚŝƚǁŽƵůĚŝŶŽƵƌũƵĚŐĞŵĞŶƚĐŚĂŶŐĞŽƌŝŶĨůƵĞŶĐĞƚŚĞĚĞĐŝƐŝŽŶƐŽĨƐƵĐŚĂƉĞƌƐŽŶ;ƚŚĞ
‘qualitative’ materiality). We use materiality ďŽƚŚŝŶƉůĂŶŶŝŶŐƚŚĞƐĐŽƉĞŽĨŽƵƌĂƵĚŝƚǁŽƌŬĂŶĚŝŶ
ĞǀĂůƵĂƚŝŶŐƚŚĞƌĞƐƵůƚƐŽĨŽƵƌǁŽƌŬ͘
tĞĚĞƚĞƌŵŝŶĞĚŵĂƚĞƌŝĂůŝƚLJĨŽƌƚŚĞ'ƌŽƵƉĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐĂǁŚŽůĞƚŽďĞΨ ϭ͕ΘϬϬ͕ϬϬϬ͘
<ĞLJĂƵĚŝƚŵĂƚƚĞƌƐ
<ĞLJĂƵĚŝƚŵĂƚƚĞƌƐĂƌĞƚŚŽƐĞŵĂƚƚĞƌƐƚŚĂƚ͕ŝŶŽƵƌƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐĞŵĞŶƚ͕ǁĞƌĞŽĨŵŽƐƚƐŝŐŶŝĨŝĐĂŶĐĞ
ŝŶŽƵƌĂƵĚŝƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚ͘dŚĞƐĞŵĂƚƚĞƌƐǁĞƌĞ
ĂĚĚƌĞƐƐĞĚŝŶƚŚĞĐŽŶƚĞdžƚŽĨŽƵƌĂƵĚŝƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐĂǁŚŽůĞ͕ĂŶĚŝŶ
ĨŽƌŵŝŶŐŽƵƌŽƉŝŶŝŽŶƚŚĞƌĞŽŶ͕ĂŶĚǁĞĚŽŶŽƚƉƌŽǀŝĚĞĂƐĞƉĂƌĂƚĞŽƉŝŶŝŽŶŽŶƚŚĞƐĞŵĂƚƚĞƌƐ͘


56



<ĞLJĂƵĚŝƚŵĂƚƚĞƌ,ŽǁŽƵƌĂƵĚŝƚĂĚĚƌĞƐƐĞĚƚŚĞŬĞLJĂƵĚŝƚŵĂƚƚĞƌ
ZĞǀĞŶƵĞƌĞĐŽŐŶŝƚŝŽŶ
dŚĞ'ƌŽƵƉŚĂƐƌĞƉŽƌƚĞĚƚŽƚĂůƌĞǀĞŶƵĞŽĨΨΘΘ͘ρŵŝůůŝŽŶ͕ĂƐƐĞƚŽƵƚŝŶŶŽƚĞκ
‘Revenue and other income’.
dŚĞƌĞĐŽŐŶŝƚŝŽŶŽĨƌĞǀĞŶƵĞŝƐĂŬĞLJĂƵĚŝƚŵĂƚƚĞƌĚƵĞƚŽƚŚĞƐŝŐŶŝĨŝĐĂŶĐĞŽĨ
ƌĞǀĞŶƵĞƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚũƵĚŐĞŵĞŶƚƐŝŶǀŽůǀĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐ
ƚŚĞƚŝŵŝŶŐŽĨƌĞǀĞŶƵĞƌĞĐŽŐŶŝƚŝŽŶ͘
/ŶĐůƵĚĞĚǁŝƚŚŝŶƚŽƚĂůƌĞǀĞŶƵĞŝƐΨϮϳ͘ϯ ŵŝůůŝŽŶ ŽĨƚƌĂǀĞůƉůĂƚĨŽƌŵŬŝŶŐ
ƌĞǀĞŶƵĞĚĞƌŝǀĞĚĨƌŽŵŵƵůƚŝƉůĞĐƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚƐƚŚĂƚĐŽŶƚĂŝŶĚŝĨĨĞƌĞŶƚ
ƉƌŝĐŝŶŐƐĐŚĞĚƵůĞƐĂŶĚǀĂƌLJŝŶŐƌĞǀĞŶƵĞƌĞĐŽŐŶŝƚŝŽŶƚƌŝŐŐĞƌƐ͘ŽŵƉůĞdžŝƚLJĞdžŝƐƚƐ
ďĞĐĂƵƐĞĐƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚƐĐĂŶŝŶĐůƵĚĞƚƌĂŶƐĂĐƚŝŽŶĂůĂŶĚƵƐĂŐĞĨĞĞƐ
;ƐŽŵĞƚŝŵĞƐǁŝƚŚŵŝŶŝŵƵŵĐŽŶƚƌĂĐƚĞĚĐŽŵŵŝƚŵĞŶƚƐͿ͕ĞƐƚĂďůŝƐŚŵĞŶƚĂŶĚ
ŝŶƐƚĂůůĂƚŝŽŶĨĞĞƐ͕ĂŶĚĐŚĂƌŐĞĂďůĞǁŽƌŬŽƌĚĞƌƐ͕ǁŚŝĐŚŝŵƉĂĐƚŽŶƚŚĞĂůůŽĐĂƚŝŽŶ
ŽĨƌĞǀĞŶƵĞĂĐƌŽƐƐĚŝĨĨĞƌĞŶƚŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ͘
tĞĞǀĂůƵĂƚĞĚƚŚĞƐLJƐƚĞŵƐ͕ƉƌŽĐĞƐƐĞƐĂŶĚĐŽŶƚƌŽůƐŝŶ
ƉůĂĐĞ ŽǀĞƌƚŚĞŵĂũŽƌŽƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐƚƌĞĂŵƐ͘
tĞĞŶŐĂŐĞĚŽƵƌ/ŶĨŽƌŵĂƚŝŽŶdĞĐŚŶŽůŽŐLJƐƉĞĐŝĂůŝƐƚƐƚŽ
ƚĞƐƚƚŚĞ/dĞŶǀŝƌŽŶŵĞŶƚŝŶǁŚŝĐŚŬŝŶŐƐŽĐĐƵƌĂŶĚ
ŝŶƚĞƌĨĂĐĞƐǁŝƚŚƚŚĞŐĞŶĞƌĂůůĞĚŐĞƌ͘
tĞƌĞĐĂůĐƵůĂƚĞĚƚƌĂǀĞůƉůĂƚĨŽƌŵŬŝŶŐƌĞǀĞŶƵĞ
ƌĞĐŽŐŶŝƐĞĚĨŽƌĂƐĂŵƉůĞŽĨŵĂƚĞƌŝĂůĐƵƐƚŽŵĞƌƐďLJ
ƌĞĐŽŶĐŝůŝŶŐƚƌĂŶƐĂĐƚŝŽŶƐƌĞĐŽƌĚĞĚŝŶƚŚĞƌĞůĞǀĂŶƚ/d
ƐLJƐƚĞŵƐƚŽƚŚĞŐĞŶĞƌĂůůĞĚŐĞƌĂŶĚǀĂůŝĚĂƚŝŶŐƉƌŝĐŝŶŐ
ŝŶƉƵƚƐƚŽŝŶǀŽŝĐĞƐĂŶĚƐŝŐŶĞĚĐƵƐƚŽŵĞƌĐŽŶƚƌĂĐƚƐ͘
tĞĐŽŶƐŝĚĞƌĞĚƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨE/&Z^ϭρ͗ZĞǀĞŶƵĞ
ĨƌŽŵŽŶƚƌĂĐƚƐǁŝƚŚƵƐƚŽŵĞƌƐĨŽƌŶĞǁĂŶĚŵĂƚĞƌŝĂů
ĐŽŶƚƌĂĐƚƐŽƌƐŝŐŶŝĨŝĐĂŶƚǀĂƌŝĂƚŝŽŶƐƚŽĐŽŶƚƌĂĐƚƐĞŶƚĞƌĞĚ
ŝŶƚŽĚƵƌŝŶŐƚŚĞLJĞĂƌ͘
tĞƚĞƐƚĞĚƐĂŵƉůĞƐŽĨŵĂŶƵĂůũŽƵƌŶĂůĞŶƚƌŝĞƐ
ƌĞĐŽƌĚĞĚŽƵƚƐŝĚĞŽĨŶŽƌŵĂůďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĞƐďLJ
ƉƌŽĨŝůŝŶŐĨŽƌƵŶƵƐƵĂůƌĞǀĞŶƵĞŝŵƉĂĐƚŝŶŐũŽƵƌŶĂůƐ͘
ĂƉŝƚĂůŝƐĂƚŝŽŶŽĨƐŽĨƚǁĂƌĞĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚŝŶŐŝŵƉĂŝƌŵĞŶƚ
ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ
dŚĞ'ƌŽƵƉĐĂƉŝƚĂůŝƐĞƐĐŽƐƚƐĨŽƌŝŶƚĞƌŶĂůůLJĚĞǀĞůŽƉĞĚǁŽƌŬŝŶƉƌŽŐƌĞƐƐĂŶĚ
ƚƌĂŶƐĨĞƌƐƚŚŽƐĞƚŽƐŽĨƚǁĂƌĞƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚ͘/ŶƚŚĞĐƵƌƌĞŶƚ
LJĞĂƌƚŚĞ'ƌŽƵƉĐĂƉŝƚĂůŝƐĞĚĐŽƐƚƐŽĨΨρ͘ϬŵŝůůŝŽŶĂŶĚƚƌĂŶƐĨĞƌƌĞĚΨΘ͘ϬŵŝůůŝŽŶ
ŽĨǁŽƌŬŝŶƉƌŽŐƌĞƐƐƚŽƐŽĨƚǁĂƌĞĂƐƐĞƚƐ͕ĂƐƐĞƚŽƵƚŝŶŶŽƚĞϭϭΖ/ŶƚĂŶŐŝďůĞƐΖ͘
Ψϭ͘ΘŵŝůůŝŽŶŽĨĚĞǀĞůŽƉŵĞŶƚǁŽƌŬŝŶƉƌŽŐƌĞƐƐŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚĂƐĂƚ
ďĂůĂŶĐĞĚĂƚĞ͘
ĂƉŝƚĂůŝƐĂƚŝŽŶŽĨƐŽĨƚǁĂƌĞĚĞǀĞůŽƉŵĞŶƚ
ƐĂ^ŽĨƚǁĂƌĞĂƐĂService (“SaaS”) provider, the Group incurs significant
ĞdžƉĞŶĚŝƚƵƌĞŝŶĚĞǀĞůŽƉŝŶŐĂŶĚĞŶŚĂŶĐŝŶŐƐŽĨƚǁĂƌĞƉƌŽĚƵĐƚƐ͘
:ƵĚŐĞŵĞŶƚŝƐƌĞƋƵŝƌĞĚƚŽĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌƚŚĞƌĞĐŽŐŶŝƚŝŽŶĐƌŝƚĞƌŝĂƵŶĚĞƌ
E/^ϯΘ͗/ŶƚĂŶŐŝďůĞƐƐĞƚƐŚĂǀĞďĞĞŶŵĞƚŝŶŽƌĚĞƌƚŽĐĂƉŝƚĂůŝƐĞƚŚĞ
ĂƉƉůŝĐĂďůĞĐŽƐƚƐŽĨĚĞǀĞůŽƉŵĞŶƚ͘dŚŝƐŝŶĐůƵĚĞƐĐŽŶƐŝĚĞƌŝŶŐǁŚĞƚŚĞƌƚŚĞĐŽƐƚƐ
ĂƌĞĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĂŶĂƐƐĞƚ͕ĂŶĚǁŚĞƚŚĞƌƚŚĞ
'ƌŽƵƉĐĂŶĚĞŵŽŶƐƚƌĂƚĞƚŚĂƚƚŚĞĂƐƐĞƚŝƐŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚƐƚĂŐĞ͘dŚŝƐ
ŝŶĐůƵĚĞƐĚĞŵŽŶƐƚƌĂƚŝŶŐƚŚĞƚĞĐŚŶŝĐĂůĨĞĂƐŝďŝůŝƚLJŽĨĐŽŵƉůĞƚŝŶŐƚŚĞŝŶƚĂŶŐŝďůĞ
asset so that it will be available for use, the Group’s intention toĐŽŵƉůĞƚĞ
ƚŚĞĂƐƐĞƚ͕ŚŽǁƚŚĞĂƐƐĞƚǁŝůůŐĞŶĞƌĂƚĞĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐ͕ƚŚĞǀŝĂďŝůŝƚLJ
ŽĨƌĞƐŽƵƌĐĞƐƚŽĐŽŵƉůĞƚĞƚŚĞĂƐƐĞƚĚĞǀĞůŽƉŵĞŶƚĂŶĚƚŚĞĂďŝůŝƚLJŽĨƚŚĞ'ƌŽƵƉ
ƚŽƌĞůŝĂďůLJŵĞĂƐƵƌĞƚŚĞĞdžƉĞŶĚŝƚƵƌĞĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞŝŶƚĂŶŐŝďůĞĂƐƐĞƚ͘
/ŵƉĂŝƌŵĞŶƚĂƐƐĞƐƐŵĞŶƚ
dŚĞ'ƌŽƵƉŵƵƐƚĂůƐŽĂƐƐĞƐƐĞĂĐŚƉĞƌŝŽĚǁŚĞƚŚĞƌƚŚĞƌĞĂƌĞĂŶLJŝŶĚŝĐĂƚŝŽŶƐ
ƚŚĂƚƚŚĞƐŽĨƚǁĂƌĞĚĞǀĞůŽƉŵĞŶƚĂƐƐĞƚƐĂƌĞŝŵƉĂŝƌĞĚĂŶĚŵƵƐƚƉĞƌĨŽƌŵ
ŝŵƉĂŝƌŵĞŶƚƚĞƐƚŝŶŐŽŶĂŶLJĐĂƉŝƚĂůŝƐĞĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐĨŽƌǁŚŝĐŚƚŚĞƌĞĂƌĞ
ŝŶĚŝĐĂƚŽƌƐŽĨŝŵƉĂŝƌŵĞŶƚ͕ŽƌǁŚŝĐŚƌĞůĂƚĞƚŽƐŽĨƚǁĂƌĞƚŚĂƚŝƐŶŽƚLJĞƚĂǀĂŝůĂďůĞ
ĨŽƌƵƐĞ͘
dŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƚŚĞ'roup’s cashͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐĂƌĞ ƐĞŶƐŝƚŝǀĞ
ƚŽĂƐƐƵŵƉƚŝŽŶƐĂƌŽƵŶĚƚŚĞƌĞƚĞŶƚŝŽŶŽĨĂŶĚĐŽŶƚŝŶƵĞĚŐƌŽǁƚŚŝŶƌĞǀĞŶƵĞ
ĨƌŽŵŬĞLJĐƵƐƚŽŵĞƌƐ͕ĂƐǁĞůůĂƐƚŽƚŚĞƚĞƌŵŝŶĂůŐƌŽǁƚŚƌĂƚĞĂŶĚĚŝƐĐŽƵŶƚƌĂƚĞ
ĂƉƉůŝĞĚŝŶƚŚĞĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁŵŽĚĞů͘
tĞŚĂǀĞŝŶĐůƵĚĞĚĐĂƉŝƚĂůŝƐĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶƐŽĨƐŽĨƚǁĂƌĞ
ĚĞǀĞůŽƉŵĞŶƚĂƐĂŬĞLJĂƵĚŝƚŵĂƚƚĞƌĚƵĞƚŽƚŚĞůĞǀĞůŽĨũƵĚŐĞŵĞŶƚƌĞƋƵŝƌĞĚ͘
ĂƉŝƚĂůŝƐĂƚŝŽŶŽĨƐŽĨƚǁĂƌĞĚĞǀĞůŽƉŵĞŶƚ
tĞĞǀĂůƵĂƚĞĚƚŚĞŶĂƚƵƌĞŽĨĞdžƉĞŶĚŝƚƵƌĞ͕ƚŚĞƐƚĂŐĞŽĨ
ƉƌŽĚƵĐƚĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚŚŽǁƚŚĞ'ƌŽƵƉĚŝƐƚŝŶŐƵŝƐŚĞƐ
ĞdžƉĞŶĚŝƚƵƌĞďĞƚǁĞĞŶƌĞƐĞĂƌĐŚ͕ĚĞǀĞůŽƉŵĞŶƚĂŶĚ
ŵĂŝŶƚĞŶĂŶĐĞĐŽƐƚƐ͘
We assessed the Group’s processes and controls for
ƌĞĐŽƌĚŝŶŐƚŝŵĞƐƉĞŶƚŽŶƉƌŽĚƵĐƚƐĂŶĚƚŚĞĂůůŽĐĂƚŝŽŶ
ďĞƚǁĞĞŶƌĞƐĞĂƌĐŚŽƌƐŽĨƚǁĂƌĞĚĞǀĞůŽƉŵĞŶƚƚŽďĞ
ĐĂƉŝƚĂůŝƐĞĚƵŶĚĞƌE/^ϯΘ͘
tĞƚĞƐƚĞĚĂƐĂŵƉůĞŽĨĂĚĚŝƚŝŽŶƐƚŽĞǀĂůƵĂƚĞǁŚĞƚŚĞƌ
ƚŚĞƌĞĐŽŐŶŝƚŝŽŶĐƌŝƚĞƌŝĂƵŶĚĞƌE/^ϯΘŚĂǀĞďĞĞŶŵĞƚ͘

/ŵƉĂŝƌŵĞŶƚĂƐƐĞƐƐŵĞŶƚ
tĞĐŽŶƐŝĚĞƌĞĚĞdžŝƐƚŝŶŐƐŽĨƚǁĂƌĞĨŽƌƚĞĐŚŶŝĐĂů
ŽďƐŽůĞƐĐĞŶĐĞ͕ďLJĞŶƐƵƌŝŶŐĂƉƉƌŽƉƌŝĂƚĞƌĞǀĞŶƵĞƐĞdžŝƐƚ
ĨŽƌƚŚŽƐĞƉƌŽĚƵĐƚƐĂŶĚĂƐƐĞƐƐŝŶŐ ǁŚĞƚŚĞƌĨĞĂƚƵƌĞƐŽƌ
ƉƌŽĚƵĐƚĞŶŚĂŶĐĞŵĞŶƚƐƉƌĞǀŝŽƵƐůLJĐĂƉŝƚĂůŝƐĞĚĂƌĞƐƚŝůůŝŶ
ƵƐĞ͘
tĞĐŚĂůůĞŶŐĞĚƚŚĞŬĞLJĂƐƐƵŵƉƚŝŽŶƐǁŝƚŚŝŶƚŚĞĐĂƐŚ
ĨůŽǁĨŽƌĞĐĂƐƚƐďLJĐŽŶƐŝĚĞƌŝŶŐŚŝƐƚŽƌŝĐĂůĐĂƐŚĨůŽǁƐ͕ŽƵƌ
ƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞďƵƐŝŶĞƐƐƐƚƌĂƚĞŐLJĂŶĚŽƚŚĞƌ
ƌĞůĞǀĂŶƚĞdžƚĞƌŶĂůŝŶĨŽƌŵĂƚŝŽŶ͘
tĞƵƐĞĚŽƵƌŝŶƚĞƌŶĂůǀĂůƵĂƚŝŽŶƐƉĞĐŝĂůŝƐƚƐƚŽĂƐƐŝƐƚŝŶ
evaluating the assumptions used in the Group’s
ĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁŵŽĚĞů͕ƐƉĞĐŝĨŝĐĂůůLJƚŚĞĚŝƐĐŽƵŶƚ
ƌĂƚĞĂŶĚƚĞƌŵŝŶĂůŐƌŽǁƚŚƌĂƚĞƐƵƐĞĚ͕ƚŽƐƵƉƉŽƌƚƚŚĞ
ĐĂƌƌLJŝŶŐǀĂůƵĞŽĨĂƐƐĞƚƐĂƐĂƚϯϭDĂƌĐŚϮϬϮρ͘
tĞƉĞƌĨŽƌŵĞĚƐĞŶƐŝƚŝǀŝƚLJĂŶĂůLJƐŝƐŽǀĞƌŬĞLJĚƌŝǀĞƌƐŝŶ
the Group’s impairment model, particularly
ĂƐƐƵŵƉƚŝŽŶƐĂƌŽƵŶĚĨŽƌĞĐĂƐƚƌĞǀĞŶƵĞ ŐƌŽǁƚŚƌĂƚĞƐ͘

57
in dEPEndEnt auditor's rEPort



<ĞLJĂƵĚŝƚŵĂƚƚĞƌ,ŽǁŽƵƌĂƵĚŝƚĂĚĚƌĞƐƐĞĚƚŚĞŬĞLJĂƵĚŝƚŵĂƚƚĞƌ
WƵƌĐŚĂƐĞWƌŝĐĞůůŽĐĂƚŝŽŶ;WWͿĂŶĚƐƵďƐĞƋƵĞŶƚŵĞĂƐƵƌĞŵĞŶƚĨŽƌƚŚĞ
ďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶŽĨ'ĞƚdŚĞƌĞ
dŚĞ'ƌŽƵƉŚĂƐĂĐƋƵŝƌĞĚ'ĞƚdŚĞƌĞ>>W;Η' Ğƚ dŚĞƌĞ ΗͿĨƌŽŵ^ĂďƌĞŽƌƉŽƌĂƚŝŽŶ
(“Sabre”) during the year ĨŽƌh^Ψϭϭ͘κŵŝůůŝŽŶ ;ĞƋƵŝǀĂůĞŶƚŽĨEΨϮϬ ŵŝůůŝŽŶ Ϳ͕
as set out in note 19 ‘Business combination’. The ƉƵƌĐŚĂƐĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶ
ĐŽŵƉƌŝƐĞĚŽĨΨϭρ͘κŵŝůůŝŽŶĨŽƌƚŚĞŶĞƚĂƐƐĞƚƐŽĨ'ĞƚdŚĞƌĞĂŶĚ Ψκ͘ς ŵŝůůŝŽŶ
ĨŽƌĂƐƚƌĂƚĞŐŝĐƉĂƌƚŶĞƌƐŚŝƉĂŶĚĐŽůůĂďŽƌĂƚŝŽŶĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶ^ĞƌŬŽĂŶĚ
^ĂďƌĞ͕ƐŝŐŶĞĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐƋƵŝƐŝƚŝŽŶ͘
ĐĐŽƵŶƚŝŶŐĨŽƌƚŚĞĂĐƋƵŝƐŝƚŝŽŶŚĂƐŝŶǀŽůǀĞĚũƵĚŐŵĞŶƚŝŶŽƌĚĞƌƚŽ͗
• ŝĚĞŶƚŝĨLJĂŶĚŵĞĂƐƵƌĞƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂĐƋƵŝƌĞĚ͖
• ĚĞƚĞƌŵŝŶĞƚŚĞǀĂůƵĞŽĨƉƵƌĐŚĂƐĞĐŽŶƐŝĚĞƌĂƚŝŽŶĂŶĚƌĞƐƵůƚŝŶŐŐŽŽĚǁŝůů͖
ĂŶĚ 
• ĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌƚŚĞƌĞŝƐĂŶLJŝŵƉĂŝƌŵĞŶƚďĞƚǁĞĞŶƚŚĞĂĐƋƵŝƐŝƚŝŽŶ
ĚĂƚĞĂŶĚďĂůĂŶĐĞĚĂƚĞ͘
dŚĞ 'ƌŽƵƉŚĂƐŝĚĞŶƚŝĨŝĞĚƐŽĨƚǁĂƌĞ͕ďƌĂŶĚ͕ĂŶĚƚŚĞ ƐƚƌĂƚĞŐŝĐƉĂƌƚŶĞƌƐŚŝƉĂŶĚ
ĐŽůůĂďŽƌĂƚŝŽŶĂŐƌĞĞŵĞŶƚĂƐ ƐĞƉĂƌĂƚĞůLJŝĚĞŶƚŝĨŝĂďůĞŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂŶĚ
ŚĂǀĞĞŶŐĂŐĞĚĞdžƚĞƌŶĂůǀĂůƵĂƚŝŽŶƐƉĞĐŝĂůŝƐƚƐƚŽĂƐƐŝƐƚǁŝƚŚƚŚĞ ƉƵƌĐŚĂƐĞƉƌŝĐĞ
ĂůůŽĐĂƚŝŽŶ͘
ƚLJĞĂƌĞŶĚ͕ƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƚŚĞ'ĞƚdŚĞƌĞĐĂƐŚŐĞŶĞƌĂƚŝŶŐƵŶŝƚ
ǁĂƐďĂƐĞĚŽŶĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƐŽĨĚŝƐƉŽƐĂů͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚĐŚĂŶŐĞƐŝŶ
ŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͘dŚĞĂƐƐƵŵƉƚŝŽŶƐŝŶĐůƵĚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƉƌŽũĞĐƚŝŽŶƐ
ĂĐƌŽƐƐĂĨŝǀĞͲLJĞĂƌĨŽƌĞĐĂƐƚƉĞƌŝŽĚ͕ĂƉƌĞͲƚĂdžĚŝƐĐŽƵŶƚƌĂƚĞŽĨϭΘ͘ϯйĂŶĚĂ
ƚĞƌŵŝŶĂůŐƌŽǁƚŚƌĂƚĞŽĨϮ͘Ϭй͘dŚĞŵŽĚĞůŝƐŵŽƐƚƐĞŶƐŝƚŝǀĞƚŽĐŚĂŶŐĞƐŝŶ
ŐƌŽǁƚŚƌĂƚĞƐ͘ƵĞƚŽĐƵƌƌĞŶƚƵŶĐĞƌƚĂŝŶƚŝĞƐŝŶƚŚĞh^ŵĂƌŬĞƚ͕ƚŚĞƌĞĐŽǀĞƌĂďůĞ
ĂŵŽƵŶƚŽĨƚŚĞ'hŚĂƐďĞĞŶǀĂůƵĞĚĂƐΨϭϬ͘ϯŵŝůůŝŽŶ ͕ƌĞƐƵůƚŝŶŐŝŶĂŶ
ŝŵƉĂŝƌŵĞŶƚĐŚĂƌŐĞƌĞĐŽŐŶŝƐĞĚŽĨΨρ͘ϭŵŝůůŝŽŶ͕ĂƐƐĞƚŽƵƚŝŶŶŽƚĞϭϭ
‘Intangible assets’͘
tĞŝĚĞŶƚŝĨŝĞĚƚŚŝƐĂƐĂŬĞLJĂƵĚŝƚŵĂƚƚĞƌĚƵĞƚŽƚŚĞƐŝŐŶŝĨŝĐĂŶĐĞŽĨƚŚĞ
acquisition to the Group’s financial statements, the inherent complexities in
ĂĐĐŽƵŶƚŝŶŐĨŽƌďƵƐŝŶĞƐƐĂĐƋƵŝƐŝƚŝŽŶƐ͕ĂŶĚƚŚĞũƵĚŐĞŵĞŶƚĂƉƉůŝĞĚďLJƚŚĞ
'ƌŽƵƉŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞ ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƚŚĞĐĂƐŚŐĞŶĞƌĂƚŝŶŐƵŶŝƚĂƐ
ĂƚϯϭDĂƌĐŚϮϬϮρ͘

tĞƌĞĂĚƚŚĞƐĂůĞĂŶĚƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚƐƚŽ
ĚĞƚĞƌŵŝŶĞƚŚĞŵĂƚĞƌŝĂůƚĞƌŵƐŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶƐ͘
tĞĂƐƐĞƐƐĞĚthe Group’s determinations of fair value
ĨŽƌĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂĐƋƵŝƌĞĚĂŶĚƚŚĞŵĞƚŚŽĚƐƵƐĞĚ
ƚŽǀĂůƵĞ ƚŚĞƵŶĚĞƌůLJŝŶŐĂƐƐĞƚƐďLJ͗
• ZĞĂĚŝŶŐƚŚĞǀĂůƵĂƚŝŽŶƌĞƉŽƌƚƉƌĞƉĂƌĞĚďLJƚŚĞ
ĂƉƉŽŝŶƚĞĚĞdžƚĞƌŶĂůǀĂůƵĂƚŝŽŶƐƉĞĐŝĂůŝƐƚ ͖
• ƐƐĞƐƐŝŶŐƚŚĞƉƌŽĨĞƐƐŝŽŶĂůĐŽŵƉĞƚĞŶĐĞ͕ŽďũĞĐƚŝǀŝƚLJ
ĂŶĚŝŶƚĞŐƌŝƚLJŽĨƚŚĞĂƉƉŽŝŶƚĞĚĞdžƚĞƌŶĂůǀĂůƵĂƚŝŽŶ
ƐƉĞĐŝĂůŝƐƚ ͖
• /ŶǀŽůǀŝŶŐŽƵƌŝŶƚĞƌŶĂůƐƉĞĐŝĂůŝƐƚƐƚŽ͗
‒ ƐƐĞƐƐƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƚŚĞƚŚĞǀĂůƵĂƚŝŽŶ
ŵĞƚŚŽĚŽůŽŐLJĂŶĚƚĞƐƚŝŶŐƚŚĞŵĞĐŚĂŶŝĐƐŽĨƚŚĞ
ŵŽĚĞů͖ 
‒ ǀĂůƵĂƚĞŬĞLJĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚŝŶƚŚĞǀĂůƵĂƚŝŽŶ
ŽĨƚŚĞĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂĐƋƵŝƌĞĚ͕ŝŶĐůƵĚŝŶŐ
ƚŚĞƌŽLJĂůƚLJƌĂƚĞ͕ĚŝƐĐŽƵŶƚƌĂƚĞĂŶĚƚĞƌŵŝŶĂů
ŐƌŽǁƚŚƌĂƚĞ͖
‒ ,ŽůĚŝŶŐĚŝƐĐƵƐƐŝŽŶƐǁŝƚŚmanagement’s
ĞdžƚĞƌŶĂůǀĂůƵĂƚŝŽŶƐƉĞĐŝĂůŝƐƚƚŽƵŶĚĞƌƐƚĂŶĚƚŚĞ
WWƉƌŽĐĞƐƐƵŶĚĞƌƚĂŬĞŶ͕ĂŶĚŬĞLJũƵĚŐĞŵĞŶƚƐ
ĐŽŶƐŝĚĞƌĞĚǁŚĞŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶ
ĂĐĐŽƵŶƚŝŶŐ͘
tĞĞǀĂůƵĂƚĞĚthe Group’s determination oĨ ƚŚĞ
ŝŵƉĂŝƌŵĞŶƚƌĞĐŽƌĚĞĚ ďLJ͗
•
Assessing management’s determination of GetThere
ĂƐĂƐĞƉĂƌĂƚĞĐĂƐŚŐĞŶĞƌĂƚŝŶŐƵŶŝƚ͖
• ŚĂůůĞŶŐ ŝŶŐ ƚŚĞŬĞLJĂƐƐƵŵƉƚŝŽŶƐǁŝƚŚŝŶƚŚĞĐĂƐŚ
ĨůŽǁĨŽƌĞĐĂƐƚƐďĂƐĞĚŽŶŽƵƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨ
ĐŚĂŶŐĞƐŝŶGetThere’s performance and other
ƌĞůĞǀĂŶƚĞdžƚĞƌŶĂůŝŶĨŽƌŵĂƚŝŽŶ͖
• ǀĂůƵĂƚ ŝŶŐmanagement’s conclusion that the
ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƚŚĞ'ĞƚdŚĞƌĞĐĂƐŚ
ŐĞŶĞƌĂƚŝŶŐƵŶŝƚŝƐŝƚƐĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚŽĨĚŝƐƉŽƐĂů͘
te also considered the adequacy of the Group’s
ĚŝƐĐůŽƐƵƌĞƌĞůĂƚŝŶŐƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚŽĨ
ƌĞůĂƚ ĞĚ ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ͘


KƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ

dŚĞĚŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞŽŶďĞŚĂůĨŽĨƚŚĞ'ƌŽƵƉĨŽƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͘dŚĞŽƚŚĞƌ
ŝŶĨŽƌŵĂƚŝŽŶĐŽŵƉƌŝƐĞƐƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞ^'ZĞƉŽƌƚĂŶĚŝŶƚŚĞŶŶƵĂůZĞƉŽƌƚƚŚĂƚ
ĂĐĐŽŵƉĂŶŝĞƐƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƚŚĞĂƵĚŝƚƌĞƉŽƌƚ͘
KƵƌŽƉŝŶŝŽŶŽŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĚŽĞƐŶŽƚĐŽǀĞƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂŶĚǁĞ
ĚŽŶŽƚĞdžƉƌĞƐƐĂŶLJĨŽƌŵŽĨĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶƚŚĞƌĞŽŶ͘
KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽƌĞĂĚƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂŶĚĐŽŶƐŝĚĞƌǁŚĞƚŚĞƌŝƚŝƐŵĂƚĞƌŝĂůůLJŝŶĐŽŶƐŝƐƚĞŶƚ
ǁŝƚŚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽƌŽƵƌŬŶŽǁůĞĚŐĞŽďƚĂŝŶĞĚŝŶƚŚĞĂƵĚŝƚŽƌŽƚŚĞƌǁŝƐĞ
ĂƉƉĞĂƌƐƚŽďĞŵĂƚĞƌŝĂůůLJŵŝƐƐƚĂƚĞĚ͘/ĨƐŽ͕ǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽƌĞƉŽƌƚƚŚĂƚĨĂĐƚ͘tĞŚĂǀĞŶŽƚŚŝŶŐƚŽ
ƌĞƉŽƌƚŝŶƚŚŝƐƌĞŐĂƌĚ͘

58



Directors’ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚŚĞ
ĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ
dŚĞĚŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞŽŶďĞŚĂůĨŽĨƚŚĞ'ƌŽƵƉĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶĂŶĚĨĂŝƌƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞ
ĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE/&Z^ĂŶĚ/&Z^͕ĂŶĚĨŽƌƐƵĐŚŝŶƚĞƌŶĂůĐŽŶƚƌŽů
ĂƐƚŚĞĚŝƌĞĐƚŽƌƐĚĞƚĞƌŵŝŶĞŝƐŶĞĐĞƐƐĂƌLJƚŽĞŶĂďůĞƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐƚŚĂƚĂƌĞĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘
/ŶƉƌĞƉĂƌŝŶŐƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ƚŚĞĚŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞŽŶďĞŚĂůĨŽĨƚŚĞ
'ƌŽƵƉfor assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
ŵĂƚƚĞƌƐƌĞůĂƚĞĚƚŽŐŽŝŶŐĐŽŶĐĞƌŶĂŶĚƵƐŝŶŐƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐƵŶůĞƐƐƚŚĞ
ĚŝƌĞĐƚŽƌƐĞŝƚŚĞƌŝŶƚĞŶĚƚŽůŝƋƵŝĚĂƚĞƚŚĞ'ƌŽƵƉŽƌƚŽĐĞĂƐĞŽƉĞƌĂƚŝŽŶƐ͕ŽƌŚĂǀĞŶŽƌĞĂůŝƐƚŝĐĂůƚĞƌŶĂƚŝǀĞ
ďƵƚƚŽĚŽƐŽ͘
Auditor’s responsibilities for the
ĂƵĚŝƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐ
KƵƌŽďũĞĐƚŝǀĞƐĂƌĞƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĂďŽƵƚǁŚĞƚŚĞƌƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐĂƐĂǁŚŽůĞĂƌĞĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͕ĂŶĚƚŽ
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
ĂƐƐƵƌĂŶĐĞ͕ďƵƚŝƐŶŽƚĂŐƵĂƌĂŶƚĞĞƚŚĂƚĂŶĂƵĚŝƚĐŽŶĚƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/^ƐĂŶĚ/^Ɛ;EͿǁŝůů
ĂůǁĂLJƐĚĞƚĞĐƚĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚǁŚĞŶŝƚĞdžŝƐƚƐ͘DŝƐƐƚĂƚĞŵĞŶƚƐĐĂŶĂƌŝƐĞĨƌŽŵĨƌĂƵĚŽƌĞƌƌŽƌ
ĂŶĚĂƌĞĐŽŶƐŝĚĞƌĞĚŵĂƚĞƌŝĂůŝĨ͕ŝŶĚŝǀŝĚƵĂůůLJŽƌŝŶƚŚĞĂŐŐƌĞŐĂƚĞ͕ƚŚĞLJĐŽƵůĚƌĞĂƐŽŶĂďůLJďĞĞdžƉĞĐƚĞĚ
ƚŽŝŶĨůƵĞŶĐĞƚŚĞĞĐŽŶŽŵŝĐĚĞĐŝƐŝŽŶƐŽĨƵƐĞƌƐƚĂŬĞŶŽŶƚŚĞďĂƐŝƐŽĨƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐ͘
ĨƵƌƚŚĞƌĚĞƐĐƌŝƉƚŝŽŶŽĨŽƵƌƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚŚĞĂƵĚŝƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝƐ
located on the External Reporting Board’s website at: 
ŚƚƚƉƐ͗ͬͬǁǁǁ͘džƌď͘ŐŽǀƚ͘ŶnjͬƐƚĂŶĚĂƌĚƐͬĂƐƐƵƌĂŶĐĞͲƐƚĂŶĚĂƌĚƐͬĂƵĚŝƚŽƌƐͲƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐͬĂƵĚŝƚͲƌĞƉŽƌƚͲϭͲϭ
This description forms part of our auditor’s report.
ZĞƐƚƌŝĐƚŝŽŶŽŶƵƐĞ

This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken
so that we might state to the Company’s shareholders those matters we are required to state to
them in an auditor’s report and for no other purpose. To the fƵůůĞƐƚĞdžƚĞŶƚƉĞƌŵŝƚƚĞĚďLJůĂǁ͕ǁĞĚŽ
not accept or assume responsibility to anyone other than the Company’s shareholders as a body, for
ŽƵƌĂƵĚŝƚǁŽƌŬ͕ĨŽƌƚŚŝƐƌĞƉŽƌƚ͕ŽƌĨŽƌƚŚĞŽƉŝŶŝŽŶƐǁĞŚĂǀĞĨŽƌŵĞĚ͘




WĂƵů^ĞůůĞƌ͕WĂƌƚŶĞƌ
ĨŽƌ ĞůŽŝƚƚĞ>ŝŵŝƚĞĚ
ƵĐŬůĂŶĚ͕EĞǁĞĂůĂŶĚ
ϮϬDĂLJϮϬϮρ
59
in dEPEndEnt auditor's rEPort