2018 Interim Results Announcement

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545, investor.relations@serko.com


Market Release
22 November 2017

FINANCIAL RESULTS FOR HALF YEAR ENDED 30 SEPTEMBER 2017
Serko achieves maiden profit and cash flow positive for the period
Revenue growth of 30%, Annualised Transactional Monthly Revenue increases to $17.8 million
Six monthly profit before tax of $1.2 million compared to a loss of ($2.0) million last year

Highlights from the unaudited six-month period include:
• Total Operating Revenue
1
for the period ended 30 September 2017 at $9.1 million is up 30% over the previous
corresponding six-month period of $7.0 million.
• Serko Online transaction volumes increased by 21% over the same period last year.
• ATMR
2
reached a peak of $17.8 million during the period.
• Total Income
1
from all sources including grants was $9.6 million for the period.
• Net profit before tax for the period was $1.2 million (a $3.2 million turnaround over the previous corresponding
period loss of $2.0 million).
• EBITDA
3
profit for the period was $1.3 million (a $3.1 million turnaround over the previous corresponding period
loss of $1.8 million).
• Cash on hand as at 30 September 2017 was $4.6m, up from $4.5m at 31 March 2017.
• Serko expects full-year operating revenue of $18 million - $19 million.
• Full-year EBITDA of $1.3 million is expected, due to an anticipated break-even performance in the second half as a
result of seasonal effects and the pursuit of expansion opportunities.
Serko Limited (NZX:SKO), a leader in online travel booking and expense management for business, today announces a
maiden first half net profit before tax (NPBT) of $1.2 million up from a loss of $2 million in the same period a year ago as it
benefits from growing usage of its suite of corporate travel and expense management solutions. It also announces it
remains on track to deliver its first full-year profit as a listed company.
Serko Chairman Simon Botherway said: “The onboarding of new customers to our suite of corporate travel and expense
management solutions; increased usage of the solutions by our existing customers; and the growing contribution to revenue
of travel-related content, such as hotels and airport transfers, resulted in strong growth in the half-year.
“We have also controlled costs and generated positive cash flows, while continuing to invest in the further development of
our solutions, including Serko Zeno - our new premium solution we are offering alongside Serko Online that was rolled out
to our first customers in October.

1
Total Operating Revenue is revenue excluding income from grants and finance income, while Total Income includes grants.

2
ATMR is a non-GAAP measure representing Annualised Transactional Monthly Revenue. Serko uses this as a useful indicator of recurring revenue from
Serko products, based on the monthly transactions and average revenue per booking, on a constant currency basis. Due to seasonality Serko uses the
latest month which is not affected by a seasonality trend. For the current period, September 2017 is affected by Australian school holidays and as such
the calculation is based on August 2017 transactions.
3
EBITDA is a non-GAAP measure representing Earnings or Losses before Interest (net Finance income/cost), Tax, Depreciation, Amortisation and
Impairments. Serko uses this as a useful measure for an estimate of operating profits excluding non-cash expenses.

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545, investor.relations@serko.com
“It has been a gratifying six-month period. Serko is well on its way to recording its first full-year profit and we are now looking
forward to making progress on the next phase of our growth plans, to expand our presence in the Northern Hemisphere
markets.”
Financial highlights
Total Operating Revenue
1
rose 30% to $9.1 million, reflecting the 21% increase in transacted booking volumes (which
translated into a 19% increase in transactional fee revenue) in the half-year period. It also reflected strong growth in income
from Serko Expense, content supplier commissions (both through Serko Online and serko.travel) and Serko Mobile licenses.
These latter sources of revenue contributed 29% to Total Operating Revenue.
Serko Chief Executive Darrin Grafton said: “Approximately 90% of revenue in the period was derived from recurring revenue
sources, with the remainder derived mainly from system customisation work. Annualised Transactional Monthly Revenue
(ATMR
2
), an indicator of the company’s recurring revenues, stood at $17.8 million at the end of September 2017, up from
$15.3 million as at the end of March 2017. We are very pleased with Serko’s progress and performance.”
Half-year Total Income
1
rose 26% to $9.6 million, which was a $2 million increase over the prior half-year result of $7.6
million. Relative to last year, operating revenue also benefited from the hedging of the company’s net forecast Australian
dollar position at approximately NZ$0.93. The prior half-year result was affected by unfavourable foreign-currency shifts.
A company-wide focus on achieving best-practice in terms of the cost base and realising operating efficiencies, resulted in
operating costs declining by 12%, while investment spending on intangibles such as software development and purchases of
property, plant and equipment was lower at $0.2 million compared to the same period last year of $0.8 million.
Coupled with revenue growth, these savings resulted in a first half EBITDA
3
of $1.3 million, a turnaround of $3.1 million from
the EBITDA loss of $1.8 million in the same period last year.
First half NPBT for the six months to 30 September 2017 was $1.2 million, well ahead of the $2 million loss in the same period
last year and slightly ahead of the guidance given in October.
“Serko remains in a sound financial position with cash balances of $4.6 million, up from $4.5 million at 31 March 2017. In
the same period last year net cash balances fell by $2.4 million,” Mr Grafton said.
“Serko’s three-pronged strategy of delivering market-leading technological innovations, growing its customer base and
increasing average revenue per booking (ARPB), continues to deliver favourable financial outcomes for the company. On all
three fronts Serko has made good progress, which has further enhanced the company’s position as the leading online
business travel booking platform in the Australasian market.”
Key strategic achievements for the period include:
• The development and release of Zeno, a premium and predictive door-to-door booking platform that will allow
Serko to continue to grow its customer base and give customers the opportunity to add additional content to their
travel programmes via the Zeno hub. Zeno will extend Serko’s content revenue sources. We are pleased with the
results from Zeno customer trials and we expect further uptake as commercial arrangements are finalised with our
partner Travel Management Company (TMC) resellers. Already, we anticipate more than 1,000 corporate customers
will transition to the platform. Zeno will spearhead our Northern Hemisphere entry strategy. It is engineered to
integrate additional content sources from multiple providers and is therefore adaptable to new geographies.
• The continued onboarding of new customers, resulting in a 21% increase in online booking transactions over the
same period last year. Transactions are expected to continue to increase with a number of planned transitions onto
the Serko platform in the second half, through agreements with Sabre and Tandem (Air New Zealand’s TMC). These
agreements are underpinned by minimum transaction commitments.
• A 43% increase in revenue generated by Serko Expense, our expense management solution, compared to the
previous corresponding period, as a result of the successful reseller programme introduced in the prior year with
our partner TMC.
• A 100% increase in content revenue growth over the same period last year with 5.4% of all bookings as of September
2017 now generating additional content revenues. Serko continues to add content to its platform and recently
completed the development work for accommodation providers Hotel Hub and HRS Global Hotel Solutions. We also

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545, investor.relations@serko.com
recently announced a partnership with Gullivers Travel Associates (GTA) to provide further hotel content. This
content combined with that from Expedia, Booking.com, Wotif and Expedia Affiliate Network makes Serko one of
the world’s largest metasearch engines for business travel accommodation.
• The partnership with Air New Zealand to bring the airline’s unique content to the Zeno platform, allowing customers
to book through Serko previously unavailable content, such as meal and seat selection.
OUTLOOK
While the second half is typically not as strong as the first due to the slowdown in corporate travel during the Australasian
December-to-January holiday period, Serko is expecting revenues to continue to grow through the onboarding of customers
and commencement of revenues from Zeno. Minimum transaction agreements, notably with Sabre and Tandem, will also
underpin revenue growth.
As disclosed in October, Serko expects Total Operating Revenue for the second half of the 2018 financial year to be 25% to
30% higher than the same period a year ago. As a result, we expect Total Operating Revenue for the year to 31 March 2018
to be in the range of $18 million to $19 million.
However, Serko is investing more during the second half as we begin our expansion into Northern Hemisphere territories.
We expect that our cost base will increase correspondingly. We aim to match our cost base with guaranteed minimum
revenue deals with prospective TMC partners in the Northern Hemisphere and we are comfortable that we have sufficient
capital to execute our current growth plans.
Serko remains committed to achieving EBITDA, NPBT and cash flow breakeven during the second half, while expansion
opportunities are pursued.
“Serko is looking forward confidently to the next phase of our growth plan. The company now provides an integrated, globally
competitive offering through the provision of Serko Zeno, alongside Serko Online, Serko Expense as well as serko.travel for
small and medium enterprises,” Mr Botherway said.
ENDS
For more information:
Investor.relations@serko.com
Susan Putt
Chief Financial Officer, Serko
+64 21 388 009
Visit www.serko.com for more information. Serko’s interim results are available for downloading from Serko’s website at
http://www.serko.com/investor-centre/ .
Non-GAAP financial information

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 information has not been audited.
The measures reported by Serko are used by management to monitor the performance of the company and are useful to
investors to assess performance. Non-GAAP measures are defined and explained by footnote where used in this release.

---

Serko Limited (SKO)
Results for announcement to the market

Reporting Period 6 months to 30 September 2017
Previous Reporting Period 6 months to 30 September 2016

Amount
(NZ$000)
Percentage change
Revenue from ordinary
activities
9,070 Up 29.5%
Profit (loss) from ordinary
activities after tax
attributable to security
holder
1,097 Up 153.1%*
Net profit (loss) attributable
to security holders
1,097 Up 153.1%*

Interim/Final Dividend Amount per security Imputed amount per
security
No Dividend declared Not Applicable Not Applicable

Record Date Not Applicable
Dividend Payment Date Not Applicable

Comments:
This Appendix 1 should be read in conjunction with the
unaudited consolidated financial statements for the six months
ended 30 September 2017 and the Interim Report for the six
months ended 30 September 2017 (Interim Report).
For commentary on the results please refer to the Interim Report
and accompanying announcement.
The unaudited consolidated financial statements for the six
months ended 30 September 2017 have been prepared in
accordance with New Zealand Generally Accepted Accounting
Practice and with New Zealand Equivalents to International
Financial Reporting Standards (“NZIFRS”) and the accounting
policies set out in the Interim Report.

*Note - Serko moved from loss to profit when compared to the
previous corresponding period. The percentage change is
calculated by taking the movement for the six month period over
the absolute value of the loss from the previous corresponding
period.


Net tangible assets per
security
September 2017 September 2016
CENTS (NZD) CENTS (NZD)
Net tangible assets per
security
1.16 1.18

Basis of report
This report is based on unaudited financial statements.

---

Interim Report
For the period ended 30 September 2017

Serko Interim Report September 2017
2
Contents
Key Dates
Chairman and CEO’s report04
Interim Financial Statements08
Statement of comprehensive income10
Statement of changes in equity11
Statement of financial position12
Statement of cash flows13
Notes to the financial statements14
Corporate Directory and shareholders enquiries23
THIS REPORT IS DATED 22 NOVEMBER 2017 AND IS SIGNED ON BEHALF OF THE BOARD OF SERKO LIMITED
BY SIMON BOTHERWAY, CHAIRMAN, AND DARRIN GRAFTON, CHIEF EXECUTIVE OFFICER.
30 September 2017
23 May 2018
Half-year End
Full-year Results Announced
22 November 2017
June 2018
Half-year Results Announced
Annual Report Released
31 March 2018
22 August 2018
Financial-year End
Annual Shareholders Meeting
Darrin GraftonSimon Botherway
Chief Executive OfficerChairman

Chairman and CEO’s report
Dear Shareholder,
We are pleased to report we have achieved our goal of
turning a profit in the first half of the 2018 financial year
(FY18) and that we are well on our way to recording
Serko’s first full-year profit. The onboarding of new
customers to our suite of corporate travel and expense
management solutions; increased usage of the solutions
by our existing customers; and the growing contribution
to revenue of travel-related content, such as hotels and
airport transfers, resulted in strong growth in the half-year.
We have also controlled costs and generated modest
positive cash flows, while continuing to invest in the further
development of our solutions, including Serko Zeno, our
new premium solution we are offering alongside Serko
Online that was rolled out to our first customers in October.
It has been a gratifying six-month period, and we are now
looking forward to making progress on the next phase of
our growth plans, to expand our presence in the Northern
Hemisphere markets.
Darrin GraftonSimon Botherway
Chief Executive OfficerChairman
Serko has achieved
profitability for the
first half of FY18
Serko Interim Report September 2017
3

Serko Interim Report September 2017
4
PERFORMANCE DRIVERS IN THE FIRST
HALF OF FY18
Serko’s three-pronged strategy of delivering market-
leading technological innovations, growing its customer
base and increasing average revenue per booking
(ARPB), continues to deliver favourable financial
outcomes for the company. On all three fronts Serko has
made good progress, which has further enhanced the
company’s position as the leading online business travel
booking platform in the Australasian market.
number of planned transitions onto the Serko
platform in the second half, through agreements
with Sabre and Tandem (Air New Zealand’s
TMC). These agreements are underpinned by
minimum transaction commitments.
•A 43% increase in revenue generated by Serko
Expense, our expense management solution,
compared to the previous corresponding
period, as a result of the successful reseller
programme introduced in the prior year with
our partner TMCs.
•A 100% increase in content revenue growth
over the same period last year with 5.4%
of all bookings as of September 2017 now
generating additional content revenues. Serko
continues to add content to its platform and
recently completed the development work
for accommodation providers Hotel Hub and
HRS Global Hotel Solutions. We also recently
announced a partnership with Gullivers Travel
Associates (GTA) to provide further hotel
content. This content combined with that from
Expedia, Booking.com, Wotif and Expedia
Affiliate Network makes Serko one of the
world’s largest metasearch engines for business
travel accommodation.
•The partnership with Air New Zealand to
bring the airline’s unique content to the Zeno
platform, allowing customers to book through
Serko previously unavailable content, such as
meal and seat selection.
Key strategic achievements for the period include:
•The development and release of Zeno, a
premium and predictive door-to-door booking
platform that will allow Serko to continue to
grow its customer base and give customers
the opportunities to add additional content to
their travel programmes via the Zeno hub. Zeno
will extend Serko’s content revenue sources.
We are pleased with the results from Zeno
customer trials and we expect further uptake as
commercial arrangements are finalised with our
partner Travel Management Company (TMC)
resellers. Already, we anticipate more than
1,000 corporate customers will transition to
the platform. Zeno will spearhead our Northern
Hemisphere entry strategy. It is engineered
to integrate additional content sources from
multiple providers and is therefore adaptable to
new geographies.
•The continued onboarding of new customers,
resulting in a 21% increase in online booking
transactions over the same period last year.
Transactions are expected to increase with a
21%
Increase in transacted booking volume
30%
Increase in revenue

Serko Interim Report September 2017
5
FINANCIAL HIGHLIGHTS
Total Operating Revenue
1
rose 30% to $9.1 million,
reflecting the 21% increase in transacted booking
volumes (which translated into a 19% increase in
transactional fee revenue) in the half-year period. It also
reflected strong growth in income from Serko Expense,
content supplier commissions (both through Serko
Online and serko.travel) and Serko Mobile licenses.
These latter sources of revenue contributed 29% to
Total Operating Revenue.
Half-year Total Income
1
rose 26% to $9.6 million,
which was a $2 million increase over the prior half-year
result of $7.6 million. Relative to last year, operating
revenue income also benefited from the hedging of the
company’s net forecasted Australian dollar position at
approximately NZ$0.93. The prior half-year result was
affected by unfavourable foreign-currency shifts.
A company-wide focus on achieving best-practice
in terms of the cost base and realising operating
efficiencies, resulted in operating costs declining by
12%, while investment spending on intangibles such as
software development and purchases of property, plant
and equipment was lower at $0.2 million compared to
the same period last year of $0.8 million.
Coupled with revenue growth, these savings resulted
in a first-half EBITDA
3
of $1.3 million, a turnaround of
$3.1 million from the EBITDA loss of $1.8 million in the
same period last year.
1. Total Operating Revenue is revenue excluding income from grants and finance income, while Total Income includes grants.
2. ATMR is a non-GAAP measure representing Annualised Transactional Monthly Revenue. Serko uses this as a useful indicator of
recurring revenues from Serko products, based on the monthly transactions and average revenue per booking, on a constant currency basis.
Due to seasonality Serko uses the latest month which is not affected by a seasonality trend. For the current period, September 2017 is
affected by Australian school holidays and as such the calculation is based on August 2017 transactions.
3. EBITDA is a non-GAAP measure representing Earnings Before the deduction of costs relating to Interest, Taxation, Depreciation,
Amortisation and Impairment.
4. NPBT is net profit before tax.
Approximately 90% of revenue in the period was derived
from recurring revenue sources, with the remainder
derived mainly from system customisation work.
Annualised Transactional Monthly Revenue (ATMR
2
),
an indicator of the company’s recurring revenues, stood
at $17.8 million at the end of September 2017, up from
$15.3 million as at the end of March 2017.
2
$17.8m
Up 28% from same month last year
PEAK ATMR
$1.3m
EBITDA
A turn around of $3.1m from last year
loss of $1.8m
3

Serko Interim Report September 2017
6
First half net profit before tax (NPBT
4
) for the six
months to 30 September 2017 was $1.2 million, well
ahead of the $2 million loss in the same period last year
and ahead of the guidance given in October.
Serko remains in a sound financial position with cash
balances of $4.6 million, up from $4.5 million at 31
March 2017. In the same period last year net cash
balances fell by $2.4 million.
OUTLOOK FOR THE SECOND HALF OF FY18
While the second half is typically not as strong as
the first, due to the slowdown in corporate travel
during the Australasian December-to-January holiday
period, Serko is expecting revenues to continue to
grow through the onboarding of customers and
commencement of revenue from Zeno. Minimum
transaction agreements, notably with Sabre and
Tandem will also underpin revenue growth.
As disclosed in October, Serko expects Total Operating
Revenue for the second half of the 2018 financial year
to be 25% to 30% higher than the same period a year
ago. As a result, we expect Total Operating Revenue
for the year to 31 March 2018 to be in the range of $18
million to $19 million.
However, Serko is investing more during the second
half as we begin our expansion into Northern
Hemisphere territories. We expect that our cost base
will increase correspondingly. We aim to match our
cost base with guranteed minimum revenue deals
with prospective TMC partners in the Northern
Hemisphere and we are comfortable that we have
sufficient capital to execute our current growth plans.
Serko remains committed to achieving EBITDA, NPBT
and cash flow breakeven during the second half, while
expansion opportunities are pursued.
Serko is looking forward confidently to the next phase
of our growth plan. The company now provides an
integrated globally competitive offering through the
provision of Serko Zeno, alongside Serko Online, Serko
Expense as well as serko.travel for small and medium
enterprises.
Yours sincerely,
Darrin Grafton
Simon Botherway
Chief Executive Officer
Chairman
$1.2m
A turn around of $3.2m from last year
loss of $2.0m
NPBT
4

Serko Interim Report September 2017
7

Serko Interim Report September 2017
8

Serko Interim Report September 2017
9
Interim Financial
Statements
For the six month period ended 30 September 2017
For and on behalf of the Board of Directors, who authorise these Financial Statements
for issue on 22 November 2017
Statement of comprehensive income10
Statement of changes in equity11
Statement of financial position 12
Statement of cash flows13
Notes to the financial statements14
Darrin GraftonSimon Botherway
Chief Executive OfficerChairman

Serko Interim Report September 2017
10
Statement of comprehensive income
For the six months ended 30 September 2017
Revenue109,0707,00414,277
Other income4995941,092
Finance income158146142
Finance costs(31)(21)(54)
Income tax expense(69)(52)(144)
Movement in foreign currency reserve(17)(19)(140)
Operating expenses
Selling and marketing expenses(598)(966)(1,658)
Remuneration and benefits(5,607)(6,423)(12,285)
Administration expenses(1,832)(1,806)(3,880)
Other expenses(493)(540)(940)
Earnings per share
Basic and diluted profit/(loss) per share$0.01$(0.03)$(0.05)
Notes
6 Months
Unaudited
6 Months
Unaudited
12 Months
Audited
30 Sep 201730 Sep 201631 Mar 2017
Total revenue and other income9,5697,59815,369
Profit/(loss) before income tax1,166(2,012)(3,306)
Net profit/(loss) attributable to the shareholders of the company1,097(2,064)(3,450)
Total comprehensive profit/(loss) for the period 1,080(2,083)(3,590)
Total expenses from ordinary activities(8,530)(9,735)(18,763)
$ (000)$ (000)$ (000)
The accompanying notes form an integral part of these financial statements.

Serko Interim Report September 2017
11
Statement of changes in equity
For the six months ended 30 September 2017
Balance as at 1 April 201625,185888107(16,447)9,733
Net loss for the period---(2,064)(2,064)
Other comprehensive income/(loss)*--(19)-(19)
Balance as at 1 April 201625,185888107(16,447)9,733
Net loss for the period---(3,450)(3,450)
Other comprehensive income/(loss)*--(140)-(140)
Balance as at 1 April 201725,1851,021(33)(19,897)6,276
Net profit for the period---1,0971,097
Other comprehensive income/(loss)*--(17)-(17)
Transactions with owners
Allocated shares to employees-118--118
Forfeiture of shares from employees -(162)--(162)
Transactions with owners
Allocated shares to employees8372--372
Forfeiture of shares from employees8-(239)--(239)
Transactions with owners
Allocated shares to employees8-72--72
NotesShare Capital
Share Based
Payment
Reserve
Foreign
Currency
Reserve
Accumulated
Losses
Total Equity
Total expenses from ordinary activities--(19)(2,064)(2,083)
Total expenses from ordinary activities--(140)(3,450)(3,590)
Total comprehensive profit for the year--(17)1,0971,080
Balance as at 30 September 201625,18584488(18,511)7,606
Balance as at 31 March 201725,1851,021(33)(19,897)6,276
Balance as at 30 September 201725,1851,093(50)(18,800)7,428
$ (000)$ (000)$ (000)$ (000)$ (000)
*
Items in other comprehensive income may be reclassified to the income statement and are shown net of tax.
The accompanying notes form an integral part of these financial statements.

Serko Interim Report September 2017
12
Statement of financial position
As at 30 September 2017
NotesUnauditedUnauditedAudited
30 Sep 201730 Sep 201631 Mar 2017
$ (000)$ (000)$ (000)
Current Assets
Cash at bank and on hand4,5574,7714,451
Trade and other receivables24,3603,8173,167
Derivative financial instruments3-72-
Current liabilities
Trade and other payables62,8752,4912,582
Derivative financial instruments3154-245
Income tax payable14180160
Interest-bearing loans and borrowings7421333399
Non-current liabilities
Deferred tax liability-55-
Trade and other payables6222187269
Interest-bearing loans and borrowings7268369254
Derivative financial instruments3--34
Equity
Share capital825,18525,18525,185
Share-based payment reserve81,0938441,021
Foreign currency reserve(50)88(33)
Accumulated losses(18,800)(18,511)(19,897)
Non-current assets
Property, plant and equipment4867858886
Intangible assets 51,5941,6031,603
Deferred tax asset112-112
Derivative financial instruments319--
Total current assets8,9178,6607,618
Total current liabilities3,5912,9043,386
Total non-current liabilities490611557
Total equity7,4287,6066,276
Total non-current assets2,5922,4612,601
Total assets11,50911,12110,219
Total liabilities4,0813,5153,943
Total equity and liabilities11,509 11,121 10,219
The accompanying notes form an integral part of these financial statements.

Serko Interim Report September 2017
13
Statement of cash flows
For the six months ended 30 September 2017
Notes
6 Months
Unaudited
6 Months
Unaudited
12 Months
Audited
30 Sep 201730 Sep 201631 Mar 2017
$ (000)$ (000)$ (000)
Cash flows from operating activities
Receipts from customers8,3587,46415,113
Interest received447099
Receipts from grants4985941,075
Taxation (paid)/refund received(70)(54)(469)
Payments to suppliers and employees(8,558)(10,121)(17,349)
Interest payments(11)-(16)
Net GST refunded/(paid)4361(48)
Cash flows from investing activities
Purchase of property, plant and equipment(67)(268)(247)
Purchase of intangibles(103)(508)(791)
Cash flows from financing activities
Proceeds from borrowings-369-
Net increase (decrease) in total cash134(2,393)(2,633)
Net foreign exchange difference(28)46(34)
Cash and cash equivalents at beginning of period4,4517,1187,118
Cash and cash equivalents comprises the following:
Cash at bank and on hand4,5574,7714,451
Net cash flows from (used) in operating activities9304(1,986)(1,595)
Net cash flows used in investing activities(170)(776)(1,038)
Net cash flows from financing activities-369-
Cash and cash equivalents at end of period4,5574,7714,451
4,5574,7714,451
The accompanying notes form an integral part of these financial statements.

Serko Interim Report September 2017
14
Notes to the financial statements (unaudited)
For the six months ended 30 September 2017
These unaudited, interim financial statements of Serko Limited (the company) and its subsidiaries
(together “the group”) have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice and comply with the requirements of International Accounting Standard (IAS) 34
Interim Financial Reporting and with New Zealand Equivalent to International Accounting Standard (IAS)
34 Interim Financial Reporting. The Company is a profit orientated entity.
The Company is registered under the Companies Act 1993 and listed on the New Zealand Stock
Exchange. The Company is an FMC Reporting Entity under the Financial Markets Conduct Act 2013 and
the Financial Reporting Act 2013.
The unaudited, interim financial statements of the group for the six months ended 30 September 2017
have been prepared using the same accounting policies and methods of computation as, and should be
read in conjunction with, the financial statements and related notes included in the group’s Annual Report
for the year ended 31 March 2017.
The same significant judgements, estimates and assumptions included in the notes to the financial
statements in the group’s Annual Report for the year ended 31 March 2017 have been applied to
these interim financial statements.

Basis of presentation and accounting policies1

Serko Interim Report September 2017
15
UnauditedUnauditedAudited
30 Sep 201730 Sep 201631 Mar 2017
$ (000)$ (000)$ (000)
Current assets
Trade receivables3,1032,8552,544
Provision for doubtful debts(42)(7)(7)
GST receivable499122
Prepayments898548255
NuTravel Loan receivable - refer note 12352330353
Total trade and other receivables4,3603,8173,167
Trade and other receivables
2
On 9 April 2014 an interest bearing loan to NuTravel Technology Solutions LLC of US$200,000 was assigned
by Financial Equities Limited to Serko Limited in return for an interest-bearing loan repayable on receipt of the
loan receivable. The loan expired on 30 June 2016. The loan is currently outstanding and action is being taken
to recover the loan. There is no financial risk to Serko as the loan receivable is back to back with the associated
loan payable to Financial Equities Limited (refer note 7). Financial Equities Limited is a company associated with
directors Robert Shaw and Darrin Grafton.
NuTravel Receivable/Financial Equities Loan Payable

Serko Interim Report September 2017
16
UnauditedUnauditedAudited
UnauditedUnauditedAudited
30 Sep 201730 Sep 201631 Mar 2017
30 Sep 201730 Sep 201631 Mar 2017
$ (000)$ (000)$ (000)
$ (000)$ (000)$ (000)
Opening balance886613613
Additions67307538
Disposals-(34)(39)
Depreciation(86)(28)(225)
Currency translation--(1)
Net tangible assets per security (cents)1.161.181.18
Current:
Foreign currency forward exchange contracts(154)72(245)
Non-current:
Foreign currency forward exchange contracts19-(34)
Contractual amounts of forward exchange contracts outstanding were as follows:
Purchase commitments forward exchange contracts14,4881,22713,027
Closing balance867858886
To manage the group’s foreign exchange risk arising from future commercial transactions, the group employ
forward contracts. Management is responsible for managing exposures in each foreign currency (Australian
Dollar) by using forward foreign currency exchange contracts.
The following table presents the group’s foreign currency forward exchange contracts measured at fair value:
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
Derivative financial instruments
Property, plant and equipment
3
4

Serko Interim Report September 2017
17
UnauditedUnauditedAudited
UnauditedUnauditedAudited
30 Sep 201730 Sep 201631 Mar 2017
30 Sep 201730 Sep 201631 Mar 2017
$ (000)$ (000)$ (000)
$ (000)$ (000)$ (000)
Opening balance1,6031,4391,439
Additions 191453780
Amortisation(200)(283)(633)
Currency translation-(6)17
Trade payables1,6741,227532
Accrued expenses5225681,442
Lease incentive223252227
GST payable--16
Employee entitlements678631634
Closing balance1,5941,6031,603
Total trade and other payables3,0972,6782,851
3,0972,6782,851
Intangible assets
Trade and other payables
5
6
Disclosed as:
Current2,8752,4912,582
Non-current222187269

Serko Interim Report September 2017
18
UnauditedUnauditedAudited
Number of
shares
Value of
equity
30 Sep 201730 Sep 201631 Mar 2017
$ (000)$ (000)$ (000)
$ (000)$ (000)
Financial Equities loan payable - refer note 12352330353
Obligations under finance leases-4-
Leasehold fitout loan337368300
Balance at 1 April 201672,89426,073
Allocated shares to employees via Restricted Share Scheme-118
Forfeiture of shares from employees via Restricted Share Scheme-(162)
Balance at 1 October 201672,89426,029
Issue of new shares to employees via Restricted Share Scheme2,000-
Allocated shares to employees via Restricted Share Scheme -254
Forfeiture of shares from employees via Restricted Share Scheme-(77)
Balance at 1 April 201774,89426,206
Allocated shares to employees via Restricted Share Scheme-72
Total Interest bearing loans and borrowings689702653
Balance as at 30 September 201672,89426,029
Balance as at 31 March 201774,89426,206
Balance as at 31 March 201774,89426,278
689702653
Interest bearing loans and borrowings
Equity (share capital and share-based payment reserve)
7
8
Disclosed as:
Current421333399
Non-current268369254
Financial Equities is a loan payable against a loan receivable from NuTravel (refer note 2)
During the period the company issued 346,157 shares under a Restricted Share Scheme (RSS). In respect of the
RSS, as at 30 September 2017, 932,965 restricted shares are allocated to key management personnel and 497,015
allocated to other Serko employees. 1,589,976 restricted shares remain unallocated at 30 September 2017.

Serko Interim Report September 2017
19
UnauditedUnauditedAudited
30 Sep 201730 Sep 201631 Mar 2017
$ (000)$ (000)$ (000)
Net Profit/(loss) after tax 1,097(2,064)(3,450)
Reconciliation of operating cash flows
9
1,323(1,785)(2,703)
(1,019)(201)1,108
Net cash from operating activities304(1,986)(1,595)
Adjustments
Depreciation8628225
Amortisation200283633
Increase/(decrease) in deferred tax1(3)(170)
Loss on property, plant and equipment disposal-3536
Gain/(loss) on foreign exchange transactions(133)(20)(110)
Share-based compensation72(44)133
Changes in working capital items
(Increase)/decrease in trade receivables & prepayments(858)483820
(Increase)/decrease in derivative financial instruments(144)(67)285
Increase/(decrease) in trade payables & accruals2(382)158
Decrease in current tax payable(19)(235)(155)

Serko Interim Report September 2017
20
UnauditedUnauditedAudited
30 Sep 201730 Sep 201631 Mar 2017
$ (000)$ (000)$ (000)
Segments
10
9,0707,00414,277
2,4612,4612,489
Sales to external customers
New Zealand350379672
Australia8,5176,45513,195
India 2772136
Singapore241118
USA10746158
Other454198
Non-current operating assets
New Zealand2,4382,3252,464
Australia2313625
The board of directors and senior management 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 segment.
Revenue is allocated to geographical segments on the basis of where the sale is recorded by each
operating company within the group:
Non-current assets for this purpose consist of property, plant and equipment and intangible assets.
New Zealand, Australia and USA geographical information has been restated in the prior period.
Operating Segment Information
Geographical Segment Information

Serko Interim Report September 2017
21
UnauditedUnauditedAudited
UnauditedUnauditedAudited
30 Sep 201730 Sep 201631 Mar 2017
30 Sep 201730 Sep 201631 Mar 2017
$ (000)$ (000)$ (000)
% equity interest
Commitments
Related parties
11
12
2,2352,3772,462
-4-
Operating lease commitments
Payable within one year557495514
Payable later than one year, but not more than five years1,6781,5701,755
Payable later than five years-312193
Serko Australia Pty Limited100%100%100%
Serko Trustee Limited100%100%100%
Serko India Private Limited99%99%99%
Serko Investments Limited100%100%100%
Foshan Sige Information Technology Limited100%--
Finance lease commitments
Payable within one year-4-
The consolidated financial statements include the financial statements of Serko Limited and subsidiaries as
listed in the following table:
Serko Australia Pty Limited’s principal business is the marketing and support of travel booking software solutions
supplied by Serko Limited. This entity has been consolidated based on management accounts for the period ended
30 September 2017.
Serko Trustee Limited was incorporated on 4 June 2014 to hold the shares issued to key management and staff in
the Restricted Share Scheme and Salary Sacrifice Scheme in trust until vesting.
Serko India Private Limited was incorporated on 18 February 2015 as a subsidiary for the India-based operations.
Subsidiaries

Serko Interim Report September 2017
22
Related parties (continued)
Contingencies
Events after balance date
12
13
14
In the current year key management personnel received 182,306 issued shares via the Restricted Share Scheme in
July 2017, which are held in trust by Serko Trustee Limited until they vest. The shares vest on 7 July 2020.

Serko Investments Limited was incorporated on 5 November 2014 as a holding company. It holds 1% of the
shares in Serko India Private Limited.
Foshan Sige Information Technology Limited was incorporated on 7 August 2017 as a subsidary for the
China-based operations.
There were no contingent liabilities as at 30 September 2017 (30 September 2016: Nil, 31 March 2017: Nil).
There were no material events subsequent to balance date.
On 9 April 2014 an interest bearing loan to NuTravel Technology Solutions LLC of US$200,000 was assigned by
Financial Equities Limited to Serko Limited in return for an interest-bearing loan repayable on receipt of the loan
receivable. The loan expired on 30 June 2016, a notice for repayment has been provided to NuTravel. Financial
Equities Limited is a company associated with directors Robert Shaw and Darrin Grafton (refer note 2).
Other transactions with key management personnel and directors
Subsidiaries (continued)
NuTravel Receivable/Financial Equities Loan Payable

Serko Interim Report September 2017
23
Saatchi Building
Unit 14D
125 The Strand
Parnell, Auckland
New Zealand
+64 9 309 4754
Link Market Services Limited
Level 11, Deloitte House
80 Queen Street
Auckland
New Zealand
+64 9 375 5998
Simon Botherway (Chairman)
Claudia Batten
Robert (Clyde) McConaghy
Darrin Grafton
Robert Shaw
Deloitte Limited
Serko is a company incorporated with limited liability under the New Zealand Company Act 1993.
Companies Office registration number 1927488.
For investor relations queries contact InvestorRelations@serko.com
Registered Office
Share Registrar
Directors
Auditor
Corporate Directory

Serko Interim Report September 2017