2019 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
Incorporated in New Zealand ARBN 611 613 980


Market Release
20 November 2018

UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2018

Serko establishes footholds in new markets as growth continues
Online travel and expense management leader remains profitable as it continues to expand its market
share in Australia and New Zealand and invests in core infrastructure and system features to support
growth locally and in the Northern Hemisphere

Highlights from the unaudited six-month period include:
• Total Operating Revenue
1
for the period ended 30 September 2018 at $11.4 million is up 25% over the previous
corresponding six-month period of $9.1 million.
• Travel booking platform transaction volumes increased by 21% over the same period last year.
• ATMR
2
reached a peak of $19.4 million during the period.
• Total Income
1
from all sources, including grants, was $11.8 million for the period.
• Net profit before tax (NPBT) for the period was $1 million. Prior year period was $1.2 million.
• EBITDA
3
profit for the period was $1.5 million. Prior year period was $1.3 million.
• Cash on hand as at 30 September 2018 was $19 million, up from $5.2 million at 31 March 2018 and included
$14.3 million (net of issue costs) from the August 2018 capital raise.
• Dual-listing on the ASX by way of a Foreign Exempt Listing.
Serko Limited (NZX/ASX:SKO), a leader in online travel booking and expense management for business, today announced
the results for the half year to 30 September 2018. Serko’s revenues continued to grow in its home markets of Australia
and New Zealand and good progress was made in establishing its presence in the Northern Hemisphere, while remaining
profitable.
Transactional volumes across Serko’s travel platforms were up 21% on the same period a year ago. Operating Revenue
grew 25% over the previous corresponding period. This is within the guidance range of 20-30% provided for the full year in
August 2018. Net profit before tax (NPBT) was $1 million and EBITDA
3
was $1.5 million, largely in-line with the prior year
and consistent with guidance.
Serko Chairman Simon Botherway said: “We made pleasing progress in the half year and we continue to be the leading online
business travel booking platform in the Australasian market. We experienced increased transaction volumes from existing
and new customers, additional revenue from travel-related content, such as hotel bookings and airport transfers, as well as
strong growth in our Expense platform revenue.

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 2018 is affected by Australian holidays and as such the
calculation is based on August 2018 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
Incorporated in New Zealand ARBN 611 613 980
“We maintained profitability and we have made significant investment in platform development including Zeno, our
premium platform that is spearheading entry into new Northern Hemisphere markets.”
“It has been a gratifying six-month period. Agreements have been entered into with approximately two thirds of our
Australasian Travel Management Company (TMC) partners (as measured by transactional volume) to enable them to offer
Zeno to their corporate customers.”

“We have also made significant progress on the next phase of our growth plans, to expand our presence in the Northern
Hemisphere markets. Zeno was successfully trialled in the UK from May 2018 in conjunction with our global TMC partner,
ATPI, and one of its corporate customers. ATPI is now expanding the offer to other UK corporates. We expect to commence
transactions in continental Europe and North America in the second half. Demand has exceeded our capacity. In order to
support this growth, we have expanded our team with both permanent and contract resource. We will increase our level of
investment into new features for the Northern Hemisphere and the integration of new content, while also improving core
platform resilience.”
“We are being noticed by the global travel management industry. In October 2018 we were recognised at the BTN (Business
Travel Network) Group Innovate conference, as the Peoples’ Choice Business Travel Innovator. Meanwhile, in New Zealand,
Serko was awarded excellence in innovation at the New Zealand Business Awards held in November 2018 by New Zealand
Trade and Enterprise.”
“Finally, we broadened our reach into Australasian capital markets with a capital raising and ASX listing in the middle of this
year. It has been a gratifying six-month period.”
Financial highlights
Total Operating Revenue
1
in the half-year period rose 25% to $11.4 million, reflecting the 21% increase in transacted booking
volumes (which translated into an 18% increase in transactional fee revenue). It also reflected strong growth in income from
Expense platform transactions and content supplier commissions. These latter sources of revenue, plus other revenue,
contributed 17% of Total Operating Revenue. Average Revenue per Booking (ARPB) earned from travel platform associated
revenue, including supplier commissions, remained steady against the prior year.
Serko Chief Executive Darrin Grafton said: “Approximately 85% of revenue in the period was derived from core product
sources, with the remainder derived mainly from system customisation work. We are seeing increased demand for
customised versions of our core technology and we expect this to translate into revenue growth in the future.”
“Annualised Transactional Monthly Revenue (ATMR
2
), an indicator of the company’s recurring revenues, was a peak of $19.4
million for the period, up from $18.4 million at the end of March 2018. We are very pleased with Serko’s progress and
performance.”
Half-year Total Income
1
rose 23% to $11.8 million, which was a $2.2 million increase over the prior half-year result of $9.6
million.
First half EBITDA
3
of $1.5 million remained comparable to the prior period of $1.3 million, consistent with guidance. NPBT
for the six-month period of $1 million, was down slightly against the prior period of $1.2 million, with the fall primarily related
to currency fluctuations.
“Serko remains in a sound financial position with cash balances of $19 million, up from $5.2 million at 31 March 2018.
Serko raised additional capital in August 2018 to accelerate growth opportunities. Cash balances include $14.3 million (net
of issue costs) from the capital raise.”
“Serko had positive $1.6 million cash flow from operations. Investment in our product, Research and Development (R&D),
increased to $3.8 million from $2.4 million in the same period a year ago. Around $1.9 million of product investment in the
current year was capitalised,” Mr Grafton said.
Strategic Achievements
“Serko’s three-pronged strategy of delivering market-leading technological innovations, growing its customer base both
within its home markets and new markets, and increasing average revenue per booking (ARPB) continues to deliver strong
financial outcomes for the Company. Serko has made significant advances towards achieving its strategic objectives.”
Key strategic achievements for the period include:

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
Incorporated in New Zealand ARBN 611 613 980
• The continued onboarding of new customers, resulting in a 21% increase in online booking transactions over the
previous corresponding period. This increase primarily relates to Serko’s home markets of Australia and New
Zealand as expansion into the Northern Hemisphere is still in the early stage of development.
“We expect to continue to grow our share in our home markets, although potentially not as quickly as we have seen
in the first half of the financial year. This growth, although moderated by the holiday business travel slowdown, will
be assisted by the on-boarding of Orbit Travel Group, which signed in July 2018 and will begin to transition onto
Zeno during the second half of this financial year,” Mr Grafton said.
• The commencement of expansion into the Northern Hemisphere. Serko’s TMC partner ATPI successfully completed
a customer trial in the UK and is expected to roll Zeno out to other customers in the second half. Investment in
development requirements to expand the rollout to other European countries has commenced with the integration
of new travel content to the platform.
• Zeno agreements have been signed with North American TMCs and discussions are underway with additional TMCs
after a successful launch of Zeno at the Global Business Travel Association conference held in the US in August 2018.
We expect to close additional reseller agreements with customer trials to begin in the second half following
completion of content integration and system optimisation work, with revenue to follow in future financial years.
• In Australasia, we have signed reseller distribution agreements for the new Zeno platform with TMCs representing
approximately two thirds of Serko’s customers, based on current volume. More than 350 corporates are now using
Zeno, including some large customers transacting at a rate of over 1,000 bookings per month. Flight Centre launched
Savi, a customised travel booking platform based on Zeno in September 2018. It is trialling the service with some
existing customers and expects to roll it out to new customers in the last quarter of this financial year.
• Services revenue, primarily system customisation, expanded by 68% over the prior period. The increased service
level activity is due to customers specifying specialist features that are expected to contribute to increased
transactions in the future and ultimately improve ARPB. New contractual arrangements now include an element of
committed development spend so Services revenue is likely to persist at this elevated level in future.
• Revenue from Serko Expense, our expense management solution, grew by 31% compared to the previous
corresponding period.
• Content revenues (commissions on third party services such as transfers and hotel bookings) grew by 24% compared
to the previous corresponding period with over 6% of all bookings generating additional content revenues, up from
5.4% at the same time a year ago.
• We continue to innovate. We are partnering with airlines, including Qantas, to bring New Distribution Capability
(NDC) booking functionality to the Zeno travel platform. NDC will allow customers to book previously unavailable
content, such as meal and seat selection, as well as access other information and services not yet provided through
other integrations.
OUTLOOK
Serko Chairman Mr Botherway said: “Serko retains its guidance within the range of 20-30% Operating Revenue growth for
the full financial year ending 31 March 2019. Currency fluctuations and the timing of customer onboarding will be key factors
determining the final result as usual.
“We will accelerate investment in system development during the second half to provide local content, additional
functionality and to ensure we have the infrastructure to support global growth. We expect that the benefits of this
investment will be apparent in the 2020 financial year. We anticipate that the majority of these costs will be capitalised,
resulting in our EBITDA remaining consistent with the prior period.”
“Serko is looking forward confidently to the next phase of our growth plan as we take Serko’s Zeno to the world,” Mr
Botherway said.
We also continue to assess acquisition opportunities to support our growth objectives.
ENDS

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
Incorporated in New Zealand ARBN 611 613 980


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 2018
Previous Reporting Period 6 months to 30 September 2017

Amount
(NZ$000)
Percentage change
Revenue from ordinary
activities
11,350 Up 25.1%
Profit (loss) from ordinary
activities after tax
attributable to security
holder
920 Down 16%
Net profit (loss) attributable
to security holders
920 Down 16%

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 2018 and the Interim Report for the six
months ended 30 September 2018 (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 2018 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.



Net tangible assets per
security
September 2018 September 2017
CENTS (NZD) CENTS (NZD)
Net tangible assets per
security
25.61 7.79
Basis of report
This report is based on unaudited financial statements.

---

1
SERKO INTERIM REPORT
Interim Report
For the period ended 30 September 2018

2
SERKO INTERIM REPORT
SERKO INTERIM
REPORT
This report is dated 20 November 2018 and is signed on behalf of the Board of Serko Limited by Simon
Botherway, Chairman, and Darrin Grafton, Chief Executive Officer.
DARRIN GRAFTONSIMON BOTHERWAY
CHIEF EXECUTIVE OFFICERCHAIRMAN

3
SERKO INTERIM REPORT
Key Dates
Contents
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 Enquiries25
30 September 201822 May 2019
Half-year EndFull-year Results Announced
20 November 2018May 2019
Half-year Results AnnouncedAnnual Report Released
31 March 201921 August 2019
Financial-year EndAnnual Shareholders Meeting
Pursuant to ASX listing rule1.15.3, Serko Limited confirms that it continues to comply with the rules of its home
exchange (NZX Main Board).

4
SERKO INTERIM REPORT
CEO AND CHAIRMAN’S LETTER
Dear Fellow Shareholders,
Serko can look back on another gratifying six-
month period and we are looking ahead with
confidence. We have grown in our home markets
of Australia and New Zealand, where we have truly
transformed the way businesses manage travel
and expenses. We have taken the first steps on the
next stage of our growth plan to do the same in the
Northern Hemisphere. And, we have done all of this
while remaining profitable.
that is spearheading our entry into new Northern
Hemisphere markets.
We have entered into agreements with
approximately two thirds of our Australasian
Travel Management Company (TMC) partners (as
measured by transactional volume) to enable them
to offer Zeno to their corporate customers.
In the Northern Hemisphere, Zeno was successfully
trialled in the UK from May 2018 in conjunction with
our global TMC partner, ATPI, and one of its corporate
customers. ATPI is now expanding the offer to other
UK corporates. We expect to commence transactions
in continental Europe and North America in the
second half. Demand has exceeded our capacity. In
order to support this growth we have expanded our
team with both permanent and contract resource.
We will increase our level of investment into new
features for the Northern Hemisphere and the
integration of new content, while also improving
core platform resilience.
We are being noticed by the global travel
management industry. In October 2018 we were
recognised at the BTN (Business Travel Network)
Group Innovate conference, as the Peoples’
Choice Business Travel Innovator. Meanwhile, in
New Zealand, Serko was awarded excellence in
innovation at the New Zealand Business Awards
held in November 2018 by New Zealand Trade
and Enterprise.
Finally, we broadened our reach into Australasian
capital markets with a capital raising and ASX listing
in the middle of this year.
We continue to be
the leading online
business travel
booking platform
in the Australasian
market
We continue to be the leading online business
travel booking platform in the Australasian market.
We experienced increased transaction volumes
from existing and new customers, additional
revenue from travel-related content, such as
hotel bookings and airport transfers, as well as
strong growth in our Expense platform revenue.
We have made significant investment in platform
development including Zeno, our premium platform

5
SERKO INTERIM REPORT
Financial highlights
Total Operating Revenue
1
in the half-year period
rose 25% to $11.4 million. This is in line with
guidance provided in August 2018 for growth of
20% to 30% and reflected the 21% increase in
transacted booking volumes (which translated into
an 18% increase in transactional fee revenue).
revenues, was a peak of $19.4 million for the period,
up from $18.4 million at the end of March 2018.
Half-year Total Income
1
rose 23% to $11.8 million,
which was a $2.2 million increase over the prior
half-year result of $9.6 million. First half net profit
before tax (NPBT) was $1 million down slightly
against the prior period of $1.2 million, with the fall
primarily related to currency fluctuations. EBITDA
3

was $1.5 million, largely in-line with the prior
period’s $1.3 million and consistent with guidance.
We remain in a sound financial position with cash
balances of $19 million, up from $5.2 million at
31 March 2018. Serko raised additional capital in
August 2018 to accelerate growth opportunities.
Cash balances include $14.3 million (net of issue
costs) from the capital raise.
We had positive $1.6 million cash flow from
operations. Investment in our product, Research
and Development (R&D), increased to $3.8 million
from $2.4 million in the same period a year ago.
Around $1.9 million of product investment in the
current year was capitalised.
Strategic achievements
Our three-pronged strategy of delivering market-
leading technological innovations, growing our
customer base, both within its home markets and
new markets, and increasing average revenue
per booking (ARPB) continues to deliver strong
financial outcomes for the company. Serko has
made significant advances towards achieving its
strategic objectives.
21% increase in
online booking
transactions
It also reflected strong growth in income from
Expense platform transactions and content
supplier commissions. These latter sources of
revenue, plus other revenue, contributed 17% of
Total Operating Revenue. Average Revenue per
Booking (ARPB) earned from platform revenue,
including supplier commissions, remained steady
against the prior year.
Approximately 85% of revenue in the period
was derived from core product sources, with
the remainder derived mainly from system
customisation work. We are seeing increased
demand for customised versions of our core
technology and we expect this to translate into
revenue growth in the future.
Annualised Transactional Monthly Revenue
(ATMR
2
), an indicator of the company’s recurring

6
SERKO INTERIM REPORT
Key achievements for the period include:
• The continued onboarding of new customers,
resulting in a 21% increase in online booking
transactions over the previous corresponding
period. This increase primarily relates to Serko’s
home markets of Australia and New Zealand as
expansion into the Northern Hemisphere is still
in the early stage of development.
We expect to continue to grow our share in
our home markets, although potentially not
as quickly as we have seen in the first half
of the financial year. This growth, although
moderated by the holiday business travel
slowdown, will be assisted by the on-boarding
of Orbit Travel Group, which signed in July
2018 and will begin to transition onto Zeno
during the second half of this financial year.
• The commencement of expansion into the
Northern Hemisphere. Serko’s TMC partner ATPI
successfully completed a customer trial in the UK
and is expected to roll Zeno out to other customers
in the second half. Investment in development
requirements to expand the rollout to other
European countries has commenced with the
integration of new travel content to the platform.
• Zeno agreements have been signed with North
American TMCs and discussions are underway
with additional TMCs after a successful
launch of Zeno at the Global Business Travel
Association conference held in the US in August
2018. We expect to close additional reseller
agreements with customer trials to begin in the
second half following completion of content
integration and system optimisation work, with
revenue to follow in future financial years.
• In Australasia, we have signed reseller
distribution agreements for the new Zeno
platform with TMCs representing approximately
two thirds of Serko’s customers, based on
current volume. More than 350 corporates are
now using Zeno, including some large customers
transacting at a rate of over 1,000 bookings per
month. Flight Centre launched Savi, a customised
travel booking platform based on Zeno in
September 2018. It is trialling the service with
some existing customers and expects to roll it
out to new customers in the last quarter of this
financial year.
Services revenue
expanded by 68%
• Services revenue, primarily system
customisation, expanded by 68% over the prior
period. The increased service level activity is
due to customers specifying specialist features
that are expected to contribute to increased
transactions in the future and ultimately
improve ARPB. New contractual arrangements
now include an element of committed
development spend so services revenue is likely
to persist at this elevated level in the future.
• Revenue from Serko Expense, our expense
management solution, grew by 31% compared to
the previous corresponding period.
• Content revenues (commissions on third party
services such as transfers and hotel bookings)
grew by 24% compared to the previous
corresponding period with over 6% of all bookings
generating additional content revenues, up from
5.4% at the same time a year ago.
• We continue to innovate. We are partnering
with airlines, including Qantas, to bring
New Distribution Capability (NDC) booking
functionality to the Zeno travel platform. NDC will
allow customers to book previously unavailable
content, such as meal and seat selection, as well
as access other information and services not yet
provided through other integrations.

7
SERKO INTERIM REPORT
OUTLOOK
Serko retains its guidance within the range of
20-30% Operating Revenue growth for the full
financial year ending 31 March 2019. Uncertainty
around currency fluctuations and the timing
of customer onboarding will be key factors
determining the final result as usual.
We will accelerate investment in system
development during the second half to provide
local content, additional functionality and to
ensure we have the infrastructure to support
global growth. We expect that the benefits of this
investment will be apparent in the 2020 financial
DARRIN GRAFTON
SIMON BOTHERWAY
CHIEF EXECUTIVE OFFICER
CHAIRMAN
year. We anticipate the majority of these costs will
be capitalised, resulting in our EBITDA remaining
consistent with the prior period.
We are looking forward confidently to the next
phase of our growth plan as we take Serko’s Zeno
to the world.
We continue to assess acquisition opportunities to
support our growth objectives.
Yours sincerely,
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 2018 is affected by Australian holidays and as such the calculation
is based on August 2018 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.
Awarded excellence
in innovation at
the New Zealand
Business Awards

8
SERKO INTERIM REPORT
FINANCIAL
STATEMENTS

9
SERKO INTERIM REPORT
DARRIN GRAFTONSIMON BOTHERWAY
CHIEF EXECUTIVE OFFICERCHAIRMAN
Statement of Comprehensive Income
10
Statement of Changes in Equity11
Statement of Financial Position12
Statement of Cash Flows13
Notes to the Financial Statements
14-24
For and on behalf of the Board of Directors, who authorise these Financial Statements
for issue on 20 November 2018

10
SERKO INTERIM REPORT
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2018
Notes
6 Months
Unaudited
6 Months
Unaudited
12 Months
Audited
30 Sep 201830 Sep 201731 Mar 2018
$ (000)$ (000)$ (000)
Revenue11,3509,07018,279
Other income465499994
Total revenue and other income211,8159,56919,273
Operating Expenses
Selling and marketing expenses(959)(598)(1,258)
Remuneration & benefits(6,179)(5,607)(11,667)
Administration expenses(2,769)(1,832)(3,692)
Other expenses(779)(493)(1,067)
Total operating expenses3(10,686)(8,530)(17,684)
Finance income93158475
Finance expenses(270)(31)(61)
Profit before income tax9521,1662,003
Income tax expense (32)(69)(171)
Net profit attributable to the shareholders of the company
9201,0971,832
Movement in foreign currency reserve30(17)(52)
Total comprehensive income for the year9501,0801,780
Earnings per share
Basic profit per share11 $0.01 $0.02 $0.03
Diluted profit per share11 $0.01 $0.01 $0.02
The accompanying notes form an integral part of these financial statements

11
SERKO INTERIM REPORT
*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
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2018
Notes
Share
Capital
Share-
based
Payment
Reserve
Foreign
Currency
Reserve
Accumulated
Losses
Total
$ (000)$ (000)$ (000)$ (000)$ (000)
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)
Total comprehensive income for the period
--(17)1,0971,080
Transactions with owners
Shares allocated to employees-72--72
Balance as at 30 September 201725,1851,093(50)(18,800)7,428
Balance as at 1 April 201725,1851,021(33)(19,897)6,276
Net profit for the year---1,8321,832
Other comprehensive income/(loss)*--(52)-(52)
Total comprehensive income for the year--(52)1,8321,780
Transactions with owners
Shares allocated to employees10-252--252
Shares forfeited from employees10-(23)--(23)
Share options to non-executive directors10-59--59
Balance as at 31 March 201825,1851,309(85)(18,065)8,344
Balance as at 1 April 201825,1851,309(85)(18,065)8,344
Net profit for the period---920920
Other comprehensive income/(loss)*--30-30
Total comprehensive income for the period
--30920950
Transactions with owners
Issue of shares (net of issue costs)1014,288---14,288
Allocated shares to employees10-231--231
Balance as at 30 September 201839,4731,540(55)(17,145)23,813

12
SERKO INTERIM REPORT
NotesUnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
$ (000)$ (000)$ (000)
Current assets
Cash at bank and on hand18,9714,5575,232
Trade and other receivables44,1984,3013,831
Derivative financial instruments552-288
Total current assets23,2218,8589,351
Non-current assets
Property, plant and equipment6998867893
Intangible assets 73,2371,5941,574
Deferred tax asset160112155
Derivative financial instruments5-19-
Total non-current assets4,3952,5922,622
Total assets27,61611,45011,973
Current liabilities
Trade and other payables83,3382,8752,793
Derivative financial instruments5-154-
Income tax payable7714198
Interest-bearing loans and borrowings951400351
Total current liabilities3,4663,5703,242
Non-current liabilities
Trade and other payables8159223183
Interest-bearing loans and borrowings9178229204
Total non-current liabilities337452387
Total liabilities3,8034,0223,629
Equity
Share capital1039,47325,18525,185
Share-based payment reserve101,5401,0931,309
Foreign currency reserve(55)(50)(85)
Accumulated losses(17,145)(18,800)(18,065)
Total equity23,8137,4288,344
Total equity and liabilities27,616 11,450 11,973
STATEMENT OF FINANCIAL POSITION
As at 30 September 2018
The accompanying notes form an integral part of these financial statements

13
SERKO INTERIM REPORT
STATEMENT OF CASH FLOWS
For the six months ended 30 September 2018
Notes
6 Months
Unaudited
6 Months
Unaudited
12 Months
Audited
30 Sep 201830 Sep 201731 Mar 2018
$ (000)$ (000)$ (000)
Cash flows from operating activities
Receipts from customers10,9298,35817,754
Interest received304493
Receipts from grants465498915
Taxation (paid)/refund received(32)(70)(262)
Payments to suppliers and employees(9,825)(8,535)(17,065)
Interest payments(10)(11)(22)
Net GST refunded (paid)73433
Net cash flows from/(used in) operating activities121,6303271,416
Cash flows from investing activities
Purchase of property, plant and equipment(226)(67)(192)
Capitalised development costs and other intangible assets (1,921)(103)(327)
Net cash flows from/(used in) investing activities(2,147)(170)(519)
Cash flows from financing activities
Net repayment of loans(24)(23)(46)
Issue of shares (net of issue costs)14,288--
Net cash flows from/(used in) financing activities14,264(23)(46)
Net increase (decrease) in total cash13,747134851
Net foreign exchange difference(8)(28)(70)
Cash and cash equivalents at beginning of period5,2324,4514,451
Cash and cash equivalents at end of period18,9714,5575,232
Cash and cash equivalents comprises the following:
Cash at bank and on hand18,9714,5575,232
18,9714,5575,232
The accompanying notes form an integral part of these financial statements

14
SERKO INTERIM REPORT
1 BASIS OF PRESENTATION AND ACCOUNTING POLICIES
a) Corporate Information
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). Its registered office is at Unit 14d, 125 The
Strand, Parnell, Auckland.
The Company is an FMC Reporting Entity under the Financial Markets Conduct Act 2013
and the Financial Reporting Act 2013.
The unaudited interim consolidated financial statements of Serko Limited (‘the company’) and
subsidiaries (‘the group’) were authorised for issue in accordance with a resolution of directors.
The group is involved in the provision of computer software solutions for corporate travel.
The group is headquartered in Auckland, New Zealand.
b) Basis of preparation
These unaudited interim consolidated 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 oriented entity.
All significant accounting policies have been applied on a basis consistent with those used
in the audited consolidated financial statements of the Group for the year ended 31 March
2018 other than as disclosed in (c) below.
c) Changes in accounting policies and disclosures
Apart from the changes noted below, the unaudited interim consolidated financial
statements 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 financial year ended 31 March 2018.
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
For the six months ended 30 September 2018

15
SERKO INTERIM REPORT
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
$ (000)$ (000)$ (000)
Revenue - transaction and usage fees:
Travel platform booking revenue7,7216,55213,283
Expense platform booking revenue8846731,539
Supplier commissions revenue8346701,288
Other revenues189149334
Revenue - services1,7221,0261,835
Total revenue11,3509,07018,279
Government grants461498956
Sundry income4138
Total other income465499994
Total revenue and other income11,8159,56919,273
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
$ (000)$ (000)$ (000)
Geographic information
Australia9,8228,51716,599
New Zealand9983501,038
US392107457
India 242757
Singapore362442
Other784586
Total revenue11,3509,07018,279
Application of new and revised standards, amendments and interpretations
The Group has applied NZ IFRS 15 ‘Revenue from contracts with customers’ and NZ IFRS
9 ‘Financial instruments - Classification and Measurement’ in the current financial year.
Consistent with the conclusion disclosed in the Group’s annual report for the financial year
ended 31 March 2018, the Group has now finalised the assessment and concludes that the
adoption of these standards has not had any material impact on the financial position, financial
performance or the underlying accounting policies of the Group, and hence no opening
balance adjustments are required.
The Group adopted NZ IFRS 15 using the modified retrospective approach.
2 REVENUE AND OTHER INCOME

16
SERKO INTERIM REPORT
3 EXPENSES
Research & Development (R&D) cost is a Non-GAAP measure representing the internal and
external costs related to R&D that have been included in operating costs and capitalised as
computer software development during the period.
Research expenditure includes all reasonable expenditure associated with R&D activities
that does not give rise to an intangible asset. R&D expenses include employee and
contractor remuneration related to these activities. It also covers research expenditure
defined by NZ IAS 38.
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
$ (000)$ (000)$ (000)
Operating profit before taxation includes the following expenses:
Auditor remuneration and advisory fees404079
Amortisation of intangibles240200412
Depreciation12186185
Rental and operating lease expenses351336729
Employee and contractor remuneration7,4955,42111,043
Employee and contractor remuneration capitalised(1,903)(136)(279)
Contributions to pension plans214192480
Share-based payment expenses23172288
Marketing expenses511186410
Hosting expenses7794931,067
Other operating expenses2,6071,6403,270
Expenses from ordinary activities10,6868,53017,684
Research expenses (excluding capitalised development costs)1,9402,2344,523

17
SERKO INTERIM REPORT
5 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:
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
$ (000)$ (000)$ (000)
Current:
Foreign currency forward exchange contracts52(154)288
Non-current:
Foreign currency forward exchange contracts-19-
Contractual amounts of forward exchange contracts outstanding were as follows:
Purchase commitments forward exchange contracts9,75014,48810,763
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.
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
$ (000)$ (000)$ (000)
Current assets
Trade receivables3,5683,1033,046
Provision for doubtful debts(60)(42)-
GST receivable834930
Prepayments607839454
NuTravel Loan receivable - refer note 14-352301
Total trade and other receivables4,1984,3013,831
4 TRADE AND OTHER RECEIVABLES

18
SERKO INTERIM REPORT
7 INTANGIBLE ASSETS
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
$ (000)$ (000)$ (000)
Opening balance1,5741,6031,603
Additions 1,903191383
Amortisation(240)(200)(412)
Closing balance3,2371,5941,574
6 PROPERTY, PLANT & EQUIPMENT
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
$ (000)$ (000)$ (000)
Opening balance893886886
Additions22667193
Depreciation(121)(86)(185)
Currency translation--(1)
Closing balance998867893

19
SERKO INTERIM REPORT
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
$ (000)$ (000)$ (000)
Trade payables1,1671,674428
Accrued expenses1,2595221,640
Lease incentive205223223
GST payable--20
Employee entitlements866678665
Total trade and other payables3,4973,0972,976
Disclosed as:
Current3,3382,8752,793
Non-current159222183
3,4973,0972,976
8 TRADE AND OTHER PAYABLES
9 INTEREST-BEARING LOANS AND BORROWINGS
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
$ (000)$ (000)$ (000)
Financial Equities loan payable - refer note 14-352301
Leasehold fitout loan229277254
Total interest bearing loans and borrowings229629555
Disclosed as:
Current51400351
Non-current178229204
229629555

20
SERKO INTERIM REPORT
10 EQUITY (SHARE CAPITAL AND SHARE-BASED PAYMENT RESERVE)
Number of
shares
Value of
Equity
(000)$ (000)
Balance at 1 April 201774,89426,206
Shares allocated to employees via Restricted Share Scheme-72
Balance as at 30 September 201774,89426,278
Balance at 1 April 201774,89426,206
Shares allocated to employees via Restricted Share Scheme-252
Shares forfeited from employees via Restricted Share Scheme-(23)
Share options to non-exec directors-59
Balance as at 31 March 201874,89426,494
Balance at 1 April 201874,89426,494
Shares allocated to employees via Restricted Share Scheme-231
Issue of shares (net of issue costs)5,45514,288
Balance as at 30 September 201880,34941,013
During the period the company issued 334,272 shares under a Restricted Share Scheme
(RSS). In respect of the RSS, as at 30 September 2018, 1,061,676 restricted shares are
allocated to key management personnel and 465,975 allocated to other Serko employees.
1,276,119 restricted shares remain unallocated at 30 September 2018.
On 8 August 2018 the company completed a NZ$15 million underwritten placement, with
5,454,545 shares being sold at a fixed price of NZ$2.75 per share.

21
SERKO INTERIM REPORT
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
$ (000)$ (000)$ (000)
Profit attributable to ordinary equity holders of the parent
Continuing operations9201,0971,832
9201,0971,832
Basic earnings per share
Issued ordinary shares (refer Note 10)80,34974,89474,894
Weighted average of issued ordinary shares76,08374,89474,894
Adjusted for employee restricted share plan shares(2,804)(3,017)(2,991)
Weighted average of issued ordinary shares73,27971,87871,903
Basic earnings per share (dollars)0.010.020.03
Diluted earnings per share
Weighted average of issued ordinary shares76,08374,89474,894
Weighted average of issued ordinary shares for
diluted earnings per share
76,08374,89474,894
Diluted earnings per share (dollars)0.010.010.02
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
CentsCentsCents
Net tangible assets per security25.617.799.04
11 EARNINGS PER SHARE (EPS)

22
SERKO INTERIM REPORT
12 RECONCILIATION OF OPERATING CASH FLOWS
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
$ (000)$ (000)$ (000)
Net Profit after tax9201,0971,832
Adjustments
Depreciation12186185
Amortisation240200412
Increase/(decrease) in deferred tax(5)1(42)
(Gain)/loss on foreign exchange transactions241(133)(556)
Share-based compensation23172288
1,7481,3232,119
Changes in working capital items
(Increase)/decrease in trade receivables & prepayments(388)(799)(764)
Increase/(decrease) in trade payables & accruals291(178)123
Decrease in current tax payable(21)(19)(62)
(118)(996)(703)
Net cash from operating activities1,6303271,416
13 COMMITMENTS
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
$ (000)$ (000)$ (000)
Operating lease commitments
Payable within one year545557562
Payable later than one year, but not more than five years1,1391,6781,365
Total commitments1,6842,2351,927

23
SERKO INTERIM REPORT
14 RELATED PARTIES
Subsidiaries
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.
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.
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
subsidiary for the China-based operations.
Serko Inc. was incorporated on 30 October 2017 as a subsidiary for the US-based operations.
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
$ (000)$ (000)$ (000)
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%100%100%
Serko Inc100%-100%

24
SERKO INTERIM REPORT
Other transactions with key management personnel and directors
In the current year key management personnel received 235,457 issued shares via the
Restricted Share Scheme in July 2018, which are held in trust by Serko Trustee Limited
until they vest. The shares vest on 7 July 2021.
NuTravel Receivable/Financial Equities Loan Payable
On 8 May 2018 the receivable from nuTravel (refer note 4) was reassigned to Financial
Equities Limited (FEL) and the loan payable to FEL (refer note 9) was fully extinguished.

15 CONTINGENCIES
There were no contingent liabilities as at 30 September 2018 (30 September 2017: Nil, 31
March 2018: Nil).
16 EVENTS AFTER BALANCE DATE
There were no material events subsequent to balance date.

25
SERKO INTERIM REPORT
New Zealand
Saatchi Building
Unit 14D
125 The Strand
Parnell, 1010
+64 9 309 4754
New Zealand
Saatchi Building
Unit 14D
125 The Strand
Parnell, 1010
+64 9 309 4754
Australia
Level 8
75 Elizabeth Street
Sydney 2000
NSW, Australia
+61 2 9435 0380
Australia
Level 12
680 George Street
Sydney 2000
NSW, Australia
+61 1300 554 474
Australia
c/- Sly & Russell Legal
Nominees Pty Ltd
Level 18
225 George Street
Sydney 2000
NSW, Australia
New Zealand
Link Market Services Limited
Level 11, Deloitte House
80 Queen Street
Auckland 1140, New Zealand
+64 9 375 5998
serko@linkmarketservices.co.nz
Deloitte Limited
Deloitte Centre
80 Queen Street
Auckland 1040, New Zealand
+64 9 303 0700
Simon Botherway (Chairman)
Claudia Batten
Robert (Clyde) McConaghy
Darrin Grafton
Robert (Bob) Shaw
Serko is a company incorporated with limited liability under the New Zealand Companies Act 1993
New Zealand Companies Office registration number 1927488
Australian Registered Body Number (ARBN) 611 613 980
For investor relations queries contact: InvestorRelations@serko.com
PRINCIPLE
ADMINISTRATION
OFFICE
REGISTERED OFFICESHARE REGISTRAR
DIRECTORSAUDITOR
Serko’s ESG Report, which includes its Corporate Governance Statement, can be found at
www.serko.com/investor-centre
COMPANY DIRECTORY

26
SERKO INTERIM REPORT
Interim Report