ikeGPS FY19 Interim results

Find Out More At:
www.ikegps.com
350 Interlocken Blvd, Suite 390, Broomfield CO 80021, USA
Office: +1 303 222 3218
www.ikegps.com



For Immediate Release 28 November 2018
Continued growth in the U.S. Communications and Electric Utilities market
Financial results for 1H FY19 period
ikeGPS (IKE) advises the following as relates to 1H FY19 results for the period ending September 2018 (all figures NZD).
These results are in line with the pre-announced metrics advised to the market in October:

- Revenue in the period $4.4m (26% growth against PCP of $3.5m).
o Positive contribution from IKE Analyze Solution revenue, which offers an end to end technical solution to
customers performing make ready engineering (MRE) projects
- Gross margin in the period of $2.9m (93% growth against PCP of $1.5m).
o Gross margin percentage of 65% (against PCP of 44%) reflects growing IKE Solution sales including
recurring SaaS revenue, with subscription renewal rates >85% in the period.
- Net loss in the period of $1.9m (51% improvement against PCP loss of $3.9m).
- Cash on hand of approximately $5.4m and receivables of approximately $2.5m.
- Additional milestones in the period included:
o Confirmation that AT&T Inc., the largest communications company operating across North America, is
writing the ‘IKE Standard’ into its Articles for all aerial make-ready-engineering.
o Sales growth of the new IKE Analyze product. Six enterprise customers are now contracted including two
tier-1 electric utilities and four engineering groups who are performing network development for
communications companies.
o Sales into additional target account customers including Verizon Communications Inc. and Cox
Communications Inc.
o Continued progress with the Spike program in line with the strategy to integrate Spike with industry
leading software partners such as ESRI Inc., so to target larger enterprise sales opportunities.

Further commentary:
IKE CEO, Glenn Milnes, commented, “Through 1H FY19 we were pleased to make further progress in the North
American poles market targeting Communications companies & Electric Utilities. Most notably for shareholders we
have seen growth of sales, and substantial growth of pipeline opportunities, for the new IKE Analyze offering. IKE
Analyze utilizes our cloud-based pole software so to ingest customers raw field data and enable IKE to complete the
required asset analysis via our cloud platform, such as pole loading analysis or make-ready-engineering to speed
network builds. We view IKE Analyze as an important potential additive growth engine over the coming years. In
addition to revenue from IKE4 unit sales, the annualised run rate revenue from IKE Analyze sales grew to approximately
$2m in Q2 FY19, approximately double the level in early calendar 2018. Based on contracts in place we expect this
annualised run rate to continue to increase through Q3 FY19 and with the potential for IKE Analyze sales to deliver
outsize revenue growth, acknowledging that we do expect ongoing lumpiness because of the nature of the contracts
being pursued.

Working capital in place to support IKE Analyze growth and delivery:
As previously advised to the market an oversubscribed capital raise closed in the period, raising approximately $5.9m.
The new IKE Analyze Solution has a higher initial working capital requirement than the historical business model but
provides substantially higher potential revenue amounts (and absolute margin) per customer against a historical IKE4
sale. A stronger balance sheet is also important for some of the large infrastructure business that IKE is already selling
to or is targeting, given that IKE hosts their critical infrastructure data and asset records.

Find Out More At:
www.ikegps.com
350 Interlocken Blvd, Suite 390, Broomfield CO 80021, USA
Office: +1 303 222 3218
www.ikegps.com

The above working capital will specifically support the sales process and delivery of targeted IKE Analyze contracts, to
support the lumpy sales cycles associated with IKE’s core business selling IKE4 systems, and to enable investment into
some additional IKE Analyze sales resources. Related, in Q2 FY19 IKE was pleased to appoint new senior enterprise
sales and delivery leaders with extensive experience across the U.S. Communications and Fibre market, including
Malcolm Taylor - formerly VP Sales at Arris Solutions where he led their US$400m p a business and the appointment of
Matthew Worster – formerly solution engineering lead at Alden Systems, as VP IKE Analyze.

FY19 Guidance maintained.
IKE maintains its full year FY19 guidance, for:
- Greater than 30% revenue and gross margin growth against FY18.
- Operating cash flow breakeven for FY19, from forecast increasing IKE Solution revenue in 2H FY19 alongside
continued prudent management of operating expenses.
- EBITDA breakeven by Q4 FY19.



ENDS

IKE seeks to be the standard for collecting, managing and analysing pole and overhead asset information for electric
utilities, communications companies and their engineering service providers. Usage of the IKE pole solution shows that
against existing work practices IKE increases efficiency for field engineering by approximately two times and increases
efficiency for back-office engineering by approximately five times.

Contact: Glenn Milnes, CEO, +1 720-418-1936, glenn.milnes@ikegps.com

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Contents

Consolidated interim statement of profit or loss and other comprehensive income ........6
Consolidated interim statement of changes in equity ............................................................7
Consolidated interim balance sheet ..................................................................................................8
Consolidated interim statement of cash flows ...........................................................................9
Notes to the consolidated interim financial statements ..................................................10-17

6

Consolidated interim statement of profit or loss and
other comprehensive income


Unaudited
6 months to
September
2018
Unaudited
6 months to
September
2017
Continuing operations
$'000's $'000's
Operating revenue

4,395 3,451
Cost of sales

(1,533) (1,936)
Gross profit 2,862 1,515
Other income

12 72
Operations cost 5 (401) (239)
Sales and marketing expenses 5 (1,534) (1,545)
Research and engineering expenses 5 (1,385) (1,663)
Corporate costs 5 (1,801) (1,934)
Foreign exchange (losses)/gains

(12) (625)
Expenses
(5,133) (6,006)
Operating loss (2,259) (4,419)
Net finance expense

(3) (12)
Net loss before income tax (2,262) (4,431)
Income tax credit (expense)/credit

7 (22)
Loss attributable to owners of ikeGPS Group (2,255) (4,453)
Other comprehensive loss
Items that may subsequently be recognised through profit or loss

Exchange differences on translation of foreign operations

307 562
Comprehensive loss
(1,948) (3,891)

Basic loss per share

$ (0.02) $ (0.06)


Diluted loss per share

$ (0.02) $ (0.06)

















The accompanying notes form part of, and should be read in conjunction with, these financial statements.

7

Consolidated interim statement of changes in equity


Share
capital
Accumulated
losses
Share based
payment
reserve
Foreign
currency
translation
reserve Total
$'000's $'000's $'000's $'000's $'000's
Opening balance at 1 April 2017
45,252 (34,763) 399 (252) 10,636
Loss for the year - (4,453) - - (4,453)
Currency translation differences - - - 562 562
Total comprehensive
income/(loss)
- (4,453) - 562 (3,891)
Issue of ordinary shares 4,012 - - - 4,012
Recognition of vesting of share-based
options
- - 49 - 49
Share based payment reserve movement - - (2) - (2)
Total transactions with owners 4,012 - 47 - 4,059
Balance at 30 September 2017 49,264 (39,216) 446 310 10,804


Share
capital
Accumulated
losses
Share based
payment
reserve
Foreign
currency
translation
reserve Total
$'000's $'000's $'000's $'000's $'000's
Opening balance at 1 April 2018
49,263 (40,814) 60 (283) 8,226
Loss for the year - (2,255) - - (2,255)
Currency translation differences - - - 307 307
Total comprehensive
income/(loss)
- (2,255) - 307 (1,948)
Issue of ordinary shares 5,882 - - - 5,882
Recognition of vesting of share-based
options
- - 80 - 80
Share based payment reserve movement - 10 (10) - -
Total transactions with owners 5,882 10 70 - 5,962
Balance at 30 September 2018
55,145 (43,059) 130 24 12,240
















The accompanying notes form part of, and should be read in conjunction with, these financial statements.

8

Consolidated interim balance sheet



Unaudited
September
2018
Unaudited
September
2017
ASSETS $'000's $'000's
Current assets

Cash and cash equivalents

5,354 3,414
Trade and other receivables

2,522 2,288
Prepayments

554 444
Inventory

1,297 1,379
Total current assets 9,727 7,525
Non-current assets

Property, plant and equipment

1,126 1,121
Intangible assets

3,960 3,780
Deferred tax asset

20 18
Total non-current assets
5,106 4,919
Total assets 14,833 12,444
LIABILITIES

Current liabilities

Trade and other payables

1,123 878
Employee entitlements

263 210
Contract liabilities

1,076 552
Total current liabilities 2,462 1,640
Non-current liabilities
Non-current contract liabilities

131 -
Total non-current liabilities 131 -
Total liabilities 2,593 1,640
Total net assets 12,240 10,804
EQUITY



Share capital
6
55,145 49,264
Share based payment reserve

130 446
Accumulated losses

(43,059) (39,216)
Foreign currency translation reserve

24 310
Total equity
12,240 10,804




Director Date: 27 November 2018 Director Date: 27 November 2018
NZ (New Zealand Time) NZ (New Zealand Time)

The accompanying
notes form part of, and should be read in conjunction with, these fin ancia l statements.

9

Consolidated interim statement of cash flows



Unaudited
September
2018
Unaudited
September
2017

$'000's $'000's
Cash flows from operating activities

Cash receipts from customers

3,784 3,027
Cash paid to suppliers and employees

(6,162) (4,734)
Interest paid

(6) (38)
Net cash used in operating activities
7 (2,384) (1,745)

Cash flows from investing activities

Purchases of property, plant and equipment

(458) (204)
Additions to intangible assets

(478) (1,263)
Interest received

3 5
Net cash used in investing activities
(933) (1,462)

Cash flows from financing activities

Proceeds from issuance of shares

5,968 3,954
Net cash from financing activities
5,968 3,954
Net (decrease)/increase in cash and cash equivalents 2,651 747
Cash and cash equivalents at 1 April

2,586 2,730
Effect of exchange rate fluctuations on cash held

117 (63)
Cash and cash equivalents 5,354 3,414


























The accompanying notes form part of, and should be read in conjunction with, these fin ancia l statements.

10

Notes to the consolidated interim financial statements

1. Reporting Entity
Ike GPS Limited (the “Company”) is a limited liability company domiciled and incorporated in New Zealand,
registered under the Companies Act 1993 and listed on the New Zealand Stock Exchange (“NZX”) and Australian
Stock Exchange (“ASX”). The Company is a FMC reporting entity for the purposes of the Financial Markets
Conduct Act 2013. The financial statements for the period ended 30 September 2018 comprise the Company
and its subsidiaries (together referred to as the “Group”) which include ikeGPS Limited and ikeGPS Inc.
The principal activity of the Group is that of design, marketing and sale of integrated GPS data capture devices
and related software solutions.
The financial statements were authorised for issue by the Directors on 27 November 2018.
2. Basis of preparation
The principal accounting policies applied in the preparation of these consolidated unaudited interim financial
statements are set out below. These policies have been consistently applied to all the periods presented, unless
otherwise stated.
Basis of measurement
These unaudited interim financial statements for the six months ended 30 September 2018 have been prepared
in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”) and NZ IAS 34, Interim
Financial Reporting. These unaudited interim financial statements also comply with IAS 34 interim financial
reporting.
The financial statements have been prepared on the historical cost basis with the exception of certain financial
instruments which are measured in accordance with the specific relevant accounting policy.
These unaudited interim financial statements do not include all the notes of the type normally included in an
annual financial report. Accordingly, this report should be read in conjunction with the audited financial
statements of the Group for the financial year ended 31 March 2018, which have been prepared in accordance
with the New Zealand equivalents to International Financial Reporting Standards (NZ IFRS). All significant
accounting policies have been applied on a basis consistent with those used in the audited financial statements
of the Group for the year ended 31 March 2018 other than as disclosed in Note 3 below.
Critical estimates and judgments
The preparation of financial statements requires management to make judgments, estimates and assumptions
that affect the application of accounting policies and the reported amounts of assets, liabilities, income and
expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised and in any future periods affected.
In preparing these condensed interim financial statements, the significant judgements made by management
in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as
those that applied to the consolidated financial statements for the year ended 31 March 2018, other than critical
estimates and judgement related to the new standards adopted by the group as disclosed in note 3 below.

11

Notes to the consoli dated interim financial statements

2. Basis of preparation (continued)
Going concern
These financial statements have been prepared based on the Group being a going concern, which assumes the
Group has the ability and intention to continue operations for a period of at least 12 months from the date of
the financial statements. The following condition indicates the existence of a material uncertainty that may cast
significant doubt on the validity of this assumption.
The Group had net operating cash outflows for the six months ended 30 September 2018 of $2.4m (twelve
months ended 31 March 2018: $2.8m), and a cash balance of $5.4m. If this level of cash usage continued the
Group would not be able to fund its operations without the need to raise additional capital.
The approved base business plan for FY19 includes the prudent management of costs while focusing effort on
realising the significant sales opportunities for the entity’s products and services.
The plan takes into consideration:
• forecast sales increases of its IKE Solution, focused on sales into telecommunications companies within
the United States that are deploying fiber
• increased subscription revenue associated with the IKE Solution
• continued prudent operational cost management
• the ability of the Group to manage its growth activities and associated costs
To support its growth objectives, the Group recently completed a share placement and share purchase program
raising a net $5,881,990.
Although the Company is not currently engaged in pursuing raising additional capital, the dual listing on the NZX
and ASX provides the Company with the potential option to pursue capital raise opportunities from a wider
market in order to among other things; expand existing business, additional working capital, and acquire or
establish new businesses. The Directors believe that additional capital could be raised should circumstances
necessitate.
On this basis, the Directors believe that the Group has sufficient funding to continue operations for at least the
next 12 months from the date of authorising the financial statements, and hence consider the use of the going
concern basis appropriate. The Group’s ability to improve its financial capacity and cash flow generated from
its operations cannot be assured.
These consolidated financial statements do not reflect adjustments in the carrying values of the assets and
liabilities, the reported revenues and expenses, and the balance sheet classifications used, that would be
necessary if the Group were unable to realise its assets and settle its liabilities in the normal course of
operations. Such adjustments could be material.
Apart from the changes noted below, the unaudited interim condensed 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 Financial
Statements for the year ended 31 March 2018.

12

Notes to the consoli dated interim financial statements

3. New and amended standards adopted by the Group
NZ IFRS 15 Revenue from Contracts with Customers
NZ IFRS 15 supersedes NZ IAS 11 Construction Contracts, NZ IAS 18 Revenue and Related Interpretations and
it applies to all revenue arising from contracts with customers, unless those contracts are in the scope of other
standards. The new standard establishes a five-step model to account for revenue arising from contracts with
customers. Under NZ IFRS 15, revenue is recognised at an amount that reflects the consideration to which an
entity expects to be entitled in exchange for transferring goods or services to a customer.
The standard requires entities to exercise judgement, taking into consideration all of the relevant facts and
circumstances when applying each step of the model to contracts with their customers.
The five-step model for recognising revenue from contracts with customers requires consideration of the
following steps:
1. Identifying the contract
2. Identifying the individual performance obligations within the contract
3. Determining the transaction price
4. Allocating the transaction price to distinct performance obligations
5. Recognising revenue
We have provided the table below that provides the key judgements made on the application of NZ IFRS 15
across the portfolio of contracts related to each revenue type.
New Business

Revenue
Type
Description Key Judgements Outcome Timing of revenue
recognition
Hardware Device ikeGPS sells Spike devices
through direct orders and online
software.
No major judgement required. N/A
Point in time
Recognised when the unit is
received by the customer.

13

Notes to the consoli dated interim financial statements

4. New and amended standards adopted by the Group (continued)
Utility & Communication

Revenue
Type
Description Key Judgements Outcome Timing of revenue
recognition
IKE4 solution The IKE4 Solution is marketed to
utility & communications market
as an all-in-one package which
includes the IKE4 device,
preconfigured IKE Field Android
mobile application and online
access to IKE Office - a cloud-
based software platform that
enables customers to measure
and analyse assets captured with
the IKE4 device.
The contract for an IKE4 Device, IKE
Field and IKE Office is generally sold
as a packaged solution. Management
has determined the individual
performance obligations within the
contract. The total contract price is
allocated to each performance
obligation. Where possible
management uses external
comparatives to identify standalone
performance obligations and
respective price. Where an external
comparative is not available,
management’s judgement was
applied.

Management has determined that
the IKE4 Device, Software licence
(IKE Field) and Subscription (IKE
Office) are distinct performance
obligations of the IKE4 Solution. In
determining this management has
relied on market comparables to
establish standalone performance
obligations.
Point in time
Both the IKE4 device and
IKE Field mobile application
are recognised at the point
in time when the device is
sent to the customer.

Over time
IKE Office is recognised
over the term of the contract.
Subscription Customers are required to renew
software subscriptions to allow
continued access to the IKE
Office online cloud functionality.
Determining when each performance
obligation is fulfilled.
Customers use the IKE Field and
IKE Office solution to store and
analyse data, customize and add
new forms, for project management
and to access to additional tools.
Along with integration capability
these performance obligations can
be described as ‘stand ready’
services which can be recognised
over time.
Over time
Subscription software
recognised over time.
Solution End to end technical solution to
customers performing make
ready engineering projects.
Determining when each performance
obligation is fulfilled.
The business is required to perform
certain activities as per the scoping
document for each customer. Once
the activity is complete the Group will
recognise the revenue.
Point in time
Recognised when the
performance obligation has
been completed.

Impact of adoption
The Group has adopted the NZ IFRS 15 Revenue from Contracts with Customers from 1 April 2018 which
resulted in changes in accounting policies and adjustments to the amounts recognised in the financial
statements. In accordance with the transition provisions in NZ IFRS 15, the Group has elected to use the
modified retrospective method and has recognised the cumulative effect of applying NZ IFRS 15 as an
adjustment to the opening balance of retained earnings on 1 April 2018.
The impact on the Group’s retained earnings as at 1 April 2018

2018


$'000's
Closing retained earnings 31 March 2018

(41,088)
IKE Field decrease in contract liabilities
(ref. “a.” below)
274
Opening retained earnings 1 April 2018

(40,814)

a.
On adoption of NZ IFRS 15 the IKE Field portion of IKE4 transactions are recognised at a point in time.
The adjustment made to retained earnings reflects the amount of revenue deferred at 31 March 2018
related to IKE Field
.

14

Notes to the consoli dated interim financial s tatements

3. New and amended standards adopted by the Group (continued)
NZ IFRS 9 Financial Instruments - Impact of adoption
The new NZ IFRS 9 replaces the provisions of NZ IAS 39 that relate to the recognition, classification,
measurement and impairment of financial assets. The adoption of NZ IFRS 9 from 1 April 2018 has resulted in
changes in accounting policy.
The change in accounting policy applied on adoption of NZ IFRS 9 has not resulted in any material change for
the Group.
Classification and measurement
NZ IFRS 9 impacts the following classifications of financial assets:
• Cash
• Trade receivables. At initial recognition trade receivables have been recognised at the transaction price as
permitted by NZ IFRS 9 for trade receivables that do not have a finance component.

From 1 April 2018, the Group will measure financial assets at amortised cost.
Impairment
The adoption of NZ IFRS 9 has changed the Group’s accounting treatment for impairment of financial assets
by replacing NZ IAS 39’s incurred loss approach with a forward-looking expected credit loss approach.
Trade Receivables
For trade receivables the Group has applied the standard’s simplified approach permitted by NZ IFRS 9. The
Group established a provision matrix that is based on the days past due, historical credit loss experience,
individual customer characteristics, likelihood of payment and economic environment.
The loss allowance for trade receivables identified using the simplified approach compared to the loss
allowance calculated under NZ IAS 39 on adoption of NZ IFRS 9 is immaterial at transition date. The Group has
not made any adjustment to the expected credit loss allowance.
Cash
Cash and cash equivalents do not have any impairment loss on transition to NZ IFRS 9.
4. Operating segments
The CEO and senior management team are the Group’s operating decision makers. During FY19 the Group’s
selling activities were focused and organised into two customer segments namely Utility & Communications
and New Business. The Utility & Communications segment includes sales to companies involved in the
broadband fiber roll out in the United States. New Business includes Signage, Architecture Engineering and
Construction (AEC) and Geospatial.

15

Notes to the consoli dated interim financial statements

4. Operating segments (Continued)
Within the Utilities & Communications segment the Group sold the IKE4 device and corresponding annual
subscription revenue. The Group also offered an end to end technical solution to customers performing make
ready engineering (MRE) projects. Revenue related to this solution has increased during the period and is now
reported on separately to management.
The segment reporting format reflects the Group’s management and internal reporting structure. Contribution
is after allocating cost of goods sold. Reporting of overheads and balance sheet position is not undertaken at a
level lower than the Group as a whole. Geographically, revenue is substantially generated in the United States.

Unaudited 6 months to
September 2018

Unaudited 6 months to
September 2017

Utility &
Communication
New
Business Group

Utility &
Communication
New
Business Group

$'000's $'000's $'000's

$'000's $'000's $'000's
Sale of product (Point
in Time)
2,315 408 2,723

1,619 1,249 2,868
Subscription (Overtime) 755 15 770
583 - 583
Contribution 2,031 368 2,399 975 540 1,515
Solution (Point in Time) 901 - 901 - - -
Contribution 463 - 463

- - -
Gross Profit
2,862 1,515
5. Operating expenses
Operating expenses

Unaudited
6 months to
September
2018
Unaudited
6 months to
September
2017
Operating expenses
$'000's $'000's
Amortisation of development asset

460 952
Amortisation of patents and software

- 15
Depreciation

182 114
Total amortisation and depreciation

642 1,081
Employee benefit expense

3,294 3,367
Employee benefit expense capitalised
1.


(478) (698)
Operating lease expenses

168 208
Direct selling and marketing
2.


528 439
Other operating expenses
3.


967 984
Total operating expenses

5,121 5,381

16

Notes to the consoli dated interim financial statements

5. Operating expenses (continued)
1. Relates to employee benefit expense and external contractors and consultants expenses that are
directly attributable to the development of intangible assets and have been capitalised.
2. Direct selling and marketing includes expenses incurred mainly in relation to promotional activities such
as commissions, travel and other direct marketing expenses.
3. Major other operating expenses are facilities, IT costs, advisory and engineering overheads.
6. Contributed equity
Share Capital

Unaudited
6 months to
September
2018
Unaudited
6 months to
September
2017
$'000's $'000's
On Issue 01 April 49,263 45,252
Issued under share placement 5,000 3,725
Issued under share purchase plan 1,250 387
Less listing costs offset against issue proceeds (368) (100)
Total share capital 55,145 49,264

Share Capital on issue

Unaudited
6 months to

September
2018
Unaudited
6 months to
September
2017
Fully paid total shares at beginning of year 78,450,255 64,270,910
Ordinary shares issued on settlement of options - -
New shares offered 12,019,312 14,179,345
Fully paid ordinary shares 90,469,567 78,450,255

17

Notes to the consoli dated interim financial statements

7. Cash used in op erations

Unaudited
September
2018
Unaudited
September
2017

$'000's $'000's
Loss for the year

(2,255) (4,453)
Less investment interest received

(3) (5)


Non-cash items included in net loss

Depreciation

182 215
Amortisation of intangible assets

460 967
Deferred tax expense

(6) (1)
Share option expense

80 49
Write off of obsolete materials and assets

33 288
Foreign exchange (gains)/losses on translation movement

142 625

888 2,138
Add/(less) movement in working capital items


Decrease/(Increase) in trade and other receivables

(1,355) (1,348)
Decrease/(Increase) in inventories

111 935
Decrease/(Increase) in prepayments

(281) 154
Increase/(Decrease) in trade and other payables

332 (372)
Increase/(Decrease) in deferred revenue

276 402
Increase/(Decrease) in employee entitlements

(100) (18)
(1,017) (247)
Net decrease in cash and cash equivalents (2,384) (2,562)

8. Related parties
The Group issued 12,019,312 new ordinary shares under share placement and share purchase plan. A total of
1,011,869 (8.4% of total shares issued) were acquired by Related Parties (being Directors or Officers of the
Group).
In addition to the issuance of new shares, the Directors and key management have been granted in total
2,100,000 of unlisted share options at 0.54c during the period in accordance with the ikeGPS Group Limited
Employee Option Scheme.

9. Subsequent events
There are no subsequent events.

ikeGPS Group Limited
Level One, 42 Adelaide Road
Mount Cook
Wellington 6021
Telephone: +64 4 382 8064

Directors of ikeGPS Group Limited
Richard Gordon Maxwell Christie
Bruce Harker
Alex Knowles
Glenn Milnes
Frederick Lax

Legal Advisers
Chapman Tripp
10 Customhouse Quay
PO Box 993
Wellington 6140
Telephone: +64 4 499 5999

Auditor
PricewaterhouseCoopers
PwC Centre 10 Waterloo Quay Pipitea,
Wellington 6011
Telephone: +64 4 462 7000

Share Registrar
Link Market Services Limited
PO Box 91976, Auckland 1142
Level 7 Zurich House
21 Queen Street, Auckland 1010
Telephone: +64 9 375 5998

Bankers
Bank of New Zealand
Harbour Quays, Ground Floor,
60, Waterloo Quay, Wellington 6011
Private Bag 39806,
Wellington Mail Centre,
Lower Hutt 5045

www.ikegps.com

---

ikeGPS Group Limited

Appendix 1

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$ (000s) Percentage change
Revenue from ordinary activities 4,395 up 27.4%
Profit (loss) from ordinary activities after
tax attributable to security holder
(2,255) down 49.4%
Net profit (loss) attributable to security
holders
(2,255) down 49.4%

Interim/Final Dividend Amount per security Imputed amount
per security
No dividends or distributions were made
during the period.
No dividend was declared.
N/A N/A

Record Date Not Applicable
Dividend Payment Date Not Applicable

Comments: The Appendix 1 should be read in
conjunction with the unaudited
consolidated financial statements for the
six months ended 30 September 2018.
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 comply
with NZ IAS34 Interim Financial
Reporting.
Both this appendix and the financial
statements provide the balance of
information required in accordance with
Listing Rule 10.3.2 Appendix 1.

Individual and total dividends
No dividends or distributions were made during the period.
Dividend or distribution reinvestment plans
There are currently no dividend or distribution reinvestment plans in
operation.
Net tangible assets per security

30 September 2018
(NZD)
30 September 2017
(NZD)
Net tangible assets per security $0.09 $0.09
Control of entities gained or lost during the period
Name of
entity
Date of the
gain or loss
of control of
the entity
Contribution to ikeGPS Group Limited’s
profit from ordinary activities during
the period and the previous
corresponding period
None. N/A N/A
Investment in subsidiaries, associates and joint operations
Subsidiaries, Associate or Joint Venture
Entity
ikeGPS Group
Limited’s percentage
holding in the entity
Subsidiaries
ikeGPS Limited 100%
ikeGPS, Inc. 100%
Associates

None.
N/A
Joint Ventures
None.
N/A