FY20 Final Half Year 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 2019
FY20 Final Half-Year Results Announcement
for the period ended 30 September 2019

Serko delivers strong revenue growth
Online booking and expense management leader delivers a 29% increase in half-year Total
Operating Revenue, in line with guidance
EBITDAF
2
remains positive amid an acceleration in investment for growth
Highlights from the unaudited six-month period:
• Total Operating Revenue
1
for the six months ended 30 September 2019 increased 29% to $14.7
million from $11.4 million in the same period last year. The result is in line with guidance of an
increase of 20% to 40% for the full year.
• Total Recurring Revenue
1
rose 38% to $13.3 million from $9.6 million in the same period a year
ago and represented 91% of Total Operating Revenue.
• Total Income
1
from all sources, including grants, rose 29% to $15.2 million from $11.8 million in
the same period last year.
• Net profit after tax (NPAT) fell from $0.9 million in the same period a year ago to a loss of $0.9
million. Half-year EBITDAF
2
was $1.4 million down from $1.5 million in the same period a year
ago.
• Travel booking platform transaction volumes for the period were 2.2 million up 4.5% over the
same period last year.
• ATMR
3
reached a peak of $26.2 million during the period up 35% from $19.4 million in the same
period last year.
• Operating Expenses increased 46% over the same period last year to $15.7 million from $10.7
million.
• Research & Development (R&D) costs were $8.9 million, with $6.4 million capitalised and $2.5
million included in Operating Expenses.
• Cash on hand as at 30 September 2019 was $10.3 million, down from $15.7 million at 31 March
2019.

1
Total Operating Revenue is revenue excluding income from grants and finance income, while Total Income includes grants. Recurring Revenue is non-GAAP
measure representing recurring revenue derived from transactions and usage of Serko products by contracted customers. It excludes revenues from
customised software development (Services Revenue).
2
EBITDAF is a non-GAAP measure representing Earnings or Losses before Interest (net Finance income/cost), Tax, Depreciation, Amortisation and Fair value
remeasurement of contingent consideration. Serko uses this as a useful measure for an estimate of operating profits excluding non-cash expenses. A
reconciliation of EBITDAF to net profit has been provided in the investor presentation accompanying this announcement. Depreciation has increased with the
adoption of IFRS 16 and includes rental payments of $0.5 million which would previously not been included in depreciation as a result of recording a Right of
Use Asset and Lease Liability under the adoption of IFRS 16 (Leases).
3
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.

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

Serko Limited (NZX/ASX:SKO), a leader in online travel booking and expense management for business,
today affirms its half-year results reported on 24 October 2019, including continued strong growth in its
home markets of Australia and New Zealand and good progress establishing its travel and expense
management solutions in the Northern Hemisphere.
Total Operating Revenue for the six months ended 30 September 2019 increased 29% to $14.7 million from
$11.4 million in the same period last year. The result is in line with guidance of an increase of 20% to 40%
for the full year.
A half-year net loss after tax of $0.9 million is down from a profit of $0.9 million in the same period a year
ago. The result includes a $0.6 million non-cash adjustment for the fair value remeasurement of the
contingent consideration for the December 2018 acquisition of US-based expense management business
InterplX. It also includes depreciation and amortisation charges of $1.3 million. EBITDAF, which excludes
these adjustments, was positive at $1.4 million down slightly from the $1.5 million in the same period a year
ago.
Chairman Simon Botherway said: “We have made pleasing progress in the first half of the 2020 financial
year. We remain the leading online business travel booking platform in the Australasian market and
continue to build momentum in our global expansion.”
OPERATIONAL REVIEW
Half-year recurring revenue rose 38% to $13.3 million from $9.6 million in the same period last year and
reflected:
• A 20% increase in Travel platform revenue to $9.2 million from $7.7 million in the prior year, due
to the conversion of customers onto new and higher-price Zeno contracts and a 4.5% increase in
travel platform bookings to 2.2 million.
• A 238% increase in Expense platform revenues to $3.0 million from $0.9 million. This result includes
a $1.9 million contribution from InterplX, its first six-month contribution to Serko, and a 22%
increase in Serko Expense revenue.
• Steady content commission revenue at $0.8 million.
• A fall in services revenue as development activity focused on North American (NORAM) markets.
ATMR, an indicator of the future growth potential of Serko’s annual recurring revenue, reached a peak of
$26.2 million during the period up 35% from $19.4 million in the same period last year. Average Revenue
Per Booking (ARPB) on recurring revenue was $6.05 for the period.
Operating costs increased 46% to $15.7 million from $10.7 million in the same period a year ago as a result
of increased head count, costs associated with the expansion into NORAM markets and the consolidation
of InterplX. Meanwhile, total R&D costs increased by $5.1 million over the prior period to $8.9 million due
to the company’s investment into market requirements for new Northern Hemisphere territories.
Cash on hand as at 30 September 2019 was $10.3 million, down from $15.7 million at 31 March 2019 as the
company invested $5.5 million of its reserves into market development. This cash burn will continue in the
second half as development work is accelerated to support new market expansion. Cash balances at 31

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

October 2019, post the primary capital raise were $48.6 million. A further $5 million in funding is expected
to be raised from the Share Purchase Plan undertaken, which closed last week.
Serko Chief Executive Darrin Grafton said: “Serko has continued to grow revenue in our home markets
thanks in no small measure to the uptake of Zeno.
“More than 1,300 corporate customers transacted on Zeno during the six-month period to 30 September
2019, while Zeno transactions increased by 200% over the same period last year. In September Zeno
represented 13% of online bookings and has grown to 15% in October.
“In Australasia, growth in ‘same corporate’ bookings has softened over the past few months, which we
attribute to a general slowdown in the Australian and New Zealand economies and declining business
confidence. Despite this, Serko has grown corporate customers by 327 over the half and this user growth
has offset the impact on Serko’s total revenue growth. We continue to focus on global expansion, and this
will assist Serko to mitigate any local market slow down. The impact of these trends continues to be
monitored.”
Mr Grafton said he expected transactions to grow in all markets in the second half of the financial year with
the continued onboarding of new corporates as Serko’s Travel Management Company (TMC) partners in
North America complete user acceptance testing of Zeno and progress to pilot customers.
“We have invested heavily in our new Zeno platform for expansion into North America and, following our
beta release of Zeno in September 2019, we are now processing live bookings in that market.
“Our efforts to grow the global adoption of our solutions received a considerable boost in October with the
successful completion of an oversubscribed $40 million primary capital raising announced on 24 October
2019, which included a material investment by NASDAQ-listed Bookings Holdings Inc, and the launch of a
$5 million Share Purchase Plan.
“The proceeds of the capital raising provides Serko with an exciting opportunity to accelerate the global
rollout of Zeno and expand marketplace content. An extension of our partnership with Booking.com (also
announced on 24 October 2019) will assist us with these efforts.
“Serko expects the expanded agreement with Booking.com to result in significant benefits for Serko’s
customers and Travel Management Company (TMC) partners by broadening and improving ‘whole of
journey’ content, accelerating the global rollout of Serko Zeno, and increasing commissions to the TMC
reseller community.”
As noted in October, the expanded agreement with Booking.com is not expected to have a material impact
on Serko’s revenues in the current financial year to 31 March 2020, due to the phased development work
required and a performance-based rollout plan for Booking.com’s global business traveller customers. If
achieved, as anticipated, during the 2020 calendar year, the expanded agreement is expected to result in a
material uplift in Serko’s revenue (via increased ARPB and transaction booking revenue) in the 2021 financial
year and beyond.

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

Mr Grafton said the timing and extent of uptake by new corporates in Northern Hemisphere markets is
unknown and subject to variables. Continued development of additional local content in these markets is
expected to further increase bookings and support the migration of additional corporates to our platforms.
Resources will be increased to match growing demand to support a successful customer experience.
“European markets are not expected to contribute materially in the current financial year (due to our
prioritisation of the NORAM roll-out). However, a portion of the proceeds of the recent capital raising will
be used to accelerate development of the European market, which is expected to result in increasing
revenue for the 2021 financial year.”

OUTLOOK
“Serko continues to invest in its global expansion, specifically in North America and continental Europe. The
capital raising and the expanded agreement with Booking.com will allow us to accelerate that expansion
and assist Serko to achieve its medium-term aspirational target (announced at our Annual Meeting in
August) of a $100 million annualised revenue run-rate,” Mr Botherway said.
“Serko continues to expect Total Operating Revenue to grow 20% to 40% for the year ending 31 March
2020. As previously advised, currency fluctuations and the timing of customer onboarding will be key factors
in determining our final result.”
Ends

For investor relations queries please contact:
Susan Putt
Chief Financial Officer
Serko +64 9 309 4754 or +64 21 388 009
investor.relations@serko.com

About Serko
Serko is a market leading travel and expense technology solution in Australasia, used by over 6,000 corporate entities and
Travel Management Companies who combined book more than AUD $6 billion of travel a year through Serko’s platforms.
Zeno is Serko’s next generation travel management application, using intelligent technology, predictive workflows, and a global
travel marketplace to transform business travel across the entire journey. Serko is listed on the New Zealand Stock Exchange
Main Board (NZX:SKO) and Australian Securities Exchange (ASX:SKO). Serko employs more than 200 people worldwide, with
its headquarters in New Zealand, and offices across Australia, China, India, and the U.S. Visit www.serko.com for more
information.



Note: all $ amounts are New Zealand Dollars unless otherwise stated.

---

RESULTS ANNOUNCEMENT


20 November 2019
Results for announcement to the market


Name of issuer Serko Limited (“SKO”)
Reporting Period 6 months to 30 September 2019
Previous Reporting Period 6 months to 30 September 2018
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$15,212 Up 29%
Total Revenue $15,212 Up 29%
Net profit/(loss) from
continuing operations
($866) Down 194%
Total net profit/(loss) ($866) Down 194%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividends have been paid during the period and there is no
intention to pay dividends while Serko pursues growth
opportunities
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
11.22 cents 25.61 cents
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Net tangible assets decreased from the prior comparable period
due to increasing investment in Intangible Assets as Serko further
develops its internally generated software for expansion into new
territories. For further commentary on the results, please refer to
the accompanying Market Announcement and Investor
Presentation.

This Results Announcement (Appendix 2) should be read in
conjunction with the unaudited consolidated financial statements
for the six months ended 30 September 2019 (“Interim Financial
Statements”).

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 Interim Financial Statements have been prepared in
accordance with Generally Accepted Accounting Practice in New
Zealand and comply with New Zealand equivalents to
International Financial Reporting Standards (“NZIFRS”) and
accounting policies set out in the Interim Financial Statements.
Pursuant to ASX listing rule 1.15.3, Serko Limited confirms that it
continues to comply with the rules of its home exchange (NZX
Main Board).

Copies of Serko’s prior Annual Reports and Interim Reports (when
prepared) can be found on Serko’s website, at
www.serko.com/investor-centre
Authority for this announcement
Name of person authorised to
make this announcement
Susan Putt
Contact person for this
announcement
Susan Putt, CFO
Contact phone number +64 21 388 009
Contact email address investor.relations@serko.com
Date of release through MAP 20/11/2019

Unaudited financial statements for the six months ended 30 September 2019 accompany this
announcement.

---

FINANCIAL
STATEMENTS
For the six month period ended 30 September 2019

For the six month period ended 30 September 2019
Page
Consolidated statement of comprehensive income3
Consolidated statement of changes in equity4
Consolidated statement of financial position 5
Consolidated statement of cash flows6
Notes to the financial statements7-12
Serko Limited
Contents

Consolidated statement of comprehensive income
NOTES
6 months6 months12 months
UnauditedUnauditedAudited
30 Sep 201930 Sep 201831 Mar 2019
$(000)$(000)$(000)
214,67111,35023,361
25414651,215
15,21211,81524,576
Selling and marketing expenses (1,224) (959) (1,691)
Remuneration and benefits (7,709) (6,179) (13,135)
Administration expenses (4,884) (2,769) (6,563)
Other expenses (1,834) (779) (1,931)
3 (15,651) (10,686) (23,320)
9593360
(470) (270) (70)
(814)9521,546
(52) (32)87
(866)9201,633
23230 (126)
(634)9501,507
Earnings per share
Basic profit per share11
(0.01)$ 0.01$ 0.02$
Diluted profit per share11
(0.01)$ 0.01$ 0.02$
Other Income
Serko Limited
For the six months ended 30 September 2019
Revenue
Total comprehensive (loss)/income for the year
Total revenue and other income
Operating expenses
(Loss)/Profit before income tax
Income tax (expense)/benefit
Net (loss)/profit attributable to the shareholders of the company
Movement in foreign currency reserve
Total operating expenses
Finance income
Finance expenses
The accompanying notes form part of the financial statements.3

Consolidated statement of changes in equity
NOTES
Share CapitalShare-based
Payment
Reserve
Foreign
Currency
Reserve
Accumulated
Losses
Total
$(000)$(000)$(000)$(000)$(000)
Balance as at 1 April 2019
40,9931,885(211)(16,432)26,235
Net loss for the year
- - - (866)(866)
Adjustment on adoption of new IFRS16
- - - (304)(304)
Other comprehensive loss*
- - 232 - 232
Total comprehensive (loss) for the year
- - 232(1,170)(938)
Transactions with owners
Shares allocated to employees
10 - 208 - - 208
Shares forfeited from employees
10 - (3) - - (3)
Share-based payments - employee share options
10 - 37 - - 37
Balance as at 30 September 2019
40,9932,12721(17,602)25,539
Balance as at 1 April 2018
25,1851,309(85)(18,065)8,344
Net profit for the year
- - - 920920
Other comprehensive loss* - - 30 - 30
Total comprehensive income for the year
- - 30920950
Transactions with owners
Issue of shares (net of issue costs)
1014,288 - - - 14,288
Allocated shares to employees
10 - 231 - - 231
Balance as at 30 September 2018
39,4731,540(55)(17,145)23,813
Balance as at 1 April 2018
25,1851,309(85)(18,065)8,344
Net profit for the year
- - - 1,6331,633
Other comprehensive loss* - - (126) - (126)
Total comprehensive income for the year
- - (126)1,6331,507
Transactions with owners
Issue of share capital
1015,048 - - - 15,048
Cost of equity issued
10(778) - - - (778)
Shares allocated to employees
10 - 406 - - 406
Shares forfeited from employees
10 - (24) - - (24)
Share-based payments - employee share options
10 - 194 - - 194
Shares issued in respect of InterplX acquisition
101,538 - - - 1,538
Balance as at 31 March 2019
40,9931,885(211)(16,432)26,235
*Items in other comprehensive income may be reclassified to the income statement and are shown net of tax.
Serko Limited
For the six months ended 30 September 2019
The accompanying notes form part of these financial statements.4

Consolidated statement of f inanci al positi on
NOTES
6 month s6 month s12 months
UnauditedUnauditedAudited
30 Sep 20 1930 Sep 20 1831 Mar 20 19
$( 00 0)$( 00 0)$( 00 0)
Cur rent as set s
Cas h at bank and on hand10 ,25 318 ,97 115 ,73 2
Receivables46, 92 14, 19 85, 49 3
Derivative financial ins truments5 - 52421
Total current as sets17,17423,22121,646
Non- current as set s
Proper ty, plant and equipment61, 26 39981, 12 9
Ri ght of us e as set91, 92 6
Intangible as set s 716 ,45 73, 23 710 ,55 3
Deferred tax as set9016084
Total non-c urrent as sets19,7364,3 9511,766
Total as sets36,91027,61633,412
Cur rent liabilit ies
Tr ad e and other pay ab les85, 82 73, 33 84, 79 1
Cont ingent Cons ider ation142, 41 0 - 1, 82 5
In co me tax pay ab le15577224
Interes t-bear ing loans and borrowings
-
5154
Lease liabilit ies9
1, 03 8 - -
Derivative financial ins truments5328 - -
Total current liabilities9,7 583,4 666,8 94
Non- current liabilit ies
Tr ad e and other pay ab les8 - 159134
Interes t-bear ing loans and borrowings -
178
149
Lease liabilit ies
91, 61 3
- -
Total non-c urrent liabilities1,6 13337283
Total liabilities11,3713,8 037,1 77
Equity
Share capital1040 ,99 339 ,47 340 ,99 3
Share-bas ed pay ment res er ve102, 12 71, 54 01, 88 5
Forei gn currency reser ve21(55 )(21 1)
Accumulated losses(17 ,60 2)(17 ,14 5)(16 ,43 2)
Total equity25,53923,81326,235
Total equity and liabilities36,90927,61633,412
____________________________________________________
Simon BotherwayDarrin Gr afton
ChairmanChief Ex ecutive Officer
Serko Limited
As at 30 Septe mber 2019
For and on behalf of the Boar d of Directors, who authorise these financial statements fo r issue on 20 November 20 19
The accompanying notes form part of these financial statements.5

Serko Limited
Consolidated statement of cash flows
For the six months ended 30 September 2019
NOTES
6 months6 months12 months
UnauditedUnauditedAudited
30 Sep 201930 Sep 201831 Mar 2019
$(000)$(000)$(000)
Cash flows from operating activities
Receipts from customers14,73610,92921,855
Interest received9530304
Receipts from grants5414651,264
Taxation (paid)/refund received(135)(32)(142)
Payments to suppliers and employees(13,210)(9,825)(19,395)
Interest payments(69)(10)(20)
Net GST refunded (paid)
(25)73(219)
Net cash flows from operating activities
121,9331,6303,647
Cash flows from investing activities
Purchase of property, plant and equipment(280)(226)(466)
Capitalised development costs and other intangible assets(6,284)(1,921)(6,813)
Net cash flows (used in) investing activities
(6,564)(2,147)(7,279)
Cash flows from financing activities
Issue of ordinary shares (net of issue costs)10 - 14,28814,270
Payment of lease liabilities(448) - -
Net repayment of loans(26)(24)(50)
Net cash flows from/(used in) financing activities(474)14,26414,220
Net (decrease)/increase in total cash(5,105)13,74710,588
Net foreign exchange difference(374)(8)(88)
Cash and cash equivalents at beginning of period15,7325,2325,232
Cash and cash equivalents at end of period10,25318,97115,732
Cash and cash equivalents comprises the following:
Cash at bank and on hand10,25318,97115,732
10,25318,97115,732
The accompanying notes form part of these financial statements.6

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
For the six months ended 30 September 2019
1
a) Corporate information
b) Basis of preparation
c) Changes in accounting policies and disclosures
Application of new and revised standards, amendments and interpretations
Unaudited
$(000)
Operating lease commitments disclosed at 31 March 20191,688
The effect of discounting(232)
Adjustments as a result of a different treatment of extension and termination options1,200
2,656
Classified as:
Less than one year818
Later than one year, but not more than five years1,838
2,656
Practical expedients applied
Serko Limited also entered into a lease agreement to sub-lease additional premises through to December 2020, with this premises being available for
use in October 2019.
In applying NZ IFRS 16 for the first time, Serko has used the following practical expedients permitted by the standard:
• use of a single discount rate to leases with reasonably similar characteristics;
• accounted for each lease component and any associated non-lease components as a single lease component;
• excluded lease contracts of insignificant value;
• excluded lease contracts less than 12 months; and
• exclusion of initial direct costs for the measurement of the lease asset at the date of initial application.
• recognition of a right of use asset and lease liability for operating leases, adjusted for any incentives on the Statement of
Financial Position.
• interest-bearing loans and borrowings relating to leasehold improvements have been reclassified.
In accordance with the transition provisions of NZ IFRS 16, comparatives will not be restated, with the cumulative effect being recognised in opening
retained earnings at 1 April 2019.
NZ IFRS 16 is effective for annual periods beginning on or after 1 January 2019. The standard deals with the recognition, measurement, presentation
and disclosure of leases and replaces the current guidance in NZ IAS 17 Leases (NZ IAS 17). The new standard introduces a single model for lessees
which recognises all leases on the balance sheet through an asset representing the rights to use the leased item during the lease term and a liability
for the obligation to make lease payments. This removes the distinction between operating and finance leases and aims to provide users of the
financial statements relevant information to assess the effect of that leases have on the statement of financial position, statement of comprehensive
income and cash flows of the reporting entity. Lessor accounting remains largely unchanged from NZ IAS 17 for the Group.
The Group adopted NZ IFRS16 using the modified retrospective approach with the right-of-use (ROU) asset being determined as if NZ IFRS 16 had
been applied from lease commencement, but using this incremental borrowing rate as at transition date. The Group has made use of the practical
expedient available on transition to NZ IFRS 16 not to reassess whether a contract is or contains a lease. Accordingly, the definition of a lease in
accordance with NZ IAS 17 will continue to be applied to those leases entered or modified before 1 April 2019. Comparative numbers have not been
restated.
Lease liabilities were measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate at 1
April 2019. Key changes to the financial statements are set out below:
A reconciliation of operating lease commitments at 31 March 2019 to the lease liability recognised at 1 April 2019 is shown below:
Lease liabilities recognised as at 1 April 2019
Lease liabilities recognised as at 1 April 2019
• recognition of interest and depreciation expense (refer to note 3) instead of operating lease rental expense in the Statement of
Financial Performance. The change in accounting standard will not significantly impact NPAT for the current financial year.
Serko Limited
BASIS OF PRESENTATION AND ACCOUNTING POLICIES
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 unaudited interim financial statements have been prepared using the going concern assumption and are presented in thousands of New Zealand
Dollars. The Company is a profit oriented entity.
The Company is an FMC Reporting Entity under the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.
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 2019.
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 group is involved in the provision of computer software solutions for corporate travel. The group is headquartered in Auckland, New Zealand.
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.
7

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
For the six months ended 30 September 2019
Serko Limited
2REVENUE AND OTHER INCOME
UnauditedUnauditedAudited
30 Sep 201930 Sep 201831 Mar 2019
$(000)$(000)$(000)
Revenue - transaction and usage fees:
Travel platform booking revenue
9,2437,72115,948
Expense platform revenue
2,9918842,710
Supplier commissions revenue
8378341,538
Revenue - services
1,3581,7222,698
Other revenues
242189467
Total revenue
14,671
11,350
23,361
Government grants
5414611,208
Sundry income
-47
Total other income
541
465
1,215
Total revenue and other income
15,212
11,815
24,576
Geographic information
UnauditedUnauditedAudited
(Restated)*
30 Sep 201930 Sep 201831 Mar 2019
$(000)$(000)$(000)
Australia
10,366
9,399
18,238
New Zealand
1,376
998
3,440
US
2,712
815
1,471
Other
217
138
212
Total Revenue
14,671
11,350
23,361
3EXPENSES
UnauditedUnauditedAudited
30 Sep 201930 Sep 201831 Mar 2019
$(000)$(000)$(000)
Operating profit before taxation includes the following expenses:
Auditor remuneration and advisory fees
864086
Expected credit loss allowance on receivables
--(7)
Amortisation of intangibles
631240754
Depreciation
617121294
Fair value remeasurement of contingent consideration
585-287
Rental and operating lease expenses
-351804
Interest expense on lease liabilities
63--
Employee remuneration
6,9775,59311,924
Contributions to pension plans
342214433
Share-based payment expenses
242231576
Marketing expenses
7365111,171
Hosting expenses
1,8357791,931
Other operating expenses
3,5372,6075,067
Expenses from ordinary activities
15,651
10,686
23,320
Research expenses (excluding capitalised development costs)2,5451,9402,425
* Supplier content revenue from US sources was reclassified for prior year interim results to be consistent with classification as per final audited
accounts.
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. Research expenditure includes expenditure that meets the definition of
research expenditure as defined in NZ IAS 38.
8

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
For the six months ended 30 September 2019
Serko Limited
4RECEIVABLES
UnauditedUnauditedAudited
30 Sep 201930 Sep 201831 Mar 2019
$(000)$(000)$(000)
Current assets
Trade receivables3,0503,5683,040
Expected credit loss provision(7)-(7)
Provision for doubtful debts
-
(60)
-
GST receivable
254
83
229
Sundry debtors
98-58
Contract assets
2,374-1,593
Prepayments
1,110
607
551
Funds held in trust
42
-
29
Total trade and other receivables
6,921
4,198
5,493
5DERIVATIVE FINANCIAL INSTRUMENTS
UnauditedUnauditedAudited
30 Sep 201930 Sep 201831 Mar 2019
$(000)$(000)$(000)
Current:
Foreign currency forward exchange contracts
(328)
52
421
Contractual amounts of forward exchange contracts outstanding were as follows:
Purchase commitments forward exchange contracts
18,856
9,750
11,016
6PROPERTY, PLANT & EQUIPMENT
UnauditedUnauditedAudited
30 Sep 201930 Sep 201831 Mar 2019
$(000)$(000)$(000)
Opening balance1,129
893
893
Additions280
226
464
Acquisition through business combinations
--
68
Depreciation
(161)
(121)
(294)
Currency translation
15
-
(2)
Closing balance
1,263
998
1,129
7INTANGIBLE ASSETS
UnauditedUnauditedAudited
30 Sep 201930 Sep 201831 Mar 2019
$(000)$(000)$(000)
Opening balance10,553
1,574
1,574
Additions
6,284
1,903
6,813
Acquisition through business combinations--
3,006
Amortisation
(631)
(240)
(754)
Currency translation
251
-
(86)
Closing balance
16,457
3,237
10,553
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.
The following table presents the group's foreign currency forward exchange contracts measured at fair value:
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.
9

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
For the six months ended 30 September 2019
Serko Limited
8TRADE AND OTHER PAYABLES
UnauditedUnauditedAudited
30 Sep 201930 Sep 201831 Mar 2019
$(000)$(000)$(000)
Trade payables428
1,167
1,171
Accrued expenses
4,259
1,259
2,674
Lease incentive*-205
193
Employee entitlements
1,140
866
887
Total trade and other payables
5,827
3,497
4,925
Disclosed as:
Current
5,827
3,338
4,791
Non-current-159
134
5,827
3,497
4,925
9RIGHT OF USE ASSETS AND LEASE LIABILITIES
Recognition and measurement of Serko leasing activities
Lease assetsUnaudited
30 Sep 2019
Key movements relating to lease balances are presented below:
$(000)
Balance at 1 April 2019, due to first-time adoption of NZ IFRS 16
1,952
Additions during the period
405
Depreciation charges
(456)
Exchange differences
25
1,926
Lease liabilitiesUnaudited
30 Sep 2019
Key movements relating to lease balances are presented below:
$(000)
Balance at 1 April 2019, due to first-time adoption of NZ IFRS 162,656
Leases entered into during the period
405
Principal repayments
(448)
Foreign exchange adjustment
38
Closing balance
2,651
Less than one year
1,038
Later than one year, but not more than five years
1,613
2,651
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease incentives are recognised as part of the measurement
of the right-of-use asset and lease liabilities whereas under NZ IAS 17 they resulted in the recognition of a lease incentive liability, amortised as a
reduction of rental expense on a straight-line basis. Lease liabilities include the net present value of fixed payments less any lease incentives
receivable. The lease payments are discounted using the lessee's incremental borrowing rate, being the rate that the lessee would have to pay to
borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
Lease assets are measured at cost comprising of the amount of the initial measurement of lease liability. The recognised right-of-use asset relates to
the property class of underlying assets.
Closing balance
Closing balance
* The lease incentive has been reclassified upon transition to NZ IFRS16.
Serko leases property for fixed period of between 1 and 6 years and some include extension options. These extension options are usually at the
discretion of Serko and are included in the measurement of the lease asset if management intends to exercise the extension.
Prior to 31 March 2019, leases of property, plant and equipment were classified as operating leases. Payments made under operating leases (net of
any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease.
10

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
For the six months ended 30 September 2019
Serko Limited
10EQUITY
UnauditedUnauditedAuditedUnauditedUnauditedAudited
30 Sep 201930 Sep 201831 Mar 201930 Sep 201930 Sep 201831 Mar 2019
$(000)$(000)$(000)
NUMBER OF
SHARES (000)
NUMBER OF
SHARES (000)
NUMBER OF SHARES
(000)
Ordinary shares
40,99325,18525,18580,92374,89474,894
- 14,28814,270 - 5,4555,455
- - 1,538 - - 574
Share capital
40,99339,47340,99380,92380,34980,923
Share-based payment reserve
1,8851,3091,309 - - -
208231406 - - -
(3) - (24) - - -
37 - 194 - - -
Share-based payment reserve
2,1271,5401,885
- - -
11EARNINGS PER SHARE (EPS)
UnauditedUnauditedAudited
30 Sep 201930 Sep 201831 Mar 2019
$(000)$(000)$(000)
Profit attributable to ordinary equity holders of the parent
Continuing operations
(866)9201,633
(866)9201,633
NumberNumberNumber
Basic earnings per share
Issued ordinary shares (refer Note 10)
80,923
80,349
80,923
Weighted average of issued ordinary shares
80,923
76,083
80,923
Adjusted for employee restricted share plan shares
(2,587)
(2,804)
(2,769)
Weighted average of issued ordinary shares
78,336
73,279
78,154
Basic earnings per share (dollars)(0.01)0.010.02
Diluted earnings per share
Weighted average of issued ordinary shares
80,923
76,083
80,923
80,923
76,083
80,923
Diluted earnings per share (dollars)(0.01)0.010.02
UnauditedUnauditedAudited
30 Sep 201930 Sep 201831 Mar 2019
CentsCentsCents
Net tangible assets per security
11.2225.6119.38
12RECONCILIATION OF OPERATING CASH FLOWS
UnauditedUnauditedAudited
30 Sep 201930 Sep 201831 Mar 2019
$(000)$(000)$(000)
Net Profit after tax(866)
920
1,633
Adjustments
Depreciation617
121
294
Amortisation631
240
754
Fair value remeasurement of contingent consideration585
-
287
Increase/(decrease) in deferred tax6
(5)
(72)
(Gain)/loss on foreign exchange transactions431
241
(153)
Share-based compensation242
231
576
1,646
1,748
3,319
Changes in working capital items
(Increase)/decrease in receivables(1,007)
(388)
(1,795)
Increase/(decrease) in trade and other payables
1,364
291
1,998
Increase/(decrease) in income tax
(70)
(21)
125
287
(118)
328
Net cash from operating activities1,933
1,630
3,647
Shares forfeited from employees via
Share-based payments - employee share
acquisition
Balance at beginning of period
Issue of shares (pursuant to institutional
Shares issued in respect of InterplX
Shares allocated to employees via Restricted
Share Plan
Share capital at beginning of period
capital placement)
Restricted Share Plan
options
Weighted average of issued ordinary shares for diluted earnings per share
11

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
For the six months ended 30 September 2019
Serko Limited
13RELATED PARTIES
a) Subsidiaries
UnauditedUnauditedAuditedUnauditedUnauditedAudited
Name
Balance date
30 Sep 201930 Sep 201831 Mar 201930 Sep 201930 Sep 201831 Mar 2019
31 March100%100%100%
111
31 March100%100%100%---
31 March99%99%99%
222
31 March100%100%100%---
31 March100%100%100%---
31 March100%100%100%---
31 March100%0%100%
3,076
-
3,076
3,07933,079
14CONTINGENCIES
15EVENTS AFTER BALANCE DATE
Serko India Private
Limited
Serko Investments
Limited
INVESTMENT $(000)% EQUITY INTEREST
On 30 October 2019, Serko issued 9,900,900 shares pursuant to an institutional capital placement at $4.04 per share. Serko is also expected to raise a
further $5 million through a Share Purchase Plan (SPP) due to settle on 22 November 2019.
Serko Australia Pty
Limited
Serko Trustee 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.
Serko India Private Limited was incorporated on 18 February 2015 as a subsidiary for the India-based operations.
Part of the consideration for the acquisition of InterplX relates to the issue of further Serko shares, to be issued 31 January 2020. Contingent
consideration is based on achievement of InterplX revenue performance over the period 1 January 2019 to 31 December 2019. Contingent
consideration is measured at fair value at each reporting date and remeasurement changes are recognised in profit and loss. Fair value at 30
September 2019 was $2,410,000 (31 March 2019: $1,825,000, 30 September 2018: not applicable).
InterplX Inc was acquired on 20 December 2018 as a subsidiary of the group. InterplX Inc is an Expense solution based in the US.
Serko Investments Limited was incorporated on 5 November 2014 as a holding company. It holds 1% of the shares
in Serko India Private 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 Australia Pty Limited's principal business is the marketing and support of travel booking software solutions supplied by Serko Limited.
The consolidated financial statements include the financial statements of Serko Limited and subsidiaries as listed in the following table:
Foshan Sige Information
Technology Limited
Serko Inc
InterplX Inc
12

COMPANY DIRECTORY
KEY CONTACTS
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
Link Market Services Limited
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
PRINCIPAL
ADMINISTRATION
OFFICE
REGISTERED
OFFICE
SHARE
REGISTRAR
DIRECTORSAUDITOR

3
SERKO ANNUAL REPORT
ABOUTSERKO
02
HIGHLIGHTS
04
LETTER
06
STRATEGICOVERVIEW
10
PRODUCTS
12
LEADERSHIP
14
MANAGEMENTCOMMENTARY
18
FINANCIAL STATEMENTS
28
GOVERNANCE &DISCLOSURES
70
CORPORATERESPONSIBILITY
16
DIRECTORY
83
Financial Statements for the six month period ended 30 September 2019
www.serko.com

---

•This presentation has been prepared by Serko Limited. All information is current at the date of this presentation, unless stated otherwise. All currency amounts are in NZ dollarsunless
stated otherwise.
•Information in this presentation
•is for general information purposes only, and does not constitute, or contain, an offer or invitation for subscription, purchase, or recommendation of securities in Serko Limited for
the purposes of the Financial Markets Conduct Act 2013 or otherwise, or constitute legal, financial, tax, financial product, or investment advice;
•should be read in conjunction with, and is subject to Serko’s Interim Financial Statements and Annual Reports, market releases and information published on Serko’s website
(www.serko.com);
•includes forward-looking statements about Serko and the environment in which Serko operates, which are subject to uncertainties and contingencies outside Serko’s control –
Serko’s actual results or performance may differ materially from these statements;
•includes statements relating to past performance information for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance;
•may contain information from third-parties believed to be reliable, however, no representations or warranties are made as to theaccuracy or completeness of such 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 non-GAAP financial information included in this release has not been subject to review by auditors. Non-GAAP measures are used by management to monitor the business
and are useful to provide investors to access business performance.
•Interim results are unaudited.
DISCLAIMER
2
|

CEO Welcome

AGENDA
CEO Welcome
Strategic
Updates
Outlook
Statement
Financial
Highlights
4
|

FY20 Financial Highlights
The FY20 Half Year Results to 30 September 2019 are unaudited. The half year results have been prepared in accordance with New
Zealand equivalents to International Financial Reporting Standards including the adoption of IFRS 16 (Leases) from 1 April 2019.
All other accounting policies have been applied on a consistent basis with those used in previous years.

PERFORMANCE DASHBOARD –Half Year FY20
PROFIT (LOSS)REVENUEACTIVITYCOSTS
FY20 (H1) VS FY19 (H1) -Unaudited
NET LOSS AFTER
TAX
($0.9m)
EBITDAF
1
positive
inline with prior
corresponding period
$1.4m
OPERATING
REVENUE
29%
Operating revenue
from core products
plus services revenue
$14.7m
RECURRING
REVENUE
2
38%
Recurring revenue
(core product
revenue only)
91% of total operating
revenue
$13.3m
TOTAL
INCOME
29%
Total income from all
sources including
grants
$15.2m
PEAK ATMR
3
35%
Indicator of future
growth potential
based on current
trading
$26.2m
TRAVEL
BOOKINGS
4.5%
Travel platform
bookings for the
period
2.2m
R&D COSTS
4
132%
61% of Revenue
Opex $2.5m
Capex $6.4m
$8.9m
OPERATING
EXPENSES
46%
Net FTE
5
increase in
the period of 35 to
208 employees
$15.7m
Notes 1 –5: Refer to Appendix for definitions.
6
|

NET PROFIT SUMMARY/ EBITDAF RECONCILATION
•Operating Revenue of $14.7m up
29%
•EBITDAF positive of $1.4m in line
with prior year
•Net loss for the period of $0.9m
includes fair value adjustment
relating to contingent
consideration of $0.6m
H1 FY20
$000
14,671
541
15,212
(15,651)
-107%
(814)
-6%
(375)
(52)
(866)
52
375
1,248
585
1,394
10%
Net Profit Summary
EBITDAF Reconciliation
Operating Revenue
Other income (including Grants)
H1 FY19
$000
11,350
465
Total income
Operating expenses
11,815
(10,686)
Percentage of operating revenue-94%
Net profit before tax952
Percentage of operating revenue8%
Net finance income (losses)(177)
Income tax expense(32)
Net profit (loss) 920
Add back: income tax expense
Add back (Deduct): net finance (income)/expenses
Add back: depreciation and amortisation
1
Add back: fair value measurement
2
32
177
361
-
EBITDAF 1,490
EBITDAF margin13%
change
$000
3,321
76
3,397
(4,965)
(1,761)
(198)
(20)
(1,781)
20
195
895
585
(96)
%
29%
16%
29%
-46%
-186%
-112%
-63%
-194%
63%
112%
246%
n/a
-6%
FY19
$000
23,361
1,215
24,576
(23,320)
-100%
1,546
7%
290
87
1,633
(87)
(290)
1,048
287
2,591
11%
6 months
6 months
12 months
1
Depreciation includes rental costs of $0.5 million which have been reclassified under IFRS16 (Leases) adoption
2
Fair value remeasurement of contingent consideration on deferred consideration for InterplXacquisition added to EBITDA as non-cash expense
7
|
change

REVENUE ANALYSIS
•Recurring revenue up 38%
•Travel platform revenue up 20%
primarily related to conversion to
new Serko Zeno contracts as
transactions for Australasia up
4.5%
•Expense platform revenue includes
contribution from InterplX
acquisition of $1.9m for the period
•Expense revenue related to Serko
Expense up 22%
•Content commission steady
against prior year
•Services revenue down on prior
year as development resources
focused on NORAM activation (as
planned)
•Average Revenue per Booking for
the period was $6.05 based on
recurring revenue of $13.3m over
2.2m bookings.
Revenue and Other Income
by Type
Travel platform revenue
Expense platform revenue
Content commissions
Other revenue
Recurring revenue
Recurring revenue % operating revenue
Services revenue
Total operating revenue
Total revenue and other income
Australia
New Zealand
North America
Other
Operating Revenue by Geography
H1 FY20
$000
9,243
2,990
837
243
13,313
91%
1,358
14,671
15,212
6 months
10,366
1,376
2,712
217
14,671
Total operating revenue
H1 FY19
$000
7,721
884
834
189
9,628
85%
1,722
11,350
11,815
6 months
9,399
998
815
138
11,350
change
$000
1,522
2,106
3
54
3,685
(364)
3,321
3,397
967
378
1,897
79
3,321
%
20%
238%
0%
29%
38%
-21%
29%
29%
10%
38%
233%
57%
29%
FY19
$000
15,948
2,710
1,538
467
20,663
89%
2,698
23,361
24,576
12 months
18,238
3,440
1,471
212
23,361
change
Total other income
Government grants
Sundry income
541
-
461
4
80
(4)
17%
-100%
1,208
7
5414657616%1,215
8
|

OPERATING EXPENSES
•Operating Costs increased as a
result of increased head count and
costs associated with expansion
into NORAM markets and include
InterplXoperating costs in the
period whereas these are not
included in the same period last
year.
H1 FY20
$000
15,651
1,224
7,709
4,884
1,834
107%
Operating Expenses
Total Operating Expense
H1 FY19
$000
10,686
Selling and marketing
Remuneration and benefits
Administration expenses
Other expenses
959
6,179
2,769
779
94%
change
$000
4,965
265
1,530
2,115
1,055
%
46%
28%
25%
76%
135%
FY19
$000
23,320
1,691
13,135
6,563
1,931
100%
6 months
6 months
12 months
change
Percentage of Operating Revenue
9
|

RESEARCH & DEVELOPMENT
•Total R&D costs increased by $5.1m
over prior year due to investment
into market requirements for new
Northern Hemisphere territories
H1 FY20
$000
2,545
8,921
61%
(408)
631
(6,376)
2,768
19%
R&D Costs –Expensed
Research costs (excluding amortisation of
amounts previously capitalised)
H1 FY19
$000
1,940
Total R&D costs (including amounts capitalised)
3,843
Percentage of operating revenue34%
Less: Government grants relating to research
Add: Amortisation of capitalised development costs
(461)
240
Less: capitalised product development costs(1,903)
Net product development costs expensed1,719
Percentage of operating revenue15%
change
$000
605
5,078
53
391
(4,473)
1,049
%
31%
132%
11%
163%
-235%
61%
FY19
$000
2,425
9,165
39%
(876)
754
(6,740)
2,303
10%
6 months
6 months
12 months
change
71%Percentage of R&D costs50%74%
17%Percentage of operating revenue17%10%
10
|

Strategic Updates

Grow ARPB by offering
increased content and
moving customers to Zeno
Offer premium, integrated
global solutions
Expand into new territories
through strategic alliances and
reach the unserved SME market
ARPB : Average Revenue Per Booking is a non-GAAP measure.
SERKO STRATEGY
12
|

Today
$100million
SERKO STRATEGIC GOAL
$100 MILLION PER ANNUM
Booking.com agreement is expected to assist Serko in
achieving it’s medium-term aspirational target
1
of
NZ$100 million annualised run-rate revenue
1
Announced at its recent 2019 Annual Meeting
Booking.com agreement is expected to assist Serko in
achieving its medium-term aspirational target
1
of
NZ$100 million annualised run-rate revenue
13
|

•As announced on 24 October 2019, concurrent with Booking Holdings’ cornerstone investment in Serko, Booking.com
has signed commitments to expand its existing agreement with Serko, so that Booking.com can offer and promote Serko
Zeno to its business traveller customers.
•The expanded agreement is expected to help advance each of our strategic objectives:
•Offer premium, integrated global solutions
•Expand into new territories through strategic alliances and reach the unserved SME market
•Grow ARPB by offering increased content and moving customers to Serko Zeno
•Serko expects the expanded agreement with Booking.com to result in significant benefits for Serko’s customers and TMC
partners by broadening and improving ‘whole of journey’ content, accelerating the global rollout of Serko Zeno, and
increasing commissions to the TMC community.
•The expanded agreement is not expected to have a material impact on Serko's revenues in the current financial year to
31 March 2020, due to the phased development work required and a performance-based rollout plan for Booking.com’s
global business traveller customers. If achieved, as anticipated, during the 2020 calendar year, the expanded agreement
is expected to result in a material uplift in Serko's revenue (via increased Average Revenue Per Booking and transaction
booking revenue) in the 2021 financial year and beyond; and is expected to assist Serko in achieving its medium-term
aspirational target of NZ$100 million of annualised run-rate revenue.
AGREEMENT WITH BOOKING.COM
14
|

1
NDC(New Distribution Capability) is a travel industry-supported program launched by IATA for the development and market adoption ofa new, XML-based
data transmission standard that enhances the capability of communications between airlines, travel agents and aggregators.
OTHER STRATEGIC UPDATES
•Total travel corporate customers (Serko Online and Zeno) grew by a net 327 over the period. Zeno transaction volumes increased 200% over the
same period last year, and over 1,300 corporate customers transacted on Zeno during the six month period to 30 September 2019. Zeno
transaction volumes represented 13% of Online bookings at September 2019. This has grown to over 15% in October. Total bookings for October, if
annualised by multiplying by 12 months, exceeded 5m bookings.
•We have invested heavily in the Serko Zeno platform for expansion into the North American markets during the period. Serko now has live
bookings in North America following beta release in September 2019. We expect transactions to gradually increase over the remainder of the
financial year with the continued onboarding of new corporates, as signed Travel Management Companies (TMCs) complete their useracceptance
testing and progress to pilot customers. ZS Associates through Luxe Travel Management have now also commenced using Zeno. Luxe Travel
Management are part of the Radius Travel buying group. This agreement allows other TMC resellers within the Radius group to access Zeno.
•UK markets, while not material to the period, continue to grow. Investment continues in Europe, however, at a slower rate than anticipated due to
prioritisation of the NORAM market roll-out. It is intended that a portion of the proceeds of the capital raising announced in October will be used to
accelerate development of the European market.
•As disclosed in the capital raise, Serko is currently in advanced commercial discussions with a global payments provider to provide a white label
version of Zeno to its SME customers, initially in Australasia, with the potential to offer in additional geographies in the future. Commercial
arrangement are currently under negotiation and have not yet been entered into.
•Serko also continues to invest in NDC
1
. The expansion of content and ancillary offerings through NDC offers new revenue stream opportunities
through Serko Zeno.Serko has committed to support NDC via both direct connection and GDS, and has announced NDC partnerships with
Qantas, Air Canada, Southwest Airlines and ATPCO’s NDC Exchangein the past 12 months.Serko Zeno is now live with end-to-end NDC booking
capability through the Qantas Distribution Platform (QDP), following a successful pilot with launch partner CT Connections.
15
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Outlook Statement

•Total Operating Revenue Growth for the full year is expected to be in the range of 20%-40%. However, currency fluctuations and the timing of
customer onboarding will be key factors in determining the final result, as previously advised to the market.
•In Australasia, growth in ‘same corporate’ bookings has softened over the past few months, which we attribute to a general slowdown in the
Australian and New Zealand economies and declining business confidence. Despite this, Serko has grown corporate customers by 327over
the half and this user growth has offset the impact on Serko’s total revenue growth. We continue to focus on global expansionand this will
assist Serko to mitigate any local market slow down. The impact of these trends continues to be monitored.
•The cash balance at 30 September 2019 was $10.3 million, which represented cash burn for the period of $5.5 million. Cash burn is expected
to continue for the second half as development is accelerated for new market expansion. Cash balances at 31 October, post theprimary
capital raise were $48.6 million. A further $5 million is expected to be raised via the recent Share Purchase Plan, which closed last week.
•Serko now has live bookings in North America following beta release last month. We expect transactions to grow in the second half of the
financial year with continued onboarding of new corporates as signed Travel Management Companies complete user acceptance testing and
progress to pilot customers. The timing of the uptake is unknown and subject to variables. Continued development of additional local content
is expected to further increase bookings and support the migration of additional corporates.
•European markets are not expected to contribute materially in FY20 (due to the prioritisation of the NORAM market roll-out). However, a
portion of the proceeds of the recent capital raising will be used to accelerate development of the European market, which will result in
increased FY21 revenue.
FY20 OUTLOOK
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Q&A

Appendices:
•Company Snapshot
•Definitions

ABOUT SERKO
FOUNDED IN 2007
Innovative Solutions
Serko is a technology company focused on
innovative solutions that address the
challenges of corporate travel and expense
management. The majority of Serko’s
revenue comes from Travel Management
Companies (TMCs) (“Resellers”), who
provide our online travel booking (OBT)
solution to their corporate customers.
Serko also sells Expense management
solutions to corporate customers directly.
Market Leader
Serko is a leading supplier of travel
technology solutions for TMCs in Australasia
and is now expanding into Northern
Hemisphere markets with multiple signed
reseller agreements in North America and a
global agreement with ATPI and
Booking.com.
NZX/ASX Listed
Serko listed on the New Zealand stock
exchange in June 2014. In June 2018, Serko
listed as a foreign exempt listing on the
Australian Securities Exchange. Serko
trades under the ticker ‘SKO’ on both
exchanges.
Serko employs around 200 people
worldwide with its HQ in New Zealand, and
offices across Australia, the U.S. and China
For further information refer to Serko’s website www.serko.comand its 2019 Annual Report which can be found under Investor Centre.
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Zeno TravelZeno Expense
Zeno Travel is an Online
Booking Tool (OBT) that
corporate travellers use to
book flights, trains, hotels,
rental cars and airport
transfers in line with their
corporate travel policies.
Zeno Expenseautomates
the process of corporate
card and out-of-pocket
expense submission,
reconciliation and
reimbursement
SERKO PRODUCTS
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$
Corporate travellermakes a
booking via Serko
Online/Zeno
Booking and other fees
Serko charges the TMCs a fee per booking
(which varies based on volume).
Year Ended 31 March2019
Travel platform booking revenue
Expense platform revenue
Supplier commissions revenue
Other revenue
$000
15,948
2,710
1,538
467
Recurring Product Revenue20,663
Services revenue2,698
Total Revenue23,361
Percentage of total revenue89%
$
Travellerbooks hotel or taxi
via Serko Online/Zeno
Supplier commission
Serko also generates revenue through
commissions on hotels, rental cars, airport
transfers and other travel providers that are
booked through its platform.
$
Travellerdownloads and
uses Serko Mobile
Mobile subscription
$
Travellersubmits receipts
using Serko Expense/Zeno
Monthly user fee
Serko Expense customers pay a fee based on
the number of active users each month
directly to Serko.
Additional Services
Serko earns other miscellaneous revenue
such as mobile licenses
Services Revenue
$
Paid customisation, marketplace integration
or implementation assistance
COMMERCIAL MODEL
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PERFORMANCE DASHBOARD –Full Year FY19
PROFIT (LOSS)REVENUEACTIVITYCOSTS
FY19 VS FY18
NET PROFIT
AFTER TAX
EBITDAF
1
up 19% over prior
year
$2.6m
OPERATING
REVENUE
28%
Operating revenue
from core products
plus services revenue
$23.4m
RECURRING
REVENUE
2
26%
Recurring revenue
(core product
revenue only)
89% of total
operating revenue
$20.7m
TOTAL
INCOME
28%
Total income from all
sources including
grants
$24.6m
PEAK ATMR
3
41%
Indicator of future
growth potential
based on current
trading
$26m
ONLINE
BOOKINGS
17%
Travel platform
bookings
4.14m
R&D COSTS
4
87%
39% of Revenue
Opex$2.4m
Capex $6.7m
$9.2m
OPERATING
EXPENSES
32%
Net FTE
5
increase in
the year of 67
$23.3m
Notes 1 –5: Refer to Appendix for definitions and for reconciliation of Net Profit to EBITDAF. Refer to Annual Report for further information
$1.6m
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Selected Operational MetricsFY13FY14FY15FY16FY17FY18FY19
1
–Online bookings exclude Offline and Custom bookings (system generated bookings) which are included in Online booking pricing or at a reduced rate
2
–Operating costs are Operating Expenses excluding depreciation and amortisation and fair value remeasurements of contingent consideration
* –indicates not previous measured or reported
# –FY17 revenue was affected by adverse foreign exchange rates
HISTORIC MEASURES for financial years (31 March)
Total revenue growth (%)
Revenue growth –Travel Platforms (%)
Total travel booking transactions (000s)
Online booking transactions
1
(000s)
Online transaction growth (%)
Recurring product revenue as % total revenue
Operating costs
2
(% change)
Employees (number at end of year -FTE)
Average revenue per FTE (NZD$000)
Research & development costs -expense and capex (NZD$000)
Annualisedtransactional monthly revenue (ATMR) (NZD$m)
27%
41%
987
821
35%
84%
35%
47
119
2,340
*
39%
12%
1,107
1,011
23%
71%
62%
87
100
3,387
*
55%
62%
1,588
1,468
45%
80%
105%
133
94
5,762
*
27%
49%
2,407
2,262
54%
93%
13%
127
101
6,268
11.2
9%#
8%
2,913
2,673
18%
91%
(10%)
108
122
5,836
15.3
28%
23%
3,526
3,207
20%
90%
(5%)
106
170
4,906
18.4
28%
20%
4,138
3,743
17%
89%
29%
173
167
9,165
26.0
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•Peak ATMR (AnnualisedTransactional Monthly Revenue) is a non-GAAP measure. Serko uses this as a useful indicator of recurring revenues
from Serko products. It is calculated by annualisingthe combination travel and expense platform monthly revenues for the most recent non-
seasonal month. The travel platform revenue is annualisedby taking the monthly online booking transactions divided by the number of
weekdays for that month multiplied by the average ARPB and multiplied by 260 days. The expense platform revenue is based on themonthly
revenue from active users multiplied by 12 months.
•ARPB (Average Revenue Per Booking) is a non-GAAP measure.Serko uses this as a useful indicator of the combined value from transactional
booking fees and the supplier commissions earned from the travel platform. It is calculated by taking total travel platform booking revenue
and supplier commission revenue divided by the total number of bookings.
•Recurring product revenue (a non-GAAP measure) is the recurring revenue derived from transactions and usage of Serko products by
contracted customers. It excludes revenues from customisedsoftware development (services revenue).
•R&D (Research & Development) costs is a non-GAAP measure representing the internal and external costs related to R&D both expensed and
capitalised.
•Operating Costs is a non-GAAP measure which excludes costs relating to taxation, interest, depreciation, and amortisation charges.
•EBITDAF is a non-GAAP measure representing Earnings Before the deduction of costs relating to Interest, Taxation, Depreciation and
Amortisation and Fair value remeasurement of contingent consideration.
•FTE = Full time equivalent employee.
DEFINITIONS
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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

Thank you