Serko FY20 Half-Year Results Announcement

1

Market Release
18 November 2020

UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2020
Serko investing for a recovery in global business travel markets


SUMMARY OF PERFORMANCE FOR THE PERIOD
• Total operating revenue
1
of $5.1 million for the six-month period was 66% lower than the
same period in the prior year of $14.7 million following COVID-19 pandemic travel disruptions.
• Recurring product revenues
1
for the period were $4.6 million compared to $13.3 million in the
prior period.
• Half-year total travel booking
1
volumes for the period were down 77%, being 23% of the
volumes in the same period a year ago, but have since risen to 35% for October (New
Zealand at 76% and Australia at 26%).
• The percentage of transactions occurring on our premium platform Zeno continues to
increase, representing around 38% of online transactions in September, up from 25% of
online transactions at the end of March 2020.
• Half-year total income
1
was $8.5 million, down from the prior year’s $15.2 million.
• Net loss after tax for the period was $10.1 million compared to a net loss of $0.9 million in the
prior period due to lower revenues and Serko investing in expansion into Northern
Hemisphere markets ahead of an anticipated travel market recovery.
• EBITDAF
1
for the period was a loss of $6.7 million compared to a profit of $1.4 million in the
prior period reflecting reductions in transactions and investment in Northern Hemisphere
expansion.
• Net cash burn averaged $1.8 million per month for the six-month period, within the $2 million
COVID-19 cost saving cap set by the Company, as previously announced to the market.
• Cash balances as at 30 September were $31.5 million. Following the recent capital raising,
Serko presently has over $90 million of cash on hand, positioning Serko well for an anticipated
travel market recovery.

Serko Limited (NZX/ASX:SKO), a leader in online travel booking and expense management for the
business travel market, today reports financial results for the six months to 30 September 2020.
Serko also reiterated its plans to move more quickly on the opportunities arising from the changing travel
market. Last month’s successful capital raising, which saw the Company raise $67.5 million of gross
proceeds, has positioned Serko to build to the future of the business travel industry.
FINANCIAL SUMMARY
Total revenue for the six-month period was $5.1 million compared to the estimated range of $4.5 million
to $5.0 million stated in the capital raising documentation. The result was down 66% from the $14.7
million in the same period a year ago. This was primarily due to the impact of travel restrictions on the
Company’s core Australasian travel transaction volumes.

1
For the definition of these measures please refer to page 5 of this release.

2
Travel platform revenue was down 77% and content commissions were down 75%. Total travel booking
transactions for the period fell to 0.5 million from 2.2 million in the same period a year ago, down 77%.
Expense platform revenue was less affected than travel related revenue, down 33% compared to the
prior period.
Total recurring product revenues reduced to $4.6 million from $13.3 million in the same period last year.
Total income, which includes $3.0 million of government COVID-19 related assistance and $0.4 million
of other grant income, was $8.5 million compared to guidance of $8.0 million to $8.5 million. Total income
posted in the same period in the prior financial year was $15.2 million.
Half year net losses increased to $10.1 million from a net loss of $0.9 million in the same period last
financial year reflecting the weaker revenue arising as a result of COVID-19 and the Company investing
in the opportunities arising from the changing business travel market. EBITDAF losses were accordingly
$6.7 million down from a gain of $1.4 million at the same period a year ago.
In the six months to the end of September, in line with guidance, the company burned an average $1.8
million per month of its cash reserves. This spend was focussed on measures to maintain capacity and
invest for an eventual recovery despite the prevailing low revenue environment. Serko ended the six-
month period with cash balances of $31.5 million. This figure was lifted by approximately $65 million in
new capital (net of issue expenses) following a successful capital raise. Serko has a forecast cash
balance of over $90 million at the end of November 2020.
Serko Chair Claudia Batten said: “As we signalled last month, the COVID-19 pandemic is reshaping all
parts of the business travel industry, from the suppliers of business travel content and services through
to the needs of the business traveller.
“Amid this disruption our Travel Management Company (TMC) resellers and partners recognise the
pivotal role Serko’s solutions and relationships can play in managing the disruption and preparing for
the recovery. Many have requested accelerated timetables to onboard new customers, deliver new
features and expand existing partnerships, while many others are considering or are planning to follow
suit.
“The capital recently raised, combined with our existing cash balances, position us well to scale-up to
meet this demand and execute on our strategic priorities, positioning Serko for growth when business
travel normalises,” Ms Batten said.
Serko Chief Executive Darrin Grafton said: “We consider that Serko’s prospects within the travel industry
remain significant over the medium to long-term, notwithstanding the currently known impacts of the
COVID-19 pandemic, and we remain confident in the recovery of travel over time. We are committed to
supporting our partners through this period of change and accelerating our drive to transform business
travel and expense management globally.
Mr Grafton said “Serko’s strategic priorities for the coming year include:
• accelerating the development of, and globally scaling up, Zeno;
• supporting the increased demand for customer and reseller onboarding to drive volume across
all markets, particularly in Europe and North America;
• expanding the breadth and depth of content channels across all markets, responding to new
and changing business traveller needs; and
• enhancing the customer experience and functionality for changing market requirements.
“Through our capital raising, our shareholders have backed Serko to execute on this plan. We have now
begun to plot a detailed course and are well advanced in hiring the software engineers to deliver on

3
these goals. In addition, we are growing our support functions to meet the needs of a growing global
operation. It is very early days, but we are excited by the task ahead of us and the potential rewards.
“We will consider small acquisitions and/or investments to assist Serko to accelerate execution of these
strategic priorities, where it makes sense to do so,” Mr Grafton said.
MARKET PERFORMANCE
Mr Grafton said: “The performance of the business for the half year period was in line with the guidance
given at the time of the capital raising.”
Australasia
Australasian booking volumes reached their low point in April, at just 9% of the same month in the prior
year and have been volatile amid the lifting and then the reimposition of travel restrictions on both sides
of the Tasman. Booking volumes for the six month period were 23% of the prior year volumes and 33%
for the month of September.
Australasian travel booking volumes have further improved to 35% for October 2020 of the prior year
volumes. New Zealand TMC resellers volumes were 76% of the prior period benefitting from the lifting
of domestic travel restrictions, while Australia is at 26% of the prior period with travel restrictions still in
place. As travel restrictions progressively ease, the anticipated recovery of internal, domestic travel,
particularly in Australia, is expected to be the principal driver of transaction volumes and revenues
returning to more normalised levels. In the 2020 financial year, domestic travel in both Australia and
New Zealand accounted for approximately 93% of Serko’s booking revenue. Trans-Tasman and
international travel account for the remainder of booking revenue.
Notwithstanding the disruptions to key markets, we are pleased with the overall trends in the business.
Notably, the percentage of transactions occurring on our premium platform Zeno continue to increase,
representing around 38% of online transactions in September, up from 25% of online transactions at the
end of March 2020.
Meanwhile, we continue to onboard new customers from our TMC resellers (including Flight Centre &
Orbit). The number of corporates transacting in October 2020 were over 4,000, up from the lows of
1,725 transacting in April 2020. Prior to COVID-19, over 6,800 corporates were transacting on Serko’s
platform.
North America
Travel within North America remains very subdued as a result of the pandemic, however, the North
American market provides a significant growth opportunity over time. Serko continues to invest in the
Zeno platform for expansion within North America, expanding its reseller base in anticipation of a
resumption of travel.
Key achievements in the half year include tailored North American content and integrations for resellers;
a Zeno Expense reseller partnership with the buying group Omnia Partners; and the addition of four new
TMC resellers over the half year period, bringing the total to nine resellers. Serko is now in the process
of activating these new partners.
As signalled in October the Company is also in the process of negotiating a large direct contract with a
US Fortune 500 company
2
.



2
There is no guarantee these negotiations will result in a signed agreement.

4
Booking.Com
Serko’s partnership with Booking.com continues to offer growth opportunities for Serko, particularly
among small and medium sized businesses. Notwithstanding the COVID-19 pandemic, the potential
large-scale roll-out gives Serko the opportunity to access to a much larger addressable market as travel
activity recovers over time.
The new Booking.com for Business platform powered by Zeno went live in May 2020, with pilot programs
implemented across the United Kingdom and Ireland. A pilot was also launched in Germany in early
September 2020.
It is expected that new customers wishing to set-up a business account on the Booking.com website will
be directed to the new Booking.com for Business platform powered by Zeno in select Northern
Hemisphere markets imminently.
It is expected that customers will be able to progressively sign-up to the Booking.com for Business
platform powered by Zeno as the product is made available in additional markets.
Serko and Booking.com continue to have a collaborative partnership, with both parties working to bring
a best-in-class business travel tool to customers globally. Serko is progressively scaling-up to achieve
this.
OUTLOOK
Ms Batten said: “Serko’s outlook was unchanged from that stated in the October 2020 capital raising
documents.
“We are well positioned for growth as business travel recovers. The profile and timing of that recovery,
however, remains uncertain. As a result, we are unable to forecast our likely operating revenue for the
2021 financial year with any certainty,” Ms Batten said.
“Serko continues to assume in its forecasts that travel volumes will be in the range of 40-70% of pre-
COVID levels by March 2021. The extent of travel restrictions in place within Australia and New Zealand
will be determinative of where, within this range, actual travel volumes fall.
“Serko continues to target an average monthly cash consumption of between $2 million and $4 million
during the remainder of FY21 and through to FY22. We continue to invest in growing our global footprint,
managing investment based on travel resumption and achievement of key performance metrics
(including the Booking.com opportunity and NORAM customer onboarding).”
EXECUTIVE UPDATE
Mr Grafton said: “I also announce today that Chief Financial Officer, Susan Putt, has signalled her
intention to transition out of the Company no later than the end of May 2021.
“We will shortly commence a comprehensive search for a successor and will utilise her notice period to
ensure an orderly succession plan.
“Susan has played a critical role in the business over the last four years of Serko. She feels it is time to
open a new chapter of her career and we are sorry to see her go but wish her well.
“I sincerely thank Susan for the guidance and contribution she has brought to me and Serko over her
time with us,” Mr Grafton said.
Ends

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This announcement has been authorised for release to NZX and ASX by:
Susan Putt, Chief Financial Officer
Phone: +64 21 388 009
Email: investor.relations@serko.com
For investor relations queries please contact:
Susan Putt, Chief Financial Officer
Phone: +64 21 388 009
Email: investor.relations@serko.com




About Serko
Serko is a leader in online travel booking and expense management for the business travel market.
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 235 people worldwide, with its headquarters in New
Zealand, and offices across Australia, China, and the U.S. Visit www.serko.com for more information.


Important notes:

Non-GAAP (generally accepted accounting practices) financial measures do not have standardised meanings prescribed by
GAAP and therefore may not be comparable to similar financial information presented by other entities. The Non-GAAP financial
information included in this release has not been subject to review by the auditors.

Non-GAAP measures are used by management to monitor the business and are useful to provide information to investors to
assess business performance. A reconciliation of Net Profit to EBITDAF can be found in the Annual Report and Investor
Presentation dated the same date as this announcement.

• Total operating revenue (a Non-GAAP measure) is revenue excluding income from grants and finance income, while total
income includes grants.
• Average Revenue Per Booking (ARPB) is a non-GAAP measure. Serko uses this as a useful indicator of the revenue value
per travel booking. It is calculated by taking Recurring product revenue divided by the total number of bookings.
• Recurring product revenue is a non-GAAP measure and is the recurring revenue derived from transactions and usage of
Serko products by contracted customers. It excludes revenues from customised software 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.
• Total travel bookings include both online and offline transactions.

All dollar amounts are New Zealand dollars unless otherwise stated.

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RESULTS ANNOUNCEMENT
18 November 2020
Results for announcement to the market


Name of issuer Serko Limited (“SKO”)
Reporting Period 6 months to 30 September 2020
Previous Reporting Period 6 months to 30 September 2019
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$8,533 Down 44%
Total Revenue $8,533 Down 44%
Net profit/(loss) from
continuing operations
($10,111) Down
1068%
Total net profit/(loss) ($10,111) Down
1068%
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
34.50 cents 11.22 cents
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Revenue has decreased from prior year primarily due to the
impact of pandemic-related travel restrictions on the company’s
core Australasian business travel market. Net tangible assets
increased from the prior comparable period as a result of an
increased cash balance through the capital raise in October 2019.
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 2020 (“Interim Financial
Statements”).

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 18/11/2020

Unaudited financial statements for the six months ended 30 September 2020 accompany
this 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

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FY21 INTERIM RESULTS PRESENTATION
18 NOVEMBER 2020

•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
|

FY21 H1 Financial Highlights
The FY21 Half Year Results to 30 September 2020 are unaudited. The half year results have been prepared in accordance with New
Zealand equivalents to International Financial Reporting Standards.All other accounting policies have been applied on a consistent
basis with those used in previous years. For further information refer to Serko’s FY20 Annual Report.

PERFORMANCE DASHBOARD –Half Year FY21
PROFIT (LOSS)REVENUEACTIVITYCOSTS
FY21 (H1) VS FY20 (H1) -Unaudited
NET LOSS AFTER
TAX
($10.1m)
EBITDAF
1
loss
for the period
$(6.7)m
OPERATING
REVENUE
-66%
Operating revenue
from core products
plus services revenue
$5.1m
RECURRING
REVENUE
2
-65%
Recurring revenue
(core product
revenue only)
91% of total operating
revenue
$4.6m
TOTAL
INCOME
-44%
Total income from all
sources including
grants and Covid-19
subsidies
$8.5m
PEAK ATMR
3
-60%
Indicator of future
growth potential
based on current
trading*
$10.4m
TRAVEL
BOOKINGS
-77%
Travel platform
bookings for the
period
0.5m
R&D COSTS
4
-34%
117% of Revenue
Opex$1.0m
Capex $4.9m
$5.9m
OPERATING
EXPENSES
14%
Net FTE
5
increase to
235 employees as at
30 September 2020
$17.9m
Notes 1 –5: Refer to Appendix for definitions.
*The impact COVID-19 is having on the current operating environment means ATMR is a less reliable indicator of future growth potential than it was pre-COVID but this measure has been included for comparability with previous periods.
6
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NET PROFIT SUMMARY/ EBITDAF RECONCILATION
•Operating Revenue of $5.1m down 66%
due to Covid-19 impacts.
•Other income includes Grants of which
$3.0m relates to Covid-19government
subsidies received.
•EBITDAF loss of $(6.7)m.
•Net loss for the period of $(10.1)m.
H1 FY21
$000
5,061
3,472
8,533
(17,850)
-353%
(10,027)
-198%
(710)
(84)
(10,111)
84
710
2,619
-
(6,698)
-132%
Net Profit Summary
EBITDAF Reconciliation
Operating Revenue
Other income (including Grants)
H1 FY20
$000
14,671
541
Total income
Operating expenses
15,212
(15,651)
Percentage of operating revenue-107%
Net profit before tax(814)
Percentage of operating revenue-6%
Net finance income (losses)(375)
Income tax expense(52)
Net profit (loss) (866)
Add back: income tax expense
Add back: net finance losses
Add back: depreciation and amortisation
Add back: fair value measurement
1
52
375
1,248
585
EBITDAF 1,394
EBITDAF margin10%
$000
(9,610)
2,931
(6,679)
(2,199)
(9,213)
(335)
(32)
(9,245)
32
335
1,371
(585)
(8,092)
%
-66%
542%
-44%
14%
-1132%
-89%
-62%
-1068%
62%
89%
110%
n/a
-581%
FY20
$000
25,869
922
26,791
(37,092)
-143%
(9,326)
-36%
975
(38)
(9,364)
38
(975)
3,156
1,056
(6,089)
-24%
6 months
1
Fair value remeasurement of contingent consideration on deferred consideration for InterplXacquisition added to EBITDA as non-cash expense
changechange6 months12 months
7
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REVENUE ANALYSIS
•Recurring product revenue down 65%.
•Travel platform revenue down 77%
primarily due to reducedbookings,
which were also down 77%.
•Expense revenue down 33%.
•Content commission down 75%.
•Services revenue down 67%.
•Average Revenue per Booking (ARPB)
for the period was up 49% due to
Expense platform revenue beingless
affected than travel.
Revenue and Other Income
by Type
Travel platform revenue
Expense platform revenue
Content commissions
Other revenue
Recurring product 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 FY21
$000
2,159
2,013
210
225
4,607
91%
454
5,061
8,533
3,359
377
1,231
94
5,061
Total operating revenue
H1 FY20
$000
9,243
2,991
837
242
13,313
91%
1,358
14,671
15,212
10,366
1,376
2,712
217
14,671
$000
(7,084)
(978)
(627)
(17)
(8,706)
(904)
(9,610)
(6,679)
(7,007)
(999)
(1,481)
(123)
(9,610)
%
-77%
-33%
-75%
-7%
-65%
-67%
-66%
-44%
-68%
-73%
-55%
-57%
-66%
FY20
$000
16,307
5,831
1,427
485
24,050
93%
1,819
25,869
26,791
18,218
2,465
4,823
363
25,869
Total other income
Government grants –Covidsubsidies
Government grants –Other
3,023
449
-
541
3,023
(92)
100%
-17%
-
922
3,4725412,931542%922
Tr a v e l b o o k i n g s ( 0 0 0 )
ARPB
(Recurring revenue/Travel bookings)
523
8.81
2,246
5.93
(1,723)
2.88
-77%
49%
4,214
5.71
6 monthschangechange6 months12 months
8
|

TRANSACTION ANALYSIS -AUSTRALASIA
•Travelbookings as % of prior
year were 33% for the month
ofSeptember (23% for the six
month period). For October
this further improved to 35%.
•New Zealand bookings
forSeptember was 68% and
76% for October.
•Australian bookings for
September was 25%and26%
for October.
9
|

OPERATING EXPENSES
•Operating costs as a comparison to the
first half of last year increased primarily
as a result of increased remuneration
and benefits (R&B) up 46%, mainly due
to increased headcount.
•R&B for H2 FY20 was $11.7m versus
$11.2m for H1 FY21.
•Headcount increased to 235 at 30
September 2020 up from 208 at 30
September 2019.
•R&B costs includes contractor costs,
which were reduced during the period,
some of which were converted to
employees at a lower cost.
•R&B also included non-cash share-
based payments of $1.4m in the current
period.
•Administration costs include $2.6m of
non-cash amortisation and depreciation,
up from $1.2m in the prior year.
H1 FY21
$000
17,850
913
1,230
11,213
4,494
-
353%
Operating Expenses
Total Operating Expense
H1 FY20
$000
15,651
Selling and marketing
Hosting
Remuneration and benefits
Administration
Fair value remeasurement on contingent consideration
1,223
1,835
7,709
4,299
585
107%
$000
2,199
(310)
(605)
3,504
195
(585)
%
14%
-25%
-33%
46%
5%
-100%
FY20
$000
37,092
2,989
3.362
19,419
10,266
1,056
143%
Percentage of Operating Revenue
6 monthschangechange6 months12 months
10
|
Number of Employees at period end
23520827
13%
233
Note: A further breakdown of Operating Expenses can be found in Note 3 of the financialstatements.

RESEARCH & DEVELOPMENT
•To t a l R &D c o s t s d e c re a s e d b y $ 3 m
over prior period.
•Net product development costs
expensed, including amortisation
of previously capitalised
development, was 17% less than
the prior period.
H1 FY21
$000
1,000
5,898
117%
(450)
1,746
(4,898)
2,296
45%
R&D Costs –Expensed
Research costs (excluding amortisation of
amounts previously capitalised)
H1 FY20
$000
2,545
Total R&D costs (including amounts capitalised)
8,921
Percentage of operating revenue61%
Less: Government grants relating to research
Add: Amortisation of capitalised development costs
(408)
631
Less: capitalised product development costs(6,376)
Net product development costs expensed2,768
Percentage of operating revenue19%
$000
(1,545)
(3,023)
(42)
1,115
1,478
(472)
%
-61%
-34%
-10%
177%
23%
-17%
FY20
$000
2,593
13,606
53%
(683)
1,705
(11,013)
3,615
14%
83%Percentage of R&D costs72%81%
20%Percentage of operating revenue17%10%
6 monthschangechange6 months12 months
11
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Strategic Updates

FOUNDATIONS OF THE PATH TO $100 MILLION REVENUE
13
|

ACCELERATING TO EXECUTE ON THE OPPORTUNITIES
OF A CHANGING BUSINESS TRAVEL MARKET
The COVID-19 pandemic is a rare
event that is reshaping parts of the
business travel industry, impacting
both the suppliers of business travel
content and services and the needs
of the business traveller.
Serko’s recent $67.5 million capital
raise ($65 million net of advisor
fees) was completed to prepare for
growth opportunities arising from
changes to the travel industry.
Serko’s priority is to ensure it has the
resource and capacity to execute on
its strategic priorities, positioning the
company for growth when business
travel normalises.
CRISES
BRINGOPPORTUNITY
FUELLED FOR
GROWTH
STRATEGICALLY
POSITIONED
14
|

AUSTRALASIA MARKET
UPDATE
DOMESTIC FOCUS
Approximately 93% of Serko’s revenues come from domestic bookings
in Australia and New Zealand which are not reliant on the re-opening
of International borders.
RETURN TO TRAVEL
Lifting of travel restrictions in New Zealand saw a rapid return to over
75% of pre-Covidactivity.
We are hopeful Australia will follow a similar pattern as interstate
restrictions are progressivelylifted.
ZENO ACCELERATION
The percentage of transactions occurring on Zeno product were 38%
of total transactions for September 2020, up from 25% of total
transactions at the end of March 2020.
15
|

NORTH AMERICA
MARKETUPDATE
NORTH AMERICA READY
We have continued to tailor Nor th American content and integrations
that helped Serko win and launch ZS Associates, our largest customer
to date in this market.
INCREASED DISTRIBUTION
Since 31 March 2020, we have added four new TMC resellers in North
America (bringing the total to nine). These are now in the activation
and launch process.
ZENO EXPENSE LAUNCHED
The new Zeno Expense offering has been launched with corporate
customers nowactivatedand a reseller partnership with buying group
Omnia Partners signed.
16
|

BOOKING.COM UPDATE
Serko and Booking.comare working
together to bring a best-in-class
business travel tool to customers
globally and Serko is progressively
scaling-up to achieve this.
Customers will be able to sign-up to the new
Booking.com for Business platform powered by
Zeno as the product is made available in
additional markets.
The Booking.com for Business
platform powered by Zeno is now
live with pilot programs implemented
across the United Kingdom, Ireland
and Germany.
SCALING TO THE
OPPORTUNITY
ENTRY INTO NEW
GLOBAL MARKETS
PILOT CUSTOMERS
ARE LIVE
17
|

Outlook Statement

FY21 OUTLOOK
•Serko is well positionedforgrowthwhentrading conditionsimproveand the business travel industry starts to recover.
•Timing,however,remains uncertain.As a result, we are unable to forecast our likely operating revenue for the 2021 financial
year with any certainty.
•Serko continues to assume in its forecasts that travel volumes will be in the range of 40-70% of pre-COVID levels by March
2021(based on the trends noted on Slide 9). The extent of travel restrictions in place within Australia and New Zealand will be
determinative of where, within this range, actual travel volumes fall.
•As at 30 September 2020,Serko had net cash and cash equivalents of $31.5million.Following the recent capital raising, Serko
presently has over $90 million of cash on hand, positioning Serko well for an anticipated travel market recovery.
•Serko is targeting an average monthly cash burn of between $2 million and $4 million during the remainder of FY21 and
through to FY22, dependent on travel resumption and achievement of key performance metrics (including the Booking.com
opportunity and NORAM customer onboarding).
19
|

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 235 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 2020 Annual Report which can be found under Investor Centre.
22
|

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 Expense
automates the
process
of corporate card
and out-of-pocket expense
submission, reconciliation and
reimbursement.
SERKO PRODUCTS
23
|

SERKO STRATEGY
24
|

$
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 March
2020
Travel platform booking revenue
Expense platform revenue
Supplier commissions revenue
Other revenue
$000
16,307
5,831
1,427
485
Recurring Product Revenue24,050
Services revenue1,819
Total Revenue25,869
Percentage of total revenue93%
a
$
Supplier commission
Serko also generates revenue through
commissions on hotels, rental cars, airport
transfers and other travel providers that are
booked through its platform.
$
Travellerbooks hotel or
taxi via Serko Online/Zeno
Mobile subscription
$
Travellerdownloads and
uses Serko Mobile
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
25
|

PERFORMANCE DASHBOARD –FY20
PROFIT (LOSS)REVENUEACTIVITYCOSTS
FY20 VS FY19
NET LOSS AFTER
TAX
($9.4m)
EBITDAF
1
loss
$(6.1m)
OPERATING
REVENUE
11%
Operating revenue
from core products
plus services revenue
$25.9m
RECURRING
REVENUE
2
16%
Recurring revenue
(core product
revenue only)
93% of total
operating revenue
$24.1m
TOTAL
INCOME
9%
Total income from all
sources including
grants
$26.8m
PEAK ATMR
3
6%
Indicator of future
growth potential
based on current
trading
$27.5m*
TRAVEL
BOOKINGS
2%
Travel platform
bookings for the
period
4.2m
R&D COSTS
4
48%
53% of Revenue
Opex $2.6m
Capex $11.0m
$13.6m
OPERATING
EXPENSES
59%
Net FTE
5
increase in
the period of 60 to
233 employees
$37.1m
Notes 1 –5: Refer to Appendix for definitions.
*Note: ATMR has subsequently reduced materially as a result of Covid-19
26
|

Selected Operational MetricsFY13FY14FY15FY16FY17FY18FY19
1 –Online bookings exclude Offline and Custom bookings (system generated bookings) which are included in Online booking pricingor 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; FY20 revenue was affected by Covid-19 pandemic
HISTORIC MEASURES for financial years (31 March)
To t a l r e v e n u e g r o w t h ( % )
Revenue growth –Tr a v e l P l a t f o r m s ( % )
To t a l t r a v e l b o o k i n g t r a n s a c t i o n s ( 0 0 0 s )
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$000)
Peak annualisedtransactional monthly revenue (ATMR) (NZD$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
FY20
11%#
2%
4,214
3,724
-1%
93%
59%
233
121
13,606
27.5
27
|

•Peak ATMR (AnnualisedTransactional Monthly Revenue) is a non-GAAP measure. Serko uses this as an 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 the monthly revenue from active users multiplied by 12 months.The impacts COVID-19 is having on the current
operating environment means ATMR is a less reliable indicator of future growth potential than it was pre-COVID.
•ARPB (Average Revenue Per Booking) is a non-GAAP measure.Serko uses this as a useful indicator of the revenue value per travel booking.It is calculated by taking
total Recurring Product 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 bycontracted 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 amortisationcharges.
•EBITDAF is a non-GAAP measure representing Earnings Before the deduction of costs relating to Interest, Taxation, Depreciation and Amortisationand Fair value
remeasurement of contingent consideration.
•FTE = Full time equivalent employee.
DEFINITIONS
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
28
|

Thank you

---

1
FY21 Interim report
FY21 Interim Report
FINANCIAL
STATEMENTS
For the six month period ended
30 September 2020

FY21 Interim report
2
FINANCIAL
STATEMENTS

3
FY21 Interim report
CONTENTS
Consolidated statement of comprehensive income4
Consolidated statement of changes in equity5
Consolidated statement of financial position6
Consolidated statement of cash flows7
Notes to the financial statements8

FY21 Interim report
4
Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2020
The accompanying notes form part of these financial statements.
Notes
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202030 Sep 201931 Mar 2020
$ (000)$ (000)$ (000)
Revenue2 5,061 14,671 25,869
Other income2 3,472 5 41 922
Total income 8,533 15,212 26,791
Operating Expenses
Selling and marketing expenses (913) (1,223) (2,989)
Hosting expenses (1,230) (1,835) (3,362)
Remuneration and benefits (11,213) (7,709) (19,419)
Administration expenses (4,494) (4,299) (10,266)
Fair value remeasurement on contingent consideration - (585) (1,056)
Total operating expenses3 (17,850) (15,651) (37,092)
Finance income 157 95 1,137
Finance expenses (867) (470) (162)
Loss before income tax (10,027) (814) (9,326)
Income tax expense (84) (52) (38)
Net loss attributable to the shareholders of the company (10,111) (866) (9,364)
Movement in foreign currency reserve 42 232 (11)
Total comprehensive loss for the year (10,069) (634) (9,375)
Earnings per share
Basic profit per share11 ($0.11)($0.01)($0.10)
Diluted profit per share11 ($0.11)($0.01)($0.11)

5
FY21 Interim report
Consolidated Statement of Changes in Equity
For the six months ended 30 September 2020
The accompanying notes form part of these financial statements.
*Items in other comprehensive income may be reclassified to the income statement and are shown net of tax.
Notes
Share
capital
Share-based
payment
reserve
Foreign
currency
reserve
Accumulated
losses
Total
$ (000)$ (000)$ (000)$ (000)$ (000)
Balance as at 1 April 2020 87,751 2,374 (222) (26,119) 63,784
Net loss for the period - - - (10,111) (10,111)
Other comprehensive income/(loss)* - - 42 - 42
Total comprehensive income/(loss) for the period - - 42 (10,111) (10,069)
Transactions with owners
Cost of equity issued10 (3) - - - (3)
Shares allocated to employees10 40 1,280 - - 1,320
Shares forfeited from employees10 - (37) - - (37)
Share-based payments — employee share options10 35 22 - - 57
Non-executive directors’ shares in lieu of services10 9 - - - 9
Balance as at 30 September 2020 87,832 3,639 (180) (36,230) 55,061
Balance as at 1 April 2019 40,993 1,885 (211) (16,432) 26,235
Net loss for the period - - - (866) (866)
Adjustment on adoption of new IFRS16 - - - (304) (304)
Other comprehensive income/(loss)* - - 232 - 232
Total comprehensive income/(loss) for the period - - 232 (1,170) (938)
Transactions with owners
Shares allocated to employees10 - 208 - - 208
Shares forfeited from employees10 - (3) - - (3)
Share-based payments — employee share options10 - 37 - - 37
Balance as at 30 September 2019 40,993 2,127 21 (17,602) 25,539
Balance as at 1 April 2019 40,993 1,885 (211) (16,432) 26,235
Net loss for the year - - - (9,364) (9,364)
Adjustment on adoption of new IFRS16 - - - (323) (323)
Other comprehensive income/(loss)* - - (11) - (11)
Total comprehensive income/(loss) for the year - - (11) (9,687) (9,698)
Transactions with owners
Issue of share capital 45,000 - - - 45,000
Cost of equity issued10 (1,793) - - - (1,793)
Shares allocated to employees10 353 682 - - 1,035
Shares forfeited from employees10 - (17) - - (17)
Share-based payments — employee share options10 74 (133) - - (59)
Non-executive directors settlement of non-
recourse loan
10 243 (43) - - 200
Shares issued in respect of InterplX acquisition10 2,881 - - - 2,881
Balance as at 31 March 2020 87,751 2,374 (222) (26,119) 63,784

FY21 Interim report
6
Consolidated Statement of Financial Position
As at 30 September 2020
For and on behalf of the Board of Directors, who authorise these financial statements for issue on 18 November 2020
The accompanying notes form part of these financial statements.
DARRIN GRAFTON
CLAUDIA BATTEN
CEOCHAIRPERSON
Notes
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202030 Sep 201931 Mar 2020
$ (000)$ (000)$ (000)
Current assets
Cash at bank and on hand 31,504 10,253 42,391
Receivables4 4,017 6,921 6,578
Income tax receivable 54 - 84
Derivative financial instruments5 - - 557
Total current assets 35,575 17,174 49,610
Non-current assets
Property, plant and equipment6 2,537 3,189 3,382
Intangible assets 7 23,089 16,457 20,110
Deferred tax asset 2 41 90 250
Total non-current assets 25,867 19,736 23,742
Total assets 61,442 36,910 73,352
Current liabilities
Trade and other payables8 4,372 5,827 7,073
Contingent consideration15 - 2,410 -
Income tax payable - 155 -
Interest-bearing loans and borrowings 61 61 58
Lease liabilities9 1,002 977 1,280
Derivative financial instruments5 236 328 -
Total current liabilities 5,671 9,758 8,411
Non-current liabilities
Interest-bearing loans and borrowings 60 121 92
Lease liabilities9 647 1,492 1,065
Total non-current liabilities 707 1,613 1,157
Total liabilities 6,378 11,371 9,568
Equity
Share capital10 87,832 40,993 87,751
Share-based payment reserve10 3,639 2,127 2,374
Foreign currency reserve (179) 21 (222)
Accumulated losses (36,228) (17,602) (26,119)
Total equity 55,064 25,539 63,784
Total equity and liabilities 61,442 36,910 73,352

7
FY21 Interim report
Consolidated Statement of Cash Flows
For the six months ended 30 September 2020
The accompanying notes form part of these financial statements.
Notes
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202030 Sep 201931 Mar 2020
$ (000)$ (000)$ (000)
Cash flows from operating activities
Receipts from customers 7,878 14,736 22,318
Interest received 157 95 41 8
Receipts from grants 3,023 5 41 649
Taxation (paid)/received (57) (135) (529)
Payments to suppliers and employees (16,603) (13,210) (26,275)
Interest payments (52) (69) (126)
Net GST refunded (paid) 336 (25) (244)
Net cash flows (used in)/from operating activities12 (5,318) 1,933 (3,789)
Cash flows from investing activities
Purchase of property, plant and equipment (64) (280) (794)
Capitalised development costs and other intangible assets (4,898) (6,284) (11,018)
Net cash flows (used in) investing activities (4,962) (6,564) (11,812)
Cash flows from financing activities
Issue of ordinary shares10 35 - 45,000
Cost of new share issue10 (3) - (1,793)
Payment of lease liabilities (646) (448) (1,080)
Non-executive directors non-recourse loan - - 200
Net repayment of loans (29) (26) (54)
Net cash flows (used in)/from financing activities (643) (474) 42,273
Net (decrease)/increase in total cash (10,923) (5,105) 26,672
Net foreign exchange difference 36 (374) (13)
Cash and cash equivalents at beginning of period 42,391 15,732 15,732
Cash and cash equivalents at the end of the period 31,504 10,253 42,391
Cash and cash equivalents comprises the following:
Cash at bank and on hand 31,504 10,253 42,391
31,504 10,253 42,391

FY21 Interim report
8
1 BASIS OF PREPARATION AND ACCOUNTING POLICIES
The financial statements of Serko Limited (‘the Company ’) and subsidiaries (‘the Group’) were authorised for issue in accordance with
a Board resolution.
a) Corporate Information
The Company is a limited liability company domiciled and incorporated in New Zealand under the Companies Act 1993 and is listed
on the New Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX) as an ASX Foreign Exempt Listing. Its
registered office is at Unit 14d, 125 The Strand, Parnell, Auckland. The Company is an FMC Reporting Entity under the Financial
Markets Conduct Act 2013 and the Financial Reporting Act 2013.
The unaudited interim consolidated financial statements of Serko Limited (‘the Company ’) and subsidiaries (‘the Group’) were
authorised for issue in accordance with a resolution of directors.
The Group is involved in the provision of computer software solutions for corporate travel and Expense Management. The Group is
headquartered in Auckland, New Zealand.
b) Basis of preparation
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.
c) Accounting policies and disclosures
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 2020.
d) Comparatives
Certain comparative amounts have been reclassified to conform to the current interim report presentation.
Notes to the Financial Statements
For the six months ended 30 September 2020

9
FY21 Interim report
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202030 Sep 201931 Mar 2020
$ (000)$ (000)$ (000)
Geographic information
Australia3,359 10,366 18,218
New Zealand377 1,376 2,465
US1,231 2,712 4,823
Other94 217 363
Total revenue5,061 14,671 25,869
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202030 Sep 201931 Mar 2020
$ (000)$ (000)$ (000)
Revenue – transaction and usage fees:
Travel platform booking revenue2,159 9,243 16,307
Expense platform revenue2,013 2,991 5,831
Supplier commissions revenue210 837 1,427
Services revenue454 1,358 1,819
Other revenue225 242 485
Total revenue5,061 14,671 25,869
Government grants - Covid-19 subsidies*3,023 - -
Government grants - other449 5 41 922
Total other income3,472 541 922
Total revenue and other income8,533 15,212 26,791
*The Group received Government Covid-19 subsidies in New Zealand, Australia and the US totalling NZD $3.0 million of which NZD
$1,584,000 was received from the New Zealand government.
2 REVENUE AND OTHER INCOME

FY21 Interim report
10
3 EXPENSES
*Other assurance services relate to review of the Group’s compliance with Callaghan Innovation Grant requirements.
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202030 Sep 201931 Mar 2020
$ (000)$ (000)$ (000)
Operating profit before taxation includes the following expenses:
Marketing expenses499 736 1,469
Third party connection costs150 217 885
Other selling costs264 270 635
Total selling and marketing expenses913 1,223 2,989
Hosting expenses1,230 1,835 3,362
Employee remuneration8,927 6,977 17,161
Contributions to pension plans665 342 662
Share-based payment expenses1,420 242 959
Other remuneration and benefits201 148 637
Total remuneration and benefits11,213 7,709 19,419
Auditor remuneration and other assurance fees*83 86 153
Directors’ fees182 161 357
Expected credit loss allowance on receivables(65) - 237
Amortisation of intangibles1,746 631 1,705
Depreciation873 617 1,451
Rental and operating lease expenses2 - 83
Professional fees346 542 1,571
Computer licences455 333 925
Other administration expenses872 1,929 3,784
Total administration expenses4,494 4,299 10,266
Fair value remeasurement of contingent consideration - 585 1,056
Expenses from ordinary activities17,850 15,651 37,092

11
FY21 Interim report
4 RECEIVABLES
5 DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivatives in the form of forward exchange contracts (FECs) to reduce the risk that movements in the exchange rate
will affect the Group’s New Zealand dollar cash flows. Such derivative financial instruments are initially recognised at fair value on the
date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial
assets when the fair value is positive and as financial liabilities when the fair value is negative.
The following table presents the Group’s foreign currency forward exchange contracts measured at fair value:
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202030 Sep 201931 Mar 2020
$ (000)$ (000)$ (000)
Trade receivables1,960 3,050 4,049
Expected credit loss provision(172)(7)(237)
Trade receivables (net)1,788 3,043 3,812
GST receivable139 254 473
Sundry debtors19 98 34
Contract assets1,333 2,374 1,368
Prepayments726 1,110 845
Funds held in trust12 42 46
Total receivables4,017 6,921 6,578
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202030 Sep 201931 Mar 2020
$ (000)$ (000)$ (000)
Current:
Foreign currency forward exchange contracts(236)(328)557
Contractual amounts of forward exchange contracts outstanding were as follows:
Foreign currency forward exchange contracts8,31518,85618,819
Derivative financial instruments have been determined to be within level 2 of the fair value hierarchy. Foreign currency forward
exchange contracts have been fair valued using published market foreign exchange rates and contract forward rates discounted at a
rate that reflects the credit risk of the counterparties.

FY21 Interim report
12
6 PROPERTY, PLANT AND EQUIPMENT
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202030 Sep 201931 Mar 2020
$ (000)$ (000)$ (000)
Opening balance3,382 3,099 3,099
Additions64 685 1,740
Disposals - - (50)
Depreciation(873)(617)(1,451)
Currency translation(36)22 44
Closing balance2,537 3,189 3,382
7 INTANGIBLES
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202030 Sep 201931 Mar 2020
$ (000)$ (000)$ (000)
Opening balance20,110 10,553 10,553
Additions4,8986,284 11,018
Disposals - - (36)
Amortisation(1,746)(631)(1,705)
Currency translation(173)251 280
Closing balance23,089 16,457 20,110
8 TRADE AND OTHER PAYABLES
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202030 Sep 201931 Mar 2020
$ (000)$ (000)$ (000)
Trade payables969 428 3,032
Accrued expenses1,761 4,259 2,743
Annual leave accrual1,642 1,140 1,298
Total trade and other payables4,372 5,827 7,073
Disclosed as:
Current4,372 5,827 7,073
4,372 5,827 7,073

13
FY21 Interim report
9 LEASE LIABILITIES
Recognition and measurement of Serko leasing activities
Serko leases property for fixed periods of between one and six 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.
Lease liabilities include the net present value of fixed payments less any lease incentives receivable. The lease payments are
discounted using the lessee’s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
The amortisation of the discount applied on recognition of the lease liability is recognised as interest expense in the income
statement.
Key movements relating to lease balances are presented below.
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202030 Sep 201931 Mar 2020
$ (000)$ (000)$ (000)
Opening Balance2,3452,479 2,479
Leases entered into during the period-403 900
Principal repayments(669)(451)(1,080)
Foreign exchange adjustment(27)38 46
Closing balance1,6492,469 2,345
Classified as:
Current1,002977 1,280
Non-current6471,492 1,065
Closing balance1,6492,469 2,345

FY21 Interim report
14
10 EQUITY
6 months
Unaudited
6 months
Unaudited
12 months
Audited
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202030 Sep 201931 Mar 202030 Sep 202030 Sep 201931 Mar 2020
$ (000)$ (000)$ (000)
NUMBER
OF SHARES
(000)
NUMBER
OF SHARES
(000)
NUMBER
OF SHARES
(000)
Ordinary shares
Share capital at the beginning of the
year
87,75140,99340,99392,73980,923 80,923
Issue of shares pursuant to institutional
capital placement
--40,000- - 9,900
Issue of shares pursuant to Share
Purchase Plan (SPP) placement
--5,000- - 1,238
Transaction costs for issue of new
shares
(3)-(1,793)- - -
Non-executive directors settlement of
non-recourse loan
--243- - -
Shares issued in respect of directors’
services
9--3 -
Issue of shares pursuant to US Options
plan
35-7413 - 25
Issue of shares pursuant to Restricted
Share Units (RSU) scheme
40-35310 - 79
Shares issued in respect of InterplX
acquisition
--2,881- - 574
Share capital87,83240,99387,75192,76580,923 92,739
Share-based payment reserve
Balance at 1 April2,3741,8851,885 - - -
Shares allocated to employees1,280208682 - - -
Shares forfeited from employees(37)(3)(17) -
Non-executive directors settlement of
non-recourse loan
--(43) - - -
Share-based payments - employee
share options
2237(133) - - -
Share-based payment reserve3,6392,1272,374 - - -
Subsequent to 30 September 2020, Serko issued additional shares in a capital raise which will have a material impact on share
capital (see note 14).

15
FY21 Interim report
11 EARNINGS PER SHARE (EPS)
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202030 Sep 201931 Mar 2020
$ (000)$ (000)$ (000)
Loss attributable to ordinary equity holders of the parent
Continuing operations
(10,111)(866)(9,365)
NumberNumberNumber
Basic earnings per share
Issued ordinary shares at the end of the period92,765 80,923 92,739
Adjusted for employee restricted share plan shares(1,607)(2,587)(1,919)
Weighted average of issued ordinary shares at the end of the period91,158 78,336 90,820
Basic earnings per share (dollars) - weighted average(0.11)(0.01)(0.10)
Diluted earnings per share
Weighted average of issued ordinary shares at the end of the period92,746 80,923 86,893
Weighted average of issued ordinary shares for diluted earnings per share92,746 80,923 86,893
Diluted earnings per share (dollars) - weighted average(0.11)(0.01)(0.11)
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202030 Sep 201931 Mar 2020
CentsCentsCents
Net tangible assets per security34.5011.2247.09

FY21 Interim report
16
12 RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202030 Sep 201931 Mar 2020
$ (000)$ (000)$ (000)
Net loss after tax(10,111)(866)(9,364)
Add non-cash items
Amortisation1,746 631 1,705
Depreciation873 617 1,451
Loss on property, plant and equipment disposal - -50
Fair value remeasurement of contingent consideration - 585 1,056
Deferred tax liability/(benefit)96(167)
Loss/(gain) on foreign exchange transactions1,096431(370)
Share-based compensation1,265 242 959
(5,122)1,646(4,680)
Add/(less) movements in working capital items
(Increase)/Decrease in receivables2,561(1,007)(1,084)
Increase in trade and other payables(2,702)1,364 2,283
(Decrease)/increase in income tax(55)(70)(308)
(196)287891
Net cash flows (used in)/from operating activities(5,318)1,933(3,789)

17
FY21 Interim report
13 RELATED PARTIES
The consolidated financial statements include the financial statements of Serko Limited and subsidiaries as listed
in the following table:
% EQUITY INTERESTINVESTMENT $(000)
UnauditedUnauditedAuditedUnauditedUnauditedAudited
Name
Balance
date
30 Sep
2020
30 Sep
2019
31 Mar
2020
30 Sep
2020
30 Sep
2019
31 Mar
2020
Serko Australia Pty Limited31 March100%100%100% 1 1 1
Serko Trustee Limited31 March100%100%100% - - -
Serko India Private Limited31 March99%99%99% 2 2 2
Serko Investments Limited31 March100%100%100% - - -
Foshan Sige Information Technology
Limited
31 March100%100%100% - - -
Serko Inc31 March100%100%100% - - -
InterplX Inc31 March100%100%100% 3,076 3,076 3,076
3,079 3,079 3,079
Serko Australia Pty Limited’s principal business is the marketing and support of travel booking software solutions supplied by Serko
Limited.
Serko Trustee Limited was incorporated on 4 June 2014 to hold the shares issued to key management and staff in the Restricted
Share Scheme Scheme in trust until vesting.
Serko India Private Limited was incorporated on 18 February 2015 as a subsidiary for the India-based operations. As of 1 January 2020,
Serko India was non-trading.
Serko Investments Limited was incorporated on 5 November 2014 as a holding company. It holds 1% of the shares in Serko India
Private Limited.
Foshan Sige Information Technology Limited was incorporated on 7 August 2017 as a subsidiary for the China-based operations.
Serko Inc was incorporated on 30 October 2007 as a subsidiary for the US-based operations.
InterplX Inc was acquired on 20 December 2018 and is principal business is the sale of Expense management solutions.
14 EVENTS AFTER BALANCE SHEET DATE
Subsequent to 30 September 2020, Serko issued 14,835,159 shares in a capital raise for gross proceeds of $67,500,000. Net proceeds
will be subject to finalisation of capital raise costs.
15 CONTINGENT LIABILITIES
There were no contingent liabilities as at 30 September 2020 (30 September 2019: $2,410,000).

FY21 Interim report
18
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
Claudia Batten (Chairperson)
Simon Botherway
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: investor.relations@serko.com
PRINCIPAL
ADMINISTRATION
OFFICE
REGISTERED OFFICESHARE REGISTRAR
DIRECTORSAUDITOR
Company Directory
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FY21 Interim report
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