Investor Update – 23 November 2023

Investor AGM Update 23 November 2023

Overview

2023 has been another challenging year. However, now that the distraction of the legal challenges
are behind, the teams will now be able to fully focus on the company growth strategy.

The management of Kilimanjaro, with the support of the Board, came to an agreement with MYOB
on a new Business Partner Agreement as announced on 28 September 2023. Kilimanjaro is now fully
focused on maximising the opportunities that are included in that new Business Partner Agreement.

The revenue, including annual renewable revenues in all our investee companies has continued to
grow well. Datagate performed particularly well, growing revenues a further 20%.

The recently completed rights issue generated AU$1,100,948 and NZ$147,762, which met the
expectation of the Board. The Board is grateful for the continued support of shareholders and
especially want to thank all those shareholders that participated in the right issue.

At 31 October 2023, Enprise had cash at hand of $1.65 million and $0.95 million in drawn bank
facilities. The Board appreciated the continued support of our banker, BNZ who have extended the
repayment term of the term loan to 29 January 2024 while we continue to work with them on a
renewal of the facilities on satisfactory terms as announced on 18 September 2023.

The Board remains focused on returning the Group to profitability. We believe that we are well
positioned to maintain our position as MYOB’s largest partner, and to grow our installed customer
base. Our MYOB Advanced (Acumatica) base has grown by over 30% in the past year. This, in addition
to our growth in SaaS based investee companies, should enable us to return to profitability by year
end.

Unaudited Management Information for the 4 months ended 31 October 2023

Group Results
Unaudited Management Information
4 months to 31 October
FY24 FY23 Change
Revenue 6,752,145 6,631,771 2% Increase


Kilimanjaro
Unaudited Management Information
4 months to 31 October
2023 2022 Change
Revenue
- Recurring and contracted revenue 2,896,217 2,529,200 15% Increase
- Non-recurring revenue 3,416,729 3,545,276 4% Decrease
Total 6,312,946 6,074,476 4% Increase

Kilimanjaro Highlights
• Kilimanjaro is fully focused on maximising the massive opportunities that now arise in
both the MYOB Exo and the MYOB Advanced (Acumatica) space. This will require rapid
growth of the MYOB Advanced (Acumatica) business over the next few years, while
continuing to provide exceptional service to the MYOB Exo client base, and managing
those clients that wish to transition from Exo to Advanced. Kilimanjaro’s Customer
Satisfaction Score, consistently above 4.5, is a source of pride to the service delivery
teams.
• The slowdown in both the Au and NZ economies make for tough trading conditions.
The expectation of the Kilimanjaro senior leadership team is that this will continue as
long as business confidence remains poor. While lead and sales pipelines are still
acceptable, caution will be exercised in balancing resources with demand. The attitude
of prospective clients is that they are still anticipating tough economic times. In the
short term, Kilimanjaro will therefore continue to focus on identifying opportunities
for profit in the anticipated static conditions.
• Over the past year, Kilimanjaro have implemented numerous strategic initiatives to
continuously and incrementally improve both efficiency and performance. This,
combined with end of the MYOB dispute, should see a return to profitability for the
Kilimanjaro division.
• The Kilimanjaro senior leadership team is grateful for the dedication and loyalty of the
teams, who have gone above and beyond in supporting Kilimanjaro while navigated
this difficult period.

Datagate
Unaudited Management Information
At 31 October 2023 2023 2022 Change
Annual Recurring Revenue $3,513,996 $2,934,012 20% Increase

Datagate Highlights of the last 12 months
• Datagate achieved its first positive EBITDA month in August 2023.
• Datagate has created a European beachhead in the United Kingdom.
• Datagate had 228 direct and 131 indirect paying customers at 31 October 2023.
• The reseller channel at 31 October contributed 46% (up from 40% last year) of the
customer volume and continues to grow strongly.

iSell
Unaudited Management Information
As at 31 October
2023 2022 Change
Cloud customer count
- Australia 246 216 14% Increase
- New Zealand 46 36 28% Increase
- Europe 51 47 9% Increase
- North America 13 8 63% Increase
- Rest of the world 7 7 -
Total 363 314 16% Increase
Revenue (4 months ended 31 October)
- Recurring revenue 413,760 362,793 14% Increase

iSell Highlights of the last 12 months
• iSell continues to develop the features required for a successful expansion into North
America.
• Further investment will be required in iSell with breakeven not anticipated while we
continue to invest in new features and growth in new markets.

Vadacom

Vadacom is continuing to perform to plan and the board is pleased with the year to date
progress. The new cloud software, Next Voice now has 2,783 live extensions as at 31 October
2023 (up from 1,589 last year, up 75%).