Half Year Report to 31 December 2023

ENPRISE GROUP LIMITED
Interim Finanical Report
for the six months ended 31 December 2023

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
CONTENTS
Letter from our Board
2
Directory
4
Interim Financial Statements
5
1

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
LETTER FROM OUR BOARD
Review of operations and outlook
Kilimanjaro Consulting Business
Sales
People
Future Plans
The business continues to transition from legacy on-premise software to Cloud software. The attrition rate of existing on premise
clients is about 7% per annum. The MYOB Advanced recurring revenue was 84% higher in the 6 months ended 31 December 2023
than it was in the 6 months ended 31 December 2022. The recurring revenue mix between on-premise and cloud is now about 50 /
50.
Revenue grew by 8.5% (last year 5.1%) for the 6 months ended 31 December 2023 to $9.650m. Recurring and contracted revenue
grew by $0.614m (14.9%) (last year $0.474m (14.4%)) for the period. The loss in the Kilimanjaro division decreased from $0.458m
last year to $0.052m in the current period.
This year, Kilimanjaro was a finalist in all 5 award categories in MYOB's Annual High Achievers Awards, and was awarded Partner of
the Year for 2023. In addition, one of our team was awarded “Consultant of the Year” and we were Awarded the Velixo ANZ partner
of the Year. We had an additional 4 members of our team receive community recognition awards. We maintained our Diamond
Partner status for the 9th year in a row. This year marks the 13th year of the MYOB awards, and Kilimanjaro has been recognized
every year for this entire period.
The 6 months showed a trend of steady improvement in sales recovery, from a slow start in H1 2023 and ended with a significant
burst of closed sales of MYOB Advanced, including one of the largest deals in the channel this year. The MYOB Advanced sales
pipelines are exceptionally strong, and at all-time highs. The business is highly seasonal, with the second half of the year (January to
June) being traditionally our strongest trading period.
The general economic conditions in Australia and New Zealand caused many businesses to pause spending. Indications are that this
trend is waning, and MYOB research shows 87% of businesses intend investing in technology in 2024 as a pathway to improved
productivity.
Our strong pipeline of signed deals means that our own productivity will be maintained during the remainder of this year. The lead
pipelines indicate that resourcing in our Advanced division will be challenging as this business grows rapidly, with a target of over
45% growth.
With our newly established Migrations Division, we have a strong strategy for client retention (Exo base) with a defined strategy to
offer a migration path to our MYOB Advanced option.
We will continue to seek opportunities for diversification to leverage off our large base of loyal mid-market clients.
MYOB Advanced is increasingly becoming the mid-market choice for businesses looking to digitise processes and simplify their
business platform environment. The close association between Acumatica and MYOB means that the MYOB Advanced product is
now seen as a real alternative in Tier 2 businesses, as well as our traditional market sectors. The software is specifically tailored to
the Australia and New Zealand markets, and includes integrated payroll and workforce management systems, giving it a huge
competitive advantage.
Our core commitment to our people has been reciprocated with very low attrition of our highly valued skilled base. This high
attachment is in part due to the commitment we make to our staff from flexibility, work benefits and our unique culture. Along with
this, Kilimanjaro is highly visible to the prospective employees within the ERP community as they observe our profile. We are a clear
leader in this field and attract the best people in this genre as a result.
The Directors are pleased to submit to shareholders their interim report and financial statements for the six months ended 31
December 2023.
Kilimanjaro is experiencing a once in a generation opportunity for growth as more and more companies turn to technology to improve
efficiency. As the largest player, and a trusted brand in this highly competitive market, we are well positioned to take advantage of
this. The settlement of the MYOB dispute (see 28th September 2023 announcement) has seen strong collaboration between
Kilimanjaro and MYOB, with both parties working together to maximise these opportunities. MYOB’s renewed commitment to their
Partner Channel model aligns well with Kilimanjaro’s goals.
Across all metrics, the business performed well during this 6-month period. These metrics include Growth in Annual Recurring
Revenue, Growth in Contracted Revenue, Client Retention, and Client Net Promoter Score (CSAT).
Revenue grew by $0.841m (8.9%), (last year $0.432m (5.1%)) to $10.328m. The Group successfully renegotiated the BNZ
commercial loan facility on 1 February 2024. The board is grateful for the continued support of our bankers.
2

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
LETTER FROM OUR BOARD
iSell business
Datagate investment
Vadacom investment
Significant changes in the state of affairs
Dispute with MYOB
Rights Issue
iSell Rights Issue
Nicholas Paul (Chairman)Ronald Baskind (Director)
28 February 2024
28 February 2024
Vadacom Holdings Ltd (Vadacom)’s ARR and contracted revenue was $1.82m for the nine months ended 31 December 2023. The
recently released new cloud PBX phone system ‘Next Voice’ functionality continues to expand to support new and existing customers
directly and through resellers. There were 2,930 users of "Next Voice" at 31 December 2023, up 78% from 2022.
Kilimanjaro Consulting Pty Ltd (“Kilimanjaro”), has resolved its dispute with MYOB Australia Pty Ltd on terms that will see the parties
continue as committed partners in the marketing of the MYOB Advanced and Exo products. The terms, which are confidential,
resulted in the termination of the litigation commenced by Kilimanjaro in the Federal Court of Australia, with each party paying its own
legal costs. Kilimanjaro is confident that, with this litigation now resolved, it will be able to apply all its energy towards maintaining
and growing its position as one of the major Channel Partners of MYOB as evidenced by Kilimanjaro being awarded Partner of the
year for 2023.
Enprise concluded a 1 for 5 rights issue on 22 September 2023 issuing 2,637,996 new shares ranking pari pasu with the existing
issued capital at 50 cents per share which raised $1,318,998 as per the NZX announcement dated 29 September 2023.
iSell closed applications for a rights issue on 14 September 2023 at 12 cents per share, which was fully under written subject to
confidential conditions.
Annual recurring revenue (ARR) has increased to $0.57m (up 7%). Total revenue $0.66m (up 18%). Enprise currently owns 72.51%
of iSell. Litigation with the former employee was settled during the period. The ITQuoter software has continued to improve in both
functionality and robustness, particularly the e-commerce capabilities allowing iSell to engage with large IT and telecommunications
companies.
Enprise Group’s associate, Datagate Innovation Ltd (Datagate) grew its annual recurring revenue (ARR) to over $3.3m, an increase
of 22%. Growth in the USA was 20%. Datagate continues to be in high growth mode and is keeping its focus on growing revenue and
market share while targeting break even. August 23 was Datagate's first profitable month.
Enprise has 2,411,024 shares in Datagate which if valued at the last rights issue price of $2.80 per share, values the investment at
$6.751m. As a result of the required accounting treatment where Enprise incurs it's share of the losses incurred by Datagate from
investing in and growing the business, this investment is currently held on the balance sheet at approximately $0.86m as at 31
December 2023.
3

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
DIRECTORY
BOARD OF DIRECTORS
George Cooper Chief Executive Officer - Enprise Groupappointed 10 April 2012
Lindsay Phillips Non-Executive Directorappointed 1 December 2013
Nicholas Paul Independent Non-Executive Chairpersonappointed 1 December 2015
Ronald Baskind Chief Executive Officer - Kilimanjaro Divisionappointed 31 January 2018
Dr Aneesha Varghese-CowanIndependent Non-Executive Directorappointed 24 November 2022
REGISTERED OFFICEAUDITOR
Level 2, 16 Hugo Johnston DriveUHY Haines Norton
PenroseLevel 1
Auckland 10611 York Street
Phone: +64 9 829 5500Sydney NSW 2001
www.enprisegroup.comPhone +61 2 9256 6600
CONTACT INFORMATIONSOLICITORS
PO Box 62262Hudson Gavin Martin, Auckland, New Zealand
Sylvia ParkChapman Tripp, Auckland, New Zealand
Auckland 1644Ash Street, Sydney, Australia
info@enprisegroup.com
BANKERS
SHARE REGISTRY
Bank of New Zealand Limited
Link Market Services Limited
Level 30, PwC Tower
COMPANY INFORMATION
15 Customs Street WestNZBN1562383-
Auckland, New ZealandARBN 125 825 792
Phone: +64 9 375 5990ABN 41 125 825 792
PRINCIPAL ACTIVITIES
▪
▪
Enprise Group has two additional strategic investments:
▪
▪
Enprise Group Limited (Enprise) is a hi-tech software and services investment company that has two operating divisions:
Enprise Group Limited shares are listed on the NZX. The Group's share register is maintained by Link Market Services Limited. Link is
your first point of contact for any queries regarding your investment in Enprise Group
Kilimanjaro Consulting (Kilimanjaro), a solutions provider for MYOB Enterprise software and companion products in Australia and
New Zealand.
iSell Pty Limited (iSell), a developer/seller of a cloud-based quoting system (ITQuoter) on a Software-as-a-Service (SaaS) model to
the Managed Service Provider (MSP) market in Australia, UK/Europe, New Zealand, South Africa, and North America.
32.92% of Datagate Innovation Limited (Datagate), a developer/provider of online reporting/billing services under a SaaS model for
MSP’s reselling Telecom/Utility services in North America, Australia, New Zealand, and UK/Europe.
6.35% of Vadacom Limited (Vadacom), a developer/provider of multi-tenant cloud based VoIP solution for corporations in New
Zealand and Australia.
4

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
INTERIM FINANCIAL STATEMENTS
for the six months ended 31 December 2023
Statement of Comprehensive Income
6
Statement of Financial Position
7
Statement of Changes in Equity
8
Statement of Cash Flows
9
Notes to the Financial Statements
10
5

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 31 December 2023
31 Dec 202331 Dec 202230 June 2023
UnauditedUnauditedAudited
Note
6 mths $'0006 mths $'00012 mths $'000
Revenue from contracts with customers
3
10,3289,48720,751
Employee expense
4
(7,968)(7,814)(15,784)
Other operating costs(3,376)(2,996)(7,403)
Other gains/(losses) - net(59)(109)(77)
Operating profit/(loss)(1,075)(1,432)(2,513)
Equity earnings/(losses) from associates and joint ventures(59)(237)(330)
Other gains/(losses) related to associates and joint ventures9- -
Impairment of intangible assets- (3,364)(6,786)
Finance cost - net(112)(79)(219)
Profit/(loss) before income tax(1,237)(5,112)(9,848)
Income tax benefit/(expense)325(418)(904)
Profit/(loss) for the period(912)(5,530)(10,752)
Other Comprehensive Income
Items that may be reclassified to profit or loss
Foreign currency translation differences52(221)(40)
Items that will not be reclassified to profit or loss
Changes in the fair value of investments through other comprehensive income- - (175)
Total other comprehensive income/(loss) for the period, net of tax52(221) (215)
Total comprehensive income/(loss) for the period
(860)(5,751)(10,967)
Profit for the period is attributable to:
Non-Controlling Interest(65)(123)(473)
Owners of Enprise Group Limited
(847)(5,407)(10,279)
(912)(5,530)(10,752)
Total comprehensive income for the period is attributable to
Non-Controlling Interest(65)(123)(473)
Owners of Enprise Group Limited
(795)(5,628)(10,494)
(860)(5,751)(10,967)
Earnings per share from profit for the period attributable to ordinary shareholders of the Enprise Group Limited
Basic and diluted earnings per share (see note 5) cents per share(4.51) (32.96) (60.82)
6

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
STATEMENT OF FINANCIAL POSITION
as at 31 December 2023
31 Dec 202331 Dec 202230 June 2023
UnauditedUnauditedAudited
Note
$'000$'000$'000
ASSETS
Current
Cash and cash equivalents
10
1,9461,5791,178
Trade and other receivables
2,5952,6213,911
Contract assets
4881,045669
Current tax assets
244424
Staff receivables
- - 12
Other current assets
27- -
Total current assets
5,0805,2895,794
Non-current
Investments in joint ventures and associates
7
862830912
Investments in other entities
8
452627452
Staff receivables - non current
26- 17
Property plant and equipment
357357388
Intangible assets
9
2,6717,4592,948
Right-of-use assets - non-current
8511,0061,098
Deferred tax asset
1,2921,7071,267
Loans to related parties - non current
11(e)
87332
Other non-current assets
423636
Total non-current assets
6,56112,0957,150
Total assets
11,64117,38412,944
LIABILITIES
Current
Trade and other payables
3,0332,8643,430
Provisions
1,8381,5681,985
Contract liabilities
1,6172,3501,689
Borrowings
10
1,1071,8172,096
Lease liabilities
360288498
Total current liabilities
7,9558,8879,698
Non-current
Provisions - non-current
458426356
Lease liabilities - non-current
628845734
Deferred tax liability
375605710
Total non-current liabilities
1,4611,8761,800
Total liabilities
9,41610,76311,498
Net assets2,2256,6211,446
EQUITY
Share capital
5(a)13,39212,03912,080
Foreign exchange translation reserve
363130311
Financial assets at FVOCI reserve
353528353
Retained earnings/(losses)
(11,473)(6,113)(10,985)
Equity attributable to the owners of Enprise Group Limited2,6356,5841,759
Non-controlling interests
6(410)37(313)
Total equity2,2256,6211,446
- - -
For and on behalf of the Board of Directors who authorise the issue of the finanical statements
Nicholas Paul (Chairman)Ronald Baskind (Director)
28 February 2024
28 February 2024
Total assets per share ($ per share)
0.58 1.00 0.74
Net tangible assets per share ($ per share)(0.02) (0.05) (0.09)
7

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 December 2023
Share
capital
Foreign
exchange
translation
reserve
Financial
assets at
FVOCI
reserve
Retained
earnings
Non-
controlling
interests
Total
equity
$'000$'000$'000$'000$'000$'000
Balance at 1 July 2022
11,010 351 528 (696) 161 11,354
Transactions with shareholders in their capacity as owners
Dividends paid- - - - - -
New shares issued1,029 - - - - 1,029
Transactions with non-controlling interests- - - (10) (1) (11)
Total transactions with shareholders1,029 - - (10) (1) 1,018
Comprehensive income
Profit/(loss) for the period- - - (5,407) (123) (5,530)
Other comprehensive income/(loss)- (221) - - - (221)
Total comprehensive income/(loss) net of tax(221) - (5,407) (123) (5,751)
Balance at 31 December 2022 (unaudited)12,039 130 528 (6,113) 37 6,621
Balance at 1 July 2023
12,080 311 353 (10,985) (313) 1,446
Transactions with shareholders in their capacity as owners
New shares issued1,312 - - - - 1,312
Transactions with non-controlling interests- - - 359 (32) 327
Total transactions with shareholders1,312 - - 359 (32) 1,639
Comprehensive income
Profit/(loss) for the period- - - (847) (65) (912)
Other comprehensive income/(loss)- 52 - - - 52
Total comprehensive income/(loss) net of tax- 52 - (847) (65) (860)
Balance at 31 December 2023 (unaudited)13,392 363 353 (11,473) (410) 2,225
Balance at 1 July 2022
11,010 351 528 (696) 161 11,354
Transactions with shareholders in their capacity as owners
New shares issued1,070 - - - - 1,070
Transactions with non-controlling interests- - - (10) (1) (11)
Total transactions with shareholders1,070 - - (10) (1) 1,059
Comprehensive income
Profit/(loss) for the period- - - (10,279) (473) (10,752)
Other comprehensive income/(loss)- (40) (175) - - (215)
Total comprehensive income/(loss) net of tax- (40) (175) (10,279) (473) (10,967)
Balance at 30 June 2023 (audited)12,080 311 353 (10,985) (313) 1,446
8

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
STATEMENT OF CASH FLOWS
for the six months ended 31 December 2023
31 Dec 202331 Dec 202230 June 2023
UnauditedUnauditedAudited
Note
6 mths $'0006 mths $'00012 mths $'000
OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers14,829 13,729 21,616
Interest received2 11 6
Cash was applied to:
Payments to suppliers & employees(14,113) (14,289) (22,105)
Interest paid(126) (104) (239)
Income tax paid- (64) (3)
Net cash inflow (outflow) from operating activities12592 (717) (725)
INVESTING ACTIVITIES
Cash was provided from:
Loans repaid by staff1 - 2
Loans repaid by related parties24 - 42
Cash was applied to:
Purchase of property, plant and equipment(30) (41) (77)
Software development costs(212) (271) (516)
Investment in equity accounted investment- (259) (434)
Net cash inflow (outflow) from investing activities(217) (571) (983)
FINANCING ACTIVITIES
Cash was provided from:
Proceeds from issue of shares1,312 1,029 1,040
Proceeds of bank borrowings- 723 723
Proceeds from issue of shares in iSell Pty Limited to non-controlling interests301 - -
Cash was applied to:
Purchase of shares in iSell Pty Limited from non-controlling interests- (11) (11)
Repayment of lease liabilities(240) (318) (595)
Repayment of bank borrowings(200) (192) (388)
Repayment of otther borrowings- (41) (42)
Net cash inflow (outflow) from financing activities1,173 1,190 727
Net increase / (decrease) in cash and cash equivalents held1,548 (98) (981)
Net foreign exchange differences10 (12) (6)
Cash and cash equivalents at beginning of the period229 1,216 1,216
Net (bank overdraft / cash and cash equivalents at end of the period
10
1,787 1,106 229
Represented by:
Cash and cash equivalents 1,946 1,579 1,178
Bank overdraft(159) (473) (949)
Net (bank overdraft / cash and cash equivalents at end of the period1,787 1,106 229
- - -
9

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2023
1BASIS OF PREPARATION
(a)Reporting entity
(b)Compliance statement
- IAS 34 Interim Financial Reporting and NZ IAS 34 Interim Financial Reporting;
- Generally Accepted Accounting Practice (GAAP) applicable to for-profit entities
- the requirements of the Financial Market Conduct Act 2013, the Companies Act 1993, and the NZX listing rules;
(c)Basis of preparation
(d)Principles of consolidation
The condensed interim consolidated financial statements relate to the company and its subsidiaries.
Percentage ownership
31 Dec 202331 Dec 202230 June 2023
Kilimanjaro Consulting LimitedNew ZealandSoftware sales and solutions
100.00 100.00 100.00
Kilimanjaro Consulting Pty LimitedAustraliaSoftware sales and solutions
100.00 100.00 100.00
Enprise LimitedNew ZealandNon-trading
100.00 100.00 100.00
Global Bizpro LimitedNew ZealandNon-trading
100.00 100.00 100.00
iSell Pty LimitedAustraliaSoftware sales and solutions
72.51 75.25 75.25
ITQuoter LimitedNew ZealandSoftware sales and solutions
72.51 75.25 75.25
ITQuoter North America IncUnited StatesSoftware sales and solutions
72.51 75.25 75.25
iSell Philippines IncPhilippinesSoftware sales and solutions
72.51 75.25 75.25
(e)Accounting policies and significant estimates and assumptions
The interim condensed consolidated financial statements are for Enprise Group Limited and its subsidiaries and have been
prepared in accordance with:
The unaudited financial statements do not include all the information and disclosures required in the annual financial statements,
and should be read in conjunction with the Group’s annual financial statements for the year ended 30 June 2023.
- the going concern convention, which contemplates continuity of normal business activities, the realisation of assets, and
the settlement of liabilities in the ordinary course of business.
The same accounting policies included in the Group's Annual Report for the year ended 30 June 2023 have been applied when
preparing these financial statements. There have been no changes to accounting policies, estimates and assumptions.
Subsidiaries are all entities over which the Company has control. The Company controls an entity when the Company is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over
the entity. Subsidiaries are consolidated from the date on which control is transferred to the Company. They are deconsolidated
from the date that control ceases.
Intercompany transactions, balances and unrealised gains or losses on transactions between Group companies are eliminated.
Accounting policies of subsidiaries are changed when necessary to ensure consistency with the policies adopted by the Company.
Name of Entity
Enprise Group Limited (the company) and its subsidiaries (together the Group) is a hi-tech software and services investment
company in Australia and New Zealand.
The company is a profit-orientated limited liability company incorporated and domiciled in New Zealand and is listed on the New
Zealand Stock Exchange (NZX) Main Board. The Group is registered under the Companies Act 1993 and is a FMC Reporting Entity
under the Financial Markets Conduct Act (FMCA) 2013.
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets
and liabilities at fair value.
The consolidated financial statements are presented in New Zealand dollars which is the Company's functional currency and the
Group's presentation currency. All financial information has been prepared in thousands, unless otherwise stated.
Country of Principal Activity
incorporation
10

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2023
2SEGMENT INFORMATION
(a)Operational performance
Revenue
Operating profit
Business segments
31 Dec 202331 Dec 202230 June 202331 Dec 202331 Dec 202230 June 2023
6 mths $'0006 mths $'00012 mths $'0006 mths $'0006 mths $'00012 mths $'000
Kilimanjaro Consulting9,650 8,896 19,501 (52) (458) 234
iSell
660
560 1,201 (401) (427) (2,290)
Corporate18 31 49 (622) (547) (750)
- -
10,328 9,487 20,751 (1,075) (1,432) (2,806)
Equity earnings and gains related to associates and joint ventures(50) (237) (330)
Impairment of intangible assets
- (3,364) (6,493)
Net interest expense(112) (79) (219)
- -
Profit/(loss) before taxation(1,237) (5,112) (9,848)
- -
Income Tax325 (418) (904)
- -
Net profit/(loss) attributable to shareholders(912) (5,530) (10,752)
Revenue
Geographic segments
31 Dec 202331 Dec 202230 June 2023
6 mths $'0006 mths $'00012 mths $'000
New Zealand3,281 3,306 6,868
Australia6,953 6,094 13,711
EMEA*80 78 154
North America14 7 16
Asia- 2 2
- -
10,328 9,487 20,751
* Europe, Middle East and Africa
(b)Interest, depreciation and amortisation
Interest revenue
Interest expense
31 Dec 202331 Dec 202230 June 202331 Dec 202331 Dec 202230 June 2023
6 mths $'0006 mths $'00012 mths $'0006 mths $'0006 mths $'00012 mths $'000
New Zealand2 14 17 100 84 200
Australia- 1 3 14 10 39
2 15 20 114 94 239
Depreciation and amortisation expense
31 Dec 202331 Dec 202230 June 2023
6 mths $'0006 mths $'00012 mths $'000
New Zealand123 145 290
Australia652 533 2,515
775 678 2,805
The Group is organised into three reportable operating segments based on the business segments. These segments form the basis
of internal reporting used by management and the Board of Directors to monitor and assess performance and assist with strategic
decisions.
The Board of Directors is the Group's chief operating decision maker (CODM). Management has determined the operating
segments based on the information reviewed by the Board of Directors and the Chief Executive Officer for the purposes of allocating
resources and assessing performance.
11

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2023
2SEGMENT INFORMATION (CONTINUED)
(c)Balance sheet information
Total assets
Total liabilities
31 Dec 202331 Dec 202230 June 202331 Dec 202331 Dec 202230 June 2023
$'000$'000$'000$'000$'000$'000
New Zealand6,807 8,220 7,817 3,882 4,997 4,906
Australia6,475 10,990 7,346 7,175 7,592 8,811
13,282 19,210 15,163 11,057 12,589 13,717
Inter-segment elimination(1,641) (1,826) (2,219) (1,641) (1,826) (2,219)
- -
11,641 17,384 12,944 9,416 10,763 11,498
- - - - - - - -
Total assets
Total liabilities
31 Dec 202331 Dec 202230 June 202331 Dec 202331 Dec 202230 June 2023
$'000$'000$'000$'000$'000$'000
Kilimanjaro Consulting8,631 11,947 9,727 8,772 9,639 9,937
iSell1,557 2,999 1,618 1,454 1,395 1,998
Corporate3,568 4,847 4,417 1,305 2,138 2,381
13,756 19,793 15,762 11,531 13,172 14,316
Inter-segment elimination(2,115) (2,409) (2,818) (2,115) (2,409) (2,818)
11,641 17,384 12,944 9,416 10,763 11,498
- - - - - -
3REVENUE
- - -
31 Dec 202331 Dec 202230 June 2023
6 mths $'0006 mths $'00012 mths $'000
- -
Revenue from software and licences
2,493 2,135 5,298
- -
Revenue from services and support
6,171 5,956 12,488
- -
Revenue from iSell
660 559 1,201
Revenue from hosting services
1,001 835 1,762
- -
Revenue from other fees
3 2 2
- -
10,328 9,487 20,751
Software and licencesServices and supportExoHostedITQuoter Revenueother fees
Geographical location
31 Dec 2023
$'000$'000$'000$'000$'000
6 mths $'000
-
New Zealand
799 1,996 375 109 2 3,281
-
Australia
1,694 4,175 626 457 1 6,953
EMEA*
- - - 80 - 80
North America
- - - 14 - 14
Asia
- - - - - -
- -
2,493 6,171 1,001 660 3 10,328
* Europe, Middle East and Africa
Geographical location
31 Dec 2022
$'000$'000$'000$'000$'000
6 mths $'000
-
New Zealand
772 2,127 339 66 2 3,306
-
Australia
1,363 3,829 496 406 - 6,094
EMEA*
- - - 78 - 78
North America
- - - 7 - 7
Asia
- - - 2 - 2
- -
2,135 5,956 835 559 2 9,487
iSell
TotalOther fees
Services and
support
Total
Software &
licences
Hosting
services
Software &
licences
iSell
Services and
support
Other fees
Hosting
services
12

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2023
3REVENUE (CONTINUED)
Geographical location
30 June 2023
$'000$'000$'000$'000$'000
12 mths $'000
-
New Zealand
1,605 4,379 703 179 2 6,868
-
Australia
3,693 8,109 1,059 850 - 13,711
-
EMEA*
- - - 154 - 154
North America
- - - 16 - 16
-
Asia
- - - 2 - 2
- -
5,298 12,488 1,762 1,201 2 20,751
4EMPLOYEE BENEFIT EXPENSE
31 Dec 202331 Dec 202230 June 2023
6 mths $'0006 mths $'00012 mths $'000
Wages and salaries
7,418 7,223 14,668
Superannuation
505 548 1,028
Directors remuneration
45 43 88
7,968 7,814 15,784
- - -
5SHARE CAPITAL AND EARNINGS PER SHARE
(a)Share capital
Number of authorised sharesShare capital
31 Dec 202331 Dec 202230 June 202331 Dec 202331 Dec 202230 June 2023
sharessharesshares$'000$'000$'000
Opening ordinary shares17,430,061 16,157,699 16,157,699 12,080 11,010 11,010
Share issue - Rights issue 2,637,996 1,210,662 1,210,662 1,312 1,029 1,017
Share issue - Staff share issue- - 61,700 - - 53
- -
20,068,057 17,368,361 17,430,061 13,392 12,039 12,080
(b)Earnings per share
There are no instruments that could potentially dilute earnings per share.
31 Dec 202331 Dec 202230 June 2023
6 mths $'0006 mths $'00012 mths $'000
Earnings for the purpose of basic and diluted earnings per share:
Net profit attributable to shareholders
(847) (5,407) (10,279)
Weighted average number of ordinary shares for basic earnings per share
18,771 16,402 16,901
Basic and diluted earnings per share (cents)
(4.51) (32.96) (60.82)
All shares on issue are fully paid. All ordinary shares rank equally with one vote attached to each fully paid ordinary share and have
equal dividend rights and no par value.
Software &
licences
Services and
support
Hosting
Services
iSellOther feesTotal
Contributed equity
ordinary shares
Basic earnings per share is calculated by dividing the profit attributable to shareholders of the Company by the weighted average
number of shares on issue during the year. Diluted earnings per share assumes conversion of all dilutive potential ordinary shares
in determining the denominator.
Share capital comprises of ordinary shares only. Incremental costs directly attributable to the issue of new shares or options are
shown in equity as a deduction, net of tax, from the proceeds.
13

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2023
6NON CONTROLLING INTEREST
31 Dec 202331 Dec 202230 June 2023
$'000$'000$'000
Carrying amount at the beginning of the period(313) 161 161
Transactions with non-controlling interests327 - (22)
Purchase of shares from non-controlling interest- (11) 11
Movement attributable to the owners of the parent(359) 10 10
Share of profit/(loss) for the period(65) (123) (473)
(410)37(313)
7INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
31 Dec 202331 Dec 202230 June 2023
$'000$'000$'000
Carrying amount at the beginning of the period912 285 285
New investment in joint ventures and associates- 782 957
-
Equity earnings/(losses) from associates and joint ventures
(59) (237) (330)
- -
Other gains/(losses) related to associates and joint ventures
9 - -
- -
862830912
31 Dec 202331 Dec 202230 June 2023
$'000$'000$'000
Investment in equity accounted joint venture
Datagate Innovation Limited862 830 912
- -
862830912
-
Percentage ownership
31 Dec 202331 Dec 202230 June 2023
Datagate Innovation Limited
New ZealandSoftware sales
32.92 32.00 32.96
8INVESTMENTS IN OTHER ENTITIES
31 Dec 202331 Dec 202230 June 2023
$'000$'000$'000
Carrying amount at the beginning of the period452 627 627
- - Changes in fair value of other investments- - (175)
- -
452627452
31 Dec 202331 Dec 202230 June 2023
$'000$'000$'000
- -
Vadacom Holdings Limited
452627452
Enprise Group Limited consolidates 100% of iSell's results and presents the portion of profit/(loss) and other comprehensive income
attributable to a non-controlling interest (NCI).
Enprise Group Limited acquired a controlling stake in iSell on 27 May 2020, since then the percentage of control held by the group
has incresed as shares have been acquired from non controlling interests and through rights issues.
During the year, a rights issue in October 2023 affected Enprise's shareholding in iSell, ultimately resulting in a non-controlling
interest percentage of 27.49% at 31 December 2023 (24.75% at 30 June 2023; 24.75% at 31 December 2022).
Carrying amount of joint ventures and associates
Investment in joint venture or associate
Non-controlling interest
Name of Entity
Carrying amount of investments in other entities
The Group's joint venture and associates at 31 Dec 2023 are set out below. The country of incorporation or registration is also their
principal place of business.
Country of Principal Activity
incorporation
14

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2023
9INTANGIBLE ASSETS
Software
$'000$'000$'000$'000$'000
At 1 July 2022 (audited)
Cost3,316 1,276 325 7,720 12,637
Accumulated amortisation and impairment(588) (811) (65) - (1,464)
Net book value
2,7284652607,72011,173
Period ended 31 December 2022 (unaudited)
Opening net book value amount2,728 465 260 7,720 11,173
Additions271 - - - 271
Exchange differences(102) (13) - (224) (339)
Amortisation charge(158) (92) (32) - (282)
Impairment charge- - - (3,364) (3,364)
Closing net book value
2,7393602284,1327,459
-
As at 31 December 2022 (unaudited)
Cost3,485 1,263 325 7,496 12,569
Accumulated amortisation and impairment(746) (903) (97) (3,364) (5,110)
- -
Net book value
2,7393602284,1327,459
Year ended 30 June 2023 (audited)
Opening net book value amount2,728 465 260 7,720 11,173
Recassfication from property, plant and equipment58 - - - 58
Additions517 - - - 517
Exchange differences(42) (7) - - (49)
Amortisation charge(1,719) (181) (65) - (1,965)
Impairment charge(165) (128) - (6,493) (6,786)
Closing net book value
1,3771491951,2272,948
-
As at 30 June 2023 (audited)
Cost3,949 1,269 325 7,720 13,263
Accumulated amortisation and impairment(2,572) (1,120) (130) (6,493) (10,315)
-
Net book value
1,3771491951,2272,948
Period ended 31 December 2023 (unaudited)
Opening net book value amount1,377 149 195 1,227 2,948
Additions212 - - - 212
Exchange differences(13) (1) - - (14)
Amortisation charge(353) (89) (33) - (475)
Closing net book value
1,223591621,2272,671
- - - -
As at 31 December 2023 (unaudited)
Cost4,148 1,268 325 7,720 13,461
Accumulated amortisation and impairment(2,925) (1,209) (163) (6,493) (10,790)
-
Net book value
1,223591621,2272,671
Carrying amount
$'000
Customer relationships - Kilimanjaro Consulting Pty Limited24
Customer relationships - iSell Pty Limited34
Software - ITQuoter1,194
Intellectual Property162
Significant intangible assets held are as follows:
Intellectual
Property
Customer
relationships
GoodwillTotal
15

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2023
9INTANGIBLE ASSETS (CONTINUED)
31 Dec 202331 Dec 202230 June 2023
$'000$'000$'000
Kilimanjaro Consulting - New Zealand
1,227 1,227 1,227
Kilimanjaro Consulting - Australia
- 2,905 -
iSell
- - -
- -
1,2274,1321,227
(a)Impairment Testing - Kilimanjaro
Australian cash generating unit
30 June 2023
$'000
Recoverable Amount 270
Carrying Amount 5,869
Impairment Loss (5,599)
Key AssumptionValueBasis for determining value assigned to key assumptions
Sensitivity AnalysisCurrent ValueReasonably possible changeImpact of change
Growth Rate3.21%Decrease by 3%Additional impairment loss of $270,000
WACC13.47%Increase by 1%N/A, terminal cash flow estimate is negative
.
New Zealand cash generating unit
Key AssumptionValueBasis for determining value assigned to key assumptions
Sensitivity AnalysisCurrent ValueReasonably possible change
Growth Rate2.93%No reasonably possible change which would cause an impairment loss
WACC14.49%No reasonably possible change which would cause an impairment loss
The carrying amounts of goodwill allocated to the cash
generating units are outlined below:
WACC13.47%
Determined primarily based on external sources of information, adjusted for entity
specific risks.
Determined primarily based on external sources of information, adjusted for entity
specific risks.
Determined based on historical trend growth and management's future
expectations
Growth Rate2.93%
WACC14.49%
The directors have reviewed the recognised goodwill and intangible assets, and considered that the expected increase in profitability
of Kilimanjaro in both Australia and New Zealand for the remaining six months of the financial year and that forecasts for the future
periods cash generating expectations, due to the agreement reached with MYOB, revenue growth and cost saving measures, the
board has elected not to impair the goodwill of the New zealand cash generating unit at 31 December 2023.
Growth Rate3.21%
The table below summarises the quantitative information about the significant unobservable inputs used in this level 3 fair value
measurement.
The discounted cash flow valuation used to determine the CGU's recoverable amount in the current period uses 5 years of projected
cash flows and a terminal value.
The table below summarises the quantitative information about the significant unobservable inputs used in this level 3 fair value
measurement.
An independent assessment of the fair value of the Kilimanjaro cash generating units (CGU's) was conducted at 30 June 2023, for
the purpose of considering the fair value less cost of disposal of the CGU. The Level 3 fair value estimate was lower than the
carrying value of the Kilimanjaro AU cash generating unit, but higher than the NZ cash generating unit. Information pertaining to
each CGU and the impairment that occured at 30 June 2023 is presented below.
The valuation technique has been adjusted from a earnings multiple valuation methodology in the prior year to a discounted cash
flow methodology in the current year. This revised methodology was adopted to more accurately capture expected future changes in
the various revenue streams of the entity, and their divergent impact on profitability.
Determined based on historical trend growth and management's future
expectations
16

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2023
9INTANGIBLE ASSETS (CONTINUED)
(b)Impairment Testing - iSell Pty Limited
The Directors have determined that there is to be no futher impairment of the iSell cash generating unit at 31 December 2023.
30 June 2023
$'000
Recoverable Amount 2,039
Carrying Amount 3,620
Impairment Loss (1,581)
The table below summarises the quantitative information about the significant inputs used in this level 2 fair value measurement.
Key AssumptionValueBasis for determining value assigned to key assumptions
Value per shareA$0.12
Determined based on capital raise conducted subsequent to year end
Sensitivity AnalysisCurrent
Value
Reasonably possible changeImpact of change
Value per shareA$0.12
Decrease by 10%Additional impairment loss of $204,000
10CASH AND CASH EQUIVALENTS / BORROWINGS
31 Dec 202331 Dec 202230 June 2023
$'000$'000$'000
Current cash on hand / (borrowings)
- -
Cash on hand and at bank
1,946 1,579 1,178
Bank overdraft
(159) (473) (949)
Cash and cash equivalents
1,787 1,106 229
- -
Bank borrowings
(948) (1,344) (1,147)
Current borrowing
839 (238) (918)
- -
Non-current borrowings
- - -
Net cash on hand
839(238)(918)
31 Dec 202331 Dec 202230 June 2023
$'000$'000$'000
Borrowings
Bank loan
(948) (1,344) (1,147)
Bank overdraft
(159) (473) (949)
Total borrowings
(1,107) (1,817) (2,096)
(a)Summary of borrowing arrangements
On 4 February 2021, the Bank of New Zealand (BNZ) provided the Group with an overdraft facility of $1,000,000 and a commercial
loan facility of $2,000,000. On 1 February 2024 the commercial loan was replaced with a new facility of $947,680, repaying the
balance of the previous commercial loan. At 31 December 2023 the balance owing on the commercial loan facility was $947,680
with an interest rate of 9.19%
An independent assessment of the fair value of the iSell cash generating unit (CGU's) was conducted at 30 June 2023, for the
purpose of considering the fair value less cost of disposal of the CGU. The Level 2 fair value estimate was lower than the carrying
value of the cash generating unit. Information pertaining to each CGU and the impairment that occured at 30 June 2023 is
presented below.
The valuation technique has been adjusted from a earnings multiple valuation methodology in the prior year to a comparable sales
methodology in the current year. This revised methodology was adopted as a capital raising conducted after year end provided more
direct and comparable valuation evidence as to the value of iSell shares.
17

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2023
11RELATED PARTY TRANSACTIONS
(a)Interest in other Entities
(b)Ultimate Parent
The ultimate parent entity and controlling party is Enprise Group Limited. The Parent is domiciled in New Zealand.
(c)Transactions with Related Parties
During the period, the Group entered into the following trading transactions with related parties.
Sale of services Purchase of services
Name of Entity
31 Dec 202331 Dec 202230 June 202331 Dec 202331 Dec 202230 June 2023
6 mths $'0006 mths $'00012 mths $'0006 mths $'0006 mths $'00012 mths $'000
Vadacom Limited*18 21 36 - - -
Next Telecom*- - - 16 19 35
Datagate Innovation Limited- - 13 - - -
18 21 49 16 19 35
* Vadacom Limited and Next Telecom Limited are subsidiaries of Vadacom Holdings Limited
(d)Outstanding balances arising from sales/purchases of goods and services
The following balances are outstanding at the end of the reporting period in relation to transactions with related parties.
Amounts owed by related partiesAmounts owed to related parties
Name of Entity
31 Dec 202331 Dec 202230 June 202331 Dec 202331 Dec 202230 June 2023
$'000$'000$'000$'000$'000$'000
Next Telecom Limited- - - 2 2 7
Vadacom Limited3 4 3 - - -
The Sales Factory Limited ***- - - 4 4 4
Global CFO Solutions **- - - 4 - 3
Nightingale Partners *- - - - - 12
3 4 3 10 6 26
* Lindsay Phillips
*** Nicholas Paul
(e)Loans to/from related parties
Amounts owed by related partiesAmounts owed to related parties
Name of Entity
31 Dec 202331 Dec 202230 June 202331 Dec 202331 Dec 202230 June 2023
$'000$'000$'000$'000$'000$'000
Vadacom Limited8 73 32 - - -
- -
8 73 32 - - -
- - Current- - - - - -
- - Non-Current8 73 32 - - -
8 73 32 - - -
** Dr Aneesha Varghese-Cowan
The Group's principal subsidiaries are set out in note 1(d). Unless otherwise stated, they have share capital consisting solely of
ordinary shares that are held directly by the Group. The country of incorporation or registration is also their principal place of
business.
The following balances are outstanding at the end of the reporting period in relation to both documented and undocumented loans
with related parties.
18

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2023
12CASH FLOW RECONCILIATION
31 Dec 202331 Dec 202230 June 2023
6 mths $'0006 mths $'00012 mths $'000
Profit/(loss) for the period
(912) (5,530) (10,752)
Adjustments for:
Depreciation and amortisation
775 679 2,805
Goodwill impairment
- 3,364 6,786
Net loss/(gain) on foreign exchange1 122 20
Impairment loss on trade receivables- - -
Share of loss from equity accounted investments50 237 330
Movement in deferred tax(306) 418 904
Loan issued in exchange for services- - -
Movements in working capital
(Increase)/decrease in trade and other receivable
1,289 446 (826)
(Increase)/decrease in contract assets
176 (243) 95
(Increase)/decrease in income taxes receivable- (64) (43)
Increase/(decrease) in trade and other payables(369) (31) 435
Increase/(decrease) in provisions(51) 55 133
Increase/(decrease) in contract liabilities(61) (170) (612)
- -
Net cash inflow from operating activities592(717)(725)
- - -
13CONTINGENT LIABILITIES
There were no other material contingent liabilities or assets at balance date (December 2022: nil, June 2023: nil).
14SUBSEQUENT EVENTS AFTER BALANCE DATE
Reconciliation of net profit to net cash flows from operations:
Cash flows are included in the statement of cash flows on a gross basis and includes the GST component of cash flows arising from
investing and financing activities, which is recoverable from, or payable to, the taxation authority and is classified as part of operating
cash flows.
On 1 February 2024, the Bank of New Zealand (BNZ) provided the Group with a new commercial loan facility of $947,680, maturing
24 April 2026 at an interest rate of 10.02% to repay the existing commercial loan facility that was continuing to operate under an
extension granted by the BNZ from 31 October 2023.
19

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer Enprise Group Limited
Reporting Period 6 months to 31 December 2023
Previous Reporting Period 6 months to 31 December 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$ 10,328 9%
Total Revenue $ 10,328 9%
Net profit/(loss) from
continuing operations
$ (1,237) 76%
Total net profit/(loss) $ (912) 84%
Interim/Final Dividend
Amount per Quoted Equity
Security
Not Applicable
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
($0.02) ($0.05)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood

Authority for this announcement
Name of person

authorised
to make this announcement
Elliot Cooper
Contact person for this
announcement
Elliot Cooper
Contact phone number
0275615501

Contact email address
elliot@enprisegroup.com

Date of release through MAP

28 February 2024

Unaudited financial statements accompany this announcement.