Half Year Report to 31 December 2024

Enprise Group Half-Year Report Summary

The Directors are pleased to present the half-year results for Enprise Group for the period ending
31 December 2024.

The Group has delivered Total Comprehensive Income of $0.126m, up from a $0.860m loss in the
previous corresponding period (unaudited). This is a very pleasing result given the economic
headwinds in both New Zealand and Australia.

Revenue for the period increased to $12,517m from $10,328m YoY or 21.2% as a result of
positive sales performance across the Group, in particular Kilimanjaro – the largest entity.

The Group balance sheet strengthened, continuing the trend from the FY24 performance.

Review of Operations and Outlook

Enprise Group's strategy focuses on unlocking synergies to accelerate growth and profitability.
Over the past six months, the Group has consolidated its business units, ensuring a strong
platform to capitalize on the anticipated economic improvement in 2025. The Group is currently
trading ahead of budget, with continued profitability and revenue growth forecast.

Kilimanjaro Business

Despite challenging trading conditions, Kilimanjaro performed strongly, with total revenue on
budget and 21.1% ahead of last year. The business has grown to over 330 Acumatica sites,
making it one of the largest Acumatica partners in the world. We welcomed Recipe Marketing to
the Group, enhancing collaboration between our Business Management business and the HubSpot
business.

People and Culture

Kilimanjaro's unique culture continues to thrive, with over 120 employees across all offices. The
team has maintained an outstanding Customer Satisfaction Score (CSAT) score above 4.5.

Recipe Marketing

Kilimanjaro’s acquisition of Recipe Marketing is in the early stages of delivering the synergies
targeted by the business. Cross-sharing of leads and opportunities are beginning to evolve and is
proving to be a nice fit for each respective business.


iSell Business

iSell achieved a 23.3% revenue growth YoY with strong sales of the ITQuoter eCommerce module.
It’s ARR grew 11.3% for the period ending 31 December 2024. Market signs are encouraging for
continued positive growth of ITQuoter for the remainder of FY25 and beyond.

Datagate Business

Datagate Innovation has continued to perform well with its ARR growing 16.6% for the period
ended 31 December 2024. Datagate successfully completed a capital raise in July 2024 which was
oversubscribed at $2.80 per share. Enprise participated in the raise acquiring 35,714 shares,
increasing the number of shares to 2,446,738. The business is showing very encouraging results
particularly in the US market.

Vadacom

Vadacom Enprise Group's investment in Vadacom continues to provide a good return with the
business growing EBITDA by 26.7% YoY for the period ending 31 December 2024. The Vadacom
board is confident of a continuation of its profitability.

Looking Ahead

Performance for the First Half of the year is encouraging with positive contributions across all
business units. Enprise Group anticipates a stronger year in 2025 based on our current YTD
performance and forward pipelines. The Group is well-positioned for continued growth and
success.

ends

---

ENPRISE GROUP LIMITED
Interim Financial Report
for the six months ended 31 December 2024

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
CONTENTS
Letter from our Board
2
Directory
3
Interim Financial Statements
4
1

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
LETTER FROM OUR BOARD
Review of operations and outlook
Kilimanjaro Consulting Business
People and Culture
Recipe Marketing
iSell business
Datagate investment
Vadacom investment
Looking Ahead
Nicholas Paul (Chairman)Ronald Baskind (Director)
26 February 2025
26 February 2025
Enprise Group's investment in Vadacom continues to provide a good return with the business growing EBITDA by 26.7% YoY for the
period ending 31 December 2024. The Vadacom board is confident of a continuation of its profitability.
Performance for the First Half of the year is encouraging with positive contributions across all business units. Enprise Group
anticipates a stronger year in 2025 based on our current YTD performance and forward pipelines. The Group is well-positioned for
continued growth and success.
iSell achieved a 23.3% revenue growth YoY with strong sales of the ITQuoter eCommerce module. It’s ARR grew 11.3% for the
period ending 31 December 2024. Market signs are encouraging for continued positive growth of ITQuoter for the remainder of
FY25 and beyond.
Kilimanjaro’s acquisition of Recipe Marketing, a leading ANZ Hubspot partner is in the early stages of delivering the synergies
targeted by the business. Cross-sharing of leads and opportunities are beginning to evolve and is proving to be a nice fit for each
respective business.
The Directors are pleased to submit to shareholders their interim report and financial statements for the six months ended 31
December 2024.
Despite challenging trading conditions, Kilimanjaro performed strongly, with total revenue on budget and 21.1% ahead of last year.
The business has grown to over 330 Acumatica sites, making it one of the largest Acumatica partners in the world. We welcomed
Recipe Marketing to the Group, enhancing collaboration between our Business Management business and the HubSpot business.
Datagate Innovation has continued to perform well with its ARR growing 16.6% for period ended 31 December 2024. Datagate
successfully completed a capital raise in July 2024 which was oversubscribed at $2.80 per share. Enprise participated in the raise
acquiring 35,714 shares , increasing the number of shares to 2,446,738 shares. The business is showing very encouraging results
particularly in the US market.
The Group has delivered Total Comprehensive Income of $0.126m, up from a $0.860m loss in the previous corresponding period
(unaudited). This is a very pleasing result given the economic headwinds in both New Zealand and Australia.
Revenue for the period increased to $12,517m from $10,328m YoY or 21.2% as a result of positive sales performance across the
Group, in particular Kilimanjaro – the largest entity.
The Group balance sheet strengthened, continuing the trend from the FY24 performance.
Enprise Group's strategy focuses on unlocking synergies to accelerate growth and profitability. Over the past six months, the Group
has consolidated its business units, ensuring a strong platform to capitalize on the anticipated economic improvement in 2025. The
Group is currently trading ahead of budget, with continued profitability and revenue growth forecast.
Kilimanjaro's unique culture continues to thrive, with over 120 employees across all offices. The team has maintained an outstanding
Customer Satisfaction Score (CSAT) score above 4.5.
2

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
DIRECTORY
BOARD OF DIRECTORS
Nicholas Paul Independent Non-Executive Chairpersonappointed 1 December 2015
Ronald Baskind Managing Directorappointed 31 January 2018
George Cooper Finance Directorappointed 10 April 2012
Lindsay Phillips Non-Executive Directorappointed 1 December 2013
Aaron RidgwayIndependent Non-Executive Directorappointed 11 June 2024
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
Appointed: 30 June 2023
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
MUFG Pension and Market Serfice (NZ) 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 (including the 52%
shareholding in Recipe Marketing) 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.
32.4% 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.
6.4% of Vadacom Limited (Vadacom), a developer/provider of multi-tenant cloud based VoIP solutions for corporations in New
Zealand and Australia.
3

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
INTERIM FINANCIAL STATEMENTS
for the six months ended 31 December 2024
Statement of Comprehensive Income
5
Statement of Financial Position
6
Statement of Changes in Equity
7
Statement of Cash Flows
8
Notes to the Financial Statements
9
4

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 31 December 2024
31 Dec 202431 Dec 202330 June 2024
UnauditedUnauditedAudited
Note
6 mths $'0006 mths $'00012 mths $'000
Revenue from contracts with customers
3
12,51710,32821,865
Other operating income17- 89
Employee expense
4
(9,162)(7,968)(16,015)
Other operating costs(3,235)(3,376)(6,350)
Other gains/(losses) - net(13)(59)113
Operating profit/(loss)124(1,075)(298)
Equity earnings/(losses) from associates and joint ventures(20)(59)(220)
Other gains/(losses) related to associates and joint ventures15499
Impairment of intangible assets- - 293
Finance cost - net(137)(112)(203)
Profit/(loss) before income tax121(1,237)(419)
Income tax benefit/(expense)15325373
Profit/(loss) for the period136(912)(46)
Other Comprehensive Income
Items that may be reclassified to profit or loss
Foreign currency translation differences(10)5265
Items that will not be reclassified to profit or loss
Changes in the fair value of investments through other comprehensive income- - -
Total other comprehensive income/(loss) for the period, net of tax(10)52 65
Total comprehensive income/(loss) for the period
126(860)19
Profit for the period is attributable to:
Non-Controlling Interest(15)(65)(39)
Owners of Enprise Group Limited
151(847)(7)
136(912)(46)
Total comprehensive income for the period is attributable to
Non-Controlling Interest(15)(65)(39)
Owners of Enprise Group Limited
141(795)58
126(860)19
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 share0.75 (4.51) (0.04)
5

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
STATEMENT OF FINANCIAL POSITION
as at 31 December 2024
31 Dec 202431 Dec 202330 June 2024
UnauditedUnauditedAudited
Note
$'000$'000$'000
ASSETS
Current
Cash and cash equivalents
10
1,4051,9461,737
Trade and other receivables
3,2482,5953,540
Contract assets
625488635
Current tax assets
1241
Staff receivables
- - 26
Other current assets
2427-
Total current assets
5,3035,0805,939
Non-current
Investments in joint ventures and associates
7
935862701
Investments in other entities
8
452452452
Staff receivables - non current
262626
Property plant and equipment
581357383
Intangible assets
9
3,2212,6712,792
Right-of-use assets - non-current
1,9798512,232
Deferred tax asset
1,6381,2921,710
Loans to related parties - non current
11(e)
- 8-
Other non-current assets
36742364
Total non-current assets
9,1996,5618,660
Total assets
14,50211,64114,599
LIABILITIES
Current
Trade and other payables
2,9023,0333,382
Provisions
2,1381,8382,063
Contract liabilities
1,6571,6171,955
Borrowings
10
8051,107407
Lease liabilities
525360203
Total current liabilities
8,0277,9558,010
Non-current
Provisions - non-current
334458310
Borrowings - non current
10
221- 242
Lease liabilities - non-current
1,8506282,194
Deferred tax liability
646375739
Total non-current liabilities
3,0511,4613,485
Total liabilities
11,0789,41611,495
Net assets3,4242,2253,104
EQUITY
Share capital
5(a)13,39213,39213,392
Foreign exchange translation reserve
366363376
Financial assets at FVOCI reserve
353353353
Retained earnings/(losses)
(10,479)(11,473)(10,701)
Equity attributable to the owners of Enprise Group Limited3,6322,6353,420
Non-controlling interests
6(208)(410)(316)
Total equity3,4242,2253,104
- - -
For and on behalf of the Board of Directors who authorise the issue of the financial statements
Nicholas Paul (Chairman)Ronald Baskind (Director)
26 February 2025
26 February 2025
Total assets per share ($ per share)
0.72 0.58 0.73
Net tangible assets per share ($ per share)0.01 (0.02) 0.02
6

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 December 2024
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 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 tax52 - (847) (65) (860)
Balance at 31 December 2023 (unaudited)13,392 363 353 (11,473) (410) 2,225
Balance at 1 July 2024
13,392 376 353 (10,701) (316) 3,104
Transactions with shareholders in their capacity as owners
Transactions with non-controlling interests- - - 71 (71) -
Share issue in Recipe Marketing Limited- - - - 194 194
Total transactions with shareholders- - - 71 123 194
Comprehensive income
Profit/(loss) for the period- - - 151 (15) 136
Other comprehensive income/(loss)- (10) - - - (10)
Total comprehensive income/(loss) net of tax- (10) - 151 (15) 126
Balance at 31 December 2024 (unaudited)13,392 366 353 (10,479) (208) 3,424
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- - - 291 36 327
Total transactions with shareholders1,312 - - 291 36 1,639
Comprehensive income
Profit/(loss) for the period- - - (7) (39) (46)
Other comprehensive income/(loss)- 65 - - - 65
Total comprehensive income/(loss) net of tax- 65 - (7) (39) 19
Balance at 30 June 2024 (audited)13,392 376 353 (10,701) (316) 3,104
7

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
STATEMENT OF CASH FLOWS
for the six months ended 31 December 2024
31 Dec 202431 Dec 202330 June 2024
UnauditedUnauditedAudited
Note
6 mths $'0006 mths $'00012 mths $'000
OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers13,744 12,088 25,027
Interest received7 2 6
Dividends received17 - 1
Income tax refund received- - 111
Cash was applied to:
Payments to suppliers & employees(13,374) (11,372) (23,133)
Interest paid(143) (126) (215)
Income tax paid- - (1)
Net cash inflow (outflow) from operating activities12251 592 1,796
INVESTING ACTIVITIES
Cash was provided from:
Loans repaid by staff2 1 4
Loans repaid by related parties- 24 32
Cash was applied to:
Purchase of property, plant and equipment(274) (30) (91)
Software development costs(207) (212) (523)
Investment in equity accounted investment(100) - -
Term deposits- - (317)
Purchase of business(210) - -
Net cash inflow (outflow) from investing activities(789) (217) (895)
FINANCING ACTIVITIES
Cash was provided from:
Proceeds from issue of shares- 1,312 1,312
Proceeds of bank borrowings200 - -
Proceeds from other borrowings43
Proceeds from issue of shares in iSell Pty Limited to non-controlling interests- 301 301
Cash was applied to:
Repayment of lease liabilities(168) (240) (532)
Repayment of bank borrowings(197) (200) (498)
Net cash inflow (outflow) from financing activities(122) 1,173 583
Net increase / (decrease) in cash and cash equivalents held(660) 1,548 1,484
Net foreign exchange differences(4) 10 24
Cash and cash equivalents at beginning of the period1,737 229 229
Net (bank overdraft / cash and cash equivalents at end of the period
10
1,073 1,787 1,737
Represented by:
Cash and cash equivalents 1,405 1,946 1,737
Bank overdraft(332) (159) -
Net (bank overdraft / cash and cash equivalents at end of the period1,073 1,787 1,737
- - -
8

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2024
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 202431 Dec 202330 June 2024
Kilimanjaro Consulting LimitedNew ZealandSoftware sales and solutions
100.0 100.0 100.0
Kilimanjaro Consulting Pty LimitedAustraliaSoftware sales and solutions
100.0 100.0 100.0
Enprise LimitedNew ZealandNon-trading
100.0 100.0 100.0
Global Bizpro LimitedNew ZealandNon-trading
100.0 100.0 100.0
iSell Pty LimitedAustraliaSoftware sales and solutions
72.5 72.5 72.5
ITQuoter LimitedNew ZealandNon-trading
72.5 72.5 72.5
ITQuoter North America IncUnited StatesNon-trading
72.5 72.5 72.5
iSell Philippines IncPhilippinesSoftware sales and solutions
72.5 72.5 72.5
Recipe Marketing LimitedNew ZealandSoftware sales and solutions
52.0 --
(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 2024.
- 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.
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-oriented 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
The same accounting policies included in the Group's Annual Report for the year ended 30 June 2024 have been applied when
preparing these financial statements. There have been no changes to accounting policies, estimates and assumptions.
9

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2024
2SEGMENT INFORMATION
(a)Operational performance
Revenue
Operating profit
Business segments
31 Dec 202431 Dec 202330 June 202431 Dec 202431 Dec 202330 June 2024
6 mths $'0006 mths $'00012 mths $'0006 mths $'0006 mths $'00012 mths $'000
Kilimanjaro Consulting11,685 9,650 20,454 439 (52) 1,245
iSell
814
660 1,375 105 (401) (434)
Corporate18 18 36 (420) (622) (1,109)
- -
12,517 10,328 21,865 124 (1,075) (298)
Equity earnings and gains related to associates and joint ventures134 (50) (211)
Impairment of intangible assets
- - 293
Net interest expense(137) (112) (203)
- -
Profit/(loss) before taxation121 (1,237) (419)
- -
Income Tax15 325 373
- -
Net profit/(loss) attributable to shareholders136 (912) (46)
Revenue
Geographic segments
31 Dec 202431 Dec 202330 June 2024
6 mths $'0006 mths $'00012 mths $'000
New Zealand3,436 3,281 6,762
Australia8,983 6,953 14,916
EMEA*84 80 159
North America14 14 28
- -
12,517 10,328 21,865
* Europe, Middle East and Africa
(b)Interest, depreciation and amortisation
Interest revenue
Interest expense
31 Dec 202431 Dec 202330 June 202431 Dec 202431 Dec 202330 June 2024
6 mths $'0006 mths $'00012 mths $'0006 mths $'0006 mths $'00012 mths $'000
New Zealand1 2 5 68 100 180
Australia6 - 3 76 14 31
7 2 8 144 114 211
Depreciation and amortisation expense
31 Dec 202431 Dec 202330 June 2024
6 mths $'0006 mths $'00012 mths $'000
New Zealand141 123 288
Australia386 652 1,453
527 775 1,741
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.
10

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2024
2SEGMENT INFORMATION (CONTINUED)
(c)Balance sheet information
Total assets
Total liabilities
31 Dec 202431 Dec 202330 June 202431 Dec 202431 Dec 202330 June 2024
$'000$'000$'000$'000$'000$'000
New Zealand7,926 6,807 6,821 3,573 3,882 3,545
Australia8,922 6,475 9,408 9,851 7,175 9,580
16,848 13,282 16,229 13,424 11,057 13,125
Inter-segment elimination(2,346) (1,641) (1,630) (2,346) (1,641) (1,630)
- -
14,502 11,641 14,599 11,078 9,416 11,495
- - - - - - - -
Total assets
Total liabilities
31 Dec 202431 Dec 202330 June 202431 Dec 202431 Dec 202330 June 2024
$'000$'000$'000$'000$'000$'000
Kilimanjaro Consulting11,364 8,631 11,605 12,016 8,772 11,459
iSell1,597 1,557 1,555 1,361 1,454 1,354
Corporate5,006 3,568 3,763 1,166 1,305 1,006
17,967 13,756 16,923 14,543 11,531 13,819
Inter-segment elimination(3,465) (2,115) (2,324) (3,465) (2,115) (2,324)
14,502 11,641 14,599 11,078 9,416 11,495
- - - - - -
3REVENUE
- - -
31 Dec 202431 Dec 202330 June 2024
6 mths $'0006 mths $'00012 mths $'000
- -
Revenue from enterprise software and licences
3,288 2,493 5,578
- -
Revenue from services and support
7,393 6,171 12,894
- -
Revenue from iSell
814 660 1,375
Revenue from hosting services
1,020 1,001 2,015
- -
Revenue from other fees
2 3 3
- -
12,517 10,328 21,865
Software and licencesServices and supportExoHostedITQuoter Revenueother fees
Geographical location
31 Dec 2024
$'000$'000$'000$'000$'000
6 mths $'000
-
New Zealand
999 1,952 352 133 - 3,436
-
Australia
2,289 5,441 668 583 2 8,983
EMEA*
- - - 84 - 84
North America
- - - 14 - 14
- -
3,288 7,393 1,020 814 2 12,517
* Europe, Middle East and Africa
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
- -
2,493 6,171 1,001 660 3 10,328
Total
Software &
licences
Services and
support
Other fees
Hosting
services
iSell
TotalOther fees
Services and
support
Hosting
services
Software &
licences
iSell
11

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2024
3REVENUE (CONTINUED)
Geographical location
30 June 2024
$'000$'000$'000$'000$'000
12 mths $'000
-
New Zealand
1,926 3,883 750 201 2 6,762
-
Australia
3,652 9,011 1,265 987 1 14,916
-
EMEA*
- - - 159 - 159
North America
- - - 28 - 28
- -
5,578 12,894 2,015 1,375 3 21,865
4EMPLOYEE BENEFIT EXPENSE
31 Dec 202431 Dec 202330 June 2024
6 mths $'0006 mths $'00012 mths $'000
Wages and salaries
8,436 7,418 14,809
Superannuation
677 505 1,114
Directors remuneration
49 45 92
9,162 7,968 16,015
- - -
5SHARE CAPITAL AND EARNINGS PER SHARE
(a)Share capital
Number of authorised sharesShare capital
31 Dec 202431 Dec 202330 June 202431 Dec 202431 Dec 202330 June 2024
sharessharesshares$'000$'000$'000
Opening ordinary shares20,068,057 17,430,061 17,430,061 13,392 12,080 12,080
Share issue - Rights issue - 2,637,996 2,637,996 - 1,312 1,312
- -
20,068,057 20,068,057 20,068,057 13,392 13,392 13,392
(b)Earnings per share
There are no instruments that could potentially dilute earnings per share.
31 Dec 202431 Dec 202330 June 2024
6 mths $'0006 mths $'00012 mths $'000
Earnings for the purpose of basic and diluted earnings per share:
Net profit attributable to shareholders
151 (847) (7)
Weighted average number of ordinary shares for basic earnings per share
20,068 18,771 19,412
Basic and diluted earnings per share (cents)
0.75 (4.51) (0.04)
Software &
licences
Services and
support
Hosting
Services
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.
iSellOther feesTotal
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.
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.
12

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2024
6NON CONTROLLING INTEREST
31 Dec 202431 Dec 202330 June 2024
$'000$'000$'000
Carrying amount at the beginning of the period(316) (313) (313)
Transactions with non-controlling interests(71) 327 327
Share issue in Recipe Marketing Limited194 - -
Movement attributable to the owners of the parent- (359) (291)
Share of profit/(loss) for the period(15) (65) (39)
(208)(410)(316)
31 Dec 202431 Dec 202330 June 2024
$'000$'000$'000
iSell Pty Limited(372) (410) (316)
Recipe Marketing Limited164 - -
(208)(410)(316)
7INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
31 Dec 202431 Dec 202330 June 2024
$'000$'000$'000
Carrying amount at the beginning of the period701 912 912
New investment in joint ventures and associates100 - -
-
Equity earnings/(losses) from associates and joint ventures
(20) (59) (220)
- -
Other gains/(losses) related to associates and joint ventures
154 9 9
- -
935862701
31 Dec 202431 Dec 202330 June 2024
$'000$'000$'000
Investment in equity accounted joint venture
Datagate Innovation Limited935 862 701
- -
935862701
-
Percentage ownership
31 Dec 202431 Dec 202330 June 2024
Datagate Innovation Limited
New Zealand
Software sales32.4 32.9 32.9
Investment in joint venture or associate
Non-controlling interest
Name of Entity
The Group's joint venture and associates at 31 Dec 2024 are set out below. The country of incorporation or registration is also their
principal place of business.
Country of Principal Activity
incorporation
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 consolidates 100% of the results in Recipe Marketing Limited through Kilimanjaro Consulting Limited and
presents the portion of profit/(loss) and other comprehensive income attributable to a non-controlling interest (NCI).
On 26 August 2024, Kilimanjaro Consulting Limited acquired the Recipe Marketing business resulting in the establishment of a non-
controlling interest percentage of 48.00% in Recipe Marketing Limited.
Enprise Group Limited acquired a controlling stake in iSell on 27 May 2020, since then the percentage of control held by the group
has increased as shares have been acquired from non controlling interests and through rights issues.
The most recent rights issue in October 2023 affected Enprise's shareholding in iSell, ultimately resulting in a non-controlling interest
percentage of 27.5% at 31 December 2023 (24.8% at 30 June 2023; 24.8% at 31 December 2022).
Non-controlling interest allocated as follows:
Carrying amount of joint ventures and associates
13

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2024
8INVESTMENTS IN OTHER ENTITIES
31 Dec 202431 Dec 202330 June 2024
$'000$'000$'000
Carrying amount at the beginning of the period452 452 452
- - Changes in fair value of other investments- - -
- -
452452452
31 Dec 202431 Dec 202330 June 2024
$'000$'000$'000
- -
Vadacom Holdings Limited
452452452
9INTANGIBLE ASSETS
Software
$'000$'000$'000$'000$'000
At 1 July 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
Year ended 30 June 2024 (audited)
Opening net book value amount1,377 149 195 1,227 2,948
Additions524 - - - 524
Exchange differences4 (1) - - 3
Amortisation charge(733) (178) (65) - (976)
Impairment charge reversal165 128 - - 293
Closing net book value
1,337981301,2272,792
-
As at 30 June 2024 (audited)
Cost4,477 1,268 325 7,720 13,790
Accumulated amortisation and impairment(3,140) (1,170) (195) (6,493) (10,998)
-
Net book value
1,337981301,2272,792
Carrying amount of investments in other entities
Intellectual
Property
Customer
relationships
GoodwillTotal
14

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2024
9INTANGIBLE ASSETS (CONTINUED)
Period ended 31 December 2024 (unaudited)
Opening net book value amount1,337 98 130 1,227 2,792
Additions207 - - 405 612
Exchange differences10 1 - - 11
Amortisation charge(72) (89) (33) - (194)
Closing net book value
1,48210971,6323,221
As at 31 December 2024 (unaudited)
Cost4,694 1,269 325 8,125 14,413
Accumulated amortisation and impairment(3,212) (1,259) (228) (6,493) (11,192)
-
Net book value
1,48210971,6323,221
Carrying amount
$'000
Customer relationships - iSell Pty Limited10
Software - ITQuoter1,398
Intellectual Property97
31 Dec 202431 Dec 202330 June 2024
$'000$'000$'000
Kilimanjaro Consulting - New Zealand
1,632 1,227 1,227
- -
1,6321,2271,227
(a)Impairment Testing - Kilimanjaro
Australian cash generating unit
30 June 202430 June 2023
Recoverable amount 6,065 270
Carrying amount 1,729 5,869
Impairment
- (5,599)
Key assumptionValueBasis for determining value assigned to key assumptions
Growth rate5.4%
Weighted average cost of capital (WACC)13.5%
Growth rate4.8%Decrease by 3%No impairment loss
Weighted average cost of capital (WACC)12.0%Increase by 1%Decrease in recoverable amount by $62,740
Significant intangible assets held are as follows:
The carrying amounts of goodwill allocated to the cash
generating units are outlined below:
An assessment of the fair value of the Kilimanjaro cash generating units (CGU's) was conducted at 30 June 2024, 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 is presented
below.
The details 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.
Determined based on historical trend growth and management's
future expectations
Determined primarily based on external sources of information,
adjusted for entity specific risks.
Sensitivity analysis
Current
value
Reasonably
possible change
Impact of change
The Directors have determined that there is to be no further impairment of the Kilimanjaro Australian cash generating unit at 31
December 2024.
15

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2024
9INTANGIBLE ASSETS (CONTINUED)
(a)Impairment Testing - Kilimanjaro (continued)
New Zealand cash generating unit
Key assumptionValueBasis for determining value assigned to key assumptions
Growth rate3.4%
Weighted average cost of capital (WACC)11.7%
Sensitivity analysisCurrent valueReasonably possible change
Growth rate3.4%
Weighted average cost of capital (WACC)11.7%
(b)Impairment Testing - iSell Pty Limited
30 June 202430 June 2023
Recoverable amount 2,101 2,039
Carrying amount 1,259 3,620
Impairment
- (1,581)
Key assumptionValueBasis for determining value assigned to key assumptions
Value per share
A$0.12Determined based on the latest capital raise
Sensitivity analysis
Impact of change
Value per share
A$0.12Decrease by 10%No impairment loss
The Directors have determined that there is to be no further impairment of the iSell cash generating unit at 31 December 2024.
No reasonably possible change which would cause an impairment
loss
The table below summarises the quantitative information about the significant inputs used in this level 2 fair value measurement.
Determined based on historical trend growth and management's
future expectations
Determined primarily based on external sources of information,
adjusted for entity specific risks.
An Assessment of the fair value of the iSell cash generating unit (CGU's) was conducted at 30 June 2024, 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 is presented below.
The table below summarises the quantitative information about the significant unobservable inputs used in this level 3 fair value
measurement.
Current
value
Reasonably
possible change
The Directors have determined that there is to be no impairment of the Kilimanjaro New Zealand cash generating unit at 31
December 2024.
No reasonably possible change which would cause an impairment
loss
16

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2024
10CASH AND CASH EQUIVALENTS / BORROWINGS
31 Dec 202431 Dec 202330 June 2024
$'000$'000$'000
Cash on hand and at bank
- -
Cash on hand and at bank
1,405 1,946 1,737
Total Cash on hand and at bank
1,405 1,946 1,737
Current borrowings
Bank overdraft
(332) (159) -
- -
Bank borrowings
(430) (948) (407)
Other borrowings
(43) - -
Current borrowing
(805) (1,107) (407)
Non-current borrowings
Bank borrowings - non current
(221) - (242)
Other borrowings - non current
- - -
Non-current borrowings
(221) - (242)
Net cash and borrowings
3798391,088
31 Dec 202431 Dec 202330 June 2024
$'000$'000$'000
Cash and cash equivalents
Cash on hand and at bank
1,405 1,946 1,737
Bank overdraft
(332) (159) -
Total Cash and cash equivalents
1,073 1,787 1,737
31 Dec 202431 Dec 202330 June 2024
$'000$'000$'000
Bank borrowings
Bank loan
(651) (948) (649)
Bank overdraft
(332) (159) -
Total bank borrowings
(983) (1,107) (649)
(a)Summary of borrowing arrangements
- An overdraft facility of $1,000,000 at an interest rate of 11.2% at 31 December 2024
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.
The interest rate at 31 December 2024 is 8.9%.
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 Bank of New Zealand (BNZ) has provided the following facilities to Enprise Group Limited:
- A commercial loan of $651,520 of which $nil is available to redraw at 31 December 2024. The loan matures on 24 April 2026
and requires quarterly principal payments of $98,720, increasing to $110,570 in July 2025. The bank's debt is secured by
PPSR over all the assets of Enprise Group Limited, Kilimanjaro Consulting Pty Limited and Kilimanjaro Consulting Limited.
17

ENPRISE GROUP LIMITED__
INTERIM REPORT 2024__
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 December 2024
11RELATED PARTY TRANSACTIONS (CONTINUED)
(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 202431 Dec 202330 June 202431 Dec 202431 Dec 202330 June 2024
6 mths $'0006 mths $'00012 mths $'0006 mths $'0006 mths $'00012 mths $'000
Vadacom Limited*21 18 42 - - -
Next Telecom*- - - 15 16 30
Datagate Innovation Limited- - - - - -
21 18 42 15 16 30
* 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 202431 Dec 202330 June 202431 Dec 202431 Dec 202330 June 2024
$'000$'000$'000$'000$'000$'000
Next Telecom Limited- - - 2 2 3
Vadacom Limited4 3 4 - - -
Ridgway Investments ****- - - 2 - 2
The Sales Factory Limited ***- - - 4 4 4
Global CFO Solutions **- - - - 4 2
Nightingale Partners *1 - - - - -
5 3 4 8 10 11
* Lindsay Phillips
*** Nicholas Paul
**** Aaron Ridgway
(e)Loans to/from related parties
Amounts owed by related partiesAmounts owed to related parties
Name of Entity
31 Dec 202431 Dec 202330 June 202431 Dec 202431 Dec 202330 June 2024
$'000$'000$'000$'000$'000$'000
Vadacom Limited- 8 - - - -
- -
- 8 - - - -
- - Current- - - - - -
- - Non-Current- 8 - - - -
- 8 - - - -
** Dr Aneesha Varghese-Cowan
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 2024
12CASH FLOW RECONCILIATION
31 Dec 202431 Dec 202330 June 2024
6 mths $'0006 mths $'00012 mths $'000
Profit/(loss) for the period
136 (912) (46)
Adjustments for:
Depreciation on property plant and equipment
67 58 204
Depreciation clawback
- - (142)
Depreciation on right-of-use assets
266 242 561
Amortisation on intangible assets
194 475 976
Net loss/(gain) on foreign exchange1 1 19
Impairment of intangible assets- - (293)
Share of loss from equity accounted investments(134) 50 211
Movement in deferred tax(15) (306) (373)
Movements in working capital
(Increase)/decrease in trade and other receivable
446 1,289 371
(Increase)/decrease in contract assets
14 176 34
(Increase)/decrease in income taxes receivable- - 23
Increase/(decrease) in trade and other payables(500) (369) (47)
Increase/(decrease) in provisions84 (51) 32
Increase/(decrease) in contract liabilities(308) (61) 266
- -
Net cash inflow from operating activities2515921,796
- - -
13CONTINGENT LIABILITIES
There were no other material contingent liabilities or assets at balance date (December 2023: nil, June 2024: nil).
14SUBSEQUENT EVENTS AFTER BALANCE DATE
The Group has evaluated subsequent events up to the date of approval of this financial report and has determined that there are no
material subsequent events that require disclosure or adjustment to the financial statements at 31 December 2024.
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.
19