Announcement PDF Appendix 4D Half-Year Report Name of Entity Spenda Limited ABN or equivalent company reference A.B.N. 67 099 084 143 HalfYearly (tick) Preliminary final (tick) Financial period ended ('current period') 6 months ended 31 December 2024 Results for announcement to the market $ Revenues from ordinary activities Up 83% from $2,654,113 to $4,924,140 Net loss for the period attributable to members Up 53% from $6,110,655 to $9,390,756 Explanation of Net Loss The consolidated net loss for the half-year after income tax attributable to members of the parent entity amounted to $9,319,935 (31 December 2023 half year loss: $6,110,655). The adjusted net loss, after adding back material non-cash items, including depreciation and amortisation expense and share based payments expense is summarised below: Half year ended 31 December 2024 $ Half year ended 31 December 2023 $ (9,390,756) (6,110,655) Add back material non-cash items: Depreciation and amortisation expense Fair value adjustment Share based payments expense 2,298,576 300,000 2,320,787 2,274,080 878,491 Adjusted net loss (4,471,393) (2,958,084) Net loss for the half-year after income tax attributable to members of the parent entity Dividends Amount per security Franked amount per security Final dividend – no dividend is proposed N/A N/A Previous corresponding period – no dividend declared N/A N/A Current reporting period Previous reporting period 0.001 0.001 Net tangible assets Net tangible assets per ordinary security ($) 1. Details of entity over which control has been gained during the period Limepay Pty Ltd Limepay Credit Pty Ltd April Solutions Limited. 2. Details of individual and total dividends or distribution payments. The details must include the date on which each dividend or distribution is payable, and if known the amount per security of foreign sourced dividend or distribution Not applicable – no dividends have been declared or paid. 3. Details of any dividends or distribution reinvestment plans in operations and the last date for receipt of an election notice for participation in any dividend or distribution reinvestment plan Not applicable. 4. Details of associated joint venture entities Not applicable. This report is based on: The financial statements were subject to a review by the auditors and the review report is attached as part of the Half-Yearly Report. The independent auditor’s review report contains a paragraph in relation to a material uncertainty relating to going concern which draws attention to Note 1 in the financial report. Signed: __________________________________ Date: 28 February 2025 Adrian Floate Managing Director 2 Spenda Limited ABN 67 099 084 143 Half-Year Report Half-year ended 31 December 2024 3 Contents Corporate Information 5 Directors’ Report 6 Auditor’s Independence Declaration 12 Consolidated Statement of Profit or Loss and Other Comprehensive Income 13 Consolidated Statement of Financial Position 14 Consolidated Statement of Changes in Equity 15 Consolidated Statement of Cash Flows 16 Notes to the Consolidated Financial Statements 17 Directors’ Declaration 35 Independent Auditor’s Review Report 36 4 Corporate Information Directors Mr Peter Richards (Non-Executive Chairman) Mr Adrian Floate (Chief Executive Officer and Managing Director) Mr Stephen Dale (Non-Executive Director) Mr Howard Digby (Non-Executive Director) – resigned 21st November 2024 Mr David Laird (Non-Executive Director) Mr Andrew Kearnan (Non-Executive Director) Company Secretary Mr Justyn Stedwell Registered office Principal place of business Part G, Building B The Garden Office Park 355 Scarborough Beach Road Osborne Park, WA, 6017 Part G, Building B The Garden Office Park 355 Scarborough Beach Road Osborne Park, WA, 6017 Share Registry Bankers Automic Registry Services Level 5 126 Philip Street Sydney NSW 2010 Phone: 1300 288 664 (local) +61 (2) 9698 5414 (international) www.automic.com.au Australian & New Zealand Banking Group Limited 833 Collins Street Melbourne VIC 3000 Phone: +61 3 9273 5555 Auditors Solicitors William Buck Level 20, 181 William Street Melbourne, VIC 3000 Kings Park Legal 22 Altona Street West Perth, WA, 6005 Stock exchange listing Company website The Company is listed on the Australian Securities Exchange Limited, ASX Code: SPX https://www.spenda.co 5 Directors’ Report Your directors present their report on the Group consisting of Spenda Limited (“Spenda” or the “Company”) and the entities it controlled (“Group”) for the half-year ended 31 December 2024. Directors The names of the Company’s directors in office at any time during the half-year and until the date of this report are shown below. Directors were in office for this entire period unless otherwise stated. Mr Peter Richards (Non-Executive Chairman) Mr Adrian Floate (Chief Executive Officer and Managing Director) Mr Stephen Dale (Non-Executive Director) Mr Howard Digby (Non-Executive Director) – resigned 21st November 2024 Mr David Laird (Non-Executive Director) Mr Andrew Kearnan (Non-Executive Director) Review and results of operations The consolidated net loss for the half year after income tax attributable to members of the Group amounted to $9,390,756 (31 December 2023 half year loss: $6,110,655). Operational Update Spenda is an innovative software company with an integrated set of capabilities that enable trading networks to buy, sell, and pay more efficiently. Spenda is both a software solutions provider and a payment processor, delivering essential infrastructure to streamline processes before, during and after the payment event. Spenda’s strategy is to deliver a portfolio of software and payments infrastructure that harness the network effect (Node-to-Spoke), where Nodes are the hub that bring people or businesses together (the Spokes) in an interconnected digital network. Spenda’s unique solutions are ideal for trading and franchise networks and distributed marketplaces, as they can improve transparency and operational efficiency throughout the supply chain. The Company has secured the technology to deliver unique payments solutions enabling businesses to improve the flow of funds through its network of buyers and sellers. In the half year ended 31 December 2024, the Company acquired key payment technology capabilities which will enhance the Company’s payment capabilities across existing customers and open access to new verticals. 6 Directors’ Report (continued) B2B Marketplace: Segments and Payment Flows The segments and payment flows in a typical aggregated B2B marketplace are shown in the diagram below. Spenda’s unique customer value proposition Key benefits of the Company’s software solutions include: • A platform that provides end-to-end software integration coupled with innovative payment solutions that enable supply chains to operate more efficiently; • Enterprise level financial integration which reduces administration costs and improves operational efficiency for all trading clients; • Payment capabilities that empower the payer or payee to select payment options that better suit their cash flow requirements. Key Partnerships Spenda’s unique model has been validated by commercial deals with Carpet Court Australia Limited (“Carpet Court”), Airplus International GmbH (“Airplus”) and Capricorn Society Limited (“Capricorn”). These program partnerships have commenced and generate multiple revenue streams, following successful roll out in 2024. Revenue composition across programs comprise SaaS, both B2B and B2C payments and B2B supply chain finance. 7 Directors’ Report (continued) Carpet Court Carpet Court is the largest floor covering specialist in Australia, with a growing network of 205 franchised stores. Carpet Court has a presence in every State and Territory with annual retail sales (stores to end consumer) of ~$500m. Spenda signed a five-year, exclusive agreement with Carpet Court to offer extended credit to Carpet Court retail stores, following the successful roll-out of Spenda’s payments infrastructure between head office and the network of franchise stores. Spenda captures all payment processing flow from the 205 stores to Carpet Court’s National Support Centre. Payments between the store network and Carpet Court’s Head Office are ~$240m per annum (~$20m per month). Spenda is currently working with Carpet Court to finalise a commercial implementation of Carpet Court’s Standard Operating Environment (SOE) to franchise stores . Once deployed, the Company expects to increase the B2C payment flow through Spenda’s platform. Spenda generates revenue from SaaS fees, transaction-related payment processing fees and funding fees on extended credit for stores. Both B2B and B2C payment volumes are revenues are expected to scale further in 2025. Capricorn Capricorn is a member-based organisation established in 1974 to primarily support businesses in the automotive industry. Its current network consists of over 30,000 Members and more than 2,000 preferred Suppliers in every State and Territory in Australia and New Zealand. Capricorn’s Members purchase ~$4.5 billion per annum in parts from the approved Supplier network. Spenda has worked closely with Capricorn to customise its payments infrastructure for use by Capricorn’s Members and preferred Supplier network and onboarded the initial cohort of suppliers in mid-2024, with first transactions processed in October 2024. Key milestones achieved in 2024 include: • October 2024 The Company announced the commercial rollout of the SwiftStatement Member program with Capricorn to modernise the delivery and utilisation of Capricorn’s Statement data. • November 2024 The first phase of DSD project works were successfully commissioned and the first eCommerce Partner platform to the Digital Services Delivery (‘DSD’) initiative with Capricorn commenced. 8 Directors’ Report (continued) AirPlus In November 2023, Spenda signed a payment processing agreement with AirPlus to jointly offer a virtual credit card product which enables the generation of credit card numbers for specific purposes or durations. AirPlus International is a leading international provider of credit solutions in the corporate payment segment. Around 53,000 corporate customers rely on AirPlus when it comes to paying for and analysing their business travel and other purchasing activities. AirPlus is an issuer under the Universal Air Travel Plan (UATP) network and Mastercard schemes. Spenda’s virtual Mastercard credit card product, backed by AirPlus, enables Spenda’s clients to access funds for purchases via the Spenda AP and Payment widget software, thus increasing the flow of funds through Spenda’s platform. The virtual credit card enables Spenda to scale client payment volumes by providing access to working capital from portable and flexible credit solutions. Continued expansion of the AirPlus product (delivered through Spenda’s Accounts Payable software) continues to improve overall margins and the scalability of payment flow. Limepay The Company successful completed the acquisition of Limepay on 20 September 2024, bolting on key technology that will further enable the Company’s payment service offering. Limepay’s scalable cloud-based platform of software tools enable corporates and financial institutions to provide white-labeled embedded finance solutions to their customers. These include a suite of leading payment technologies that encompass payment acceptance, instalment options, lending, working capital, marketplace solutions and SaaS offerings. Developed in-house and managed by a team of eight experienced fintech developers with extensive experience in banking and payments technology, the team provides a valuable upskilled resource pool that complements Spenda’s team. Limepay’s mature payments Intellectual Property has delivered immediate benefits for Spenda’s customers, enabling them to readily deploy end-to-end payment solutions and services with immediate deployment and revenue generating opportunities. 9 Directors’ Report (continued) Layering revenue streams Spenda’s strategy is to grow sustainable recurring revenues by layering revenue streams across the supply chain for each client and across different industry verticals. Business Performance H1 FY25 total payment volume of ~$246.5m (including Limepay) almost exceed FY24 payment volumes of $249.5m. 160 140 120 Millions 100 80 60 40 20 0 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Financial position Cash receipts of $5.49m for the half year ended December 31, 2024, have surpassed total cash receipts collected in FY2024 ($5.4m). The Company expects to continue to build on its strong start to FY2025. 10 Directors’ Report (continued) Significant Events after reporting date During the half year, the Company executed an asset sale agreement to sell its invoice financing portfolio to Grapple Fund Pty Ltd (‘Grapple’) for a consideration of $2 million. On completion date, Grapple will pay the Company the sum of $500,000, followed by 10 equal instalment payments of $75,000. Grapple will then pay a final balloon payment of $750,000 no later than 1 year from the completion date. The consideration may be adjusted at the end of the payment period according to the difference in the adjusted net interest margin between 2026 and 2025, which means the value of the consideration is at risk. Other than the above, there has been no significant events that have occurred since the end of the reporting period. Auditor’s independence declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 12. Signed in accordance with a resolution of the directors. ___________________________ Adrian Floate Chief Executive Officer and Managing Director Date: 28 February 2025 11 Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 To the directors of Spenda Limited As lead auditor for the review of Spenda Limited for the half-year ended 31 December 2024, I declare that, to the best of my knowledge and belief, there have been: — no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and — no contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of Spenda Limited and the entities it controlled during the period. William Buck Audit (Vic) Pty Ltd ABN 59 116 151 136 A. A. Finnis Director Melbourne, 28 February 2025 Level 20, 181 William Street, Melbourne VIC 3000 +61 3 9824 8555 William Buck is an association of firms, each trading under the name of William Buck across Australia and New Zealand with affiliated offices worldwide. Liability limited by a scheme approved under Professional Standards Legislation. vic.info@williambuck.com williambuck.com.au Consolidated Statement of Profit or Loss and Other Comprehensive Income For the half-year ended 31 December 2024 Consolidated 31 December 2024 $ 31 December 2023 $ 4,924,140 2,654,113 Interest expense Cost of services rendered (869,918) (1,913,189) (745,200) (343,434) Gross Profit 2,141,033 1,565,479 Other income Employee expenses Depreciation and amortisation expense Consulting fees Legal and other professional fees Regulatory and listing expenses Occupancy expenses Other expenses Finance costs Share based payments expense Loss before income tax expense 56,283 (4,175,200) (2,298,576) (563,507) (226,623) (52,069) (126,815) (1,444,171) (380,029) (2,320,787) (9,390,461) 40,714 (2,950,082) (2,274,080) (392,137) (253,817) (59,432) (102,481) (728,142) (55,376) (878,491) (6,087,845) (295) (22,810) (9,390,756) (6,110,655) (9,390,756) (6,110,655) 7,340 8,423 (9,383,416) (6,102,232) (0.21) (0.21) (0.17) (0.17) Notes Revenue Income tax expense Loss after income tax expense Loss for the period after income tax attributable to owners of Spenda Limited Items that may be subsequently reclassified to the profit or loss, net of tax Foreign currency translation reserve movement Total comprehensive loss for the half-year attributable to the owners of Spenda Limited Loss per share for the half-year attributable to the members of Spenda Limited - Basic loss per share (cents per share) - Diluted loss per share (cents per share) 4 The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes. 13 Consolidated Statement of Financial Position As at 31 December 2024 ASSETS Current assets Cash and cash equivalents * Trade and other receivables Financial assets Other current assets Assets classified as held for sale Total current assets Non-current assets Plant and equipment Other receivables Intangible assets Right of use assets Total non-current assets TOTAL ASSETS LIABILITIES Current liabilities Trade and other payables Financial liabilities Lease liabilities Provisions Liabilities associated with assets held for sale Total current liabilities Non-current liabilities Lease liabilities Trade and other payables Provisions Financial liabilities Total non-current liabilities TOTAL LIABILITIES Notes 5 6 7 8 9 7 9 NET ASSETS EQUITY Contributed equity Reserves Accumulated losses TOTAL EQUITY 10 11 31 December 2024 $ 30 June 2024 $ 1,977,849 583,102 2,094,617 545,584 5,201,152 9,837,055 276,587 10,754,227 386,340 21,254,209 13,943,580 19,144,732 21,254,209 69,189 618,856 30,111,889 387,314 31,187,248 50,331,980 65,047 594,526 28,714,816 418,753 29,793,142 51,047,351 3,468,854 179,225 117,888 593,909 4,359,876 1,597,418 154,105 106,181 673,562 2,531,266 13,725,872 - 18,085,748 2,531,266 360,107 220,460 1,427,901 2,008,468 20,094,216 397,974 100,000 286,913 13,227,141 14,012,028 16,543,294 30,237,764 34,504,057 175,860,579 6,009,101 (151,631,916) 30,237,764 172,960,699 4,217,547 (142,674,189) 34,504,057 * Cash and cash equivalent excludes restricted cash held which is classified as held for sale The above consolidated statement of financial position should be read with accompanying notes. 14 Consolidated Statement of Changes in Equity For the half-year ended 31 December 2024 Consolidated Balance as at 1 July 2024 Loss for the period Other comprehensive income Total comprehensive loss for the period Transactions with owners in their capacity as owners: Issue of share capital Transaction costs related to share issue Expired options Share based payment Balance as at 31 December 2024 Balance as at 1 July 2023 Loss for the period Other comprehensive income Total comprehensive loss for the period Transactions with owners in their capacity as owners: Issue of share capital Transaction costs related to share issue Expired options Share based payment Balance as at 31 December 2023 Contributed Equity $ Option Premium Reserve $ Foreign Currency Translation Reserve $ Share based Payment Reserve $ Accumulated Losses $ Total Equity $ 172,960,699 - 407,158 - 28,190 - 3,782,199 - (142,674,189) (9,390,756) 34,504,057 (9,390,756) - - 7,340 - - 7,340 - - 7,340 - (9,390,756) (9,383,416) 2,912,077 - - - - 2,912,077 (12,197) - (407,158) - (25,871) 433,029 (12,197) - - - - 2,217,243 - 2,217,243 175,860,579 - 35,530 5,973,571 (151,631,916) 30,237,764 165,030,603 407,158 3,037 10,153,947 (137,406,719) 38,188,026 - - - - (6,110,655) (6,110,655) - - 8,423 - - 8,423 - - 8,423 - (6,110,655) (6,102,232) 487,000 - - - - 487,000 (25,240) - - - - (25,240) - - - (4,577,154) 4,577,154 - 142,103 - - 824,505 - 966,608 165,634,466 407,158 11,460 6,401,298 (138,940,220) 33,514,162 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. 15 Consolidated Statement of Cash Flows For the half-year ended 31 December 2024 Consolidated 31 December 2024 $ 31 December 2023 $ 5,495,073 2,125,231 (6,979,043) (4,466,268) 48,904 (17,308) (865,589) (2,317,963) 43,437 (674,944) (2,972,544) (24,832) (317,641) (21,875) (200,000) 202,860 114,595 211,302 (289,055) (217,366) (753,807) (861,087) (127,500) (127,500) 471,000 1,400,000 (370,000) 1,501,000 Net decrease in cash held (2,662,829) (2,332,631) Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period * 9,837,055 7,174,226 8,349,186 6,016,555 CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers (inclusive of goods and services tax) Payments to suppliers and employees (inclusive of goods and services tax) Interest received Taxes paid Bank charges and interest paid Net cash outflow from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Payment for plant and equipment Payment for investments Payments for development of software, net of government grants Cash acquired on acquisition of subsidiary (note 15) Net movement in client loans Net cash outflow from investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares, net of transaction costs Proceeds from borrowings Transaction costs related to loan borrowings Net cash inflow/(outflow) from financing activities * Cash and cash equivalent includes restricted cash held which is classified as held for sale The above consolidated statement of cash flows should be read in conjunction with the accompanying notes. 16 Notes to the Consolidated Financial Statements For the half-year ended 31 December 2024 1. CORPORATE INFORMATION The financial report of Spenda Limited (“Spenda” or the “Company”) and its controlled entities (the “Group”) for the half-year ended 31 December 2024 was authorised for issue in accordance with a resolution of the directors on 26 February 2025. Spenda is a company limited by shares incorporated in Australia whose shares are publicly traded on the Australian stock exchange. The nature of the operations and principal activities of the Group are described in the directors’ report. 2. MATERIAL ACCOUNTING POLICY INFORMATION a) Basis of preparation This general-purpose financial report for the half-year ended 31 December 2024 has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001. The half-year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the Group as the full financial report. It is recommended that the half-year financial report be read in conjunction with the annual report for the year ended 30 June 2024 and considered together with any public announcements made by Spenda during the half-year ended 31 December 2024 in accordance with the continuous disclosure obligations of the ASX listing rules. Going concern For the half year ended 31 December 2024, the Group recorded a net loss after tax of $9,390,756 (2023: $6,110,655) and had operating cash outflows of $2,317,963 (2023: $2,972,544). As at 31 December 2024, the Group’s cash and cash equivalents amounted to $7,174,226 (30 June 2024: $9,837,055) with a restricted cash balance of $5,397,399 (30 June 2024: $5,439,920). The Group has implemented several measures to improve its revenue and margins, as well as to manage its working capital requirements. These initiatives include the following: - There are a number of initiatives planned that provide the Directors confidence that the net operating cash outflows should decrease during FY25; Sale of its loan receivables to a third party at arms length; Growth of its existing key strategic customers and partnerships, most notably with Capricorn, Carpet Court and Airplus; and The ability for the Group to raise additional capital or secure a working capital facility if required. The Group has historically demonstrated its ability to raise funds to funds to satisfy its cash requirements. 17 Notes to the Consolidated Financial Statements (continued) For the half-year ended 31 December 2024 (continued) The directors have reviewed the Group’s cash flow projections, and, in combination with our capacity to access capital, are of the opinion that there are reasonable grounds to believe the Group will have sufficient financial resources to satisfy its future working capital requirements and to meet its financial obligations as and when they fall due within the next twelve months. The directors are of the opinion that there are reasonable grounds to believe that the Group can continue to access debt and equity funding to meet its working capital requirements. Accordingly, the directors consider that it is appropriate to prepare the Group’s consolidated financial statements on a going concern basis. Notwithstanding the above, there a material uncertainty exists as to whether the Group can raise sufficient funding as outlined above which may cast significant doubt about the Group’s ability to continue as a going concern and, therefore, whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the consolidated financial statements. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of the Group’s assets or to the amounts and classification of liabilities which might be necessary should the Group not continue as a going concern. b) Accounting policies The accounting policies have been consistently applied by the entities in the Group and are consistent with those in the 30 June 2024 annual financial report except for the adoption of new and revised Accounting Standards. New, revised or amending Accounting Standards adopted The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (“AASB”) that are relevant to their operations and effective for the current reporting period. New policies adopted are below. a) Non-current assets or disposal groups classified as held for sale Non-current assets and assets of disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continued use. They are measured at the lower of their carrying amount and fair value less costs of disposal. For non-current assets or assets of disposal groups to be classified as held for sale, they must be available for immediate sale in their present condition and their sale must be highly probable. Non-current assets are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to liabilities of assets held for sale continue to be recognised. Non-current assets classified as held for sale and the disposal group are presented separately on the face of the statement of financial position, in current assets. The liabilities classified as held for sale are presented separately on the face of the statement of financial position, in current liabilities. 18 Notes to the Consolidated Financial Statements (continued) For the half-year ended 31 December 2024 (continued) New Accounting Standards for Application in Future Periods The Group has not elected to early adopt any other new standards or amendments that are issued but not yet effective. The new or amended standards are not expected to have a material impact on group accounting policies. No material change to accounting policies was required in adoption of new and revised standards and interpretations. Comparative Information The consolidated financial statements provide comparative information in respect of the previous period. The Group has made a number of reclassifications to comparative information, as a result of which neither is there an impact on the Group’s net profit after tax for the period ended 31 December 2023 nor its net assets at 30 June 2024 as previously reported. Critical Estimates The preparation of the half-year financial report requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. In preparing this half-year financial report, the significant judgments made by management in applying the Group’s accounting policies and the key sources of uncertainty were the same as those that applied to the financial report for the year ended 30 June 2024. 19 Notes to the Consolidated Financial Statements (continued) For the half-year ended 31 December 2024 (continued) 3. SEGMENT REPORTING The Group’s operating segment is based on the internal reports that are reviewed and used by the Board of Directors (being the Chief Operating Decision Maker (“CODM”)) in assessing performance and in determining the allocation of resources. The Group operates predominantly in the IT software, payments and non-bank lending industry sectors. Segment Principal Activities SaaS & Payments Provision of Software as a Service to business customers and merchant payment services. Lending Provision of lending services to business customers. SaaS & Payments $ Lending $ Total $ Revenue Other income EBITDA Corporate EBITDA Finance costs¹ Depreciation and amortisation Profit/(Loss) before income tax 2,765,565 7,581 1,203,854 2,158,575 48,702 1,807,097 1,203,854 1,807,097 4,924,140 56,283 3,067,234 (8,909,172) (1,249,947) (2,298,576) (9,390,461) Income tax expense Loss after income tax 1,203,854 1,807,097 (295) (9,390,756) For the half year ended 31 December 2024 ¹ In the statement of profit or loss and other comprehensive income Cost of services rendered includes interest expense on borrowings. Fo