Market Release

19 May 2021

FY21 Full Year Results Announcement

Serko (NZX/ASX:SKO) today reports financial results for the year to 31 March 2021, a period when the Covid-19 pandemic severely disrupted travel markets globally and constrained demand for the company's market leading travel and expense management solutions.

However, by the end of the year, Serko had experienced improving travel booking volumes across its core Australasian business and made good progress positioning the company for an expected recovery in its Northern Hemisphere markets and Serko had commenced the transition of existing 'Booking.com for Business' customers onto the new Zeno powered platform.

Summary Financial Results:

  • Total Income (including grants) for the year was $16.9 million. Total Operating Revenue1was $12.4 million, down 52% against $25.9 million in the prior year, heavily impacted by Covid-19.
  • Recurring Product Revenues1declined 53% to $11.3 million.
  • Total travel booking volumes fell 63% against the 2020 financial year, but after reaching a trough in April 2020 have steadily recovered and for the month of March 2021 were 73% of volumes for March 2019 (which was unaffected byCovid-19).
  • Peak Annualised Transactional Monthly Revenue (ATMR)1for the current financial year was $17.2 million for March 2021, down 37% from $27.5 million in February 2020 (pre Covid-19 peak).
  • Total Operating Expenses increased by 21% to $44.9 million from $37.1 million in the prior year, reflecting investment for our planned international expansion, including a net increase of 54 people to 287full-time equivalent staff (FTE).
  • Research & Development (R&D)1costs decreased by 22% to $10.6 million.
  • Net loss after tax for the year was $29.4 million, due to increased operating expenses and reduced revenue. EBITDAF1declined by $16.2 million to a loss of $22.3 million, from $6.1 million loss in the prior year.
  • Cash balances and short term deposits of $80 million at 31 March 2021 included the net funds received from the 2020 capital raise of $65 million. Cash burn for the year was $27.5 million equating to an average monthly cash burn of $2.3 million.

Please find attached the following documents containing additional information:

  • Market Release
  • Results Announcement (NZX Appendix 2)
  • Investor Presentation
  • Annual Report
  • ESG Report (including Corporate Governance Statement)

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand PO Box 47-638, Ponsonby,

  1. +64 9 309 4754,investor.relations@serko.comIncorporated in New Zealand ARBN 611 613 980

These documents will also be made available on: www.serko.com/investor-centre/

Earnings Call

The full-year results will be discussed on a conference call at 11.30am (NZT) today:

To participate in the call dial one of the following numbers 5- 10 minutes prior to the call start time. The call confirmation code is 360344.

Location

Phone Type

Phone Number

New Zealand

Tollfree/Freephone

0800 423 972

New Zealand, Auckland

Local

+64 (0)9 9133 624

Australia

Tollfree/Freephone

1 800 590 693

Australia, Sydney

Local

+61 (0)2 9193 3719

Singapore

Tollfree/Freephone

800 186 5106

Singapore, Singapore

Local

+65 6320 9041

Hong Kong, Hong Kong

Local

+852 3008 1529

United States/Canada

Tollfree/Freephone

866-519-2796

United Kingdom

Tollfree/Freephone

0800 358 6374

United Kingdom

Local

+44 (0) 330 336 9104

For and on behalf of Serko by Susan Putt.

ENDS

For more information: Susan Putt

Chief Financial Officer Serko

+64 21 388 009

  • Non-GAAPmeasure. Refer to Market Release dated the same date for definitions.

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand PO Box 47-638, Ponsonby,

  1. +64 9 309 4754,investor.relations@serko.comIncorporated in New Zealand ARBN 611 613 980

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Disclaimer

Serko Limited published this content on 19 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 May 2021 21:05:03 UTC.