Announcement PDF A N N UA L R E P O R T 2 0 2 3 CONTENTS WHAT WE DO . . ...................................................... 2 TSI HIGHLIGHTS .................................................... 2 WHERE WE ARE .................................................... 3 CHAIRMAN’S LETTER ........................................ 4 FINANCIAL REPORT . . ........................................... 6 CORPORATE DIRECTORY ............................... III ii | FINDI GROUP I AM THRILLED TO SHARE OUR OUTSTANDING ANNUAL PERFORMANCE WHICH IS A TESTAMENT TO OUR COLLECTIVE EFFORTS, RESILIENCE, AND UNWAVERING COMMITMENT TO EXCELLENCE. As business leaders, we empower individuals, businesses, and communities with seamless cash access and digital payment solutions. We have expanded our footprint in the ATM space by 2000+ ATMs & 1500+ FindiPay merchants. This is in line with our endeavour to increase our offline and online footprint to enhance our penetration in the underserved areas. We plan to continue to invest & grow both organically and inorganically in this space towards our aspiration to create a full stack digital payments entity. India is witnessing a harmonious blend as ATMs embrace the digital realm, fusing convenience & connectivity. The convergence of ATMs and digital payments symbolizes a transformative era, empowering individuals with seamless financial access. Thank you for your unwavering support as we embark on this transformative journey together. FINDI GROUP LTD ABN 98 057 335 672 ASX: FIN TSI INDIA CEO – MOHNISH KUMAR ANNUAL REPORT 2023 | 1 W H AT W E D O TSI INDIA SPECIALISES IN PROVIDING SOLUTIONS IN THE PAYMENTS, ELECTRONIC SURVEILLANCE AND MANAGED SERVICES SPACE. 1.5 Trillion 500+ Million Process INR Across All product Lines Transactions 40+ Institutions 30+ States We have presence in all States and Union territories of India. 500+ Employees 2 | FINDI GROUP ATM SOLUTIONS ELECTRONIC SURVEILLANCE FINDIPAY LOYALTY & REWARDS Deployment and management Eyeball & Event Based Merchant Assisted Payment Marketplace Rewards Platform WHERE WE ARE CHANDIGAR AH JAIPUR AHMEDABAD R AIPUR B H U B A N E S H WA R PUNE MUMBAI HEADQUARTERS MANAGED SERVICES CENTRE BANGALORE REGIONAL OFFICES & ATM PRESENCE SALES OFFICES CHENNAI ATM & BILL PAY PRESENCE ANNUAL REPORT 2023 | 3 CHAIRMAN’S LET TER Dear Fellow Shareholders, I am pleased to present the Findi Limited Annual Report for 2023. The 2023 financial year was a successful one for Findi. We consolidated the transformational acquisition of the remaining 75% interest in TSI India, completed strategic capital raisings, delivered strong financial performance and continued to provide exceptional service to our customers and merchants. This was achieved whilst at the same time transitioning to a new brand. Pro forma consolidated revenue grew 34 per cent to $54.5 million and pro forma consolidated EBITDA increased 128 per cent to $16.8 million, exceeding both our original target forecast and upgraded guidance. This growth was driven by the contribution from TSI India, as well as the solid performance of our underlying business. Operational Highlights A highlight of the 2023 financial year was the successful deployment of over [2000] ATMs under Findi’s contract with Central Bank of India (CBI), reaching 1000 ATMs in December 2022 and accelerating to 2000 by March 2023. Utilisation of the ATMs has been high across the portfolio with new CBI ATMs in place for more than 90 days delivering 100+ transactions per day per ATM. WE REMAIN COMMITTED TO SUPPORTING THE TSI MANAGEMENT TEAM TO CONTINUE DELIVERING ON ITS SUCCESS TO DATE AND EXECUTING ON THE STRATEGY FOR FURTHER FINTECH ACQUISITIONS. 4 | FINDI GROUP Findi also benefited from its contract extension to December 2023 with India’s largest commercial bank, State Bank of India (SBI), for the supply of 3912 ATMs across several states in India. The contract was expected to cease at the end of December 2022. The acquisition of the remaining 75% of TSI India delivered on our strategic imperative to cement our footprint across India through operating a leading ATM managed services operator, thereby enhancing our ability to grow our ATM and digital payments business. We have also benefitted immensely from the enhanced management capability provided by TSI India. TSI India has been successfully integrated and has exceeded our expectations at every turn, both financially and operationally, ensuring that Findi is strategically positioned for future growth. Strong Corporate Governance Outlook As our business grows, we are committed to evolving our corporate governance and risk mitigation structures to support the sustained growth and success of Findi. In closing, it is pleasing to be able to report that Findi ended the 2023 financial year in a strong financial and strategic position. Our business is performing well and we are confident we have the appropriate strategy and the right people in place to execute that strategy to continue to deliver value for our shareholders. Findi has the scale, national footprint and increasing breadth of services to drive future performance and take advantage of the significant opportunities ahead of us. Solid Capital Position & Introduction of Dividend Policy During the 2023 financial year, Findi raised $4.3 million to fast-track our White Label ATM and digital payments strategy. The funds were deployed to support TSI India to increase its equity and facilitate an immediate application for a White Label ATM licence. Findi is adequately funded within our existing debt facilities, with the financial strength and flexibility to pursue future growth initiatives. Findi was also pleased to announce the introduction of our dividend policy. Findi will target a payout ratio of up 30 per cent of Net Profit After Tax, before significant items. The policy takes into consideration the cash required for strategic initiatives and capital expenditure required over the next 12 months. Finally, I would like to take this opportunity to thank my Board colleagues for their hard work and support throughout the year. Thank you also to Mohnish and his management team and all of our people across [India and Australia] for their outstanding efforts and contributions this year. On behalf of the Board, I would also like to thank our customers and shareholders for their continued support throughout this financial year. Our Strategic Priorities Nicholas Smedley Following a pivotal 2023 financial year, we will increase our focus on organic growth in the 2024 financial year. Chairman With a clear growth agenda, we are advancing initiatives to generate further value under the CBI contract. These include debit cards to improve activation ratios and drive additional customer transactions, debit card PIN activations and acquiring vs. issuing transaction ratios. Discussions with CBI on these initiatives have been positive and are expected to generate growth from the ATMs. Findi also remains focussed on furthering its White Label strategy, with an application for a White Label licence submitted as mentioned above. A White Label licence would provide Findi with numerous strategic benefits including supporting the integration of its ATM and digital payments business, as well as assistance with potential acquisitions. We continue to remain alert to strategic acquisitions and will action value-accretive opportunities that enhance our strategic positioning as they present themselves. ANNUAL REPORT 2023 | 5 FINANCIAL REPORT 2023 Directors’ Report.................................................................. 7 Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001...............16 Consolidated Statement of Profit or Loss and Other Comprehensive Income................................17 Consolidated Statement of Financial Position.............18 Consolidated Statement of Changes in Equity............19 Consolidated Statement of Cash Flows........................20 Notes to the Financial Statements.................................21 Directors’ Declaration.......................................................38 Independent Audit Report................................................39 Shareholder Information...................................................44 Corporate Directory............................................................iii 6 | FINDI GROUP D I R E C TO R S ’ R E P O R T 31 MARCH 2023 Your directors of Findi Limited (formerly Vortiv Limited) submit herein the annual financial report of the company for the financial year ended 31 March 2023. I N F O R M AT I O N O N D I R E C TO R S The names and qualifications of each person who has been a director during the year and to the date of this report are: Mr Nicholas Smedley Non-executive Chairman (appointed 12 April 2021) Qualifications Mr Nicholas Smedley is an experienced Investment Banker and M&A Advisor with 14 years’ experience at UBS and KPMG. He has worked on M&A transactions in the UK, Hong Kong, China and Australia with transactions ranging from the A$9bn defence of WMC Resources through to the investment of $65m into Catch.com.au. Nicholas currently oversees investments in the Property, Aged care, Energy, Technology and Medical Technology space. Key areas of expertise include M&A, Debt structuring, corporate governance and innovation. Mr Smedley holds a Bachelor of Commerce degree from Monash University. Mr Simon Vertullo Qualifications Mr Smedley is Executive Chairman of listed entity Respiri Limited (ASX: RSH) appointed 30 October 2019 to present and Non-executive Director of AD1 Holdings Limited (ASX: AD1) appointed 6 March 2020 to present. Non-executive Director (appointed 19 April 2021) Mr Simon Vertullo is a Chartered Accountant with more than 20 years’ experience in Australia, Asia and Europe working in C-Suite, corporate finance and restructuring roles. Simon was previously partner and practice leader in international accounting firms and has extensive commercial and operational experience, having held various CFO, executive leadership and advisory roles with numerous listed and large private companies in Australia, Europe and Asia. Key areas of his expertise include equity and debt transactions, risk management and operational performance improvement. Mr Vertullo was previously a director of Donaco Ltd (ASX:DNA). ANNUAL REPORT 2023 | 7 D I R E C TO R S ’ R E P O R T c o n t . 31 MARCH 2023 Mr Jason Titman Non-executive Director (appointed 19 April 2021) Qualifications Mr Jason Titman is a SaaS technology C-Level Executive and Board Advisor, with extensive channel partnership and go to market experience in Australia, South East Asia, Europe, and the US. He is a proven multi-sector entrepreneur, with a track record of achieving significant growth in value and exits for business partners, shareholders and founders. His key areas of expertise include deep operational experience, transformative leadership, strategy and lateral thinking, B2B channel partnerships, international expansion and corporate governance. Mr Titman is a Chartered Accountant, has a Graduate Diploma from the Australian Institute of Company Directors and holds an MBA from the University of Queensland, where he guest lectures in the MBA Programs on Corporate Governance and is also involved with the UQ Entrepreneurial and Ventures team, which is building an entrepreneurialism program across all faculties within the University. Mr Titman has not held any other directorships of publicly listed companies in the last three years. Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. P R I N C I PA L AC T I V I T I E S A N D S I G N I F I C A N T C H A N G E S I N N AT U R E O F AC T I V I T I E S The principal activity of Findi Limited was the development of a digital payments business in India. O P E R AT I N G R E S U LT S The operating profit after income tax of the Company for the year was $2.44 million (2022: loss of $1.52 million). The basic and diluted earnings per share for the Company for the year was 1.39 cents (2022: (0.85) cents). R E V I E W O F O P E R AT I O N S For the year ended 31 March 2023, the consolidated group recorded revenues of $54.5m, EBITDA of $16.8m and net profit of $2.4m, which exceeded the Company’s original FY23 target forecast revenue of $50m by 9% and forecast EBITDA of $14m by 20% (refer guidance issued in ASX announcement 16 August 2022). This is a substantial improvement over FY22 and comes as a result of the successful deployment of over 2000 ATM’s under its contract with Central Bank of India (CBI) and the benefit of the contract extension to December 2023 with State Bank of India (SBI). Transaction trends across the portfolio of ATMs in place for more than 90 days delivered 100+ transactions per day per ATM. Findi acquired the remaining 75% of its interest in Transaction Solutions International (India) Private Limited (TSI India) in February 2022 and as a result the balance sheet, profit and loss and cash flows of TSI India have been consolidated into the group’s financial statements only from this date. Therefore, the comparative information does not include the full consolidated results of TSI India. In October 2022, Findi received notice from SBI, India’s largest commercial bank, that the contract for the supply of 3912 ATMs into several states in India has been extended to 31 December 2023 or until a new contract tender is awarded with new machines deployed (refer ASX announcement 24 October 2022). The contract was expected to expire at the end of December 2022 with a tender process to be run for the replacement of the ATMs. The contract, originally established with SBI in 2012, sees Findi responsible for the supply, installation and maintenance of ATMs which are located across the states of Odisha and Chhatisgarh, Rajasthan, Karnataka and Goa, Gujrat & UT of Daman, Diu, Dadra and Nagar Haveli. During the year the Company raised $4.3m capital with funds raised to support TSI India taking net assets above 100 Crore Indian rupees and thereby allowing TSI India to submit an application for a White Label ATM License. 8 | FINDI GROUP D I R E C TO R S ’ R E P O R T c o n t . 31 MARCH 2023 A White Label ATM license provides Findi with numerous strategic benefits including supporting the integration of its ATM and digital payments business, and assistance with potential acquisitions. FINANCIAL POSITION The net assets of Findi Limited have increased by $7.2 million from 31 March 2022 to $21.3 million at 31 March 2023. This increase is in part due to the acquisition of ATM equipment used to achieve the Company’s ATM deployment milestone under its CBI contract. As a result, the Group has recorded for the year a statutory revenue of $54.503m, and a profit of $2.438m representing the consolidated results of TSI India for the full year and corporate overhead costs. At 31 March 2023, the company had ($37.439m) net debt i.e. borrowings less cash and term deposits. C O M PA N Y S E C R E TA RY Mr Andrew Metcalfe was appointed as Company Secretary on 15 August 2022. Mr Metcalfe is an experienced Chartered Secretary and Governance Adviser with more than 25 years’ experience across a broad industry base, having worked with a variety of Board and senior management teams of ASX listed companies. Mr Metcalfe replaced Mr Alastair Beard who was company secretary from December 2021 to August 2022. M E E T I N G S O F D I R E C TO R S Attendances by each director during the year were as follows: D I R E C TO R S ’ M E E T I N G S N U M B E R E L I G I B L E TO AT T E N D NUMBER AT T E N D E D Mr Nicholas Smedley 9 9 Mr Simon Vertullo 9 9 Mr Jason Titman 9 9 The Company did not form any board sub-committees during the reporting period. I N D E M N I F I C AT I O N A N D I N S U R A N C E O F O F F I C E R S A N D A U D I TO R S No indemnities have been given or insurance premiums paid, during or since the end of the financial year, for any person who is or has been an officer or auditor of Findi Limited. ANNUAL REPORT 2023 | 9 D I R E C TO R S ’ R E P O R T c o n t . 31 MARCH 2023 OPTIONS At the date of this report, the unissued ordinary shares of Findi Limited under option are as follows: G R A N T DAT E DAT E O F E X P I RY EXERCISE PRICE NUMBER UNDER OPTION 17 January 2022 17 January 2024 $0.90 18,232,287 17 January 2022 17 January 2025 $0.90 500,000 02 February 2022 02 February 2026 $0.90 1,000,002 02 February 2022 02 February 2027 $0.90 1,000,002 02 February 2022 02 February 2028 $0.90 1,000,002 21,732,293 Option holders do not have any rights to participate in any issues of shares or other interests in the Group. For details of options issued to directors and other key management personnel as remuneration, refer to the remuneration report. There were no options exercised during the year ended 31 March 2023. 10 | FINDI GROUP D I R E C TO R S ’ R E P O R T c o n t . 31 MARCH 2023 P R O C E E D I N G S O N B E H A L F O F C O M PA N Y NON-AUDIT SERVICES The Board of Directors, in accordance with advice from the audit committee, is satisfied that the provision of non-audit services during the year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The directors are satisfied that the services disclosed below did not compromise the external auditor’s independence for the following reasons: • all non-audit services are reviewed and approved by the audit committee prior to commencement to ensure they do not adversely affect the integrity and objectivity of the auditor; and • the nature of the services provided do not compromise the general principles relating to auditor independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting Professional and Ethical Standards Board. There were no fees paid or payable to the external auditors for non-audit services during the year ended 31 March 2023. A U D I TO R ’ S I N D E P E N D E N C E D E C L A R AT I O N The auditor’s independence declaration in accordance with section 307C of the Corporations Act 2001 for the year ended 31 March 2023 has been received and can be found on page 16 of the consolidated financial report. A S I C C O R P O R AT I O N S I N S T R U M E N T 2 0 1 6 / 1 9 1 R O U N D I N G O F A M O U N T S The Group is an entity to which ASIC Corporations (Rounding in Financial/Directors’ Report) Instrument 2016/191 applies and, accordingly, amounts in the consolidated financial statements and directors’ report have been rounded to the nearest thousand dollars. R E M U N E R AT I O N R E P O RT ( A U D I T E D) This Remuneration Report, which forms part of the Director’s Report, sets out information about the remuneration of Key Management Personnel (“KMP”) of the Company. KEY MANAGEMENT PERSONNEL The KMP of the Company during the current year and the prior financial year were: NAME ROLE Mr Nicholas Smedley Non-executive chairman (appointed 12 April 2021) Mr Simon Vertullo Non-executive director (appointed 19 April 2021) Mr Jason Titman Non-executive director (appointed 19 April 2021) Except as noted, the named persons held their current position for the whole of the financial year and since the end of the financial year. ANNUAL REPORT 2023 | 11 D I R E C TO R S ’ R E P O R T c o n t . 31 MARCH 2023 R E M U N E R AT I O N O F K M P S Details of the nature and amount of each element of the emoluments of each director of the Company are as follows: SHORT TERM BENEFITS S A L A RY & FEES 000’S P O S TE M P LOY M E N T BENEFITS 000’S EQUITY C O M P E N S AT I O N BENEFITS 000’S TOTA L 000’S C O M P E N S AT I O N BASED ON PERFORMANCE % Nicholas Smedley 150 - - 150 0% Jason Titman 120 - - 120 0% Simon Vertullo 120 - - 120 0% Total 390 - - 390 0% SHORT TERM BENEFITS S A L A RY & FEES 000’S P O S TE M P LOY M E N T BENEFITS 000’S EQUITY C O M P E N S AT I O N BENEFITS 000’S TOTA L 000’S C O M P E N S AT I O N BASED ON PERFORMANCE % Nicholas Smedley 132 - 80 212 37% Jason Titman 106 - 79 185 43% Simon Vertullo 106 - 79 185 43% Jeffrey Lai* 1 - - 1 Howard Digby** 3 - - 3 Phil MacLeod*** 5 - - 5 353 - 238 591 Year ended 31 March 2023 Year ended 31 March 2022 Total * resigned 12 April 2021 ** resigned 19 April 2021 *** resigned 30 April 2021 12 | FINDI GROUP 40% D I R E C TO R S ’ R E P O R T c o n t . 31 MARCH 2023 O P T I O N S : G R A N T E D A N D V E S T E D TO K M P S Numbers and amounts relating to options and shares for year ending 31 March 2023 have been converted based on the 20 for one consolidation that was effective 5 September 2022. OPENING BALANCE NOS. NUMBER AC Q U I R E D DURING THE YEAR NOS. GRANTED AS R E M U N E R AT I O N NOS. EXPIRED NOS. ON L E AV I N G NOS. C LO S I N G BALANCE NOS. Nicholas Smedley 1,166,670 - - - - 1,166,670 Simon Vertullo 1,166,669 - - - - 1,166,669 Jason Titman 1,504,467 - - - - 1,504,467 Total 3,837,806 - - - - 3,837,806 OPENING BALANCE NOS. NUMBER AC Q U I R E D DURING THE YEAR NOS. GRANTED AS R E M U N E R AT I O N NOS. EXPIRED NOS. ON L E AV I N G NOS. C LO S I N G BALANCE NOS. Nicholas Smedley - 166,670 1,000,000 - - 1,166,670 Simon Vertullo - 166,669 1,000,000 - - 1,166,669 Jason Titman - 504,467 1,000,000 - - 1,504,467 Total - 837,806 3,000,000 - - 3,837,806 Year ended 31 March 2023 Year ended 31 March 2022 S H A R E - B A S E D C O M P E N S AT I O N D U R I N G T H E Y E A R E N D E D 3 1 M A R C H 2 0 2 3 . There was nil share-based compensation during the year ended 31 March 2023. ANNUAL REPORT 2023 | 13 D I R E C TO R S ’ R E P O R T c o n t . 31 MARCH 2023 SHAREHOLDINGS OF KMPS BALANCE AT 1 APRIL 2022 NOS. AC Q U I R E D DURING THE YEAR NOS. SOLD DURING THE YEAR NOS. BALANCE AT 31 MARCH OT H E R 2023 NOS. NOS. Nicholas Smedley 583,335 1,110,980 - - 1,694,315 Simon Vertullo 184,167 235,980 - - 420,147 Jason Titman 506,251 360,980 - - 867,231 1,273,753 1,707,940 - - 2,981,693 BALANCE AT 1 APRIL 2021 NOS. AC Q U I R E D DURING THE YEAR NOS. SOLD DURING THE YEAR NOS. - 583,335 - - 583,335 Simon Vertullo 17,500 166,667 - - 184,167 Jason Titman 1,686 504,565 - - 506,251 19,186 1,254,567 - - 1,273,753 Year ended 31 March 2023 BALANCE AT 31 MARCH OT H E R 2022 NOS. NOS. Year ended 31 March 2022 Nicholas Smedley 14 | FINDI GROUP D I R E C TO R S ’ R E P O R T c o n t . 31 MARCH 2023 P E R F O R M A N C E O F T H E C O M PA N Y F O R T H E L A S T F I V E Y E A R S The performance of the Company and the impact on shareholder wealth are noted below. 2023 2022 2021 2020 2019 000’S 000’S 000’S 000’S 000’S Revenue* 54,503 4,778 10,326 11,533 5,821 Profit/(loss) before tax from continuing operations 2,438 (1,526) (470) (673) 143 Profit/(loss) after tax from continuing operations 2,438 (1,522) (470) (673) 143 - - 10,875 2,949 (95) 2,438 (1,522) 10,405 2,276 48 Share price at beginning 54.00 13.00 10.00 14.00 16.00 Share price at end 59.00 54.00 13.00 10.00 14.00 - - 5.55 - - Basic earnings per share 1.39 (0.85) 8.00 0.04 (0.60) Diluted earnings per share 1.39 (0.85) 8.00 0.04 (0.60) Profit/(loss) after tax from discontinued operations Profit/(loss) after tax for the year Share price (In Cents) Dividends paid/payable Earnings per share * includes discontinued operations E N D O F A U D I T E D R E M U N E R AT I O N R E P O RT This director’s report, incorporating the remuneration report, is signed in accordance with a resolution of the Board of Directors. ................................................................. Nicholas Smedley Chairman Dated 29 June 2023 ANNUAL REPORT 2023 | 15 A U D I TO R ’ S I N D E P E N D E N C E D E C L A R AT I O N U N D E R S E C T I O N 3 0 7 C O F T H E C O R P O R AT I O N S AC T 2 0 0 1 TO T H E D I R E C TO R S O F F I N D I L I M I T E D To the Board of Directors AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 As lead audit director for the audit of the financial statements of Findi Limited for the financial year ended 31 March 2023, I declare that to the best of my knowledge and belief, there have been no contraventions of: • the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and • any applicable code of professional conduct in relation to the audit. Yours Faithfully, HALL CHADWICK WA AUDIT PTY LTD Dated this 29th day of June 2023 Perth, Western Australia 16 | FINDI GROUP CHRIS NICOLOFF CA Director CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 N OT E $000’S $000’S Revenue 3 53,109 4,698 Finance income 4 1,394 80 Total revenues 54,503 4,778 Operating expenses (24,706) (2,069) Gross profit 29,797 2,709 Employee benefits expenses (7,076) (1,425) Professional services (1,461) (769) Office expenses (476) (59) IT expenses (528) (53) Depreciation expenses 5 (7,842) (1,111) Depreciation of right of use assets 5 (1,832) (118) Amortisation of intangible assets 12 (565) - (5,512) (287) Options expense - (238) Other expenses (2,067) (175) Profit/(loss) before tax from continuing operations 2,438 (1,526) - 4 Profit/(loss) after tax from continuing operations 2,438 (1,522) Profit/(loss) for the period 2,438 (1,522) Items that may be subsequently reclassified to profit or loss Foreign currency movement in translation of foreign operations 384 - Other comprehensive income/(loss) for the period 384 - Total comprehensive income/(loss) for the period 2,822 (1,522) 282 (152) 2,540 (1,370) 1.39 (0.85) 1.39 (0.85) Finance costs Income tax benefit/(expense) 6 Other comprehensive income Less: Total comprehensive income/(loss) for the period attributable to NCI Total comprehensive income/(loss) for the period attributable to members Earnings/(Loss) per share post-consolidation Basic earnings/(loss) per share from continuing operations (cents per share) Diluted earnings/(loss) per share from continuing operations (cents per share) The accompanying notes form part of these financial statements. ANNUAL REPORT 2023 | 17 C O N S O L I DAT E D S TAT E M E N T O F FINANCIAL POSITION A S AT 3 1 M A R C H 2 0 2 3 2023 2022 N OT E $000’S $000’S Cash and cash equivalents 8 18,260 1,185 Trade and other receivables 9 18,230 6,166 Term deposits 7,626 22,031 Total Current Assets 44,116 29,382 ASSETS Current Assets Non-Current Assets Plant and equipment 10 40,502 23,829 Right-of-use assets 11 8,617 4,385 Intangible assets 12 1,893 1,361 Other financial assets 13 7,791 761 Other non-current assets 13 4,759 - Total Non-Current Assets 63,562 30,336 TOTAL ASSETS 107,678 59,718 LIABILITIES Current Liabilities Trade and other payables 14 16,346 17,660 Borrowings 15 22,565 14,281 Short-term provisions 6,328 5,407 Total Current Liabilities 45,239 37,348 Non-Current Liabilities Trade and other payables 14 378 333 Borrowings 15 40,760 7,979 Total Non-Current Liabilities 41,138 8,312 TOTAL LIABILITIES 86,377 45,660 NET ASSETS 21,301 14,058 EQUITY Issued capital 17 42,191 38,161 Reserves 18 815 59 Accumulated losses 20 (21,366) (23,391) (339) (771) 21,301 14,058 Outside equity interest TOTAL EQUITY The accompanying notes form part of these financial statements. 18 | FINDI GROUP 38,161 - Recognition of outside equity interest Balance at 31 March 2022 - Options reserve (715) 10,939 Capital raise Capital raising costs (14,052) (198) - - - - - - - (796) - 796 372 372 - - - - - FVOCI RESERVE $000’S 19 - - - - - - - 19 19 - - - - - 19 SHARE BASED PAYMENT RESERVE $000’S 238 - 238 - - - - - - 238 - - - - - 238 OPTIONS RESERVE $000’S The accompanying notes form part of these financial statements. - - - - - (185) - - - - - - - - Return of capital - (13) 186 - - - - 384 - (198) FOREIGN CURRENCY TRANSLATION RESERVE $000’S - - - 41,989 Balance at 1 April 2021 Net profit/(loss) for the period Total other comprehensive income/(expense) Transactions with owners in their capacity as owners 42,191 - (270) - - - 4,300 - - CONVERTIBLE NOTE RESERVE $ 000’S - 38,161 Balance at 31 March 2023 Fair value adjustment on business combination Capital raising costs Capital raise Net profit/(loss) for the period Total other comprehensive income/(expense) Transactions with owners in their capacity as owners Balance at 1 April 2022 CONTRIBUTED EQUITY $000’S (771) (771) - - - - - - - (339) 19 - - - 413 (771) OUTSIDE EQUITY INTEREST $000’S (23,391) - - - - - - (1,522) (21,869) (21,366) - - - - 2,025 (23,391) LOSSES $000’S ACCUMULATED 14,058 (771) 238 (715) 10,939 (14,052) (981) (1,522) 20,922 21,301 391 (270) 4,300 384 2,438 14,058 TOTA L $000’S C O N S O L I DAT E D S TAT E M E N T O F CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2023 ANNUAL REPORT 2023 | 19 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 $000’S $000’S Receipts from customers 51,169 6,552 Payments to suppliers & employees (46,500) (8,458) - (284) 4,669 (2,190) - (4,063) Net cash inflow/(outflow) on term deposits 7,183 (4,283) Net cash inflow/(outflow) on capital advance (3,722) - Payment for plant & equipment (32,186) (52) Net cash inflow/(outflow) from investing activities (28,725) (8,398) Proceeds from issue of shares 4,300 10,939 Share issue costs (270) (715) Dividen