Announcement PDF Connecting people through smarter payment systems. Annual Report 2024 FINDI GROUP Annual Report 2024 Contents 01 Overview 02 Our Operations 03 Our Locations 04 Chairman’s Letter 07 Financial Report 40 Corporate Directory Annual Report 2024 FINDI GROUP Overview Findi is an ASX-listed fintech company with head office in New Delhi, and operational locations across the 32 States and Union Territories of India. Our payments services are a dynamic offering tailored to one of the world’s largest and fastest-growing addressable markets. $66.5m $27.4m $4.0m Revenue EBITDA NPAT Substantially in line with guidance of $67m Significantly above guidance of $24M In line with guidance of $4m 01 02 FINDI GROUP Annual Report 2024 Our Operations Findi is one of India’s largest non-bank ATM operators. With its rapidly expanding FindiPay digitial footprint Findi processes upward of one billion transactions annually in one of the world’s largest developing markets. ATM Solutions Deployment and management 20,933 FindiPay Dynamic payments and digital banking 28,111 Findi is on a pathway to offering a full-service finance hub that leverages its impressive ATM footprint to scale its digital payments. FindiPay and the ATM business create an ecosystem of complementary financial solutions. Annual Report 2024 FINDI GROUP Our Locations Our operations include 692 employees, back-office and field staff servicing our 49,000+ locations1 and nearly 2.5 million customers each day across India. 49,000+ Locations Across all Indian states and union territories Headquarters Managed Services Centre FindiPay & ATM Presence Sales Offices ATM Presence 1. Retail merchant network of 28,111 and ATM network of 20,933. 03 04 FINDI GROUP Annual Report 2024 Chairman’s Letter Findi is pleased to report its FY24 audited results, which saw the Company achieve record levels of performance. Nicholas Smedley Chairman Dear fellow shareholders, I am pleased to report that Findi delivered record financial results in the 2024 financial year, exceeding EBITDA guidance provided in May 2023 and reaffirmed in November 2023. Revenue was up 22.1% to a record of $66.5 million, driven by the solid performance of our core ATM business and continued growth of FindiPay’s merchant network. Revenue was marginally below guidance due to slippage in the roll-out of our contract with the Central Bank of India. EBITDA increased by 63.0% to $27.4 million and Net Profit After Tax was $4.0 million compared to $2.438 million reported last year. Findi also generated $26.7 million net cash flow from operating activities, or $14.2 million free cash flow after capital expenditure and right-of-use lease payments. The $26.7 million net cash flow from operating activities is an increase of 468% from the $4.7 million reported last year. I am also pleased to report that those shareholders who have been with us over the last 12 months have received a 386.44% uplift in our share price (as at 31 March 2024), compared to the ASX All Ordinaries Index of 10.58%. Operational Highlights A key highlight of the 2024 financial year was the retention and extension of our contract with India’s largest bank, the State Bank of India (SBI). Findi had been providing ATMs for SBI through a third-party outsourcing contract, which was due to expire in December 2023. This new 10-year contract allows Findi to contract directly with SBI and is an important cornerstone in Findi’s long-term strategy in India and will see Findi provide 4,219 ATMs in India and generate up to $620 million in revenue over the period. Subsequent to the end of the 2024 financial year, Findi announced that it had been granted provisional authorisation to set up, own and operate White Label ATMs by India’s central bank and banking regulator, the Reserve Bank of India. The White Label licence, post final authorisation, allows the almost 4,000 ATMs due to be replaced during FY25 as part of the SBI contract to be redeployed as Findi branded ATMs. The White Label ATM licence, together with the SBI contract, establish the foundation for Findi to build greater scale, develop a broader service offering and strengthen our competitive position going forward as the Company evolves into its aspiration to become a full-service transaction/digital bank. Findi now has more than 49,000 service locations across all products covering all Indian state/union territories. The Company’s payments solutions encompass bespoke ATM and managed services, along with our FindiPay digital payments, e-commerce and Banking Solutions business. Findi facilitates around one billion transactions per year, equating to 2.7 million transactions per day by consumers utilising the Findi network across India. The Findi Board and management team are committed to operating a sustainable business model and both the SBI contract and White Label ATM licence are key pillars in doing so. Several factors are driving the growth of digital payments in India, and a key priority of our corporate strategy is supporting the Indian Government’s National Mission for Financial Inclusion policy through our digital banking and ATM solutions to institutions, businesses and individuals across India, particularly across rural and semi-urban areas where Findi is a dominant player. We believe sustainable operations are important in generating long-term value for our shareholders. The national e-commerce policy, the development of a digital industrial policy and the Digital India Program have significantly accelerated the growth of India’s digital economy, which has outpaced that of the overall economy, growing 2.4 times faster. India is the world’s third largest economy in purchasing power parity, and while global growth is expected to slow from 2.6% last year to 2.4% in 2024, the Indian economy grew by 7.6% in the 12 months to the third quarter of 2023, and has an expected annual growth rate of 6% or more for the rest of this decade. The continued growth of cash in circulation, and as an increasing amount of GDP, gives the Board and Indian management confidence that we will exprience continued growth in our ATM operations well into the next decade and beyond. Annual Report 2024 FINDI GROUP As the only ASX-listed company that provides direct access to India’s emerging fintech market of 1.4 billion people, your Company is well placed to benefit from the current projected growth rates across the economy. Capital Management An important element of Findi’s growth strategy is a disciplined approach to capital management. In a defining moment for our Company, Findi’s Indian subsidiary Transaction Solutions raised $37.6 million via a placement to leading Indian investment group, Piramal Alternatives, of Compulsory Convertible Debentures, which are convertible to equity at IPO. The entry equity valuation reflects a pre-IPO market capitalisation of $153.0 million (post money $190.6 million) ahead of TSI India’s intended listing on the Bombay Stock Exchange. This valuation was based on earnings for the 2023 financial year. The support of Piramal is a strong endorsement of our business plan and echoes our confidence in Findi’s future trajectory. In the first half of the 2024 financial year, the Findi Board announced the introduction of our dividend policy. Under the policy, Findi would target a payout ratio of up to 30% of Net Profit After Tax, before significant items. The policy also took into consideration the cash required for strategic initiatives and capital expenditure required over the next 12 months. On that basis, the Board has determined that no dividend will be declared for the year ended 31 March 2024 to provide the Company with the ability to take advantage of the significant growth opportunities ahead of us, including the roll-out of our White Label ATM strategy and value-accretive strategic acquisitions. Outlook The focus in the 2025 financial year will be on accelerating the execution of Findi’s strategic imperatives including acquisitions, the expansion of the FindiPay digital payments system, the roll-out of White Label ATMs and further transactions to scale up the merchant and ATM network. We remain confident that Findi can maintain its positive momentum into the 2025 financial year. This is supported by the award of the in-principle White Label ATM licence and a strengthened balance sheet that provides the ability and flexibility to execute our strategy. In closing, I would like to take this opportunity to extend my thanks to all involved in making the 2024 financial year a great year for Findi. I would like to thank my fellow Directors, Jason Titman and Simon Vertullo, for their ongoing commitment to the Company, and in helping to navigate the many opportunities and challenges faced by the business during the year. The Board has, in my view, an excellent balance of skills and experience required for strong governance. On behalf of the Board, I would also like to express our sincere thanks to Mohnish Kumar and Deepak Verma, our Chief Executive Officer and Chief Financial Officer of Transaction Solutions International (India) Pvt Ltd, their passionate management team, and all the people on the ground in India for executing Findi’s strategy and delivering an excellent result in the 2024 financial year. Finally, I would like to thank our shareholders for their continued trust, patience and support of the Company, which is never taken for granted. Nicholas Smedley Chairman 05 06 FINDI GROUP Annual Report 2024 Annual Report 2024 FINDI GROUP Financial Report 08 Directors’ Report 13 Auditor’s Independence Declaration Under Section 307C of the Corporations Act 2001 to the Directors of Findi Limited 14 Consolidated Statement of Profit or Loss and Other Comprehensive Income 15 Consolidated Statement of Financial Position 16 Consolidated Statement of Changes in Equity 17 Consolidated Statement of Cash Flows 18 Notes to the Financial Statements 32 Directors’ Declaration 33 Independent Audit Report to the Members of Findi Limited 38 Shareholder Information 07 08 FINDI GROUP Annual Report 2024 Directors’ Report 31 March 2024 Your Directors of Findi Limited submit herein the annual financial report of the company for the financial year ended 31 March 2024. Information on Directors 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$9 billion defence of WMC Resources through to the investment of $65 million into Catch.com.au. Mr Smedley currently oversees investments in the Property, 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 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. Mr Simon Vertullo Non‑executive Director (appointed 19 April 2021) Qualifications 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. Mr Vertullo 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 expertise include equity and debt transactions, risk management and operational performance improvement. Mr Vertullo was previously a director of Donaco Ltd (ASX:DNA). 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, B2C fintech operations, 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 (UQ), 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 four years. Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Principal Activities and Significant Changes in Nature of Activities The principal activity of Findi Limited was the development of a digital payments business in India. Operating Results The operating profit after income tax of the Company for the year was $4.037 million (2023: profit of $2.44 million). The basic and diluted earnings per share for the Company for the year was 10.28 cents (2023: earnings of 1.39 cents). Annual Report 2024 FINDI GROUP Review of Operations For the year ended 31 March 2024, Findi Limited (ASX: FND) (Findi or the Company) delivered actual revenues of $66.52 million, EBITDA of $27.38 million, and NPAT of $4.0 million. The results are a +22%, +63%, and +66% improvement when compared to the year ended 31 March 2023. The 2024 financial year results have been achieved following the successful deployment of over 2,550 ATMs under the Transaction Solutions International (India) Private Limited (TSI India) contract with Central Bank of India (CBI) and the benefit of the TSI India contract extension with State Bank of India (SBI) until 30 September 2024 (ASX announcement 3 November 2023) until the new contract commences in 2024 (ASX announcement 30 October 2023). During the year the Company raised $11.3 million capital to support the expansion of TSI India, and TSI India raised $37.6 million via the placement to leading Indian investment group, Piramal Alternatives (Piramal) of Compulsory Convertible Debentures (CCDs), which are compulsorily convertible to equity at IPO (refer to ASX announcement of 15 November 2023). The funds will be used to accelerate the execution of Findi’s strategic imperatives including acquisitions, the roll‑out of White Label ATMs (subject to approval from the Reserve Bank of India) and further transactions to scale up the business. Subsequent to the end of the 2024 financial year, Findi announced that it had been granted in principle authorisation to set up, own and operate White Label ATMs by India’s central bank and banking regulator, the Reserve Bank of India. The White Label licence, post final authorisation, allows the almost 4,000 ATMs due to be replaced during the 2025 financial year as part of the SBI contract to be redeployed as Findi ATMs. A White Label licence provides Findi with numerous operational and strategic benefits including supporting the integration of its ATM and digital payments business (FindiPay), and assistance with potential acquisitions. During the financial year FindiPay continued to expand by onboarding 17,325 merchants, and closed the year with 25,967 merchants as at 31 March 2024, representing 201% growth. Financial Position The net assets of Findi Limited have increased from $21.3 million from 31 March 2023 to $36.9 million at 31 March 2024. This increase is in part due to the successful deployment of over 2,550 ATMs under the Transaction Solutions International (India) Private Limited (TSI India) contract with Central Bank of India (CBI) and onboarding of 25,967 FindiPay merchants. As a result, the Group has recorded for the year a statutory revenue of $66.522 million, and a profit of $4.037 million, representing the consolidated results of TSI India for the full year and corporate overhead costs. At 31 March 2024, the Company had ($26.929 million) net debt, i.e. borrowings less cash and term deposits. Company Secretary Mr Justin Mouchacca and Ms Nova Taylor were jointly appointed as Company Secretaries on 29 January 2024. Mr Mouchacca is a Chartered Accountant and Fellow of the Governance Institute of Australia with over 17 years’ experience in public company responsibilities including statutory, corporate governance and financial reporting requirements. Ms Taylor is a professional Company Secretary with approximately seven years’ experience working with listed companies in Company Secretary and Assistant Company Secretary roles. Mr Mouchacca and Ms Taylor replaced Mr Andrew Metcalfe as Company Secretary. Meetings of Directors Attendances by each director during the year were as follows: Directors’ Meetings Mr Nicholas Smedley Mr Simon Vertullo Mr Jason Titman The Company did not form any Board sub‑committees during the reporting period. Number Eligible to Attend Number Attended 6 6 6 6 6 5 09 10 FINDI GROUP Annual Report 2024 Directors’ Report continued 31 March 2024 Indemnification and Insurance of Officers and Auditors 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. Options At the date of this report, the unissued ordinary shares of Findi Limited under option are as follows: Grant Date 17 January 2022 6 September 2023 6 September 2023 1 March 2024 1 March 2024 1 March 2024 Date of Expiry Exercise Price 17 January 2025 $0.90 6 September 2028 Number Under Option $0.90 6 September 2028 27 February 2029 27 February 2029 6,000,000 $2.00 3,000,000 $3.00 175,000 $2.50 27 February 2029 500,000 $3.50 120,000 270,000 10,065,000 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. Proceedings on Behalf of the Company 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 2024. Auditor’s Independence Declaration The Auditor’s Independence Declaration in accordance with Section 307C of the Corporations Act 2001 for the year ended 31 March 2024 has been received and can be found on page 13 of the consolidated financial report. ASIC Corporations Instrument 2016/191 Rounding of Amounts 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. Remuneration Report (Audited) This Remuneration Report, which forms part of the Directors’ 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 Simon Vertullo Non‑executive Director (appointed 19 April 2021) Mr Alastair Williams Chief Financial Officer (appointed 1 March 2024) Mr Nicholas Smedley Mr Jason Titman Non‑executive Chairman (appointed 12 April 2021) 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 2024 FINDI GROUP Remuneration of KMPs Details of the nature and amount of each element of the emoluments of each director of the Company are as follows: Year Ended 31 March 2024 Nicholas Smedley Short-term Benefits Salary & Fees 000’s $ 150 – 120 Jason Titman Simon Vertullo 120 Total 414 Equity Compensation Benefits 000’s $ – – 150 – – Compensation Based on Performance % Total 000’s $ 0% 120 0% – 120 – – 414 0% Short-term Benefits Salary & Fees 000’s $ Post‑ employment Benefits 000’s $ Equity Compensation Benefits 000’s $ Total 000’s $ Compensation Based on Performance % 120 – – 120 0% 24 Alastair Williams* * Postemployment Benefits 000’s $ – – 0% 24 0% Appointed on 1 March 2024. Year Ended 31 March 2023 Nicholas Smedley 150 Jason Titman Simon Vertullo – 120 Total – – 390 150 – – 0% 120 – 0% 390 0% Options: Granted and Vested to KMPs Following are the numbers and amounts relating to options and shares for year ending 31 March 2024. Year Ended 31 March 2024 Nicholas Smedley Simon Vertullo Opening Balance Nos Number Acquired During the Year Nos Granted as Remuneration Nos Exercised Nos 1,166,669 – 3,000,000 (166,667) 1,583,336 Jason Titman 1,504,467 Total Alastair Williams Year Ended 31 March 2023 Nicholas Smedley Simon Vertullo Jason Titman Total – 3,000,000 (583,334) Cancelled Nos (1,000,002) (1,000,002) Closing Balance Nos 3,000,000 3,000,000 – 3,000,000 (504,465) (1,000,002) 3,000,000 4,254,472 – 9,565,000 (1,254,466) (3,000,006) 9,565,000 Opening Balance Nos Number Acquired During the Year Nos Granted as Remuneration Nos Expired Nos On Leaving Nos Closing Balance Nos 1,166,669 – – – – – 1,583,336 1,504,467 4,254,472 – – – – 565,000 – – – – – – – – – – – 565,000 1,583,336 1,166,669 1,504,467 4,254,472 11 12 FINDI GROUP Annual Report 2024 Directors’ Report continued 31 March 2024 Share‑Based Compensation During the Year Ended 31 March 2024 There was nil share‑based compensation during the year ended 31 March 2024 (31 March 2023: nil). Shareholdings of KMPs Year Ended 31 March 2024 Nicholas Smedley Simon Vertullo Jason Titman Year Ended 31 March 2023 Nicholas Smedley Simon Vertullo Jason Titman Balance at 1 April 2023 Nos Acquired During the Year Nos Sold During the Year Nos Other Nos Balance at 31 March 2024 Nos 295,147 266,667 – – 561,814 1,694,315 867,231 783,334 – 604,465 – – 2,477,649 – 1,471,696 2,856,693 1,654,466 – – 4,511,159 Balance at 1 April 2022 Nos Acquired During the Year Nos Sold During the Year Nos Other Nos Balance at 31 March 2023 Nos 184,167 110,980 – – 295,147 583,335 506,251 1,273,753 1,110,980 – 360,980 – – 1,582,940 – – – 1,694,315 867,231 2,856,693 Performance of the Company for the Last Five Years The performance of the Company and the impact on shareholder wealth are noted below. 2024 000’s $ 2023 000’s $ Revenue* 66,522 54,503 Profit/(loss) after tax from continuing operations 4,037 2,438 Profit/(loss) before tax from continuing operations Profit/(loss) after tax from discontinued operations 2,107 – 2,438 2021 000’s $ 2020 000’s $ 4,778 10,326 11,533 (1,522) (470) (673) (1,526) (470) (673) Profit/(loss) after tax for the year 4,037 2,438 (1,522) – 10,875 2,949 Share price at beginning 0.59 0.54 0.13 0.10 0.14 Dividends paid/payable – – – 0.56 – Share price Share price at end Earnings per share Basic earnings per share Diluted earnings per share * 2.87 9.25 7.36 – 2022 000’s $ 0.59 1.39 1.39 0.54 (0.85) (0.85) 10,405 2,276 0.13 8.00 8.00 Includes discontinued operations. End of Audited Remuneration Report This Directors’ Report, incorporating the Remuneration Report, is signed in accordance with a resolution of the Board of Directors. Nicholas Smedley Chairman Dated 26 June 2024 0.10 0.04 0.04 Annual Report 2024 FINDI GROUP Auditor’s Independence Declaration Under Section 307C of the Corporations Act 2001 to the Directors of Findi Limited 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 2024, 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 26th day of June 2024 Perth, Western Australia CHRIS NICOLOFF CA Director 13 14 FINDI GROUP Annual Report 2024 Consolidated Statement of Profit or Loss and Other Comprehensive Income For the Year Ended 31 March 2024 Revenue Finance income Total revenues Note 3 4 2024 000’s $ 2023 000’s $ 66,402 53,109 66,522 54,503 120 1,394 Operating expenses (26,313) (24,706) Employee benefits expenses (8,780) (7,076) Gross profit 40,209 (1,527) Professional services (420) Office expenses IT expenses Depreciation expenses Depreciation of right-of-use assets Amortisation of intangible assets Finance costs 5 5 12 Profit/(loss) before tax from continuing operations Profit/(loss) after tax from continuing operations Profit/(loss) for the period Other comprehensive income Items that may be subsequently reclassified to profit or loss Foreign currency movement in translation of foreign operations Other comprehensive income/(loss) for the period 6 (1,461) (476) (528) (7,842) (5,099) (1,832) (9,875) (5,512) (1,285) (2,067) 1,930 – (572) (135) Options expense Other expenses Income tax benefit/(expense) (562) (9,847) 29,797 2,107 4,037 4,037 280 280 (565) – 2,438 2,438 2,438 384 384 Total comprehensive income/(loss) for the period 4,317 2,822 Total comprehensive income/(loss) for the period attributable to members 3,632 2,540 Less: Total comprehensive income/(loss) for the period attributable to NCI 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. 685 9.25 7.36 282 1.39 1.39 Annual Report 2024 FINDI GROUP Consolidated Statement of Financial Position As at 31 March 2024 ASSETS CURRENT ASSETS Cash and cash equivalents Trade and other receivables Term deposits Current tax asset TOTAL CURRENT ASSETS NON‑CURRENT ASSETS Note 2024 000’s $ 2023 000’s $ 8 46,148 18,260 24,168 7,626 9 6 Plant and equipment 10 Intangible assets 12 Right‑of‑use assets Other financial assets Other non‑current assets TOTAL NON‑CURRENT ASSETS 11 13 13 TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and other payables Borrowings Short‑term provisions 14 15 TOTAL CURRENT LIABILITIES NON‑CURRENT LIABILITIES Trade and other payables 14 Compulsory Convertible Debentures 16 Borrowings TOTAL NON‑CURRENT LIABILITIES 15 TOTAL LIABILITIES NET ASSETS EQUITY 17,906 2,022 18,230 – 90,244 44,116 41,593 40,502 2,129 1,893 26,788 36,313 1,302 108,125 8,617 7,791 4,759 63,562 198,369 107,678 22,748 16,346 43,967 3,657 22,565 6,328 70,372 45,239 359 378 53,278 40,760 91,133 41,138 37,496 – 161,505 86,377 36,864 21,301 Issued capital 18 53,437 42,191 Accumulated losses 21 (17,892) (21,366) 36,864 21,301 Reserves Outside equity interest TOTAL EQUITY The accompanying notes form part of these financial statements. 19 973 346 815 (339) 15 16 FINDI GROUP Annual Report 2024 Consolidated Statement of Changes in Equity For the Year Ended 31 March 2024 Balance at 1 April 2023 Net profit/(loss) for the period Total other comprehensive income/(expense) Transactions with owners in their capacity as owners Capital raise Capital raising costs Options reserve Balance at 31 March 2024 Contributed Equity 000’s $ Foreign Currency Translation Reserve 000’s $ FVOCI Reserve 000’s $ Sharebased Payment Reserve 000’s $ Options Reserve 000’s $ Outside Equity Interest 000’s $ Accumulated Losses 000’s $ Total 000’s $ 42,191 186 372 19 238 (339) (21,366) 21,301 – – – – – 685 3,352 4,037 – 280 – – – – – 280 11,298 – – – – – – 11,298 – – – (19) (103) – 122 – 372 – 135 346 (17,892) 36,864 Options Reserve 000’s $ Outside Equity Interest 000’s $ Accumulated Losses 000’s $ Total 000’s $ (52) – – – – – – (52) 53,437 466 Contributed Equity 000’s $ Foreign Currency Translation Reserve 000’s $ FVOCI Reserve 000’s $ Sharebased Payment Reserve 000’s $ 38,161 (198) – 19 238 (771) (23,391) 14,058 – – – – – 413 2,025 2,438 – 384 – – – – – 384 Capital ra