onlyuse personalFor Interim Report

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Xref Limited | Interim Report 2021

For personal use only

Contents

For the Year Ended 31 December 2021

Financial Statements onlyDirectors' Report

Auditor's Independence Declaration under Section 307C of the Corporations Act 2001 Statement of Profit or Loss and Other Comprehensive Income

Statement of Financial Position

Statement of Changes in Equity Statement of Cash Flows Notes to the Financial Statements Directors' Declaration

useIndependent Audit Report &RUSRUDWH'LUHFWRU

personal General information

Fore financial statements cover Xref Limited as a consolidated entity consisting of Xref Limited and the entities it controlled at the end of, or during, the half-year. e financial statements are presented in Australian dollars, which is Xref Limited's functional and presentation currency.

Xref Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered oce and principal place of business is:

Suite 13, 13 Hickson Road,

Dawes Point, New South Wales, Australia, 2000

ACN: 122 404 666

A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

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15

16

30

31

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Cash Balance - $10.4 million at 31 December 2021, compared to $8.1m at 30 June 2021.
Operating Cash Surplus - operating cash surplus of $2.3 million generated during H1 FY22 compared to an operating cash deficit of $0.5 million incurred during H1FY21;
Net Loss - a net loss for the half year of $0.03 million, reduced by 98% from $1.98 million in H1 FY21;
Revenue - a record first half revenue result of $8.9 million, up 73% from $5.1 million in H1 FY21;
Gross Sales - a record first half period of upfront sales of $10 million, up 95% from $5.1 million in H1 FY21 with cash receipts from sales of $10.3 million, up 65% from $6.2 million in H1 FY21;

Directors' Report

31 December 2021

e directors present their report, together with the financial statements, for the consolidated entity (referred to hereaer as 'the

Group') consisting of Xref Limited (referred to hereaer as the 'Company' or 'parent entity') and the entities it controlled at the end of, or onlyduring, the half-year ended 31 December 2021 (H1 FY22).

Directors

e following persons were directors of Xref Limited during the whole of the financial half-year and up to the date of this report unless therwise stated:

mas Stianos , Non-Executive Chairman (Appointed on 14/10/2021)

Brad Rosser, Non-Executive Director (Resigned 26/11/2021) (Non-Executive Chairman until 14/10/2021) useLee-MartinSeymour, Executive Director

Nigel Heap, Non-Executive Director

Lija Wilson, Non-Executive Director

Principal Activities

During the financial half-year, the principal continuing activities of the Group consisted of soware development and service for the HR

industry. personalReview of Operations

Key achievements for H1 FY22 included:

•

•

•

•

•

e loss for the Group for the financial half-year aer providing for income tax amounted to $36,987 (H1 FY21: $1,987,182), an improvement of 98%.

Xref continues to execute a data-drivenmulti-channel marketing strategy generating 3,200 leads during H1 FY22, up 124% from the same period in the previous year.

ForXref's growth trajectory continued throughout H1 FY22. e first half is traditionally the Company's lowest sales period due to seasonal fluctuations in the Australian recruitment industry following the financial year-end and the summer holiday season in the Northern Hemisphere. However, Xref achieved a record first-half revenue of $8.9 million, resulting in 73% growth compared to the same period last year.

e evolution of Xref's business reflects the leadership team's unwavering focus on achieving positive free cash flow.

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Xref Limited | Interim Report 2021

Operating Results

onlyFinancial Summary Total revenue

EBITDA

NPAT

Net cash generated from/(used in) operating activities

useBusiness Results Xref revenue Rapid ID revenue Total revenue

Cost of sales

personalOPEX

Share based payments

Total expenses

Other income

Depreciation and amortisation

Operating profit

Finance income

Finance expense

Net profit/ loss aer tax

ForEBITDA

Net profit/(loss)

Add back: net interest income and expense

Add back: net depreciation and amortisation

EBITDA

31 December

31 December

2021

2020

% Change

8,873,451

5,139,669

73%

468,476

(1,552,769)

130%

(36,987)

(1,987,182)

98%

2,292,485

(538,637)

526%

31 December

31 December

2021

2020

% Change

7,030,558

4,489,110

57%

1,842,893

650,559

183%

8,873,451

5,139,669

73%

(2,207,836)

(994,980)

122%

(5,845,221)

(5,930,455)

-1%

(448,386)

(321,108)

40%

(8,501,443)

(7,246,543)

17%

96,468

554,105

-83%

(212,623)

(227,400)

-6%

255,853

(1,780,169)

114%

3,016

8,717

-65%

(295,856)

(215,730)

37%

(36,987)

(1,987,182)

-98%

(36,987)

(1,987,182)

98%

292,840

207,013

-41%

212,623

227,400

6%

468,476

(1,552,769)

130%

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Xref Limited | Interim Report 2021

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Xref Limited published this content on 28 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2022 01:51:02 UTC.