SMARTPAY HOLDINGS LIMITED 2 Smartpay Annual Report 2023
About This Report
On behalf of the Board and Smartpay team, we are pleased to present Smartpay's 2023 Annual Report
The 2023 Annual Report describes Smartpay Holdings Limited's (Smartpay) financial performance and includes the Corporate Governance Statement.
The Annual Report and financial performance relate to the period 1 April 2022 to 31 March 2023 and should be read in conjunction with other reports and presentations that comprise our 2023 Annual Reporting suite.
These are available at Smartpay's Investor Centre. smartpayinvestor.com References to the prior year refer to the period 1 April 2021 to 31 March 2022.
Smartpay is a New Zealand incorporated company that is listed on the New Zealand Stock Exchange (NZX) with a foreign exempt listing on the Australian Securities Exchange (ASX). Accordingly, the Annual Report is primarily governed by the New Zealand Companies Act 1993 together with the NZX Listing Rules and NZX Corporate Governance Code.
The Company confirms that it continues to comply with the New Zealand Stock Exchange Listing Rules.
The Annual Report covers the total group of Smartpay consisting of the entities noted on page 55 of the Annual Report (the Group), which operates in both New Zealand and Australia.
Non GAAP Measures
Non-Generally Accepted Accounting Practice (non-GAAP) measures have been included as the directors and management of the Group believe they provide useful information for readers to assist in understanding the Group's financial performance. Non-GAAP financial measures are not prepared
in accordance with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) and are not uniformly defined, therefore non-GAAP measures reported in this Annual Report may not be comparable with those that other companies report and should not be viewed in isolation or considered as a substitute for measures reported in accordance with NZ IFRS.
The non-GAAP measures Smartpay has used are EBITDA and Free Cash Flow. The definitions of these can be found on page 102 of this report.
Some reported measures have been amended from those previously reported due to the implementation of the IFRS Interpretations Committee (IFRIC) agenda decision which has resulted in a change in accounting policy in the year ended 31 March 2023.
Smartpay Annual Report 2023 3
4 | FY23 Highlights |
6 | Financial Performance Summary |
8 | Australian Growth |
10 | About Smartpay |
16 | Chairmans Report |
18 | Chief Executive Review |
22 | Sustainability |
24 | Board Of Directors |
26 | Executive Team |
28 | Customer Experience |
30 | Financial Statements |
78 | Governance |
86 | Remuneration Report |
94 | Statutory Information |
98 | Security Holder Information |
100 | Directory |
4 Smartpay Annual Report 2023
FY23 Highlights
The momentum from FY22 has continued through FY23 and this is reflected in the financial results and key metrics.
NPS has remained strong in both markets, reflecting the commitment to our customers and our continued attention to providing our customers with an excellent experience.
We are delivering on our strategic plan whilst investing in and transforming our business.
Revenue
$77.8m
Up 62% YOY
Profit Before Tax
$7.6m
Up 328% YOY
NPS AUS
70
FY22 - 66
Total
Employees
160
Smartpay Annual Report 2023 5
EBITDA
$18.4m
Up 81% YOY
Operating Cashflows
$18.6m
Up 57% YOY
NPS NZ
49
FY22 - 46
Total
Terminal Fleet
46,000+
FY22 - 140 | FY22 - 40,000+ |
6 Smartpay Annual Report 2023
Summary | Financial |
Revenue by Market
Australian revenues represent 81% of total revenue (69% in FY22)
Smartpay Annual Report 2023 7
$'m | $'m | |||||
Revenue | EBITDA | |||||
77.8 | 18.4 | |||||
48.1 | 10.2 | |||||
33.8 | ||||||
28.3 | 5.5 | 6.3 | 7.2 | |||
21.1 | ||||||
FY19 FY20 FY21 FY22 FY23 | FY19* FY20* FY21* FY22* FY23 |
Performance |
Free Cashflow
Free cashflows of $4.8m generated, whilst continuing to invest in terminals and systems, together with strengthening the company
Bank Debt
Continuing to reduce bank debt from free cashflows
$'m | $'m | ||||||||
Profit Before Tax | Operating Cashflows | ||||||||
7.6 | 18.6 | ||||||||
1.8 | |||||||||
11.8 | |||||||||
-3.1 | |||||||||
-6.0 | 8.3 | ||||||||
4.6 | 5.4 | ||||||||
-15.3 | |||||||||
FY19* FY20* FY21* FY22* FY23 | FY19* FY20* FY21* FY22* FY23 |
Growing revenue, EBITDA and | Our measured approach is |
profit before tax whilst generating | working to the benefit of the |
positive operating cashflows | company and the shareholder |
- numbers have been restated to reflect change in accounting policy for SaaS assets
8 Smartpay Annual Report 2023
Australian
Growth
6.3%
Market share continues to accelerate as investment in television drives brand recognition and continued engagement in our product offering by SME's
% | |||||
7 | |||||
6 | |||||
5 | |||||
4 | |||||
3 | |||||
2 | |||||
1 | |||||
0 | |||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Smartpay Annual Report 2023 9
m | A$ |
No of Transactions | Average Revenue |
Processed | per Terminal |
16,000 | 500 | ||||||||
14,000 | 400 | ||||||||
12,000 | |||||||||
10,000 | 300 | ||||||||
9,000 | |||||||||
200 | |||||||||
6,000 | |||||||||
4,000 | 100 | ||||||||
2,000 | |||||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2019 | 2020 | 2021 | 2022 | 2023 |
A$'m | Transacting | |||||||||||||
Total | ||||||||||||||
Transaction Value | Terminals | |||||||||||||
500 | 20,000 | |||||||||||||
400 | 15,000 | |||||||||||||
300 | ||||||||||||||
10,000 | ||||||||||||||
200 | ||||||||||||||
5,000 | ||||||||||||||
100 | ||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2019 | 2020 | 2021 | 2022 | 2023 |
- share of addressable market of 250,000 terminals has increased 2.4% since March 2022
Smartpay is scaling and with the growth in terminals comes growth in TTV and number of transactions processed
Marketing investment together with our quality in-house sales team is driving growth in transacting terminals which deliver revenue for every transaction processed
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Disclaimer
Smartpay Holdings Ltd. published this content on 30 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 June 2023 07:18:07 UTC.
