Investor Presentaiton
#5 APPENDICES
P&L reconciliation: pro forma to statutory
($m, 6 months to September)
H1 FY21 Convertible
Pro forma
notes¹
JobKeeper² IPO costs³
Share-based
payments4
Other5
Interest revenue
23.9
H1 FY21
Statutory
23.9
Other income
2.1
2.1
Total revenue pre transaction costs
26.0
26.0
Transaction costs
(1.0)
(1.0)
Net income
25.0
25.0
Funding costs
(12.3)
(0.5)
(12.8)
Expense passed to unitholders
(0.1)
(0.1)
Customer loan impairment expense
(3.0)
0.2
(2.8)
Sales and marketing expense
(4.0)
0.7
0.1
(3.3)
Product development expense
(2.5)
0.2
0.1
(2.2)
General and administration expense
(6.1)
(0.4)
0.8
(2.3)
(2.5)
0.3
(10.0)
Depreciation and amortisation
(0.4)
(0.4)
NLAT
(3.4)
(0.9)
1.7
(2.3)
(2.5)
0.9
(6.6)
Notes:
1) Funding cost component relates to interest charged on convertible notes which converted to ordinary equity at IPO. G&A expense relates to the loss on derivative fair value due to an
increase in the fair value of the derivative liability to listing date on the convertible notes.
2) JobKeeper payments relate to payments received from the Australian government in relation to COVID-19.
3) IPO costs include legal and accounting due diligence costs, as well as corporate adviser fees and listing costs. A further $2.8m of IPO costs were recognised directly in equity and are
included in the cash flow statement in investing activities.
4) Share-based payments relates to the expected accelerated vesting of the existing incentive plan arrangement on IPO which is a one-off non-cash transaction. Ordinary ESOP costs
incurred in the period have not been adjusted.
5) Customer loan impairment expense component relates to a change in Plenti's bad debt write-off policy during the period, which was increased from 120 to 180 days to align with
market practice. This resulted in a period of lower than usual net charge-offs being recorded. While the lower charge-off expense was partially offset by a higher loan impairment
provision charge resulting from fewer aged loans being written off, Plenti has sought to estimate the net remaining benefit and has reversed this out of the pro forma result as this is a
non-recurring benefit. The remaining pro forma adjustments relate to the one-off benefit of COVID-19 salary reductions offset by the additional costs of being a public company
Plenti
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