H1 FY23 Financial Performance
Reconciliation of Statutory to Normalised Results
NORMALISATION ADJUSTMENTS
H1 FY23
STATUTORY
BENDIGO ALLIANCE
GROSS PROFIT
SHARE
$'000
Total revenue
Payments direct expenses
Interest expenses on deposits
Total direct expenses
Gross profit
BENDIGO ALLIANCE
TRANSITIONAL
INVESTMENT IN
ASSOCIATES &
$'000
220,564
(117,492)
(4,377)¹
6932
(254)
(117,746)
(4,377)
693
102,818
(4,377)
693
(3,974)
COSTS
$'000
MINORITY INTERESTS
$'000
COST REDUCTION
PROGRAM AND M&A
$'000
H1 FY23
NORMALISED
$'000
(3,974)7
216,590
(121,176)
(254)
(121,430)
95,160
Operating expenses:
Employee benefits expense (excl. share-based payments)
(48,933)
1,2403
(47,693)
Contractor and consulting expenses
(8,764)
1,0054
Administrative and other expenses
(16,387)
8834
Marketing expenses
(3,609)
Operating expenses before lending and non-lending losses
(77,693)
3,128
(7,759)
(15,504)
(3,609)
(74,565)
Lending and non-lending losses
(1,139)
(1,139)
Total operating expenses
(78,832)
3,128
(75,704)
EBITDA
23,986
(4,377)
693
(3,974)
3,128
19,456
Share-based payments
(3,970)
(3,970)
Share of losses from associates
132
(132)
Depreciation and amortisation
(17,213)
5,5885
(11,625)
EBIT
Net interest expense
Net profit before tax
2,935
1,211
693
(4,106)
3,128
3,861
(1,835)
1,0956
(740)
1,100
2,306
693
(4,106)
3,128
3,121
Summary of adjustments
1. Bendigo Alliance gross profit share - reflects
economic reality of transaction and is treated as a
commission in normalised results.
2. Bendigo Alliance transition fees payable in the
interim period while merchants are transferred from
the Bendigo platform to the Tyro platform.
3. Employee redundancy costs incurred as part of the
cost reduction program
4. One-off costs incurred relating to change of control
offers received
5. Amortisation accounted for at the completion of
the Bendigo Alliance on a straight line basis over a
10-year period.
6. Non-cash interest accounting charge relating to the
Bendigo Alliance.
7. Recognition of me&u investment as a financial
asset at fair value instead of an investment in
associate.
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