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Revenue Result Following 5 Year Commitment to Strengthening Revenue Mix

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Revenue Result Following 5 Year Commitment to Strengthening Revenue Mix 1H20 highlights ▪ Record 1H revenue result following 5 year commitment to strengthening revenue mix ▪ Mobile Technologies International and Gold Coast Cabs performing above post acquisition expectations ▪ Fully digitised Cabcharge Payment offering gaining traction ▪ Launch of new Network/Bureau services in Mackay, Gold Coast, Tweed Heads, Perth and Albury Wodonga extending national footprint ▪ Strong organic growth in new Champ Network established in Perth during 1H20 from 0 to 223 cars ▪ Accelerating growth in handheld payments with Spotto growth up 22% ▪ Preferred Driver program launched giving Passengers more choice and control ▪ Installation of next generation in-car equipment ▪ App bookings up 19% 2 1H20 Overview A2B grew revenue, improved its services and enhanced the value propositions of its core products. 13cabs expanded its national personal transport footprint and MTI extended its global technology reach with new clients. Additional investment in marketing came at a short term cost but contributed to a strengthened 13cabs brand and growing use of digital booking channels (13cabs app up 19% and 13cabs mobile web up 66%). Competition with rideshare continued in 1H20 although there are now signs that Taxi patronage has stabilised. Our determination to raise the bar with higher qualifying standards for Driver professionalism and for 13cabs and Silver Service vehicles coincided with a temporary impact of short term tactics amongst smaller Taxi network and payment providers who are less invested in market changes. Meanwhile A2B was impacted by an aggregate $1.1m from adverse changes in Taxi licence markets, particularly in NSW. Government policy changes in NSW have deferred the full benefits of our investment in Safety cameras for up to 12 months while 88 Wheelchair Accessible Taxis were excluded from the fleet in Sydney. Having committed to a national model for Network Services, A2B made a determination to introduce pricing alignment for its affiliated fleets in Queensland with an impact on Network Subscriptions that has now cycled through. The quality of A2B’s offerings sets the stage for a strengthening second half noting accelerating uptake of A2B’s offerings during 1H20 and recently implemented efficiency measures beginning to deliver benefits to the group. 3 Financial summary Record revenue result tempered by one off impacts and investments in service quality, safety and brand 1 Revenue Underlying EBITDA ▪ Record revenue of $105m up $4m or 4% on pcp ▪ Revenue growth supported by strategic acquisitions $ m $105m 16.3 ▪ 1H20 underlying EBITDA reduction of $2.1m 1H19 $101m 1H19 $18.4m ▪ 1H20 includes adoption of AASB 16 up 4% vs pcp down 11.2% vs pcp – Impact on EBITDA +$1.6m Underlying NPAT1 Net Cash – Impact on NPAT -$0.3m ▪ Statutory NPAT of $3.6m including adverse AASB 16 impact of $0.3m $4.6m $5.9m ▪ Continued strength in operations supporting interim dividend of 4 cents As at 31 December 2019 fully franked 1H19 $7.4m ▪ Total fares processed $505m down 3.2% on pcp down 37% vs pcp – Improvement in total turnover visible in 2Q20 and leading into Interim Dividend Taxi Fares Processed January – Handheld growth continued up 22% on pcp $ m 4 cents 505 ▪ Net cash position of $5.9m and access to $50m finance facility 1H19 4 cents 1H19 $521m down 3.2% vs pcp 1. From continuing operations. Please see slide 21 for statutory and underlying financial summary 4 Revenue Building a diversified revenue mix ▪ Mobile Technologies International and Gold Coast Cabs contributed $7.2m to revenue ▪ Changes in Government Regulation during the last 5 years have directly growth in 1H20 impacted annual revenues by ~$50m ▪ Network Subscriptions temporarily impacted by strategic commitments to service quality ▪ A2B has repositioned the business, replacing historic reliance on service and fairness fee and Taxi licence income with a heathier mix of revenues generated - Pricing alignment implemented in Qld fleets in recognition of national model across a broader footprint in the personal transport and payment - Cycling through of higher vehicle standards and application of age limits industries. A2B has now delivered 2 successive record revenue results. ▪ Handheld Payment channel (Spotto) delivering strong growth up 22% on pcp ▪ Recurring revenue as a percentage of total revenues has increased from 44% to 68% and we anticipate the positive trend to continue 5 Payments turnover Changing payments revenue mix ▪ Pressure on payments turnover experienced in 2H19 continued +0.6% +1.1% -3.2% in the initial months of FY20 ▪ Signs of improvement visible in 2Q20 and in January 2020 ▪ Handheld channel (Spotto and Giraffe) continues to accelerate with growth of 22% for 1H20 and up 30% in 2Q20 515 521 505 ▪ In 1H20, although from a small base, 13cabs app and contact center payments more than doubled ▪ Recurring payment terminal rental income increased by 39% to 356 $0.5m with 6% of total fleet now on a rental plan 352 345 ▪ Cabcharge volumes were under pressure in the first half with declines primarily visible in NSW Taxi fares processed $m processed Taxifares ▪ Upskilling of Cabcharge sales capability underway 163 165 160 ▪ Cabcharge Digital pass growth continued quarter on quarter up 55% in 1Q20 and up 41% in 2Q20 1H18 1H19 1H20 CAB a/cs Bank Issued & 3rd Party 6 Network subscriptions Expansion of national footprint continues Growth on pcp ▪ Expansion into new geographies continued generating +19.2% +11.4% +0.3% further opportunities to benefit from scale and brand strength. In 1H20 we launched in the following markets: - Gold Coast & Tweed Heads (Acquisition) 12,000 - Perth (Organic) - Mackay/Airlie Beach/Whitsundays (Bureau) 9,728 9,757 - Albury Wodonga (Organic) 10,000 8,729 ▪ Key strategic milestone achieved by launching in the Perth market. Launch exceeded expectations with 223 vehicles on 8,000 our network as at 31 January 2020 ▪ Victorian market is maturing following a period of rapid 6,000 growth ▪ New restrictions on wheelchair accessible taxis in NSW had Affiliated fleet (v fleet ehicles) Affiliated 4,000 downward pressure on fleet in 2Q20 ▪ We continue to assess growth opportunities in new markets to 2,000 further expand national coverage and brand presence ▪ Commitment to quality through fleet standards resulting in 0 transition of inferior vehicles out of affiliated fleet Dec-17 Dec-18 Dec-19 7 Financial summary Revenue growth tempered by long term investments and one off 1H20 impacts Increased investment in brand and service quality coupled with movements in Taxi licence plate pricing and government restrictions on Wheelchair Accessible Taxis in NSW had downward pressure on margins. 1H20 1H19 Change over Underlying basis excluding significant items* Key contributors impacting 1H20 EBITDA performance: $m $m PCP Revenue 105.0 101.0 4.0% ▪ Marketing spend increased to $8.1m (up $1.5m on pcp) Other income 0.1 0.2 ▪ Transition of aged 13cabs vehicles to CHAMP (-$0.9m vs pcp) or Expenses (88.7) (82.8) to third party networks with lower standards EBITDA 16.3 18.4 (11.2%) Depreciation & Amortisation (9.1) (7.2) ▪ Implementing price parity for Qld fleets (-$0.6m vs pcp) EBIT 7.2 11.2 (35.2%) ▪ Margin reduction in managed plate portfolio (-$1.1m vs pcp) Net interest (0.6) (0.3) Profit before tax 6.6 10.8 (38.8%) ▪ Increased communication costs (-$0.7m vs pcp) Income tax (2.0) (3.4) NPAT 4.6 7.4 (37.3%) ▪ Contribution of MTI and Gold Coast acquisitions (+$1.2m vs pcp) - MTI $+0.8m EBITDA margin 15.5% 18.2% - Gold Coast +$0.4m EBIT margin 6.9% 11.1% Earnings per share 3.8 cents 6.1 cents ▪ Adoption of AASB 16 Leases (+$1.6m) *1H20 underlying results include the adoption of AASB 16 Leases. A2B has adopted AASB 16 using the modified retrospective approach with no restatement to comparative information. Please refer to slide 21 for reconciliations of statutory and Pre-AASB 16 results. 8 Underlying EBITDA 1H20 vs 1H19 25 Increased marketing Increase primarily driven by activity nationally increased communication 1.2 costs 20 18.4 16.3 (2.0) 1.6 (1.4) 14.7 15 (0.7) (0.8) EBITDA $mEBITDA ▪ Award increase +3% or MTI $0.8m $0.5m Gold Coast Cabs $0.4m 10 ▪ Total employee like-for-like expenses +2.4% Key drivers ▪ Plate income - $1.1m ▪ Network subscriptions -$1.5m 5 0 1H19 Impact of acquisitions Revenue net of Marketing expenses Employee expenses Other expenses 1H20 AASB 16 Impact 1H20 EBITDA volume cash expenses Pre AASB 16 EBITDA EBITDA 9 Capital expenditure Roll-out of Safety cameras supporting ongoing recurring revenue stream Increase on pcp driven by $4.3m investment to support the roll-out of Safety cameras in Qld, NSW and SA. This investment is expected to drive $1.5m incremental annual revenue. 1H20 capex profile ▪ Internally developed software $3.0m ▪ In car equipment $6.6m: - Safety cameras $4.3m - Dispatch equipment $1.2m - Payment equipment $1.1m ▪ Fleet operations $0.8m ▪ Technology infrastructure and facilities $1.2m 10 Cash flow 30 free cash flow -$3.9m Operating cash flow and cash reserves funding: 1) Strategic acquisition of Gold Coast Cabs 25 2) Final FY19 dividend of 4 cents fully franked 7.7 3) Capex investment includes $4.3m in Safety camera assets 11.6 generating recurring revenue 20 ($ m) ($ 15 4.9 10 19.2 2.5 0.5 5 8.4 0 Opening cash Cash flow from Capital expenditure Dividend paid Gold Coast Cabs Others Closing cash 11 operations Financial Position 31 Dec-20 AASB 16 31 Dec-20 30 Jun-19 $m Statutory Impact Pre-AASB 16 Cash and cash equivalents 8.4 0.0 8.4 19.2 Other current assets 87.2 0.0 87.2 81.3 Total current assets 95.6 0.0 95.6 100.5 Property, plant and equipment 42.4 0.0 42.4 38.2 ▪ Net cash of $5.9m Taxi plate licences 17.9 0.0 17.9 17.5 ▪ $50m financing facility available Other non-current assets 59.3 0.0 59.3 58.8 Right of use asset 19.8 (18.0) 1.8 ▪ Acquisition of Gold Coast Cabs contributed $1.2m to Total non-current assets 139.3 (18.0) 121.4 114.5 net assets Total assets 235.0 (18.0) 217.0 214.9 ▪ Impact of AASB 16 Leases on net assets as at 31 December 2019 is -$0.3m.
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