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Annual Report Annual Report 2020 For personal use only OFX GROUP LIMITED | ACN 165 602 273 ANNUAL REPORT 2020 | OFX GROUP LIMITED human and digital Some of the biggest global trends and innovations are being born out of the human desire to reach further, move faster and connect more deeply Financial Highlights 2 Chairman’sFor personal use only letter 4 CEO’s letter 6 Executive team 8 Environmental, social and governance 10 Directors’ report and financial statements 16 Independent auditor’s report 83 Shareholder information 90 Corporate information 93 ANNUAL REPORT 2020 | OFX GROUP LIMITED 1 global and local Our mission is to help you understand money transfers through technology, people and insight; ultimately empowering our customers to thrive in a fast moving world For personal use only 2 ANNUAL REPORT 2020 | OFX GROUP LIMITED Highlights For the Financial Year ended 31 March 2020 Net operating $125.2m income $38.2m 30.6% Underlying EBITDA Underlying EBITDA margin $21.4m $20.3m Underlying net profit Statutory NPAT after tax (NPAT) $61m 4.7cps Net cash held Total dividend (as at 31 March 2020) for the year For personal use only ANNUAL REPORT 2020 | OFX GROUP LIMITED 3 Operational Highlights At OFX, we’ve been helping international citizens and businesses $24.7b participate in the global Total transfers (turnover) up 4.2% economy for more than 20 years 1.1m Transactions In that time, we’ve witnessed countless geopolitical, economic, technological, regulatory and customer behavioural changes. Recently we have seen seismic social and 7.3 economic shifts around the globe – BREXIT, trade Transactions per active client (up 9%) wars, widespread bushfires in North America and Australia, and the now ongoing response to contain the spread of COVID-19. The world is a very different place to what it was just months ago. The impacts of these events are still reverberating 76% across global and local communities and will Revenue from existing clients continue to shape markets for years to come, with human and financial impacts yet to be realised. Events like these confront people and businesses on every level. They also invoke humanity and spark innovation. We believe that cross-border 1.16m Calls managed trade is vital for the health of economies and communities; and our goal is to enable more of it, even in challenging conditions. In the midst of so much change, one thing stays the same – the trust our customers have in us. 65 We are committed to supporting our customers, NPS score For personal use only both through times of stability and in times of volatility. Through our Human+Digital offering we provide our customers with security, transparency, speed and trust so that they can move money globally with confidence. Most importantly, we’re available for our customers whenever and wherever they need us – 24/7, day and night. 4 ANNUAL REPORT 2020 | OFX GROUP LIMITED From the Chairman Fellow Shareholders As I write this, the world is responding, as best it can, A more valuable business to the COVID-19 pandemic. Equities markets have largely Over the last three or more years, the Board and I have unravelled, wiping out the largest gains in our history. overseen the most substantial change in OFX’s history. Central banks have worked to provide monetary stimulus Some of the changes we have made include: on an unprecedented level. Governments have launched • Appointing a new CEO (Skander), and an entirely new enormous levels of fiscal stimulus. Society as a whole is Executive team of nine highly skilled, diverse and grappling with unimaginable challenges. experienced executives In times like these, I think it is important to reflect upon the • Implementing improved risk management systems, sustainability of our Company. Over recent years we have frameworks and practices, ranging from state-of-the-art seen a lot of companies in our industry chase high double- transaction monitoring systems to new cyber security digit growth in customer numbers and revenue while protocols and protection continuing to generate sizeable operating losses. We have • Implementing the largest CAPEX program we have chosen not to pursue this strategy. We have focused on ever undertaken – growing annual spend on our building and operating a sustainable company that serves infrastructure from less than $5 million pa to over our shareholders, our clients, our regulators, and our $10 million pa in order build reliable, scalable systems employees, as well as society at large. • Increasing our investment in our regional growth by over 65%, particularly in North America • Overhauling our governance programs across Audit, Risk and Compliance Committee, Board and the Remuneration and Nomination Committee. In times like these I think it is important to reflect upon the sustainability of our Company. Over recent years we have seen a lot of companies in our industry chase high double-digit growth in customer numbers and revenue while continuing to generate sizeable operating losses. We have chosen not to pursue this strategy. We have focused on building and operating a sustainable company For personal use only that serves our shareholders, our clients, our regulators, and our employees, as well as society at large. ANNUAL REPORT 2020 | OFX GROUP LIMITED 5 All of this, whilst building on the very strong foundations Skander and the team have presented a clear plan, of OFX’s operating model: with staged implementation, to create a more valuable • A very strong balance sheet with no debt company. As our external environment changes we will either temper or accelerate these investments. • Solid cash flow generation with very high returns on With $61.0 million of cash on our balance sheet, no capital debt, very strong cash flow and a very high return on • A client centred culture capital we are competing from a position of strength • A very strong risk management culture and operating and sustainability. mechanisms • A global platform that allows us to serve clients in Dividend their preferred manner, 24x7, through our unique However, in light of the global economic uncertainty, and ‘human+digital’ value proposition. the effect it may have on trading, we have decided to maintain the dividend at 2.35c per share, in line with the There is absolutely no doubt in our minds that the intrinsic dividend paid at half year, but at a slightly lower payout value of OFX is at an all-time high. ratio than historically. This is a sensible precaution, Good execution balancing the need to preserve a healthy cash position, whilst providing shareholders with attractive returns. Skander will share an update on key trading items, We will continue to monitor this throughout the year. however from the Board’s perspective a few things FY20 was also a busy year for your Board given market and are important: company conditions. We held: 1. We continued to grow Net Operating Income, whilst • 22 Board meetings delivering positive annual operating leverage on an underlying EBITDA basis. This is the third year in a row • Four Audit Risk and Compliance Committee meetings of doing this, after several years of declines, and we • Five Remuneration and Nomination Committee did this against a backdrop of very uneven markets meetings. 2. We grew our underlying EBITDA from $36.0 million I can confidently say the Board is active, well informed, to $38.2 million while increasing underlying EBITDA aligned with management, and excited about our future. margins from 30.3% to 30.6%. This confirms our execution is improving and our business is becoming I want to thank my fellow Directors for their dedication and more valuable commitment when the Company needed it. 3. The investments we have made in prior years, Finally, on behalf of our clients and our partners, as well particularly in growing our Corporate portfolio, as our regulators, I want to thank the OFX team for their as well as our North American region, have delivered extraordinary hard work, skill and perseverance in these the returns we looked for, and more. This confirms uncertain times. Last year you created a more valuable we are focused and thoughtful about where to place company for our shareholders, and for our society. our capital. As we see continued uncertainty we will drive the advantages we have even harder – stronger risk management, better client experiences, a strong global platform and an outstanding team. Further, we have identified two segments where early Steven Sargent investments have been successful and we believe now Chairman For personal use only is the time to take advantage of these early wins and 19 May 2020 intensify our focus in these areas. These are growing our Enterprise business segment and our Online Sellers segment globally. 6 ANNUAL REPORT 2020 | OFX GROUP LIMITED From the CEO Fellow Shareholders 2020 was a good operating year for OFX – markets were very quiet until the fiscal fourth quarter, It’s impossible to predict how the when they became highly active due to the global economy will respond to dislocation caused by the COVID-19 outbreak. Throughout the year, and indeed over the past COVID-19. However, we have in place three years, we have continued to invest in a clear strategy and strong execution. creating more reliable and scalable systems and in our risk management capabilities, and continued We intend to invest more in growing to focus on improving our client experience. Those investments, driven by our extraordinary team, our Enterprise and Online Sellers meant that we were able to remain open, trade segments. We will continue to grow well, and serve our clients when they needed us, whilst protecting the Company from the risks North America, and support UK/Europe caused by very volatile markets worldwide.
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