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Annual Report to Shareholders STRAKER TRANSLATIONS FY19 ANNUAL REPORT 1 ANNUAL REPORT 2019 ASX:STG STRAKER TRANSLATIONS GROUP STRAKER TRANSLATIONS FY19 ANNUAL REPORT 2 3 ASX:STG Straker is a world-leading STRAKER TRANSLATIONS GROUP Ai data-driven language translation platform powering the global growth of businesses Contents 4 -5 What We Do 6 -7 Highlights 8 Chairman’s Report 9 CEO Report 10 Powering The Global Growth of Business 11 Advantage Through Proprietary RAY Ai Platform 12 -13 Board of Directors 14 -23 Management Commentary 24 - 69 Financial Statements 70 - 77 Corporate Governance Statement 78 - 85 Additional Disclosures 86 Company Directory STRAKER TRANSLATIONS FY19 ANNUAL REPORT 4 55 What we do Straker helps leading technology companies streamline and scale their ability to communicate across regions Straker enables thousands of SME’s to cost-effectively cross- border trade without language as a barrier Straker works with major e-commerce providers to localise Straker helps major financial their product websites into institutions deliver quarterly multiple languages market reports in multiple languages Straker enables global media companies to provide content in multiple languages across multiple platforms Straker provides leading We enable the translation of global manufacturers with the ability to easily launch documents, websites, technical new products into multiple markets manuals and e-commerce platforms for both large and small businesses across a range of industries STRAKER TRANSLATIONS FY19 ANNUAL REPORT 6 7 Highlights Achieved Prospectus FY19 forecasts1 44% $ 25.8m YOY revenue Pro-forma growth revenues ($ 0.16m) 12.6% Organic revenue Adjusted growth EBITDA2 82% $ 17.7m Repeat revenue Cash at bank 52.4 m Words translated on RAY Ai Platform Powering the global growth 1. Straker achieved Revenue, Adjusted EBITDA, EBITDA and EBIT forecasts on a Pro-forma basis. For details see pages 16 and 22 of businesses 2. Adjusted EBITDA is a non-IFRS measure. Refer to pages 16 and 22 for reconciliation and explanation to IFRS financial information STRAKER TRANSLATIONS FY19 ANNUAL REPORT 8 9 Chairman’s Report CEO Report Dear Shareholders, Well-positioned for strong growth in FY20 Dear Shareholders, It is my privilege as Straker’s Chairman to write to you on behalf of We expect FY20 to be another year of strong growth for Straker I am very pleased to report that Straker’s strong historical Each additional acquisition allows us to further leverage your Board in our first Annual Report for shareholders since listing as we continue to deliver on our five-point growth strategy: growth continued in FY19, a year that also saw us: the capabilities of our RAY Ai Platform, improve customer on the Australian Securities Exchange (ASX) in October 2018. experience, provide more accurate translations at a faster • Attracting new enterprise customers • list on the ASX in October 2018 speed, and support greater repeat business from customers Straker offers a world leading Ai data-driven language translation • Increasing transactional revenue • acquire three strategic bolt-on businesses platform that powers the global growth of businesses. We • Integration into content platforms • successfully integrate two previous acquisitions as seen by the high levels (82%) of repeat revenue we are now operate in an exciting industry, with the global market for • Increasing penetration of existing customers undertaken in FY18 generating. language translations expected to reach US$66 billion in size by • Further acquisitions. • achieve our Prospectus forecasts for FY19. 2022 from US$47 billion today.1 Over FY19, we successfully completed the acquisitions of MSS, We operate in a global market with attractive underlying growth The successful year we had would not have been possible Eule and COM Translations, while also successfully completing Our listing on ASX provided Straker with a strong balance sheet fundamentals, which will underpin continued organic growth in without a great team and supportive Board. I want to thank all the integrations of Eurotext and Elanex. Our focus for FY19 was to support the Company’s global growth strategy and deliver on our business over FY20. to successfully integrate our three more recent acquisitions, the potential outlined in our Prospectus. the Straker team for the tremendous results we have been able At the same time, we will see a full year of earnings included to achieve in a milestone year for our business. while also identifying and acquiring other strategic translation Achieved Prospectus forecasts for the 12 months for the businesses we acquired in FY19 – MSS, Eule and COM businesses that add value to our customers and grow ended 31 March 2019 (FY19) Translations. Strong top-line revenue growth shareholder value. On a Pro-forma basis: As we have delivered with Eurotext and Elanex, we expect Revenue over FY19 was up 44% to $24.6 million, ahead of our Prospectus forecast. This strong revenue result was driven by Positive outlook for FY20 • Revenues of $25.8 million, up 10.2% on FY18 and ahead of to lift the EBITDA margins of our newly acquired businesses organic growth in EMEA and APAC, as well as contributions Our main focus for FY20 is to not diverge from what we do well. forecast by 3.7% by successfully integrating them onto our RAY Ai powered from the three companies Straker acquired during the year. We will continue to deliver what we believe is best in class • Adjusted EBITDA loss improved year-on-year 69% to technology platform. technology for the global translations industry, attract larger ($0.48 million) We do not plan on slowing down our M&A strategy given the Improving earnings, moving closer to break-even customers, provide more services to our existing customers, • EBIT loss improved 34% year-on-year to ($1.4 million), on an potential acquisition opportunities we see in our industry and Reflecting the strong growth in revenue and a focus by and further enhance our technology platform. adjusted basis ($0.95 million) * our ability to deliver improved services and value to customers. • Operating cashflow up 31% in FY18. management on ensuring the cost base is managed effectively, All of this will help us expand our customer base, grow top- Adjusted EBITDA* was ($0.16 million). We expect revenue and earnings to grow strongly in FY20 On a Statutory basis: line revenue, implement operational efficiencies through our reflecting: RAY Ai powered technology platform, improve gross margins, Investing in our technology platform • Operating loss before acquisition and IPO costs improved by and further strengthen our position in the global translations Over the past year we have enhanced our product offering • ongoing organic growth within our business • inclusion of a full year of earnings from the three businesses 60% on FY18 to ($0.8 million) industry. and further invested in our unique “RAY Ai” data-driven artificial • Operating loss before net finance income was ($4.02 million), we acquired in FY19 intelligence platform. RAY Ai provides Straker with a key which included the impact of the IPO, acquisition costs, A great team • benefits from the successful integration of these acquired competitive advantage in the global translations market, and amortisation of acquired intangibles and re-structuring costs. Our CEO and Co-founder, Grant Straker, has done a tremendous businesses flowing through job in leading the business through a period of substantial further strengthens our technology capabilities, which will drive • further potential acquisitions Successfully executing the M&A growth strategy change over the past 12 months. In addition, our highly talented ongoing growth in market share. Underpinning our growth strategy is the opportunity to capture employees across our 7 offices around the world are a key asset, Our balance sheet is strong, with $17.7 million cash and no the identified growth potential in a fragmented global language and the results we have been able to achieve are testament to To give you a sense of the growing volume of work we manage, debt, and supports the growth strategy we are delivering on. service industry, where the top 100 service providers (including their dedication, commitment and passion. we translated a total of 52.4 million words during the last year, We look forward to delivering further growth for our customers, Straker) only account for 15% of the global market. adding an additional 100 million data points to our Platform, On behalf of the Board, I would like to thank all of our team staff and shareholders over the coming year and beyond. up 18% from 31 March 2018. Our customers are receiving a Our strong performance in FY19 was driven both by a for delivering on the opportunities we saw over FY19 and premium service across multiple languages at an increased Yours sincerely, continuation of our organic growth and the continued positioning the business for continued growth in FY20 and successful execution of our M&A programme, having acquired beyond. speed, which we believe to be crucial for them as global MSS, Eule and COM Translations during the year. markets continue to expand, and technology plays a greater I would also like to thank my fellow Directors for their support part in our industry. Not only have we successfully undertaken several strategic over a very busy past 12 months as we listed on ASX and acquisitions, the management team has done a tremendous job continued to grow organically and through acquisition. Successfully acquiring and integrating strategic in successfully integrating those acquisitions and lifting earnings businesses Lastly, I would like to thank you, our shareholders, for your in the businesses acquired. support and vote of confidence in the business and its team. Our development of a structured process to identify, acquire and integrate businesses has been crucial for Straker’s overall Grant Straker The previous acquisitions of Eurotext and Elanex have both We look forward to delivering on the opportunities we see for CEO and Co-founder experienced substantial uplifts in their EBITDA margins following the business moving forward and growing shareholder value.
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