HANSEN TECHNOLOGIES LIMITED — Interim / Quarterly Report 2024

Feb 20, 2024

BUILDING ON OUR STRENGTHS

Half-Year Report to 31 December 2023

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CONTENTS

• 2 Directors’ Report

• 4 Auditor’s Independence Declaration

• 5 Consolidated Statement of Comprehensive Income

• 6 Consolidated Statement of Financial Position

• 7 Consolidated Statement of Changes in Equity

• 8 Consolidated Statement of Cash Flows

• 9 Notes to the Financial Statements

• 18 Directors’ Declaration

• 19 Independent Auditor’s Review Report

• 21 Corporate Directory

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Front cover bottom
Gustav Jensen, Denmark Senior Service Delivery Manager
Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023
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At Hansen, we relentlessly push boundaries, keeping our products and offerings agile, innovative, and laser-focused on our customers’ needs and the ever-evolving sectors they operate in.

167.7m $

240m $

Operating Revenue up 12.5%

Returned to our banks and shareholders since the beginning of 1H20

31.1%

Underlying EBITDA Margin

Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023

1

DIRECTORS’ REPORT

The Directors present their report together with the half-year financial report of the consolidated entity (“the Group”) consisting of Hansen Technologies Limited (“the Company”) and its controlled entities for the six months ended 31 December 2023, and the Independent Auditor’s Review Report thereon. This half-year financial report has been prepared in accordance with AASB 134 Interim Financial Reporting and the . Corporations Act 2001

Principal activities

The principal activities of the Group is the development, integration and support of billing systems software for the Energy and Communications sectors. Other activities undertaken by the Group include IT outsourcing services.

Directors

The names of the Directors in office at any time during the whole of the half-year and up to the date of this report are: Mr David Trude (Chairperson) Mr Andrew Hansen (Managing Director) Mr Bruce Adams Ms Lisa Pendlebury Mr David Howell Mr David Osborne Mr Don Rankin

$167.7m

Operating revenue

$20.1m

Underlying NPAT

13.3c

EPSa

Review of operations

The Group’s operating result for the half year to 31 December 2023 comprised of the following:

	6 months ended 31 Dec 2023 A$ millions 31 Dec 2022 A$ millions Movement %
Operating revenue Statutory net proft after tax EBITDA(1) Underlying EBITDA(1) Underlying NPAT (1),(2) Underlying NPATA(1),(3) Basic earnings per share (EPS) (cents) Basic EPS based on underlyingNPATA(EPSa) (cents)(1)	167.7 149.1 12.5% 17.6 16.2 8.6% 48.8 44.4 9.9% 52.1 45.0 15.8% 20.1 16.6 21.1% 27.0 24.0 12.5% 8.7 8.0 8.7% 13.3 11.9 11.8%

(1) The Directors believe the information additional to IFRS measures included in the report is relevant and useful in measuring the financial performance of the Group. These include: EBITDA, NPATA and EPSa.

(2) Underlying net profit after tax attributable to members excludes separately disclosed items (net of tax). Further details of the separately disclosed items are outlined in Note 3 to the Financial Report.

(3) Underlying net profit after tax (adjusted) attributable to members excludes separately disclosed items and acquired amortisation (net of tax). Further details of the separately disclosed items are outlined in Note 3 to the Financial Report.

Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023

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The Group experienced a particularly strong 1H24 result and continued to provide mission critical solutions to a broad and diverse global customer base. Aligned with the positive financial result, further debt was retired and the business ended the half year in a cash positive position.

The first half of the 2024 financial year has delivered strong growth with a 12.5% increase in operating revenue, to $167.7m, when compared to 1H23 (9.2% on a constant currency basis). Excluding licence fees, Operating Revenue increased by 8.2%. The Group’s revenue remains well diversified across geography, currency, product and industry and remains highly predictable in nature. The Group’s strong revenue growth during the half was the result of the continued investment in product and sales and a long-term focus on supporting existing and new customers with significant digital transformations.

Globally, costs are increasing as interest rates and inflation place pressure in many of our jurisdictions. During FY23, the Group also progressively rebuilt our global team back from the low numbers during the Covid period. Despite these headwinds, the Group has delivered an underlying EBITDA margin of 31.1%. The Group also delivered $17.6m of Statutory Net Profit After Tax, an increase of 8.6% when compared to the prior comparative period.

Hansen continues to demonstrate its stability as a consistently cash generative business. During 1H24, Hansen generated $30.4m of operating cashflows, an increase of 36% when compared to 1H23, which has been used to retire $16.6m of debt, pay dividends of $9.3m (net of dividend reinvestments) and fund the capitalised portion of its ongoing product development program of $5.9m. Since the beginning of 1H20, Hansen has paid down $149m, or 80% of its borrowings.

The Group’s Basic Earnings Per Share of 8.7 cents has increased 22.2% on a compound annual growth rate basis since 1H20, as the Group utilises its stable free cash flow to deliver consistent returns to shareholders over the same period.

The Directors of Hansen have declared a partially franked interim dividend of 5 cents per share, with payment to be made on 21 March 2024.

Significant Changes in the State of Affairs

There have been no significant changes in the Group’s state of affairs during the half-year.

Auditor’s Independence Declaration

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 in relation to the review for the half-year is provided immediately after this report.

Rounding of Amounts to Nearest Thousand Dollars

In accordance with ASIC Corporations (Rounding in Financial/ Directors’ Reports) Instrument 2016/191 , the amounts in the directors’ report and in the financial report have been rounded to the nearest one thousand dollars, or in certain cases, to the nearest million dollars.

Signed in accordance with a resolution of the Directors, pursuant to section 306(3)(a) of the Corporations Act 2001 :

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David Trude Director

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Andrew Hansen Managing Director

Dated: 21 February 2024

Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023 3

AUDITOR’S INDEPENDENCE DECLARATION

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RSM Australia Partners Level 21, 55 Collins Street Melbourne VIC 3000 PO Box 248 Collins Street West VIC 8007

T +61 (0) 3 9286 8000 F +61 (0) 3 9286 8199

www.rsm.com.au

AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the review of the financial report of Hansen Technologies Limited and its controlled entities for the half year ended 31 December 2023, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

• (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• (ii) any applicable code of professional conduct in relation to the review.

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RSM AUSTRALIA PARTNERS

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M PARAMESWARAN

Partner

Dated: 21 February 2024 Melbourne, Victoria

THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING

RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036

Liability Ltd by a scheme approved under Professional Standards Legislation

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Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023

4

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

		Dec 2023	Dec 2022
	Note	$’000	$’000
Operating revenue from contracts with customers	4(a)	167,743	149,109
Finance income		195	75
Other income		510	451
Total revenue from contracts with customers and other income		168,448	149,635
Employee beneft expenses		(93,531)	(80,850)
Amortisation expense	5	(16,552)	(16,260)
Depreciation expense		(6,647)	(5,660)
Property and operating rental expenses		(1,491)	(1,839)
Contractor and consultant expenses		(2,144)	(3,098)
Software licence expenses		(1,519)	(1,329)
Hardware and software expenses		(11,943)	(10,858)
Travel expenses		(1,478)	(1,174)
Communication expenses		(916)	(920)
Professional expenses		(3,174)	(2,692)
Finance costs on borrowings		(1,680)	(2,148)
Finance costs on lease liabilities		(457)	(372)
Foreign exchange (losses)/gains		(145)	900
Other expenses		(3,228)	(2,359)
Total expenses		(144,905)	(128,659)
Proft before income tax expense		23,543	20,976
Income tax expense		(5,922)	(4,798)
Netproft after income tax expense for the half-year		17,621	16,178
Other comprehensive expense
Items that may be reclassifed subsequently to proft and loss
Exchange diferences on translation of foreign operations		(3,686)	(1,060)
Other comprehensive expense for the half-year, net of tax		(3,686)	(1,060)
Total comprehensive income for the half-year		13,935	15,118
Basic earnings (cents) per share attributable to ordinary equity holders
of the Company		8.7	8.0
Diluted earnings (cents) per share attributable to ordinary equity holders
of the Company		8.6	7.8

The accompanying notes on pages 9 to 17 form part of these consolidated financial statements.

Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023 5

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023

		Dec 2023	Jun 2023
	Note	$’000	$’000
Current assets
Cash and cash equivalents		45,110	54,279
Receivables		50,003	57,152
Accrued revenue	4(b)	40,447	28,319
Other current assets		8,141	7,590
Total current assets		143,701	147,340
Non-current assets
Plant, equipment & leasehold improvements		14,318	15,051
Intangible assets	5	319,028	332,820
Right-of-use assets		12,024	13,648
Deferred tax assets		6,372	6,581
Other non-current assets		1,348	1,434
Total non-current assets		353,090	369,534
Total assets		496,791	516,874
Current liabilities
Payables		19,274	25,028
Lease liabilities		5,682	5,434
Current tax payable		291	796
Provisions		15,007	14,127
Unearned revenue	4(b)	36,442	32,854
Total current liabilities		76,696	78,239
Non-current liabilities
Deferred tax liabilities		30,590	33,960
Borrowings	7	36,877	54,309
Lease liabilities		7,602	9,563
Provisions		559	409
Unearned revenue	4(b)	714	1,514
Total non-current liabilities		76,342	99,755
Total liabilities		153,038	177,994
Net assets		343,753	338,880
Equity
Share capital	9	149,504	148,688
Foreign currency translation reserve		3,573	7,259
Share-based payment reserve		12,560	12,285
Retained earnings		178,116	170,648
Total equity		343,753	338,880

The accompanying notes on pages 9 to 17 form part of these consolidated financial statements.

6 Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

		Contributed		Retained
		Equity	Reserves	Earnings	Total Equity
For the Half-Year Ended 31 December 2023	Note	$’000	$’000	$’000	$’000
Balance as at 1 July 2023		148,688	19,544	170,648	338,880
Net proft after income tax expense for the half-year		–	–	17,621	17,621
Movement in carrying amount of foreign entities
due to currencytranslation		–	(3,686)	–	(3,686)
Total comprehensive income for the half-year		–	(3,686)	17,621	13,935
Transactions with owners in their capacity as owners:
Share-based payment expense – performance rights	6	–	275	–	275
Equity issued under dividend reinvestment plan	8, 9(b)	816	–	–	816
Dividends declared	8	–	–	(10,153)	(10,153)
Total transactions with owners in their capacityas owners		816	275	(10,153)	(9,062)
Balance as at 31 December 2023		149,504	16,133	178,116	343,753
		Contributed		Retained
		Equity	Reserves	Earnings	Total Equity
For the Half-Year Ended 31 December 2022	Note	$’000	$’000	$’000	$’000
Balance as at 1 July 2022		146,857	18,165	148,086	313,108
Net proft after income tax expense for the half-year		–	–	16,178	16,178
Movement in carrying amount of foreign entities
due to currencytranslation		–	(1,060)	–	(1,060)
Total comprehensive income for the half-year		–	(1,060)	16,178	15,118
Transactions with owners in their capacity as owners:
Share-based payment expense – performance rights		–	688	–	688
Tax associated with employee share-based plans		–	111	–	111
Equity issued under dividend reinvestment plan	8	946	–	–	946
Dividends declared	8	–	–	(10,112)	(10,112)
Total transactions with owners in their capacityas owners		946	799	(10,112)	(8,367)
Balance as at 31 December 2022		147,803	17,904	154,152	319,859

The accompanying notes on pages 9 to 17 form part of these consolidated financial statements.

Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023

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CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2023

		Dec 2023	Dec 2022
	Note	$’000	$’000
Cash fows from operating activities
Receipts from customers		183,019	153,644
Payments to suppliers and employees		(141,837)	(124,746)
Interest received		195	75
Finance costs on borrowings		(1,527)	(1,969)
Finance costs on lease liabilities		(457)	(372)
Income taxpaid		(9,039)	(4,177)
Net cash from operatingactivities		30,354	22,455
Cash fows from investing activities
Payments for plant, equipment and leasehold improvements		(2,543)	(1,830)
Payments for capitalised development costs	5	(5,947)	(9,985)
Net cash used in investingactivities		(8,490)	(11,815)
Cash fows from fnancing activities
Dividends paid, net of dividend re-investment	8	(9,337)	(9,166)
Repayment of borrowings		(16,599)	(20,905)
Repayment of lease liabilities		(3,577)	(3,256)
Net cash used in fnancingactivities		(29,513)	(33,327)
Net decrease in cash and cash equivalents		(7,649)	(22,687)
Cash and cash equivalents at beginning of the half-year		54,279	59,631
Efects of exchange rate changes on cash and cash equivalents		(1,520)	(437)
Cash and cash equivalents at end of the half-year		45,110	36,507

The accompanying notes on pages 9 to 17 form part of these consolidated financial statements.

Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023

8

NOTES TO THE FINANCIAL STATEMENTS HALF-YEAR ENDED 31 DECEMBER 2023

1. Basis of preparation

The consolidated interim financial statements for Hansen Technologies Limited (“the Company”) as at, and for, the half year-ended 31 December 2023 (“the half-year financial report”) comprise of the financial statements of the Company and its controlled entities (collectively, the Group). The Company is a company limited by shares, incorporated and domiciled in Australia.

The half-year financial report was authorised for issue by the Directors as at the date of the Directors’ Report.

The nature of the operations and principal activities of the Group are described in the Directors’ Report.

(a) Basis of preparation of the half-year financial report

The half-year financial report has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001 . The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. The Directors consider that there are no material uncertainties that may cast doubt over this assumption. They have formed a judgement that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the end of the reporting period.

The half-year financial report does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual financial report for the year ended 30 June 2023 and any public announcements made by the Company during the half-year in accordance with any continuous disclosure obligations arising under the Corporations Act 2001 .

The accounting policies adopted in the preparation of the half-year financial report are consistent with those adopted in the Group’s annual financial report for the year ended 30 June 2023.

The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

Where necessary, comparative information has been reclassified and repositioned for consistency with current year disclosures.

(b) Rounding amounts

The Group has applied the relief available under ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 and, accordingly the amounts in the half-year financial report and in the Directors’ Report have been rounded to the nearest thousand dollars, or in certain cases to the nearest million dollars.

Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023

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NOTES TO THE FINANCIAL STATEMENTS HALF-YEAR ENDED 31 DECEMBER 2023 CONTINUED

2. Segment information

(a) Description of segments

Management has determined the Group’s operating segments based on the reports reviewed by the Managing Director.

The operating segments are identified based on the types of services provided to the Group’s customers. Discrete financial information about each of these operating businesses are reported to the executive management team on at least a monthly basis.

Where operating segments meet the aggregation criteria, these are aggregated into reported segments. Operating segments are aggregated based on similar products and services provided to the same type of customers using the same distribution method.

Segment profits, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Inter-segment pricing is determined on an arm’s length basis and is eliminated on consolidation.

The Group has identified only one reportable segment as described in the table below. No operating segments have been aggregated to form the below reportable operating segment. The “Other” category includes business units that do not qualify as an operating segment, as well as the operating segments which do not meet the disclosure requirements of a reportable segment, including IT Outsourcing and Customer Care services.

Reportable Segment	Description of Segment
Billing	Sale of billingapplications and theprovision of consultingservices related to billingsystems.

(b) Segment information

(b) Segment information
		Billing	Other	Total
6-months Ended 31 Dec 2023	Note	$’000	$’000	$’000
Segment revenue
Total segment revenue	4	164,508	3,235	167,743
Revenue from external customers		164,508	3,235	167,743
Segment result
Total segment result		23,163	721	23,884
Segmentproft from core operations		23,163	721	23,884
		Billing	Other	Total
6-months Ended 31 Dec 2022	Note	$’000	$’000	$’000
Segment revenue
Total segment revenue	4	145,903	3,206	149,109
Revenue from external customers		145,903	3,206	149,109
Segment result
Total segment result		20,514	729	21,243
Segmentproft from core operations		20,514	729	21,243

10 Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS HALF-YEAR ENDED 31 DECEMBER 2023 CONTINUED

(i) Reconciliation of segment profit from core operations to the consolidated statement of comprehensive income

		Dec 2023	Dec 2022
	Note	$’000	$’000
Segment proft from core operations		23,884	21,243
Interest revenue		195	75
Unallocated depreciation and amortisation		(314)	(420)
Other(expense)/income		(222)	78
Proft before income tax expense		23,543	20,976
Income tax expense		(5,922)	(4,798)
Proft after income tax expense for the half-year		17,621	16,178

For the half-year ended 31 December 2023, the separately disclosed items have been allocated to the Billing segment as they are directly attributable to the segment.

(ii) Segment assets and liabilities

(ii) Segment assets and liabilities
	Billing	Other	Total
	$’000	$’000	$’000
Total segment assets
31 December 2023 30 June 2023	439,780 448,272	11,671 13,753	451,451 462,025
Total segment liabilities 31 December 2023	148,548	2,501	151,049
30 June 2023	173,194	3,620	176,814

Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023 11

NOTES TO THE FINANCIAL STATEMENTS HALF-YEAR ENDED 31 DECEMBER 2023 CONTINUED

3. Separately disclosed items

The Group has disclosed underlying EBITDA and underlying profit after tax, referring to the Group’s trading results, adjusted for certain transactions during the year that are not representative of the Group’s regular business activities. The Group considers that these transactions are of such significance to understanding the ongoing results of the Group, that the Group has elected to separately identify these transactions to determine an ongoing result to enable a “like-for-like” comparison. These items are described as “separately disclosed items” throughout this Financial Report.

described as “separately disclosed items” throughout this Financial Report.
	2023	2022
6-months Ended 31 Dec	$’000	$’000
Net increase to underlying EBITDA
One-of costs incurred	(3,274)	(596)
Total	(3,274)	(596)

One-off costs incurred

For the half-year ended 31 December 2023, the Group recognised one-off costs relating to restructuring totalling $3,274,000 to exit a jurisdiction and utilise alternative talent centres. These costs, which primarily included redundancies and associated costs, are part of the Group’s strategy to better integrate the business and align staffing according to customer demand. These costs are included within the “Employee benefit expenses” account in the Group’s consolidated statement of comprehensive income. As the operations from this jurisdiction did not represent a separate major line of business or geographical area of operations to the Group, the results from this jurisdiction was not separately disclosed as a discontinued operation.

In the previous financial period, $596,000 of restructuring costs were incurred in relation to the partial exiting of the same jurisdiction outlined above. These costs were included within the “Employee benefit expenses” account in the Group’s consolidated statement of comprehensive income.

Reconciliation with Group statutory measures

Reconciliation with Group statutory measures
2023	2022
6-months Ended 31 Dec $’000	$’000
Underlying EBITDA 52,103	45,037
Less separatelydisclosed items (3,274)	(596)
EBITDA(1) 48,829	44,441
Underlying net proft after tax before acquired amortisation, net of tax(2) 26,973	23,976
Less acquired amortisation, net of tax (6,911)	(7,351)
Underlying net proft after tax(3) 20,062	16,625
Less separately disclosed items (3,274)	(596)
Tax efect of separatelydisclosed items 833	149
Netproft after income tax expense 17,621	16,178

(1) EBITDA is a non-IFRS term, defined as earnings before interest, tax, depreciation and amortisation, and excluding net foreign exchange gain/(losses).

(2) Underlying net profit after tax but before acquired amortisation, net of tax or underlying NPATA exclude separately disclosed items, which represent the one-off costs during the period and acquired amortisation, net of tax.

(3) Underlying net profit after tax or underlying NPAT exclude separately disclosed items, which represent the one-off costs during the period.

Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023

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NOTES TO THE FINANCIAL STATEMENTS HALF-YEAR ENDED 31 DECEMBER 2023 CONTINUED

4. Revenue

(a) Disaggregation of revenue from contracts with customers

Set out below is the disaggregation of the Group’s revenue from contracts with customers:

	Billing	Other	Total
6-months Ended 31 Dec 2023	$’000	$’000	$’000
Types of goods and services Licence, support and maintenance Services Hardware and software sales Other revenue	96,547 67,661 124 176	1,051 2,034 – 150	97,598 69,695 124 326
Total revenue from contracts with customers	164,508	3,235	167,743
Revenue by market vertical Energy Communications Other	94,510 69,998 –	1,608 – 1,627	96,118 69,998 1,627
Total revenue from contracts with customers	164,508	3,235	167,743
Revenue by geographic segment APAC Americas EMEA	35,602 32,096 96,810	1,631 1,604 –	37,233 33,700 96,810
Total revenue from contracts with customers	164,508	3,235	167,743
Timing of revenue recognition Goods and services transferred at a point in time Services transferred over time	25,432 139,076	150 3,085	25,582 142,161
Total revenue from contracts with customers	164,508	3,235	167,743

Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023 13

NOTES TO THE FINANCIAL STATEMENTS HALF-YEAR ENDED 31 DECEMBER 2023 CONTINUED

4. Revenue (continued)

4. Revenue (continued)
	Billing	Other	Total
6-months Ended 31 Dec 2022	$’000	$’000	$’000
Types of goods and services
Licence, support and maintenance	79,476	2,504	81,980
Services	65,820	647	66,467
Hardware and software sales	426	–	426
Other revenue	181	55	236
Total revenue from contracts with customers	145,903	3,206	149,109
Revenue by market vertical
Energy	76,134	628	76,762
Communications	69,769	15	69,784
Other	–	2,563	2,563
Total revenue from contracts with customers	145,903	3,206	149,109
Revenue by geographic segment
APAC	25,907	2,586	28,493
Americas	33,524	620	34,144
EMEA	86,472	–	86,472
Total revenue from contracts with customers	145,903	3,206	149,109
Timing of revenue recognition
Goods and services transferred at a point in time	14,040	56	14,096
Services transferred over time	131,863	3,150	135,013
Total revenue from contracts with customers	145,903	3,206	149,109
(b) Contract balances
		Dec 2023	Jun 2023
		$’000	$’000
Asset: Accrued revenue		40,447	28,319
Liability: Unearned revenue (current)		(36,442)	(32,854)
Liability: Unearned revenue(non-current)		(714)	(1,514)

Accrued revenue mainly relates to software licences deployed on contract inception which have yet to be billed to the customer. Accrued revenue is transferred to receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer. Unearned revenue primarily relates to advance consideration received from customers representing support and maintenance services, software and SaaS contracts.

Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023

14

NOTES TO THE FINANCIAL STATEMENTS HALF-YEAR ENDED 31 DECEMBER 2023 CONTINUED

5. Intangible assets

5. Intangible assets
		Technology
		and Other	Software
		Intangibles	Development
	Goodwill	at Cost	at Cost	Total
	$’000	$’000	$’000	$’000
Cost
At 30 June 2023	221,840	192,782	129,503	544,125
Additions	–	–	5,947	5,947
Net foreign currency movements
arisingfrom foreign operations	(1,693)	(2,246)	863	(3,076)
At 31 December 2023	220,147	190,536	136,313	546,996
Accumulated amortisation and impairment
At 30 June 2023	(1,608)	(125,145)	(84,552)	(211,305)
Amortisation charge	–	(9,085)	(7,467)	(16,552)
Net foreign currency movements
arisingfrom foreign operations	5	1,505	(1,621)	(111)
At 31 December 2023	(1,603)	(132,725)	(93,640)	(227,968)
Net book amount
At 30 June 2023	220,232	67,637	44,951	332,820
At 31 December 2023	218,544	57,811	42,673	319,028

6. Share-based payments

During the financial period, 478,263 performance rights were granted to employees under the Company’s Employee Performance Rights Plan. Any differences in the fair value of the performance rights between the original grant date by the Board and the date of shareholder approval is considered not material to the remuneration awarded.

The Employee Performance Rights are issued as part of the long-term incentive plan in the current financial year. Performance rights vest in three tranches subject to service condition (employee remains employed with the Company over the measurement period), relative non-market performance conditions such as revenue and/or profit margin depending on the key performance indicators assigned to the employee. For key management personnel, specifically, performance rights will vest subject to service condition and revenue conditions.

The fair value of performance rights subject to non-market conditions is $4.80 per right and was estimated using a Black Scholes option pricing model.

The models consider the term of the performance rights, the impact of dilution (where material), the share price at grant date and expected volatility of the underlying share, the risk-free interest rate for the term of the performance rights and the correlations and volatilities of the peer group companies.

Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023 15

NOTES TO THE FINANCIAL STATEMENTS HALF-YEAR ENDED 31 DECEMBER 2023 CONTINUED

6. Share-based payments (continued)

The model inputs for the performance rights granted during the six months ended 31 December 2023 included:

• grant date: 1 July 2023

• expected vesting date: 30 September 2026[(1)]

• measurement period: 1 July 2023 to 30 June 2026

• share price at grant date: $5.17

• expected price volatility of the company’s shares: 32.5%

• expected dividend yield: 2.27%

• risk-free rate: 3.88%

• (1) Expected vesting date is as advised in writing by the Board following consideration of performance during the measurement period, but no later than 30 September 2026.

For the six months ended 31 December 2023, the Group has recognised $275,000 of share-based payment expense, presented as part of ‘Employee benefit expenses’ in the consolidated statement of comprehensive income (six months ended 31 December 2022: $688,000).

7. Borrowings

7. Borrowings
	Dec 2023	Jun 2023
	$’000	$’000
Non-current
Secured
Term facility – gross borrowings	37,116	54,716
Term facility–prepaid borrowingcosts(1)	(239)	(407)
Total	36,877	54,309

(1) This amount does not impact the available facility.

At the beginning of the year, the Group had a $54 million syndicated multi-currency facility with its external financiers, which was used to fund a previous acquisition and to provide additional funding for general corporate and working capital purposes. As at 31 December 2023, the facility has a maturity period of nineteen months, expiring on 31 July 2025. The average interest rate of the borrowings is 6.65%.

8. Dividends

A regular interim dividend of 5 cents per share has been declared, partially franked, and will subsequently be paid on 21 March 2024. The amount declared has not been recognised as a liability in the accounts of Hansen Technologies Limited as at 31 December 2023.

	Dec 2023	Dec 2022
	$’000	$’000
Dividends paid during the half-year (net of dividend re-investment):
5 cents per share fnal dividend paid 20 September 2023(1)– partially franked	9,337	–
5 centsper share fnal dividendpaid 21 September 2022(1)–partiallyfranked	–	9,166
Total	9,337	9,166

16 Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS HALF-YEAR ENDED 31 DECEMBER 2023 CONTINUED

Dec 2023	Dec 2022
$’000	$’000
Proposed dividend not recognised at the end of the half-year. The proposed dividends are stated before dividend reinvestment, which reduces the Group’s amount of dividend cash payable: 5 cents per share interim dividend (5 cents partially franked)(2) 10,160	–
5 centsper share interim dividend(5 cents unfranked) –	10,121

(1) The final dividend paid of 5 cents per share franked to 1.5 cents.

(2) The proposed interim dividend of 5 cents per share, franked to 2.3 cents.

9. Contributed capital

(a) Issued and paid up capital

9. Contributed capital (a) Issued and paid up capital
	Dec 2023	Jun 2023
	$’000	$’000
Ordinaryshares,fully paid	149,504	148,688

(b) Movements in shares on issue

(b) Movements in shares on issue
Half-Year Ended 31 December 2023	Ordinary Shares (Excluding TreasuryShares) Treasury Shares Total Share Capital
	No. of Shares No. of Shares No. of Shares $’000
Balance at beginning of half-year Shares issued under the dividend reinvestment plan Performance rights exercised	201,941,212 816,061 202,757,273 148,688
	143,152 – 143,152 816
	742,694 (439,731) 302,963 –
Balance at end of half-year	202,827,058 376,330 203,203,388 149,504

Treasury shares are shares in the Company that are held by Hansen Technologies Limited Employee Share Plan Trust (the Trust) for the purpose of holding shares for the satisfaction of rights under existing and future equity awards plans. The Trust was established on 24 June 2022.

10. Subsequent events

On 12 February 2024, Hansen Technologies Limited acquired 100% of the shares of powercloud GmbH at an agreed enterprise value of EUR 30 million. An equity value of EUR 17 million was paid to the sellers and on the same day, an equity injection of EUR 15.8 million was provided to the acquired entity. The acquisition was fully funded via debt, by utilising the existing $100m accordion facilities on the same pricing terms as the existing Hansen debt obligation that is currently in place, expiring in July 2025. As at the date of this report, the initial accounting for the acquisition is in the process of being completed.

powercloud is a leading provider of mission-critical billing and customer management software for energy and utilities in Germany. This acquisition will significantly expand Hansen’s scale and scope in the utilities sector, in addition to the depth of the existing operational presence in Germany, Austria and Switzerland.

Other than the above, there has been no other matter or circumstance, which has arisen since 31 December 2023 that has significantly affected or may significantly affect:

• (i) the operations, in financial years subsequent to 31 December 2023, of the Group;

• (ii) the results of those operations; or

• (iii) the state of affairs, in financial years subsequent to 31 December 2023, of the Group.

Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023 17

DIRECTORS’ DECLARATION

The Directors declare that the financial statements and notes set out on pages 5 to 17 are in accordance with the Corporations Act 2001 , including:

• (a) complying with Accounting Standards, in particular AASB 134 Interim Financial Reporting , and the Corporations Regulations 2001 , and other mandatory professional reporting requirements; and

• (b) giving a true and fair view of the financial position of the consolidated entity as at 31 December 2023 and of its performance for the half-year ended on that date.

In the Directors’ opinion, there are reasonable grounds to believe that Hansen Technologies Limited will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Directors, pursuant to section 303(5)(a) of the Corporations Act 2001 .

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David Trude Andrew Hansen Director Managing Director

Melbourne 21 February 2024

Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023

18

INDEPENDENT AUDITOR’S REVIEW REPORT

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RSM Australia Partners
Level 21, 55 Collins Street Melbourne VIC 3000
PO Box 248 Collins Street West VIC 8007
T +61 (0) 3 9286 8000
F +61 (0) 3 9286 8199
www.rsm.com.au
INDEPENDENT AUDITOR’S REVIEW REPORT
To The Members Of Hansen Technologies Limited
Report on the Half-Year Financial Report
Conclusion
We have reviewed the accompanying half-year financial report of Hansen Technologies Limited (Company) and
its Controlled Entities (Group) which comprises the consolidated statement of financial position as at 31 December
2023, the consolidated statement of comprehensive income, consolidated statement of changes in equity and
consolidated statement of cash flows for the half-year ended on that date, notes comprising a summary of
significant accounting policies and other explanatory information, and the director’s declaration.
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that
the half-year financial report of the Group is not in accordance with the Corporations Act 2001 including:
(a) giving a true and fair view of the Group’s financial position as at 31 December 2023 and of its performance
for the half-year ended on that date; and
(b) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations
2001 .
Basis for Conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the
Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for
the Review of the Financial Report section of our report. We are independent of the Company in accordance with
the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants
(including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in
Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to
the directors of Hansen Technologies Limited, would be in the same terms if given to the directors as at the time
of this auditor’s review report.
Responsibility of the Directors’ for the Financial Report
The directors of Hansen Technologies Limited are responsible for the preparation of the half-year financial report
that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the half-year
financial report that is free from material misstatement, whether due to fraud or error.
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the
RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability Ltd by a scheme approved under Professional Standards Legislation
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Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023 19

INDEPENDENT AUDITOR’S REVIEW REPORT CONTINUED

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Auditor’s Responsibility for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Group’s financial position as at 31 December 2023 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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RSM AUSTRALIA PARTNERS

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M PARAMESWARAN

Partner

Melbourne, Victoria Dated: 21 February 2024

Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023

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CORPORATE DIRECTORY

Directors

David Trude, Chairman Andrew Hansen, Managing Director Bruce Adams, Non-Executive Lisa Pendlebury, Non-Executive Don Rankin, Non-Executive David Osborne, Non-Executive David Howell, Non-Executive

Company secretary

Julia Chand

Principal registered office

Level 2, 31 Queen Street Melbourne, Victoria 3000 T (03) 9840 3000 F (03) 9840 3099

Share registry

Link Market Services Limited Tower 4, 727 Collins Street Melbourne, Victoria 3000 T 1300 554 474 F (02) 9287 0309 – Proxy forms F (02) 9287 0303 – General

Stock exchange

The Company is listed on the Australian Stock Exchange ASX code: HSN

Auditors

RSM Australia Partners Level 21, 55 Collins Street Melbourne, Victoria 3000

Solicitors

GrilloHiggins Level 25, 367 Collins Street Melbourne, Victoria 3000

Other information

Hansen Technologies Ltd ABN 90 090 996 455, incorporated and domiciled in Australia, is a publicly listed company limited by shares.

Hansen Technologies Limited ABN 90 090 996 455 | Half-Year Report to 31 December 2023

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