HANSEN TECHNOLOGIES LIMITED — Investor Presentation 2025

Feb 18, 2025

==> picture [114 x 23] intentionally omitted <==

© H A N S E N

==> picture [310 x 540] intentionally omitted <==

----- Start of picture text -----

IMPORTANT NOTICE
----- End of picture text -----

==> picture [114 x 23] intentionally omitted <==

This presentation has been prepared by Hansen Technologies Limited (Hansen)

Information contained in this presentation:

Definitions:

• Is intended to be general background information only, and is not intended that it be relied upon as advice to investors or potential investors and is not an offer or invitation for subscription, purchase, or recommendation of securities in Hansen.

• 1H23 = six months ended 31 December 2022

• 2H23 = six months ended 30 June 2023

• FY23 = financial year ended 30 June 2023

• 1H24 = six months ended 31 December 2023

• Should be read in conjunction with Hansen's financial reports and market releases on ASX.

• 2H24 = six months ended 30 June 2024

• FY24 = financial year ended 30 June 2024

• Includes forward-looking statements about Hansen and the environment in which Hansen operates, which are subject to significant uncertainties and contingencies, many of which are outside the control of Hansen – as such undue reliance should not be placed on any forward-looking statements as actual results or performance may differ materially from these statements.

• 1H25 = six months ended 31 December 2024

• 2H25 = six months ended 30 June 2025

• FY25 = financial year ended 30 June 2025

• EBITDA* = Earnings before interest, tax, depreciation and amortisation, excluding net foreign exchange gains (losses)

• Includes statements relating to past performance, which should not be regarded as a reliable guide to future performance.

• Underlying EBITDA* = Earnings before interest, tax, depreciation and amortisation, excluding net foreign exchange gains (losses), not including non-recurring items

• Includes certain financial information not recognised under IFRS which Hansen considers useful to assist in evaluating Hansen’s performance – however, such information has not been subject to audit or review in accordance with Australian Auditing Standards.

• Cash EBITDA* = Underlying EBITDA, less Capitalised development costs

• NPAT = Net profit after tax

All dollar values are in Australian dollars (A$) unless otherwise stated.

• NPATA* = Net profit after tax excluding tax effected amortisation of acquired intangibles and non-recurring items

• EPSa = Earnings per share on NPATA

• EBITDA and NPATA are non-IFRS measures that have not been audited or reviewed by Hansen’s auditors.

2

© H A N S E N

==> picture [310 x 540] intentionally omitted <==

AGENDA

• Operational Highlights

• Results Details

• M&A Update

• FY25 Guidance

• Q&A

• Financial Statements

==> picture [114 x 23] intentionally omitted <==

3

© H A N S E N

==> picture [313 x 98] intentionally omitted <==

Hansen (ASX: HSN) is a global provider of software and services to the energy & utilities and communications & media industries. With our award-winning software suite, we help customers in over 80 countries to create and deliver new products and services, engage with customers, and control and manage critical revenue management and customer support processes

==> picture [43 x 44] intentionally omitted <==

~15% Revenue CAGR since 2008

==> picture [130 x 65] intentionally omitted <==

+10[Years] Consistently low churn rates with average customer tenure greater than 10 years

==> picture [81 x 81] intentionally omitted <==

==> picture [69 x 83] intentionally omitted <==

==> picture [483 x 230] intentionally omitted <==

----- Start of picture text -----

+80
Countries utilise
Hansen products and
services
----- End of picture text -----

==> picture [31 x 32] intentionally omitted <==

Enabling customers to transform their business to support new communications, energy and utilitiesbased services

==> picture [38 x 38] intentionally omitted <==

Providing Modular, Cloud-Based Products for the Cloud-driven Evolution

==> picture [33 x 33] intentionally omitted <==

Delivering Engaging, Omni-Channel Experiences

==> picture [114 x 23] intentionally omitted <==

4

© H A N S E N

==> picture [114 x 23] intentionally omitted <==

© H A N S E N

OPERATIONAL HIGHLIGHTS

Signed a transformative $50m five-year agreement with VMO2 , a Joint Venture between Telefónica and Liberty Global

Supported Å Entelios , one of the Nordics largest B2B retailers, in its expansion into the Danish market

Strategic investment of $2.2m for a 30% stake in Dial AI to develop and distribute AI solutions for existing and new customers

New wins including City of Kingsport who selected Hansen to modernise their water-billing and customer-engagement experience

Awarded the EcoVadis "Committed" badge reflecting our dedication to achieving our sustainability goals

Since acquiring powercloud , we’ve streamlined operations and reduced its overall cost base

==> picture [114 x 23] intentionally omitted <==

6

© H A N S E N

1H25 FINANCIAL SUMMARY

Revenue & Earnings

Revenue & Earnings Financial & Capital Forecast to significantly accelerate in Short-term impact of powercloud the 2[nd] Half turnaround $178.0m + 6.1% v 1H24 $10.4m $30.4m 1H24 Operating Revenue Operating Cash Flow $38.1m - 26.9% v 1H24 ($5.8m) $18.3m 1H24 Underlying EBITDA[1] Free Cash Flow 21.4% Underlying EBITDA Margin - 37.0% v 1H24 0.5x 0.1x 1H24 $29.1m Cash EBITDA[2] Leverage Ratio 16.3% Underlying Cash EBITDA Margin

==> picture [62 x 62] intentionally omitted <==

Shareholders Returns

~18% share price increase across 1H25

6.19¢ - 53.4% v 1H24 Basic EPSa[3] 5¢ In line with 1H24 Dividend Per Share 81.0% 37.8% 1H24 Dividend payout ratio[4]

Notes:

• Amounts shown on a reported basis unless otherwise stated

• Underlying EBITDA excludes ($6.5m) of non-recurring items

• Cash EBITDA is Underlying EBITDA less Capitalised development costs

• Basic EPSa, based on NPATA

• Dividend payout ration based on NPATA

==> picture [114 x 23] intentionally omitted <==

7

© H A N S E N

==> picture [114 x 23] intentionally omitted <==

© H A N S E N

EXPECTATIONS FOR A STRONG FULL YEAR

Operating Revenue ($m)

==> picture [399 x 341] intentionally omitted <==

----- Start of picture text -----

Operating Revenue up
6.1% vs 1H24. The
21.0 Group’s revenue is
expected to be
significantly stronger in
2H25 driven by the timing
of upgrade works and
licence fees
1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25^
Underlying NPATa [[1]] ($m)
Services and licences
revenue was delayed to
the 2H25 and the loss-
making performance of
powercloud (with no tax
losses recognised in the
half) resulted in a low
1H25 result
1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25^
162.7 167.7 185.4 178.0 2H25 Guidance
142.2 144.5 148.9 147.6 149.1
18.3
29.6 31.8 31.6
25.2 26.4 24.0 27.0
2H25 Indicative
12.7 12.6
----- End of picture text -----

Underlying NPATa[[1]] ($m)

Notes:

Amounts shown on a reported basis unless otherwise stated

• Includes Telefónica Germany

• ^ Based on FY25 Guidance Midpoint

1 Net profit after tax excluding tax effected amortisation of acquired intangibles and non-recurring items

• 2 Cash EBITDA is Underlying EBITDA less Capitalised development costs

==> picture [426 x 464] intentionally omitted <==

----- Start of picture text -----

Underlying EBITDA ($m)
Underlying EBITDA down
26.9% vs 1H24 driven by:
• Lower licence fees vs
strong 1H24
•
Upgrade delays shifting
revenue to 2H25
• 2H margins to be
particularly strong
1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25^
Cash EBITDA [2] ($m)
Cash EBITDA reflects the
movement in Underlying
EBITDA. The Group
continues to invest
significantly in R&D and
2H25 profitability is
expected to be very
strong
1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25^
N
21.0
52.3 54.3 54.5 52.1
46.9 46.0 45.0
40.3 38.1 2H25 Guidance
21.0
45.5 41.6 47.4 43.3 46.2
37.3 35.0 30.8 29.1 2H25 Guidance
----- End of picture text -----

9

© H A N S E N

WELL DIVERSIFIED REVENUE ACROSS VERTICALS AND REGIONS

Revenue Diversity

==> picture [386 x 134] intentionally omitted <==

----- Start of picture text -----

Customer 1
8%
Customer 2
22%
Customer 3 6%
Customer 4
Customer 5 5%
Customer 6
14% 63% 4%
65% Customer 7
3%
Customer 8
3%
Customer 9 3%
Customer 10 2%
2%
Other Customers 2%
AMERICAS APAC EMEA
----- End of picture text -----

Support & Application Revenue ($m)

==> picture [420 x 131] intentionally omitted <==

----- Start of picture text -----

• Highly predictable and
29.5 repeatable revenue sources
32.1 32.1 29.1 24.1 26.7 27.6 26.9 29.7 27.6 28.2 34.4 31.9 26.4 23.0 • Support revenue recognised evenly over the contracted
22.2 25.9 26.1 term
71.6 72.6 73.3 82.4 81.8 87.4 85.1 91.5 111.3 • Application revenue is fees received for configuration,
implementation and
customisation
1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25
EMEA APAC AMERICAS
----- End of picture text -----

==> picture [444 x 362] intentionally omitted <==

----- Start of picture text -----

Revenue by Vertical ($m)
VERTICAL 1H24 1H25 Movement
Energy & Utilities 97.7 105.5 8.0%
AMERICAS 21.1 21.2 0.5%
41% APAC 31.2 20.3 (34.9%)
EMEA 45.4 64.0 41.0%
59% Communications & Media 70.0 72.5 3.6%
AMERICAS 12.6 17.5 38.9%
APAC 6.0 4.0 (33.3%)
EMEA 51.4 51.0 (0.8%)
Total 167.7 178.0 6.1%
Energy & Utilities
Communications & Media
Licence Revenue ($m)
• We tailor our contracts to
suit our customers' needs
• Impacted by IFRS 15
accounting standards
20.0 17.1 19.6 16.7 • Certain contracts require
15.7 upfront recognition for
13.1 13.4 12.2 13.2 licences
• Average renewal 3-5 years
1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25
----- End of picture text -----

==> picture [114 x 23] intentionally omitted <==

10

© H A N S E N

REVENUE BY VERTICAL

Energy & Utilities ($m) $105.5m 1H25 Operating Revenue

==> picture [387 x 163] intentionally omitted <==

----- Start of picture text -----

23.9 21.2
21.1
21.0 20.3
19.0 15.8 15.2 14.4 18.7 21.9
31.2
23.3
18.0 21.9 22.6 22.6 23.7
60.6 64.0
39.8 34.8 36.1 38.2 36.9 41.1 45.4
1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25
EMEA APAC Americas
----- End of picture text -----

• The Energy & Utilities sector is transforming, unlocking organic growth opportunities, including in our newly acquired powercloud business in Germany

• Hansen’s software enables utilities to integrate renewables, smart grids, EV charging, and efficiency programs while ensuring compliance and automating energy management

• Tailored solutions for these technologies open new potential revenue streams as utilities expand services

Communications & Media ($m)

$72.5m 1H25 Operating Revenue

==> picture [387 x 179] intentionally omitted <==

----- Start of picture text -----

22.8
15.5
15.8
5.8
23.1 15.1 15.4 12.6 5.6 17.5
5.5
19.6 5.9 4.8 6.0 4.0
4.8
5.7 64.4
56.0 57.9
47.1 51.4 49.6 51.4 51.0
40.1
1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25
EMEA APAC Americas
----- End of picture text -----

• The demand for legacy system upgrades is accelerating, creating growth opportunities

• Hansen’s Communications Suite is recognised as best in class by TM Forum, reinforcing our leadership in the industry

• Our recent VMO2 win highlights our expertise, and we continue engaging with leading communications companies to support their evolving needs

==> picture [114 x 23] intentionally omitted <==

11

© H A N S E N

SIGNIFICANT CASH INFLOWS EXPECTED DURING 2H25

==> picture [701 x 292] intentionally omitted <==

----- Start of picture text -----

Group Cash Flow ($m)
($5.8m) – Free Cash Flow
Operating Activities
Investing Activities
(166.0)
184.6
Financing Activities
(8.2)
1.4
(12.6) (3.6) (0.2)
46.0 (9.4) 32.0
Opening Cash Receipts Payments to Net Investing Lease Debt Dividends FX Closing Cash
Balance from suppliers Interest Activities liabilities movements paid Balance
customers and & tax & Other
employees
----- End of picture text -----

• The Group currently has ~$44m of accrued income from a variety of factors

• There is a build-up of working capital due to several large projects including the new contract with SSE which was announced in June 2024

• Reinvesting in our products • $9.0m of capitalised R&D with more expensed refining our core products

Returning funds to share holders

• Reflecting the Group’s optimism for FY25 $9.4m paid out as a dividend to shareholders

Dial AI Investment

• The Group purchased 30% of Dial AI for $2.2m

powercloud restructure

• During 1H25 the Group funded ~$13m in the powercloud business with ~$6.5m recognised as nonrecurring items

• There is also IFRS15 related accrued income totalling ~$20m that unwinds over several years

==> picture [114 x 23] intentionally omitted <==

12

© H A N S E N

==> picture [114 x 23] intentionally omitted <==

© H A N S E N

POWERCLOUD UPDATE

Now cash generative and expected to deliver positive Underlying EBITDA for FY25

Anticipating revenue growth from FY26 as the German energy market transitions, beginning with smart meter roll out

Significant investment behind the core product (RCS) for a major release in the coming months

Continued investment in Management, reinforced with Hansen Executive support

Continued focus on existing customers in the German market Focused on product enhancement to support customers in the rapidly changing German market

==> picture [114 x 23] intentionally omitted <==

14

© H A N S E N

FURTHER INVESTMENT IN AI CUSTOMER SOLUTIONS INVESTED CAD $2M(~A$2.2M) FOR 30% STAKE IN DIAL AI

Product Overview

• The AI Virtual Agent, is designed for call centre optimisation

• It seamlessly integrates with back-end systems to enable the management of hundreds of simultaneous interactions, delivering 24/7 omnichannel support

• With real-time monitoring, it enhances efficiency, customer satisfaction, and operational consistency while reducing wait times

==> picture [134 x 51] intentionally omitted <==

==> picture [207 x 44] intentionally omitted <==

==> picture [201 x 209] intentionally omitted <==

Benefits – Game Changing

• Transforms customer interactions with lightning-fast responses, effortless scalability, and round-the-clock support

• Empowers customer service agents by handling routine queries while understanding sentiment

• Seamless communication across channels and languages

• With AI-driven intelligence, it delivers smooth, personalised experiences while maintaining reliability, security, and a human touch where it matters most

Strategic collaboration to enhance, integrate and globally distribute Generative AI solutions as part of Hansen’s end-to-end offering

==> picture [114 x 23] intentionally omitted <==

15

© H A N S E N

==> picture [114 x 23] intentionally omitted <==

© H A N S E N

==> picture [287 x 540] intentionally omitted <==

STRONG GROWTH INDICATORS FOR FY25 AND BEYOND

Energy & Utilities: Demand for sophisticated billing and support continues to grow as energy retailers grapple with the complexities of monetising distributed energy solutions, like solar panels, batteries and EV chargers and this means growth potential for Hansen as each new solution creates a new billable meter point

Communications & Media: As many Tier 1 communication companies increasingly contend with complex legacy systems that impact speed to market and cost to serve, more and more are seeking best in breed software to improve their customer support and overall offering, this results in more RFPs in market and, with Hansen’s market leading software and recent success with Telefónica Germany and VMO2 UK, we anticipate winning further upgrades and new logos

powercloud: Germany the third largest global economy is on the cusp of an energy transition where energy retailers will need to advance their systems to manage the new paradigm. This will bring more retailers to market as they will increasingly require upgrades to their billing systems

AI & Product Development: Advancing from basic chatbots to generative AI presents a major opportunity for Hansen to enhance customer service, compliance, and efficiency. By leveraging AIdriven automation, we have commenced streamlining workflows, reducing costs, and delivering more intuitive, scalable solutions, reinforcing our commitment to innovation and customer value

M&A: Hansen has a strong track record of M&A including acquisition and successful integration and continues to assess the market for ideal new opportunities

==> picture [114 x 23] intentionally omitted <==

© H A N S E N

FY25 GUIDANCE REAFFIRMED

==> picture [290 x 40] intentionally omitted <==

----- Start of picture text -----

FY25 Operating Revenue
----- End of picture text -----

$398m - $405m 5% - 7% FY25 Growth vs FY24 including annualised powercloud revenue of $44.2m

• It is anticipated that the Group’s 2H25 will be significantly stronger than 1H25 due to:

• new logo implementations

• customer upgrades

FY25 Underlying EBITDA

• the signing of the VMO2 contract

$92m - $101m Underlying EBITDA Margin 23 - 25%

FY25 Cash EBITDA^

• The unaudited January 2025 monthly results have been finalised and January YTD Operating revenue was $230m with Underlying EBITDA of $67m

• The FX impact year-to-date through January 2025 is immaterial

$76m – $85m

Cash EBITDA Margin 19 - 21%

• Hansen is expected to experience tailwinds due to industry demand across both verticals

^ Cash EBITDA is Underlying EBITDA less capitalised development costs

==> picture [114 x 23] intentionally omitted <==

18

© H A N S E N

==> picture [310 x 540] intentionally omitted <==

Q & A

==> picture [114 x 23] intentionally omitted <==

19

© H A N S E N

==> picture [114 x 23] intentionally omitted <==

© H A N S E N

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE HALF-YEAR ENDED 31 DECEMBER 2024

FOR THE HALF-YEAR ENDED 31 DECEMBER 2024
	Dec-24	Dec-23
	$'000	$'000
Operating revenue from contracts with customers	177,964	167,743
Finance Income	366	195
Other income	611	510
Total revenue from contracts with customers and other income	178,941	168,448
Employee benefit expenses	(109,398)	(93,531)
Amortisation expense	(19,726)	(16,552)
Depreciation expense Property and operating rental expenses Contractor and consultant expenses Software licence expenses	(6,229) (1,741) (2,306) (3,333)	(6,647) (1,491) (2,144) (1,519)
Hardware and software expenses	(17,218)	(11,943)
Travel expenses Communication expenses	(1,673) (849)	(1,478) (916)
Professional expenses	(4,586)	(3,174)
Finance costs on borrowings	(2,182)	(1,680)
Finance costs on lease liabilities	(709)	(457)
Foreign exchange losses	(79)	(145)
Other expenses Share of net loss of associate	(5,827) (34)	(3,228) -
Total expenses	(175,890)	(144,905)
Profit before income tax expense	3,051	23,543
Income tax expense	(2,981)	(5,922)
Netprofit after income tax expense for the half-year(NPAT)	70	17,621
Other comprehensive income/(expense) Items that may be reclassified subsequently to profit and loss Exchange differences on translation of foreign operations Other comprehensive income/(expense)for the half-year,net of tax Total comprehensive income for the half-year	13,808 13,808 13,878	(3,686) (3,686) 13,935
Basic earnings (cents) per share attributable to ordinary equity holders of the Company Diluted earnings (cents) per share attributable to ordinary equity holders of the Company	0.03 0.03	8.68 8.56

RECONCILIATION OF UNDERLYING EBITDA AND NPATA

FOR THE HALF-YEAR ENDED 31 DECEMBER 2024

RECONCILIATION OF UNDERLYING EBITDA AND NPATA FOR THE HALF-YEAR ENDED 31 DECEMBER 2024	RECONCILIATION OF UNDERLYING EBITDA AND NPATA FOR THE HALF-YEAR ENDED 31 DECEMBER 2024
Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA)1- Reconciliation
	Dec-24	Dec-23
	$'000	$'000
Profit before income tax expense	3,051	23,543
Add back
Amortisation expense	19,726	16,552
Depreciation expense	6,229	6,647
Finance costs on borrowings	2,182	1,680
Finance costs on lease liabilities	709	457
Finance income	(366)	(195)
Foreignexchangelosses / (gains)	79	145
EBITDA1	31,610	48,829
Add back
Separately discloseditems	6,501	3,274
Underlying EBITDA2	38,111	52,103
Less
Capitalised development costs	8,967	5,947
Cash EBITDA3	29,144	46,156

1 EBITDA is a non-IFRS term, defined as earnings before interest, tax, depreciation and amortisation, excluding net foreign exchange gains/(losses) and loss on investments in associate.

• 2 Underlying EBITDA, exclude separately disclosed items, which represent the one-off costs during the period. Further details of the separately disclosed items are outlined in Note 3 to the Financial Report which can be found on the Company’s web site.

• 3 Cash EBITDA is Underlying EBITDA less Capitalised development costs

Underlying net profit after tax before acquired amortisation, net of tax (NPATA[1] ) - Reconciliation

Netprofit after income tax expense for the half-year(NPAT)	70	17,621
Less
Tax effect of separately disclosed items	(1,950)	(833)
Separately disclosed items	6,501	3,274
Underlying net profit after income tax expense for the half-year (Underlying NPAT)2	4,621	20,062
Less
Less acquired amortisation,net oftax	7,977	6,911
Underlying net profit after income tax before acquired amortisation, net of tax (Underlying NPATA)1	12,598	26,973

• 1 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.

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

These statements should be read in conjunction with Hansen's financial reports and market releases on ASX

Includes certain financial information not recognised under IFRS which Hansen considers useful to assist in evaluating Hansen’s performance – however, such information has not been subject to audit or review in accordance with Australian Auditing Standards

==> picture [114 x 23] intentionally omitted <==

21

© H A N S E N

AS AT 31 DECEMBER 2024

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2024

	Dec-24	Jun-24
	$'000	$'000
Current assets
Cash and cash equivalents	31,997	46,021
Receivables	65,087	62,829
Accrued revenue	43,976	36,508
Othercurrent assets	8,932	7,640
Total current assets	149,992	152,998
Non-current assets
Investments accounted for using the equity method	2,194	-
Plant, equipment & leasehold improvements	12,826	15,710
Intangible assets1	376,796	372,124
Right-of-use assets	17,834	16,385
Deferred tax assets	8,377	7,013
Other non-current assets	1,345	1,317
Total non-current assets	419,372	412,549
Total assets	569,364	565,547
Current liabilities
Payables	29,358	31,534
Lease liabilities	4,937	4,889
Current tax payable	3,440	3,727
Provisions	27,566	30,208
Unearned revenue1	40,566	37,940
Total current liabilities	105,867	108,298
Non-current liabilities
Deferred tax liabilities1	32,525	32,920
Borrowings	72,241	70,221
Lease liabilities	15,268	14,240
Provisions	242	915
Unearned revenue	958	1,808
Total non-current liabilities	121,234	120,104
Total liabilities	227,101	228,402
Net assets	342,263	337,145
Equity
Share capital	151,368	150,599
Foreign currency translation reserve	15,515	1,707
Share-based payment reserve	14,086	13,440
Retained earnings	161,294	171,399
Total equity	342,263	337,145

1 Certain balances have been restated in accordance with the accounting for business combination following the finalisation of acquisition accounting associated with powercloud. Refer to Note 10 to the Financial Report which can be found on the Company’s web site.

	Dec-24	Dec-23
	$'000	$'000
Cash flows from operating activities
Receipts from customers	184,639	183,019
Payments to suppliers and employees	(165,988)	(141,837)
Interest received	366	195
Finance costs on borrowings	(2,035)	(1,527)
Finance costs on lease liabilities	(709)	(457)
Income tax paid	(5,913)	(9,039)
Net cash from operatingactivities	10,360	30,354
Cash flows from investing activities
Payments for investment in associate	(2,184)	-
Payments for plant, equipment and leasehold improvements	(1,405)	(2,543)
Payment for capitalised development costs	(8,967)	(5,947)
Net cash used in investingactivities	(12,556)	(8,490)
Cash flows from financing activities
Dividends paid, net of dividend re-investment	(9,407)	(9,337)
Payment of loan refinancing fees	(210)	-
Repayment of borrowings	-	(16,599)
Repayment of lease liabilities	(3,624)	(3,577)
Net cash used in financingactivities	(13,241)	(29,513)
Net increase in cash and cash equivalents	(15,437)	(7,649)
Cash and cash equivalents at beginning of the half-year	46,021	54,279
Effects of exchange rate changes on cash and cash equivalents	1,413	(1,520)
Cash and cash equivalents at end of the half-year	31,997	45,110

These statements should be read in conjunction with Hansen's financial reports and market releases on ASX

Includes certain financial information not recognised under IFRS which Hansen considers useful to assist in evaluating Hansen’s performance – however, such information has not been subject to audit or review in accordance with Australian Auditing Standards

==> picture [114 x 23] intentionally omitted <==

22

© H A N S E N

==> picture [158 x 66] intentionally omitted <==

==> picture [115 x 65] intentionally omitted <==

© H A N S E N