Announcement PDF 20 November 2024 ASX RELEASE FY25 Half Year Results Plenti Group Limited (ASX:PLT) provides the attached FY25 Half Year Results (incorporating Appendix 4D). Authorised for release by the Board of Plenti Group Limited. For more information please contact: Adam Bennett Chief Executive Officer shareholders@plenti.com.au Miles Drury Chief Financial Officer shareholders@plenti.com.au About Plenti Plenti is a fintech lender. We provide faster, fairer loans by leveraging our smart technology. We offer award-winning automotive, renewable energy and personal loans, delivered by our proprietary technology, to help creditworthy borrowers bring their big ideas to life. Since our establishment in 2014, our loan originations have grown consistently, supported by diversified loan products, distribution channels and funding, and underpinned by our exceptional credit performance and continual innovation. For more information visit plenti.com.au/shareholders. Plenti 1 Plenti Group Limited Appendix 4D - Half-year report Company details Name of entity: ABN: Reporting period: Previous period: Plenti Group Limited 11 643 435 492 For the half-year ended 30 September 2024 For the half-year ended 30 September 2023 Results for announcement to the market $'000 Revenues from ordinary activities up 28.4% to 124,250 Profit from ordinary activities after tax attributable to the owners of Plenti Group Limited up 48.9% to 935 Profit for the half-year attributable to the owners of Plenti Group Limited up 48.9% to 935 Dividends There were no dividends paid, recommended or declared during the half-year ended 30 September 2024. Comments The profit for the Group after providing for income tax amounted to $935,000 (30 September 2023: $628,000) an increase of $307,000 on the prior comparative period. Net tangible assets Net tangible assets per ordinary security Reporting period Cents Previous period Cents 11.13 15.18 The reduction in net tangible assets per ordinary security was primarily driven by a decrease in net assets due to unrealised movements in mark-to-market value of derivative assets and liabilities at the end of the period. Excluding the impact of derivative assets and liabilities, the net tangible assets per ordinary security would have increased in the period to 14.15 cents from 10.61 cents in the previous period. Control gained over entities None during the period. Loss of control over entities None during the period. plenti.com.au Details of associates and joint venture entities Not applicable. Audit review The financial statements were subject to a review by the auditors and the review report is included as part of the 30 September 2024 interim financial report. Other information This information should be read in conjunction with Plenti's 2024 Annual Report. plenti.com.au Plenti Group Limited Interim Report - 30 September 2024 ABN 11 643 435 492 plenti.com.au Contents Corporate directory 3 Directors' report 4 Auditor's independence declaration 14 Statement of profit or loss and other comprehensive income 15 Statement of financial position 17 Statement of changes in equity 18 Statement of cash flows 19 Notes to the financial statements 20 Directors' declaration 32 Independent auditor's review report to the members of Plenti Group Limited 33 General information The financial statements cover Plenti Group Limited as a group consisting of Plenti Group Limited and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Plenti Group Limited's functional and presentation currency. Plenti Group Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Level 5 14 Martin Place Sydney NSW 2000 A description of the nature of the consolidated entity's operations and its principal activities is included in the Directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of directors, on 20 November 2024. Plenti Group Limited ABN 11 643 435 492 2 Corporate directory Directors Mary Ploughman (Chairman) Peter Behrens Stephen Benton Daniel Foggo Susan Forrester AM Company secretary Georgina Koch Registered office and principal place of business Level 5 14 Martin Place Sydney NSW 2000 Share register Automic Pty Limited Level 5 126 Phillip Street Sydney NSW 2000 Auditor Grant Thornton Audit Pty Ltd Grosvenor Place, Level 26 225 George Street Sydney NSW 2000 Stock exchange listing Plenti Group Limited shares are listed on the Australian Securities Exchange (ASX code: PLT) Website www.plenti.com.au Corporate Governance Statement www.plenti.com.au/corporate-governance Plenti Group Limited ABN 11 643 435 492 3 Directors' report The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Plenti Group Limited (referred to hereafter as the 'Company', 'Plenti' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 30 September 2024. Directors The following persons were directors of Plenti during the financial half-year and up to the date of this report, unless otherwise stated: • • • • • Mary Ploughman (Chairman) Peter Behrens Stephen Benton Daniel Foggo Susan Forrester AM Principal activities Plenti is a fintech lending and investment business which provides faster, fairer loans through leveraging its innovative technology. Plenti provides automotive, renewable energy and personal loans, and is focused on borrowers with a strong credit profile. Additionally, Plenti seeks to provide retail investors with attractive, stable returns by investing in loans via its innovative lending marketplace. Plenti operates solely in Australia. During the financial half-year, the principal activities continued to be the provision of automotive, renewable energy and personal loans, the operation of schemes to facilitate investment opportunities for investors (through the Plenti Lending Platform and Plenti Wholesale Lending Platform) and the funding of loans via the Group's warehouse and ABS securitisation programs. Dividends There were no dividends paid, recommended or declared during the current or previous financial half-year. Review of operations Plenti achieved strong operational and financial results for the half including: • • • • • • • • Delivered record half-year Cash NPAT of $5.5 million, up 260% on the prior comparative period (pcp) Grew closing loan portfolio to $2.28 billion, up 14% on pcp with the average loan portfolio of $2.20 billion up 17% on pcp Delivered loan originations of $627 million, slightly up on pcp, with Plenti originations since business inception now exceeding $5 billion Increased total revenue to $124 million, up 28% on pcp Completed core build and integration work for the ''NAB powered by Plenti'' car loan and commenced making the product available to NAB personal banking customers Demonstrated ongoing strength in credit performance with net realised losses of 1.11% and period end 90+ day arrears at 50bps Completed an automotive asset-backed securities (ABS) issuance for $458 million to take total Plenti ABS issuance to over $2.5 billion Secured up to $60 million in discounted renewable energy funding from the Clean Energy Finance Corporation under its $1 billion Household Energy Upgrade Fund Plenti Group Limited ABN 11 643 435 492 4 It is noted that loan originations and loan portfolio values referred to in the Directors' report include the value of loans in respect of the NAB Powered by Plenti (NPBP) car loan. The inclusion reflects the fact that although the NPBP loans are not funded on Plenti's balance sheet, they have a comparable impact on the Group's profitability as loans funded on the Group's balance sheet and are therefore relevant to understanding financial performance of the Group. NPBP loans are not included in balance sheet values in the Group's financial statements. For the half-year ended 30 September 2024, the Group reported Cash NPAT, the Group's preferred measure of earnings, of $5,479,000 (2023: $1,522,000). On a statutory basis, the Group reported net profit after tax of $935,000 (2023: $628,000), a $307,000 increase on the pcp. Earnings per share (EPS) were 0.53 cents on a statutory basis, a 0.16 cents increase on pcp, for which EPS was 0.37 cents. The improved statutory profit was a result of the significant increase in Cash NPAT and lower ECL expense offset by an income tax expense of $4,216,000 (2023: income tax benefit of $3,151,000). The income tax expense mainly resulted from an unwind in income tax benefits on unrealised hedging gains which reduced in value at period end against the prior period. Income tax expense relating to hedging gains and losses are excluded from the Cash NPAT result. The table below sets out the financial results for the half-year compared to the pcp. September 2024 $'000 September 2023 $'000 Change $'000 Interest revenue 121,870 95,929 25,941 27% Other income 2,380 852 1,528 179% Total revenue before transaction costs 124,250 96,781 27,469 28% Transaction costs (12,623) (11,004) (1,619) 15% Loan funding costs (63,203) (47,336) (15,867) 34% (64) (165) 101 (61%) Loan impairment expense Realised impairment losses ECL movement (12,229) 1,737 (9,340) (1,345) (2,889) 3,082 31% (229%) Sales and marketing expense (7,149) (6,947) (202) 3% Product development expense (6,967) (6,002) (965) 16% General and administrative expense Operations Business overhead (7,948) (8,101) (7,008) (7,878) (940) (223) 13% 3% Corporate funding costs (1,765) (1,513) (252) 17% Depreciation and amortisation (787) (766) (21) 3% (119,099) (99,304) (19,795) 20% 5,151 (2,523) 7,674 (304%) (4,216) 3,151 (7,367) (234%) 935 628 307 49% 5,479 1,522 3,957 260% Expense passed to unitholders Total expenses Net profit before income tax expense Income tax benefit/(expense) Net profit after income tax expense Cash NPAT Change % Notes: 1. A reconciliation of the Net profit after income tax expense to Cash NPAT is set out on page 12. Plenti Group Limited ABN 11 643 435 492 5 Total revenue before transaction costs increased 28% in the half-year, with interest revenue growing 27% on pcp. Interest revenue growth was driven by the increase in the Group's loan portfolio and customer interest rates. The average loan portfolio for the period increased 17% whilst the average interest yield increased 9%. Other income increased primarily due to payments received in relation to the NAB partnership. Transaction costs, which recognise amortisation of commissions paid on loan originations, increased 15% to $12.6 million. The increase reflects continued growth in the loan portfolio. Loan funding costs increased by 34% as a result of higher borrowings to fund loan portfolio growth as well as the rise in market interest rates. Average funding debt increased 17% whilst the average funding rate increased 16% on the pcp. Realised impairment losses increased 31% due to the larger loan portfolio and due to the annualised loss rate for the half of 1.11% increasing moderately on the pcp value of 0.99%. Sales and marketing expense increased 3% to $7.1 million, reflecting salary increases with overall marketing spend broadly stable on pcp. Product development expense increased 16% to $7.0 million as Plenti continued to invest in its technology platform and technology team. General and administrative (operations) expenses increased 13% driven by the cost of supporting a larger loan portfolio. General and administrative (business overheads) increased 3%. Corporate funding costs includes the interest expense paid/payable on Group corporate borrowings and interest expense on the Group's leased assets under AASB 16. Corporate funding costs have increased 16%, driven by an increase in average corporate debt against the pcp and higher market interest rates. Of the income tax expense in the period, $4.0 million reflects the reversal of recognition of some of the Group's carried-forward tax losses that were recognised as an offset to a deferred tax liability on interest rate swap hedging gains that are hedge accounted for in other comprehensive income (i.e. the hedging gains or losses are not reflected in net loss before income tax). As noted in prior years, this is a timing difference which can increase or decrease at different points over the life of the swaps depending on the direction of market interest rates, but should net to close to zero over the life of the relevant interest rate hedge. Also included in income tax expense is $0.2 million related to the Provision Fund which is not part of the tax consolidated group and therefore cannot utilise the Group's carried forward tax losses to offset its taxable income. September 2024 September 2023 Change % 626,737 624,054 0% Loan portfolio (half-year end) ($'000) 2,278,360 1,992,368 14% Loan portfolio (average) ($'000) 2,202,228 1,885,511 17% Number of originations 25,551 24,265 5% Average value of loan originations 24,529 25,718 (5%) Average monthly amortisation rate (%) 3.7 3.5 6% Average term of originations (months) 63.8 64.4 (1%) Loan originations and portfolio Originations ($'000) The Group delivered loan originations of $627 million for the half-year, which was up slightly on pcp. Loan originations in 1Q25 were $303 million, down 9% on pcp, impacted by lower commercial automotive volumes in June which in the prior year had been very strong due to tax concession changes at the end of the period. Loan originations in 2Q25 were $323 million, up 11% on pcp, as the Group delivered solid growth across all channels in the quarter. The number of loans originated increased 5% with an offsetting decrease in the average value of new loans. This reflected a shift in origination mix towards Renewable energy loans which have a lower average loan balance. Plenti Group Limited ABN 11 643 435 492 6 The loan portfolio grew to $2,279 million at 30 September 2024, representing a 14% increase on pcp. The average loan amortisation rate (rate at which loans pay back) increased to 3.7% while the average term of new loans originated remained steady at 64 months. September 2024 September 2023 Change % Automotive loan originations ($'000) 320,577 327,642 (2%) Renewable loan originations ($'000) 87,787 76,264 15% Personal loan originations ($'000) 218,373 220,148 (1%) Loan origination by channel Automotive loan originations decreased 2% on pcp. As noted above, commercial automotive originations were very strong in the prior year due to the instant asset write-off tax threshold for eligible businesses being reduced from $150,000 to $20,000 at 30 June 2023. This resulted in a very strong month for commercial automotive lending in June 2023 as businesses sought to take advantage of the tax benefit before it was reduced. Automotive originations in 2Q25 grew 9% on pcp, supported by an innovative subvention campaign with Tesla. Renewable energy finance originations grew 15% on pcp. This was supported by Plenti securing up to $60 million in discounted renewable energy funding from the Clean Energy Finance Corporation under its $1 billion Household Energy Upgrades Fund. Plenti's differentiated strategy focused on driving home battery uptake, including through its market-leading GreenConnect offering continues to support originations growth. Personal loan originations decreased 1% on pcp as the Group retained a more restrictive position in relation to credit on unsecured lending. September 2024 September 2023 Average interest rate (%) 11.1 10.2 Average funding rate (%) 5.7 4.9 Net interest margin (%) 5.3 5.2 Transaction cost/average loan portfolio (%) 1.1 1.2 Funding debt (half-year end) ($'000) 2,297,202 2,024,996 Funding debt (average) ($'000) 2,235,048 1,916,544 Product margin and funding costs Interest revenue in the Group's financial statements represents interest and origination fees on loans funded by Plenti, treated under the effective interest rate method, as well as interest on cash deposits. The average interest rate is calculated by dividing interest revenue by the average loan portfolio for the half-year. The average interest rate increased to 11.1% in the half-year, driven by the increase in customer rates on new loan originations as the Group responded to higher funder costs. Average funding costs increased to 5.7% up from 4.9% in the prior comparative period. Net interest margin increased slightly from 5.2% to 5.3%. The increase was due to a change in the effective life assumption for effective interest rate accounting increasing the rate of recognition of deferred upfront fees, as well as the Group's focus on maintaining appropriate profitability for new loans originated. Transaction costs as a percentage of the loan portfolio were marginally down on the prior half from 1.2% to 1.1% with the actual change only 0.02% (headline variance due to rounding). Plenti Group Limited ABN 11 643 435 492 7 September 2024 September 2023 Loan impairment - net charge off ($'000) 12,229 9,340 Loan impairment - provision movement ($'000) (1,737) 1,345 Provision rate (%) 2.0 1.8 Net charge off to interest revenue (%) 10.0 9.7 Net charge off to average loan portfolio (%) 1.11 0.99 Credit performance The net charge off to average loan portfolio increased from 0.99% in the prior half to 1.11% in the current period. The current loss rate, however, is consistent with expectations for portfolio credit performance in normal economic conditions. A sale of certain defaulted or written-off receivables, which supported credit loss recoveries, was completed in both the current and prior comparable period. The Group's expected credit loss (ECL) provision at 30 September 2024 was $45.4 million, representing 2.0% of the total loan portfolio. This compares with $35.6 million, or 1.8% of the loan portfolio at 30 September 2023. The increase in the value of the ECL reflects growth in the loan portfolio as well as the increased provision rate driven by the expected structural deterioration in credit performance against pcp. While arrears have increased at 30 September 2024 against the prior year, the improvement in arrears from the seasonal high at 31 March 2024 was more significant than management had anticipated, reflecting a stronger credit environment than had been expected. Operating metrics 2024 2023 Overall cost-to-income ratio1 24.3% 28.8% Sales and marketing expense to revenue ratio 5.8% 7.2% Product development expense to revenue ratio 5.6% 6.2% General and administrative expense to revenue ratio 12.9% 15.4% Overall cost-to-originations ratio 4.8% 4.5% The cost-to-income ratio is calculated as the sum of Sales and marketing, Product development and General and administrative expense divided by Total revenue before transaction costs. 1 Plenti's total operating cost-to-income ratio, decreased to 24.3% in the half-year, from 28.8% in the pcp. The reduction was driven by increased revenue which grew 28% during the period while operating costs only increased by 8%. The increase in operating costs of 8% contrasted with 17% growth in the average loan portfolio with the Group continuing to achieve operational leverage. Sales and marketing expense increased to $7.1 million in the half-year from $6.9 million in the pcp. The increase was primarily driven by increased personnel costs due to annual salary increases at the start of each year. Marketing costs remained flat with increases in digital acquisition spend of $0.2 million being offset by a reduction in other marketing costs with the Group bringing website development in-house within the Group's technology team. Product development expense increased to $7.0 million, an increase of 16% on the pcp. This was mainly driven by personnel costs due to salary increases at the start of the year and additions to headcount in the product and technology teams. Server hosting and IT subscription costs also increased due to a greater volume of data being stored as well as enhanced use of software tools for data analytics and reporting. General and administrative expense (G&A) increased to $16.0 million. Within this, G&A (operations) increased 13% to $7.9 million. This expense line includes loan origination processing, underwriting, settlement and ongoing loan servicing and therefore increases according to loan origination and portfolio growth. G&A (business overheads) increased 3% to $8.1 million with higher salary costs being offset by lower share-based payments expenses. The G&A (business overheads) expense line includes support functions and the executive team. The cost-to-origination ratio increased slightly to 4.8%, reflecting broadly stable originations on the prior period and a higher cost base from managing a materially larger loan portfolio. Plenti Group Limited ABN 11 643 435 492 8 September 2024 $'000 March 2024 $'000 Change $'000 Change % Cash and cash equivalents 149,699 148,866 833 1% Customer loans 2,193,617 2,061,827 131,790 6% Derivative assets 5,883 12,769 (6,886) (54%) Other assets 32,181 35,140 (2,959) (8%) Total assets 2,381,380 2,258,602 122,778 5% 4,068 5,339 (1,271) (24%) 2,312,591 2,184,992 127,599 6% Derivative liabilities 11,187 4,790 6,397 134% Other liabilities 34,122 37,161 (3,039) (8%) Total liabilities 2,361,968 2,232,282 129,686 6% 19,412 26,320 (6,908) (26%) Balance sheet Assets Liabilities Trade payables Borrowings Net assets Cash and cash equivalents of $149.7 million is comprised of three components. Corporate cash of $41.5 million (31 March 2024: $44.8 million), Provision Fund cash of $10.2 million (31 March 2024: $12.6 million) and $97.9 million (31 March 2024: $91.4 million) held in the warehouse and ABS facilities, the Plenti Lending Platform and the Plenti Wholesale Lending Platform. Customer loans increased 6% from 31 March 2024, Gross customer loans increased by net $137 million to $2.28 billion at the half year end, with the value of deferred upfront fees of $36.9 million and the ECL provision value of $45.4 million being the items netted-off the value of gross customer loans on the balance sheet. Of the gross loan value, $1,305 million (31 March 2024: $1,223 million) related to automotive loans, $670 million (31 March 2024: $643 million) related to personal loans and $304 million (31 March 2024: $273 million) were renewable energy loans. Derivative assets relate to interest rate swaps held by the Group that have a positive mark-to-market value. The value of derivative assets decreased by $6.9 million in the period to $5.9 million. The decrease in the value of derivative assets compared to 31 March 2024 position was due to interest rate swap rates decreasing, reducing the mark-tomarket value of in-the-money interest rate swaps. Other assets is comprised of prepayments, capitalised rate commissions and securitisation establishment costs, trade receivables, PPE, right of use assets and other assets. The decrease relates to prepaid rate commissions which decreased $1.1 million, interest receivable decreased $0.7 million, right of use assets decreased $0.4 million and PPE decreased $0.2 million. Trade payables represents the amount payable to creditors for the supply of goods and services that have been invoiced and are payable in accordance with the supplier's payment terms and well as unsettled borrower and/or lender transactions that are yet to be paid. Borrowings increased in line with the growth in customer loans. Refer below for further details on Plenti's funding sources. Plenti Group Limited ABN 11 643 435 492 9 Derivative liabilities relate to interest rates swaps that are in a negative mark-to-market valuation position. The increase in the value of derivative liabilities compared to 31 March 2024 was a result of interest rate swap rates decreasing, increasing the negative mark-to-market value of those positions. Other liabilities represents lease and other liabilities, provisions and accruals. The decrease is mainly due to timing of funds received in the customer collection accounts which are yet to be allocated which decreased $5.2 million. This was partially offset by increases in payroll liabilities which increased $1.6 million and interest payable which increased $0.8 million. September 2024 $'000 March 2024 $'000 Change $'000 Change % Plenti Lending Platform 174,747 179,799 (5,052) (3%) Wholesale Lending Platform 12,909 10,512 2,397 23% 2,026,267 1,915,235 111,032 6% Corporate borrowings 27,500 27,500 - - Risk retention facilities 57,965 49,469 8,496 17% Loan settlement facility 13,203 2,477 10,726 433% 2,312,591 2,184,992 127,599 6% Borrowings Warehouse facilities and ABS Trust Total borrowings Plenti benefits from having diverse sources of funding. At the end of the period, warehouses and ABS trusts represented $2.0 billion of funding, while the investor lending platforms represented $187.7 million of loan funding. Corporate borrowings and the loan settlement facility provided $27.5 million and $13.2 million respectively of further funding for the business. The risk retention facilities, which are wholly owned by the Group, borrow funds from third party funders to acquire notes in the ABS with repayment of the notes backed by the Group. This allows the Group to meet European requirements for ABS issuers to retain minimum economic exposures levels to transactions they undertake. The increase was due to the addition of the Auto ABS Trust 2024-1 issuance during the period. At 30 September 2024, the Group had a total of $69.0 million (31 March 2024: $55.8 million) invested in subordinated notes in warehouse and ABS structures. This value is not shown on the face of the balance sheet as it is eliminated in the consolidated Group accounts. Of the $69.0 million notes held at 30 September 2024, $25.0 million (31 March 2024: $14.0 million) of ABS subordinated notes are held against loans in the Notes Market on the Plenti Lending Platform. When the relevant ABS transaction is called, the proceeds received on the relevant notes will be used to repay the Plenti Lending Platform investors. The value of loans funded by the Plenti Lending Platform decreased 3% while the Plenti Wholesale Lending Platform increased 23% during the period due to renewable energy loans funded by the Clean Energy Finance Corporation. Plenti Group Limited ABN 11 643 435 492 10 Cash flow Interest income received September 2024 September 2023 $'000 $'000 Change $'000 Change % 126,098 104,343 21,755 21% 2,380 852 1,528 179% Interest and other finance costs paid (64,901) (49,097) (15,804) 32% Payments to suppliers and employees (34,748) (38,116) 3,368 (9%) (105) - (105) nm Cash flows from operating activities 28,724 17,982 10,742 Net increase in loans to customers (143,781) (231,372) 87,591 (38%) (40) (243) 203 (84%) Cash flows used in investing activities (143,821) (231,615) 87,794 Proceeds from borrowings 1,086,969 879,676 207,293 24% Repayment of borrowings (970,495) (671,330) (299,165) 45% - 5,000 (5,000) (100%) (544) (504) (40) 8% 115,930 212,842 (96,912) 833 (791) 1,624 September 2024 September 2023 $'000 $'000 Change $'000 Change % 307 49% Other income Income taxes paid Other investing activities Proceeds from corporate borrowings Repayment of lease liabilities Cash flows from financing activities Net decrease in cash Reconciliation of net profit/(loss) after tax to cash flow from operating activities: 935 628 Add back: loan impairment expense 10,492 10,685 (193) (2%) Add back: share-based payments 1,456 1,802 (346) (19%) 787 766 21 3% 3,985 (3,151) 7,136 (226%) (6) 133 (139) (105%) Movement in working capital 11,075 7,119 3,956 56% Cash flow from operating activities 28,724 17,982 10,742 Net profit after tax Add back: depreciation and amortisation Add back: tax benefit on unrealised hedging gain Add back: other non-cash items Total statutory cash flow from operating activities in the period was $28.7 million (1H24: $18.0 million). The Group cash flow position includes cashflows in relation to the Provision Fund. In the half-year, the net operating cash flow of the Provision Fund was $0.1 million (1H24: $0.7 million). Cash inflow from operating activities for the Group excluding the Provision Fund was $28.6 million (1H24: $17.3 million). Net cash inflow from operating activities excluding the Provision Fund cash flows improved by $11.3 million. This was largely driven by the increase in income received due to the growth in the Group's loan portfolio and from NAB fees, while costs, including funding costs and operating costs, did not increase to the same extent in dollar terms. The increase in payments to suppliers reflects the increase in personnel costs, commission payments to brokers and information technology costs. Net cash outflow from investing activities was $143.8 million (1H24: $231.6 million) reflecting the growth in the loan portfolio during the half-year. Plenti Group Limited ABN 11 643 435 492 11 Net cash inflow from financing activities increased to $115.3 million (1H24: $212.8 million), due to increased funding from the securitisation vehicles. The material reconciling items between the Group operating cash flow (excluding the Provision Fund) of $28.6 million and the net decrease in Corporate cash of $3.3 million are: • • • • $(13.7) million of merchant service fees on interest free and subvention l