INDEX

Index

INDEX

PAGE

CONTENTS

002

Chairman's Letter

052

Directors' Report

056

Review of Results and Operations

096

Consolidated Statement of Profit or Loss and Other Comprehensive Income

097

Consolidated Statement of Financial Position

098

Consolidated Statement of Changes in Equity

099

Consolidated Statement of Cash Flows

100

Notes to the Financial Statement

142

Directors' Declaration

144

Independent Auditor's Report

150

Additional ASX Information

152

Corporate Directory

2021

CHAIRMAN'S LETTER

Chairman's Letter

Dear Shareholders

In 2021 Freelancer Limited delivered an all-time record Gross Payment Volume of $1,259.7 million (up 41.3% on pcp) or US$943.9 million (up 52.6% on pcp). By segment, Freelancer GMV was $134.5m, down 5.2% on pcp. Escrow had a great year achieving an all-time record GPV of $1,079m, up 54.3% on pcp (US$808.3m, up 66.3%).

Operating cash flow for the year was $2.6 million.

The group ended the year with cash & cash equivalents on December 31 of $30.3 million, down $4m on 31 Dec 2020, of which this $4m was used for the acquisition of Loadshift, Australia's largest heavy haulage freight marketplace.

Revenue for the full year was $57.4m (down 2.3% on pcp) or US$43.1m (up 6.4%). Freelancer revenue was $46.1m down 8.8% on pcp (US$34.6m, down 0.5%), while Escrow achieved all-time record revenue of $11.3m up 37.3% on pcp (US$8.5m, up 48.6%).

In Australian dollars, FX was a headwind of -8.9% in the year as the Australian dollar appreciated against the USD from an average of 0.6903 to an average of 0.7516.

Approximately 74% of group revenue is USD and 6% is AUD.

Escrow also ended the quarter with off balance sheet cash of US$47.0 million.

Group operating EBITDA was trending to break-even at ($2.7m) as was NPAT at ($2.3m). Escrow was profitable in FY21 with EBITDA of $1.7m.

A detailed analysis of the activities of the group are provided in the Review of Operations in the Directors' Report.

CHAIRMAN'S LETTER

2021

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Freelancer Ltd. published this content on 21 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2022 23:47:06 UTC.