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Quarterly activity report (for the period of 1 July 2020 to 30 September 2020)



N1 Holdings Limited (ASX: N1H or the “Company”) is pleased to announce September quarter cash receipts form customers, which has set a new record in quarterly revenue, profitability and cash receipts from customers since the Company’s IPO in 2016.

A highlight of the quarter and financial year’s cash flow performance:

• Cash receipts from customers were $1,436,000 for the quarter, representing an improvement of 43% from same quarter in the last financial year (which was $1,005,000).

• The Company’s SME lending business (including management fees derived from One Lending Fund through N1 Asset Management) continued to be the major revenue generator of the company, accounting for 72.87% of the total cash receipts from customers in the quarter. Total Cash Receipts from Customers via the SME Lending business was $1,028,279 for the September 2020 quarter (September 2019 quarter: $621,654), an increase of 65.41% from the same period in the previous financial year.

• N1 Realty revenue represents 7.35% of the cash receipts from Customers in this quarter.

• No increase in Operating Expense (OPEX) with substantial revenue growth.

Company Business activities

The Company achieved revenue of $1,378,473 (unaudited) for the quarter. This is an improvement of 74% from the same quarter last financial year which was $790,424.

Among total revenues, the Company’s mortgage broking business contributed $266,005 (net of provision for clawbacks and amortisation) for the quarter, which is a 41% increase from the same quarter in the last financial year of $188,620.

Net Profit for the quarter was $107,880 (unaudited), with EBITDA of $251,216 (unaudited) for the quarter.

One Lending Fund revenue was $731,886 (unaudited) for the quarter, which is not to be consolidated into the Company balance sheet (as this is a separate SME lending fund managed by N1 Asset Management).

The Company currently has committed SME lending capital in excess of $25m, comprised of $16.29 million of capital committed to the One Lending Fund and $9.25 million of capital from the Company’s balance sheet.

The Company continues to raise funds for SME lending purposes, including One Lending Fund.

There are no other substantive business activities during the quarter other than all previously announced.

Payments to related parties of the entity and their associates

• Salary and super to executive directors of $147,531; and

• Services provided by director related entities of $27,610. Costs are determined on an arm’s length basis.

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