Comparative financial information
Auckland, May 21, 2014 AEST (ABN Newswire) - To assist analysts in recalibrating their models, Xero Limited (
ASX:XRO) (NZE:XRO) has released a restated comparative income statement for the 2013 financial year. This is issued in advance of the release of Xero's Annual Report for the 2014 financial year on Thursday, 22 May 2014.
Xero has elected, for its Annual Report for the 2014 financial year, to change how its income statement is presented. Expenses are now categorised by cost of revenues, sales and marketing, product design and development, and general and administration, rather than expense types such as employee entitlements, advertising and marketing, consulting, travel and so on.
The new presentation provides greater insight into Xero's business model. It also ensures that its reporting is more closely aligned to other major SaaS ("software as a service") companies.
GROUP INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2013 (unaudited) ($000s)----------------------------------------------------------Subscription revenue 36,088Other operating revenue 2,265----------------------------------------------------------Total operating revenue 38,353Other income 936----------------------------------------------------------Total revenue & other income 39,289Cost of revenues 13,916Gross profit 25,373----------------------------------------------------------Operating expensesSales and marketing 22,043Product, design and development 11,618General and administration 7,996Total operating expenses 41,657----------------------------------------------------------Operating deficit (16,284)Interest income 1,838----------------------------------------------------------Net loss before tax (14,446)Income tax expense (231)Net loss from continuing operations (14,677)Net (loss) / profit from discontinued operations 234----------------------------------------------------------Net loss after tax for the period attributable to the shareholders of the company (14,443)----------------------------------------------------------
To view the table and the release, please visit:
http://media.abnnewswire.net/media/en/docs/77222-ASX-XRO-406520.pdf
About Xero Limited
Xero Limited (
ASX:XRO) (NZE:XRO) (OTCMKTS:XROLF) is a global company with offices in the United States, United Kingdom, Australia and New Zealand. Xero is the emerging leader in online accounting software, providing business owners with real-time visibility of their financial position in a way that's simple, smart and secure.
For advisors such as accountants and bookkeepers, Xero forges a trusted relationship with clients through online collaboration and gives them the opportunity to extend their services. Xero is a new type of multinational with teams around the world united in our passion to revolutionise small business.
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