Gentrack Group Limited Half-Year Results

Results for announcement to the market
Name of issuer Gentrack Group Limited
Reporting Period 6 months to 31 March 2019
Previous Reporting Period 6 months to 31 March 2018
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$54,421 4.70%
Total Revenue $54,421 4.70%
Net profit/(loss) from
continuing operations
($8,700) (204.02%)
Total net profit/(loss) ($8,700) (204.02%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.05000000
Imputed amount per Quoted
Equity Security
$ 0.01944444
Record Date 7 June 2019
Dividend Payment Date 14 June 2019
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.49 $0.55
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For commentary on the results please refer to the market
release, financial statements including chairperson and CEO
commentary, and investor presentation attached
Authority for this announcement
Name of person

authorised
to make this announcement
Jon Kershaw
Contact person for this
announcement
Jon Kershaw
Contact phone number +64 9 966 6090
Contact email address Jonk@gentrack.com
Date of release through MAP

24/05/2019

Unaudited financial statements accompany this announcement.

---

Section 1: Issuer information
Name of issuer Gentrack Group Limited
Financial product name/description Gentrack Group Limited Ordinary Shares
NZX ticker code GTK
ISIN (If unknown, check on NZX
website)
NZGTKE0002S9
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 07/06/2019
Ex-Date (one business day before
the Record Date)
06/06/2019
Payment date (and allotment date for
DRP)
14/06/2019
Total monies associated with the
distribution
1

$4,932,241
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.06944444
Total cash distribution
3
$0.05000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00882353
Section 3: Imputation credits and Resident Withholding Tax
4

Is the distribution imputed Fully imputed X
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
28%

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
4
The imputation credits plus the RWT amount is 33% of the gross distribution for the purposes of this form. If the distribution is fully
imputed the imputation credits will be 28% of the gross distribution with remaining 5% being RWT. This does not constitute advice
as to whether or not RWT needs to be withheld.

Imputation tax credits per financial
product
$0.01944444
Resident Withholding Tax per
financial product
$0.00518245
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products
to be issued under DRP programme
(new issue or to be bought on
market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Jon Kershaw
Contact person for this
announcement
Jon Kershaw
Contact phone number +64 9 966 6090
Contact email address Jonk@Gentrack.com
Date of release through MAP

24/05/2019

---

Gentrack Group Ltd | www.gentrack.com | info@gentrack.com | ARBN 169 195 751
MARKET ANNOUNCEMENT

24 May 2019
Gentrack half-year results to 31 March 2019
Gentrack Group Limited (NZX/ASX: GTK), a leading provider of software solutions for utilities
and airports, today released its results for the half-year to 31 March 2019.
Highlights
• Revenue $54.4m - up 5% on H1 FY18
• Recurring Revenue $37.7m – up 26% on H1 FY18
• EBITDA
1
$12.8m - down 19% on H1 FY18
• NPAT ($8.7m) after impairment of CA Plus of $14.6m - adjusted NPAT $4.6m
• Interim Dividend of 5.0cps declared
In line with guidance, the results for the half-year show an increase in revenue of 5% to
$54.4m and a fall in EBITDA of 19% to $12.8m over the same period last year. Lower than
historic revenue growth reflects the impact of the shift to SaaS sales and some deferred
customer projects. Increased costs reflect the investment in productised SaaS solutions.
Recurring revenue for the half-year was $37.7m, up 26% on H1 FY18, marking the continued
growth in SaaS revenue. On an annualised basis, March 2019 recurring revenue (excluding
Evolve which was acquired in June 2018) was $74m, 33% up on March 2018.
Notwithstanding UK Brexit and electricity price regulation introduced in January 2019,
Gentrack recorded a 7% increase in revenue on H1 FY18 in the UK. There was a 27% drop in
Australia revenue with no large projects in the half. Our Rest of World revenues increased
significantly to $7.5m, reflecting ongoing airports projects in the US and Europe.
We have added four new utilities on a SaaS basis in H1 including Castle Water, Enigys,
MoneyPlus and Northumbrian Energy. We completed deliveries at nPower, Mojo Power, MA
Energy, Maxen Power and Goto Energy. Utilities revenues were flat at $42.3m with EBITDA
down 24% to $10.1m
Veovo has won one new customer, Perth Airport and is continuing significant projects at Ports
of Jersey, Wellington, Orlando, Melbourne, London City, Auckland and Newark Liberty airports.
Veovo first half revenues were up 25% to $12.1m while EBITDA remained unchanged on the
same period last year.
We have fully written down the value of the CA Plus business by $14.6m reflecting the
disappointing performance of this business. It was acquired in May 2017 as an early stage
business delivering retail and concessionaire management solutions for airports.
In September 2018, when it became clear that the deferred consideration based on results
would not be payable, we revalued the deferred consideration and impaired Goodwill with a
net $0.1m impact. During the 6 months to 31 March 2019, expected sales growth has not been
delivered and we are taking the decision to write the investment off. Notwithstanding this,
there is clear demand for a solution to manage concessionaire revenues in the global airports

Gentrack Group Ltd | www.gentrack.com | info@gentrack.com | ARBN 169 195 751
sector. We are integrating the business into the Airport 20/20 portfolio and still see value to
be recovered from our investment.
We have over 550 staff and have continued to invest in strengthening the capabilities needed
to enable our global strategy. This includes specialist skills needed to drive our SaaS product
development and delivery as well as managing our global customer success operations.
We have seen a shift in the utilities sector to cloud based solutions, reflected in our growth in
recurring revenues and adoption of our new SaaS offerings. In the first half we have
completed the investment in our market compliant solutions for energy and water sectors
covering the UK, Australia and Singapore.
Our priority for the second half of FY19 is to expand our presence in many of our large
customers in the UK and Australia as they adopt our broader solution offering and they bring
more of their customers onto our platforms. We will be growing our managed services
business to support customers who increasingly want us to perform data processing and
analytics functions on their behalf. We are also bringing the Evolve solution to market and
expanding sales of the Junifer solution in Australia.
The board has declared an interim dividend at 5.0cps for the half-year in line with the interim
dividend last year.
Ongoing, we are revising the dividend policy set at the time of IPO 5 years ago. The Board now
intends to pay a dividend of at least 70% of underlying NPAT, subject to outlook, capital and
liquidity requirements.
In line with our guidance at the Annual Meeting in February 2019, we expect to deliver a
strong second half, and a full year FY19 EBITDA result marginally ahead of FY18, noting the
usual dependency on the timing of key contracts and project milestones. We have a strong
pipeline of opportunities in our utilities and airports markets which support our long term 15%
CAGR EBITDA growth objective.
All figures are presented in NZ$.
ENDS
*******
Contact:
Ian Black, CEO

Aaron Baker, Marketing and Communications Director

+64 9 966 6090
*******

Gentrack Group Ltd | www.gentrack.com | info@gentrack.com | ARBN 169 195 751
Interim Financial Results Briefing
Gentrack will host an investor briefing call on Friday 24 May 2019 at 10:30am NZT / 8:30am
AEST (duration 1 hour) to review Gentrack’s half-year results. This investor briefing is an audio
conference with the ability to dial into the conference call system to listen to the briefing.
The audio recording from the briefing will be made available in the Gentrack Investor Centre
(https://www.gentrack.com/investors) following the call.
Audio – Participant Access Instructions
Please join the briefing 5-10 minutes prior to the start time. You will be asked to provide the
conference name and confirmation code below:
- Name: Gentrack Investor Update
- Confirmation Code: 5137481
(Following entry, please provide the required details when prompted)
The dial-in numbers for available locations are listed below.
- Australia Tollfree/Freephone 1 800 573 793
- Australia, Brisbane Local +61 (0)7 3105 0938
- Australia, Melbourne Local +61 (0)3 8317 0932
- Australia, Sydney Local +61 (0)2 9193 3706
- Hong Kong Tollfree/Freephone 800 961 105
- Hong Kong Local +852 3008 1527
- New Zealand Tollfree/Freephone 0800 423 970
- New Zealand, AKL Local +64 (0) 9 9133 622
- Singapore Tollfree/Freephone 800 186 5107
- Singapore Local +65 6320 9025
- United Kingdom Tollfree/Freephone 0800 358 6377
- United Kingdom Local +44 (0)330 336 9105
- United States, LA Local +1 323-794-2551
- United States/Canada Tollfree/Freephone 888-239-9838
Questions can be submitted verbally via the audio call system when prompted. Personal
information provided for the purpose of registration will not be disclosed to any third parties
and will only be used by Gentrack to manage participant interaction.
*******
About Gentrack
Gentrack provides essential software for essential services, pairing powerful platforms with
deep market knowledge to help utilities and airports lower service costs, foster innovation and
confidently navigate market reform. It employs over 550 people in offices across New Zealand,
Australia, the UK, Singapore, USA and Europe and services over 220 utility and airport sites in
30+ countries with its leading solutions.

Gentrack Group Ltd | www.gentrack.com | info@gentrack.com | ARBN 169 195 751
Gentrack Cloud is a subscription-based billing, customer information, market interaction and
portfolio analytics solution for energy and water utilities in markets where flexibility,
uniqueness and compliance are essential. Its meter-to-cash capabilities and managed services
offering are designed to enable utilities to differentiate their businesses in competitive
markets, to deliver great customer service experiences, achieve lower service costs, launch
innovative products and stay compliant with market regulations.
More information: www.gentrack.com
Veovo is Gentrack’s world-class solution for airports, enabling them to unlock operational,
revenue, concession and passenger insights across the airport ecosystem. Over 115 airports
globally are using Veovo to operate more efficiently, uncover new growth opportunities and
deliver outstanding guest experiences.
More information: www.veovo.com

Gentrack Group Ltd | www.gentrack.com | info@gentrack.com | ARBN 169 195 751
Appendix
NON-GAAP PROFIT REPORTING MEASURES
Gentrack’s standard profit measure prepared under New Zealand GAAP is net profit. Gentrack
has used non-GAAP profit measures when discussing financial performance in this document.
The directors and management believe that these measures provide useful information as
they are used internally to evaluate performance of business units, to establish operational
goals and to allocate resources.
Non-GAAP profit measures are not prepared in accordance with NZ IFRS (New Zealand
International Financial Reporting Standards) and are not uniformly defined, therefore the non-
GAAP profit measures reported in this document may not be comparable with those that other
companies report and should not be viewed in isolation or considered as a substitute for
measures reported by Gentrack in accordance with NZ IFRS.
Definitions
1
EBITDA: Earnings before net finance expense, tax, depreciation and amortisation and other
non-operating expenses. Non-operating expenses are costs relating to acquisition.

1H FY19 Adjusted NPAT Reconciliation
6 Months
31-March-19
NZD’000
Reported NPAT loss ($8,700)
Add back Impairment Charges $14,551
Less deferred tax related to impairment of intangibles ($1,210)
Adjusted NPAT $4,641


GAAP to non-GAAP profit reconciliation

6 Months 6 Months 12 Months

31-Mar-19 31-Mar-18 30-Sep-18

$000s $000s $000s
Reported net (loss)/profit after tax (8,700) 8,364 11,825
Add: net finance expense
2
/ income

1,540 1,475 1,152
Add: income tax expense
2
658 3,112 5,611
Add: depreciation and amortisation
2
4,740 3,014 3,991
Add: other non-operating expenses
2
- (67) 1,325
Add: non-operating expenses/(income)

14,551 - -
EBITDA 12,789 15,898 23,904

2
Extracted from unaudited interim financial statements and audited full year financial
statements.

---

Gentrack Group Limited
INTERIM FINANCIAL
STATEMENTS
For the 6 months ended
31 March 2019

INTERIM FINANCIAL STATEMENTS / 2

INTERIM FINANCIAL STATEMENTS / 3
CONTENTS
4  Commentary 
5  Interim Financial Statements 
6  
Condensed Statement of Comprehensive Income 
7 
Condensed Statement of Financial Position 
8 
Condensed Statement of Changes in Equity 
10 
Condensed Statement of Cash Flows 
11 
Notes to the Condensed Financial Statements 
23 
Independent Review Report 
25 
Corporate Directory 

INTERIM FINANCIAL STATEMENTS / 4
COMMENTARY
DEAR SHAREHOLDER, 
•Revenue $54.4m ‐ up 5% on H1 FY18
•Recurring Revenue $37.7m – up 26% on H1 FY18
•EBITDA1 $12.8m ‐ down 19% on H1 FY18
•NPAT ($8.7m) after impairment of CA Plus of $14.6m
‐ adjusted NPAT $4.6m
•Interim Dividend of 5.0cps declared
In line with guidance, the results for the half‐year show an 
increase in revenue of 5% to $54.4m and a fall in EBITDA 
of 19% to $12.8m over the same period last year.  Lower 
than historic revenue growth reflects the impact of the 
shift to SaaS sales and some deferred customer projects. 
Increased costs reflect the investment in productised SaaS 
solutions. 
Recurring revenue for the half‐year was $37.7m, up 26% 
on H1 FY18, marking the continued growth in SaaS 
revenue. On an annualised basis, March 2019 recurring 
revenue (excluding Evolve which was acquired in June 
2018) was $74m, 33% up on March 2018. 
Notwithstanding UK Brexit and electricity price regulation 
introduced in January 2019, Gentrack recorded a 7% 
increase in revenue on H1 FY18 in the UK. There was a 
27% drop in Australia revenue with no large projects in the 
half. Our Rest of World revenues increased significantly to 
$7.5m, reflecting ongoing airports projects in the US and 
Europe. 
We have added four new utilities on a SaaS basis in H1 
including Castle Water, Enigys, MoneyPlus and 
Northumbrian Energy. We completed deliveries at 
nPower, Mojo Power, MA Energy, Maxen Power and Goto 
Energy. Utilities revenues were flat at $42.3m with EBITDA 
down 24% to $10.1m. 
Veovo has won one new customer, Perth Airport and is 
continuing significant projects at Ports of Jersey, 
Wellington, Orlando, Melbourne, London City, Auckland 
and Newark Liberty airports. Veovo first half revenues 
were up 25% to $12.1m while EBITDA remained 
unchanged on the same period last year. 
We have fully written down the value of the CA Plus 
business by $14.6m reflecting the disappointing 
performance of this business.  It was acquired in May 2017 
as an early stage business delivering retail and 
concessionaire management solutions for airports. 
In September 2018, when it became clear that the 
deferred consideration based on results would not be 
payable, we revalued the deferred consideration and 
impaired Goodwill with a net $0.1m impact.  
During the 6 months to 31 March 2019, expected sales 
growth 
has not been delivered and we are taking the 
decision to write the investment off.  Notwithstanding this, 
there is clear demand for a solution to manage 
concessionaire revenues in the global airports sector.  
We are integrating the business into the Airport 20/20 
portfolio and still see value to be recovered from our 
investment. 
We have over 550 staff and have continued to invest in 
strengthening the capabilities needed to enable our global 
strategy. This includes specialist skills needed to drive our 
SaaS product development and delivery as well as 
managing our global customer success operations. 
We have seen a shift in the utilities sector to cloud based 
solutions, reflected in our growth in recurring revenues 
and adoption of our new SaaS offerings.  In the first half 
we have completed the investment in our market 
compliant solutions for energy and water sectors covering 
the UK, Australia and Singapore.  
Our priority for the second half of FY19 is to expand our 
presence in many of our large customers in the UK and 
Australia as they adopt our broader solution offering and 
they bring more of their customers onto our platforms.  
We will be growing our managed services business to 
support customers who increasingly want us to perform 
data processing and analytics functions on their behalf.  
We are also bringing the Evolve solution to market and 
expanding sales of the Junifer solution in Australia.  
The board has declared an interim dividend at 5.0cps for 
the half‐year in line with the interim dividend last year. 
Ongoing, we are revising the dividend policy set at the 
time of IPO 5 years ago.  The Board now intends to pay a 
dividend of at least 70% of underlying NPAT, subject to 
outlook, capital and liquidity requirements. 
In line with our guidance at the Annual Meeting in 
February 2019, we expect to deliver a strong second half, 
and a full year FY19 EBITDA result marginally ahead of 
FY18, noting the usual dependency on the timing of key 
contracts and project milestones.  We have a strong 
pipeline of opportunities in our utilities and airports 
markets which support our long term 15% CAGR EBITDA 
growth objective.
John Clifford Ian Black
Chairman CEO

INTERIM FINANCIAL STATEMENTS / 5
INTERIM 
FINANCIAL 
STATEMENTS 
MARCH 2019 

INTERIM FINANCIAL STATEMENTS / 6
CONDENSED STATEMENT OF 
COMPREHENSIVE INCOME 
FOR THE SIX MONTHS ENDED 31 MARCH 2019 
$000 
6 MONTHS 
31 MARCH 2019 
6 MONTHS 
31 MARCH 2018 
12 MONTHS 
30 SEPTEMBER 
2018 
NOTES UNAUDITED UNAUDITED AUDITED 
Revenue 3 54,421 51,977 104,477 
Expenditure 4 (41,632) (36,079) (73,521) 
Profit before depreciation, amortisation, acquisition related costs, 
revaluation of financial liabilities, impairment of goodwill and 
intangible assets, financing and tax 
12,789 15,898 30,956 
Depreciation and amortisation (4,740) (3,014) (6,987) 
Acquisition related income/(costs) ‐ 67 (1,268) 
Revaluation of acquisition related financial liability ‐ ‐ 3, 835 
Impairment of goodwill and intangible assets 12,13,14 (14,551) ‐ (3,984) 
(Loss)/Profit before financing and tax (6,502) 12,951 22,552 
Finance income 5 6 9 26 
Finance expense 5 (1,5 46) (1,484) (1,846) 
(Loss)/Profit before tax (8,042) 11,476 20,732 
Income tax expense (658)(3,112)(6,863) 
(Loss)/Profit attributable to the shareholders of the company (8,700) 8,364 13,869 
OTHER COMPREHENSIVE INCOME 
Translation of international subsidiaries (4,312) 3,301 5,519 
Total comprehensive (loss)/income for the period (13,012) 11,66 5 19,388 
EARNINGS PER SHARE FOR (LOSS)/PROFIT ATTRIBUTABLE TO THE SHAREHOLDERS OF THE COMPANY  
(EXPRESSED IN DOLLARS PER SHARE) 
Basic and diluted earnings per share ($0.09) $0.10 $0.16 
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES ISSUED 
Basic 98,564 83,697 86,622 
Diluted 98,973 84,004 86,928 

INTERIM FINANCIAL STATEMENTS / 7
CONDENSED STATEMENT OF FINANCIAL 
POSITION 
AS AT 31 MARCH 2019 
$000 
31 MARCH 2019 31 MARCH 2018 
30 SEPTEMB
ER 2018 
NOTES UNAUDITED UNAUDITED AUDITED 
CURRENT ASSETS 
Cash and cash equivalents 6 6,404 7,106 11,400 
Trade and other receivables 7 32,110 28,844 24,055 
Inventory 494 451 376 
Total current assets 39,008 36,401 35,831 
NON‐CURRENT ASSETS 
Property, plant and equipment 3,539 3,553 3,836 
Goodwill 13 132,295 125,758 146,189 
Intangibles 14 61,933 42,093 68,187 
Deferred tax asset 5,411 4,731 3,626 
Total non‐current assets 203,178 176,135 221,838 
Total assets 242,186 212,536 257,669 
CURRENT LIABILITIES 
Bank loans 8 4,000 ‐ ‐ 
Trade payables and accruals 5,938 6,127 6,907 
Contract liabilities 12,932 11,073 7,749 
GST payable 1,860 1,180 1,300 
Financial liabilities ‐ 365 ‐ 
Employee entitlements 3,982 4,734 3,851 
Income tax payable 2,761 2,628 4,030 
Total current liabilities 31,473 26,107 23,837 
NON‐CURRENT LIABILITIES 
Bank loans ‐ 44,681 ‐ 
Lease incentives 3,257 4,062 3,612 
Financial liabilities 15 2,662 6,388 2,808 
Employee entitlements 414 385 339 
Deferred tax liabilities 9,822 7,670 10,648 
Total non‐current liabilities 16,155 63,186 17,407 
Total liabilities 47,628 89,293 41,244 
Net assets 194,558 123,243 216,425 
EQUITY 
Share capital 9 191,229 101,490 190,968 
Share based payment reserve 11 469 404 570 
Foreign currency translation reserve 5,027 7,121 9,339 
Retained earnings (2,167) 14,228 15,548 
Total equity 194,558 123,243 216,425 
The above Condensed Statement of Financial Position should be read in conjunction with the accompanying notes. 

INTERIM FINANCIAL STATEMENTS / 8
CONDENSED STATEMENT OF CHANGES IN 
EQUITY 
FOR THE SIX MONTHS ENDED 31 MARCH 2019 
31 MARCH 2019 ($000) 
SHARE CAPITAL 
SHARE BASED 
PAYMENT 
RESERVE 
RETAINED 
EARNINGS 
TRANSLATION 
RESERVE 
TOTAL EQUITY 
UNAUDITED 
NOTES 
Balance as at 1 October 2018 190,968 570 15,548 9,339  216,425 
Change in accounting policy 1 (443) (443) 
Restated total equity at 1 October 2018 190,968 570 15,105 9,339  215,982 
Profit attributable to the 
shareholders of the company 
(8,700) (8,700) 
Other comprehensive income (4,312) (4,312) 
Total comprehensive income for 
the period, net of tax 
‐ ‐ (8,700) (4,312)  (13,012) 
TRANSACTION WITH OWNERS 
Dividend paid (8,572) (8,572) 
Share based payments 11 261 (101) 160 
Balance at 31 March 2019 191,229 469 (2,167) 5,027  194,558 
31 MARCH 2018 ($000) 
SHARE CAPITAL 
SHARE BASED 
PAYMENT 
RESERVE 
RETAINED 
EARNINGS 
TRANSLATION 
RESERVE 
TOTAL EQUITY 
UNAUDITED 
NOTES 
Balance as at 1 October 2017 101,490 239 12,978 3,820  118,527 
Profit attributable to the 
shareholders of the company 
8,364 8,364 
Other comprehensive income 3,301 3,301 
Total comprehensive income for 
the period, net of tax 
‐ ‐ 8,364 3,301 11,665 
TRANSACTION WITH OWNERS 
Dividend paid (7,114) (7,114) 
Share based payments 165 165 
Balance at 31 March 2018 101,490 404 14,228 7,121  123,243 

INTERIM FINANCIAL STATEMENTS / 9
30 SEPTEMBER 2018 ($000) 
SHARE CAPITAL 
SHARE BASED 
PAYMENT 
RESERVE 
RETAINED 
EARNINGS 
TRANSLATION 
RESERVE 
TOTAL EQUITY 
AUDITED 
NOTES 
Balance as at 1 October 2017 101,490 239 12,978 3,820  118,527 
Profit attributable to the 
shareholders of the company 
13,869 13,869 
Other comprehensive income 5,519 5,519 
Total comprehensive income for 
the period, net of tax 
‐ ‐ 13,869 5,519 19,388 
TRANSACTION WITH OWNERS 
Issue of capital 89,478 89,478 
Dividend paid (11,299) (11,299) 
Share based payments 331 331 
Balance at 30 September 2018 190,968 570 15,548 9,339  216,425 
The above Condensed Statement of Changes in Equity should be read in conjunction with the accompanying notes. 

INTERIM FINANCIAL STATEMENTS / 10
CONDENSED STATEMENT OF CASH FLOWS 
FOR THE SIX MONTHS ENDED 31 MARCH 2019 
$000 
6 MONTHS 
31 MARCH 2019 
6 MONTHS 
31 MARCH 2018 
12 MONTHS 
30 SEPTEMBER 2018 
NOTES UNAUDITED UNAUDITED AUDITED 
CASH FLOWS FROM OPERATING ACTIVITIES 
Receipts from customers 50,040 47,102 103,343 
Payments to suppliers and employees (42,090) (33,618) (73,173) 
Income tax paid (4,295) (4,566) (7,918) 
Net cash inflow from operating activities 3,655 8,918 22,252 
CASH FLOWS FROM INVESTING ACTIVITIES 
Acquisition of property, plant and equipment (276)(1,615)(2,287) 
Purchase of intangibles (3,820) (360)(3,916)
Acquisition of business, net of cash ‐ ‐ (42,796) 
Repayment of acquisition related costs ‐ ‐ (362) 
Proceeds from sale of property, plant and 
equipment 
‐ 260 272 
Net cash outflow from investing activities (4,096) (1,715) (49,089) 
CASH FLOWS FROM FINANCING ACTIVITIES 
Issue of ordinary shares ‐ ‐ 90,084 
Costs in relation to issue of ordinary shares ‐ ‐ (2,559) 
Drawdown of borrowings 8 8,325 ‐ ‐ 
Repayment of borrowings 8 (4,000) (2,174) (46,826) 
Interest (paid)/received (263)(551)(1,095) 
Dividends paid (8,5 72) (7,114) (11,299) 
Net cash (outflow)/inflow from financing activities (4,510) (9,839) 28,305 
Net (decrease)/increase in cash held (4,951) (2,636) 1,468 
Foreign currency translation adjustment (45) 15 205 
Cash at beginning of the financial period 11,400 9,727 9,727 
Closing cash and cash equivalents 6,404 7,106 11,400 
The above Condensed Statement of Cash Flows should be read in conjunction with the accompanying notes. 

INTERIM FINANCIAL STATEMENTS / 11
NOTES TO CONDENSED FINANCIAL STATEMENTS 
FOR THE SIX MONTHS ENDED 31 MARCH 2019 
1.
BASI S OF PRESENTATION AND ACCOUNTING POLICIES
These unaudited interim financial statements of Gentrack Group Limited (the Company) and its subsidiaries (together “the Group”) have 
been prepared in accordance with the New Zealand equivalent of IAS 34: Interim Financial Reporting and New Zealand Generally Accepted 
Accounting Practice (“NZ GAAP”. 
The Group is a profit‐oriented entity for financial reporting purposes. 
The  Company is a FMC entity for  the  purposes of  the F inancial Reporting Act 2013 and Financial Markets Conduct Act  2013 and is listed on 
the New Zealand Stock Exchange (NZX and the Australian Securities Exchange (ASX. 
These unaudited consolidated condensed interim financial statements of the Group for the six months ended 31 March 2019 have been 
prepared using the same accounting policies and methods of computation as, and should be read in  conjunction with, the  financial statements 
and related notes included in the Group’s Annual Report for the  year ended 30 September 2018. The only exception is the adoption of new 
or amended accounting standards as set out below. 
Certain comparatives have been reclassified to ensure consistency with the current period.  
New accounting standards
 adopted by the Group 
A number of new accounting standards become applicable for the current reporting period and the Group has had to change its accounting policies as 
a result of adopting the following standards: 
- NZ IFRS 15 Revenue from Contracts with Customers
-NZ IFRS 9 Financial Instruments 
The impact of adopting these new accounting standards is disclosed below. 
Impact of standards issued but not yet adopted by the Group 
NZ IFRS 16 Leases was issued in January 2016. The standard is mandatory for reporting periods beginning on or after 1 January 2019 and will become 
effective for the Group on 1 October 2019. It will result in almost all leases being recognised in the Statement of Financial Position, as the distinction 
between operating leases and finance leases has been removed. The Group does not intend to adopt the standard before its mandatory effective date. 
The Group is yet to fully assess its impact. 
NZ IFRS 15 Revenue from Contracts with Customers – impact of adoption 
NZ IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised. It replaced NZ IAS 18: 
Revenue. Under NZ IFRS 15, revenue is recognised when the customer obtains control of the goods or services. Determining the timing of the transfer 
of control – at a point in time or over time – requires judgement. 
The Group conducted a detailed review of its customer contracts and management concluded that the implementation of NZ IFRS 15 has no material 
impact on the way in which the Group recognises revenue. Therefore, there is no requirement to restate revenue in prior periods. The Group’s 
accounting policies have been amended to ensure the 5‐step method, as defined in NZ IFRS 15, is applied consi
stently to revenue recognition 
processes across the Group.  
In assessing the impact of NZ IFRS 15 on the Group, management has selected to apply the portfolio approach as detailed in NZ IFRS 15. Using this 
approach, contracts within each operating segment were aggregated and a representative contract for each portfolio was selected. The 5‐step model 
in NZ IFRS 15 was then applied to each representative contract to assess the impact on revenue recognition.  
The 5‐step method for recognising revenue under NZ IFRS 15 is summarised below: 
1.Identify the contract with the customer 
2.Identify the performance obligations 
3.Determine the transaction price 
4.Allocate the transaction price to the performance obligations 
5.Recognise revenue
The table below provides further information on the application of IFRS 15 and how it has been applied to the major revenue types contained in the 
Group’s two operating segments.  

INTERIM FINANCIAL STATEMENTS / 12
NOTES TO CONDENSED FINANCIAL STATEMENTS 
FOR THE SIX MONTHS ENDED 31 MARCH 2019 
Revenue 
type 
Product 
details 
Description Key judgements Outcome Timing of revenue 
recognition 
Annual fees Software 
support and 
maintenance  
Basic post 
implementation support 
and maintenance and 
minor upgrades of the 
software. 
No major judgements, 
other than confirming 
the period of the 
maintenance contract. 
N/A Over time 
Benefits are 
simultaneously received 
and consumed over the 
support and 
maintenance term. 
Software 
subscription 
(1) 
A subscription‐based 
customer information 
system and billing 
system for utility 
companies. 
Determining whether a 
sales‐based license of 
intellectual property 
exists and if bundling 
with other components 
of the contract is 
required. 
The software 
subscription is a sales‐
based license. Bundling 
of the software and 
support services is 
required to form a 
distinct performance 
obligation. 
Point in time 
Recognised at the end of 
each month once the 
sales‐based variable 
usage is known. 
Managed 
services (1) 
A managed service using 
software to determine 
billing inaccuracies and 
errors. 
Determining whether 
any variable 
consideration is highly 
probable. 
Based on fee structure 
for the managed services 
offering revenue is 
updated at each 
reporting period when 
sufficient certainty 
exists.  
Over time 
Benefits are 
simultaneously received 
and consumed. The 
value transferred is 
measured using an 
output method based on 
value transferred to the 
customer. 
License fees 
and project 
services 
Initial license 
fees and 
project 
services 
License and 
implementation of 
software solutions.   
Determining whether the 
initial license and project 
services are a distinct 
performance obligation. 
Determining whether 
any variable 
consideration is highly 
probable. 
Providing the initial 
license and project 
services are highly 
interrelated and are 
required to be bundled 
to create a distinct 
performance obligation. 
Over time 
Recognised on a stage of 
completion basis. The 
value is measured using 
an input method, with 
the input being the 
number of hours 
expended relative to the 
total estimated hours to 
complete the project.  
Support 
services 
Support 
services 
Post implementation 
value‐add services. 
Determining whether the 
support services are a 
distinct performance 
obligation. 
Support services are a 
distinct performance 
obligation, the customer 
has the ability to benefit 
from the support 
services as they are 
performed.   
Over time 
Recognised on a stage of 
completion basis. The 
value is measured using 
an input method, with 
the input being the 
number of hours 
expended relative to the 
total estimated hours to 
complete the work. 
(1)Applicable to the Utility segment only. 

INTERIM FINANCIAL STATEMENTS / 13
NOTES TO CONDENSED FINANCIAL STATEMENTS 
FOR THE SIX MONTHS ENDED 31 MARCH 2019 
In terms of impact to the presentation of the condensed interim financial statements, NZ IFRS 15 requires the disaggregation of revenue to provide 
clear and meaningful information. For the Group, management has concluded that presentation of revenue in terms of the method of revenue 
recognition was most appropriate. Therefore, revenue is disaggregated in the operating segments note (refer to note 2) as the amounts recognised at 
a point in time and over time. Revenue is also disaggregated by revenue type in note 3. 
NZ IFRS 9 Financial Instruments – impact of adoption 
NZ IFRS 9: Financial Instruments replaces NZ IAS 39: Financial Instruments: Recognition and Measurement and brings together three aspects of the 
accounting for financial instruments: classification and measurement, impairment and hedge accounting. 
The adoption of NZ IFRS 9 from 1 October 2018 resulted in changes in accounting policies and adjustments to the amounts recognised in the 
condensed interim financial statements. The new accounting policies are set out in the section below, along with the impact of adopting NZ IFRS 9. 
Changes in accounting policies resulting from the adoption of NZ IFRS 9 have been applied retrospectively, except the Group has used an exemption 
not to restate comparative information.  
Classification and measurement 
NZ IFRS 9 principally impacts the following classifications of financial assets for the Group: 
-Cash and cash equivalents 
-
Trade receivables
Fro
m 1 October 2018, the Group classifies its financial assets at amortised cost (previously classified as loans and receivables under NZ 1AS 39). There 
was no change in the fair value of the financial assets as a result of the reclassification. At initial recognition, the Group measures a financial asset at 
its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. 
Impairment 
From 1 October 2018, the Group assess on a forward‐looking basis, the expected credit losses associated with its financial assets carried at amortised 
cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. 
In assessing whether there has been a significant increase in credit risk, the Group considers both forward looking and financial history of 
counterparts to assess the probability of default. 
For trade debtors NZ IFRS 9 requires expected lifetime credit losses to be recognised from initial recognition of the trade debtor. When there is no 
reasonable expectation of recovery trade debtors are written off. 
The expected credit loss allowance is based on assumptions about risk of default and expected credit loss rates. The Group uses judgement in making 
these assumptions and selecting appropriate inputs to the impairment calculation. This is based on the Group’s past history, existing mar
ket 
conditions as well as forward looking estimates at the end of each period. Further information on the key judgements and assumptions are detailed 
below. 
Cash and cash equivalents 
While cash and cash equivalents are subject to the impairment requirements of NZ IFRS 9, the identified impairment loss is nil. 
Trade debtors 
The Group has applied the lifetime expected credit loss approach for trade debtors under NZ IFRS 9. To measure the expected credit loss, trade 
debtors have been grouped and reviewed on the basis of the number of days past due. The expected credit loss allowance has been calculated using 
the following inputs: 
-Baseline characteristic considers the age of each invoice and applies an increasing expected credit loss estimate as the invoice ages. 
-The ageing characteristic considers the history of each specific customer and if the customer has a significant proportion of overdue 
invoices an additional provision is added. 
-The Country, Customer and Market characteristics consider the relative risk related to the country where the customer resides and 
assesses the financial strength of the customer and the market position the Group has achie
ved within that market.
An increas
e of $0.4m in the allowance for impairment under the expected credit loss model was recognised in opening retained earnings at 1 
October 2018 on transition to NZ IFRS 9. 

INTERIM FINANCIAL STATEMENTS / 14
NOTES TO THE CONDENSED FINANCIAL STATEMENTS 
FOR THE SIX MONTHS ENDED 31 MARCH 2019 
2. OPERATING SEGMENTS
The Group currently operates in two business segments: utility billing software and airport management software. These segments have been 
determined based on the reports reviewed by the Board to make strategic decisions. 
The assets and liabilities of the Group are reported to and reviewed by the Chief Operating Decision Maker in total and are not allocated by 
business segment. Therefore, operating segment assets and liabilities are not disclosed. 
6 MONTHS 
31 MARCH 2019  
UNAUDITED 
UTILITY AIRPORT 
TOTAL 
TIMING OF REVENUE RECOGNITION 
Point in time 2,904 3,421 6,325 
Over time 39,433 8,663 48,096 
Total revenue 42,337 12,084 54,421 
Expenditure (32,247) (9,385) (41,632) 
Segment contribution (1) 10,090 2,699 12,789 
6 MONTHS 
31 MARCH 2018  
UNAUDITED ‐ RESTATED 
UTILITY AIRPORT TOTAL 
TIMING OF REVENUE RECOGNITION 
Point in time 3,371 1,682 5,053 
Over time 38,876 8,048 46,924 
Total revenue 42,247 9,730 51,977 
Expenditure (29,035) (7,044) (36,079) 
Segment contribution (1) 13,212 2,686 15,898 
12 MONTHS  
30 SEPTEMBER 2018  
AUDITED ‐ RESTATED 
UTILITY AIRPORT TOTAL 
TIMING OF REVENUE RECOGNITION 
Point in time 7,946 3,432 11,378 
Over time 77,175 15,924 93,099 
Total revenue 85,121 19,356 104,477 
Expenditure (59,156) (14,365) (73,521) 
Segment contribution (1) 25,965 4,991 30,956 
The comparatives for 31 March 2018 and 30 September 2018 have been reclassified to include the timing of revenue recognition under 
NZ IFRS 15. The segment revenue and total revenue for these comparative periods has not changed. 
(1)Segment contribution is defined as Profit before depreciation, amortisation, acquisition related costs, revaluation of financial liabilities, impairment of
goodwill and intangible assets, financing and tax 

INTERIM FINANCIAL STATEMENTS / 15
NOTES TO THE CONDENSED FINANCIAL STATEMENTS 
FOR THE SIX MONTHS ENDED 31 MARCH 2019 
A reconciliation of segment contribution 
(1) to profit attributable to the shareholders of the company is as follows 
$000 
6 MONTHS 
31 MARCH 2019 
6 MONTHS 
31 MARCH 2018 
12 MONTHS 
30 SEPTEMBER 2018 
UNAUDITED UNAUDITED AUDITED 
Segment contribution (1) 12,789 15,898 30,956 
Depreciation and amortisation (4,740) (3,014) (6,987) 
Acquisition related costs ‐ 67 (1,268) 
Revaluation of acquisition related financial liabilities ‐ ‐ 3,835 
Impairment of goodwill and intangible assets (14,551) ‐ (3,984) 
Net finance expense (1,540) (1,475) (1,820) 
Income tax expense (658)(3,112)(6,863) 
Profit attributable to the shareholders of the company (8,700) 8,364 13,869 
$000 
6 MONTHS 
31 MARCH 2019 
6 MONTHS 
31 MARCH 2018 
12 MONTHS 
30 SEPTEMBER 2018 
UNAUDITED UNAUDITED AUDITED 
REVENUE BY DOMICILE OF ENTITY 
Australia 11,262 14,952 29,062 
New Zealand 7,825 9,135 18,791 
United Kingdom 29,134 23,508 56,193 
Rest of World 6,200 4,382 431 
54,421 51,977 104,477 
REVENUE BY DOMICILE OF CUSTOMER 
Australia 12,168 16,721 31,903 
New Zealand 6,067 5,721 11,762 
United Kingdom 28,729 26,692 52,931 
Rest of World 7,457 2,843 7,881 
54,421 51,977 104,477 
(1)Segment contribution is defined as Profit before depreciation, amortisation, acquisition related costs, revaluation of financial liabilities, impairment of goodwill and 
intangible assets, financing and tax
 

INTERIM FINANCIAL STATEMENTS / 16
NOTES TO THE CONDENSED FINANCIAL STATEMENTS 
FOR THE SIX MONTHS ENDED 31 MARCH 2019 
3. REVENUE 
$000 
6 MONTHS 
31 MARCH 2019 
6 MONTHS 
31 MARCH 2018 
12 MONTHS 
30 SEPTEMBER 2018 
UNAUDITED UNAUDITED AUDITED 
OPERATING REVENUE: 
Annual fees 26,719 16,944 38,294 
Support services 10,970 13,085 25,696 
Project services 10,876 13,576 25,406 
Licenses 2,415 6,079 10,545 
Other 2,967 1,926 3,681 
53,947 51,610 103,622 
OTHER INCOME: 
Government grants 474 367 855 
54,421 51,977 104,477 
4. EXPENDITURE 
$'000 
6 MONTHS 
31 MARCH 2019 
6 MONTHS 
31 MARCH 2018 
12 MONTHS 
30 SEPTEMBER 2018 
UNAUDITED UNAUDITED AUDITED 
PROFIT BEFORE TAX INCLUDES THE FOLLOWING SPECIFIC EXPENSES: 
Employee entitlements 28,081 23,984 49,961 
Administrative costs 4,981 5,117 9,451 
Third party customer‐related costs 4,149 2,682 5,500 
Advertising and marketing 1,081 1,040 1,543 
Consulting and subcontracting 2,317 2,313 5,147 
Other operating expenses 1,023 943 1,919 
Total expenditure 41,632 36,079 73,521 

INTERIM FINANCIAL STATEMENTS / 17
NOTES TO THE CONDENSED FINANCIAL STATEMENTS 
FOR THE SIX MONTHS ENDED 31 MARCH 2019 
5. NET FINANCE EXPENSE 
$000 
6 MONTHS 
31 MARCH 2019 
6 MONTHS 
31 MARCH 2018 
12 MONTHS 
30 SEPTEMBER 2018 
UNAUDITED UNAUDITED AUDITED 
FINANCE INCOME 
Interest income 6 9 26 
Foreign exchange gains ‐ ‐ ‐ 
6 9 26 
FINANCE EXPENSE 
Interest expense (269) (560) (1,121) 
Interest paid ‐ unwinding of discount of financial liability ‐ ‐ (127) 
Interest paid ‐ NPV discount (27) (62) ‐ 
Foreign exchange losses (1,250) (862)(598)
(1,546) (1,484) (1,846) 
Net finance cost (1,540) (1,475) (1,820) 
6. CASH AND CASH EQUIVALENTS
$000 
31 MARCH 2019 31 MARCH 2018 
30 SEPTEMBER 2018 
UNAUDITED UNAUDITED AUDITED 
Bank balances 6,402 7,101 11,398 
Cash on hand 2 5 2 
6,404 7,106 11,400 
7. TRADE AND OTHER RECEIVABLES
$000 
UNAUDITED UNAUDITED AUDITED 
Trade debtors 18,324 21,926 17,583 
Provision for warranty claims (137) (15) (15) 
Contract assets 11,909 4,909 4,093 
Sundry receivables and prepayments 2,693 2,533 2,898 
32,110 28,844 24,055 
31 MARCH 2019 31 MARCH 2018 
30 SEPTEMBER 2018 
Impairment provision(679) (509) (504) 

INTERIM FINANCIAL STATEMENTS / 18
NOTES TO THE CONDENSED FINANCIAL STATEMENTS 
FOR THE SIX MONTHS ENDED 31 MARCH 2019 
8. LOANS AND BORROWING
The company has a NZ$50.5 million multi‐currency facility with ASB Bank Limited to provide additional funding as required for acquisitions 
and general corporate purposes. This facility expires on 28 March 2022. 
The facility is secured by a general security agreement under which the bank has a security interest in all of the Group’s taxable assets. 
Covenants are in place and compliance is reported quarterly. At all times during the period the Group has met the covenant 
requirements. 
As at 31 March 2019, $4.0m (2018: $Nil) has been drawn down for working capital purposes.  
9. CAPITAL
SHARES ISSUED SHARE CAPITAL 
31 MARCH 2019 31 MARCH 2018 
30 SEPTEMBER 
2018 31 MARCH 2019  31 MARCH 2018 
30 SEPTEMBER 
2018 
UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED 
Ordinary Shares 98,525 83,697 83,697 190,968 101,490 101,490 
Issue of new ordinary shares 120 ‐ 14,828 261 ‐ 89,478 
98,645 83,697 98,525 191,229 101,490 190,968 
10. RELATED PARTIES 
IDENTITY OF RELATED PARTIES 
The Group has related party relationships with its subsidiaries which are listed i n the Group’s Annual Report for the year ended 30 September 2018. 
The related party transactions primarily consist of the purchase and sale of software products, provision of technical support, loan advances and 
repayments, consultancy services and management charges on commercial terms. 
Key management personnel that have the authority and responsibility for planning, directing and controlling the activities of the Group, 
directly or indirectly and include the Directors, the Chief Executive Officer and their direct reports. Key management personnel compensation 
for the period was $2.1m (2018: $4.1m). Directors fees were $0.2m for the period (2018: $0.4m). 
Related parties are materially consistent with those disclosed in the 2018 Annual Report. 
11. EMPLOYEE SHARE SCHEME
During
 the period the Company granted 113,519 (2018: 78,040) unlisted performance rights for nil consideration to senior executives under 
the Gentrack Long Term Incentive Scheme. Vesting is conditional on the completion of the necessary years’ service to the vesting date and 
performance goals over the vesting period.  
In February 2019 119,613 of a possible 152,400 performance rights vested (2018: Nil), these performance rights were granted in May 2016 
under the Gentrack Long Term Incentive Scheme. The unvested performance rights were forfeited. Please refer to the 2018 Annual Report 
for further information on the Employee Share Scheme. 
12. CA PLUS IMPAIRMENT 
CA Plus offers solutions to airports to process non‐aeronautical revenues derived from retail and concessionaire management activities. 
The CA Plus solution collects sales data from tenants to calculate and charge concession fees and to provide detailed analytics supporting 
planning and decision making.  
The Group acquired 75% of CA Plus in May 2017 with an option to acquire the remaining 25% exercisable in May 2020 based on a three 
year earn‐out target to 31 December 2019. CA Plus was acquired as an early stage business with the expectation that it would rapidly 
develop. 
At 30 September 2018 the value of the liability for the option related deferred consideration was revalued to 1.00 Euro  resulting in a gain 
of $3.8m and at the same time an impairment to goodwill of $3.9m was recognised. It was noted at that time that the carrying value after 
the impairment would remain sensitive to future growth and performance of the CA Plus business. 

INTERIM FINANCIAL STATEMENTS / 19
During the 6 months ending 31 March 2019, CA Plus has not delivered expected sales growth and a strategic review of the business has 
been undertaken during the period.  The conclusion is that while there is identifiable market demand for its solutions in the global airports 
sector, the approach to market needed to be significantly changed to realise the opportunity.  Plans are being prepared to fully integrate 
CA Plus into the Airports 20/20 business and to deliver the solution as a component of the Airports 20/20 product set which will leverage 
the intellectual property, the resources and reshape the sales approach. 
In view of the uncertainties around the future shape and performance of the business and associated financial outcomes, management 
considers a full impairment of the $14.6m carrying value of these acquired assets is appropriate. 
Details of the impairment related amounts are shown in the notes that follow. 
13. GOODWILL 
Goodwill represents the difference between the acquisition of the fair value of the net identifiable assets acquired. Goodwill is stated at 
its initial fair value less any accumulated impairment losses. Goodwill is allocated to cash‐generating units and is not amortised but is 
tested annually or when indicators of impairment are present. 
$000 
31 MARCH 2019 31 MARCH 2018 
30 
SEPTEMBER 2018 
UNAUDITED UNAUDITED AUDITED 
Opening balance 146,189 122,212 122,212 
Goodwill arising on acquisition ‐ ‐ 22,408 
Goodwill impairment (10,380) ‐ (3,984) 
Exchange rate differences (3,514) 3,546 5,553 
Closing net book value 132,295 125,758 146,189 
Goodwill allocated to Gentrack Velocity 43,895 37,377 43,895 
Goodwill allocated to Airport 20/20 2,900 2,900 2,900 
Goodwill allocated to Junifer 62,022 62,813 63,775 
Goodwill allocated to Blip 7,863 8,136 8,376 
Goodwill allocated to CA Plus ‐ 14,532 11,005 
Goodwill allocated to Evolve Analytics 15,615 ‐ 16,238 
Net book amount 132,295 125,758 146,189 
As detailed in note 12 above, the impairment of $10.4m (2018: $4.0m) relates solely to the CA Plus cash‐generating unit. 

INTERIM FINANCIAL STATEMENTS / 20
NOTES TO THE CONDENSED FINANCIAL STATEMENTS 
FOR THE SIX MONTHS ENDED 31 MARCH 2019 
14. INTANGIBLE ASSETS 
31 MARCH 2019  
UNAUDITED 
SOFTWARE 
CUSTOMER 
RELATIONSHIPS 
BRAND 
NAMES 
TRADEMARKS 
CAPITALISED 
DEVELOPMENT 
TOTAL 
Opening balance 39,126 19,002 5,024 793 4,242  68,187 
Additions 520 ‐ ‐ ‐ 3,300 3,820 
Acquisitions through business 
combination 
‐ ‐ ‐ ‐ ‐ ‐ 
Amortisation (2,464) (1,250) ‐ (81)(434)(4,229) 
Impairment (2,837) (617)‐‐ 
(717) (4,171)
Movement in foreign exchange (1,125) (485)‐
(22) (42)(1,674) 
Closing net book value 33,220 16,650 5,024 690 6,349  61,933 
Cost 46,414 24,327 5,024 824 7,187 83,775 
Accumulated amortisation 
(13,194) 
(7,677) ‐ (134) (838) (21,842) 
Net book value 
33,220
16,650 5,024 690 6,349  61,933 
30 SEPTEMBER 2018  
A
UDITED 
SOFTWARE 
CUSTOMER 
RELATIONSHIPS 
BRAND 
NAMES 
TRADEMARKS 
CAPITALISED 
DEVELOPMENT 
TOTAL 
Opening balance 24,783 11,250 5,024 11 890  41,958 
Additions 186 ‐ ‐ ‐ 3,730 3,916 
Acquisitions through business 
combination 
16,559 8,994 ‐ 812 ‐ 26,365 
Amortisation (3,792) (1,855) (43)(397)(6,087) 
Movement in foreign exchange 1,390 613 ‐ 13 19 2,035 
Closing net book value 39,126 19,002 5,024 793 4,242  68,187 
Cost 50,650 25,620 5,024 847 4,654 86,795 
Accumulated amortisation (11,524) (6,618) ‐ (54)(412) (18,608) 
Net book value 39,126 19,002 5,024 793 4,242  68,187 

INTERIM FINANCIAL STATEMENTS / 21
NOTES TO THE CONDENSED FINANCIAL STATEMENTS 
FOR THE SIX MONTHS ENDED 31 MARCH 2019 
15. FINANCIAL INSTRUMENTS 
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES 
The Group’s financial assets and liabilities by category are summarised as follows: 
Cash and cash equivalents 
Cash and cash equivalents comprise of cash at bank and on hand and the carrying amount is equivalent to fair value. 
Trade debtors 
These assets are short term in nature and are reviewed for impairment; the carrying value approximates their fair value. 
Trade payables 
These liabilities are mainly short term in nature with the carrying value approximating the fair value. 
Loans and Borrowings 
Loans and borrowings have a fixed and floating interest rates. Fair value is estimated using the discounted cash flow model based on current market 
interest rate for a similar product; the carrying value approximates their fair value. 
Fair values 
The Group’s financial instruments that are measured subsequent to initial recognition at fair values are grouped into levels based on the degree to 
which their fair value is observable: 
— Level 1 – fair value measurements derived from quoted prices in active markets for identical assets. 
— Level 2 – fair value measurements derived from inputs other than quoted prices included within level 1 that are         observable for the 
asset or liability, either directly or indirectly. 
— Level 3 – fair value measurements derived from valuation techniques that include inputs for the asset or liability which are not based on 
observable market data. 
There have been no transfers between levels or changes in the valuation methods used to determine the fair value of the Group’s financial 
instruments during the period. As at 31 March 2019 the Group has $2.7m of level 3 financial instruments related to the acquisition of Blip Systems 
(2018: $2.8m). Refer to note 33 of the 2018 Annual Financial Statements for further information. 
FINANCIAL INSTRUMENTS BY CATEGORY 
$000 
31 MARCH 2019 31 MARCH 2018 
30 
SEPTEMBER 2018 
UNAUDITED UNAUDITED AUDITED 
FINANCIAL ASSETS MEASURED AT AMORTISED COST 
Cash and cash equivalents 6,404 7,106 11,400 
Trade debtors 17,645 21,417 17,079 
24,049 28,523 28,479 
FINANCIAL LIBILITIES MEASURED AT AMORTISED COST 
Loans and borrowings 4,000 44,681 ‐ 
Trade creditors 7,688 4,519 5,102 
FINANCIAL LIABILITIES MEASURED AT FAIR VALUE 
Financial Liabilities 2,662 6,753 2,808 
14,350 55,953 7,910 

INTERIM FINANCIAL STATEMENTS / 22
NOTES TO THE CONDENSED FINANCIAL STATEMENTS 
FOR THE SIX MONTHS ENDED 31 MARCH 2019 
16. CAPITAL COMMITMENTS 
The are no capital expenditure commitments at 31 March 2019 (2018: $Nil). 
17. CONTINGENCIES 
ASB New Zealand has provided the following guarantees on behalf of the Gentrack Group:
-NZD$75,000 to NZX Limited. This guarantee has no expiry date.
-HKD$994,528 to ANZ Hong Kong. This guarantee expires on 8 September 2019.
-AUD$122,850 to ASB. This guarantee is open ended.
-NZD$111,568 (AUD105,030) to Walsh and Company Investment Services Pty Ltd. This guarantee is open ended. 
-AUD$558,038 to ASB. This guarantee expires on 30 April 2020.
18. EVENTS AFTER THE BALANCE DATE
An 
interim dividend of $4.9m ($0.05 per share) was declared on 24 May 2019 for the six months ended 31 March 2019 and will be paid on 14 June 
2019. 

INTERIM FINANCIAL STATEMENTS / 23
Independent Review Report 
To the shareholders of Gentrack Group Limited 
Report on the interim financial statements 
Conclusion 
Based on our review, nothing has come to our attention 
that causes us to believe that the interim financial 
statements on pages 5 to 22 do not͗ 
i.present fairly in all material respects the
Group͛s financial position as at 31 March
2019 and its financial performance and 
cash flows for the 6 month period ended on
that date͖ and 
ii.comply with N IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying 
interim financial statements which comprise͗ 
— the condensed statement of financial position as
at 31 March 2019͖ 
— the condensed statements of comprehensive
income, changes in equity and cash flows for 
the 6 month period then ended͖ and 
— notes, including a summary of significant
accounting policies and other explanatory 
information. 
Basis for conclusion 
A review of interim financial statements in accordance with N SRE 2410 Review of Financial Statements Performed by the 
Independent Auditor of the Entity (ΗN SRE 241 OΗ) is a limited assurance engagement. The auditor performs procedures, 
consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying 
analytical and other review procedures.  
As the auditor of Gentrack Group Limited, N SRE 241 O requires that we comply with the ethical requirements relevant to 
the audit of the annual financial statements.  
Our firm has also provided other services to the group in relation to the audit of the GroupΖs componentsΖ standalone 
financial statements, tax compliance, tax advisory and other assurance services. Subject to certain restrictions, partners 
and employees of our firm may also deal with the group on normal terms within the ordinary course of trading activities of 
the business of the group. These matters have not impaired our independence as auditor of the group. The firm has no 
other relationship with, or interest in, the group. 
    Use of this Independent Review Report 
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we 
might state to the shareholders those matters we are required to state to them in the Independent Review 
Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume 
responsibility to anyone other than the shareholders as a body for our review work, this report, or any of the 
opinions we have formed. 
Ξ 2019 KPMG, a New ealand partnership and a member firm of the KPMG network of independent 
member firms affiliated with KPMG International Cooperative (͞KPMG International͟), a Swiss entity. 

INTERIM FINANCIAL STATEMENTS / 24
Responsibilities of the Directors for the interim consolidated financial statements 
The Directors, on behalf of the group, are responsible for͗ 
— the preparation and fair presentation of the interim financial statements in accordance with N IAS 34
Interim Financial Reporting͖ 
— implementing necessary internal control to enable the preparation of an interim financial statements that is
fairly presented and free from material misstatement, whether due to fraud or error͖ and 
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or to 
cease operations, or have no realistic alternative but to do so. 
Auditor’s Responsibilities for the review of the interim consolidated financial 
statements 
Our responsibility is to express a conclusion on the interim financial statements based on our review. We  
conducted our review in accordance with N SRE 2410. N SRE 2410 requires us to conclude whether anything 
has come to our attention that causes us to believe that the interim financial statements are not prepared, in all 
material respects, in accordance with N IAS 34 Interim Financial Reporting.  
The procedures performed in a review are substantially less than those performed in an audit conducted in 
accordance with International Standards on Auditing (New ealand). Accordingly we do not express an audit 
opinion on these interim financial statements.  
This description forms part of our Independent Review Report. 
KPMG Auckland 
24 May 2019 

INTERIM FINANCIAL STATEMENTS / 25
CORPORATE DIRECTORY 
REGISTERED OFFICE 
Gentrack Group Limited 
17 Hargreaves Street, St Marys Bay, Auckland 1011, New 
Zealand 
Phone: +64 9 966 6090 
Facsimile: +64 9 376 7223 
Level 9, 390 St Kilda Road, Melbourne, VIC 3004 
Australia 
Phone: +61 3 9867 9100 
Facsimile: +61 9867 9140 
POSTAL ADDRESS 
PO Box 3288, Shortland Street, Auckland 1140 
New Zealand 
NEW ZEALAND INCORPORATION NUMBER 
3768390 
AUSTRALIAN REGISTERED BODY NUMBER (ARBN) 
169 195 751 
DIRECTORS 
John Clifford, Chairman 
Andy Coupe 
James Docking 
Nicholas Luckock 
Leigh Warren 
Fiona Oliver (elected 26 February 2019) 
Graham Shaw (resigned 26 February 2019) 
COMPANY SECRETARY 
Jon Kershaw 
AUDITOR  
KPMG 
18 Viaduct Harbour Avenue, Auckland, 1140 
Phone: +64 9 367 5800 
Facsimile: +64 9 367 5875 
LEGAL ADVISERS 
BELL GULLY 
BANKERS 
ASB BANK LIMITED 
ANZ LIMITED HSBC 
PLC
 
SHARE REGISTRAR 
NEW ZEALAND 
LINK MARKET SERVICES LIMITED 
Level 11, Deloitte Centre, 80 Queen Street, Auckland 1010 
PO Box 91 976, Auckland 1142 
Phone: +64 9 375 5998 
Facsimile: +64 9 375 5990 
Email: enquiries@linkmarketservices.com 
AUSTRALIA 
LINK MARKET SERVICES LIMITED 
Level 12, 680 George Street, Sydney, NSW 2000 
Locked Bag A14, Sydney South, NSW 1235 Phone: 
+61 1300 554 474 
Facsimile: +2 9287 0303 
Email: enquiries@linkmarketservices.com

www.gentrack.com

---

Gentrack Group Ltd (GTK)
FY19 – Half year update
as at 31 March 2019

DISCLAIMER
This presentation may contain forward-looking statements. Forward-looking statements often
include words such as ‘anticipate’, ‘expect’, ‘plan’ or similar words in connection with discussions of
future operating or financial performance.
The forward-looking statements are based on management’s and directors’ current expectations and
assumptions regarding Gentrack’s business and performance, the economy and other future
conditions, circumstances and results. As with any projection or forecast, forward-looking
statements are inherently susceptible to uncertainty and changes in circumstances. Gentrack’s
actual results may vary materially from those expressed or implied in its forward-looking statements.
This presentation includes unaudited financial information for the half year ended 31 March 2019.
All figures are shown in NZ$.
2

Gentrack delivers software solutions which are
deeply embedded and mission critical.
They enable over 220 utilities and airports in 30 countries
to lower service costs and drive innovation delivering
enhanced customer service.
EXPERTISE AND PASSION
ENTERPRISE SOFTWARE FOR UTILITIES AND AIRPORTS
3

•Completion of productised market ready SaaS solutions for energy
and water sectors in the UK, Australia and Singapore
•New customers include four utilities in the UK signing for our
latest SaaS solutions and one new airport in Australia
•Gentrack customers rank in the Which? survey of UK energy
suppliers released in H1 2019: 6 of Top 10 suppliers using
Gentrack solutions
•Continued deployment of our Gentrack Cloud Integration Services
platform with key projects in all markets
•Veovo had follow on projects at Ports of Jersey and Wellington
Airport, and projects advanced at Perth, Orlando, Melbourne,
London City, Auckland and Newark Liberty airports.
ACHIEVEMENTS IN H1
4

5
H1 FY19 FINANCIAL HIGHLIGHTS
REVENUE
EBITDA
Adjusted NPAT
1
DIVIDEND
$54.4m
Up 5% on H1 FY18
$12.8m
Down 19% on H1 FY18
$4.6m
Down 45% on H1 FY18
5.0cps
No change on H1 FY18.
To be paid on 14 June 2019
1
Adjusted NPAT –Underlying NPAT before
non cash charges related to impairment

COMPARATIVE RESULTS
46.2
52.0
52.5
54.4
0.0
10.0
20.0
30.0
40.0
50.0
60.0
H2 '17H1 '18H2 '18H1 '19
15.1
15.9
15.1
12.8
0.0
4.0
8.0
12.0
16.0
H2 '17H1 '18H2 '18H1 '19
6.3
8.4
5.5
4.6
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
H2 '17H1 '18H2 '18H1 '19
3
Underlying EBITDA, being earnings before net finance expense, income tax, depreciation, amortisation and non-operating costs. EBITDA is a non-GAAP
measure – refer to slide 19 for a reconciliation to reported net profit.
4
Adjusted NPAT –Underlying NPAT before non cash charges related to impairment
6
Revenue
EBITDA
3
N PAT
4
(NZ$m)
(NZ$m)
(NZ$m)
Investment in solutions and capability to support the transition to SaaS

CHANGING REVENUE MIX
16.9
21.4
26.7
13.1
12.6
11.0
15.5
13.6
13.8
6.1
4.5
2.4
0
10
20
30
40
50
60
H1'18H2'18H1'19
Annual FeesSupport ServicesProject ServicesLicencesOther
H1 FY19
Recurring Revenue
$37.7m
up 26%on H1 FY18
69% of total
7
Revenues by Type NZD$m
Perpetual Licencing and Services
revenues declining with ongoing
productisation and move to SaaS
13%
11%

8
INCREASED RECURRING REVENUE
March 18 Annualised Recurring Revenue
up 33% to $74M on prior comparative period
Our SaaS revenues per customer are
c. 1.5 times the traditional perpetual
licence model over 7 years

DIVISIONAL ANALYSIS
37.9
42.2
42.9
42.3
12.8
13.2
12.8
10.1
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
H2 '17H1 '18H2 '18H1 '19
RevenueEBITDA
8.3
9.79.7
12.1
2.3
2.7
2.3
2.7
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
H2 '17H1 '18H2 '18H1 '19
RevenueEBITDA
UTILITIES
•Revenue on par with H1 FY18
•EBITDA down 23% on H1 FY18
AIRPORTS (VEOVO)
•Revenue up 25% on H1 FY18
•EBITDA on par with H1 FY18
9
NZ$mNZ$m

GEOGRAPHIC ANALYSIS
10
16.7
26.7
5.7
2.8
15.2
26.2
6
5
12.2
28.7
6.1
7.5
0
5
10
15
20
25
30
35
H1'18H2'18H1'19
AUSTRALIAUKNEW ZEALAND
ROW
H1 FY19 vs H1 FY18
-Australia: Down 27%
-UK: Up 7%
-NZ: Up 7%
-ROW: Up 168%
Revenues by region NZD$m

195
217
277
429
487
539
552
0
100
200
300
400
500
600
FY14FY15FY16FY17H1 FY18FY18H1 FY19
11
INVESTING IN PEOPLE TO ENABLE OUR STRATEGY
Changing our skillset:
•Supporting our transition to SaaS
•Running global operations at scale
•Managing a customer success
business
•Adopting agile development and
delivery approach
•Development of new products with
new technology
•Delivering larger projects.

IMPAIRMENT OF CA PLUS
12
•CA Plus was acquired in May 2017 as an early stage business delivering retail and
concessionaire management solutions for airports
•In September 2018, based on sales results, we revalued the deferred consideration and
impaired Goodwill with a net impact of $0.1m
•During the 6 months to 31 March 2019, expected sales growth has not been delivered and
we are taking the decision to write the investment off, with a full impairment of the $14.6m
carrying value
•There is clear demand for a solution to manage concessionaire revenues in the global
airports sector
•We will be fully integrating the business into the Airport 20/20 portfolio in H2 FY19 which
will enable us to leverage IP and existing specialist resources, as well as reshaping the sales
approach to realise the market opportunity.

THREE SUCCESSFUL ACQUISITIONS DRIVING GROWTH
13
•Junifer launched in Australia and continuing to gain
market share in the UK
•Evolve planned market entry into Australia
•Blip growing strongly in North America and cross
selling into the Veovo customer base.

DIVIDEND
14
5.0cps interim dividend declared (same as 1H FY18)
Revision of dividend policy set at time of IPO in June 2014:
•Original 70-80% of NPATA (NPAT adjusted for the amortisation of acquisition
related intangibles) subject to outlook, capital and liquidity requirements
•Revised to at least 70% of underlying NPAT, subject to outlook, capital and
liquidity requirements.

•Strong second half with full year EBITDA result expected to be marginally ahead of FY18
•Results are dependenton thetimingof keycontracts and project milestones
•We continue to see cautious investment behaviour by UK utilities as a result of Brexit,
energy price regulation, and fewer new entrant energy retailers
•Australianenergyregulation and Default Market Rates introducing investment
uncertainty for energy retailers
•We see increasing acceptance by utilities of SaaS based solutions
•We have contracts with 4 of the ‘Big 6’ UK energy suppliers with significant growth
potential
•Based on our increasing recurring revenues and pipeline of opportunities, we are
confident in our 15% long-term organic EBITDA growth target.
15
FY19 – FULL YEAR OUTLOOK

APPENDICES

STRATEGIC FOCUS
•Utilities are shifting their mindset to cloud solutions which is reflected in
our ARR growth and continued adoption of our new products
•Moving our existing customers into SaaS
•Continuing to productise our offerings, build new capabilities
and support ongoing industry changes
•Continued cross-selling of acquired solutions into our
existing customer base
•Ongoing development and investment in our global ecosystem of technology partners
as a key component of our value proposition
•Monitoring opportunities in new geographies and potential acquisitions
•Continued UK growth with new product and service offerings and
projects in 4 of the ‘Big 6’.
17

REVENUE TYPE MIX BY DIVISION
13.7
17.4
23.0
11.5
11.5
9.0
11.2
9.5
8.3
5.6
4.1
2.0
0
5
10
15
20
25
30
35
40
45
50
H1'18H2'18H1'19
Annual FeesSupport ServicesProject ServicesLicencesOther
Utilities
Recurring
Revenue
Utilities Revenues by
Type NZD$m
11%
15%
3.3
4.0
3.7
1.6
1.1
2.0
4.2
4.0
5.6
0.5
0.4
0.4
0
2
4
6
8
10
12
14
16
18
20
H1'18H2'18H1'19
Annual FeesSupport ServicesProject ServicesLicencesOther
Airports Revenues by
Type NZD$m
Airports
Recurring
Revenue
12%
4%
Up 27%
on H1
FY18
Up 16%
on H1
FY18
18

GAAP TO NON-GAAP PROFIT RECONCILIATION
19
Period NZ$000
6 Months
31-Mar-19
6 Months
31-Mar-18
12 Months
30-Sep-18
Reported net (loss)/profit after tax
(8,700)8,36413,869
Add: Amortisation
3,7732,6055,690
Add: Tax adjustment for amortisation
(846)(664)(1,451)
N PATA
(5,773)10,30518,108
Add: Net finance expense/(income)
1,5401,4751,820
Add: Income tax expense (less tax adjustmentabove)
1,5043,7768,314
Add: Depreciation
9674091,297
Add: Acquisition costs
-(67)1,268
Less: Revaluation of acquisition related financial liability
--(3,835)
Add: Goodwill and intangible asset impairment
14,551-
3,984
EBITDA
12,78915,89830,956

H1 FY19 ON A CONSTANT CURRENCY BASIS
20
NZ$000H1 FY18H1 FY19
H1 FY19
Constant
Currency
***
Difference∆ %
Revenue51,97754,42154,726 (305)(0.6)%
Operating Costs(36,080)(41,632)(41,515)(118)(0.3)%
EBITDA*15,89812,78913,212 (423)(3.2)%
N PAT * *8,3644,6414,617240.5%
* Underlying EBITDA, being earnings before net finance expense, income tax, depreciation, amortisation and non-
operating costs. EBITDA is a non-GAAP measure – refer to slide 19 for a reconciliation to reported net profit.
** Adjusted NPAT -Underlying NPAT before non cash charges related to impairment
*** Based on H1 FY18 exchange rates applied to H1 FY19 actuals

21
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