Annual Results for the Year Ended 30 September 2019

Results for announcement to the market
Name of issuer Gentrack Group Limited
Reporting Period 12 months to 30 September 2019
Previous Reporting Period 12 months to 30 September 2018
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$111,682 6.90%
Total Revenue $111,682 6.90%
Net profit/(loss) from
continuing operations
($3,315) (123.90%)
Total net profit/(loss) ($3,315) (123.90%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.03000000
Imputed amount per Quoted
Equity Security
$ 0.01166667
Record Date 09/12/2019
Dividend Payment Date 18/12/2019
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.027 $0.021
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 investor
presentation and market announcement 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

28/11/2019

Audited 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 X Quarterly
Half Year Special
DRP applies
Record date 09/12/2019
Ex-Date (one business day before
the Record Date)
06/12/2019
Payment date (and allotment date for
DRP)
18/12/2019
Total monies associated with the
distribution
1

$2,959,344.87
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.04166667
Total cash distribution
3
$0.03000000
Excluded amount (applicable to listed
PIEs)
$N/A
Supplementary distribution amount $0.00529412
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
$0.01166667
Resident Withholding Tax per
financial product
$0.00208333
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

28/11/2019

---

Gentrack Group Ltd | www.gentrack.com | info@gentrack.com | ARBN 169 195 751
MARKET ANNOUNCEMENT
28 November 2019
Gentrack Group FY19 results
Gentrack Group Limited (NZX/ASX: GTK), a market leader in software solutions for utilities and
airports, announces its financial results for the year to 30 September 2019.
Highlights (NZ$)
• Revenue $111.7m: up 7% on FY18
• Recurring Revenue $78.2m: up 22% on FY18
• EBITDA
1
$24.8m: down 20% on FY18
• Adjusted NPAT
2
$9.6m: down 31% on FY18
• NPAT ($3.3m): after $14.6m impairment
• Final Dividend 3.0cps: bringing full year dividend to 8.0cps

Revenue for FY19 was up 7% on prior year to $111.7m and EBITDA was down 20% to $24.8m for
the same period. With a continued transition to SaaS on all new utilities business, recurring
revenues were up 22% on FY18 and now account for 70% of total revenue, with non-recurring
revenue from project services and licences falling 24%. Despite challenging market conditions,
the UK business achieved 36% revenue growth on FY18 with the addition of four new energy
customers, a water utility customer and three new Evolve projects.
Debt provisions of $2.4m mainly relating to UK utilities customers, and continued investment in
people and product development have contributed to lower EBITDA.
The full year reported net loss after tax of ($3.3m) reflected the full impairment of CA+
intangibles and goodwill of $14.6m at half year. Adjusted Net Profit After Tax of $9.6m is down
31% from $13.9m in FY18.
A final dividend of 3.0cps has been declared taking the full year dividend to 8.0cps. This
represents a total pay-out of $7.9m and 82% of Adjusted NPAT
2
.
Ian Black, CEO said, “It’s been a challenging year for our energy customers with government
intervention in pricing reducing margins for energy suppliers in the UK and Australia. Despite
this, we have seen many customers leverage our solutions to grow their businesses which has
contributed to increases in our Annual Recurring Revenue (ARR) for utilities this year, up 26% on
FY18 to $67.9m.
“We have a leading position in the UK energy market with 6.3m meters billed using our solutions
(12.1% market share), up 21% on FY18. Large energy suppliers E.on, EDF and Npower
commenced billing with Gentrack solutions, providing a platform for continued market share

1
EBITDA: Earnings before net finance expense, tax, depreciation and amortisation, acquisition related costs and impairment. This
provides a measure of the underlying operating profitability of the business.
2
Adjusted NPAT – Underlying NPAT before non cash charges related to impairment

Gentrack Group Ltd | www.gentrack.com | info@gentrack.com | ARBN 169 195 751
growth in this segment. Our Evolve offering has continued to perform well throughout the year
with further success in the UK, adding three of our existing utilities as customers.
Veovo, the airports business, added Mexico City, Luton and Buenos Aires as new customer
names in FY19. Our largest ever deployment of the airport operations solution at Orlando
Airport also went live in FY19, alongside a major project at Newark Liberty Airport, significantly
lifting our position in North America.
Investment in product development has continued throughout FY19 with total R&D spend up
21% on last year to $13.5m, of which $5.1m was capitalised. Our development program has
delivered the Gentrack Cloud solutions for energy and water retail markets as well as delivering
new camera tracking technologies for passenger management at airports.
With continuing uncertainty in our core UK market, we anticipate results will be broadly flat in
FY20.
All figures are presented in NZ$.
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
Invitation to Annual Results Investor Briefing
Investors are invited to a conference call on Thursday 28 November at 10:30am NZT / 8:30am
AEDT to discuss Gentrack’s annual financial results for the year ended 30 September 2019. The
call will be hosted by Ian Black, CEO and Tim Bluett, CFO.
The conference call details are:
The dial-in numbers for available countries are listed below. Please dial the applicable number
and enter the Conference Code provided below. Questions can be submitted verbally via the
audio call system when prompted. To ask a question, dial “*1” (star, 1) on your phone.

- 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 800-239-9838
Confirmation Code: 5151131 Following entry, please provide the required
details when prompted
*******
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 200 utility and airport sites globally with its leading
solutions.
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 100 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
EBITDA: Earnings before net finance expense, tax, depreciation and amortisation, acquisition
related costs and impairment. This provides a measure of the underlying operating profitability
of the business.

GAAP to non-GAAP profit reconciliation
$000s

12 Months
30 Sept 19
12 Months
30 Sept 18
Reported net profit/(loss) for the period (GAAP) (3,315) 13,870
Add back: net finance expense/(income) 763 1,820
Add back: income tax expense 3,758 6,863
Add back: depreciation and amortisation

9,440 6,987
Add back: acquisition costs

- 1,268
Less: revaluation of acquisition related financial liability (384) (3,835)
Add back: Impairment of goodwill 14,551 3,984
EBITDA 24,813 30,957

---

Gentrack Group Limited
Financial
Statements 2019

CONTENTS
2 Auditor’s Report
6 Directors’ Responsibility Statement

7 Statement of Comprehensive Income
8 Statement of Financial Position
9 Statement of Changes in Equity
10 Statement of Cash Flows
11 Notes to the Financial Statements
FINANCIAL
STATEMENTS 2019

© 2019 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.
Independent Auditor’s Report
To the shareholders of Gentrack Group Limited
Report on the audit of the consolidated financial statements
Opinion
In our opinion, the accompanying consolidated
financial statements of Gentrack Group Limited
(the ’company’) and its subsidiaries (the 'group') on
pages 6 to 43:
i.present fairly in all material respects the Group’s
financial position as at 30 September 2019 and
its financial performance and cash flows for the
year ended on that date; and
ii.comply with New Zealand Equivalents to
International Financial Reporting Standards and
International Financial Reporting Standards.
We have audited the accompanying consolidated
financial statements which comprise:
— the consolidated statement of financial position
as at 30 September 2019;
— the consolidated statements of comprehensive
income, changes in equity and cash flows for
the year then ended; and
— notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (‘ ISAs (NZ)’) . We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the group in accordance with Professional and Ethical Standard 1 (Revised) Code of
Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board and the
International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (‘IESBA
Code’), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the
IESBA Code.
Our responsibilities under ISAs (NZ) are further described in the auditor’s responsibilities for the audit of the
consolidated financial statements section of our report.
Our firm has also provided other services to the group in relation to 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.
Materiality
The scope of our audit was influenced by our application of materiality. Materiality helped us to determine the
nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually
and on the consolidated financial statements as a whole. The materiality for the consolidated financial
statements as a whole was set at $0.8m determined with reference to a benchmark of group Profit before tax
adjusted for impairment. We chose the benchmark because, in our view, this is a key measure of the group’s
performance.
AUDITOR’S REPORT / 2

Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the consolidated financial statements in the current period. We summarise below those matters and our key
audit procedures to address those matters in order that the shareholders as a body may better understand the
process by which we arrived at our audit opinion. Our procedures were undertaken in the context of and solely
for the purpose of our statutory audit opinion on the consolidated financial statements as a whole and we do not
express discrete opinions on separate elements of the consolidated financial statements.
The key audit matter How the matter was addressed in our audit
1. Revenue from implementation services
Refer to note 3.2 of the consolidated financial
statements.
The Group has reported revenues of $112m
(2018: $104m) which includes
implementation services revenue of $26m.
We focussed on the revenue from
implementation services as a key audit matter
due to inherent complexities of software
implementation projects and the estimates
involved.
Revenue from implementation services is
recognised based on the stage of completion
calculated using either the proportion of
actual hours at the reporting date compared
to managements estimates for total forecast
hours or with reference to milestones.
Accurate recording of revenue is highly
dependent on:
−Detailed knowledge of individual
characteristics of a contract, including
unique terms, knowledge of software
and length of time to complete
contractual milestones;
−Ongoing adjustments to estimated hours
to complete implementation taking into
consideration changes in scope,
estimated timing and project delays; and
−Changes to total project revenue for
contract variations or additional billing for
changes in scope or additional hours
incurred.
We focused our procedures on the implementation service
projects that were in progress at balance date based on the
significance of implementation service revenue to the total
revenue of the Group.
For the projects selected for testing we checked that revenue
recognised is consistent with contractual terms, including
considering how the initial licence fee, design and implementation,
and maintenance phases of the contract are arranged.
We recalculated the stage of completion based on hours to date as
a proportion of total forecast hours or with reference to
milestones. We also inspected a sample of milestone billings and
compared those to invoice and cash receipts and considered the
reasonableness of the related balance sheet positions.
We assessed the forecast hours through discussion with project
managers and senior management and challenged key
assumptions, including consideration of alternative scenarios and
how management addressed risks in the contract.
We compared significant changes in total forecast hours to
correspondence with customers, legal documentation or contract
variations. We evaluated potential exposure to liquidated damages
by reviewing legal correspondence and correspondence with
customers.
We also considered the historical accuracy of managements’
estimates of forecast hours by analysing previous forecasts to
actual hours.
2. Revenue recognition
Refer to notes 2.5 and 3.2 of the consolidated
financial statements.
The Group’s contracts with its customers
involve the delivery of multiple services:
annual fees, license fees and project services,
and support services.
Our audit procedures to assess the recognition of revenue included
the following:
We examined the appropriateness of assumptions and judgements
made by management in assessing customer contracts and
measuring the allocation of the contract revenue to multiple
deliverables.
AUDITOR’S REPORT / 3

The key audit matter How the matter was addressed in our audit
We regard revenue recognition as a key audit
matter due to the complexity of certain
contracts requiring management to exercise
judgement relating to classification and
measurement in line with the Group revenue
recognition policy. Furthermore, the Group
transitioned to NZ IFRS 15 Revenue from
Contracts with Customers (‘NZ IFRS 15’) in
the current financial year.
We matched a sample of revenue transactions to the underlying
contracts and cash receipts in order to verify the appropriateness
of revenue recognised.
With respect to NZ IFRS 15 transition we examined management`s
assessment of the impact on the Group`s revenue recognition
policy. This involved reviewing a sample of contracts with
customers representative of key revenue streams to assess the
accuracy and completeness of the analysis prepared by
management.
We considered the NZ IFRS 15 impact on the Group`s financial
statements including our technical specialists assessing the
completeness of necessary disclosures according to NZ IFRS 15
requirements.
3. Impairment assessment
Refer to note 5.3 of the consolidated financial
statements.
Impairment assessment is considered a key
audit matter due to the subjective nature of
impairment models and the significant
judgements and estimates management uses
to determine the expected financial
performance and value in use of the Group’s
cash generating units. This requires
management to make assumptions in relation
to forecasted cash flows, the terminal growth
rate and discount rates used in a discounted
cash flow model.
As a result of management’s impairment
assessment, goodwill and intangibles
amounting to $14.6m relating to the CA Plus
cash generating unit was impaired in full.
To evaluate management’s assessment of the value in use of the
respective cash generating units:
We considered management’s conclusion on separately
identifiable cash generating units.
We assessed the significant future cash flow assumptions by
comparing actual results to business plans, strategies and
budgets. We examined the documentation supporting the
budgeting process and inspected the forecasted pipeline for FY
2020.
Our corporate finance specialists examined whether the
methodology adopted in the discounted cash flow value in use
models is consistent with accepted valuation approaches within
the software industry. In addition, our specialists assessed the
mathematical accuracy of the models, and considered whether
the discount and terminal growth rate assumptions applied to the
estimated future cash flows are within an acceptable range for
the industry and lifecycle of the businesses.
We also challenged the assumptions and judgements used by
management by performing sensitivity analysis, considering a
range of likely outcomes based on various scenarios.
Where management concluded impairment is necessary (CA Plus
Limited), we considered the extent of impairment with reference
to historic performance, future business plans and pipelines, and
degree of management`s uncertainty in relation to future financial
performance.
Other information
The Directors, on behalf of the group, are responsible for the other information included in the entity’s Annual
Report. Other information includes the Chairman and Chief Executive’s report and disclosures relating to
corporate governance. Our opinion on the consolidated financial statements does not cover any other
information and we do not express any form of assurance conclusion thereon.
The Annual Report is expected to be made available to us after the date of this Independent Auditor's Report. Our
responsibility is to read the Annual Report when it becomes available and consider whether the other information
it contains is materially inconsistent with the consolidated financial statements, or our knowledge obtained in the
audit, or otherwise appear misstated. If so, we are required to report such matters to the Directors.
AUDITOR’S REPORT / 4

Use of this independent auditor’s r eport
This independent auditor’s report is made solely to the shareholders as a body. Our audit work has been
undertaken so that we might state to the shareholders those matters we are required to state to them in the
independent auditor’s 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 audit work, this independent
auditor’s report, or any of the opinions we have formed.
Responsibilities of the Directors for the consolidated financial
statements
The Directors, on behalf of the company, are responsible for:
— the preparation and fair presentation of the consolidated financial statements in accordance with generally
accepted accounting practice in New Zealand (being New Zealand Equivalents to International Financial
Reporting Standards) and International Financial Reporting Standards;
— implementing necessary internal control to enable the preparation of a consolidated set of financial
statements that is fairly presented and free from material misstatement, whether due to fraud or error; 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 audit of the consolidated financial
statements
Our objective is:
— to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error; and
— to issue an independent auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAs NZ will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
A further description of our responsibilities for the audit of these consolidated financial statements is located at
the External Reporting Board (XRB) website at:
http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-1/
This description forms part of our independent auditor’s report.
The engagement partner on the audit resulting in this independent auditor's report is Jason Doherty.
For and on behalf of
KPMG
Auckland
28 November 2019
AUDITOR’S REPORT / 5

D
IRECTORS’ RESPONSIBILITY STATEMENT / 6
DIRECTORS’ RESPONSIBILITY STATEMENT
The Directors are required to prepare financial statements for each financial year that present fairly the financial position of Gentrack Group and
its operations and cash flows for that period.
The Directors consider these financial statements have been prepared using accounting policies suitable to Gentrack Group’s circumstances,
which have been consistently applied and supported by reasonable judgements and estimates, and that all relevant financial reporting and
accounting standards have been followed.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy, at any time, the financial position of
Gentrack Group and to enable them to ensure that the financial statements comply with the Companies Act 1993. They are also
responsible for safeguarding the assets of Gentrack Group and hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
The Board of Directors of Gentrack Group authorised these financial statements for issue on 28 November 2019.
For and on behalf of the Board of Directors:
Jo
hn Clifford
F
iona Oliver
Chairman
Date: 27 November 2019
Director
Date: 27 November 2019

ST
ATEMENT OF COMPREHENSIVE INCOME / 7
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2019
NOTES
2019
NZ$000
2018
NZ$000
Revenue 3.2,3.3 111,682 104,477
Expenditure 3.4 (86,869) (73,521)
Profit before depreciation, amortisation, acquisition related costs,
revaluation of financial liabilities, impairment of goodwill and
intangible assets, financing and tax
24,813 30,956
Depreciation and amortisation 3.5 (9,440) (6,987)
Acquisition related costs - (1,268)
Revaluation of acquisition related financial liability 5.8
384 3,835
Impairment of goodwill and intangible assets 5.2,5.3,5.4
(14,551) (3,984)
Profit before financing and tax
1,206 22,552
Finance income 3.6 11 26
Finance expense 3.6 (774) (1,846)
Profit before tax
443 20,732
Income tax expense 7.1 (3,758) (6,863)
(Loss)/Profit attributable to the shareholders of the company (3,315) 13,869
OTHER COMPREHENSIVE INCOME
Translation of international subsidiaries (1,675) 5,519
Total comprehensive (loss)/income for the period
(4,990) 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 6.4 ($0.03) $0.16
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES ISSUED
Basic 6.4 98,605 86,622
Diluted 6.4
98,872 86,928
The accompanying notes form part of these financial statements.

S
TATEMENT OF FINANCIAL POSITION / 8
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2019
NOTES
2019
NZ$000
2018
NZ$000
CURRENT ASSETS
Cash and cash equivalents 4.3 8,626 11,400
Trade and other receivables 5.1
31,279 24,055
Inventory 5.9
572 376
Total current assets
40,477 35,831
NON-CURRENT ASSETS
Property, plant and equipment 5.5 3,453 3,836
Goodwill 5.2
134,434 146,189
Intangibles 5.4
60,482 68,187
Deferred tax assets 7.2
2,793 3,626
Total non-current assets
201,162 221,838
Total assets 241,639 257,669
CURRENT LIABILITIES
Bank loans 4.2 4,000 -
Trade payables and accruals 5.6
5,487 6,907
Contract liabilities
12,173 7,749
GST payable
2,030 1,300
Financial liabilities 5.8
2,451 -
Employee entitlements 5.7
4,588 3,851
Income tax payable
2,051 4,030
Total current liabilities
32,780 23,837
NON-CURRENT LIABILITIES
Bank loans - -
Related party loan 4.2
450 -
Lease incentives 9.1
3,028 3,612
Financial liabilities 5.8
- 2,808
Employee entitlements 5.7
411 339
Deferred tax liabilities 7.2
7,361 10,648
Total non-current liabilities
11,250 17,407
Total liabilities 44,030 41,244
Net assets 197,609 216,425
EQUITY
Share capital 6.1 191,229 190,968
Share based payment reserve
389 570
Foreign currency translation reserve
7,664 9,339
Retained earnings
(1,673) 15,548
Total equity
197,609 216,425
The accompanying notes form part of these financial statements.

ST
ATEMENT OF CHANGES IN EQUITY / 9
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2019
($000) NOTES
SHARE
CAPITAL
SHARE BASED
PAYMENT
RESERVE
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
Balance as at 1 October 190,968 570 15,548 9,339 216,425
Change in accounting policy 2.5 (443) (443)
Restated total equity at 1 October 190,968 570 15,105 9,339 215,982
Loss attributable to the
shareholders of the company
(3,315) (3,315)
Other comprehensive loss (1,675) (1,675)
Total comprehensive loss for the
period, net of tax
- - (3,315) (1,675) (4,990)
TRANSACTION WITH OWNERS
Dividend paid 6.3 (13,463) (13,463)
Share based payments 6.2 261 (181) 80
Balance at 30 September 191,229 389 (1,673) 7,664 197,609
2018
($000)
SHARE
CAPITAL
SHARE BASED
PAYMENT
RESERVE
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
Balance as at 1 October 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
190,968 570 15,548 9,339 216,425
The accompanying notes form part of these financial statements.

ST
ATEMENT OF CASH FLOWS / 10
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2019
NZ$000
2018
NZ$000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 108,083 103,343
Payments to suppliers and employees
(87,154) (73,173)
Income tax paid
(8,138) (7,918)
Net cash inflow from operating activities
12,791 22,252
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment (640) (2,287)
Purchase of intangibles
(5,653) (3,916)
Acquisition of business, net of cash
- (42,796)
Repayment of acquisition related costs
- (362)
Proceeds from sale of property, plant and equipment
- 272
Net cash outflow from investing activities
(6,293) (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
8,439 -
Repayment of borrowings
(4,000) (46,826)
Interest (paid)/received
(679) (1,095)
Dividends paid
(13,463) (11,299)
Net cash (outflow)/inflow from financing activities
(9,703) 28,305
Net (decrease)/increase in cash held (3,205) 1,468
Foreign currency translation adjustment 431 205
Cash at beginning of the financial period
11,400 9,727
Closing cash and cash equivalents
8,626 11,400
The accompanying notes form part of these financial statements.

N
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
General information Accounting polices Critical judgements
General information
The notes are consolidated into nine sections. Each section contains an introduction and general information which is indicated
by the symbol above. The layout of these financial statements has been streamlined to present them in a way that is more intuitive for
readers to follow. This is achieved by laying out the accounting policies and critical judgements alongside the notes and focusing
information in a way which provides increased clarity and ease of understanding.
The first section details general information above Gentrack Group Limited (the Company and its subsidiaries, collectively Gentrack Group)
and guidance on how to navigate through the financial statements.
Accounting policies
The principal accounting policies adopted in the preparation of these financial statements are set out throughout the
document where they are applicable. These policies have been consistently applied to all the years presented, unless otherwise stated.
Certain comparatives have been updated to ensure consistency with current year presentation.
Accounting policies are identified by this symbol above.
Critical judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in
relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements and estimates on
historical experience and on various other factors it believes to be reasonable under the circumstances, the result of which form
the basis of the carrying values for assets and liabilities that are not readily apparent from other sources. Actual results may differ
from these estimates under different assumptions and conditions and may materially affect financial results or the financial
position reported in future periods.
Further details of the nature of these critical judgements and estimates may be found throughout the financial statements as they are
applicable and are identified by this symbol.

N
OTES TO THE FINANCIAL STATEMENTS / 12
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1.GENERAL INFORMATION
Gentrack Group Limited is a limited liability company, domiciled and incorporated in New Zealand and registered under the New Zealand
Companies Act 1993. The registered office of the Company is 17 Hargreaves Street, St Marys Bay, Auckland 1011, New Zealand.
The financial statements presented are for Gentrack Group Limited and its subsidiaries for the year ended 30 September 2019. Prior year
comparatives are for the year ended 30 September 2018.
The financial statements of Gentrack Group for the year ended 30 September 2019 were authorised for issue in accordance with a
resolution of the directors on 27 November 2019.
Gentrack Group’s principal activity is the development, integration, and support of enterprise billing and customer management software
solutions for the utility (energy and water) and airport industries.

N
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.BASIS OF PREPARATION AND ACCOUNTING POLICIES
This section outlines the legislation and accounting standards which have been followed in the preparation of the financial
statements along with explaining how the information has been consolidated and presented.
2.1 KEY LEGISLATION AND ACCOUNTING STANDARDS
The financial statements of Gentrack Group have been prepared in accordance with New Zealand Generally Accepted Accounting Practice
(NZ GAAP). They comply with the New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) and other applicable
Financial Reporting Standards as appropriate to profit-oriented entities. The financial statements comply with International Financial
Reporting Standards (IFRS).
Gentrack Group is an FMC entity for the purposes of the Financial 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).
The financial statements have been prepared in accordance with the requirements of the Financial Reporting Act 2013, Financial Markets
Conduct Act 2013 and the Companies Act 1993.
2.2 BASIS OF CONSOLIDATION
Subsidiaries are entities over which Gentrack Group has control. Gentrack Group controls an entity when it is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In
assessing control, potential voting rights that currently are exercisable are taken into account. Subsidiaries are fully consolidated from the
date that control is transferred to Gentrack Group. They are deconsolidated from the date that control ceases.
The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by Gentrack Group.
Intra-group balances and any unrealised income and expenses arising from intra-group transactions, are fully eliminated in preparing the
financial statements.
FUNCTIONAL AND PRESENTATION CURRENCY
Items included in the financial statements of each of Gentrack Group’s entities are measured using the currency of the primary economic
environment in which the entity operates (the functional currency). The financial statements are presented in New Zealand dollars (NZD)
which is Gentrack Group’s presentation currency. All financial information has been presented rounded to the nearest thousand dollars
($000) in the financial statements.
TRANSACTIONS AND BALANCES
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the s tatement of c omprehensive
income. Foreign exchange gains and losses are presented in the statement of c omprehensive income within net finance expense.
FOREIGN CURRENCY TRANSLATION RESERVE (FCTR)
Gentrack Group translates the results of its foreign operations from their functional currencies to the presentation currency using the
closing exchange rate at balance date for assets and liabilities and the average monthly exchange rates for income and expenses. The
difference arising from the translation of the s tatement of f inancial position at the closing rates and the statement of comprehensive
income at the average rates is recorded within the foreign currency translation reserve within the statement of changes in equity.

2.3 BUSINESS COMBINATIONS
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
transferred to Gentrack Group. Control is the exposure or right to variable returns from involvement with the entity and the ability to affect those
returns through power over the entity.
Gentrack Group recognises the fair value of all identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is
measured as the excess cost of the acquisition over the recognised assets and liabilities. When the excess is negative (negative goodwill), the
amount is recognised immediately in the statement of comprehensive i ncome.

N
OTES TO THE FINANCIAL STATEMENTS / 14
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.3 BUSINESS COMBINATIONS (CONTINUED)
Gentrack Group applies the anticipated acquisition method where it has the right and the obligation to purchase any remaining non-
controlling interest (so-called put/call arrangements). Under the anticipated acquisition method, the interests of the non-controlling
shareholder are derecognised when Gentrack Group’s liability relating to the purchase of its shares is recognised. The recognition of the financial
liability implies that the interests subject to the purchase are deemed to have been acquired already. Therefore, the corresponding interests
are presented as already owned by Gentrack Group even though legally they are still non-controlling interests. The initial measurement of the
fair value of the financial liability recognised by Gentrack Group forms part of the consideration for the acquisition.
Gentrack Group has not made any acquisitions during the year ended 30 September 2019. For details of acquisitions made in the prior year
refer to the 2018 Annual Report.
2.4 GROUP INFORMATION
The financial statements include the following subsidiaries:
ENTITY PRINCIPAL ACTIVITY
COUNTRY OF
INCORPORATION
SHAREHOLDING
2019
SHAREHOLDING
2018
Gentrack Group Australia Pty Limited Holding company Australia 100% 100%
Gentrack Pty Limited Software sales and support Australia 100% 100%
Veovo Holdings (Denmark) ApS Holding company Denmark 100% 100%
Blip Systems A/S
Software development sales
and support
Denmark 79.81% 79.81%
CA Plus Limited
Software development sales
and support
Malta 75% 75%
Veovo Group Limited (formally Veovo
Limited)
Holding company New Zealand 100% 100%
Gentrack Limited
Software development sales
and support
New Zealand 100% 100%
Gentrack Holdings (UK) Limited Holding company United Kingdom 100% 100%
Gentrack UK Limited
Software development sales
and support
United Kingdom 100% 100%
Junifer Systems Limited Dormant United Kingdom 100% 100%
Evolve Parent Limited Holding company United Kingdom 100% 100%
Evolve Analytics Limited
Software development sales
and support
United Kingdom 100% 100%
Gentrack (Singapore) Pte Limited Software sales and support Singapore 100% 100%
Veovo Inc Software sales and support USA 100% 100%
Veovo NZ Limited Dormant New Zealand 100% -
Veovo UK Limited Dormant United Kingdom 100% -

N
OTES TO THE FINANCIAL STATEMENTS / 15
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.5 ADOPTION OF NEW ACCOUNTING STANDARDS
A number of new or amended accounting standards became applicable for the year ended 30 September 2019 and Gentrack Group has
had to update its accounting policies as a result of adopting the following standards:
•NZ IFRS 15 Revenue from Contracts with Customers (NZ IFRS 15)
•NZ IFRS 9 Financial Instruments (NZ IFRS 9)
The impact of adopting these new accounting standards is disclosed below.
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. In transitioning to NZ IFRS 15 Gentrack Group has
applied the modified retrospective method.
Gentrack 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 Gentrack Group recognises revenue. Therefore, there is no requirement to restate revenue in
prior periods. Gentrack Group’s accounting policies have been amended to ensure the 5-step method, as defined in NZ IFRS 15, is applied
consistently to revenue recognition processes across Gentrack Group.
In assessing the impact of NZ IFRS 15 on Gentrack Group, management has selected to group the revenue contracts with its customers
based on the nature, terms and other similarities sitting within each respective contract type. Such contracts were considered as
representative contracts within each segment and were analysed for the purposes of NZ IFRS 15. 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 NZ I
FRS 15 and how it has been applied to the major revenue types
contained in Gentrack Group’s two operating segments.
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.

N
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.5 ADOPTION OF NEW ACCOUNTING STANDARDS (CONTINUED)
Revenue
type
Product
details
Description Key judgements Outcome Timing of revenue
recognition
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.
In terms of impact to the presentation of the financial statements, NZ IFRS 15 requires the disaggregation of revenue to provide clear and
meaningful information. For Gentrack Group, management has concluded that presentation of revenue in terms of the method of revenue
recognition is most appropriate. Therefore, revenue is disaggregated in the operating segments note (refer to note 3.1) as the amounts
recognised at a point in time and over time. Revenue is also disaggregated by revenue type in note 3.2 .
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 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 Gentrack Group has used
an exemption not to restate comparative information.

N
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.5 ADOPTION OF NEW ACCOUNTING STANDARDS (CONTINUED)
CLASSIFICATION AND MEASUREMENT
NZ IFRS 9 principally impacts the following classifications of financial assets for Gentrack Group:
•Cash and cash equivalents
•Trade receivables
From 1 October 2018, Gentrack Group classifies its financial assets at amortised cost (previously classified as loans and receivables under
NZ IAS 39). There was no change in the carrying value of the financial assets as a result of the reclassification. At initial recognition,
Gentrack 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, Gentrack 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, Gentrack Group considers both forward looking information and
financial history of the counterparties to assess the probability of default. Gentrack Group defines default as a counterparty not satisfying
their contractual obligations in relation to the financial asset.
For trade receivables NZ IFRS 9 requires expected lifetime credit losses to be recognised from initial recognition of the trade receivable.
When there is no reasonable expectation of recovery trade receivables are written off.
The expected credit loss allowance is based on assumptions about risk of default and expected credit loss rates. Gentrack Group uses
judgement in making these assumptions and selecting appropriate inputs to the impairment calculation. This is based on Gentrack Group’s
past history, existing market 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 RECEIVABLES
Gentrack Group has applied the lifetime expected credit loss approach for trade receivables under NZ IFRS 9. To measure the expected
credit loss, trade receivables 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 Gentrack Group has achieved within that market.

N
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.5 ADOPTION OF NEW ACCOUNTING STANDARDS (CONTINUED)
The details of the expected credit loss allowance as at 1 October 2018 are shown below:
1 OCTOBER 2018
CURRENT
NZ$000
1-60 DAYS
PAST DUE
NZ$000
61-120 DAYS
PAST DUE
NZ$000
121-180 DAYS
PAST DUE
NZ$000
OVER 180
DAYS PAST
DUE
NZ$000
TOTAL
NZ$000
Gross carrying amount 8,904 4,385 1,689 1,278 1,327 17,583
Baseline 22 30 30 32 59 172
Aging and Customer duration 9 8 44 65 83 209
Country, Customer and Market 21 9 10 10 12 61
Total expected credit loss rate 0.59% 1.05% 4.99% 8.34% 11.61% 2.52%
Expected credit loss allowance 52 46 84 107 154 443
An increase 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.
The expected credit loss allowance for trade receivables as at 30 September 2018 as reported in the annual report reconciles to the
opening expected credit loss allowance on 1 October 2018 as follows:

NZ$000
EXPECTED CREDIT LOSS ALLOWANCES FOR TRADE RECEIVABLES
At 30 September 2018 - calculated under NZ IAS 39 504
Amounts restated through opening retained earnings 443
Opening expected credit loss allowance as at 1 October 2018 - calculated under NZ IFRS 9 947
The expected credit loss allowance for trade receivables as at 30 September 2019 is as follows:
30 SEPTEMBER 2019
CURRENT
NZ$000
1-60 DAYS
PAST DUE
NZ$000
61-120 DAYS
PAST DUE
NZ$000
121-180 DAYS
PAST DUE
NZ$000
OVER 180
DAYS PAST
DUE
NZ$000
TOTAL
NZ$000
Gross carrying amount 12,848 3,248 2,842 746 2,570 22,254
Baseline 39 23 7 11 123 203
Aging and Customer duration 9 14 7 13 138 181
Country, Customer and Market 37 7 2 3 27 76
Total expected credit loss rate 0.67% 1.37% 0.57% 3.57% 11.1% 2.07%
Expected credit loss allowance 85 45 16 27 287 460
During the year the proportion of trade receivables past due in each of the ageing buckets has improved, but the overall trade receivable
balance has increased. This has resulted in a slight increase in the expected credit loss allowance, the movement in the expected credit loss
allowance has been recognised within administrative expenses in the statement of comprehensive income.

NOTES TO THE FINANCIAL STATEMENTS / 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.6 IMPACT OF STANDARDS ISSUED BUT NOT YET ADOPTED
The International Accounting Standards Board has issued a number of standards, amendments and interpretations which are not yet effective,
and which may have an impact on Gentrack Group’s financial statements.
These are detailed below. Gentrack Group has not applied these in preparing these financial statements and will apply each standard in the
reporting period in which the standard becomes mandatory:
NZ IFRS 16 LEASES
NZ IFRS 16 Leases will result in almost all leases being recognised in the statement of financial position, as the distinction between
operating leases and finance leases is removed. The standard is mandatory for Gentrack Group for reporting periods beginning on, or after
1 October 2019. Gentrack Group does not intend to adopt the standard before its mandatory effective date.
Under NZ IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of
time in exchange for consideration. Under NZ IAS 17, a lessee was required to make a distinction between an operating lease (off balance
sheet) and a finance lease (on balance sheet). NZ IFRS 16 requires a lessee to recognise a lease liability reflecting the future lease payments
and a ‘right-of-use’ asset for almost all lease contracts. The statement of comprehensive income will be impacted by the recognition of an
interest expense and a depreciation expense with premise rental and office equipment expenses being significantly impacted.
For Gentrack Group, the impact will be primarily focused on the accounting for operating leases. As at the reporting date, Gentrack Group
has operating lease commitments of $29.4m. Upon adoption, NZ IFRS 16 will have a significant impact upon Gentrack Group’s statement of
financial position and statement of comprehensive income.
To calculate the impact of NZ IFRS 16 as at 1 October 2019, being the date of adoption, Gentrack Group’s management has developed a
detailed model. Management has had to apply judgement across several parameters that input into this model as follows:
• The lease term including potential renewals for which Gentrack has a right to exercise;
• The incremental borrowing rate that is used to discount lease assets and liabilities.
As a result of the calculations and the application of judgement within the model, management is able to quantify the potential impact of
NZ IFRS 16 based on the current lease arrangements across Gentrack Group. Management expects that there will be material impact across
the following line items in the statement of financial position:
• Recognition of right-of-use assets of $17.5m;
• Recognition of a lease liability $22.9m;
• Derecognition of lease incentive liability of $3.9m; and
• Decrease in opening retained earnings $1.5m.
The expected impact on the statement of comprehensive income for the year ended 30 September 2020 across the following lines items
are estimated as follows:
• Increase in finance expense (recognised as interest expense) $1.2m;
• Increase in depreciation and amortisation expense $2.5m; and
• Decrease in premises and office equipment expenses contained in administrative expenses $3.5m.
Estimates are subject to change at the time of adoption and for the year ended 30 September 2020 due to:
• Any changes in managements judgements as they apply;
• Outcome of renewals under lease agreements;
• Any changes to existing leasing arrangements;
• New lease contracts entered into; and
• Finalisation of management’s judgements and changes to the discount rates.
The implementation of NZ IFRS 16 has no cash impact to Gentrack Group as changes are limited to financial reporting requirements only.
Gentrack Group intends to implement the simplified transition approach as defined in the standard for the year ended 30 September 2020
and will not restate comparative amounts for the period prior to adoption.

NOTES TO THE FINANCIAL STATEMENTS / 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
3. GROUP PERFORMANCE
This section outlines further details of Gentrack Group’s financial performance by building on the information presented in the
statement of comprehensive income.
3.1 OPERATING SEGMENTS
An operating segment is a component of an entity that engages in business activities from which it may earn revenue and incur expenses,
whose operating results are regularly reviewed by the entity’s Chief Operating Decision Maker to make decisions about resources to be
allocated to the segment and assess its performance, and for which discrete financial information is available. Operating segments are
aggregated for disclosure purposes where they have similar products and services, production processes, customers, distribution methods
and regulatory environments.
Gentrack Group currently operates in two business segments, utility billing software and airport management software, as at
30 September 2019. These segments have been determined based on the reports reviewed by the Board (Chief Operating
Decision Maker) to make strategic decisions.
The assets and liabilities of Gentrack 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.
2019
UTILITY
NZ$000
AIRPORT
NZ$000
TOTAL
NZ$000
TIMING OF REVENUE RECOGNITION

Point in time 6,326 5,440 11,766
Over time 81,853 18,063 99,916
Total revenue 88,179 23,503 111,682
Expenditure (68,174) (18,695) (86,869)
Segment contribution (1) 20,005 4,808 24,813

2018
UTILITY
NZ$000
AIRPORT
NZ$000
TOTAL
NZ$000
TIMING OF REVENUE RECOGNITION

Point in time 7,946 3,431 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

NOTES TO THE FINANCIAL STATEMENTS / 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
3.1 OPERATING SEGMENTS (CONTINUED)
A reconciliation of segment contribution to profit attributable to the shareholders of the company is provided below:

2019
NZ$000
2018
NZ$000
Segment contribution (1) 24,813 30,956
Depreciation and amortisation (9,440) (6,987)
Acquisition related costs
- (1,268)
Revaluation of acquisition related financial liabilities
384 3,835
Impairment of goodwill and intangible assets
(14,551) (3,984)
Net finance expense
(763) (1,820)
Income tax expense
(3,758) (6,863)
Profit attributable to the shareholders of the company
(3,315) 13,869
(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

2019
NZ$000
2018
NZ$000
REVENUE BY DOMICILE OF ENTITY

Australia 22,724 29,062
New Zealand
18,142 18,791
United Kingdom
60,469 56,193
Rest of World
10,347 431
Total revenue
111,682 104,477
REVENUE BY DOMICILE OF CUSTOMER

Australia 24,947 31,903
New Zealand
12,244 11,835
United Kingdom
58,913 43,312
Rest of World
15,578 17,427
Total revenue
111,682 104,477
In 2019 and 2018, no single customer including their subsidiaries accounted for 10% or more of Gentrack Group’s revenue.
3.2 OPERATING REVENUE
Gentrack Group recognises revenue from customers when the performance obligation has been accomplished. A performance
obligation is accomplished when the customer has received all of the benefits promised under the performance obligation. The
following sections detail the type of revenue recognised within each category. Effective from 1 October 2018 Gentrack Group
adopted NZ IFRS 15 Revenue from Contracts with Customers, this did not result in significant changes in accounting policies related to
revenue recognition. Refer to note 2. 5 for details on the method and timing of revenue recognition.
Revenue recognition involves certain revenue streams being recognised based on the stage of completion. This process uses
estimations of time required to complete the project and is based on detailed information on hours worked to date, prior
experience and project scheduling tools. Gentrack Group employs project managers to provide regular information to
management on the progress of all projects. All estimates are reviewed by management prior to revenue recognition.

N
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
3.2 OPERATING REVENUE (CONTINUED)
ANNUAL FEES
Annual fees include software support and maintenance charged on software licenses, software subscriptions and managed
services. Revenue from annual fees is generally recognised over the period as the benefits are consumed by the customer.

SUPPORT SERVICES
Support services are post implementation value-add professional services related to ongoing upgrades, minor software revisions
and extended support. Support services revenue is recognised when the service is complete or on a stage of completion basis.

LICENSES
Revenue from license fees is recognised when the customer is able to benefit from the licensed software. License fees that are highly
interrelated with project services are recognised based on a stage of completion of the project.
PROJECT SERVICES
Revenue from project services is recognised based on the stage of completion of the project. This is typically in accordance with the
achievement of contract milestones and/or hours expended and forecast hours to complete the project.
OTHER
Other revenue is primarily revenue from hardware and the recharge of ad-hoc costs that are recharged to customers. Revenue from
hardware sales is recognised when the hardware has been delivered to the customer.
NOTES
2019
NZ$000
2018
NZ$000
OPERATING REVENUE:
Annual fees 54,904 38,294
Support services
23,335 25,696
Project services
21,377 25,406
Licenses
5,708 10,545
Other
5,006 3,681
Total operating revenue
110,330 103,622
OTHER INCOME:
Government grants 3.3 1,352 855
Total revenue
111,682 104,477
3.3 OTHER INCOME
GOVERNMENT GRANTS
Government grants are recognised at their fair value where there is a reasonable assurance that the grant will be received, and
Gentrack Group will comply with all attached conditions. When a grant relates to an expense item, it is recognised as income
over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate.
During 2019, Gentrack Group recognised a total of $1.0m (2018: $0.8m) of grants from Callaghan Innovation in New Zealand and
Research and Development Expenditure Credits (RDEC) from the UK Government. T hese government grants provide a percentage return
for eligible Research and Development conducted by Gentrack Group. At balance date, the Callaghan grant has a 10% retention o f $0.1m
which is yet to be paid and is subject to an independent auditor review. The RDEC grant is a tax incentive and at balance date $0.2m was
outstanding, the benefit will be applied to Gentrack Group’s tax payable when the income tax return for 30 September 2019 is filed.

NOTES TO THE FINANCIAL STATEMENTS / 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
3.4 EXPENDITURE
The table below provides a detailed breakdown of the total expenditure presented in the statement of comprehensive income.

2019
NZ$000
2018
NZ$000
PROFIT BEFORE TAX INCLUDES THE FOLLOWING SPECIFIC EXPENSES:

Employee entitlements 58,914 49,961
Administrative costs
11,691 9,451
Third party customer-related costs
6,967 5,500
Advertising and marketing
1,565 1,543
Consulting and subcontracting
5,346 5,147
Other operating expenses
2,386 1,919
Total expenditure
86,869 73,521
Included in the total expenditure shown above, Gentrack Group has expensed $8.4m of research and development expenditure in 2019
(2018: $7.5m) related to software research and development in the statement of comprehensive income. This research and development
expenditure includes payroll overheads, employee benefits and other employee-related expenses.
3.5 DEPRECIATION AND AMORTISATION
Depreciation on assets is calculated using the straight-line method to allocate the difference between their original costs and their
residual values over their estimated useful lives.
Except for goodwill and brands, intangible assets are amortised on a straight-line basis in the statement of comprehensive income over their
estimated useful lives, from the date that they are available for use.


2019
NZ$000
2018
NZ$000
Depreciation 1,001 900
Amortisation 8,439 6,087
Total depreciation and amortisation
9,440 6,987
3.6 NET FINANCE EXPENSE
Finance income comprises interest income and foreign currency gains that are recognised in the statement of comprehensive
income. Interest income is recognised as it accrues, using the effective interest method.
Finance expense comprises interest expense on borrowings, foreign currency losses and impairment losses recognised on the financial assets
(except for trade receivables) that are recognised in the statement of comprehensive income. All borrowing costs are recognised in the statement
of comprehensive income using the effective interest method.


2019
NZ$000
2018
NZ$000
FINANCE INCOME

Interest income 11 26
Foreign exchange gains
- -

11 26
FINANCE EXPENSE

Interest expense (690) (1,121)
Interest paid - NPV discount
(54) (127)
Foreign exchange losses
(30) (598)

(774) (1,846)
Net finance expense (763) (1,820)

NOTES TO THE FINANCIAL STATEMENTS / 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
4. CASH, BORROWINGS AND CASH FLOWS
This section outlines further from the statement of cashflows and provides details on the cash and cash equivalents held in the
statement of financial position.
Cash comprises cash at bank and on hand.
4.1 RECONCILIATION OF NET SURPLUS TO CASH FLOWS

NOTES
2019
NZ$000
2018
NZ$000
RECONCILIATION OF OPERATING CASH FLOWS WITH NET PROFIT AFTER TAX:

Net profit after tax

(3,315) 13,869
ADJUSTMENTS FOR NON-CASH ITEMS

Deferred tax 7.2 (2,386) (2,420)
Impairment provision - Trade receivables

1,866 337
Loss on foreign exchange transactions

28 598
Share based payments 6.2
80 331
Net interest expense 3.6
679 1,095
Revaluation and interest on financial liability

(330) (3,888)
Other non-cash items

6 (79)
Depreciation and amortisation 3.5
9,440 6,987
Impairment of goodwill and other intangibles 5.2,5.3,5.4
14,551 3,984
Non-cash items

20,619 20,814
ADD/(DEDUCT) MOVEMENTS IN OTHER WORKING CAPITAL ITEMS:

(Increase) / Decrease in trade and other receivables

(9,717) 278
(Decrease) / Increase in tax payable

(1,995) 1,418
Increase / (Decrease) in GST payable

728 (197)
Increase / (Decrease in contract liabilities

4,409 (1,906)
Increase / (Decrease) in employee entitlements

825 (908)
(Decrease) / Increase in trade payables and accruals

(2,078) 2,753
Net working capital movements

(7,828) 1,438
Net cash inflow from operating activities

12,791 22,252

N
OTES TO THE FINANCIAL STATEMENTS / 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
4.2 BANK FACILITIES AND BORROWINGS
Gentrack Group currently maintains a revolving five year credit facility and a working capital facility with ASB on the terms outlined below.
The revolving credit facility aggregated is NZD$42.5 million, and the working capital facility is NZD$8 million, totalling NZD$50.5 million. The
purpose of the revolving credit facility is to part fund acquisitions and other capital projects. The purpose of the working capital facility is to
assist with funding the working capital requirements of Gentrack Group. At 30 September 2019 Gentrack Group had drawn down $4.0m of
the working capital facility (2018: $Nil).
Interest is payable at a rate calculated as a base rate plus a pre-determined margin. During the year, the average rates for the NZD
denominated borrowings were 2.34%. There are covenants in place relating to gearing and interest cover and Gentrack Group was in
compliance with them during the year. The maturity date for each drawdown is the end of the next interest reset date. Gentrack Group has
the right to roll over the drawdowns up to the maturity of the facility on 28 March 2022.
Gentrack Group has provided a General Security Deed over all the present and after acquired property of all entities in Gentrack Group.
Related party borrowings include a loan from Shireburn Company Limited, the minority shareholder of CA Plus and amounts to $0.5m
(2018: Nil). This loan expires 30 November 2023 and has an average interest rate of 2.56%. The loan is in place to contribute towards the
working capital requirements of CA Plus.
4.3 Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, deposits held at call with banks, other short-term and highly liquid
investments with original maturities of three months or less.
2019
NZ$000
2018
NZ$000
Bank balances 8,625 11,398
Cash on hand 1 2
Total cash and cash equivalents
8,626 11,400
5.ASSETS AND LIABILITIES
This section outlines further details of Gentrack Group’s financial performance by building on information presented in the
statement of financial position
.
5.1 TRADE AND OTHER RECEIVABLES
Gentrack Group recognises trade and other receivables initially at fair value and subsequently measured at amortised cost using
the effective interest method, less provision for impairment. An impairment provision for trade receivables consists of the
expected credit loss in accordance with NZ IFRS 9 (refer to note 2.5) and a specific provision. A specific provision is established
when there is objective evidence that Gentrack Group will not be able to collect all amounts due according to the original terms of the
receivables. The carrying amount of an asset is reduced through the use of provision accounts, and the amount of the loss is recognised in the
statement of comprehensive income. When a receivable is uncollectible, it is written off against the specific impairment provision account.
Subsequent recoveries of amounts previously written off are credited against the statement of comprehensive income.

2019
NZ$000
2018
NZ$000
Trade receivables 22,254 17,583
Impairment provision - Expected credit loss (460) -
Impairment provision - Specific provision
(2,408) (504)
Provision for warranty claims
(150) (15)
Contract assets
9,593 4,093
Sundry receivables and prepayments
2,450 2,898
Total trade and other receivables
31,279 24,055

N
OTES TO THE FINANCIAL STATEMENTS / 26
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
5.1 TRADE AND OTHER RECEIVABLES (CONTINUED)
MOVEMENT IN TRADE RECEIVABLES IMPAIRMENT PROVISION
2019
NZ$000
2018
NZ$000
Opening balance 504 167
Increase in impairment provision 2,794 419
Write back in impairment provision
(177) (75)
Effect of movement in foreign exchange
(210) (7)
Bad debt written off
(43) -
Total trade receivables impairment provision
2,868 504
5.2 GOODWILL
Goodwill represents the difference between the cost of acquisition and the fair value of the net identifiable assets acquired.
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units (CGU) and is
not amortised but is tested annually for impairment
.
2019
NZ$000
2018
NZ$000
Opening balance 146,189 122,212
Goodwill arising on acquisition - 22,408
Goodwill impairment
(10,380) (3,984)
Exchange rate differences
(1,375) 5,553
Closing net book value
134,434 146,189
Goodwill allocated to Utilities
106,758 107,670
Goodwill allocated to Airport 20/20
2,900 2,900
Goodwill allocated to Blip Systems
8,292 8,376
Goodwill allocated to CA Plus
- 11,005
Goodwill allocated to Evolve Analytics
16,484 16,238
Net book value
134,434 146,189
During the year due to the further alignment of t he Gentrack Velocity and Junifer CGU’s a single combined CGU named Utilities was
formed. With the increased alignment it is now no longer possible to meaningfully separate the cashflows and therefore they are now
reported as a single CGU.
5.3 IMPAIRMENT TESTING
IMPAIRMENT OF GOODWILL AND OTHER ASSETS
At each reporting date, Gentrack Group assesses whether there is any indication that an asset may be impaired. Where an
indicator of impairment exists, Gentrack Group makes a formal estimate of the recoverable amount. Where the carrying value
of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
Recoverable amount is the greater of fair value less costs to sell or the asset’s value in use. For the purposes of assessing impairment,
assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets
other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre tax discount rate that reflects
the current market assessments and the time value of money and the risks specific to the asset. Value in use is determined by discounting
the future cash flows generated by each CGU. Cash flows were projected based on five-year business plans. The Weighted Average Cost of
Capital (WACC) is based on CAPM methodology using market specific inputs. The WACC for each CGU is reviewed annually. The key
assumptions are detailed in the table below.

NOTES TO THE FINANCIAL STATEMENTS / 27
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
5.3 IMPAIRMENT TESTING (CONTINUED)
Gentrack Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy stated
above. The recoverable amounts of cash-generating units have been determined based on value in use calculations. These
calculations require the use of assumptions, the details of these assumptions and the potential impact of changes to the assumptions
are presented below.

CASH GENERATING UNIT
2019 REVENUE
GROWTH
2020 - 2024
WACC
2019
2018 REVENUE
GROWTH
2019 - 2023
WACC
2018
Utilities 8% CAGR 8.7% 15% CAGR 10.8%
Airport 20/20 10% CAGR 8.8% 15% CAGR 10.8%
Blip Systems
11% CAGR 10.1% 21% CAGR 11.1%
Evolve Analytics
6% CAGR 13.5% Not tested Not tested
The terminal revenue growth rate for all CGU’s is calculated based on the 2024 year and assumes a continuous growth of a minimum of
projected inflation estimates of 1.25% (2018: 2.5%). These values assigned to the key assumptions represent management’s assessments of
future trends and are based on both external and internal sources.
IMPAIRMENT TESTING RESULTS – EXCLUDING CA PLUS
The calculations confirmed there was no impairment of goodwill during the year apart from CA Plus. Management believes that any
reasonable possible change in the key assumptions for all CGU’s, excluding CA Plus would not cause the carrying amount to exceed the
recoverable amount.
Changes in key assumptions were considered as sensitivities. These are summarised in the table below.
CASH GENERATING UNIT
RECOVERABLE
AMOUNT
EBITDA
+5%
EBITDA
-5%
WACC
+1%
WACC
-1%
Utilities 270,687 14,536 (14,536) (32,536) 42,567
Airport 20/20 65,069 3,227 (3,227) (7,669) 10,033
Blip Systems 19,909 1,106 (1,106) (2,128) 2,677
Evolve Analytics 43,184 2,287 (2,287) (3,371) 3,977
CA PLUS – FULL IMPAIRMENT
Gentrack 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.
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.
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.
During the year ended 30 September 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. The $14.6m impairment includes $10.4m
in goodwill and $4.2m of intangible assets.
Details of the impairment related amounts are included in notes 5.2, 5.3 and 5.4 respectively.

NOTES TO THE FINANCIAL STATEMENTS / 28
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
5.3 IMPAIRMENT TESTING (CONTINUED)
IMPAIRMENT TESTING – SUBSEQUENT EVENT
Subsequent to balance date, Gentrack Group undertook an internal review of its FY2020 revenue projections due to increased political
uncertainty in the UK following Brexit developments and the announcement of a UK general election. This internal review resulted in
earnings guidance for FY2020 announced on 22 November 2019, where Gentrack Group expects that FY2020 earnings would be broadly
flat. Gentrack Group considers this to be a non-adjusting subsequent event, however, has assessed the impact on impairment testing. The
decreased revenue expectations are not projected to result in the impairment of Gentrack Group’s goodwill and other intangible assets,
however, it is noted that the assets of the Evolve Analytics CGU will become sensitive to impairment and a further deterioration in
underlying cash flow assumptions could result in impairment.
5.4 INTANGIBLE ASSETS
CAPITALISED DEVELOPMENT
Costs that are directly associated with the development of software are recognised as intangible assets where the following
criteria are met:
• it is technically feasible to complete the software product so that it will be available for use;
• management intends to complete the software product and use or sell it;
• there is an ability to use or sell the software product;
• it can be demonstrated how the software product will generate probable future economic benefits;
• adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and
• the expenditure attributable to the software product during its development can be reliably measured.
Software development costs that meet the above criteria are capitalised. Other development expenditure that does not meet the above criteria is
recognised as an expense as incurred. Development costs previously recognised as expenses are not recognised as assets in a subsequent
period. Software development costs recognised as assets are amortised over their estimated useful lives.
BRANDS
Brands are considered to have an indefinite useful life and are held at cost and are not amortised but are subject to an annual impairment test
consistent with the methodology outlined for goodwill above.
OTHER INTANGIBLE ASSETS
Other intangible assets consist of internal use software, acquired source code, trade-marks and customer relationships. They have finite useful
lives and are measured at cost less accumulated amortisation and accumulated impairment losses.
AMORTISATION
Except for goodwill and brands, intangible assets are amortised on a straight-line basis in the statement of comprehensive income over their
estimated useful lives, from the date that they are available for use.
The estimated useful lives for the current and comparative periods are as follows:
• Acquired source code 10 years
• Customer relationships 10 years
• Trademarks 4 years
• Capitalised development 5 years
Amortisation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate.

NOTES TO THE FINANCIAL STATEMENTS / 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
5.4 INTANGIBLE ASSETS (CONTINUED)
2019
SOFTWARE
NZ$000
CUSTOMER
RELATIONSHIPS
NZ$000
BRAND
NAMES
NZ$000
TRADEMARKS
NZ$000
CAPITALISED
DEVELOPMENT
NZ$000
TOTAL
NZ$000
Opening balance 39,126 19,002 5,024 793 4,242 68,187
Additions 526 - - - 5,128 5,654
Amortisation (4,890) (2,471) - (163) (915) (8,439)
Impairment (2,837) (617) - - (717) (4,171)
Movement in foreign exchange (512) (196) - (9) (32) (749)
Closing net book value 31,413 15,718 5,024 621 7,706 60,482
Cost 47,170 24,676 5,024 840 8,810 86,520
Accumulated amortisation (15,757) (8,958) - (219) (1,104) (26,038)
Net book value 31,413 15,718 5,024 621 7,706 60,482

2018
SOFTWARE
NZ$000
CUSTOMER
RELATIONSHIPS
NZ$000
BRAND
NAMES
NZ$000
TRADEMARKS
NZ$000
CAPITALISED
DEVELOPMENT
NZ$000
TOTAL
NZ$000
Opening balance 24,783 11,250 5,024 11 890 41,958
Additions 186 - - - 3,730 3,916
Acquisitions through a
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
5.5 PROPERTY, PLANT AND EQUIPMENT
In the statement of financial position property, plant and equipment is stated at historical cost less depreciation. Historical cost
includes expenditure that is directly attributable to the acquisition of the items.
Depreciation on assets is calculated using the straight-line method to allocate the difference between their original costs and their residual
values over their estimated useful lives, as follows:
• Office equipment, fixtures and fittings 7 years
• Computer equipment 3 to 7 years
• Leasehold improvements Term of lease
The assets’ residual values and useful lives are reviewed and adjusted if appropriate at each balance date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated
recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with carrying amounts and are recognised in the statement of
comprehensive income.

NOTES TO THE FINANCIAL STATEMENTS / 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
5.5 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
2019
FURNITURE &
EQUIPMENT
NZ$000
COMPUTER
EQUIPMENT
NZ$000
LEASEHOLD
IMPROVEMENTS
NZ$000
TOTAL
NZ$000
Opening balance 1,122 930 1,784 3,836
Additions 66 547 44 657
Depreciation (209) (608) (184) (1,001)
Disposals (2) (21) - (23)
Movement in foreign exchange (8) 1 (9) (17)
Net book value 969 849 1,635 3,453
Cost 2,133 3,783 2,086 8,002
Accumulated depreciation (1,164) (2,934) (451) (4,549)
Net book value 969 849 1,635 3,453

2018
FURNITURE &
EQUIPMENT
NZ$000
COMPUTER
EQUIPMENT
NZ$000
LEASEHOLD
IMPROVEMENTS
NZ$000
TOTAL
NZ$000
Opening balance 536 773 1,215 2,524
Additions 786 719 859 2,364
Acquisitions through a business combination 16 54 - 70
Depreciation (176) (576) (148) (900)
Disposals (74) (57) (173) (304)
Movement in foreign exchange 34 17 31 82
Net book value 1,122 930 1,784 3,836
Cost 2,084 3,272 2,050 7,406
Accumulated depreciation (962) (2,342) (266) (3,570)
Net book value 1,122 930 1,784 3,836
5.6 TRADE PAYABLES AND ACCRUALS
Gentrack Group recognises trade and other payables initially at fair value and subsequently measured at amortised cost using
the effective interest method. They represent liabilities for goods and services provided prior to the end of the financial year
that are unpaid. The amounts are unsecured, non-interest bearing and are usually paid within 45 days of recognition.

2019
NZ$000
2018
NZ$000
Trade creditors 3,742 5,102
Sundry accruals 1,745 1,805
Total trade payables and accruals
5,487 6,907

NOTES TO THE FINANCIAL STATEMENTS / 31
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
5.7 EMPLOYEE ENTITLEMENTS
Liabilities for salaries and wages, including non-monetary benefits, long service leave and annual leave are recognised in employee benefits
in respect of employees’ services up to the reporting date. They are measured at the amounts expected to be paid when the liabilities are
settled. Cost for non-accumulating sick leave is recognised when the leave is taken and measured at the rates paid or payable.

2019
NZ$000
2018
NZ$000
CURRENT

Long service leave 635 492
Other short-term employee benefits
3,953 3,359

4,588 3,851
NON-CURRENT

Long service leave 411 339
Total employee entitlements
4,999 4,190
5.8 Financial liabilities
The potential cash payments related to put options issued by Gentrack Group for the equity of acquired companies is accounted
for as a financial liability. The amount that may become payable under the option on exercise is initially recognised at fair value.
Options are subsequently reassessed to fair value, using the effective interest rate method, and any change arising is reflected
as an adjustment to the financial liability and a corresponding entry is recognised in the statement of comprehensive income.


2019
NZ$000
2018
NZ$000
CURRENT

Put / Call option - Blip Systems 2,451 -

NON-CURRENT

Put / Call option - Blip Systems - 2,808
Total financial liabilities
2,451 2,808
The reduction for the put/call options relates to the fair value adjustment of the vendor put option for Blip Systems to $2.5m (2018:
$2.8m).T his represents the net present value of the minimum amount payable under the agreement and is due to be settled in cash
between January 2020 and March 2020. For more information on the Blip Systems acquisition and the option please refer to the 2018
Annual Report.
In Gentrack Group’s transition to NZ IFRS 9 there has been no change in the classification or accounting treatment of the vendor put option
for Blip Systems.
5.9 Inventory
Inventories are stated at the lower of cost and net realisable value. Cost is calculated using a weighted average method and
includes expenditure incurred to purchase the inventory and transport it to its current location. Net realisable value is the estimated
selling price of the inventory in the ordinary course of business less costs necessary to make the sale. The cost of inventories
consumed during the year are recognised as an expense and included in expenditure in the statement of comprehensive income.

N
OTES TO THE FINANCIAL STATEMENTS / 32
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
5.10 Provisions
Gentrack Group recognises a provision when it has a present legal or constructive obligation as a result of past events, it is
probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated.
Provisions are not recognised for future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the
class of obligations as a whole.
Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that
reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the
passage of time is recognised as a finance expense in the statement of comprehensive income.
6.CAPITAL STRUCTURE
This section outlines Gentrack Group’s capital structure and details of share-based employee incentives which have an
impact on Gentrack Group’s equity.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are
recognised as a deduction from equity, net of any tax effects. Where any Gentrack Group company purchases the Company’s equity
share capital (treasury shares), the consideration paid is deducted from equity attributable to the Company’s equity holders until the
shares are cancelled or transferred outside Gentrack Group.
Ordinary sha
res are fully paid and have no par value. The holders of ordinary shares are entitled to receive dividends as declared from time to time
and are entitled to one vote per share at meetings of the Company and rank equally with regard to the Company’s residual assets.
6.1 CAPITAL MANAGEMENT
The capital structure of Gentrack Group consists of equity raised by the issue of ordinary shares in the parent company.
Gentrack Group manages its capital to ensure that companies in the Group are able to continue as going concerns. Gentrack Group is not
subject to any externally imposed capital requirements.
SHARES ISSUED SHARE CAPITAL
2019
000
2018
000
2019
NZ$000
2018
NZ$000
Ordinary Shares 98,525 83,697 190,968 101,490
Issue of new ordinary shares 120 14,828 261 89,478
98,645 98,525 191,229 190,968

NOTES TO THE FINANCIAL STATEMENTS / 33
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
6.2 SHARE-BASED PAYMENTS
Gentrack Group operates equity settled, share-based payments schemes under which it receives services from employees, as
consideration for equity instruments of Gentrack Group. A valuation has been completed for each scheme at the grant date to
estimate the fair value of the performance rights allocated. Management also make estimates about the number of performance
rights that are expected to vest which determines the expense recorded in the statement of comprehensive income.
EQUITY SETTLED LONG TERM INCENTIVE SCHEME – EARNINGS PER SHARE CUMULATIVE AVERAGE GROWTH
RATE (EPS CAGR)
During the year the Gentrack Group Board approved the fourth annual issue of an equity settled long term incentive scheme first
implemented in 2016 for selected key personnel. The scheme is intended to reward these key personnel to focus on the long-term
performance measure. The number of performance rights are allocated based on a percentage of salary or other such percentage and are
calculated with reference to the 10-trading day volume weighted average price (VWAP) of shares traded on the NZX immediately following
the announcement of the annual financial results for the prior year.
The fair value of the performance rights is determined at the grant date using the Black Scholes valuation method. The fair value
of the performance rights is recorded as an expense in the statement of comprehensive income over the vesting period, based on
Gentrack Group’s estimate of the number of performance rights that will vest, with a corresponding entry to the share-based
payment reserve within equity. During the year ended 30 September 2019, $0.1m has been recognised in the statement of comprehensive
income for that period (2018: $0.3m).
The number of performance rights that will vest and be exercisable after three years depends on achievement of the performance hurdle.
The performance hurdle is that 50% of the Performance Rights will vest if EPS CAGR of Gentrack Group over the three financial years is 7%,
with the number of performance rights that vest increasin g on a linear basis to 100% if EPS CAGR of 12% is achieved.
Details of the outstanding performance rights are detailed below:
GRANT DATE
2019 EXPIRY DATE

TOTAL VALUE
OF GRANTED
PERFORMANCE RIGHTS
NZ$000
PERFORMANCE RIGHTS
GRANTED
000
EPS SCHEMES 2016-2018

1 October 2016 30 November 2019 214 76
1 October 2017 30 November 2020 449 78
1 October 2018 30 November 2021 542 114
Total EPS Schemes

1,205 268

GRANT DATE
2018 EXPIRY DATE

TOTAL VALUE
OF GRANTED
PERFORMANCE RIGHTS
NZ$000
PERFORMANCE RIGHTS
GRANTED
000
EPS SCHEMES 2016-2017

2 May 2016 31 January 2019 332 152
1 October 2016 30 November 2019 214 76
1 October 2017 30 November 2020 449 78
Total EPS Schemes

995 306

N
OTES TO THE FINANCIAL STATEMENTS / 34
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
6.2 SHARE-BASED PAYMENTS (CONTINUED)
Below is a summary of the performance rights, granted, exercised and forfeited during 2019 for the EPS schemes:
GRANT DATE
2019 2018
AVERAGE EXERCISE
PRICE PER
PERFORMANCE
RIGHT
NUMBER OF
PERFORMANCE
RIGHTS
000
AVERAGE EXERCISE
PRICE PER
PERFORMANCE RIGHT
NUMBER OF
PERFORMANCE
RIGHTS
000
As at 1 October $3.25 306 $2.39 228
Granted during the year $4.75 114 $5.75 78
Exercised during the year $2.18 (120) - -
Forfeited during the year $2.18 (32) - -
As at 30 September $4.49 268 $3.25 306
6.3 Dividends
Details of the dividends paid during the year ended 30 September 2019 are provided below:
CENTS PER SHARE DIVIDENDS PAID
2019 2018
2019
NZ$000
2018
NZ$000
Final dividend paid 8.7c 8.5c 8,572 7,114
Interim dividend paid 5.0c 5.0c 4,891 4,185
1
3.7c 13.5c 13,463 11,299
6.4 EARNINGS PER SHARE
Gentrack Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by
dividing the net profit attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares on
issue during the year, excluding shares purchased and held as treasury shares.
Diluted EPS is determined by adjusting the net profit attributable to ordinary shareholders and the weighted average number of ordinary shares
on issue for the effects of the dilutive impact of potential ordinary shares, which comprise performance share rights granted to employees.
Potential ordinary shares are treated as dilutive when, and only when, their conversion to ordinary shares would decrease EPS or increase the
profit per share.

2019 2018
(Loss) / Profit attributable to the shareholders of the company (3,315) 13,869
(Loss) / Profit attributable to the shareholders of the company adjusted for the
effect of dilution
(3,315) 13,869
Basic weighted average number of ordinary shares issued
98,605 86,622
Shares deemed to be issued for no consideration in respect of share-based
payments
267 306
Weighted average number of shares used in diluted earnings per share
98,872 86,928
Basic earnings per share
($0.03) $0.16
Diluted earnings per share
($0.03) $0.16

N
OTES TO THE FINANCIAL STATEMENTS / 35
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
7. TAX
7.1 INCOME TAX EXPENSE
In the statement of comprehensive income, the income tax expense comprises current and deferred tax. Current tax is the
expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the reporting date,
and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from
the declaration of dividends.

2019
NZ$000
2018
NZ$000
INCOME TAX EXPENSE COMPRISES:
Current tax expense 6,144 9,283
Deferred tax expense
(2,386) (2,420)
Tax expense
3,758 6,863
RECONCILIATION OF INCOME TAX EXPENSE
The relationship between the expected income tax expense based on the domestic effective tax rate of Gentrack Group at 28% (2018: 28%)
and the reported tax expense in the statement of comprehensive income can be reconciled as follows:

2019
NZ$000
2018
NZ$000
Profit before tax 443 20,732
Taxable income 443 20,732
Domestic tax rate for Gentrack Group
28% 28%
Expected tax expense
124 5,805
Non-deductible expense 3,922 724
Foreign subsidiary company tax (543) (372)
Prior period adjustments
255 706
Actual tax expense
3,758 6,863
As at 30 September 2019 Gentrack Group has $6.3m (2018: $5.0m) of imputation credits available for use in subsequent reporting periods.

N
OTES TO THE FINANCIAL STATEMENTS / 36
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
7.2 DEFERRED TAX ASSETS AND LIABILITIES
Deferred tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and
their carrying amounts in the financial statements.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the reporting date and are
expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries, except for deferred income tax liabilities
where the timing of the reversal of the temporary difference is controlled by Gentrack Group and it is probable that the temporary
difference will not reverse in the foreseeable future.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax
liabilities and when the deferred income tax assets and liabilities relate to income tax levied by the same taxation authority on either the
same taxable entity or different entities where there is an intention to settle the balance on a net basis.
Additional income tax expenses that arise from the distribution of cash dividends are recognised at the same time that the liability to pay
the related dividend is recognised. Gentrack Group does not distribute non-cash assets as dividends to its shareholders.
Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related benefits
will be realised.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which
temporary differences can be utilised. Management applies judgement when reviewing current business plans and forecasts to
ascertain the likelihood of future taxable profits.
The movement in temporary differences has been recognised in the s tatement of c omprehensive income. Deferred tax has been recognised at a
rate at which they are expected to be realised: 28% for New Zealand entities, 30% for Australian entities, 17% for UK entities, 22% for Denmark
entities and 35% for Malta entities.
Movement in temporary timing differences during the year:

2019

OPENING
BALANCE
NZ$000
BUSINESS
COMBINATIONS
NZ$000
TEMPORARY
MOVEMENT
RECOGNISED
NZ$000
CURRENCY
TRANSLATION
NZ$000
CLOSING
BALANCE
NZ$000
Trade and other receivables (197) - 123 6 (68)
Intangible assets (10,308) - 2,948 164 (7,196)
Contract liabilities 701 - (28) (12) 661
Provisions 2,312 - (1,216) (40) 1,056
Losses carried forward 613 - 511 (48) 1,076
Other (143) - 48 (2) (97)
Net deferred tax (7,022) - 2,386 68 (4,568)
2
018

OPENING
BALANCE
NZ$000
BUSINESS
COMBINATIONS
NZ$000
TEMPORARY
MOVEMENT
RECOGNISED
NZ$000
CURRENCY
TRANSLATION
NZ$000
CLOSING
BALANCE
NZ$000
Trade and other receivables 10 - (207) - (197)
Intangible assets (7,076) (4,924) 2,091 (399) (10,308)
Contract liabilities 815 - (118) 4 701
Provisions 1,421 - 856 35 2,312
Losses carried forward 640 - (76) 49 613
Other 2 - (126) (19) (143)
Net deferred tax (4,188) (4,924) 2,420 (330) (7,022)

N
OTES TO THE FINANCIAL STATEMENTS / 37
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
8.FINANCIAL RISK MANAGEMENT
Gentrack Group is exposed to credit risk, liquidity risk and market risks which include foreign currency risk, commodity price risk and
interest risk. This section details of each of these risks financial and how they are managed by Gentrack Group.
The B
oard of Directors has overall responsibility for the establishment and oversight of Gentrack Group’s risk management
framework. Gentrack Group’s risk management policies are established to identify and analyse the financial risks faced by
Gentrack Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management
policies and systems are reviewed regularly to reflect changes in market conditions and Gentrack Group’s activities.
8.1 CREDIT RISK
Credit risk is the risk of financial loss to Gentrack Group if a customer or counter party to a financial instrument fails to meet its contractual
obligations, and it arises principally from Gentrack Group’s trade receivables from customers in the normal course of business.
Gentrack Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The credit worthiness of a
customer or counter party is determined by a number of qualitative and quantitative factors. Qualitative factors include external credit ratings
(where available), payment history and strategic importance of customer or counter party. Quantitative factors include transaction size, net
assets of customer or counter party, and ratio analysis on liquidity, cash flow and profitability.
In relation to trade receivables, it is Gentrack Group’s policy that all customers who wish to trade on terms are subject to credit
verification on an ongoing basis with the intention of minimising bad debts. The nature of Gentrack Group’s trade receivables is
represented by regular turnover of product and billing of customers based on the contractual payment terms.
Gentrack G
roup has an impairment provision that represents its estimate of future incurred losses in respect of trade and other receivables.
The impairment provision consists of the expected credit loss provision in accordance with NZ IFRS 9 and a specific doubtful debt provision
used where there is objective evidence that indicates a trade receivable is impaired.
The carrying amount of Gentrack Group’s financial assets represents the maximum credit exposure as summarised in the table below:
2019 2018
GROSS
NZ$000
IMPAIRMENT
PROVISION
NZ$000
GROSS
NZ$000
IMPAIRMENT
PROVISION
NZ$000
Current 12,848 (115) 8,904 -
Past due 1-60 days 3,248 (326) 4,385 -
Past due 61-120 days 2,842 (594) 1,689 -
Past due 121-180 days 746 (248) 1,278 -
Past due over 180 days 2,570 (1,585) 1,327 (504)
22,254 (2,868) 17,583 (504)
Gentrack Group’s trade receivables are not exposed to any significant credit exposure to any single counterparty or group of counterparties
having similar characteristics. Trade receivables consist of a number of customers in various geographical areas. Based on historic
information about customer default rates, management considers the credit quality of trade receivables that are not past due or impaired
to be good.
As at 30 September 2019 there are no significant concentrations of credit risk for financial assets designated as at amortised cost or at fair
value. The carrying amount reflects Gentrack Group’s maximum exposure to credit risk for these financial assets.
Judgement has been applied to the recovery of all trade receivables, with management confirming that all carrying amounts are deemed to
be recoverable and not impaired.
The credit risk for cash and cash equivalents is considered negligible, since the counterparties are highly reputable financial intuitions with
high quality external credit ratings.

N
OTES TO THE FINANCIAL STATEMENTS / 38
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
8.2 MARKET RISK
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect Gentrack Group’s income or the
value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within
acceptable parameters, while optimising the return on risk.
FOREIGN CURRENCY RISK
Gentrack Group is exposed to currency risk on transactions that are denominated in a currency other than the respective functional currencies
of Group entities, primarily the Australian Dollar (AUD), Pound Sterling (GBP), EURO (EUR) and US Dollar (USD), and Danish Kroner ( DKK).
Gentrack Group’s exposure to foreign currency risk at the reporting date was as follows (all amounts are denominated in New Zealand
Dollars):
2019
AUD
NZ$000
GBP
NZ$000
EUR
NZ$000
USD
NZ$000
DKK
NZ$000
Cash and cash equivalents 1,309 3,903 112 425 208
Trade and other receivables 4,834 14,469 2,271 5,829 2,950
Trade and other payables (397) (1,384) (1,874) (1,539) (402)
Financial liabilities - -- - (2,451)
Net exposure 5,746 16,988 509 4,714 304
2018
C
ash and cash equivalents 3,007 1,023 18 366 -
Trade and other receivables 426 - 1,030 1,519 -
Trade and other payables (168) - (4) (261) -
Financial liabilities - - - -2,828
Net exposure 3,265 1,023 1,044 1,624 2,828
The following table summarises the sensitivity of profit or loss and equity with regards to Gentrack Group’s financial assets and financial
liabilities affected by AUD/NZD exchange rate, the GBP/NZD exchange rate, the EUR/NZD exchange rate, the USD/NZD exchange rate and
the DKK/NZD exchange rate with all other aspects being equal. It assumes a +/-10% change in the NZD to the currency exchange rate for
the year ended 30 September 2019 (2018: 10%). These +/-10% sensitivities have been determined based on the average market volatility in
exchange rates in the preceding 12 months.

PROFIT/EQUITY
AUD
NZ$000
GBP
NZ$000
EUR
NZ$000
USD
NZ$000
DKK
NZ$000
2019
10% strengthening in NZD (522) (1,544) (46) (429) (28)
10% weakening in NZD 638 1,888 57 524 34
2018
10% strengthening in NZD (297) (93) (95) (148) (257)
10% weakening in NZD 363 114 116 180 314
Gentrack Group’s exposure to foreign exchange rates varies during the year depending on the volume of foreign currency transactions.
Even so, the analysis above is representative of Gentrack Group’s exposure to market risk.

N
OTES TO THE FINANCIAL STATEMENTS / 39
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
8.3 Liquidity risk
Liquidity risk is the risk that Gentrack Group will not be able to meet its financial obligations as and when they become due and payable. Gentrack
Group’s approach to managing liquidity risk is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when they
become due and payable, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to Gentrack Group’s
reputation.
Gentrack Group has sufficient cash to meet its requirements in the foreseeable future.
The following table details Gentrack Group’s contractual maturities of financial liabilities, as at the reporting date:
ON DEMAND
NZ$000
LESS THAN 3
MONTHS
NZ$000
3 TO 12
MONTHS
NZ$000
1 TO 5 YEARS
NZ$000
>5 YEARS
NZ$000
TOTAL
NZ$000
2019
Bank loan - 4,000 - - 4,000
Related party loan - - - 450 - 450
Trade payables - 3,742 - - - 3,742
Financial liabilities - - 2,451 - - 2,451
- 7,742 2,451 450 - 10,643
2018
Trade payables - 5,102 - - 5,102
Financial liabilities - - - 2,808 - 2,808
- 5,102 - 2,808 - 7,910

N
OTES TO THE FINANCIAL STATEMENTS / 40
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
8.4 INTEREST RATE RISK
Gentrack Group’s interest rate risk primarily arises from short term bank borrowing, cash and advances from related parties. Borrowings
and deposits at variable interest rates expose Gentrack Group to cash flow interest rate risk. Borrowings and deposits at fixed rates expose
Gentrack Group to fair value interest rate risk.
The following tables detail the interest rate repricing profile and current interest rate of the interest-bearing financial assets and liabilities.

EFFECTIVE
INTEREST
RATE
NZ$000
FLOATING
NZ$000
FIXED UP TO
3 MONTHS
NZ$000
FIXED UP TO 6
MONTHS
NZ$000
FIXED UP TO 5
YEARS
NZ$000
TOTAL
NZ$000
ASSETS
Bank balances 8,625 8,625
LIABILITIES
Bank loans 2.34% (4,000) (4,000)
Related party loan 2.56%
(450) (450)
Total exposure
8,625 (4,000) (450) - 4,175
EFFECTIVE
INTEREST
RATE +1%
NZ$000
EFFECTIVE
INTEREST
RATE -1%
NZ$000
Bank balances 87 (87)
Bank loans (40) 40
Related party loan (5) 5
Total exposure 42 (42)
8.5 FINANCIAL INSTRUMENTS
Gentrack Group’s financial assets are measured at amortised cost. Gentrack Group’s financial assets are held within a business
model whose objective is to hold the financial asset in order to collect contractual cash flows and the financial asset gives rise
to contractual cash flows on specified dates that are payments of principal and interest on the principal outstanding.
Gentrack Group’s financial liabilities are measured at amortised cost except for contingent consideration which is required to be measured
at fair value through profit and loss.
Gentrack 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 RECEIVABLES
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.

N
OTES TO THE FINANCIAL STATEMENTS / 41
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
8.5 FINANCIAL INSTRUMENTS (CONTINUED)
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
Gentrack 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 Gentrack Group’s
financial instruments during the period. As at 30 September 2019 Gentrack Group has $2.5m of level 3 financial instruments relating to a
call/put option for the acquisition of Blip Systems, this financial instrument is contingent consideration and is required to be measured at
fair value with changes recognised in the statement of comprehensive income (2018: $2.8m). Please Refer to note 33 of the 2018 Annual
Report for further information on the Blip Systems acquisition.
FINANCIAL INSTRUMENTS BY CATEGORY
2019
NZ$000
2018
NZ$000
FINANCIAL ASSETS MEASURED AT AMORTISED COST
Cash and cash equivalents 8,626 11,400
Trade and other receivables 31,279 24,055
39,905 35,455
FINANCIAL LIABILITIES MEASURED AT AMORTISED COST
Loans and borrowings (4,450) -
Trade payables (3,742) (5,102)
FINANCIAL LIABILITIES MEASURED AT FAIR VALUE
Financial Liabilities (2,451) (2,808)
(10,643) (7,910)

N
OTES TO THE FINANCIAL STATEMENTS / 42
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
9.OTHER INFORMATION
9.1 OPERATING LEASES
All leases held by Gentrack Group are operating leases. Leases in which a significant portion of the risks and rewards of
ownership are not transferred to Gentrack Group as a lessee are classified as operating leases. Payments made under an
operating lease (net of any incentives received from the lessor) are charged to the statement of comprehensive income on a
straight-line basis over the term of the lease. Any associated costs, such as maintenance and insurance, are expensed as incurred in the
consolidated statement of comprehensive income.
Gentrack Group le ases property and office equipment. Operating leases held over properties give Gentrack Group the right to renew the lease
subject to redetermination of the lease rental by the lessor. There are no renewal options or options to purchase in respect o f office e quipment
held under operating leases.
Gentrack Group has operating lease commitments in respect of property and office equipment. The total future minimum payments under
non-cancelable operating leases are as follows:
2019
NZ$000
2018
NZ$000
Less than one year 3,457 2,637
Between one and five years 12,716 8,031
More than 5 years 13,222 6,724
Total operating lease commitments 29,395 17,392
The carrying value of Gentrack Group’s lease incentives at 30 September 2019 are as follows:
2019
NZ$000
2018
NZ$000
CURRENT
Lease incentives 849 704
NON-CURRENT
Lease incentives 3,028 3,612
Total lease incentives 3,877 4,316
Lease incentives relate to property leases in London and Auckland, which have a lease term of 5 years and 12 years respectively.
9.2 AUDITORS REMUNERATION
2019
NZ$000
2018
NZ$000
KPMG - audit fees 537 325
KPMG - review fees 43 41
KPMG - taxation services 177 168
Entrust - audit fees 7 -
Total fees paid to auditor(s) 764 534

NO
TES TO THE FINANCIAL STATEMENTS / 43
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
9.3 KEY MANAGEMENT PERSONNEL AND RELATED PARTIES
Key management personnel are defined as those persons having authority and responsibility for planning, directing and controlling
the activities of Gentrack Group, directly or indirectly, and include the Directors, the Chief Executive, their direct reports. The
following table summarises remuneration paid to key management personnel.

2019
NZ$000
2018
NZ$000
Salaries, bonus and other benefits 3,466 3,760
Share-based payments 261 331
Directors' fees 422 423
4,149 4,514
Some of the Directors and key management personnel are shareholders in Gentrack Group Limited. Gentrack Group does not transact with
the Directors or key management personnel, and their related parties, other than in their capacity as directors and employees. Refer to
note 2.4 for more information on other related parties.
9.4 OTHER DISCLOSURES
CAPITAL COMMITMENTS
There are no capital
commitments at 30 September 2019 (2018: $Nil ).
CONTINGENCIES
ASB New Zealand has provided the following guarantees on behalf of the Gentrack Group:
$0.1m (AUD$0.1m) to ASB Bank. This guarantee is open ended.
$0.1m to ASB Bank. This guarantee has no expiry date.
$0.1m (AUD$0.1m) to ASB Bank. This guarantee is open ended.
$0.6m (AUD$0.6m) to ASB Bank. This guarantee expires on 30 April 2020.
Gentrack Group has utilised $0.9m of their $3.8m bond from ASB Bank at 30 September 2019
(2018: $1.0m).
EVENTS AFTER BALANCE DATE
A final dividend of $3.0m ($0.03 per share) was declared on 27 November 2019 for the year ended 30 September 2019 and will be paid on
18 December 2019.
On 22 November 2019, Gentrack Group announced earnings guidance for FY2020
where earnings would be broadly flat with FY2019. Refer
to note 5.3 for further comments.

N
OTES TO THE FINANCIAL STATEMENTS / 44

---

Gentrack Group Ltd (GTK)
FY19 Full year results presentation
28 November 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 audited financial information for the full year ended 30 September 2019.
All figures are shown in NZ$.
2

Gentrack provides software solutions which
are deeply embedded and mission critical.
•Utilities rely on our billing and customer management
platform to lower service costs, maintain compliance and drive
innovation, delivering enhanced customer service.
•Airports depend on our enterprise solutions to unlock
operational, revenue and passenger insights to improve
airport efficiency.
3
ENTERPRISE SOFTWARE FOR UTILITIES AND AIRPORTS

FY19 FINANCIAL SUMMARY
1
Adjusted NPAT – Underlying NPAT before non cash charges related to impairment
2
Full year FY19 including final dividend 3.0cps
Revenue
EBITDA
Adjusted NPAT
1
Dividend
2
$111.7m
Up 6.9% on FY18
$24.8m
Down 19.8% on FY18
$9.6m
Down 31% on FY18
8.0cps
Down 42% on FY18
4

MARKET DYNAMICS –UTILITIES
5
Uncertain UK Political
environment
Financial pressure increasing
for energy retailers
Energy Price Caps in the UK and
Australia impacting energy retailer profits
Consolidation and failure
of some UK businesses
Emerging competitors in
the UK and Australia
Challenges witha high level of system
change with the roll-out of smart meters
Market leading position in New Zealand, Australia and the
UK for energy and water billing and customer information

GROUP RECURRING
REVENUE
CA+ RESTRUCTURE
UK ENERGY METERS BILLED
USING GENTRACK SOFTWARE
CUSTOMER WINS
PRODUCT DEVELOPMENT
7
3
3
c.6.3m
12% market share
Full Year
Recurring Revenue
Up 22% year on year
FY19 HEADLINES
ANNUALISED COMMITTED
RECURRING REVENUE
Up 15% year on year
based on month 12
run rate
New utilities
Evolve Assurance upsells
New airports
$78.2m
$59.7m
Impairments
Full write-off of goodwill and intangibles
recorded in H1 FY19, net of tax effects
Doubtful debts
Full year provisions
$13.3m
$0.6m
1.1m energy meters
added in FY19.
Up 21% on FY18
-Energy and water retail in
the UK
-Water and energy retail in
Australia
-Energy retail in Singapore
-Meter data services
for Australia
Productised SaaS solutions for:
Total R&D
$13.5m
($5.1m
Capitalised)
6

SEGMENT REVENUE ANALYSIS
FY19 Revenue
$88.2M
Up 3.6% on FY18
FY19 Revenue
$23.5M
Up 22% on FY18
FY18FY19
UTILITIES (NZ$’m)
AIRPORTS (NZ$’m)
Annual Recurring
Revenue
$67.9m
Up 26% on FY18
FY18FY19
Annual Recurring
Revenue
$10.3m
Up 4% on FY18
7

SEGMENT GEOGRAPHIC SPLIT
•Utilities revenue from the UKup 36% on FY18 due to new
customer wins and ongoing projects
•Utilities revenuefrom Australia down 24% on FY18, the result
of no major projects during the year
26%62%
9%3%
9%
17%24%
24%
Revenue % by region
•Airports revenue from North America up 155% on FY18, driven by
new projects at Orlando International and Newark Liberty
International Airports
•Airports revenue in the UK up 39% on FY18 due to projects at
Belfast and Bristol Airports but revenue from Europe is down 24%
•Airports revenue from New Zealand higher with projects at
Auckland and Wellington during the year
18%
8%
8
UTILITIES (NZ$’m)
AIRPORTS (NZ$’m)

GROUP NPAT AND DIVISIONAL BREAKDOWN
NZ$’m
FY18FY19FY18FY19FY18FY19
REVENUE
85.188.219.423.5104.5111.7
Personnel Costs48.355.59.111.157.466.5
R&D Capitalised(3.2)(5.0)(0.5)(0.1)(3.7)(5.1)
Other Costs13.815.95.87.219.623.1
Bad Debt0.21.8-0.60.22.4
EBITDA
26.020.05.04.831.024.8
Depreciation and Amortisation(7.0)(9.4)
Acquisition Related Costs(1.3)--
Revaluation of acquisition related financial liabilities3.80.4
Impairment of goodwill and intangible assets(4.0)(14.6)
Net Finance Expense(1.8)(0.8)
Income Tax(6.9)(3.8)
REPORTED NET PROFIT/(LOSS) AFTER TAX
1
13.9(3.4)
GROUP
•Full impairment of CA+ intangibles and goodwill $14.6m
recognised at the half year
•Continuing transition to SaaS in utilities influences the overall
Group result
•Average headcount FY19: 549 (FY18: 502)
UTILITIES
•$1.8m of doubtful debt provisions in UK as a result of four
customers becoming insolvent
AIRPORTS/VEOVO
•CA+ accounts for $1.0m EBITDA losses of which $0.6m from
doubtful debt provisions. CA+ now operating at break-even for
integration into main Veovo business
9
GENTRACK
GROUP
1
Adjusted NPAT – Underlying NPAT before non cash charges related to impairment

UK MARKET - BILLING AND CUSTOMER MANAGEMENT
FY19 - UK energy meters billed through Gentrack
increased 21% over FY18 to 6.3m (12.1% market share)
LEADING MARKET SHARE - UK
Gentrack is the market leader in the UK with 40% share of independent supplier
2
meter points and chosen asa digital disruption platform for incumbent
suppliers
1
.
CONTINUED GROWTH BUT CONSOLIDATION OF INDEPENDENTS
Independent energy suppliers forecast to take c.5% p.a. market share from
incumbents to 2023, driving c.15% CAGR organic meter point growth for
Gentrack.
FURTHER PENETRATION INTO THE INCUMBENT SUPPLIER SEGMENT
Adoption by large incumbent suppliers, is expected to deliver 4m meters to
Gentrack’s market share over the next 4 years.
4
New UK energy
suppliers
added
E.on, E D F,
Npower
commence billing
on Gentrack
40%
Market Share
of Independent UK
Energy Supplier
Meter Points
Sources: Ofgem actuals to FY19 with Gentrack estimates and projections beyond FY19
1
Incumbent Energy Suppliers (also known as the ‘Big 6’)- Npower, SSE, E.on, EDF, British Gas and Scottish Power. Consolidation and changes of ownership
are currently altering the competitive landscape with Ovo Energy acquiring SSE and E.onacquiring Npower.
2
Independent Energy Suppliers -New entrant challenger companies (c.60) which have gained 30% market share from Incumbents in the last 7 years.
10

Cross-sell of additional SaaS capabilities
increases our potential revenue per meter
INCREASING REVENUE PER METER
BILLING AND CUSTOMER MANAGEMENT
The number of UK energy meters billed in Gentrack software at YE
FY19 was 6.3m, up 1.1m on FY18.
Independent energy suppliers typically spend approximately 38% of
their IT budget on Billing and Customer Information solutions.
TARGETING ADDITIONAL SHARE OF IT SPEND
THROUGH NEW SAAS CAPABILITIES
We are extending our SaaS products to increase our potential share
of IT spend, deliver greater customer value and drive stronger
retention rates.
Billing and Customer
Management
Market Connector
Integration Services
Assurance
Meter Data Services
Assurance Reporting
% UTILITIES IT SPEND
1
Other: includes Managed Services and IT related consulting services
(Gentrack estimate)
11
Other
1
SHARE OF
IT SPEND
38%
FUTURE
New SaaS
capabilities to
grow share of
IT spend

UTILITIES - A CHANGING REVENUE MIX
Utilities CRR
is up 51%
on FY18
Non-recurring
revenue is
down 35%
on FY18
Licence
revenue
down 57%
on FY18
SAAS FIRST
All new customers in FY19 contracted under subscription model
REDUCED IMPLEMENTATION EFFORT
SaaSproductised solutions are reducing implementation effort (< 3 months)
PREDICTABLE REVENUE BASE
Growing CRR –Up 169% on FY17
READY TO SUPPORT THE SAAS TRANSITION
Supporting customers’ transition to SaaS when they are ready
Increase in annual recurring revenues
11.3
17.5
31.1
47.0
13.0
19.5
23.0
20.9
17.0
20.7
20.5
15.3
3.1
5.8
9.7
4.2
FY16FY17FY18FY19
Utilities revenues $m
Committed Recurring RevenueNon-contracted Recurring Revenue
Non-recurring RevenueLicences
Other
12

CUMULATIVE SAAS PRODUCT REVENUE MULTIPLERVS LICENCING
•5 years: 1.5 times
•10 years: 2.3 times
Upselling additional capabilities to customers is expected to grow the SaaS
revenue multiplier.
SAAS REVENUE MULTIPLIER
SAAS CONTRACT ADOPTION
>85% of UK customers have SaaS subscription agreements.
CRR
in year 5
would be
2.7x
Cumulative
SaaS revenuein
5 years would
be 1.5x
Year 1 SaaS
Revenues would
be 45% lower
Implementation fees are lower for SaaS offering.
1
Modelling based on a typical contract for similar type of customer
1.5x
CRR
2.7x
SaaS – Setup Fee
Initial Licences
Implementation fee
1
SaaS commercial model drives higher recurring revenues
thanlicencing
13

UTILITIES MARKET SHARE –ENERGY
Energy meter points billed
by Gentrack
TAM: 52m
GTK: 6.3m
12%
UK
TAM: 13.6m
GTK: 1.5m
11%
AUSTRALIA
TAM: 2.4m
GTK: 1.1m
46%
New Zealand
TAM: 1.5m
GTK: 0.04m
3%
Singapore
CIS MARKET OUTLOOK
•Customer Information System (CIS) market to
reach US$ 2.06B by 2026
1
•CISaaS(Customer Information as a Service)
expected to grow to US$ 570M in 2027 at a CAGR
of 15.7%
2
•Cloud deployed CIS to hold 35% of the market
by 2026
1
Sources:
1
Reports and Data - July 2019;
2
Navigant Research
14

AIRPORTS HIGHLIGHTS
+Passenger
Predictability
+Operations
Optimisation
+Revenue
Maximisation
•Veovo CEO appointed
•Three new airports signed:
•Mexico City
•London Luton
•Buenos Aires
•Go live at Orlando Airport (50m PAX) -utilising the Veovo airport
operations solution
•Expansion into Flow Management (“kerbto gate”) at Schiphol Airport
and Keflavik Airport
•New Veovo product: 3D camera technology
•Projects completed at Wellington and Belfast Airports.
15

16
5-year VeovoAddressable Market of US$3.6B+
1500+ Airports and 60+ Airport Groups
NA
TAM: US$900m
14% of airports by
# (>4M PAX)
A STRONG OUTLOOK
+Addressable Markets CAGR:
•Smart Airports: 4.7%
1
•Location Analytics: 16%
2
+Passenger Growth CAGR: 4.1%
3
+US$1.2 to US$1.5 trillion will be spent on airport
infrastructure development through 2030
4
Sources:
1
MarketWatch – Forecast IT Spending;
2
Markets and
Markets – Forecast Locations Analytics Market;
3
ACI;
4
IATA
AIRPORTS MARKET SHARE
20 of Top 100
global airports
rely on Veovo
EUROPE
TAM: US$1200m
20% of airports by #
(>4M PAX)
OCEANIA
TA M : US$100m
90% of airports by
# (>4M PAX)
ROW
TAM: US$1400m
3% of airports by #
(>4M PAX)
16

DIVIDEND
•Final dividend of NZ 3.0 cents per share
1
declared bringing the full year dividend for
FY19 to NZ 8.0 cents per share
•Represents 82% FY19 Adjusted NPAT
2
•Dividend Policy:Dividend payoutof at least
70% of Adjusted NPAT subject to outlook,
capital and liquidity requirements
•Dividend Record Date:9 December 2019
•Dividend Payment Date: 18 December 2019
Total pay-out:
$7.9m(82% of NPAT
2
)
11.3cps
11.9cps
12.7cps
13.7cps
8.0cps
1
Dividend fully imputed for NZ tax residents and 10% franked for Australian tax residents
2
Adjusted NPAT excluding effects of goodwill impairment net of tax and financial liability revaluation.
17
NPAT AND DIVIDEND HISTORY

OUTLOOK
•Expect FY20 results broadly flat
•UK market conditions remain unpredictable
•Expect growth in recurring revenuefrom installed customer base offset byreduction in project revenue
•We have contracts with major UK energy utilities with significant long-term growth potential
•We need to continue to invest in our products to meet market requirements
•Annual performance remains dependent on timing of projects and contracts
•We will update the outlook with the half year results
18

19
WWW.GENTRACK.COM

Period NZ$’000
12 Months
30-Sep-19
12 Months
30-Sep-18
Reported net profit/(loss) for the period (GAAP)
(3,315)13,870
Add back: net finance expense/(income)
7631,820
Add back: income tax expense
3,7586,863
Add back: depreciationand amortisation
9,4406,987
Add back: acquisition costs
--1,268
Less: revaluation of acquisition related financial liability
(384)(3,835)
Add back: Impairment of goodwill
14,551
3,984
EBITDA
24,81330,957
GAAP TO NON-GAAP PROFIT RECONCILIATION
20

FY20 RESULTS ON A CONSTANT CURRENCY BASIS
NZ$000
FY18
(NZ$m)
FY19
(NZ$m)
FY19
Constant
Currency
3
Difference∆ %
Revenue
104,477111,682112,6509681%
Operating Costs
73,52186,869(87,805)(936)1%
EBITDA
1
30,95624,81324,845320%
N PAT
2
13,8699,6429,220(422)-5%
1
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 20 for a reconciliation to reported net profit.
2
Adjusted NPAT - Underlying NPAT before non cash charges related to impairment
3
Based on FY18 exchange rates applied to FY19 actuals
21