Gentrack Group Limited Half-Year Results

Results for announcement to the market
Name of issuer Gentrack Group Limited
Reporting Period 6 months to 31 March 2020
Previous Reporting Period 6 months to 31 March 2019
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$50,623 (6.98%)
Total Revenue $50,623 (6.98%)
Net profit/(loss) from
continuing operations
($12,803) 47.16%
Total net profit/(loss) ($12,803) 47.16%
Interim/Final Dividend
Amount per Quoted Equity
Security
N/A
Imputed amount per Quoted
Equity Security
N/A
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
($0.005) $0.003
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For commentary on the results please refer to the market
release, financial statements including chairperson commentary,
and investor presentation attached
Authority for this announcement
Name of person

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

29/05/2020

Unaudited financial statements accompany this announcement.

---

Gentrack Group Ltd | www.gentrack.com | info@gentrack.com | ARBN 169 195 751
MARKET ANNOUNCEMENT
29 May 2020
Gentrack half-year results to 31 March 2020
Gentrack Group Limited (NZX/ASX: GTK), a leading provider of software solutions for utilities
and airports, today released its results for the half-year to 31 March 2020.
Results Summary
• Revenue: $50.6m - down 7% on H1 FY19
• Committed Recurring Revenue: $29.7m – up 11% on H1 FY19
• EBITDA
1
: $4.3m - down 78% on H1 FY19 on comparable pre IFRS16 basis
• Statutory NPAT: ($12.8m)
• Adjusted NPAT
2
: ($1.0m)
• Net cash: $6.4m up $1.8m
• No Interim Dividend payable
The results for the half-year show a decline in revenue of 7% to $50.6m. This reflects the loss
of a number of UK customers due to supplier failure or acquisition, and a drop in non-recurring
revenue in the UK and Australia. Committed Recurring Revenue of $29.7m continued to
increase half on half, up 11% on the prior year, reflecting a net growth in meter points and the
shift to a SaaS revenue model.
Underlying EBITDA of $4.3m ($2.8m pre IFRS16 adjustment) was in line with guidance in
February. In addition to the revenue reduction, profitability was eroded by an increase in costs
of $6.2m over the prior year, principally people costs in the UK. This was addressed with a
headcount reduction in February/March, which will benefit the second half.
The statutory NPAT loss of $12.8m for the half is a result of the decision to impair $10.7m of
goodwill and intangible assets in Blip and $1.5m of previously capitalised utility software
following rationalisation of our product range in the UK. Blip, which was acquired in April
2017, has been significantly impacted by the COVID-19 global airport shut down, with the
timing of a recovery remaining uncertain. This has impacted the forecast revenues from new
projects in H2. Blip has now been fully integrated into the Veovo business and we continue to
see significant opportunities in passenger tracking and prediction at airports and railway
stations.
Notwithstanding the reported loss, the Group achieved $8.6m operating cashflow for the
period adjusted for IFRS16, finishing with $6.4m Net Cash at 31 March 2020. In light of the
NPAT loss, the Board has decided not to pay an Interim dividend and will review the position at
the year end.

1
EBITDA: Earnings before depreciation, amortisation, impairments and non-operating expenses related to acquisitions.
2
Adjusted NPAT - Underlying NPAT adjusted for the impairment of Goodwill and intangible assets

Gentrack Group Ltd | www.gentrack.com | info@gentrack.com | ARBN 169 195 751
Both utilities and airports revenues were down on the prior year period, however we started
new energy and water billing and assurance projects in the UK, and Veovo projects at Luton
Airport and Swedavia, Sweden’s Aviation Authority.
The COVID-19 pandemic had no material impact on the Group’s operations for the first half
and business continuity plans and working from home have enabled Gentrack to continue to
operate largely unaffected. However, the economic downturn has now had an impact on our
Airport and Utility customers, and we are seeing some projects delayed and postponed in the
second half. In the UK, Energy Retailers were already under financial pressure prior to the
economic downturn as a result of Government price caps introduced in 2019, and there is
ongoing risk of further failures and consolidation in the second half.
Notwithstanding the impact of the economic downturn Gentrack expects to deliver a second
half EBITDA result ahead of the first half, and to remain cash flow positive.
Longer term with SaaS products that deliver costs savings and improved operations and
efficiency to utilities and airports on mission critical systems, Gentrack is well positioned to
emerge from the current difficult market conditions and return to consistent profit growth.

All figures are presented in NZ$.
ENDS
*******
Contact:
John Clifford, Executive Chairman

Aaron Baker, Marketing and Communications Director
+64 21 550 200

*******

Gentrack Group Ltd | www.gentrack.com | info@gentrack.com | ARBN 169 195 751
Half-Year Results Investor Briefing Details
Gentrack Group Limited (NZX/ASX: GTK) invites investors to a conference call on Friday 29 May
2020 at 10:30am NZT / 8:30am AEST (duration 1 hour) to review Gentrack’s results for the
half-year ended 31 March 2020.
This investor briefing will be available via a webcast (presentation slides and audio only) or
‘audio only’ service. Please follow the instructions outlined below to access the event.
The audio recording from the briefing will be made available in the Gentrack Investor Centre
(https://www.gentrack.com/investors) following the call.
Webcast Instructions
To join the investor briefing online, click on the link below to view, listen to and ask questions
on the Investor presentation directly from your laptop, tablet or mobile device. Please note if
you are using the Webcast option, it is not necessary to dial into the audio conference as well.
Audio will stream through your selected device, so be sure to have headphones or your
volume turned up. If you have technical difficulties, please click the “Listen by Phone” button
on the webcast player and dial the number provided.
https://globalmeet.webcasts.com/starthere.jsp?ei=1321523&tp_key=f4fde32a3f
Audio only – Participant Access Instructions
For the ‘audio only’ option, you can access the investor briefing from your phone. Please join
the briefing 5-10 minutes prior to the start time. You will be asked to provide the event name,
your name and participant passcode as below:
- Event Name: Gentrack FY20 – Half-year Results Update
- Participant Passcode: 957140
(Following entry, please provide the required details when prompted)
The dial-in numbers for available locations are listed below.
- Australia Tollfree/Freephone 1 800 590 693
- Australia, Brisbane Local +61 (0)7 3105 0937
- Australia, Melbourne Local +61 (0)3 8317 0929
- Australia, Sydney Local +61 (0)2 9193 3719
- Denmark Tollfree/Freephone 80 70 16 37
- Denmark, Copenhagen Local +45 35 15 80 48
- Hong Kong Tollfree/Freephone 800 961 113
- Hong Kong Local +852 3008 1533
- Ireland Tollfree/Freephone 1800 936 706
- Ireland. Dublin Local +353 (0)1 246 5637
- New Zealand Tollfree/Freephone 0800 423 972
- New Zealand, AKL Local +64 (0) 9 9133 624
- Singapore Tollfree/Freephone 800 186 5106
- Singapore Local +65 6320 9041

Gentrack Group Ltd | www.gentrack.com | info@gentrack.com | ARBN 169 195 751
- United Kingdom Tollfree/Freephone 0800 358 6374
- United Kingdom Local +44 (0)330 336 9104
- United States, LA Local +1 323-794-2442
- United States/Canada Tollfree/Freephone 800-289-0462
Questions can be submitted online via the Webcast platform or the audio call system when
prompted. Personal information provided for the purpose of registration will not be disclosed
to any third parties and will only be used by Gentrack to manage participant interaction.

About Gentrack
Gentrack provides essential software for essential services, pairing powerful platforms with
deep market knowledge to help utilities and airports lower service costs, foster innovation and
confidently navigate market reform. It employs over 500 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 depreciation, amortisation, impairments and non-operating expenses
related to acquisitions.
H1 FY20 Adjusted NPAT Reconciliation
6 Months
31 March 20
NZ$m
Reported net profit/(loss) after tax (12.8)
Goodwill and intangible impairment 12.2
Deferred tax impact of intangible impairment (0.4)
Adjusted NPAT (1.0)


GAAP to non-GAAP profit reconciliation

6 Months 6 Months 12 Months
Period NZ$m 31 Mar 20 31 Mar 19 30 Sep 19
Reported net profit/(loss) for the period (GAAP) (12.8) (8.7) (3.3)
Income tax (income) / expense
3
(0.7) 0.7 3.8
Net finance (income) / expense (0.9) 1.5 0.8
Impairment of goodwill and intangible assets 12.2 14.6 14.6
Revaluation of acquisition related financial liabilities 0 - (0.4)
Depreciation and amortisation
3
6.4 4.7 9.4
EBITDA 4.3 12.8 24.8


3
Extracted from unaudited interim financial statements and audited full year financial statements.

---

Gentrack Group Limited
Interim Financial
Statements
For the six months ended 31 March 2020

CONTENTS
3 Commentary
5 Interim Financial Statements
6 Condensed Statement of Comprehensive Income
7 Condensed Statement of Financial Position
8 Condensed Statement of Changes in Equity
9 Condensed Statement of Cash Flows
10 Notes to the Condensed Financial Statements
24 Independent Review Report
26 Corporate Directors

GENTRACK INTERIM FINANCIAL STATEMENTS / 3
COMMENTARY
DEAR SHAREHOLDER
The results for the half-year show a decline in revenue of 7%
to $50.6m. This reflects the loss of a number of UK
customers due to supplier failure or acquisition, and a drop
in non-recurring revenue in the UK and Australia. Committed
Recurring Revenue of $29.7m continued to increase half on
half, up 11% on the prior year, reflecting a net growth in
meter points and the shift to a SaaS revenue model.
Underlying EBITDA of $4.3m ($2.8m pre IFRS 16 a
djustment)
wa
s in line with guidance in February. In addition to the
revenue reduction, profitability was eroded by an increase in
costs of $6.2m over the prior year, principally people costs in
the UK. This wa
s addressed with a headcount reduction in
February/March, which will benefit the second half.
The sta
tutory NPAT loss of $12.8m for the half is a result of
the decision to impair $10.7m of goodwill and intangible
assets in Blip and $1.5m of previously capitalised utility
software following rationalisation of our product range in
the UK. Blip, which was acquired in April 2017, has been
significantly impacted by the COVID-19 global airport shut
down, with the timing of a
recovery remaining uncertain.
This has impacted the forecast revenues from new projects
in H2. Blip has now been fully integrated into the Veovo
business and we continue to see significant opportunities in
passenger tracking and prediction at airports and railway
stations.
Notwithstanding the reported loss, the Group achieved
$8.6m operating cashflow for the period adjusted for IFRS
16, finishing with $6.4m Net Cash at 31 March 2020.
In light of t he NPAT loss and in line with our dividend policy,
the Board has decided not to pay an Interim Dividend and
will review the position at the year end.
Both utilities and airports revenues were down on the prior
year period, however we started new energy and water
billing and assurance projects in the UK, and Veovo projects
at Luton Airport and Swedavia, Sweden’s Aviation Authority.
The COVID-19 pandemic had no material impact on the
Group’s operations for the first half and business continuity
plans and working from home have enabled Gentrack to
continue to operate largely unaffected. However, the
economic downturn has now had an impact on our Airport
and Utility customers, and we are seeing some projects
delayed and postponed in the second half. In the UK, Energy
Retailers were already under financial pressure prior to the
economic downturn as a result of Government price caps
introduced in 2019, and there is ongoing risk of further
failures and consolidation in the second half.
Notwithstanding the impact of the economic downturn
Gentrack expects to deliver a second half EBITDA result
ahead of the first half, and to remain cash flow positive.
Longer term with SaaS products that deliver costs savings
and improved operations and efficiency to utilities and
airports on mission critical systems, Gentrack is well
positioned to emerge from the current difficult market
conditions and return to consistent profit growth.
J
ohn Clifford
Executive Chairman
Headlines
•Revenue: $50.6m—down 7% on H1 FY19
•Committed Recurring Revenue: $29.7m—up 11%
on H1 FY19
•EBITDA
1
: $4.3m—down 78% on H1 FY19 on
comparable pre IFR16 basis
•Statutory NPAT: ($12.8m)
•Adjusted NPAT
2
: ($1.0m)
•Net cash: $6.4m—up $1.8m
•No Interim Dividend payable
1
EBITDA: Earnings before depreciation, amortisation, impairments and non-
operating expenses related to acquisitions.
2
Adjusted NPAT: Underlying NPAT adjusted for the impairment of Goodwill and
intangible assets.

GENTRACK INTERIM FINANCIAL STATEMENTS / 4
INTERIM FINANCIAL
STATEMENTS
31 MARCH 2020

CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 5
6 MONTHS
31 MARCH 2020
6 MONTHS
31 MARCH 2019
12 MONTHS
30 SEPTEMBER 2019
UNAUDITED UNAUDITED AUDITED
SECTION NZ$000 NZ$000 NZ$000
Revenue 3 50,623 54,421 111,682
Expenditure 4 (46,353) (41,632) (86,869)
Profit before depreciation, amortisation, revaluation of financial liabilities,
impairment of goodwill and intangible assets, financing and tax
4,270 12,789 24,813
Depreciation and amortisation (6,407) (4,740) (9,440)
Revaluation of acquisition related financial liability (38) - 384
Impairment of goodwill and intangible assets 14
(12,218) (14,551) (14,551)
(Loss)/Profit before financing and tax
(14,393) (6,502) 1,206
Finance income 5 1,639 6 11
Finance expense 5 (758)(1,546)(774)
(Loss)/Profit before tax
(13,512) (8,042) 443
Income tax income/(expense) 709 (658)(3,758)
Loss attributable to the shareholders of the company (12,803) (8,700) (3,315)
OTHER COMPREHENSIVE INCOME
Translation of international subsidiaries 6,017 (4,312) (1,675)
Total comprehensive loss for the period
(6,786) (13,012) (4,990)
EARNINGS PER SHARE LOSS ATTRIBUTABLE TO THE
SHAREHOLDERS OF THE COMPANY (EXPRESSED IN
DOLLARS PER SHARE)
Basic and diluted earnings per share ($0.13) ($0.09) ($0.03)
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES ISSUED
Basic 98,645 98,564 98,605
Diluted
99,054 98,793 98,872

CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 6
31 MARCH 2020 31 MARCH 2019 30 SEPTEMBER 2019
UNAUDITED UNAUDITED AUDITED
SECTION NZ$000 NZ$000 NZ$000
CURRENT ASSETS
Cash and cash equivalents 6 11,120 6,404 8,626
Trade and other receivables 7 25,088 32,110 31,279
Inventory 588 494 572
Total current assets 36,796 39,008 40,477
NON-CURRENT ASSETS
Property, plant and equipment 3,239 3,539 3,453
Lease assets 1,12 11,591 - -
Goodwill 13 131,032 132,295 134,434
Intangibles 15 55,386 61,933 60,482
Deferred tax assets 6,108 5,411 2,793
Total non-current assets 207,356 203,178 201,162
Total assets 244,152 242,186 241,639
CURRENT LIABILITIES
Bank loans -4,0004,000
Trade payables and accruals 5,080 5,9385,487
Lease liabilities 1,12 2,643 - -
Contract liabilities
14,470 12,932 12,173
GST payable 1,557 1,860 2,030
Financial liabilities - - 2,451
Employee entitlements 4,943 3,982 4,588
Income tax payable 1,382 2,761 2,051
Total current liabilities 30,075 31,473 32,780
NON-CURRENT LIABILITIES
Bank loans 8 4,684 - -
Related party loan 483 - 450
Lease liabilities 1,12 13,857 - -
Lease incentives 1,12 -3,2573,028
Financial liabilities -2,662-
Employee entitlements 418 414411
Deferred tax liabilities 8,675 9,8227,361
Total non-current liabilities 28,117 16,155 11,250
Total liabilities 58,192 47,628 44,030
Net assets 185,960 194,558 197,609
EQUITY
Share capital 9 191,229 191,229 191,229
Share based payment reserve 363 469 389
Foreign currency translation reserve 13,681 5,027 7,664
Retained earnings (19,313) (2,167) (1,673)
Total equity 185,960 194,558 197,609
For and on behalf of the Board who authorised these financial statements for issue on 29 May 2020.
J
ohn Clifford Fiona Oliver
Chairman Director
Date: 28 May 2020 Date: 28 May 2020
The above Condensed Statement of Financial Position should be read in conjunction with the accompanying notes.

CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2020

GENTRACK INTERIM FINANCIAL STATEMENTS / 7
31 MARCH 2020

SHARE
CAPITAL
SHARE BASED
PAYMENT
RESERVE
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
UNAUDITED SECTION NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Balance at 1 October

191,229 389 (1,673) 7,664 197,609
Change in accounting policy – NZ IFRS 16 1

(1,833)

(1,833)
Adjusted total equity at 1 October 191,229 389 (3,506) 7,664 195,776
Loss attributable to the shareholders of the company (12,803) (12,803)
Other comprehensive income

6,017 6,017
Total comprehensive loss for the period, net of tax - - (12,803) 6,017 (6,786)
TRANSACTION WITH OWNERS

Dividend paid

(3,004)

(3,003)
Share based payments

- (26)

(26)
Balance at 31 March

191,229 363 (19,313) 13,681 185,960

31 MARCH 2019
SHARE
CAPITAL
SHARE BASED
PAYMENT
RESERVE
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
UNAUDITED
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Balance at 1 October 190,968 570 15,548 9,339 216,425
Change in accounting policy – NZ IFRS 9

(443)

(443)
Adjusted total equity at 1 October 190,968 570 15,105 9,339 215,982
Profit attributable to the shareholders of the company (8,700) (8,700)
Other comprehensive income

(4,312) (4,312)
Total comprehensive income for the period, net of tax - - (8,700) (4,312) (13,012)
TRANSACTION WITH OWNERS

Issue of capital -
Dividend paid

(8,572)

(8,572)
Share based payments 216 (101)

160
Balance at 31 March 191,229 469 (2,167) 5,027 194,558

30 SEPTEMBER 2019
SHARE
CAPITAL
SHARE BASED
PAYMENT
RESERVE
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
AUDITED
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Balance at 1 October 190,968 570 15,548 9,339 216,425
Change in accounting policy – NZ IFRS 9

(443)

(443)
Adjusted total equity at 1 October 190,968 570 15,105 9,339 215,982
Profit attributable to the shareholders of the company (3,315) (3,315)
Other comprehensive income

(1,675) (1,675)
Total comprehensive income for the period, net of tax - - (3,315) (1,675) (4,990)
TRANSACTION WITH OWNERS

Issue of capital -
Dividend paid

(13,463)

(13,463)
Share based payments 216 (181)

80
Balance at 31 March 191,229 389 (1,673) 7,664 197,609
The above Condensed Statement of Changes in Equity should be read in conjunction with the accompanying notes.

CONDENSED STATEMENT OF CASHFLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 8

6 MONTHS
31 MARCH 2020
6 MONTHS
31 MARCH 2019
12 MONTHS
30 SEPTEMBER 2019

UNAUDITED UNAUDITED AUDITED

SECTION NZ$000 NZ$000 NZ$000
CASH FLOWS FROM OPERATING ACTIVITIES

Receipts from customers

60,036 50,040 108,083
Payments to suppliers and employees

(46,747) (42,090) (87,154)
Lease liability finance charge 12
(480) - -
Income tax paid

(2,839) (4,295) (8,138)
Net cash inflow from operating activities

9,970 3,655 12,791
CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of property, plant and equipment

(293) (276) (640)
Purchase of intangibles

(780) (3,820) (5,653)
Payment of acquisition related option

(2,419) - -
Proceeds from sale of property, plant and equipment
(1) - -
Net cash outflow from investing activities

(3,493) (4,096) (6,293)
CASH FLOWS FROM FINANCING ACTIVITIES

Payments for lease liabilities 12 (1,238) - -
Drawdown of borrowings

5,007 8,325 8,439
Repayment of borrowings

(4,400) (4,000) (4,000)
Interest (paid)/received

(266) (263) (679)
Dividends paid

(3,004) (8,572) (13,463)
Net cash (outflow) from financing activities
(3,899) (4,510) (9,703)
Net (decrease)/increase in cash held

2,576 (4,951) (3,205)
Foreign currency translation adjustment

(82) (45) 431
Cash at beginning of the financial period

8,626 11,400 11,400
Closing cash and cash equivalents

11,120 6,404 8,626
The above Condensed Statement of Cash Flows should be read in conjunction with the accompanying notes.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 9
1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES
These unaudited interim financial statements of Gentrack Group Limited (the Company) and its subsidiaries (together “Gentrack
Group”) have been prepared in accordance with the New Zealand equivalent of IAS 34: Interim Financial Reporting and New
Zealand Generally Accepted Accounting Practice (“NZ GAAP”).
Gentrack Group is a profit-oriented entity for financial reporting purposes.
The Company 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).
These unaudited consolidated condensed interim financial statements of Gentrack Group for the six months ended 31 March 2020
have been prepared using the same accounting policies and methods of computation as, and should be read in conjunction with,
the financial statements and related notes included in Gentrack Group’s Annual Report for the year ended 30 September 2019. The
only exception is the adoption of new or amended accounting standards as set out below.
COVID-19 PANDEMIC
On 11 March 2020, the World Health Organisation declared a global pandemic as a result of the outbreak and spread of COVID-19.
Gentrack Group, like most other organisations is impacted by COVID-19 in a variety of ways, both financially and operationally. In
late March due to restrictions imposed to contain the spread of COVID-19 many businesses were forced to close or move to remote
ways of working. Gentrack Group had the necessary infrastructure in place and had thoroughly tested its ability to support remote
working and during this period Gentrack Group has been able to largely operate as normal.
At 31 March 2020, the financial impact of COVID-19 on Gentrack Group has been immaterial, but the longer-term implications are
still somewhat uncertain particularly for the Airport business which customers have been severely impacted by COVID-19. Gentrack
Group continues to closely monitor the longer-term financial and economic implications of COVID-19 on its operations.
In preparing these interim financial statements Gentrack Group has considered the increased level of uncertainty resulting from
COVID-19 in applying its accounting estimates and judgements, details of these are provided below:
Accounting estimate and judgement area Reference
Recoverability of trade receivables Section 7
Impairment testing – Five year cashflow forecasts Section 14
Blip Systems – full impairment of goodwill and intangibles Section 14

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 10
NEW ACCOUNTING STANDARDS ADOPTED BY GENTRACK GROUP
During the current reporting period Gentrack Group has adopted NZ IFRS 16 Leases (NZ IFRS 16) and has had to change its
accounting policies as a result of adopting this new standard. The impact of adopting NZ IFRS 16 is disclosed below and in further
details in section 12.
NZ IFRS 16 LEASES – IMPACT OF ADOPTION
NZ IFRS 16 deals with the recognition, measurement, presentation and disclosure of leases and replaces NZ IAS 17 Leases (NZ IAS
17). NZ IFRS 16 introduces a single model for lessees which recognises all leases on the balance sheet through an asset representing
the exclusive rights to use the lease item during the lease term and a liability for the obligation to make lease payments. NZ IFRS 16
removes the distinction between operating and finance leases and aims to provide the users of the financial statements relevant
information to assess the effect that leases have on the statement of financial position, statement of comprehensive income and
cash flows of the reporting entity
NZ IFRS 16 is effective for Gentrack Group beginning on or after 1 October 2019. Gentrack Group has adopted NZ IFRS 16 using the
modified retrospective transition approach. Under this approach, the cumulative effect of initially applying NZ IFRS 16 is recognised
as an adjustment to retained earnings at 1 October 2019. Comparative figures for the year ended 30 September 2019 are not
restated but instead continue to reflect the accounting policies under NZ IAS 17.
On transition to NZ IFRS 16 Gentrack Group has recognised lease liabilities in relation to leases which were previously classified as
operating leases under NZ IAS 17. These liabilities were measured at the present value of the remaining lease payments discounted
using the lessees incremental borrowing rate as of 1 October 2019. The weighted average lessees incremental borrowing rate
applied to these lease liabilities on 1 October 2019 was 5.68%
PRACTICAL EXPEDIENTS APPLIED
On transition to NZ IFRS 16, Gentrack Group has used the following practical expedients permitted by the standard:
• Exclusion of initial direct costs for the measurement of the lease asset at the date of initial application
• Excluded lease contracts of insignificant value
• Use of hindsight in determining a lease term
• Reliance on previous assessments on whether leases are onerous

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 11
A reconciliation of operating lease commitments at 30 September 2019 to the lease liability recognised at 1 October 2019 is shown
below.

UNAUDITED

NZ$000
Operating lease commitments at 30 September 29,395
The effect of discounting (5,062)
Adjustments related to options and lease term (6,713)
Lease liabilities at 1 October 2019 17,620

Less than one year 2,530
One to five years 6,568
More than five years 8,522
Lease liabilities at 1 October 2019 17,620
A reconciliation of the adjustment to retained earnings at 1 October 2019 in applying NZ IFRS 16 is shown below.

UNAUDITED

NZ$000
Lease incentives 3,739
Prepaid lease payments (388)
Lease asset 12,671
Lease liability (17,620)
Foreign currency differences 149
Deferred tax (384)
Adjustment to retained earnings from applying NZ IFRS 16 (1,833)
Lease assets predominantly comprise of property leases which are measured on a retrospective basis as if the new rules in NZ IFRS
16 has always applied.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 12
2. OPERATING SEGMENTS
Gentrack Group currently operates in two business segments: utility billing software and airport management software. These
segments have been determined based on the reports reviewed by the Board (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.
6 MONTHS
31 MARCH 2020
UTILITY AIRPORT TOTAL
UNAUDITED NZ$000 NZ$000 NZ$000
TIMING OF REVENUE RECOGNITION

Point in time 3,574 1,392 4,966
Over time 36,439 9,218 45,657
Total revenue 40,013 10,610 50,623
Expenditure (37,270) (9,083) (46,353)
Segment contribution (1) 2,743 1,527 4,270

6 MONTHS
31 MARCH 2019
UTILITY AIRPORT TOTAL
UNAUDITED NZ$000 NZ$000 NZ$000
TIMING OF REVENUE RECOGNITION

Point in time 2,904 3,421 6,325
Over time 39,433 8,663 48,096
Total revenue 42,337 12,084 54,421
Expenditure (32,247) (9,385) (41,632)
Segment contribution (1) 10,090 2,699 12,789

12 MONTHS
30 SEPTEMBER 2019
UTILITY AIRPORT TOTAL
AUDITED NZ$000 NZ$000 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
(1) Segment contribution is defined as Profit before depreciation, amortisation, revaluation of financial liabilities, impairment of
goodwill and intangible assets, financing, and tax.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 13
A reconciliation of segment contribution (1) to profit attributable to the shareholders of the company is as follows:

6 MONTHS
31 MARCH 2020
6 MONTHS
31 MARCH 2019
12 MONTHS
30 SEPTEMBER 2019

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
Segment contribution (1) 4,270 12,789 24,813
Depreciation and amortisation (6,407) (4,740) (9,440)
Revaluation of acquisition related financial liabilities
(38) - 384
Impairment of goodwill and intangible assets
(12,218) (14,551) (14,551)
Net finance income / (expense)
881 (1,540) (763)
Income tax income / (expense)
709 (658) (3,758)
Loss attributable to the shareholders of the company
(12,803) (8,700) (3,315)


6 MONTHS
31 MARCH 2020
6 MONTHS
31 MARCH 2019
12 MONTHS
30 SEPTEMBER 2019

UNAUDITED UNAUDITED AUDITED

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

Australia 10,070 11,262 22,724
New Zealand
9,264 7,825 18,142
United Kingdom
27,747 29,134 60,469
Rest of World
3,542 6,200 10,347
Total revenue
50,623 54,421 111,682
REVENUE BY DOMICILE OF CUSTOMER

Australia 11,737 12,168 24,947
New Zealand
4,579 6,067 12,244
United Kingdom
26,462 28,729 58,913
Rest of World
7,845 7,457 15,578
Total revenue
50,623 54,421 111,682
(1) Segment contribution is defined as Profit before depreciation, amortisation, revaluation of financial liabilities, impairment of
goodwill and intangible assets, financing and tax.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 14
3. REVENUE

6 MONTHS
31 MARCH 2020
6 MONTHS
31 MARCH 2019
12 MONTHS
30 SEPTEMBER 2019

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
OPERATING REVENUE:

Annual fees 29,733 26,719 54,904
Support services
10,029 10,970 23,335
Project services
7,192 10,876 21,377
Licenses
1,350 2,415 5,708
Other
1,439 2,967 5,006
Total operating revenue
49,743 53,947 110,330
OTHER INCOME
Government grants 880 474 1,352
Total revenue
50,623 54,421 111,682
4. EXPENDITURE

6 MONTHS
31 MARCH 2020
6 MONTHS
31 MARCH 2019
12 MONTHS
30 SEPTEMBER 2019

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
LOSS BEFORE TAX INCLUDES THE FOLLOWING SPECIFIC EXPENSES:

Employee entitlements 33,904 28,081 58,914
Administrative costs
3,612 4,981 11,691
Third party customer-related costs
3,738 4,149 6,967
Advertising and marketing
617 1,081 1,565
Consulting and subcontracting
3,046 2,317 5,346
Other operating expenses
1,436 1,023 2,386
Total expenditure
46,353 41,632 86,869

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 15
5. NET FINANCE EXPENSES

6 MONTHS
31 MARCH 2020
6 MONTHS
31 MARCH 2019
12 MONTHS
30 SEPTEMBER 2019

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
FINANCE INCOME

Interest income 4 6 11
Foreign exchange gains
1,635 - -
FINANCE EXPENSE

Interest expense (750) (269) (690)
Interest paid – NPV discount
(8) (27) (54)
Foreign exchange losses
- (1,250) (30)

(758) (1,546) (774)
Net finance income / (expense) 881 (1,540) (763)
6. CASH AND CASH EQUIVALENTS

6 MONTHS
31 MARCH 2020
6 MONTHS
31 MARCH 2019
12 MONTHS
30 SEPTEMBER 2019

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
Bank balances 11,119 6,402 8,625
Cash on hand 1 2 1
Total cash and cash equivalents
11,120 6,404 8,626
7. TRADE AND OTHER RECEIVABLES

6 MONTHS
31 MARCH 2020
6 MONTHS
31 MARCH 2019
12 MONTHS
30 SEPTEMBER 2019

UNAUDITED UNAUDITED AUDITED


NZ$000 NZ$000 NZ$000
Trade receivables 17,183 18,324 22,254
Impairment provision - Expected credit loss (476) (369) (460)
Impairment provision - Specific provision
(2,827) (310) (2,408)
Provision for warranty claims
(159) (137) (150)
Contract assets
8,685 11,909 9,593
Sundry receivables and prepayments
2,682 2,693 2,450
Total trade and other receivables
25,088 32,110 31,279
Due to the uncertainty caused by COVID-19 a specific provision of $0.2m has been raised against the Airport segments trade
receivables to cover potential impairment.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 16
7. TRADE AND OTHER RECEIVABLES (CONTINUED)

6 MONTHS
31 MARCH 2020
6 MONTHS
31 MARCH 2019
12 MONTHS
30 SEPTEMBER 2019

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
Opening balance 2,868 504 504
Increase in impairment provision 890 583 2,794
Write back in impairment provision
(240) (150) (177)
Effect of movement in foreign exchange
151 (52) (210)
Bad debt written off
(366) (206) (43)
Total trade receivables impairment provision
3,303 679 2,868
8. LOANS AND BORROWINGS
Gentrack Group has a NZ$20 million multi-currency facility with ASB Bank Limited to provide additional funding as required for
acquisitions and general corporate purposes. This facility expires on 28 March 2022.
The facility is secured by a general security agreement under which the bank has a security interest in Gentrack Group assets.
Covenants are in place and compliance is reported quarterly. At all times during the period Gentrack Group has met the covenant
requirements.
At 31 March 2020, $4.7m (2019: $4.0m) has been drawn down for working capital and to fund acquisitions.
9. SHARE CAPITAL

SHARES ISSUED SHARE CAPITAL

31 MARCH
2020
31 MARCH
2019
30 SEPTEMBER
2019
31 MARCH
2020
31 MARCH
2019
30 SEPTEMBER
2019

UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED

000 000 000 NZ$000 NZ$000 NZ$000
Ordinary Shares 98,645 98,525 98,525 191,229 190,968 190,968
Issue of new ordinary shares - 120 120 - 261 261

98,645 98,645 98,645 191,229 191,229 191,229
10. RELATED PARTIES
Gentrack Group has related party relationships with its subsidiaries which are listed in the Annual Report for the year ended 30
September 2019. The related party transactions primarily consist of the purchase and sale of software products, provision of
technical support, loan advances and repayments, consultancy services and management charges on commercial terms.
Key management personnel that have the authority and responsibility for planning, directing, and controlling the activities of
Gentrack Group, directly or indirectly and include the Directors, the Chief Executive Officer and their direct reports.
Key management personnel compensation for the period was $2.0m (2019: $2.0m). Directors fees were $0.2m for the period
(2019: $0.2m).
Related parties are materially consistent with those disclosed in the 2019 Annual Report.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 17
11. EMPLOYEE SHARE SCHEME
During the period Gentrack Group granted 217,141 (2019: 113,519) unlisted performance rights for nil consideration to senior
executives under the Gentrack Long Term Incentive Scheme. Vesting is conditional on the completion of the necessary years’
service to the vesting date and performance goals over the vesting period.
During the period, no performance rights vested (2019: 119,613) and the unvested performance rights were forfeited. Please refer
to the 2019 Annual Report for further information on the Employee Share Scheme.
12. LEASE ASSETS AND LEASE LIABILITIES
RECOGNITION AND MEASUREMENT OF GENTRACK GROUP’S LEASING ACTIVITIES
Gentrack Group predominantly leases property for fixed periods of 1-12 years and may have extension options. These extension
options are usually at the discretion of Gentrack Group and are included in the measurement of the lease asset if management
intends to exercise the extension. Lease terms are negotiated on an individual basis and contain a variety of terms and conditions.
However, these lease agreements do not impose any covenants.
Prior to 1 October 2019, leases of property, plant and equipment were classified as either finance or operating leases. Payments
made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis
over the period of the lease.
From 1 October 2019, leases are recognised as a right of use asset (lease asset) and a corresponding lease liability at the date at
which the leased asset is available for use. Each lease payment is allocated between the liability and finance cost. The finance cost
is charged to profit or loss over the lease period. The lease asset is depreciated over the shorter of the asset’s useful life and the
lease term on a straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present
value of the following lease payments:
• fixed payments (including in-substance fixed payments), less any lease incentives receivable
• variable lease payments that are based on an index or a rate
• amounts expected to be payable by the lessee under residual value guarantees
• the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
• payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease payments are discounted using the lessee’s incremental borrowing rate, being the rate that the lessee would have to pay
to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and
conditions.
Lease assets are measured at cost comprising the following:
• the amount of the initial measurement of lease liability
• any lease payments made at or before the commencement date less any lease incentives received
• any initial direct costs, and
• restoration costs.
See section 1 for more information on adjustments recognised on adoption of NZ IFRS 16 Leases, practical expedients applied and
the impact of first-time adoption of NZ IFRS 16 on these financial statements.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 18
12. LEASE ASSETS AND LEASE LIABILITIES (CONTINUED)
Key movements related to the lease assets and lease liabilities are presented below:
LEASE ASSETS

6 MONTHS
31 MARCH 2020

UNAUDITED

NZ$000
Balance at 1 October 2019, due to first time adoption of NZ IFRS 16 12,671
Additions during the year -
Depreciation charges (1,182)
Exchange differences 102
Lease assets at 31 March 11,591
Property 11,536
Office equipment 55
Lease assets at 31 March 11,591
Office equipment includes Coffee Machines and Printer/Copiers.
LEASE LIABILITIES

6 MONTHS
31 MARCH 2020

UNAUDITED

NZ$000
Balance at 1 October 2019, due to first time adoption of NZ IFRS 16 17,620
Leases entered into during the period -
Principal repayments (1,246)
Exchange differences 126
Lease liabilities at 31 March 16,500
Less than one year 2,643
One to five years 5,914
More than five years 7,943
Lease liabilities at 31 March 16,500
LEASE EXPENSES

6 MONTHS
31 MARCH 2020

UNAUDITED

NZ$000
Depreciation charges 1,182
Finance charges 480
Lease expenses 1,662

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 19
13. GOODWILL
Goodwill represents the difference between the acquisition of the fair value of the net identifiable assets acquired. Goodwill is
stated at its initial fair value less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not
amortised but is tested annually or when indicators of impairment are present.

6 MONTHS
31 MARCH 2020
6 MONTHS
31 MARCH 2019
12 MONTHS
30 SEPTEMBER 2019

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
Opening balance 134,434 146,189 146,189
Goodwill arising on acquisition - - -
Goodwill impairment
(8,710) (10,380) (10,380)
Exchange rate differences
5,308 (3,514) (1,375)
Closing net book value
131,032 132,295 134,434
Goodwill allocated to Utilities 128,132 121,532 123,242
Goodwill allocated to Airport 20/20
2,900 2,900 2,900
Goodwill allocated to Blip Systems
- 7,863 8,292
Net book value
131,032 132,295 134,434
During the period due to further alignment of the Utilities and Evolve Analytics CGU’s, the Evolve Analytics CGU has been combined
within the Utilities CGU. With the increased alignment it is now no longer possible to meaningfully separate the cash flows and they
are therefore now reported as a single CGU
14. IMPAIRMENT TESTING
At each reporting date, Gentrack Group assesses whether there is any indication that an asset may be impaired. For the period
ended 31 March 2020 due to COVID-19 all Gentrack Group CGU’s had indicators of impairment.
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.
The 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 post-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 forecasts. The Weighted
Average Cost of Capital (WACC) is based on CAPM methodology using market specific inputs. The WACC for each CGU is reviewed
annually and when an impairment test is required.
Preparing five-year forecasts in a COVID-19 environment has been a challenging task due to the uncertainty of the future. In
preparing the five-year forecasts, management have reviewed the assumptions and weighed up the information available at the
time to ensure the forecasts are appropriate given the CGU’s position and the prevailing market conditions.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 20
14. IMPAIRMENT TESTING (CONTINUED)
The key assumptions are detailed in the table below.
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
2020 REVENUE
GROWTH
2020 - 2024
WACC
2020
2019 REVENUE
GROWTH
2020 - 2024
WACC
2019
Utilities
4% CAGR 7.8% 8% CAGR 8.7%
Airport 20/20 6% CAGR 7.8% 10% CAGR 8.8%
The terminal revenue growth rate for Gentrack Group CGU’s is calculated based on the 2024 year and assumes a continuous
growth of a minimum of projected inflation estimates of 1.25% (2019: 1.25%). 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 BLIP SYSTEMS
The calculations confirmed there was no impairment of goodwill during the period for the Utilities and Airport 20/20 CGU’s.
Management believes that any reasonable possible change in the key assumptions for the Airport 20/20 CGU’s, 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
(NZD 000's)
RECOVERABLE
AMOUNT
EBITDA
+5%
EBITDA
-5%
WACC
+1%
WACC
-1%
Utilities 186,117 11,100 (11,100) (25,909) 35,334
Airport 20/20 14,209 992 (992) (1,811) 2,463
The Utilities CGU impairment test is sensitive to WACC discount rate, EBITDA and terminal growth rate. Detailed below is the
amount by which each assumption would have to change to result in the recoverable amount being equal to the carrying value. The
relevant sensitivities in key assumptions are as follows:
• WACC discount rate: 50 basis points increase
• EBITDA: 6.2% reduction
• Terminal growth: 63 basis points reduction
BLIP SYSTEMS – FULL IMPAIRMENT
Blip Systems was acquired by Gentrack Group in April 2017 as an innovative supplier of passenger tracking solutions principally for
airports. During the 6 months to 31 March 2020, expected sales growth has not been delivered. Further, Blip Systems is impacted
by COVID-19 with uncertainty over when the business will return to business as usual.
In view of the recent performance and the uncertainties around future performance of Blip Systems in a COVID-19 environment,
management considers a full impairment of the $10.7m carrying value of these acquired assets is appropriate. The $10.7m
impairment includes $8.7m in goodwill and $2.0m of intangible assets.
Details of the impairment related amounts are included in section 13 and section 15.
Gentrack Group will continue to leverage the Blip Systems intellectual property and it remains an important part of the overall
Veovo product offering. At present there is a strong pipeline of potential opportunities as airports globally look to technology to
address crowd management and social distancing requirements essential to the COVID-19 recovery.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 21
15. INTANGIBLE ASSETS
31 MARCH 2020 SOFTWARE
CUSTOMER
RELATIONSHIPS
BRAND
NAMES TRADEMARKS
CAPITALISED
DEVELOPMENT TOTAL
UNAUDITED NZ$000 NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Opening balance 31,413 15,718 5,024 621 7,706 60,482
Additions - - - - 779 779
Amortisation (2,498) (1,256) - (85) (880) (4,719)
Impairment (1,627) (393) - - (1,502) (3,522)
Movement in foreign
exchange
1,529 752 - 32 53 2,366
Closing net book value 28,817 14,821 5,024 568 6,156 55,386
Cost 46,814 25,072 5,024 887 7,472 85,269
Accumulated amortisation (17,997) (10,251) - (319) (1,316) (29,883)
Net book value 28,817 14,821 5,024 568 6,156 55,386
During the period as part of product rationalisation, the capitalised development of $2.5m related to a UK Energy Retail product
was fully impaired.
31 MARCH 2019 SOFTWARE
CUSTOMER
RELATIONSHIPS
BRAND
NAMES
TRADEMARKS
CAPITALISED
DEVELOPMENT
TOTAL
UNAUDITED NZ$000 NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Opening balance 39,126 19,002 5,024 793 4,242 68,187
Additions 520 - - - 3,300 3,820
Amortisation (2,464) (1,250) - (81) (434) (4,229)
Impairment (2,837) (617) - - (717) (4,171)
Movement in foreign
exchange
(1,125) (485) - (22) (42) (1,674)
Closing net book value 33,220 16,650 5,024 690 6,349 61,933
Cost 46,414 24,327 5,024 824 7,187 83,776
Accumulated amortisation (13,194) (7,677) - (134) (838) (21,843)
Net book value 33,220 16,650 5,024 690 6,349 61,933

30 SEPTEMBER 2019 SOFTWARE
CUSTOMER
RELATIONSHIPS
BRAND
NAMES TRADEMARKS
CAPITALISED
DEVELOPMENT TOTAL
UNAUDITED NZ$000 NZ$000 NZ$000 NZ$000 NZ$000 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

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 22
16. FINANCIAL INSTRUMENTS
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.
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. At 31 March 2020, Gentrack Group has no level 3 financial instruments (2019:
$2.8m). In December 2019 Gentrack Group settled the call / put option related to the acquisition of Blip Systems with the payment
of $2.5m.
FINANCIAL INSTRUMENTS BY CATEGORY

6 MONTHS
31 MARCH 2020
6 MONTHS
31 MARCH 2019
12 MONTHS
30 SEPTEMBER 2019

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
FINANCIAL ASSETS MEASURED AT AMORTISED COST

Cash and cash equivalents 11,120 6,404 8,626
Trade and other receivables
25,088 17,645 31,279

36,208 24,049 39,905
FINANCIAL LIABILITIES MEASURED AT AMORTISED COST

Loans and borrowings (5,168) (4,000) (4,450)
Trade payables
(3,535) (7,688) (3,742)
Lease liabilities
(16,500) - -
FINANCIAL LIABILITIES MEASURED AT FAIR VALUE


Financial Liabilities - (2,662) (2,451)

(25,203) (14,350) (10,643)

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2020
GENTRACK INTERIM FINANCIAL STATEMENTS / 23
17. CAPITAL COMMITMENTS
There are no capital expenditure commitments at 31 March 2020 (2019: $Nil).
18. CONTINGENCIES
ASB New Zealand has provided guarantees of $0.8m (2019: $0.9m) on behalf of Gentrack Group, these guarantees are in place for
implementation projects, property leases and exchange listings.
19. EVENTS AFTER BALANCE DATE
On 28 May 2020, the Gentrack Group Board determined that no interim dividend will be paid out for the first half of this financial
year (2019: 4.9m).

© 2020 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 Review Report
To the shareholders of Gentrack Group Limited
Report on the interim financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
financial statements on pages 5 to 23 do not:
i. present fairly in all material respects the
Group’s financial position as at 31 March
2020 and its financial performance and
cash flows for the 6 month period ended
on that date; and
ii. comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying
interim financial statements which comprise:
— the condensed statement of financial position
as at 31 March 2020;
— the condensed statements of comprehensive
income, changes in equity and cash flows for
the 6 month period then ended; and
— notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for conclusion
A review of interim financial statements in accordance with NZ SRE 2410 Review of Financial Statements
Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance engagement. The
auditor performs procedures, consisting of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures.
As the auditor of Gentrack Group Limited, NZ SRE 2410 requires that we comply with the ethical requirements
relevant to the audit of the annual financial statements.
Our firm has also provided other services to the group in relation to 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 reviewer of the group. The firm has no other relationship with,
or interest in, the group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we
might state to the shareholders those matters we are required to state to them in the Independent Review
Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders as a body for our review work, this report, or any of the
opinions we have formed.

Responsibilities of the Directors for the interim financial statements
The Directors, on behalf of the group, are responsible for:
— the preparation and fair presentation of the interim financial statements in accordance with NZ IAS 34
Interim Financial Reporting;
— implementing necessary internal control to enable the preparation of an interim financial statements that is
fairly presented and free from material misstatement, whether due to fraud or 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 review of the interim financial
statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. We
conducted our review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to conclude whether anything
has come to our attention that causes us to believe that the interim financial statements are not prepared, in all
material respects, in accordance with NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly, we do not express an audit
opinion on these interim financial statements.
This description forms part of our Independent Review Report.

KPMG
Auckland
29 May 2020

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

CORPORATE DIRECTORY
GENTRACK INTERIM FINANCIAL STATEMENTS / 27

---

Copyright © 2020. This document is the intellectual property of Gentrack. The intended recipient may use this information only for the purpose for which it was
supplied, including copying and archiving for internal use. It may not be disclosed to third parties without the prior written consent of Gentrack.
GENTRACK GROUP LTD (GTK)
FY20 –HALF YEAR UPDATE
AS AT 31 MARCH 2020

DISCLAIMER
This presentation may contain forward-looking statements. Forward-looking statements often
include words such as ‘anticipate’, ‘expect’, ‘plan’ or similar words in connection with discussions
of future operating or financial performance.
The forward-looking statements are based on management’s and directors’ current expectations
and assumptions regarding Gentrack’s business and performance, the economy and other future
conditions, circumstances and results. As with any projection or forecast, forward-looking
statements are inherently susceptible to uncertainty and changes in circumstances. Gentrack’s
actual results may vary materially from those expressed or implied in its forward-looking
statements.
This presentation includes unaudited financial information for the half year ended 31 March 2020.
All figures are shown in NZ$.
2

5
H1 FY20 –HEADLINES
1
EBITDA: Earnings before depreciation, amortisation, impairments and non-operating expenses
related to acquisitions.
2
Adjusted NPAT - Underlying NPAT adjusted for the impairment of Goodwill and intangible assets
•Revenue and EBITDA impacted by market conditions including
uncertainty with current and new projects in utilities and airports
•UK and Australia revenue down 7% and 4% respectively
•OPEX increased $6.2m (Pre IFRS16) on H1 FY19 driven by investment in the UK
•Committed Recurring Revenue improvement - up 11% on H1 FY19
•EBITDA in line with guidance range prior to a positive IFRS16 adjustment of $1.4m
•NPAT Loss impacted by $11.8m impairment and software write-down
•Strong operating cashflow in the period driven by working capital
improvement, especially in the UK
•Executive level changes implemented to support our SaaS repositioning
•New CFO appointed and CEOsearch continues
•Added SaaS expertise at the Board level – Darc Rasmussen joined in December
•Completion of our cost review and headcount reduction (65 people)
across the global business in March 2020
•New energy and water projects in the UK, and Veovo projects at Luton
Airport and Swedavia, Sweden’s Aviation Authority
•No Interim dividend to be paid – exercising prudence given the earnings
result and COVID-19 uncertainty.
3

MARKETAND COVID-19 UPDATE
COVID-19 BUSINESS IMPACT
•We were well prepared to implement new ways of working having successfully tested business continuity measures through H1
•Substantial majority of client work remains "business as usual". We have kept projects moving and leveraged technology to maintain productivity and
services to customers
•We have stress tested our net cash forecast and while we continue to monitor carefully, concluded no need for amendments to existing banking facilities
in the near-term
•We continue to monitor government health advice and various financial relief mechanisms for our employees and the business
should they be required.
Energy Price Caps in the UK and
Australia continue with further changes expected
Financial pressures on Retailers continue,
exacerbated by COVID-19
Delays in industry projects to support rapid
switching and smart meter data
Emergence of stronger competition disrupting
the market with new offerings
Air travel shutdown has seen revenues
decline 90%+for many airports globally
Uncertainty regarding the duration
and impact of COVID-19
Opportunities for innovation –crowd
management and social distancing
Market recovery will be staggered with Nordic regions
and North America likely to be first movers
4

STRATEGIC FOCUS
1.Investing todevelop the leading SaaS platform for utilities
Leverage industry best practice from 50+ energy retailers in the UK, ANZ and SE Asia
Enable lowest Cost to Serve and next generation tariff innovation: Smart Metering, EV, Battery, Demand Response
2.Targeting the largest and most innovative utilities
Residential and Business markets; Energy and Water
3.Migrating existing customers to Gentrack Cloud
Grow Annual Recurring Revenue, reduces support costs, enables upsell of new functionality
4.Deploying Veovo predictive capabilities to support COVID-19 recovery
Adapting passenger tracking to post COVID-19 applications in crowd density and virtual queue management
Application in new market segments including train stations
5

COMPARATIVE RESULTS
1
Underlying EBITDA being earnings before depreciation, amortisation, impairments and non-
operating expenses related to acquisitions. EBITDA is a non-GAAP measure –refer to slide 14 for
a reconciliation to reported net profit.
2
Adjusted NPAT - Underlying NPAT adjusted for the impairment of Goodwill and intangible assets
6
Revenue Analysis
Cost Analysis
Utilities
Airports
•Revenue reductions in UK and Australia, partially offset by increases in
recurring revenues from new business and higher existing customer volumes
•H1 FY20 profitability weakness due to combined impacts of revenue reduction
without commensurate cost reduction
•Cost base addressed through workforce reductions in February/March 2020
•Numbers shown with/without IFRS16 adjustments.

CHANGING REVENUE MIX
•Overall revenue reduction due to UK customer losses and
non-recurring revenue reduction in Australia
•Total recurring revenue accounts for 79% of total revenue
for the half, up from 68% in H1 FY19
•Committed revenue increase driven by new business wins in
UK and Australia and increased UK meter points
•Airports committed revenue continues to increase
•Recurring revenue increase consistent with SaaS transition.
H1 FY20
Committed Recurring Revenue
up 11% on H1 FY19
to $29.7m
REVENUE MIX - UTILITIES
REVENUE MIX - AIRPORTS
Licences/OtherNon-recurringCommitted RecurringNon-contracted Recurring
NZ$m
NZ$m
7

ASSET WRITE-DOWNS
•Blip Systems was acquiredin April 2017 as an innovative
supplier of passenger trackingsolutions for airports
•With the Blip impacted by COVID-19 and with uncertainty
over when the business will return to business as usual,
we are taking a full impairment of the $10.7m intangible
asset carrying value
•We are continuing to leverage Blip IP and expert resources
through full integration of the business and capabilities
into Veovo
•We see a strong pipeline of opportunities as airports, rail
and theme parks globally look to technology to address
crowd management and social distancing requirements
essential to the COVID-19 recovery.
Blip Intangibles
($1.5m)
Capitalised Software
for UK Energy Retail
NZ$m
Intangible Asset
($10.7m)
($11.8m)
Product rationalisation to
remove overlapping products
COVID-19 impacted
8
Ta x Ef fe c t
$0.4m

CASH FLOW / BALANCE SHEET
9
4.6
NZ$m
8.6*
-3.3
-2.4
-1.1
6.4
H1 FY20 CASHFLOW ANALYSIS
•Positive cashflow leading to improved
net cash position
•Strong operating cashflow in the period
driven by working capital improvement,
especially in UK where overdue balances
reduced sharply
•Liquidity outlook remains favourable
with long-term ASB facility in place
providing significant headroom.
*Adj. for IFRS16

OUTLOOK
•Utilities: COVID-19 impact on energy retailers creates a level of uncertainty with the risk
offurther failures and consolidation.
•Airports: Veovo revenues have been impacted by the travel shut down and we are seeing
some reduction in income from smaller Veovo customers.
•With the benefit of reduced people costs, we expect H2 EBITDA to be ahead of our first half
and to remain cash flow positive.
•Longer term, our SaaS products deliver cost savings and improved operations and efficiency
to Utilities and Airports on mission critical systems.Gentrack is well positioned to emerge
from the current difficult market conditions and return to consistent profit growth.
10

Copyright © 2020. This document is the intellectual property of Gentrack. The intended recipient may use this information only for the purpose for which it was
supplied, including copying and archiving for internal use. It may not be disclosed to third parties without the prior written consent of Gentrack.
Q&A

Copyright © 2020. This document is the intellectual property of Gentrack. The intended recipient may use this information only for the purpose for which it was
supplied, including copying and archiving for internal use. It may not be disclosed to third parties without the prior written consent of Gentrack.
APPENDICES

GEOGRAPHIC ANALYSIS
13
12.2
28.7
3.9
9.6
12.7
29.9
5.5
9.1
11.7
26.5
4.6
7.8
0
5
10
15
20
25
30
35
H1 FY'19H2 FY'19H1 FY'20
AUSTRALIAUKNEW ZEALAND
ROW
H1 FY20 vs H1 FY19
-Australia: Down 4%
-UK: Down 7%
-NZ: Up 18%
-ROW: Down 19%
REVENUES BY REGION
NZ$m

14
Period NZ$m
6 Months
31 Mar 20
6 Months
31 Mar 19
12 Months
30 Sep 19
Reported net profit/(loss) for the period (GAAP)
(12.8)(8.7)(3.3)
Income tax (income) / expense
(0.7)0.73.8
Net finance (income) / expense
(0.9)1.50.8
Impairment of Goodwill and intangible assets (pre-tax)
12.2
14.6
14.6
Revaluation of acquisition related financial liabilities
0-(0.4)
Depreciationand amortisation
6.44.79.4
EBITDA
4.312.824.8
GAAP TO NON-GAAP PROFIT RECONCILIATION

15
NZ$mH1 FY19
H1 FY20
Constant
Currency
3
H1 FY20Difference∆ %
Revenue54.449.350.61.33%
Operating Costs-41.6-44.4-45.8-1.43%
EBITDA
1
12.84.94.8-0.1-3%
N PAT
2
4.60-1.0-1.0Large
1.Underlying EBITDA, being earnings before depreciation, amortisation, impairments and non-operating expenses
related to acquisitions. EBITDA is a non-GAAP measure – refer to slide 14 for a reconciliation to reported net
profit.
2.Adjusted NPAT - Underlying NPAT adjusted for the impairment of Goodwill and intangible assets
3.Based on H1 FY19 exchange rates applied to H1 FY20 actuals
H1 FY20 ON A CONSTANT CURRENCY BASIS

16
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