Gentrack Group Limited Half-Year Results

Gentrack Group Ltd
17 Hargreaves Street, St Marys Bay Auckland 1011,
PO Box 3288, Auckland 1140, New Zealand
Ph: +64 9 966 6090
Email: info@gentrack.com
www.gentrack.com


Gentrack Group Ltd | ARBN 169 195 751


Results for announcement to the market
Name of issuer Gentrack Group Limited
Reporting Period 6 months to 31 March 2021
Previous Reporting Period 6 months to 31 March 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$50,953 0.65%
Total Revenue $50,953 0.65%
Net profit/(loss) from
continuing operations
($1,117) (91.27%)
Total net profit/(loss) ($1,117) (91.27%)
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend payable
Imputed amount per
Quoted Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.141 ($0.005)
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
announcement, 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
27/05/2021

Unaudited financial statements accompany this announcement.

---

Gentrack Group
17 Hargreaves Street, St Marys Bay Auckland 1011,
PO Box 3288, Auckland 1140, New Zealand
Ph: +64 9 966 6090
Email: info@gentrack.com
www.gentrack.com

Gentrack Group Ltd | ARBN 169 195 751



27 May 2021
Market Announcement

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 2021.

Results Summary
• Revenue: $51.0m – up 0.7% on H1’20
• EBITDA: $7.0m – up 63.2% on H1’20
• Statutory NPAT: ($1.1m) loss
• Net cash: $22.4m up 33.5% on FY20
• No Interim Dividend payable

The results for the half-year show an increase in revenue of 0.7% to $51.0m. Utilities revenue
increased 6% during the period (vs prior comparative period) driven by new customers and
increases from existing customers.

Revenues were down in the Airports business by $2.1m due to the industry downturn but
pleasingly annual recurring revenues (ARR) were up 5.8% reflecting the critical role of our
product in our customers’ operations.

Underlying EBITDA of $7.0m is up 63.2% on H1’20. Costs were down 5% vs H1’20 due to
various cost saving measures, while at the same time increasing our investment in human
capital.

The Group achieved $5.6m net cash generation for the period resulting in $22.4m net cash
as at 31 March 2021, up from $16.8m at 30 September 2020. There have been further
improvements in working capital and cash savings from increased use of share-based
incentives. The year-end cash position provides scope for additional investment in
technology.

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.

This period has seen the business undergo a transformation with the new leadership team
performing strongly and the business servicing our customers better. Revenue is up from
increasing customer demand for Total Cost of Ownership (TCO) improvements, regulatory
compliance and cleantech innovations. New logo pipeline is growing, and we have new wins
in the period.

On the operational front, our global delivery organisation is improving throughput materially,
managing several large-scale customer transformation projects effectively and are dedicated
to delivering customer excellence. We have opened our new Indian Technology Centre
where we have nearly 50 Dev-ops experts coming up to speed on our technologies. We see
room for continued improvement in the operational effectiveness of the company.


Our commitment remains to have the best technology in this space and the increased
headcount in the business reflects our investment in bringing the right people on board to
deliver against this commitment.

We continue to have headwinds from prior year customer attrition and supplier failures in the
UK.  We have however, moved the business back to growth despite this revenue drag.

Gentrack Group Ltd | ARBN 169 195 751
2

We see enormous potential in the clean tech market and the business is establishing a strong
foundation for future success. On June 16
th
we will present our 3 year forward looking
strategy to investors and we invite people to attend – please
email investors@gentrack.com
for more information.

Updated guidance

In February 2021 Gentrack Group Limited (NZX/ASX: GTK) (“Gentrack”) advised that it
expected full year EBITDA to be around $5m and revenues in line with FY20 of $100.5m.

With the turnaround accelerating, Gentrack now provides the following outlook update:
• FY21 revenues are expected to be slightly ahead of FY20 revenues of
$100.5m
• FY21 EBITDA is expected to be around $10m for the year on the basis that
research and development (R&D) costs are expensed
• Incremental R&D costs are expected to be at an exit rate of ~$3m/quarter by
the end of the financial year
• The company expects to be net cashflow positive in FY21, building on the
$16.8m of net cash reported at 30
th
September 2020. H2’21 cash generation
is expected to be neutral or better.

Presentation Results

Investors are invited to join the presentation of the Half Year Results on Thursday 27
th
May at
11.00am NZT/9.00 am AUS via webcast:
https://globalmeet.webcasts.com/starthere.jsp?ei=1460826&tp_key=becf47fcb3

It is advised that attendees allow ten minutes prior to the start time to register and download
any necessary webcast software.

To join via audio only, please see details here: https://www.gentrack.com/wp-
content/uploads/2021/05/20210520-Investor-Briefing-Details-FINAL.pdf

ENDS

Contact details regarding this announcement:
Jon Kershaw - Company Secretary
+64 9 966 6090

About Gentrack

The global pace of change is accelerating, and utilities need to rebuild for a more sustainable
future. Gentrack provides leading utilities across the world with innovative cleantech
solutions.

Working with some of the world’s biggest energy and water companies, as well as innovative
challenger brands, we are helping companies reshape what it means to be a
utilities business.

We are driven by our passion to create positive impact. That is why utilities rely on us to drive
innovation, deliver great customer experiences and secure profits.

Together, we are renewing utilities.

---

Gentrack Group Limited
Interim Financial
Statements
For the six months ended 31 March 2021

GENTRACK INTERIM FINANCIAL STATEMENTS / 2





Contents
3 Commentary
4 Interim Financial Statements
5 Condensed Statement of Comprehensive
Income
6 Condensed Statement of Financial Position
7 Condensed Statement of Changes in Equity
8 Condensed Statement of Cash Flows
9 Notes to Condensed Financial Statements
21 Independent Review Report
23 Corporate Directory

GENTRACK INTERIM FINANCIAL STATEMENTS / 3
COMMENTARY
The results for the half-year show an increase in
revenue of 0.7% to $51.0m. Utilities revenue
increased 6% during the period vs PCP driven by
new customers and increases from existing
customers.

Revenues were down in the Airports business by
$2.1m due to the industry downturn but
pleasingly annual recurring revenues (ARR)
were up 5.8% reflecting the critical role of our
product in our customers’ operations.

Underlying EBITDA of $7.0m is up 63.2% on
H1’20. Costs were down 5% vs PCP due to
various cost saving measures, while at the same
time increasing our investment in human
capital.

The Group achieved $5.6m net cash
generation for the period resulting
in $22.4m net cash as at 31 March 2021, up from
$16.8m at 30 September 2020. There have been
further improvements in working capital and
cash savings from increased use of share-based
incentives. The year-end cash position provides
scope for additional investment in technology.

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.

This period has seen the business undergo a
transformation with the new leadership team
performing strongly and the business servicing
our customers better.
Revenue is up from increasing customer
demand for Total Cost of Ownership
(TCO) improvements, regulatory compliance
and cleantech innovations.

New logo pipeline is growing, and we have new
wins in the period.









On the operational front, our global delivery
organisation is improving throughput materially,
managing several large-scale customer
transformation projects effectively and
are dedicated to delivering customer
excellence. We have opened our new
Indian Technology Centre where we have nearly
50 Dev-ops experts coming up to speed on our
technologies. We see room for continued
improvement in the operational effectiveness of
the company.

Our commitment remains to have the best
technology in this space and the increased
headcount in the business reflects our
investment in bringing the right people on
board to deliver against this commitment.

We continue to have headwinds from prior
year customer attrition and supplier failures in
the UK.  We have however, moved the business
back to growth despite this revenue drag.

We see enormous potential in the clean tech
market and the business is establishing a strong
foundation for future success.





Andy Green
Chair





•Revenue: $51.0m – up 0.7% on H1’20
•EBITDA: $7.0m – up 63.2% H1’20
•Statutory NPAT: ($1.1m) loss
•Net cash: $22.4m up 33.5% on FY20
•No Interim Dividend payable

•Revenue: $51.0m – up 0.7% on H1’20
•EBITDA: $7.0m – up 63.2% on H1’20
•Statutory NPAT: ($1.1m) loss

Headlines
•Net cash: $22.4m up 33.5% on FY20
•No Interim Dividend payable

GENTRACK INTERIM FINANCIAL STATEMENTS / 4
Interim
Financial
Statements
31 March 2021

CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2021
GENTRACK INTERIM FINANCIAL STATEMENTS / 5


6 MONTHS
31 MARCH
2021
6 MONTHS
31 MARCH
2020
12 MONTHS
30 SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED

NOTE
NZ$000 NZ$000 NZ$000
Revenue
3
50,953 50,623 100,533
Expenditure
4
(43,983) (46,353) (88,440)
Profit before depreciation, amortisation, revaluation of
financial liabilities, impairment of goodwill and
intangible assets, financing and tax
6,970 4,270 12,093
Depreciation and amortisation

(5,382) (6,407) (12,354)
Revaluation of acquisition related financial
liability

- (38) 891
Impairment of goodwill and intangible assets

- (12,218) (34,511)
Profit/(Loss) before financing and tax 1,588 (14,393) (33,881)
Net finance (expense)/income
5
(1,345) 881 (386)
Profit/(Loss) before tax 243 (13,512) (34,267)
Income tax (expense)/income

(1,360) 709 2,561
Loss attributable to the shareholders of the
company
(1,117) (12,803) (31,706)
OTHER COMPREHENSIVE INCOME



Translation of international subsidiaries 1,264 6,017 (882)
Total comprehensive income/(loss) for the period 147 (6,786) (32,588)
EARNINGS PER SHARE LOSS ATTRIBUTABLE TO
THE SHAREHOLDERS OF THE COMPANY
(EXPRESSED IN DOLLARS PER SHARE)



Basic and diluted loss per share

($0.01) ($0.13) ($0.32)
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES
ISSUED


Basic

98,645 98,645 98,645
Diluted

101,588 99,054 100,053
The above Condensed Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2021

GENTRACK INTERIM FINANCIAL STATEMENTS / 6


31 MARCH
2021
31 MARCH
2020
30 SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED

NOTE NZ$000 NZ$000 NZ$000
CURRENT ASSETS



Cash and cash equivalents
6
24,966 11,120 19,321
Trade and other receivables
7
21,148 25,088 18,951
Income tax receivable

336 - 151
Inventory

347 588 464
Total current assets

46,797 36,796 38,887
NON-CURRENT ASSETS



Property, plant and equipment

2,595 3,239 2,763
Lease assets
12
9,364 11,591 10,338
Goodwill
13
107,085 131,032 106,599
Intangibles
15
41,767 55,386 45,428
Deferred tax assets

7,728 6,108 4,649
Total non-current assets

168,539 207,356 169,777
Total assets

215,336 244,152 208,664
CURRENT LIABILITIES



Bank loans
8
2,555 - 2,536
Trade payables and accruals

4,800 5,080 3,905
Lease liabilities
12
2,204 2,643 2,692
Contract liabilities

13,690 14,470 12,419
GST payable

3,298 1,557 3,206
Employee entitlements

7,578 4,943 5,552
Income tax payable

- 1,382 -
Total current liabilities

34,125 30,075 30,310
NON-CURRENT LIABILITIES



Bank loans
8
- 4,684 -
Related party loan

- 483 -
Lease liabilities
12
11,736 13,857 12,435
Employee entitlements

458 418 428
Deferred tax liabilities

6,223 8,675 4,997
Total non-current liabilities

18,417 28,117 17,860
Total liabilities

52,542 58,192 48,170
Net assets

162,794 185,960 160,494
EQUITY



Share capital
9
191,229 191,229 191,229
Share based payment reserve
11
2,852 363 699
Foreign currency translation reserve

8,046 13,681 6,782
Accumulated deficit

(39,333) (19,313) (38,216)
Total equity

162,794 185,960 160,494
The above Condensed Statement of Financial Position should be read in conjunction with the accompanying notes.
For and on behalf of the Board who authorised these financial statements for issue on 27 May 2021


Andy Green Fiona Oliver
Chair Director
Date: 27 May 2021 Date: 27 May 2021

CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2021

GENTRACK INTERIM FINANCIAL STATEMENTS / 7

31 MARCH 2021

SHARE
CAPITAL
SHARE
BASED
PAYMENT
RESERVE
ACCUMULATED
DEFICIT
TRANSLATION
RESERVE
TOTAL
EQUITY
UNAUDITED
NOTE NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Balance at 1 October

191,229 699 (38,216) 6,782 160,494
Loss attributable to the shareholders of the
company
- -
(1,117)
-
(1,117)
Other comprehensive income

- - - 1,264 1,264
Total comprehensive loss for the period, net of
tax
- - (1,117) 1,264 147
TRANSACTION WITH OWNERS


Dividend paid

- - - - -
Share based payments
11
- 2,153 - - 2,153
Balance at 31 March

191,229 2,852 (39,333) 8,046 162,794

31 MARCH 2020

SHARE
CAPITAL
SHARE
BASED
PAYMENT
RESERVE
ACCUMULATED
DEFICIT
TRANSLATION
RESERVE
TOTAL
EQUITY
UNAUDITED
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 - - (1,833) - (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) - (3,004)
Share based payments

- (26) - - (26)
Balance at 31 March

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

30 SEPTEMBER 2020

SHARE
CAPITAL
SHARE
BASED
PAYMENT
RESERVE
ACCUMULATED
DEFICIT
TRANSLATION
RESERVE
TOTAL
EQUITY
AUDITED
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 - - (1,833) - (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 - - (31,706) - (31,706)
Other comprehensive income

- - - (882) (882)
Total comprehensive loss for the period,
net of tax
- - (31,706) (882) (32,588)
TRANSACTION WITH OWNERS

Dividend paid

- -
(3,004) - (3,004)
Share based payments

- 310 - - 310
Balance at 30 September

191,229 699 (38,216) 6,782 160,494
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 2021
GENTRACK INTERIM FINANCIAL STATEMENTS / 8


6 MONTHS
31 MARCH
2021
6 MONTHS
31 MARCH
2020
12 MONTHS
30 SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED

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



Receipts from customers

50,826 60,036 110,731
Payments to suppliers and employees

(39,825) (46,747) (83,547)
Lease liability finance charge
12
(421) (480) (931)
Income tax paid (3,465) (2,839) (4,287)
Net cash inflow from operating activities 7,115 9,970 21,966
CASH FLOWS FROM INVESTING ACTIVITIES



Acquisition of property, plant and equipment

(187) (293) (324)
Purchase of intangibles
15
- (780) (331)
Payment of acquisition related option

- (2,419) (2,419)
Proceeds from sale of property, plant and equipment - (1) -
Net cash outflow from investing activities (187) (3,493) (3,074)
CASH FLOWS FROM FINANCING ACTIVITIES



Payments for lease liabilities
12
(1,314) (1,238) (2,497)
Drawdown of borrowings

- 5,007 5,007
Repayment of borrowings

- (4,400) (6,871)
Interest paid

(96) (266) (375)
Dividends paid - (3,004) (3,004)
Net cash outflow from financing activities (1,410) (3,901) (7,740)
Net increase in cash held

5,518 2,576 11,152
Foreign currency translation adjustment

127 (82) (457)
Cash at beginning of the financial period 19,321 8,626 8,626
Closing cash and cash equivalents 24,966 11,120 19,321
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 2021
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 International Accounting
Standard 34: Interim Financial Reporting (NZ IAS 34) and New Zealand Generally Accepted Accounting Practice (NZ
GAAP). In complying with NZ IAS 34, these statements comply with International Accounting Standard 34: Interim
Financial Reporting.
Gentrack Group is a profit-oriented entity for financial reporting purposes.
The Company is an FMC entity for the purposes of the 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 2021 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 2020.
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 2020 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 2021, 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 Note 7
Assessment of impairment indicators Note 14

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
GENTRACK INTERIM FINANCIAL STATEMENTS / 10
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 2021
UTILITY AIRPORT TOTAL
UNAUDITED NZ$000 NZ$000 NZ$000
TIMING OF REVENUE RECOGNITION
Point in time 4,500 745 5,245
Over time 37,928 7,780 45,708
Total revenue 42,428 8,525 50,953
Expenditure (36,988) (6,995) (43,983)
Segment contribution (1) 5,440 1,530 6,970

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


12 MONTHS
30 SEPTEMBER 2020
UTILITY AIRPORT TOTAL
AUDITED NZ$000 NZ$000 NZ$000
TIMING OF REVENUE RECOGNITION

Point in time 7,379 2,018 9,397
Over time 74,397 16,739 91,136
Total revenue 81,776 18,757 100,533
Expenditure (71,565) (16,875) (88,440)
Segment contribution (1) 10,211 1,882 12,093
(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 2021
GENTRACK INTERIM FINANCIAL STATEMENTS / 11
A reconciliation of segment contribution (1) to profit attributable to the shareholders of the company is as follows:


6 MONTHS
31 MARCH
2021
6 MONTHS
31 MARCH
2020
12 MONTHS
30 SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
Segment contribution (1) 6,970 4,270 12,093
Depreciation and amortisation (5,382) (6,407) (12,354)
Revaluation of acquisition related financial liabilities - (38) 891
Impairment of goodwill and intangible assets - (12,218) (34,511)
Net finance income / (expense) (1,345) 881 (386)
Income tax income / (expense) (1,360) 709 2,561
Loss attributable to the shareholders of the
company
(1,117) (12,803) (31,706)


6 MONTHS
31 MARCH 2021
6 MONTHS
31 MARCH 2020
12 MONTHS
30 SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED

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

Australia 11,159 10,070 22,659
New Zealand 6,520 9,264 16,447
United Kingdom 29,682 27,747 55,458
Rest of World 3,592 3,542 5,969
Total revenue 50,953 50,623 100,533
REVENUE BY DOMICILE OF CUSTOMER

Australia 12,219 11,737 25,755
New Zealand 4,356 4,579 8,456
United Kingdom 28,015 26,462 52,746
Rest of World 6,363 7,845 13,576
Total revenue 50,953 50,623 100,533

(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 2021
GENTRACK INTERIM FINANCIAL STATEMENTS / 12
3. REVENUE

6 MONTHS
31 MARCH
2021
6 MONTHS
31 MARCH
2020
12 MONTHS
30 SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED

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



Annual fees

29,817 29,733 60,394
Support services

9,621 10,029 20,636
Project services

7,953 7,192 13,286
Licenses

804 1,350 2,177
Other 1,637 1,439 2,070
Total operating revenue 49,832 49,743 98,563
OTHER INCOME:



Government grants

1,121 880 1,970
Total revenue 50,953 50,623 100,533

4. EXPENDITURE

6 MONTHS
31 MARCH
2021
6 MONTHS
31 MARCH
2020
12 MONTHS
30 SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED

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

Employee entitlements

34,601 33,904 65,780
Administrative costs

2,095 3,612 6,721
Third party customer-related costs

2,784 3,738 6,450
Advertising and marketing

392 617 898
Consulting and subcontracting

2,730 3,046 5,754
Other operating expenses 1,381 1,436 2,837
Total expenditure 43,983 46,353 88,440

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
GENTRACK INTERIM FINANCIAL STATEMENTS / 13
5. NET FINANCE EXPENSES

6 MONTHS
31 MARCH 2021
6 MONTHS
31 MARCH 2020
12 MONTHS
30 SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
FINANCE INCOME

Interest income

8 4 7
Foreign exchange gains - 1,635 928

8 1,639 935
FINANCE EXPENSE



Interest expense

(103) (270) (383)
Lease liability finance charges

(421) (480) (931)
Interest paid - NPV discount

- (8) (7)
Foreign exchange losses (829) - -

(1,353) (758) (1,321)

Net finance (expense) / income (1,345) 881 (386)

6. CASH AND CASH EQUIVALENTS

6 MONTHS
31 MARCH 2021
6 MONTHS
31 MARCH 2020
12 MONTHS
30 SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
Bank balances

24,965 11,119 19,320
Cash on hand 1 1 1
Total cash and cash equivalents 24,966 11,120 19,321

7. TRADE AND OTHER RECEIVABLES

6 MONTHS
31 MARCH 2021
6 MONTHS
31 MARCH 2020
12 MONTHS
30 SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
Trade receivables

18,245 17,183 15,084
Impairment provision - Expected credit loss

(368) (476) (390)
Impairment provision - Specific provision

(2,569) (2,827) (3,460)
Provision for volume discounts

(377) (159) (131)
Contract assets

4,367 8,685 5,683
Sundry receivables and prepayments 1,850 2,682 2,165
Total trade and other receivables 21,148 25,088 18,951
Due to the uncertainty caused by COVID-19 a specific provision of $0.2m is being held against the Airport segments
trade receivables to cover potential impairment.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
GENTRACK INTERIM FINANCIAL STATEMENTS / 14
7. TRADE AND OTHER RECEIVABLES (CONTINUED)

6 MONTHS
31 MARCH
2021
6 MONTHS
31 MARCH
2020
12 MONTHS
30 SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
Opening balance

3,850 2,868 2,868
Movement in impairment provision

(919) 650 2,052
Effect of movement in foreign exchange

6 151 13
Bad debt written off - (366) (1,083)
Total trade receivables impairment
provision
2,937 3,303 3,850
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 2021, $2.6m (2020: $4.7m) has been drawn down for working capital and to fund potential acquisitions.
9. SHARE CAPITAL

SHARES ISSUED SHARE CAPITAL

31
MARCH
2021
31
MARCH
2020
30
SEPTEMBER
2020
31
MARCH
2021
31
MARCH
2020
30
SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED

000 000 000 NZ$000 NZ$000 NZ$000
Ordinary Shares 98,645 98,645 98,645 191,229 191,229 191,229
Issue of new ordinary
shares
- - - - - -
98,645 98,645 98,645 191,229 191,229 191,229
10. RELATED PARTIES
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 $2.3m (2020: $2.0m). Directors fees were $0.2m for
the period (2020: $0.2m).
Related parties are materially consistent with those disclosed in the 2020 Annual Report.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
GENTRACK INTERIM FINANCIAL STATEMENTS / 15
11. EMPLOYEE SHARE SCHEME
During the period Gentrack Group granted at total of 1,756,298 (2020: 217,141) unlisted performance rights for nil
consideration to employees under the Senior Management Long Term Incentive Scheme (1,163,947) and The
Gentrack Long Term Incentive Scheme (592,351). Vesting is conditional on the completion of the necessary years’
service to the vesting date and performance goals over the vesting period for the Senior Management Long Term
Incentive Scheme.
During the period, no performance rights vested (2020: nil) and the unvested performance rights were forfeited.
Please refer to the 2020 Annual Report for further information on the Senior Management Long Term Incentive 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 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 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.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
GENTRACK INTERIM FINANCIAL STATEMENTS / 16
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 2021
6 MONTHS
31 MARCH 2020
12 MONTHS
30 SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000



Opening balance

10,338 12,671 12,671
Lease amendments

185 - -
Depreciation charges

(1,157) (1,182) (2,350)
Exchange differences (2) 102 17
Total lease assets 9,364 11,591 10,338



Property

9,346 11,536 10,302
Office equipment

18 55 36
Total lease assets 9,364 11,591 10,338
LEASE LIABILITIES

6 MONTHS
31 MARCH 2021
6 MONTHS
31 MARCH 2020
12 MONTHS
30 SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
Opening balance

15,127 17,620 17,620
Lease amendments

185 - -
Principal repayments

(1,386) (1,246) (2,457)
Exchange differences 14 126 (36)
Total lease liabilities 13,940 16,500 15,127



Less than one year

2,204 2,643 2,692
One to five years

5,340 5,914 5,229
More than five years 6,396 7,943 7,206
Total lease liabilities 13,940 16,500 15,127
LEASE EXPENSES

6 MONTHS
31 MARCH 2021
6 MONTHS
31 MARCH 2020
12 MONTHS
30 SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000



Depreciation charges

1,157 1,182 2,351
Finance charges 421 480 931
Lease expenses 1,578 1,662 3,282

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
GENTRACK INTERIM FINANCIAL STATEMENTS / 17
13. GOODWILL
Goodwill represents the difference between the cost of the 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 and is not amortised but is tested annually for impairment or when indicators of impairment are present.

6 MONTHS
31 MARCH 2021
6 MONTHS
31 MARCH 2020
12 MONTHS
30 SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
Opening balance

106,599 134,434 134,434
Goodwill impairment

- (8,710) (28,040)
Exchange rate differences

486 5,308 205
Closing net book value

107,085 131,032 106,599
Goodwill allocated to Utilities

104,185 128,132 103,699
Goodwill allocated to Airport 20/20 2,900 2,900 2,900
Net book value 107,085 131,032 106,599
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 2021 no indicators of impairment were present and as a result no impairment testing was
required to be carried out.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
GENTRACK INTERIM FINANCIAL STATEMENTS / 18
15. INTANGIBLE ASSETS
31 MARCH 2021 SOFTWARE
CUSTOMER
RELATIONSHIPS
BRAND
NAMES
TRADEMARKS
CAPITALISED
DEVELOPMENT
TOTAL
UNAUDITED
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Opening balance 25,046 12,888 5,024 454 2,016 45,428
Additions - - - - - -
Amortisation (2,317) (1,194) - (82) (271) (3,864)
Impairment - - - - - -
Movement in foreign
exchange
132 67 - 2 2 203
Closing net book value 22,861 11,761 5,024 374 1,747 41,767
Cost 45,179 24,247 5,024 845 2,734 78,029
Accumulated amortisation (22,318) (12,486) - (471) (987) (36,262)
Net book value 22,861 11,761 5,024 374 1,747 41,767

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


30 SEPTEMBER 2020 SOFTWARE
CUSTOMER
RELATIONSHIPS
BRAND
NAMES
TRADEMARKS
CAPITALISED
DEVELOPMENT
TOTAL
AUDITED
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 - - - - 331 331
Amortisation (4,861) (2,473) - (169) (1,562) (9,065)
Impairment (1,616) (390) - - (4,464) (6,470)
Movement in foreign
exchange
110 33 - 2 5 150
Closing net book value 25,046 12,888 5,024 454 2,016 45,428
Cost 44,945 24,128 5,024 839 2,726 77,662
Accumulated amortisation (19,899) (11,240) - (385) (710) (32,234)
Net book value 25,046 12,888 5,024 454 2,016 45,428

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
GENTRACK INTERIM FINANCIAL STATEMENTS / 19
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 2021, Gentrack Group has no level 3 financial
instruments (2020: $Nil)
FINANCIAL INSTRUMENTS BY CATEGORY


6 MONTHS
31 MARCH 2021
6 MONTHS
31 MARCH 2020
12 MONTHS
30 SEPTEMBER
2020

UNAUDITED UNAUDITED AUDITED

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


Cash and cash equivalents

24,966 11,120 19,321
Trade and other receivables 21,148 25,088 18,951

46,114 36,208 38,272
FINANCIAL LIABILITIES MEASURED AT AMORTISED COST


Loans and borrowings

(2,555) (5,168) (2,536)
Trade payables

(4,800) (3,535) (1,803)
Lease liabilities (13,940) (16,500) (15,127)

(21,295) (25,203) (19,466)

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
GENTRACK INTERIM FINANCIAL STATEMENTS / 20
17. CAPITAL COMMITMENTS
There are no capital expenditure commitments at 31 March 2021 (2020: $Nil).
18. CONTINGENCIES
ASB New Zealand has provided guarantees of $1.2m (2020: $0.8m) on behalf of Gentrack Group, these guarantees
are in place for implementation projects, property leases and exchange listings.
19. EVENTS AFTER BALANCE DATE
On 27 May 2021, the Gentrack Group Board determined that no interim dividend will be paid out for the first half of
this financial year (2020: $Nil).

GENTRACK INTERIM FINANCIAL STATEMENTS / 21

GENTRACK INTERIM FINANCIAL STATEMENTS / 22

CORPORATE DIRECTORY
GENTRACK INTERIM FINANCIAL STATEMENTS / 23
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
Andy Green, Chair
Nick Luckock
Fiona Oliver
Stewart Sherriff
Darc Rasmussen
Gary Miles
COMPANY SECRETARY
Jon Kershaw
AUDITOR
EY
EY Building, 2 Takutai Square, Britomart
Auckland 1010
Phone: +64 9 377 4790
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 / 24

---

© Gentrack 2021. All rights reserved.
Gentrack Group
FY21
Half Year Update
27 May 2021

2
© Gentrack 2021. All rights reserved.
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 2021.
All figures are shown in NZ$.
2

© Gentrack 2021. All rights reserved.
CEO Commentary
Gary Miles
Chief Executive Officer

4
© Gentrack 2021. All rights reserved.
HY 2021 -CEO Commentary
•Performance is improving, cash is strong and the business is functioning in a much more efficient and
impactful way.Delivery and throughput have accelerated and the leadership team is working well
together.
•Overall revenue is up which is a result of us effectively repositioning Gentrack with our customers as the
go to partner for innovation and cleantech.
•The turnaround will take time to complete but is continuing at pace.We see material roomfor further
operational improvement.
•We haveheadwinds from customer attrition from prior year losses and continued SoLRs.We
havehowever, moved the business back to growth despite this revenue drag.
•We are committed to our technology journey and increasing our investment inbilling and beyond
•This presentations focuses on the last 6 months –we will cover our three-year strategy on June 16
th
at our
Investor Strategy Session.
•Today we will cover our financial highlights and look at four themes:
•Utility business momentum
•Utility delivery & execution
•Technology focus
•Veovostatus update

5
© Gentrack 2021. All rights reserved.
H1 FY21 Financial Headlines
REVENUE
$51.0m
Up 0.7% on H1'20
ARR
$40.4m
Up 1.5% on H1'20
EBITDA
1
$7.0m
Up 63.2% on H1'20
NPAT
Statutory
-$1.1m
Down 8.8% on H1'20
(adjusted)
•EBITDA of $7.0m, up 63.2% from H1'20
•Continued strong cash generation, net cash is up $5.6m in H1'21
•Utilities Revenue up 6%:
•Utilities ARR up 0.9% absorbing customer revenue losses from prior periods
•Airportsbusiness (‘Veovo’) remains profitable despite industry downturn:
•AirportsNRRimpacted by Covid
•Airports ARRrobust
•Operating costs down 5% H1'21 vs H1'20
•Nil capitalisationof R&D costs
NET CASH
$22.4m
Up 33.5% vs 30 Sept 2020
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 17 for a reconciliation to reported net profit.

6
© Gentrack 2021. All rights reserved.
Business Momentum
We have strengthened our client facing teams in all
regions and are driving a strong customer centric
program.
We have new wins with CNG and a water supplier
in the UK. New logo pipeline is building in Utilities
across Australia and the UK.
Revenue is up as customers turn to Gentrack more
and more to deliver TCO, regulatory and cleantech
innovations.
Two customers entered Supplier of Last Resort
(SoLR) process in the UK during the period.
We are not currently selected for Genesis Energy’s
renewal. Genesis represents approximately 1% of
GTK’s global revenues; we expect the relationship
to continue for2+ years.
Delivery & Execution
Our global delivery organization is in place and
customer success is moving into a much healthier,
high performance state.
Major transformation programs are on track and
under control.
Our operational throughput metrics are improving –
providing the foundation for better top line and
bottom line results.
We established ourIndian Delivery Centre which
now has ~ 50 dev ops professionals improving
operational and financial metrics.
Our vision for delivery excellence is in early stages
and with considerable scope to further improve
both efficiency and effectiveness.
-

7
© Gentrack 2021. All rights reserved.
Technology UpdateVeovoUpdate
Further updates will be providedat the Investor Strategy session on the 16
th
June.
-
-
Committed to having the latest cloud technology
solutions and accelerating this investment
On boardedkey technology partners to fast-track
innovation –AWS, Contino, Snowflake and Qlik are
latest relationships
New innovations are helping our customers and
providing growth –(Time of Use Pricing, PAYG,
Demand Forecasting, Profitability, Faster Switching,
Data Analytics, etc...)
Focus is on ramping up technology resources
The airline and airport Industry is still facing
headwinds and we continue to have revenue
pressure.
Major projects have been delivered successfully
including new transformations in Perth and Mexico
For Passenger Flow management, we have had two
recent US wins and more than10 customers
migrated toour nextgencloud platform
Veovoremains profitable despite the very
challenging state of the industry
We are bullish about Veovo’svalue when the
industry turns around. We are therefore investing in
techto emerge stronger.

© Gentrack 2021. All rights reserved.
Financial Results
James Spence
Chief Financial Officer
For the 6 months ending 31 March 2021

9
© Gentrack 2021. All rights reserved.
Group Profit and Loss
EBITDA up 63.2% in H1’21 vs PCP
Revenue growth in Core Utilities business driven
by new customers and increases from existing
customers
Continued focus on cost management driving
efficiency
No R&Dcapitalisationin H1'21
Veovoproject revenues impacted by industry
downturn
Previous UK Utilities losses resulting in reduced
ARR upside
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 17 for a reconciliation to
reported net profit.
2 Adjusted NPAT (H1'20) -Underlying NPAT adjusted for the impairment of Goodwill and intangible assets. No adjustments to Statutory NPAT in H1'21.
Utilities
Veovo
Group

10
© Gentrack 2021. All rights reserved.
Utilities Revenue Analysis
Utilities Revenue by Geography H1'21 vs H1'20
•Utilities growth in Committed Monthly Recurring Revenue (CMRR), up 2.4% on H1'20, driven by new business wins in the UK and Australia, and
increases in meter points for existing UK customers
•Growth continues to be offset by prior customer SoLRand previous years customer losses in the UK (approx$2m impact in period)
•Non-recurring Revenues up due to delivery of key projects in Australia and UK
Utilities Revenue H1'20 v H1'21
$40.0m
$42.5m
Committed Monthly
Recurring Revenues
(CMRR)
Non-contracted
Recurring Revenues
(TRR)
Non-recurring
Revenues (NRR)
Total Revenue
Up 6.3% on H1'20
Annual
Recurring
Revenue
$34.9m
Up 0.9% on H1'20 -
82.1% of total utilities
revenue
H1'20
H1'21
United
Kingdom
Australia
New
Zealand
Rest of
World

11
© Gentrack 2021. All rights reserved.
Veovo Revenue Analysis
•ARR up 5.8% despite industry downturn reflecting critical software provided
•NRR reduction as Covid impact remains significant on Veovo projects
•New business impacted by further customer driven delays and re-evaluations
VeovoRevenue H1'20 VS H1'21
VeovoRevenue by Geography H1’21 VS H1’20
1
Committed Monthly
Recurring Revenues
(CMRR)
Non-contracted
Recurring Revenues
(TRR) 1
Non-recurring
Revenues (NRR)
H1 20
H1 21
Total Revenue
Down –19.8% on H1'20
Annual
Recurring
Revenue
$5.5m
Up 5.8% on H1'20 -
64.7% of total
Veovorevenue
$10.6m
$8.5m
Europe
Americas
APAC
Rest of
the world
1. Veovo geographies aligned with operating countries and continents and therefore
not aligned with Financial Statement.

12
© Gentrack 2021. All rights reserved.
EXPENDITURE ANALYSIS
•Investment in Human capital has seen personnel costs
increase in H1'21 vs prior periods
•Direct Costs reductions, predominantly in Veovodue to fall in
project revenue
•Continued cost savings due totravel/other spend + cost
saving measures
•No R&Dcapitalisationin H1'21 –conservative approach
Group Costs FY20 H1 v FY21 H1 (NZ$m)
CapitalisedDevelopment Costs (NZ$m)
Gentrack Costs HoHFY20-21 (NZ$m)
$5.1m
FY19
$0.3m
FY20
$0.0m
H1'21
H1'20
Personnel
Direct Costs
TravelOther
H1'21
H1'20
H2'20
H1'21
NZ$m
NZ$m

13
© Gentrack 2021. All rights reserved.
Cashflow/Balance Sheet
•H1'21 net cash generation of $5.6m driven by EBITDA + focus on costs and working capital
•Low utilisationof $20m debt facility
•Further improvement in collections, primarily from UK business
•Increasedutilisationofshare-basedincentives
•H1'21 end net cash position of $22.4m provides liquidity and scope for investment
EBITDA to Net Cashflow H1'21 (NZ$m)
"other" includes lease and interest costs
a280cc
30
September
2020
31 March
2021
Cash$19.3m$25.0m
Debt$2.5m$2.6m
Net Cash$16.8m$22.4m
H1 FY2021
EBITDA
Change in
WC
Share Schemes
(Non Cash)
Tax
Other
FY21 Net CF

14
© Gentrack 2021. All rights reserved.
14
In February 2021 Gentrack Group Limited (NZX/ASX: GTK) (“Gentrack”) advised that it
expected full year EBITDA to be around $5m and revenues in line with FY20 of $100.5m.
With the turnaround accelerating, Gentrack now provides the following outlook update:
•FY21 revenues are expected to be slightly ahead of FY20 revenues of $100.5m
•FY21 EBITDA is expected to be around $10m for the year on the basis that research and
development (R&D) costs are expensed
•Incremental R&D costs are expected to be at an exit rate of ~$3m/quarter by the end of
the financial year
•The company expects to be net cashflow positive in FY21, building on the $16.8m of net
cash reported at 30
th
September 2020. H2’21 cash generation is expected to be neutral
or better.
Outlook update

15
© Gentrack 2021. All rights reserved.
Next Steps
•Our Investor Strategy Session is being held on the 16
th
June –we’ll share our forward looking plan
there. Please do join us.
•We won’t be taking analyst calls from today’s presentations –please do ask questions at the end of the
presentation.
•Happy to deal with any further clarifications separately via email.
•More than ever we’re seeing the interest and the pace/need to change the industry picking up at pace
–very confident that the market/industry will go through global transformation and we are there to
support them.
Gentrack is committed to leading the way in taking the industry into a
sustainable era.

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© Gentrack 2021. All rights reserved.
Q & A

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© Gentrack 2021. All rights reserved.
GAAP to Non-GAAP Profit Reconciliation
NZ$m
6 Months
31 Mar 21
Unaudited
6 Months
31 Mar 20
Unaudited
Full Year
30 Sept 20
Audited
Reported net (loss)/profit for the period (GAAP)
(1.1)(12.8)(31.7)
Add:Net finance Expense
1.3(0.9)0.4
Add:Income Tax expense
1.4(0.7)(2.6)
Add: Depreciation and amortisation
5.46.412.4
Add: Revaluation of acquisition related financial liabilities
-0.1(0.9)
Add: Impairment of goodwill and intangible assets
-12.234.5
EBITDA
7.04.312.1

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© Gentrack 2021. All rights reserved.
FY 21 on a Constant Currency Basis
NZ$mH1'20H1'21
H1'21
Constant
Currency
Difference
Revenue
50.651.052.21.22.4%
Operating Costs
46.444.045.21.22.7%
EBITDA
4.37.07.00.00.0%
Statutory NPAT
(12.8)(1.1)(1.4)(0.3)(27.3%)
%
EBITDA Constant Currency difference is $14
thousand