Annual Results for the Year Ended 30 September 2021
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 12 months to 30 September 2021
Previous Reporting Period 12 months to 30 September 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$105,723 5.16%
Total Revenue $105,723 5.16%
Net profit/(loss) from
continuing operations
$3,189 N/A
Total net profit/(loss) $3,189 N/A
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
$0.099 ($0.019)
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, and investor presentation
attached.
Authority for this announcement
Name of person authorised
to make this announcement
Pip White
Contact person for this
announcement
Pip White
Contact phone number +64 22 0965576
Contact email address philippa.white@gentrack.com
Date of release through
MAP
2
5/11
/2021
Audited financial statements accompany this announcement.
---
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
25
th
November 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 full-year to 30 September 2021.
Results Summary
• Revenue: $105.7m – up 5.2% on FY20 and in line with guidance
• EBITDA: slightly ahead of guidance at $12.7m – up 5.0% on FY20
• Statutory NPAT: $3.2m
• Net cash: strong position $26.0m up 54.8% on FY20
• No dividend payable
Revenue growth was driven by an 8.8% increase in the Utilities business to $89.0m
from $81.8m in FY20 with new customer wins and growth from existing customers
offsetting previous years’ losses.
Veovo revenues were down from $18.7m in FY21 to $16.7m due to continued impact
of Covid on the aviation industry, but pleasingly annual recurring revenues (ARR) were
up 7.7% as new customers moved into live operation.
Underlying Group EBITDA of $12.7m is up 5.0% on FY20, slightly ahead of the
guidance issued earlier this year. Costs were up 5.2% vs FY20 driven by increased
investment in personnel, with continued savings in non-personnel costs.
The Group achieved strong net cash generation of $9.2m for the period resulting in
$26.0m net cash at 30 September 2021, up from $16.8m at 30 September 2020.
We continue to deliver against the three strategic growth pillars outlined in our
Strategy Presentation to the market in June – creating a strong customer base, winning
new logos and growing our managed services business.
Our strategic position with our existing customer base continues to strengthen.
Customer status continues to improve with 72% of our customers at a ‘green’ high
performance status.
Over the past 12 months we have won 7 new logos, including 3 new B2B energy
retailers, further strengthening our position as a leading provider of solutions to C&I
retailers.
2
The Managed Services revenues remained generally flat from FY20 to FY21. Since
prioritising Managed Services as a focus area of our strategy, we now have a healthy
pipeline and order book which are setting us up for FY22 and future growth.
Although performing well against our pillars, we continue to experience a drag on
revenue growth, from prior period losses and supplier failures in the UK. The number
of B2C supplier failures in the UK has accelerated in the last 3 months due to the
global energy crisis and Government enforced price cap for the B2C segment – with a
total of 9 customer insolvencies occurring since the beginning of FY21 compared to 6
in total from FY17 through FY20.
This week, Bulb, a Gentrack customer, went into a special form of administration for
larger supplier failures which has not been tested before. We will continue to support
the business as required by the administrator as options for the business are assessed
over the coming months.
We anticipate there may be some further supplier failures in the coming winter months
after which our expectation is that the market will stabilise. We have made allowances
for a reasonable scenario for these additional potential failures.
In general, our revenue is diversified across airports and utilities, with our energy and
water customers active in 6 countries, covering both B2B and B2C.
As a technology first company we continue to accelerate investment in both our
Utilities cleantech capabilities and Veovo, in order to deliver innovation and
profitability for a sustainable era. More customers are turning to Gentrack to deliver
cloud native innovations and understand that Gentrack has the delivery expertise to
roll out these innovations across diverse markets and at scale.
The business’ turnaround continues to progress, and despite the headwinds in the UK
covered above, the organisation is in a strong state, and we are well positioned for
accelerated growth.
Updated guidance
On 30 September 2021, Gentrack Group Limited (NZX/ASX: GTK) (“Gentrack”) advised
that it anticipated an increase in FY22 group revenues vs FY21.
Over the intervening 8 weeks we have seen further turbulence in the UK energy market
including the recent special administration of Bulb, a top 5 Gentrack customer.
In this context, Gentrack is pleased to reconfirm that FY22 group revenues are
expected to be ahead of the FY21 revenues of $105.7m announced today.
Gentrack is not providing earnings guidance for FY22.
Gentrack has confirmed no changes to the FY24 targets provided on 16th June 2021.
---
Gentrack Group Limited
Financial
Statements
For the year ended 30 September 2021
GENTRACK FINANCIAL STATEMENTS / 2
Contents
3 Management Commentary
5 Independent Auditor’s Report
11 Financial Statements
12 Statement of Comprehensive Income
13 Statement of Financial Position
14 Statement of Changes in Equity
15 Statement of Cash Flows
16 Notes to the Financial Statements
47 Corporate Directory
MANAGEMENT COMMENTARY
GENTRACK FINANCIAL STATEMENTS / 3
• Revenue: $105.7m – up 5.2% on FY20 and in line with guidance
• EBITDA: slightly ahead of guidance at $12.7m – up 5.0% on FY20
• Statutory NPAT: $3.2m
• Net cash: strong position $26.0m up 54.8% on FY20
• No dividend payable
Revenue growth was driven by an 8.8%
increase in the Utilities business to $89.0m
from $81.8m in FY20 with new customer
wins and growth from existing customers
offsetting previous years’ losses.
Veovo revenues were down from $18.7m in
FY21 to $16.7m due to continued impact of
Covid on the aviation industry, but
pleasingly annual recurring revenues (ARR)
were up 7.7% as new customers moved into
live operation.
Underlying Group EBITDA of $12.7m is up
5.0% on FY20, slightly ahead of the
guidance issued earlier this year. Costs
were up 5.2% vs FY20 driven by increased
investment in personnel, with continued
savings in non-personnel costs.
The Group achieved strong net cash
generation of $9.2m for the period
resulting in $26.0m net cash at 30
September 2021, up from $16.8m at 30
September 2020.
We continue to deliver against the three
strategic growth pillars outlined in our
Strategy Presentation to the market in June
– creating a strong customer base, winning
new logos and growing our managed
services business.
Our strategic position with our existing
customer base continues to strengthen.
Customer status continues to improve with
72% of our customers at a ‘green’ high
performance status.
Over the past 12 months we have won 7 new
logos, including 3 new B2B energy retailers,
further strengthening our position as a
leading provider of solutions to C&I retailers.
The Managed Services revenues remained
generally flat from FY20 to FY21. Since
prioritising Managed Services as a focus area
of our strategy, we now have a healthy
pipeline and order book which are setting us
up for FY22 and future growth.
Although performing well against our pillars,
we continue to experience a drag on
revenue growth, from prior period losses
and supplier failures in the UK. The number
of B2C supplier failures in the UK has
accelerated in the last 3 months due to the
global energy crisis and Government
enforced price cap for the B2C segment –
with a total of 9 customer insolvencies
occurring since the beginning of FY21
compared to 6 in total from FY17 through
FY20.
This week, Bulb, a Gentrack customer, went
into a special form of administration for
larger supplier failures which has not been
tested before. We will continue to support
the business as required by the administrator
as options for the business are assessed over
the coming months.
We anticipate there may be some further
supplier failures in the coming winter months
after which our expectation is that the market
will stabilise.
GENTRACK FINANCIAL STATEMENTS / 4
AUDITORS REPORT
We have made allowances for a reasonable
scenario for these additional potential
failures.
In general, our revenue is diversified across
airports and utilities, with our energy and
water customers active in 6 countries,
covering both B2B and B2C.
As a technology first company we continue
to accelerate investment in both our
Utilities cleantech capabilities and Veovo, in
order to deliver innovation and profitability
for a sustainable era. More customers are
turning to Gentrack to deliver cloud native
innovations and understand that Gentrack
has the delivery expertise to roll out these
innovations across diverse markets and at
scale.
The business’ turnaround continues to
progress, and despite the headwinds in the
UK covered above, the organisation is in a
strong state, and we are well positioned for
accelerated growth.
GENTRACK FINANCIAL STATEMENTS / 5
AUDITORS REPORT
We have fulfilled
DIRECTORS RESPONSIBILITY STATEMENT
GENTRACK FINANCIAL STATEMENTS / 6
DIRECTORS RESPONSIBILITY STATEMENT
GENTRACK FINANCIAL STATEMENTS / 7
DIRECTORS RESPONSIBILITY STATEMENT
GENTRACK FINANCIAL STATEMENTS / 8
DIRECTORS RESPONSIBILITY STATEMENT
GENTRACK FINANCIAL STATEMENTS / 9
DIRECTORS RESPONSIBILITY STATEMENT
GENTRACK FINANCIAL STATEMENTS / 10
The Directors are required to prepare financial statements for each financial year that present fairly the financial
position of Gentrack Group and its operations and cash flows for that period.
The Directors consider these financial statements have been prepared using accounting policies suitable to Gentrack
Group’s circumstances, which have been consistently applied and supported by reasonable judgements and
estimates, and that all relevant financial reporting and accounting standards have been followed.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy, at any
time, the financial position of Gentrack Group and to enable them to ensure that the financial statements comply with
the Companies Act 1993. They are also responsible for safeguarding the assets of Gentrack Group and hence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Board of Directors of Gentrack Group authorised these financial statements for issue on 25 November 2021.
For and on behalf of the Board of Directors:
Andy Green Fiona Oliver
Chairman
Date: 25 November 2021
Director
Date: 25 November 2021
GENTRACK FINANCIAL STATEMENTS / 11
Financial
Statements
30 September
2021
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 12
2021 2020
SECTION NZ$000 NZ$000
Revenue
3.2,3.3
105,723 100,533
Expenditure
3.4
(92,996) (88,440)
Profit before depreciation, amortisation, acquisition related costs,
revaluation of financial liabilities, impairment of goodwill and
intangible assets, financing and tax
12,727 12,093
Depreciation and amortisation
3.5
(10,864) (12,354)
Revaluation of acquisition related financial liability
- 891
Impairment of goodwill and intangible assets
5.3
- (34,511)
Profit/(Loss) before financing and tax 1,863 (33,881)
Net finance income/(expense)
3.6
3,701 (386)
Profit/(Loss) before tax 5,564 (34,267)
Income tax (expense)/benefit
7.1
(2,375) 2,561
Profit/(Loss) attributable to the shareholders of the company 3,189 (31,706)
OTHER COMPREHENSIVE INCOME
Excess income tax benefit on share-based payments
91 -
Translation of international subsidiaries (4,992) (882)
Total comprehensive loss for the period (1,712) (32,588)
EARNINGS PER SHARE / (LOSS) ATTRIBUTABLE TO THE
SHAREHOLDERS OF THE COMPANY
(EXPRESSED IN DOLLARS PER SHARE)
Basic earnings per share
6.4
$0.03 ($0.32)
Diluted earnings per share
6.4
$0.03 ($0.32)
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES ISSUED
Basic
6.4
98,761 98,645
Diluted
6.4
103,128 100,053
The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes.
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 13
2021 2020
SECTION
NZ$000 NZ$000
CURRENT ASSETS
Cash and cash equivalents
4.3
25,957 19,321
Trade and other receivables
5.1
21,746 18,951
Income tax receivable
68 151
Inventory
5.8
362 464
Total current assets
48,133 38,887
NON-CURRENT ASSETS
Property, plant and equipment
5.5
2,683 2,763
Lease assets
9.1
8,162 10,338
Goodwill
5.2
106,766 106,599
Intangibles
5.4
37,698 45,428
Deferred tax assets
7.2
5,391 4,649
Total non-current assets
160,700 169,777
Total assets
208,833 208,664
CURRENT LIABILITIES
Bank loans
4.2
- 2,536
Trade payables and accruals
5.6
4,513 3,905
Lease liabilities
9.1
1,376 2,692
Contract liabilities
12,695 12,419
GST payable
1,931 3,206
Employee entitlements
5.7
9,535 5,552
Income tax payable
1,322 -
Total current liabilities
31,372 30,310
NON-CURRENT LIABILITIES
Lease liabilities
9.1
11,176 12,435
Employee entitlements
5.7
539 428
Deferred tax liabilities
7.2
3,305 4,997
Total non-current liabilities
15,020 17,860
Total liabilities
46,392 48,170
Net assets
162,441 160,494
EQUITY
Share capital
6.1
191,699 191,229
Share based payment reserve
3,888 699
Foreign currency translation reserve
1,790 6,782
Retained earnings
(34,936) (38,216)
Total equity
162,441 160,494
The above 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 25 November 2021.
Andy Green Fiona Oliver
Chair Director
Date: 25 November 2021 Date: 25 November 2021
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 14
2021
SHARE
CAPITAL
SHARE
BASED
PAYMENT
RESERVE
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
NZ$000
SECTION
Balance as at 1 October
191,229 699 (38,216) 6,782 160,494
Profit attributable to the
shareholders of the company
- - 3,189 - 3,189
Other comprehensive income/(loss) - - 91 (4,992) (4,901)
Total comprehensive
income/(loss) for the period,
net of tax
- - 3,280 (4,992) (1,712)
TRANSACTION WITH OWNERS
Issue of share capital
6.1, 6.2
470 (413) 57
Share-based payments
6.2
- 3,602 - - 3,602
Balance at 30 September
191,699 3,888 (34,936) 1,790 162,441
2020
SHARE
CAPITAL
SHARE
BASED
PAYMENT
RESERVE
RETAINED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
NZ$000
SECTION
Balance as at 1 October
191,229 389 (1,673) 7,664 197,609
Change in accounting policy
- -
(1,833) - (1,833)
Restated 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 loss
- - - (882) (882)
Total comprehensive income
for the period, net of tax
- - (31,706) (882) (32,588)
TRANSACTION WITH OWNERS
Dividend paid
6.3
- - (3,004) - (3,004)
Share-based payments
6.2
- 310 - - 310
Balance at 30 September
191,229 699 (38,216) 6,782 160,494
The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 15
2021 2020
SECTION
NZ$000 NZ$000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
103,251 110,731
Payments to suppliers and employees
(85,957) (83,547)
Lease liability finance charge
9.1
(814) (931)
Income tax paid
(3,535) (4,287)
Net cash inflow from operating activities
12,945 21,966
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment
5.5
(663) (324)
Purchase of intangible assets
5.4
- (331)
Payment of acquisition related option
- (2,419)
Net cash outflow from investing activities
(663) (3,074)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for lease liabilities
(2,678) (2,497)
Drawdown of borrowings
- 5,007
Repayment of borrowings
(2,564) (6,871)
Interest paid
(176) (375)
Dividends paid
6.3
- (3,004)
Net cash outflow from financing activities
(5,418) (7,740)
Net increase in cash held
6,864 11,152
Foreign currency translation adjustment
(228) (457)
Cash at beginning of the financial period
19,321 8,626
Closing cash and cash equivalents 25,957 19,321
The above Statement of Cash Flows should be read in conjunction with the accompanying notes.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 16
GENERAL INFORMATION ACCOUNTING POLICES CRITICAL JUDGEMENTS
GENERAL INFORMATION
The notes are consolidated into nine sections. Each section contains an introduction and general
information which is indicated by the symbol above. The layout of these financial statements has been
streamlined to present them in a way that is more intuitive for readers to follow. This is achieved by laying
out the accounting policies and critical judgements alongside the notes and focusing information in a way
which provides increased clarity and ease of understanding.
The first section details general information about Gentrack Group and guidance on how to navigate through the
financial statements.
ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of these financial statements are set out
throughout the document where they are applicable. These policies have been consistently applied to
all the years presented, unless otherwise stated. Certain comparatives have been updated to ensure
consistency with current year presentation.
Accounting policies are identified by this symbol above.
CRITICAL JUDGEMENTS
The preparation of the financial statements requires management to make judgements,
estimates and assumptions that affect the reported amounts in the financial statements.
Management continually evaluates its judgements and estimates in relation to assets, liabilities,
contingent liabilities, revenue, and expenses. Management bases its judgements and estimates on historical
experience and on various other factors it believes to be reasonable under the circumstances, the result of
which form the basis of the carrying values for assets and liabilities that are not readily apparent from other
sources. Actual results may differ from these estimates under different assumptions and conditions and may
materially affect financial results or the financial position reported in future periods.
Further details of the nature of these critical judgements and estimates may be found throughout the financial
statements as they are applicable and are identified by this symbol.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 17
1. GENERAL INFORMATION
Gentrack Group Limited is a limited liability company, domiciled and incorporated in New Zealand and registered
under the New Zealand Companies Act 1993. The registered office of the Company is 17 Hargreaves Street, St Marys
Bay, Auckland 1011, New Zealand.
The financial statements presented are for Gentrack Group Limited and its subsidiaries (Gentrack Group) for the year
ended 30 September 2021. Prior year comparatives are for the year ended 30 September 2020.
The financial statements of Gentrack Group for the year ended 30 September 2021 were authorised for issue in
accordance with a resolution of the directors on 25 November 2021.
Gentrack Group’s principal activity is the development, integration, and support of enterprise billing and customer
management software solutions for the utility (energy and water) and airport industries.
COVID-19 PANDEMIC
At 30 September 2021, the financial impact of COVID-19 on Gentrack Group overall has not been material. COVID-19
has not adversely impacted Gentrack Group’s Utility business, however the Airport business has been impacted by
COVID-19 with project cancellations and delays because of the uncertainty caused 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 financial statements Gentrack Group has considered the increased level of uncertainty resulting
from COVID-19 in applying its accounting estimates and judgements, details of the significant judgements and
estimates are provided below:
Accounting estimate and judgement area Reference
License and project service revenue - Stage of completion Section 3.2
Recoverability of trade receivables Section 5.1
Impairment testing – Five-year cashflow forecasts Section 5.3
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 18
2. BASIS OF PREPARATION AND ACCOUNTING POLICIES
This section outlines the legislation and accounting standards which have been followed in the preparation of
the financial statements along with explaining how the information has been consolidated and presented.
2.1 KEY LEGISLATION AND ACCOUNTING STANDARDS
The financial statements of Gentrack Group have been prepared in accordance with New Zealand Generally
Accepted Accounting Practice (NZ GAAP). They comply with the New Zealand Equivalents to International Financial
Reporting Standards (NZ IFRS) and other applicable Financial Reporting Standards as appropriate to profit-oriented
entities. The financial statements comply with International Financial Reporting Standards (IFRS).
Gentrack Group is an FMC entity for the purposes of the Financial Reporting Act 2013 and Financial Markets Conduct
Act 2013 and is listed on the New Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX).
The financial statements have been prepared in accordance with the requirements of the Financial Reporting Act
2013, Financial Markets Conduct Act 2013 and the Companies Act 1993.
2.2 BASIS OF CONSOLIDATION
Subsidiaries are entities over which Gentrack Group has control. Gentrack Group controls an entity when it is exposed
to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power
over the entity. In assessing control, potential voting rights that currently are exercisable are considered. Subsidiaries
are fully consolidated from the date that control is transferred to Gentrack Group. They are deconsolidated from the
date that control ceases.
The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted
by Gentrack Group.
Intra-group balances and any unrealised income and expenses arising from intra-group transactions, are fully
eliminated in preparing the financial statements.
FUNCTIONAL AND PRESENTATION CURRENCY
Items included in the financial statements of each of Gentrack Group’s entities are measured using the currency of the
primary economic environment in which the entity operates (the functional currency). The financial statements are
presented in New Zealand dollars (NZD) which is Gentrack Group’s presentation currency. All financial information
has been presented rounded to the nearest thousand dollars ($000) in the financial statements.
TRANSACTIONS AND BALANCES
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and
from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies
are recognised in the statement of comprehensive income. Foreign exchange gains and losses are presented in the
statement of comprehensive income within net finance expense.
FOREIGN CURRENCY TRANSLATION RESERVE (FCTR)
Gentrack Group translates the results of its foreign operations from their functional currencies to the presentation
currency using the closing exchange rate at balance date for assets and liabilities and the average monthly exchange
rates for income and expenses. The difference arising from the translation of the statement of financial position at the
closing rates and the statement of comprehensive income at the average rates is recorded within the foreign currency
translation reserve within the statement of changes in equity.
2.3 BUSINESS COMBINATIONS
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on
which control is transferred to Gentrack Group. Control is the exposure or right to variable returns from involvement with
the entity and the ability to affect those returns through power over the entity.
Gentrack Group recognises the fair value of all identifiable assets, liabilities, and contingent liabilities of the acquired
business. Goodwill is measured as the excess cost of the acquisition over the recognised assets and liabilities. When
the excess is negative (negative goodwill), the amount is recognised immediately in the statement of comprehensive
income.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 19
2.3 BUSINESS COMBINATIONS (CONTINUED)
Gentrack Group applies the anticipated acquisition method where it has the right and the obligation to purchase any
remaining non-controlling interest (so-called put/call arrangements). Under the anticipated acquisition method, the
interests of the non-controlling shareholder are derecognised when Gentrack Group’s liability relating to the purchase of
its shares is recognised. The recognition of the financial liability implies that the interests subject to the purchase are
deemed to have been acquired already. Therefore, the corresponding interests are presented as already owned by
Gentrack Group even though legally they are still non-controlling interests. The initial measurement of the fair value of the
financial liability recognised by Gentrack Group forms part of the consideration for the acquisition.
Gentrack Group has not made any acquisitions during the year ended 30 September 2021 or 2020. For details of
acquisitions made in prior years refer to the 2018 Annual Report.
2.4 GROUP INFORMATION
The financial statements include the following subsidiaries:
ENTITY PRINCIPAL ACTIVITY
COUNTRY OF
INCORPORATION
SHAREHOLDING
2021
SHAREHOLDING
2020
Gentrack Group Australia Pty
Limited
Holding company Australia 100% 100%
Gentrack Pty Limited
Software sales and
support
Australia 100% 100%
Veovo Holdings (Denmark) ApS Holding company Denmark 100% 100%
Veovo A/S (formally Blip Systems
A/S)
Software development
sales and support
Denmark 100% 100%
CA Plus Limited
Software development
sales and support
Malta 100% 100%
Veovo Group Limited Holding company New Zealand 100% 100%
Gentrack Limited
Software development
sales and support
New Zealand 100% 100%
Gentrack Holdings (UK) Limited Holding company United Kingdom 100% 100%
Gentrack UK Limited
Software development
sales and support
United Kingdom 100% 100%
Junifer Systems Limited Dormant United Kingdom 100% 100%
Evolve Parent Limited Holding company United Kingdom 100% 100%
Evolve Analytics Limited Dormant United Kingdom 100% 100%
Gentrack (Singapore) Pte Limited
Software sales and
support
Singapore 100% 100%
Veovo Inc
Software sales and
support
USA 100% 100%
Veovo NZ Limited
Software sales and
support
New Zealand 100% 100%
Veovo UK Limited
Software sales and
support
United Kingdom 100% 100%
Veovo IP Limited Software Development New Zealand 100% 100%
2.5 IMPACT OF STANDARDS ISSUED BUT NOT YET ADOPTED
The International Accounting Standards Board has issued IFRS 17 Insurance Contracts, as well as amendments to
existing international accounting standards. Gentrack Group will adopt IFRS 17 when mandatory and does not expect
IFRS 17 to have any impact on its financial statements.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 20
3. GROUP PERFORMANCE
This section outlines further details of Gentrack Group’s financial performance by building on the information
presented in the statement of comprehensive income.
3.1 OPERATING SEGMENTS
An operating segment is a component of an entity that engages in business activities from which it may earn revenue
and incur expenses, whose operating results are regularly reviewed by the entity’s Chief Operating Decision Maker to
make decisions about resources to be allocated to the segment and assess its performance, and for which discrete
financial information is available. Operating segments are aggregated for disclosure purposes where they have
similar products and services, production processes, customers, distribution methods and regulatory environments.
Gentrack Group currently operates in two business segments, utility billing software and airport
management software. Consistent with prior years, Gentrack Group’s corporate costs are included in the
Utility segment. 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.
2021 UTILITY AIRPORT TOTAL
NZ$000 NZ$000 NZ$000
TIMING OF REVENUE RECOGNITION
Point in time 10,973 1,636 12,609
Over time 77,982 15,132 93,114
Total revenue 88,955 16,768 105,723
Expenditure (79,604) (13,392) (92,996)
Segment contribution (1) 9,351 3,376 12,727
2020 UTILITY AIRPORT TOTAL
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 THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 21
3.1 OPERATING SEGMENTS (CONTINUED)
A reconciliation of segment contribution to profit attributable to the shareholders of the company is as follows:
2021 2020
NZ$000 NZ$000
Segment contribution (1)
12,727 12,093
Depreciation and amortisation
(10,864) (12,354)
Revaluation of acquisition related financial liabilities
- 891
Impairment of goodwill and intangible assets
- (34,511)
Net finance income/(expense)
3,701 (386)
Income tax (expense)/benefit (2,375) 2,561
Profit/(Loss) attributable to the shareholders of the company 3,189 (31,706)
2021 2020
NZ$000 NZ$000
REVENUE BY DOMICILE OF ENTITY
Australia
25,359 22,659
New Zealand
13,467 16,447
United Kingdom
60,302 55,458
Rest of World 6,595 5,969
Total revenue 105,723 100,533
REVENUE BY DOMICILE OF CUSTOMER
Australia
27,509 25,755
New Zealand
8,696 8,456
United Kingdom
57,382 52,746
Rest of World 12,136 13,576
Total revenue 105,723 100,533
In 2021 and 2020, no single customer including their subsidiaries accounted for 10% or more of Gentrack Group’s
revenue.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 22
3.2 OPERATING REVENUE
Gentrack Group recognises revenue from customers when the performance obligation has been
accomplished. A performance obligation is accomplished when the customer has received all the benefits
promised under the performance obligations and payment is generally due within 30 to 60 days from
invoices being raised. The following sections detail the type of revenue recognised within each category.
Revenue recognition of license and project services is recognised based on the stage of completion which
requires judgement to be applied. This process uses estimations of time required to complete the project
and is based on detailed information on hours worked to date, prior experience, and project scheduling
tools. Gentrack Group employs project managers to provide regular information to management on the
progress of all projects. All estimates are reviewed by management prior to revenue recognition.
ANNUAL FEES
Annual fees include software support and maintenance charged on software licenses, software subscriptions and
managed services. Revenue from annual fees is generally recognised over the period as the benefits are consumed
by the customer.
SUPPORT SERVICES
Support services are post implementation value-add professional services related to ongoing upgrades, minor
software revisions and extended support. Support services revenue is recognised when the service is complete or on
a stage of completion basis.
LICENSES
Revenue from license fees is recognised when the customer can benefit from the licensed software. License fees that
are highly interrelated with project services are recognised based on a stage of completion of the project.
PROJECT SERVICES
Revenue from project services is recognised based on the stage of completion of the project. This is typically in
accordance with the achievement of contract milestones and/or hours expended and forecast hours to complete the
project.
OTHER
Other revenue is primarily revenue from hardware and the recharge of ad-hoc costs that are recharged to customers.
Revenue from hardware sales is recognised when the hardware has been delivered to the customer.
2021 2020
SECTION NZ$000 NZ$000
OPERATING REVENUE:
Annual fees
57,787 60,394
Support services
20,977 20,636
Project services
18,727 13,286
Licenses
2,758 2,177
Other 4,771 2,070
Total operating revenue 105,020 98,563
OTHER INCOME:
Government grants
3.3
703 1,970
Total revenue 105,723 100,533
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 23
3.3 OTHER INCOME
GOVERNMENT GRANTS
Government grants are recognised at their fair value where there is a reasonable assurance that the grant
will be received, and Gentrack Group will comply with all attached conditions. When a grant relates to an
expense item, it is recognised as income over the period necessary to match the grant on a systematic
basis to the costs that it is intended to compensate.
During 2021, Gentrack Group recognised a total of $0.7m (2020: $2.0m) of grants from Callaghan Innovation in
New Zealand. This government grant provided a percentage return for eligible Research and Development
conducted by Gentrack Group. At balance date, there are no amounts outstanding in relation to the Callaghan
Grant. Effective from 1 April 2021 for Gentrack Group the Callaghan Grant has been replaced by the Research and
Development Tax Incentive (RDTI) where a tax incentive is provided for eligible Research and Development
conducted by Gentrack Group.
The RDTI and the Research and Development Expenditure Credit (RDEC) in the UK are tax incentives and the
benefit of these tax incentives are applied to Gentrack Group’s income tax payable when the income tax returns for
30 September 2021 are filed.
3.4. EXPENDITURE
The table below provides a detailed breakdown of the total expenditure presented in the statement of
comprehensive income.
2021 2020
NZ$000 NZ$000
PROFIT / (LOSS) BEFORE TAX INCLUDES THE FOLLOWING SPECIFIC
EXPENSES:
Employee entitlements
70,296 65,780
Administrative costs
3,862 6,721
Third party customer-related costs
5,438 6,450
Advertising and marketing
1,191 898
Consulting and subcontracting
9,353 5,754
Other operating expenses 2,856 2,837
Total expenditure 92,996 88,440
Included in the total expenditure above, Gentrack Group has expensed $12.7m in Research and Development
expenditure (2020: $15.7m). This Research and Development expenditure includes payroll costs, employee benefits
and other employee related costs, direct overheads, and other directly attributable costs related to performing
Research and Development activities.
.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 24
3.5 DEPRECIATION AND AMORTISATION
Depreciation on assets is calculated using the straight-line method to allocate the difference between their
original costs and their residual values over their estimated useful lives.
Except for goodwill and brands, intangible assets are amortised on a straight-line basis in the statement of
comprehensive income over their estimated useful lives, from the date that they are available for use.
2021 2020
NZ$000 NZ$000
Depreciation
3,084 3,289
Amortisation 7,780 9,065
Total depreciation and amortisation 10,864 12,354
3.6. NET FINANCE EXPENSES
Finance income comprises interest income and foreign currency gains that are recognised in the statement of
comprehensive income. Interest income is recognised as it accrues, using the effective interest method.
Finance expense comprises interest expense on borrowings, lease liability finance charges, foreign
currency losses and impairment losses recognised on the financial assets (except for trade receivables) that are
recognised in the statement of comprehensive income. All borrowing costs are recognised in the statement of
comprehensive income using the effective interest method.
2021 2020
SECTION NZ$000 NZ$000
FINANCE INCOME
Interest income 26 7
26 7
FINANCE EXPENSE
Interest expense
(203) (383)
Lease liability finance charges
9.1
(814) (931)
Interest paid - NPV discount
- (7)
Foreign exchange gains 4,692 928
3,675 (393)
Net finance income/(expense) 3,701 (386)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 25
4. CASH, BORROWINGS AND CASH FLOWS
This section outlines further from the statement of cashflows and provides details on the cash and cash
equivalents held in the statement of financial position.
Cash comprises cash at bank and on hand.
4.1 RECONCILIATION OF NET SURPLUS TO CASH FLOWS
2021 2020
SECTION NZ$000 NZ$000
RECONCILIATION OF OPERATING CASH FLOWS WITH NET PROFIT/(LOSS) AFTER
TAX:
Profit/(Loss) after tax
3,189 (31,706)
ADJUSTMENTS FOR NON-CASH ITEMS
Deferred tax
7.2
(2,590) (4,237)
Impairment provision - Trade receivables
4 1,939
Gain on foreign exchange transactions
(4,692) (928)
Share based payments
3,566 310
Net interest expense
3.6
176 375
Revaluation and interest on financial liability
- (884)
Other non-cash items
- (3)
Depreciation and amortisation
3.5
10,864 12,354
Impairment of goodwill and other intangibles
- 34,511
Non-cash items
10,517 11,731
ADD/(DEDUCT) MOVEMENTS IN OTHER WORKING CAPITAL ITEMS:
(Increase) / Decrease in trade and other receivables
(3,167) 10,850
Increase/(Decrease) in tax payable
1,430 (2,611)
(Decrease)/Increase in GST payable
(1,284) 1,215
Increase in contract liabilities
413 196
Increase in employee entitlements
4,177 965
Increase/(Decrease) in trade payables and accruals
859 (380)
Net working capital movements 2,428 10,235
Net cash inflow from operating activities 12,945 21,966
4.2 BANK FACILITIES AND BORROWINGS
Gentrack Group has a NZ$20m 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, during 2021 the
facility balance was fully repaid leaving $Nil drawn under the facility agreement at 30 September 2021 (2020: $2.5m).
The facility is secured by a general security agreement under which ASB has a security interest in Gentrack Group
assets. Covenants are in place and compliance is reported quarterly.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 26
4.3. CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash in hand, deposits held at call with banks, other short-term and
highly liquid investments with original maturities of three months or less.
2021 2020
NZ$000 NZ$000
Bank balances
25,957 19,320
Cash on hand - 1
Total cash and cash equivalents 25,957 19,321
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 27
5. ASSETS AND LIABILITIES
This section outlines further details of Gentrack Group’s financial position by building on information
presented in the statement of financial position.
5.1. TRADE AND OTHER RECEIVABLES
Gentrack Group recognises trade and other receivables initially at fair value and subsequently measured at
amortised cost using the effective interest method, less provision for impairment. An impairment provision
for trade receivables consists of the expected credit loss in accordance with NZ IFRS 9 and a specific
provision.
A specific provision is established when there is objective evidence that Gentrack Group will not be able to
collect all amounts due according to the original terms of the receivables. The carrying amount of an asset
is reduced using provision accounts, and the amount of the loss is recognised in the statement of
comprehensive income. When a receivable is uncollectible, it is written off against the specific impairment
provision account. Subsequent recoveries of amounts previously written off are credited against the statement of
comprehensive income.
2021 2020
NZ$000 NZ$000
Trade receivables
18,422 15,084
Impairment provision - Expected credit loss
(334) (390)
Impairment provision - Specific provision
(2,945) (3,460)
Provision for volume discounts
(104) (131)
Contract assets
4,865 5,683
Sundry receivables and prepayments 1,842 2,165
Total trade and other receivables 21,746 18,951
MOVEMENT IN TRADE RECEIVABLES IMPAIRMENT PROVISION
2021 2020
NZ$000 NZ$000
Opening balance
3,850 2,868
Increase in impairment provision
1,563 2,618
Write back in impairment provision
(2,089) (566)
Effect of movement in foreign exchange
(21) 13
Bad debt written off (24) (1,083)
Total trade receivables impairment provision 3,279 3,850
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 28
5.1 TRADE AND OTHER RECEIVABLES (CONTINUED)
The expected credit loss provision for trade receivables has been measured using the same techniques as the prior
year, determined as follows.
2021 CURRENT
1-60 DAYS
PAST DUE
61-120
DAYS PAST
DUE
121-180
DAYS PAST
DUE
OVER 180
DAYS PAST
DUE
TOTAL
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Gross carrying amount 13,318 2,260 591 327 1,926 18,422
Baseline 34 17 9 8 96 164
Aging and Customer
duration
1 - 6 10 97 114
Country, Customer and
Market
26 6 3 2 19 56
Total expected credit loss
rate
0.45% 1.02% 3.02% 6.25% 11.05% 1.81%
Expected credit loss
allowance
60 23 18 20 213 334
2020 CURRENT
1-60 DAYS
PAST DUE
61-120
DAYS PAST
DUE
121-180
DAYS PAST
DUE
OVER 180
DAYS PAST
DUE
TOTAL
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Gross carrying amount 8,513 3,214 356 806 2,195 15,084
Baseline 21 21 5 20 106 173
Aging and Customer
duration
1 6 3 39 112 161
Country, Customer and
Market
16 8 2 6 24 56
Total expected credit loss
rate
0.45% 1.09% 2.84% 8.08% 11.03% 2.59%
Expected credit loss
allowance
38 35 10 65 242 390
5.2 GOODWILL
Goodwill represents the difference between the cost of acquisition and the fair value of the net identifiable
assets acquired. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to
cash-generating units (CGU) and is not amortised but is tested annually for impairment.
2021 2020
NZ$000 NZ$000
Opening balance
106,599 134,434
Goodwill impairment
- (28,040)
Exchange rate differences 167 205
Net book value 106,766 106,599
Goodwill allocated to Utilities
103,866 103,699
Goodwill allocated to Veovo 2,900 2,900
Net book value 106,766 106,599
During the year due to the further alignment of the Airport 20/20 and Blip Systems CGU, these CGU’s have been
combined to form the Veovo CGU. With further alignment, it is no longer possible to meaningfully separate the
cashflows of these CGU’s and therefore are now reported as a single CGU.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 29
5.3 IMPAIRMENT TESTING
IMPAIRMENT TESTING OF GOODWILL AND OTHER ASSETS
At each reporting date, Gentrack Group assesses whether there is any indication that an asset may be
impaired. Where an indicator of impairment exists, Gentrack Group makes a formal estimate of the
recoverable amount. Where the carrying value of an asset exceeds its recoverable amount, the asset is
considered impaired and is written down to its recoverable amount. Recoverable amount is the greater of
fair value less costs to sell or the asset’s value in use. For the purposes of assessing impairment, assets are grouped at
the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets
other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each
reporting date.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects the current market assessments and the time value of money and the risks specific to the
asset. Value in use is determined by discounting the future cash flows generated by each CGU. Cash flows were
projected based on five-year business plans. The Weighted Average Cost of Capital (WACC) is based on CAPM
methodology using market specific inputs. The WACC for each CGU is reviewed at least annually. The key
assumptions are detailed in the table below.
Gentrack Group tests annually whether goodwill has suffered any impairment or more often as required, in
accordance with the accounting policy stated above. The recoverable amounts of cash-generating units have
been determined based on value in use calculations. 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 has 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.
These calculations require the use of assumptions, the details of these assumptions are presented below and for both
CGU’s a Terminal Growth Rate of 1.85% has been applied.
CASH GENERATING UNIT
2021 REVENUE
GROWTH
2022 - 2026
WACC
2021
2020 REVENUE
GROWTH
2021 - 2025
WACC
2020
Utilities 5.1% CAGR 9.6% 4% CAGR 9.8%
Veovo 10.6% CAGR 10.7% 5% CAGR 10.1%
IMPAIRMENT TESTING RESULTS
The calculations confirmed there was no impairment of goodwill during the year for the Utilities or Veovo CGU’s.
Management believes that any reasonable possible change in the key assumptions for either CGU would not cause
the carrying amount to exceed the recoverable amount.
Changes in key assumptions were considered as sensitivities. These are summarised in the table below.
CASH GENERATING UNIT
RECOVERABLE
AMOUNT
EBITDA
+5%
EBITDA
-5%
WACC
+1%
WACC
-1%
Utilities 199,784 206,873 189,310 176,189 228,849
Veovo 9,724 11,058 9,218 8,641 12,037
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 30
5.4 INTANGIBLE ASSETS
CAPITALISED DEVELOPMENT
Costs that are directly associated with the development of software are recognised as intangible assets
where the following criteria are met:
• it is technically feasible to complete the software product so that it will be available for use.
• management intends to complete the software product and use or sell it.
• there is an ability to use or sell the software product.
• it can be demonstrated how the software product will generate probable future economic benefits.
• adequate technical, financial, and other resources to complete the development and to use or sell the software
product are available; and
• the expenditure attributable to the software product during its development can be reliably measured.
Software development costs that meet the above criteria are capitalised. Other development expenditure that does not
meet the above criteria is recognised as an expense as incurred. Development costs previously recognised as expenses
are not recognised as assets in a subsequent period. Software development costs recognised as assets are amortised
over their estimated useful lives.
BRANDS
Brands are considered to have an indefinite useful life and are held at cost and are not amortised but are subject to an
annual impairment test consistent with the methodology outlined for goodwill above.
OTHER INTANGIBLE ASSETS
Other intangible assets consist of internal use software, acquired source code, trade-marks, and customer relationships.
They have finite useful lives and are measured at cost less accumulated amortisation and accumulated impairment
losses.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 31
5.4 INTANGIBLE ASSETS (CONTINUED)
AMORTISATION
Except for goodwill and brands, intangible assets are amortised on a straight-line basis in the statement of
comprehensive income over their estimated useful lives, from the date that they are available for use.
The estimated useful lives for the current and comparative periods are as follows:
• Acquired source code 10 years
• Internal use software 3 years
• Customer relationships 10 years
• Trademarks 4 years
• Capitalised development 5 years
Amortisation methods, useful lives and residual values are reviewed at each financial year end and adjusted if
appropriate.
2021
SOFTWARE
CUSTOMER
RELATIONSHIPS
BRAND
NAMES
TRADEMARKS
CAPITALISED
DEVELOPMENT
TOTAL
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
Amortisation (4,666) (2,405) - (165) (544) (7,780)
Movement in foreign
exchange
33 18 - - (1) 50
Closing net book
value
20,413 10,501 5,024 289 1,471 37,698
Cost 45,025 24,169 5,024 841 2,729 77,788
Accumulated
amortisation
(24,612) (13,668) - (552) (1,258) (40,090)
Net book value 20,413 10,501 5,024 289 1,471 37,698
2020
SOFTWARE
CUSTOMER
RELATIONSHIPS
BRAND
NAMES
TRADEMARKS
CAPITALISED
DEVELOPMENT
TOTAL
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 THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 32
5.5 PROPERTY PLANT AND EQUIPMENT
In the statement of financial position property, plant and equipment is stated at historical cost less
depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Depreciation on assets is calculated using the straight-line method to allocate the difference between their
original costs and their residual values over their estimated useful lives, as follows:
• Furniture & equipment 7 years
• Computer equipment 3 to 7 years
• Leasehold improvements Term of lease
The assets’ residual values and useful lives are reviewed and adjusted if appropriate at each balance date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with carrying amounts and are recognised in
the statement of comprehensive income.
2021
FURNITURE &
EQUIPMENT
COMPUTER
EQUIPMENT
LEASEHOLD
IMPROVEMENTS
TOTAL
NZ$000 NZ$000 NZ$000 NZ$000
Opening balance 788 522 1,453 2,763
Additions
28 631 4 663
Depreciation
(170) (396) (171) (737)
Movement in foreign
exchange
(4) (2) - (6)
Net book value 642 755 1,286 2,683
Cost
2,086 4,371 2,088 8,545
Accumulated depreciation (1,444) (3,616) (802) (5,862)
Net book value 642 755 1,286 2,683
2020
FURNITURE &
EQUIPMENT
COMPUTER
EQUIPMENT
LEASEHOLD
IMPROVEMENTS
TOTAL
NZ$000 NZ$000 NZ$000 NZ$000
Opening balance
969 849 1,635 3,453
Additions
22 300 2 324
Depreciation
(197) (556) (185) (938)
Disposals
- (16) - (16)
Movement in foreign
exchange
(6) (55) 1 (60)
Net book value 788 522 1,453 2,763
Cost
2,097 3,918 2,088 8,103
Accumulated depreciation (1,309) (3,396) (635) (5,340)
Net book value 788 522 1,453 2,763
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 33
5.6 TRADE PAYABLES AND ACCRUALS
Gentrack Group recognises trade and other payables initially at fair value and subsequently measured at
amortised cost using the effective interest method. They represent liabilities for goods and services
provided prior to the end of the financial year that are unpaid. The amounts are unsecured, non-interest
bearing and are usually paid within 45 days of recognition.
2021 2020
NZ$000 NZ$000
Trade creditors
1,929 1,803
Sundry accruals 2,584 2,102
Total trade payables and accruals 4,513 3,905
5.7 EMPLOYEE ENTITLEMENTS
Liabilities for salaries and wages, including non-monetary benefits, long service leave, and annual leave are
recognised in employee benefits in respect of employees’ services up to the reporting date. They are
measured at the amounts expected to be paid when the liabilities are settled. Cost for non-accumulating
sick leave is recognised when the leave is taken and measured at the rates paid or payable.
2021 2020
NZ$000 NZ$000
CURRENT
Long service leave
448 611
Other short-term employee benefits 9,087 4,941
9,535 5,552
NON-CURRENT
Long service leave
539 428
Total employee entitlements 10,074 5,980
5.8 INVENTORY
Inventories are stated at the lower of cost and net realisable value. Cost is calculated using a weighted average
method and includes expenditure incurred to purchase the inventory and transport it to its current location. Net
realisable value is the estimated selling price of the inventory in the ordinary course of business less costs
necessary to make the sale. The cost of inventories consumed during the year are recognised as an
expense and included in expenditure in the statement of comprehensive income.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 34
6. CAPITAL STRUCTURE
This section outlines Gentrack Group’s capital structure and details of share-based employee
incentives which have an impact on Gentrack Group’s equity.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares
and share options are recognised as a deduction from equity, net of any tax effects. Where any Gentrack
Group company purchases the Company’s equity share capital (treasury shares), the consideration paid is
deducted from equity attributable to the Company’s equity holders until the shares are cancelled or
transferred outside Gentrack Group.
Ordinary shares are fully paid and have no par value. The holders of ordinary shares are entitled to receive dividends as
declared from time to time and are entitled to one vote per share at meetings of the Company and rank equally with
regard to the Company’s residual assets.
6.1 CAPITAL MANAGEMENT
The capital structure of Gentrack Group consists of equity raised by the issue of ordinary shares in the parent
company.
Gentrack Group manages its capital to ensure that companies in the Group can continue as going concerns. Gentrack
Group is not subject to any externally imposed capital requirements.
SHARES ISSUED SHARE CAPITAL
2021 2020 2021 2020
000 000 NZ$000 NZ$000
Ordinary Shares 98,645 98,645 191,229 191,229
Issue of new ordinary shares 302 - 470 -
98,947 98,645 191,699 191,229
During 2021 Performance Rights of 274,105 in relation to Long Term Incentive Schemes vested, resulting in the same
number of new shares being issued. Also 28,389 shares were issued as part payment of Gentrack Group Directors
fees.
6.2 SHARE BASED PAYMENTS
Gentrack Group operates equity settled, share-based payments schemes under which it receives services
from employees, as consideration for equity instruments of Gentrack Group. A valuation is completed for
each scheme at the grant date to estimate the fair value of the performance rights granted. Management
also makes estimates about the number of performance rights that are expected to vest which determines
the expense recorded in the statement of comprehensive income.
The fair value of the performance rights is determined at the grant date using the Black Scholes valuation method, the
key input into the valuation model is the grant date share price. The fair value of the performance rights is
recorded as an expense in the statement of comprehensive income over the vesting period, based on
Gentrack Group’s estimate of the number of performance rights that will vest, with a corresponding entry to
the share-based payment reserve within equity. During the year ended 30 September 2021, $3.6m has been
recognised in the statement of comprehensive income (2020: $0.3m).
During the year ended 30 September 2021, two new equity settled share-based payment schemes were introduced
and additional participants were granted performance rights under the existing scheme. The existing scheme has
been renamed as the Senior Leadership Long Term Incentive. The two new equity settled share-based payment
schemes introduced during the year are the Gentrack Long Term Incentive Scheme and the CEO Long Term
Incentive Scheme.
SENIOR LEADERSHIP LONG TERM INCENTIVE SCHEME
During the year the Gentrack Group Board approved the sixth annual grant of performance rights in the Senior
Leadership Long Term Incentive Scheme, this scheme was first introduced in 2016 for selected key personnel. The
scheme is intended to attract and reward key personnel to focus on long-term performance. The number of
performance rights allocated is based on a percentage of salary or other such percentage and are calculated with
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 35
6.2 SHARE BASED PAYMENTS (CONTINUED)
reference to the 10-trading day volume weighted average price (VWAP) of shares traded on the NZX based on dates
indicated in the issue documentation.
The number of performance rights subject to the Earnings Per Share (EPS) hurdle that will vest after three years
depends on achievement of the EPS performance hurdle. The performance hurdle is that 50% of the EPS
Performance Rights will vest if EPS Compounding Annual Growth Rate (CAGR) of Gentrack Group over the three
financial years is 7%, with the number of performance rights that vest increasing on a linear basis to 100% if EPS
CAGR of 12% is achieved.
During 2021, 24,105 Performance Rights in the Senior Leadership Long Term Incentive vested with a weighted
average vesting date share price of $2.10 per share. Below are the
details of the outstanding performance rights in the Senior Leadership Long Term Incentive Scheme:
GRANT DATE EXPIRY DATE
TOTAL VALUE
OF GRANTED
PERFORMANCE
RIGHTS
PERFORMANCE
RIGHTS
GRANTED
2021
NZ$000 000
EPS SCHEMES 2018-2021
1 October 2018 30 November 2021 310 65
1 October 2019 30 November 2022 351 160
1 April 2020 1 April 2023 1,023 769
1 October 2020 1 April 2022 973 666
1 October 2020 30 November 2023 996 682
Total Senior Leadership LTI Schemes 3,653 2,342
GRANT DATE EXPIRY DATE
TOTAL VALUE
OF GRANTED
PERFORMANCE
RIGHTS
PERFORMANCE
RIGHTS
GRANTED
2020
NZ$000 000
EPS SCHEMES 2017-2020
1 October 2017 30 November 2020 318 55
1 October 2018 30 November 2021 411 86
1 October 2019 30 November 2022 1,055 217
1 April 2020 1 April 2023 1,364 1,026
1 August 2020 1 August 2021 28 24
Total Senior Leadership LTI Schemes 3,176 1,408
GENTRACK LONG TERM INCENTIVE SCHEME
On 24 December 2020 Gentrack Group announced the establishment of a new Long Term Incentive Scheme
(Gentrack Long Term Incentive Scheme). The Gentrack Long Term Incentive Scheme has been introduced to:
- Assist with the retention of eligible employees
- Significantly increase the number of Gentrack Group employees that have a stake in Gentrack Group
- Give eligible employees a share in Gentrack Group’s future performance
The participants of the Gentrack Long Term Incentive Scheme are offered Performance Rights for nil consideration,
which on vesting will entitle them to receive one ordinary share in Gentrack Group. These Performance Rights will
vest subject to the participants continuing to be employed by Gentrack Group at the end of the vesting period which
commences 1 October 2022.
Gentrack Group issued 592,352 Performance Rights to employees under the Gentrack Long Term Incentive Scheme
during 2021. 535,819 Performance Rights are outstanding at 30 September 2021 with a grant date fair value of $0.8m
and an expiry date of 1 October 2022.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 36
6.2 SHARE BASED PAYMENTS (CONTINUED)
CEO LONG TERM INCENTIVE SCHEME
Gary Miles was appointed to the role of Managing Director and Chief Executive Officer (CEO) from 1 October 2020
and included in the remuneration package are Performance Rights granted for nil consideration.
During 2021, a total of 1,248,604 Performance Rights were issued under the CEO Long Term Incentive Scheme,
which 500,000 were an initial grant with 250,000 of these vesting immediately and the remaining 250,000 to vest on
the one-year anniversary of starting employment with Gentrack Group. There are no vesting conditions or
performance hurdles in regard to the initial grant. The remaining 748,604 Performance Rights granted are an initial
annual grant and will vest at the end of a 13-month performance period, vesting subject to performance hurdles set
by the Board of Directors and is aligned with initial business transformation and the financial performance during
2021.
During 2021 a total of 250,000 Performance Rights have vested with a weighted average share price on the vesting
date of $1.57 per share. 998,604 Performance Rights remain outstanding at 30 September 2021, with a total grant
date fair value of $1.54m and an expiry date of 31 October 2021.
PERFORMANCE RIGHTS MOVEMENTS
Below is a summary of all performance rights, granted, exercised and forfeited across all the equity settled share-
based payments schemes operated by Gentrack Group during 2021:
2021 2020
GRANT DATE
AVERAGE
EXERCISE PRICE
PER
PERFORMANCE
RIGHT
NUMBER OF
PERFORMANCE
RIGHTS
AVERAGE
EXERCISE PRICE
PER
PERFORMANCE
RIGHT
NUMBER OF
PERFORMANCE
RIGHTS
000 000
As at 1 October $2.25 1,408 $4.49 268
Granted during the year $1.49 3,253 $1.93 1,267
Exercised during the year $1.51 (274) - -
Forfeited during the year $2.08 (511) $3.78 (127)
As at 30 September $1.54 3,876 $2.25 1,408
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 37
6.3 DIVIDENDS
Details of the dividends paid during the year ended 30 September 2021 are provided below:
CENTS PER SHARE DIVIDENDS PAID
2021 2020 2021 2020
NZ$000 NZ$000
Final dividend paid - 3.0c - 3,004
Interim dividend paid - - -
- 3.0c - 3,004
6.4 EARNINGS PER SHARE
Gentrack Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS
is calculated by dividing the net profit attributable to ordinary shareholders of the Company by the weighted
average number of ordinary shares on issue during the year, excluding shares purchased and held as
treasury shares.
Diluted EPS is determined by adjusting the net profit attributable to ordinary shareholders and the weighted average
number of ordinary shares on issue for the effects of the dilutive impact of potential ordinary shares, which comprise
performance share rights granted to employees.
Potential ordinary shares are treated as dilutive when, and only when, their conversion to ordinary shares would decrease
EPS or increase the profit per share.
2021 2020
Profit/(Loss) attributable to the shareholders of the company
3,189 (31,706)
Profit/(Loss) attributable to the shareholders of the company
adjusted for the effect of dilution
3,189 (31,706)
Basic weighted average number of ordinary shares issued
98,761 98,645
Shares deemed to be issued for no consideration in respect
of share-based payments
3,876 1,408
Weighted average number of shares used in diluted earnings
per share
102,637 100,053
Basic earnings per share
$0.03 ($0.32)
Diluted earnings per share
$0.03 ($0.32)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 38
7. TAX
7.1 INCOME TAX EXPENSE
In the statement of comprehensive income, the income tax expense comprises current and deferred tax.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or
substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Current tax payable also includes any tax liability arising from the declaration of dividends.
2021 2020
NZ$000 NZ$000
INCOME TAX EXPENSE COMPRISES:
Current tax expense
4,965 1,676
Deferred tax expense (2,590) (4,237)
Tax expense/(benefit) 2,375 (2,561)
RECONCILIATION OF INCOME TAX EXPENSE
The relationship between the expected income tax expense based on the domestic effective tax rate of Gentrack
Group at 28% (2020: 28%) and the reported tax expense in the statement of comprehensive income can be
reconciled as follows:
2021 2020
NZ$000 NZ$000
Profit/(Loss) before tax 5,564 (34,267)
Taxable income
5,564 (34,267)
Domestic tax rate for Gentrack Group 28% 28%
Expected tax expense/(benefit) 1,558 (9,595)
Non-deductible expense
1,345 8,350
Foreign subsidiary company tax
(40) 1,009
Prior period adjustments (488) (2,325)
Actual tax expense/(benefit) 2,375 (2,561)
As at 30 September 2021 Gentrack Group has $9.4m (2020: $8.7m) of imputation credits available for use in
subsequent reporting periods.
7.2 DEFERRED TAX ASSETS AND LIABILITIES
Deferred tax is recognised, using the liability method, on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the financial statements.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially
enacted by the reporting date and are expected to apply when the related deferred income tax asset is
realised, or the deferred income tax liability is settled.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries, except for deferred
income tax liabilities where the timing of the reversal of the temporary difference is controlled by Gentrack Group
and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income tax levied
by the same taxation authority on either the same taxable entity or different entities where there is an intention to
settle the balance on a net basis.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 39
7.2 DEFERRED TAX ASSETS AND LIABILITIES (CONTINUED)
Additional income tax expenses that arise from the distribution of cash dividends are recognised while the liability to
pay the related dividend is recognised. Gentrack Group does not distribute non-cash assets as dividends to its
shareholders.
Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable
that the related benefits will be realised.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available
against which temporary differences can be utilised. Management applies judgement when reviewing
current business plans and forecasts to ascertain the likelihood of future taxable profits.
The movement in temporary differences has been recognised in the statement of comprehensive income. Deferred tax
has been recognised at a rate at which they are expected to be realised: 28% for New Zealand entities, 30% for Australian
entities, 19% for UK entities, 22% for Denmark entities and 35% for Malta entities.
Movement in temporary timing differences during the year:
2021
OPENING
BALANCE
TEMPORARY
MOVEMENT
RECOGNISED
CURRENCY
TRANSLATION
CLOSING
BALANCE
NZ$000 NZ$000 NZ$000 NZ$000
Trade and other receivables (84) 66 4 (14)
Intangible assets (4,913) 1,631 (9) (3,291)
Contract liabilities 871 140 (28) 983
Provisions 1,738 973 (35) 2,676
Losses carried forward 2,016 (203) (86) 1,727
Other 24 (17) (2) 5
Net deferred tax (348) 2,590 (156) 2,086
2020
OPENING
BALANCE
TEMPORARY
MOVEMENT
RECOGNISED
CURRENCY
TRANSLATION
CLOSING
BALANCE
NZ$000 NZ$000 NZ$000 NZ$000
Trade and other receivables (68) (15) (1) (84)
Intangible assets (7,196) 2,303 (20) (4,913)
Contract liabilities 661 202 8 871
Provisions 1,056 673 9 1,738
Losses carried forward 1,076 944 (4) 2,016
Other (97) 130 (9) 24
Net deferred tax (4,568) 4,237 (17) (348)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 40
8. FINANCIAL RISK MANAGEMENT
Gentrack Group is exposed to credit risk, liquidity risk and market risks which include foreign currency risk,
commodity price risk and interest risk. This section details of each of these financial risks and how they are
managed by Gentrack Group.
The Board of Directors has overall responsibility for the establishment and oversight of Gentrack Group’s
risk management framework. Gentrack Group’s risk management policies are established to identify and
analyse (amongst other risks) the financial risks faced by Gentrack Group, to set appropriate risk limits and
controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed
regularly to reflect changes in market conditions and Gentrack Group’s activities.
8.1 CREDIT RISK
Credit risk is the risk of financial loss to Gentrack Group if a customer or counter party to a financial instrument fails to
meet its contractual obligations, and it arises principally from Gentrack Group’s trade receivables from customers in the
normal course of business.
Gentrack Group’s exposure to credit risk is influenced mainly by the individual characteristics of each
customer. The credit worthiness of a customer or counter party is determined by several qualitative and
quantitative factors. Qualitative factors include external credit ratings (where available), payment history and
strategic importance of customer or counter party. Quantitative factors include transaction size, net assets of
customer or counter party, and ratio analysis on liquidity, cash flow and profitability.
In relation to trade receivables, it is Gentrack Group’s policy that all customers who wish to trade on terms are subject to
credit verification on an ongoing basis with the intention of minimising bad debts. The nature of Gentrack Group’s trade
receivables is represented by regular turnover of product and billing of customers based on the contractual payment
terms.
Gentrack Group has an impairment provision that represents its estimate of future incurred losses in respect of trade and
other receivables. The impairment provision consists of the expected credit loss provision in accordance with NZ IFRS
9 and a specific doubtful debt provision used where there is objective evidence that indicates a trade receivable is
impaired.
The carrying amount of Gentrack Group’s financial assets represents the maximum credit exposure as summarised in
the table below:
2021 2020
GROSS
IMPAIRMENT
PROVISION
GROSS
IMPAIRMENT
PROVISION
NZ$000 NZ$000 NZ$000 NZ$000
Current 13,318 (348) 8,513 (38)
Past due 1-60 days 2,260 (454) 3,214 (918)
Past due 61-120 days 591 (261) 356 (178)
Past due 121-180 days 327 (315) 806 (600)
Past due over 180 days 1,926 (1,901) 2,195 (2,116)
18,422 (3,279) 15,084 (3,850)
Gentrack Group’s trade receivables are not exposed to any significant credit exposure to any single counterparty or
group of counterparties having similar characteristics. Trade receivables consist of several customers in various
geographical areas. Based on historic information about customer default rates, management considers the credit
quality of trade receivables that are not past due or impaired to be good.
As at 30 September 2021 there are no significant concentrations of credit risk for financial assets designated as at
amortised cost or at fair value. The carrying amount reflects Gentrack Group’s maximum exposure to credit risk for
these financial assets.
Judgement has been applied to the recovery of all trade receivables, with management confirming that all carrying
amounts are deemed to be recoverable and not impaired.
The credit risk for cash and cash equivalents is considered negligible since the counterparties are highly reputable
financial intuitions with high quality external credit ratings.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 41
8.2 MARKET RISK
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect
Gentrack Group’s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising the
return on risk.
FOREIGN CURRENCY RISK
Gentrack Group is exposed to currency risk on transactions that are denominated in a currency other than the
functional currency of Gentrack Group (NZD), primarily the following currencies Australian Dollar (AUD), Pound
Sterling (GBP), EURO (EUR), US Dollar (USD), and Danish Kroner (DKK).
Gentrack Group’s exposure to foreign currency risk at the reporting date was as follows (all amounts are
denominated in New Zealand Dollars):
AUD GBP EUR USD DKK
2021
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Cash and cash equivalents 10,756 8,002 496 855 183
Trade and other receivables 4,503 10,074 1,493 874 1,915
Trade and other payables (132) (2,608) (72) (354) (562)
Bank loans - - - - -
Net exposure 15,127 15,468 1,917 1,375 1,536
2020
Cash and cash equivalents 5,634 10,675 70 1,029 96
Trade and other receivables 4,790 8,874 1,056 1,369 1,521
Trade and other payables (218) (1,479) (507) (1,768) (103)
Bank loans - (2,536) - - -
Net exposure 10,206 15,534 619 630 1,514
The following table summarises the sensitivity of profit or loss and equity with regards to Gentrack Group’s financial
assets and financial liabilities affected by AUD/NZD exchange rate, the GBP/NZD exchange rate, the EUR/NZD
exchange rate, the USD/NZD exchange rate, and the DKK/NZD exchange rate with all other aspects being equal. It
assumes a +/-10% change in the NZD to the currency exchange rate for the year ended 30 September 2021 (2020:
10%). These +/-10% sensitivities have been determined based on the average market volatility in exchange rates in
the preceding 12 months.
PROFIT/EQUITY
AUD GBP EUR USD DKK
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
2021
10% strengthening in NZD (1,375) (1,406) (174) (125) (140)
10% weakening in NZD 1,681 1,719 213 153 171
2020
10% strengthening in NZD (928) (1,412) (56) (57) (138)
10% weakening in NZD 1,134 1,726 69 70 168
Gentrack Group’s exposure to foreign exchange rates varies during the year depending on the volume of foreign
currency transactions. Even so, the analysis above is representative of Gentrack Group’s exposure to market risk.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 42
8.3 LIQUIDITY RISK
Liquidity risk is the risk that Gentrack Group will not be able to meet its financial obligations as and when they become due
and payable. Gentrack Group’s approach to managing liquidity risk is to ensure, as far as possible, that it will always have
sufficient liquidity to meet its liabilities when they become due and payable, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to Gentrack Group’s reputation.
Gentrack Group has sufficient cash to meet its requirements in the foreseeable future.
The following table details Gentrack Group’s contractual maturities of financial liabilities, as at the reporting date:
ON
DEMAND
LESS THAN
3 MONTHS
3 TO 12
MONTHS
1 TO 5
YEARS
>5 YEARS TOTAL
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
2021
Bank loan - - - - - -
Trade payables - 1,929 - - - 1,929
Financial liabilities - - - - - -
- 1,929 - - - 1,929
2020
Bank loan - - 2,536 - - 2,536
Trade payables - 1,803 - - - 1,803
Financial liabilities - - - - - -
- 1,803 2,536 - - 4,339
8.4 INTEREST RATE RISK
Gentrack Group’s interest rate risk primarily arises from short term bank borrowing, cash, and advances from related
parties. Borrowings and deposits at variable interest rates expose Gentrack Group to cash flow interest rate risk.
Borrowings and deposits at fixed rates expose Gentrack Group to fair value interest rate risk.
The following tables detail the interest rate repricing profile and current interest rate of the interest-bearing financial
assets and liabilities.
EFFECTIVE
INTEREST
RATE
FLOATING
FIXED UP
TO 3
MONTHS
FIXED UP
TO 6
MONTHS
FIXED UP
TO 5 YEARS
TOTAL
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
ASSETS
Bank balances - 25,957 - - - 25,957
Total exposure 25,957 - - - 25,957
EFFECTIVE
INTEREST
RATE +1%
EFFECTIVE
INTEREST
RATE -1%
NZ$000 NZ$000
Bank balances
262 (262)
Total exposure 262 (262)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 43
8.5 FINANCIAL INSTRUMENTS
Gentrack Group’s financial assets are measured at amortised cost. Gentrack Group’s financial assets are
held within a business model whose objective is to hold the financial asset to collect contractual cash flows
and the financial asset gives rise to contractual cash flows on specified dates that are payments of principal
and interest on the principal outstanding.
Gentrack Group’s financial liabilities are measured at amortised cost except for contingent consideration which is
required to be measured at fair value through profit and loss.
Gentrack Group’s financial assets and liabilities by category are summarised as follows:
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise of cash at bank and on hand and the carrying amount is equivalent to fair value.
TRADE RECEIVABLES
These assets are short term in nature and are reviewed for impairment; the carrying value approximates their fair
value.
TRADE PAYABLES
These liabilities are mainly short term in nature with the carrying value approximating the fair value.
LOANS AND BORROWINGS
Loans and borrowings have a floating interest rate. 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 after initial recognition at fair values are grouped into levels
based on the degree to which their fair value is observable:
• Level 1 – fair value measurements derived from quoted prices in active markets for identical assets.
• Level 2 – fair value measurements derived from inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly or indirectly.
• Level 3 – fair value measurements derived from valuation techniques that include inputs for the asset or liability
which are not based on observable market data.
There have been no transfers between levels or changes in the valuation methods used to determine the fair value of
Gentrack Group’s financial instruments during the period. As at 30 September 2021 Gentrack Group has no of level 3
financial instruments (2020: $Nil).
FINANCIAL INSTRUMENTS BY CATEGORY
2021 2020
NZ$000 NZ$000
FINANCIAL ASSETS MEASURED AT AMORTISED COST
Cash and cash equivalents
25,957 19,321
Trade and other receivables 21,746 18,951
47,703 38,272
FINANCIAL LIABILITIES MEASURED AT AMORTISED COST
Loans and borrowings
- (2,536)
Trade payables
(1,929) (1,803)
FINANCIAL LIABILITIES MEASURED AT FAIR VALUE
Financial Liabilities - -
(1,929) (4,339)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 44
9. OTHER INFORMATION
9.1 LEASE ASSETS AND LEASE LIABILITIES
RECOGNITION AND MEASUREMENT OF GENTRACK GROUP 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.
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.
Key movements related to the lease assets and lease liabilities are presented below:
LEASE ASSETS
2021 2020
NZ$000 NZ$000
Balance at 1 October
10,338 12,671
Lease amendments
185 -
Depreciation charges
(2,347) (2,350)
Exchange differences (14) 17
Lease assets at 30 September 8,162 10,338
Property
8,156 10,302
Office equipment
6 36
Lease assets at 30 September 8,162 10,338
Office equipment includes Coffee Machines and Printer/Copiers.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 45
9.1 LEASE ASSETS AND LEASE LIABILITIES (CONTINUED)
LEASE LIABILITIES
2021 2020
NZ$000 NZ$000
Balance at 1 October
15,127 17,620
Lease amendments
185 -
Principal repayments
(2,748) (2,457)
Exchange differences (12) (36)
Lease liabilities at 30 September 12,552 15,127
Less than one year
1,376 2,692
One to five years
5,486 5,229
More than five years 5,690 7,206
Lease liabilities at 30 September 12,552 15,127
LEASE EXPENSES
2021 2020
NZ$000 NZ$000
Depreciation charges
2,347 2,351
Finance charges 814 931
Lease expenses 3,161 3,282
9.2 AUDITORS REMUNERATION
The table below outlines the amounts paid to auditors during the year ended 30 September 2021. Gentrack Group’s
current Group auditor is EY after switching from KPMG at the beginning of the year.
2021 2020
NZ$000 NZ$000
KPMG - audit fees
86 517
KPMG - review fees
- 116
KPMG - taxation services
301 221
EY - audit fees
400 -
Entrust - audit fees 6 6
Total fees paid to auditor(s) 793 860
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
GENTRACK FINANCIAL STATEMENTS / 46
9.3 KEY MANAGEMENT AND RELATED PARTIES
Key management personnel are defined as those persons having authority and responsibility for planning,
directing, and controlling the activities of Gentrack Group, directly or indirectly, and include the Directors,
the Chief Executive, their direct reports. The following table summarises remuneration paid to key
management personnel.
2021 2020
NZ$000 NZ$000
Salaries, bonus and other benefits
4,526 4,157
Share-based payments
465 -
Directors' fees 606 386
Remuneration paid to Key Management Personnel 5,597 4,543
Gentrack Group’s Directors are also directors of other companies. During the year ended 30 September 2021 no
transactions have occurred between Gentrack Group and any of these companies.
Some of the Directors and key management personnel are shareholders in Gentrack Group Limited. Gentrack Group
does not transact with the Directors or key management personnel, and their related parties, other than in their
capacity as Directors, consultants, and employees. Refer to note 2.4 for more information on other related parties.
9.4 OTHER DISCLOSURES
CAPITAL COMMITMENTS
There are no capital commitments at 30 September 2021 (2020: $Nil).
CONTINGENCIES
ASB New Zealand has provided guarantees of $1.1m (2020: $0.9m) on behalf of the Gentrack Group, these guarantees
are in place for software implementation projects, property leases and credit card programs.
EVENTS AFTER BALANCE DATE
There were no material events after balance date.
On 24 November 2021, the Gentrack Group Board determined that no final dividend will be paid out for the 2021
financial year (2020: nil).
CORPORATE DIRECTORY
GENTRACK FULL YEAR FINANCIAL STATEMENTS / 47
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
Nicholas Luckock
Fiona Oliver
Stewart Sherriff
Darc Rasmussen
Gary Miles
COMPANY SECRETARY
Pip White
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
NORDEA DENMARK A/S
BANK OF VALLETTA PLC
TRUIST FINANCIAL CORPORATION
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 FULL YEAR FINANCIAL STATEMENTS / 48
---
© Gentrack 2021. All rights reserved.
GentrackGroup
FY21
Full Year Update
25 November 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.
All figures are shown in NZ$M.
2
© Gentrack 2021. All rights reserved.
CEO Commentary
Gary Miles
Chief Executive Officer
4
© Gentrack 2021. All rights reserved.
FY21 Financial Headlines
105.7
FY20FY21
FY20FY21
12.1
12.7
FY20FY21
81.3
81.9
FY20FY21
81.8
89.0
16.8
26.0
up
5.2%
up
5.0%
up
0.7%
•EBITDA of $12.7m, up 5.0% from $12.1m in FY20.
•Net cash up $9.2m to $26.0m at 30th Sept 2021.
•Utilities Revenue up 8.8%:
•Strong NRR growth (up 68% to $18.3m) on
successful project deliveries, providing future
ARR growth
•Utilities ARR down 0.3% after absorbing ~$4m
customer revenue losses from prior periods
•Veovo (Airport Business) remains profitable
despite industry downturn:
•ARRis up by 7.7%
•Operating costs up 5.2% FY21 vs FY20 with
investmentinpeople
•Nil capitalisationof R&D costs.
100.5
up
8.8%
FY20FY21
up
54.8%
5
© Gentrack 2021. All rights reserved.
Strategic Growth Pillar 1
Strong Base
Customers in Green high
performance status
72%
Canstar5 Star ranked
11 years in a row
customer satisfaction rating
Revenue per
delivery FTE
is up
Very good delivery execution -
projects on time and on budget
Strong DSO and unbilled revenue
management
Customer strategic alignment for
innovation and upsell
7%
Cost per
delivery FTE
is down
3%
Delivery quality, efficiency and throughput
will continue to improve further
increased
revenue per
customer
6
© Gentrack 2021. All rights reserved.
Strategic and profitable customer relationships
Growth through continuous delivery of new
innovations
New LogosManaged Service
CHART
5
New engagements
secured
New engagements and
pipeline will enable FY22
growth
New customers
7
$5.6m
Generally flat FY20 to
FY21 revenue position
new B2B billing retailer
3
new water billing retailer
1
new profit & risk customers
(managed services) à
2
Strategic Growth Pillars 2 and 3
Strengthened B2B leadership by winning and integrating E.ON and Npower, now the
largest UK C&I supplier -one of the most significant transformation programmes globally
new B2C billing retailer
1
$
7
© Gentrack 2021. All rights reserved.
Progress on cloud, clean technology
delivering innovation and profitability for a sustainable era
Customers turning to
Gentrack to partner in order
to drive cloud native,
cleantech innovations.
Smart meter data
management
Customer
volume risk
management
Renewable
generation
products
Point of Sale
forecasting
Upgrades to Cloud
solution
Gentrack Cloud for Utilities
Time based
pricing & billing
Bill anything, multiplay,
green(e.g. EV’s)
Billing, revenue &
debt management
Faster
switching
eryof new innovations
“....together with
Gentrack, we can
deliver complex
business change at
pace. and now we have the
foundation in place for the next
phase of our retail journey.“
Matt van Deventer, GM of
technology and delivery
8
© Gentrack 2021. All rights reserved.
Veovo
Signs of aviation industry recovery starting to show with passenger numbers up 220% vs 2020 and back to only 50% down
on 2019.
4
New customers
9
Major Projects delivered
17
Customers on SaaS Cloud
üLondon Gatwick
ü3 North American customers
üExtended support in Europe
and APAC
üPerth
üLondon Luton
üCincinnati
üAll major Passenger Flow
customers migrated to cloud
SaaS
üFirst customer adoption of
new CI/CD
•Increasing investment in technology in FY22 as we believe in the segment
•Proven our technology in all airport tiers –sales focus will be on major aviation hubs going forward
“Veovo helps us manage performance with data-driven certainty...”
-
Eric van ́tVeer, Project Manager at Schiphol Group
üNew York
üAsia Pacific
üMexico
9
© Gentrack 2021. All rights reserved.
The UK Market
•B2C supplier failures in the UK has accelerated due to the global energy crisis and Government enforced price cap.
•This week, Bulb went into a special form of administration for larger supplier failures which has not been tested before.
•We will continue to support the business as required by the administrator as options for the business are assessed
over the coming months.
•We anticipate there may be some further supplier failures in the coming winter months after which our expectation is
that the market will stabilise.
•We have made allowances for a reasonable scenario for these additional potential failures.
•Gentrack revenue is diversified across airports and utilities, with our energy and water customers active in 6 countries,
covering both B2B and B2C.
9
Customer insolvencies
since beginning of
FY21
6
Customer insolvencies
From beginning of
FY17 to end of FY20
10
© Gentrack 2021. All rights reserved.
Future opportunity remains strong
Great technology
Delivery excellence
“By 2025, at least 25% of CIS contracts
will be awarded to new entrants that
will disrupt incumbent vendors
offerings”
Gartner
1.5b+ meters
incumbent market today
© Gentrack 2021. All rights reserved.
Financial Results
James Spence
Chief Financial Officer
For the Full Year ending
30 September 2021
12
© Gentrack 2021. All rights reserved.
TopCustomer Reporting.xlsx
Group Profit and Loss
Revenue up 5.2% vs FY20:growth in Utilities
business driven by new customers and increases
from existing customers offsetting revenue
reductions in Veovo due to market conditions
Costs up 5.2% vs FY20: driven by increased
investment in personnel,with continued savings in
non-personnel costs
EBITDA up 5.0% vs FY20.
Net Finance (expense)/income: one-time, mainly
due to simplificationof internal funding structure
Nil R&Dcapitalisationin FY21
1 Underlying EBITDA being earnings before depreciation, amortisation, impairments and non-operating expenses related to acquisitions. EBITDA is a non-GAAP measure
Utilities
Veovo
Group
13
© Gentrack 2021. All rights reserved.
Utilities Revenue Analysis
•NRR up 68% to $18.3m driven by project
deliveries in UK and Australia. Customers
converting to recurring revenues in
FY21/FY22
•ARR growth negatively impacted by ~$4m
of previous years' customer losses.
•Growth from new and existing Utilities
customers (Australia/UK) offset revenue
loss
•TRR growth rate in FY21 negatively
impacted by incremental regulatory work
in FY20
Utilities Revenue FY20 v FY21
$81.8m
$89.0m
Total Revenue
Up 8.8% on FY20
Annual
Recurring
Revenue
$70.7m
Down 0.3% on FY20
-79.4% of total
utilities revenue
Committed Monthly
Recurring Revenues
(CMRR)
Non-contracted
Recurring Revenues
(TRR)
Non-recurring
Revenues (NRR)
14
© Gentrack 2021. All rights reserved.
Utilities -Breakdown of customers
Geographical FY21 Revenue
Client Concentration Top 10
by Revenue ($89.0m)
UK Market Segment FY21 Revenue
($54.6m)
•Bulb, in special administration in
UK, is a top 5 customer
•No other top 5 customers in SOLR
or on exit path
15
© Gentrack 2021. All rights reserved.
•ARR up 7.7% Driven by new customers moving into operation.
•NRR reduction due to Covid impact on the aviation industry.
Veovo Revenue Analysis
Veovo Revenue FY20 VS FY21
Veovo Revenue by Geography FY21 VS FY20
1
Committed Monthly
Recurring Revenues
(CMRR)
Non-contracted
Recurring Revenues
(TRR)
Non-recurring
Revenues (NRR)
Total Revenue
Down –10.7% on FY20
Annual
Recurring
Revenue
$11.2m
Up 7.7% on FY20 -
67.1% of total
Veovorevenue
$18.7m
$16.7m
Europe
Americas
APAC
Rest of
the world
1. Veovo geographies aligned with operating countries and continents and
therefore not aligned with Financial Statement.
16
© Gentrack 2021. All rights reserved.
Expenditure Analysis
•Personnel costs have increased due to
growth in headcount as we invest in
growth across the Utilities business
•Incentive payments including short term
cash incentives and longer-term share
schemes also a driver ofincreased
personnel costs.
•Driving a performance-based
organisation, using both a fixed and
variable reward structure forms a basis of
Gentrack’s remuneration strategy.
•The change in other costs is driven by
reduction in bad debt and other expenses
•No R&Dcapitalisationin FY'21 –
conservative approach. Included in group
expenditure of $12.7m.
Group Costs FY20 v FY21 (NZ$m)
NZ$m
17
© Gentrack 2021. All rights reserved.
Cashflow/Balance Sheet
•Cash generation of $9.2m further strengthening balance sheet
•Further improvements in working capital performance
•Nilutilisationof $20m debt facility, refinancing in advanced stages
EBITDA to Net Cashflow FY21 ($m)
01
October
2020
30
September
2021
Cash$19.3m$26.0m
Debt$2.5mNil
Net Cash$16.8m$26.0m
18
© Gentrack 2021. All rights reserved.
External Metrics –from Investor Day
NZ$MFY21
16 June
FY21
Actuals
FY24 *
Ta r g e t
ARR (=CRR+TRR)
~$80m$81.9m
>10% CAGR vs FY21
Total Revenue
>$100.5m$105.7m+~30% vs FY21
Strategic R & D Spend
~10%$12.7m**~15% x Total Revenue
Cash EBITDA
~10%12.0%
15-20% x Total Revenue
* FY24 target should be compared to FY21 guidance provided on 16 June 2021
** Total R & D spend of $12.7m in FY21
Notes/definitions:
1.CMRR –covers all contracted revenue both fixed (e.g. subscription, annual support) and variable (e.g. BMP variable revenue, Managed Service)
2.TRR –covers BAU service revenues which are contracted on an account by account basis on a collective degree of regularity.
3.ARR = CMRR+TRR
4.Strategic R&D definition (non-GAAP measure) –development of new strategic technology + enhancement of existing core
5.Cash EBITDA –EBITDA inclnon-cash share scheme costs, inclall R&D spend, excllease costs of property (corresponds to FY21 EBITDA of $12.7m)
•FY21 Actuals in line with or
above guidance provided at
16 June 2021. R&D spend
accelerating in FY22.
•FY24 targets remain as at 16
June 2021: upsides in some
areas of medium-term
revenue forecasts +
uncertainties in other areas,
further update at ASM
19
© Gentrack 2021. All rights reserved.
Outlook update
On 30 September 2021 Gentrack Group Limited (NZX/ASX: GTK) (“Gentrack”) advised that
itanticipated an increase in FY22 group revenues vs FY21.
Over the intervening 8 weeks we have seen further turbulence in the UK energy market
including the recent special administration of Bulb, a top 5 Gentrack customer.
In this context, Gentrack is pleased to reconfirm that FY22 group revenues are expected to
be ahead of the FY21 revenues of $105.7m announced today.
Gentrack is not providing earnings guidance for FY22.
Gentrack has confirmed no changes to the FY24 targets provided on 16th June 2021.
20
© Gentrack 2021. All rights reserved.
Q & A
21
© Gentrack 2021. All rights reserved.
GAAP to Non-GAAP Profit Reconciliation
NZ$m
Full Year
30 Sept 20
Audited
Full Year
30 Sept 21
Audited
Reported net (loss)/profit for the period (GAAP)
(31.7)3.2
Add:Net finance Expense
0.4(3.7)
Add:Income Tax expense
(2.6)2.4
Add: Depreciation and amortisation
12.410.8
Add: Revaluation of acquisition related financial liabilities
(0.9)0.0
Add: Impairment of goodwill and intangible assets
34.50.0
EBITDA
12.112.7
22
© Gentrack 2021. All rights reserved.
FY 21 on a Constant Currency Basis
NZ$mFY'20FY'21
FY'21
Constant
Currency
Difference vs
FY'20
Revenue
100.5105.7107.6
7.1
7.1%
Operating Costs
88.493.095.06.67.5%
EBITDA
12.112.712.60.5
4.1%
Statutory NPAT
(31.7)3.22.834.5
N/A
%
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- HLG — Hallenstein Glasson Holdings Limited: HLG Full Year Results for the period ending 1 August 20212021-09-29
“New Zealand Stock Exchange Listing Rules Disclosure Full Year Report For the year ending 1 August 2021 Contents Press Release Results Announcement Audited Financial Statements & Audit Report --- Results announcement Results for announcement to the market…”
- NZX — NZX Limited: NZX FY 2021 Results, Annual Report & Rights Offer2022-02-16
“--- Results announcement 17 February 2022 Results for announcement to the market Name of issuer NZX Limited Reporting Period 12 months to 31 December 2021 Previous Reporting Period 12 months to 31 December 2020 Currency NZD Amount (000s) Percentage change Revenue f…”