Gentrack Group Limited Half-Year Results

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





Results for announcement to the market
Name of issuer Gentrack Group Limited
Reporting Period
6 months to 31 March 2022

Previous Reporting Period
6 months to 31 March 2021

Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations

$57,072 12.01%
Total Revenue $57,072 12.01%
Net profit/(loss) from
continuing operations

($5,831) (421.92%)
Total net profit/(loss) ($5,831) (421.92%)
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

$0.175
$0.141
A brief explanation of any
of the figures above
necessary to enable the
figures to be understood

For commentary on the results please refer to the market
announcement, financial statements including
chairperson commentary, and investor presentation
attached.

Authority for this announcement
Name of person
authorised to make this
announcement
Kerry Nickels
Contact person for this
announcement
Kerry Nickels
Contact phone number +64 9 966 6090
Contact email address kerry.nickels@gentrack.com
Date of release through
MAP
24/05/2022

Unaudited financial statements accompany this announcement.
Gentrack Group Ltd | ARBN 169 195 751

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Gentrack Group Ltd | ARBN 169 195 751

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



24 May 2022
Market Announcement
Gentrack Group Limited (NZX/ASX: GTK), a leading provider of software solutions
for utilities and airports, today released its results for the half-year to 31 March 2022.
Results Summary
• Revenue: $57.1m – up 12.0% on H1’21
• Strong investment in strategic R&D and Sales and Marketing
• EBITDA: $1.2m – down $ 5.8m on H1’21
• Statutory NPAT: ($5.8m) loss v ($1.1m) in H1’21
• Cash: $16.5m

The first half of the financial year has seen Gentrack make excellent progress in two
key areas. Revenue has grown well despite the turmoil in the UK Energy market,
and our planned investments in Strategic R&D and in sales and marketing have
really ramped up – with the expected impact on EBITDA and cash.
Revenue was driven by a 15.2% increase in the Utilities business to $48.9m for this
half year from new customer wins and growth from existing customers. This was
achieved against the backdrop of twelve of our UK customers moving into
insolvency over the last 18 months and the continuing UK energy crisis which has
impacted the B2C portion of our UK energy customer base. Revenue growth in UK
utilities outside of insolvent customers was 25% overall with 14% growth in Annual
Recurring Revenues (ARR).
Revenues were slightly down in Veovo’s Airports business by $0.3m to $8.2m due
to the industry downturn. However, ARR was up 8.1% reflecting our focus on
driving more recurring revenues. We are now seeing passenger flows at airports
recover.
As set out in our strategy presentation last June and in our earnings guidance
provided at the Annual Shareholders’ Meeting in February, we have substantially
increased our investment in strategic R&D and in Sales & Marketing. This, together
with an investment in our people capabilities, resulted in EBITDA of $1.2m, $5.8m
lower versus prior period. Our programs for product investment and business
development are positioning us well for the accelerating industry transformation.

Gentrack Group Ltd | ARBN 169 195 751

Early signs of increased engagement with clients across the world are
encouraging.
The lower cash position of $16.5m at March 2022 versus $26.0m at September
2021 reflects both increased investment in Strategic R&D and Sales and Marketing
as well as the phasing of customer receipts on some large implementation
projects. We expect our cash position to improve in the second half of the year, as
we continue to deliver successfully on large scale transformation projects.
In light of the NPAT loss, the Board has decided not to pay an Interim Dividend.
In addition to the 7 new logos secured in FY21, we have secured a further 5 new
logos in our Utilities business alongside orders to expand with existing customers.
This includes an energy supplier in Singapore which demonstrates the progress
we are making in growing our pipeline in the wider APAC region.
We continue to demonstrate our capability to deliver on large-scale
transformation projects which provides us with a competitive edge against many
of our peers. During the half year we helped drive synergies and system
harmonisation on the merger of So Energy and ESB in the UK. In New Zealand, we
completed the separation of Trustpower’s B2C and B2B businesses. We have also
transformed several customers spread across each of our core markets by
modernising their platform and moving them into the cloud.
In the UK B2C energy market we have not seen any further customer insolvencies
since December and believe the worst of the UK market shake up is over. As part
of this shake up, Bulb, which was placed into special administration in December,
remains a customer whilst the government seeks a buyer for this business.
We are pleased with the progress made in the period, on sales, on delivery and
on Strategic R&D and Sales and Marketing. We are well positioned to capture the
sizeable market opportunity created by the transformation of the utilities and
airports sectors across the world.
Guidance
On 24
th
February 2021 Gentrack Group Limited (NZX/ASX: GTK) (“Gentrack”)
advised that revenues for FY22 are forecast to be around $115m (vs FY21
revenues of $105.7m) and that FY22 EBITDA is expected to be in low single-digits
($’m).
Today Gentrack confirmed that there is no change to this guidance. Gentrack also
confirms there is no change to the FY24 targets provided on 16th June 2021.
Presentation Results
Investors are invited to join the presentation of the Half Year Results on Tuesday
24th May at 10.30am NZT/8.30 am AUS via webcast:

Gentrack Group Ltd | ARBN 169 195 751

https://event.webcasts.com/starthere.jsp?ei=1547017&tp_key=3a89819dd8
It is advised that attendees allow ten minutes prior to the start time to register and
download any necessary webcast software.
To join via audio only, please see details here: https://www.gentrack.com/half-year-
results-investor-briefing-details-may-2022/
ENDS
Contact details regarding this announcement:
Kerry Nickels – Company Secretary
+64 9 966 6090

About Gentrack
Gentrack designs, builds and delivers the high-performing, cloud-first revenue and
customer experience solutions found at the heart of leading utilities and airports
around the world.  Our customers lead in some of the most deregulated and
innovative markets in the world; pioneering innovation, driving effective
transformation in the management and delivery of two of our planet’s most precious
resources; energy and water. More information: https://www.gentrack.com

---

Gentrack Group Limited
Interim Financial
Statements
For the six months ended 31 March 2022

GENTRACK INTERIM FINANCIAL STATEMENTS / 2


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

MANAGEMENT COMMENTARY
GENTRACK INTERIM FINANCIAL STATEMENTS / 3



The first half of the financial year has seen
Gentrack make excellent progress in two
key areas. Revenue has grown well despite
the turmoil in the UK Energy market, and
our planned investments in Strategic R&D
and in sales and marketing have really
ramped up – with the expected impact on
EBITDA and cash.
Revenue was driven by a 15.2% increase in
the Utilities business to $48.9m for this half
year from new customer wins and growth
from existing customers. This was achieved
against the backdrop of twelve of our UK
customers moving into insolvency over the
last 18 months and the continuing UK
energy crisis which has impacted the B2C
portion of our UK energy customer base.
Revenue growth in UK utilities outside of
insolvent customers was 25% overall with
14% growth in Annual Recurring Revenues
(ARR).
Revenues were slightly down in Veovo’s
Airports business by $0.3m to $8.2m due to
the industry downturn. However, ARR was
up 8.1% reflecting our focus on driving
more recurring revenues. We are now
seeing passenger flows at airports recover.
As set out in our strategy presentation last
June and in our earnings guidance provided
at the Annual Shareholders’ Meeting in
February, we have substantially increased
our investment in strategic R&D and in Sales
& Marketing. This, together with an
investment in our people capabilities,
resulted in EBITDA of $1.2m, $5.8m lower
versus prior period. Our programs for
product investment and business
development are positioning us well for the
accelerating industry transformation. Early
signs of increased engagement with clients
across the world are encouraging.
The lower cash position of $16.5m at March
2022 versus $26.0m at September 2021
reflects both increased investment in
Strategic R&D and Sales and Marketing as
well as the phasing of customer receipts on
some large implementation projects. We
expect our cash position to improve in the
second half of the year, as we continue to
deliver successfully on large scale
transformation projects.
In light of the NPAT loss, the Board has
decided not to pay an Interim Dividend.
In addition to the 7 new logos secured in
FY21, we have secured a further 5 new
logos in our Utilities business alongside
orders to expand with existing customers.
This includes an energy supplier in
Singapore which demonstrates the progress
we are making in growing our pipeline in
the wider APAC region.
We continue to demonstrate our capability
to deliver on large-scale transformation
projects which provides us with a
competitive edge against many of our
peers. During the half year we helped drive
synergies and system harmonisation on the
merger of So Energy and ESB in the UK. In
New Zealand, we completed the separation
of Trustpower’s B2C and B2B businesses.
We have also transformed several
customers spread across each of our core
markets by modernising their platform and
moving them into the cloud.
In the UK B2C energy market we have not
seen any further customer insolvencies since
December and believe the worst of the UK
market shake up is over. As part of this
 Revenue: $57.1m – up 12.0% on H1’21
 Strong investment in strategic R&D and Sales and Marketing
 EBITDA $1.2m – down by $5.8m on H1’21
 Statutory NPAT: ($5.8m) loss v ($1.1m) in H1’21
 Cash: $16.5m

MANAGEMENT COMMENTARY
GENTRACK INTERIM FINANCIAL STATEMENTS / 4
shake up, Bulb, which was placed into
special administration in December,
remains a customer whilst the government
seeks a buyer for this business.
We are pleased with the progress made in
the period, on sales, on delivery and on
Strategic R&D and Sales and Marketing. We
are well positioned to capture the sizeable
market opportunity created by the
transformation of the utilities and airports
sectors across the world.



Andy Green
Chairman

GENTRACK INTERIM FINANCIAL STATEMENTS / 5
Interim
Financial
Statements

31 March 2022

CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2022
GENTRACK INTERIM FINANCIAL STATEMENTS / 6


6 MONTHS
31 MARCH
2022
6 MONTHS
31 MARCH
2021
12 MONTHS
30 SEPTEMBER
2021

UNAUDITED UNAUDITED AUDITED

NOTE
NZ$000 NZ$000 NZ$000
Revenue
3
57,072 50,953 105,723
Expenditure
4
(55,902) (43,983) (92,996)
Profit before depreciation, amortisation, revaluation of
financial liabilities, impairment of goodwill and intangible
assets, financing and tax
1,170 6,970 12,727
Depreciation and amortisation

(5,391) (5,382) (10,864)
Profit/(Loss) before financing and tax (4,221) 1,588 1,863
Net finance (expense)/income
5
(1,453) (1,345) 3,701
Profit/(Loss) before tax

(5,674) 243 5,564
Income tax (expense)/income

(157) (1,360) (2,375)
Profit/Loss attributable to the shareholders of the
company

(5,831) (1,117) 3,189
OTHER COMPREHENSIVE INCOME



Excess income tax benefit on share-based payments

(2) - 91
Translation of international subsidiaries

(3,196) 1,264 (4,992)
Total comprehensive income/(loss) for the period (9,029) 147 (1,712)
EARNINGS PER SHARE LOSS ATTRIBUTABLE TO THE
SHAREHOLDERS OF THE COMPANY
(EXPRESSED IN DOLLARS PER SHARE)



Basic and diluted loss per share

($0.06) ($0.01) $0.03
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES
ISSUED



Basic

99,840 98,645 98,761
Diluted

103,179 101,588 102,637




The above Condensed Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022

GENTRACK INTERIM FINANCIAL STATEMENTS / 7


31 MARCH 2022 31 MARCH 2021
30 SEPTEMBER
2021

UNAUDITED UNAUDITED AUDITED

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



Cash and cash equivalents
6
16,529 24,966 25,957
Trade and other receivables
7
28,743 21,148 21,746
Income tax receivable

189 336 68
Inventory

368 347 362
Total current assets 45,829 46,797 48,133
NON-CURRENT ASSETS



Property, plant and equipment

2,591 2,595 2,683
Lease assets

7,801 9,364 8,162
Goodwill
12
104,316 107,085 106,766
Intangibles

32,901 41,767 37,698
Deferred tax assets

8,087 7,728 5,391
Total non-current assets

155,696 168,539 160,700
Total assets

201,525 215,336 208,833
CURRENT LIABILITIES



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

4,318 4,800 4,513
Lease liabilities

1,804 2,204 1,376
Contract liabilities

14,212 13,690 12,695
GST payable

2,228 3,298 1,931
Employee entitlements

8,563 7,578 9,535
Income tax payable

- - 1,322
Total current liabilities

31,125 34,125 31,372
NON-CURRENT LIABILITIES



Lease liabilities

10,552 11,736 11,176
Employee entitlements

556 458 539
Deferred tax liabilities

4,535 6,223 3,305
Total non-current liabilities

15,643 18,417 15,020
Total liabilities

46,768 52,542 46,392
Net assets

154,757 162,794 162,441
EQUITY



Share capital
9
194,009 191,229 191,699
Share based payment reserve

2,923 2,852 3,888
Foreign currency translation reserve

(1,406) 8,046 1,790
Accumulated deficit

(40,769) (39,333) (34,936)
Total equity

154,757 162,794 162,441

The above Condensed Statement of Financial Position should be read in conjunction with the accompanying notes.
For and on behalf of the Board who authorised these financial statements for issue on 23 May 2022.

Andy Green Fiona Oliver
Chairman Director
Date: 23 May 2022 Date: 23 May 2022

CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2022

GENTRACK INTERIM FINANCIAL STATEMENTS / 8

31 MARCH 2022

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

191,699 3,888 (34,936) 1,790 162,441
Loss attributable to the shareholders of the
company

- - (5,831) - (5,831)
Other comprehensive income

- - (2) (3,196) (3,198)
Total comprehensive loss for the
period, net of tax

- - (5,833) (3,196) (9,029)
TRANSACTION WITH OWNERS


Share based payments
11
2,310 (965) - - 1,345
Balance at 31 March

194,009 2,923 (40,769) (1,406) 154,757

31 MARCH 2021

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

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

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

Share based payments

- 2,153 - - 2,153
Balance at 31 March

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


30 SEPTEMBER 2021

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

191,229 699 (38,216) 6,782 160,494
Loss attributable to the shareholders of the company

- - 3,189 - 3,189
Other comprehensive income

- - 91 (4,992) (4,901)
Total comprehensive profit/(loss) for the period,
net of tax
- - 3,280 (4,992) (1,712)
TRANSACTION WITH OWNERS

Issue of capital

470 (413) -
-
57
Share based payments

3,602 - - 3,602
Balance at 30 September

191,699 3,888 (34,936) 1,790 162,441

The above Condensed Statement of Changes in Equity should be read in conjunction with the accompanying note.

CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2022
GENTRACK INTERIM FINANCIAL STATEMENTS / 9


6 MONTHS
31 MARCH 2022
6 MONTHS
31 MARCH 2021
12 MONTHS
30 SEPTEMBER
2021

UNAUDITED UNAUDITED AUDITED

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



Receipts from customers

51,476 50,826 103,251
Payments to suppliers and employees

(55,360) (39,825) (85,957)
Lease liability finance charge

(369) (421) (814)
Income tax paid

(2,888) (3,465) (3,535)
Net cash (outflow)/inflow from operating
activities

(7,141) 7,115 12,945
CASH FLOWS FROM INVESTING ACTIVITIES



Acquisition of property, plant and equipment

(346) (187) (663)
Net cash outflow from investing activities

(346) (187) (663)
CASH FLOWS FROM FINANCING ACTIVITIES



Payments for lease liabilities

(1,412) (1,314) (2,678)
Repayment of borrowings

- - (2,564)
Interest (paid)/received

(452) (96) (176)
Net cash (outflow) from financing activities

(1,864) (1,410) (5,418)
Net (decrease)/increase in cash held

(9,351) 5,518 6,864
Foreign currency translation adjustment

(77) 127 (228)
Cash at beginning of the financial period

25,957 19,321 19,321
Closing cash and cash equivalents

16,529 24,966 25,957

The above Condensed Statement of Cash Flows should be read in conjunction with the accompanying notes.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2022
GENTRACK INTERIM FINANCIAL STATEMENTS / 10
1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES
These unaudited interim financial statements of Gentrack Group Limited (the Company) and its subsidiaries (together
“Gentrack Group”) have been prepared in accordance with the New Zealand equivalent of International Accounting
Standard 34: Interim Financial Reporting (NZ IAS 34) and New Zealand Generally Accepted Accounting Practice (NZ
GAAP). In complying with NZ IAS 34, these statements comply with International Accounting Standard 34: Interim
Financial Reporting.
Gentrack Group is a profit-oriented entity for financial reporting purposes.
The Company is an FMC entity for the purposes of the Financial Markets Conduct Act 2013 and is listed on the New
Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX).
These unaudited consolidated condensed interim financial statements of Gentrack Group for the six months ended
31 March 2022 have been prepared using the same accounting policies and methods of computation as, and should
be read in conjunction with, the financial statements and related notes included in Gentrack Group’s Annual Report
for the year ended 30 September 2021.

2. OPERATING SEGMENTS
Gentrack Group currently operates in two business segments: utility billing software and airport management
software. These segments have been determined based on the reports reviewed by the Board (Chief Operating
Decision Maker) to make strategic decisions.
The assets and liabilities of Gentrack Group are reported to and reviewed by the Chief Operating Decision Maker in
total and are not allocated by business segment. Therefore, operating segment assets and liabilities are not
disclosed.
6 MONTHS
31 MARCH 2022
UTILITY AIRPORT TOTAL
UNAUDITED NZ$000 NZ$000 NZ$000
TIMING OF REVENUE RECOGNITION
Point in time 7,014 753 7,767
Over time 41,860 7,445 49,305
Total revenue 48,874 8,198 57,072
Expenditure (48,377) (7,525) (55,902)
Segment contribution (1) 497 673 1,170

6 MONTHS
31 MARCH 2021
UTILITY AIRPORT TOTAL
UNAUDITED NZ$000 NZ$000 NZ$000
TIMING OF REVENUE RECOGNITION

Point in time 4,500 745 5,245
Over time 37,928 7,780 45,708
Total revenue 42,428 8,525 50,953
Expenditure (36,988) (6,995) (43,983)
Segment contribution (1) 5,440 1,530 6,970

12 MONTHS
30 SEPTEMBER 2021
UTILITY AIRPORT TOTAL
AUDITED 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) (92,995)
Segment contribution (1) 9,351 3,376 12,727

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2022
GENTRACK INTERIM FINANCIAL STATEMENTS / 11
2. OPERATING SEGMENTS (CONTINUED)
(1) Segment contribution is defined as Profit before depreciation, amortisation, revaluation of financial liabilities,
impairment of goodwill and intangible assets, financing, and tax.

A reconciliation of segment contribution (1) to profit attributable to the shareholders of the company is as follows:


6 MONTHS
31 MARCH 2022
6 MONTHS
31 MARCH 2021
12 MONTHS
30 SEPTEMBER 2021

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
Segment contribution (1) 1,170 6,970 12,727
Depreciation and amortisation (5,391) (5,382) (10,864)
Net finance (expense) / income (1,453) (1,345) 3,701
Income tax (expense) / income (157) (1,360) (2,375)
Profit/(loss) attributable to the
shareholders of the company
(5,831) (1,117) 3,189



6 MONTHS
31 MARCH 2022
6 MONTHS
31 MARCH 2021
12 MONTHS
30 SEPTEMBER 2021

UNAUDITED UNAUDITED AUDITED

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

Australia 15,148 11,159 25,359
New Zealand 6,577 6,520 13,467
United Kingdom 32,007 29,682 60,302
Rest of World 3,340 3,592 6,595
Total revenue 57,072 50,953 105,723
REVENUE BY DOMICILE OF CUSTOMER

Australia 16,477 12,219 27,509
New Zealand 3,894 4,356 8,696
United Kingdom 30,832 28,015 57,382
Rest of World 5,869 6,363 12,136
Total revenue 57,072 50,953 105,723

(1) Segment contribution is defined as Profit before depreciation, amortisation, revaluation of financial liabilities,
impairment of goodwill and intangible assets, financing and tax.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2022
GENTRACK INTERIM FINANCIAL STATEMENTS / 12
3. REVENUE

6 MONTHS
31 MARCH 2022
6 MONTHS
31 MARCH 2021
12 MONTHS
30 SEPTEMBER
2021

UNAUDITED UNAUDITED AUDITED

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



Annual fees

28,321 29,817 57,787
Support services

10,534 9,621 20,977
Project services

12,237 7,953 18,727
Licenses

1,750 804 2,758
Other 4,230 1,637 4,771
Total operating revenue

57,072 49,832 105,020
OTHER INCOME:



Government grants

- 1,121 703
Total revenue

57,072 50,953 105,723

4. EXPENDITURE

6 MONTHS
31 MARCH 2022
6 MONTHS
31 MARCH 2021
12 MONTHS
30 SEPTEMBER
2021

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
PROFIT/(LOSS) BEFORE TAX INCLUDES THE
FOLLOWING SPECIFIC EXPENSES:

Employee entitlements

41,616 34,601 70,296
Administrative costs

2,107 2,095 3,862
Third party customer-related costs

3,201 2,784 5,438
Advertising and marketing

739 392 1,191
Consulting and subcontracting

6,240 2,730 9,353
Other operating expenses 1,999 1,381 2,856
Total expenditure 55,902 43,983 92,996

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2022
GENTRACK INTERIM FINANCIAL STATEMENTS / 13
5. NET FINANCE EXPENSES/INCOME

6 MONTHS
31 MARCH 2022
6 MONTHS
31 MARCH 2021
12 MONTHS
30 SEPTEMBER
2021

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
FINANCE INCOME
Interest income

7 8 26
Foreign exchange gains - - 4,692

7 8 4,718
FINANCE EXPENSE



Interest expense

(459) (103) (203)
Lease liability finance charges

(370) (421) (814)
Interest paid - NPV discount

- - -
Foreign exchange losses (631) (829) -

(1,460) (1,353) (1,017)


Net finance (expense) / income (1,453) (1,345) 3,701

6. CASH AND CASH EQUIVALENTS

6 MONTHS
31 MARCH 2022
6 MONTHS
31 MARCH 2021
12 MONTHS
30 SEPTEMBER
2021

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
Bank balances

16,529 24,965 25,957
Cash on hand - 1 -
Total cash and cash equivalents

16,529 24,966 25,957

7. TRADE AND OTHER RECEIVABLES

6 MONTHS
31 MARCH 2022
6 MONTHS
31 MARCH 2021
12 MONTHS
30 SEPTEMBER
2021

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
Trade receivables

25,261 18,245 18,422
Impairment provision - Expected credit loss

(394) (368) (334)
Impairment provision - Specific provision

(2,929) (2,569) (2,945)
Provision for volume discounts

(139) (377) (104)
Contract assets

4,873 4,367 4,865
Sundry receivables and prepayments 2,071 1,850 1,842
Total trade and other receivables 28,743 21,148 21,746

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2022
GENTRACK INTERIM FINANCIAL STATEMENTS / 14
7. TRADE AND OTHER RECEIVABLES (CONTINUED)

6 MONTHS
31 MARCH 2022
6 MONTHS
31 MARCH 2021
12 MONTHS
30 SEPTEMBER
2021

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
Opening balance

3,279 3,850 3,850
Movement in impairment provision

154 (919) (526)
Effect of movement in foreign exchange

(110) 6 (21)
Bad debt written off - - (24)
Total trade receivables impairment
provision
3,323 2,937 3,279

8. BANK LOANS
On 17 December 2021, Gentrack Group has entered into a facility loan agreement with Bank of New Zealand (BNZ)
replacing the ASB finance facilty which expired in March 2022. The BNZ agreement is for a NZ$25 million multi-
currency facility. This facility is to provide additional funding as required for acquisitions and general corporate
purposes. The BNZ facility expires on 16 December 2024.
The facility is secured by a general security agreement under which the bank has a security interest in Gentrack Group
assets. Covenants are in place and compliance is reported quarterly. At all times during the period Gentrack Group
has met the covenant requirements.
At 31 March 2022, $Nil (2021: $2.6m) of the facility has been drawn down.

9. SHARE CAPITAL

SHARES ISSUED SHARE CAPITAL

31 MARCH
2022
31 MARCH
2021
30
SEPTEMBER
2021
31 MARCH
2022
31 MARCH
2021
30
SEPTEMBER
2021

UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED

000 000 000 NZ$000 NZ$000 NZ$000
Ordinary Shares 98,947 98,645 98,645 191,699 191,229 191,229
Issue of new ordinary shares 1,533 - 302 2,310 - 470

100,480 98,645 98,947 194,009 191,229 191,699
10. RELATED PARTIES
Key management personnel that have the authority and responsibility for planning, directing, and controlling the
activities of Gentrack Group, directly or indirectly and include the Directors, the Chief Executive Officer and their
direct reports.
Key management personnel compensation for the period was $3.7m (2021: $4.4m). Directors fees were $0.3m for
the period (2021: $0.2m).
The compensation calculation has been updated compared to 2021 to include other benefits in addition to salaries
and wages.
Related parties are materially consistent with those disclosed in the 2021 Annual Report.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2022
GENTRACK INTERIM FINANCIAL STATEMENTS / 15
11. EMPLOYEE SHARE SCHEME
During the period Gentrack Group granted a total of 1,462,526 (2021: 1,756,298) unlisted performance rights for Nil
consideration to employees under the following schemes:
 Senior Management Long Term Incentive (SLTI) Scheme - 902,970 (2021: 1,163,947). Vesting is conditional
on a combination of years’ service and performance goals over the vesting period.
 Gentrack Long Term Incentive (GLTI) Scheme - 559,556 (2021: 592,351). Vesting is conditional on the
completion of the necessary years’ service to the vesting date.
During the period, 1,514,803 performance rights vested (2021: Nil) as follows:
 516,199 of the SLTI Scheme granted in 2021.
 998,604 performance rights granted to the CEO in 2021 CEO Scheme.
In addition, during the period, the Group issued 17,637 shares in form of equity remuneration.
Please refer to the 2021 Annual Report for further information on the Senior Management Long Term Incentive Share
Scheme.

12. GOODWILL
Goodwill is stated at its initial fair value less any accumulated impairment losses. Goodwill is allocated to cash-
generating units and is not amortised but is tested annually or when indicators of impairment are present.

6 MONTHS
31 MARCH 2022
6 MONTHS
31 MARCH 2021
12 MONTHS
30 SEPTEMBER
2021

UNAUDITED UNAUDITED AUDITED

NZ$000 NZ$000 NZ$000
Opening balance

106,599 106,599 106,599
Goodwill impairment

- - -
Exchange rate differences

(2,283) 486 167
Closing net book value

104,316 107,085 106,766
Goodwill allocated to Utilities

101,416 104,185 103,866
Goodwill allocated to Airport 20/20 2,900 2,900 2,900
Net book value 104,316 107,085 106,766

13. IMPAIRMENT TESTING
At each reporting date, Gentrack Group assesses whether there is any indication that an asset may be impaired. For
the period ended 31 March 2022 no indicators of impairment were present and as a result no impairment testing was
required to be carried out.

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2022
GENTRACK INTERIM FINANCIAL STATEMENTS / 16
14. FINANCIAL INSTRUMENTS
Gentrack Group’s financial liabilities are measured at amortised cost.
Gentrack Group’s financial assets and liabilities by category are summarised as follows:
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise of cash at bank and on hand and the carrying amount is equivalent to fair value.
TRADE RECEIVABLES
These assets are short term in nature and are reviewed for impairment; the carrying value approximates their fair
value.
TRADE PAYABLES
These liabilities are mainly short term in nature with the carrying value approximating the fair value.
LOANS AND BORROWINGS
Loans and borrowings have a fixed and floating interest rates. Fair value is estimated using the discounted cash flow
model based on current market interest rate for a similar product; the carrying value approximates their fair value.
FAIR VALUES
Gentrack Group’s financial instruments that are measured subsequent to initial recognition at fair values are grouped
into levels based on the degree to which their fair value is observable:
Level 1 – fair value measurements derived from quoted prices in active markets for identical assets.
Level 2 – fair value measurements derived from inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly or indirectly.
Level 3 – fair value measurements derived from valuation techniques that include inputs for the asset or liability
which are not based on observable market data.
There have been no transfers between levels or changes in the valuation methods used to determine the fair value of
Gentrack Group’s financial instruments during the period. At 31 March 2022, Gentrack Group has no level 3 financial
instruments (2021: $Nil).
FINANCIAL INSTRUMENTS BY CATEGORY

6 MONTHS
31 MARCH 2022
6 MONTHS
31 MARCH 2021
12 MONTHS
30 SEPTEMBER
2021

UNAUDITED UNAUDITED AUDITED

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



Cash and cash equivalents

16,529 24,966 25,957
Trade and other receivables 28,743 21,148 21,746

45,272 46,114 47,703
FINANCIAL LIABILITIES MEASURED AT AMORTISED
COST



Loans and borrowings

- (2,555) -
Trade payables (4,318) (4,800) (1,929)

(4,318) (7,355) (1,929)

NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 MARCH 2022
GENTRACK INTERIM FINANCIAL STATEMENTS / 17
15. CAPITAL COMMITMENTS
There are no capital expenditure commitments at 31 March 2022 (2021: $Nil).
16. CONTINGENCIES
On behalf of Gentrack Group, ASB New Zealand and BNZ have each provided guarantees of $0.8m (2021: $1.2m)
and $0.3m (2021: $Nil) respectively. These guarantees are in place for implementation projects, property leases and
exchange listings.
17. EVENTS AFTER BALANCE DATE
On 23 May 2022, the Gentrack Group Board determined that no interim dividend will be paid out for the first half of
this financial year (2021: $Nil).

A member firm of Ernst & Young Global Limited





INDEPENDENT AUDITOR’S REVIEW REPORT
To the Shareholders of Gentrack Group Limited
Conclusion
We have reviewed the consolidated interim financial statements of Gentrack Group Limited (“the
Company”) and its subsidiaries (together “the Group”) on pages 5 to 17 which comprise the
consolidated condensed statement of financial position as at 31 March 2022 and the consolidated
condensed statement of comprehensive income, consolidated condensed statement of changes in
equity and consolidated condensed statement of cash flows for the six months ended on that date,
and a summary of significant accounting policies and other explanatory information. Based on our
review, nothing has come to our attention that causes us to believe that the accompanying
consolidated interim financial statements on pages 5 to 17 of the Group do not present fairly, in all
material respects, the financial position of the Group as at 31 March 2022, and its financial
performance and its cash flows for the six months ended on that date, in accordance with New
Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting.
This report is made solely to the Company's shareholders, as a body. Our review has been
undertaken so that we might state to the Company's shareholders those matters we are required to
state to them in a review report and for no other purpose. To the fullest extent permitted by law, we
do not accept or assume responsibility to anyone other than the Company and the Company's
shareholders as a body, for our review procedures, for this report, or for the conclusion we have
formed.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the
Auditor’s Responsibilities for the Review of the Financial Statements section of our report. We are
independent of Group in accordance with the relevant ethical requirements in New Zealand relating
to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements.
Other than in our capacity as auditor we have no relationship with, or interest in, the Company or
any of its subsidiaries. Partners and employees of our firm may deal with the Group on normal
terms within the ordinary course of trading activities of the business of the Group.
Directors' Responsibility for the Consolidated Interim Financial Statements
The Directors are responsible, on behalf of the entity, for the preparation and fair presentation of
the consolidated interim financial statements in accordance with New Zealand Equivalent to
International Accounting Standard 34: Interim Financial Reporting and for such internal control as
the Directors determine is necessary to enable the preparation and fair presentation of the
consolidated interim financial statements that are free from material misstatement, whether due to
fraud or error.

A member firm of Ernst & Young Global Limited





Auditor’s Responsibilities for the Review of the Consolidated Interim Financial
Statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based
on our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our
attention that causes us to believe that the consolidated interim financial statements, taken as a
whole, are not prepared in all material respects, in accordance with New Zealand Equivalent to
International Accounting Standard 34: Interim Financial Reporting.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a
limited assurance engagement. We perform procedures, consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing (New Zealand) and
consequently do not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an audit opinion on
those consolidated interim financial statements.


Chartered Accountants
Auckland, New Zealand
23 May 2022

CORPORATE DIRECTORY
GENTRACK INTERIM FINANCIAL STATEMENTS / 20
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, Chairman
Nick Luckock
Fiona Oliver
Stewart Sherriff
Darc Rasmussen
Gary Miles
COMPANY SECRETARY
Kerry Nickels
AUDITOR
EY
EY Building, 2 Takutai Square, Britomart
Auckland 1010, New Zealand
Phone: +64 9 377 4790
LEGAL ADVISERS
BELL GULLY
BANKERS
BANK OF NEW ZEALAND
ASB BANK LIMITED
ANZ LIMITED
HSBC PLC
NORDEA BANK DENMARK A/S
TRUIST FINANCIAL
SHARE REGISTRAR
NEW ZEALAND
LINK MARKET SERVICES LIMITED
Level 30, PwC Tower, 15 Customs Street West, ,
Auckland 1010
PO Box 91 976, Auckland 1142
Phone: +64 9 375 5998
Facsimile: +64 9 375 5990
Email: enquiries@linkmarketservices.com
AUSTRALIA
LINK MARKET SERVICES LIMITED
Level 12, 680 George Street, Sydney, NSW 2000
Locked Bag A14, Sydney South, NSW 1235
Phone: +61 1300 554 474
Facsimile: +2 9287 0303
Email: enquiries@linkmarketservices.com

CORPORATE DIRECTORY
GENTRACK INTERIM FINANCIAL STATEMENTS / 21

---

© Gentrack 2021. All rights reserved.
Gentrack Group
FY22
Half Year Update
24 May 2022

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 2022. All rights reserved.
This document is the intellectual property of Gentrack.
Gentrack
FY22 1HResults
Gary Miles
Chief Executive Officer

4
Traffic to return to pre-pandemic levels by 2024.
Leisure travel at 2019 levels.
Expect increases in ARR volume licenses, change requests and system upgrades.
Veovo’s airports and passenger flow business
3
New European Airport
Breakthrough with
Italian rail
New NA ski resort
New customer
wins
2
Major projects
delivered
London Gatwick Airport
Sweden’s Swedavia
(10 airports)
Argentina AA2000
Customer upgrades
/expansion
Upgrades signed at Tier 1
Australian Airport, Tier 1 Asian
Airport, UK Airport
Additional win at Tier 1 US
Airport to support new terminal
4
Veovo
remains an
essential
service for
the airlines
industry.
There is pent up IT investment that Veovo is well positioned to capture.

Utilities Scorecard
Return to growth and winning
Build a high performance, highly engaged
organization
Develop the market leading, cloud native platform
Establish the capability to deliver successful
transformations
c

5
Return to
Growth and
Winning
new logos YTD
15% revenue growth
(25% net of 12 insolvencies)
Pipeline growing and
confident in guidance

PEOPLE
POWER
14%
Aligned to strategy
and purpose
Engagement up
YTD
Retention higher than
tech industry benchmark
14%

Transformation success
50 customers
15mmeter points, 6countries
15regulatory segments
Strong customer partnerships
Transformation
Leadership
100%

The leading cleantech solution for energy and
water service providers
Our next generation technology
COMING SOON...

The global opportunity is significant
We have a strong foundation to win
this market
Our focus is now onglobal
expansion
400M
Meter points

11
Financial headlines
Revenue growth driven by 15% increase
at Utilities:
›Excluding customers in SOLR, ARR up 14%
(+$3.9m) and NRR up 66% (+$4.9m)
›Current projects within NRR expected to
deliver a $7.3m ARR uplift p.a. spread
across FY22/FY23
Veovo revenue down 4% (-$0.3m). ARR
isup 8%($0.4m), but project revenue is 20%
lower ($0.7m)
EBITDA at $1.2m (down $5.8m) –reduction
driven by investment in strategic R&D and
Sales spend
Cash down 36% at $16.5m -includes
fundinghigher R&D and Sales spend and
the phasing of customer receipts on large
projects. Current (mid-May) cash at c. $20m

12.0%
$51.0M
$57.1M
HY21HY22
REVENUE

5.0%
$40.4M
$42.4M
HY21HY22
ARR

15.2%
$42.5M
$48.9M
HY21HY22
UTILITIES REVENUE

83.2%

36.4%
$7.0M
$1.2M
HY21HY22
EBITDA
$26.0M
$16.5M
FY21HY22
NET CASH

© Gentrack 2021. All rights reserved.
Financial Results
John Priggen
Chief Financial Officer
For the Half Year ending 31
March 2022

13
© Gentrack 2021. All rights reserved.
TopCustomer Reporting.xlsx
Group Profit and Loss
•Revenue up 12% vs H1’21:
oStrong growth at Utilities from both
new and existing customers;
oOffset by lower project rev enues at
V eovo.
•Costs up 27.1% vs H1’21:
oIncrease in our deliv ery capability
to support business growth;
oInvestment in strategic R&D and
Sales & Marketing.
•EBITDA down $5.8m to $1.2m: expected
impact of increasing inv estment.
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

14
© Gentrack 2021. All rights reserved.
Utilities Revenue Analysis
•Total revenue up 15.2% v H1’21.
•Rev enuefrom customers now lost v ia
SOLR/insolv ency was $4.6m (v $6.9m in
H1’21).
•Underlying rev enue (excl those UK
insolvencies) up 24.7% v H1’21; ARR grew
by 13.9%.
•We expect a further $1m of rev enue
from customers in SOLR in H2’22 as they
wind down.
•NRR up 66% to $12.2m. These projects
expected to conv ert toARR ofc.$7.3m
p.a. with the uplift spread across FY22 &
FY23.
Utilities Revenue H1’21 v H1’22
Revenue from customers now lost via SOLR/insolvency
shown separately
$42.5m
$48.9m
Total Revenue
Up 15.2% on H1’21
Annual
Recurring
Revenue (excl.
SOLR/insolvencies)
$32.1m
Up 13.9%on H1’21 -
72.4% of total utilities
revenue excl.
SOLR/insolvencies
Committed Monthly
Recurring Revenues
(CMRR)
Non-contracted
Recurring Revenues
(TRR)
Non-recurring
Revenues (NRR)
Revenue from customers lost via SOLR/insolvency
(includes formerly recurring and non-recurring
revenues from these customers)

15
© Gentrack 2021. All rights reserved.
Utilities -Breakdown of customers
H1’22 Revenue by Region
Client Concentration Top 10
by Revenue ($48.9m)
UK Market Segment H1’22 Revenue
($29.7m)
•Bulb, in special
administration
in UK, is a top 5
customer

16
© Gentrack 2021. All rights reserved.
•ARR up 8.1% driv en by new customers mov ing into operation.
•NRR reduction due to Cov id impact on the av iation industry.
Veovo Revenue Analysis
VeovoRevenue H1’21 VS HY1’22
VeovoRevenue by Geography H1’21 VS H1’22
Committed Monthly
Recurring Revenues
(CMRR)
Non-contracted
Recurring Revenues
(TRR)
Non-recurring
Revenues (NRR)
Total Revenue
Down –3.8% on H1’21
Annual
Recurring
Revenue
$5.9m
Up 8.1% on H1’21
72.0% of total
Veovorevenue
$8.5m
$8.2m
Europe
Americas
APAC
Rest of
the world

17
© Gentrack 2021. All rights reserved.
Expenditure Analysis
•As we set out at t he I nvest or Day last June and in our
earnings guidance in February, we have subst ant ially
increased invest ment in St rat egic R&D and Sales &
Market ing.
oPersonnel cost s include a $5m increase in our R&D
team and $0.9m in Sales v H1’21 levels.
oThis st ep up in headcount has required higher
recruit ment cost s.
•Direct cost s, principally host ing cost s are $0.7m higher v
H1’21. This supports growth in both ARR and NRR and
reflects our progress in moving our customers’ platforms to
t he cloud.
•Travel cost s have increased from t he art ificially low levels
of last year.
•Ot her cost s include est ablishing/support ing our I ndian
cent re of excellence; soft ware t o support new product s
and invest ment in our people such as L&D. I t also includes
one-off cost s re: t he planned reduct ion in our UK office
foot print .
Group Costs H1’21 v H1’22 (NZ$M)

18
© Gentrack 2021. All rights reserved.
Cashflow
•$9.4m reduct ion in cash during H1 driven by a $6.7m increase in working capit al (principally t rade receivables).Reflect s phasing of large
project s wit h key milest ones t owards t he end of H1'22 and where payment was received in April/early May.
•We expect our cash posit ion t o improve in t he second half of t he year.
EBITDA to Net Cashflow H1’22 ($m)
30
Sept ember
2021
31
March
2022
Cash$26.0m$16.5m
Debt *NilNil
Net Cash$26.0m$16.5m
* Group ret ains a $25m credit facilit y current ly undrawn

19
© Gentrack 2021. All rights reserved.
External Metrics –from Investor Day
NZ$MFY21
Investor
Day
FY21
Actuals
FY24 *
Target
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)
•As set out at t he I nvest or Day we had
expect ed FY 22 Ut ilities revenue t o be
impact ed by cust omer losses of c. $10m of
ARR vs FY 21.
•However, we saw furt her UK cust omer
insolvencies and so t he proport ion of FY 21
revenue from such cust omers was $13.4m.
•For FY 22, and as ant icipat ed in our earnings
guidance in February, we expect revenue of
c.$5.6m (most ly ARR) from t hose cust omers as
t hey wind down.
•I n addit ion, uncert aint y remains over t he
posit ion of Bulb. I t remains an ongoing
cust omer but is current ly in a UK Government
led sales process.
•Our FY 24 t argets remain in place –we expect
st rong revenue growt h in FY 22 balanced
against uncert aint ies in ot her areas.

20
© Gentrack 2021. All rights reserved.
Outlook update
On 24th February 2021 Gentrack Group Limited (NZX/ASX: GTK) (“Gentrack”) advised that revenues
for FY22 are forecast to be around $115m (vs FY21 revenues of $105.7m) and that FY22 EBITDA is
expected to be in low single-digits ($’m).
Today Gentrack confirmed that there is no change to this guidance.
Gentrack also confirms there is no change to the FY24 targets provided on 16th June 2021.

21
© Gentrack 2021. All rights reserved.
Q & A

22
© Gentrack 2021. All rights reserved.
GAAP to Non-GAAP Profit Reconciliation
NZ$m
6 Months
31 Mar 21
Unaudited
6 Months
31 Mar 22
Unaudited
Reported net (loss)/profit for the period (GAAP)
(1.1)(5.8)
Add:Net finance Expense
1.31.4
Add:Income Tax expense
1.40.2
Add: Depreciation and amortisation
5.45.4
EBITDA
7.01.2

23
© Gentrack 2021. All rights reserved.
H1’ 22 on a Constant Currency Basis
NZ$mH1’21H1’22
HY’22
Constant
Currency
Difference
(vs H1’21)
Revenue
51.057.156.65.611.0%
Operating Costs
44.055.955.311.325.7%
EBITDA
7.01.21.3(5.7)(81.4%)
Statutory NPAT
(1.1)(5.8)(5.7)(4.6)N/A
%