Annual Results for the Year Ended 30 September 2022

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




Results for announcement to the market
Name of issuer Gentrack Group Limited
Reporting Period 12 months to 30 September 2022
Previous Reporting Period 12 months to 30 September 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations

$126,299 19.5%
Total Revenue $126,299 19.5%
Net profit/(loss) from
continuing operations

$(3,320) N/A
Total net profit/(loss) $(3,320) 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

$0.228 $0.182
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
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
29/11/2022

Audited 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



29 November 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 full-year to 30 September
2022.
Results Summary
• Revenue: $126.3m – up 19.5% on FY21
• EBITDA $8.1m – down $4.6m in line with guidance & tech investment
• Statutory NPAT: ($3.3m) loss v $3.2m profit in FY21
• Cash: $27.4m – up $1.4m over FY21
• G2 Launched: our technology stack modernised as cloud native
• No Dividend payable
The fiscal year 2022 has been a successful year for Gentrack with progress on a
number of fronts. Across both Utilities and Airports (Veovo), we won several new
customers and are successfully expanding into larger customers in line with our
strategy. Finally, our peoples’ pride and engagement is strong and continues to
improve – helping us to deliver great results across our customer programs.
Financial performance
Strong revenue results were driven by a 21.6% increase in the Utilities business to
$108.2m. This impressive growth was achieved against the backdrop of UK
insolvencies at the start of the year in the B2C energy market. Our underlying
growth, excluding those insolvencies was 24.3%. Veovo’s annual recurring revenue
continued to grow up 9.2% over FY21, underpinning total Veovo revenue growth
of 7.9% to $18.1m.
EBITDA performance was $8.1m, $4.6m lower than FY21 after funding our planned
increase in strategic R&D spend alongside growing our Sales & Marketing base and
investment in our people capability.
Our cash position improved against the backdrop of business growth, which
allowed us to both invest in our products and our people and generate cash in the

Gentrack Group Ltd | ARBN 169 195 751

year. Net cash at $27.4m on 30 September 2022 was $1.4m higher than the prior
year.
In light of the NPAT loss, the Board has decided not to pay a Dividend.
Business growth
FY22 has reinforced Gentrack’s increasing win rate and innovation with existing
customers. We secured 6 new logos in our Utilities business including Mercury,
now New Zealand’s largest energy supplier, who chose to integrate their newly
acquired Trustpower business onto the Gentrack platform to grow their multi-
segment business and achieve market leading operational metrics. We see growth
opportunities in Australia, New Zealand and the UK across both the water and
energy sectors.
Looking forward, we plan to expand beyond these core geographies and have
launched our 50 in 15 Program; the first big step towards our global leadership by
striving to service 50 million meter points in 15 countries. During the year we
secured a major new customer in Singapore which is an example of the progress
we are making in growing our pipeline in the wider APAC region. Alongside Asia,
we will focus on expanding out into EMEA from our UK base.
Our Veovo business has consistently grown its recurring revenue across the aviation
downturn. In the period we won AVINOR’s (Norway) nationwide Prediction and
Forecasting platform as well as expanding our scope with Tier one airports in US,
Europe, Hong Kong and Australia. This reinforces our success in selling to, and
servicing, the larger airports and airport groups which are our key growth target.
Our technology and delivery capabilities
In September 2022, we launched our new composable, cloud based, technology
stack, G2. This is a key milestone for our Utilities business and brings together three
technology leaders; Gentrack, Salesforce and AWS, to create a modern next
generation platform. This will allow our existing customers the opportunity to
benefit from greater flexibility and innovation and positions us well to win and
service new Tier one & Tier two operators.
At Veovo, our investments during the pandemic in ‘Airport 4.0’ technology brings
cloud based, AI powered forecasting and intelligent automation. These
investments are showing positive signs in both new customer pipeline and upsells
at existing customers.

Gentrack Group Ltd | ARBN 169 195 751

Supplementing great software with capable service delivery is key to success. We
have continued to demonstrate our capability as a Transformation Powerhouse
which provides us with a strong competitive edge. For example, the consolidation
of nPower’s and E.ON’s I&C business onto our platform during the year was one of
the largest business transformations in the industry. We have successful
transformation programs underway in all of our core markets helping our customers
modernise their technology and work in a much more agile and automated manner.
Similarly, at Veovo we have moved all of our passenger predictability customers to
the cloud.
Market dynamics
Both water and energy are essential services which should be less impacted in the
event of a global economic downturn. Meanwhile, sustainability targets for energy
and water are still in effect and are driving an increasingly accelerating trend of IT
and business transformations in the sector which will benefit Gentrack.
The UK government has taken corrective action to stabilise the UK B2C energy
market. We have not seen any further customer insolvencies since December 2021,
and we expect this market stabilisation will continue. Bulb, which was placed into
special administration in December, remains a customer, although the government
run process to sell this business looks closer to completion. We have supported the
administrators of Bulb throughout the year including adding additional services
from our Managed Services offering.
The aviation sector is now seeing passenger numbers and travel demand returning.
We see signs that this recovery will result in new business as airports seek to invest
in ways to improve efficiency and service and catch up with pent up IT demand for
modernisation.
Inflation is of course an issue for all businesses. We retain a strong focus on cost
control, underpinned by well-constructed contracts that allow us to reflect inflation
impacts in our pricing.
We are pleased with the progress made in the year, on sales, on delivering
customer transformations, on building our people capability and modernising our
technology. The water, energy and airports industries are in need of transformation
and Gentrack is well positioned to capture the global market opportunity.
We’d like to thank all our customers and shareholders for their continuing support
of Gentrack this year. We’d also like to recognise the tremendous achievements of
the whole Gentrack Team in driving the renewal of the business this year. We look

Gentrack Group Ltd | ARBN 169 195 751

forward to creating even more value for our shareholders as we support our
customers in the transformation of their businesses.
Updated Guidance
We now expect to achieve our previous FY24 revenue target of $130m in FY23.
FY24 revenue guidance is updated to $150m.

For FY23 we expect growth in our utilities business to be in the high single digits
over FY22’s outturn of $108m. As a result total group revenue including Veovo is
expected to be in excess of $130m.

From FY25 we expect the full impact of UK customer insolvencies to be behind us.
The underlying growth in our core markets and the global opportunity means we
are targeting utilities revenue CAGR to be in the high teens (percentage) from
2025 onwards. With our planned investment in global expansion, we are now
targeting our utilities EBITDA to reach 12-17% in FY24 and then 15-20% from
FY25.

We are targeting Veovo, our airports business, to grow by 15% CAGR over the
next five years. We expect EBITDA to be within 15- 20% range

---

Gentrack Group Limited
Financial
Statements
For the year ended 30 September 2022

GENTRACK FINANCIAL STATEMENTS / 2
Contents
3 Management Commentary
5 Auditor’s Report
9 Directors’ Responsibility Statement
10 Financial Statements
11 Statement of Comprehensive Income
12 Statement of Financial Position
13 Statement of Changes in Equity
14 Statement of Cash Flows
15 Notes to the Financial Statements
43 Corporate Directory

Chairman and CEO’s Commentary
GENTRACK FINANCIAL STATEMENTS / 3
The fiscal year 2022 has been a successful year
for Gentrack with progress on a number of
fronts. Across both Utilities and Airports
(Veovo), we won several new customers and are
successfully expanding into larger customers in
line with our strategy. Finally, our peoples’ pride
and engagement is strong and continues to
improve – helping us to deliver great results
across our customer programs.
Financial performance
Strong revenue results were driven by a 21.6%
increase in the Utilities business to $108.2m. This
impressive growth was achieved against the
backdrop of UK insolvencies at the start of the
year in the B2C energy market. Our underlying
growth, excluding those insolvencies was 24.3%.
Veovo’s annual recurring revenue continued to
grow up 9.2% over FY21, underpinning total
Veovo revenue growth of 7.9% to $18.1m.
EBITDA performance was$8.1m, $4.6m lower
than FY21 after funding our planned increase in
strategic R&D spend alongside growing our
Sales & Marketing base and investment in our
people capability.
Our cash position improved against the
backdrop of business growth, which allowed us
to both invest in our products and our people
and generate cash in the year. Net cash at
$27.4m on 30 September 2022 was $1.4m
higher than the prior year.
In light of the NPAT loss, the Board has decided
not to pay a Dividend.
Business growth
FY22 has reinforced Gentrack’s increasing win
rate and innovation with existing customers. We
secured 6 new logos in our Utilities business
including Mercury, now New Zealand’s largest
energy supplier, who chose to integrate their
newly acquired Trustpower business onto the
Gentrack platform to grow their multi-segment
business and achieve market leading
operational metrics. We see growth
opportunities in Australia, New Zealand and the
UK across both the water and energy sectors.
Looking forward, we plan to expand beyond
these core geographies and have launched our
50 in 15 Program; the first big step towards our
global leadership by striving to service 50 million
meter points in 15 countries. During the year we
secured a major new customer in Singapore
which is an example of the progress we are
making in growing our pipeline in the wider
APAC region. Alongside Asia, we will focus on
expanding out into EMEA from our UK base.
Our Veovo business has consistently grown its
recurring revenue across the aviation downturn.
In the period we won AVINOR’s (Norway)
nationwide Prediction and Forecasting platform
as well as expanding our scope with Tier one
airports in US, Europe, Hong Kong and Australia.
This reinforces our success in selling to, and
servicing, the larger airports and airport groups
which are our key growth target.
Our technology and delivery capabilities
In September 2022, we launched our new
composable, cloud based, technology stack, G2.
This is a key milestone for our Utilities business
and brings together three technology leaders;
Gentrack, Salesforce and AWS, to create a
modern next generation platform. This will allow
our existing customers the opportunity to benefit
from greater flexibility and innovation and
positions us well to win and service new Tier one
& Tier two operators.
At Veovo, our investments during the pandemic
in ‘Airport 4.0’ technology brings cloud based,
AI powered forecasting and intelligent
automation. These investments are showing
positive signs in both new customer pipeline and
upsells at existing customers.
Revenue: $126.3m – up 19.5% on FY21
EBITDA $8.1m – down $4.6m in line with guidance & tech investment
Statutory NPAT: ($3.3m) loss v $3.2m profit in FY21
Cash: $27.4m – up $1.4m over FY21
G2 Launched: our technology stack modernised as cloud native
No Dividend payable

Chairman and CEO’s Commentary
GENTRACK FINANCIAL STATEMENTS / 4
Supplementing great software with capable
service delivery is key to success. We have
continued to demonstrate our capability as a
Transformation Powerhouse which provides us
with a strong competitive edge. For example,
the consolidation of nPower’s and E.ON’s I&C
business onto our platform during the year was
one of the largest business transformations in
the industry. We have successful transformation
programs underway in all of our core markets
helping our customers modernise their
technology and work in a much more agile and
automated manner. Similarly, at Veovo we have
moved all of our passenger predictability
customers to the cloud.
Market dynamics
Both water and energy are essential services
which should be less impacted in the event of a
global economic downturn. Meanwhile,
sustainability targets for energy and water are
still in effect and are driving an increasingly
accelerating trend of IT and business
transformations in the sector which will benefit
Gentrack.
The UK government has taken corrective action
to stabilise the UK B2C energy market. We have
not seen any further customer insolvencies since
December 2021, and we expect this market
stabilisation will continue. Bulb, which was
placed into special administration in December,
remains a customer, although the government
run process to sell this business looks closer to
completion. We have supported the
administrators of Bulb throughout the year
including adding additional services from our
Managed Services offering.
The aviation sector is now seeing passenger
numbers and travel demand returning. We see
signs that this recovery will result in new
business as airports seek to invest in ways to
improve efficiency and service and catch up with
pent up IT demand for modernisation.
Inflation is of course an issue for all businesses.
We retain a strong focus on cost control,
underpinned by well-constructed contracts that
allow us to reflect inflation impacts in our pricing.
We are pleased with the progress made in the
year, on sales, on delivering customer
transformations, on building our people
capability and modernising our technology. The
water, energy and airports industries are in need
of transformation and Gentrack is well
positioned to capture the global market
opportunity.
We’d like to thank all our customers and
shareholders for their continuing support of
Gentrack this year. We’d also like to recognise
the tremendous achievements of the whole
Gentrack Team in driving the renewal of the
business this year. We look forward to creating
even more value for our shareholders as we
support our customers in the transformation of
their businesses.
Andy Green, CBEGary Miles
ChairmanCEO

A member firm of Ernst & Young Global Limited
Independent Auditor’s Report

To the shareholders of Gentrack Group Limited

Opinion
We have audited the financial statements of Gentrack Group Limited and its subsidiaries (together
“the Group”) on pages 11 to 42, which comprise the consolidated statement of financial position of
the Group as at 30 September 2022, and the consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the year
then ended of the Group, and the notes to the consolidated financial statements including a summary
of significant accounting policies.
In our opinion, the consolidated financial statements on pages 11 to 42 present fairly, in all material
respects, the consolidated financial position of the Group as at 30 September 2022 and its
consolidated financial performance and cash flows for the year then ended in accordance with New
Zealand Equivalents to International Financial Reporting Standards and International Financial
Reporting Standards.
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken
so that we might state to the Company’s shareholders those matters we are required to state to them
in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company and the Company’s shareholders,
as a body, for our audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the
audit of the financial statements section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled
our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
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.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the consolidated financial statements of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our

A member firm of Ernst & Young Global Limited
opinion thereon, but we do not provide a separate opinion on these matters. For each matter below,
our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the
financial statements section of the audit report, including in relation to these matters. Accordingly,
our audit included the performance of procedures designed to respond to our assessment of the risks
of material misstatement of the financial statements. The results of our audit procedures, including
the procedures performed to address the matters below, provide the basis for our audit opinion on the
accompanying consolidated financial statements.
Revenue recognition – software implementation
Why significant How our audit addressed the key audit matter
The Group has reported revenues of $126 million.
The accounting for the portion of revenue related
to software implementation projects of $22
million, which is part of the licences and project
services revenue, requires consideration of the
inherent complexities of software implementation
projects and using estimation. As a result we
consider this a key audit matter.
Revenue from implementation projects is
recognised based on the stage of completion using
either the proportion of actual hours at the
reporting date compared to management
estimates for total forecast hours or with
reference to milestones.
Accurate recording of this revenue is highly
dependent on:
► Detailed knowledge of individual
characteristics of a contract, including its
unique terms, knowledge of the software
and expected length of time to complete
contractual milestones;
► Ongoing adjustments to estimated hours to
complete implementation taking into
consideration changes in scope, estimated
timing and project delays; and
► Changes to total project revenue for
contract variation or additional billing for
changes in scope or additional hours
incurred.
Disclosures in relation to the Group’s revenue are
included in note 3.2 to the consolidated financial
statements.

In obtaining sufficient appropriate audit evidence, we:
► selected a sample of implementation projects
focusing on projects that were in progress at
balance date. For the projects selected, where
relevant, we:
► assessed whether revenue recognised was
consistent with contractual terms and
accounting standard requirements, including
any allocations of contract revenue between
initial license fee, design and implementation,
and maintenance phases of the contracts;
► obtained the project status reports as at 30
September 2022 and considered whether the
project manager had performed a review to
ensure the forecast hours to complete reflect
current expectations;
► recalculated revenue to date based on actual
hours incurred as a percentage of total
forecast hours to ensure revenue was
recognised in line with the project manager’s
estimate; and
► assessed the forecast hours to complete and
project status through discussion with project
managers and senior management, and
challenged significant changes in total
forecast hours post year end to understand if
these should have been reflected in the
forecast as of the year end.
► assessed appropriateness of the deferred revenue
balance at year end by reference to the percentage
of completion of implementation projects; and
► considered the adequacy of the associated
disclosures in the financial statements.

A member firm of Ernst & Young Global Limited
Goodwill and Brand intangible assets’ impairment assessment
Why significant How our audit addressed the key audit matter
The Group’s statement of financial position includes $111
million of goodwill and brand assets at 30 September
2022, which make up 52% of the Group’s total assets.
NZ IAS 36 Impairment of Assets requires goodwill and
intangible assets with indefinite useful lives to be tested
for impairment annually irrespective of whether there are
any indicators of impairment. This assessment requires
judgement including consideration of both internal and
external sources of information.
Goodwill and brands are allocated to two cash generating
units (CGUs), being Utilities and Veovo.
In considering whether goodwill and brands were
impaired, the Group estimated the recoverable amount of
each CGU using a discounted cash flow model and key
assumptions as disclosed in note 5.3 of the financial
statements.

In obtaining sufficient appropriate audit evidence,
we:
assessed the Group’s determination of CGUs
based on our understanding of the nature of
the Group’s business units

► engaged our valuation specialists to assess the
conclusions of the Group in relation to
impairment. In doing so they:

 identified a set of comparable companies
and determined the EBITDA and Revenue
multiples relevant to their next financial
year; and

 considered the range of publicly available
EBITDA and Revenue multiples to the
multiple level which would result in a
different impairment conclusion for each
of the Group’s CGUs

► considered the Group’s next year revenue and
EBITDA forecasts and challenged whether
these and the assumptions used in assessing
them fell within reasonable ranges

► considered the accuracy of previous Group
forecasts for the next financial period to inform
our evaluation of forecasts included in the
impairment models

► performed sensitivity analysis in relation to the
next year forecast revenue and EBITDA to
consider the potential impact of changes in
these assumptions; and

► evaluated the adequacy of the related financial
statement disclosures.

Information other than the financial statements and auditor’s report
The directors of the Company are responsible for the annual report, which includes information other
than the consolidated financial statements and auditor’s report which is expected to be made available
to us after the date of this auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
►

A member firm of Ernst & Young Global Limited
In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or our knowledge obtained during the audit, or otherwise
appears to be materially misstated.
When we read the annual report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and, if uncorrected, to take
appropriate action to bring the matter to the attention of users for whom our auditor’s report was
prepared.
Directors’ responsibilities for the financial statements
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the
consolidated financial statements in accordance with New Zealand Equivalents to International
Financial Reporting Standards and International Financial Reporting Standards, and for such internal
control as the directors determine is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on
behalf of the entity the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the directors
either intend to liquidate the Group or cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with International Standards on Auditing
(New Zealand) will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these consolidated
financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is
located at the External Reporting Board’s website: https://www.xrb.govt.nz/standards-for-assurance-
practitioners/auditors-responsibilities/audit-report-1/. This description forms part of our auditor’s
report.
The engagement partner on the audit resulting in this independent auditor’s report is Grant Taylor.




Chartered Accountants
Wellington
28 November 2022

DIRECTORS RESPONSIBILITY STATEMENT
GENTRACK FINANCIAL STATEMENTS / 9
The Directors are required to prepare financial statements for each financial year that present fairly the financial
position of Gentrack Group and its operations and cash flows for that period.
The Directors consider these financial statements have been prepared using accounting policies suitable to Gentrack
Group’s circumstances, which have been consistently applied and supported by reasonable judgements and
estimates, and that all relevant financial reporting and accounting standards have been followed.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy, at any
time, the financial position of Gentrack Group and to enable them to ensure that the financial statements comply with
the Companies Act 1993. They are also responsible for safeguarding the assets of Gentrack Group and hence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Board of Directors of Gentrack Group authorised these financial statements for issue on 28 November 2022.
For and on behalf of the Board of Directors:
Andy GreenFiona Oliver
Chairman
Date: 28 November 2022
Director
Date: 28 November 2022

GENTRACK FINANCIAL STATEMENTS / 10
Financial
Statements
30 September
2022

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 11
20222021
SECTIONNZ$000NZ$000
Revenue
3.1,3.2
126,299105,723
Expenditure
3.4
(118,185)(92,996)
Profit before depreciation, amortisation, financing, foreign
exchange gain or loss and tax
8,11412,727
Depreciation and amortisation
3.5
(10,693)(10,864)
(Loss)/Profit before financing, foreign exchange gain or loss and
tax
(2,579)1,863
Net finance (expense)/income and foreign exchange gain or loss
3.6
(878)3,701
(Loss)/Profit before tax(3,457)5,564
Income tax benefit/(expense)
7.1
137(2,375)
(Loss)/Profit attributable to the shareholders of the company(3,320)3,189
OTHER COMPREHENSIVE INCOME
Other comprehensive income that may be reclassified to profit or loss
in subsequent periods (net of tax):
Excess income tax benefit on share-based payments(147)91
Translation of international subsidiaries(881)(4,992)
Total comprehensive loss for the period(4,348)(1,712)
EARNINGS PER SHARE / (LOSS) ATTRIBUTABLE TO THE
SHAREHOLDERS OF THE COMPANY
(EXPRESSED IN DOLLARS PER SHARE)
Basic earnings per share
6.4
($0.03)$0.03
Diluted earnings per share
6.4
($0.03)$0.03
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES ISSUED
Basic
6.4
99,84098,761
Diluted
6.4
102,404102,637
The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 12
20222021
SECTION
NZ$000NZ$000
CURRENT ASSETS
Cash and cash equivalents
4.3
27,38725,957
Trade and other receivables
5.1
29,48521,746
Income tax receivable2,74468
Inventory
5.8
395362
Total current assets60,01148,133
NON-CURRENT ASSETS
Property, plant and equipment
5.5
2,2052,683
Lease assets
9.1
8,5608,162
Goodwill
5.2
106,240106,766
Intangibles
5.4
30,79737,698
Deferred tax assets
7.2
5,4785,391
Total non-current assets153,280160,700
Total assets213,291208,833
CURRENT LIABILITIES
Trade payables and accruals
5.6
6,8434,513
Lease liabilities
9.1
1,6751,376
Contract liabilities12,59212,695
GST payable2,6741,931
Employee entitlements
5.7
14,7319,535
Income tax payable-1,322
Total current liabilities38,51531,372
NON-CURRENT LIABILITIES
Lease liabilities
9.1
11,40711,176
Employee entitlements
5.7
562539
Deferred tax liabilities
7.2
2,8993,305
Total non-current liabilities14,86815,020
Total liabilities53,38446,392
Net assets159,908162,441
EQUITY
Share capital
6.1
194,009191,699
Share based payment reserve2,8773,888
Foreign currency translation reserve9091,790
Retained earnings(37,887)(34,936)
Total equity159,908162,441
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 28 November 2022.
Andy GreenFiona Oliver
ChairDirector
Date: 28 November 2022Date: 28 November 2022

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 13
2022
NZ$ 000
SECTION
Balance as at 1 October191,6993,888(34,936)1,790162,441
--(3,320)-(3,320)
Other comprehensive (loss)/income--(147)(881)(1,028)
--(3,467)(881)(4,348)
TRANSACTION WITH OWNERS
Issue of share capital6.1, 6.22,310(2,310)-
Accelerated vesting(516)516-
Share-based payments6.21,815--1,815
Balance at 30 September194,0092,877(37,887)909159,908
Loss attributable to the
shareholders of the company
Total comprehensive
income/(loss) for the period, net
of tax
SHARE
CAPITAL
SHARE
BASED
PAYMENT
RETA INED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
2021
NZ$ 000
SECTION
Balance as at 1 October191,229699(38,216)6,782160,494
--3,189-3,189
Other comprehensive income/(loss)--91(4,992)(4,901)
--3,280(4,992)(1,712)
TRANSACTION WITH OWNERS
Issue of share capital
6.3
470(413)--57
Share-based payments
6.2
3,602--3,602
Balance at 30 September191,6993,888(34,936)1,790162,441
Profit attributable to the
shareholders of the company
Total comprehensive income for
the period, net of tax
SHARE
CAPITAL
SHARE
BASED
PAYMENT
RETA INED
EARNINGS
TRANSLATION
RESERVE
TOTAL
EQUITY
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 2022
GENTRACK FINANCIAL STATEMENTS / 14
20222021
SECT ION
NZ$000NZ$000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers118,647103,251
Payments to suppliers and employees(108,557)(85,957)
Income tax paid(4,126)(3,535)
Net cash inflow from operating activities5,96413,759
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment5.5(986)(663)
Proceeds from sale of property, plant and equipment37-
Net cash outflow from investing activities(949)(663)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for lease liabilities(2,503)(2,678)
Lease liability finance charge*9.1(732)(814)
Repayment of borrowings-(2,564)
Interest paid(614)(176)
Net cash outflow from financing activities(3,849)(6,232)
Net increase in cash held1,1666,864
Foreign currency translation adjustment264(228)
Cash at beginning of the financial period25,95719,321
Closing cash and cash equivalents27,38725,957
* The lease liability finance charge has been reclassified from operating to financing activities.
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 2022
GENTRACK FINANCIAL STATEMENTS / 15
GENERAL INFORMATIONACCOUNTING POLICESCRITICAL 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 2022
GENTRACK FINANCIAL STATEMENTS / 16
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 (the parent) and its subsidiaries (Gentrack Group)
for the year ended 30 September 2022. Prior year comparatives are for the year ended 30 September 2021.
The financial statements of Gentrack Group for the year ended 30 September 2022 were authorised for issue in
accordance with a resolution of the directors on 28 November 2022.
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.

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 17
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 a 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 Markets Conduct
Act 2013.
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 2022
GENTRACK FINANCIAL STATEMENTS / 18
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 2022 or 2021. 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:
ENTITYPRINCIPAL ACTIVITY
COUNTRY OF
INCORPORATION
SHAREHOLDING
2022
SHAREHOLDING
2021
Gentrack Group Australia Pty Limited Holding companyAustralia100%100%
Gentrack Pty LimitedSoftware sales and support Australia100%100%
Veovo Holdings (Denmark) ApSHolding companyDenmark100%100%
Veovo A/S (formally Blip Systems
A/S)
Software development sales
and support
Denmark100%100%
CA Plus Limited
Software development sales
and support
Malta100%100%
Veovo Group LimitedHolding companyNew Zealand100%100%
Gentrack Limited
Software development sales
and support
New Zealand100%100%
Gentrack Holdings (UK) LimitedHolding companyUnited Kingdom100%100%
Gentrack UK Limited
Software development sales
and support
United Kingdom100%100%
Junifer Systems LimitedDormantUnited Kingdom100%100%
Evolve Parent LimitedHolding companyUnited Kingdom100%100%
Evolve Analytics LimitedDormantUnited Kingdom100%100%
Gentrack Private Software Limited
Software development and
support
India100%100%
Gentrack (Singapore) Pte LimitedSoftware sales and support Singapore100%100%
Veovo IncSoftware sales and support USA100%100%
Veovo NZ LimitedSoftware sales and support New Zealand100%100%
Veovo UK LimitedSoftware sales and support United Kingdom100%100%
Veovo IP LimitedSoftware developmentNew Zealand100%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 a material impact on its financial statements.
There were no other new effective standards adopted on 1 October 2021 that had a material impact on the financial
statements.

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 19
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.
2022UTILITYAIRPORTTOTAL
NZ$000NZ$000NZ$000
TIMING OF REVENUE RECOGNITION
Point in time23,0071,90424,911
Over time85,20316,185101,388
Total revenue108,21018,089126,299
Expenditure(102,294)(15,891)(118,185)
Segment contribution (1)5,9162,1988,114
2021UTILITYAIRPORTTOTAL
NZ$000NZ$000NZ$000
TIMING OF REVENUE RECOGNITION
Point in time10,9731,63612,609
Over time77,98215,13293,114
Total revenue88,95516,768105,723
Expenditure(79,604)(13,392)(92,996)
Segment contribution (1)9,3513,37612,727
(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 2022
GENTRACK FINANCIAL STATEMENTS / 20
3.1 OPERATING SEGMENTS (CONTINUED)
A reconciliation of segment contribution to profit attributable to the shareholders of the company is as follows:
20222021
NZ$000NZ$000
Segment contribution (1)8,11412,727
Depreciation and amortisation(10,693)(10,864)
Net finance income/(expense)(878)3,701
Income tax (expense)/benefit137(2,375)
Profit/(Loss) attributable to the shareholders of the company(3,320)3,189
20222021
NZ$000NZ$000
REVENUE BY DOMICILE OF ENTITY
Australia32,46325,359
New Zealand13,30013,467
United Kingdom72,09360,302
Rest of World8,4436,595
Total revenue126,299105,723
REVENUE BY DOMICILE OF CUSTOMER
Australia35,31227,509
New Zealand8,1158,696
United Kingdom71,61257,382
Rest of World11,26112,136
Total revenue126,299105,723
In 2022, Gentrack Group generated $20.9m from a single utility customer domiciled in the United Kingdom (2021: 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 2022
GENTRACK FINANCIAL STATEMENTS / 21
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 obligation. The following sections detail the type of revenue recognised
within each category.
Revenue recognition involves certain revenue streams being recognised based on the stage of completion.
This process uses estimations of time required to complete the project and is based on detailed information
on hours worked to date, prior experience, and project scheduling tools. Gentrack Group employs project
managers to provide regular information to management on the progress of all projects. All estimates are reviewed
by management prior to revenue recognition.
Contract assets are initially recognised for revenue earned from services in progress and are reclassified to trade
receivables on stage of completion. Contract assets are subject to impairment assessments.
Contract liabilities are recognised if a payment is received, or a payment is due (whichever is earlier) from a customer
before the Group transfers the related goods or services. Contract liabilities are recognised as revenue when the
Group performs under the contract.
Contract assets and contract liabilities typically are recognised as trade receivables and revenue (respectively) within
a 12-month period.
ANNUAL FEES
Annual fees include software support and maintenance charged on software licenses and software subscriptions.
Revenue from annual fees is generally recognised over the period 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.
MANAGED SERVICES
Managed Services includes revenues where Gentrack uses its own software and expertise, on behalf of customers, to
deliver either improvements in the energy reconciliation process or supporting customers with billing and
operational back-office processes. Revenue is recognised when the service is complete or over the period that the
benefits are consumed by the customer.
OTHER
Other revenue is primarily revenue from hardware and the recharge of ad-hoc costs that are recharged to customers.
Revenue from hardware sales is recognised when the hardware has been delivered to the customer.

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 22
3.2 OPERATING REVENUE (CONTINUED)
20222021
SECTION
NZ$000NZ$000
O P ERA TING REV ENUE:
Annual fees54,13155,376
Support services21,01620,977
Project services26,98518,727
Licenses2,1172,758
Managed sevices20,1455,512
Other1,9051,670
Total operating revenue126,299105,020
OTHER INCOME:
Government grants3.3-703
Total revenue126,299105,723
Managed Services has been reclassified from Other due to its significant value. Of the amounts disclosed as
Managed Services for FY21, $3.1m was previously disclosed in Other and $2.4m was previously disclosed in Annual
fees.
3.3 OTHER INCOME
GOVERNMENTGRANTS
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.
Up until 31 March 2021, the government grant from Callaghan Innovation in New Zealand provided a percentage
return for eligible Research and Development conducted by Gentrack Group. Effective from 1 April 2021 the
Callaghan Grant was 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 Callaghan Innovation grant
was recognised as revenue and RDTI is recognised as a tax credit.
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 are
filed.
3.4. EXPENDITURE
The table below provides a detailed breakdown of the total expenditure presented in the statement of
comprehensive income.
20222021
NZ$000NZ$000
P RO FIT / (L O S S ) B EFO RE TA X INCL UDES THE FO L L O WING S P ECIFIC EX P ENS ES :
Employee entitlements86,59770,296
Administrative costs5,7853,862
Third party customer-related costs7,0555,438
Advertising and marketing1,8501,191
Consulting and subcontracting12,5309,353
Other operating expenses4,3682,856
Total expenditure118,18592,996

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 23
3.4. EXPENDITURE (CONTINUED)
Included in the total expenditure above, Gentrack Group has expensed $20.4m in Research and Development
expenditure (2021: $12.7m). 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.
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.
20222021
NZ$000NZ$000
Depreciation4,0643,084
Amortisation6,6297,780
Total depreciation and amortisation10,69310,864
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.
20222021
SECTIONNZ$000NZ$000
FINANCE INCOME
Interest income3726
3726
FINANCE EXPENSE
Interest expense(651)(203)
Lease liability finance charges
9.1
(732)(814)
Foreign exchange gains4684,692
(915)3,675
Net finance income/(expense)(878)3,701
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.

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 24
4.1 RECONCILIATION OF NET SURPLUS TO CASH FLOWS
20222021
SECTION
NZ$000NZ$000
RECONCILIATION OF OPERATING CASH FLOWS WITH NET PROFIT/(LOSS) AFTER TAX:
Profit/(Loss) after tax(3,320)3,189
ADJUSTMENTS FOR NON-CASH ITEMS
Deferred tax
7.2
(302)(2,590)
Impairment provision - Trade receivables384
Gain on foreign exchange transactions(468)(4,692)
Share based payments1,8153,566
Interest expense
3.6
651202
Interest income
3.6
(37)(26)
Lease liability finance charges*
3.6
732814
Depreciation and amortisation
3.5
10,69310,864
Non-cash items9,80211,331
ADD/(DEDUCT) MOVEMENTS IN OTHER WORKING CAPITAL ITEMS:
(Increase)/Decrease in trade and other receivables(7,160)(3,167)
Increase/(Decrease) in tax payable(3,962)1,430
(Decrease)/Increase in GST payable746(1,284)
Increase in contract liabilities(715)413
Increase in employee entitlements4,9864,177
Increase/(Decrease) in trade payables and accruals2,267859
Net working capital movements(3,838)2,428
Net cash inflow from operating activities5,96413,759
*As a result of the change in classification of the lease liability finance charges to operating activity in the Statement of
Cashflows, it forms part of the above reconciliation.
4.2 BANK FACILITIES AND BORROWINGS
On 17 December 2021, Gentrack Group entered into a facility loan agreement with Bank of New Zealand (BNZ)
replacing the ASB finance facility which expired in March 2022. The BNZ agreement is for a NZ$25 million
multicurrency 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 30 September 2022 $Nil (2021: $Nil) of the facility has been drawn down.
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.
20222021
NZ$000NZ$000
Bank balances27,38725,957
Total cash and cash equivalents27,38725,957

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 25
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 and contract assets consists of the expected credit loss in accordance with NZ IFRS 9
and a specific provision.
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair
value through profit or loss. ECLs are based on the difference between the contractual cash flows due in
accordance with the contract and all the cash flows that the Group expects to receive.
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the
Group does not track changes in credit risk, but instead recognises a loss allowance based on trade receivables and
contract assets net of specific provisions applying lifetime ECLs at each reporting date. The Group has established a
provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to
the debtors and the economic environment.
A specific provision is established when there is forward looking 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 profit and loss. 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 profit and loss.
20222021
NZ$000NZ$000
Trade receivables24,72318,422
Impairment provision - Expected credit loss(385)(334)
Impairment provision - Specific provision(3,624)(2,945)
Provision for volume discounts(229)(104)
Contract assets6,8954,865
Sundry receivables and prepayments2,1051,842
Total trade and other receivables29,48521,746
MOVEMENTINTRADERECEIVABLESIMPAIRMENTPROVISION
20222021
NZ$000NZ$000
Opening balance3,2793,850
Increase in impairment provision1,5451,563
Write back in impairment provision(813)(2,089)
Effect of movement in foreign exchange284(21)
Bad debt written off(286)(24)
Total trade receivables impairment provision4,0093,279
The increase in the impairment provision is reflective of further B2C energy suppliers in the United Kingdom going
into administration during the first half of 2022.

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 26
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.
2022CURRENT
1- 60 DAYS
PAST DUE
61- 120 DAYS
PAST DUE
12 1- 18 0
DAYS PAST
DUE
OVER 180
DAYS PAST
DUE
TOTAL
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Gross carrying amount16,2883,2409716083,61624,723
Expected credit loss allowance76194461185385
2021CURRENT
1- 60 DAYS
PAST DUE
61- 120 DAYS
PAST DUE
12 1- 18 0
DAYS PAST
DUE
OVER 180
DAYS PAST
DUE
TOTAL
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Gross carrying amount13,3182,2605913271,92618,422
Expected credit loss allowance60231820213334
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.
20222021
NZ$000NZ$000
Opening balance106,766106,599
Exchange rate differences(526)167
Net book value106,240106,766
Goodwill allocated to Utilities103,340103,866
Goodwill allocated to Veovo2,9002,900
Net book value106,240106,766

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 27
5.3 IMPAIRMENT TESTING
IMPAIRMENTTESTINGOFGOODWILLAND OTHERASSETS
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 usingmarket specific inputs. The WACC for each CGU is reviewed at least annually.
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. 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. The WACC and terminal growth rates
used in these calculations are set out in the table below:
CASH GENERATING UNIT
WACC
2022
Terminal Growth
Rate 2022
WACC
2021
Terminal Growth
Rate 2021
Utilities10.7%1.7%9.6%1.9%
Veovo11.8%1.7%10.7%1.9%
IMPAIRMENTTESTINGRESULTS
The calculations confirmed there was no impairment of goodwill during the year for the Utilities or Veovo CGU’s.
For the Utilities business the key assumption is the CAGR of revenue across the five-year period commencing 1
st
October 2022. Under management’s projections this would need to fall below 7.25% for the recoverable amount to
be less than the carrying value of the Utilities CGU. Management’s projections, under all scenarios, project a CAGR
comfortably above this and this compares to growth in revenue in FY22 for the Utilities business of 22%.
For the Veovo business, the carrying value of the CGU at $2.7m is low in comparison to the EBITDA being generated
by this business ($2.2m in FY22) and so the assessment is not sensitive to changes in assumptions in management’s
projections.
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.
5.4 INTANGIBLE ASSETS
CAPITALISEDDEVELOPMENT
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.

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 28
5.4 INTANGIBLE ASSETS (CONTINUED)
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.
OTHERINTANGIBLEASSETS
Other intangible assets consist of internal use software, acquired source code, trade-marks, and customer relationships.
They have finite useful lives and are measured at cost less accumulated amortisation and accumulated impairment
losses.
AMORTISATION
Except for goodwill and brands, intangible assets are amortised on a straight-line basis in the statement of
comprehensive income over their estimated useful lives, from the date that they are available for use.
The estimated useful lives for the current and comparative periods are as follows:
•Acquired source code10 years
•Internal use software3 years
•Customer relationships10 years
•Trademarks4 years
•Capitalised development5 years
Amortisation methods, useful lives and residual values are reviewed at each financial year end and adjusted if
appropriate. Acquired source code and internal use software are categorised as software in the below table.
2022
SOFTWARE
CUSTOMER
RELATIONSHIPS
BRAND
NAMES
TRADEMARKS
CAPITALISED
DEVELOPMENT
TOTAL
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Opening balance20,41310,5015,0242891,47137,698
Amortisation(3,860)(2,060)-(164)(545)(6,629)
Movement in foreign
exchange
(174)(91)-(3)(4)(272)
Closing net book value16,3798,3505,02412292330,797
Cost44,77224,0415,0248352,71977,391
Accumulated amortisation(28,394)(15,691)-(713)(1,796)(46,594)
Net book value16,3798,3505,02412292330,797

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 29
5.4 INTANGIBLE ASSETS (CONTINUED)
2021
SOFTWARE
CUSTOMER
RELATIONSHIPS
BRAND
NAMES
TRADEMARKS
CAPITALISED
DEVELOPMENT
TOTAL
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Opening balance25,04612,8885,0244542,01645,428
Amortisation(4,666)(2,405)-(165)(544)(7,780)
Movement in foreign exchange3318--(1)50
Closing net book value20,41310,5015,0242891,47137,698
Cost45,02524,1695,0248412,72977,788
Accumulated amortisation(24,612)(13,668)-(552)(1,258)(40,090)
Net book value20,41310,5015,0242891,47137,698
5.5PROPERTY 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 sheet 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.
2022
FURNITURE &
EQUIPMENT
COMPUTER
EQUIPMENT
LEASEHOLD
IMPROVEMENTS
TOTAL
NZ$000NZ$000NZ$000NZ$000
Opening balance6427551,2862,683
Additions13875692986
Depreciation(255)(518)(648)(1,421)
Disposal(46)--(46)
Movement in foreign exchange25(4)3
Net book value4819987262,205
Cost2,1135,1602,1919,464
Accumulated depreciation(1,632)(4,162)(1,465)(7,259)
Net book value4819987262,205

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 30
5.5 PROPERTY PLANT AND EQUIPMENT (CONTINUED)
2021
FURNITURE &
EQUIPMENT
COMPUTER
EQUIPMENT
LEASEHOLD
IMPROVEMENTS
TOTAL
NZ$000NZ$000NZ$000NZ$000
Opening balance7885221,4532,763
Additions286314663
Depreciation(170)(396)(171)(737)
Movement in foreign exchange(4)(2)-(6)
Net book value6427551,2862,683
Cost2,0864,3712,0888,545
Accumulated depreciation(1,444)(3,616)(802)(5,862)
Net book value6427551,2862,683
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.
20222021
NZ$000NZ$000
Trade creditors1,6341,929
Sundry accruals5,2092,584
Total trade payables and accruals6,8434,513
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.
20222021
NZ$000NZ$000
CURRENT
Long service leave605448
Other short-term employee benefits14,1269,087
14,7319,535
NON-CURRENT
Long service leave562539
Total employee entitlements15,29310,074
5.8INVENTORY
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 2022
GENTRACK FINANCIAL STATEMENTS / 31
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 a going concerns.
Gentrack Group is not subject to any externally imposed capital requirements.
2022202120222021
000000NZ$000NZ$000
Ordinary Shares98,94798,645191,699191,229
Issue of new ordinary shares1,5333022,310470
100,48098,947194,009191,699
SHARES ISSUEDSHARE CAPITAL
During 2022 Performance Rights of 1,514,803 (2021: 274,105) in relation to Long Term Incentive Schemes vested,
resulting in the same number of new shares being issued. Also 17,637 (2021: 28,389 ) shares were issued as part
payment of Gentrack Group Directors fees.
6.2SHARE 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 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 2022 $1.8m has been recognised in the statement of comprehensive income
(2021: $3.6m).
The number of performance rights allocated is based on a percentage of salary or other such percentage and are
calculated with reference to the 10-trading day volume weighted average price (VWAP) of shares traded on the NZX
based on dates indicated in the issue documentation.
Share based payments were 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
Gentrack Group operates the follow three share schemes:
- Senior Leadership Long Term Incentive Scheme - Performance rights are subject to a combination of tenure
and the Earnings Per Share (EPS) hurdle, split evenly and that will vest after 18 months and three years
respectively, dependent on achievement of the period of service and EPS performance hurdle.

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 32
6.2SHARE BASED PAYMENTS (CONTINUED)
- Gentrack Long Term Incentive Scheme– This scheme was introduced in 2021 for selected key employees
who are not part of the senior leadership long term incentive scheme. The performance rights vesting under
this scheme are subject to the participants continuing to be employed by Gentrack Group at the end of the
vesting period.
- CEO Long Term Incentive Scheme–This scheme was introduced in 2020 for the CEO. Under the initial
grant, approved in 2021, performance rights were subject to a combination of immediate vesting and 12
and 13 months tenure. These performance rights have now all vested. Under the subsequent annual grants,
starting October 2021, performance rights are subject to a combination of tenure and EPS hurdles vesting
across a 3 year period from the date of grant.
Below is the table of remaining outstanding Performance Rights at 30 September 2022.
GRANT DATEVESTING DATE
TOTAL VALUE OF
GRA NTED
PERFORMANCE
RIGHTS
PERFORMANCE
RIGHTS GRA NTED
2022
NZ$000000
EPS SCHEMES 2018-2022
1 April 20201 April 2023416313
1 October 202030 November 2023710459
1 October 202130 November 2024531366
Total Senior Leadership LTI Schemes1,657
1,138
1 October 20201 October 2022643450
1 October 202130 November 2024923527
Total Gentrack LTI Schemes1,566977
1 October 202131 October 2024786449
Total CEO LTI Schemes786449
Total Performance Rights Outstanding
4,0092,564
GRANT DATEVESTING DATE
TOTAL VALUE OF
GRA NTED
PERFORMANCE
RIGHTS
PERFORMANCE
RIGHTS GRA NTED
2021
NZ$000000
EPS SCHEMES 2018-2021
1 October 201830 November 202131065
1 October 201930 November 2022351160
1 April 20201 April 20231,023769
1 October 202030 November 2023973666
1 October 202030 November 2023996682
Total Senior Leadership LTI Schemes3,653
2,342
1 October 20201 October 2022766536
Total Gentrack LTI Schemes766536
1 October 202131 October 20241,537998
Total CEO LTI Schemes1,537998
Total Performance Rights Outstanding
5,9563,876

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 33
6.2 SHARE BASED PAYMENTS (CONTINUED)
PERFORMANCERIGHTSMOVEMENTS
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 2022:
GRANT DATE
A V ERA G E EX ERCIS E
PRICE PER
P ERFORMANCE
RIGHT
NUMB ER OF
P ERFORMA NCE
RIGHTS
AVERAGE EXERCISE
P RICE PER
PERFORMANCE
RIGHT
NUMBER OF
PERFORMANCE
RIGHTS
000000
As at 1 October$1.543,876$2.251,408
Granted during the year$1.641,457$1.493,253
Vested during the year$1.50(1,515)0(274)
Forfeited during the year$1.64(1,254)$2.08(511)
As at 30 September$1.562,564$1.543,876
20212022
6.3 DIVIDENDS
During the financial year 2022, $Nil dividends were paid (2021: $Nil).
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.
20222021
(Loss)/Profit attributable to the shareholders of the company(3,320)3,189
(Loss)/Profit attributable to the shareholders of the company
adjusted for the effect of dilution
(3,320)3,189
Basic weighted average number of ordinary shares issued99,84098,761
Shares deemed to be issued for no consideration in respect of
share-based payments
2,5643,876
Weighted average number of shares used in diluted earnings per
share
102,404102,637
Basic earnings per share($0.03)$0.03
Diluted earnings per share*($0.03)$0.03
* As a loss was made in 2022, the shares deemed to be issued for share-based payments have not been included to
determine earning per share.

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 34
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.
20222021
NZ$000NZ$000
INCOME TAX EXPENSE COMPRISES:
Current tax expense1664,965
Deferred tax expense(303)(2,590)
Tax expense/(benefit)(137)2,375
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% (2021: 28%) and the reported tax expense in the statement of comprehensive income can be
reconciled as follows:
20222021
NZ$000NZ$000
Profit/(Loss) before tax(3,457)5,564
Taxable income(3,457)5,564
Domestic tax rate for Gentrack Group28%28%
Expected tax expense/(benefit)(968)1,558
Non-deductible expense*382(454)
Foreign subsidiary company tax756(45)
Change in tax rates(98)-
Prior period adjustments*(209)1,316
Actual tax expense/(benefit)(137)2,375
*Amortisation related to intangibles created on acquisition are non-deductible for tax purposes. The intangibles
amortisation and related deferred tax are amortised over 10 years. For the purposes of the above table the deferred
tax movement has been offset against the non-deductible tax expense.
As at 30 September 2022 Gentrack Group has $11.3m (2021: $9.4m) 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 2022
GENTRACK FINANCIAL STATEMENTS / 35
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, 22% for Denmark entities, 21% for US entities, 17% for Singapore entity and 25% for India. On 23 September
2022, UK Government announced an increase in the corporate tax rate to 25% effective from 1 April 2022. For UK
entities 19% is applied for first half of 2022 and 25% for second half of 2022.
Movement in temporary timing differences during the year:
2022
OPENING
BALANCE
TEMPORARY
MOVEMENT
RECOGNISED
CURRENCY
TRANSLATION
CLOSING
BALANCE
NZ$000NZ$000NZ$000NZ$000
Trade and other receivables(14)(68)(6)(88)
Intangible assets(3,291)43050(2,811)
Contract liabilities983(113)77947
Provisions for doubtful debts and sundry
accruals
2,676855473,578
Losses carried forward1,727(852)22897
Other550156
Net deferred tax2,0863021912,579
2021
OPENING
BALANCE
TEMPORARY
MOVEMENT
RECOGNISED
CURRENCY
TRANSLATION
CLOSING
BALANCE
NZ$000NZ$000NZ$000NZ$000
Trade and other receivables(84)664(14)
Intangible assets(4,913)1,631(9)(3,291)
Contract liabilities871140(28)983
Provisions for doubtful debts and sundry
accruals
1,738973(35)2,676
Losses carried forward2,016(203)(86)1,727
Other24(17)(2)5
Net deferred tax(348)2,590(156)2,086

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 36
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 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 and contract assets, 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 is used where there is internal and external 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:
GROSS
IMPAIRMENT
PROVISION
GROSS
IMPAIRMENT
PROVISION
NZ$000NZ$000NZ$000NZ$000
Current*23,183(364)18,183(348)
Past due 1-60 days3,240(94)2,260(454)
Past due 61-120 days971(55)591(261)
Past due 121-180 days608(61)327(315)
Past due over 180 days3,616(3,435)1,926(1,901)
31,618(4,009)23,287(3,279)
20222021
*The current bucket has been updated to include contract assets.
Gentrack Group’s trade receivables and contract assets are not exposed to any significant credit exposure to any
single counterparty or group of counterparties having similar characteristics. Trade receivables and contract assets
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.
Sundry receivable and prepayments comprise of prepaid expenses and lease bonds that do not carry credit risk.
As at 30 September 2022 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 and contract assets, 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 2022
GENTRACK FINANCIAL STATEMENTS / 37
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):
AUDGBPEURUSDDKK
2022
NZ$000NZ$000NZ$000NZ$000NZ$000
Cash and cash equivalents5,96516,0271,17678669
Trade and other receivables5,32619,2501,8261,583442
Trade and other payables(721)(3,815)(63)(60)(53)
Net exposure10,57031,4622,9392,309458
2021
Cash and cash equivalents10,7568,002496855183
Trade and other receivables4,50310,0741,4938741,915
Trade and other payables(132)(2,608)(72)(354)(562)
Net exposure15,12715,4681,9171,3751,536
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 2022 (2021:
10%). These +/-10% sensitivities have been determined based on the average market volatility in exchange rates in
the preceding 12 months.
AUDGBPEURUSDDKK
NZ$0 00NZ$000NZ$000NZ$000NZ$000
2022
10% strengthening in NZD(961)(2,860)(267)(210)(42)
10% weakening in NZD1,1743,49632725751
2021
10% strengthening in NZD(1,375)(1,406)(174)(125)(140)
10% weakening in NZD1,6811,719213153171
PROFIT/EQUITY
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 2022
GENTRACK FINANCIAL STATEMENTS / 38
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 YEARSTOTAL
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
2022
Trade payables-1,634---1,634
-1,634---1,634
2021
Trade payables-1,929---1,929
-1,929---1,929
8.4INTEREST 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$000NZ$000NZ$000NZ$000NZ$000NZ$000
ASSETS
Cash on demand-25,812---25,812
Term deposit--1,575--1,575
Total exposure-25,8121,575--27,387
EFFECTIVE
INTEREST
RATE +1%
EFFECTIVE
INTEREST
RATE -1%
NZ$000NZ$000
Cash on demand261(261)
Term deposit16(16)
Total exposure277(277)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 39
8.5FINANCIAL 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.
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.
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 2022 Gentrack Group has no level 3
financial instruments (2021: $Nil).
FINANCIAL INSTRUMENTS BY CATEGORY
20222021
NZ$000NZ$000
FINANCIAL ASSETS MEASURED AT AMORTISED COST
Cash and cash equivalents27,38625,957
Trade and other receivables29,48521,746
56,87147,703
FINANCIAL LIABILITIES MEASURED AT AMORTISED COST
Trade payables(1,634)(1,929)
(1,634)(1,929)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 40
9.OTHER INFORMATION
9.1 LEASE ASSETS AND LEASE LIABILITIES
RECOGNITIONAND MEASUREMENTOFGENTRACKGROUPLEASINGACTIVITIES
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. Lease amendments relate to short-term lease extensions.
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:
LEASEASSETS
20222021
NZ$000NZ$000
Balance at 1 October8,16210,338
Lease additions1,854-
Lease amendments1,155185
Depreciation charges(2,644)(2,347)
Exchange differences33(14)
Lease assets at 30 September8,5608,162
Property8,5608,156
Office equipment-6
Lease assets at 30 September8,5608,162
Office equipment includes coffee machines and printer/copiers.

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 41
9.1 LEASEASSETSAND LEASELIABILITIES(CONTINUED)
LEASE LIABILITIES
20222021
NZ$000NZ$000
Balance at 1 October12,55215,127
Lease additions1,854-
Lease amendments1,155185
Principal repayments(2,503)(2,748)
Exchange differences24(12)
Lease liabilities at 30 September13,08212,552
Less than one year1,6751,376
One to five years7,3985,486
More than five years4,0095,690
Lease liabilities at 30 September13,08212,552
LEASEEXPENSES
20222021
NZ$000NZ$000
Depreciation charges
2,6442,347
Finance charges732814
Lease expenses3,3763,161
9.2AUDITORS REMUNERATION
The table below sets out the amounts paid to Gentrack Group’s auditors, EY, and non-EY auditors during the year
ended 30 September 2022.
20222021
NZ$000NZ$000
EY - audit fees408400
Non EY audit firm fees:
- audit fees5492
- Accounting advise and taxation & compliance services67301
Total fees paid to auditor(s)529793

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 42
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, and their direct reports. The following table summarises remuneration paid to key
management personnel.
20222021
NZ$000NZ$000
Short-term employee benefits6,5284,526
Share-based payments741465
Directors fee623606
Remuneration paid to Key Management Personnel7,8925,597
Gentrack Group’s Directors are also directors of other 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
CAPITALCOMMITMENTS
There are no capital commitments at 30 September 2022 (2021: $Nil).
CONTINGENCIES
BNZ and ASB New Zealand has provided guarantees of $0.8m (2021: $1.1m) on behalf of the Gentrack Group, these
guarantees are in place for software implementation projects, property leases and credit card programs.
EVENTSAFTERBALANCEDATE
There were no material events after balance date.
On 28 November 2022, the Gentrack Group Board determined that no final dividend will be paid out for the 2022
financial year (2021: nil).

CORPORATE DIRECTORY
GENTRACK FULL YEAR FINANCIAL STATEMENTS / 43
REGISTERED OFFICE
Gentrack Group Limited
17 Hargreaves Street, St Marys Bay, Auckland 1011,
New Zealand
Phone: +64 9 966 6090
Level 15, 628 Bourke Street, Melbourne, VIC 3000
Australia
Phone: +61 3 9867 9100
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
Kerry Nickels
AUDITOR
EY
EY Building, 2 Takutai Square, Britomart
Auckland 1010
Phone: +64 9 377 4790
LEGAL ADVISERS
BELL GULLY
BANKERS
BANK OF NEW ZEALAND
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 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 FULL YEAR FINANCIAL STATEMENTS / 44

---

© Gentrack 2022. All rights reserved.
This document is the intellectual property of Gentrack.
Gentrack Group
FY22
Full Year Update
29 November 2022

2
© Gentrack 2022. All rights reserved.
This document is the intellectual property of Gentrack.
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.
Disclaimer

© Gentrack 2022. All rights reserved.
This document is the intellectual property of Gentrack.
Gentrack
FY22 Business Review
Gary Miles
Chief Executive Officer

4
© Gentrack 2022. All rights reserved.
This document is the intellectual property of Gentrack.
Financial Headlines
Revenue growth driven by 21.6%
increase at utilities:
•Customer wins and transformations are
driving underlying growth. Excluding
customers in insolvencies, revenue up 24%
Veovorevenue up 7.9% at $18.1m
•Continued strong growth in ARR (up 9.2%)
EBITDA at $8.1m (down $4.6m)
•Planned reduction driven by investment in
strategic R&D and sales spend
Cash up $1.4m at $27.4m
•Strong growth has allowed us to both
invest in our capability and product and
generate cash in the year
REVENUE
UTILITIES
REVENUE
$89.0M
$108.2M
VEOVO
REVENUE
36.2%
$12.7M
$8.1m
EBITDA
19.5%
$26.0M
$27.4M
NET CASH
$81.9M
$95.3M
ARR
21.6%
7.9%
16.4%
5.4%
$16.8M
$18.1M
$105.7M
$126.3M
FY 21FY 22

5
© Gentrack 2022. All rights reserved.
This document is the intellectual property of Gentrack.
28
Countries
Merlin Entertainments
Universe Science Park
Vail Ski Resorts
Aspen Ski Resorts
Seattle Space Needle
Tourist
Train / Metro
Amsterdam Central
Station
New York City Transit
Grove Street Station
Auckland Transport
Schiphol, Brussels,
Birmingham, Newcastle
Airport train stations
Sweden - Stockholm
Denmark – 5 cities
USA - NYC Airports -taxi
management
Canada – Toronto
Switzerland – Baden
Thailand – 3 cities
UK – 2 cities
New Zealand –6 cities
Traffic
120+
Airports live
Airports
- Global Footprint

6
© Gentrack 2022. All rights reserved.
This document is the intellectual property of Gentrack.
Rapid Rebound has Accelerated Airports’
DigitisationPlans
55% of
airports
expected to
spend more on
IT in 2022
Industry
forecasts 2019
passenger
numbers
being
exceeded in
2024
10
5
201920202021
Global Traffic
Billion Passengers
20222023
Airports want to handle 2019 levels of passengers, using
less resources and providing better experiences
‘The rebound
has been
extraordinary’
CEO of Airport
Council
International
Tr afficin Veovo’skey NA and
EMEA markets is already at
>85% of 2019 levels

7
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This document is the intellectual property of Gentrack.
Veovo’sRunway to Growth
Unwavering focus on customers and strategy has put Veovoin a strong position
Weathering the storm
Solid growth > 20%
Trusted and respected
by customers – low attrition
High recurring
revenues - 56%
Great people in 5 global
locations
Business critical
technology
Retained profitability
Acceleratedtechnology
development
Supported customers with
Innovationand contract
changes
Increase in tenders and
projects
New Tier 1/ 2 customers
Gone live with new
technology at first Tier 1
customer
Strong foundations
pre pandemic
Well positioned to
capitalise on
rebound
Invested and held
ground during
pandemic
20192020 – 20222023 & beyond
Growth in recurring revenues throughout

8
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Utilities: Phase 1- Built the Base in Core Markets
Phase 1 / Year 1 ‘21Phase 1 / Year 2 ’22
Created a customer centricstructure
& reset customer relationships
+20%
Invested in our people
and systems to scale
Managed the UK B2C insolvencies
through to market stabilisation
Accelerated growth and
winning in core markets
Launched new composable
cloud Trilogy tech stack
Brought world class management &
built a highly engaged organisation
Further strengthened our capability
to deliver successful transformations
Continued to demonstrate our credibility as a
Transformation Powerhouse
Established our Trilogy Stack strategy
and accelerated tech modernization

9
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Joined PM Ardern and PM Pham Ming Chinch
in Vietnam to collaborate on energy
transformation with Vietnam’s Energy leaders.
Papua New Guinea |
cloud transformation
New Zealand |
New Customer
& Merger
UK |
Transformation
Australia|
Transformation
Singapore | New Customer
Major energy generator
and retailer
UK | Extension
UK | New customer
New Zealand | Extension
Certified as a consulting
partner, Trilogy Utilities
stack, joint references and
joint selling
Signed a global
strategic agreement
Accelerate transformation to
the cloud, with 90%+ of our
UK customers moved toAWS
UK | Cloud
transformation
Strong Market Feedback & Rising Momentum

10
© Gentrack 2022. All rights reserved.
This document is the intellectual property of Gentrack.
Utilities: Next Phase - Lead globally
Grow in our core markets
‘23 and beyond
Implement booked wins in Australia,
New Zealand and UK
Upsell G2, cloud services and innovation
highway to all existing customers
Reach new Tier1/Tier2 B2C
and B2B energy customers
Expand Australian water footprint
and enter regulated water in the UK
Expand globally
‘23 and beyond
Use Singapore as a base
to expand into Asia and the UK into EMEA
Reassign experienced leaders from core
markets to new markets
Use our partnership strategy to replace SAP,
Oracle and other legacy tech providers
Amplify marketing to build global
brand awareness
Target c.$3m p.a. investment
for global expansion focused on sales & marketing
Double digit growth in underlying revenue

11
© Gentrack 2022. All rights reserved.
This document is the intellectual property of Gentrack.
Why our global expansion will be successful
SAP/
Oracle
CRM
SAP/
Oracle
Billing
Gentrack, Salesforce & AWS’ Trilogy
Stack is the attractive, new age
alternative to SAP & Oracle
“25% of meter points will shift by 2025 from
legacy suppliers to new entrants in order to
address cleantech transformation needs”
g2’s modern, composable technology supports all multi-play segments
Gentrack’s delivery capabilities to scale globally are unique
Scale
Delivery
Capability
Momentum
Gentrack
6countries
50+customers
15mmeters
Rising
Competitor 1
8countries
9customers
12mmeters
High
Competitor 2
2countries
8customers
15mmeters
Stuck
local
Competitor 3
5countries
25customers
Flat
The global opportunity is large
B2B
B2B
B2C
B2C
Reach & Breadth

© Gentrack 2022. All rights reserved.
This document is the intellectual property of Gentrack.
John Priggen
Chief Financial Officer
Gentrack
FY22 Results

13
© Gentrack 2022. All rights reserved.
This document is the intellectual property of Gentrack.
Group Profit and Loss
•Revenue up 19.5% vs FY21:
oStrong growth at both the Utilities
and Veovobusinesses
•Costs up 27% vs FY21(see slide 17)
oIncludes one off step up in
Strategic R&D and Sales &
Marketing
•EBITDA in line with guidance at
$8.1m:
oAs planned, investment has been
funded by earnings
•FY21 Net Finance Expense included
one-off forex gains on intercompany
restructuring
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 2022. All rights reserved.
This document is the intellectual property of Gentrack.
Utilities Revenue Analysis
Total revenue up 22% v FY21
•Strong underlying growth (excluding Bulb
& other UK insolvencies) of 24%
•Additional services supplied to Bulb & other
insolvencies in H2 FY22. Uncertainty
remains over exits but expect revenue loss
from these customers to be spread evenly
over FY23/FY24 – so c
$13m off in FY23
•Booked customer wins, transformations
and resets in & since FY22 expected to
increase FY23 recurring revenues by
c.
$16m
•Remaining pipeline gives us confidence in
meeting FY23 guidance - increase over
$108m by high single digit millions
Utilities Revenue FY21 v FY22
Total:$89.0m
Total:$108.2m
FY23
Growth in Total
Revenue
Strong
underlying
growth
Bulb revenue to
fall away over
two years
Committed Monthly
Recurring Revenues
(CMRR)
Non-contracted
Recurring Revenues
(TRR)
Non-recurring
Revenues (NRR)
Revenue from Bulb
& other UK insolvencies
FY21
FY22
Underlying:$66.0m
Underlying:$82.0m
24%

15
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This document is the intellectual property of Gentrack.
Utilities - Breakdown of Customers
FY22 Revenue by region
Revenue by market segment
excl. insolvencies
•In the UK we expect continued growth with
future opportunities in B2B energy and B2C
water.
•Australian revenue up 28% over FY21 and we
are targeting continued double-digit growth.
•NZ - expect booked wins to date to make this
the fastest growing region in FY23.
All other
customers
Top 10 customers by revenue
excl. insolvencies
•Note: excludes grant income of $0.7m from FY21

16
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This document is the intellectual property of Gentrack.
Revenue Analysis
•Recurring revenue of $12.2m, up 9.2%in FY22, has grown throughout the downturn in the aviation sector
VeovoRevenue FY21 v FY22
VeovoRevenue by Geography FY22 v FY21
Committed Monthly
Recurring Revenues
(CMRR)
Non-contracted
Recurring Revenues
(TRR)
Non-recurring
Revenues (NRR)
Total Revenue
Up 7.9% on FY21
Annual
Recurring
Revenue
$12.2m
Up 9.2% on FY21
67.5% of total
Veovorevenue
$16.8m
$18.1m
Europe
Americas
APAC

17
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This document is the intellectual property of Gentrack.
Expenditure Analysis
•Contract indexation allows us to withstand inflation
•One –off step up in cost base:
oR&D spend on our next
generation platform, G2 – up $9.7m
oSales & marketing spend is $1.9m higher
•Our Delivery & hosting costs have increased by $9m
to support utilities revenue growth of $19.3m
•Travel costs have increased from the artificially low
levels of last year
Utilities Costs FY22 v FY21 (NZ$m)

18
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Cashflow
•Strong business growth has allowed us to both invest in our products and our people and generate cash in the year. Net cash at
$27.4m on 30 September 2022 was$1.4m higher than the prior year
EBITDA to Net Cashflow FY22 (NZ$m)
30
September
2021
30
September
2022
Cash$26.0m$27.4m
Debt*NilNil
Net Cash$26.0m$27.4m
* Group retains a $25m credit facility currently undrawn

19
© Gentrack 2022. All rights reserved.
This document is the intellectual property of Gentrack.
Outlook Update
Group
•We now expect to achieve our previous FY24 revenue target of $130m in FY23. FY24 revenue guidance is
updated to $150m.
•For FY23 we expect growth in our utilities business to be in the high single digits over FY22’s outturn of $108m.
As a result total group revenue including Veovo is expected to be in excess of $130m.
Utilities
•From FY25 we expect the full impact of UK customer insolvencies to be behind us. The underlying growth in our
core markets and the global opportunity means we are targeting utilities revenue CAGR to be in the high teens
(percentage) from 2025 onwards.
•With our planned investment in global expansion, we are now targeting our utilities EBITDA to reach 12-17%in
FY24 and then 15-20%from FY25.
Veovo
•We are targeting this business to grow by 15%CAGR across the next five years
•We expect EBITDA to be within a 15 - 20%range

20
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Old v New Targets
NZ$MOld TargetsNew Targets
GroupFY24FY24FY25 - FY27
Revenue~$130m$150m
>15% CAGR v
FY24
EBITDA
15-20%
12-17%15-20%
Utilities
•Our new targets include both stronger growth in our
Core Markets and expansion into new markets.
•We plan to invest c.3% of our Utilities revenue to expand
in Asia and EMEA. So FY24 EBITDA target is now 12-17%.
•Stronger growth comes with a higher % of
implementation revenues, so AAR targeted at 70-75%.
Veovo
•Our old targets assumed limited growth for Veovo, but
recovery in the aviation market increases our confidence.
Group
•As a result we have updated our FY24 guidance to
$150m.
Our targeted spend on R&D remains at 15% throughout

© Gentrack 2022. All rights reserved.
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Q&A

22
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GAAP to Non-GAAP Profit Reconciliation
NZ$m
Full Year
30 Sep 21
Audited
Full Year
30 Sep 22
Audited
Reported net profit/(loss) for the period (GAAP)
3.2(3.3)
Add:Net finance Expense
(3.7)0.9
Add/(deduct):Income Tax expense/(credit)
2.4(0.1)
Add: Depreciation and amortisation
10.910.7
EBITDA
12.78.1

23
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This document is the intellectual property of Gentrack.
FY22 on a Constant Currency Basis
NZ$mFY22
FY22
Constant
Currency
Difference
(vs FY22)
Revenue
126.3125.8(0.5)(0.4%)
Operating Costs
118.2117.7(0.5)(0.4%)
EBITDA
8.18.10.00.3%
Statutory NPAT
(3.3)(3.5)(0.1)4.3%
%

© Gentrack 2022. All rights reserved.
This document is the intellectual property of Gentrack.