Gentrack Annual Report 2022

Gentrack
Group Limited
Annual
Report
2022

Contents
Contents | 2
Chairman and CEO’s commentary 3
Gentrack Board of Directors 6
Business update 10
Our people and our planet 16
Financial statements 20
Corporate governance 59
Corporate directory 74

Chairman and CEO’s
commentary
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.
Chairman and CEO's commentary | 3
Revenue: $126.3m
Up 19.5% on FY21
Cash: $27.4m
up $1.4m over FY21
Statutory NPAT: ($3.3m)
loss v $3.2m profit in FY21
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.
EBITDA: $8.1m
down $4.6m in line with
guidance and tech investment
g2.0 launched: our
technology stack modernised
as cloud native
No dividend payable

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 expanded 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, g2.0. 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 and 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.
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.
Chairman and CEO's commentary | 4

Chairman and CEO's commentary | 5
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, CBE
Chairman
Gary Miles
CEO

Gentrack
Board of Directors
Andy Green, CBE
Chair
Andy has an extensive
background in technology
leadership including CEO of Logica,
a £4bn turnover listed IT services
Company, and CEO of BT Global Services,
the enterprise arm of British Telecom. In 2020 Andy was
awarded Commander of the British Empire (CBE) for his
contributions to the Information Technology and British
Space Industries. His passion to transform the industry to
support sustainable water and energy resources is further
demonstrated by his roles as the Chair of WaterAid UK and
as a UK National Infrastructure Commissioner. Spending
time in both Australia and the UK, he contributes both
a local presence and global perspective to Gentrack’s
customers and shareholders.
Andy is also the Chair of Lowell Group, a Permira backed
credit management company, Senior Independent
Director at Airtel Africa, and Non-Executive Director at
Link Administration Holdings, an ASX listed provider of
financial administration services.
Gentrack Board of Directors | 6

Fiona Oliver
Non-Executive
Director
Fiona is an
experienced Director
and Board Audit
Committee Chair. Her
current, active board roles include
being a Director of Freightways
Limited (NZX), Kingfish Limited,
Barramundi Limited and Marlin Global
Limited and Director and Audit
Committee Chair of the First Gas Group
companies. Fiona is also a director of
New Zealand Water Polo.
Fiona was formerly a Director and
Board Audit Committee Chair of Tilt
Renewables Limited (NZX/ASX) and
BNZ Life Insurance Limited and BNZ
Life Services Limited, Chair of Vinta
Funds Management Limited, and a
Director of Augusta Limited (NZX),
Public Trust and the National
Provident Fund.
Fiona has
Executive
level leadership
experience in asset
management, funds
management and private
equity, including holding
the roles of Chief Operating
Officer of BT Funds
Management (NZ), Westpac’s
investment arm, and General
Manager, Wealth Management
for AMP NZ. Fiona also managed
the Risk and Operations function
of AMP’s Sydney and (owned at
the time) London based Private
Capital division. Fiona has specialist
knowledge of investments and the
capital markets. Fiona received the
New Zealand Shareholders Association
Beacon Award in 2021.
Fiona holds degrees in Law and Arts
from the University of Auckland
and is a qualified Solicitor in New
Zealand, New South Wales and
England. Prior to her management
career, Fiona practiced as a corporate
and commercial lawyer at a senior
level in Auckland, Sydney and
London, specialising in mergers and
acquisitions.
Gentrack Board of Directors | 7

Stewart Sherriff
Non-Executive
Director
Stewart Sherriff was
appointed CEO of
New Zealand mobile
challenger 2degrees in
August 2013, having served as the
company’s Chairman for the previous
4 years, and interim CEO since April 1st,
a position he held until he retired in
June 2019. He remains on the Board of
2degrees as a Non-Executive Director.
Born in Scotland, Stewart began his 44-
year career in telecommunications with
British Telecom. He left the UK in 1984
to progress an international career,
working in 20 countries for various
Telcos. Stewart has learned mobile from
the ground up, starting as a technician,
progressing to a system specialist, field
services manager, BSS specialist and
senior engineer before entering senior
management as Head of Operations for
Hong Kong Operator Smartone.
In 1997 he became CTO at mobile
pioneer Western Wireless International,
with responsibility for IT, Engineering,
Marketing, Customer Care and
Technical operations. Six years later,
Stewart was seconded as CEO of
Meteor, Ireland’s third entrant mobile
operator. Under his leadership, Meteor
became a successful third player
challenging Vodafone and O2.
In 2006 he re-joined Western Wireless
founders John Stanton and Brad
Horwitz at Trilogy International
Partners. As CTO he oversaw Trilogy’s
operations in Bolivia, Haiti, Dominican
Republic and New Zealand.
Prior to chairing 2degrees, Stewart
Chaired Vega Slovenia was Vice
Chairman of Telering Austria and served
on the boards of Vipnet Croatia, Voila
Haiti, Neuvatel Bolivia and jNetX USA.
Nick Luckock
Non-Executive
Director
Nick has extensive
investment
experience focusing on
the technology industry.
He has deep experience across a
number of significant organisations
in the business services, financial
processing and technology sectors
and was most recently a Partner at
Hg, which previously had invested
in Gentrack.
He has served as a Non-Executive
Director at a variety of companies
including Achilles (UK), JLA (UK),
Radius Worldwide (US), Paycorp
Group (Pty) Ltd (South Africa), XP
Investimentos (Brazil) and AGS
Transact Technologies Ltd (India).
Nick completed an MBA with
Distinction at INSEAD and a Bachelor
of Commerce and Arts from the
University of Melbourne.
Gentrack Board of Directors | 8

Gary Miles
CEO
Gary joined Gentrack
in October 2020
following an extensive
international career in
enterprise technology
innovation and cloud capabilities,
including serving on the leadership
team of Amdocs (NASDAQ:DOX), a
provider of cloud business software
and services to the communications
industry. At Amdocs he served as Chief
Marketing Officer and prior to this role,
was Division President and CTO, leading
strategy development, building the
product portfolio and sales organisation
as well as overseeing Amdocs’
digital services, big data and mobile
engagement divisions.
He has also founded and successfully
scaled several technology companies
including jNetX, a next-generation
intelligent network platform for
communication service providers, prior
to its acquisition by Amdocs in 2009.
Gary is based in London.
Darc Rasmussen
Non-Executive
Director
Darc is a seasoned
enterprise software
professional with
over 25 years’ experience
successfully building and growing
Software as a Service (SaaS) and
Cloud based businesses across global
markets. Darc has spent his career
working and living in Europe, the USA
and Asia/Pacific, growing public and
private companies including Infor,
SAP, IntraPower (Trusted Cloud) and
Integrated Research (ASX:IRI).
Darc led the SAP (NYSE:SAP) global CRM
Line of Business, building it from start-
up to total annual revenues of US$1.5
billion, establishing SAP as the global
leader in the CRM market. He was CEO
at Integrated Research (ASX:IRI) and
led the company through a whole of
business transformation strategy that
delivered 70%+ growth in Revenue and
Profits along with a 4x+ growth in the
company’s market capitalisation.
During Darc’s tenure as CEO at IR he led
the development and execution of a
product and go to market strategy that
won IR the distinction of Gartner “Cool
Vendor” and established the company
as the global market leader in the
Unified Communications Performance
Management market. Darc is currently
a Non-Executive Director on the Board
of Objective Corporation (ASX:OCL) and
Gentrack (ASX:GTK).
Gentrack Board of Directors | 9

Despite the impact of a number of
our UK B2C customers going through
the Supplier of Last Resort insolvency
process, we have seen continued
high growth in the UK. In addition to
a strong base of B2C customers, we
are the leader in B2B energy and have
now transitioned more than 90% of
our UK customers onto the cloud to
support their need for agility and
flexibility such as flex contracts. In
this dynamic market our customers
are focusing increasingly on customer
experience, and we have supported
several customers such as Yu Energy,
Engie and others as they embrace the
Salesforce Energy & Utilities cloud to
deliver this.
We have also supported UK market
consolidation with the completion
of one of the largest business
transformations in the industry with
E.ON and npower consolidating onto
our single platform. The newly formed
npower Business Solutions (nBS)
now supplies 33TWh of electricity
and 11TWh gas to British businesses.
At a time when our industry is
facing mounting cost pressures, the
consolidation of the two businesses
puts nBS in a great position to offer
flexible energy solutions and help
British businesses on the complex
road to net zero.
Our Energy Business
Worldwide the energy market is
in an exciting state of transition,
with an increase in the urgency
and importance of the move to low
carbon energy. This brings enormous
opportunity to both retailers and
vertically integrated energy providers.
Across the industry the pace of
transformation is significantly
increasing as changing commercial
and operating models drive the need
for innovation. Our customers are
embracing and leading this transition,
moving along an innovation highway
from offering familiar services such as
relatively static fixed and flex tariffing
to more complex offerings such as
dynamic time of use, multi-brand and
multi-play and low carbon energy
solutions such as solar home bundles.
Gentrack operates in the most
advanced and dynamic markets on the
planet: the world looks at the UK and
Australia to learn and evolve. The UK
is a highly competitive and innovative
market where competition on the
vendor and retailer side has served to
strengthen our core proposition. In
Australia, 30% of domestic properties
now have solar panels on the roof,
while the number of installed batteries
is predicted to continue to rise.
Australia’s high growth in solar and
batteries is due to the favourable
subsidies which have been offered
and regulatory frameworks which
have allowed suppliers to branch out
their offerings to become appealing
to consumers, particularly those
propositions which have addressed the
major barrier of the upfront cost
of these low carbon home systems.
Completing one of the industry's
most significant transformations,
has provided a platform for
npower Business Solutions (nBS)
to lead British businesses on the
road to net zero.
Business update | 10
Business
update

Australia is our fastest growing market
and is leading the way in the transition
to low carbon assets for businesses
and the home.
Red Energy continues to be the
leading consumer energy brand in
Australia and is running on Gentrack,
while our customer Power and Water
Corporation is responsible for the
infrastructure and service that delivers
power and supplies water in the entire
Northern Territory. Their service area
is 1.3 million km
2
. By comparison, that
is 5 times the area of the entire UK.
We are also proud to partner too
with major B2B players such as Origin
who were first in the country to
offer 5-minute settlement using new
Gentrack technology. There were some
instances of insolvency in this market,
but these did not impact us and we
are not in a high-risk position in this
regard. Overall, we are very excited
about the potential of this market.
In New Zealand we have had a
phenomenal year. In May 2022,
Mercury acquired Trustpower’s retail
arm, creating the biggest energy
retailer in the country. The business
consolidated onto the Gentrack
system used by Trustpower: a robust
multi-play platform supporting
energy and broadband bundles, with
enhanced automation and reduced
cost to serve. And we are proud to be
playing a part in the transformation
of customers such as Pulse Energy:
a 100% community-owned energy
company, supplying electricity,
gas and broadband to customers
throughout New Zealand. We now
support over 50% of the meters in this,
our home market.
Worldwide our customers are looking
to Gentrack to support them as
more regions start to make the shift
to cleantech. Looking for our help
in creating innovative propositions,
ensuring best-in-class customer
service, and managing and using the
exponentially increasing amounts
of data. In Asia, we recently led a
consortium of Accenture and Smart
Energy Water to win a contract
from one of Singapore’s large and
established energy retailers to deliver
an enhanced customer experience.
Our success in these markets is pivotal
as we move into our next phase of
global expansion.
Business update | 11
Globally our customers are looking
for our support to accelerate
the move to cleantech and offer
consumers truly innovative
propositions.

Business
update
Our Water Business
The need to act sustainably and
responsibly in order to preserve what
is our single most precious resource is
more urgent than ever. IT systems for
the regulated water market have been
underinvested in for decades with
many now reaching end of life. These
systems are not cost competitive
and do not provide good customer
experience or the ability to innovate.
In many markets, as we find ourselves
dealing with drought more regularly
and severely, the need for systems
that can support faster-to-react and
even pro-active solutions such as the
adoption of smart metering is critical.
Likewise, Covid has highlighted the
need to work closely and effectively
with customers, and the lack of
flexibility current systems provide
around managing consumer debt.
Reducing opex to service utilities’ debt
is becoming more and more important
as inflation increases and interest rates
rise. The water industry urgently needs
to transform.
In the UK we provide business-critical
solutions and systems to more than
50% of the non-household water
market and see great opportunity to
work with companies in the regulated
household segment; we have recently
established a team to explore this
potential. Our water customers are
looking to run a lean, efficient and
data driven customer, supply and
networks focused business – one
which understands the measures that
turn statements of intent into action
and results.
Leading the way with one of our
key UK customers, we combined our
extensive experience with AWS to
deliver a seamless transition of >200k
business customers to an innovative
cloud-based solution. This has enabled
the water utility to operate effectively
and focus on delivering brilliant
customer service at the lowest cost
to serve. Across the whole UK we now
support more than 500k business
customers.
In Australia, as focus moves from
water as part of the property to
becoming more customer-centric, our
partnership with Salesforce means
we are well placed to help lead this
change. We currently support 6 of the
12 leading water suppliers and have a
strong pipeline for growth.
In New Zealand water is largely
unmetered throughout the country
and this needs to change. Many
systems in use today will not be fit for
purpose, while Gentrack’s experience
of metered markets means we are well
placed to support this transformation.
Business update | 12
As our most precious resource,
the need to innovate and excel at
customer experience in the water
industry has never been more vital.

Our Utility Partners
We see partnership as both an
important route to market and a way
to strengthen our offering. Our new
partnership with Tata Consultancy
Services will play a key role in
giving visibility of transformation
opportunities worldwide for both
energy and water, whilst our new
partnership with Salesforce means we
can offer our customers the world’s
leading CRM as part of our
g2.0 solution.
Business update | 13

Specialist Distributed
Energy Management module
to support VPPs
Ability to create innovative
new propositions for the
end consumer
A focus on reducing
cost-to-serve through
automation
Cloud native
A world-class customer
experience with
Salesforce CRM
Modern composable
architecture
Our g2.0 solution
Our recently released g2.0 solution will
underpin our growth in both energy
and water.
This feature-rich solution has been
developed with our 5,000 person
years of experience gained across
a base of more than 50 customers.
It puts Gentrack in a strong position
to support our customers with some
compelling features designed to
address energy supplier challenges.
With the leading technology of g2.0
and a strong culture of one global
team, Gentrack is well positioned to
use our expertise and experience
from around the world to help the
most progressive energy suppliers
transform for the sustainable era.
99.99%
platform
availability
ISO27001
/ SOC 2
certified
Multi-play
B2B & B2C
solution
Distributed
energy
management
Functional
Operational
World’s
leading CRM
Cloud
native
AI & Data
model driven
outcomes
Automated for
lowest CTS
Tested to 15M
meter points
Composable
plug & play
architecture
Business update | 14

Our
Aviation
Business
2022 has seen the
recovery of the
aviation industry.
Passengers have
returned quicker than
expected, and travel
demand is strong – air traffic is now
at 75% of 2019 levels. This is driving
the prioritisation of digital initiatives
as airports seek to improve efficiency,
lower costs and improve services.
For Veovo, this has led to a significant
uptick in activities. In 2022 we signed
a landmark contract with Avinor, the
operator of Norway’s 43 airports, for
one of the industry’s most innovative
and comprehensive machine-learning
programs. We secured platform
upgrades and support extensions with
major customers in all geographies. We
also signed our first managed service
contract with a Tier 1 airport and, in
the wider travel sector, won our first
major European railway station.
As a result, our recurring revenues
have increased by more than 12%.
At the same time, we
continue to invest in
our technology to
deliver the “Airport
4.0” capabilities
that will underpin
optimal airport
performance. This
includes ensuring
that our entire
portfolio is cloud-
ready and building
AI-powered forecasting
and intelligent
automation into our airport
operations, revenue and
people flow products.
We expect the momentum of FY22
to increase into FY23 and FY24. We
enter the year with a strong backlog
of upgrade projects to our new-
generation operations platform
and a strengthening pipeline of
opportunities as airports restart their
capital programmes.
James Williamson
CEO, Veovo
Our Aviation Business | 15

our planet
Our people and
As a transformational powerhouse,
Gentrack is ultimately powered by its
amazing people who demonstrate our
three values in all that they do:
• Respect for each other
• Respect for our customers
• Respect for the planet
Our global strategy remains focused
on understanding and enabling our
people to deliver their best. We have
open dialogue and have, as a company,
built our people strategy together to
ensure that people are at the heart
and start of all that we do. We believe
in a sustainable future and sustainable
organisation and therefore focus on all
elements of the employee lifecycle to
enhance, amplify and enable
our culture.
Frances Caldwell
Chief People Officer
Our people and our planet | 16
UK Annual Global Conference 2022

Talent attraction,
learning and
engagement
We are continuing to grow as an
organisation and welcome new
Gentrackers to support our increasing
customer demand and global
expansion with a further 14% people
growth in FY2022 and a resourcing
strategy to enable continued double
digit people growth in FY2023. In
addition, we have expanded in key
locations with Gentrack India and other
European and Asian countries coming
online as part of our global team.
Our brand, range of opportunities and
global expansion is providing the best
opportunities for our people – we have
invested heavily in tailoring our learning
programs, with coaching programs and
bespoke workshops to connect and
collaborate.
Our biannual engagement survey
creates the opportunity for dialogue
around our engagement drivers and
ensures any investment we take;
we take together as one team that
plays to win. In one year, we have
witnessed an unprecedented uplift
in our ‘highly engaged' and ‘engaged'
scores globally, as well a downturn in
employee turnover.

At the core of our engagement
strategies is creating the opportunities
for dialogue – listening and learning
from one another and connecting
on our global scale. Our global
conferences at half year give us a
unique opportunity to collaborate,
engage and focus on our shared people
agenda as a result.
Reward and
recognition
We believe in reinvesting our success
to our people, and after a highly
successful year we have been able to
reward our top performers with market
aligned compensation with motivating
variable reward. We believe in utilising
our talent planning approaches to
ensure recognition and our peer-based
global recognition program enables our
Gentrackers to reward and recognise
one another throughout the year for
their performance and behaviours.
Our people and our planet | 17

Our people and our planet | 18
Diversity, inclusion and
wellbeing
We have continued to evolve our
approaches to reflect our hybrid
working and need to connect, learn
and collaborate. Our global program,
Genergy, allows our people to work
in their best way and promotes an
‘extend your weekend’, finishing at 2pm
on a Friday to recharge and renew. We
have recalibrated and enhanced our
offices globally to create energising
and collaborative workspaces and
enhanced benefits such as parental
leave to be market-leading benefits
designed to support, enable and
energise our people.
We continue to empower our local
teams to take a leadership role in
amplifying our inclusive culture and
creating a sense of belonging, which is
the core of our team spirit and culture.
Our planet and
creating a sustainable
organisation
The work that we do is critical in
creating a positive impact on our
planet, and our people are passionate
about not only supporting programs
such as these (e.g. our Virtual Power
plant and battery aligned work) but
also in ensuring our internal approaches
have sustainability at the core.
This year, our people nominated that
our priorities should therefore be on
three main pillars (see below), and
we will continue to focus on building
strategies to positively impact these
areas and our planet as a whole.
Our people remain at the heart and
start of all that we do, ensuring
a sustainable and successful
organisation as a result.
Drive internal
sustainability targets
with clear goals and
objectives as we journey
towards net zero
Implement a Corporate
Social Responsibility
strategy and
programme centred on
reducing plastic use
for cleaner oceans
Build cleantech
technologies to allow
retailers and vertically
integrated energy providers
to support hundreds of
millions of homes and
businesses with more
efficient and cleaner uses
of energy and water
Net
Zero
We believe that cleantech is the way forward and have initiated sustainability
initiatives throughout the company.

Our people and our planet | 19
for our customersfor each other
for the planet
We express our opinions
and take accountability
We are one team,
we play to win
We believe cleantech is
the way forward

Gentrack Group Limited
Financial Statements
For the year ended 30 September 2022
Financial Statements | 20

Independent auditor's report | 21
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 27 to 58, 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 27 to 58 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

Independent auditor's report | 22

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.

Independent auditor's report | 23

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 toassess 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.
►

Independent auditor's report | 24

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

Independent auditor's report | 25
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

Financial Statements
30 September 2022
Financial Statements | 26

Financial Statements | 27
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.

Financial Statements | 28
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

Financial Statements | 29
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 capital
6.1, 6.22,310(2,310)-
Accelerated vesting(516)516-
Share-based payments
6.21,815--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
S HA RE
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
S HA RE
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.

Financial Statements | 30
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 14
20222021
SECT ION
N Z $0 0 0NZ$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 equipment
5 .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.

Financial Statements | 31
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.

Financial Statements | 32
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.

Financial Statements | 33
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.

Financial Statements | 34
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.

Financial Statements | 35
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$000N Z $0 0 0NZ$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$000N Z $0 0 0NZ$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.

Financial Statements | 36
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
N Z $0 0 0NZ$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
N Z $0 0 0NZ$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).

Financial Statements | 37
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.

Financial Statements | 38
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

Financial Statements | 39
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
.

Financial Statements | 40
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
N Z $0 0 0NZ$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

Financial Statements | 41
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.

Financial Statements | 42
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
O V E R 18 0
DAYS PAST
DUE
TOTAL
NZ$000NZ$000N Z $0 0 0NZ$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
O V E R 18 0
DAYS PAST
DUE
TOTAL
NZ$000NZ$000N Z $0 0 0NZ$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

Financial Statements | 43
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 using market 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
CAPITALISED DEVELOPMENT
Costs that are directly associated with the development of software are recognised as intangible assets
where the following criteria are met:
•it is technically feasible to complete the software product so that it will be available for use.
•management intends to complete the software product and use or sell it.
•there is an ability to use or sell the software product.
•it can be demonstrated how the software product will generate probable future economic benefits.
•adequate technical, financial, and other resources to complete the development and to use or sell the software
product are available; and
•the expenditure attributable to the software product during its development can be reliably measured.

Financial Statements | 44
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.
OTHER INTANGIBLEASSETS
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
N Z $0 0 0NZ$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

Financial Statements | 45
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

Financial Statements | 46
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 30
5.5 PROPERTY PLANT AND E/UIPMENT (CONTINUED)
2021
FURNITURE Ë
E/UIPMENT
COMPUTER
E/UIPMENT
LEASEHOLD
IMPRO9EMENTS
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 subsekuently 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
5.8IN9ENTORY
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.

Financial Statements | 47
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.

Financial Statements | 48
NOTES TO TE FINANCIAL STATEMENTS
FOR TE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 32
6.2SARE BASED PAYMENTS (CONTINUED)
- Gentrac\ Long Term Incentive Scheme§ This scheme was introduced in 2021 for selected \ey 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 Gentrac\ 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
RIG HTS
PERFORMANCE
RIGHTS GRA NTED
2022
N Z $0 0 0000
EPS SCEMES 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
RIG HTS
PERFORMANCE
RIGHTS GRA NTED
2021
N Z $0 0 0000
EPS SCEMES 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

Financial Statements | 49
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
P RICE P ER
P ERFORMANCE
RIGHT
NUMB ER OF
P ERFORMA NCE
RIGHTS
A V ERA G E EX ERCIS E
P RICE P ER
PERFORMA NCE
R IG HT
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.

Financial Statements | 50
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
N Z $0 0 0NZ$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
N Z $0 0 0NZ$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.

Financial Statements | 51
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 35
7.2 DEFERRED TA; 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’ 28È for New Zealand entities, 30È for Australian
entities, 22È for Denmark entities, 21È for US entities, 17È for Singapore entity and 25È for India. On 23 September
2022, UK Government announced an increase in the corporate tax rate to 25È effective from 1 April 2022. For UK
entities 19È is applied for first half of 2022 and 25È 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$000N Z $0 0 0
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$000N Z $0 0 0
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

Financial Statements | 52
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.

Financial Statements | 53
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 0 0NZ$000N Z$0 0 0N Z $0 0 0NZ$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.

Financial Statements | 54
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 38
8.3 LI/UIDITY 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 YEARSÁ5 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
FI;ED UP TO
3 MONTHS
FI;ED UP TO
6 MONTHS
FI;ED 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 ½1%
EFFECTIVE
INTEREST
RATE -1%
NZ$000NZ$000
Cash on demand261(261)
Term deposit16(16)
Total exposure277(277)

Financial Statements | 55
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)

Financial Statements | 56
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.

Financial Statements | 57
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
GENTRACK FINANCIAL STATEMENTS / 41
9.1 LEASEASSETSAND LEASE LIABILITIES(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

Financial Statements | 58
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 GOVERNANCE
The Board recognises the importance of good corporate governance, particularly its role in delivering improved
corporate performance and protecting the interests of all stakeholders.
The Board is responsible for establishing and implementing the Company’s corporate governance frameworks, and is
committed to fulfilling this role in accordance with best practice while observing applicable laws, and NZX Corporate
Governance guidance.
This section sets out the Company’s commitment to good corporate governance and addresses the Company’s
compliance with the eight fundamental principles of the NZX Corporate Governance Code (NZX Code).
The Company’s Constitution, the Charters and most of the policies referred to in this Corporate Governance
Statement are available on the Company’s website www.gentrack.com (“Company Website”) in the Leadership and
Governance section of the Investor Centre.
This corporate governance statement is current as at December 2022 and has been approved by the Board.
PRINCIPLE 1 – CODE OF ETHICAL BEHAVIOUR
Directors should set high standards of ethical behaviour, model this behaviour and hold management accountable for
these standards being followed throughout the organisation.
The Board maintains high standards of ethical conduct and the Chief Executive Officer is responsible for ensuring that
high standards of conduct are maintained by all staff and for managing any breaches of these standards. The Board
has adopted a “Code of Ethics”, a copy of which is available in the Investor Centre section of the Company’s website.
The Board is the overall and final body responsible for all decision making within the Company, with the core
objective of representing and promoting the interests of shareholders by adding long-term value to the Company.
The Company has a Share Trading Policy for the approval of all share purchases and sales by staff, including Directors.
A copy of this policy is available in the Investor Centre section of the Company’s website.
The Company undertakes appropriate checks of prospective Directors prior to putting forward a candidate for
election and provides material information in its possession relevant to such a decision to security holders.
PRINCIPLE 2 – BOARD COMPOSITION & PERFORMANCE
To ensure an effective Board, there should be a balance of independence, skills, knowledge, experience and
perspectives.
BOARD CHARTER
This describes the Board’s role and responsibilities and regulates internal Board procedures; a copy of this document
is available in the Investor Centre section on the Company’s website.
The Board directs, and supervises the management of the business affairs of the Company including, in particular:
•
ensuring that the Company’s goals are clearly established, and that strategies and resources are in place for
achieving them;
•

ensuring tha
t there is an ongoing review of performance against the Company’s strategic objectives;
•
appr
oving transactions relating to acquisitions and divestments and capital expenditure above delegated
authority limits;
•

ensuring tha
t there is an ongoing assessment of business risks and that there are appropriate control and
accountability systems in place to manage them;
•

monitoring the performance of
management and overseeing company-wide remuneration, employment and
health and safety practices;
•
appointing the Chief
Executive Officer, setting the terms of their employment and, where necessary, terminating
their employment;
•
appr
oving and monitoring the Company’s financial and other reporting and ensuring the Company’s financial
statements represent a true and fair view; and
•
setting the dividend policy.
Corporate governance | 59

CORPORATE GOVERNANCE
NOMINATION AND APPOINTMENT
The procedures for the appointment and removal of Directors are ultimately governed by the Company’s
Constitution. The Board has established a People and Culture Committee whose role is to, amongst other things,
identify and recommend to the Board individuals for nomination as members of the Board and its Committees,
taking into account such factors as it deems appropriate, including experience, qualifications, judgement and the
ability to work with other Directors.
COMPOSITION OF BOARD
As at 30 September 2022 the Board comprised six Directors, as follows:
•

Andy Gr
een (Non-executive Chair) – appointed 2 November 2020
•
Stewart Sherriff (Non-executive Director) – appointed 5 October 2020
• Gary Miles (Managing Director) – appointed 1 October 2020
•
F
iona Oliver (Non-executive Director) – appointed February 2019
•
Darc Rasmussen (Non-executive Director) – appointed December 2019
•
Nick Luckock (Non-executive Director) – appointed February 2018.
Profiles of each current Director are available in the Investor Centre section on the Company’s website.
The Company has written agreements with each board member establishing the terms of their appointment.
DELEGATION
To enhance efficiency, the Board has delegated some of its powers to Board Committees and other powers to the
Chief Executive Officer. The terms of the delegation by the Board to the Chief Executive Officer are documented in
the Board Charter and more clearly set out in the Company’s Delegated Authority Framework. This framework also
establishes the authority levels for decision-making within the Company’s management team.
DIRECTOR INDEPENDENCE
The Board Charter requires that at least 50% of Directors be “independent”.
The Board takes into account the guidance provided under the NZX Listing Rules in determining the independence
of Directors.
The Board will review any determination it makes as to a Director’s independence on becoming aware of any
information that may have an impact on the independence of the Director. For this purpose, Directors are required
to ensure that they immediately advise the Board of any relevant new or changed relationships to enable the Board
to consider and determine the materiality of the relationships.
The Board considers that Andy Green, Stewart Sherriff, Fiona Oliver, Darc Rasmussen and Nick Luckock are
Independent Directors.
SELECTION AND ROLE OF CHAIR
The Chair of the Board is elected by the non-executive Directors. The Board supports the separation of the role of
Chair and Chief Executive Officer. The Chair’s role is to manage the Board effectively, to provide leadership to the
Board, and to facilitate the Board’s interface with the Chief Executive Officer.
Andy Green was appointed by the Board as Chair on 2 November 2020. As noted above, Andy Green is an
Independent Director. Andy brings transformation and technology leadership to the role of the Company Chair. In
2020 he was awarded Commander of the British Empire (CBE) for his contributions to the Information Technology
and British Space Industries. His passion to transform the industry to support sustainable water and energy resources
is further demonstrated by his roles as the Chair of WaterAid UK and as a UK National Infrastructure Commissioner.
Andy spends his time in both Australia and the UK which contributes both a local presence and global perspective
to the Company’s customers and shareholders.
Corporate governance | 60

CORPORATE GOVERNANCE
DIVERSITY AND INCLUSION POLICY
The Company recognises the importance of diversity and inclusion and is committed to promoting these values
within its workplace and culture. The Board supports this initiative and has approved a Diversity and Inclusion Policy,
a copy of which is available in the Investor Centre on the Company’s website.
Diversity and Inclusion Committees have been established in the Company in all locations.
The Group has flexible and hybrid working arrangements as well as enhanced parental leave policies and forums
globally and locally focused on diversity, inclusion and belonging.
At 30 September 2022, the gender breakdown for the Company (and its wholly owned subsidiaries) was as follows:
These figures include permanent full-time, permanent part-time and fixed-term employees, but not independent
contractors or consultants. A Senior Executive is defined as an employee who reports directly to the Chief Executive
Officer. The Company recruits for predominantly technology roles.
DIRECTOR EDUCATION
All Directors are responsible for ensuring they remain current in understanding their duties as Directors. Directors are
provided access to the Company’s on-line knowledge hub.
RETIREMENT AND RE-ELECTION
The Board acknowledges and observes the relevant Director rotation/retirement rules under the NZX Listing Rules.
DIRECTORS’ SHARE OWNERSHIP
The table of Directors’ shareholdings is included in the Disclosures section of this Annual Report.
INDEMNITIES AND INSURANCE
Deeds of Indemnity have been granted by the Company in favour of the Directors in relation to potential liabilities
and costs they may incur for acts or omissions in their capacity as Directors.
The Directors’ and Officers’ Liability insurance covers risks normally covered by such policies arising out of acts or
omissions of Directors and employees in their capacity as such.
BOARDSENIOR EXECUTIVES ALL EMPLOYEES
FY22
Female12160
Male

Non Binary
58423

1
% Female17%20%27%
FY20
Female12137
Male57353
% Female17%22%28%
Corporate governance | 61

Corporate governance | 62
CORPORATE GOVERNANCE
BOARD MEETINGS
The Board has a standard schedule which includes a minimum of six meetings per annum. In addition other board
meetings are held as needed to deal with specific matters such as acquisition related activity. In the year ended 30
September 2022 there were twelve Board meetings in total. There were also separate meetings of the Board
Committees. Directors receive detailed information in Board papers to facilitate decision making. At each meeting the
Board considers key financial and operational information as well as matters of strategic importance.
Executives regularly attend Board meetings and are also available to be contacted by Directors between meetings.
Directors who are not members of the Committees are invited to attend all meetings of the Committees.
1
Nick Luckock joined the People and Culture Committee on 28 September 2022.
Attendance at Committee meetings of Directors who are not Committee members is included in the table above.
Membership of the Board Committees is set out below.
The Board has a broad range of IT, financial, sales, business, risk management and other skills and expertise necessary
to meet its objectives.
BOARD ACCESS TO INFORMATION AND ADVICE
The Company Secretary is responsible for supporting the effectiveness of the Board by ensuring that policies and
procedures are followed and co-ordinating the completion and dispatch of the Board agendas and papers.
All Directors have access to the senior management team to discuss issues or obtain information on specific areas in
relation to items to be considered at Board meetings or other areas as they consider appropriate. Further, Directors
have unrestricted access to Group records and information.
The Board, the Board Committees and each Director have the right, subject to the approval of the Chair, to seek
independent professional advice at the Company’s expense to assist them to carry out their responsibilities. Further,
the Board and Board Committees have the authority to secure the attendance at meetings of outsiders with relevant
experience and expertise.
CONFLICTS OF INTEREST
The Board Charter outlines the Board’s policy on conflicts of interest. Where conflicts of interest do exist, Directors
excuse themselves from discussions and do not exercise their right to vote in respect of such matters.
PERFORMANCE REVIEW
The last formal review of the Board’s performance was undertaken in September 2021. As there has been no change
in the composition of the Board the next formal review is scheduled for the first quarter of 2023.
BOARD
AUDIT AND RISK
COMMITTEE
PEOPLE AND CULTURE
COMMITTEE
DIRECTOR
NO. OF
MEETINGS
NO.
ATTENDED
NO. OF
MEETINGS
NO.
ATTENDED
NO. OF
MEETINGS
NO.
ATTENDED
Andy Green12125566
Fiona Oliver12125566
Darc Rasmussen121255-5
Stewart Sherriff1212--65
Nick Luckock
1
1212--11
Gary Miles1212---3

CORPORATE GOVERNANCE
PRINCIPLE 3 – BOARD COMMITTEES
The Board should use committees where this will enhance its effectiveness in key areas, while still retaining
board responsibility.
BOARD COMMITTEES
The Board has established two Committees: the Audit and Risk Committee, and the People and Culture Committee
(renamed from the People, Nominations and Remuneration Committee). The Charters of each Committee are in the
Investor Centre section of the Company’s website.
The membership of each Committee at 30 September 2022 was:
1.
Audit and Risk C
ommittee – Fiona Oliver (Chair), Andy Green (ex-officio), Darc Rasmussen
2.
People and Culture Committee – Fiona Oliver (Chair), Andy Green (ex-officio), Stewart Sherriff, Nick Luckock.
All of the members of the above committees are independent directors. Management and other employees attend
committee meetings at the invitation of the respective committee.
For further details on the functions of the Audit and Risk Committee please refer to “Principle 7”. For further details on
the functions of the People and Culture Committee please refer to “Principle 2” and “Principle 5”.
The Board finalised a Takeover Response Protocol in 2018. The Protocol outlines the procedures in the event the
Company is subject to a takeover offer.
PRINCIPLE 4 – REPORTING & DISCLOSURE
The Board should demand integrity in financial and non-financial reporting, and in the timeliness and balance of
corporate disclosures.
The Company is committed to maintaining a fully informed market through effective communication with the NZX
and ASX, the Company’s shareholders, analysts, media and other interested parties. The Company provides all
stakeholders with equal and timely access to material information that is accurate, balanced, meaningful
and consistent.
The Board has adopted a Market Disclosure Policy and a Shareholder Communications Policy, copies of which are
available in the Investor Centre section on the Company’s website. The Policies have been communicated internally to
ensure that they are strictly adhered to by the Board and the Company’s employees. The Company has been listed on
the NZX Main Board and the ASX since 25 June 2014 and has at all times complied with its continuous
disclosure obligations.
Directors consider at each Board meeting whether there is any material information which should be disclosed to
the market.
The “Code of Ethics”, Board Committee Charters and other key governance documents are available in the Investor
Centre section of the Company’s website.
The Company does not currently provide additional non-financial reporting on environmental, social and governance
factors other than as set out in this statement.

PRINCIPLE 5 – REMUNERATION
The remuneration of Directors and executives should be transparent, fair and reasonable.
The Board has a People and Culture Committee. One of that Committee’s principal functions is to oversee the
remuneration strategies and policies of the Company. The People and Culture Committee is governed by a formal
charter, a copy of which is available in the Investor Centre section on the Company’s website.
DIRECTOR REMUNERATION
The Company distinguishes the structure of non-executive Directors’ remuneration from that of executive Directors.
Total Directors’ fees are currently set at a maximum of $800,000 per annum for the non-executive Directors. The actual
amount of fees paid in the past year was $622,500.
Corporate governance | 63

Corporate governance | 64
CORPORATE GOVERNANCE
CEO REMUNERATION
Gary Miles’ salary is structured as follows:
Fixed Base Salary
For FY2022 Gary has a Fixed Base Salary of UK£403,000 per annum, exclusive of pension contributions of 4% of base
salary and reviewable at the Board’s discretion annually after the release of the full year results.
Annual Incentive Plan
On target performance is eligible for an annual incentive payment of 100% of the fixed base salary. The actual
annual incentive payment (if any) is determined at the discretion of the Board after assessing the performance of the
Company and the performance of the CEO against performance targets and priorities agreed annually. For FY2022,
those performance targets were based on a score card of measures incorporating financial performance against
budget; employee engagement and attrition; customer satisfaction and technology advancement. His short-term
incentive payment for FY22 was £417,510.
Long Term Incentive
The CEO’s remuneration package includes the issue of performance rights that were approved at the Annual Meeting
in February 2021:
•

an initial gr
ant of 500,000 performance rights of which half vested immediately on the start of Gary’s employment
and the other half of which vested on 1 October 2021. The vesting of this initial grant of performance rights was
not subject to vesting conditions or performance hurdles.
•
an annual grant of performance rights commencing in October 2020 that is calculated and vests in accordance
with the following:
• number of performance rights = Z /Y
•
“Z” = Gary’s annual base pay, including pension contribution, converted into NZD and multiplied by 120%; and
• “Y” = the volume weighted average price of Gentrack’s shares over the 10 day trading period ending on the last
trading day immediately prior to the annual grant
• The first annual grant of performance rights vested on 1st October 2021 in accordance with the agreed criteria
• Subsequent annual performance rights vest one third each year over three years with half of rights eligible to vest
each year subject to Gentrack Group achieving certain performance hurdles and the other half of rights eligible
to vest doing so without reference to performance hurdles. The performance hurdles are based on the compound
annual growth rate of Gentrack’s earnings per share as follows:
•

below 7%,
no performance rights subject to performance hurdles will vest;
• equal to 7%, 50% of performance rights subject to performance hurdles will vest;
• equal to or above 12%, all performance rights subject to performance hurdles will vest; and
•

between 7% and 12% performance rights will vest on a str
aight line basis between 50% and 100%;
• Some of the 2022 performance rights vested in accordance with the vesting criteria. The remaining 50% of the
performance rights subject to performance hurdles did not vest.
The Remuneration Policy Statement is available in the Investor Centre section of the Company’s website.

CORPORATE GOVERNANCE
PRINCIPLE 6 – RISK MANAGEMENT
Directors should have a sound understanding of the material risks faced by the issuer and how to manage them.
The Board should regularly verify that the issuer has appropriate processes that identify and manage potential and
material risks.
The Board has an Audit and Risk Committee that reports to the Board – please see “Principle 7” below for further
detail in relation to the Audit and Risk Committee.
The Company’s senior management maintain a Risk Register, which is reviewed by the Audit and Risk Committee and
forms a key part of the risk management framework.
To support its commitment to Information Security Management, the Company is ISO/EC 27001:2013 certified. This is
an international standard which helps organisations manage and control information security risks. The Company also
maintains a Services Organisation Control “SOC2” Type I Report in respect of the security and availability controls over
applicable Gentrack Cloud services which is then assessed by an independent third-party auditor.
The Company does not have an internal audit function, but through the steps outlined above the Board ensures the
company is reviewing, evaluating and continually improving the effectiveness of its risk management and internal
control processes.
The Company considers that it has a low exposure to economic risks, because the sectors we serve are essential
services that do not react significantly to economic cycles, and it considers that it does not have any material exposure
to environmental and social sustainability risks. The Board receives regular updates on health and safety and
information security.
PRINCIPLE 7 – AUDITORS
The Board should ensure the quality and independence of the external audit process.
The Board is committed to a transparent system for auditing and reporting of the Company’s financial performance. The
Board established an Audit and Risk Committee, which performs a central role in achieving this goal. The members of the
Committee provide a balance of independence, sector experience and relevant professional experience and qualifications.
The Audit and Risk Committee’s principal functions are:
•
to assist the Board in fulfilling its responsibilities for the Company’s financial statements and external financial reporting;
• to assist the Board in ensuring that the ability and independence of the external auditors to carry out their statutory
audit role is not impaired, or could reasonably be perceived to be impaired;
• to assist the Board in ensuring appropriate accounting policies and internal controls are established and maintained; and
•

to assist the Boar
d in ensuring the efficient and effective management of all business risks.
One of the main purposes of the Audit and Risk Committee is to ensure the quality and independence of the audit
process. The Chairman of the Audit and Risk Committee and Chief Financial Officer work with the external auditors to
plan the audit approach. All aspects of the audit are reported back to the Audit and Risk Committee and the auditors are
given the opportunity at Audit and Risk Committee meetings to meet with the Board.
The Audit and Risk Committee has adopted a formal Charter, a copy of which is available in the Investor Centre section
on the Company’s website.
The Audit and Risk Committee meets regularly to identify risks and determine how to mitigate these. The Company uses
external contractors as required for specific audit reviews.
The Company’s external auditors will attend the annual meeting, and are available to answer questions relating to the
conduct of the external audit and the preparation and content of the auditor’s report.
The Company does not have an internal audit function. Where required, such audit activity is conducted by third parties,
not by the Company’s external auditors.
Corporate governance | 65

Corporate governance | 66
CORPORATE GOVERNANCE
TYPE OF HOLDING
2022
RELEVANT INTEREST
IN SHARES HELD
2021
RELEVANT INTEREST
IN SHARES HELD
Gary Miles Direct797,657250,000
Andy GreenBeneficial Interest46,02628,389
Darc Rasmussen Beneficial Interest2,0002,000
PRINCIPLE 8 – SHAREHOLDER RIGHTS & RELATIONS
The Board should respect the rights of shareholders and foster constructive relationships with shareholders that
encourage them to engage with the issuer.
The company currently keeps shareholders informed through:
•
the annual r
eport;
•
the half-year update;
•
the annual meeting of shareholders;
• disclosure to the NZX and ASX in accordance with the Company’s Shareholder Communications Policy and Market
Disclosure Policy; and
•
the Investor Centre section on the Company’s website.
The Company’s Shareholder Communications Policy and Market Disclosure Policy are designed to ensure that
communications with shareholders and all other stakeholders are managed efficiently. The Chair, Chief Executive
Officer and Chief Financial Officer are the points of contact for shareholders and analysts.
The Board considers the annual report to be an essential opportunity for communicating with shareholders. The
company publishes its results and reports electronically on the Company Website. Investors may also request a hard
copy of the annual report by contacting the Company’s share registrar, Link Market Services Limited. Contact details
for the registrar appear at the end of this report.
The Company considers the annual meeting to be a valuable element of its communications programme. The Chair
will provide an opportunity for shareholders to raise questions for their Board. The Chair may ask the Chief Executive
Officer and any relevant manager of the Company to assist in answering questions if required. As noted earlier, the
Company’s external auditors will also attend the annual meeting, and are available to answer questions relating to the
conduct of the external audit and the preparation and content of the auditor’s report.
ENTRIES RECORDED IN THE INTERESTS REGISTER
The Company maintains an Interest Register in accordance with the Companies Act 1993. The following entries were
made in the Interests Register for the period 1 October 2021 to 30 September 2022 and require disclosure:
•
F
iona Oliver advised that she had been appointed as a board member of New Zealand Water Polo commencing
March 26 2022 and Marlin Global Limited, Barramundi Limited and Kingfish Limited from 1 June 2022
• Stewart Sherriff advised that he has resigned as a director of Two Degrees Group Limited and all of its subsidiaries
with effect from 20 May 2022
• Fiona Oliver advised that she had resigned as a director of BNZ Life Insurance Limited, BNZ Insurance Services
Limited and National Wealth Management Holdings Limited with effect from 30 September 2022.
SHAREHOLDINGS OF DIRECTORS AT 30 SEPTEMBER 2022

REMUNERATION OF DIRECTORS
Details of the total remuneration of, and the value of other benefits received by, each Director of Gentrack Group
Limited during the financial year ended 30 September 2022 are as follows:
Gary Miles remuneration is disclosed under Principle 5 above.
Andy Green and Stewart Sheriff joined the Board during FY2021, and so their FY2021 remuneration above is for a
part year.
In FY2021 Gentrack paid the $49,500 disclosed for Nick Luckock to Hg Capital (where Nick was a partner), which was
a substantial shareholder of the Company until June 2021, for his services as a non-executive Director of Gentrack.
Nick left Hg Capital in March 2022, and from 1st April 2022 now receives remuneration of $85,000 p.a. (so $42,500
in FY2022). Neither Nick, nor Hg Capital received remuneration for his services as a Director during the first half
of FY2022.
20222021
Andy Green300,000263,400
Fiona Oliver110,000115,000
Nick Luckock42,50049,500
Stewart Sherriff85,00084,000
Darc Rasmussen85,00085,000
TOTAL622,500596,900
CORPORATE GOVERNANCE
Corporate governance | 67

Corporate governance | 68
CORPORATE GOVERNANCE
EMPLOYEE REMUNERATION
The number of current employees of the parent and subsidiaries receiving remuneration and benefits above
$100,000 in the year ended 30 September 2022 are set out in the table below:
The analysis above includes the remuneration and benefits paid to employees, in the relevant bandings, where their
annual remuneration and benefits exceed $100,000.
REMUNERATION
NUMBER OF
EMPLOYEES
$100,000 - $110,000 31
$110,001 - $120,000 37
$120,001 - $130,000 22
$130,001 - $140,000 28
$140,001 - $150,000 27
$150,001 - $160,000 22
$160,001 - $170,000 19
$170,001 - $180,000 15
$180,001 - $190,000 6
$190,001 - $200,000 8
$200,001 - $210,000 8
$210,001 - $220,000 6
$220,001 - $230,000 3
$230,001 - $240,000 5
$240,001 - $250,000 1
$250,001 - $260,000 2
$260,001 - $270,000 1
$270,001 - $280,000 2
$280,001 - $290,000 1
$290,001 - $300,000 1
$300,001 - $310,000 2
$320,001 - $330,000 1
$350,001 - $360,000 1
$380,001 - $390,000 2
$390,001 - $400,000 1
$400,001 - $410,000 1
$410,001 - $420,000 1
$440,001 - $450,000 1
$510,001 - $520,000 1
$3,500,001 - $3,510,000 1

CORPORATE GOVERNANCE
SIZE OF HOLDING
NUMBER OF
HOLDERS
FULLY PAID ORDINARY
SHARES NUMBER OF
SHARES
% OF ISSUED CAPITAL
1 – 1,0001,321644,1080.64
1,001 – 5,0001,4053,619,0093.58
5,001 – 10,0004213,128,8613.10
10,001 – 50,0003106,336,2316.27
50,001 – 100,000554,023,9383.98
Greater than 100,0004483,303,86882.43
TOTAL3,556101,055,997100
Corporate governance | 69
ANALYSIS OF SHAREHOLDING
The analysis of shareholding by size of holding as at 18 November 2022 is:

Corporate governance | 70
CORPORATE GOVERNANCE
TWENTY LARGEST SHAREHOLDERS
The twenty largest shareholders of fully paid ordinary shares as at 18 November 2022 were:
¹ These shareholdings are held through New Zealand Central Securities Depository Limited (NZCSD) which allows
electronic trading of securities to members.
The percentage shareholding of the 20 largest shareholders of Gentrack Group Limited fully paid ordinary shares
was 77.41%.
NAME
NUMBER OF
ORDINARY SHARES
HELD
% OF ISSUED SHARE
CAPITAL
National Nominees New Zealand Limited¹24,955,08524.69
National Nominees Limited10,689,14210.58
BNP Paribas Nominees NZ Limited¹10,332,56910.22
J P Morgan Nominees Australia Pty Limited6,805,0806.73
Anacacia Pty Ltd6,727,0106.66
Qexle Limited2,690,0002.66
Custodial Services Limited2,410,4342.39
HSBC Custody Nominees (Australia) Limited2,282,2432.26
Mirrabooka Investments Limited2,205,0002.18
BNP Paribas Nominees Pty Ltd1,567,5641.55
Terence De Montalt Maude & Wendy Fay Wood 1,300,0001.29
New Zealand Depository Nominee1,120,5971.11
Gracey Family Investments Pty Ltd1,084,5001.07
Gary Miles887,4680.88
Citicorp Nominees Pty Limited809,1110.80
Melissa Gaik Teng Hong583,1890.58
Citibank Nominees (Nz) Ltd¹558,5460.55
Shireburn Company Limited462,4660.46
HSBC Nominees (New Zealand)394,4340.39
Nigel Allan Dickins & Sharon B & other360,0000.36
TOTAL78,224,438 77.41

CORPORATE GOVERNANCE
SUBSTANTIAL SHAREHOLDERS AS AT 30 SEPTEMBER 2022
According to notices given under the Financial Markets Conduct Act 2013 the following persons were Substantial
Shareholders in Gentrack Group Limited at 30 September 2022 in respect of the number of voting securities set
opposite their names.
The total number of issued voting shares of Gentrack Group Limited at 30 September 2022 was 100,479,761.
Voting at a meeting of the shareholders is via a poll. At the meeting, every shareholder present in person, or by
representative has one vote for each fully paid ordinary share in the Company.
At 30 September 2022, there were 318 shareholders holding marketable parcels of less than $500.
NAME
NUMBER OF
ORDINARY SHARES
HELD
% OF ISSUED SHARE
CAPITAL
National Nominees Ltd ACF Australian Ethical
Investment Limited
14,882,23014.81
Milford Asset Management Limited12,055,55712.00
Swann Hill BV9,533,2019.49
NAOS Asset Management Limited9,519,1269.47
Anacacia Pty Ltd (As Trustee for the Wattle Fund) 6,727,0106.69
TOTAL52,717,12452.77
Corporate governance | 71

CORPORATE GOVERNANCE
SUBSIDIARY COMPANY DIRECTORS
The following people held office as Directors of subsidiary companies at 30 September 2022:
The following former Directors of the Company’s subsidiaries ceased to hold office during the year: 2022 –
Alastair James Spence, Derek Dyamond.
Directors of the Company’s subsidiaries do not receive any remuneration or other benefits in respect of
their appointments.
Gentrack LimitedJohn Priggen, Allan Sampson
Veovo Group LimitedJohn Priggen, James Williamson, Gary Miles, Hayden Davies
Gentrack Group Australia Pty LimitedJohn Priggen, Mark Humphreys
Gentrack Pty LimitedJohn Priggen, Mark Humphreys
Gentrack UK LimitedJohn Priggen, Geoffrey Childs
Gentrack Holdings UK LimitedJohn Priggen, Geoffrey Childs
Junifer Systems Limited (not trading)John Priggen
Gentrack (Singapore) Pte LtdJohn Priggen, Allan Sampson, K Kalaai Araasi Pillai
Gentrack Software Private LtdJohn Priggen, Amol Ganpati Mainkar (TMF), Anugraha Mundra (TMF)
Veovo Holdings DenmarkJames Williamson, Gary Miles
Veovo ASJames Williamson, Peter Christian Knudsen
CA Plus LimitedJames Williamson
Evolve Analytics Limited (not trading)John Priggen
Evolve Parent Limited (not trading)John Priggen
Veovo IncJohn Priggen, James Williamson
Veovo NZ Limited (trading from 1 October 2020) John Priggen, James Williamson, Hayden Davies
Veovo UK Limited (trading from 1 October 2020) John Priggen, James Williamson
Veovo IP Limited (trading from 1 October 2020) John Priggen, James Williamson, Hayden Davies
Corporate governance | 72

CORPORATE GOVERNANCE
Corporate governance | 73
DONATIONS
The Company made donations of $27,132 during the year ended 30 September 2022.
CREDIT RATING
The Company has no credit rating.
FOREIGN EXEMPT LISTING
ASX approved a change in the Company’s ASX admission category from an ASX Listing to an ASX Foreign Exempt
Listing, effective from the commencement of trading on 30 March 2016.
The Company continues to have a full listing on the NZX Main Board, and the Company’s shares are still listed on
the ASX. The Company is primarily regulated by the NZX, complies with the NZX Listing Rules, and is exempt from
complying with most of the ASX Listing Rules (based on the principle of substituted compliance).
WAIVERS
NZX RegCo granted Gentrack Group Limited a waiver from the requirement for the Company to include an appraisal
report with its 2021 Notice of Meeting in respect of the resolution relating to the issue of performance rights to its
Managing Director under Listing Rule 7.8.5. The terms of the waiver can be found on the Company’s announcement
page on the NZX website (https://www.nzx.com/companies/GTK/announcements)
ANNUAL MEETING
Gentrack Group Limited’s Annual Meeting of Shareholders will be held on 23 February 2023. A notice of Annual
Meeting and Proxy Form will be circulated to shareholders in January 2022.

CORPORATE DIRECTORY
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
Level 15, 628 Bourke Street, Melbourne, VIC 3000
Australia
NEW ZEALAND INCORPORATION NUMBER
3768390
AUSTRALIAN REGISTERED BODY NUMBER (ARBN)
169 195 751
DIRECTORS
Andy Green, Chair
Fiona Oliver
Nick Luckock
Stewart Sherriff
Darc Rasmussen
Gary Miles
COMPANY SECRETARY
Kerry Nickels
AUDITOR
Ernst & Young
2 Takutai Square
Auckland CBD
Auckland 1010
LEGAL ADVISERS
Bell Gully
BANKERS
ASB BANK LIMITED
BANK OF NEW ZEALAND
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 | 74

Gentrack
About
Utilities companies are at the sharp end of a volatile market,
operating businesses in unprecedented change, while also
trying to create a more sustainable tomorrow. For over 30 years
Gentrack has been partnering with the world’s leading utilities.
More than 50 energy and water companies rely on Gentrack.
Our g2.0 solution combines this wealth of experience with
Salesforce’s unbeatable CRM, Gentrack’s leading meter-to-cash
platform and a composable architecture on AWS. g2.0 ensures
high performance, security, scalability, and rapid prototyping
for innovation at pace.

When it comes to transformations, you can count on us.
www.gentrack.com
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