Gentrack Annual Report 2024

Annual Report
2024
Gentrack Group Limited

Contents
2
This report is dated 20 December 2024. The annual report has been approved by the Board and is signed on behalf of the Board by:
Andy Green
Chairman
Fiona Oliver
Director

Overview
Gentrack’s market segments of energy, water and airports are growth
markets providing essential services.
Gentrack’s mission in utilities is to help the world accelerate towards a
net zero future by supporting the global modernisation of energy and
water retailers. Gentrack has c690 committed utility professionals who
are passionate about this purpose. They work tirelessly to demonstrate
our leadership in this dynamic landscape as utilities world-wide embark
on their transformation journey.
Strong revenue growth comes in part from doing more with our current
customers as they innovate. They face a myriad of drivers for system
change including regulatory and competitive dynamics; data insights
from real time smart meter interactions; time of use pricing; great
customer experience; new operating models; and per capita water
consumption targets.
Chairman and CEO’s commentary
3
Additionally, we have four new utility customers in FY24, including new
wins in Saudi Arabia and the Philippines. We now have utility customers in
eight countries. The pipeline of new opportunities continues to develop
and, as we said in our May 2024 earnings forecast, we are targeting
further wins in FY25 in our current markets and new territories.
Separately, our Airports Division, Veovo, which operates in 23 countries
and over 140 airports, is playing a leading role in the digitization and
modernisation of the industry. We have a top-class team and great
technology with over 90 professionals in the division.
We expect continued progress at Veovo. With almost no customer churn,
continued new wins (such as FY24 wins of Manchester Airports Group
and the airports of Saudi Arabia) add depth to our recurring revenue
base. We expect to secure renewals, upsells and new wins from our
strong pipeline in FY25.
Revenue:
$213.2m
Cash:
$66.7m
EBITDA:
$23.6m
vs. $23.2m in FY23 (FY24 impacted by a $7.1m charge
against payroll costs on the Group’s LTI schemes
due to the significant growth in our share price and
the accelerated amortisation of these costs)
vs. $10.0m in FY23$17.5m increase
in the year after
$12.9m Amber
investment in H1’24
up 25.5% vs. FY23 and up 50%
when excluding $27.6m of
one-off revenues in FY23 from
insolvent customers
Statutory NPAT:
$9.5m
No
dividend
payable

Financial performance
For the Group, revenues increased 25.5% over
the prior year period to $213.2m. In our Utilities
business, total revenue grew by 23% to $181.3m.
Underlying Utilities revenue, excluding $27.6m
of revenue in FY23 from insolvent customers,
grew by 51%. Upgrades and other customer
transformations, new customer wins and strong
demand for innovation and change from across
our customer base helped drive our non-
recurring revenues 104% higher to $60m. Whilst
wins and upsells from prior periods increased
our recurring revenues by 33% to $121.3m.
New customer wins in the UK and the Middle
East have powered Veovo to a 45.5% increase
in revenue over the prior period to $31.9m. The
project work to implement these wins alongside
upgrades from existing customers have driven
non-recurring revenues 101% higher v prior year
to $15.7m. This includes $6.8m ($2.0m in FY23)
of revenue from sales of hardware sourced
from our supplier network. Customer wins and
upgrades from prior periods have also pushed
recurring revenues 15% higher to $16.3m.
EBITDA at $23.6m ($23.2m in FY23) includes
$7.1m booked against expected payroll tax on
the Group’s LTI schemes (compared to $0.3m
in FY23). This follows the strong rise in our
share price across the year. The tax is based
on the share price at vesting. Furthermore, for
LTI awards to management made at the start
of FY24 more shares vest and vest earlier when
the share price is higher and so we are now
amortising most of this expected cost over two
rather than three years.
We have continued to increase investment in
strategic R&D, all of which has been expensed,
as well as increase our sales & marketing spend
to support our international expansion.
Our NPAT of $9.5m ($10m in FY23) includes a
$1.3m loss being our share of the losses of
Amber in which we acquired a 10% stake during
the year. Alongside our equity we hold a seat
on Amber’s Board and so account for this
investment as an associate company within
our financial statements.
Gentrack continues to deliver strong cash
generation. Our cash as of 30 September 2024
was $66.7m, a $17.5m increase over the start of
the year, after investing $12.9m in Amber.
Gentrack’s Utilities and Veovo businesses
both operate in high growth and consolidating
markets. Today the Board believes that the
best use of the company’s capital is to
continue to invest in growth. We have therefore
decided not to pay a dividend. We will keep the
use of capital under regular review.
Bringing value to our
Energy and Water
customers
Gentrack and our customers are also
consistently recognised as leading and shaping
the industry’s change. Some examples include:
Red Energy, which has been the Canstar
Leading Energy Supplier for 13 years in a row
in Australia, the world’s most dynamic
energy market.
Ecotricity, which is Citizens Advice Customer
Experience leader in the UK, the world’s most
competitive energy market.
Mercury who won the New Zealand CIO Awards
from global market intelligence firm, IDC for
Business Transformation through IT.
4

g2.0 and other technology
updates
The g2.0 technology strategy, with Salesforce’s
Energy and Utility Cloud embedded, is resonating
very well with our existing and potential
customers. A recent testament to this has been
g2.0 winning three prestigious awards at the
Asian Business Review Awards 2024 for Enterprise
Software Energy, Enterprise Software Utilities,
and ESG Tech Utilities.
In November 2023, Genesis Energy selected our
g2.0 solution to modernise their business and we
are making good progress in this transformation
program which will remain a key program across
FY25. Upgrade discussions with parts of our
customer base are underway and new
customer sales are on g2.0.
We have a strong and exciting technology
roadmap for FY25. We continue to invest in data
solutions for better AI insights and automation
as well as a broad range of sellable, add on
functionality that energy and water customers
need as they transform and innovate.
We continue to invest in products in areas
such as dynamic pricing and propositions for
distributed energy sources such as battery
optimisation for industry, homes, and electric
vehicles. Our minority investment in Amber
accelerates our roadmap in this key energy
transition domain. Amber is an Australian based
technology company and energy retailer that
gives customers direct access to real time
energy prices and the technology to automate
their home batteries and EVs. Their product
is augmenting our solution well and we see
encouraging interest in the combined Gentrack
and Amber solution. We are pleased to have
achieved our first win on a joint Gentrack and
Amber solution in Europe.
We also work with other distributed resources
management technology suppliers to bring the
right energy solution to our customers in this
nascent market.
5
Veovo’s leading technology
capabilities
Veovo has had another strong year of growth.
Airports have returned to 2019 passenger
numbers and that has meant a drive for
technology to deliver more capacity and better
journeys.
FY24 has seen a number of big projects for
Veovo. We have had major success in the Middle
East with large contracts in Saudi Arabia for
our Passenger Predictability products and the
delivery of Airport Billing in Dubai. In the UK,
Manchester Airport Group has selected Veovo
for Passenger tracking and Queue measurement
across all their airports.
We continue to have excellent customer
retention, with upgrades to our Gen8 platform for
airport operations being rolled out in New Zealand,
Australia, the UK, and North America. This is driving
both growth and cementing Veovo’s incredible
record for customer retention.
We expect Veovo to continue this strong story in
FY25, with current projects becoming operational
and a strong pipeline of opportunities with
existing and new customers.

Climate statement
Our FY24 Annual Report will include our first Climate Statement under New
Zealand climate related disclosures regime. We believe that our technologies
can play a key role in accelerating a sustainable future for the planet. Our
platforms support automation and operational efficiency at airports. At
Utilities, we deliver customer centric solutions that can help end customers
adopt greener solutions to advance the energy transition.
Looking forward
Both the utilities and airports industries are transforming at pace. They are
dynamic markets in a state of change, and we are confident in our ability to
lead these markets globally over time.
We would like to thank our customers and shareholders for their continued
support, and the entire Gentrack team for their achievements and for their
commitment to Gentrack’s future.
6
Andy Green, CBE
Chairman
Gary Miles
CEO

Board of Directors
Additional roles:
Commissioner, National Infrastructure Commission
Senior Independent Director, Airtel Africa
Chair, WaterAid
Chairman, Lowell
Chair, Nominet
Andy Green, CBE
Chairman
Stewart Sherriff
Non-Executive
Director
Additional roles:
Board Member, Guardians of New Zealand Superannuation
Board Member and Audit & Risk Committee Chair, Summerset
Group Holdings Ltd (NZX/ASX)
Board Member, Kingfish Limited, Barramundi Limited, Marlin
Global Limited
Board Member, New Zealand Water Polo
Board Member, Freightways Limited (NZX)
Board Member and Audit & Risk Committee Chair, Clarus Group
Additional roles:
Non-Executive Director, Objective Corporation (ASX:OCL)
Chair of the Board, Urbanise.com (ASX:UBN)
Director, Strategic Outcomes
Fiona Oliver
Audit & Risk
Committee Chair
People & Culture
Committee Chair
(Until 30 September 2024)
Gary Miles
Chief Executive Officer
Darc Rasmussen
Non-Executive
Director
7
Additional roles:
Chair, char.gy Ltd (UK-based EV charging port business)
Non-Executive Director, Statera Energy Ltd
Non-Executive Director, Vidrala SA
Senior Independent Director, Carr’s Group plc
Executive role – Noble & Co (part-time)
Chair, DC 25 Investment Fund
Gillian Watson
Non-Executive
Director
People & Culture
Committee Chair
(From 1 October 2024)

Our leadership
8
Our vision is to accelerate the world towards a net zero
future by leading the global modernisation of energy
and water retailers.
These sectors have suffered underinvestment for
decades and now taking major steps to transform.
We are determined to be a global leader shaping the
industry change, and together with our customers, we
are energised to create a more sustainable future for all.
Gary Miles
Chief Executive Officer
c
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s
t
o
m
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r
s

w
o
r
l
d
w
i
d
e
energy meter points
covered by our retail
partners in NZ
>50%
Market
leader
in B2B
water
UK
Multi-segment
scope across
17 regulatory
environments

(B2B & B2C,
water and
energy)
17
people within
our centre of
excellence

in India
100+
782
colleagues in
Gentrack Group

Business update
9
The global imperative of decarbonisation is accelerating demand, regulatory
changes, and customer expectations, creating new business opportunities
across the worldwide energy and water industries. Utilities are central to this
transition, acting as the pivot around which sustainable energy and water
system revolve. From deploying new physical and digital infrastructure to
developing new service-based business models and creating new energy
markets, utilities are poised to become the technical and operational
foundation for the energy transition.
Throughout FY24, Gentrack reaffirmed its role as the partner of choice,
helping our customers in achieving their goals. Our mission is to accelerate
the world towards a net zero future by leading the global modernisation of
energy and water retailers.
As utilities transition from ‘simple commodity providers’ to multi-solution
energy transition providers, they must re-platform IT systems and rethink
operating models, adopting cutting-edge billing and CRM technologies.
That’s the essence of Gentrack g2.0: a cloud-based solution combining
Salesforce’s leading CRM pre-integrated with a modern billing system,
redeveloped on AWS cloud, leveraging 37 years of meter-to-cash expertise.
Gentrack’s solution differentiates from traditional legacy systems with
pre-built, out-of-the-box customer journeys (business processes) that
can be extended and customised with low-code/no-code technologies.
The modular g2.0 stack allows our customers to modernise at their own
pace, starting for instance, with Data Modernisation, to leverage g2.0
Data & Analytics capabilities, harness data growth, and improve business
performance control.
Gentrack’s g2.0 has been recognised as a leading solution in the industry
earning three prestigious awards at the Australian Technology Excellence
Awards, run by the Asian Business Review: Enterprise Software for Utilities,
Enterprise Software for Energy, and ESG Tech for Utilities.
FY24 has been another remarkable year for Gentrack, highlighted by new
customer wins, expansion into new countries, and the renewal and upgrade
of strategic customer partnerships – helping them strengthen and advance
their leadership positions.
Our focus remains on helping our customers to:
1. Modernise their IT stack to save costs, streamline operations and
boost innovation
2. Deliver a first-class customer experience
3. Accelerate the transition to net zero

10
New logo
Vocus Group, a multi-services company connecting people, businesses,
governments, and communities across Australia, has selected Gentrack
to implement a modern billing system and customer experience product
suite to serve its Dodo customers. By migrating its customer base to
the Gentrack platform, Dodo will benefit from advanced data analytics,
seamless integration with Salesforce, and a scalable cloud-based solution
powered by Amazon Web Services (AWS).
This partnership enables Dodo to expand its multi-play services, including
internet, gas, electricity, mobile, and bundled offerings, solidifying its
position as a leading service provider in the Australian market.
Customer awards
Transforming the core IT system is a pivotal moment
where the role of the CIO can become a high-stakes
risk or a rewarding success. In September 2024,
Mercury’s Head of Integration, Nick Pudney received
the New Zealand CIO Awards (sponsored by the analyst
company IDC) for ‘Business Transformation through
Digital and IT’, highlighting the impact of digital
transformation.’
After acquiring Trustpower, Mercury selected Gentrack
as its unified billing and CRM provider, phasing out
Mercury’s SAP platform. The project was successfully
delivered on time, on budget, and with no impact on
customer satisfaction during the migration.
By leveraging Gentrack’s advanced
billing system, we are poised to

deliver exceptional service to our
customers while driving innovation

in the energy sector.
Nitesh Naidoo
Chief Executive, Consumer, Vocus Group
We had three choices [for our unified billing and
CRM selection]: to use the Mercury technology
stack, which was SAP based, to use the Trustpower
technology stack, which was Gentrack based, or to
choose a new third way forward. It became clear to us
that if we wanted to leverage multi-product bundle
retail in New Zealand, the Gentrack stack was going to
support us to achieve our long-term ambitions.
Vince Hawksworth
Chief Executive Officer, Mercury
Modernisation First-class customer experience Net zero acceleration

11
Cloud migration / go live – water
Water Authority of Fiji (WAF) is facing a range of increasing
challenges, including impacts of climate change, aging
infrastructure, environmental impacts, rapidly growing tourist
demand, a skills and capacity shortage, and an unviable
financial model. To address these, WAF has taken a major
step forward in its digital transformation journey with the
successful 2024 launch of Gentrack’s cloud-based platform
on Amazon Web Services (AWS).
Now fully operational, this innovative technology is delivering
significant business benefits by enhancing customer service,
streamlining billing and collections, and supporting advanced
water metering across Fiji.
We brought together two businesses,
E.ON and npower. That migration we think
is the biggest I&C migration that’s ever
been done within the UK market. Now we’re
looking to the future and how does this
market evolve with data flexibility, AI and
all those things and we’re really looking
forward to working with you [Gentrack] to
help us unlock that.
Anthony Ainsworth
Chief Operating Officer,
npower Business Solutions
It’s a major step forward in our journey
to improve our service delivery to all
our valued customers. The new cloud
platform will enable us to better serve
our customers and meet our strategic
objectives as an essential service
provider in Fiji.
Sekove Uluinayau – MBA, MAICD
Chief Customer Officer, WAF
Strategic partnership renewed
In 2024, several key customers reaffirmed their confidence in Gentrack,
and we are proud to count npower Business Solutions (nBS) among them.
Throughout our five-year relationship, npower Business Solutions and
Gentrack have successfully completed one of the largest business
transformations in the industry, bringing npower and E.ON’s I&C customer
operations onto a common billing and CRM platform. This strategic
move, combined with a broader business transformation programme, has
accelerated nBS’s digital capabilities and strengthened its position as a
leader in the dynamic I&C energy sector and the transition to net zero.
Modernisation First-class customer experience Net zero acceleration

12
Market expansion & rebranding
Solstice Energy is on a mission to transform the Tasmanian
energy landscape, and Gentrack is proud to be a key
partner in their successful 2024 rebrand and market
expansion from being a gas provider to dual gas and
electricity supplier.
With Gentrack’s advanced technology, Solstice Energy
now benefits from a stable billing system, unified customer
data, and the flexibility to offer bundled gas and electricity
services, keeping them ahead of evolving market trends.
Time-to-market /
instant innovation
PacificLight Power Pte Ltd, a leading
power generator and electricity retailer
in Singapore, has achieved a remarkable
transformation in customer service and
billing operations through Gentrack’s
cloud-based solution.
In just 8 months, they successfully
transformed their customer service
and billing for residential customers,
both on-schedule and on-budget. This
upgrade allows them to onboard new
customers in 1-2 minutes and launch
new promotions within 30 minutes.
The energy market is undergoing significant national and
international change, and Solstice Energy is changing
with that to become a diversified energy business.
Gentrack’s ongoing innovation and support ensure that
we provide a reliable and efficient service, reinforcing
trust in our systems and service.
Sarah Thurstans (GAICD)
General Manager Retail, Solstice Energy
On average, it takes approximately 30 minutes for us to set up a new
campaign within the system. If we were to include User Acceptance
Testing, the entire process would take between 1-2 hours if both
processes were to be done concurrently.
[since migration to Gentrack] We see a significant reduction in
billing errors, resulting in fewer customer complaints and improved
customer satisfaction. This reduction in customer issues not only
saved the company resources spent on addressing complaints but
also enhanced our overall operational efficiency. Additionally, the
streamlined billing process allowed us to allocate resources more
effectively, leading to cost savings.
Ms Geraldine Tan
General Manager, PacificLight Energy
Modernisation First-class customer experience Net zero acceleration

13
UK #1 in customer experience
Once recognised as a disruptive force for green energy,
Ecotricity is now celebrated for delivering the best residential
customer experience in the UK. Ranked #1 for customer service
by Citizen Advice, in Q1 and Q2 2024, Ecotricity topped 15 UK
utilities, with, a star rating of 3.77 out of 5 – 23% above the
average energy supplier score of 3.07/5.
Since moving out from SAP systems, Ecotricity has leveraged
Gentrack’s advanced technology to enhance customer
interactions and streamline billing processes. We’re proud that in
2024, Ecotricity, chose to extend its partnership with Gentrack.
Customer excellence – once again
In 2024, our valued Australian customer, Red Energy, once again received Canstar Blue’s
award for ‘Most Satisfied Customers’ – an impressive achievement, marking 14 consecutive
years. Canstar, Australia’s biggest financial comparison site, helps consumers confidently
chose the right products by comparing more brands than any other platform.
Adding to their successes, in April 2024, Red Energy also received the Roy Morgan
Customer Satisfaction Award for ‘Electricity Provider of the Year’, marking their second
consecutive win in this category and their eighth Roy Morgan Satisfaction Award overall.
These recognitions are a testament to Red Energy’s unwavering commitment to delivering
exceptional customer service.
Our partnership with Gentrack allows us to
better serve our domestic and commercial
customers, providing smooth and reliable
account management. The energy landscape
is always evolving, and we look forward to
continuing this relationship to accelerate our
mission for a greener Britain.
Asif Rehmanwala
Chief Executive Officer, Ecotricity
Modernisation First-class customer experience Net zero acceleration

14
New logo, new country
AC Energy (ACEN part of Ayala Group) aims to provide clean,
reliable and affordable energy in Asia Pacific and grow its
renewables capacity to 20GW by 2030. The company is
committed to achieving a 100% renewable energy generation
portfolio by 2025 and becoming a net zero greenhouse gas
emissions company by 2050.
In 2024, ACEN choose Gentrack for next generation CRM
and billing as it accelerates renewable energy growth. The
strategic technology partnership will enhance ACEN customer
experience and supports its future sustainability plans.
This partnership is not only about operational
efficiency; it’s about ensuring that we deliver
the best possible experience for our customers.
Gentrack’s g2.0 software is perfectly aligned
with our strategy, providing the scalability and
flexibility needed to meet the dynamic demands
of the energy market.
Tony Valdez
Senior VP and Head of Market Transformation,
AC Energy
New logo, new partner
In February 2024, Gentrack invested in Australian
utility and technology provider Amber Electric to
enhance and globally license Amber’s disruptive
distributed energy resource management (DERM)
solution. This partnership has led Amber Electric
to transition from its legacy IT stack to Gentrack’s
next generation g2.0 billing and CRM platform.
Amber has also achieved significant international
success partnering with E.ON Next in the UK.
This rapid growth and the strong global market
demand highlight the uniqueness and superiority
of Amber’s solution.
From our first meeting with Gentrack
it was clear we have a common vision.
For us, having a strong global delivery
partner who is reliable, respected and
capable is essential. Gentrack will
accelerate our ambition of maximising
and expanding the number of markets
we can reach with our technology.
Dan Adams
Co-CEO and Co-Founder, Amber Electric
Modernisation First-class customer experience Net zero acceleration

Business update: airports
15
In FY24, Veovo achieved record results, with
revenues of $31.9m and profits of $5.3m, marking
a growth of 45.5%. Our technology supported
over one billion passengers across more than
140 airports, helping airports manage surging
passenger volumes and capacity constraints.
As traveller numbers surpass pre-pandemic
levels, airports face pressure to improve both
passenger experience and operational
efficiency while grappling with delayed
capital expansion projects.
To address these needs, the industry has
accelerated its digital transformation efforts,
and Veovo is leading this shift. Our intelligent
airport solutions enable airports to optimise
resource management, reshape passenger
experiences, and make operations more
predictable and profitable.
In Saudi Arabia, we are rolling out our passenger
flow technology to support the country’s aviation
expansion. This advanced system provides real-
time insights into bottlenecks, allowing airports to
make quick, data-driven adjustments to staffing
and resource allocation. A similar new initiative
with Manchester Airports Group (MAG) in the UK
has seen its three airports benefit from one of
Europe’s largest airport LiDAR implementations.
As the market leader in airport revenue
management systems, we have just completed
the roll out at one of the world’s largest aviation
hubs in Dubai, making their airline billing more
accurate, reducing revenue leakage and improving
billing efficiency through greater automation.
James Williamson
Chief Executive Officer
With the data from Veovo, we have opened up a
whole new world... about how we can redesign our
airports to maximise the opportunities for our
passengers and our business – it has been a
very enjoyable and fruitful journey so far with
more to come.
Nick Woods
CIO
Manchester Airports Group (MAG)

Veovo’s commitment to long term partnerships
with customers is evident in the major airport
system upgrades launched this year for
customers like Auckland, Montreal, Cairns, Bristol,
Finland’s Finavia and Christchurch. We continue
to have incredible customer retention, with all
our major clients committing to our Generation
8 platform. We have also seen this customer
group embrace our wider product offering with
examples including Sydney Airport deciding
to replace their legacy billing system with our
Revenue Management platform this year. In
addition, several European and North American
airports are expanding their use of our people
flow technology beyond queue measurement to
“kerb to gate” and AI enhanced prediction.
Veovo’s influence also extends to industry
standards, as we actively participate in shaping
aviation’s future. As a member of the ACI World IT
Standing Committee, we collaborate with airport
CIOs to set benchmarks for innovation and in FY24
led the development of new guidelines for AI in
airport operations.
Looking to FY25, we remain committed to
advancing technologies that drive “Airport
4.0” and Total Airport Management, ensuring
airports operate more efficiently and deliver
exceptional passenger experiences. Our focused
developments in AI, machine learning, and cloud-
based solutions will keep Veovo at the forefront
of airport innovation, meeting the evolving needs
of our global customers.
With our new airport operations system,
we look forward to being able to take
advantage of Veovo’s developments in
artificial intelligence, machine learning

and automation.
Bevan Blakeney
Manager of ICT
North Queensland Airports
Veovo is a phenomenal partner in helping
us aggregate the data we need to build
curated experiences for passengers.
Brian Cobb
CIO
Cincinnati Airport
16

At Gentrack we truly value our people and their commitment to our company
vision to accelerate the world towards a net zero future by leading the global
modernisation of energy and water retailers.
Our people are at the heart of enabling this transformation, and our
company’s success is based on a one-team mindset and an inclusive,
engaging culture across our entire global footprint.
Gentrackers have exceptional technical skills and expertise together with
passion and energy – our values of respect for one another drives our ways
of working. Therefore, our people strategy is focused on energising and
engaging everyone so we can grow and win together, as one team.
Focus in FY24
FY24 was a key year to connect and embed – this meant continuing to
implement, embed and enhance our people programs in a connected way.
We evolved our development programs, going deeper to gain insights for our
people so they can have more tailored and impactful development plans.
As the company expanded into new markets, we accelerated learning and
development experiences by promoting knowledge-sharing programs.
Through more connected insights, we have a clear view on the growth
aspirations of our people, global succession plans, and future investment
strategies.
Priorities in FY25
In FY25, our strategic focus will be to elevate our growth mindset. We
recognise that we are all accountable for sharing knowledge and training
others – embracing a “learn it all’ rather than a ‘know it all” approach. Our
focus is on continuous improvement, powered by AI across our global
footprint. Growing in all aspects of industry knowledge, leadership,
commercial acumen and technical skills. So that we can continue to
deliver to our mission critical vision.
Our people
17
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

FY24 highlights
People development and growth
3D ID
This year saw the launch of our new approach to
People Development – a bespoke product known
as 3D ID, connecting our online development
plans, 360⁰ feedback on leadership styles and
approaches, and a dashboard collating insights.
The 3D ID experience provides insights for an
enriching development discussion enabling our
people to gain insights into their development
and create tailored action as a result.
Our people are at the core of our success, and
with the application of 3D ID, we can understand
personal growth aspirations, motivations and
mobility for global development. This ensures our
people expertise is fully utilised, continuously
invested in, and always evolving.
18
India Calling
Our India Delivery Centre continued to grow this
year, with Gentrackers from across the globe
travelling to our centre in Pune, taking part in a
global knowledge-sharing program: “India Calling”.
This key development program leverages the
knowledge and expertise of our global team
while driving collaboration and shared learning
experiences – fostering our One Team ethos.
Listen to understand
We continue to listen to understand our employee
voice via our biannual engagement survey.
Ensuring that each year we implement strategic
responses to drive change in line with the
engagement drivers of our people.
As an insight-led business, we prioritise action
planning and implementation across the entire
business. Our shared action plans within our
engagement platform work alongside team
engagement sessions such as the Quarterly
Leadership Forum (QLF) which bring together
leaders and key influencers to reflect on our
performance, celebrate our achievements and
align on strategic priorities.
Emerge & Evolve
Emerge & Evolve are our bespoke leadership
and management programs that equip aspiring
and existing leaders with the tools to grow and
develop in their leadership career.
Offering tailored 12-month programs at two
levels, participants gain an accreditation from
the University of Melbourne or The Chartered
Management Institute. Over 50 of our leaders
achieved their accreditations this year, and
40 more globally have signed up for our next
cohort. Leadership development is a purposeful
investment by Gentrack, and we look forward
to the first cohort in India participating in the
program this year.
Our global expansion allows us to offer global
career pathways, and this year we saw 10% of the
population promoted with examples of our people
relocating to new locations as a result.

19
Reward and recognition
We believe in reinvesting our success in our
people and continue to offer market-aligned
compensation, motivating variable reward with
performance bonuses available for all, and
long-term incentive share programs offered to
our top talent.
Through our peer-led recognition program, KUDOS,
we continue to celebrate our individuals for their
innovation, storytelling, excellence, collaboration
and positivity – with over 5,000 moments of
recognition celebrated this year.
Equity, Diversity and Inclusion
This year, we launched ‘GenUine’, our refreshed Equity,
Diversity and Inclusion (EDI) strategy. Together, we are
committed to continue to power up our diverse teams
enabling an equitable and inclusive environment for all.
We achieve this as one team via the power of Allyship.
Our EDI strategy is commercially driven, innovative, and intentionally
simple in its design, with 4 key pathways:
Learning and Development: If you don’t understand, you cannot
be an Ally. There is a responsibility for all of us to learn, and GenUine
provides opportunities for us to come together and deepen our EDI
knowledge.
Global Programs: Our global strategic programs address different areas of focus within the
EDI space over time, shaped by the voice of our people. These programs are designed globally
and delivered locally.
Regional Initiatives: We recognise that it is not a one-size-fits-all approach for our diverse
population. Our global teams leverage our Allyship and GenUine frameworks to create local,
strategic EDI impacts through regional Employee Resource Groups (ERGs).
Finally, we have Staying GenUine – the voice of our people matters, and we believe in creating
shared strategies. Our annual survey and communications platform provides opportunities for
us to listen and ideate together as one diverse team.
Our culture is one where together, we enable our diverse teams to feel valued, included, and
empowered to succeed. Together, we are GenUine. Our people remain at the heart and start of
everything we do, ensuring a sustainable and successful organisation as a result. In the next
section, we explore how their contributions positively impact another of our company values
– Respect for our Planet.

Our commitment to respecting the planet is
supported by our global sustainability strategy.
Our strategy consists of four key pillars which
reach across our people, partners and product.
Our planet
20
Enable our
people
We play to win: our
commitment is serious
Our Global Sustainability
Task Force (GSTF) will be
empowered to drive our
sustainability ambitions
and support our local
communities.
Power through
partnerships
We cannot cross the
finish line alone
We recognise the importance of
our partners and the industry
in achieving a net zero future.
We will actively collaborate and
partner in sustainability initiatives
to achieve collective success.
Share our
progress
We take accountability
and show integrity
We will measure and report
our carbon footprint, whilst
actively taking steps to reduce
emissions across our global
enterprise. We aim to provide
transparent, high-quality
climate related disclosures.
G
l
o
b
a
l

S
u
s
t
a
i
n
a
b
i
l
i
t
y

C
h
a
r
t
e
r
S
u
s
t
a
i
n
a
b
i
l
i
t
y

S
t
r
a
t
e
g
y

R
e
s
p
e
c
t

f
o
r

o
u
r

P
l
a
n
e
t
Develop &
build cleantech
We believe in the
power of cleantech
We will invest in and drive
cleantech solutions for our
customers and support
our product strategy. We
will strive to become the
centre of excellence for
sustainable innovation.

Enable our people
Our Global Sustainability Task Force (GSTF) is a
force multiplier, driving impactful action across the
globe. Together, the teams have delivered over 32
sustainability-centric events globally. Aligned with their
regional locations, we have seen a broad range of
sustainable initiatives undertaken, from; direct support of an
NGO in India, where our GSTF partnered with the Naam Foundation, through
to beach clean-ups, carbon reduction initiatives and a successful campaign
for the reduction of single use plastics in the UK, which received local
government endorsement and the participation of 56 local businesses.
To amplify the power of our people globally we utilise our dedicated
sustainability engagement platform, ‘Giki’, where individuals undertake
personal challenges to reduce carbon emissions, cut down on plastics, and
conserve water. Every small, sustainable action taken by our people, when
multiplied across the group, creates tangible benefits for the planet.
We have taken our commitment to sustainability a step further by
introducing a green incentive, through funding tree-planting initiatives. This
direct investment in biodiversity aids reforestation efforts in regions such as
Madagascar, Tanzania, Mozambique, and Ethiopia. These projects go beyond
environmental impact; they support
local farmers and communities
by creating jobs and increasing
social value. We are pleased to
report that this year we funded
5,505 trees via Ecologi, our
tree planting partner.
Power through
partnerships
Our sustainability strategy recognises
the importance of collaboration with
our partners, customers and value chain.
Partnering on thought leadership as well
as undertaking shared change activities
and joint ventures to optimise our impact.
Within our value chain globally and locally we have
made significant progress in gathering data insights
to understand the impact of our value chain as well as
achieving meaningful change in waste reduction methods
and associated impact on our carbon footprint.
Develop and build cleantech
To achieve our vision to accelerate the world towards a net zero future we
have continued to provide technology leadership and products to enable our
energy and water retailers to modernise.
Our intent to be a leader in this space is further demonstrated by our
investment in Amber – a technology
company that enables customers
to maximise their use of green
energy and enhance the financial
returns from their use of solar,
batteries and electric vehicles.
21

Share our progress
This is our first year formally adopting the
Aotearoa New Zealand Climate Standard
and providing our inaugural Climate Related
Disclosure (CRD) contained within this Annual
Report (page 54). We are pleased to report that
our Scope 1 and Scope 2 CO2e emissions have
been measured and reported in accordance with
the Greenhouse Gas Reporting Protocol.
Our continued transition to renewables has
accelerated significantly this year, with 80%
of our operationally controlled sites now on
renewable energy tariffs. We remain focussed
on achieving 100% renewable energy across all
our locations.
22
trees planted,
improving
biodiversity and
supporting local
communities
5,505
of plastic, cans and
rubbish collected by
Gentrack volunteers during
beach and canal clean ups
across the globe
30kg+
sustainability
events
delivered
this year
32
attendees at
GSTF-run events
throughout
the year
885
businesses
signed up to our
Cut Single Use
Plastic Campaign
56
of our operationally
controlled sites have
transitioned to
renewable tariffs
80%

Gentrack
Financial
Statements
For the year ended 30 September 2024
23

Independent Auditor’s Report
To the shareholders of Gentrack Group Limited - Report on the audit of the
financial statements
Opinion
We have audited the financial statements of Gentrack Group Limited (the “Company”) and its
subsidiaries (together the “Group”) on pages 27 to 43, which comprise the consolidated statement of
financial position of the Group as at 30 September 2024, and the c onsolidated 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 material accounting policy information.
In our opinion, the consolidated financial statements on pages 27 to 43 present fairly, in all
material respects, the consolidated financial position of the Group as at 30 September 2024 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 ar e
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.
Ernst & Young provides statutory filing services to Veovo A/S. 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. We have no other relationship with, or interest in, 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
opinion thereon, but we do not provide a separate opinion on these matters. For each matter below,
our description of how our audit addressed th e matter is provided in that context.
A member firm of Ernst & Young Global Limited
A member firm of Ernst & Young Global Limited
Page 2
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 $213 million.
Accounting for the portion of revenue related to
software implementation projects of $64 million
requires consideration of the inherent complexities of
software implementation projects and the use of
estimation. As a result, we consider this a key audit
matter.
Where implementation projects run over more than
one financial year, revenue for the year is recognised
based on their stage of completion using the
proportion of actual hours at the reporting date
compared to management estimates for total forecast
hours.
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 expected 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 NZ
IFRS 15, 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 2024 and considered whether
the project manager had performed a
review to ensure actual hours reflect work
performed to date and forecast hours
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.
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.
24

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 25 November 2024.
For and on behalf of the Board of Directors:
Andy Green Fiona Oliver
Chairman
Date: 25 November 2024
Director
Date: 25 November 2024
25
A member firm of Ernst & Young Global Limited
Page 3
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
25 November 2024

Financial
Statements
30 September
2024
26

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 11

*Disclosure of excess income tax benefit on share-based payments is disclosed under Statement of Changes in Equity.
The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes.


20242023
SECTION
NZ$000NZ$000
Revenue
3 . 1,3 .2
213,242169,884
E xpenditure
3.4
(189,657)(146,692)
Profit before depreciation, amortisation, other income,
financing, foreign exc hange gain or loss and tax
23,58523,192
Depreciation and amortisation
3.5
(8,993)(8,451)
Profit before other income, financing, foreign exchange
gain or loss and tax
14,59214,741
Other Income
3.3
1,6931,574
Foregin exc hange gains/(losses)36(184)
Financ e expense(1,497)(1,461)
Financ e inc ome1,131355
Share of loss of an associate
2.4
(1,339)-
Profit before tax14,61615,025
Income tax expense
7.1
(5,070)(4,979)
Profit attributable to the shareholders of the company9,54610,046
OTHER COMPRE HENSIVE INCOME *
Other comprehensive inc ome that may be rec lassified to profit
or loss in subsequent periods (net of tax):
Share of other comprehensive profit of an associate2.4252-
Translation of internatio nal subsidiaries3,4175,056
Total comprehensive profit for the period13,21515,102
EARNINGS PER SHARE ATTRIBUTABLE TO THE
SHARE HOLDE RS OF THE COMPANY
(EXPRESSE D IN DOLLARS PER SHARE)
Basic earnings per share
6.4
$0.09$0.10
Diluted earnings per share
6.4
$0.08$0.10
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES ISSUED
Basic
6.4
103,11299,983
Diluted
6.4
113,828103,566
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

GENTRACK FINANCIAL STATEMENTS / 12


The above Statement of Financial Position should be read in conjunction with the accompanying notes.

For and on behalf of the Board who authorised these financial statements for issue on 25 November 2024.

Andy Green Fiona Oliver
Chair Director
Date: 25 November 2024 Date: 25 November 2024
20242023
SECTION
NZ$000NZ$000
CURRENT ASSETS
Cash and cash equivalents
4.3
66,67949,186
Trade and other receivables
5.1
44,43437,789
Inc ome tax rec eivable167123
Inventory
5.8
576408
Total current assets111,85687,506
NON- CURR ENT ASSE TS
Property, plant and equipment
5.5
2,8983,092
Lease assets
9.1
12,82312,637
Goodwill
5.2
111,955109,420
Intangibl es
5.4
21,51026,311
Investment in an associate
2.4
11,801-
Deferred tax assets
7.2
14,84010,607
Total non-current assets175,827162,067
Total assets287,683249,573
CURRENT LIABILITIES
Trade payables and accruals
5.6
11,9338,591
Lease liabilities
9.1
2,7382,287
Contrac t liabilities17,05613,622
G ST payable2,7512,493
Employee entitlements
5.7
22,68619,033
Inc ome tax payable1,6262,748
Total current liabilities58,79048,774
NON-CURRENT LIABILITIES
Lease liabilities
9.1
14,41715,018
Employee entitlements
5.7
3,897835
Deferred tax liabilities
7.2
2,7763,530
Total non-current liabilities21,09019,383
Total liabilities79,88068,157
Net assets207,803181,416
EQUITY
Share capital
6.1
200,698196,031
Share- based payment reserve11,7386,187
Foreign c urrenc y translation reserve9,3825,965
Retained earnings(14,015)(26,767)
Total equity207,803181,416
27

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

GENTRACK FINANCIAL STATEMENTS / 13






The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.
2024
NZ$ 000
SECTION
Balance as at 1 October196,0316,187(26,767)5,965181,416
--9,546-9,546
Other c om prehensive inc ome--2523,4173,669
--9,7983,41713,215
TRANSACTION WITH OWNE RS
--2,954-2,954
Issue of share capital
6.1
4,667(4,667)---
Share-based payments
6.2
-10,218--10,218
Balance at 30 September200,69811,738(14,015)9,382207,803
Exc ess income tax benefit on share-
based payments
Profi t attri butable to the
shareholders of the company
Total comprehensive income for
the period, net of tax
SHARE
CAPITAL
S HA RE
B A S ED
PAYMENT
RETAINED
EA R NING S
TRANSLATION
RESERVE
TOTAL
EQ UITY
2023
NZ$ 000
SECTION
Balance as at 1 October194,0092,877(37,887)909159,908
--10,046-10,046
Other c om prehensive inc ome---5,0565,056
--10,0465,05615,102
TRANSACTION WITH OWNE RS
--1,074-1,074
Issue of share capital
6 .1
2,022(2,022)- --
Share-based payments
6 .2
5,332--5,332
Balance at 30 September196,0316,187(26,767)5,965181,416
Exc ess income tax benefit on share-
based payments
Total comprehensive income for
the period, net of tax
SHARE
CAPITAL
S HA RE
B A S ED
PAYMENT
TOTAL
EQ UITY
Profi t attri butable to the
shareholders of the company
RETAINED
EA R NING S
TRANSLATION
RESERVE
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 14

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

20242023
SECTION
NZ$000NZ$000
CASH FLOWS FROM OPERATING ACTIVITIES
Rec eipts from c ustomers212,672165,301
Payments to suppliers and em plo yees(171,654)(137,647)
Inc ome tax paid(6,632)(1,735)
Net cash inflow from operating ac tivities34,38625,919
CASH FLOWS FROM INVESTING ACTIVITIE S
Ac quisition of property, plant and equipm ent
5.5
(1,087)(1,958)
Investment in an associate
2.4
(12,888)-
Net cash outflow from investing activities(13,975)(1,958)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for lease liabilities
9.1
(2,534)(1,634)
Lease liability finance charge
9.1
(1,108)(1,069)
Interest paid(389)(392)
Interest rec eived1,131355
Net cash outflow from financing activities(2,900)(2,740)
Net increase in cash held17,51121,221
Foreign c urrenc y translation adjustment(18)578
Cash at beginning of the financ ial period49,18627,387
Closing cash and cash equivalents66,67949,186
28

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 15

GENERAL INFORMATION

ACCOUNTING POLICES CRITICAL JUDGEMENTS

GENERAL INFORMATION
The notes are consolidated into nine sections. Each section contains an introduction and general information
which is indicated by the symbol above. The layout of these financial statements has been streamlined to
present them in a way that is more intuitive for readers to follow. This is achieved by laying out the accounting policies
and critical judgements alongside the notes and focusing information in a way which provides increased clarity and
ease of understanding.
The first section details general information about Gentrack Group and guidance on how to navigate through the
financial statements.
ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of these financial statements are set out
throughout the document where they are applicable. These policies have been consistently applied to all
the years presented, unless otherwise stated.
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.
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 Gentrack Group Limited (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 2024. Prior year comparatives are for the year ended 30 September 2023.
The financial statements of Gentrack Group for the year ended 30 September 2024 were authorised for issue in
accordance with a resolution of the directors on 25 November 2024.
Gentrack Group’s principal activity is the development, integration, and support of enterprise billing and customer
management software solutions for the utility (energy and water) and airport industries.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 16
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 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.
29

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 17
2.3 BUSINESS COMBINATIONS (CONTINUED)
Gentrack Group has not made any acquisitions during the year ended 30 September 2024 or 2023. For details of
acquisitions made in prior years refer to the 2018 Annual Report.
2.4 INVESTMENT IN ASSOCIATES
An associate is an entity over which Gentrack Group has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of the investee, but is not control or joint control over those
policies.
On January 31, 2024, Gentrack Group finalised a subscription deed, obtaining a 10% stake in Amber Holding
Corporation Pty Limited (Amber). Amber’s primary business activities are software sales and energy retail. The Group
has a seat on Amber’s Board. According to NZ IAS 28 Investment in Associates , Gentrack’s presence on Amber’s
Board signifies the existence of Gentrack’s significant influence over Amber, leading Gentrack Group to use of the
equity method of accounting for its interest in Amber in the consolidated financial statements.
Amber’s financial year ends in June. To align with Gentrack Group’s financial reporting, Amber's financial statements
are adjusted to match the corresponding reporting period. The accounting policies of Amber are consistent with
Gentrack Group's policies. As a result, no additional adjustments are required when recognising and measuring
Gentrack Group’s share of Amber's profit or loss after the acquisition date.

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 18
2.5 GROUP INFORMATION
The financial statements include the following subsidiaries:


In October 2024, Gentrack France SAS, a wholly owned subsidiary of Gentrack UK Limited, was incorporated to
support the Gentrack Group in software development and sales initiatives.
ENTITYPRINCIPAL ACTIVITY
COUNTR Y OF
INCORPORATION
SHARE HOL DING
2024
SHAREHOLDING
2023
Gentrack Group Australia Pty
Limited
Holding c ompanyAustralia100%100%
G entrac k Pty L imited
Software sales and
support
Australia100%100%
Veovo Holdings (Denmark) ApSHolding c ompanyDenmark100%100%
Veovo A/S (form ally Blip Systems
A/S)
Software development
sales and support
Denmark100%100%
CA Plus Limited
Software development
sales and support
Malta100%100%
Veovo G roup L imitedHolding c ompanyNew Zealand100%100%
G entrac k L im ited
Software development
sales and support
New Zealand100%100%
G entrac k Ho ldings (UK) Lim itedHolding c ompanyUnited Kingdom100%100%
Gentrack UK Limited
Software development
sales and support
United Kingdom100%100%
Junifer Systems LimitedDormant United Kingdom100%100%
E volve Parent LimitedHolding c ompanyUnited Kingdom100%100%
E volve Analytic s LimitedDormant United Kingdom100%100%
Gentrac k Private Software Limited
Software development
and support
India100%100%
G entrac k Information Systems
Tec hnology Company
Software sales and
support
Kingdom of Saudi
Arabia
100%100%
Gentrac k (Singapore) Pte L imited
Software sales and
support
Singapore100%100%
Veovo Inc
Software sales and
support
United State of
America
100%100%
Veovo NZ Limited
Software sales and
support
New Zealand100%100%
Veovo UK Limited
Software sales and
support
United Kingdom100%100%
Veovo IP LimitedSoftware developmentNew Zealand100%100%
30

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 19
2.6 IMPACT OF STANDARDS ISSUED BUT NOT YET ADOPTED
The External Reporting Board has issued NZ IFRS 18 Presentation and Disclosure in Financial Statements, FRS 44
Disclosure of Fees for Audit Firms’ Services, as well as amendments to existing international accounting standards.
Gentrack Group will adopt NZ IFRS 18 and FRS 44 when mandatory and does not expect NZ IFRS 18 and FRS 44 to
have a material impact on its financial statements.
There were no other new effective standards adopted on 1 October 2023 that had a material impact on the financial
statements.

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.
In the table below we split the revenues between point in time and over time recognition: Over time recognition is
when the fulfilment of our obligation to provide goods and services and the customer’s ability to obtain the benefit
from that occurs continuously over a period of time. Point in time recognition is where that happens at a point in time.
Revenue recognised over time include annual fees, support services and project revenues recognised over the stages
of completion. Revenue recognised at a point in time includes the part of our managed services revenue which is
recognised when the customer benefits have been confirmed and, within our airport segment (also referred to as the
Veovo business) hardware sales included as part of the implementation of a project.
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
.

2024UTILITYAIRPORTTOTAL
NZ$000NZ$000NZ$000
TIMING OF RE VE NUE RECOGNITION
Point in time29,0256,79935,824
Over time152,28525,133177,418
Total revenue181,31031,932213,242
E xpenditure(163,064)(26,593)(189,657)
Segment contribution (1)18,2465,33923,585
2023UTILITYAIRPORTTOTAL
NZ$000NZ$000NZ$000
TIMING OF RE VE NUE RECOGNITION
Point in time31,5421,99033,532
Over time116,39519,957136,352
Total revenue147,93721,947169,884
E xpenditure(128,403)(18,289)(146,692)
Segment contribution (1)19,5343,65823,192
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 20
3.1 OPERATING SEGMENTS (CONTINUED)
(1) Segment contribution is defined as profit before depreciation, amortisation, other income, financing, foreign
exchange gain or loss and tax.
A reconciliation of segment contribution to profit attributable to the shareholders of the company is as follows:



In 2024, Gentrack Group generated $24.6m from a single utility customer domiciled in the United Kingdom (2023:
$26.4m).

20242023
NZ$000NZ$000
Segment contribution (1)23,58523,192
Deprec iation and amortisation(8,993)(8,451)
Other Inc om e1,6931,574
Foreign exc hange gains/(losses)36(184)
Financ e expense(1,497)(1,461)
Financ e inc o me1,131355
Share of loss of an assoc iate(1,339)-
Inc ome tax expense(5,070)(4,979)
Profit attributable to the shareholders of the company9,54610,046
20242023
NZ$000NZ$000
REVENUE BY DOMICILE OF ENTITY
Australia51,38839,543
New Zealand34,61719,824
United Kingdom105,89297,433
Rest of World21,34513,083
Total revenue213,242169,884
REV ENUE B Y DO MICIL E OF CUS TO MER
Australia55,25242,374
New Zealand26,98214,665
United Kingdom98,76395,128
Rest of World32,24517,717
Total revenue213,242169,884
31

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 21
3.2 OPERATING REVENUE
Gentrack Group recognises revenue from customers when the performance obligation has been
accomplished. A performance obligation is accomplished when the customer has received all the benefits
promised under the performance obligation. The following sections detail the type of revenue recognised
within each category.
Revenue recognition involves certain revenue streams being recognised based on the stage of completion.
This process uses estimations of time required to complete the project and is based on detailed information
on hours worked to date, prior experience, and project scheduling tools. Gentrack Group employs project
managers to provide regular information to management on the progress of all projects. All estimates are reviewed
by management prior to revenue recognition.
Contract assets are initially recognised for revenue earned from services in progress and are reclassified to trade
receivables on stage of completion. Contract assets are subject to impairment assessments.
Contract liabilities are recognised if a payment is received, or a payment is due (whichever is earlier) from a customer
before the Group transfers the related goods or services. Contract liabilities are recognised as revenue when the
Group performs under the contract.
Contract assets and contract liabilities typically are recognised as trade receivables and revenue (respectively) within
a 12-month period.
ANNUAL FEES
Annual fees include software support and maintenance charged on software licenses and software subscriptions.
Revenue from annual fees is generally recognised over the period the benefits are consumed by the customer.
SUPPORT SERVICES
Support services are post implementation value-add professional services related to ongoing upgrades, minor
software revisions and extended support. Support services revenue is recognised when the service is complete or on
a stage of completion basis.
LICENSES
Revenue from license fees is recognised when the customer can benefit from the licensed software. License fees that
are highly interrelated with project services are recognised based on a stage of completion of the project.
PROJECT SERVICES
Revenue from project services is recognised based on the stage of completion of the project. This is typically in
accordance with the achievement of contract milestones and/or hours expended and forecast hours to complete the
project.
MANAGED SERVICES
Managed Services includes revenues where Gentrack uses its own software and expertise, on behalf of customers, to
deliver either improvements in the energy reconciliation process or supporting customers with billing and
operational back-office processes. Revenue is recognised when the service is complete or over the period that the
benefits are consumed by the customer.
OTHER
Other revenue is primarily revenue from hardware and the recharge of ad-hoc costs that are recharged to customers.
Revenue from hardware sales is recognised when the hardware has been delivered to the customer.





NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 22
3.2 OPERATING REVENUE (CONTINUED)

3.3 OTHER INCOME
GOVERNMENT
GRANTS
Government grants including certain types of credits receivable from tax authorities 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.
Included as other income in the statement of comprehensive income during the financial year are amounts expected
to be received from the UK tax authorities as a credit against UK corporation tax in the form of Research and
Development Expenditure Credits (RDEC) to compensate for eligible research and development activities performed
in the United Kingdom.
3.4. EXPENDITURE
The table below provides a detailed breakdown of the total expenditure presented in the statement of
comprehensive income
.


*We have reclassified some amounts within financial year 2023 to more appropriately reflect our expenditure.
Employment entitlements and advertising & marketing are $0.7m and $0.2m lower respectively; and consulting and
subcontracting is $0.9m higher than previously disclosed.
20242023
NZ$000NZ$000
OPERATING REVENUE:
Annual fees68,98972,673
Support servic es38,49128,276
Pro jec t servic es64,13334,763
Lic enses4,757490
Managed sevic es30,06731,630
Other6,8052,052
Total operating revenue213,242169,884
20242023
NZ$000NZ$000
PROFIT / (LOSS) BEFORE TAX INCL UDES THE FOLLOWING SPECIFIC EXPENSES:
E mployee entitlements*135,497108,572
Administrative c osts7,8516,567
Third party customer- related c osts21,3049,897
Advertising and marketing*2,2552,634
Consulting and subc ontracting*16,09713,801
Other operating expenses6,6535,221
Total expenditure189,657146,692
32

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 23
3.4. EXPENDITURE (CONTINUED)
Included in the total expenditure above, Gentrack Group has expensed $22.7m in Research and Development
expenditure (2023: $21.9m). 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 over their estimated useful lives,
from the date that they are available for use.


3.6. NET FINANCE EXPENSES
Finance income comprises interest income 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, 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.


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 short-term deposits
.
20242023
NZ$000NZ$000
DEPRECIATION EXPENSE
Deprec iation on property plant and equipment1,3001,059
Deprec iation on lease assets9.12,1831,793
3,4832,852
AMORTISATION EXPENSE
Amortisation5,5105,599
5,5105,599
Total depreciation and amortisation8,9938,451
20242023
SECTION
NZ$000NZ$000
FINANCE INCOME
Interest i nc o m e1,131355
1,131355
FINA NCE EX P ENS E
Interest expense(389)(392)
Lease liability finance charges9.1(1,108)(1,069)
(1,497)(1,461)
Net finance expense(366)(1,106)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 24
4.1 RECONCILIATION OF NET SURPLUS TO CASH FLOWS

4.2 BANK FACILITIES AND BORROWINGS
Gentrack Group has a $25 million multicurrency facility with Bank of New Zealand. This facility is to provide additional
funding as required for acquisitions and general corporate purposes. The BNZ facility expires on 16 December 2024,
at which time the Group intends to replace or extend this facility.
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 2024 $Nil (2023: $Nil) of the facility has been drawn down.

20242023
SECTION
NZ$000NZ$000
RE CONCILIATION OF OPER ATING CASH FLOWS WITH NET PROFIT AFTE R TAX:
Profit after tax9,54610,046
ADJUSTMENTS FOR NON- CASH ITE MS
Deferred tax
7.2
(2,066)(3,667)
Im pairment provision - Trade rec eivables(486)(230)
(G ain)/L oss on foreign exc hange transac tions(38)184
Share based payments10,2185,209
Interest expense
3.6
389392
Interest income
3.6
(1,131)(355)
Lease liability finance charges
3.6
1,1081,069
Depreciation and amortisation
3.5
8,9938,451
Share of loss of an associate1,339-
Non-cash items18,32611,053
ADD/(DE DUCT) MOVE ME NTS IN OTHE R WORKING CAPITAL ITE MS:
Inc rease in trade and other rec eivables(5,308)(7,373)
(Increase)/Decrease in tax payable(1,189)5,337
Increase/(Decrease) in GST payable146(283)
Increase in contract liabilities3,3401,206
Increase in employee entitlements6,2804,350
Increase in trade payables and accruals3,2451,583
Net working capital movements6,5144,820
Net cash inflow from operating activities34,38625,919
33

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 25
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.


Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for
varying periods of between one day and three months, depending on the immediate cash requirements of Gentrack
Group, and earn interest at the respective short-term deposit rates.
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
Financial Instruments 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.



*Financial year 2023 has been updated to separate contract assets related balance from volume discounts.

20242023
NZ$000NZ$000
Cash at banks33,28521,779
Short- term deposits33,39427,407
Total cash and cash equivalents66,67949,186
20242023
NZ$000NZ$000
Trade rec eivables28,02128,402
Im pairment provision - E xpec ted c redit loss(317)(296)
Im pairment provision - Spec ific provision(967)(3,264)
Pro visio n for volume disc ounts*(91)(160)
Contrac t assets*12,4018,944
Sundry rec eivables and prepaym ents5,3874,162
Total trade and other receivables44,43437,789
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 26
5.1. TRADE AND OTHER RECEIVABLES (CONTINUED)
MOVEMENT
IN TRADE RECEIVABLES IMPAIRMENT PROVISION


Most of the impairment provision is reflective of B2C energy suppliers in the United Kingdom that went into
administration during 2022 and 2021.
The expected credit loss provision for trade receivables has been measured using the same techniques as the prior
year, determined as follows.

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.



20242023
NZ$000NZ$000
Opening balanc e3,5604,009
Inc rease in impairm ent provisio n21135
Amounts rec eived(443)(699)
E ffec t of m ovement in foreign exc hange63129
Bad debt written off(1,917)(14)
Total trade receivables impairment provision1,2843,560
2024
CURRENT
1- 6 0 D A Y S
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$000NZ$000NZ$000NZ$000NZ$000
G ross c arrying amount18,6247,42392151,04728,021
Expected credit loss allowance9311338072317
2023
CURRENT
1- 6 0 D A Y S
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$000NZ$000NZ$000NZ$000NZ$000
G ross c arrying amount21,8242,415953-3,21128,402
Expected credit loss allowance1093634-117296
20242023
NZ$000NZ$000
Opening balanc e109,420106,240
E xc hange rate differenc es2,5353,180
Net book value111,955109,420
G oodwill alloc ated to Utilities109,055106,520
G oodwill alloc ated to Veovo2,9002,900
Net book value111,955109,420
34

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 27
5.3 IMPAIRMENT TESTING
IMPAIRMENT
TESTING OF GOODWILL AND OTHER ASSETS
At each reporting date, Gentrack Group assesses whether there is any indication that an asset may be
impaired. Where an indicator of impairment exists, Gentrack Group makes a formal estimate of the
recoverable amount. Where the carrying value of an asset exceeds its recoverable amount, the asset is
considered impaired and is written down to its recoverable amount. Recoverable amount is the greater of fair value
less costs to sell or the asset’s value in use. For the purposes of assessing impairment, assets are grouped at the
lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other
than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting
date.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects the current market assessments and the time value of money and the risks specific to the
asset. Value in use is determined by discounting the future cash flows generated by each CGU. Cash flows were
projected based on five-year business plans. Financial year 2024 Weighted Average Cost of Capital (WACC) is an
average of the latest rates used by the analysts that cover Gentrack (2023 WACC was 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:

IMPAIRMENT
TESTING RESULTS
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 1st
October 2024. Under management’s projections this would need to drop below 0% 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 FY24 for the Utilities business of 22.6% (2023:
36.7%).
For the Veovo business, the carrying value of the CGU is below the annual cashflow being generated by this business
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.
CASH GENERATING UNIT
WACC
2024
Terminal Growth
Rate 2024
WA CC
2023
Terminal Growth
Rate 2023
Utilities9.8%2.6%10.2%1.9%
Veovo9.8%2.6%11.0%1.9%
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 acquired are considered to have an indefinite useful life and are held at cost and are not amortised but are subject
to an annual impairment test consistent with the methodology outlined for goodwill above.
OTHER
INTANGIBLE ASSETS
Other intangible assets consist of internal use software, acquired source code, trade-marks, and customer relationships.
They have finite useful lives and are measured at cost less accumulated amortisation and accumulated impairment
losses.
AMORTISATION
Except for goodwill and brands, intangible assets are amortised on a straight-line basis in the statement of
comprehensive income over their estimated useful lives, from the date that they are available for use.
The estimated useful lives for the current and comparative periods are as follows:
•
Acquired source code 10 years
•
Internal use software 3 years
•
Customer relationships 10 years
•
Trademarks 4 years
•
Capitalised development 5 years
Amortisation methods, useful lives and residual values are reviewed at each financial year end and adjusted if
appropriate. No changes were made to useful lives and residual values during financial year 2024. Acquired source
code and internal use software are categorised as software in the below table.





2024
SOFTWARE
CUSTOME R
RE L ATIONSHIP
S
BRAND
NAME S
TRADE MARK
S
CAPITALISED
DEVELOPMENT
TOTAL
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Opening balance13,8357,0705,024-38226,311
Amortisation(3,415)(1,725)--(370)(5,510)
Mo vement in foreign exc hange468239--2709
Closing net book value10,8885,5845,024-1421,510
Cost47,52725,4325,0249052,82081,708
Ac c um ulated am ortisatio n(36,639)(19,848)-(905)(2,806)(60,198)
Net book value10,8885,5845,024-1421,510
35

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 29
5.4 INTANGIBLE ASSETS (CONTINUED)

5.5 PROPERTY PLANT AND EQUIPMENT
In the statement of financial position property, plant and equipment is stated at historical cost less
depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Depreciation on assets is calculated using the straight-line method to allocate the difference between their original
costs and their residual values over their estimated useful lives, as follows:
•
Furniture & equipment 7 years
•
Computer equipment 3 to 7 years
•
Leasehold improvements Term of lease
The assets’ residual values and useful lives are reviewed and adjusted if appropriate at each balance 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.




2023
SOFTWARE
CUSTOME R
RE L ATIONSHIP
S
BRAND
NAME S
TRADE MARK
S
CAPITALISED
DEVELOPMENT
TOTAL
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Opening balance16,3798,3505,02412292330,797
Amortisation(3,272)(1,652)-(124)(551)(5,599)
Mo vement in foreign exc hange728372-2101,112
Closing net book value13,8357,0705,024-38226,311
Cost46,30524,8155,0248742,77479,792
Ac c um ulated am ortisatio n(32,470)(17,745)-(874)(2,392)(53,481)
Net book value13,8357,0705,024-38226,311
2024
FURNITURE &
EQUIPMENT
COMPUTE R
EQUIPMENT
LEASEHOLD
IMPROVE MENTS
TOTAL
NZ$000NZ$000NZ$000NZ$000
Opening balance5421,6359153,092
Additions771,00281,087
Deprec iation(89)(1,090)(121)(1,300)
Disposal(9)(12)(1)(22)
Movement in foreign exchange925741
Net book value5301,5608082,898
Cost1,2275,0011,4247,652
Ac c um ulated deprec iatio n(697)(3,441)(616)(4,754)
Net book value5301,5608082,898
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 30
5.5 PROPERTY PLANT AND EQUIPMENT (CONTINUED)

5.6 TRADE PAYABLES AND ACCRUALS
Gentrack Group recognises trade and other payables initially at fair value and subsequently measured at
amortised cost using the effective interest method. They represent liabilities for goods and services provided
prior to the end of the financial year that are unpaid. The amounts are unsecured, non-interest bearing and
are usually paid within 45 days of recognition.


5.7 EMPLOYEE ENTITLEMENTS
Liabilities for salaries and wages, including non-monetary benefits, payroll taxes, 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.



2023
FURNITURE &
EQUIPMENT
COMPUTE R
EQUIPMENT
LEASEHOLD
IMPROVE MENTS
TOTAL
NZ$000NZ$000NZ$000NZ$000
Opening balance4819987262,205
Additions1961,4573051,958
Deprec iation(6)(941)(112)(1,059)
Transfer(132)132--
Disposal(7)(14)-(21)
Movement in foreign exchange103(4)9
Net book value5421,6359153,092
Cost1,7194,7392,5328,990
Ac c um ulated deprec iatio n(1,177)(3,104)(1,617)(5,898)
Net book value5421,6359153,092
20242023
NZ$000NZ$000
Trade c reditors4,7383,420
Sundry ac c ruals7,1955,171
Total trade payables and acc ruals11,9338,591
20242023
NZ$000NZ$000
CURRENT
Long servic e leave629669
Other short- term emplo yee benefits22,05718,364
22,68619,033
NON- CURRENT
Long servic e leave1,104835
Other employee benefits2,793-
3,897835
Total employee entitlements26,58319,868
36

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 31
5.8 INVENTORY
Inventories are stated at the lower of cost and net realisable value. Cost is calculated using a weighted average
method and includes expenditure incurred to purchase the inventory and transport it to its current location.
Net realisable value is the estimated selling price of the inventory in the ordinary course of business less costs
necessary to make the sale. The cost of inventories consumed during the year are recognised as an expense
and included in expenditure in the statement of comprehensive income.
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 transferred outside the 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 concern.
Gentrack Group is not subject to any externally imposed capital requirements.


During 2024 1,667,850 performance rights (2023: 1,251,422) in relation to the Long Term Incentive Schemes vested,
resulting in the same number of new shares being issued. Also 24,358 (2023: 68,737) shares were issued as part
payment of Gentrack Group Directors fees.
6.2 SHARE-BASED PAYMENTS
Gentrack Group operates equity settled, share-based payments schemes under which it receives services
from employees, as consideration for equity instruments of Gentrack Group. A valuation is completed for
each scheme at the grant date to estimate the fair value of the performance rights granted. Management also
makes estimates about the number of performance rights that are expected to vest which determines the expense
recorded in the statement of comprehensive income.
The shared based payments were introduced is to retain, attract, incentivise and align employees with
shareholder and Company objectives.



2024202320242023
000000N Z $0 0 0N Z $0 0 0
Ordinary Shares101,798100,480196,031194,009
Issue of new ordinary shares1,6921,3184,6672,022
103,490101,798200,698196,031
SHARES ISSUEDSHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 32
6.2 SHARE BASED PAYMENTS (CONTINUED)
Gentrack Group operated the follow three share schemes during the year:
- Senior Leadership Long Term Incentive Scheme
o At the Special Shareholders meeting, held on 9th October 2023, shareholders approved the issue
of up to 9,437,000 performance rights in total for the Chief Executive Officer (CEO) and senior
management under the Senior Leadership Long Term Incentive Scheme in respect of the financial
years ending 30 September 2024, 2025, and 2026. These performance rights are subject to tenure
and achieving both Earnings Per Share (EPS) and share price appreciation hurdles. The EPS hurdle
is set at fixed rates for each vesting year and for the share price appreciation hurdle an incremental
vesting scale applies for performance rights eligible to vest.
Effective financial year 2024, for ease of reference, this new senior leadership scheme, the CEO and
Senior Leadership performance rights granted after 1 October 2023, are categorised as the Executive
Leadership LTI Scheme.

o For Senior Leadership Long Term Incentive grants made in prior years, performance rights are
subject to a combination of tenure and the 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.

- Gentrack Long Term Incentive Scheme – This scheme is for selected key employees who are not part of the
senior leadership long term incentive scheme. The performance rights vesting under this scheme are
subject to the participants continuing to be employed by Gentrack Group at the end of the vesting period.

- CEO Long Term Incentive Scheme
– This scheme was introduced in 2020 for the CEO and the final grant under
this scheme was made in October 2022. The 2021 and 2022 awards are yet to fully vest. The remaining
performance rights under this scheme are subject to a combination of tenure and share price appreciation
hurdles.

For accounting purposes, the fair valuation of the schemes are as follows:
- Executive Leadership LTI Scheme - under this grant a weighted estimate of the number of shares expected
to vest is made based on the probability of each share price appreciation hurdle being met at each vesting
date. These probabilities have been derived by considering the published guidance (available at the date
each grant is awarded) of market analysts over Gentrack’s share price and future growth. The weighted
estimate assumes an 80% probability that the share price reached at vesting dates lies within the range

created using this guidance. However, varying this assumption by 5% up or down does not significantly
affect the accounting charge derived from this valuation model.

- All other schemes - 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 profit or loss 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 2024 $10.2m has been recognised
in the profit or loss (2023: $5.3m).



37

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 33
6.2 SHARE BASED PAYMENTS (CONTINUED)
Below is the table of remaining outstanding performance rights at 30 September 2024.

*The number of performance rights that will vest on each vesting date is dependent on meeting the performance
hurdles and the share price at that date.
GRANT DATEVESTING DATE
TOTAL VALUE OF
G RA NTED
PERFORMANCE
RIGHTS
PERFORMANCE
RIGHTS GRANTED
2024
NZ$000000
1 Oc tober 2021E arly Dec em ber 2024266183
1 Oc tober 2022E arly Dec em ber 20251,672349
Total Senior Leadership LTI Schemes1,938532
1 Oc tober 2021E nd of Novem ber 2024282161
1 Oc tober 2022E nd of Novem ber 20241,055309
1 Oc tober 2022E nd of Novem ber 20251,055309
1 Oc tober 2023E nd of Novem ber 2024863129
1 Oc tober 2023E nd of Novem ber 2025863129
1 Oc tober 2023E nd of Novem ber 2026863129
Total Gentrack LTI Schemes4,9801,167
1 Oc tober 202131 Oc tober 202415790
1 Oc tober 2021E nd of Novem ber 202415790
1 Oc tober 202231 Oc tober 202426697
1 Oc tober 2022E arly Dec em ber 202426697
1 Oc tober 202231 Oc tober 202526697
1 Oc tober 2022E arly Dec em ber 202526698
Total C EO LTI Sc he me s1,378570
1 Oc tober 2023E arly Dec em ber 20244,8123,191
1 Oc tober 2023E arly Dec em ber 2025 and 2026*7,925Up to 5,256
Total Executive Leadership LTI Schemes12,7378,447
Total Performance Rights Outstanding
21,03210,715
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 34
6.2 SHARE BASED PAYMENTS (CONTINUED)


*The actual date will be dependent on the date of release of the financial statements.



GRANT DATEVESTING DATE
TOTAL VALUE OF
GRANTED
PERFORMANCE
RIGHTS
P ERFO RMA NCE
RIGHTS GRANTED
2023
NZ$000000
1 Oc tober 2020E nd of November 2023687463
1 Oc tober 2021E arly Dec ember 2024*266183
1 Oc tober 202231 Marc h 20241,672349
1 Oc tober 2022E arly Dec ember 2025*1,672349
Total Senior Leadership LTI Schemes4,2971,344
1 Oc tober 2021E nd of November 2023282161
1 Oc tober 2021E nd of November 2024282161
1 Oc tober 2022E nd of November 20231,107325
1 Oc tober 2022E nd of November 20241,107325
1 Oc tober 2022E nd of November 20251,107324
Total Gentrack LTI Schemes3,8851,296
1 Oc tober 202131 Oc to ber 202315790
1 Oc tober 2021E nd of November 202315790
1 Oc tober 202131 Oc to ber 202415790
1 Oc tober 2021E nd of November 2024*15790
1 Oc tober 202231 Oc to ber 202326697
1 Oc tober 2022E nd of November 202326697
1 Oc tober 202231 Oc to ber 202426697
1 Oc tober 2022E arly Dec ember2024*26698
1 Oc tober 202231 Oc to ber 202526697
1 Oc tober 2022E arly Dec ember 2025*26698
Total CEO LTI Schemes2,224944
Total Performance Rights Outstanding
10,4063,584
38

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 35
6.2 SHARE BASED PAYMENTS (CONTINUED)
PERFORMANCE
RIGHTS MOVEMENTS
Below is a summary of all performance rights, granted, vested and forfeited across all the equity settled share-based
payments schemes operated by Gentrack Group during 2024:



6.3 DIVIDENDS
During the financial year 2024, $Nil dividends were paid (2023: $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.




GRANT DA TE
AVERAGE EXERCISE
PRICE PER
PERFORMANCE
RIGHT
NUMBER OF
PERFORMANCE
RIGHTS
A V ERA G E EX ERCIS E
PRICE PER
PERFORMANCE
RIGHT
NUMBER OF
PERFORMANCE
RIGHTS
000000
As at 1 Oc tober $2.903,584$1.562,564
Granted during the year$5.328,858$3.682,395
Vested during the year$2.74(1,668)$1.50(1,251)
Forfeited during the year$4.88(58)$4.42(125)
As at 30 September $4.9110,715$2.903,584
20242023
20242023
Pro fit attributable to the shareholders of the c ompany9,54610,046
Basic weighted average number of ordinary shares issued103,11299,983
Shares deemed to be issued for no c onsideration in respect
of share-based payments
10,7153,584
Weighted average number of shares used in diluted earnings
per share
113,828103,566
Basic earnings per share$0.09$0.10
Diluted earnings per share$0.08$0.10
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 36
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
.

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% (2023: 28%) and the reported tax expense in the statement of comprehensive income can be
reconciled as follows
:


*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.
As at 30 September 2024 Gentrack Group has $14.6m (2023: $10.5m) of imputation credits available for use in
subsequent reporting periods.

20242023
N Z $0 0 0N Z $0 0 0
INCOME TAX EXPENSE COMPRISES:
Current tax expense10,0849,782
Deferred tax expense (5,014)(4,803)
Tax expense5,0704,979
20242023
N Z $0 0 0N Z $0 0 0
Pro fit before tax14,61615,025
Taxable inc o me14,61615,025
Domestic tax rate for Gentrack Group28%28%
Expected tax expense4,0924,207
Non- assessable inc ome(1,597)(428)
Non- deductible expense*1,025635
R&D tax c redits-(85)
Rec ognition previo usly unrec ognised losses(306)(848)
Tax losses for which no deferred tax was recognised1,2931,568
Differenc e in tax rates of overseas subsidiaries 223(341)
Change in tax rates -(517)
Prior period adjustm ents340788
Actual tax expense5,0704,979
39

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 37
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.
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:25% for United Kingdom entities, 28% for New
Zealand entities, 30% for Australian entities, 22% for Denmark entities, 21% for US entities, 17% for Singapore entity
and 25% for India.
Movement in temporary timing differences during the year:






2024
OPE NING
BALANCE
TEMPORARY
MOVE ME NT
RE COG NISED
CURRENCY
TRANSLATION
CLOSING
BALANCE
NZ$000NZ$000NZ$000NZ$000
Trade and other receivables(1)201
Intangible assets(2,095)1,282(136)(949)
Contrac t liabilities1,237(73)181,182
Provisio ns fo r doubtful debts and sundry
accruals
6,5514,8635611,470
Losses c arried forward1,470(982)38526
Other(85)(78)(3)(166)
Net deferred tax7,0775,014(27)12,064
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 38
7.2 DEFERRED TAX ASSETS AND LIABILITIES (CONTINUED)


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:


2023
OPE NING
BALANCE
TE MPORARY
MOVEMENT
RECOGNISED
CURRENCY
TRANSL ATION
CLOSING
BALANCE
NZ$000NZ$000NZ$000NZ$000
Trade and other rec eivables(88)816(1)
Intangible assets(2,811)922(206)(2,095)
Contrac t liabilities947339(49)1,237
Pro visions for doubtful debts and sundry
accruals
3,5782,875986,551
Losses c arried forward897723(150)1,470
Other56(137)(4)(85)
Net deferred tax2,5794,803(305)7,077
40

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 39
8.1 CREDIT RISK (CONTINUED)

*Current includes 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 2024 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.
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), Singaporean Dollars (SGD), Indian Rupees (INR), Saudi Arabia (SAR) and
Danish Kroner (DKK). Trade in INR were not significant for disclosure.
Gentrack Group’s exposure to foreign currency risk at the reporting date was as follows (all amounts are
denominated in New Zealand Dollars):


GROSS
IMPAIRMENT
PROVISION
GROSS
IMPAIRMENT
PROVISION
NZ$000NZ$000NZ$000NZ$000
Current*31,025(93)30,876(109)
Past due 1- 60 days7,423(113)2,415(64)
Past due 61- 120 days921(30)845(177)
Past due 121-180 days6(1)--
Past due over 180 days1,047(1,047)3,210(3,210)
40,422(1,284)37,346(3,560)
20242023
AUDGBPEURU SDDKKSGDSAR
2024
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Cash and cash equivalents10,62236,1892,3177,0921671,9391,144
Trade and other receivables6,60227,281--9722,1603,349
Trade and other payables(3,282)(2,937)(416)(116)(152)(744)-
Net exp osure13,94260,5331,9016,9769873,3554,494
2023
Cash and cash equivalents10,71730,7172,124653379285-
Trade and other receivables4,02824,912-1,6066141,559-
Trade and other payables(597)(3,438)(129)(679)(115)(1,385)-
Net exp osure14,14852,1911,9951,580878459-
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 40
8.2 MARKET RISK (CONTINUED)
The following table summarises the sensitivity of other comprehensive income 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 2024
(2023: 10%). These +/-10% sensitivities have been determined based on the average market volatility in exchange
rates in the preceding 12 months.

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.
8.3 LIQUIDITY RISK

Liquidity risk is the risk that Gentrack Group will not be able to meet its financial obligations as and when they
become due and payable. Gentrack Group’s approach to managing liquidity risk is to ensure, as far as possible, that it
will always have sufficient liquidity to meet its liabilities when they become due and payable, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to Gentrack Group’s reputation.
Gentrack Group has sufficient cash to meet its requirements in the foreseeable future.
The following table details Gentrack Group’s contractual maturities of financial liabilities, as at the reporting date:


AUDGBPEURUSDDKKSGDSAR
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$001NZ$002
2024
10% strengthening in NZD(1,267)(5,503)(173)(634)(90)(305)(409)
10% weak ening in NZD1,5496,726211775110373499
2023
10% strengthening in NZD(1,286)(4,745)(181)(144)(80)(42)-
10% weak ening in NZD1,5725,7992221769851-
OTH ER COM P R EH EN SIVE INCOM E / EQUIT Y
ON DEMAND
LESS THAN 3
MONTHS
3 T O 12
MONTHS
1 T O 5
YEARS
>5 YEARSTOTAL
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
2024
Trade payables-4,738---4,738
Lease liabilities-9512,85414,0182,86820,691
-5,6902,85414,0182,86825,430
2023
Trade payables-3,420---3,420
Lease liabilities-8262,47712,4345,75521,491
-4,2452,47712,4345,75524,911
41

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 41
8.4 INTEREST RATE RISK
Gentrack Group’s interest rate risk primarily arises from short term bank borrowing, cash, and advances from related
parties. Borrowings and deposits at variable interest rates expose Gentrack Group to cash flow interest rate risk.
Borrowings and deposits at fixed rates expose Gentrack Group to fair value interest rate risk.
The following tables detail the current interest rate of the interest-bearing financial assets and liabilities and interest
rate repricing profile.



8.5 FINANCIAL INSTRUMENTS
Gentrack Group’s financial assets are measured at amortised cost. Gentrack Group’s financial assets are held
within a business model whose objective is to hold the financial asset to collect contractual cash flows and the
financial asset gives rise to contractual cash flows on specified dates that are payments of principal and
interest on the principal outstanding.
Gentrack Group’s financial liabilities are measured at amortised cost.
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 2024 Gentrack Group has no level 3
financial instruments (2023: $Nil).
FL O A TING
FIXED UP TO
3 MONTHS
FIXED UP TO
6 MONTHS
FIXED UP TO
5 YEARS
TOTAL
NZ$000NZ$000NZ$000NZ$000NZ$000
ASSETS
Cash on demand33,285---33,285
Term deposit-33,394--33,394
Total exposure33,28533,394--66,679
EFFECTIV E
INTEREST
R A T E + 1%
EFFECTIV E
INTEREST
R A T E - 1%
NZ$000NZ$000
Cash on demand336(336)
Term deposit337(337)
Total exposure674(674)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 42
8.5 FINANCIAL INSTRUMENTS (CONTINUED)
FINANCIAL INSTRUMENTS BY CATEGORY

9. OTHER INFORMATION
9.1 LEASE ASSETS AND LEASE LIABILITIES
RECOGNITION
AND MEASUREMENT OF GENTRACK GROUP LEASING ACTIVITIES
Gentrack Group predominantly leases property for fixed periods of 1-12 years and may have extension
options. These extension options are usually at the discretion of Gentrack Group and are included in the
measurement of the lease asset if management intends to exercise the extension. Lease terms are negotiated
on an individual basis and contain a variety of terms and conditions. However, these lease agreements do not impose
any covenants. 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:



20242023
NZ$000NZ$000
FINANCIAL ASSETS MEASURED AT AMORTISED COST
Cash and c ash equivalents66,67949,186
Trade rec eivables and c o ntrac t assets39,04733,627
105,72682,813
FINANCIAL LIABILITIES MEASURED AT AMORTISED COST
Trade payables(4,738)(3,420)
Lease liabilities(17,155)(17,306)
(21,894)(20,725)
42

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 43
9.1 LEASE ASSETS AND LEASE LIABILITIES (CONTINUED)
LEASE
ASSETS


LEASE LIABILITIES

LEASE EXPENSES


20242023
N Z $0 0 0NZ$0 0 0
Balanc e at 1 Oc tober12,6378,560
Additions2,1366,431
Terminations-(178)
Amendments-(316)
Deprec iation c harges(2,183)(1,793)
E xc hange differenc es233(67)
Lease assets at 30 September12,82312,637
Pro perty12,82312,637
Lease assets at 30 September12,82312,637
20242023
N Z $0 0 0NZ$0 0 0
Balanc e at 1 Oc tober17,30613,082
Additions2,1366,431
Terminations-(196)
Amendments-(310)
Payments(3,642)(2,731)
Ac c retion of interest1,1081,069
E xc hange differenc es247(39)
Lease liabilities at 30 September17,15517,306
Less than o ne year2,7382,287
One to five years11,8219,796
Mo re than five years2,5965,223
Lease liabilities at 30 September17,15517,306
20242023
N Z $0 0 0NZ$0 0 0
Deprec iation c harges2,1831,793
Financ e c harges1,1081,069
Lease expenses3,2912,862
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GENTRACK FINANCIAL STATEMENTS / 44
9.2 AUDITORS 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 2024.



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.

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
CAPITAL
COMMITMENTS
There are no capital commitments at 30 September 2024 (2023: $Nil).
CONTINGENCIES
BNZ has provided guarantees of $0.4m (2023 $0.7m guarantees were provided by BNZ and ASB New Zealand) on
behalf of the Gentrack Group, these guarantees are in place for compliance, property leases and credit card programs.
EVENTS
AFTER BALANCE DATE
There were no material events after balance date.
On 25 November 2024, the Gentrack Group Board determined that no final dividend will be paid out for the 2024
financial year (2023: nil).


20242023
NZ$000NZ$000
E Y - audit fees492461
Non E Y audit firm fees:
- Audit fees5616
- Ac c ounting advise and taxatio n & c omplianc e servic es6953
Total fe es paid to auditor(s)617530
20242023
NZ$000NZ$000
Short-term employee benefits7,3 328,065
Share-based payments5,5443,352
Directors fee677665
Remuneration paid to Key Management Personnel13,55312,082
43

44
Corporate governance
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, 1 April 2023 edition (NZX Code). The Company considers that
it has been in compliance with the recommendations of the NZX Code during the FY24 financial year.

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 Governance and Charters section of the
Investor Centre.

This corporate governance statement is current as at 20 December 2024 and has been approved by the Board.

PRINCIPLE 1 – ETHICAL STANDARDS
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. New employees are
familiarised with the Company’s standards for conduct on commencing work with the Company and when any material
changes are made to the policy.

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 key management personnel, and
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.


CORPORATE GOVERNANCE



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 that there is an ongoing review of performance against the Company’s strategic objectives;
• approving transactions relating to acquisitions and divestments and capital expenditure above delegated
authority limits;
• ensuring that 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;
• approving 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.

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 2024 the Board comprised six Directors, as follows:

DIRECTOR APPOINTMENT DATE
Andy Green (Non-executive Chair) 2 November 2020
Stewart Sherriff (Non-executive Director) 5 October 2020
Gary Miles (Managing Director) 1 October 2020
Fiona Oliver (Non-executive Director) 26 February 2019
Darc Rasmussen (Non-executive Director) 12 December 2019
Gillian Watson (Non-executive Director) 1 June 2024

Since the date of appointment, Directors have been re-appointed at Annual Meetings when retiring by rotation as required.

Nick Luckock ceased to hold office on 28 February 2024, during the accounting period. Following Nick Luckock’s resignation, the Board
composition was reviewed and Gillian Watson, a female Board member, was appointed to the Board on 1 June 2024.

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.

CORPORATE GOVERNANCE




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 Gillian Watson are independent
Directors in that they are not executives of the Company and do not have a direct or indirect interest or relationship that could
reasonably influence (or be perceived to influence), in a material way, their decisions in relation to the Company. None of the
factors set out in the NZX Corporate Governance Code that may cause a Board to determine that a director is not independent
apply to these Directors.

Gary Miles is the Chief Executive Officer of the Company and is not considered to be an independent director.

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
relationship 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



DIVERSITY AND INCLUSION POLICY
The Company continues to promote all forms of diversity with a Diversity and Inclusion policy that is available in the
Investor Centre on the Company’s website and a Company strategy focused on promoting diversity, ensuring equity and
fostering inclusion. The Company recognises that building a diverse and inclusive workplace culture will result in enhanced
relationships with stakeholders, better customer service, improved financial performance and a stronger corporate reputation.
A global Equity, Diversity and Inclusion survey was carried out in February 2024 to collect demographics of the Company
internationally and capture people’s current sentiment toward the Company culture to inform a strategic response. Details of
our approach can be found in the People section on page 19 of this Annual Report. The Board considers that for the year ended
30 September 2024, the objectives for achieving diversity have been met.

At 30 September 2024, the gender breakdown for the Company (and its wholly owned subsidiaries) was as follows:



BOARD

SENIOR EXECUTIVES

ALL EMPLOYEES
FY24

Female
2 1 243
Male 4 10 539
Non-Binary
-
-
-
% Female 33% 9% 31%
FY23

Female
1 1 217
Male 5 9 530
Non-Binary
- - 1
% Female 17% 10% 29%

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. The Board encourages
Directors to undertake appropriate training to enable them to remain current on how best to discharge their responsibilities
and keep up to date on changes and trends in areas relevant to their work. Directors are provided with industry information
and receive copies of appropriate Company documents to enable them to perform their role. In addition, briefings from
senior management and key advisors to the Company are arranged for Directors.

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.
45

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 2024
there were nine 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.


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 Green 9 9 6 6 4 4
Fiona Oliver
9 9 6 6 4 4
Darc Rasmussen
9 9 6 6 - 4
Stewart Sherriff
9 9 - - 4 4
Gillian Watson
1
4 4 - 1 1 1
Gary Miles
9 9 - - - 2
Nick Luckock
2

3 3 - - - -



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 skills and expertise necessary to meet its objectives and adequately discharge its
responsibilities. Using a Board skills matrix, the Board has determined that to operate effectively and to meet its
responsibilities it particularly requires competencies in the following areas: industry knowledge, technology and digital,
software, cloud, online and operating platforms, customer focus, strategy and development, financial acumen, risk,
governance, environmental and social, people and culture, and executive leadership. The Board skills matrix is set out
opposite.



1 Gillian was appointed to the Board on 1 June 2024.
2 Nick stepped down from the Board on 28 February 2024.
Technology and digital
Experience in developing or overseeing the development
and application of technology in large and complex
businesses, with reference to technology, innovation,
digital transformation and customer experience
Industry knowledge
Experience working in the utilities and/or airport
software industries with knowledge of r elevant markets,
economic drivers and global business perspectives
Softwar e, cloud, online and operating platforms
Expertise and experience in the development and
delivery of software and digital solutions through
managed services and cloud and/or online platforms
Customer focus
Experience in developing and overseeing the
embedding of a strong customer-focused culture in
large and complex organisations, and a demonstrable
commitment to achieving customer outcomes
Strategy and development
Expertise in corporate strategy, defining strategic
objectives and developing businesses, including
experience in strategic reviews, M&A and strategic
partnerships
Financial acumen
Highly proficient in financial accounting and reporting
for public companies, e xperience in capital markets
and investor relations
Risk
Experience in anticipating, r ecognising and managing
risks, including financial, non-financial and emerging
risks, and monitoring risk management frameworks
and controls
Governance
Experience as a Director of a listed entity, with knowledge
of governance issues, with reference to applicable legal,
compliance, r egulatory and voluntary frameworks
Environmental and social
Experience in understanding and identifying potential
risks and opportunities arising from environmental
and social issues, including human rights and climate
related reporting
People and culture
Experience in workplace health and safety, cultures,
morale, inclusion and diversity, management
development, succession, workforce planning,
remuneration and talent retention initiative
Executive leadership
Experience in a CEO or similar senior leadership role
in an organisation of significant size or complexity
Andy Green
Chair
Fiona Oliver
Non-Executive Director
Darc Rasmussen
Non-Executive Director

Non-Executive Director
Gary Miles
CEO
Gillian Watson
Non-Executive Director
Highly Competent - Extensive experience, including
serving as a key resource and advising others

Competent - Complete understanding and experience
in practical application
Aware - Fundamental understanding
and knowledge
GENTRACK GROUP BOARD SKILLS MATRIX
46

CORPORATE GOVERNANCE




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 external advisers 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. It is intended that a Board evaluation will
be carried out in the next financial year.

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. The Charters
of each Committee are in the Investor Centre section of the Company’s website.

The membership of each Committee at 30 September 2024 was:
1. Audit and Risk Committee – Fiona Oliver (Chair), Andy Green (ex-officio), Darc Rasmussen
2. People and Culture Committee – Fiona Oliver (Chair), Gillian Watson, Andy Green (ex-officio), Stewart Sherriff.

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.
The CFO is regularly invited to attend Audit and Risk
Committee meetings. The CPO is regularly invited to attend People and Culture Committee meetings.

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 updated the Company’s Takeover Response Manual in 2024. The Takeover Response Manual has been prepared for the
Company by external advisers and has been accepted by the Board. The manual outlines the procedures to follow in the event the
Company receives an unsolicited takeover offer or approach by a potential acquirer and is designed to ensure the
Company manages any takeover offer or approach in accordance with applicable laws.







CORPORATE GOVERNANCE



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 is a climate-reporting entity under the Financial Markets Conduct Act 2013. The financial year ending 30 September
2024 is Gentrack’s first reporting period under the Climate-Related Disclosures regime and is included in this report at page 54.

PRINCIPLE 5 – REMUNERATION
The remuneration of Directors and executives should be transparent, fair and reasonable.

The Board has a People and Culture Committee, comprising Gillian Watson (Chair), Fiona Oliver, Andy Green (ex-officio), and
Stewart Sherriff. Gillian Watson has taken over the role of Chair of the People and Culture Committee from Fiona Oliver from
1 October 2024. Fiona Oliver remains a member of this Committee. One of this 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.

The Remuneration Policy Statement is available in the Investor Centre section
of 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 $684,132.
47

CORPORATE GOVERNANCE



CEO REMUNERATION
Gary Miles’ salary is structured as follows:

Fixed Base Salary
For FY24 Gary has a Fixed Base Salary of GBP£403,000 per annum (FY23 GBP£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 FY24, those performance targets
were based on a score card of measures incorporating financial performance against budget (60% of score card); employee
engagement and employee turnover (20% of score card); number of new customer wins (10% of score card) and technology
strategy (10% of score card). His short-term incentive payment for FY24 was GBP£413,000 (FY23 GBP£423,150).

Long Term Incentive
The CEO’s remuneration package includes the issue of performance rights that were approved at the Annual Meeting in
February 2021 and amended at the Annual Meeting in February 2023:

• an initial grant 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 for the grant on 31
st
October 2021 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 straight-line basis between 50% and 100%;
• The performance hurdle for the grant on 31
st
October 2022 is based on share price appreciation:
• 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 10%, all performance rights subject to performance hurdles will vest; and
• between 7% and 10% performance, the percentage of performance rights to vest will be calculated on a straight-line
basis.

Senior Leadership Long Term Incentive Scheme

In addition, in FY24, Gary was granted 2,454,000 performance rights under the Senior Leadership Long Term Incentive scheme that was
approved by shareholders at a special meeting in October 2023. Of these performance rights, 926,892 vested in December 2024 in respect
of FY24.

An aggregate of up to 9,437,000 performance rights can be issued to Gary and other members of the senior management team selected by
the Board in respect of the financial years ending 30 September 2024, 30 September 2025 and 30 September 2026.

CORPORATE GOVERNANCE




The details of the scheme can be reviewed in the Notice of Meeting from October 2023 in the Investor Centre section of the Gentrack
website. The key terms include:
• there are three potential vesting dates on which the performance rights may vest, depending on whether applicable performance
hurdles have been met. The potential vesting dates will be shortly after the release of Gentrack’s audited financial statements for the
financial years ending 30 September 2024, 30 September 2025 and 30 September 2026;
• the performance hurdles required to be met at each vesting date are an EPS hurdle for the respective financial year immediately prior to
the vesting date, a share price appreciation hurdle and continued employment with Gentrack;
• the EPS hurdle must be met for any performance rights to vest at the relevant vesting date (if that does not occur, it will not matter that
the share price appreciation hurdle has been met). The EPS hurdle is a defined number for each of the financial years ending 30
September 2024, 30 September 2025 and 30 September 2026.

The EPS hurdles for the respective financial years are as set out below:
• NZ$0.16 in respect of the financial year ending 30 September 2024;
• NZ$0.19 in respect of the financial year ending 30 September 2025; and
• NZ$0.22 in respect of the financial year ending 30 September 2026.

For these purposes EPS is that reported in Gentrack’s audited financial statements for the relevant financial year with adjustments made to
Net Profit After Tax to reflect:
• expensing amounts capitalised in the year (if any) in respect of research and development;
• adding back any amortisation of intangible assets;
• adding back the (non-cash) accounting charge for share based payments; and
• adjusting for the tax or deferred tax impact on the items set out above.

Where shares have been issued following vesting of the performance rights, issued in this tranche, or vesting is expected in respect of those
performance rights, those shares are also excluded from the calculation of EPS in respect of this hurdle.

Provided that the EPS hurdle is satisfied at the relevant vesting date, the share price appreciation hurdle determines how many (if any)
performance rights will vest at the relevant vesting date and in respect of the second and third vesting dates (if applicable), this takes into
account any performance rights that have vested at the preceding vesting date(s).

The share price used to assess the share price appreciation hurdle is to be calculated as the volume weighted average price of Gentrack’s
shares as quoted on the NZX Main Board and the ASX (including both on-market and off-market trades) over the ten trading days
immediately following the release of Gentrack’s audited financial statements for the financial year immediately prior to the relevant vesting
date (“VWAP share price”).

An incremental vesting scale applies should the VWAP share price used to assess the share price appreciation hurdle be between NZ$5.00
and NZ$10.00 with respect to a vesting date. Irrespective of the VWAP share price on the first vesting date, no more than 3,565,000
performance rights may vest on the first vesting date. When assessing how many (if any) performance rights will vest at the VWAP share
price on the second and third vesting dates, any performance rights that have vested on a previous vesting date would be deducted from the
number of performance rights to vest on that vesting date.

Except to the extent that additional shares are required to be sold to satisfy a participant’s tax liability, participants must retain at least 50%
of the Gentrack shares issued to them for 12 months following the relevant vesting date.

EXECUTIVE REMUNERATION

The Executive remuneration policy consists of an annual incentive plan (bonus scheme) based on fixed compensation for Executives
(excluding General Managers) and measured by the Company scorecard (performance targets are as set out above within details on CEO’s
remuneration). General Managers have aligned commission plans to drive revenue growth and achieve new customer wins. In addition, the
Executive team are eligible for a proportion of the Senior Leadership Long Term Incentive scheme approved by shareholders and summarised
above, with variable percentages according to role and individual performance.
48

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 is responsible for approving the risk framework to assist with identifying, assessing, and managing its risk. The Audit and Risk
Committee of the Board oversees this activity, monitoring the robustness of the systems and processes used to manage all strategic
business risks. 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. The Risk Register identifies and evaluates strategic risks, assesses their potential impact, the likelihood
they crystalise and sets out the main internal controls and actions to mitigate each risk. Individual senior managers are assigned to own
and manage these identified risks. In FY24, key risks reviewed by the Audit and Risk Committee included risks inherent in technology
investments, expansion into new markets and maintaining high levels of staff engagement and retention as the Company grows strongly.
There was also continued focus on information security and cyber risk as well as the review of climate related risks and opportunities (a
summary of which is set out with the Company’s Climate Statement). 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.

To support its commitment to Information Security Management, the Company is ISO/EC 27001:2022 certified. This is an
international standard which helps organisations manage and control information security. The Company also maintains a
Services Organisation Control “SOC2” Type I Standards in respect of the security and availability controls over applicable Gentrack
services which is then assessed by an independent third-party auditor. This attestation provides our customers with high level
assurance and confidence that Gentrack G2 internal controls are suitably designed and operating effectively.

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.

Employees are required to adhere to health and safety compliance documents and instructions, in particular the Health and
Safety Policy.

The Board receives regular updates on business risk topics, such as health and safety and information security.







CORPORATE GOVERNANCE




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 Board 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
Chair 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.


CORPORATE GOVERNANCE



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. Details of the audit fees paid to EY and fees
paid to other auditors during FY24 are included in note 9.2 of the Financial Statements.

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.

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 report;
• 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, MUFG Corporate Markets. 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.

The Company held a Special Meeting of shareholders on 10 October 2023 to consider changes to the Company’s senior
management incentive scheme. The Company gave less than 20 working days’ notice of the meeting in order to ensure that
the long-term incentive arrangements were in place as close as possible to the start of the FY24 financial year.

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 2023 to 30 September 2024 and
require disclosure:

• Andy Green disclosed that he ceased to be a non-executive director of Link Administration Holdings (after it was acquired by
Mitsubishi UFJ Trust and Banking on 16 May 2024).
• Gillian Watson made an initial disclosure of interests to the Board on her appointment on 1 June 2024:
• Chair of UK-based EV charging port business, char.gy Ltd.
• Non-executive director of renewables power system support business, Statera Energy Ltd.
• Director - BME-listed glass manufacturer, Vidrala SA, and LSE-listed specialty agriculture and engineering company, Carr’s.
• Executive role - Origination and transaction execution for power and energy businesses at Scottish-headquartered
investment bank, Noble & Co (part-time).
• Chair, DC 25 Investment Fund.
49

CORPORATE GOVERNANCE




SHAREHOLDINGS OF DIRECTORS IN GENTRACK GROUP LIMITED AT 30 SEPTEMBER 2024


TYPE OF HOLDING
2024
RELEVANT INTEREST IN
SHARES HELD
2023
RELEVANT INTEREST IN
SHARES HELD
Gary Miles
Direct
1,085,890
887,468
Andy Green
Beneficial Interest 137,360
113,002
Darc Rasmussen
Beneficial Interest 13,000
13,000
Stewart Sherriff
Beneficial Interest
20,000
20,000
Fiona Oliver
Beneficial Interest
4,570
2,070


SECURITIES DEALINGS OF DIRECTORS
During the year, Directors disclosed the following transactions in respect of Section 148(2) of the Companies Act 1993. These
transactions took place in accordance with the Company’s Share Trading Policy.


NATURE OF RELEVANT
INTEREST

DATE OF
TRANSACTION

NUMBER OF
SECURITIES
ACQUIRED/
(DISPOSED)

CONSIDERATION
Gary Miles
Direct
1 November 2023
187,191
Nil. Vesting of Performance rights
under the Senior Management LTI
Scheme.

Direct
1 November 2023
(87,980)
$4.90 per share. Sold to pay tax on
LTI award.

Direct
29 November 2023
187,191
Nil. Vesting of Performance rights
under the Senior Management LTI
Scheme.

Direct
29 November 2023
(87,980)
$5.79 per share. Sold to pay tax on
LTI award.
Andy Green
Beneficial Interest 13 October 2023 18,170
$4.82 per share. Issue of Ordinary
Shares in part payment of director
remuneration for previous
financial years.

Beneficial Interest 5 April 2024 6,188
$8.08 per share. Issue of Ordinary
Shares in part payment of director
remuneration for the period.

CORPORATE GOVERNANCE



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 2024 are as follows:


2024 2023
Andy Green 300,000* 300,000
Fiona Oliver
121,250 110,000
Nick Luckock 35,417 85,000
Stewart Sherriff
95,625 85,000
Darc Rasmussen 96,250 85,000
Gillian Watson 35,590 -
TOTAL
684,132 665,000

*At the annual meeting of shareholders of the Company in February 2021, shareholders approved the Directors having a discretion to pay all or some of a
non-executive director’s remuneration through an issue of shares in the Company. For the 2022 financial year onward, it was agreed that the equity-based
component of Andy Green’s remuneration was set at one-third of his total annual remuneration (i.e., currently $100,000 per annum), to be satisfied
through the issue of shares in the Company.
Gary Miles’ CEO remuneration is disclosed under Principle 5 above. Gary does not receive additional remuneration for his role as an
executive Director of the Company.
Nick Luckock ceased to hold office on 28 February 2024, during the accounting period. Gillian Watson was appointed to the Board
on 1 June 2024 (during the accounting period) with director remuneration of GBP£50,000 per annum (approximately $104,500).
Following her appointment to the Board, the Board reviewed Director remuneration for all Board members and adopted a new
structure for the period from 1 July 2024 so that Director remuneration is standardised internationally, as follows:

1) for the Chair, annual director fees consisting of $300,000, comprising $200,000 in cash and $100,000 in newly issued shares;
2) for directors other than the Chair:
a) annual director fees payable to each non-executive director of $100,000.
b) annual fees payable to members of the Audit and Risk Committee as follows;
i) $20,000 for the chair of the Audit and Risk Committee; and
ii) $10,000 for other members of the Audit and Risk Committee,
c) annual fees payable to members of the People & Culture Committee as follows:
i) $15,000 for the chair of the People & Culture Committee; and
ii) $7,500 for other members of the People & Culture Committee; and
3) additional annual fees of $5,000 to all directors who travel overseas for a board meeting (in addition to the reimbursement of
expenses).

Directors are expected to acquire shares in Gentrack over a three-year period with a view to accumulating a holding that is
equivalent to 50% of their base directors’ fee. Once this stake has been acquired, movements in Gentrack’s share price will
not trigger any further expectation to acquire shares.


The Board sought external and independent benchmarking advice from KPMG to provide market data and commentary to
inform decisions in respect to the adjustments.
50

CORPORATE GOVERNANCE



The two tables below set out the Directors annual remuneration before and after the Board's review.

DIRECTOR REMUNERATION FROM 1 OCTOBER 2023 UNTIL 30 JUNE 2024 (PER ANNUM FIGURES)


FEE FEE FOR AUDIT &
RISK COMMITTEE
FEE FOR PEOPLE AND
CULTURE COMMITTEE
TOTAL ANNUAL
REMUNERATION
Andy Green (Chair)
$300,000 - - $300,000
Fiona Oliver $85,000

$15,000 (Chair) $10,000 (Chair) $110,000
Darc Rasmussen
$85,000 - - $85,000
Stewart Sherriff
$85,000 - - $85,000
Gillian Watson
$104,500 - - $104,500
Total
$659,500 $15,000 $10,000 $684,500

DIRECTOR REMUNERATION FROM 1 JULY 2024 UNTIL 30 SEPTEMBER 2024 (PER ANNUM FIGURES)


FEE FEE FOR AUDIT &
RISK COMMITTEE
FEE FOR PEOPLE AND
CULTURE COMMITTEE
TOTAL ANNUAL
REMUNERATION
Andy Green (Chair)
$300,000 - - $300,000
Fiona Oliver $100,000

$20,000

(Chair) $15,000 (Chair) $135,000
*

Darc Rasmussen
$100,000 $10,000 - $110,000
*

Stewart Sherriff
$100,000 - $7,500 $107,500
*

Gillian Watson
$100,000 - $7,500 $107,500
Total
$700,000 $30,000 $30,000 $760,000

Non-executive Directors are not paid any additional fees or benefits that do not relate to services as a director.


*Fiona Oliver, Stewart Sheriff and Darc Rasmussen each received $5,000 as a an additional fee for travel to the UK for a Board meeting in September.
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 2024 are set out in the table below:

REMUNERATION
NUMBER OF
EMPLOYEES

REMUNERATION
NUMBER OF
EMPLOYEES
$100,000 - $110,000
51
$330,001 - $340,000
3
$110,001 - $120,000
40
$340,001 - $350,000
3
$120,001 - $130,000
34
$350,001 - $360,000
1
$130,001 - $140,000
31
$370,001 - $380,000
1
$140,001 - $150,000
33
$380,001 - $390,000
1
$150,001 - $160,000
34
$390,001 - $400,000
1
$160,001 - $170,000
32
$400,001 - $410,000
2
$170,001 - $180,000
16
$410,001 - $420,000
1
$180,001 - $190,000
18
$420,001 - $430,000
1
$190,001 - $200,000
18
$470,001 - $480,000
1
$200,001 - $210,000
14
$510,001 - $520,000
1
$210,001 - $220,000
18
$570,001 - $580,000
1
$220,001 - $230,000
7
$680,001 - $690,000
1
$230,001 - $240,000
11
$710,001 - $720,000
1
$240,001 - $250,000
11
$720,001 - $730,000
1
$250,001 - $260,000
5
$790,001 - $800,000
1
$260,001 - $270,000
7
$800,001 - $810,000
1
$270,001 - $280,000
7
$1,250,001 - $1,260,000
1
$280,001 - $290,000
7
$1,260,001 - $1,270,000
1
$290,001 - $300,000
5
$1,330,001 - $1,340,000
1
$300,001 - $310,000
2
$1,920,001 - $1,930,000
1
$310,001 - $320,000
1
$3,800,001 - $3,810,000
1
$320,001 - $330,000
2


The table above shows the number of employees whose remuneration and benefits for the year ended 30 September 2024
were within the specified bands above $100,000. The remuneration figures shown in the table include all monetary payments
actually paid during the year ended 30 September 2024, including bonus/commission payments and the market value of shares
(issued under LTI schemes) which have vested during the year. The table does not include amounts paid post 30 September
2024 that related to the year ended 30 September 2024, such as bonuses/commission payments or the accounting value
attributed to shares issued under LTI schemes during the year ended 30 September 2024.
51