GENTRACK GROUP LIMITED — Annual Report 2015

Nov 25, 2015

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GENTRACK DELIVERS 11% PROFIT GROWTH

AUCKLAND, New Zealand, 26 November 2015 - Gentrack Group Limited (GTK), a market leader in software solutions for utilities and airports, announces results for the year to 30 September 2015. All figures are NZ$.

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Revenue in the year to 30 September 2015 grew 9.2% over 2014, with EBITDA[1] up 10.9%.

FY15 Revenue was $42.1 million with EBITDA of $14.5 million, NPATA of $10.8m and NPAT of $9.4m. This compares with the 2014 Prospectus forecast of $44.7m Revenue, $15.5m EBITDA, $10.8m NPATA and NPAT of $9.3m.

In line with the Prospectus, a final dividend of 7.2 cents per share will be paid on 18 December 2015. This will be fully imputed for New Zealand investors and 25% franked for Australian investors. This brings the full year dividend to 11.3 cents, a total pay-out of $8.2m (76% of NPATA), reflecting the strong ongoing cash generation of the business.

Gentrack Chairman John Clifford, said “Gentrack made solid progress this year winning 5 new customers, upgrading 6 existing customers and taking 8 systems into live operation. Of particular note was our continued strong and profitable UK growth, where we won our second water utility project. We also delivered our first Australian Lines/Network implementation, and Airport Management systems at Sydney and Auckland Airports, cementing our leadership in this regional market. Whist we were disappointed not to hit the Prospectus revenue forecast, we did deliver the Net Profit, Dividend and closing cash position as forecast.”

“We enter FY16 with a strong order book and numerous exciting prospects and expect to continue to deliver our long term revenue growth of circa 10% pa. We will be investing significantly in staff and systems to enable us to meet longer term market demand which will impact our EBITDA margin in FY16. Further guidance will be provided at our Annual Meeting on 25[th] February 2016.

Following the announcement that James Docking will be standing down as CEO in 2016, we are pleased to announce the appointment of Ian Black as CEO commencing in January 2016. Ian has had an international career in Oracle and SAP, culminating as CEO of SAP in New Zealand, and COO of SAP in Australia and New Zealand. For the last 3 years he has been involved in a number of innovative start-up software and SaaS businesses. He is therefore well qualified to lead Gentrack and continue our track record of growth and innovation in the utilities and airport markets. James Docking will remain on the Board as a Non-Executive Director.”

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1 EBITDA/NPATA are non-GAAP profit measures that in the director’s opinion, best reflect the financial performance of the business. It is defined and reconciled to GAAP profit on page 3 of this release.

END

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Gentrack Group Ltd | www.gentrack.com | info@gentrack.com | ARBN 169 195 751

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Invitation to Results Briefing

Investors are invited to a conference call on 26[th] November at 10:30am NZT / 8:30am AEDT to discuss Gentrack’s results for the year ended 30 September 2015.

The conference call details are:

Dial In numbers: See table below

PIN/Participant code: 5863801

COUNTRY	CITY	TOLL NUMBERS	FREEPHONE/ TOLL FREE NUMBER
AUSTRALIA	ADELAIDE:	61-8-8121-4863	1-800-758-196
AUSTRALIA	BRISBANE:	61-7-3102-0965	1-800-758-196
AUSTRALIA	CANBERRA:	61-2-6100-1965	1-800-758-196
AUSTRALIA	MELBOURNE:	61-3-9010-7734	1-800-758-196
AUSTRALIA	PERTH:	61-8-9467-5244	1-800-758-196
AUSTRALIA	SYDNEY:	61-2-8211-1396	1-800-758-196
NEW ZEALAND		64-9-970-4646	0800-447-834
HONG KONG		852-3001-3842	800-968-764
SINGAPORE		65-6883-9208	800-120-4284
USA / CANADA		1-210-795-1143	866-297-1588

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ENDS

Contact:

Jon Kershaw; Company Secretary

+64 9 9666090

About Gentrack

Auckland-based Gentrack is a developer of specialist software for energy utilities, water companies and airports around the world. It employs over 200 people in offices in Auckland, Melbourne and London and services more than 100 utility and airport sites globally.

Gentrack is comprised of two leading software products - Gentrack Velocity and Airport 20/20. Gentrack Velocity is a specialist billing and CRM product designed for Energy utilities and Water companies. Airport 20/20 is a comprehensive Airport Management System engineered to optimise an airport’s operations and enhance the passenger experience.

Gentrack Group Ltd | www.gentrack.com | info@gentrack.com | ARBN 169 195 751

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Appendix

NON-GAAP PROFIT REPORTING MEASURES

Gentrack’s standard profit measure prepared under New Zealand GAAP is net profit. Gentrack has used non-GAAP profit measures when discussing financial performance in this document. The directors and management believe that these measures provide useful information as they are used internally to evaluate performance of business units, to establish operational goals and to allocate resources.

Non-GAAP profit measures are not prepared in accordance with NZ IFRS (New Zealand International Financial Reporting Standards) and are not uniformly defined, therefore the non-GAAP profit measures reported in this document may not be comparable with those that other companies report and should not be viewed in isolation or considered as a substitute for measures reported by Gentrack in accordance with NZ IFRS.

Definitions

EBITDA: Earnings before net finance expense, tax, depreciation and amortisation.

Underlying EBITDA: EBITDA adjusted for non-operating expenses.

NPATA: Net profit after tax, excluding amortisation of acquisition related intangibles.

GAAP to non-GAAP profit reconciliation

$000s	Actual	Prospective	Actual
	30-Sep-15	30-Sep-15	30-Sep-14
NPATA,EBITDA and UnderlyingEBITDA
Reported net profit for the period (GAAP)	9,365	9,280	3,383
Add back: amortisation1	2,017	2,087	2,014
Add back: tax adjustment for amortisation2	(560)	(560)	(560)
NPATA	10,822	10,807	4,837
Add back: net finance (income)/expense1	(808)	6	910
Add back: income tax expense1 less tax
adjustment above	4,165	4,384	3,193
Add back: depreciation	285	316	237
EBITDA	14,464	15,513	9,177
Adjusted for:
Non-operatingcosts - Listingcosts	-	-	3,865
UnderlyingEBITDA(Statutory)	14,464	15,513	13,042
Ongoinglistingcosts adjustment2	-	-	(132)
UnderlyingEBITDA(Pro-forma)	14,464	15,513	12,910

1 Extracted from audited financial statements.

2 Extracted from Prospectus dated 26 May 2014.

Gentrack Group Ltd | www.gentrack.com | info@gentrack.com | ARBN 169 195 751