Genesis Energy HY17 Results and Interim Report

DRAFT: MARKET RELEASE
Date: 28 February 2017
Genesis Energy Limited (GNE): Resetting the foundations for a more
customer-centric future


Half Year ended 31 December
2016
Change year on year
EBITDAF
1
$155.7 million Down 11.3% from $175.5 million
Net Profit $37.4 million Up 4.2% from $35.9 million
Earnings per share 3.74 cents Up 4.2% from 3.59 cps
Dividend per share 8.2 cents Consistent
Free cash flow
2
$94.7 million Down 17.1% from $114.2 million
Stay in business capital
3

expenditure
$16.8 million Up 7.0% on $15.7 million

Genesis Energy today released its half year results for the six months ended 31 December 2016 after a period
dominated by wet and warm conditions.

In the first half of financial year 2017, Genesis Energy delivered EBITDAF of $155.7 million in line with guidance
given in November. However it was down 11% on the same period last year, predominately due to the flow
through of low oil prices on wholesale revenues. Despite this, underlying operations were stable, supported by
lower costs, increased retail margins and growth in LPG customers. One-off restructuring costs in the first half
have reset the business for a more customer-centric future.

Net profit after tax was up 4.2% on the prior comparable period as a result of changes in fair value instruments;
free cash flow was consistent with a lower EBITDAF and net debt was down 2% on the same period last year.

Genesis Energy Chairman Dame Jenny Shipley said the Board, having taken into account the current trading
environment, have struck the interim dividend of 8.2 cents per share, the same level as the prior comparable
period. The dividend will be paid on 13 April 2017, with a record date of 30 March 2017.

“The Company’s transformation continues to accelerate and the business performed well against a backdrop of
unfavourable market conditions, which have been well-signaled to the market,” Dame Jenny said.

Chief Executive Marc England and his Executive team held an Investor Day in November to reset the vision and
strategy for the business, focusing on ‘Optimising’ the business to improve short term returns, “Innovating’ for
medium term growth and ‘Investing’ for long term value creation.

Marc said progress had been made against all three strategic themes with “greater efficiency in the generation
business having already led to lower operating costs; new innovations, such as bulk LPG delivery systems, were
being rolled out to customers and a decision to invest further into Kupe to enable longer term value creation
had been actioned.”

Higher margins in both mass market and time-of-use markets offset a decline in electricity sales due to warmer
weather and reduced retail consumption. LPG sales increased 22% as Genesis Energy continues to accelerate
its growth in this market which is supported by its integrated fuel position from the Kupe field through to
customers’ homes and businesses.


1
Earnings before net finance expense, income tax, depreciation, depletion, amortisation, impairment, fair value changes and other gains
and losses
2
Free Cash Flow is EBITDAF, less finance expense; taxes paid and stay in business capital expenditure.
3
Stay in business capital expenditure is the capital expenditure required to maintain ongoing asset management and life-cycle
maintenance of the Company’s asset portfolio.

The wholesale market result included significant cost savings across generation to partially offset adverse market
conditions from suppressed spot electricity prices, combined with lower oil and methanol prices. Kupe increased
production by 11% on the prior year but was impacted by ongoing oil price impacts.

Building an innovation pipeline

With traditional energy retail markets in New Zealand dominated by price led competition, Genesis Energy is
activating its strategy to compete through product innovation in energy management services across four
product categories – Electricity, Piped Gas, Bottled Gas and Distributed Energy. As part of this effort, today
Genesis Energy is announcing a collaboration with customers and other industry partners to design game-
changing digital tools that re-imagine how they use energy.

In the first phase of a planned three-year program, ‘The Local Energy Project’ will make use of Genesis Energy’s
own digital lab that, through scaled agile methodologies, is accelerating the development of new products that
will improve customers’ engagement and experience with energy. The Lab is creating new energy monitoring
tools, integrated new technologies such as solar and batteries, home heating and hot water.

“By working and learning with our customers, we are ensuring the innovation around new energy technologies
is relevant to consumers and puts them in control of what they spend their money on,” Marc said.

Full Year Guidance

EBITDAF guidance for the full year ended 30 June 2017 has been updated to a range of $320 million and $330
million including the part year contribution of the additional 15% interest in Kupe.

Further information on the Company’s operations and finance can be found in the Investor Presentation of the
Full Year Results at nzx.com/markets/NZSX/securities/GNE and www.genesisenergy.co.nz/presentations.

ENDS

For media enquiries, please contact:
Richard Gordon
Public Affairs Manager
Genesis Energy
P: 09 951 9280
M: 021 681 305

For investor relations enquiries, please contact:
Wendy Jenkins
Group Manager Corporate Finance and Investor Relations
Genesis Energy
P: 09 951 9355
M: 027 471 2377

About Genesis Energy

Genesis Energy (NZX: GNE) is a diversified New Zealand energy company. It sells electricity, reticulated natural
gas and LPG through its retail brands of Genesis Energy and Energy Online. It is New Zealand’s largest energy
retailer with around 645,000 customer accounts. The Company generates electricity from a diverse portfolio of
thermal and renewable generation assets located in different parts of the country. Genesis Energy also has a
46% interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New
Zealand. Genesis Energy had revenue of $NZ2 billion during the 12 months ended 30 June 2016. More
information can be found at www.genesisenergy.co.nz

---

GENESIS ENERGY
HY17
Results Presentation

Agenda
HY17
Results Presentation
1
HY17 Highlights and
Strategy Update
__
Marc England
Chief Executive
2
Financial
Performance
__
Chris Jewell
Chief Financial Officer
4
Outlook and
Guidance Update
__
Marc England
Chief Executive
3
Operational
Performance
__
Marc England
Chief Executive
2

____
HY17
Highlights and
Strategy Update
Marc England
1
Chief Executive
____

HY17
Results Presentation
HY17 Highlights
A reinvigorated strategy in place
4
Reset Vision and
Strategy
Transformation
Journey Underway
Announced
Acquisition of an
Additional 15%
Interest in Kupe
22% Growth in
LPG Sector
Customers
Strong
Health & Safety
Performance with
TRIFR down 70%
Cost Optimisation
Delivers $6 Million
in Savings

HY17
Results Presentation
Strategy Update
Our plan on a page
5
REIMAGINING ENERGY
to be customers’ first choice for energy management
Vision
OPTIMISE
To improve short term return
INNOVATE
In long-term value creation
INVEST
For medium term growth
Strategic
Themes
Lean start up
product
development
Critical Future
capabilities
Data driven decision
making
Field force
management
Scaled agile ways of
working
Strategic
Priorities
Create enduring
customer
relationships
Leverage data,
analysis and
insight
Maximise
return from
core activities
Deploy
technology to
build trust
Enhance
experience with
new business
models
Commercial
relationship
management
Distributed asset
management
Software
development
Sales capabilities
Organise for
best in class
strategic
execution

HY17
Results Presentation
Strategy Update
Innovate
For medium term
growth
Invest
In long-term value
creation
Optimise
To improve short term
return
Transformation journey underway
6
HY17 Achievements
Total cost savings
of $6 million, $4.5
million annualised
Cost to acquire
down 15%
6% reductionin
employee costs
Driving efficiency
throughout the
business
Segment growth
and defining the
future of energy
management
Investment into
data and systems
and increased
influence over Kupe
LPG customers up
22%
SME field force in
place for Q3,
Spark contract
secured
Launched the
‘Local Energy
Project’
Acquisition of 15%
interest in Kupe
for $168 million
Phase 1 of
Salesforce being
implemented
Growth capex of
$6.1 million

HY17
Results Presentation
Strategy Update
7
Next steps –example strategic initiatives
•Reducing cost to serve
throughlabour
efficiencies supported by
technological investment,
corporate reorganisation,
training and updated
remuneration structures
•Additional operational
efficiencies from
procurement
Operational
Excellence
and Best in Class CTS
Build Sales &
Retention
Capability
Customer
Insights&
Analysis
•Employing a sales field
force targeting SME
•Newleadership and
organisational structure
•Engagingdifferently with
third party channel
providers
•Better aligning
commissionstructures
•Single customer view
•Advancedsegmentation
to enable tailored and
value driven customer
interactions
•Voice of customer for
greaterinsights
•Supported by data and
proprietary modelling
tools
Operational
Excellence
and Value Optimisation
•Deliver value from greater
integration of
maintenance, operations
and wholesale activities
•New maintenance
strategy focusedon risk
and effective planning and
scheduling
•Trading and hedging to
manage operational risks
•Reduced cost to serve
•Faster interactions
•Increased e-billing
•Increased share of SME
•Reduced cost to acquire
•Reducedchurn
•Deeper enduring
customer relationships
•Increased customer
loyalty
•Reduced cost to generate
•Increased plant availability
•Improved health & safety
Activity
Strategic
Initiative
Target
Outcomes

____
Financial
Performance
Chris Jewell
2
Chief Financial Officer
____

HY17
Results Presentation
HY17 Financial Highlights
Performancein line with expectations and guidance
9
EBITDAF
$155.7m
11% lower year on year but
performance stableexcluding
market impacts and one off
transformation activities
ADJUSTED NET DEBT
$845m
2.2% Lower on HY16
FREE CASH FLOW
$94.7m
Consistent withlower EBITDAF
NPAT
$37.4m
4% higher driven by fair value
changes in financial instruments
COST SAVINGS
$4.5m
Annualised
TOTAL DIVIDENDS
8.2cps
Consistentwith HY16

HY17
Results Presentation
Financial Summary
•EBITDAF down 11% but taking account of market impacts
and one off transformation activities underlying operating
performance was stable (and in line with previous guidance)
•Key drivers:
−Adverse oil prices and yield decline at Kupe
−Adverse long fuel volume sale prices
−Reduced spot prices and less thermal volume
−Warm weather and reduced retail consumption; offset by
−Higher prices in both MM and TOU markets
−Cost saving initiatives
•NPAT up 4% due to fair value movements in financial
instruments
•EPS also up 4% whilst net debt is down 2%
Stable operating performance when market impacts are excluded
10
Key Financial PerformanceHY17
($m)
HY16
($m)
Variance
EBITDAF$155.7175.5(11.3%)
Net Profit After Tax$37.435.94.2%
Earnings Per Sharecps3.743.594.2%
Stay inBusiness Capital
Expenditure
$16.815.77.0%
Free Cash Flow$94.7114.2(17.1%)
Dividends Per Sharecps8.28.20.0%
Dividends Declared as a
% ofFCF
86.6%71.8%20.6%
Adjusted Net Debt$844.9864.3(2.2%)

HY17
Results Presentation
EBITDAF HY17 vs HY16
Focusing on controllable activities to offset market factors
11
$176
$156
$9
$6
$1
$3
$2
$7
$3
$2
$4
$6
$3
HY16 EBITDAFLower Oil Price
and Yield
Lower
Wholesale Fuel
Prices
Reduced
Consumption
One-off
Restructuring
Costs
Revenue
Improvement
Reduced Retail
Volumes
Reduction in
Overhead Costs
Kupe outagesGeneration and
Trading
Activities
Accounting
Movements
Other
Movements
HY17 EBITDAF
HY17 vs HY16 EBITDAF
Controllable Activities
MarketAdverse Conditions
Transformation
Activities
$ MILLIONS
1
1. Represents changes in bad debts and deferred acquisition costs

HY17
Results Presentation
Customer Performance Summary
•EBITDAF increased $5.7 million relative to HY16 up 10%
•Key drivers:
−1.8% increase in MM and 5.1% increase in TOU prices
−Cost optimisation savings of $1 million
−Cost to acquire declined by 15%
−Offset by volume declines due to lower consumption from
unusually warm weather and reduced customer numbers
down 0.9%
Price growth and reduced cost to acquire sets a strong foundation for future growth
12
Key InformationHY17HY16Variance
EBITDAF ($ millions)62.757.010.0%
ElectricityCustomers514,155522,586(1.6%)
Gas Customers106,388106,809(0.4%)
LPG Customers17,51314,32622.2%
Total CustomerAccounts638,056643,721(0.9%)
CustomerElectricitySales (GWh)2,9163,015(3.3%)
Customer Gas Sales (PJ)4.34.20.9%
Customer LPG Sales (tonnes)2,5702,20216.7%

HY17
Results Presentation
Wholesale Performance Summary
•EBITDAF impacted by lower spot electricity prices and
lower wholesale fuel prices declining 10.3% on a like
for like basis
•Key Drivers:
−$5.1 million in cost savings from optimisation initiatives
and lower coal burn. Offset by:
−GWAP down 13.6% to $53.36 although margin impact
reduced by lower fuel costs down 12.7%
−Thermal generation down 23%
−Reduced oil, LPG and methanol prices
−Lower consumption from warmer weather and delayed
irrigation
Cost saving benefits offset by wet weather and global fuel conditions
13
Key InformationHY17HY16Variance
EBITDAF ($ millions)82.898.0(15.5%)
ThermalGeneration (GWh)1,4851,933(23.2%)
Renewable Generation (GWh)1,6251,44412.5%
Total Generation (GWh)3,1103,377(7.9%)
GWAP ($/MWh)53.3661.78(13.6%)
LWAP ($/MWh)53.4361.90(13.7%)
LWAP/GWAP Ratio100%100%
Weighted AverageFuel Cost ($/MWh)30.0434.40(12.7%)
Coal/GasMix (Rankinesonly)30/7078/22

HY17
Results Presentation
Kupe Performance Summary
•Gas production up on prior year despite unplanned
12 day outage in HY17
•EBITDAF continues to be impacted by external
factors:
−HY17 oil sales hedged at an average of US$57/bblled to
$8m decline relative to HY16 where oil prices were
hedged at an average US$86/bbl
−LPG production down due to plant corrosion issues which
were resolved in late 2016
•Remaining FY17 oil sales volume are 88% hedged at
USD$57/bbl
Increased production is offset by continuing low oil prices
14
Key InformationHY17HY16Variance
EBITDAF ($ millions)31.939.4(19.0%)
Gas Sales (PJ)3.83.410.8%
Oil Production (kbbl)195.8207.3(5.6%)
Oil Sales (kbbl)146.8158.6(7.4%)
LPG Sales (PJ)11.514.1(18.0%)
AverageBrent Crude Oil (USD/bbl)48472.1%
Average Hedged Price(USD/bbl)5786(33.7%)

HY17
Results Presentation
Operating Expenses
•$6 million of cost savings were delivered in
HY17, predominantly due to reduced
headcount, lower plant operating expenses
and lower coal burn reducing handling and
emission costs
−Annualised cost saving of $4.5 million delivered
with further optimisation activities underway
•Direct operating and allocated costs down
$4 million net of one-off transformation
activities
Significant cost savings delivered in first half
15
Annualised
HY17
CustomerWholesale
COST SAVINGS DELIVERED
$113
$112
$3
$3
$3
$2
HY16 DOA CostsLower
Contracting
Costs
Reduced
Staff Costs
One-off
Restructuring
Costs
Accounting
One-Offs
HY17 DOA Costs
$MILLIONS
HY16 vs HY17 DIRECT AND ALLOCATED COSTS

HY17
Results Presentation
Cashflow and Capital Expenditure
•Operating cash flow reduced by $36 million due to
reduced EBITDAF, a one off tax credit paid in FY16, a
lower reduction in the coal stockpile offset by a
reduction in carbon credits on hand
•Investing cash flow higher from increased capital
expenditure
−Stay in business capex consistent with prior year with
additional capex of $6.1 million on strategic growth initiatives
−Key investments include customer relationship management
system and CIC call system
•Financing cash flow impacted by cash on hand required
to settle Kupe acquisition and repayment of borrowings
−Excluding $168 million acquisition funding net cash increase
was $5.7 million
Free cash flow in line with EBITDAF movement
16
CashInformationHY17
($m)
HY16
($m)
Variance
Net Operating Cashflow$126.5162.5
Net InvestingCashflow$(29.8)(13.0)
Net FinancingCashflow$78.1(133.0)
Net Increase in Cash$174.816.5NA
EBITDAF$155.7175.5(11.3%)
Less: FinanceExpense$(28.7)(31.4)8.6%
Less: Income Tax Expense$(15.5)(14.2)(9.2%)
Less: Stay inBusiness Capital
Expenditure
$(16.8)(15.7)(7.0%)
Free Cash Flow$94.7114.2(17.1%)

HY17
Results Presentation
Funding Profile
•Adjusted gearing has increased to 34.9% due to additional bank facilities required for Kupe acquisition
•Average tenor of 7.9 years with an average cost of debt of 5.5%
Increased gearing from Kupe investment but headroom remains for growth
17
Debt InformationHY17
($m)
HY16
($m)
Variance
(%)
Total Debt$1,084.7938.8
Cash and Cash Equivalents$209.737.5
Headline Net Debt$875.0901.3(2.9%)
USPPFX and FV Adjustments$30.137.0
AdjustedNet Debt$844.9864.3(2.2%)
Headline Gearing35.6%33.7%1.9%
AdjustedGearing34.9%32.8%2.1%
Net Debt/EBITDAF2.72.58.0%
EBITDAF Interest Cover6.56.61.5%
Average cost ofdebt5.5%6.3%0.8%
0
50
100
150
200
250
FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26FY27FY42
$MILLIONS
Retailable BondsWholesale DomesticDrawn Bank
Undrawn BankCapital BondsUSPP
1.Net debt has been adjusted for foreign currency translation and fair value movements related to
USD denominated borrowings which have been fully hedged with cross currency swaps
2.HY17 EBITDAF annualised for calculation
GENESIS ENERGY DEBT PROFILE
1
1.Pro forma for Kupe acquisition

HY17
Results Presentation
Dividends
•Interim dividend of 8.2cps declared same as HY16 with 80% imputation
•Dividends have increased in real terms over past two years by 2.5% relative to inflation of 1.3%
Consistent with prior year as capital prioritised towards growth opportunities
18
64
80
8282
83
92
114
94
HY14HY15HY16HY17
$ MILLIONS
DIVIDENDS DECLARED AND FREE CASH FLOW
DividendsFree Cash Flow

____
Operational
Highlights
Marc England
3
Chief Executive
____

HY17
Results Presentation20
EBITDAF
Up 10%
LPG Customers
Up 22%
Value Strategy
Underway
•EBITDAF growth excluding one-offs
1
of 16%
•Increase in price for both Mass Market and TOU offset volume related declines
•Cost optimisation delivering $1 million of savings
•LPG sales volumes up 25%
•Commercial and Industrial business unit established, Spark contract secured
•Bobtail truck delivered and is already over 50% committed on a volume basis
•Focus on increasing multi product customers and growing new channels
•Tactical pricing initiatives favourable to margins
•Foundation technology investment underway to support growth
First half performance sets a strong foundation for further value creation
Customer Key Highlights
1.One-offs include accounting adjustments and redundancy costs

HY17
Results Presentation21
Reduced consumption and high level of switching
HY17 Customer Market Conditions
•Weather conditions were warmer than normal,
reducing consumption
−2016 was New Zealand’s warmest year on record
with average temperatures being between 0.5 to 1.2
degrees above annual average
−Residential demand down 4.5% on the same period
last year
•Electricity customer switching continues to
remain at a high level although there was a
3.8% reduction in the total customer switches in
HY17 compared with the prior year
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
JulAugSepOctNovDec
WARMER
COLDER
ROLLING 12 MONTH INDUSTRY SWITCHING
TEMPERATURE PERCENTAGE CHANGE vs PRIOR YEAR
0%
5%
10%
15%
20%
25%
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Home MoveRetailer SwitchTotal Market Switch

Reducing cost to acquire
HY17
Results Presentation22
•Tactical sales initiatives are improving margins
•Lower and less frequent discounts reducing cost
to acquire down 15%, variable cost to acquire
down 5%
•Online acquisition channel continues to
dominate
•Focused initiatives around sales and retention
being put in place to reward value maximising
behaviours
Cheaper and more targeted acquisition and retention channels
6080100120140
HY16
HY17
$
Variable CTATotal CTA
COST TO ACQUIRE PER CUSTOMER
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Door-to-doorOutboundOnlineKiosks
GROSS MONTHLY SALES BY ACQUISITION CHAENNEL

Optimising cost to serve
HY17
Results Presentation23
•11% reduction in FTE over past 18 months as business streamlined
•Significant movement towards lower cost self service and digital interactions improving customer service
with call volumes down 9% over the 12 months and self service transactions up 47%
•New call routing system has been implemented to improve handling performance
Driving efficiency with a customer centric approach
CUSTOMER INTERACTIONS (ROLLING 12 MONTHS)
360
370
380
390
400
410
420
430
440
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
RETAILFULL TIME EQUIVALENT
JanFebMarAprMayJunJulAugSeptOctNovDec
Self Service TransactionsDigitial Usage

Growing Our Customer Base
HY17
Results Presentation24
•Rapid growth in LPG segment
−9% residential customer growth in 6 months, adding over 1,700
accounts
−Energy Online bottled gas up strongly since launch in April 2016
with over 1,200 customers
−Built and received first on site customer refilling truck with over
50% utilisation pre-sold
•Leveraging technology to increase customer loyalty
−26% increase in LPG bottle ordering via the app
−Implemented C&I bottle management solution to automate
scheduling and ordering
−Developing a similar solution for residential customers
•Leveraging EOL as a alternative channel with customers up
6% over 12 months for electricity and 92% for gas
Continued strong growth in LPG and EOL channels
ESTIMATED RESIDENTIAL LPG 45KG MARKET SHARE BY VOLUMES
7.8%
8.0%
8.2%
8.4%
8.6%
8.8%
9.0%
9.2%
9.4%
3.3
3.4
3.5
3.6
3.7
3.8
3.9
4.0
4.1
4.2
4.3
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Market Share %
Kilotonnes
Rolling 12m Sales
Rolling 12m Market Share (RHS)
50,000
60,000
70,000
80,000
90,000
100,000
Jun-14
Aug-14
Oct-14
Dec-14
Feb-15
Apr-15
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
Aug-16
Oct-16
Dec-16
Electricity Customer ConnectionsGas Customer Connections
EOL CUSTOMER CONNECTIONS GROWTH

Driving Energy Insights
HY17
Results Presentation25
•Genesis Energy has recently extended is exclusive
partnership with energy insights company Ecotagious
•An ‘energy disaggregation’ pilot program with 10,000
customers ran in 2016 to be expanded in 2017
−Energy itemisation using patterns of consumption extracted
from Smartmeters and correlated with external information to
provide personalised reports on home energy usage
−Includes benchmarking against average home usage and
suggestions around efficiency measures
•Participants in the pilot had high levels of engagement and
a 14.1% annualised churn reduction improvement
•Feedback provided being leveraged across business for
marketing, customer targeting and innovation purposes
Making energy relevant and relatable for customers

The ‘Local Energy Project’
HY17
Results Presentation26
Bringing the seven flows of electrons to life
•Genesis has launched a community project in Martinborough and surroundsto
accelerate the journey to energy management supplier
•Key benefits for the community:
−Increased visibility of energy usage
−Access to distributed energy with reduced price barriers
−Participation in an energy community leading early change
•Key benefits for Genesis:
−Building internal capability around intellectual property and data analytics
−Smaller scale trial with a representative community of the New Zealand demographic
enables faster refinement before larger scale build out
−Access to data to enhance understanding of customer behaviours
•Less than 2 months from origination to working software prototype demonstrates
speed to market

EBITDAF
$82.8 million
Cost Savings
$5.1 million
Unique
Market position
•In line with expectations as macro factors impacted wholesale fuel prices
•Weather conditions reduced consumption and favoured renewable generation
•Increased hydro and lower fuel burn reduced costs
•8% reduction in FTE’s
•Low coal burn led to lower handling and emissions costs
•New maintenance approach being rolled out across assets
•Mix of thermal and hydro offers downside protection
•Underlying business performance demonstrates flexibility to maximise generation
activities to market environment
Significant focus on business optimisation
Wholesale Key Highlights
1.One-offs include marketrelated factors
HY17
Results Presentation27

HY17
Results Presentation28
Wet conditions favoured renewable generation
HY17 Wholesale Market Conditions
•Above average rain in 2016 led to low spot
prices, high storage levels resulting in
renewable being favoured over thermal
generation in HY17
−Storage levels were 19% above long term averages
−31% reduction in thermal generation in the market
relative to the prior period
•Agricultural irrigation started very late in the
season, impacting industrial demand levels
•Warmer than average weather also impacted
residential demand
MONTHLY AVERAGE SPOT PRICE AT OTAHUHU (2016)
2,000
2,500
3,000
3,500
4,000
JanFebMarAprMayJunJulAugSepOctNovDec
91 year average2016
NEW ZEALAND DAILY STORAGE
$40
$45
$50
$55
$60
$65
$70
$75
JulAugSepOctNovDec
$/MWh
Monthly Average10 Year Average

HY17
Results Presentation
Generation Flexibility Advantage
•Genesis Energy has a unique position to
flex its thermal and hydro generation or
conserve its higher cost units and buy
on market to match market conditions
•Less coal has been consumed due to
strategic use of the gas book giving fuel
flexibility and lower carbon emissions
−Highlights benefit of integrated fuel
position
−Changing LPG demand profile from
wholesale to retail improving margins
−Gas book offers material upside post
2020 when legacy contracts expire
Reduces downside risk from macro conditions
29
GAS POSITION SUMMARY
0
100
200
300
400
500
600
700
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
CoalGas
COALvs GAS USE
GWh
0
10
20
30
40
50
201620172018201920202021202220232024
PJ
Kupe ContractFlexible + MUG Kupe
Uncontracted KupeThird party contract
Other contracted gasGas Demand
Gas Demand Plus Contracted Gas Sales

HY17
Results Presentation
Optimising wholesale cost base
•$5.1 million of EBITDAF savings delivered in HY17, mainly due to lower operating expenses, of which $2.3
million is ongoing on an annualised basis
•Campaign approach to maintenance focused on effective planning and scheduling activities will result in
greater plant availability and reduced costs
Fuel cost down and delivered significant savings
30
$42.4
$37.9
$1.7
$0.8
$1.5
$0.3
$0.8
$0.6
HY16 DOA
Costs
Reduced
Staff Costs
Reduced
Coal Handling
Lower
Plant
Costs
Lower
Insurance
Costs
RedundanciesOtherHY17 DOA
Costs
$MILLION
WHOLESALE OPERATING EXPENSE HY17 vs HY16

EBITDAF
$31.9 million
Acquired
Additional 15%
Integrated Fuel
Benefits
•Gas production up 11% on the prior year
•Offset by macro oil price impacts
•LPG production issues resolved for the second half
•Increased exposure to a high performing field in a declining gas reserve market
•Influence over timing and scale of Phase II development
•Additional EBITDAF supports free cash flow for investment
•Priority access to uncontracted gas
•Additional supply of LPG to support growth in a market heading towards a net
import position
Increased Kupe ownership further integrates fuel position
Kupe Key Highlights
HY17
Results Presentation31

HY17
Results Presentation
Kupe Outage Update
•Kupe was offline for 14 days in HY17, 12 of which were
unplanned
−Propane compressor failure which occurred after a planned
outage
−Net impact to HY17 performance of $2.6 million
•LPG production down 18% for HY17 due to an LPG plant
outage caused by corrosion under insulation which was
identified in FY16. Plant was back near full capacity in late
2016
12 day unplanned outage in HY17
32

HY17
Results Presentation
Health & Safety
•Our rigorous focus on health and safety is translating into tangible outcomes with our TRIFR down 70% over the
past 12 months
•No serious incidents and only one lost time injury down from 3 in previous year
•Stayliveremains an important forum for industry collaboration and learnings
Zero harm is our commitment
33
SAFETY STATISTICS
0.89
0.26
0
1
2
3
4
5
6
7
8
9
10
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Actual
Injuries
Frequency
Rate
Lost TimeMedicalRestricted WorkTRIFR

Outlook
Marc England
4
Chief Executive
____

HY17
Results Presentation
Outlook
•FY17 EBITDAF updated guidance range of $320 to $330 million including increased share of Kupe
1
•Target earnings profile remains to deliver $400+ million of EBITDAF in FY21 (with a range of $375 -$425
million)
FY guidance range updated
35
1.Subject to any material events, significant one-off expenses or other unforeseen circumstances

HY17
Results Presentation
Why Genesis Energy?
Yield plus growth strategy in motion as Genesis Energy transforms
36
Customer
Centric
Generation
Flexibility
Integrated Fuel
Position
Leading Market
Disruption
•Brand strength and largest customer base provides strong platform for growth
•Obsessionwith customer experience will drive increased loyalty and lower costs
•Leveraging technology to improve the energy experiencefor customers
•Unique position to flex thermal, renewable and on market activities underpins earnings profile
•Closer integration of maintenance, operations and wholesale activities will optimise asset base
•Large retail market share and long retail South Island position reduces price risks of Tiwai closure
•Flexibilityover fuel supply to support generation and retail needs
•Upside opportunity from accelerated production and priority access to uncontracted gas
•Access to increased LPG production provides strong alignment with growth aspirations
•Defining new approaches to energy management
•Accelerating change through agile ways of working
•Embracing unpredictability to develop resilience in rapidly evolving market

Supplementary
Information

HY17
Results Presentation
Financial Statements
38
Balance SheetHY17
($m)
HY16
($m)
Variance
Cash and Cash Equivalents209.737.5
Other Current Assets273.1298.2
Non-Current Assets3,383.63,097.5
Total Assets3,866.43,433.212.6%
Total Borrowings1,084.7938.8
Other Liabilities818.6724.8
Total Equity1,963.11,769.610.9%
AdjustedNet Debt844.9864.3(2.2%)
Gearing35.6%32.8%2.8%
EBITDAF InterestCover6.56.61.5%
Net Debt/EBITDAF2.72.58.0%
Income StatementHY17
($m)
HY16
($m)
Variance
Revenue$965.3$1,041.6(7.3%)
Total Operating Expenses(809.6)(866.1)
EBITDAF155.7175.5(11.3%)
Depreciation, Depletion & Amortisation(73.6)(73.1)
Impairment(0.8)0.0
FairValue Change1.9(21.0)
Other Gains (Losses)(1.6)0.1
Earnings Before Interest & Tax81.681.50.1%
Interest(28.7)(31.4)
Tax(15.5)(14.2)
Net Profit After Tax37.435.94.2%
Earnings Per Share3.743.594.2%
Stay inBusiness Capital Expenditure16.815.77.0%
Free Cash Flow94.7114.2(17.1%)
Dividends Per Share (cps)82.082.0Flat
Dividends Per Share8.28.2Flat
Dividends Declared as a % ofFCF93.5%71.8%21.7%
Cash Flow SummaryHY17
($m)
FY16
($m)
Variance
Net Operating Cashflow126.5162.5
Net Investing Cashflow(29.8)(13.0)
Net FinancingCashflow78.1(133.0)
Net Increase (Decrease)in Cash174.816.5NA

HY17
Results Presentation
Reconciliation of EBITDAF to NPAT
39
Income StatementHY17
($m)
HY16
($m)
Variance
EBITDAF155.7175.5(11.3%)
Depreciation, Depletion & Amortisation(73.6)(73.1)
Impairment of Non-Current Assets(0.8)0.0
Change in FairValue of Financial
Instruments
1.9(21.0)
Other Gains (Losses)(1.6)0.1
Profit Before Net Finance Expense and
IncomeTax
81.681.50.1%
Finance Revenue0.91.4
Finance Expense(29.6)(32.8)
Profit Before Income Tax52.950.15.6%
Income Tax Expense(15.5)(14.2)
Net Profit After Tax37.435.94.2%
•EBITDAF is a non-GAAP item but is used as a key
metric by management to monitor performance at a
business segment and group level
•Genesis Energy believes that reporting EBITDAF
assists stakeholders and investors in understanding
the Company’s operational performance
•In HY17 EBITDAF was down 11.3% on HY16
•HY Net Profit After Tax is up 4.2%
•Key variance in changes in fair value of financial
instruments due to a movement in USPP

Thank You

HY17
Results Presentation
Disclaimer
41
This presentation has been prepared by Genesis Energy Limited (‘Genesis
Energy’) for information purposes only. The information in this presentation is
of a general nature and does not purport to be complete nor does it contain all
the information required for an investor to evaluate an investment. This
presentation may contain projections or forward-looking statements regarding
a variety of items. Such forward-looking statements are based upon current
expectations and involve risks and uncertainties. Actual results may differ
materially from those stated in any forward looking statement based on a
number of important factors and risks.
Although management may indicate and believe that the assumptions
underlying the forward-looking statements are reasonable, any of the
assumptions could prove inaccurate or incorrect and, therefore, there can be no
assurance that the results contemplated in the forward looking statements will
be realised. EBITDAF, underlying profit and free cash flow are non-GAAP
(generally accepted accounting practice) measures. Information regarding the
usefulness, calculation and reconciliation of these measures is provided in the
supporting material. Furthermore, while all reasonable care has been taken in
compiling this presentation, to the maximum extent permitted by law Genesis
Energy accepts no responsibility for any errors or omissions and no
representation is made as to the accuracy, completeness or reliability of the
information. This presentation does not constitute investment advice

---

Re-imagining
Energy
INTERIM REPORT
GENESIS ENERGY
2016 / 2017

GENESIS ENERGY INTERIM REPORT
2016
/
2017
Chairman’s Letter 2
Chief Executive’s Review 3
Business Highlights
at a Glance 4
Financial Performance 6
Condensed Consolidated
Interim Financial Statements 8

GENESIS ENERGY
1
INTERIM REPORT
We are changing the
way we think and work
to put customers in control
of their energy experience.
Better, brighter and
mobilising innovation to
re-imagine energy for
our customers.

GENESIS ENERGY
2
INTERIM REPORT
2016
/
2017
Change well underway
CHAIRMAN’S LETTER
Genesis Energy is fast changing itself to develop and deliver new data-driven
technologies that will improve the energy experience for our customers and
ultimately deliver results for our shareholders.
8.2 c
86.6%
While our transformation continues to
gain pace, the Company’s underlying
business of producing and selling
electricity, natural gas and bottled gas
performed well against a backdrop of
unfavourable market conditions, which
have been well signalled to the market.
New Zealand’s high reliance on renewable
electricity generation is both a plus and
a minus for a diverse company such
as Genesis Energy. While the wet and
warm conditions in the first six months
of the financial year resulted in increased
renewable generation and reduced coal
consumption at Huntly Power Station,
this also correlated to suppressed
wholesale electricity prices.
The weather impacted our Customer
business too, with the warmest year
on record resulting in a 4.5 per cent
reduction in demand from our residential
customers. However, to a large extent,
the reduced sales volume was offset
by a change in some retail prices and
internal cost-saving initiatives.
Our third major source of revenue
– the Kupe Oil and Gas field – was
also impacted by low oil prices and a
longer-than-expected production plant
maintenance outage that resulted in a
17.0 per cent drop in oil and gas earnings.
Overall, earnings (EBITDAF)
1
remain
in line with November guidance and
the Board and I are pleased to declare,
despite the market pressures and
consistent with the prior period,
a dividend of 8.2 cents per share.
Dame Jenny Shipley, DNZM
Chairman
28 February 2017
Dividend per share
Dividends declared

as a % of FCF
2
For Directors and Executives’ biographies, go to www.genesisenergy.co.nz/governance
1 Earnings before net finance expense, taxation,
depreciation, depletion, amortisation, impairment,
fair value changes and other gains and losses
2 Free cash flow

GENESIS ENERGY
3
INTERIM REPORT
Re-imagining energy
CHIEF EXECUTIVE’S REVIEW
In 2016, we reset the Company’s vision to be ‘Re-imagining Energy to be
customers’ first choice for energy management’. This vision was expressed in
three Strategic Themes: Optimise, Innovate and Invest.
After six months, I am pleased to report
that we are making good progress against
these themes as we drive change and
cement a customer-centric mind-set
throughout the business.
Specifically, we have completed a number
of Optimise projects in the half year that
are leading to greater efficiencies and
short-term revenue improvements. The
cost to acquire new customers is in decline
and our employee costs have reduced
by 6.0 per cent. Our customer-facing
employees, through the implementation
of new digital tools, are also now able to
see more information. This allows them
to deliver a more effective and efficient
customer service, enabling meaningful
and targeted communications to our
customers. These efficiency gains are a
win, both for our customers and investors,
as it contributes to greater returns and
lower prices.
Under our Invest strategy, we identified
and acted quickly to acquire a greater
stake in the Kupe Oil and Gas field
from New Zealand Oil and Gas.
By increasing our share of the Kupe Oil
and Gas field to 46 per cent we will be
able to create greater value and flexibility
to our fuel book and create further value
from production through to both
our thermal generation and retail
businesses. The acquisition was funded
by existing debt facilities and was
effective on 1 January 2017.
Understanding information flows
as well as energy flows is key to true
energy management and enhancing
our customers’ energy experience. In
late January 2017, I announced our
intention to create The Local Energy
Project as part of our Innovation strategy.
This project aims to understand how
our customers interact with new digital
services by working with them to find
where the commercial value is before
we roll out new services nationally.
During the half year, we also adopted
an innovative approach to bottled LPG.
Currently we sell most of our Kupe-
sourced wholesale LPG to other gas
retailers but see a big opportunity to
grow our retail LPG customer base
by targeting commercial bulk LPG
customers and residential 45kg bottled
gas customers. Our sales proposition is
underpinned by data and technology-
driven innovation, not discounting, and
we are starting to see positive growth.
While external market factors,
which are outside of our control,
create challenges for our trading
teams, the rest of the business is
moving forward positively. We are
deliberately challenging and disrupting the
way we have done business historically.
We are mobilising innovation through
new digital technologies and data-driven
decision-making to deliver success.
In late November 2016, the Executive
Team committed to growing
Genesis Energy to be a $400m or
more EBITDAF company by 2021.
With thoughtful insight, acute focus
and action we are well on our way to
achieving this goal.
Marc England
Chief Executive

GENESIS ENERGY
4
INTERIM REPORT
For Genesis Energy to reach
our vision of re-imagining
energy for our customers,
we will apply insights gained
from data and work more
closely with customers.
Business
Highlights
at a Glance
4.
LPG – bobtail tanker
Genesis Energy is targeting rapid
growth in the bottled and commercial
LPG markets. LPG sales volumes in
the half year were up 25 per cent
compared to HY2016.
The Company has invested in a
‘bobtail’ LPG tanker to service mainly
agribusiness customers. We are also
developing a service based on automated
reordering of 45kg bottled gas.
1.
Kupe share increase
During the period, Genesis Energy
agreed to acquire all of New Zealand
Oil & Gas’ 15 per cent share of the Kupe
Joint Venture for $168m.
The increase in ownership gave the
company access to approximately
160,000 extra barrels of oil and 13,000
additional tonnes of LPG per annum.
Genesis Energy already purchases 100
per cent of the natural gas from Kupe.

GENESIS ENERGY
5
INTERIM REPORT
NEW INITIATIVES UNDERWAY
5.
Schoolgen data visualisation
Having reached almost 100 solar
schools, the Schoolgen programme
has achieved scale to enable new
data-driven resources for all school
students, teachers and customers
thinking about solar generation.
During the half year, a software
engineer intern created a new
solar data dashboard for a revised
Schoolgen website, which will be
relaunched in FY2017.
6.
Internships from TupuToa
At the end of 2016, five university
students from the TupuToa programme
began 12-week assignments at our
Greenlane office. TupuToa focuses
on identifying, developing and
supporting high-potential Māori
and Pasifika graduates to transition
to corporate careers.
The interns at Greenlane are working
across the organisation and have been
linked with mentors to support them
throughout their time with the Company.
2.
Contact centre
New call centre and customer
management systems were introduced to
support our service and reduce handling
times. Self-service transactions were up
by 47 per cent over a 12-month period.
Energy Online customers were up
six per cent over 12 months. Energy
Online went fully digital by making bill
payments by post a thing of the past.
Energy Online reached the 1,000
customers mark for bottled gas.
3.
Renewable generation up
Flexible generation provides resilience
against adverse market conditions.
Coal burn was down 92 per cent in the
half year as wet and windy conditions
favoured renewable generation, which
was up 12.5 per cent.
Total generation output was down eight
per cent. A more efficient maintenance
programme and reduced staff costs
during the half year resulted in cost
savings of $5m.
Retail adapts Agile
We’re using Agile methods to drive ideas
and deliver faster on customer needs.
Agile is iterative and incremental.
It breaks down development work into
short and fast blocks called sprints.
The major advantage of Agile is the ability
to move at speed while adapting to
market changes and customer feedback.
We have introduced Agile across our
product development and marketing teams.
The Local Energy Project
Genesis Energy is developing
New Zealand’s first real-world R&D
community in South Wairarapa.
This collaborative project will test,
design and develop game-changing
digital tools that customers will use to
re-imagine how they use energy. By
working and learning with our customers,
we are ensuring the innovation around
new energy technologies is relevant to
consumers and puts them in control.
Lightning Lab Electric
Genesis Energy has a plan to become
New Zealanders’ first choice for energy
management. As part of delivering on
our vision, we’re supporting Lightning Lab
Electric’s Innovation Challenge and
Accelerator programme. A joint
venture with CreativeHQ and Callaghan
Innovation, Lightning Lab Electric is
New Zealand’s first-ever open call for
innovation within the electricity sector.

GENESIS ENERGY
6
2016 – 2017
INTERIM REPORT
$15.0m
Genesis Energy’s FY2017
EBITDAF is projected to
increase by approximately
$15m (excluding transaction
costs) due to additional Kupe
earnings over six months.
Financial Performance
Adverse market conditions counter stable
underlying performance.
THE YEAR SO FAR
$320–330m
EBITDAF guidance for the
full year ended 30 June 2017
including the additional 15 per
cent interest in Kupe.
TOTAL DIVIDEND (HY2017)
8.2cps
DIVIDENDS DECLARED
AS A % OF FCF (HY2017)
86.6%
ADJUSTED NET DEBT (HY2017)
$844.9m
71.8% (HY2016) 20.6%
8.2cps (HY2016) Consistent
$864.3m (HY2016) 2.2%
STAY IN BUSINESS
CAPITAL EXPENDITURE (HY2017)
$16.8m
$15.7m (HY2016) 7 .0%
EBITDAF (HY2017)
$155.7m
$175.5m (HY2016)
11.3%
NPAT (HY2017)
$37.4m
$35.9m (HY2016)
4.2%
FREE CASH
FLOW (HY2017)
$94.7m
$114.2m (HY2016)
17.1%
EARNINGS
PER SHARE (HY2017)
3.74cps
3.59cps (HY2016)
4.2%
OUTLOOK

7
INTERIM REPORTGENESIS ENERGY
$140m
$145m
$150m
$155m
$160m
$165m
$170m
$175m
$180m
HY2016
EBITDAF
LOWER
OIL PRICE
AND YIELD
LOWER
WHOLESALE
FUEL PRICES
REDUCED
CONSUMPTION
ONE
OFF
RESTRUCTURING
COSTS
REVENUE
IMPROVEMENT
REDUCED
RETAIL
VOLUMES
REDUCTION
IN OVERHEAD
COSTS
KUPE
OUTAGES
GENERATION
AND TRADING
ACTIVITIES
ACCOUNTING
MOVEMENTS
1
OTHER
MOVEMENTS
HY2017
EBITDAF
$156M
$176M
$9M
$7M
$6M
$1M
$4M
$2M
$6M
$3M
$3M
$2M
MARKET ADVERSE CONDITIONS
TRANSFORMATION
ACTIVITIES
CONTROLLABLE ACTIVITIES
$3M
Focusing on controllable activities to offset market factors.
EBITDAF HY2017 VS HY2016
Targeting
$400m
+

EBITDAF

by FY2021
1 Represents changes in bad debts and deferred acquisition costs.

GENESIS ENERGY INTERIM REPORT
8
Condensed Consolidated
Interim Financial Statements
for the six-month period ended
31 December 2016
Contents
Consolidated interim comprehensive
income statement 09
Consolidated interim statement
of changes in equity 10
Consolidated interim balance sheet 11
Consolidated interim cash flow
statement 12
Notes to the condensed consolidated interim financial statements
Note
1 General information 14
2 Segment reporting 15
3 Change in fair value of financial instruments 17
4 Finance expense 17
5 Dividends 17
6 Property, plant and equipment 18
7 Oil and gas assets 18
8 Material related party transactions 19
9 Borrowings 19
10 Derivatives 20
11 Fair value 20
12 Commitments 23
13 Contingent assets and liabilities 23
14 Events occurring after balance date 23
Independent Review Report 24
FINANCIAL REPORTING

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2016
9
Consolidated interim comprehensive income statement
For the six-month period ended 31 December 20166 months ended
Note
31 Dec 2016
unaudited
$ million
31 Dec 2015
unaudited
$ million
Operating revenue
Electricity revenue
798.3 864.5
Gas revenue
133.6 140.7
Petroleum revenue
15.5 24.1
Other revenue
17.9 12.3
965.3 1,041.6
Operating expenses
Electricity purchases, transmission and distribution
(442.8)(475.3)
Gas purchases, transmission and distribution
(141.1)(144.7)
Petroleum production, marketing and distribution
(8.9)(8.6)
Fuels consumed
(67.9)(93.3)
Employee benefits
(39.8)(41.6)
Other operating expenses
(109.1)(102.6)
(809.6)(866.1)
Earnings before net finance expense, income tax, depreciation, depletion, amortisation,
impairment, fair value changes and other gains and losses (EBITDAF)
155.7 175.5
Depreciation, depletion and amortisation
(73.6)(73.1)
Impairment of non-current assets
6(0.8) –
Change in fair value of financial instruments
3 1.9 (21.0)
Other gains (losses)
(1.6) 0.1
(74.1)(94.0)
Profit before net finance expense and income tax
81.681.5
Finance revenue
0.9 1.4
Finance expense
4(29.6)(32.8)
Profit before income tax
52.9 50.1
Income tax (expense)
(15.5)(14.2)
Net profit for the period
37.4 35.9
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Change in cash flow hedge reserve
22.7 (16.4)
Income tax credit (expense) relating to items that may be reclassified
(6.4) 4.6
Total items that may be reclassified subsequently to profit or loss
16.3 (11.8)
Total other comprehensive income (expense) for the period
16.3 (11.8)
Total comprehensive income for the period
53.7 24.1
Earnings per share from operations attributable to shareholders of the Parent
Basic and diluted earnings per share (cents)
3.74 3.59
The above statements should be read in conjunction with the accompanying notes.

GENESIS ENERGY INTERIM REPORT
10
Consolidated interim statement of changes in equity
For the six-month period ended 31 December 2016
Note
Share
capital
unaudited
$ million
Share–based
payments
reserve
unaudited
$ million
Asset
revaluation
reserve
unaudited
$ million
Cash flow
hedge reserve
unaudited
$ million
Retained
earnings
unaudited
$ million
Total
unaudited
$ million
Balance as at 1 July 2016
539.7 0.5 972.9 (43.8) 521.9 1,991.2
Net profit for the period
– – – – 37.4 37.4
Other comprehensive income
Change in cash flow hedge reserve
– – – 22.7 – 22.7
Income tax expense relating to other
comprehensive income
– – – (6.4) – (6.4)
Total comprehensive income for the period
– – – 16.3 37.4 53.7
Share-based payments
– 0.2 – – – 0.2
Dividends
5 – – – – (82.0)(82.0)
Balance as at 31 December 2016
539.7 0.7 972.9 (27.5) 477.3 1,963.1
Note
Share
capital
unaudited
$ million
Share–based
payments
reserve
unaudited
$ million
Asset
revaluation
reserve
unaudited
$ million
Cash flow
hedge reserve
unaudited
$ million
Retained
earnings
unaudited
$ million
Total
unaudited
$ million
Balance as at 1 July 2015
539.7 0.3 805.8 (19.6) 499.2 1,825.4
Net profit for the period
– – – – 35.9 35.9
Other comprehensive income
Change in cash flow hedge reserve
– – – (16.4) – (16.4)
Income tax credit relating to other
comprehensive income
– – – 4.6 – 4.6
Total comprehensive income (expense) for the period
– – – (11.8) 35.9 24.1
Revaluation reserve reclassified to retained earnings
on disposal of assets
– – (0.4) – 0.4 –
Share-based payments
– 0.1 – – – 0.1
Dividends
5 – – – – (80.0)(80.0)
Balance as at 31 December 2015
539.7 0.4 805.4 (31.4) 455.5 1,769.6
The above statements should be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2016
11
The above statements should be read in conjunction with the accompanying notes.
Consolidated interim balance sheet
As at 31 December 2016
Note
31 Dec 2016
unaudited
$ million
30 Jun 2016
audited
$ million
Current assets
Cash and cash equivalents
209.7 34.9
Receivables and prepayments
170.9 188.8
Inventories
77.5 79.3
Intangible assets
4.0 4.8
Tax receivable
– 4.1
Derivatives
1020.7 19.9
Total current assets
482.8 331.8
Non-current assets
Receivables and prepayments
4.3 4.2
Inventories
0.4 –
Property, plant and equipment
62,947.0 2,988.0
Oil and gas assets
7256.9 267.5
Intangible assets
138.1 133.7
Derivatives
1036.9 53.0
Total non-current assets
3,383.6 3,446.4
Total assets
3,866.4 3,778.2
Current liabilities
Payables and accruals
136.4 166.8
Tax payable
1.3 –
Borrowings
9137.2 136.2
Provisions
18.5 15.3
Derivatives
1022.2 27.6
Total current liabilities
315.6 345.9
Non-current liabilities
Payables and accruals
0.8 0.8
Borrowings
9947.5 776.0
Provisions
120.2 123.2
Deferred tax liability
483.6 484.3
Derivatives
1035.6 56.8
Total non-current liabilities
1,587.7 1,441.1
Total liabilities
1,903.3 1,787.0
Shareholders' equity
Share capital
539.7 539.7
Reserves
1,423.4 1,451.5
Total equity
1,963.1 1,991.2
Total equity and liabilities
3,866.4 3,778.2
The Directors of Genesis Energy Limited authorise these condensed consolidated interim financial statements for issue on behalf of the Board.
Rt Hon Dame Jenny Shipley, DNZM Joanna Perry, MNZM
Chairman of the Board Chairman of the Audit and Risk Committee
Date: 27 February 2017 Date: 27 February 2017

GENESIS ENERGY INTERIM REPORT
12
Consolidated interim cash flow statement
For the six-month period ended 31 December 20166 months ended
Note
31 Dec 2016
unaudited
$ million
31 Dec 2015
unaudited
$ million
Cash flows from operating activities
Cash was provided from:
Receipts from customers
976.6 1,048.7
Interest received
0.9 1.4
Tax received
0.6 20.9
978.1 1,071.0
Cash was applied to:
Payments to suppliers and related parties
794.0 843.1
Payments to employees
39.9 42.2
Tax paid
17.7 23.2
851.6 908.5
Net cash inflows from operating activities
126.5 162.5
Cash flows from investing activities
Cash was provided from:
Proceeds from disposal of property, plant and equipment
– 5.7
– 5.7
Cash was applied to:
Purchase of property, plant and equipment
17.1 9.7
Purchase of oil and gas assets
3.1 5.2
Purchase of intangibles (excluding emission units and deferred customer acquisition costs)
9.6 3.8
29.8 18.7
Net cash (outflows) from investing activities
(29.8)(13.0)
Cash flows from financing activities
Cash was provided from:
Proceeds from borrowings
262.2 –
262.2 –
Cash was applied to:
Repayment of borrowings
75.0 21.4
Interest paid and other finance charges
27.1 31.6
Dividends
582.0 80.0
184.1 133.0
Net cash inflows (outflows) from financing activities
78.1 (133.0)
Net increase in cash and cash equivalents
174.8 16.5
Cash and cash equivalents at 1 July
34.9 21.0
Cash and cash equivalents at 31 December
209.7 37.5
Cash and cash equivalents at 31 December consists of:
Cash at bank
24.2 25.9
Funds held on Trust for the acquisition of New Zealand Oil and Gas ('NZOG') subsidiaries
14168.0 –
ASX margin deposits
17.5 11.6
209.7 37.5
The above statements should be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2016
13
Consolidated interim cash flow statement (continued)
For the six-month period ended 31 December 20166 months ended
Reconciliation of net profit to net cash inflow from operating activitiesNote
31 Dec 2016
unaudited
$ million
31 Dec 2015
unaudited
$ million
Net profit for the period
37.4 35.9
Items classified as investing/financing activities
Net (gain)/loss on disposal of property, plant and equipment
– 0.2
Interest and other finance charges paid
27.2 29.7
27.2 29.9
Non-cash items
Depreciation, depletion and amortisation expense
73.6 73.1
Impairment of non-current assets
0.8 –
Change in fair value of financial instruments
3(1.9)21.0
Deferred tax expense
(7.1)(11.0)
Change in capital expenditure accruals
4.4 1.1
Change in rehabilitation and contractual arrangement provisions
(0.6)3.2
Other non-cash items
(1.1)(2.3)
68.1 85.1
Movements in working capital
Change in receivables and prepayments
17.8 11.5
Change in deferred customer acquisition costs
(0.6)(2.4)
Change in inventories
1.4 7.6
Change in emission units on hand
– (3.7)
Change in payables and accruals
(30.4)(22.9)
Change in tax receivable/payable
5.4 23.1
Change in provisions
0.2 (1.6)
(6.2)11.6
Net cash inflow from operating activities
126.5 162.5
The above statements should be read in conjunction with the accompanying notes.

GENESIS ENERGY INTERIM REPORT
14
1. General information
Genesis Energy Limited (the ‘Parent’) is a
company registered under the Companies
Act 1993. The Parent is majority owned by
Her Majesty the Queen in Right of New
Zealand (the ‘Crown’) and is listed on the
NZSX, NZDX and ASX. The Parent, as a
mixed ownership model company, is bound
by the requirements of the Public Finance
Act 1989. The liabilities of the Parent are not
guaranteed in any way by the Crown. The
Parent is an FMC Reporting Entity under
the Financial Markets Conduct Act 2013
and the Financial Reporting Act 2013.
The condensed consolidated interim
financial statements comprise the Parent,
its subsidiaries and the Group’s interests in
joint operations (together, the ‘Group’). The
condensed consolidated interim financial
statements cover the six-month period
ended 31 December 2016.
These interim financial statements have not
been audited.
The Group is designated as a profit-oriented
entity for financial reporting purposes.
The Group’s core business is located in
New Zealand and involves the generation
of electricity, retailing and trading of energy,
and the development and procurement of
fuel sources. To support these functions,
the Group’s scope of business includes
retailing and trading of related
complementary products designed to
support its key energy business.
Basis of preparation
The condensed consolidated interim
financial statements have been prepared
in accordance with and comply with
New Zealand Equivalent to International
Accounting Standard 34 Interim Financial
Reporting (‘NZ IAS 34’). In complying with
NZ IAS 34, these statements comply with
International Accounting Standard 34
Interim Financial Reporting.
The condensed consolidated interim financial
statements do not include all the information
and disclosures required in the annual financial
statements. Consequently these condensed
consolidated interim financial statements
should be read in conjunction with the annual
financial statements and related notes
included in Genesis Energy’s Annual Report
for the year ended 30 June 2016.
The condensed consolidated interim
financial statements are presented in
New Zealand dollars rounded to the nearest
one hundred thousand.
Application of new and revised accounting
standards, interpretations and amendments
There have been no new or revised
accounting standards, interpretations and
amendments effective during the period
which have a material impact on the Group’s
accounting policies or disclosures.
There have been no significant changes
in accounting policies or methods of
computation since 30 June 2016. The
accounting policies set out in Genesis
Energy’s Annual Report for the year
ended 30 June 2016 have been applied
consistently to all periods presented in these
condensed consolidated interim financial
statements.
Critical accounting estimates
and judgements
The preparation of the Group’s condensed
consolidated interim financial statements
requires management to make estimates
and assumptions that affect the application
of policies and the reported amounts of
assets, liabilities, revenues and expenses.
The estimates and underlying assumptions
are based on historical experience and
various other factors that are believed to be
reasonable under the circumstances. Actual
results may differ from these estimates.
Significant areas of estimation and
judgement in these condensed consolidated
interim financial statements are the same as
those disclosed in Genesis Energy’s annual
financial statements included in Genesis
Energy’s Annual Report for the year ended
30 June 2016.
Seasonality of operations
Fluctuations in seasonal weather patterns
can have a significant impact on supply and
demand and therefore the generation of
electricity, which in turn can have a positive
or negative impact on the reported result.






Notes to the condensed consolidated interim financial statements
For the six-month period ended 31 December 2016

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2016
15
2. Segment reporting
For management purposes, the Group is currently organised into four segments as follows:
SegmentActivity
Customer
(previously Customer experience)
Supply of energy (electricity, gas and LPG) and related services to end-users.
Wholesale
(previously Energy management)
Supply of electricity to the wholesale electricity market, and supply of gas, LPG and coal to wholesale
customers and the Customer segment, and the sale and purchase of derivatives to fix the price of electricity.
Kupe
(previously Oil and gas)
Exploration, development, and production of gas and petroleum products. Supply of gas and LPG to the
Wholesale segment and supply of light oil.
CorporateHead-office functions including new generation investigation and development, fuel management,
information systems, human resources, finance, corporate relations, property management, legal and
corporate governance. Corporate revenue is made up of property rental and miscellaneous income.
The segments are based on the different products and services offered by the Group. No operating segments have been aggregated.
Six months ended 31 December 2016
Customer
unaudited
$ million
Wholesale
unaudited
$ million
Kupe
unaudited
$ million
Corporate
unaudited
$ million
Inter-segment
items
unaudited
$ million
Total
unaudited
$ million
Operating revenue
Electricity revenue
624.0 422.1 – – (247.8)798.3
Gas revenue
87.9 72.4 27.6 – (54.3)133.6
Petroleum revenue
– 4.9 15.4 – (4.8)15.5
Other revenue
5.6 11.7 – 0.6 – 17.9
717.5 511.1 43.0 0.6 (306.9)965.3
Operating expenses
Electricity purchases, transmission and distribution
(512.6)(178.0) – – 247.8 (442.8)
Gas purchases, transmission and distribution
(69.0)(98.8) – – 26.7 (141.1)
Petroleum production, marketing and distribution
– (4.7)(9.0) – 4.8 (8.9)
Fuel consumed
– (95.5) – – 27.6 (67.9)
Employee benefits
(14.1)(15.0)(0.1)(10.6) – (39.8)
Other operating expenses
(59.1)(36.3)(2.0)(11.7) – (109.1)
Earnings before net finance expense, income tax,
depreciation, depletion, amortisation, impairment,
fair value changes and other gains and losses
62.7 82.8 31.9 (21.7) – 155.7
Depreciation, depletion and amortisation
(2.2)(50.5)(15.6)(5.3) – (73.6)
Impairment of non-current assets
(0.8) – – – – (0.8)
Change in fair value of financial instruments
– 0.2 (0.7)2.4 – 1.9
Other gains (losses)
– (1.0)(0.5)(0.1) – (1.6)
Profit (loss) before net finance expense and income tax
59.7 31.5 15.1 (24.7) – 81.6
Finance revenue
– – 0.1 0.8 – 0.9
Finance expense
(0.2)(1.3)(1.1)(27.0) – (29.6)
Profit (loss) before income tax
59.5 30.2 14.1 (50.9) – 52.9
Other segment information
Capital expenditure
6.9 8.8 3.1 4.2 – 23.0

GENESIS ENERGY INTERIM REPORT
16
2. Segment reporting (continued)
Six months ended 31 December 2015
Customer
unaudited
$ million
Wholesale
unaudited
$ million
Kupe
unaudited
$ million
Corporate
unaudited
$ million
Inter-segment
items
unaudited
$ million
Total
unaudited
$ million
Operating revenue
Electricity revenue
631.6 494.7 – – (261.8)864.5
Gas revenue
85.9 82.3 26.1 – (53.6)140.7
Petroleum revenue
– – 24.1 – – 24.1
Other revenue
5.2 6.5 – 0.6 – 12.3
722.7 583.5 50.2 0.6 (315.4)1,041.6
Operating expenses
Electricity purchases, transmission and distribution
(523.6)(213.5) – – 261.8 (475.3)
Gas purchases, transmission and distribution
(70.3)(103.0) – – 28.6 (144.7)
Petroleum production, marketing and distribution
– – (8.6) – – (8.6)
Fuel consumed
– (118.3) – – 25.0 (93.3)
Employee benefits
(15.2)(16.1)(0.1)(10.2) – (41.6)
Other operating expenses
(56.6)(34.6)(2.1)(9.3) – (102.6)
Earnings before net finance expense, income tax,
depreciation, depletion, amortisation, impairment,
fair value changes and other gains and losses
57.0 98.0 39.4 (18.9) – 175.5
Depreciation, depletion and amortisation
(1.5)(41.0)(24.8)(5.8) – (73.1)
Change in fair value of financial instruments
– (19.9)(0.7)(0.4) – (21.0)
Other gains (losses)
0.1 1.2 (0.1)(1.1) – 0.1
Profit (loss) before net finance expense and income tax
55.6 38.3 13.8 (26.2) – 81.5
Finance revenue
0.1 – 0.1 1.2 – 1.4
Finance expense
(0.2)(1.5)(1.5)(29.6) – (32.8)
Profit (loss) before income tax
55.5 36.8 12.4 (54.6) – 50.1
Other segment information
Capital expenditure
1.5 3.6 5.0 3.4 – 13.5
Inter-segment revenue
Sales between segments is based on transfer prices developed in the context of long-term contracts. Inter-segment gas and petroleum
revenue includes the Group’s share of Kupe gas and LPG sales to the Wholesale segment and gas and LPG on-sold from the Wholesale segment to
the Customer segment.
Geographic information
All business segments operate within the New Zealand economic exclusion zone.
Major customer information
The Group has no individual customers that account for 10 per cent or more of the Group’s external revenue (31 December 2015: none).

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2016
17
3. Change in fair value of financial instruments
6 months ended
31 Dec 2016
unaudited
$ million
31 Dec 2015
unaudited
$ million
Change in fair value of derivatives – gain (loss)
(17.9)(14.8)
Fair value interest rate risk adjustment on borrowings – gain (loss)
19.8 (6.2)
1.9 (21.0)
The change in the fair value of derivatives for the current period mainly relates to the movement in the fair value of Cross-Currency Interest
Rate Swaps (‘CCIRS’) ($18.4 million loss). The movement in the fair value of the CCIRS relates to movements in interest and foreign
exchange rates between 30 June 2016 and the reporting date. The movement in the fair value of the CCIRS was offset by the change in the
fair value interest rate risk adjustment on the United States Private Placement (‘USPP’) ($19.3 million gain). The net impact on net profit of
the CCIRS and USPP was $0.9 million gain.
The change in the fair value of derivatives for the previous period mainly relates to the movement in the fair value of electricity swaps and
options ($19.9 million loss) offset by the movement in the fair value of CCIRS ($6.1 million gain). The movement in the fair value of the
electricity swaps and options primarily reflects movements in the electricity price path between either the date the contract was entered into, if
its a new contract in the period, or since the previous reporting date. The movement in the CCIRS relates to movements in interest and foreign
exchange rates between 30 June 2015 and 31 December 2015. The movement in the fair value of the CCIRS was offset by the change in
the fair value interest rate risk adjustment on the USPP ($6.5 million loss). The net impact on net profit of the CCIRS and USPP for the six
months ended 31 December 2015 was a $0.4 million loss.
4. Finance expense
6 months ended
31 Dec 2016
unaudited
$ million
31 Dec 2015
unaudited
$ million
Interest on borrowings (excluding capital bonds)
20.8 23.1
Interest on capital bonds
6.2 6.2
Total interest on borrowings
27.0 29.3
Other interest and finance charges
0.4 0.4
Time value of money adjustments on provisions
2.4 3.1
29.8 32.8
Capitalised finance expenses
(0.2)–
29.6 32.8
5. Dividends
6 months ended6 months ended
31 Dec 201631 Dec 2015
unaudited
imputation
unaudited
$ million
unaudited
cents
per share
unaudited
imputation
unaudited
$ million
unaudited
cents
per share
Dividends declared and paid during the period
Previous period final dividend
80 per cent82.08.20Fully imputed80.0 8.00

Dividends declared subsequent to reporting date
Current period interim dividend
80 per cent82.0 8.20 80 per cent82.08.20

GENESIS ENERGY INTERIM REPORT
18
6. Property, plant and equipment
6 months ended
31 Dec 2016
unaudited
$ million
Year ended
30 Jun 2016
audited
$ million
Opening balance
2,988.0 2,682.5
Additions
19.7 30.9
Revaluation gains
– 370.6
Capitalised finance expenses
0.2 –
Change in rehabilitation and contractual arrangement assets
0.8 2.0
Transfer to intangible assets
(8.8)(9.5)
Disposals
– (3.1)
Impairment
(0.8) –
Depreciation expense
(52.1)(85.4)
Closing balance
2,947.0 2,988.0
7. Oil and gas assets
6 months ended
31 Dec 2016
unaudited
$ million
Year ended
30 Jun 2016
audited
$ million
Opening balance
267.5 292.4
Additions
3.1 8.9
Change in rehabilitation assets
1.9 (3.1)
Depreciation and depletion expense
(15.6)(30.7)
Closing balance
256.9 267.5
During the 2017 financial year, the Group reviewed the method used to deplete oil and gas-producing assets (excluding major inspection
costs). Based on the results of the review, the Group amended the method used to deplete the cost of producing wells to better reflect the
way in which the asset is being used. The reserves estimate used to calculate depletion expense was also revised to align with those used by the
Joint Venture Operator as the Joint Venture Operator’s reserve estimate was unavailable at the time the 30 June 2016 result was compiled.
The change in method and reserves estimate was applied prospectively from 1 July 2016, which resulted in a $0.4 million increase in depletion
expense for the period.
Proven reserves (1P)Proven and probable reserves (2P)
31 Dec 2016
PJe
30 Jun 2016
PJ e
31 Dec 2016
PJe
30 Jun 2016
PJ e
Opening remaining field reserves at 1 July
288.5 188.2 387.9 302.4
Alignment of opening remaining field reserves to Joint Venture
Operator's estimate
(2.9) – 20.3 –
Production
(17.5)(35.9)(17.5)(35.9)
Change in reserve estimate
– 136.2 – 121.4
Closing remaining field reserves
268.1 288.5 390.7 387.9
Developed
177.7 195.3 217.1 238.2
Undeveloped
90.4 93.2 173.6 149.7
Closing remaining field reserves
268.1 288.5 390.7 387.9

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2016
19
8. Material related party transactions
The majority shareholder of the Parent is the Crown. The Parent and Group transact with Crown-controlled and related entities independently
and on an arm’s-length basis for emission activities comprising emission unit purchases and sales, royalties, scientific consultancy services,
electricity transmission, postal services and energy-related products (including electricity derivatives). All transactions with Crown-controlled
and related entities are based on commercial terms and conditions, and relevant market drivers.
The Group has two significant transactions with Meridian Energy, a Crown-controlled entity, being: a 150MW contract to provide dry-year
cover for four years from 1 January 2015, with a further four-year extension from 1 January 2019 and a 50MW contract to supply electricity to
the Huntly node from 1 January 2017 to 31 December 2018.
There were no other individually significant transactions with Crown-controlled and related entities during the period (31 December 2015: nil).
Other transactions with Crown-controlled and related entities which are collectively but not individually significant relate to the sale of
electricity derivatives (31 December 2015: purchase of coal, sale of gas and electricity derivatives). Approximately 79 per cent of the value of
electricity derivative assets and approximately 61 per cent of the value of electricity derivative liabilities held by the Group at the reporting date
were held with Crown-controlled and related entities (31 December 2015: 89 per cent and 62 per cent, respectively). The contracts expire
at various times; the latest expiry date is December 2025. No gas sales were made to Crown-controlled and related entities under gas sales
agreements (31 December 2015: 11 per cent).
For a list and description of transactions with related parties, refer to Genesis Energy’s annual financial statements included in Genesis Energy’s
Annual Report for the year ended 30 June 2016.
9. Borrowings
31 Dec 2016
unaudited
$ million
30 Jun 2016
audited
$ million
Revolving credit and money market
312.8 50.1
Wholesale term notes
242.8 319.7
Retail term notes
100.4 100.2
Capital bonds
202.6 202.6
USPP
226.1 239.6
Total
1,084.7 912.2
Current
137.2 136.2
Non-current
947.5 776.0
Total
1,084.7 912.2
Revolving credit
The increase in the revolving credit balance mainly relates to an additional drawdown to facilitate the repayment of $75.0 million wholesale
term notes and pre-funding for the acquisition of the NZOG subsidiaries ($168.0 million) ahead of the settlement which occurred after the
reporting date. Refer to note 14 for further information.
As at 31 December 2016 the Group had drawn down $310.0 million (30 June 2016: $50.0 million) from the revolving credit facility and had
available undrawn funding of $190.0 million (30 June 2016: $450.0 million).

GENESIS ENERGY INTERIM REPORT
20
10. Derivatives
Net carrying value of derivatives
31 Dec 2016
unaudited
$ million
30 Jun 2016
audited
$ million
Derivatives designated in a cash flow hedge relationship
Foreign exchange swaps
0.5 3.3
Interest rate swaps
(17.9)(32.0)
Electricity swaps
(14.7)(28.3)
Oil swaps
(1.3)3.9
CCIRS
19.8 12.1
Derivatives designated in a fair value hedge relationship
Interest rate swaps
0.1 0.5
CCIRS
4.9 23.3
Derivatives not designated as hedges
Interest rate swaps
(3.0)(4.6)
Electricity swaps and options
11.6 10.4
Oil options
0.1 –
LPG swaps
(0.3)(0.1)
Total
(0.2)(11.5)
Carrying value of derivatives by balance sheet classification
Current assets
20.7 19.9
Non-current assets
36.9 53.0
Current liabilities
(22.2)(27.6)
Non-current liabilities
(35.6)(56.8)
Total
(0.2)(11.5)
The process and method of valuing derivatives is outlined in note 11.
Change in carrying value of derivatives
6 months ended
31 Dec 2016
unaudited
$ million
Year ended
30 Jun 2016
audited
$ million
Opening balance
(11.5)35.9
Total change recognised in electricity revenue
11.0 23.3
– Net change in derivatives not designated as hedges
1.6 (18.3)
– Net change in fair value hedges
(18.8)21.4
– Ineffective gain (loss) on cash flow hedges
(0.7)(7.0)
Total change recognised in the change in fair value of financial instruments
(17.9)(3.9)
Gain (loss) recognised in other comprehensive income
20.6 (17.6)
Settlements
7.5 (26.2)
Sales (option fees)
(10.0)(23.0)
Purchases (option fees)
0.1 –
Closing balance
(0.2)(11.5)
11. Fair value
Fair value hierarchy
The Group’s assets and liabilities measured at fair value are categorised into one of three levels. The levels are outlined in Genesis Energy’s annual
financial statements included in Genesis Energy’s Annual Report for the year ended 30 June 2016.
The Group’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the date of the event or change in
circumstances that caused the transfer. There were no transfers between levels one, two and three during the period (31 December 2015: nil).

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2016
21
11. Fair value (continued)
Level two items carried at fair value
Recurring fair value measurements
31 Dec 2016
unaudited
$ million
30 Jun 2016
audited
$ million
Level two
Derivatives
Interest rate swaps
(20.8)(36.1)
Foreign exchange swaps
0.5 3.3
Oil swaps and options
(1.2)3.9
Electricity swaps (cash flow hedges)
– (0.1)
Electricity swaps and options (not designated as hedges)
(1.7)(1.8)
CCIRS
24.7 35.4
LPG swaps
(0.3)(0.1)
1.2 4.5
Inventory
Emission units held for trading
7.6 4.9
Valuation of level two items carried at fair value
The fair values of level two derivatives and emission units held for trading carried at fair value are determined using discounted cash flow models.
The key inputs in the valuation models were:
ItemValuation input
Interest rate swapsForward interest rate price curve
Foreign exchange swapsForward foreign exchange rate curves
Oil swaps and optionsForward oil price and foreign exchange rate curves
Electricity swaps and optionsASX forward price curve
CCIRSForward interest rate price curve and foreign exchange rate curves
Emission units held for tradingOM Financial forward curve
LPG swapsForward propane price and foreign exchange rate curves
Level three items carried at fair value
Recurring fair value measurement
31 Dec 2016
unaudited
$ million
30 Jun 2016
audited
$ million
Level three
Derivatives
Electricity swaps (cash flow hedges)
(14.7)(28.2)
Electricity swaps and options (not designated as hedges)
13.3 12.2
(1.4)(16.0)
Property, plant and equipment
Generation assets
2,877.0 2,923.5
Valuation of level three items carried at fair value
Valuation processes of the Group
The process used to value level three generation assets and derivatives has been disclosed in Genesis Energy’s annual financial statements
included in Genesis Energy’s Annual Report for the year ended 30 June 2016. The process used as at 31 December 2016 is consistent with
that used at 30 June 2016.
Valuation method of the Group
The valuation method used to value level three generation assets and derivatives has been disclosed in Genesis Energy’s annual financial statements
included in Genesis Energy’s Annual report for the year ended 30 June 2016. The valuation method used as at 31 December 2016 is consistent with
that used 30 June 2016.
Valuation of electricity swaps and options
The valuation of electricity swaps and options in level three is based on a discounted cash flow model over the life of the agreement. The key assumptions in
the model are: the callable volumes, strike price and option fees outlined in the agreement, the forecast internally generated electricity price path, ‘day one’
gains and losses, emission credits and the discount rate. The options are deemed to be called when the internally generated price path is higher than the strike
prices after taking into account obligations relating to the specific terms of each contract. No calling is required for the swaps and there are no option fees.

GENESIS ENERGY INTERIM REPORT
22
11. Fair value (continued)
The key unobservable inputs, range of assumptions and third-party inputs combine to determine the wholesale electricity price path.
The wholesale electricity price paths used to value level three electricity swaps and options range from $64 per MWh to $113 per MWh over
the period from January 2017 to 31 December 2025 (30 June 2016: $65 per MWh to $109 per MWh over the period from 1 July 2016 to
31 December 2025).
The discount rate used in the model ranged from 2.2 per cent to 5.8 per cent (30 June 2016: 1.6 per cent to 8.3 per cent) and the emission
credit price used ranged between $20.00 and $25.00 (30 June 2016: $18.00 and $25.00).
If the price path increased by 10 per cent while holding the discount rate constant, this would result in the carrying value of the electricity
derivatives decreasing to $24.3 million liability (30 June 2016: $50.7 million liability). If the price path decreased by 10 per cent while holding
the discount rate constant, the carrying value would increase to $16.6 million asset (30 June 2016: $12.7 million asset).
Reconciliation of level three electricity swaps and options
6 months ended
31 Dec 2016
unaudited
$ million
Year ended
30 Jun 2016
audited
$ million
Opening balance
(16.0)27.7
Total gain (loss)
– Electricity revenue
11.0 23.3
– Change in fair value of financial instruments
0.8 (18.0)
Total gain in profit or loss
11.8 5.3
Total gain (loss) recognised in other comprehensive income
9.5 (16.7)
Settlements (gain) loss
3.3 (8.9)
Sales
(10.0)(23.4)
Closing balance
(1.4)(16.0)
The change in fair value of financial instruments disclosed above includes an unrealised gain of $1.8 million (30 June 2016: $18.1 million loss) on
level three derivatives held at the end of the reporting period.
Deferred ‘day one’ gains (losses)
There is a presumption that when derivative contracts are entered into on an arm’s-length basis, and no payment is received or paid on day one,
the fair value at inception would be nil. The contract price of non-exchange traded electricity derivative contracts are agreed on a bilateral basis,
the pricing for which may differ from the prevailing derived market price for a variety of reasons. In these circumstances, an adjustment is made
to bring the initial fair value of the contract to zero at inception. The adjustment is called a ‘day one’ gain (loss) and is deferred and amortised,
based on expected call volumes over the term of the contract. The ‘day one’ adjustment below is included in the level three electricity swaps
and options held at the reporting date.
The following table details the movements and amounts of deferred ‘day one’ gains (losses) included in the fair value of electricity swaps and
options held at the reporting date:
6 months ended
31 Dec 2016
unaudited
$ million
Year ended
30 Jun 2016
audited
$ million
Opening balance
72.7 17.1
Deferred 'day one' gains on new derivatives
0.6 63.6
Deferred 'day one' losses realised during the period
(0.2)(8.0)
Closing balance
73.1 72.7
Carrying valueFair value
Items disclosed at fair value
31 Dec 2016
unaudited
$ million
30 Jun 2016
unaudited
$ million
31 Dec 2016
unaudited
$ million
30 Jun 2016
unaudited
$ million
Level one
Retail term notes
(100.4)(100.2)(100.5)(103.2)
Capital bonds
(202.6)(202.6)(205.7)(206.2)
Level two
Wholesale term notes
(242.8)(319.7)(257.9)(344.3)
USPP
(226.1)(239.6)(224.3)(235.0)
The carrying value of all other financial assets and liabilities in the balance sheet approximates their fair values.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2016
23
11. Fair value (continued)
Valuation of wholesale term notes
The valuation of wholesale term notes is based on estimated discounted cash flow analyses using applicable market yield curves adjusted for the
Group’s credit rating. Market yield curves at the reporting date used in the valuation ranged from 2.9 per cent to 4.8 per cent (30 June 2016:
3.0 per cent to 3.9 per cent).
Valuation of USPP
The valuation of USPP is based on estimated discounted cash flow analyses using applicable United States market yield curves adjusted for the Group’s
credit rating. The credit-adjusted market yield at the reporting date used in the valuation was 3.3 per cent (30 June 2016: 2.5 per cent).
12. Commitments
31 Dec 2016
unaudited
$ million
30 Jun 2016
unaudited
$ million
Total capital commitments
7.9 1.3
Total operating lease commitments
61.7 64.2
69.6 65.5
13. Contingent assets and liabilities
At 31 December 2016 the Group had contingent assets and liabilities in respect of:
Land claims, lawsuits and other claims
The Parent acquired interests in land and leases from Electricity Corporation of New Zealand Limited (‘ECNZ’) on 1 April 1999. These interests
in land and leases may be subject to claims to the Waitangi Tribunal and may be resumed by the Crown. The Parent would expect to negotiate
with the new Māori owners for occupancy and usage rights of any sites resumed by the Crown. Certain claims have been brought to or are
pending against the Parent, ECNZ and the Crown under the Treaty of Waitangi Act 1975. Some of these claims may affect land and leases
purchased by the Parent or its subsidiaries from ECNZ. In the event that land is resumed by the Crown, the resumption would be affected by
the Crown under the Public Works Act 1981 and compensation would be payable to the Parent.
The Board of Directors cannot reasonably estimate the adverse effect (if any) on the Parent if any of the foregoing claims are ultimately resolved
against it, or any contingent or currently unknown costs or liabilities crystallise. There can be no assurances that these claims will not have a
material adverse effect on the Group’s business, financial condition or results of operations (30 June 2016: no reasonable estimate).
There are no other known material contingent assets or liabilities (30 June 2016: nil).
14. Events occurring after balance date
Subsequent to balance date, the following events occurred:
– The Parent declared an interim dividend of $82.0 million (8.2 cents per share);
– A subsidiary of the Group (Genesis Power Investments Limited) acquired 100 per cent of the shares of three subsidiaries from NZOG that in
combination hold a 15 per cent stake in the Kupe Joint Venture and 100 per cent of a subsidiary that has rights to royalty payments associated
with the Kupe field. The acquisition increased the Group’s holdings in the Kupe Joint Venture from 31 per cent to 46 per cent, effective from
1 January 2017. The subsidiaries acquired have not been consolidated into the Group at 31 December 2016 as control of the entities did not
pass until 1 January 2017.
Name of entity acquiredPrincipal activityDate of acquisition
Proportion of voting
equity interests
acquired %
National Petroleum LimitedJoint venture holding company1 January 2017
100
Petroleum Equities LimitedJoint venture holding company1 January 2017
100
Nephrite Enterprises LimitedJoint venture holding company1 January 2017
100
Kupe Royalties LimitedRoyalty holding company1 January 2017
100
The entities were acquired as a result of the Group’s strategy to create value by linking upstream fuel supply with electricity generation and
consumer energy needs. The purchase price of $168.0 million was paid in cash to a Trust account on 29 December 2016. This has been treated
as cash and cash equivalents at 31 December 2016 given the sale was not effective until 1 January 2017.
Significant assets and liabilities acquired from the purchase were an increased share of Kupe oil and gas assets and associated rehabilitation
provision, intangible assets associated with contractual arrangements, deferred tax and goodwill. The fair value of assets and liabilities acquired
has yet to be finalised and as a result this information has not been disclosed. Any goodwill on acquisition can only be determined once the fair
value of assets and liabilities acquired have been finalised; as a result the information in relation to goodwill has not been disclosed. Further details
on the acquisition will be disclosed in the Annual Report.
Acquisition-related costs amounting to $0.8 million have been expensed as incurred in profit or loss within ‘other operating expenses’.
There have been no other significant events subsequent to balance date.

GENESIS ENERGY INTERIM REPORT
24
TO THE SHAREHOLDERS OF GENESIS ENERGY LIMITED
We have reviewed the condensed consolidated interim financial statements (‘the financial statements’) of Genesis Energy Limited (‘the
Company’) and its subsidiaries (‘the Group’) which comprise the consolidated interim balance sheet as at 31 December 2016, and the
consolidated interim comprehensive income statement, consolidated interim statement of changes in equity and consolidated interim
cash flow statement for the six months ended on that date, and a summary of significant accounting policies and other explanatory
information on pages 9 to 23.
This report is made solely to the Company’s Shareholders, as a body. Our review has been undertaken so that we might state to the
Company’s Shareholders those matters we are required to state to them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the Company’s Shareholders as a body,
for our engagement, for this report, or for the opinions we have formed.
Board of Directors’ Responsibilities
The Board of Directors is responsible for the preparation and fair presentation of the financial statements, in accordance with NZ IAS
34 Interim Financial Reporting and IAS 34 Interim Financial Reporting and for such internal control as the Board of Directors determine is
necessary to enable the preparation and fair presentation of the financial statements that are free from material misstatement, whether
due to fraud or error.
The Board of Directors is also responsible for the publication of the financial statements, whether in printed or electronic form.
Our Responsibilities
The Auditor-General is the auditor of the Group pursuant to section 5(1)(f) of the Public Audit Act 2001. Pursuant to section 32 of the
Public Audit Act 2001, the Auditor-General has appointed Andrew Dick of Deloitte Limited to carry out the annual audit of the Group.
Our responsibility is to express a conclusion on the financial statements based on our review. We conducted our review in accordance
with NZ SRE 2410 Review of Financial Statements Performed by the Independent Auditor of the Entity (‘NZ SRE 2410’). NZ SRE 2410
requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a
whole, are not prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting. As the auditor of Genesis Energy Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to
the audit of the annual financial statements.
A review of the financial statements in accordance with NZ SRE 2410 is a limited assurance engagement. The auditor performs
procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International
Standards on Auditing (New Zealand). Accordingly we do not express an audit opinion on those financial statements.
We did not evaluate the security and controls over the electronic publication of the financial statements.
In addition to this review and the audit of the Group’s annual financial statements, we have carried out assignments in the areas of
taxation, trustee reporting, scrutineer’s notice and other assurance and non-assurance services which are compatible with those
independence requirements. These services have not impaired our independence as auditor of the Group.
In addition to these assignments, partners and employees of our firm deal with the Group on normal terms within the ordinary course of
trading activities of the Group. Other than these assignments and trading activities, we have no relationship with, or interests in the Group.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements of the Group do not present
fairly, in all material respects, the financial position of the Group as at 31 December 2016 and its financial performance and cash flows for
the six months ended on that date in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting.
Andrew Dick
Deloitte Limited
On behalf of the Auditor-General
Auckland, New Zealand
27 February 2017
Independent Review Report

25
Board of Directors:
Head Office
Executive
Management Team:
Chairman
Dame Jenny Shipley, DNZM
Joanna Perry, MNZM
Maury Leyland
John Leuchars
Mark Cross
Douglas McKay, ONZM
Tim Miles
Paul Zealand
Chief Executive
Marc England
Chief Financial Officer
Chris Jewell
Executive General Manager
Corporate Affairs and Transformation
Dean Schmidt
Executive General Manager
Customer Operations
Nigel Clark
Executive General Manager
Product Marketing
James Magill
Executive General Manager
Generation and Wholesale
Tracey Hickman
Executive General Manager
Technology and Digital
Jennifer Cherrington-Mowatt
Executive General Manager
People and Culture
Nicola Richardson
Genesis Energy Building
660 Great South Road
Greenlane, Auckland 1051
P: 64 9 580 2094
F: 64 9 580 4894
E: info@genesisenergy.co.nz
investor.relations@genesisenergy.co.nz
board@genesisenergy.co.nz
–
Directory

–

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Genesis Energy Limited



Appendix 1
GENESIS ENERGY LIMITED
INCORPORATED IN NEW ZEALAND

HALF YEAR REPORT

Reporting period six months to 31 December 2016
Previous reporting period six months to 31 December 2015

RESULTS FOR ANNOUNCEMENT TO THE MARKET – 28 FEBRUARY 2017

Revenue and Net Profit
31 December
2016
Amount
($NZ million)
31 December
2015
Amount
($NZ million)
Percentage
change
Revenues from ordinary activities 965.3 1,041.6 -7%
Profit (loss) from ordinary activities
after tax attributable to security
holder. 37.4 35.9 4%
Net profit (loss) attributable to
security holders 37.4 35.9 4%


Dividends – Ordinary Shares
31 December
2016
Amount per
security
(NZ cents)
31 December
2015
Amount per
security
(NZ cents)
Percentage
change
Interim dividend 8.2 8.2 0%
Interim dividend - imputed amount 2.55 2.55 0%

Record date: 30 March 2017
Payment date: 13 April 2017

COMMENTARY ON RESULTS FOR THE PERIOD
For commentary on the results please refer to the results presentation attached.

FINANCIAL INFORMATION
The Appendix 1 form should be read in conjunction with the consolidated financial statement
for the six months ended 31 December 2016 as attached.

Net Tangible Assets – Ordinary Shares
31 December
2016
Amount per
security
(NZ cents)
31 December
2015
Amount per
security
(NZ cents)
Percentage
change
Net Tangible Asset 183 164 11%

---

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
number
numberDate
Nature of event
BonusIf ticked,Rights Issue
Tick as appropriateIssuestate whether:
Taxable/ Non TaxableConversionInterestRenouncable
Rights IssueCapital
CallDividend
If ticked, stateFull
non-renouncable
change
X
whether:
InterimYear
X
Special
DRP Applies
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this event
If more than one class of security is to be issued, use a separate form for each class.
Description of the
ISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per security
Payment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
Supplementary
Amount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax
(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date. In the case
of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
EMAIL: announce@nzx.com
Notice of event affecting securities
Genesis Energy Limited
Cherie Lawrence, General Counsel and
Company Secretary
Directors' resolutions
09 951 929428022017
Ordinary SharesNZGNEE0001S7
In dollars and cents
Retained Earnings
$0.082 per share
Enter N/A if not
applicable
$0.009968 per share$0.025511 per share
$
NZ Dollars$0.011576
$82,000,000
Date Payable
13 April, 2017
30 March 201713 April 2017