FY19 Interim Results Announcement

MARKET RELEASE
Date: 27 February 2019
NZX: GNE / ASX: GNE
Net profit up, debt down as Genesis builds momentum


Half year ended
December 2018
Change year on year
EBITDAF
1
$196 million 2% decrease on HY18 of $198 million
Net Profit $49 million 78% increase on HY18 of $28 million
Underlying Earnings
2
$43 million 4% increase on HY18 of $42 million
Earnings per share
Underlying Earnings per share
4.87 cents
4.30 cents
Up 76% from 2.76 cps
Up 3% from 4.18 cps
Dividend per share 8.45 cents Up 1.8% on HY18 on 8.30 cents
Free Cash Flow
3
$111 million 15% decrease on HY18 of $130 million

Today, Genesis Energy (GNE) announced a solid first half FY19 result. EBITDAF for the period was $196 million,
just 2% below the prior year’s record result.

Net profit for the period was $49 million, up from $28 million last year. This is primarily due to fair value
adjustments and lower depreciation due to a reduction in asset revaluations in FY18. On a normalised basis
Genesis produced $43 million in underlying earnings, a 4% increase on the prior year.

“Across the business, we continue to see the benefits of our product-led strategy pay off in a highly price-
competitive market. Gross customer churn is down 4.8% and the number of customers choosing to have multiple
fuels with Genesis is up 6.4%. Both outcomes show that investing in great service, innovative products and
loyalty initiatives is right for Genesis customers,” says Marc England, Chief Executive Genesis.

“Digital innovation is central to giving our customers greater understanding and control over their energy spend.
This half year we have launched two new products, Energy Audits and Bottled Gas Monitoring for businesses.
Genesis’ new and existing products are increasingly digital by design and digital customer interactions now make
up 56% of all interactions, up from 43% two years ago. This is enabling a lower cost, higher value model to
emerge, driving up netback margins and growing the Customer segment’s contribution to the business.”

This result was achieved during a period when the electricity sector was impacted by a national fuel supply shock
caused by unprecedented gas shortages, low hydrology and cyclical plant outages. Across the six-month period,
Genesis was regularly called on to run its Rankine units to help maintain security of supply.

Mr. England says the Rankine units exist for exactly this purpose.

“The Rankines enable New Zealand to operate an 85% renewable electricity system, at a relatively low cost.
Effectively, Genesis’ Rankines act as back-up when the country experiences water or natural gas shortages.
During the six months to the end of December, Genesis demonstrated record high asset reliability as our
employees put in long hours to ensure our generation assets were available for the market.”

Mr. England notes Genesis’ Wholesale segment performed well across very volatile conditions. However, its
performance was moderated by low hydro inflows, plant outages, supporting contractual commitments with
competitors and the cost of voluntary market making commitments. The Kupe segment performed slightly
below the prior year due to planned outages and lower production, despite higher fuel prices.



1
Earnings before net finance expense, income tax, depreciation, depletion, amortisation, impairment, fair value changes and other gains
and losses
2
Net Profit adjusted for non-cash fair value adjustments and business acquisition costs.
3
Free Cash Flow is EBITDAF, less finance expense, cash taxes paid and stay in business capital expenditure

Interim dividend and a dividend reinvestment plan
The Genesis board has declared an interim dividend of 8.45 cents per share, an increase of 1.8% which has a
record date of 4 April 2019 and will be paid on 18 April 2019.

Genesis is pleased to announce the continuation of its dividend reinvestment plan to provide shareholders a
cost-effective way to reinvest in Genesis’ growth strategy. The New Zealand government has committed to
participate to the extent required to retain its 51% holding. Shareholders will have until 4 April 2019 to opt into
the dividend reinvestment plan.

FY2019 guidance
EBITDAF guidance for the full year ended 30 June 2019 has been updated to a range of between $360 million
and $375 million. Capital expenditure guidance for FY19 remains unchanged at up to $85 million.

Further information on the company’s operations and financing 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:
Emma-Kate Greer
Group Manager Corporate Relations
M: 027 655 4499

For investor relations enquiries, please contact:
Cameron Parker
Investor Relations Manager
Genesis Energy
P: 09 951 9311
M: 021 241 3150

About Genesis Energy

Genesis Energy (NZX: GNE, ASX: 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 500,000 customers. 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 $NZ2.3bn during the 12 months ended 30 June 2018. More information
can be found at www.genesisenergy.co.nz.

---

HY19 Result
Presentation
27 February 2019
G E N E S I S E N E R G Y L I M I T E D
Marc England –CHIEF EXECUTIVE OFFICER
Chris Jewell –CHIEF FINANCIAL OFFICER

AGENDA
Genesis Energy Limited 1H FY19 Result Presentation 2.
1
Key Highlights
2
Financial Performance
3
Operational and Strategic Update
4
Outlook

Key Highlights

,
Genesis Energy Limited 1H FY19 Result Presentation 4.
Key highlights
Genesis Energy Limited 1H FY19 Result Presentation 4.
Generation asset
reliability at record highs,
forced outages at
Energy Management
Connections deployed
NPAT
Net Debt down
Wholesale portfolio delivers
stable earnings in volatile,
resource constrained wholesale
market.
EBITDAF
$
m
$
m
Gross
yield of
Dividends up 1.8% to
cps
.
%
.
$
m
%
Operating
costs down
.
%
Gross churn
1
reduced by
and net
churn by
.
ppt
.
ppt
Electricity netback increased by
.
%
(Business)
.
%
(Residential)
1. Gross churn (new disclosure) is defined as customers who instigated a trader switch or home move, whilst net churn is post home move save and retentions.
Customers purchasing
morethan 1 product
grew by
.
%
Genesis Energy Limited 1H FY19 Result Presentation 4.

Financial Performance

198
28
41.8
150
199
130
27
8.30cps
1,183
196
49
43.3
148
171
111
37
8.45cps
1,156
EBITDAFNPATUnderlying
Earnings
Controllable
Operating Costs
Operating CashflowFree Cash FlowCapital ExpenditureInterim DividendNet Debt
$ MILLIONS
HY18HY19
3
2
1
—EBITDAF of $196m, underlying earnings up 4%, with operating costs down and net debt down $27m
FINANCIAL HIGHLIGHTS
HY19 financial summary
1
-2%
+78%
+4%
-1%
+ 37%-15%+ 2%
-2%
1.Comparable HY18 financials have been restated in line with note 1 of Genesis’ financial statements, accounting for the adoption of NZ IFRS 9 Financial Instruments and NZ IFRS 15 Revenue from Contracts
with Customers. No other comparable periods have been adjusted.
2. Free cash flow represents EBITDAF less cash tax paid, net interest costs and stay in business capital expenditure.
3. Net Debt is shown on a separate scale to other financial comparisons, and shows the change in Net Debt over the period fromFY18 ($1,183m).
-14%
Genesis Energy Limited 1H FY19 Result Presentation 6.

DIVIDEND (CPS) & PAYOUT HISTORY
8.00
8.20 8.20
8.30
8.45
87%
72%
87%
64%
78%
-15%
5%
25%
45%
65%
85%
105%
125%
145%
5.50
6.00
6.50
7.00
7.50
8.00
8.50
9.00
HY15HY16HY17HY18HY19
Dividends (cps)% of Free Cash Flow
Dividends
—Interim dividend of 8.45 cps declared (up 1.8%), with 80% imputation, representing a 8.6% gross yield
1
Genesis Energy Limited 1H FY19 Result Presentation 7.
1. Gross yield based on the rolling 12 month dividend cps and closing share price of $2.61 as at 31 December 2018.
2. Free cash flow represents EBITDAF less cash tax paid, net interest costs and stay in business capital expenditure.
•An Interim dividend of 8.45 cps, 80% imputed, will
have a record date of 4 April 2019, payable to
shareholders on 18 April 2019.
•Supplementary dividend of 1.1929 cps
payment to non-resident shareholders.
•The Dividend Reinvestment Plan (DRP) continues to
be offered at 2.5% discount, with an opt-in cut off
date as at 4 April 2019. DRP pricing will be notified
to shareholders on 10 April 2019.
•Pay-out ratio as a percentage of free cash flow
2
is
78%.

HY19 vs HY18 EBITDAF
$ MILLIONS
—Comparable period variance reflects improved Customer performance, offset byUnit 5 outage, gas
constraints and record comparable period
HY19 EBITDAF
Genesis Energy Limited 1H FY19 Result Presentation 8.
200
198
196
1
3
3
3
6
HY18
EBITDAF
IFRS
Change
HY18
Baseline
EBITDAF
Customer Wholesale Kupe CorporateHY19
EBITDAF
FavourableUnfavourable
173
176
156
198
196
-
50
100
150
200
250
HY15HY16HY17HY18HY19
EBITDAF
$ MILLIONS

57
56
62
1
1
1
1
2
3
2
HY18
EBITDAF
IFRS Change HY18
Baseline
EBITDAF
Residential
Gross
Margin
Residential
Opex
Bad Debts B2B Growth LPG Growth OtherHY19
EBITDAF
Segment EBITDAF
KUPE EBITDAF HY18 TO HY19
CUSTOMER EBITDAF HY18 TO HY19
WHOLESALE EBITDAF HY18 TO HY19
FavourableUnfavourable
2
Genesis Energy Limited 1H FY19 Result Presentation 9.
106
104
7
4
9
HY18 EBITDAFTrading ResultUnit 5 OutageMarket MakingHY19 EBITDAF
•Customerimproved performance in LPG, Business margins
and reduced operating expenses and bad debts.
•Wholesale performance stable but moderated by
swaption calls, gas constraints and an extended Unit 5
outage. GWAP up $50/MWh to $146/MWh however total
generation volume down 467 GWh.
•Kupebenefited from stronger fuel prices, however result
was offset by reduced production.
•Corporatecosts increased by $2.5m due to lower
capitalisation of technology teams.
56
53
6
2
2
7
HY18 EBITDAFHigher Fuel Prices
(Net of Hedges)
Lower Production Oil Yield Decline Oil Sales TimingHY19 EBITDAF

28
49
3
8
27
5
1
HY18 NPATChange in
EBITDAF
Fair Value
Adjustments
Movement in
DDA
Net Finance
Costs
Income Tax
Expense
HY19 NPAT
UNDERLYING EARNINGS
NPAT & Underlying Earnings
—78% increase in NPAT and 4% increase in Underlying Earnings
FavourableUnfavourable
$ MILLIONS
Genesis Energy Limited 1H FY19 Result Presentation 10.
42
43
3
2
1
5
HY18 Underlying
Earnings
Change in
EBITDAF
Net Finance CostsMovement in
DDA
Adjusted Tax
Expense & Other
Movements
HY19 Underlying
Earnings
NPAT
$ MILLIONS
FavourableUnfavourable
•Depreciation and amortisation costs down driven
by reduced production at Kupe and a large write
off of Hamilton building hardware in FY18.
•Positive fair value adjustment of $27m due to a
negative impact of rapidly rising forward prices in
FY18, reducing the value of swaptions, and 1H
FY19 purchased forward contracts relating to
hedge strategy seeing a positive fair value swing.
•Net finance costs are down $1m year on year
driven by reduced debt offset by marginally
higher interest rates.

150
148
2
3
1
2
HY18 Operating
Expenses
LPG ExpansionBad DebtsMarketing &
Communication
Lower
Capitalisation of
Technology Costs
HY19 Operating
Expenses
142
144
138
150
148
HY15HY16HY17HY18HY19
$ MILLIONS
CONTROLLABLE OPERATING EXPENSES
1
CONTROLLABLE OPERATING EXPENSE BRIDGE
Controllable operating expenses
—Controllableoperating expenses down 1% on pcp
FavourableUnfavourable
$ MILLIONS
Genesis Energy Limited 1H FY19 Result Presentation 11.
2
1.Controllable operating expenses refers to employee benefits plus other operating expenses.
2.Represents costs associated with LPG growth offset by synergies from cost to deliver savings
•Costs have stabilised at HY18 levels following a
period of investment.
•Increased focus on bad debts is improving results.
•Improved loyalty and brand performance enabling
reduced marketing costs.
•Technology teams have spent less time this half
year on capital projects.

Capital expenditure
—Total capital expenditure at HY19 was $37m, FY19 guidance being up to $85m
CAPITAL EXPENDITURE
1
•Stay in business capex (SIB) was $30m, significant
projects included:
₋Huntly U5 planned maintenance, Kupe LPG plant
maintenance, station crane upgrades, Tuai
generator refurbishments, Tokaanuauxiliary
generator upgrade, Rangipofire protection
upgrade.
•Other capex includes ($7m):
₋LPG depot expansion and growth projects,
development of Energy Management products,
Huntly U5 gas turbine performance upgrades and
Kupe Phase 2 Development feasibility study.
1. Capital expenditure excludes M&A activities.
FY15FY16FY17FY18FY19 YTD
WholesaleCustomerLPG Operations
KupeTechnology & DigitalCorporate
$ MILLIONS
44
40
47
80
37
Genesis Energy Limited 1H FY19 Result Presentation 12.

NET DEBT AND NET DEBT/EBITDAF RATIO
1
905
833
1,212
1,183
1,156
2.5
2.6
3.3
3.0
2.9
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
0
200
400
600
800
1000
1200
FY15FY16FY17FY18HY19
Net debtNet debt/EBITDAFTarget debt ratio band (2.4 to 3.0)
Capital structure
—Net debt reduced by $27 million, credit metrics improving and within target band
•S&P reaffirmed BBB+ credit rating in January 2019
•$240m of Capital Bonds maturing in FY 2049 were
issued on 16 July 2018 at a coupon rate of 4.65%.
$200m of existing Capital Bonds with a coupon rate of
6.19% were redeemed at the same time.
•Dividend reinvestment plan (DRP) in place since the
FY18 interim dividend with 29% of holderscurrently
participating, representing 22% of all shares, and $38
million raised to date.
•Average debt tenor has increased to 12.3 years, from
11.4 years. Bank funding facilities have been
renegotiated to achieve a longer tenor at a reduced
overall cost.
1. Standard and Poor’s make a number of adjustments to Net Debt and EBITDAF for the
purpose of calculating credit metrics. The most significant of these is the 50% equity
treatment attributed to the Capital Bonds. HY19 calculation is based on actual debt
at 31 December 2018 and the mid-point of the EBITDAF guidance range for FY19.
Genesis Energy Limited 1H FY19 Result Presentation 13.

Operational and Strategic
Update

350,000
355,000
360,000
365,000
370,000
375,000
380,000
96%
98%
100%
102%
104%
106%
108%
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
CustomersCLV Index (LHS)
8%
35%
0%
10%
20%
30%
40%
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
NPS - Genesis 3 Month RollingPromoter - Genesis 3 Month Rolling
Customer brand, loyalty & engagement
—Focus on multi-fuels and loyalty continues to drive down churn
RESIDENTIAL CUSTOMER GROSS
2
CHURN DOWN 4.8 ppt, NET CHURN DOWN 3.4 ppt (HY AVERGAES)BRAND NPS UP 6 ppt AND PROMOTER SCORE UP 3 ppt IN 12 MONTHS
+6 ppt
+3 ppt
Genesis Energy Limited 1H FY19 Result Presentation 15.
DUAL FUEL CUSTOMERS
1
UP 6.4% GROWTH AND CHURN DOWN TO 8.1%RESIDENTIAL CUSTOMER NUMBERS DOWN 1%, CUSTOMER LIFE VALUE INDEX
3
(CLV) UP 6%
0%
2%
4%
6%
8%
10%
12%
94,000
96,000
98,000
100,000
102,000
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Customers > 1 ProductDual Fuel Churn (RHS)
YoY GE Multi-fuel
customers up 6.4%
CLV up
6%
1.Genesis residential customers, excluding EOL, with churn based on a 3 month rolling average.
2.Gross churn (new disclosure) is defined as customers who instigated a trader switch or home move, whilst net churn is post home move save and retentions.
3.Customer Lifetime Value is the margin for each customer, discounted over its expected tenure.
20.5%
17.0%
17.1%
1.00
0.87
0.86
30.0%
50.0%
70.0%
90.0%
0.0%
10.0%
20.0%
30.0%
1H FY182H FY181H FY19
Net ChurnGross Churn Index

0%
20%
40%
60%
80%
AbandonmentGrade of Service
HY18HY19
1
Customer service excellence
—Customer service is increasingly digital and automated, bad debt down $2m
DIGITAL INTERACTIONS UP 22 ppt SINCEFY16
15 ppt INCREASE IN CUSTOMER E-BILL ADOPTION SINCE FY16
Genesis Energy Limited 1H FY19 Result Presentation 16.
40%
45%
50%
55%
60%
FY16FY17FY181H FY19
Customer Uptake %
52%
44%
40%
30%
1%
14%
13%
14%
14%
34%
43%
47%
56%
FY16
FY17
FY18
1H FY19
PhoneWebChatEmailDigital
CONTINUED IMPROVEMENT IN CALL CENTRE SERVICE METRICS
11 ppt improvement
16 ppt improvement
ASSISTED PHONE INTERACTIONS DOWN 25% IN 12 MONTHS
E-bill adoption
up 15 ppt
1. Grade of Service shows the percentage of calls that are answered within a defined time.
0
20,000
40,000
60,000
80,000
100,000
120,000
Jul-18Aug-18Sep-18Oct-18Nov-18Dec-18
Assisted interations
Phone (FY19)Phone (FY18)
Phone
interactions
down 25%

$110
$115
$50
$70
$90
$110
$130
1,450
1,500
1,550
1,600
1,650
1,700
HY18HY19
Sales Volume (GWh)
Sales VolumeNetback
$10.3
$10.3
$8.0
$9.0
$10.0
$11.0
$12.0
1,500
1,550
1,600
1,650
1,700
HY18HY19
Sales Volume (GJ)
Sales VolumeNetback
$762
$745
$600
$650
$700
$750
$800
$850
7,250
7,500
7,750
8,000
8,250
8,500
8,750
HY18HY19
Sales Volume (t)
Sales VolumeNetback
$740
$861
$350
$550
$750
10,500
10,600
10,700
10,800
10,900
11,000
HY18HY19
Sales Volume (t)
Sales VolumeNetback
$87
$92
$50
$70
$90
$110
1,300
1,350
1,400
1,450
1,500
1,550
HY18HY19
Sales Volume (GWh)
Sales VolumeNetback
$7.9
$7.8
$6.0
$7.0
$8.0
$9.0
$10.0
2,250
2,450
2,650
2,850
3,050
HY18HY19
Sales Voluem (GJ)
Sales VolumeNetback
Optimising the Customer Segment for value
—Volume growth a focus but not at the expense of value.
BUSINESS GAS SALES VOLUMES (GJ) & NETBACK ($/GJ)
RESIDENTIAL GAS SALES VOLUMES (GJ) & NETBACK ($/GJ)
BUSINESS ELECTRICITY SALES VOLUMES (GWh) & NETBACK ($/MWh)
RESIDENTIAL ELECTRICITY SALES VOLUMES (GWh) & NETBACK
1
($/MWh)
BUSINESS LPG SALES VOLUMES (t) & NETBACK ($/t)
RESIDENTIAL LPG SALES VOLUMES (t) & NETBACK ($/t)
Volume/value
mix
Volume/value
mix
Volume/value
mix
Volume/value
mix
Volume/value
mix
Volume/value
mix
2
1.Netback is defined as Customer EBITDAF by fuel type plus respective fuel purchase cost divided by total fuel sales volumes, stated in native fuel units and excluding corporate allocation costs.
2.Residential LPG Netback has been normalised to account for one-off accounting adjustments and Nova management fees relating to acquisition.
Genesis Energy Limited 1H FY19 Result Presentation 17.

0.5
0.7
0.9
1.1
1.3
1.5
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Storage as % of Average
National Storage BandStorage as % of Average
$0
$100
$200
$300
$400
$500
$600
Jul-18Aug-18Sep-18Oct-18Nov-18Dec-18
$/MWh
Benmore (BEN2201)Otahuhu (OTA2201)
Gas shortages
Rankines crucial for national security of supply
—Wholesale result moderated by gas shortages, planned 50-day Unit 5 outage, low storageand swaption calls
Genesis Energy Limited 1H FY19 Result Presentation 18.
SHORTAGE OF BOTH GAS AND WATER DRIVES WHOLESALE PRICE VOLATILITY, GWAP
1
OF $146 MWH UP 52%
HVDC outage
A TIGHTER WHOLESALE MARKET RESPONDS QUICKLY TO HYDRO SHORTAGES
UNEXPECTED GAS SHORTAGES CREATE FURTHER ELECTRICITY SUPPLY SHORTAGESTOTAL GENERATION DOWN 12% TO 3,403 GWH HOWEVER RANKINES PERFORM WELL IN THEIR ROLE AS
BACKUP TO THE MARKET FOR HYDRO AND GAS SHORTAGES
0
50
100
150
200
250
Jul-18Aug-18Sep-18Oct-18Nov-18Dec-18
GWh
Genesis CustomersBackup Unit 5 (Pohokura & Planned Outage)
Backup Swaption PartnersBackup Other Retailers & Spot Customers
Low storage
Low storage
U5 outage
1. GWAP is the average price received for generation, $/MWh.
0
50
100
150
200
250
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
TJ/Day
Pohokura Gas DeliveriesMethanex Demand
Gas shortage,
higher gas demand
Gas shortage,
lower gas demand
Highstorage

0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
Jul-18Aug-18Sep-18Oct-18Nov-18Dec-18
Production (Genesis Share,
PJe
)
GasOilLPG
0.2%
0.2%
0.3%
0.1%
0.1%
0.3%
0%
5%
10%
15%
20%
0%
20%
40%
60%
80%
100%
Jul-18Aug-18Sep-18Oct-18Nov-18Dec-18
Forced Outage Factor (FOF) %
Equipment Availability Factor
(EAF) %
Monthly EAFMonthly FOF
CONTINUED HIGH PLANT RELIABILITY –UNIT 5 MAINTENANCE DELIVERED ON TIME AND
BELOW BUDGET
Plant reliability key in volatile market
—However market making costs increase sharply due to ASX volatility
KUPE PRODUCTION DOWN DUE TO PLANNED MAINTENANCE (GENESIS SHARE, PJe)
Genesis Energy Limited 1H FY19 Result Presentation 19.
0
50
100
150
200
250
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
MW
Quarterly ASX ContractsMonthly ASX ContractsOver-The-Counter Contracts
UNIT 5 OUTAGE COVERED THROUGH DERIVATIVE MARKET LIQUIDITY (NOVEMBER HEDGES ONLY)
VOLUNTARY MARKET MAKER COSTS INCREASE WITH VOLATILITY
Planned Maintenance
at Kupe (coincided
with Unit 5 Outage)
-$3.5
-$2.5
-$1.5
-$0.5
Jul-18Aug-18Sep-18Oct-18Nov-18Dec-18
Market Making Losses
Millions
Unit 5 Outage
•Volatility results in market making losses, driven by financial
market participants.
•ASX is a vital tool for portfolio risk management (see below).
•Market making is voluntary and Genesis supports a review of
the current arrangements to ensure fair cost structures exists.

Enabling a more sustainable future
Caring for our
environment
Building strong
communities
Powering
New Zealand
Genesis signed up
to EV 100,
a global
business
initiative
driving the
switch to EVs.
December2018
We’re driving electric -
now part of
Genesis fleet
Whiopopulation boosted
ducks
released
January 2019
EVs
November 2018
OhopeBeach School joins
School-gen solar
programme
November 2018
Emirates Team
New Zealand &
School-gen
partner to
bring STEM to
schools
December2018
Genesis wins
YWCA Equal
Pay Award
November 2018
February 2019
School-gen Trust launches,
providing
of STEM
funding for schools
$
,
November 2018
Employee volunteering
revitalised
Hours already
given back to
communities
+
Waverley
Wind Farm
partnership
announced
October 2018
MOU signed
with DETA
Consulting for
energy
management
services to
businesses
October 2018
Genesis joins
the NZ Hydrogen
Association,
supporting
development
of low emission
fuel sources
February 2018
Bottles gas for
Business
launched –
usage sensors
minimize waste
October 2018
Genesis Energy Limited 1H FY19 Result Presentation 20.

Outlook and guidance
—Updated guidancefor FY19 EBITDAF is $360 to $375 million
Market Outlook
•2H FY19 –wholesale market remains volatile with ongoing gas outages, drier conditions, uncertainty in the availability
of competitor thermal plant. The FY19 guidance range reflects these conditions.
•Longer term electricity market supply and demand fundamentals continue to improve:
•4
th
potlineat Tiwaihas been reinstated. ASX Year 3 OTA forward curve has lifted $15 to trade at $90/MWh since July 18.
•Uncertainty in longer term gas supply market remains, beyond current outage phase.
FY19 Guidance
•FY19 EBITDAF guidance range is $360 to $375 million subject to hydrological conditions, gas availability, any material
events, one-off expenses or other unforeseeable circumstances.
•FY19 capital expenditure guidance is unchanged at up to $85 million.
FY20 Guidance
•Beach Energy has confirmed a 35 day shutdown of Kupe for cyclical maintenance –FY20 EBITDAF impact of $8 to $10
million.
Genesis Energy Limited 1H FY19 Result Presentation 22.

Balance SheetHY19
($m)
FY18
($m)
Variance
Cash and Cash Equivalents38.049.3
Other Current Assets341.6341.3
Non-Current Assets3,787.93,838.8
Total Assets4,167.54,229.4(1.5%)
Total Borrowings1,223.61,255.4
Other Liabilities995.61,017.6
Total Equity1,948.31,956.4(0.4%)
AdjustedNet Debt1,155.81,182.9(2.2%)
Gearing38.6%39.0%
EBITDAF InterestCover6.3x6.4x
Net Debt/EBITDAF2.9x3.0x
Income StatementHY19
($m)
HY18
($m)
Variance
Revenue1,361.01,213.0+12.2%
Total Operating Expenses(1,165.5)(1,014.6)+14.9%
EBITDAF195.5198.4(1.5%)
Depreciation, Depletion & Amortisation(98.1)(103.5)
Impairment of Non-Current Assets(0.2)-
FairValue Change8.1(19.7)
Other Gains (Losses)-0.9
Earnings Before Interest & Tax105.376.1+38.4%
Interest(36.8)(37.4)
Tax(19.5)(11.1)
Net Profit After Tax49.027.6+77.5%
Earnings Per Share (cps)4.872.76+76.4%
Stay inBusiness Capital Expenditure29.521.6+36.6%
Free Cash Flow110.5129.6(14.7%)
Dividends Per Share (cps)8.458.30+1.8%
Dividends Declared as a % ofFCF77.7%64.0%
Cash Flow SummaryHY19
($m)
HY18
($m)
Variance
($m)
Net Operating Cash Flow171.0198.9
Net Investing Cash Flow(36.7)(30.7)
Net FinancingCash Flow(145.6)(155.4)
Net Increase (Decrease)in Cash(11.3)12.8(24.1)
Financial statements
1
Genesis Energy Limited 1H FY19 Result Presentation 24.
1. Comparable HY18 financials have been restated in line with note 1 of Genesis’ financial statements, accounting for the adoption of NZ IFRS 9 Financial Instruments and NZ IFRS 15 Revenue from
Contracts with Customers. No other comparable periods have been adjusted.

Debt InformationHY19
($m)
FY18
($m)
Variance
Total Debt$
1,223.61,255.4
Cash and Cash Equivalents$
38.0 49.3
Headline Net Debt$
1,185.61,206.1(1.7%)
USPPFX and FV Adjustments$
29.8 23.2
AdjustedNet Debt
1
$
1,155.81,182.9(2.3%)
Headline Gearing
38.6%39.0%-0.4 ppts
AdjustedGearing
38.0%38.6%-0.6 ppts
Covenant Gearing
31.2%32.4%-1.2 ppts
Net Debt/EBITDAF
2
2.9x 3.0x -0.1x
Interest Cover
6.3x 6.4x -0.1x
Average InterestRate
5.8%5.8%-
Average Debt Tenure
12.3 yrs11.4 yrs+ 0.9 yrs
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. EBITDAF is based on the midpoint of the guidance range provided for FY19
GENESIS ENERGY DEBT PROFILE
Debt information
Genesis Energy Limited 1H FY19 Result Presentation 25.
$0
$50
$100
$150
$200
$250
$300
FY
2019
FY
2020
FY
2021
FY
2022
FY
2023
FY
2024
FY
2025
FY
2026
FY
2027
FY
2047
FY
2049
$m
Retailable BondsWholesale DomesticDrawn Bank
Undrawn BankCapital BondsUSPP

WholesaleKey InformationHY19HY18Variance
EBITDAF ($ millions)103.8106.4(2.4%)
Renewable Generation (GWh)1,7131,697+0.9%
Thermal Generation (GWh)1,6902,173(22.2%)
Total Generation (GWh)3,4033,870(12.1%)
GWAP ($/MWh)$146.32$96.16+52.2%
LWAP/GWAP Ratio97%103%+6 ppts
Weighted AverageFuel Cost ($/MWh)$33.90$35.72(5.1%)
Coal/GasMix (Rankinesonly)85/1562/38
KupeKey InformationHY19HY18Variance
EBITDAF ($m)52.555.7(5.7%)
Gas Production (PJ)5.76.1(6.6%)
Gas Sales (PJ)5.56.1(9.8%)
Oil Production (kbbl)235281(16.4%)
Oil Sales (kbbl)168241(30.3%)
LPG Production (kt)23.622.4+5.4%
LPG Sales (kt)23.722.7+4.4%
AverageBrent Crude Oil (USD/bbl)$71.52$56.74+26.0%
Realised Oil Price(NZD/bbl)$91.12$78.24+16.5%
Operational highlights
Genesis Energy Limited 1H FY19 Result Presentation 26.
Customer Key InformationHY19HY18Variance
EBITDAF ($ millions)61.756.1+10.0%
Electricity Netback ($/MWh)$103.98$99.75+4.2%
Gas Netback ($/GJ)$8.73$8.91(2.0%)
LPG Netback ($/t)$810.26$781.86+3.6%
Customers with > 1 Fuel113,549105,758
ElectricityOnly Customers335,332345,832
Gas Only Customers17,44018,509
LPG Only Customers34,77034,534
Total Customers501,091504,633(0.7%)
Total Electricity, Gas and LPG ICP’s674,387667,273+1.1%
VolumeWeighted Average Electricity
Selling Price –Resi($/MWh)
$251.62$248.52+1.2%
VolumeWeighted Average Electricity
Selling Price –SME ($/MWh)
$220.02$216.03+1.8%
VolumeWeighted Average Electricity
Selling Price –C&I ($/MWh)
$126.20$120.45+4.8%
Volume WeightedAverage Gas Selling
Price ($/GJ)
$24.25$25.59(5.2%)
Volume Weighted Average LPG Selling
Price ($/tonne)
$1,764.42$1,828.90(3.5%)
CustomerElectricitySales (GWh)3,1393,008+4.4%
Customer Gas Sales (PJ)4.54.0+12.5%
Customer LPG Sales (tonnes)19,38018,281+6.0%
Health & Safety InformationHY19HY18Variance
Total Recordable Injury Frequency Rate1.111.44(0.33pt)

Disclaimer
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 requiredfor 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. 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.
Genesis Energy Limited 1H FY19 Result Presentation 27.

---

GENESIS ENERGY
Interim Report 2019
2
A letter from our Chair
and CEO
5
Condensed Consolidated
Interim Financial
Statements

2
GENESIS INTERIM REPORT
Te nā koutou,
The six months to 31 December
2018 has seen Genesis customers
embracing energy management,
tools and services to better
understand and manage their homes’
energy use.
More than 130,000 residential and
business customers now have our
Energy IQ app and 75,000 customers
have completed their Energy IQ
home profiles.
This engagement is transforming
the customer experience well
beyond simply receiving a passive
monthly bill. Engagement is
frequent, personal and relevant.
We’ve achieved this through our
ongoing focus on digitisation. We
are providing helpful energy insights
for customers and leveraging these
learnings to build further products.
Genesis continued to perform well
across the first half of Financial Year
2019 (FY19), with half-year underlying
earnings up four per cent to $43M.
We look forward to continuing to
build a brighter energy future for
New Zealand.

– A letter from our
Chair and CEO.
Financial resultsInnovating for customers
Genesis’ customer base has
continued to evolve. Churn remains
below market average and your
company now has a net promoter
score of 8. This marks a very positive
shift in the number of our customers
who are happy to recommend
Genesis to others. Net promoter
scores are based on customer
feedback identifying customers who
promote our brand minus those who
don’t.1
Independent research shows Genesis
continues to be seen as the market
leader in ‘putting people in control
of their energy use’. In addition
compared to six months ago, more
consumers agree that Genesis is the
company that ‘sets the trends’. This
measure is up four per cent.2
‘Electricity Insights’, our business
monitoring product launched in
the previous financial year (FY18),
has been well received by business
customers. The product has been
enhanced to include the option
of on-site energy audits assessing
a site’s energy use and provide
efficiency recommendations.
CHIEF EXECUTIVE OFFICER
Marc England
MBA, MEng (Hons)
CHAIRMAN
Barbara Chapman
CNZM, BCom
HY19 EBITDAF *
m
HY18 $198M
$
HY18 $28M
m
$
HY19 NPAT**
cps***
HY19 Dividend
UP 1.8%
.
FY18 $1,183M
m
$
HY19 Net Debt
*Earnings before net finance expense, income
tax, depreciation, depletion, amortisation,
impairment, fair value changes and other gains
and losses.
** Net profit after tax


1 Source: Camorra Research Monthly Market
Tracking 2018.
2 Ibid.
***Cents per share

3
GENESIS INTERIM REPORT
a gender-equitable employment
environment. As at August 2018
Genesis’ pay gap was 2.9 per cent,
well below the national 9.2 per cent
gender pay gap.3

Genesis has implemented systemic
changes to ensure its pay gap
continues to narrow. We have
removed bias from recruitment
and salary review processes. This
commitment to a fairer workplace
was recognised in November when
Genesis was named as the On the
Journey award winner at the YWCA
Equal Pay Awards.
Safety and wellbeing continues as a
core strength of your company. This
half year has seen increased focus
on managing driver risk, mental
wellbeing and embedding key
safety learnings across the Genesis
workforce. Teams are leveraging new
technology to enhance workplace
safety. Drones are used to minimise
risk for remote workers, safety
insights are now available online and
employee safety observations can be
made via an app.

Genesis’ safety excellence was acknowledged
at the 2018 Safest Places to Work Awards,
where it won the Enterprise Innovation and
Leadership category.
In the coming six months, we will
be focused on capitalising on the
strengths of our flexible supply
chain and our ongoing investment
in loyalty, customer service and
product innovation. We are confident
we will continue to deliver for our
shareholders, customers and New
Zealand.
Ngā mihi,
‘Bottle Gas Monitoring’, our product
that alerts customers when they
need a bottle gas refill, is now
available for both residential and
business customers.

‘Electricity Monitoring’, the
residential version of ‘Electricity
Insights’, was launched this half
year and lets customers make
decisions about their homes’ energy
consumption in real time.

We are realising sound operational
benefits from our approach of
providing three fuels through two
brands on one operational platform.
Both the Genesis and Energy Online
brands share the same customer
management platform and this is
enabling faster service delivery and
enhanced customer experiences.

This was acknowledged in
September when Genesis won the
2018 TVNZ Marketing Award for
the Utilities and Communications
sector. Automated communication
capability implemented this half year
is enabling more efficient service,
with 60 per cent of all customers
now opting for e-bills, following
automated process changes.
We were delighted to announce
Genesis as the Official Energy
Partner of Emirates Team New
Zealand during December. This
partnership is an important milestone
in delivering on our objective
of leading on innovation and
technology and putting customers
first. We’re proud to get behind New
Zealand’s favourite sailing team and
look forward to bringing America’s
Cup energy to supporters around the
country during the 2021 defence.

In November we won the Canstar Blue Dual
Fuel Award for the most satisfied electricity and
gas customers.

Flexibility delivers strength
As New Zealand’s demand for
electricity increases, Genesis is
concentrating on meeting this need
through more renewable sources
of generation. In October Genesis
announced a partnership with Tilt
Renewables to develop the Waverley
Wind Farm. The 100 MW wind farm
will bolster Genesis’ renewable
generation capacity from 2020
onwards. The Waverley project is
New Zealand’s first new wind farm
development since 2016.
In February 2019 Genesis joined the
New Zealand Hydrogen Association
as part of our ongoing commitment
to supporting New Zealand’s
successful transition to a lower
carbon future.
The half year has been one of
New Zealand’s most volatile for
generation production and this has
resulted in market reliance on our
Rankine units to keep New Zealand
homes and businesses powered. This
generation serves all New Zealand
electricity retailers when other forms
of generation are not available.
This period also demonstrated the
resilience and skill of the Genesis
teams who concurrently delivered
thermal generation capacity to the
market and completed a significant
half-life inspection on Huntly’s Unit 5
gas turbine unit. The completion of
this scheduled maintenance returned
403 MW of generation capacity
back to market safely and ahead of
schedule.
Genesis’ strong vertical integration
from Kupe and our diverse electricity
generation assets that can operate in
all conditions have proved their value
in ensuring stable, reliable energy
options for customers.
Growing an inclusive
Genesis
Being a workplace that supports
fairness is central to enabling
inclusivity at Genesis. Sound
progress has been made in providing
3 Source: Statistics New Zealand, Gender Pay
Gap Reporting, June Quarter 2018.
Marc England
Chief Executive Officer
Barbara Chapman
Chairman

4
GENESIS INTERIM REPORT
Genesis launched its Sustainability Framework at the beginning of FY19. The Framework tracks performance beyond
purely financial measures, showing how we intend to make long-term contributions to the environment, our communities
and the national energy sector. Already we are delivering positive outcomes across key target areas:
Enabling a more sustainable future
Caring for our
environment
Building strong
communities
Powering
New Zealand
Whio population
boosted,
released
January 2019
ducks
Genesis signed up
to EV 100, a global
business initiative
driving the switch
to EVs.
December 2018
Ohope Beach
School joins
School-gen solar
programme
November 2018
now part of the
Genesis fleet

November 2018
We’re driving
electric –
EVs
Genesis wins
YWCA Equal Pay
Award
November 2018
Emirates Team
New Zealand
& School-gen
partner to bring
STEM to schools
December 2018
Waverley Wind
Farm partnership
announced
October 2018
MOU signed with
Deta Consulting
for energy
management
services to
businesses
October 2018
School-Gen
Trust launches,
providing
,
$
of STEM
equipment for
schools
February 2019
Employee
volunteering
revitalised
hours already
given back to
communities

November 2018
+
Genesis joins the
NZ Hydrogen
Association,
supporting
development of
low emission fuel
sources
February 2019
Bottled gas
for Business
launched
– usage sensors
minimise waste
October 2018

5
GENESIS INTERIM REPORT
Condensed Consolidated Interim
Financial Statements
FINANCIAL REPORTING
For the six months ended
31 December 2018
Contents

Consolidated comprehensive
income statement
6
Consolidated statement of
changes in equity
7
Consolidated balance sheet8
Consolidated cash flow statement9
Notes to the condensed consolidated interim financial statements
1. General information11
2. Underlying EBITDAF and underlying earnings13
3. Segment reporting14
4. Depreciation, depletion and amortisation1 6
5. Property, plant and equipment16
6. Oil and gas assets16
7. Finance expense17
8. Borrowings17
9. Change in fair value of financial instruments17
10. Derivatives18
11. Fair value18
12. Dividends 20
13. Material related party transactions21
14. Commitments21
15. Contingent assets and liabilities21
16. Events occurring after balance date21

6
GENESIS INTERIM REPORT
Consolidated comprehensive income statement
For the six months ended 31 December 2018
Note
31 Dec 2018
unaudited
$ million
Restated*
31 Dec 2017
unaudited
$ million
Operating revenue3 1,361.0 1,213.0
Operating expenses3 (1,165.5)(1,014.6)
Earnings before net finance expense, income tax, depreciation, depletion,
amortisation, impairment, fair value changes and other gains and losses
(EBITDAF) 195.5 198.4
Depreciation, depletion and amortisation4(98.1)(103.5)
Impairment of non-current assets(0.2) -
Change in fair value of financial instruments98 .1 (19.7)
Other gains (losses) - 0.9
Profit before net finance expense and income tax 105.3 76.1
Finance revenue 0.3 0.4
Finance expense7(37.1)(37.8)
Profit before income tax 68.5 38.7
Income tax expense(19.5)(11.1 )
Net profit for the period 49.0 27.6
Other comprehensive income
Change in cash flow hedge reserve 16.7 ( 1 7. 7 )
Income tax credit (expense) relating to items that may be reclassified(4.7) 5.0
Total items that may be reclassified subsequently to profit or loss 12.0 (12.7)
Total other comprehensive income (expense) for the period 12.0 (12.7)
Total comprehensive income for the period 61.0 14.9
Earnings per share from operations attributable to shareholders of the Parent
Basic and diluted earnings per share (cents) 4.87 2.76
6 months ended
* The comparative numbers have been restated to reflect the adoption of new accounting standards.
Refer to note 1 for more information.
The above statement should be read in conjunction with the accompanying notes.

7
GENESIS INTERIM REPORT
Consolidated statement of changes in equity
For the six months ended 31 December 2018
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 2018 557.7 1.6 1,115.3 (43.3) 330.2 1,961.5
Adjustment on adoption of new accounting
standards1 - - - - (5.1 )(5.1 )
Restated balance as at 1 July 2018 557.7 1.6 1,115.3 (43.3) 325.1 1,956.4
Net profit for the period - - - - 49.0 49.0
Other comprehensive income
Change in cash flow hedge reserve - - - 16.7 - 16.7
Income tax expense relating to other
comprehensive income - - - (4.7) - (4.7)
Total comprehensive income for the period - - - 12.0 49.0 61.0
Shares issued under dividend reinvestment plan12 18.6 - - - - 18.6
Acquisition of treasury shares(1.0) - - - - (1.0)
Dividends12 - - - - (86.7)(86.7)
Balance as at 31 December 2018 575.3 1.6 1,115.3 (31.3) 287.4 1,948.3
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 2017 539.7 1.0 987.2 (22.6) 476.6 1,981.9
Adjustment on adoption of new accounting
standards1 - - - - (5.0)(5.0)
Restated balance as at 1 July 2017539.7 1.0 987.2 (22.6)471.6 1,976.9
Net profit for the period - - - - 27.6 27.6
Other comprehensive income
Change in cash flow hedge reserve - - - ( 1 7. 7 ) - ( 1 7. 7 )
Income tax credit relating to other
comprehensive income - - - 5.0 - 5.0
Total comprehensive income for the period - - - (12.7) 27.6 14.9
Revaluation reserve reclassified to retained
earnings on disposal of assets - - (0.6) - 0.6 -
Share-based payments - 0.3 - - - 0.3
Acquisition of treasury shares(1.1) - - - - (1.1)
Dividends12 - - - - (83.9)(83.9)
Restated balance as at 31 December 2017 538.6 1.3 986.6 (35.3) 415.9 1,907.1
The above statement should be read in conjunction with the accompanying notes.

8
GENESIS INTERIM REPORT
Consolidated balance sheet
As at 31 December 2018
Note
31 Dec 2018
unaudited
$ million
Restated
30 Jun 2018
audited
$ million
Cash and cash equivalents38.0 49.3
Receivables and prepayments200.2 225.2
Inventories81.9 70.3
Intangible assets14.3 14.7
Tax receivable - 6.3
Derivatives1045.2 24.8
Total current assets379.6 390.6
Receivables and prepayments1.7 1.7
Inventories - 5.3
Property, plant and equipment53,012.2 3,051.6
Oil and gas assets6351.4 378.4
Intangible assets372.3 364.3
Derivatives1050.3 37.5
Total non-current assets3,787.9 3,838.8
Total assets4,167.5 4,229.4
Payables and accruals185.9 205.7
Tax payable6.0 -
Borrowings8101.4 210.0
Provisions11.2 1 0.1
Derivatives1035.5 36.8
Total current liabilities340.0 462.6
Payables and accruals0.8 0.8
Borrowings81,122.2 1,045.4
Provisions155.3 156.0
Deferred tax liability564.3 571.3
Derivatives1036.6 36.9
Total non-current liabilities1,879.2 1,810.4
Total liabilities2,219.2 2,273.0
Share capital575.3 557.7
Reserves1,373.0 1,398.7
Total equity1,948.3 1,956.4
Total equity and liabilities4,167.5 4,229.4
The Directors of Genesis Energy Limited authorise these condensed consolidated interim financial statements for issue on behalf of
the Board.
Barbara Chapman
Chairman of the Board
26 February 2019
Joanna Perry
Chairman of the Audit and Risk Committee
26 February 2019
The above statement should be read in conjunction with the accompanying notes.

9
GENESIS INTERIM REPORT
Consolidated cash flow statement
For the six months ended 31 December 2018
Note
31 Dec 2018
unaudited
$ million
Restated
31 Dec 2017
unaudited
$ million
Receipts from customers1,387.4 1,226.2
Interest received0.3 0.4
Payments to suppliers and related parties(1,148.8)(974.9)
Payments to employees(49.2)(43.0)
Tax paid(18.7)(9.8)
Operating cash flows171.0 198.9
Proceeds from disposal of property, plant and equipment0.2 0.2
Purchase of property, plant and equipment(24.9)(20.9)
Purchase of oil and gas assets(2.6)(1.9)
Purchase of intangibles (excluding emission units and deferred customer
acquisition costs)(9.4)(8.1)
Investing cash flows(36.7)(30.7)
Proceeds from borrowings240.0 -
Repayment of borrowings(279.5)(35.6)
Interest paid and other finance charges(37.0)(34.8)
Dividends12(6 8 .1 )(83.9)
Acquisition of treasury shares(1.0)(1.1)
Financing cash flows(145.6)(155.4)
Net increase (decrease) in cash and cash equivalents(11.3)12.8
Cash and cash equivalents at 1 July49.3 27.8
Cash and cash equivalents at 31 December38.0 40.6
6 months ended
The above statement should be read in conjunction with the accompanying notes.

10
GENESIS INTERIM REPORT
Consolidated cash flow statement (continued)
For the six months ended 31 December 2018
Reconciliation of net profit to net cash inflow from operating activitiesNote
31 Dec 2018
unaudited
$ million
Restated
31 Dec 2017
unaudited
$ million
Net profit for the period49.0 27.6
Net loss on disposal of property, plant and equipment0.1 0.1
Interest and other finance charges paid34.2 34.9
Items classified as investing/financing activities34.3 35.0
Depreciation, depletion and amortisation expense49 8 .1 103.5
Impairment of non-current assets 0.2 -
Change in fair value of financial instruments9(8 .1 )19.7
Deferred tax expense(11.7)(21.1)
Change in capital expenditure accruals(2.4)(1.0)
Change in rehabilitation and contractual arrangement provisions0.5 4.1
Other non-cash items0.1 1.2
Non-cash items76.7 106.4
Change in receivables and prepayments25.0 7. 6
Change in inventories(6.3)15.3
Change in emission units on hand0.3 (2.8)
Change in deferred customer acquisition costs(0.9)(0.2)
Change in payables and accruals(19.8)(10.5)
Change in tax receivable/payable12.3 22.5
Change in provisions0.4 (2.0)
Movements in working capital11.0 29.9
Net cash inflow from operating activities171.0 198.9
6 months ended
The above statement should be read in conjunction with the accompanying notes.

11
GENESIS INTERIM REPORT
Notes to the condensed consolidated interim financial statements
For the six months ended 31 December 2018
1. General information
Genesis Energy Limited is:
• a company registered under the
Companies Act 1993;
• majority owned by Her Majesty the
Queen in Right of New Zealand (the
‘Crown’);
• a mixed ownership model company
bound by the requirements of the
Public Finance Act 1989;
• an FMC Reporting Entity under the
Financial Markets Conduct Act 2013
and the Financial Reporting Act 2013;
and
• listed on the NZSX, NZDX and ASX.
The unaudited condensed consolidated
interim financial statements cover the six
month period ended 31 December 2018
and comprise Genesis Energy Limited, its
subsidiaries and the Group’s interests in
joint operations (together, the ‘Group’).
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 (electricity, gas and LPG), and the
development and procurement of fuel
sources.
Basis of preparation
The condensed consolidated interim
financial statements:
• comply with New Zealand Equivalent
to International Accounting Standard
34 Interim Financial Reporting and
International Accounting Standard 34
Interim Financial Reporting.
• do not include all the information and
disclosures required in the annual
financial statements. Consequently,
they 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 2018 (‘2018 Annual
Report’).
• are presented in New Zealand dollars
rounded to the nearest 100,000.
Accounting policies
During the period the Group adopted NZ
IFRS 9 Financial Instruments (‘NZ IFRS 9’)
and NZ IFRS 15 Revenue from Contracts
with Customers (‘NZ IFRS 15’). The impact
of adopting these standards using the full
retrospective method is disclosed below.
The accounting policies set out in the
2018 Annual Report have been applied
consistently to all periods presented,
with the exception of those impacted
by the new accounting standards. There
have been no other significant changes
in accounting policies or methods of
computation since 30 June 2018.
NZ IFRS 9 Financial Instruments
As noted in the 2018 Annual Report the
adoption of NZ IFRS 9 has resulted in a
change in the method used to calculate
impairment of receivables. The Group
has adopted the simplified approach.
Under this approach the provision is
based on the lifetime credit loss expected
to be incurred, whereas the previous
model was based on incurred losses. This
change results in earlier recognition of
credit losses. The impact of the change
is disclosed in the table below. No
adjustment was made to opening equity
on transition.
NZ IFRS 15 Revenue from Contracts with
Customers
As noted in the 2018 Annual Report the
adoption of NZ IFRS 15 has resulted in
two changes:
• The period over which consideration
payable to a customer (account
credits) is allocated. The previous
policy was to spread account credits
over the length of the average
customer tenure where there was
evidence that the return from the
customer over the amortisation
period was positive. Taking into
consideration recent guidance
and interpretations issued since
the initial application of the policy,
the amortisation period has been
reduced to the length of the contract
and as a result will not take into
consideration future contracts
that may be entered into when the
contract expires. The change has
resulted in a decrease in receivables
and prepayments of $5.2 million as
at 30 June 2018, $6.9 million ($5.0
million net of tax) was recognised in
opening retained earnings on 1 July
2017 less $1.7 million recognised in
the comprehensive income statement
for the year ended 30 June 2018. The
impact on the comprehensive income
statement for the six months ended 31
December 2017 was $0.032 million.
• FlyBuy points issued through the
Group’s loyalty programme are
considered to represent a separate
performance obligation under the
contract and, as a result, a portion
of the revenue received from
the contract is allocated to this
obligation. The Group is considered
to act as an agent for the programme.
As an agent the Group recognises
the net amount of the consideration
retained in relation to the points
in operating revenue (being the
difference between the consideration
allocated to the points and the
amount paid to Loyalty NZ for the
points). Previously, the cost of the
programme was recognised in other
operating expenses. The change has
resulted in a decrease in operating
revenue and operating expenses of
$1.5 million for the six months ended
31 December 2017.

12
GENESIS INTERIM REPORT
6 months ended 31 Dec 2017
Consolidated comprehensive income statement
As originally
presented
$ million
NZ IFRS 9
$ million
NZ IFRS 15
$ million
Restated
$ million
Operating revenue1,214.5 - (1.5)1,213.0
Operating expenses(1,015.0)(1.1)1.5 (1,014.6)
EBITDAF199.5 (1.1) - 198.4
Income tax expense(11.4)0.3 - (11.1)
Net profit after tax28.4 (0.8) - 27.6
Notes to the condensed consolidated interim financial statements
For the six months ended 31 December 2018
1. General information (continued)
6 months ended 31 Dec 2017
Consolidated cash flow statement
As originally
presented
$ million
NZ IFRS 9
$ million
NZ IFRS 15
$ million
Restated
$ million
Receipts from customers1,227.7 - (1.5)1,226.2
Payments to suppliers and related parties(976.4) - 1.5 (974.9)
30 Jun 2018
Consolidated balance sheet
As originally
presented
$ million
NZ IFRS 9
$ million
NZ IFRS 15
$ million
Restated
$ million
Receivables and prepayments233.9 (1.8)(5.2)226.9
Tax receivable4.9 - 1.4 6.3
Deferred tax liability(571.8)0.5 - (571.3)
Retained earnings(330.2)1.3 3.8 (325.1)
Critical accounting estimates and judgements
The basis of critical accounting estimates and judgements are the same as those disclosed in the 2018 Annual Report.
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 reported results.

13
GENESIS INTERIM REPORT
2. Underlying EBITDAF and underlying earnings
Underlying EBITDAF and underlying earnings are performance measures that are not defined in New Zealand Equivalents to
International Financial Reporting Standards (‘NZ IFRS’) and therefore are considered to be non-GAAP (Generally Accepted Accounting
Practice) performance measures. These performance measures are used internally to provide more insight into the operating
performance of the Group by adjusting for items that are outside Management’s control or items that relate to strategic rather
than operational decisions. These measures should not be viewed in isolation nor considered a substitute for measures reported
in accordance with NZ IFRS. Underlying EBITDAF and underlying earnings are used by many companies, however, because these
measures are not defined by NZ IFRS they may not be uniformly defined or calculated by all companies. Accordingly, these measures
may not be comparable with similarly titled measures used by other companies. Significant items are excluded from underlying
EBITDAF and underlying earnings when they meet the criteria outlined in the Group’s non-GAAP financial information policy.
There were no differences between reported EBITDAF and underlying EBITDAF. The table below provides a reconciliation of reported
net profit to underlying earnings.

31 Dec 2018
unaudited
$ million
Restated
31 Dec 2017
unaudited
$ million
Net profit for the period49.0 27.6
Change in fair value of financial instruments(8 .1 )19.7
Impairment of non-current assets0.2 -
Adjustments before tax expense( 7. 9 )19.7
Tax expense on adjustments2.2 (5.5)
Adjustments after tax expense(5.7)14.2
Underlying earnings 43.3 41.8
Underlying earnings per share (cents)4.30 4.18
6 months ended
Change in fair value of financial instruments – these changes are excluded as the change in fair value often relates to circumstances
outside Management’s control and does not necessarily reflect the cash flows that will be received or paid when the arrangement is
settled.
Impairment of non-current assets – impairment of non-current assets has been removed from underlying earnings on the basis that
impairments occur infrequently and usually relate to strategic decisions rather than operating activities.
Tax expense on adjustments – the tax impact of the adjustments noted above is adjusted to determine the underlying earnings for the
business excluding these transactions.

14
GENESIS INTERIM REPORT
Notes to the condensed consolidated interim financial statements
For the six months ended 31 December 2018
3. Segment reporting
The Group is organised into four segments as follows:
SegmentActivity
Customer
Supply of energy (electricity, gas and LPG) and related services to end-users.
Wholesale
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
Exploration, development and production of gas and petroleum products. Supply of
gas and LPG to the Wholesale segment and supply of light oil.
Corporate
Head-office functions, including new generation investigation and development, fuel
management, information systems, human resources, finance, corporate relations,
property management, legal and corporate governance.
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 2018 Customer
unaudited
$ million

Wholesale
unaudited
$ million
Kupe
unaudited
$ million

Corporate
unaudited
$ million
Inter-
segment
items
unaudited
$ million
Total
unaudited
$ million
Electricity revenue648.3 758.9 - - (271.3)1,135.9
Gas revenue83.0 79.7 40.7 - (71.0)132.4
Petroleum revenue (including LPG)34.1 11.5 28.2 - ( 1 7. 2 )56.6
Emission unit revenue from trading - 25.1 - - - 25.1
Other revenue6.8 3.4 0.5 0.3 - 11.0
Operating revenue772.2 878.6 69.4 0.3 (359.5)1,361.0
Electricity purchase, transmission and distribution(543.6)(484.1) - - 271.3 (756.4)
Gas purchase, transmission and distribution( 6 7.1 )(97.5) - - 30.3 (134.3)
Petroleum production, marketing and distribution(16.8)(11.8)(14.8) - 17.2 (26.2)
Fuel consumed - (117.4) - - 40.7 (76.7)
Employee benefits(22.8)(14.1)(0.1 )(12.2) - (49.2)
Emission unit expenses from trading - (23.9) - - - (23.9)
Other operating expenses(60.2)(26.0)(2.0)(10.6) - (98.8)
Operating expenses(710.5)(774.8)(16.9)(22.8)359.5 (1,165.5)
Earnings before net finance expense, income tax,
depreciation, depletion, amortisation, impairment,
fair value changes and other gains and losses
(EBITDAF)61.7 103.8 52.5 (22.5) - 195.5
Depreciation, depletion and amortisation(8.2)(53.4)(32.2) (4.3) - (98.1)
Impairment of non-current assets - (0.1) - (0.1 ) - (0.2)
Change in fair value of financial instruments - 6.0 1.5 0.6 - 8 .1
Profit (loss) before net finance expense
and income tax 53.5 56.3 21.8 (26.3) - 105.3
Finance revenue - - - 0.3 - 0.3
Finance expense(0.2)(1 .1 )(1.8)(34.0) - ( 3 7. 1 )
Profit (loss) before income tax53.3 55.2 20.0 (60.0) - 68.5
Other segment information
Capital expenditure10.2 20.1 2.8 3.8 - 36.9

15
GENESIS INTERIM REPORT
3. Segment reporting (continued)
Inter-segment revenue
Sales between segments is based on transfer prices developed in the context of long-term contracts. The electricity transfer price per
MWh charged between Wholesale and Customer was $81.99 (31 December 2017: $79.11). Inter-segment gas and petroleum revenue
includes the Group’s share of Kupe gas and LPG sales to Wholesale and gas and LPG on-sold from Wholesale to Customer.
Geographic information
All business segments operate within New Zealand.
Major customer information
The Group has no individual customers that account for 10.0 per cent or more of the Group’s external revenue (31 December 2017:
none).
Six months ended 31 December 2017
Restated
Customer
unaudited
$ million
Wholesale
unaudited
$ million
Kupe
unaudited
$ million
Corporate
unaudited
$ million
Inter-
segment
items
unaudited
$ million
Restated
total
unaudited
$ million
Electricity revenue624.1 622.6 - - (250.0)996.7
Gas revenue78.5 65.4 42.1 - (66.5)119.5
Petroleum revenue (including LPG)33.3 15.7 31.8 - (16.7)64.1
Emission unit revenue from trading - 23.6 - - - 23.6
Other revenue6.0 2.2 0.4 0.5 - 9.1
Operating revenue741.9 729.5 74.3 0.5 (333.2)1,213.0
Electricity purchase, transmission and distribution(520.8)(324.2) - - 250.0 (595.0)
Gas purchase, transmission and distribution(61.7)(80.9) - - 24.3 (118.3)
Petroleum production, marketing and distribution( 1 7. 9 )(15.3)(16.2) - 16.7 (32.7)
Fuel consumed - (138.2) - - 42.2 (96.0)
Employee benefits(19.2)(14.0)(0.1)(10.7) - (44.0)
Emission unit expenses from trading - (22.8) - - - (22.8)
Other operating expenses(66.2)(27.7)(2.3)(9.6) - (105.8)
Operating expenses(685.8)(623.1)(18.6)(20.3)333.2 (1,014.6)
Earnings before net finance expense, income tax,
depreciation, depletion, amortisation, impairment,
fair value changes and other gains and losses
(EBITDAF)56.1 106.4 55.7 (19.8) - 198.4
Depreciation, depletion and amortisation(6.7)(55.9)(34.2)(6.7) - (103.5)
Change in fair value of financial instruments - (13.0)(7.3)0.6 - (19.7)
Other gains (losses) - 0.9 (0.1)0.1 - 0.9
Profit (loss) before net finance expense
and income tax 49.4 38.4 14.1 (25.8) - 76.1
Finance revenue - - - 0.4 - 0.4
Finance expense(0.2)(1.2)(1.8)(34.6) - (37.8)
Profit (loss) before income tax49.2 37.2 12.3 (60.0) - 38.7
Other segment information
Capital expenditure10.5 4.0 2.2 10.3 - 27.0

16
GENESIS INTERIM REPORT
5. Property, plant and equipment
6 months ended
31 Dec 2018
unaudited
$ million
Year ended
30 Jun 2018
audited
$ million
Opening balance3,051.6 3,004.0
Additions25.4 55.9
Revaluation of generation assets
Increase taken to revaluation reserve - 178.7
Decrease taken to profit or loss - (48.8)
Capitalised finance expenses0.3 0.5
Change in rehabilitation and contractual arrangement assets - (4.5)
Transfer to intangible assets(8.2)(14.2)
Disposals(0.2)(1.3)
Impairment(0.2)(0.4)
Depreciation expense(56.5)(118.3)
Closing balance3,012.2 3,051.6
6. Oil and gas assets
6 months ended
31 Dec 2018
unaudited
$ million
Year ended
30 Jun 2018
audited
$ million
Opening balance378.4 434.8
Additions2.8 6.8
Change in rehabilitation assets - (1.7)
Depreciation and depletion expense(29.8)(61.5)
Closing balance 351.4 378.4
Since 30 June 2018 the only change to the estimated remaining reserves disclosed in the 2018 Annual Report was in relation to actual
production for the six months ended 31 December 2018 of 17.6 PJe. The estimated remaining reserves balance as at 31 December 2018
was 192.2 PJe for proved reserves (1P) and 333.5 PJe for proved and probable reserves (2P) (30 June 2018: 209.8 PJe and 351.1 PJe
respectively).
Notes to the condensed consolidated interim financial statements
For the six months ended 31 December 2018
4. Depreciation, depletion and amortisation
31 Dec 2018
unaudited
$ million
31 Dec 2017
unaudited
$ million
Depreciation of property, plant and equipment 56.5 59.4
Depreciation and depletion of oil and gas assets 29.8 31.6
Amortisation of intangibles (excluding amortisation of deferred customer acquisition costs) 11.8 12.5
9 8 .1 103.5
6 months ended

17
GENESIS INTERIM REPORT
9. Change in fair value of financial instruments
31 Dec 2018
unaudited
$ million
31 Dec 2017
unaudited
$ million
Cross-currency interest rate swaps ('CCIRS')4.8 (2.0)
Interest rate swaps3.9 -
Fair value interest rate risk adjustment on borrowings(8.8)2.0
Fair value hedges – gain (loss)(0.1 ) -
Oil swaps2.5 (6.9)
Other derivatives - (0.2)
Cash flow hedges – gain (loss)2.5 ( 7.1 )
Electricity swaps and options6.0 (12.8)
Other derivatives(0.3)0.2
Derivatives not designated as hedges – gain (loss)5.7 (12.6)
Total change in fair value of financial instruments8 .1 (19.7)
7. Finance expense
31 Dec 2018
unaudited
$ million
31 Dec 2017
unaudited
$ million
Interest on borrowings (excluding capital bonds)21.5 21.7
Interest on capital bonds12.8 13.0
Total interest on borrowings34.3 34.7
Other interest and finance charges0.2 0.3
Time value of money adjustments on provisions2.9 2.9
3 7. 4 37.9
Capitalised finance expenses(0.3)(0.1)
3 7.1 3 7. 8
6 months ended
8. Borrowings
31 Dec 2018
unaudited
$ million
30 Jun 2018
audited
$ million
Revolving credit and money market107.8 187.5
Term loan facility30.0 30.0
Wholesale term notes292.9 292.8
Retail term notes100.5 100.5
Capital bonds467.1 426.0
United States Private Placement ('USPP')225.3 218.6
To t a l1,223.6 1,255.4
Current101.4 210.0
Non-current1,122.2 1,045.4
To t a l1,223.6 1,255.4
The current portion of borrowings as at 31 December 2018 has reduced by $108.6 million mainly due to timing of bond repayments.
The current portion as at 31 December 2018 includes $50 million of wholesale term notes due to be repaid in November 2019 and
$42.5 million drawn down on uncommitted money market facilities, whereas the current portion as at 30 June 2018, related to the
redemption of the $200 million fixed rate subordinated capital bonds on 16 July 2018 which had an original maturity date of 15 July
2041.
Revolving credit
As at 31 December 2018 the Group had drawn down $65.0 million (30 June 2018: $187.0 million) from the revolving credit facility and
had available undrawn funding of $285.0 million (30 June 2018: $268.0 million). The Group also had drawn down $42.5 million of
uncommitted money market lines (30 June 2018: $nil).

6 months ended

18
GENESIS INTERIM REPORT
Notes to the condensed consolidated interim financial statements
For the six months ended 31 December 2018
10. Derivatives
Net carrying value of derivatives
Level 2
unaudited
$ million
Level 3
unaudited
$ million
Total
unaudited
$ million
Level 2
audited
$ million
Level 3
audited
$ million
Total
audited
$ million
Derivatives designated in a cash flow
hedge relationship
Foreign exchange swaps (0.7) - (0.7)(0.4) - (0.4)
Interest rate swaps (29.0) - (29.0)(25.6) - (25.6)
Electricity swaps - (13.7)(13.7) - (15.9)(15.9)
Oil swaps 4.7 - 4.7 (16.6) - (16.6)
CCIRS 26.6 - 26.6 25.7 - 25.7
Derivatives designated in a fair value
hedge relationship
Interest rate swaps4.7 - 4.7 0.8 - 0.8
CCIRS (0.5) - (0.5)(5.3) - (5.3)
Derivatives not designated as hedges
Interest rate swaps (1.4) - (1.4)(2.1) - (2.1)
Electricity swaps and options 14.4 18.4 32.8 0.6 26.627.2
Oil swaps(0.1 ) - (0.1 )0.8 - 0.8
Total 18.7 4.7 23.4 (22.1)10.7 (11.4)
Carrying value of derivatives by balance sheet classification
Current assets 45.2 24.8
Non-current assets 50.3 37.5
Current liabilities (35.5)(36.8)
Non-current liabilities (36.6)(36.9)
Total 23.4 (11.4)
The process and method of valuing derivatives is outlined in note 11.
31 Dec 201830 Jun 2018
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 the 2018
Annual Report.
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
2017: nil).
Level two and three items carried at fair value
The carrying value of derivatives in level two and level three are disclosed in note 10. Emission units held for trading, recorded in
inventory, are level two instruments. The carrying value of the units as at 31 December 2018 was $10.9 million (30 June 2018: $7.3
million). The generation assets, recorded in property, plant and equipment, are considered to be level three. The carrying value of
generation assets as at 31 December 2018 was $2,887.7 million (30 June 2018: $2,926.9 million).
Valuation of level two items carried at fair value
The fair values of level two derivatives and emission units held for trading are determined using discounted cash flow models. The key
inputs in the valuation models are the same as those disclosed in the 2018 Annual Report.
Valuation of level three items carried at fair value
Valuation method and process
The method and process used to value level three generation assets and derivatives is consistent with that disclosed in the 2018
Annual Report.
Valuation of electricity swaps and options
The valuation is based on a discounted cash flow model. The key inputs and assumptions are: callable volumes, strike price and option
fees, the wholesale electricity price path (‘price path’), ‘day one’ gains and losses, emission credits and the discount rate. Options
are deemed to be called when the price path is higher than the strike price. The most significant unobservable input in the valuation
model is the price path.

19
GENESIS INTERIM REPORT
11. Fair value (continued)
Method used to determine price path
31 Dec 2018
unaudited
30 Jun 2018
audited
31 Dec 2018
unaudited
30 Jun 2018
audited
Interrelation-
ships between
unobservable
inputs
The price path is an average of the internally
generated price path and price paths published
by independent third parties. A slight adjustment
has been made to the way short term prices
are calculated to better reflect likely settlement
prices. The internally generated price path
assumes national demand growth, based on the
latest available industry information and Genesis
Energy's view of growth within various sectors
of the economy. Forecast hydrology is based
on 83 years of historical hydrological inflow
data and new generation build assumptions
are based on public announcements made by
market participants and an assessment on the
wholesale electricity prices required to support
new generation build. The internally generated
price path also assumes the ongoing operation
of New Zealand Aluminium Smelters Limited
at Tiwai Point. These factors are reviewed for
reasonableness by senior management personnel
who are responsible for the price path used by
the business.
$82 per MWh
to $105 per
MWh over the
period from
1 January
2019 to 31
December
2025.
$74 per MWh
to $100 per
MWh over the
period from
1 July 2018 to
31 December
2025.
A 10% increase
would
decrease the
asset by
$12.7 million.
A 10%
decrease
would increase
the asset by
$14.7 million.
A 10% increase
would
decrease the
asset by
$13.4 million.
A 10%
decrease
would increase
the asset by
$11.0 million.
Changes in
electricity
demand,
hydrology
and new
generation
build affect
the price path.
Price path used
Impact of 10%
increase/decrease in
price path on fair value
Other unobservable inputs
31 Dec 2018
unaudited
30 Jun 2018
audited
Emission credits per unit$22 - $25$21 - $25
Discount rate1.9% - 5.5%2.0% - 5.4%
Reconciliation of level three electricity swaps and options
6 months ended
31 Dec 2018
unaudited
$ million
Year ended
30 Jun 2018
audited
$ million
Opening balance 10.7 21.2
Total gain (loss)
Electricity revenue 9.8 20.1
Change in fair value of financial instruments ( 7. 8 )(6.1)
Total gain (loss) in profit or loss 2.0 14.0
Total gain (loss) recognised in other comprehensive income 32.0 20.4
Settlements (gain) loss (29.6)(24.9)
Sales (10.4)(20.0)
Closing balance 4.7 10.7
The change in fair value of financial instruments disclosed above includes an unrealised loss of $7.1 million (30 June 2018: $6.1 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 at inception to bring the initial fair value to nil. 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.

20
GENESIS INTERIM REPORT
Notes to the condensed consolidated interim financial statements
For the six months ended 31 December 2018
11. Fair value (continued)
The following table details the movements and amounts of deferred ‘day one’ gains (losses) included in the fair value of level three
electricity swaps and options held at the reporting date:
6 months ended
31 Dec 2018
unaudited
$ million
Year ended
30 Jun 2018
audited
$ million
Opening balance 69.4 71.6
Deferred 'day one' gains on new derivatives0.6 3.5
Deferred 'day one' losses realised during the period( 3.1 )(5.7)
Closing balance 66.9 69.4
Financial assets and liabilities that are
not measured at fair value but fair value
disclosures are required
31 Dec 2018
unaudited
$ million
30 Jun 2018
audited
$ million
31 Dec 2018
unaudited
$ million
30 Jun 2018
audited
$ million
Level one
Retail term notes(100.5)(100.5)(103.9)(103.4)
Capital bonds(467.1)(426.0)(481.4)(439.3)
Level two
Wholesale term notes(292.9)(292.8)(312.2)(311.3)
USPP(225.3)(218.6)(227.2)(220.8)
Carrying valueFair value
The carrying value of all other financial assets and liabilities in the balance sheet approximates their fair values.
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 2.8 per cent to
3.8 per cent (30 June 2018: 2.9 per cent to 4.3 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 3.6 per cent
(30 June 2018: 3.9 per cent).

12. Dividends
Imputation
unaudited
Cents per
share
unaudited
$ million
unaudited
Imputation
unaudited
Cents per
share
unaudited
$ million
unaudited
Dividends declared and paid during the period
Previous period final dividend80%8.60 86.7 80%8.40 83.9
Less: dividend reinvestment plan (DRP)(18.6) -
Cash dividend paid68.1 83.9
Dividends declared subsequent to reporting date
Current period interim dividend 80%8.45 85.8 80%8.30 82.9
6 months ended 31 Dec 20186 months ended 31 Dec 2017

21
GENESIS INTERIM REPORT
13. Material related party transactions
The majority shareholder of Genesis Energy Limited is the Crown. The Group transacts with Crown-controlled and related entities
independently and on an arm’s-length basis for emission unit purchases and sales, royalties, scientific consultancy services, electricity
transmission, postal services, rail 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 five significant electricity swap and option contracts with Meridian Energy, a Crown-controlled entity. The period and
profile of the contracts vary between 12.5MW and 150MW, from 1 January 2011 to 31 December 2025.
During the period the Crown received $44.4 million dividends of which $34.9 million was paid in cash (31 December 2017: $43.0
million) and $9.5 million was paid in shares (31 December 2017: $nil). There were no other individually significant transactions with the
Crown and Crown-controlled and related entities during the period (31 December 2017: nil).
Other transactions with Crown-controlled and related entities, which are collectively but not individually significant, relate to the sale
of electricity derivatives. Approximately 25.4 per cent of the value of electricity derivative assets and approximately 54.0 per cent of
the value of electricity derivative liabilities held at the reporting date were held with Crown-controlled and related entities (30 June
2018: 51.9 per cent and 40.9 per cent, respectively). The contracts expire at various times; the latest expiry date is June 2026.

14. Commitments
31 Dec 2018
unaudited
$ million
30 Jun 2018
audited
$ million
Total capital commitments 35.5 35.3
Total operating lease commitments 61.3 64.5
96.8 99.8
15. Contingent assets and liabilities
No new contingent assets or liabilities have arisen since 30 June 2018 and there has been no change in the contingent liability
disclosed in the 2018 Annual Report.

16. Events occurring after balance date
There have been no significant events subsequent to balance date other than the declaration of a dividend on 26 February 2019. Refer
to note 12 for details.

22
GENESIS INTERIM REPORT
Independent review report 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 balance sheet as at 31 December 2018, and the
consolidated comprehensive income statement, statement of changes in equity and cash flow statement for the six months ended on
that date, and a summary of significant accounting policies and other explanatory information on pages 6 to 21.
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 are 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 are 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) and section 14 of the Public Audit Act 2001. Pursuant to
section 32 of the Public Audit Act 2001, the Auditor-General has appointed me, Bryce Henderson, using the staff and resources of
Deloitte Limited, to carry out the annual audit of the Group on his behalf.
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 these 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 trustee reporting, scrutineer’s notice, secretarial services for the corporate tax payer group, whistle blower hotline service and
leadership development initiatives for senior employees 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 2018 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.
26 February 2019
Bryce Henderson
for Deloitte Limited
On behalf of the Auditor-General
Auckland, New Zealand

23
GENESIS INTERIM REPORT

24
GENESIS INTERIM REPORT
Head Office
Genesis Energy Building
660 Great South Road
Greenlane, Auckland 1051
New Zealand
PO Box 17188
Auckland 1546
New Zealand
genesisenergy.co.nz

---

Genesis Energy Limited


Appendix 1
GENESIS ENERGY LIMITED
INCORPORATED IN NEW ZEALAND

HALF YEAR REPORT

Reporting period six months to 31 December 2018
Previous reporting period six months to 31 December 2017

RESULTS FOR ANNOUNCEMENT TO THE MARKET – 27 FEBRUARY 2019

Revenue and Net Profit
31 December
2018
Amount
($NZ million)
31 December
2017
Amount
($NZ million)
Percentage
change
Revenues from ordinary activities 1,361.0 1,213.0 +12%
Profit (loss) from ordinary activities
after tax attributable to security
holder. 49.0 27.6 +78%
Net profit (loss) attributable to
security holders 49.0 27.6 +78%


Dividends – Ordinary Shares
31 December
2018
Amount per
security
(NZ cents)
31 December
2017
Amount per
security
(NZ cents)
Percentage
change
Interim dividend 8.45 8.3 +2%
Interim dividend - imputed amount 2.63 2.58 +2%

Record date: 4 April 2019
Payment date: 18 April 2019

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 2018 as attached.

Net Tangible Assets – Ordinary Shares
31 December
2018
Amount per
security
(NZ cents)
31 December
2017
Amount per
security
(NZ cents)
Percentage
change
Net Tangible Asset 154 155 -0.6%

---

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
numbernumberDate
Nature of event
BonusIf ticked,Rights Issue
Tick as appropriateIssuestate whether:Taxable/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
X
whether:
Interim
X
YearSpecialDRP Applies
X
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 eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
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:
4 April 201818 April 2018
$$0.0102714 per share$0.026289 per share
$
NZ Dollars$0.011929
$85,834,400
Date Payable
18 April, 2019
In dollars and cents
Retained Earnings
$0.0845 per share
Enter N/A if not
applicable
022019
Ordinary SharesNZGNEE0001S7
EMAIL: announce@nzx.com
Notice of event affecting securities
Genesis Energy Limited
Matthew Osborne, General Counsel and
Company Secretary
Directors' resolutions
09 951 929427