Contact Energy – FY19 Results and Annual Report

contactenergy.co.nz
MEDIA RELEASE
Monday, 12 August 2019
Investments in customer-centric processes, products and propositions benefit
customers
Key financial metrics

Twelve months
ended
Comparison against

30 June 2019 FY18
EBITDAF
1

$518m up 8% from $481m
EBITDAF on continuing operations
$505m up 12% from $449m
Profit
$345m up 161% from $132m
Profit on continuing operations
$170m up 52% from $112m
Profit per share (cents)
48.2 cps up 162% from 18.4 cps
Underlying profit
1

$176m up 35% from $130m
Underlying profit per share (cents)
24.6 cps up 36% from 18.1 cps
Declared dividend (cents)
39.0 cps up 22% from 32.0 cps
Operating free cash flow
2

$341m up 13% from $301m
Operating free cash flow per share (cents)
2

47.5 cps up 13% from 42.0 cps
SIB Capital expenditure (cash)
$60m down 30% from $78m
Highlights for the year
 Introduction of new, differentiated products and digital service investments improve
customer advocacy by 6 points. Smart payment solutions help customers avoid entering
the credit cycle; outstanding debt at record low levels
 Flexible generation portfolio with favourable hydrology, access to stored gas and strong
risk management delivers a $56 million improvement to operating earnings over FY18
 Cost efficiency programme continues to deliver capital efficiency, with cash spent on
stay-in-business (SIB) capital projects down by $18 million (30%) and other operating
costs down $11 million (5%)
 Completed the sale of Ahuroa gas storage (AGS) and the sale of the Rockgas LPG
business in the year, receiving net cash proceeds of $390m. These transactions simplify
and focus the organisation and have strengthened our balance sheet
 Committed to drilling four geothermal appraisal wells at Tauhara in anticipation of a final
investment decision to develop a new renewable power station
 Investment made in Simply Energy to add the capability required to deliver innovative
solutions that will help our Commercial and Industrial customers transition to the low
carbon solutions that Tauhara will deliver
 Rewarding shareholders with increasing dividends. FY19 ordinary dividend of 39 cents
per share (FY18 32 cents per share)

1
Refer to slides 42-45 of the 2019 Full year results presentation for a definition and reconciliation between statutory profit and the non-GAAP
profit measures earnings before net interest expense, tax, depreciation, amortisation, change in fair value of financial instruments and other
significant items (EBITDAF) and underlying profit (profit excluding significant items that do not reflect Contact’s ongoing performance).
² Refer to slide 24 of the 2019 Full year results presentation for a definition and reconciliation between cash flow from operating activities and the
non-GAAP measure operating free cash flow. Operating free cash flow represents cash available to repay debt, to fund distributions to
shareholders and growth capital expenditure.

contactenergy.co.nz

Putting our energy where it matters

“It is pleasing to report a strong financial result for FY19 following the transformation
programme we have successfully executed in recent years which included sector leading
reductions to operating and capital expenditure, a deepening of the relationship with our
customers and the simplification of our portfolio of assets”, Chief Executive Dennis Barnes
said.

Contact reported a statutory profit for the twelve months ended 30 June 2019 of $345
million, $213 million higher than the prior corresponding period after realising a gain on the
sale of Rockgas and AGS of $170m. EBITDAF from continuing operations increased by $56
million, or 12%, to $505 million led by strong operational performance in the Wholesale
business. Operational improvements resulted in a further reduction in other operating costs
of $11 million, 5% down on the prior comparative period. Operating free cash flow increased
to $341 million, up 13% on FY18 on a combination of higher operating earnings, lower stay
in business capital expenditure and interest costs that were partially offset by higher cash
tax.
Contact’s portfolio of long-life renewable generation assets continues to provide the Board
confidence to distribute ordinary dividends which target a pay-out ratio of 100% of expected
operating free cash flow. For FY19 this equated to 39 cents per share, compared to the 32
cents per share declared for FY18.
Connecting with our customers
Contact’s Customer business continues to reduce the cost to serve while improving the
customer experience.
Customer experience improvements saw a final quarter Net Promoter Score of +26, up +6
on the prior comparative period as operational efficiencies led to a 1% reduction in the cost
to serve customers. Contact also invested in a refreshed brand, new products and digital
capability to drive improved customer experience. These factors have contributed to
customer churn being 1.7 percentage points below the market. Despite strong operational
performance, Customer EBITDAF was down $9 million to $67 million for the twelve months
ended 30 June 2019, as continuing competitive pressures limited Contact’s ability to recover
rising costs for electricity and distribution networks, with the result also impacted by lower
sales volumes to electricity customers.

“Even with volatile wholesale prices, the retail electricity market remains highly competitive,
with heavy discounting and large sign on credits the predominant tools for acquiring
customers. In order to differentiate our products and services from our competitors we have
delivered several smart customer solutions in the period, including our new payment
methods - PrePay and weekly/fortnightly billing - that help customers manage their bills, and
we launched new products to deliver customer choice and innovative rewards such as ‘free-
bill’, ‘promise plan’ and our broadband and electricity bundle. To assist those who struggle to
pay their bills we are removing prompt payment discounts and replacing them with simple
plans such as our pre-existing ‘basic plan’ or guaranteed discounts.

The significant improvement in customer advocacy and take-up of our new products gives
me confidence that our transformation into a customer-centric digital energy company is
progressing well” said Mr Barnes.

contactenergy.co.nz
Generating for the future
Contact’s Wholesale business is working with business customers, partners and suppliers to
decarbonise New Zealand’s energy sector.
“Volatile wholesale market conditions driven by a shortage of gas have shown the value of
our flexible and diverse generation assets, strong risk management, our continuous
improvement programme and our access to stored gas”, Mr Barnes said.
Generation EBITDAF increased by $67 million to $464 million in the twelve months to 30
June 2019 compared to the same period a year ago, as production from hydro generation
increased by 22%, or 752GWh after a dry FY18 in Contact’s Clutha catchment. In addition,
Contact supported the market by accessing gas stored in AGS and offering additional
thermal generation above our contracted sales to meet wholesale spot demand.
“New Zealand is undergoing a transformation from reliance on fossil fuels to renewable
electricity. Contact is well placed to meet the expected growth in electricity demand which
will result in meaningful reductions to the nation’s carbon emissions by developing our large-
scale consented geothermal development options backed by our world-class geothermal
capability and strong balance sheet”, Mr Barnes said.
Outlook
“After successfully lowering the cost of geothermal since our last build, we are taking the
next step towards developing the geothermal power station project we have consented at
Tauhara by committing to drill a series of four appraisal wells.

Our commitment to reducing carbon emissions is not limited to the supply-side and we are
actively partnering with our Commercial and Industrial customers through our investment in
Simply Energy - an innovative energy solutions company that uses demand-side
management tools to assist customers switch to electricity from their current energy sources,
help them be more energy efficient, reduce their costs and cut their carbon emissions.
We remain focussed on delivering on our transformation programme to reduce controllable
costs, and seek opportunities to capture value from scale efficiencies through brownfield
geothermal development and by leveraging our customer systems and lean operating model
to improve returns”, Mr Barnes said.

ENDS
Investor enquiries: Matthew Forbes +64 21 072 8578
Media enquiries: Andrew Austin +64 21 644 167

---

C ontact E ner gy Limited A nnual Repor t 2019
ANNUAL REPORT 2019
WE’RE MAKING
LIFE BETTER

This report is printed on an environmentally responsible paper produced using Elemental Chlorine Free (ECF) FSC Certified
pulp sourced from Sustainable & Legally Harvested Farmed Trees, and manufactured under the strict ISO14001
Environmental Management System. The inks used in printing this report have been manufactured from vegetable oils
derived from renewable resources, and are biodegradable and mineral oil free. All liquid waste from the printing process has
been collected, stored and subsequently disposed of through an accredited recycling company.
This Annual Report is dated 12 August 2019 and is signed on behalf of the Board by:
Robert McDonald
Chair
Dame Therese Walsh
Chair, Audit Committee
Contact is the human
energy company with great
ideas and smart solutions
that make living easier for
customers, now and in
the future.

CONTENTS
This Year In Review ...............................................................................................................................................................................5
Chair’s review .......................................................................................................................................................................................................................................................6
Chief Executive Officer’s review ..............................................................................................................................................................................................................7
Who We Are .............................................................................................................................................................................................9
Our Board ...............................................................................................................................................................................................................................................................10
Our Leadership Team .....................................................................................................................................................................................................................................11
Contact at a glance .........................................................................................................................................................................................................................................12
Ngā tikanga ............................................................................................................................................................................................................................................................16
Focusing on what matters most ...............................................................................................................................................................................................................17
Our reporting frameworks ............................................................................................................................................................................................................................18
Accessibility ............................................................................................................................................................................................19
Making access equitable ..............................................................................................................................................................................................................................20
Giving customers what they want ............................................................................................................................................................................................................21
Reliability ..................................................................................................................................................................................................23
Focus on financial performance .............................................................................................................................................................................................................24
Ensuring reliable renewable energy .......................................................................................................................................................................................................25
Growing talent, inclusiveness and diversity ......................................................................................................................................................................................27
Focusing on health and safety ...................................................................................................................................................................................................................29
Environmental Sustainability.............................................................................................................................................................31
Using water sustainably and respectfully ..........................................................................................................................................................................................32
Taking action on climate change ..............................................................................................................................................................................................................33
Protecting and enhancing biodiversity .................................................................................................................................................................................................35
Living and working in our local communities ....................................................................................................................................................................................37
Governance Matters .............................................................................................................................................................................39
Contact’s Board .................................................................................................................................................................................................................................................40
Code of conduct ................................................................................................................................................................................................................................................42
Risk management and assurance ..........................................................................................................................................................................................................42
Remuneration Report ...........................................................................................................................................................................43
Directors’ remuneration ................................................................................................................................................................................................................................44
Chief Executive Officer remuneration .................................................................................................................................................................................................45
Employee remuneration ................................................................................................................................................................................................................................47
Other Disclosures ..................................................................................................................................................................................49
Statutory .................................................................................................................................................................................................................................................................50
GRI index ................................................................................................................................................................................................................................................................59
Financial Statements ............................................................................................................................................................................63
Independent Auditor’s Report ...........................................................................................................................................................87
Report on the audit of the consolidated financial statements ..............................................................................................................................................88
Corporate Directory .............................................................................................................................................................................91

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Contact | Annual Report 2019
5
THIS YEAR
IN REVIEW
It is pleasing to report a strong result
for FY19 following the transformation
programme we have successfully
executed in recent years which
included sector leading reductions
to operating and capital expenditure,
a deepening of the relationship with
our customers and the simplification
of our portfolio of assets

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THIS YEAR IN REVIEW
CHAIR’S REVIEW
It is my privilege to share my perspectives on Contact’s
FY19 performance and outlook.
This Annual Report is a step towards reporting our
performance using the globally recognised International
Integrated Reporting <IR> framework. We’ve chosen this
<IR> framework to clearly articulate how we create value
for all our stakeholders. The <IR> framework requires us to
think about value as more than just financial, and to include
the value that we create from and for our people, our brand,
intellectual property, our assets, natural resources, and our
customers, community and relationships.
As well as recording our performance in the context
of <IR>, this review shows what we are doing in the context
of the Energy Trilemma — Accessibility, Reliability and
Environmental Sustainability.
The energy sector is rapidly changing, with increasing
customer expectations and an increased focus on climate
change by policemakers as well as customers, our people
and the communities in which we operate.
Our people have risen to those challenges, and this year
we have taken positive steps to position Contact well for
the future, and delivered a strong business performance.
Contact’s Wholesale business is aiming to decarbonise
energy in New Zealand, and our Customer business is
aiming to be the most service and value focused retailer
in New Zealand.
We are laying the groundwork for a lower-carbon future,
while continuing to operate safely and efficiently in the
market realities of today. Our flexible generation assets,
our continuous improvement programme and our access
to stored gas helped us navigate this year’s acute thermal
fuel constraints.
Contact is actively helping all our customers to maintain
access to energy and to avoid incurring burdensome debt
with us. Today, we offer more product options and more
payment options than ever before, giving our customers
more choice, certainty and control over their energy costs
and new ways to engage with us. One example is the Basic
Plan, a competitive no frills proposition which sees Contact
moving away from prompt payment discounts.
The delivery of Contact’s operational efficiencies, the
quality of the generation assets and the strength of the
balance sheet were enhanced by the completion of two
major transactions in the year: the completion of the sale
of Ahuroa Gas Storage; and the sale of Rockgas LPG. Both
transactions provide significant flexibility for our business.
In the case of Ahuroa, we have retained long term access
to gas storage services and with Rockgas, we have retained
the ability to market LPG to our customers.
The asset sales materially improved the strength of Contact’s
balance sheet and positions us well for future investment.
With continued confidence in the business’s ability to generate
cash flow, the Board changed the distribution policy so that we
target a payout of 100% of expected operating free cash flow.
This has seen the Board declare a final FY19 dividend of 23
cents per share, up 21% on last year, and target a full year FY20
dividend of 39 cents per share, in line with FY19. The full year
dividend declared is 39 cents per share.
We hold resource consents to develop New Zealand’s lowest
cost new generation build. Our commitment to a lower carbon
future and with increasingly unreliable and more expensive gas
supply were key factors in the Board’s approval of $30 million
to drill four appraisal wells on the Tauhara geothermal field near
Taupō. We expect to make the final investment decision on a
new power station in 2020.
Our commitment to helping large customers to reduce their
carbon footprint saw the Board support the acquisition of 49.9%
of Simply Energy – an innovative energy solutions company that
uses demand-side management tools to improve efficiency and
reduce emissions.
During the year the government initiated Electricity
Price Review panel consulted on two issues papers.
While I am pleased to note that the review panel confirmed
New Zealand’s electricity market is working well, it also
identified areas for improvement including ways to help
vulnerable customers, which Contact has been actively
supporting. I do note that there was a missed opportunity
to consider the role of rising distribution and transmission
costs in the costs of delivering electricity to our customers.
This year the membership of the Contact Board has changed.
Sir Ralph Norris and Sue Sheldon retired from the Board on
31 August 2018 and our succession planning culminated in the
appointment of three new directors – Dame Therese Walsh,
David Smol and Jon Macdonald. Each of these directors brings
valuable skills that complement the expertise of the longer
serving Board members.
Dennis Barnes will leave Contact in 2020, and the Board has
commenced a process to find his successor.
On behalf of the Board, I farewell Dennis and thank him for
his contribution as Chief Executive for the past eight years.
Dennis has presided over a period of significant modernisation
of the business while creating consistent value for stakeholders,
with a compound annual total shareholder return of 15.8%.
He has led over $2 billion of investment in renewable generation,
flexible thermal generation and enterprise-wide systems, and led
Contact to an outstanding safety culture, more highly engaged
employees, and customers advocating for it in greater numbers.
He leaves the company well positioned to continue to add
value to customers and to lead the decarbonisation of the
New Zealand energy sector.
Robert McDonald
Chair

Contact | Annual Report 2019
7
CHIEF EXECUTIVE OFFICER’S REVIEW
This year has been notable for the completion of significant
transactions, progress in accelerating decarbonisation,
increasing customer value and strong financial performance.
We have delivered a solid financial result, improved capital
efficiency, deployed good risk management practices, and
again proved the value of the flexibility we have built into our
diverse generation portfolio.
Two major transactions strengthened our balance sheet
and enhanced the resilience of our operations. In October,
we completed the sale of the Ahuroa Gas Storage facility
to Gas Services New Zealand (GSNZ) for $200 million
1

and, in November, we completed the sale of Rockgas LPG
to GSNZ for $260 million.
The Ahuroa sale gave us access to long term gas storage
services to meet our flexible thermal generation needs
without needing to own and operate the asset, and the
Rockgas sale freed us from the fulfilment aspects of the LPG
business while still being able to sell LPG to our customers.
We also acquired a 49.9% interest in New Zealand-owned
energy innovator Simply Energy. Investing in Simply Energy
gives us access to capability to deliver innovative solutions
that will help our Commercial and Industrial customers
transition to low carbon solutions sustainably and sooner.
Our vision is to create sustainable value for New Zealanders
by putting our energy where it matters. We have stood the
test of volatile wholesale markets and a competitive retail
sector to deliver on that commitment this year.
Our Wholesale business successfully managed periods
of low hydro inflows and constrained gas supply, reinforcing
the value of our diverse portfolio.
The Customer business has been digitising the customer
experience and building data, automation and integration
capability, while focusing on lowering operating expenses
and reinvesting savings in investment in our brand and
technology solutions.
Both businesses have demonstrated their capability
and flexibility to respond to complex market conditions,
the competitive environment and to contribute positively
to the Energy Trilemma of Accessibility, Reliability and
Environmental Sustainability.
Accessibility
Our Customer business has made good ground on our
strategy of being a service and value focused retailer,
connecting customers and communities to smart solutions
that make living easier.
This has included innovating to make it easier for customers
to connect with us online and with our mobile app, and helping
our most vulnerable customers keep the power on with
initiatives such as PrePay and flexible billing options.
We have helped our customers to avoid getting into difficult
credit positions, and intervened early if they did, which
delivered record low levels of outstanding debt.
The government initiated Electricity Price Review highlighted
this year that some New Zealand families are struggling to pay
for their energy and that the prompt payment discounts are
not fair to customers who are unable to pay their bills on time.
We have responded by accelerating plans to remove prompt
payment discounts and are replacing them with simple plans
such as our existing Basic Plan or guaranteed discounts.
Operating earnings (EBITDAF) in our Customer business
was $67 million, down $9 million from $76 million in FY18,
as continuing competitive pressures limited Contact’s ability
to recover higher costs for electricity and distribution networks
through customer price changes. The result was also impacted
by lower sales volumes to electricity customers.
Reliability
New Zealand is at the start of a transformation from reliance
on fossil fuels to renewable electricity. Contact is well placed
to meet the expected growth in renewable electricity demand,
which will result in meaningful reductions to carbon emissions.
This alignment with political and public sentiment underpins
our Wholesale business strategy of being ‘an innovative, safe
and efficient generator, working with business customers and
partners to decarbonise New Zealand’.
The increased price and reduced reliability of gas is
accelerating the case for replacing thermal plant with
new baseload geothermal. In this context, we are taking the
next step in developing the geothermal project we have
consented at Tauhara by committing to drill four appraisal
wells. The drilling will lay the groundwork for a final investment
decision for a new power station in early 2020.
We are actively partnering with our Commercial and Industrial
customers who are undoubtedly the prime decarbonisation
opportunity. Our target is to enable customers to switch
to electricity from their current energy sources, help them
be more energy efficient, reduce their costs and cut their
carbon emissions.
This year we successfully piloted our demand flexibility
platform, which rewards Commercial and Industrial customers
for reduced energy use at peak times, so we don’t have to
resort to fossil fuel generation to meet high demand.
1. Up to $10 million of this is contingent on GSNZ obtaining a favourable binding tax treatment ruling.

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THIS YEAR IN REVIEW
EBITDAF from our Wholesale business was $464 million
in the period, up $67 million from $397 million in FY18.
We rely on the dedication, passion and innovation of our
people to be able to keep delivering safe, dependable energy
and adding value for our customers and stakeholders.
This year we again measured the engagement of our people
with the Ask Your Team survey. Our overall engagement
score was 75%, which was well ahead of the 67% benchmark
for private companies but behind our 2018 score of 77%.
The survey results will help us keep adapting and improving
to raise engagement.
We are committed to being an inclusive and diverse
employer and this year we achieved Rainbow Tick
certification, recognising us as a workplace that accepts
and welcomes sexual and gender diversity.
We take pride in our excellent safety systems and generative
safety culture, where everyone is empowered to take
ownership of health and safety outcomes. Our results this
year evidence our good safety culture.
Environmental sustainability
This year we recommitted ourselves to a climate change
position, embedded a reporting tool enabling us more
oversight of our emissions targets. We were the first
New Zealand energy company to have emission reduction
targets approved by the Science Based Targets initiative
(SBTi). We are revising those targets to align with new
recommendations from the SBTi. We were also the first
company in New Zealand to sign up as an official supporter
of the Taskforce for Climate-related Financial Disclosures.
This internationally recognised transparent disclosure
regime is increasingly being relied on by the investment
community as a tool for understanding climate change risk.
We partnered with other New Zealand companies to invest
in forestry on marginal land to sequester carbon.
With the National Institute of Water and Atmospheric
Research (NIWA), we assessed the potential impact of
climate change on our business and used this baseline
data to identify climate change risks and opportunities.
We have maintained a strong focus on biodiversity
programmes, including supporting the development of
a National Policy Statement for Indigenous Biodiversity,
continuing to mitigate our impacts on fish migration around
our dams, and restoring and protecting habitats.
We also engaged with the Government appointed Interim
Climate Change Committee as they developed their report
into the Government’s renewable electricity aspirations.
And we continued to work collaboratively with tangata
whenua and the communities around our sites to involve
them, respect their interests, create opportunities and
give back in ways that are meaningful to them.
Despite our commitment to environmental sustainability,
a landslip at one of our geothermal storage ponds at Karapiti
sent sediment and geothermal fluid into the Waipuwerawera
Stream and Waikato River in February. We are thankful that
no one was hurt. However, the discharge did impact the river,
iwi and the community and we deeply regret that. We are
working with iwi and the local community to put things right
and to learn from the event.
Transition
Finally, I have made the Board aware of my intention to leave
Contact. In making this decision I know that the company is
in a strong position, with excellent prospects and a talented
and committed team in place.
It has been a privilege to lead Contact. I am proud of
many things Contact has delivered in the past eight years
and in particular the value we have returned to you, our
shareholders, including the distribution of nearly $2 billion.
At the same time we have transformed into a leading
New Zealand business investing to reduce our carbon
emissions by more than 50% and providing more choice,
certainty and control to customers than ever before.
I thank the Board and the many people I’ve worked with
and wish you a prosperous future.
Ngā mihi mahana, nā Dennis
Dennis Barnes
CEO

9
WHO WE ARE
889493k62.5k
employeescustomer connectionsshareholders
1.3k05
bondholdersTier 1
process safety incidents
geothermal stations
428.9 TWh
thermal stationshydro stations generated
6.5 TWh$2.8 billion$99 million
contracted
electricity sales
of net assetsin tax paid
39 cents83%991k tCO
2
e
per share dividend declaredrenewable generationof Scope 1 emissions
+27 96%81.5 kg
Net Promoter Scoregender pay ratioof elver transferred
at the Roxburgh Dam
All figures at 30 June 2019 or for FY19 year.

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OUR BOARD
WHO WE ARE
From left to right:
Elena Trout, Independent Non-Executive Director
Term of office: Appointed director 3 October 2016,
last elected 2016 annual meeting.
Board committees: Member of the Health, Safety
and Environment Committee.
Victoria Crone, Independent Non-Executive Director
Term of office: Appointed director 12 November 2015,
last elected 2017 annual meeting.
Board committees: Member of the Audit Committee.
Jon Macdonald, Independent Non-Executive Director
Term of office: Appointment effective 1 November 2018,
last elected 2018 annual meeting.
Board committees: Member of the People Committee.
Dame Therese Walsh, Independent Non-Executive Director
Term of office: Appointed director 1 September 2018,
last elected 2018 annual meeting.
Board committees: Chair of the Audit Committee and
Member of the People Committee.
David Smol, Independent Non-Executive Director
Term of office: Appointed director 1 October 2018,
last elected 2018 annual meeting.
Board committees: Member of the Health, Safety
and Environment Committee.
Whaimutu Dewes, Independent Non-Executive Director
Term of office: Appointed director 22 February 2010,
last re-elected 2018 annual meeting.
Board committees: Chair of the Health, Safety and
Environment Committee and Member of the Audit Committee.
Robert McDonald, Independent Non-Executive Chair
Term of office: Appointed director 12 November 2015,
last elected 2017 annual meeting.
Board committees: Chair of the People Committee.
For more information about our board, including the
skills matrix, go to Contact’s Board in the Governance
Matters section.
For the full biographies of our board please see our website.
Contact is led by an experienced and diverse Board and Leadership Team who are committed
to our customers, communities, shareholders and people.

Contact | Annual Report 2019
11
OUR LEADERSHIP TEAM
James Kilty
Chief Generation & Development Officer
Venasio-Lorenzo (Vena) Crawley
Chief Customer Officer
Dorian Devers
Chief Financial Officer
Dennis Barnes
Chief Executive Officer
Catherine Thompson
General Manager, External Relations and General Counsel
Absent: Megan Curry
Acting Chief People Officer
For the full biographies of our leadership team please see our website.

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CONTACT AT A GLANCE
WHO WE ARE
Hawea
Dunedin
Roxburgh
Auckland
Wellington
Levin
Stratford
Te Rapa
Te M i h i
Ohaaki
Whirinaki
Te H u k a
Wairakei
Poihipi
Offices and call centres
Storage lake
Geothermal power station
Thermal power station
Hydroelectric power station
Head office
Clyde

Contact | Annual Report 2019
13
Customer connections and volume sold by energy type at 30 June
20192018
ConnectionsVolume sold
(GWh)
(1)
ConnectionsVolume sold
(GWh)
Electricity413,5006,550416,5006,997
Natural gas66,500 860 65,000806
Broadband12,5001,800
To t a l492,500483,300
(2)
1. GWh = gigawatt hours.
2. Figure restated to include Broadband customers from FY18.
Customer connections by account type at 30 June
20192018
(1)
Residential418,000493,300
Business59,00075,800
Other3,0001,600
(2)
To t a l480,000570,700
1. 2018 data included LPG. LPG was not included in 2019 as we had no
LPG customers at 30 June as we had sold the Rockgas business.
2. Includes LPG connections where data on account type was unavailable.
Generation by type for the year ended 30 June
Generation type
(GWh)
20192018
Hydro4,2313,479
Geothermal3,2563,323
Thermal1,4211,812
To t a l8,9088,614
Generation by station
Name OutputCommissionedTy p eLocation
Capacity
(MW)
(1)
2019
Generation
(GWh)
2018
Generation
(GWh)
OhaakiGeothermal1989Flash steamWaikato44310280
PoihipiGeothermal1996Flash steamWaikato55388411
StratfordThermal1998Combined-cycle gas turbineTaranaki3771,0131,071
StratfordThermal2011Peaker, gas turbineTaranaki210207528
Te H u k aGeothermal2010Binary cycleTa u p ō28186198
Te M i h iGeothermal2014Flash steamTa u p ō1661,3821,372
Te R a p aThermal1999Open-cycle gas turbine co-
generation
Waikato44196211
WairakeiGeothermal 1958, 2005Flash steam / binary cycleTa u p ō1329911,062
WhirinakiThermal 2004Diesel fuel, open-cycle turbineHawke’s Bay15553
ClydeHydro1992ConventionalOtago4322,3391,912
RoxburghHydro1956–1962ConventionalOtago3201,8921,567
1. MW = megawatts.

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We generate energy
We trade
We sell and serve
As a retailer we sell
products and
services to
thousands of
individuals and
businesses to meet
their energy needs.
We connect customers,
partners, suppliers and
communities to find smart
solutions that make living
easier for them. We are an
innovative, safe and
efficient generator working
with customers, partners
and suppliers to
decarbonise New Zealand's
energy sector.
Our value creation
We own and operate 11
power stations and produce
83% of our electricity from
our renewable hydro and
geothermal stations.
Our natural gas and diesel
fired power stations
operate to ensure the lights
stay on for New Zealanders
when intermittent
renewable plants like hydro
and wind cannot operate.
Our brand and intellectual property
We leverage our relationships, networks, partnerships and culture to create brand value
and deliver on our strategy.
Our people
Our people are at the heart of our business. They connect with our customers,
shareholders, suppliers, business partners, tangata whenua, government and
communities. They are a rich source of innovative ideas that drive our competitive edge.
Our assets
We have a diverse mix of assets to maintain a reliable, affordable and environmentally
sustainable electricity supply for New Zealand.
Natural resources
We rely on many natural resources to run our business. It is important that we look after
these resources to ensure they are available for future generations to enjoy.
Financial capital
We require funds to use in the production of goods and services in our business.
We have shareholders and bondholders who help us to deliver sustainable
financial returns now and into the future.
Our relationships
We rely on relationships with a wide variety of stakeholders. We respect the rights and
interests of everyone we work with by listening to them, working collaboratively and
being the neighbour you’d want to have.
We sell the electricity
we generate on the
wholesale electricity
market. We purchase
goods and services
from more than 2,000
suppliers. We also trade
a range of financial
products to manage our
risk and create value.
We innovate
We ensure our natural resource
use is sustainable and
respectful. We always strive to
protect, maintain and enhance
these taonga to ensure they are
available for future generations.
We listen carefully to the
aspirations of the communities in
which we live, work and operate,
focusing our energy, time and
resources on delivering
meaningful partnerships that
support those aspirations.
Contact is one of New Zealand’s biggest electricity generators and digital retailers. Our supply chain shows
how we create value by focusing on what matters.
Our Tikanga guides us in our aim to create sustainable value for New Zealanders by putting our energy
where it matters.
At Contact, we focus on ensuring we deliver great value to all of our stakeholders. We are always looking
to the future, staying a step ahead and anticipating the things that are going to matter – not just to our
business but to New Zealand.
OUR CAPITALSOUR BUSINESS
We respect our environmentWe value our communities
We interact with various iwi and
hapu who have a special
relationship with the resources
that we use. We acknowledge
their role as kaitiaki and the
richness of their knowledge, and
value the relationships and
partnerships we have developed.
We value tangata whenua
relationships
Together the capitals represent stores of value that are the basis of our value creation.

Contact | Annual Report 2019
15
We generate energy
We trade
We sell and serve
As a retailer we sell
products and
services to
thousands of
individuals and
businesses to meet
their energy needs.
We connect customers,
partners, suppliers and
communities to find smart
solutions that make living
easier for them. We are an
innovative, safe and
efficient generator working
with customers, partners
and suppliers to
decarbonise New Zealand's
energy sector.
Our value creation
We own and operate 11
power stations and produce
83% of our electricity from
our renewable hydro and
geothermal stations.
Our natural gas and diesel
fired power stations
operate to ensure the lights
stay on for New Zealanders
when intermittent
renewable plants like hydro
and wind cannot operate.
Our brand and intellectual property
We leverage our relationships, networks, partnerships and culture to create brand value
and deliver on our strategy.
Our people
Our people are at the heart of our business. They connect with our customers,
shareholders, suppliers, business partners, tangata whenua, government and
communities. They are a rich source of innovative ideas that drive our competitive edge.
Our assets
We have a diverse mix of assets to maintain a reliable, affordable and environmentally
sustainable electricity supply for New Zealand.
Natural resources
We rely on many natural resources to run our business. It is important that we look after
these resources to ensure they are available for future generations to enjoy.
Financial capital
We require funds to use in the production of goods and services in our business.
We have shareholders and bondholders who help us to deliver sustainable
financial returns now and into the future.
Our relationships
We rely on relationships with a wide variety of stakeholders. We respect the rights and
interests of everyone we work with by listening to them, working collaboratively and
being the neighbour you’d want to have.
We sell the electricity
we generate on the
wholesale electricity
market. We purchase
goods and services
from more than 2,000
suppliers. We also trade
a range of financial
products to manage our
risk and create value.
We innovate
We ensure our natural resource
use is sustainable and
respectful. We always strive to
protect, maintain and enhance
these taonga to ensure they are
available for future generations.
We listen carefully to the
aspirations of the communities in
which we live, work and operate,
focusing our energy, time and
resources on delivering
meaningful partnerships that
support those aspirations.
Contact is one of New Zealand’s biggest electricity generators and digital retailers. Our supply chain shows
how we create value by focusing on what matters.
Our Tikanga guides us in our aim to create sustainable value for New Zealanders by putting our energy
where it matters.
At Contact, we focus on ensuring we deliver great value to all of our stakeholders. We are always looking
to the future, staying a step ahead and anticipating the things that are going to matter – not just to our
business but to New Zealand.
OUR CAPITALSOUR BUSINESS
We respect our environmentWe value our communities
We interact with various iwi and
hapu who have a special
relationship with the resources
that we use. We acknowledge
their role as kaitiaki and the
richness of their knowledge, and
value the relationships and
partnerships we have developed.
We value tangata whenua
relationships
Together the capitals represent stores of value that are the basis of our value creation.

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NGĀ TIKANGA
Our purpose is to touch lives, to make life better. Our Tikanga guides how we live our purpose and is expressed as Principles,
Commitments and Behaviours.
Our Principles
• We act professionally at all times, in accordance with laws and regulations.
• We care deeply about the health and safety of our people and strive to minimise any health, safety and environmental
impacts on our customers and communities.
• We put our energy into things that really matter by:
adding value to the resources that come under our control
being inclusive, encouraging diversity and expression of ideas and opinions
(in line with our Commitments and Behaviours)
creating value for our stakeholders
ensuring the sustainability of our business
taking care of the environment by looking after our natural and shared resources
being a good neighbour in the communities where we operate.
• We’re authentic. We make sound decisions knowing they’ll be subject to scrutiny.
Our Commitments
• Creating value for our customers and communities by developing smart solutions that make living easier for them now,
and in the future.
• Creating a rewarding workplace for our people by valuing everyone’s contribution, encouraging personal development,
recognising good performance and fostering equality of opportunity.
• Respecting the rights and interests of communities by listening to them, and understanding and managing the
environmental, economic and social impacts of our activities.
• Being respectful of the rights and interests of our business partners so we work collaboratively to create valued,
rewarding partnerships.
• Delivering market-leading performance for shareholders by identifying, developing, operating and growing
value-creating businesses.
• Staying a step ahead, anticipating the things that are going to matter, not just to our business, but to New Zealand.
Our Behaviours
• Pointed focus sharpens us.
• Human kindness connects us.
• Curiosity propels us.
• ‘Progressive’ defines us.
WHO WE ARE

Contact | Annual Report 2019
17
FOCUSING ON WHAT MATTERS MOST
We manage our business by understanding what matters most to our stakeholders. This ensures we focus on the key things
to deliver sustainable value.
We regularly engage with all our stakeholders to ensure the social, cultural, economic, environmental and political
sustainability of our business (the five sustainability pillars).
Here’s what our stakeholders have told us they care about the most:
CustomersPersonalisation, making life easier, saving money and having more choice, control and certainty.
InvestorsManagement of business risks, including climate-related risks; efficient capital management by
delivering an appropriate dividend while positioning our business for the future to grow earnings.
Our peopleDoing what we say we will, caring for our stakeholders, and being valued, respected and safe.
Partners and
suppliers
Maintaining positive relationships, collaborating to deliver value, and partnership.
CommunitiesBeing a good neighbour, looking after our natural and shared resources, and delivering benefits and
value to the communities we operate in.
Tangata whenuaPartnership, protection and participation in the management of natural resources alongside social,
cultural and economic development.
GovernmentTransitioning to a low-carbon future, while ensuring a reliable, renewable and affordable supply of
electricity for all New Zealanders.
As well as engaging with stakeholders year-round, we have an annual stakeholder council meeting with representatives from
across the five sustainability pillars, to help identify and prioritise our material topics. We take their top issues along with global
trends and research and other feedback, to inform Contact’s strategy formation process.
While all of the issues identified in the matrix below are important to Contact, this report focuses on issues in the top right
shaded corner.
Significance of the impact or opportunity
Influence on stakeholder assessment and decisions
100
80
40
60
6080100
LOCAL COMMUNITIES
CLIMATE CHANGE
WAT E R
ACCESS TO ENERGY
FINANCIAL SUSTAINABILITY
CUSTOMER EXPERIENCE
RELIABLE,
RENEWABLE ENERGY
DIVERSITY
EMPLOYEE SAFETY
BIODIVERSITY
LEADERSHIP ISSUE,
CHAMPIONSHIP
INEQUALITY
CHANGING
E X P E C TAT I O N S
PARTNERSHIPS
HEALTH AND WELLBEING
CUSTOMER WELLBEING
TECHNOLOGY
GOVERNMENT
PEOPLE DEVELOPMENT
RELIABILITY
ACCESSIBILITY
SUSTAINABILITY
Materiality

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How we impact the Sustainable
Development Goals
We’ve also mapped the material topics that matter most
to our business and stakeholders against the Sustainable
Development Goals to identify which of these goals we have
the most impact on or influence over. The United Nations set
the 17 Sustainable Development Goals to address the most
significant global challenges and achieve a better and more
sustainable future for everyone.
While all of the Sustainable Development Goals are important
to Contact, the goals where we have identified we can make
the most positive difference are:
OUR REPORTING FRAMEWORKS
We report on material environmental, social and
governance factors and practices in accordance with
the Global Reporting Initiative (GRI) guidelines (Core option).
We have also started to use the International Integrated
Reporting <IR> Framework as we continue to seek best
practice in sustainability reporting and to give a balanced
view of our performance. We report our climate change
risks using the Task Force on Climate-Related Financial
Disclosures (TCFD) framework.
This year we have structured our Annual Report around
the Energy Trilemma, to report on our performance
in the context of energy accessibility, reliability and
environmental sustainability.
WHO WE ARE

Contact | Annual Report 2019
19
ACCESSIBILITY
Robust energy systems must balance being
reliable, accessible and environmentally sustainable.
Maintaining this balance is challenging with the rapid
transition to decentralised, decarbonised and digital
systems, and consumers having more choices in how
they buy and manage their energy.
We play a vital role in the lives of hundreds
of thousands of individuals and businesses
in New Zealand who rely on the electricity, gas,
and broadband that we supply. We help them warm
their homes, power their businesses, and connect
with their communities and the world.
We listen to what our customers want and align our
services and our people capability and culture to
meet that. We’re using our human energy to make
access fair, easy and customer-centric.

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MAKING ACCESS EQUITABLE
While most of New Zealand has physical access to energy,
we still have economic barriers to access for some people.
Those barriers aren’t solely about energy prices, but
incomes and other disparities. An energy company can’t
solve energy or financial hardship in isolation but we can
use our human energy and work with others to make energy
more accessible, especially for vulnerable and low-income
families. We have a role in helping those most in need to keep
their lights on and their homes warm.
‘One-size-fits-all’ isn’t the best way to serve our customers
or New Zealand so we’re offering a range of products to suit
all customers.
The government-initiated independent Electricity Price
Review highlighted that some New Zealand families are
struggling to pay for their energy and that the prompt payment
discounts offered by many energy companies are seen as not
fair to customers who are unable to pay their bills on time.
In response, we’ve accelerated plans to remove prompt
payment discounts and are replacing them with simple plans
such as our existing Basic Plan or guaranteed discounts.
This is a complex issue, but for us, it’s about listening and
doing what’s right for our customers.
One way we can ensure access to energy for our customers
is to help them avoid getting into debt, and to intervene early
if they do. As a result of our efforts to manage debt, 93%
of energy bills are now paid on time, and we’ve reduced the
total overdue debt by 20% (to $15.4m at 30 June) and debt
over 90 days by 40% (to $1.8m at 30 June). This means
that when customers are disconnected as a last resort,
the amount they owe is much lower. The average balance
at disconnection for the final quarter of FY19 was $489 –
down 16% on the same time the previous year.
We also work hard to reconnect customers within 24 hours
of disconnection, and in the final quarter of FY19 we achieved
this for 54% of disconnected customers–up from 46% for
the same time last year.
Giving more payment options
This year we made it easier for customers to budget for their
power with new billing options and PrePay.
Customers now have the option to pay their bills weekly,
fortnightly, or monthly to match their wage or salary cycles.
About 1,300 customers have now chosen weekly or
fortnightly payment plans.
We’ve also had more than 2,000 customers sign up for
PrePay since we launched it in September 2018. More than
80% of these customers would not have previously been
able to access energy from us because of their credit history.
PrePay operates like a prepaid mobile phone, so customers
control how much they pay and when they pay. They can
even build up credit to use over winter when people tend to
use more energy. PrePay customers are able to access all
the same products, prices, discounts and rewards as post
pay customers. We’ve also found PrePay is a good way to
help customers manage outstanding debts while continuing
to access energy.
Helping to combat energy hardship
We partnered this year with other energy companies,
community organisations and the government to launch
EnergyMate, a free in-home mentoring service helping
families at highest risk of energy hardship to reduce
electricity costs and live in warmer homes.
The idea initially came from a Contact-led design thinking
initiative, and the Electricity Retailers Association of
New Zealand rolled out the pilot in April to 150 families
in South Auckland, Rotorua and Porirua. Experienced
financial mentors visit people in their homes to offer a range
of services, including ensuring they are on the right energy
plan, helping them access funding and services such as
insulation grants and curtain banks, improving energy
awareness, testing appliances and water heating, and
providing LED lighting and temperature/humidity sensors.
ACCESSIBILITY

Contact | Annual Report 2019
21
Checking home insulation
Poor insulation in New Zealand houses is a major issue for
energy use, so Contact has partnered with the New Zealand
Green Building Council to sponsor HomeFit — a simple
online assessment and certification programme for homes.
A HomeFit rating gives buyers and renters confidence that
a home meets ventilation, insulation, heating and energy
efficiency standards.
Since HomeFit went live in November 2018, we’ve promoted
it to our customers and through social media. We’re looking
at how we can further engage our customers and our own
people to raise awareness, show the benefits and deliver
those benefits to more households.
GIVING CUSTOMERS WHAT THEY WANT
We know that great service and products lead to positive
customer experience and improved loyalty. This in turn
lowers our cost to acquire new customers and look after
existing ones. We have seen great improvements across
most of the customer metrics we track, reinforcing that our
customers think we are on the right track.
These metrics include our customer switching rates,
which were down 0.8% on FY18 and 1.7% below the market
average. And our Net Promoter Score (a measure of whether
customers will advocate for us) has increased significantly,
averaging +27 over the past 12 months, up from +18 the
year before.
Net Promoter Score
1
-8FY15
-3FY16
14FY17
18FY18
27FY19
1.We use the relational Net Promoter Score.
We use ongoing brand tracking and regular customer
panels to find out what our customers want and need, and
use that information and insight to decide where to put our
focus. Customers have told us they want us to show them
that we know them, bundle products and services to make
their lives easier and help them pay less and ultimately save
money. They want fairness and equity. They also want easy
access and, by and large, they want it digitally.
We’ve been responding in a number of ways, including
making it easier to do business with us online.
Our customers now have less need to call us because
they’re satisfied with the service they’re receiving, and
they’re able to interact with us whenever they want using
our new website and mobile app. Service calls to our call
centre dropped from over 950,000 calls in FY18 to about
850,000 in FY19.
Increasing self service options
We’re giving our customers more options for self service
with our mobile app, My Account and online services, and
we’re continuing to enhance these services with new and
interesting features. We’ve recently added features for
customers to manage their SmoothPay, PrePay and post
pay payments, including changing their bill frequency,
making partial payments and adding direct debit. We’ve
also simplified how customers join us, add new products
and let us know they’re moving home.
We launched our new and improved mobile app in
November 2018, and in June we recorded 6,600 average
daily users and more than 50,000 active mobile app users
— up from 19,400 monthly users for our previous app in
June 2018. The number of mobile app interactions was
nearly three times higher in June 2019 than December
2018 and the number of transactions completed via the
mobile app more than doubled over the same time period.
We’ve increased sales across our digital channels by 60%
in the last year.

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ACCESSIBILITY
Offering plans to suit different needs
We’re offering more diverse products and services to meet
different customers’ needs and make life better. Some of our
popular new plans and services include:
• Basic — a simple, hassle-free plan, with no rewards or
other added discounts, no fixed term and no break fees.
More than 6,000 customers have signed up for our
Basic plan, with no prompt payment discount, since it
launched in mid-February.
• Bundle with broadband — customers can keep
things simple and get discounts by getting one bill for
broadband, electricity and gas, or broadband and gas.
More than 10,000 customers have added broadband
this year, making it one of our fastest growing products.
• Rewards — we joined the AA SmartFuel (AASF)
scheme in 2017 so our customers can sign up to plans
that give them fuel discounts. More than 45,000
customers are now receiving AASF rewards. We made
changes to the advertising of AASF after the Commerce
Commission charged Contact with breaches of the Fair
Trading Act in relation to the launch of our AASF
advertising campaign. Contact has fully co-operated
with the Commerce Commission on this.
• Take a month off — an innovative new campaign we
tested for a few months this year where customers
can choose any month of the year to waive their entire
energy bill for that month.
We have a range of plans to suit our customers, which are all
on our website.
Moving customers to the best plan for them
Sometimes customers find themselves on plans that
aren’t the best fit for their situation or lifestyle, so we review
customers each year to make sure they’re on the right plan.
In January we switched about 16,000 customers to a low
user plan after we contacted them to advise it would save
them money. On average these customers will save $110
each year on their new plans.

Contact | Annual Report 2019
23
RELIABILITY
Contact works hard to be a
safe, efficient and reliable energy
provider that delivers value to our
customers and makes their lives
better, while also delivering good
financial returns. We’ve weathered
volatile wholesale markets and
a competitive retail sector to
perform strongly this year.
We’re committed to continuing
our transition to renewable energy
and to finding innovative ways to
meet our customers’ needs, and
ensuring we have the right people,
with the right skills and experience
to do that.

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FOCUS ON FINANCIAL PERFORMANCE
Our investors rely on us to deliver sustainable financial
returns now and into the future.
Our focus needs to extend beyond short term financial
performance so that we create sustainable value for
New Zealanders.
This year we’ve achieved capital efficiency by reducing
stay in business capital expenditure, good working capital
management from improved debt collection, with the
strong performance delivering good operating free cash
flow in the year.
We are focused on reducing operational expenses to
take costs out of the Customer business while at the same
time developing new products, improving the customer
experience and selectively investing in robotics and
automation. In our Wholesale business, we’ve moved
to a leaner operating model while unlocking fuelling
constraints at our geothermal power stations, which
has delivered immediate benefits including increased
output at Ohaaki.
Our quality portfolio of low-cost, long-life renewable
generation assets and strong balance sheet have informed
our distribution policy with the Board targeting a payout
of 100% of expected operating free cash flow. For FY19
we have declared a full year dividend of 39 cents per share.
This is an increase from 32 cents in FY18. We aim to maintain
consistency in the dividend despite variable hydrology,
costs to maintain our plant, and volatile market conditions.
We value the flexibility provided by our investment grade
credit rating, which enables the company to withstand
variable market conditions.
Sales of Rockgas and Ahuroa Gas Storage
provide flexibility
On 30 November 2018 Contact finalised the sale of Rockgas
to Gas Services New Zealand (GSNZ) for $260 million.
The sale allowed us to reduce debt while maintaining our
position as the leading provider of mass market products by
selling LPG on behalf of GSNZ. This model of partnering with
GSNZ to deliver products and services to our customers is
similar to our how we sell broadband and is likely to be a
common feature of our future.
On 1 October 2018 we also finalised the sale of the Ahuroa
Gas Storage facility and associated assets to GSNZ for
$200 million
1
. GSNZ is now operating the facility as Flex
Gas. As part of the transaction Contact retained access
to competitive long term gas storage services.
Regulator rejects Undesirable Trading
Situation claim
Low hydro levels and a shortage of gas led to high
wholesale prices during the year, which some retailers
and their customers felt more than others. This resulted
in a group of energy market participants filing a claim of
an Undesirable Trading Situation (UTS) with the Electricity
Authority (EA) against larger generators including Contact.
A UTS, if validated, would have been an extraordinary event
that threatened the integrity of the wholesale market.
The EA announced on 28 February 2019 that it had found
there was no UTS. It found that spot electricity prices had
been unusually high, however it said these prices reflected
underlying supply and demand.
Supply was able to meet demand during this period as the
high spot prices suppressed some demand and because
more expensive generating plant became economic to run.
Contact’s diverse generation portfolio gave us the flexibility
to meet higher demand and optimise returns. This included
running our thermal plants and deferring a planned outage at
Wairakei geothermal power station.
RELIABILITY
The last five years in review
For the year ended 30 JuneUnit2019
(4)
2018
(4)
2017
(3)
20162015
Revenue$m2,5192,2752,0792,1632,443
Expenses$m2,0011,7941,5781,6401,918
EBITDAF$m518481501523525
Profit/(loss)$m345132151(66)133
Underlying profit$m176130142157161
Underlying profit per sharecps24.618.119.921.721.9
Operating free cash flow$m341301305352338
Operating free cash flow per sharecps47. 542.042.648.546.6
Dividends declared
(2)
cps3932 262676
Total assets$m4,9545,3115,455 5,6526,089
Total liabilities$m2,1722,5842,6772,8292,918
Total equity$m2,7822,7272,7782,8233,171
Gearing ratio%2835363836
1. Up to $10 million of this is contingent on GSNZ obtaining a favourable binding ruling on the tax treatment of the main assets
2. FY15 included a special dividend of 50 cents per share.
3. Figures have been restated for the adoption of NZ IFRS 15 Revenue from Contracts with Customers and NZ IFRS 16 Leases.
4. Figures above reflect the combined result and position for the continuing operations and discontinued operation, and certain 2018 amounts have
been reclassified to conform to the current year’s presentation.

Contact | Annual Report 2019
25
ENSURING RELIABLE
RENEWABLE ENERGY
Our Wholesale business is focused on being an innovative,
safe and efficient generator working with business
customers, partners and suppliers to decarbonise
New Zealand’s energy sector.
83% of the energy we generated came from renewable
geothermal and hydro sources, and the remainder from
thermal generation.
Predicting future energy demand is complex, however
most forecast data shows that in the near-term demand
will grow at about 1% per year. As New Zealand and
customers look to low-carbon solutions we believe this
will increase longer-term demand for reliable renewable
energy, and our decarbonisation strategy ensures we are
well placed to meet this demand.
Decarbonising energy in New Zealand
To decarbonise energy, we aim to lead by example, lead our
market and lead business.
We lead by example by making our operations more efficient,
minimising any adverse impact on communities and the
environment, and walking the talk – if we expect our
customers to decarbonise, we must take the journey
ourselves. Go to Taking action on climate change in the
Environment sustainability section for more information.
We are leading our market by closing higher carbon
generation assets and developing new, low carbon ones.
Since 2008 we’ve closed thermal power stations in Otahuhu
and New Plymouth and we’ve developed New Zealand’s
only underground gas storage facility at Ahuroa, geothermal
generation at Te Mihi and Te Huka, and two gas fired peaking
plants at Stratford. We also acquired a thermal peaking
plant at Whirinaki. Our thermal peaking capacity supports
increased use of renewables by providing back-up when
there’s too little wind, rain or sun.
We’re preparing for the market of the future and maximising
low carbon energy by building a demand flexibility platform,
developing low carbon solutions for customers, and
advocating for regulatory settings that will facilitate the
transition of New Zealand’s energy system away from fossil
fuels. We are also investigating developing our geothermal
resources and monitoring other renewable generation
sources as options for the future.
We help our customers find energy efficiencies and with
new products and renewable substitutes to transition from
higher carbon fuels to low carbon fuels. We aim to displace
1PJ of industrial heat with electricity by 2022 — roughly the
equivalent of the electricity used by all the houses in Taupō
in a year.
We are helping customers transition to lower-carbon
electricity by enabling on-site generation and storage,
electrifying industrial heat, electrifying transport, offering
long term renewable electricity supply agreements and
offering more customers geothermal direct heat.
We supply geothermal direct heat to Taupō businesses
around our geothermal power stations, including the Prawn
Park, Tenon, Wairakei Terraces, Ohaaki Heat, Nature’s Flame
and Wairakei Resort. We are also working with Geo40 who
are using new technology for the sustainable production of
industrial silica products from geothermal fluids.
Prawn Park

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We’re helping customers with audits to show how they’re
using energy and to identify and implement opportunities
to reduce their emissions. In FY19 the Energy Efficiency
and Conservation Authority (EECA) contributed $174,000
towards 17 customer energy audits, and $484,000 to help
review and electrify customer vehicle fleets, and our own
vehicles. Our own fleet is now close to 40% EV, and in
August we partnered with ChargeNet and Wellington City
Council to install three electric vehicle fast charging stations
in Wellington to make EV charging more accessible.
Investigating options to develop
geothermal resources
We announced that we’ll drill four new exploratory wells
on the Tauhara geothermal field near Taupō in August 2019,
as part of a programme to understand the economics of
developing a new power station.
Contact has had options to further develop Tauhara since
2010, when we obtained resource consents for a 250 MW
plant on the field. This followed the construction of the
28 MW Te Huka plant the same year.
We haven’t progressed with development of Tauhara since
2010 because of flat electricity demand. However, the cost
of new geothermal power is reducing at the same time
that customers and the country are looking to reduce
their reliance on fossil fuels. The cost of running existing
thermal stations is also increasing – improving the relative
economics of Tauhara.
We’ve reconsidered Tauhara in this light and believe
that a new geothermal power station on this field is now
New Zealand’s cheapest and most attractive option for
renewable baseload electricity generation. The planned
drilling will tell us more about the reservoir’s characteristics.
Investigating the potential to further develop Tauhara aligns
with our decarbonisation strategy and with New Zealand’s
climate goals. Geothermal energy is important in the
transition to a low carbon economy because it’s a low
emissions energy that provides baseload generation,
unlike weather dependent wind, solar or hydro. It can also
provide a supply of direct heat for industrial processes
and we are working with a number of interested parties
on prospective developments.
We will continue to work closely with the local community
in Taupō, who have told us that they would like to share
the benefits of geothermal developments. These sorts of
geothermal developments can be sensitive as historically
there have been impacts on land, waterways and biodiversity,
however modern adaptive management techniques ensure
that effects can be identified early and operational changes
can be made to reduce any negative impacts.
Rewarding customers for demand flexibility
We ran a pilot this year for our demand flexibility platform
— technology we’ve built that enables us to pay large
electricity users to reduce power use at peak times.
The platform automatically communicates with customers’
equipment to reduce electricity use when the grid is facing
high demand, most commonly during winter spikes in
electricity use. This means we can reduce our use of
fossil fuel generation, which is typically used to meet high
electricity demand.
Customers are rewarded financially for their flexibility, and
are also motivated by the fact they’re contributing to a more
sustainable, resilient and lower cost grid electricity supply.
We initially piloted the platform on Contact equipment,
and now have five contracted customers. Given its success,
we will extend the scheme in 2020.
Contact was a finalist in the 2018 Energy Excellence Awards
for Innovation in Energy for the development and piloting of
the platform.
Investment in Simply Energy adds to capability
Contact announced in June this year that we’ve acquired
an interest (49.9%) in Simply Energy. Simply Energy has
a strong reputation for developing innovative technology
and data solutions and for opening up new market
opportunities. They have an agile customer engagement
platform that we can leverage to help us deliver market-
leading customer experiences.
Investing in Simply Energy allows us to evolve from
‘commodity seller’ to a ‘trusted, innovative solutions provider’
— the type of deep partnership our Commercial and
Industrial customers are looking for and which positions us
to help our customers achieve decarbonisation.
The transaction includes an option for Contact to buy
the remaining shares in Simply Energy to take full ownership
in the future.
Responding to gas constraints
The wholesale market experienced fuel production
constraints during the past financial year, which led at times
to significant increases in wholesale market prices, fuel
scarcity and increased volatility. However, our wholesale
portfolio performed well during this time, highlighting the
value of gas storage at Ahuroa Gas Storage.
While we sold Ahuroa during the year to Gas Services
New Zealand (GSNZ), we have retained access to
competitive long term gas storage services for 15 years.
GSNZ has committed to expand Ahuroa storage and this
should be completed early next year. This will play a valuable
role for New Zealand as our electricity market moves from
coal and gas generation to more flexible and short term gas
generation. In July 2019 GSNZ confirmed they had sold
capacity in Ahuroa to a third party.
In June this year, we secured gas supply from Taranaki-
based gas producer OMV for 40 TJ/day of gas for the 2019
winter. The agreement also provides for the supply of Maui
gas at the same price for 2020 to 2024, with volumes
subject to field deliverability. Our thermal power stations will
play a key role in providing affordable and reliable electricity
when weather-dependent wind, solar, or hydro generation
is not available.
RELIABILITY

Contact | Annual Report 2019
27
GROWING TALENT, INCLUSIVENESS
AND DIVERSITY
We rely on the dedication, passion and innovative ideas of our
people to deliver safe, dependable energy and add value for
our customers in an ever changing and challenging market.
We support our people to do their best work, and we keep
them here by rewarding them with competitive salaries and
benefits. We also work hard to be a workplace where people
from all walks of life are embraced and valued.
We believe an inclusive culture and diverse workforce leads
to diversity of thought, better decision-making, stronger
business performance, and a better world. Our Inclusion
and Diversity Policy provides the framework for inclusion
and diversity initiatives at Contact. We still have work to do
to be a truly inclusive and diverse company, and we’re taking
some good steps in the right direction.
We get the best out of our people and support better lives
for them by providing flexible working practices, including
our flexible working initiative ContactFlex, which customises
working solutions to individual circumstances.
We’re a member of Champions for Change, a group of
New Zealand CEOs and Chairs on a mission to accelerate
inclusive and diverse leadership. Champions share their
inclusion and diversity reporting, which helps give us a
benchmark. Overall, our team is 47.1% female (up 4% from
2018), compared with an average of 44.9% across the 39
Champion group members that participated in 2019.
We have seen improvements in gender diversity across
most levels in Contact and we continue to focus on executive
positions, other management roles, and plant operational
roles, where we’re not yet meeting the measure of 40-60%
female, for gender balance.
To ensure we’re attracting the right people, we’ve developed
a new talent acquisition model. The model is about
predicting our future talent needs and having great people
ready and waiting to join our team. It puts more emphasis on
candidate care, engagement with the business, removing
bias, and better use of technology and automation such as
artificial intelligence. It’s also building understanding of our
employer value proposition — what’s special about working
at Contact.
Getting the Rainbow Tick
Contact received Rainbow Tick certification this year
for being a safe and inclusive workplace for lesbian,
gay, bisexual, transgender and intersex (LGBTI) people
— an important step for us in creating a culture where
all voices are heard, valued and considered.
To achieve certification, we went through an international
best practice assessment that looked at policy, internal
and external engagement, organisational development,
and monitoring. Our focus over the next 12 months is
educating our people, raising awareness, and getting
our people involved in rainbow networking opportunities
internally and externally. Our aim is to create an environment
where our people feel comfortable talking about their sexual
orientation, gender identity and ethnicity.
Attracting women into operational roles
We continued to foster inclusion and diversity by supporting
the Connexis ITO’s Girls with Hi-Vis programme by hosting
events at our Stratford and Wairakei power stations. Girls
with Hi-Vis aims to attract more women into the trades by
giving them the opportunity to see first hand options in the
energy sector.
Wellington Pride Parade 2019

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For the past four years, Contact supported Girls with Hi-Vis by
hosting an event at the Clyde Power Station and promoting the
initiative to other organisations. This was so successful that the
programme was extended to the North Island this year.
Contact is a global partner for WING (Women in Geothermal),
a not-for-profit global organisation promoting education,
professional development and the advancement of women in
the geothermal industry. We’re excited to support scholarship
programmes, networking opportunities and development
opportunities for WING’s participants, with the goal of
attracting more women to work in geothermal.
Growing diversity through internships
Last summer, we hosted six interns through Summer of Tech,
a not-for-profit programme investing in New Zealand’s next
generation of tech talent. Following the summer internships,
one of our interns joined our team full-time and one is working
for us part-time while continuing to study. We’re sponsoring
Summer of Tech again in 2019/2020, and this year we’ll also
have access to Tupu Tek, a new internship programme for
Pacific tech students. We’ve also signed up to Summer of
Biz, so we can now provide internships for tertiary students
studying marketing and human resources too.
Since 2015 we’ve also run a Māori internship programme.
This has helped foster trust between ourselves and our iwi
partners, grow our cultural capability, and advance our goal
to be inclusive and diverse. We structure the programme to
give interns projects aligned with their studies and interests.
They also help our business by sharing Te Ao Māori —
including Te Reo lessons, marae protocol, and Treaty of
Waitangi understanding and the significance for our business.
Each year our interns report back to the hapū and iwi of
Tuwharetoa and Ngāti Tahu on what they’ve achieved during
their internships. The hapū and iwi appreciate hearing about
the projects interns have worked on and what they’ve learnt.
Growing our people
Our people are the human energy that powers our business
and we’re committed to giving them opportunities to learn,
grow and stretch as individuals. Our approach to development
is about meeting people’s different needs — everyone on our
team is unique and different areas of the business in need
people with varied skills and attributes.
We believe that most learning happens through experience,
so we look for on-the-job opportunities, secondments and
projects for our people. This includes opportunities outside
Contact, such as working with our partners.
Growing our people also includes formal training, coaching
and mentoring, initiatives to raise awareness about sexual and
gender diversity as part of our Rainbow Tick accreditation,
and leadership training for people leaders. We invest in growing
leadership for women through Global Women programmes.
And we’re developing a new leadership programme to ensure
we have collaborative leaders who can lead innovation and
adapt to the changing environment we work in.
Our engagement survey measures how our leaders are doing,
including questions on leadership, culture, performance
development and internal communication.
Our average leadership score across Contact this year was
81% which tells us we are in the upper quartile.
Ethnicity
53%
Males
47%
Females
Gender
40%
European
31%
Other
26%
Undisclosed
8%
Māori
7%
Asian
2%
Pasifika
1%
AMELA
2
Ethnicity
1
1.Total % adds up to more than 100%. This is because individuals can
choose to identify multiple ethnicities.
2. African, Middle Eastern & Latin American.
Gender
Age groups
45%
aged 30–50
31%
aged over 50
23%
aged under 30
1%
undisclosed
Age diversity of employees
Measuring engagement
We believe that our people’s experience is our customers,
experience and our culture is our brand. Having satisfied
customers starts with having satisfied and engaged people.
One of the ways we monitor the engagement of our people is
with an annual Ask Your Team survey.
This year 91% of our people completed the survey and our
overall engagement score was 75% (which is in the upper
quartile for organisations that use the survey), slightly behind
our May 2018 score of 77%. We use the insights from our
surveys to stay informed about our people’s experiences
and to focus on what we can do to make this the best place
possible to work.
For more diversity information go to Sustainability in the
Disclosures section.
RELIABILITY

Contact | Annual Report 2019
29
FOCUSING ON HEALTH AND SAFETY
Our health, safety and environmental management system
is designed to keep our most important assets — our
people, our plant and the environment — safe.
The sale of Rockgas has seen our safety risk landscape
change, and our largest safety risks are now in our Wholesale
business. In our Customer business, the safety risks are
mostly on our customers’ sites (things like unfriendly dogs
and old meter boards) so we work closely with our service
delivery partners to manage those risks.
As we continue our safety journey, our focus is to have
robust systems to be able to fail safely when incidents
occur — because we’re human and mistakes do happen.
We’ve been putting initiatives in place to make the ‘H’ in
‘HSE’ bigger over the past couple of years. This year we’ve
increased access to our occupational health services and
implemented a Wellbeing 360 survey that enables our
people to gain more insight into their wellbeing and helps
us improve the support we offer.
Gaining more insight into wellbeing
As a company that’s built on human energy, we rely on
a healthy and well workforce.
We ran a Wellbeing 360 Survey this year to help us
understand and support our people’s needs. The survey
measures mental, physical, work and social wellbeing, and
provides each person with personalised results and ideas for
improving their wellbeing. We had a great participation rate
of 77% — well above the benchmark of 50% — which gives
us an opportunity to address issues our people face.
One of the issues we’re responding to is mental health
awareness and support. We’ve introduced the GoodYarn
programme to build a community in Contact with the
knowledge and skills to identify mental health issues
and approach and support colleagues in a caring and
respectful way. We’ve made a three year commitment
to the programme and so far have trained 10 people from
across the business as GoodYarn facilitators.
The survey also gave us insights about how our people feel
about our Employee Assistance Programme (EAP); RedMed,
our discounted medical insurance benefit with Southern
Cross; and ContactFlex which allows our people to work more
flexibly. This is helping to direct our ongoing efforts to improve
how we support our people’s wellbeing. At site and team levels
our people are also owning initiatives that make a difference to
them – like setting up a gym or running support groups.

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We are proud of our Customer business being a finalist in
the Wellbeing category of the Deloitte Energy Excellence
Awards for their Building Better Workdays programme.
The programme is about ensuring our people are healthy
and happy — so they’re enjoying their work, delivering world
class customer experiences and feeling a greater sense of
connection with what we do.
Measuring our HSE performance
Contact uses several ways to measure and monitor HSE
and we use Total Recordable Injury Frequency Rate (TRIFR)
and an HSE Index as our safety performance indicators.
The HSE Index is derived from questions in our Ask
Your Team survey. Our people score on how well we’re
empowering and involving them in process improvement
and performance reliability, how safe they feel to speak up
and be honest, how well and consistently we support them
when things are challenging or go wrong, and how effective
our supplier and contractor relationships are. This gives a full
picture of our safety journey.
TRIFR is a lagging indicator — it looks back, and although it
is based on a count of actual injuries, it takes no account of
the risk potential. As our TRIFR has reduced it is becoming
less relevant as a way of understanding how our systems and
culture are working effectively to keep our people, plant and
the environment safe.
From next year we’ll fully adopt the HSE Index as our safety
performance indicator. We’ll also continue to measure and
monitor TRIFR because it’s a global measure that can be
benchmarked and it’s our injury measure.
In our Wholesale business, we’ll continue to measure Total
Incident Severity Rate (TISR), an internally created measure
that gives us a much better idea of exposure to risk by
assessing the potential severity of both HSE and process
safety incidents.
Our year to date TRIFR for controlled activity (work done
under our HSE management system, e.g. at our sites or by
our people) was 1.3 against a target of 1.2. This included three
minor injuries (minor knocks and strains) and is the lowest
number of injuries we have had. Our TRIFR measure is
calculated based on the hours worked (2.26m in FY19) and
the number of injuries, and we didn’t meet our target this year
because even though we’d set a target of three injuries, that
was against more forecast hours than actually worked.
Our TRIFR for monitored activity (work done by our service
delivery partners using their own HSE systems) was 18.8
against a target of 6.8, and included five injuries related
to property access issues (slips, trips and a dog bite). Our
target was based on two injuries in the hours our service
delivery partners worked (0.27m for FY19). We are working
proactively with our partners to learn from these incidents
and improve their systems.
Our HSE Index result this year was 71% which was behind the
target we set ourselves of 81%. We are exploring the result with
our people to understand what we need to focus on improving.
TISR assesses all HSE events and considers both actual
and potential consequences so that we get a view of how
well our defences are working for our critical risks. TISR
was 3,900 within controlled activity in FY19 (compared
with 3,200 in FY18). We also measure and monitor TISR in
monitored activity and this was 4,700 for FY19 (compared
with 11,100 in FY18).
Process safety
FY19FY18FY17FY16FY15
Tier 100001
Tier 220011
Tier 35856495833
Note: This table represents the number of process safety incidents
across our operations. The figures exclude any incidents occurring
in the Ahuroa Gas Storage facility or Rockgas LPG facilities.
We use international guidelines to identify and categorise
process safety incidents as tier 1 (a significant loss of
containment of hazardous material or energy), tier 2 (a lesser
loss of primary containment or a significant degradation of
barriers), or tier 3 (learning events where issues have been
identified in our process safety barriers or controls).
We’ve had no tier 1 incidents since 2014. In FY19 we
had two tier 2 incidents, which included a potential for a
significant water hammer event in a geothermal steam line,
and a reduction in steam safety valve capacity at a thermal
station. The incidents resulted in no injuries or plant damage.
About a quarter of the 66 tier 3 incidents related to
automatic protection operating as designed to keep our
plant safe, about a quarter related to minor loses of primary
containment of material, a quarter related to anomalies in
our work control processes, and the remainder were
equipment faults or minor procedural issues.
RELIABILITY
18.8FY19
20.5FY16
10.3FY17
6.6FY18
Monitored TRIFR
1.3FY19
3.3FY18
2.4FY17
2.9FY16
Controlled TRIFR
1
1. We have removed Rockgas from our data for comparative purposes.

Contact | Annual Report 2019
31
ENVIRONMENTAL
SUSTAINABILITY
Our business, our people, our customers
and our communities rely on New Zealand’s
natural resources, and it’s important
we look after them. Environmental
sustainability is crucial to ensuring
our natural and shared resources are
available to future generations, and
essential to the continued operation
of our power stations and meeting the
expectations of our stakeholders.
We are constantly evaluating our
relationship with, and impact on the
environment, and we report on our
environmental performance to the
Board Health, Safety and Environment
Committee. This reporting includes our
key material issues: climate change, water,
biodiversity, consent compliance and
tangata whenua relationships.

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USING WATER SUSTAINABLY AND
RESPECTFULLY
Water has an important role in Contact’s business. Our
geothermal operations use fresh water for activities such
as cooling and drilling, and we discharge geothermal fluid
to the Waikato River. Our thermal power stations use fresh
water for cooling and to reduce discharges to air. In our hydro
operations, we pass water through dams.
Water is also a vital resource for the wellbeing of our
communities. We have developed a position on water
which guides our actions. It’s about ensuring that our
use is sustainable and respectful, both culturally and
environmentally. To support our sustainable management
of freshwater resources, our internal dashboard monitors
water use across our operations. Our future focus is to
create a more holistic measure of water that shows our wider
impacts on waterways.
This financial year we used 17,955,223 megalitres of
water, which is significantly higher than previous years due
to increased water inflows in our hydro catchment. Of this
water, 99% was returned to rivers (after passing through
our power stations) or to geothermal reservoirs, with the
remainder discharged in line with our resource consents.
Overall, water usage for processing, cooling and consumption
in our thermal power stations was 1,486 megalitres.
Non-consumptive water usage (ML)
(1)
for year ended
30 June 2019
Source / water use(ML)
Clutha Mata-Au River water17,145,185
Geothermal reservoir68,494
Geothermal cooling water309,205
To t a l17,828,884
1. ML = megalitres
ENVIRONMENTAL
SUSTAINABILITY
Total water usage for year ended 30 June 2019
(1)
Source / water useWithdrawal (ML)
(2)
Discharge (ML)
Geothermal reservoir105,914
River and surface water2,089
Water from third parties312
Council42
Discharge from all sources1 7, 9 8 2
To t a l108,35717,982
1. Management of the use and impact on water is largely done through
our resource consent compliance activities.
2. ML = megalitres
Taking responsibility for our impacts
An event at one of our geothermal sites in Taupō this year
led to a discharge of sediment and geothermal water into
the Waipuwerawera Stream and on into the Waikato River,
discolouring the Huka Falls.
As soon as we discovered the discharge, we took
immediate steps to contain the site, clean up and prevent
further slippage or water flow into the stream, and to engage
openly with the local iwi and wider community.
We have investigated to understand what caused the event
and to ensure we improve our systems to prevent further
incidents like this. The Waikato Regional Council is also
investigating this incident.
We are also continuing to talk with iwi and affected
stakeholders to respond to any ongoing concerns and
remediate residual effects. Water is a precious, shared
resource and our access is a privilege that we never
take for granted.

Contact | Annual Report 2019
33
TAKING ACTION ON CLIMATE CHANGE
Action to limit the extent and impacts of global warming is
stepping up in New Zealand and globally, at regulatory and
community levels.
Both the projected physical impacts of climate change
and the transitional risks (such as regulatory changes,
consumer behavioural shifts and wider societal responses),
have significant potential impacts on our business.
Contact has taken steps to ensure we appropriately
recognise and account for these risks and opportunities,
and in the last year we have:
• formalised the Board’s oversight of climate related
matters through the Board Health, Safety and
Environment Committee
• thoroughly reviewed risks and opportunities associated
with climate change on our business
• recommitted ourselves to a climate change position;
• embedded an emissions reporting tool enabling more
oversight of our wider emissions
• established verified science-based emissions
reduction targets
• embedded decarbonisation into our business strategy.
We are proud to be the first company in New Zealand
to sign up as an official supporter of the Taskforce for
Climate-related Financial Disclosures and the first
company to establish a Green Borrowing Programme
in New Zealand. We’ve also joined with other business
leaders as part of the Climate Leaders Coalition to
demonstrate our commitment to action and we report
carbon information through the Climate Disclosure Project.
Modelling climate change scenarios
We engaged the National Institute of Water and Atmospheric
Research (NIWA) this year to model likely changes from
climate change across each of the regions we operate in
and for New Zealand generally.
We modelled two scenarios: a business as usual scenario
where greenhouse gas concentrations continue unabated
(Representative Concentration Pathway (RCP) 8.5); and
a mitigation scenario with a global effort to heavily reduce
concentrations (RCP 2.5). This planning identified that in
either scenario most of our sites will experience a tripling
of the number of hot days, and that spring and summer
are expected to become drier and winter wetter. Our hydro
catchment is likely to have increased inflows, with potential
for hydro generation increasing – especially under the
business as usual scenario.
Climate change exacerbates existing risks in some areas,
while also posing new risks. We identified a number of
transitional risks as the world adapts to a new climate,
including effects on the New Zealand electricity market,
which is largely dependent on weather to provide fuel,
increased pressure on our business to reduce our emissions
and transition to lower carbon options, and potential costs
resulting from regulatory interventions.
Risks of a changing climate also included additional health,
safety and wellbeing hazards for our people working in
these conditions; physical impacts on our existing plant
including the design of our stormwater systems, increased
maintenance requirements and changes to asset
management planning; and the availability of, increased
pressure on, and access to fresh water for operational use.
Hotter temperatures also reduce the efficiency of plant
and the capacity of the transmission system to carry current
volumes of electricity, so this will need to be carefully
managed over the longer term. For more detail on these risks
go to the Climate related risks in Other Disclosures section.
Contact is well positioned to manage these risks, as well
as some opportunities, through the implementation of our
decarbonisation strategy.
Our decarbonisation strategy aims to replace our
thermal generation assets once they are uneconomic
with renewable assets and to increase overall electricity
demand by helping our customers transition from higher
carbon fuels to electricity.
Partnering for carbon credits
We entered a partnership in March 2019 to invest in creating
a geographically diversified forest portfolio to sequester
carbon on marginal land.
Drylandcarbon is a limited liability partnership with Contact,
Air New Zealand, Genesis Energy and Z Energy.
The partnership aims to produce a stable supply of
forestry-generated New Zealand Unit (NZU) carbon credits
to support fulfilling our annual requirements under the
New Zealand Emissions Trading Scheme over the long term.
The partnership intends to purchase or license marginal,
unproductive and often erosion-prone land and convert
it to sustainable forestry for carbon farming. Through the
partnership, Contact is committed to positive sustainable
outcomes for the environment, for the farming economy and
for the rural communities in which Drylandcarbon will operate.
Drylandcarbon’s afforestation plans are closely aligned
to a number of key Government objectives and will deliver
a range of environmental and sustainable development
benefits to our regions.

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Total greenhouse gas emissions by Scope (tCO
2
e)
Scope 2
0.1%
Scope 3
35.3%
Scope 1
64.5%
Tracking emissions from generation
We follow the Greenhouse Gas Protocol, a global
standardised framework for reporting on our emissions,
which categorises emissions as Scope 1 (produced
directly through our operations), Scope 2 (emissions from
purchased electricity) and Scope 3 (emissions in our wider
supply chain). Our complete emissions inventory can be
found on our website and for a fuller summary go to
Emissions data in the Other Disclosure section.
The majority of our emissions fall into Scope 1, from
electricity generation at our thermal and geothermal
operations and through our vehicle use. We monitor our
direct emissions and other discharges to air in line with
resource consents and reporting requirements under
the New Zealand Emissions Trading Scheme. Accurate
monitoring enables us to track progress against targets
and ensure transparency in our operations.
This year, our emissions from electricity generation
decreased by 16% on the prior year as a result of increased
hydro catchment inflows and a nationwide shortage in gas
supply which restricted thermal generation.
ENVIRONMENTAL
SUSTAINABILITY
Emissions from electricity generation (tCO
2
e)
Revising our emission reduction targets
This year we verified our emission reduction targets through
the Science Based Targets initiative to ensure they are in line
with the science required to limit global warming to 2 degrees.
All targets have a base year of 2018. Our current target is:
• to reduce our Scope 1 and 2 greenhouse gas emissions
by 30% by 2030
• to reduce Scope 3 emissions from use of sold products
by 15% by 2030.
In addition to our science based targets, Contact has set the
following business targets:
• to displace 1 PJ of fossil fuel with renewable energy
by 2022
• to reduce our emissions intensity by 36% by 2030.
In late 2018, the Intergovernmental Panel on Climate Change,
the United Nations’ body for assessing science related to
climate change, released a report saying that a 2 degree limit
is not enough to prevent significant damage to society. In light
of this, we are reviewing our current targets as part of our
commitment to leading by example.
Delivering these targets requires us to execute our
decarbonisation strategy to build more renewable generation
to displace thermal generation. This means demand may
increase before we have built new renewable generation,
so we may see small increases in our emissions from using
thermal generation to meet that need, before we see
significant long term reductions.
FY12FY13FY14FY15FY16FY17FY18FY19
0
1, 000,000
2, 000,000
1, 500,000
2, 500,000
500,000

Contact | Annual Report 2019
35
PROTECTING AND ENHANCING
BIODIVERSITY
Our operations can have wide-ranging impacts on water,
rivers, birds, animals and plant life and we believe it’s our
responsibility to protect, maintain and enhance biodiversity
in the areas we operate in.
The diversity of our generation operations means a range
of different impacts in different regions. We have site specific
management plans for local biodiversity impacts and we
report on progress on those to the Board Health, Safety
and Environment Committee.
We worked with government and conservation
representatives, subject matter experts and energy
peers during the drafting of the National Policy Statement
for Indigenous Biodiversity, which was released by the
Biodiversity Collaborative Group in October 2018. Overall
we are supportive of the draft statement, which sets out
policies to manage natural and physical resources to
maintain indigenous biological diversity under the Resource
Management Act. Some draft policies may restrict the
development of new geothermal and wind generation in
New Zealand, so we’ve continued to do work to provide
further options that enhance and protect native vegetation
and wildlife while still enabling New Zealand to meet climate
change targets.
Reducing our impacts on fish migration
We’ve had good results this year from our work to help native
tuna (longfin eel) make their seasonal migrations in the areas
around our dams.
Our most significant impact on biodiversity is the impact
of our dams on the passage of native fish, including their
seasonal migrations. Our dams were built many years ago
without considering fish movements. So this is now a focus
of our work in the Clutha catchment, and we’re working with
the Department of Conservation, Ngāi Tahu and the South
Island eel industry to ensure our efforts are best practice.
The latest elver (juvenile eel) season, in January and
February, was the most successful transfer of elvers
upstream and beyond the Roxburgh Dam on the Clutha
River since consistent records began in 2012. We caught
and transferred 81.5 kilograms of elvers at the Roxburgh
Dam, and about 90% of those were caught in a new trap
installed in 2017.
We trap the elvers below the Roxburgh Dam and release
them at four different locations upstream, in consultation
with iwi and other stakeholders. The migrating elvers will swim
upstream from their point of release and into high country
lakes or rivers such as the Manuherikia River or Lake Wanaka.

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ENVIRONMENTAL
SUSTAINABILITY
We also need to assist the downstream movement of adult
eels when they are ready to migrate to breed. This summer
we contracted a commercial fisher who caught 36 migrant
eels from Lake Wanaka and Lake Dunstan and transported
them to below the Roxburgh Dam so that they could head
out to sea to spawn. We also caught 101 eel above 4kg
(the maximum size a commercial eeler can take) and
released them below the Roxburgh Dam to support these
eels to migrate to the ocean to spawn once they mature.
Restoring and protecting habitats
In addition to our trap and transfer effort with eels, we have
restored riparian habitat in the Clutha catchment to support
native fish species including tuna (eel), kanakana (lamprey),
inanga (whitebait) and giant kokopu. These restoration
projects have all been in partnership with the Department
of Conservation. They are on private land and have all
been enthusiastically supported by those landowners.
Our geothermal operations can have indirect impacts on
the habitat of at-risk or threatened thermotolerant species.
These sites have very special biodiversity values as the
available habitat is limited to certain temperature and
chemical conditions. In our experience, the success
of thermotolerant species can be enhanced through
pest management and the removal of invasive species.
This year, in collaboration with the Waikato Regional Council,
we removed wilding pines from approximately 25 hectares
of geothermally significant land in Taupō and are creating a
management plan for the long term sustainability of the site.
Our geothermal operations require vast amounts of land,
some of which we lease out to third parties for forestry
or farming activities. During the last year, a forestry block
in Karapiti was harvested, and instead of replanting the site
in pine forest, we trialled replanting using mānuka. Mānuka
is a native species that helps to establish regenerating
native forest.
We have remained focused on pest management across
all of our sites and have successfully removed 1,528 pests
(including rats, stoats, hedgehogs, and other mammals) in
the last year. We are encouraged by our increasing catch
numbers and our people have reported seeing bird life
return to natural areas.
Over the past year we have planted 28,415 native trees.
Since our restoration and protection programmes began,
we have protected 126 hectares of land.
Kiwi kids meeting kiwis
We’re helping to build the next generation of sustainability
champions by supporting a programme to get schoolchildren
up close and personal with our national bird, the kiwi.
Kiwi Contact is a programme run by the national kiwi
conservation charity Kiwis for Kiwi, to give Taupō primary
and intermediate schoolchildren the opportunity to interact
with kiwi chicks at the sanctuary at Wairakei golf course.
Our 2018 pilot programme was so successful that we renewed
our sponsorship for 2019.

Contact | Annual Report 2019
37
LIVING AND WORKING IN OUR LOCAL
COMMUNITIES
Generating electricity is a significant operation and we
understand that we have a big impact on our communities.
We want that impact to be a positive one.
We foster open, respectful, reciprocal relationships
with the communities we operate in, and ensure that
we understand their needs and aspirations, that they
understand our business, and that we give back in ways
that are meaningful to them.
Through our site sponsorship programmes, we enable our
people to get involved in local initiatives that are important
to them and the community they are a part of.
Engaging with tangata whenua
Tangata whenua have a special relationship with the
natural resources that we rely on to generate electricity
for New Zealand. We interact with various iwi and hapū
around our operational sites. We aim to have positive and
respectful relationships and we have a tangata whenua
strategy which guides us in maintaining those relationships.
In 2019, we reached a milestone in our relationship with
Ngāi Tahu through formally establishing the Mata-Au Trust.
The trust is a mechanism established as part of our 2002
resource consents to operate on the Clutha river, and
supports us to mitigate the impacts of our operations
on the iwi. Over the past year we have worked to develop
our relationship with the iwi and local Papatipu Rūnaka and
we’re collaborating on projects such as eel management.
In Taupō, we have continued our programme to refresh
and improve relationships with Wairakei and Tauhara hapū.
This has included working with Tauhara hapū towards the
establishment of a Kaitiaki Reference Group to formally
represent the interests of the hapū in relation to our
development plans at Tauhara. We are also pleased
to have a commercial partnership with a local Māori
Lands Trust, Tauhara Moana, for geothermal access rights.
At Ohaaki, we continue to maintain our relationship with
the iwi and landowners Ngāti Tahu. This year we partnered
with the iwi and NIWA to hold a wānanga (gathering) for their
community, to help them understand the impact that climate
change may have on them and to be prepared for the future.
We embrace the diverse cultures that make our communities
unique, and encourage opportunities to learn and share
more about each other. This year we celebrated Matariki
(Māori New Year) in a unique way with our geothermal team.
We provided a traditional hāngī for our people, cooked
in a new steam hāngī pit installed on our site. This hāngī
pit enables local hapū to continue their cultural practice
of using geothermal steam for cooking, while reconnecting
them with the geothermal resource in the area.
Preparing for Tauhara development
Contact has had a significant presence in the Taupō
community since geothermal energy operations began
at Wairakei more than 60 years ago. At our Wairakei sites,
we employ around 80 people, most of whom live in Taupō
and are passionately part of the community through
Community Contact, our staff volunteering programme.
We enable our team to get behind initiatives that are
important to them as often as they like.
We recognise that the local iwi, hapū and community
have a special interest in any future developments at
Tauhara. Not only would a new development bring significant
investment and jobs to the region, it would provide
opportunities for partnership and collaboration on joint goals.
We intend to engage early to identify mutually beneficial
opportunities that may help shape the project and its
delivery. Contact is confident that if an investment decision
is made, the project would not only be New Zealand’s
most attractive option for renewable baseload electricity
generation, but would also contribute to the prosperity
of the Waikato region.
Supporting local initiatives in our communities
Our community programmes are based around developing
regional sponsorships and local initiatives that contribute
positively to the places we call home. In addition to the
Kiwis for Kiwi and Girls with High-Vis programmes, we
support a number of other community initiatives. In FY19
we spent over $350,000 on community sponsorships.
Funding lunches for tertiary students
We partnered with Toi Ohomai this year to support their free
lunch initiative for tertiary students at the Taupō campus.
The free lunch programme helps students struggling to meet
the cost of living while studying. As well as funding about 50
lunches each week, we provided some of the students with
safety gear, stationery and unpaid work experience at our
geothermal stations.
Electricity for the night shelter
We helped support Rotorua’s first homeless night shelter
‘Sanctuary Manaakitanga’ by making a one-off donation of
$5,000 worth of power to keep the lights on and everyone
warm last winter.
Learning through nature
Kids Greening Taupō empowers students to be actively
involved with projects to increase biodiversity and solve
environmental problems. Instilling a sense of connection
between our children and the natural environment is an
important part of ensuring we’re helping to build the next
generation of sustainability champions. We provide support
to a Take Action Fund which provides funding to enable
students to get out there planting.

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Over 15,000 attend blossom festival
Since 2004, Contact has been a major sponsor of the
colourful Alexandra Blossom Festival, which takes place
close to our Clyde Dam. This year more than 15,000 people
turned out to join the festivities, and through our support
almost 1,500 children enjoyed fairground rides at Contact
Party in the Park.
620 take part in ultimate mountain biking challenge
The Contact EPIC is a major highlight in the local Hawea
community each year and we are proud to have been its
principal partner since 2008. This year 620 riders took
part in the gruelling event, and through a community fund
established in collaboration with the event’s organisers,
$20,000 has been raised over the last three years. This
fund is now available to support applications for funding
from community based organisations and individuals.
Supporting Excellence in Education in the Environment
We’re committed to supporting New Zealanders working
hard to protect our environment, so this year we partnered
with the Taranaki Regional Council, becoming a key sponsor
of their 2018 Environmental Awards Excellence in Education
category. We will continue the sponsorship this year.
Funding 30,000 swimming lessons
Our long-standing sponsorship of SwimWell Taupō provides
access for every school aged child in the district to free
swimming and water safety lessons, helping children to
develop the skills and confidence they need to stay safe
while having fun in the water. Each year our support enables
more than 30,000 swimming and water safety lessons to be
delivered to 3,500 local children, aged 5–12 years.

Contact | Annual Report 2019
39
GOVERNANCE
M AT T E R S
At Contact we believe that good corporate governance matters because it protects the interests
of all stakeholders and enhances short term and long term value. We regularly review our
corporate governance systems and always look for opportunities to improve how we do things.

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At 30 June, we comply with the recommendations of the
NZX Corporate Governance Code in all material respects.
Our full reporting against the NZX Code is set out in our
Corporate Governance Statement, which is available on
our website.
This section of the Annual Report gives a summary of our
corporate governance practices. All information in this
section is current at 30 June 2019 unless otherwise stated.
CONTACT’S BOARD
The Board’s role and responsibilities
The Board is responsible for the governance, direction,
management and performance of Contact.
Specific responsibilities include:
• setting and approving Contact’s strategic direction
• monitoring financial performance
• appointing the CEO and monitoring CEO and senior
management performance
• ensuring appropriate systems to manage risk
• reviewing and approving compliance systems
• overseeing our commitment to our Tikanga, sustainable
development, the community and environment, and the
health and safety of our people.
GOVERNANCE
M AT T E R S
Strategic FocusExpertiseGovernance Capabilities
Customer
Next generation
customer experience
Deep customer insight and advocacy. Understands generation changes and the impact on customer
drivers. Retail transformation expertise including customer centric experience design, data analytics,
digital marketing, sales, and agile retail. Skills to support and challenge progress towards improving the
customer experience and reducing cost to serve.
Wholesale
Energy sector
including regulation,
generation and
renewable energy
Broad leadership experience across the energy sector including a generation portfolio and regulation/
government engagement. Core understanding of generation and key drivers in moving towards a high
quality renewable energy business model. Operational risk management including health and safety.
Skills to support and challenge in strategic risk management, growth strategy and sustainability
including anticipation of market needs.
Physical
infrastructure
Experience successfully leading sector adjacent companies (e.g. physical infrastructure, engineering
and construction), large scale projects, investment and management. Skills to support and challenge
in project investment, build and industrial maintenance.
Corporate and Portfolio
Capital markets —
investment community
knowledge and
connections
Significant investment community experience. This spans finance, communications, marketing and
securities law to enable the most effective two-way understanding of, and communication between,
the company and the financial community — ultimately contributing to fair valuation and ability to gain
buy-in for future strategic shifts (e.g. divestment/expansion/international mergers and acquisitions).
Portfolio efficiency
Expertise in cost base reduction and increasing flexibility of an asset portfolio in a sustainable manner.
Proven track record in cost out, improving reliability and resource utilisation while maintaining safety
in an adjacent sector. Ideally experience in optimising and automating processes and lowering cost in
resource environments.
Iwi connection/
relationships
Iwi connection in order to predict sentiments and utilise relationships to influence outcomes
for the organisation.
Financial expertise
Accounting and finance, experience in a scale regulated entity including transformation and cost
optimisation. Meets criteria to chair Audit Committee. Brings expertise in wholesale commodity markets.
IT/technology
Contemporary digital ecosystem experience-platforms and systems development to support lean
operations, automation, security management and innovation. Skills to support and challenge in digital
capital investment plan, systems-enabled operational efficiencies and customer service improvements.
Board composition
The membership of the Contact Board changed this year.
Sir Ralph Norris and Sue Sheldon retired from the Board
and our succession planning process culminated in the
appointment of three new directors – Dame Therese Walsh,
David Smol and Jon Macdonald – who were all confirmed by
shareholders at the annual meeting in November. Each of
these directors brings valuable skills that complement the
expertise of the longer serving Board members. The Board
now consists of seven directors, all of whom are independent
(i.e. none of the factors described in the NZX Corporate
Governance Code that may impact a director’s
independence apply to any Contact director).
The Board has refreshed Contact’s director skills matrix,
which sets out the skills necessary for Contact’s success
and assesses the skills of each director against the desired
skills. It’s not expected that every director will be an expert in
every area, but all skills should be represented in the Board
as a whole.
The matrix shows the expertise and secondary skills among
current directors, which is considered a good spread.
In addition to the skills in the matrix, all seven Contact
directors have strong governance expertise.
Primary Secondary

Contact | Annual Report 2019
41
Attendance at Board and committee meetings
Sir Ralph Norris and Sue Sheldon retired from the Board
on 31 August and Robert McDonald was appointed Chair.
Dame Therese Walsh, David Smol and Jon Macdonald
joined the Board on 1 September, 1 October and 1 November,
respectively. Accordingly, the membership of Board
committees changed during the year.
The table below records director attendance at Board
and committee meetings. In addition, a number of directors
attended meetings of committees that they were not a
member of as an observer. The Chair of the Board attended
every board committee meeting held during the year.
Meeting attended
1
Board
Audit
Committee
HSE
Committee
People
Committee
2
Current
directors
Robert
McDonald
10/10 1/12/2
Victoria Crone10/10 3/31/11/1
Whaimutu
Dewes
9/10 4/43/3
Jon Macdonald7/ 72/2
David Smol8/82/2
Elena Trout10/103/3
Dame Therese
Walsh
8/93/31/2
Outgoing
directors
Sir Ralph Norris1/11/1
Sue Sheldon1/11/11/1
1. This table records the number of Board and committee meetings
each director attended as a member of the Board or relevant
committee, alongside the number of meetings held while that
director was a member.
2. The Remuneration and Nominations Committee became the People
Committee from September 2018.
Board performance
We recognise the value of professional development and
the need for directors to remain current in industry and
corporate governance matters. Contact assists directors
with their professional development in a number of ways,
including an induction programme for new directors,
briefings to upskill the Board on new developments,
workshops on key issues and Board study tours.
A fund is available for director development opportunities,
and the Chair may approve allocations from the fund
for opportunities that benefit both Contact and an
individual director.
We regularly review the performance of the Board to ensure
the Board as a whole and individual directors are performing
to a high standard. A comprehensive review is carried out
approximately every two years.
Board committees
The Board has established three committees to perform
work and provide specialist advice in areas of focus.
The Audit Committee helps the Board fulfil its
responsibilities relating to Contact’s external financial
reporting, internal control environment, internal and external
audit functions, and risk management practices. In FY20, the
Audit Committee will become the Audit and Risk Committee,
with increased responsibility for risk management.
The Health, Safety and Environment (HSE) Committee
oversees Contact’s HSE policies and management system.
It helps the Board set targets for HSE performance and
oversees climate-related matters.
To reflect the importance of people to Contact’s success,
the Remuneration and Nominations Committee became
the People Committee in September, with a broader
mandate to support and advise the Board in fulfilling its
responsibilities across all aspects of Contact’s people and
capability strategies, policies and practices. In addition to its
expanded role, the People Committee retains responsibility
for Board composition, performance and remuneration, and
CEO appointment, performance and remuneration.
The current members of the committees are:
CommitteeMembers
Audit CommitteeDame Therese Walsh (Chair)
Victoria Crone, Whaimutu Dewes
Health, Safety and
Environment Committee
Whaimutu Dewes (Chair)
David Smol, Elena Trout
People CommitteeRobert McDonald (Chair)
Jon Macdonald, Dame Therese Walsh
The committee charters are on our website and more
detailed information about the role and responsibilities
of each committee is available in our Corporate
Governance Statement.

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RISK MANAGEMENT AND ASSURANCE
Risk management
Our Board has established a robust risk management
framework, which is aligned to the International Standard
ISO 31000 Risk Management–Guidelines. Our framework
ensures we have appropriate systems in place to identify
material risks. We make sure we understand the potential
impact of identified risks and that, where applicable, the
Board sets appropriate tolerance limits.
Our framework ensures we assign responsibilities to
individuals to manage identified risks and we monitor any
material changes to Contact’s risk profile.
Assurance
Our business assurance team fulfils our internal audit function
and provides objective assurance of the effectiveness of our
internal control framework. The team is based in-house, and
draws on external expertise where required.
The team brings a disciplined approach to evaluating and
improving the effectiveness of risk management, internal
controls and governance processes. We use a risk-based
assurance approach driven from our risk management
system. The business assurance team also assists external
audits by making findings from the internal assurance
process available for the external auditor to consider
when providing their opinion on the financial statements.
The team has unrestricted access to all of Contact’s
departments, records and systems, and to the external
auditor and other third parties as it deems necessary.
Auditors
We recognise that the role of our external auditor is critical
for the integrity of our financial reporting. Our external
auditor is KPMG and David Gates has been our audit
partner for four financial years.
Our External Audit Independence Policy sets out the
framework we use to ensure the independence of our
external auditors is maintained and their ability to carry out
their statutory audit role is not impaired. Under this policy,
the external auditor may not do any work for Contact that
compromises, or is seen to compromise, the independence
and objectivity of the external audit process. In addition,
KPMG confirms their continuing independent status to the
Board every six months.
Before KPMG undertakes any non-audit work for Contact,
specific approval must be given by the Audit Committee or
the Audit Committee Chair, and approval will only be given
where KPMG’s independence will not be compromised.
KPMG did no non-audit work for Contact this year.
Representatives from KPMG attend Contact’s annual
shareholder meeting, where they’re available to answer
shareholders’ questions relating to the audit.
GOVERNANCE
M AT T E R S
CODE OF CONDUCT
We expect all of our people to act honestly, with integrity,
in Contact’s best interests and in accordance with the law,
all the time. This expectation is enshrined in our Code of
Conduct, which underpins our corporate policy framework.
In FY19, our annual entity level controls review focused on
culture and conduct.
We set new corporate policies to address key risks and set
expected standards of behaviour for our people. Information
about how our key policies operate is in our Corporate
Governance Statement and the policies themselves are
on our website.
We have a whistleblower hotline, operated by an external
independent reporting service, to help ensure we’re aware
of any breaches of the Code of Conduct, our policies or any
other illegal or unethical activity.
Anyone at Contact who is concerned about any incident
or behaviour can use the hotline to report that matter,
anonymously if they choose. Any disclosures made
through the whistleblower hotline are reported to the
CEO and where appropriate, the Chair. We have a
Protected Disclosure (Whistleblowing) Policy, which
offers protections for employees who disclose serious
wrongdoing in accordance with the process in the policy.

Contact | Annual Report 2019
43
REMUNERATION
REPORT
Rewarding our people for delivering
great business outcomes is a
fundamental part of Contact’s
success. Attracting, keeping and
inspiring our people is essential for
a vibrant and innovative business
and long term shareholder value.
So we aim to make sure that the
remuneration of our Directors,
the CEO, Leadership Team and
all of our people is competitive,
reinforces achievement and
motivates high performance.
Getting this right means we’ll
hire the best people for the job,
which is good for Contact, our
people and our shareholders.

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DIRECTORS’ REMUNERATION
The total directors’ fee pool is $1,500,000 per annum. It has not been increased since it was approved by shareholders
in 2008. Actual fees paid to directors are determined by the Board on the recommendation of the People Committee.
The remuneration scale for directors for the year ending 30 June 2019 is set out below. Between FY18 and FY19, base
director fees increased by 1.5%, with an 8% reduction to the Board Chair’s fee and approximately 30% reduction to the
Audit Committee fees.
FY19
Chair per annumMember per annum
Board of Directors
(1)
$275,000
(2)
$135,000
Audit Committee$45,000
(2)
$22,500
(2)
Health, Safety and Environment Committee$25,000$12,750
People Committee$25,000$12,750
1. No additional fees are paid to the Board Chair for committee roles.
2. Took effect 1 September 2018.

Directors’ fees exclude GST, where appropriate. In addition, Board members are reimbursed for costs directly associated with
carrying out their duties, such as travel costs.
Details of the total remuneration received by each Contact director for FY19 are as follows:
Directors
1
Board feesAudit Committee
Health, Safety
and Environment
Committee
People
Committee
2
To t a l
Remuneration
Sir Ralph Norris
(Chair until 31 August 2018) $50,000$50,000
Robert McDonald
(Chair from 1 September 2018) $251,667$5,500$ 2 5 7,1 6 7
Victoria Crone $135,000$16,875$3,187$4,250$159,312
Whaimutu Dewes $135,000$24,250$25,000$184,250
Jon Macdonald $90,000$8,500$98,500
Sue Sheldon $22,500$10,250$2,125$34,875
David Smol $101,250$9,563$110,813
Elena Trout $135,000$12,750$ 1 47,75 0
Dame Therese Walsh $112,500$ 3 7, 5 0 0$9,563$159,563
To t a l$1,032,917$94,375$50,500$24,438$1,202,230
1. Sir Ralph Norris and Sue Sheldon resigned from the Board with effect from 31 August 2018.
Dame Therese Walsh was appointed to the Board with effect from 1 September 2018.
David Smol was appointed to the Board with effect from 1 October 2018.
Jon Macdonald was appointed to the Board with effect from 1 November 2018.
2. The Remuneration and Nominations Committee became the People Committee from September 2018.
REMUNERATION
REPORT

Contact | Annual Report 2019
45
CHIEF EXECUTIVE OFFICER REMUNERATION
Dennis Barnes’s remuneration is reviewed by our Board each year. The Board works closely with and is advised by Contact’s
People Committee. Dennis’s remuneration reflects the complexity of the role and the wide-ranging skills needed to do it
well. We also consider market remuneration data benchmarks, look at the achievement of performance goals and factor in
creating long term sustainable shareholder value. His total remuneration is made up of a fixed remuneration component which
includes cash salary and other employment benefits, and pay for performance remuneration containing short term incentives
(cash and equity awarded through deferred share rights). In October 2018 equity awards for Dennis Barnes for FY18 and FY19
were agreed with the Board as noted below. This agreement amended FY18 equity awards that had been noted in the previous
Annual Report.
CEO remuneration for performance periods ended 30 June 2018 and 30 June 2019
Fixed remunerationPay for performance remunerationTotal remuneration
Salary paid $Benefits
(1)
$Subtotal $ Cash STI $Equity STI $Equity LTI $Subtotal $ $
FY19976,53946,4851,023,024764,792
(2)-
-764,7921,787,816
FY18958,30644,2021,002,508 529,100
(3)
1,500,000
(4)
-2,029,100 3,031,608
1. Benefits include 3% KiwiSaver contribution and Health Insurance.
2. Short term incentive for FY19 period, paid in FY20.
3. Short term incentive for FY18 period, paid in FY19.
4. Equity – based on fair value allocation, performance hurdles tested 2019, if met will be paid in shares.
Pay for performance remuneration breakdown for the year ended 30 June 2019
SchemeDescription Performance measure Percentage awarded
Cash STI Cash STI is a discretionary
scheme based on achievement
of KPIs.
Maximum potential set at 100%
of base salary.
60% based on corporate shared KPIs:
• 60% free cash flow
• 30% earnings per share
• 10% total recordable incident frequency rate and HSE Index.
40% based on individual KPIs being engagement, costs, corporate
reputation and executive capability.
78%
(payable in September 2019)
CEO remuneration
The scenario chart below demonstrates the elements of the CEO remuneration design for the year ended 30 June 2019.
Base salary & benefitsShort term incentive - cash
Maximum potential remuneration
On-plan remuneration
Fixed remuneration
$0$2,500k$2,000k$1,500k$1,000k$500k

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REMUNERATION
REPORT
To t a l
Remuneration
Paid
1
$
Percentage Cash
STI awarded against
maximum %
Percentage vested
Equity STI against
maximum %
Span of Equity
STI performance
period
Percentage vested
Equity LTI against
maximum %
Span of Equity LTI
performance period
FY191,787,81678% 100%2016–20180% n/a
FY183,031,608 55%100%2015–20170%n/a
FY172,081,641 50%0%n/a0%n/a
FY161,875,951
(3)
45%100%
(2)
2014–2016100%2010–2013
2011–2014
2012–2015
2013–2016
2014–2017
FY151,210,145
(3)
35% 0%n/a0%n/a
1. Total remuneration paid includes salary, benefits, cash STI, and Equity STI and LTI fair values which have been allocated but awards are subject
to achievement of performance hurdles.
2. 100% of Equity STI and LTI vested in August 2015 as a result of Origin selling its shareholding in Contact triggering vesting of equity due to the
change of control.
3. Dennis Barnes was seconded to the role of CEO by his employer Origin Energy Limited from April 2011 until August 2015. During the term of the
secondment, remuneration paid by Contact to Dennis Barnes was processed by Contact reimbursing Origin Energy for his costs. The figures
provided confirm his base salary level and cash STI for the periods.
Five year CEO remuneration summary
30 Jun 15
0%
5%
10%
15%
20%
25%
35%
30%
40%
30 Jun 1630 Jun 17
30 Jun 19
30 Jun 18
CompanyNZX50Peer group
2
Five year summary TSR
1
performance graph
1. TSR calculated using the volume-weighted average price for the three months prior to year end, in line with the equity scheme rules.
2. Peer group is a simple average of Meridian, Genesis, Mercury, Vector and Trustpower. Trustpower’s FY16/17 data not included.

Contact | Annual Report 2019
47
EMPLOYEE REMUNERATION
We’re committed to paying market rates for all our roles,
making sure our people are being rewarded for their
performance and experience.
There are three parts to employee remuneration — fixed
remuneration, pay for performance remuneration and other
benefits. These work together to attract, reward and keep
high performing employees.
Fixed remuneration
Fixed remuneration is based on the responsibilities of a role,
individual performance and experience, and current market
remuneration data. Contact targets fixed remuneration at
the median of the market range.
Pay for performance remuneration
Pay for performance remuneration recognises and rewards
high performing employees and is made up of short term
incentives (cash and deferred share rights), and long term
incentives (options and performance share rights).
• Short Term Incentives (STIs)
STIs are designed to recognise and reward high
performance with cash incentives for our eligible
people, and deferred share rights through Contact’s
equity scheme for some higher level roles. The STIs,
which have a maximum potential level set reflecting
the person’s position grade, are based on performance
measured against key performance indicators (KPIs)
which generally consist of company, business unit and
individual objectives. The Board reserves the right to
adjust STI awards if company targets are not met.
• Long Term Incentives (LTIs)
Contact provides awards of performance share rights
through Contact’s equity scheme to senior and key talent
people. This aims to encourage and reward longer-term
decision making and align participants’ interests with
those of Contact’s shareholders. These are subject to
performance hurdles.
Equity scheme
At 30 June 2019 there were 85 participants in Contact’s
equity scheme. For more details on the equity scheme and
the number of options, performance share rights and deferred
share rights granted, exercised, lapsed and on issue at the
end of the reporting period, go to note E10 of the Financial
statements section.
Contact does not implement any clawback practices on
employee remuneration other than in situations permitted by
New Zealand legislation (e.g. for correction of overpayments).
We have remediated underpayments to our current and
ex-employees following a review of how we applied the
regulations in the Holidays Act 2003.

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BandGrand total
$100,001 – $110,00042
$110,001 – $120,00036
$120,001 – $130,00039
$130,001 – $140,00030
$140,001 – $150,00037
$150,001 – $160,00044
$160,001 – $170,00034
$170,001 – $180,00017
$180,001 – $190,00018
$190,001 – $200,00015
$200,001 – $210,00011
$210,001 – $220,0005
$220,001 – $230,00011
$230,001 – $240,0002
$240,001 – $250,0006
$250,001 – $260,0001
$260,001 – $270,0002
$270,001 – $280,0001
$280,001 – $290,0003
$290,001 – $300,0001
$310,001 – $320,0003
$320,001 – $330,0003
$330,001 – $340,0003
$340,001 – $350,0002
$350,001 – $360,0002
$370,001 – $380,0001
$380,001 – $390,0001
$390,001 – $400,0001
$410,001 – $420,0003
$420,001 – $430,0001
$460,001 – $470,0002
$540,001 – $550,0001
$550,001 – $560,0001
$660,001 – $670,0001
$700,001 – $710,0001
$750,001 – $760,0001
382
Employee remuneration over $100,000 for FY19
Other benefits
We know that rewards mean more than just money, so we
also offer our people a range of benefits. Some of these have
eligibility criteria and are made up of:
• discounts for home energy, including electricity,
natural gas
• employer subsidised health insurance
• an employee share ownership plan called ‘Contact
Share’, (for details of Contact Share go to note E10
of the financial statements)
• and additional benefits and offers from retailers
and services providers.
The table shows the number of our people (and any who
have left Contact) who received remuneration and other
benefits during FY19 of at least $100,000 for the year ended
30 June 2019.
The value of remuneration benefits analysed includes:
• fixed remuneration including allowance/overtime
payments
• employer superannuation contributions
• short term cash incentives relating to FY18 performance
but paid in FY19
• the value of equity-based incentives received during FY19
• the value of Contact shares received during FY19
• redundancy and other payments made on termination
of employment.
The figures do not include amounts paid post 30 June 2019
that relate to the year ended 30 June 2019. The remuneration
(and any other benefits) of the CEO, Dennis Barnes, is
disclosed in the CEO remuneration section.
Pay equity
Pay equity is monitored and reported on, comparing pay
by gender in roles at the same grade levels (i.e. people with
similar sized jobs and skills, knowledge and accountabilities).
At 30 June 2019 our pay equity sits at 96%. We make
adjustments to individual salaries where appropriate to
address pay equity, while applying our grading structure.
We changed our remuneration system at the beginning of
FY19 and this resulted in a reduced number of pay grades,
impacting our pay equity unfavourably by 1%.
REMUNERATION
REPORT

Contact | Annual Report 2019
49
OTHER
DISCLOSURES

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S TAT U T O R Y
Disclosures of interests by directors
The following are particulars of general disclosures
of interest by directors holding office at 30 June 2019,
pursuant to section 140(2) of the Companies Act 1993.
Each such director will be regarded as interested in all
transactions between Contact and the disclosed entity.
There were no specific disclosures made during the year
of any interests in transactions entered by Contact or any
of its subsidiaries.
Robert McDonald
Fletcher Building LimitedDirector
Sovereign Assurance Company LimitedDirector
Chartered Accountants Australia & New ZealandDirector
University of Auckland Business School
Advisory Board
Chair
McDonald Family TrustTr u s t e e
Victoria Crone
Callaghan InnovationChief Executive
Officer
Figure.NZChair
Whaimutu Dewes
Sealord Group LimitedChair
Kura LimitedChair
Pupuri Taonga LimitedDirector
Aotearoa Fisheries LimitedChair
Ngāti Porou Forests LimitedChair
Ngāti Porou Whanui Forests LimitedChair
Ngāti Porou Fisheries LimitedChair
Ngāti Porou Seafoods LimitedDirector
Real Fresh LimitedDirector
Whainiho Developments LimitedManaging Director/
Shareholder
Jon Macdonald
Mitre 10 (New Zealand) LimitedDirector
NZX LimitedDirector
Titan Parent New Zealand Limited (ultimate NZ
owner of Trade Me Group Limited) and various
subsidiaries
Director
Trade Me Group LimitedCEO
1
N Z Te c h n o l o g y Tr a i n i n g Tr u s tTr u s t e e
The Champ TrustTrustee/Beneficiary
1. Jon Macdonald ceased to be CEO of Trade Me Group Limited on 26
July 2019.
Information used by directors
No director issued a notice requesting to use information
received in his or her capacity as a director that would not
otherwise be available to the director.
Indemnity and insurance
In accordance with section 162 of the Companies Act
1993 and the constitution of the company, Contact
has continued to indemnify and insure its directors
and officers, including directors of subsidiaries, against
potential liability or costs incurred in any proceeding,
except to the extent prohibited by law.
OTHER DISCLOSURES
David Smol
New Zealand Transport AgencyDirector
Victoria Link LimitedDirector
Rimu Road Consulting LimitedDirector
Elena Trout
Callaghan InnovationDirector
Government Inquiry of the ‘Auckland Fuel
Disruption’
Chair
Ngāpuhi Asset Holding Company Limited and
various subsidiaries
Director
Joint NZ Defence Force and Ministry of Defence
Capability Governance Board
External Advisory
Member
Energy Efficiency and Conservation Authority (EECA)Director
Low Emission Vehicles Fund (a fund from
EECA budget)
Chair
Harrison Grierson Holdings LimitedDirector
Marsden Maritime Holdings LimitedDirector
Motiti Investments LimitedDirector
Dame Therese Walsh
TVNZChair
Air New ZealandDirector
ASB BankDirector
Antarctica NZDirector
Wellington Regional StadiumTr u s t e e
Victoria University of WellingtonPro-Chancellor
Therese Walsh Consulting LimitedDirector
On Being BoldDirector
Wellington Homeless Women’s TrustAmbassador

Contact | Annual Report 2019
51
Securities dealings of directors
During the year, the directors disclosed in respect of section
148(2) of the Companies Act 1993 that they acquired or
disposed of a relevant interest in securities as follows:
Director
Date of
acquisition
Nature of
transaction
Consideration
per share
Number
of shares
acquired
Victoria Crone21/09/18On-market
purchase
$5.825,150
12/10/18On-market
purchase
$5.637,950
19/10/18On-market
purchase
$5.624,450
Jon
Macdonald
05/03/19On-market
purchase
$6.3520,000
Elena Trout23/04/19On-market
purchase
$6.864,000
Dame Therese
Walsh
5/09/18On-market
purchase
$5.5610,000
DirectorOrdinary sharesBonds
Robert McDonald30,00035,000
Victoria Crone17,550
Whaimutu Dewes20,011
Jon Macdonald20,000
Elena Trout20,000
Dame Therese Walsh10,000
Subsidiary company directors
The following people held office as directors of Rockgas
Limited during FY19. No director of Rockgas Limited
received additional remuneration or benefits in respect
of their directorships.
DirectorsTerm during FY19
Dennis Barnes 1 July 2018 - 30 November 2018
Graham Cockroft1 July 2018 - 24 August 2018
Jacqui Nelson1 July 2018 - 30 November 2018
Catherine Thompson24 August 2018 - 30 November 2018
Shareholder statistics
Twenty largest shareholders at 30 June 2019
Number of
ordinary
shares
% of
ordinary
shares
HSBC Nominees (New Zealand) Limited79,658,60411.11
Citibank Nominees (NZ) Limited54,656,4087. 6 3
HSBC Nominees (New Zealand) Limited52,696,037 7. 3 5
JP Morgan Chase Bank47,228,5966.59
National Nominees New Zealand Limited35, 269,733 4.92
Accident Compensation Corporation30,915,3574.31
Cogent Nominees Limited23,165,1843.23
FNZ Custodians Limited22,646,8573.16
HSBC Custody Nominees (Australia)
Limited19,619,2602 .74
New Zealand Superannuation Fund
Nominees Limited19,219,5862.68
J P Morgan Nominees Australia Pty Limited18,048,2422.52
Tea Custodians Limited1 7, 3 2 2 , 2 0 92.42
JB Were (NZ) Nominees Limited10,539,5941.47
Custodial Services Limited10,057,5591.40
BNP Paribas Nominees NZ Limited9,806,5151.37
Custodial Services Limited8,714,2971.22
Premier Nominees Limited8,224,3281.15
New Zealand Permanent Trustees Limited8,106,9281.13
Citicorp Nominees Pty Limited7,015,0110.98
Private Nominees Limited6,978,8010.97
Total for top 20 489,889,10668.35
Distribution of ordinary shares and shareholders at
30 June 2019
Size of holding
Number of
shareholders
% of
shareholders
Number of
ordinary
shares
% of
ordinary
shares
1 – 1,000 28,63545.8118,673,7932.61
1,001 – 5,00028,64645.8351,448,1977.1 8
5,001 – 10,0003,1034.9621,812,1073.04
10,001 – 50,0001,9003.0436,266,2355.06
50,001 – 100,0001340.219 , 5 6 7, 9 9 31.33
100,001 and over940.15579,006,45780.78
To t a l62,512100.00716,774,782100.00
Directors’ security participation
Directors are required to hold a minimum of 20,000 shares
within three years of appointment.
Securities of the company in which each director has
a relevant interest at 30 June 2019

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OTHER DISCLOSURES
Substantial product holders
According to notices given under the Financial Markets
Conduct Act 2013, no persons were substantial product
holders of the company as at 30 June 2019.
Bondholder statistics
Retail fixed rate bonds (CEN040) at 30 June 2019
Size of holding
Number of
bondholders
% of
bondholders
Number of
bonds
% of
bonds
1,001 – 5,000359.59175,0000.18
5,001 – 10,0007620.82733,0000.73
10,001 – 50,00018951.785,094,0005.09
50,001 – 100,000277. 4 02,072,0002.07
100,001 and over3810.4191,926,00091.93
To t a l365100.00 100,000,000100.00
Retail fixed rate bonds (CEN030) at 30 June 2019
Size of holding
Number of
bondholders
% of
bondholders
Number of
bonds
% of
bonds
1,001 – 5,000597. 6 3295,0000.20
5,001 – 10,00013917. 9 81,315,0000.88
10,001 – 50,00041453.5611,869,0007. 9 1
50,001 – 100,000719.195,843,0003.89
100,001 and over9011.64130,678,00087.1 2
To t a l773100.00150,000,000100.00

Twenty largest CEN030 bondholders at 30 June 2019
Number of
CEN030 bonds
% of CEN030
bonds
Forsyth Barr Custodians Limited18,670,00012.45
FNZ Custodians Limited17,452,00011.63
Investment Custodial Services Limited11,796,0007. 8 6
Cogent Nominees Limited10,610,0007. 07
Citibank Nominees (NZ) Limited9,022,0006.01
NZ Permanent Trustees Limited Group
Investment Fund No 20
6,184,0004.12
Custodial Services Limited5,302,0003.53
Custodial Services Limited315,65002.10
Custodial Services Limited3,079,5002.05
Forsyth Barr Custodians Limited2,935,0001.96
Lynette Therese Erceg & Darryl
Edward Gregory & Catherine
Agnes Quinn
2,500,0001.67
Private Nominees Limited2,431,0001.62
Custodial Services Limited2,203,0001.47
JB Were (NZ) Nominees Limited2,090,0001.39
Tappenden Holdings Limited2,000,0001.33
University of Otago Foundation Trust1,985,0001.32
Custodial Services Limited1,884,0001.26
FNZ Custodians Limited1,601,0001.07
Tea Custodians Limited1,599,0001.07
BNP Paribas Nominees NZ Limited1,545,0001.03
Twenty largest CEN040 bondholders at 30 June 2019
Number of
CEN040 bonds
% of CEN040
bonds
Citibank Nominees (NZ) Limited28,034,00028.03
FNZ Custodians Limited11,380,00011.38
Cogent Nominees Limited5,400,0005.40
Investment Custodial Services Limited5,214,0005.21
HSBC Nominees (New Zealand)
Limited
5,038,0005.04
Custodial Services Limited4,146,0004.15
Private Nominees Limited3,189,0003.19
Custodial Services Limited2,707,0002.71
Custodial Services Limited2,375,0002.38
Custodial Services Limited2,281,0002.28
FNZ Custodians Limited2,269,0002.27
Forsyth Barr Custodians Limited2,012,0002.01
Bnp Paribas Nominees NZ Limited1,520,0001.52
JP Morgan Chase Bank1,400,0001.40
Forsyth Barr Custodians Limited1,388,0001.39
JB Were (NZ) Nominees Limited1,275,0001.27
Custodial Services Limited973,0000.97
Forsyth Barr Custodians Limited805,0000.81
Pt (Booster Investments) Nominees
Limited
800,0000.80
Investment Custodial Services Limited800,0000.80

Contact | Annual Report 2019
53
NZX waivers
There were no waivers granted by NZX or relied on by
Contact in the 12 months preceding 30 June 2019.
Stock exchange listings
Contact’s ordinary shares are listed and quoted on the
NZX Main Board (NZSX) and the Australian Securities
Exchange (ASX) under the company code ‘CEN’. Contact
has three issues of retail bonds listed and quoted on the
NZX Debt Market (NZDX) under the company codes
‘CEN030’, ‘CEN040’ and ‘CEN050’. Contact’s listing on
the ASX is as a Foreign Exempt Listing. For the purposes
of ASX listing rule 1.15.3, Contact confirms that it continues
to comply with the NZX listing rules.
Exercise of NZX disciplinary powers
NZX did not exercise any of its powers under Listing Rule
9.9.3 in relation to Contact during FY19.
Auditor fees
KPMG has continued to act as auditors of the company.
The amount payable by Contact and its subsidiaries to
KPMG as audit fees in respect of FY19 was $509,000,
$2,500 for scrutineering at the Annual meeting and
$3,500 for supervisor reporting. There was no non-
assurance work undertaken by KPMG during the year.
Donations
In accordance with section 211(1)(h) of the Companies
Act 1993, Contact records that it donated $4,000 in FY19.
Donations are made on the basis that the recipient is not
obliged to provide any service such as promoting Contact’s
brand and are separate from Contact’s sponsorship activity.
No political contributions were made during the year.
Credit rating
Contact Energy Limited has a Standard & Poor’s long term
credit rating of BBB/stable and short term rating of A-2.
The $150 million unsubordinated, unsecured fixed rate bonds
issued in September 2015 are rated BBB by Standard & Poor’s.
The $100 million unsubordinated, unsecured fixed rate bonds
issued in February 2017 are rated BBB by Standard & Poor’s.
The $100 million unsubordinated, unsecured fixed rate bonds
issued in March 2019 are rated BBB by Standard & Poor’s.

Twenty largest CEN050 bondholders at 30 June 2019
Number of
CEN050 bonds
% of CEN050
bonds
HSBC Nominees (New Zealand)
Limited
12,500,00012.50
FNZ Custodians Limited8,005,0008.01
BNP Paribas Nominees NZ Limited7,530,0007. 5 3
Tea Custodians Limited7,460,0007. 4 6
Citibank Nominees (NZ) Limited6,050,0006.05
National Nominees New Zealand
Limited
5,000,0005.00
Forsyth Barr Custodians Limited4,953,0004.95
Custodial Services Limited4,202,0004.20
Custodial Services Limited3,998,0004.00
HSBC Nominees (New Zealand)
Limited
3,730,0003.73
JB Were (NZ) Nominees Limited3,548,0003.55
Custodial Services Limited3,383,0003.38
Risk Reinsurance Limited3,000,0003.00
Custodial Services Limited2,667,0002.67
Cogent Nominees Limited2,470,0002.47
Investment Custodial Services Limited2,358,0002.36
Westpac Banking Corporation2,000,0002.00
JB Were (NZ) Nominees Limited1,300,0001.30
Custodial Services Limited1,289,0001.29
Private Nominees Limited1,000,0001.00
Retail fixed rate bonds (CEN050) at 30 June 2019
Size of holding
Number of
bondholders
% of
bondholders
Number of
bonds
% of
bonds
1,001 – 5,00052.4325,0000.03
5,001 – 10,0004722.82455,0000.45
10,001 – 50,00010249.512,773,0002.77
50,001 – 100,0002311.161,751,0001.75
100,001 and over2914.0894,996,00095.00
To t a l206100.00100,000,000100.00

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OTHER DISCLOSURES
SUSTAINABILITY
The sustainability aspects reported in this Annual Report cover the operations of Contact Energy Limited and its subsidiary
Rockgas
1
for the period 1 July 2018 to 30 June 2019.
Contact does not have a policy on the assurance of non-financial or sustainability data. Data throughout this report has been
checked by an independent party for accuracy.
Memberships of associations or advocacy organisations
Holds a position on the governance bodyParticipates in projects or committees
Electricity Retailers’ Association of New Zealand (ERANZ)Business New Zealand
Gas Industry CompanyBusiness New Zealand Energy Council
Electricity Authority Market Development Advisory GroupThe Sustainable Business Council
NZ Hydrogen AssociationLand and Water Forum
Liquefied Petroleum Gas Association
Liquigas
ERANZ Retailer Revenue Assurance Advisory Forum
ERANZ Retailers’ Operational Forum
ERANZ Vulnerable Customer & Medically Dependent Customer (VCMDC)
Working Group
ERANZ Policy Committee
ERANZ Communications Committee
ERANZ Data Working Group
NZ Hydrogen Association
Generator Forum
ENA Technical Implementation Working Group
ENA Joint Implementation Working Group
Climate Leaders Coalition
Champions for Change
Organisation/GroupDate of adoptionCommitment
Climate Leaders CoalitionJuly 2018• To measure our greenhouse gas emissions and publicly report on them.
• To set a public emissions reduction target consistent with keeping within 2 degrees of warming.
• To work with our suppliers to reduce their greenhouse gas emissions.
• We support the Paris Agreement and New Zealand’s commitment to it.
• We support the introduction of a climate commission and carbon budgets enshrined in law.
Science Based Targets
initiative - Committed
March 2018• We commit to progressing emission reduction in line with verified target.
External commitments
Emissions data as at 30 June 2019
Contact uses the Greenhouse Gas Protocol to guide its emissions reporting. Emissions are reported on an operational control
basis with a base year of FY18, which represents the first year of Contact’s reporting of Scope 1, 2 and 3 emissions. As per
the Contact Energy Policy for the recalculation of base year emissions data, any structural, methodological or other changes
identified that change the emissions reported by more than 5% will trigger a recalculation of the base year and the current
reporting year. The sale of Rockgas on 30 November has not triggered our recalculation policy as we still created emissions
during the first half of the year and continue to sell LPG on their behalf.
1. Contact sold Rockgas on 30 November 2018.

Contact | Annual Report 2019
55
Scope 2 and 3 emissions
ScopeCategoryFY19 tCO
2
eFY18 tCO
2
e
Indirect Emissions (Scope 2) (Audited)Electricity Consumption
1,3601,397
(1)
Indirect Emissions (Scope 3) (Unaudited)Purchased Goods and Services35,26747, 5 07
Capital Goods6,53613,899
Fuel & Energy 175,8117 7, 0 4 9
Upstream Transportation628116
Waste148134
Business Travel1,2561,182
Employee Commuting22
Use of Sold Products301,640370,168
(2)
Downstream Leased Assets445586
Franchises2,0694,536
Subtotal523,802515,146
Total (Scope 1, 2 and 3)1,534,5061,701,939
1. FY18 Scope 2 figure restated due to additional data set being identified.
2. FY18 use of products sold figure restated due to additional data set being identified.
Our emissions data includes all gases as per the most recent Intergovernmental Panel on Climate Change (IPCC) report.
Emission factors are sourced from the Ministry for the Environment except in the following cases:
• Scope 1 – Gas field specific emissions factors are provided by the supplier and Geothermal field specific factors approved
under the Climate Change Unique Emissions Factor regulations 2009. SF6 is sourced from the IPCC 5th assessment report.
• Scope 3 – Category 1 and 2 emissions factors are sourced from the Carnegie Mellon University Economic Input-Output
Life Cycle Assessment.
For more detail on FY19 emissions refer to the Greenhouse Gas Inventory document on our website.
Scope 1 emissions
This table reports Contact’s Scope 1 greenhouse gas emissions (tCO
2
e) directly emitted through our operations and includes
emissions from our power stations, vehicles and the use of SF
6
.
Emissions
(tCO
2
e)
Thermal Generation Emission
Intensity (tCO
2
e per MWh)
Total Generation Emission
Intensity (tCO
2
e per MWh)
FY19FY18FY19FY18FY19FY18
Fuel used for
thermal generation
782,123960,926
Fuel used for
geothermal generation
207,436213,772
Total fuel used for generation989,5591 ,174 . 6 9 8
(1)
0.5500.5340.1110.137
Fuel used in vehicles8801,072
Fugitive emissions – SF
6
(3)
122
(4)
2
To t a l990,5611,175,772
(2)
1. FY18 figure updated due to finalised data becoming available (estimates were used previously).
2. FY18 figure updated due to finalised data becoming available (estimates were used previously).
3. SF
6
is used to insulate high voltage switchgear. The gas is vacuum sealed inside the switchgear and the pressure levels inside are monitored
so that leaks can be detected and rectified.
4. FY19 emissions from SF
6
are significantly higher than previous years due to the failure of two circuit breakers.

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OTHER DISCLOSURES
Climate related risks
This table presents an overview of Contact’s most material climate-related risks and opportunities in the short, medium and
long term. We have rated these as low, medium or high, based on the likelihood, time-horizon and potential impact/size of the
opportunity or risk.
We use our existing risk management systems to capture, monitor and report on climate-related risks. Risks rated high are
also monitored by Senior Management and the Audit and Risk Committee.
Time frameShort term (now-2021) Medium term (2021-2035) Long term (2035-onwards)
These may impact near-term financial
results, including those that may materialise
within the current reporting cycle.
May materially impact financial results over the
longer term and may require us to adjust our
strategy.
Risks that could fundamentally
impact the long term strategy
and business model.
Market transition risks and opportunities
Contact’s
emissions
profile
• Reputational impact of continued use
of high emissions generation.
• Heightened scrutiny from investors on
environmental, social, governance (ESG)
performance of businesses.
• National imperative to reduce carbon
emissions through policy and other means.
• Rising gas and carbon costs.
• Stakeholder rejection of fossil
fuels including natural gas.
Leading the
market to
decarbonise
• Rising stakeholder expectations increase
the pace of change in which businesses
must adapt/respond to climate-related
issues.
• New opportunities and markets developed
to support low-carbon transition activities.
• Opportunity to deepen relationships with
customers who are looking to decarbonise.
• Transition to lower carbon economy creates
more demand for electricity.
• Opportunities for innovative customer and
technology solutions.
• Increased opportunity for renewable
developments.
• Increased electricity demand.
• Wider options for new
generation development.
Thermal
transition
• Opportunity for renewable generation
to displace thermal.
• Potential for high-emissions industries to
favour gas as a transition fuel, resulting in
increased gas use and emissions in the
short term.
• Opportunity for renewable generation to
displace thermal.
• Continued requirement for thermal peaking
plant in New Zealand to ensure affordable
security of supply.
• Potential for renewable
overbuild, and massive
distributed generation.
New
technology
• Customer adoption of new technologies
and/or energy efficient solutions impacts
on demand for grid connected electricity.
• Distributed technologies increase competition
for the development of new generation.
• New technology makes current
generation redundant and/or
impacts demand significantly.
Regulation• Changes to regulation impacts on costs
of business and/or licence to operate.
• New regulation requires Contact to reduce
emissions faster than planned.
• New Zealand’s costs become
higher relative to globe which
results in production moving
offshore and reduced demand.
Physical risks and opportunities
Temperature
increases
• Changes to electricity demand as
temperatures change.
• Health, safety and wellbeing impacts on
people working in warmer conditions.
• Impacts on the efficiency and availability
of generation plants.
• Implications on resource consent
requirements, which may increase costs and/or
impact on licence to operate.
• Impacts on operational plant
may require change in design.
Access
to natural
resources
• Changes to hydro inflows impact on our
renewable generation.
• Drilling programme requires access to
significant volumes of water.
• Changes to hydro inflows impact on our
renewable generation.
• Increased demand and competition for natural
resources, including fresh water, impacts on
access to natural resources for generation.
• Consent renewal required for Wairakei in 2026.
Changes in regulation may impact on access to
water, consent conditions and/or costs.
• Water storage requirements
change.
• Increased hydro inflows create
opportunities to increase
generation output, but may also
increase flood risk and require
spilling at hydro.
Intensity of
storms
• Increased potential for erosion issues.
• Disruption to physical works during storms.
• Stormwater systems require redesign and/or
replacement to meet changing capacity
requirements.
• Potential for increased power outages due to
transmission failure caused by storms.
• Increased flood risk around
rivers and lakes impacts on
generation operations.

Contact | Annual Report 2019
57
Green Borrowing Programme
In line with our commitment to a low carbon economy, Contact has a Green Borrowing Programme to finance Contact’s past
and future renewable energy generation investments. This is a progressive approach to financing and provides investors and
lenders with an opportunity to access a broad range of accredited green debt instruments where proceeds have been applied
to eligible green assets.
The Green Borrowing Programme is described in Contact’s Green Bond Framework (‘Framework’), which aligns with the Green
Bond Principles and is certified by the Climate Bonds Initiative (CBI) under Climate Bond Standard V2.1 with assurance from EY.
The Framework, CBI certification and EY’s latest annual assurance statement are available on our website. The Framework
articulates which of Contact’s debt instruments and assets qualify as green, and provides for a comprehensive compliance
and disclosure regime to ensure the Climate Bonds Standard V2.1 is always met, in turn ensuring that the existing CBI
certification remains in place. A key compliance metric is the Green Ratio whereby the total green asset value must be
at least equal to total green debt instruments (i.e. a ratio of 1.0 minimum). This indicator is reported on a half yearly basis.
The following table sets out the total green asset value and total green debt instruments for the current reporting period,
and confirms that the Green Ratio is met at 1.27. Contact confirms to the best of its knowledge that its Green Borrowing
Programme continues to remain in compliance with the CBI certification in place, including the requirements of the Climate
Bonds Standard V2.1.
Geothermal Assets data
as at 30 June 2019
Book value
$m
Generation
(GWh)
Emissions
(tCO
2
e)
Emissions intensity
(gCO
2
e/KWh)
Compliance with CBI standards
(< 100 gCO
2
e/KWh)
Poihipi
1
15638814,076 36Ye s
Ta u h a r a
1
98 --N /AYe s
Te M i h i
1
526 1,382 61,752 45Ye s
Te H u k a
1
106 186 10,257 55Ye s
Wairakei
1
854991 20,887 21Ye s
Tenon
1
6 110 1,124 10Ye s
Ohaaki113 310 108,528 350 No
Geothermal portfolio total/average1,859 3,367
(2)
216,624 64 Ye s
Eligible green asset total/average1 ,74 6 3,057 108,096 35Ye s
Total eligible green debt instruments
(refer note B4)
1,378
Green ratio (total eligible green
assets / total green debt instruments)
1.27
1. Eligible green asset in relation to Contact’s Green Borrowing Programme.
2. Includes direct heat sold to Tenon.
Workforce by gender and employment type at 30 June
1
FY19Total headcountFemaleMaleFixed termPermanentPart timeFull time
Officers
2
6240606
Corporate5532234511144
Customer5053161893247373432
Generation32365258831525298
To t a l88941547444845109780
FY18Total headcountFemaleMaleFixed termPermanentPart timeFull time
Officers
2
6240606
Corporate107575061011592
Customer5482962522852067481
Generation31759258830924293
To t a l97841456442936106872
1. Gender is recorded by self-identification.
2. ‘Officers’ means the CEO and members of Contact’s Leadership Team.

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Employee diversity at 30 June
GenderAgeEthnicity
1
FY19
Female
Male<3030–50>50UndisclosedMāoriPasifikaAsianEuropeanOther
2
AMELA
3
Undisclosed
Officers33%67%0%67%33%0%0%17%0%67%33%0%0%
Corporate58%42%15%60%24%2%9%2%7%42%4 4%0%16%
Customer63%37%34%43%22%1%10%3%8%39%26%2%27%
Generation20%80%8%4 4%47%1%4%0%6%40%35%1%25%
To t a l47%53%23%45%31%1%8%2%7%40%31%1%26%
GenderAgeEthnicity
1
FY18
FemaleMale<3030–50>50UndisclosedMāoriPasifikaAsianEuropeanOther
2
AMELA
3
Undisclosed
Officers33%67%-67%33%--17%-67%50%0%0%
Corporate53%47%17%61%19%3%8%1%9%40%35%0%24%
Customer54%46%28%4 4%25%3%9%5%5%39%26%0%30%
Generation19%81%9%39%50%2%3%-5%39%34%1%27%
To t a l42%58%20%44%32%3%7%3%6%39%30%1%28%
1. Ethnicity data does not equal 100% as employees may affiliate to more than one ethnicity.
2. Other includes individuals who identify as New Zealanders, not as Europeans.
3. African, Middle Eastern or Latin American.Board Diversity at 30 June 2019
OTHER DISCLOSURES
Board diversity at 30 June 2019
GenderEthnicityAge
MaleFemaleTo t a l
European/
PākehāMāoriTo t a l<3030–50>50
Board of
Directors FY19
437717034
57%43%100%86%14%100%043%57%
Board of
Directors FY18
336426015
50%50%100%67%33%100%017%83%
TCFD Index
DisclosurePage Information
Describe the Board’s oversight of climate-related risks and opportunities.p.31Environmental sustainability
Describe management’s role in assessing and managing climate-related risks and opportunities.p.42Risk management and assurance,
Governance Matters
Describe the climate-related risks and opportunities the organisation has identified over the
short, medium and long term.
p.56Climate related risks, Other
disclosures
Describe the impact of climate-related risks and opportunities on the organisation’s businesses,
strategy and financial planning.
p.25Ensuring reliable renewable energy,
Reliability
Describe the resilience of the organisation’s strategy, taking into consideration different climate-
related scenarios, including a 2 degree or lower scenario.
p.25Ensuring reliable renewable energy,
Reliability
Describe the organisation’s processes for identifying and assessing climate-related risks.p.33Modelling climate change scenarios,
Environmental sustainability
Describe how processes for identifying, assessing and managing climate-related risks are
integrated into the organisation’s overall risk management.
p.42Risk management and assurance,
Governance Matters
Disclose the metrics used by the organisation to assess climate-related risks and opportunities
in line with its strategy and risk management process.
p.33Modelling climate change scenarios,
Environmental sustainability
Disclose Scope 1, 2 and if appropriate 3 greenhouse gas (GHG) emissions, and the related risks.p.34
p.55
Tracking emissions from generation
Scope 1, 2, 3 emissions data
Describe the targets used by the organisation to manage climate-related risks and opportunities
and performance against targets.
p.34Emission targets

Contact | Annual Report 2019
59
General Standard Disclosures

DescriptionPageInformation
Strategy and analysis
102-14Statement from the most senior decision makerp.6-8This year in review
Organisational profile
102-1Name of the organisationContact Energy Limited
102-2Brands, products, and/or servicesp.9Who we are
102-3Headquarter locationp.12Contact at a glance, Who we are
102-4Locations of operationsp.12Contact operates only in New Zealand
102-5Ownership and legal formListed New Zealand Limited Liability Company
102-6Markets servedp.13Contact at a glance, Who we are
1 0 2-7Scale of the organisationp.57
p.12
p.65
p.13
p.65
p.13
Total employees, contractor workforce data not available.
Number of operations
Net revenue
GWh sold
Total capitalisation broken down by debt and equity
Quantity of products and services provided
102-8Employee statisticsp.57
p.58
Workforce by gender and employment type, Other disclosures
Employee Diversity, Other disclosures
102-41
Employees covered by collective bargaining
agreements
11% of total Contact employees were covered by collective bargaining
agreements as at 30 June 2019. Contractor data not collected.
102-9Organisation’s supply chainp.14–15Our value creation, Who we are
102-10Significant changes regarding size, structure,
or ownership
The sale of Rockgas Limited was completed in FY19.
102-11Precautionary approachNot specifically addressed. Potential adverse environmental impacts
are addressed through adaptive management including official
(often publicly notified) resource consent assessments
102-12External charters, principles, or other initiativesISO14001
102-13Memberships in associations and advocacy
organisations
p.54Memberships of associations or advocacy organisations, Other
disclosures
EU1Installed capacityp.13Contact at a glance, Who we are
EU2Net energy output broken down by primary
energy source and by region
p.13Contact at a glance, Who we are
EU3Number of customer accountsp.13Contact at a glance, Who we are
EU4Length of transmission and distribution lines
by region
Not applicable
EU5Allocation of CO
2
emissions permitsZero allocations
Identified material aspects and boundaries
102-4 5Entities included in the organisation’s
consolidated financial statements
p.63Financial statements
102-4 6Process for defining the report content p.17Focusing on what matters most, Who we are
102-47Material aspects identifiedp.17Focusing on what matters most, Who we are
102-47Aspect boundaries within the organisationFor the majority of our material topics, the impacts occur within our
operational boundary. For some topics, Biodiversity, Water, Climate
Change and Access to Energy, impacts can be felt downstream of our
operational boundary, or we are contributing to a larger issue. Health
and safety impacts are also created by companies in our supply chain.
In all cases, our focus is on areas which we can control or influence.
102-47Aspect boundaries outside the organisation
102-4 8Restatements of information p.55FY18 emissions data
102-4 9Significant changes of aspect boundaries
compared to previous years
No significant changes
GRI INDEX

BACK TO CONTENTS PAGE
Stakeholder engagement
102-4 0Stakeholder groupsp.17Focusing on what matters most, Who we are
102-42Stakeholder identification and selectionp.17Focusing on what matters most, Who we are
102-4 3Approaches to stakeholder engagementp.17Focusing on what matters most, Who we are
102-4 4Key topics and concerns raised by stakeholdersp.17Focusing on what matters most, Who we are
Report profile
102-50Reporting periodFinancial year
102-51Date of most recent previous reportThe previous report was dated 13 August 2018
102-52Reporting cycleAnnual
102-53Contact point for questions p.91Corporate directory
102-5 4Chosen ‘In accordance’ option, GRI indexThis report has been developed in accordance with the core GRI 2018
guidelines.
102-56External assurance for the reportAnnual Report 2019 was not externally assured.
Governance
102-18Governance structure. Committee responsible
for decision making on economic, environmental
and social topics.
p.40Governance Matters
Ethics and integrity
102-16Organisation’s values, principles, standards and
norms of behaviour, and codes of ethics
p.16Ngā Tikanga, Who we are
OTHER DISCLOSURES

Contact | Annual Report 2019
61
Specific Standard Disclosures
Material
Aspect
DescriptionPage Omissions and explanations
DMAWaterp.32
EU DMA plusReport collaborative approaches to managing
watersheds and reservoirs for multiple users
Contact works proactively with interested stakeholders to
advance collaborative approaches such as through submissions
on environmental legislation and enhancement and protection
programmes.
303-3Total water withdrawal by sourcep.32
303-4Total water discharge by destinationp.32
303-5Total water consumptionp.32
3 03-1Overall water usage for processing, cooling and
consumption in thermal power plants
p.32
DMABiodiversityp.35
304-3Habitats protected or restoredp.36
304-3Describe what partnerships exist with third parties p.35-36
DMAEmissionsp.33
3 05-1Direct (Scope 1) greenhouse gas emissionsp.55
3 05-2
Gross location based Scope 2 emissionsp.55
305-3
Gross Scope 3 emissionsp.55
305-4
GHG emissions intensityp.55
305-5
Reduction of GHG emissions
p.34
Category: social
DMAOccupational health and safetyp.29
4 03-2Workplace injuriesp.30Contractor data not available for absentee rate, occupational
disease rate and fatalities.
Self-selectedTISRp.30
Self-selectedProcess safety datap.30
DMADiversity and equal opportunityp.27
4 05-1Gender, age and ethnicity statisticsp.28
4 05-2Ratio of the basic salary and rem of women to men
for each employee category
p.48Pay equity
Self-selectedStaff engagementp.28
DMALocal communitiesp.37
413-1Community engagement and development
We have community engagement plans for 50% of our sites
by region.
DMACustomer experiencep.21
Self-selectedReputation and trustp.21
Own measureCustomer satisfaction (Net Promoter Score)p.21
DMAAccess (sector specific) – socio-economicp.20
Own measureReduction of customer debt expressed as
a percentage
p.20

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Contact | Annual Report 2019
63
FINANCIAL
STATEMENTS
ABOUT THESE FINANCIAL STATEMENTS ....................64
STATEMENT OF COMPREHENSIVE INCOME ...............65
STATEMENT OF CASH FLOWS ...........................................66
STATEMENT OF FINANCIAL POSITION ..........................67
STATEMENT OF CHANGES IN EQUITY ...........................68
A. OUR PERFORMANCE .........................................................69
A1. Segments ....................................................................................................69
A2. Earnings ......................................................................................................69
A3. Free cash flow .........................................................................................72
B. OUR FUNDING.......................................................................73
B1. Capital structure.....................................................................................73
B2. Share capital ............................................................................................73
B3. Distributions .............................................................................................73
B4. Borrowings ................................................................................................74
B5. Net interest expense .........................................................................74
C. OUR ASSETS .........................................................................75
C1. Property, plant and equipment and intangible assets ..75
C2. Goodwill and asset impairment testing .................................77
C3. Investments in joint venture and associate ........................78
C4. Discontinued operation ...................................................................78
D. OUR FINANCIAL RISKS .....................................................79
D1. Transition to NZ IFRS 9 Financial Instruments...................79
D2. Market risk ................................................................................................79
D3. Liquidity risk .............................................................................................81
D4. Credit risk ..................................................................................................81
E. OTHER DISCLOSURES .....................................................82
E1. Tax ...................................................................................................................82
E2. Operating expenses............................................................................82
E3. Inventory ....................................................................................................82
E4. Trade and other receivables .........................................................82
E5. Provisions ...................................................................................................83
E6. Profit to operating cash flows .......................................................83
E7. Hedging activities ..................................................................................83
E8. Financial instruments at fair value ............................................84
E9. Financial instruments at amortised cost ..............................85
E10. Share-based compensation .......................................................85
E11. Related parties ......................................................................................86
E12. New accounting standards ...........................................................86

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BACK TO FINANCE STATEMENT PAGE
About these Financial Statements
For the year ended 30 June 2019
These financial statements are for the Contact Group, a group made up of Contact Energy Limited, the entities over which
it has control or joint control and its associate.
Contact Energy Limited is registered in New Zealand under the Companies Act 1993. It is listed on the New Zealand Stock
Exchange (NZX) and the Australian Securities Exchange (ASX) and has bonds listed on the NZX debt market. Contact is
an FMC reporting entity under the Financial Markets Conduct Act 2013.
Contact’s financial statements are prepared:
• in accordance with New Zealand generally accepted accounting practice (GAAP) and comply with New Zealand
equivalents to International Financial Reporting Standards (IFRS) and IFRS as appropriate for profit-oriented entities
• in millions of New Zealand dollars (NZD) unless otherwise noted
• on an historical cost basis except for derivatives held at fair value, and assets and liabilities held for sale reported at fair
value less costs to sell
• using the same accounting policies for all reporting periods presented, except for those changed with Contact adopting
NZ IFRS 9 Financial Instruments. The effect of these changes in accounting policies are shown in note D1
• with certain comparative amounts reclassified to conform to the current year’s presentation.
Estimates and judgements are made in applying Contact’s accounting policies. Areas that involve a higher level of estimation
or judgement are:
• useful lives of property, plant and equipment and intangible assets (note C1)
• impairment testing of cash-generating units (CGUs) and future generation development capital work in progress (note C2)
• fair value measurement of financial instruments (notes D2 and E8)
• unbilled retail electricity and gas revenue (note E4)
• provision for future restoration and rehabilitation obligations (note E5).

The financial statements were authorised on behalf of Contact’s Board of Directors on 9 August 2019.
FINANCIAL STATEMENTS
Robert McDonald
Chair
Dame Therese Walsh
Chair, Audit Committee