Segment Note Reporting Update

MARKET RELEASE
Date: 23 January 2020
NZX: GNE / ASX: GNE
Genesis Energy Segment Note Update

Genesis Energy (Genesis) advises that a new segment note structure has been adopted. This reflects
enhanced internal business segment reporting, and includes the following key updates:
• Intersegment revenues and expenses are shown separately by segment (previously disclosed
in total by product);
• Emissions revenue and expenses are shown separately (previously disclosed within the
product it related to i.e. electricity, gas or petroleum);
• Petroleum revenue and expenses have been split into LPG and oil;
• Other revenue has been allocated to products where possible;
• Electricity purchases and electricity network, transmission, levies and meters are shown
separately (previously disclosed together);
• Gas purchases and gas network, transmission, levies and meters are shown separately
(previously disclosed together); and
• Other operating expenses have been split into two lines (other costs, nested within gross
margin, and other operating expenses) and electricity and gas metering costs, marketing fees
& levies have been presented in their respective product lines.
In addition to changes in the structure of the segment note, FY19 information has been restated to
reflect:
• Adoption of the new accounting standard NZ IFRS 16: Leases;
• Realignment of Genesis’ Technology and Digital function previously captured under the
Corporate Segment to Retail Segment; and
• Removal of corporate cost allocation to business segments.

Please see the attached explanatory presentation for further detail on the segment note update,
which will also be available on Genesis’ Investor Centre web page.

ENDS

For media enquiries, please contact:
Allan Swann
Communications Manager
M: 027 211 4874
For investor relations enquiries, please contact:
Cameron Parker
Investor Relations Manager
M: 021 241 3150

About Genesis Energy
Genesis Energy (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. Genesis sells
electricity, reticulated natural gas and LPG through its retail brands of Genesis Energy and Energy Online
and is New Zealand’s largest energy retailer with approximately 500,000 customers. The Company
generates electricity from a diverse portfolio of thermal and renewable generation assets located in
different parts of the country. Genesis also has a 46% interest in the Kupe Joint Venture, which owns the
Kupe Oil and Gas Field offshore of Taranaki, New Zealand. Genesis had revenue of $NZ2.7 billion during
the 12 months ended 30 June 2019. More information can be found at www.genesisenergy.co.nz

---

G E N E S I S E N E R G Y L I M I T E D
Genesis Energy
Segment NoteUpdate
23 January 2020

Contents
Genesis Energy Limited Segment Note Update 2.
SectionDiscussionPage
1
Summary of Key Segment Note Changes
3
2
Half Year 2019 Segment Note Update and Reconciliation
•HY19 Operating Revenue
•HY19 Operating Expenses
5
3
Full Year 2019 Segment Note Update and Reconciliation
•FY19 Operating Revenue
•FY19 Operating Expenses
10
4
Restatement Relating to Adoption of NZ IFRS 16: Leases and Removal of
Corporate Allocations
15
5
Appendix: Restated Segment Note for FY2019 Half and Full Year
18

1.Summary of Key
Segment Note Changes

Key Segment Note Changes
❖The key structural changes to the segment note affect only items above EBITDAF.
❖The segment note EBITDAF is now broken out into gross margin and other operating expenses. Previously gross margin was not
differentiated in the note.
❖Other changes to the structure include:
•Intersegment revenues and expenses are shown separately by segment (previously disclosed in total by product);
•Emissions revenue and expenses are shown separately (previously disclosed within the product it related to i.e. electricity, gasor
petroleum);
•Petroleum revenue and expenses have been split into LPG and oil;
•Other revenue has been allocated to products where possible;
•Electricity purchases and electricity network, transmission, levies and meters are shown separately (previously disclosed together);
•Gas purchases and gas network, transmission, levies and meters are shown separately (previously disclosed together); and
•Other operating expenses have been split into two lines (other costs, nested within gross margin, and other operating expenses) and
electricity and gas metering costs, marketing fees & levies have been presented in their respective product lines.
❖In addition to changes in the structure of the segment note, FY19 information has been restated to reflect:
•Adoption of NZ IFRS 16 Leases accounting standard. This has resulted in changes to other operating expenses and line items below
EBITDAF, as shown in Section 4.
•Realignment of Genesis' Technology and Digital function, previously captured under the Corporate Segment. This has been alignedto the
Retail Segment
1
to better reflect internal business unit accountability. This change affects employee benefits and other operating expenses
in addition to line items below EBITDAF, as shown in Section 4.
•The change in allocation of employee benefits and other operating expenses from the Corporate Segment to Retail and Wholesale
Segments. The corporate allocation has been removed in FY20, with FY19 disclosures restated to allow for comparability. The impact is
disclosed in Section 4.
Genesis Energy Limited Segment Note Update 4.
1
Retail netbacks are unaffected by the realignment of the Technology and Digital function from the Corporate Segment to Retailand Technology and Digital costs will continue to be excluded from future
netback calculations.

2.Half Year 2019 Update
and Reconciliation

HY19 Operating Revenue
Significant changes are discussed below and refer to the segment note table on the next slide:
1)External Revenue:
a)Retail: Revenue lines by product now include revenue recoveries, which were previously included in other revenue (Electricity$5.3m, Gas $0.7m,
LPG $0.4m). $1.4m of revenue has been reallocated to electricity from gas $(1.1)m and LPG $(0.3)m.
b)Wholesale: Intersegment revenue is now split out clearly by product, presented below total external revenue. Revenue from emissions on fuel sales
and electricity contracts have been removed from their respective product lines, and is now shown as its own line item (refernote 2 below).
c)Kupe: Intersegment emissions on fuel sales and gas product intersegment line items are now shown separately. Internal gas revenue of $42.9m and
internal gas emission revenue credits of $2.2m were previously combined to represent Kupe gas revenue of $40.7m.
2)Emissions revenue had previously been included within their respective commodity revenue lines. Emissions revenue is now
presented as its own line item:
a)Wholesale: Emissions previously included within electricity revenue $2.5m, gas revenue $3.8m, petroleum revenue (including LPG) $0.2m and other
revenue $0.2m are now disclosed together on a new line emissions on fuels sales and electricity contracts ($6.7m).
3)Petroleum revenue has been split into LPG and oil revenue:
a)Kupe: $28.2m of petroleum revenue previously disclosed has now been split into oil revenue $15.3m, LPG revenue $4.9m, emissions $0.4m and LPG
intersegment $7.6m.
Genesis Energy Limited Segment Note Update 6.

New Segment Note Reconciliation: HY19 Operating Revenue
Genesis Energy Limited Segment Note Update 7.
➢Please refer to the previous slide for discussion points referenced under the New Segment Note.
➢Note that all restated financial numbers remain unaudited at the stage of market issue, whereby some minor rounding differences may be
present, however the Segment Note will be audited at the completion of the financial year 2020.
in ($) million
Retail
Wholesale
Kupe
Corporate
Intersegment
Total
in ($) million
Retail
ref
Wholesale
ref
Kupe
ref
Corporate
Total
Electricity revenue
648.3


758.9


-


-


(271.3)


1,135.9


Electricity
655.0


1a
485.1


1b
-


-


1,140.1


Gas revenue
83.0


79.7


40.7


-


(71.0)


132.4


Gas
82.6


1a
45.6


1b
-


-


128.2


Pretroleum revenue (including LPG)
34.1


11.5


28.2


-


(17.2)


56.6


LPG
34.2


1a
1.7


1b
4.9


3a
-


40.8


Emission unit revenue from trading
-


25.1


-


-


-


25.1


Oil
-


-


15.3


3a
-


15.3


Other revenue
6.8


3.4


0.5


0.3


-


11.0


Emissions on fuel sales and electricity contracts
-


6.7


2a
0.4


3a
-


7.1


Emission unit revenue from trading
-


25.1


-


-


25.1


Other revenue
0.4


3.2


0.5


0.3


4.4


Total external revenue
772.2


567.4


21.1


0.3


1,361.0


Electricity - intersegment
-


271.3


1b
-


-


271.3


Gas - Intersegment
-


30.3


1b
42.9


1c
-


73.2


LPG - intersegment
-


9.6


1b
7.6


3a
-


17.2


Emissions on fuel sales - intersegment
-


-


(2.2)


1c
-


(2.2)


Operating revenue
772.2


878.6


69.4


0.3


(359.5)


1,361.0


Total segment revenue
772.2


878.6


69.4


0.3


1,720.5


Previous Segment Note
New Segment Note
Restated and unaudited

HY19 Operating Expenses
Significant changes are discussed below and refer to the segment note table on the next slide:
1)Electricity & gas purchase, transmission and distribution costs are now split between respective product purchase lines and network,
transmission levies and metering costs:
a)Retail: Electricity & gas metering costs, and market fees & levies, totalling $27.0m were previously included in other operatingexpenses but are now shown
in their respective product cost lines, along with transmission costs. Intersegment purchases are clearly identified below totalexternal costs in the new note.
b)Wholesale: Electricity & gas metering costs, and market fees & levies, totalling $3.0m were previously included in other operating expenses but are now
shown in their respective product cost lines. Electricity purchases now include only spot market purchases and ancillary costs.
2)All emission costs were previously grouped within their respective product lines, now shown on separate lines:
a)Wholesale: In the new segment note emissions associated with fuel sales of $4.7m includes $4.5m of emissions from gas sales previously included in gas
purchases and $0.2m emissions from LPG sales previously included in other operating expenses.
b)Wholesale: In the new segment note emissions associated with electricity generation of $4.3m was previously in fuels consumed.
3)Petroleum production, marketing and distribution costs are now split into LPG purchases, inventory changes and transportationcosts and
oil inventory changes, storage and transportation costs:
a)Retail: Petroleum costs previously disclosed, $16.8m, are now split between LPG purchases, inventory changes and transportation costs $7.2m and LPG
intersegment purchases $9.6m, as clearly identified in the Segment costs section.
b)Kupe: To better reflect its operations Kupe’s previously stated petroleum production, marketing and distribution costs of $14.8mhas been split out into oil
inventory changes, storage and transportation costs $(0.8)m, emissions associated with fuel sales $2.4m, and other costs above gross margin $5.7m, and
other operating expenses of $7.5m below gross margin.
4)Fuels consumed:
a)Wholesale: Fuel consumed of $117.4m as disclosed in the previous segment note has now been split and disclosed as fuel consumed in electricity
production $72.4m, emissions associated with electricity generation $4.3m (identified in note 2b above), intersegment fuels consumed $42.9m and
intersegment emission costs $(2.2)m.
Genesis Energy Limited Segment Note Update 8.

New Segment Note Reconciliation: HY19 Operating Expenses
Genesis Energy Limited Segment Note Update 9.
➢Please refer to the previous slide for discussion points referenced under the New Segment Note.
➢Note that all restated financial numbers remain unaudited at the stage of market issue, whereby some minor rounding differences may be
present, however the Segment Note will be audited at the completion of the financial year 2020.
in ($) millionRetail WholesaleKupeCorporateIntersegment Total in ($) millionRetailref WholesalerefKuperef CorporateTotal
Electricity purchase, transmission and distribution(543.6) (484.1) - - 271.3 (756.4) Electricity purchases - (477.5) 1b- - (477.5)
Gas purchase, transmission and distribution (67.1) (97.5) - - 30.3 (134.3) Electricity network, transmission, levies and meters(298.9) 1a(9.5) - - (308.4)
Petroleum production, marketing ad distribution(16.8) (11.8) (14.8) - 17.2 (26.2) Fuel consumed in electricity production- (72.4) 4a- - (72.4)
Fuel consumed- (117.4) - - 40.7 (76.7) Gas purchases (0.2) (93.0) - - (93.2)
Employee benefits*(22.8) (14.1) (0.1) (12.2) - (49.2) Gas network, transmission, levies and meters(37.0) 1a(0.1) - - (37.1)
Emission unit expense from trading - (23.9) - - - (23.9) LPG purchases, inventory changes and transportation costs(7.2) 3a(4.2) - - (11.4)
Other operating expenses*(60.2) (26.0) (2.0) (10.6) - (98.8) Oil inventory changes, storage and transportation costs- - 0.8 3b- 0.8
Operating Expenses(710.5) (774.8) (16.9) (22.8) 359.5 (1,165.5) Emissions associated with electricity generation- (4.3) 2b- - (4.3)
Emissions associated with fuel sales- (4.7) 2a(2.4) 3b- (7.1)
Emissions unit expenses from trading- (23.9) - - (23.9)
Other costs (0.2) (0.6) (5.7) 3b- (6.5)
Total external costs(343.5) (690.2) (7.3) - (1,041.0)
Electricity purchases - intersegment(271.3) 1a- - - (271.3)
Fuel consumed in electricity production - intersegment- (42.9) 4a- - (42.9)
Gas purchases - intersegment(30.3) 1a- - - (30.3)
LPG purchases, inventory changes and transportation costs - intersegment(9.6) 3a(7.6) - - (17.2)
Emission costs - intersegment- 2.2 - - 2.2
Total segment costs(654.7) (738.5) (7.3) - (1,400.5)
Gross margin117.5 140.1 62.1 0.3 320.0
Employee benefits *(24.4) (12.5) (0.1) (12.2) (49.2)
Other operating expenses*(38.0) 1a(18.8) 1b(9.5) 3b(7.0) (73.3)
EBITDAF61.7 103.8 52.5 (22.5) - 195.5 EBITDAF55.1 108.8 52.5 (18.9) 197.5
* Employee benefits and other operating expenses are affected by the EBITDAF adjustments outlined in Section 4 of this pack
New Segment Note Previous Segment Note
Restated and unaudited

3.Full Year 2019 Update
and Reconciliation

FY19 Operating Revenue
Significant changes are discussed below and refer to the segment note table on the next slide:
1)External Revenue:
a)Retail: Revenue lines by product now include revenue recoveries, which were previously included in other revenue (Electricity$10.5m, Gas $1.3m, LPG
$0.7m). $3.1m of revenue has been reallocated to electricity from gas $(2.4)m and LPG $(0.7)m.
b)Wholesale: Intersegment revenue is now split out clearly by product, presented below total external revenue. Revenue from emissions on fuel sales
and electricity contracts have been removed from their respective product lines, and is now shown as its own line item (refernote 2 below).
c)Kupe: Intersegment emissions on fuel sales and gas product intersegment line items are now shown separately. Internal gas revenue of $88.5m and
internal gas emission revenue credits of $0.5m were previously combined to represent Kupe gas revenue of $88.0m.
2)Emissions revenue had previously been included in their respective commodity revenue lines. Emissions revenue is now presented as
its own line item:
a)Wholesale: Emissions previously included within electricity revenue $7.8m, gas revenue $10.2m, petroleum revenue (including LPG) $0.4m and other
revenue $0.2m are now disclosed together on a new line, emissions on fuels sales and electricity contracts $18.6m.
3)Petroleum revenue has been split into LPG and oil revenue:
a)Kupe: $66.5m of petroleum revenue previously disclosed has now been split into oil revenue $38.8m, LPG revenue $10.3m, emissions$1.1m and LPG
intersegment $16.3m.
Genesis Energy Limited Segment Note Update 11.

New Segment Note Reconciliation: FY19 Operating Revenue
Genesis Energy Limited Segment Note Update 12.
➢Please refer to the previous slide for discussion points referenced under the New Segment Note.
➢Note that all restated financial numbers remain unaudited at the stage of market issue, whereby some minor rounding differences may be
present, however the Segment Note will be audited at the completion of the financial year 2020.
in $ millionRetail WholesaleKupeCorporateIntersegment Total in $ millionRetailref WholesalerefKuperef CorporateTotal
Electricity revenue1,258.6 1,506.2 - - (530.8) 2,234.0 Electricity1,272.2 1a967.6 1b- - 2,239.8
Gas revenue155.4 164.2 88.0 - (143.6) 264.0 Gas 154.3 1a98.4 1b- - 252.7
Pretroleum revenue (including LPG)68.2 22.4 66.5 - (34.9) 122.2 LPG 68.2 1a3.4 1b10.3 3a- 81.9
Emission unit revenue from trading - 62.4 - - - 62.4 Oil - - 38.8 3a- 38.8
Other revenue13.3 3.5 0.7 0.6 - 18.1 Emissions on fuel sales and electricity contracts- 18.6 2a1.1 3a- 19.7
Emission unit revenue from trading - 62.4 - - 62.4
Other revenue0.8 3.3 0.7 0.6 5.4
Total external revenue1,495.5 1,153.7 50.9 0.6 2,700.7
Electricity - intersegment - 530.8 1b- - 530.8
Gas - Intersegment - 55.6 1b88.5 1c- 144.1
LPG - intersegment - 18.6 1b16.3 3a- 34.9
Emissions on fuel sales - intersegment- - (0.5) 1c- (0.5)
Operating revenue1,495.5 1,758.7 155.20.6(709.3) 2,700.7 Total segment revenue1,495.5 1,758.7 155.2 0.6 3,410.0
New Segment Note
Previous Segment Note
Restated and unaudited

FY19 Operating Expenses
Significant changes are discussed below and refer to the segment note table on the next slide:
1)Electricity & gas purchase, transmission and distribution costs are now split between respective product purchase lines and network,
transmission levies and metering costs:
a)Retail: Electricity & gas metering costs, and market fees & levies, totalling $53.3m were previously included in other operatingexpenses but are now shown
in their respective product cost lines, along with transmission costs. Intersegment purchases are clearly identified below totalexternal costs in the new note.
b)Wholesale: Electricity & gas metering costs, and market fees & levies, totalling $5.6m were previously included in other operating expenses but are now
shown in their respective product cost lines. Electricity purchases now include only spot market purchases and ancillary costs.
2)All emission costs were previously grouped within their respective product lines, now shown on separate lines:
a)Wholesale: In the new segment note emissions associated with fuel sales of $15.7m includes $15.2m of emissions from gas salespreviously included in gas
purchases and $0.5m emissions from LPG sales previously included in other operating expenses.
b)Wholesale: Emissions associated with electricity generation of $18.4m previously included in fuels consumed have been separatelydisclosed in the new
segment note.
3)Petroleum production, marketing and distribution costs are now split into LPG purchases, inventory changes and transportationcosts and
oil inventory changes, storage and transportation costs:
a)Retail: Petroleum costs previously disclosed $32.6m are now split between LPG purchases, inventory changes and transportationcosts $14.0m and LPG
intersegment purchases $18.6m as clearly identified in the Segment costs section.
b)Kupe: To better reflect its operations Kupe’s previously stated petroleum production, marketing and distribution costs of $42.0mhas been split out into oil
inventory changes, storage and transportation costs $1.0m, emissions associated with fuel sales $11.1m, and other costs abovegross margin $13.5m, and
other operating expenses of $16.4m below gross margin.
4)Fuels consumed:
a)Wholesale: Fuel consumed of $289.6m as disclosed in the previous segment note has now been split and disclosed as fuel consumed in electricity
production $183.2m, emissions identified in note 2b above of $18.4m, intersegment fuels consumed $88.5m and intersegment emission costs $(0.5)m.
Genesis Energy Limited Segment Note Update 13.

New Segment Note Reconciliation: FY19 Operating Expenses
Genesis Energy Limited Segment Note Update 14.
➢Please refer to the previous slide for discussion points referenced under the New Segment Note.
➢Note that all restated financial numbers remain unaudited at the stage of market issue, whereby some minor rounding differences may be
present, however the Segment Note will be audited at the completion of the financial year 2020.
in ($) millionRetail WholesaleKupeCorporateIntersegment Total in ($) millionRetailref WholesalerefKuperef CorporateTotal
Electricity purchase, transmission and distribution(1,052.6) (917.8) - - 530.8 (1,439.6) Electricity purchases - (904.3) 1b- - (904.3)
Gas purchase, transmission and distribution (121.9) (208.4) - - 55.6 (274.7) Electricity network, transmission, levies and meters(574.2) 1a(19.0) - - (593.2)
Petroleum production, marketing and distribution(32.6) (22.8) (42.0) - 34.9 (62.5) Fuel consumed in electricity production- (183.5) 4a- - (183.5)
Fuel consumed- (289.6) - - 88.0 (201.6) Gas purchases (0.1) (193.2) - - (193.3)
Employee benefits*(44.4) (28.9) (0.1) (25.5) - (98.9) Gas network, transmission, levies and meters(67.1) 1a(0.1) - - (67.2)
Emission unit expense from trading - (57.3) - - - (57.3) LPG purchases, inventory changes and transportation costs(14.0) 3a(6.5) - - (20.5)
Other operating expenses*(121.5) (56.3) (4.3) (20.6) - (202.7) Oil inventory changes, storage and transport costs- - (1.0) 3b- (1.0)
Operating Expenses(1,373.0) (1,581.1) (46.4) (46.1) 709.3 (2,337.3) Emission associated with electricity generation- (18.4) 2b- - (18.4)
Emission associated with fuel sales- (15.7) 2a(11.1) 3b- (26.8)
Emission unit expense from trading- (57.3) - - (57.3)
Other costs (0.3) (0.6) (13.5) 3b- (14.4)
Total external costs(655.7) (1,398.6) (25.6) - 2,079.9
Electricity purchases - intersegment(530.8) 1a- - - (530.8)
Fuel consumed in electricity production - intersegment- (88.5) 4a- - (88.5)
Gas purchases - intersegment(55.6) 1a- - - (55.6)
LPG purchases, inventory changes and transportation costs - intersegment(18.6) 3a(16.3) - - (34.9)
Emission costs - intersegment- 0.5 - - 0.5
Total segment costs(1,260.7) (1,502.9) (25.6) - (2,789.2)
Gross margin234.8 255.8 129.6 0.6 620.8
Employee Benefits*(47.5) (25.8) - (25.6) (98.9)
Other Operating Expenses*(77.3) 1a(41.2) 1b(20.6) 3b(13.3) (152.4)
EBITDAF122.5 177.6 108.8(45.5) - 363.4 EBITDAF110.0 188.8 109.0 (38.3) 369.5
* Employee benefits and other operating expenses are affected by the EBITDAF adjustments outlined in Section 4 of this pack
Restated and unaudited
Previous Segment Note
New Segment Note

4.Restatement Relating to Adoption of
NZ IFRS 16: Leases and Removal of
Corporate Allocations

NZ IFRS 16 Leases adoption
➢The following summarises the impact of the adoption of NZ IFRS 16 Leases accounting standard. As noted in the FY19 Annual Report the full
retrospective method has been applied on adoption of the standard. Full transition details will be disclosed in the FY20 AnnualReport.
NZ IFRS16 Leases adjustments to HY19
RetailWholesaleKupeCorporate
Gross Margin
Employee benefits
Other operating expenses0.5(0.7)2.2
EBITDAF
0.5 (0.7)2.2
Depreciation, depletion and amortisation(0.4)(0.3)(1.6)
Impairment of non-current assets-2.8-
Revaluation of generation assets
Share of associate
Change in fair value of financial instruments
Other gains (losses)
Profit (loss) before net finance expense
and income tax
0.11.80.6
Finance revenue
Finance expense(0.2)(0.7)(1.1)
Profit (loss) before income tax(0.1)1.1(0.5)
NZ IFRS16 Leases adjustments to FY19
RetailWholesaleKupeCorporate
Gross Margin(0.3)
Employee benefits
Other operating expenses0.90.94.6
EBITDAF
0.90.64.6
Depreciation, depletion and amortisation(0.8)(0.6)(3.8)
Impairment of non-current assets-2.8-
Revaluation of generation assets
Share of associate
Change in fair value of financial instruments
Other gains (losses)
Profit (loss) before net finance expense
and income tax
0.12.80.8
Finance revenue
Finance expense(0.3)(1.5)2.0
Profit (loss) before income tax(0.2)1.3(1.2)
Genesis Energy Limited Segment Note Update 16.
Note: Positive amounts indicate a reduction in expense and vice versa (excluding total lines).

Business Structure and Cost Allocation Changes
Business structural changes:
The key structural change is the Technology and Digital function move from Corporate into the Retail Segment, and the relatedEmployee Benefits and expenses
previously in Corporate now recognised in Retail. HY19 Technology and Digital costs excluding items below EBITDAF equate to $15.3m and $29.2m for the full
year FY19.
Corporate cost allocation:
Previously, a portion of employee benefits & operating expenses were allocated out from the Corporate Segment into Retail andWholesale Segments. This
allocation has been removed in FY20. HY19 corporate allocation costs equate to $14.4m and $27.3m for the full year FY19.
Summary of changes:
HY19Retail WholesaleKupeCorporate
Employee benefits
Business structural changes(3.7)--3.7
Corporate Cost Allocation2.11.8-(3.9)
Other operating expenses
Business Structural Changes(11.6)--11.6
Corporate Cost Allocation6.34.2-(10.5)
FY19Retail WholesaleKupeCorporate
Employee benefits
Business Structural Changes(7.1)--7.1
Corporate Cost Allocation4.03.50.1(7.6)
Other operating expenses
Business Structural Changes(22.1)--22.1
Corporate Cost Allocation11.87.80.1(19.7)
Genesis Energy Limited Segment Note Update 17.
Note: Positive amounts indicate a reduction in expense and vice versa.

5.Appendix: Restated Segment Note
for FY2019 Half and Full Year

Genesis Energy Limited
Notes to the condensed consolidated interim financial statements
RestatedRestatedRestatedRestatedRestated
wholesale
kupe total
Segment reporting
Six months ended 31 December 2018
unaudited
unauditedunauditedunauditedunaudited
$ million$ million$ million$ million$ million
Electricity655.0 485.1 - - 1,140.1
Gas82.6 45.6 - - 128.2
LPG34.2 1.7 4.9 - 40.
8
Oil- - 15.3 - 15.
3
Emissions on fuel sales and electricity contracts- 6.
70.4 - 7.1
Emission unit revenue from trading- 25.1
- - 25.1
Other revenue0.4 3.2 0.5 0.3 4.4
Total external revenue772.2 567.4 21.1 0.3 1,361.0
Electricity - intersegment- 271.
3- - 271.3
Gas - intersegment- 30.
342.9 - 73.2
LPG - intersegment- 9.
67.6 - 17.2
Emissions on fuel sales - intersegment- - (2.2)- (2.2)
Total segment revenue772.2 878.6 69.4 0.3 1,720.5
Electricity purchases- (477.5)- - (477.5)
Electricity network, transmission, levies and meters(298.9)(9.5)- - (308.4)
Fuel consumed in electricity production- (72.4)- - (72.4)
Gas purchases(0.2)(93.0)- - (93.2)
Gas network, transmission, levies and meters(37.0)(0.1)- - (37.1)
LPG purchases, inventory changes and transportation costs(7.2)(4.2)- - (11.4)
Oil inventory changes, storage and transportation costs- - 0.8 - 0.
8
Emissions associated with electricity generation- (4.3)- - (4.3)
Emissions associated with fuel sales- (4.7)
(2.4)- (7.1)
Emission unit expenses from trading- (23.9)- - (23.9)
Other costs(0.2)(0.6)(5.7)- (6.5)
Total external costs(343.5)(690.2)(7.3)- (1,041.0)
Electricity purchases - intersegment(271.3)- - - (271.3)
Fuel consumed in electricity production - intersegment- (42.9)- - (42.9)
Gas purchases - intersegment(30.3)- - - (30.3)
LPG purchases, inventory changes and transportation costs - intersegment(9.6)(7.6)- - (17.2)
Emission costs - intersegment- 2.
2- - 2.2
Total segment costs(654.7)(738.5)(7.3)- (1,400.5)
Gross margin117.5 140.1 62.1 0.3 320.0
Employee benefits(24.4)(12.5)(0.1)(12.2) (49.2)
Other operating expenses(38.0)(18.8)(9.5)(7.0) (73.3)
55.1 108.8 52.5 (18.9)197.5
Depreciation, depletion and amortisation(11.0)(53.7)(32.2)(3.5)(100.4)
(Impairment) / impairment reversal of non-current assets(0.1)2.7 - - 2.6
Change in fair value of financial instruments- 6.
01.5 0.6 8.1
Profit (loss) before net finance expense and income tax 44.0 63.8 21.8 (21.8)107.8
Finance revenue- - - 0.3 0.3
Finance expense(0.4)(1.8)(1.8)(35.1)(39.1)
Profit (loss) before income tax43.6 62.0 20.0 (56.6)69.0
Other segment information
Capital expenditure13.3 20.1 2.8 0.7 36.9
corporate
retail
Earnings before net finance expense, income tax, depreciation, depletion,
amortisation, impairment, fair value changes and other gains and losses
(EBITDAF)

Restated
retail
unaudited
Restated
wholesale
unaudited
Restated
kupe
unaudited
Restated
corporate
unaudited
Restated
total
unaudited
Genesis Energy Limited
Notes to the consolidated financial statements
Segment reporting
Year ended 30 June 2019
$ million$ million$ million$ million$ million
Electricity1,272.2 967.6 - - 2,239.8
Gas154.3 98.4 - - 252.7
LPG68.2 3.4 10.3 - 81.9
Oil- - 38.8 - 38.8
Emissions on fuel sales and electricity contracts- 18.61.1 - 19.7
Emission unit revenue from trading- 62.4- - 62.4
Other revenue0.8 3.3 0.7 0.6 5.4
Total external revenue1,495.5 1,153.7 50.9 0.6 2,700.7
Electricity - intersegment- 530.8- - 530.8
Gas - intersegment- 55.688.5 - 144.1
LPG - intersegment- 18.616.3 - 34.9
Emissions on fuel sales - intersegment- - (0.5)- (0.5)
Total segment revenue1,495.5 1,758.7 155.2 0.6 3,410.0
Electricity purchases- (904.3)- - (904.3)
Electricity network, transmission, levies and meters(574.2)(19.0)- - (593.2)
Fuel consumed in electricity production- (183.5)- - (183.5)
Gas purchases(0.1)(193.2)- - (193.3)
Gas network, transmission, levies and meters(67.1)(0.1)-
- (67.
2)
LPG purchases, inventory changes and transportation costs(14.0)
(6.5)-
-
(20.5)
O
il inventory changes, storage and transportation costs- - (1.0)- (1.0)
Emissions associated with electricity generation
- (18.4)-
-
(18.4)
E
missions associated with fuel sales- (15.7)(11.1)- (26.8)
Emission unit expenses from trading- (57.3)- - (57.3)
Other costs(0.3)(0.6)(13.5)- (14.4)
Total external costs(655.7)(1,398.6)(25.6)- (2,079.9)
Electricity purchases - intersegment(530.8)- - - (530.8)
Fuel consumed in electricity production - intersegment- (88.5)- - (88.5)
Gas purchases - intersegment(55.6)- - - (55.6)
LPG purchases, inventory changes and transportation costs - intersegment(18.6)(16.3)- - (34.9)
Emission costs - intersegment- 0.5- - 0.5
Total segment costs(1,260.7)(1,502.9)(25.6)- (2,789.2)
Gross margin234.8 255.8 129.6 0.6 620.8
Employee benefits(47.5)(25.8)- (25.6)(98.9)
Other operating expenses(77.3)(41.2)(20.6)(13.3)(152.4)
110.0 188.8 109.0 (38.3)369.5
Depreciation, depletion and amortisation(25.3)(105.2)(63.2)(8.0)(201.7)
Impairment of non-current assets(1.1)2.5
(5.6)- (4.
2)
Revaluation of generation assets- 4.6- - 4.6
Change in fair value of financial instruments- (16.7)0.5 1.0 (15.2)
Share of associate- (0.2)- - (0.2)
Other gains (losses)0.1 7.4 - (0.2)7.3
83.7 81.2 40.7 (45.5)160.1
Finance revenue- - 0.1 0.5 0.6
Fi
nance expense(0.5)(3.6)(3.6)(70.0)(77.7)
Profit (loss) before income tax83.2 77.6 37.2 (115.0)83.0
Other segment information
Capital expenditure
30.4 48.1 9.0 3.2 90.7
Profit (loss) before net finance expense and income tax
Earnings before net finance expense, income tax,
depreciation, depletion, amortisation, impairment, fair
value changes and other gains and losses (EBITDAF)