FY21 Interim Results Announcement

MARKET RELEASE
Date: 25 February 2021
NZX: GNE / ASX: GNE
Genesis delivers strong first half EBITDAF of $217 million


Half Year-ended
December 2020
Change year on year
EBITDAF
1
$217 million Up $50 million on HY20 of $167 million
Net Profit $53 million Up $44 million on HY20 of $9 million
Underlying Earnings
2
$60 million Up $44 million on HY20 of $16 million
Earnings Per Share 5.90 cents Up 4.19 cps from HY20 of 0.9 cps
Underlying Earnings Per Share 5.83 cents Up 4.30 cps from HY20 of 1.53 cps
Interim Dividend Per Share 8.60 cents Up 0.9% from HY20 of 8.525 cents
Free Cash Flow
3
$159 million Up 69% on HY20 of $94 million

Strong retail margins and lowered fuel costs help to offset reduced hydro inflows and challenging gas market
conditions

Genesis Energy (ASX: GNE, NZX: GNE) today announced that it delivered EBITDAF of $217 million for the first half of FY21,
an increase of 30% on the same period last year. This is the Company’s strongest first half performance since listing in
2014. Net Profit increased to $53 million driven by stronger performance across the Wholesale, Kupe and Retail
segments.
The Retail segment was boosted by stronger retail margins and the Wholesale segment by lower thermal fuel costs. The
Kupe joint venture continues to produce a reliable return due to increased output supported by fewer planned outages
in the first half.
Net debt is down 5.5% to $1,182 million and free cash flow is up 69% to $159 million. An interim dividend of 8.60cps has
been declared. The Dividend Reinvestment Plan has been suspended until further notice.
“Our retail business has delivered improved efficiencies without compromising on our vision to be ‘customer’s first choice
for energy management’. Our Energy IQ app now has 229,000 subscribers and, in 1H FY21, we launched advanced gas
metering and new Energy Plus plans, which have already given 183,000 customers access to more customised payment
options. The last six months has also seen a reduction in disconnections and bad debt, largely due to measures
implemented by the business as part of its response to the customer impact of COVID-19,” said Marc England, Chief
Executive, Genesis Energy.
“The Wholesale segment experienced low hydro inflows and a volatile gas market, affecting electricity supply and prices.
Huntly Power Station was again called upon to support the market in anticipation of a La Nina dry year. However, the
high fuel costs that impacted the bottom line this time last year have moderated. The Waipipi Wind Farm entering the
market in November has produced 54GWh of 100% renewable, zero emissions electricity as at 31 January 2021. It is due
to reach its full 133MW capacity in March 2021, displacing 250,000-370,000 tonnes of carbon emissions annually.”
Genesis completed a significant capital investment project at the Tekapo B Power Station during the half. This improved
generation efficiency at the station by 2.5%. In addition, the $26.5 million seismic intake gate project was also completed,
following a two-year programme of construction. This will enable the Tekapo Power Scheme to operate back at full
capacity.

1
Earnings before net finance expenses, income tax, depreciation, depletion, amortisation, impairment, Fair Value changes and other gains and
losses. Refer to consolidated comprehensive income statement in the 2021 interim report for a reconciliation from EBITDAF to Net Profit after tax.
2
Net Profit adjusted for non-cash fair value adjustments and business acquisition costs.
3
Free Cash Flow is EBITDAF, less finance expense, cash taxes paid and stay in business capital expenditure.
4
Kupe’s 2P reserves estimate as at 30 June 2020 was 340.5 PJe, an increase of 21.5 PJe on the prior year’s closing reserves estimate.

In August, the Kupe Joint Venture announced a 21.5 petajoules equivalent (PJe) upgrade in Proved and Probable Reserves
(‘2P’), reinforcing the quality of the asset
4
. In November, Genesis announced a strategic review of the asset. An update
to the market on the outcome of the strategic review is targeted for the middle of the calendar year.
Future-gen strategy update
Genesis’ Future-gen strategy aims to economically displace baseload thermal electricity generation with 2,650GWh of
reliable and affordable renewable electricity to support the country’s transition to a low carbon future.
The first phase of this strategy is complete as the Waipipi Wind Farm reaches 100% generation capacity next month. The
second phase aims to bring a further 1,350GWh of renewable electricity to market by 2024. The RFP process with 11
partners, canvassing 6,000GWh of options, closes on 12 March. Genesis expects to announce its decisions in December
this year.
Genesis has also committed to removing at least 1.2 million tonnes of annual carbon emissions over the next five years
(Scope 1, 2 and 3) as part of its commitment to the Science Based Targets initiative (SBTi) international benchmark of
limiting global warming to below 1.5°C by 2025. Outside of Europe, Genesis is the only electricity generator and retailer
to tie targets to 1.5°C with the SBTi.

Interim dividend and dividend reinvestment plan

The Board has declared an interim dividend of 8.60 cents per share, an increase of 0.9% which has a record date of
18 March 2021 and will be paid on 1 April 2021. As noted above, the Dividend Reinvestment Plan has been suspended.

FY21 guidance

Genesis expects the hydrological and gas market conditions experienced in the first half to continue through into the
second half of FY21. Huntly Unit 5 will also go offline for planned maintenance in April 2021 to ensure its availability over
winter.

EBITDAF guidance for the full year ended 30 June 2021 has been revised upward from previous guidance of $395 million
- $415 million to $415 million - $425 million, subject to market conditions. Capital expenditure guidance for FY21 is
unchanged at up to $95 million.

Further information on the company’s operations and financing can be found in the HY21 investor presentation and in
the 2021 Interim Report. Both can be found at www.genesisenergy.co.nz/investors.


ENDS


For media enquiries, please contact:
Allan Swann
External Communications Manager
M: 027 211 4874
For investor relations enquiries, please contact:
Tim McSweeney
Investor Relations Manager
M: 027 200 5548


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 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 $NZ2.6 billion
during the 12 months ended 30 June 2020. More information can be found at www.genesisenergy.co.nz

---

Half Year
2021 Results
Presentation
25 February 2021
GENESIS ENERGY LIMITED
Marc England – Chief Executive Officer
Chris Jewell – Chief Financial Officer

Agenda
1Key Highlights and Stakeholder Day
2Financial Performance
3Operational Update
4Strategic Update
5Outlook

GENESIS ENERGY LIMITED
Key Highlights

•21.5 PJeupgrade of Proved and Probable Reserves, announced in August 2020.
•16% increase in production relative to pcp, due to absence of any planned outages.
•Strategic review underway, market will be updated in middle of calendar year 2021.
•Successful completion of G3 runner replacementand intake gate upgrade at Tekapo Power Scheme.
•Energisation of the Waipipi Wind Farm, to provide the first 450 GWh of the Future-gen programme.
•Increase in weighted average sale price (GWAP) of 9.1% to $128/MWh.
Genesis Energy Limited 1H FY19 Result Presentation 4.
Results at a glance
Genesis Energy Limited 1H FY19 Result Presentation 4.
1
Earnings before net finance expenses, income tax, depreciation, depletion, amortisation, impairment, Fair Value changes and other gains and losses.
Refer to consolidated comprehensive income statement in the 2021 interim report for a reconciliation from EBITDAF to Net Profit after tax.
Note: The prior comparable period (pcp) is defined as half year FY20, thesix-month period ending Dec 2019, unless an alternative comparison is stated.
Retail
Kupe
Wholesale
•Continued netback growth, with electricity up 12.7%, gas up 10.0% and retail LPG up 6.3%.
•Declines in disconnections and bad debts due to improved customer insights and partnering with government and
non-government service providers.
•Commenced roll out of advanced gas meters and new electricity meter contracts.
•Investment in Ecotricity, retailer of New Zealand’s cleanest, greenest electricity.
•Commitment to a Science Based Target initiative (SBTi) target of limiting global warming to 1.5 degrees.
•Significant improvement in net debt to EBITDAF.Total interest costs declined by $5.9m.
•Investment in our people, assets and systems. Capital investment of $42m.
•Moved to new Auckland office,Kenehi@ Wynyard, a 6-Green Star rated building. Supports 'new ways of working'.
Group
N PAT $53m
$
m
EBITDAF
1
Net debt / EBITDAF
Interest Costs
Down $5.9m
Operating Cash
Flow Up $84m
Interim dividend
cps
2Kupe’s 2P reserves estimate at 30 June 2020 was 340.5 PJe, an increase of 21.5PJe on the prior year’s closing estimate.
2
Genesis Energy Limited 1H FY21 Result Presentation 4.

We've refreshedour purpose, strategies and vision as we head
into the 2020s
Empowering
New Zealand’s
sustainable
future
Deliver more
from our core
Continue to leverage the stability from our diverse
revenue streams, and grow in markets where we
identify compelling opportunities
Navigate the
transition
Manage an economic transition to a lower carbon
portfolio, delivering carbon reductions for Genesis
and our customers and supporting a stable
electricity market.
Build for the
future
Building the capabilities, systems and
infrastructure for future value growth
Genesis Energy Limited 1H FY21 Result Presentation 5.

GENESIS ENERGY LIMITED
Financial Performance
Genesis moved into Kenehi@ Wynyard in October 2020 which is rated as a 6
Green Star Building, making the most of natural light, rain water collection,
and energy efficiency systems.

167
9
16
123
162
94
36
8.525cps
1,247
217
53
60
132
246
157
42
8.6cps
1,182
0
50
100
150
200
250
300
350
400
EBITDAFNPATUnderlying
Earnings
Controllable
Operating
Expenses
Operating
Cashflow
Free Cash FlowCapital
Expenditure
Interim DividendNet Debt
$ MILLIONS
HY20HY21
2
1
+ 30%+ 489%+ 275%+ 7%+ 17%+ 69%+ 0.9%-5%+ 52%
KEY FINANCIAL COMPARISONS
HY21 Financial Summary
1
Controllable operating expenses refer to Employee Benefits plus Other Operating Expenses.
2
Free Cash Flow represents EBITDAF less cash tax paid, net interest costs and stay in business capital expenditure.
3
Capital Expenditure amounts differ from amounts stated in the financial statements due to exclusion of capital expenditure rela ting to Huntly Unit 5’s Long Term Maintenance contract (LTMA).
4
Net Debt and interim dividends are shown on a separate scale to other financial comparisons. Net Debt prior comparison periodis against the period ending 30 June 2020.
34
Genesis Energy Limited 1H FY21 Result Presentation 7.

DIVIDEND (CPS) & PAYOUT HISTORY
8.20 8.20
8.30
8.45
8.525
8.60
72%
87%
64%
76%
93%
56%
-15%
5%
25%
45%
65%
85%
105%
125%
145%
5.50
6.00
6.50
7.00
7.50
8.00
8.50
9.00
HY16HY17HY18HY19HY20HY21
Dividends (cps)% of Free Cash Flow
Dividends
—Interim dividend of 8.6 cps declared (up 0.9%), with 80% imputation, representing a 6.5% gross yield
1
1
Gross yield based on the rolling 12 month dividend cps and closing share price of $3.42 as at 24February 2021.
2
Free cash flow represents EBITDAF less cash tax paid, net interest costs and stay in business capital expenditure.
• An interim dividend of 8.6 cps, 80% imputed, will
have a record date of 18 March 2021. Payable
to shareholders on 1 April 2021.
• Supplementary dividend of 1.2141 cps
payment to non-resident shareholders.
• Significant reduction infree cash flow pay out.
• The Dividend Reinvestment Plan (DRP) has
been suspended until further notice.
• The DRP has raised $114.5 million since being
introduced for the FY18 interim dividend.
2
Genesis Energy Limited 1H FY21 Result Presentation 8.

HY21 vs HY20 EBITDAF
$ MILLIONS
—Genesis delivered the strongest first half EBITDAF since listing in 2014. This was led by improved Retail
netbacks, a decline in thermal fuel costs for Wholesale and the absence of scheduled outages at Kupe.
HY21EBITDAF
EBITDAF
$ MILLIONS
FavourableUnfavourable
$38m up over post
listing average
($179m)
Genesis Energy Limited 1H FY21 Result Presentation 9.
151
173
176
156
198
198
167
217
HY14HY15HY16HY17HY18HY19HY20HY21

Segment EBITDAF
KUPE EBITDAF HY20 TO HY21
RETAIL EBITDAF HY20TO HY21
WHOLESALE EBITDAF HY20 TO HY21
FavourableUnfavourable
•Retail:continued netback growth in electricity and continued
market share growth in LPG.
•Wholesale: Declining fuel prices supported improved trading
margins. WaipipiWind Farm PPA produced additional value in
the high priced wholesale market.
•Kupe: higher production volume due the absence of a major
outage.
•Corporate: additional costs relating to Kupe strategic review.
FavourableUnfavourable
FavourableUnfavourable
Genesis Energy Limited 1H FY21 Result Presentation 10.

NPAT and Underlying Earnings
—Kupe reserves upgrade, lower finance costs and increased profitability
NPAT
$ MILLIONS
FavourableUnfavourable
•Kupe reserves upgrade in August
meant lower depreciation relative
to pcp. This was partially offset by
higher depletion due to the
absence of any planned outages.
•Favourable movement in finance
costs reflect lower interest rates
and launch of a lower cost
commercial paper programme.
•Uplift in tax expenses due to
increased profitability.
$ MILLIONS
Underlying EarningsFavourableUnfavourable
60
53
Genesis Energy Limited 1H FY21 Result Presentation 11.

114
129
123123
132
HY17HY18HY19HY20HY21
$ MILLIONS
CONTROLLABLE OPERATING EXPENSES
1
Controllable operating expenses
—Planned investment in people, systems and projects across Genesis
1
Controllable operating expenses refer to Employee Benefits plus Other Operating Expenses.
•Executing planned investment in people and capability in important areas such as software, Future-gen delivery, risk management and data capabilities.
•Cyclical increase in generation operating expense projects following a lower spend in HY20. Key projects included asbestos removal at Huntly Power Station and Tongariro Power
Scheme overhead lines maintenance.
•Additional expenditure relating to the Kupe strategic review.
•Bad debts improved by $0.8m despite the challenging economic environment driven by COVID-19. This was driven by better customer engagement and social support programmes.
LPG distribution acquisition & increased
share in Kupe JV
$ MILLIONS
HY21 VSHY20 OPERATING EXPENSES
FavourableUnfavourable
Genesis Energy Limited 1H FY21 Result Presentation 12.
123
132

Capital expenditure
—Significant Tekapo investment in efficiency and safety
CAPITAL EXPENDITURE
1
Genesis invested $28m in stay in business capital (SIB),
significant projects included:
•Successful on time completion of the Tekapo A intake gate
to provide additional resilience to seismic events and
ensure the safety of our people and assets.
•Upgrade to Tekapo B (G2) runner completed during Intake
Gate works, providing an efficiency gain of 2.5% and
restoring the maximum capacity to 80MW.
•Tekapo B (G3) will undergo a similar upgrade in September
2021, aiming to complete in January 2022.
$16m Growthcapex includes:
•Kupe inlet compression project $10.3m - enabling increased
production
•Retail product development, including developing Power
Shout.
•LPG optimisation – implementing route optimising software
to LPG trucks.
•Advanced Gas Metering –first roll out commenced in
November 2020.
FY17FY18FY19FY20FY21
WholesaleRetailLPG OperationsKupeTechnology & DigitalCorporate
$ MILLIONS
47
80
89
89
Forecast full year capex
1. Capital Expenditure excludes M&A activities.
2. Capital Expenditure amounts differ from amounts stated in the financial statements due to exclusion of capital expenditurerelating to Huntly U5’s Long Term Maintenance contract (LTMA) (FY20: $16.5m)
3. Tested efficiency gain at maximum load. Previous G2 runner has load restriction of 72MW. G3 does not have load restriction and already operates at 80MW.
4. Stay in Business capital expenditure includes an additional $2.5m which reflects payments made during the period regardingLTMA contract.
²
42
Genesis Energy Limited 1H FY21 Result Presentation 13.
4

NET DEBT AND NET DEBT/EBITDAF RATIO
1
833
1,212
1,183
1,2401,247
1,182
2.6
3.3
3.0
3.0
3.1
2.5
0.0
1.0
2.0
3.0
4.0
5.0
0
200
400
600
800
1000
1200
FY16FY17FY18FY19FY20HY21
Net debtNet debt/EBITDAFTarget debt ratio band (2.4 to 3.0)
Capital structure
—Net debt reduced by $65million, Debt/EBITDAF ratio well within target band
•Average interest rate of 4.6% in HY21, down from 5.4% for
FY20, due to lower fixed rate debt and lower floating rates. Total
finance expense is down $5.9 million.
•Genesis’ cost of funds will continue to fall as fixed rate debt
matures in a lower interest rate environment.
1
Standard and Poor’s make a number of adjustments to Net Debt and EBITDAF for the purpose of calculating credit metrics. The most significant of these is the 50% equity treatment attributed to the Capital Bonds. H1 FY21 calculation is based on actual debtat 31
st
December 2020 and the mid-point of the EBITDAF guidance range for FY21.
•S&P reaffirmed BBB+ credit rating in February 2021.
•Average debt tenure is 10.3 years.Interest rates reset over a shorter
timeframe (see Fixed Interest Rate Profile chart below on the right).
•$475 million of undrawn facilities ensures ample cover for unplanned
events.
FIXED INTEREST RATE PROFILE
6.5%
5.7%
5.8%
5.8%
5.4%
4.6%
78%
77%
87%
79%
72%
66%
66%
57%
47%
41%
33%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
FY16FY17FY18FY19FY20HY21FY21FY22FY23FY24FY25
% of fixed rate funding
Cost of funds % p.a.
Average total cost of funds% of fixed rate funding
Genesis Energy Limited 1H FY21 Result Presentation 14.

GENESIS ENERGY LIMITED
3. Operational Update

Our flexible generation portfolio is supporting the market
•Hydro generation was consistent with the prior comparable period but
lower inflows, particularly in December, meant greater use of stored water
by all market participants.
•NIWA’s declaration of a La Nina year meant that hydro generators
conserved water in anticipation of lower inflows. Genesis’ thermal assets
were relied upon to support the market at this time.
•Wholesale futures prices continued to rally in the short and long term,
driven by hydro and gas conditions and the certainty provided around
TiwaiPoint Aluminium Smelter’s status. Three-year North Island futures
exceeded $145 in February 2021, up 39% since December 2019.
•Waipipientered the market on schedule and provided energy at a
significant discount to our marginal fuel cost.
HY20HY21
Hydro
Generation
1,452 GWh1,455 GWh
Hydro
Inflows
1,750 GWh1,410 GWh
WAIPIPI GENERATION
GENERATION MIX
0
5
10
15
20
25
30
35
NovemberDecemberJanuary
Monthly GWh
Genesis Energy Limited 1H FY21 Result Presentation 16.
HYDROLOGY
2,173
1,876
1,682
2,306
1,989
2,472
2,307
1,697
1,359
1,713
1,121
1,465
879
1,466
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
1H FY182H FY181H FY192H FY191H FY202H FY201H FY21
ThermalRenewable Generation
Closing
Storage
417 GWh
(119% of ave.)
313 GWh
(89% of ave.)

Fuel and carbon portfolios navigate the transition
to a sustainable future
•Decline in global fuel prices: stockpiled fuel prices down from $7.10/GJ in H1
FY20 to $6.10/GJ in H1 FY21. Current stockpile will continue to provide
support through the remainder of FY21.
•Roll off of long-term wholesale gas sale contracts at below market prices will
continue to provide Genesis with increased optionality and financial upside.
•Kupe production projected to return to plateau following completion of inlet
compression project in Q1 FY22.
•Drylandcarboncontinued to develop marginal land for long term carbon offsets
and supplied units at below market price. As at 31 December 2020, the
partnership has developed 2,500 ha of forestry.Over 80% of this land is
harvestable (i.e. non-permanent).
STOCKPILE COSTS
BENEFIT OF WHOLESALE GAS SALES ROLL OFF
$5.4
$5.6
$5.8
$6.0
$6.2
$6.4
$6.6
$6.8
$7.0
$7.2
Q4 FY19Q1 FY20Q2 FY20Q3 FY20Q4 FY20Q1 FY21Q2 FY21
$/GJ
Genesis Energy Limited 1H FY21 Result Presentation 17.
0%
20%
40%
60%
80%
100%
20212022202320242025202620272028
Hedged EmissionsUnhedged Volume
Genesis hedge position as at 22 January 2021, excluding long term units from Drylandcarbon. Units are hedged at
between $20 and $34 per tonne
CARBON HEDGE POSTION (CALENDAR YEAR)
Direct benefit of roll off of long term sales contracts at prices below backing purchase contract.
$0
$5
$10
$15
$20
$25
$30
$35
$40
FY21FY22FY23
$m

Positive financialimpacts through proactive customer care
DECLINE IN DISCONNECTIONS
H1 FY17H1 FY18H1 FY19H1 FY20H1 FY21
BAD AND DOUBTFUL DEBTS
FY18FY19FY20HY21
Genesis Energy Limited 1H FY21 Result Presentation 18.
0%
5%
10%
15%
20%
25%
Q1 FY20Q2 FY20Q3 FY20Q4 FY20Q1 FY21Q2 FY21
Genesis chose to stop all disconnections
during COVID lockdown periods
•Our Manaaki Kenehi(Customer Care) programme is proving successful in
helping our customers through both good and bad times, including COVID-
19.
•With the use of data analytics, we are identifying early signs of hardship.
Combined with newcollaborative relationships with Government and budget
support agencies, we have been able to offer early and proactive support to
vulnerable customers. This hasalso proven effective in reducing
disconnections and supporting a decline in bad debt levels.
•Net Promoter Score (NPS) finished at 17.6%, after peaking in Q4 20 in
response to COVID-19 Level 4 lockdown.
BRAND NET PROMOTER SCORE

Better customer service at a lower cost
COST TO SERVE
$160
$151
$140
$138
$134
$130
$135
$140
$145
$150
$155
$160
$165
FY17FY18FY19FY20HY21
Cost to Serve per ICP
Genesis Energy Limited 1H FY21 Result Presentation 19.
52%
44%
40%
30%
23%
15%
3%
3%
14%
13%
14%
12%
9%
6%
34%
43%
47%
56%
65%
76%
0%10%20%30%40%50%60%70%80%90%100%
FY16
FY17
FY18
FY19
FY20
HY21
PhoneWebChatEmailDigital
•Cost to serve continues to improve as we increase the number of digital interactions and continue our focus on cost management.
•Digital interactions now make up over 75% of all interactions, with assisted phone interactions down by 25% since FY18.
•Our ability to work flexibly and digitally as we respond to COVID-19 has not impacted our the cost to serve our customers
SELF SERVE VS ASSISTED INTERACTIONS

A refreshed Retail strategy builds value in our core business
Genesis Energy Limited 1H FY21 Result Presentation 20.
GENESIS
1
CUSTOMER CHURN
ENERGY ONLINE CUSTOMER CHURN
GENESIS¹CUSTOMER CHURN FROM HOME MOVE
¹Refers to the Genesis retail brand, which is a subset of all Genesis Energy Limited.
29%
26%
27%
22%
27%
17%
16%
16%
14%
17%
0%
5%
10%
15%
20%
25%
30%
35%
1H FY192H FY191H FY202H FY20HY21
Gross ChurnNet Churn
39%
40%
32%
39%
26%
27%
22%
26%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2H FY191H FY202H FY20HY21
Gross ChurnNet Churn
18%
17%
17%
14%
17%
10%
10%
10%
8%
9%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
1H FY192H FY191H FY202H FY20HY21
Gross ChurnNet Churn
•Our refreshed Retail strategy is focused on providing consistent, yet distinctive end-
to-end customer experiences, focused on improving retention and rewarding loyalty.
•We are focused on key trigger events for our customers such as moving home and
supporting our customers with bill payment plans.
•Our home move journey is in the midst of redevelopment as we look to better
support customers when they move.
•Our Power Shouts have proven highly successful, both in engaging our customers
and reducing churn.We are regularly engaging with over 130,000 customers, with
over 65% redeeming through our EnergyIQapp.

Continued value growth across all retail markets
SME ELECTRICITY SALES VOLUMES VOLUMES (GWh) & NETBACK ($/MWh)
COMMERCIAL AND INDUSTRIAL ELECTRICITY SALES VOLUMES (GWh) & NETBACK
($/MWh)
RESIDENTIAL ELECTRICITY SALES VOLUMES (GWh) & NETBACK
1
($/MWh)
1,619
1,600
1,571
$115
$123
$144
$20
$60
$100
$140
$180
1,000
1,200
1,400
1,600
1,800
HY19HY20HY21
Sales Volume (GWh)
Sales VolumeNetback
Genesis Energy Limited 1H FY21 Result Presentation 21.
980
995
1,168
$84
$89
$101
$80
$90
$100
500
600
700
800
900
1,000
1,100
1,200
1,300
HY19HY20HY21
Sales Volume (GWh)
Sales VolumeNetback
540
577
547
$106
$100
$105
$95
$100
$105
$110
400
420
440
460
480
500
520
540
560
580
600
HY19HY20HY21
Sales Volume (GWh)
Sales VolumeNetback
•Continued momentum in residential netback whilst maintaining stable volume
sales.
•Commercial and industrial netbacks grew strongly as the stronger futures
market flowed through into pricing.
•Both Gas and LPG netbacks are up by 10.0% and 6.3% respectively relative to
pcp.

Waipipi Wind Farm
Taranaki
GENESIS ENERGY LIMITED
4. Strategic Outlook

Genesis is focused on five of 17 of The United Nations
SustainableDevelopment Goals
Genesis Energy Limited 1H FY21 Result Presentation 23.
•Future-gen
Strategy
•Zilch
•Energy IQ
•EcoTracker
•Local employment
pathways
•POU Limited
•School-gen
•Financial
performance
•Investment
•Shareholder returns
•Gender Pay Gap
•Genesis School-
gen Trust
•Living Wage
Employer
•Inclusion Council
•Science-Based
Targetinitiative
(SBTi)
•Future-Gen
Strategy
•TCFDReporting
•Iwi Partnerships
•Tilt Renewables
•Department of
Conservation
•Emirates Team New
Zealand Sponsorship
•School-Gen

New Auckland Home –
Genesis will be moving to new
6-Green Star building in
Wynyard Quarter
October 2019
November 2019
Target Year
1
:
Reduce direct emissions
Scope 1 & 2
Reduce indirect emissions
Scope 3
%
1.Target is based on our FY20 as the base year.
2.Combined scope 1, 2 & 3 emissions
Reduce emissions
2
by at least
1.2 million tonnes
Reduction for 1.5°CGenesis ambitionRemaining emissions
%
Empowering New Zealand’s Sustainable Future:
Committed to a Science Based Target aligned to 1.5⁰C
Genesis Energy Limited 1H FY21 Result Presentation 24.
FY20 emissions 2.7 million tonnes
FY20 emissions 1.4 million tonnes

New Zealand needs a national energy strategy and systems
thinking to navigate the fastest route to net zero emissions
Genesis Energy Limited 1H FY21 Result Presentation 25.
We agreewith:
•Climate Change Commission's ambition for a low-carbon future.
•Electricity is a key enabler of New Zealand’s sustainable future.
We disagreewith:
•Electricity price assumptions which don’t reflect transition risks (e.g.
Tiwai unlikely to leave, increasing carbon price will flow through to
consumers)
•Overly intrusive interventions risk poor outcomes - focus on outcomes.
•Overly prescriptive timelines.
Our feedbackwill centre around:
•Importance of joined-up energy strategy - avoiding siloed thinking.
•Policy sequencing, in particular the need to ensure a secure and
affordable electricity.
•Support for the ETS as the principal lever for change.
•Additional policies should focus on ensuring a fair and just transition
such as carbon dividend.
20,000
25,000
30,000
35,000
40,000
45,000
50,000
55,000
60,000
2020202520302035
GWh
Current Policy ReferenceCCC path to 2035
CCC path without a Tiwai exit
CLIMATE CHANGE COMMISSION FORECAST OF ELECTRICITY DEMAND

Genesis Stakeholder Day 2020 26.
Our Future-gen strategy focuses on the opportunity to
deliver value uplift by actively managing the energy transition
New renewables displacing baseload
thermal
Secure gas flexibility through
contracts and storage
Emissions abatement from forestry
Improved plant efficiency and MW
capacity
2
1
3
4
Empowering
New Zealand’s
sustainable
future
Genesis Energy Limited 1H FY21 Result Presentation 26.

Genesis is progressing Future-gen, our flexible assets give us
choices to develop a diverse portfolio of renewable generation
2025
2030
2021
Waipipi455 GWh
Fully operational
1800 GWh
Of solar, wind
and geothermal
active
2650 GWh
Of solar, wind
and geothermal
active
EOI to Market
20 Counterparties,
12,000 GWh
RFP Launched
Up to 15 projects with 11 partners
Wind 3000 GWh
Solar 1300 GWh
Geothermal 1700 GWh
2018
WaipipiEnergisation
Genesis dispatching
to market
1-3 Contracts Signed
1,350 GWh
Genesis Energy Limited 1H FY21 Result Presentation 27.
Drylandcarbon
Partnership for long
term carbon offsets
Drylandcarbon
providing 150k NZUs
Generation Commences
1,350 GWh active by Dec-24
Ta rg e t s
Confirmed
Commitments
Key

Our refreshed retail strategy emphasises six key priorities,
delivering more from our core whilst building for the future
Empowering
New Zealand’s
sustainable
future
2
3
4
5
6
1
Create residential experiences that
build customer loyalty
Grow our market share of
small business customers
LPG #1 or #2 in every region
Unleash Energy Online in the tier 2 market
Design products for emerging
energy management needs
Invest in technology and data to create consistent
and distinctive end to end customer experiences
Genesis Energy Limited 1H FY21 Result Presentation 28.

Genesis Energy Limited 1H FY21 Result Presentation 29.
Ecotricitypartnership serves a new customer segment and is
another step towards our energy management vision
Brand promiseWith you. For you.Brilliantly simple energy
NZ’s cleanest, greenest
electricity
Example products
Energy IQ
Power Shouts
Build your own plan
Simple transparent tariffs
No contracts
Happy hours for all
100% CarboNZero
2
certified
Wholesale tracking tariffs
Solar plans
ICP’s / Connections
1
561,000102,000
9,000
(45% with solar, 30% with an EV)
Typical customers
Progressive families and
businesses who expect
insights and advice
Residential, renting
and urban
Prosumers
3
, EV owners and
sustainability focused
businesses
1
Defined as active occupied ICP’s (elec) and live supply for gas and LPG
2
Electricity purchased from specific wind, hydro and solar generation assets with all greenhouse gases associated with the full
lifecycle of those stations off-set with carbon credits from NZ native bush investments.
3
Prosumers are customers who both consume and produce energy.

GENESIS ENERGY LIMITED
Outlook and guidance

Outlook and guidance
We have
long-term rights to
gas
Portfolio
flexibility and
optionality
Transition
expected to benefit
electricity
Future-gen
will lower
emissions
Genesis Energy Limited 1H FY21 Result Presentation 31.
• EBITDAF guidance for the full year ended 30 June 2021 has been revised upward from $395 million - $415 million
to $415 million - $425 million. Guidance is subject to hydrological conditions, gas availability, any material events,
one-off expense or other unforeseeable circumstances.
• FY21 capital expenditure guidance is unchanged at up to $95 million.
• H2 FY21 sees a significant volume reduction in Genesis Energy’s contracted gas position as has been anticipated.
This is the start of the roll-off of contracted gas that has historically been out-of-the-money.
• The thirdRankine has been made available to support the wholesale electricity and gas markets during a predicted
period of fuel volatility. Upstream gas production remains uncertain for all market participants over the next 12
months.
• Kupe strategic review underway, market will be updated in middle of calendar year 2021.
—Updated guidancefor FY21 EBITDAF is $415 million to $425 million

Genesis is well positioned for market uncertainties
Market
uncertainties
Genesis’
position
Industrial
closures
Largest
residential supplier
Largely
North Island located
Able to offset
more expensive
thermal
Gas
availability
We have
long-term rights to
gas
Portfolio
flexibility and
optionality
Pace of
electrification
Transition
expected to benefit
electricity
Carbon
pricing
Future-gen
will lower
emissions
Genesis Energy Limited 1H FY21 Result Presentation 32.

Distinctive customer
experiences
Improve customer Net
Promoter Score
Limit climate change
Science based target
for 1.5°C – 1.2 million tonnes
of carbon displaced by 2025
Stable diverse earnings
A plan for growth
Our commitments
Genesis Energy Limited 1H FY21 Result Presentation 33.
Why invest in Genesis?
Attractive growing
dividend
Earnings growth and
improved balance sheet
Reducing carbon
exposure
Strong team with an
innovative culture

GENESIS ENERGY LIMITED
Appendices

Financial statements
1
Capital items received as part of the LTMA are recognised upfront and paid off over the life of the agreement (8 years), the cash outflow relating to this has been recorded as Stay in Business capex for the purposes of the Free Cash Flow Calculation.
2
Decline in Total Assets relates to revised generation asset valuation
Genesis Energy Limited 1H FY21 Result Presentation 35.
Income Statement
HY21HY20
Variance
($m)($m)
Revenue1,419.41,334.2+6.4%
Total Operating Expenses-1,202.1-1,167.0+3.0%
EBITDAF217.3167.2+30.0%
Depreciation, Depletion & Amortisation-102.5-109.9
Impairment of Non-Current Assets--0.1
Fair Value Change-10.1-4.8
Revaluation of generation assets0.5-
Other Gains (Losses)-1.0-3.1
Share in associate -0.4-0.4
Earnings Before Interest & Tax103.848.9+112.3%
Interest-30.0-36.1
Tax-21.1-3.6
Net Profit After Tax52.79.2+472.8%
Earnings Per Share (cps)5.090.9+465.6%
Stay in Business Capital Expenditure28.327.2+4.0%
Free Cash Flow15994+69.1%
Dividends Per Share (cps)8.68.525+0.9%
Dividends Declared as a % of FCF56%93%
1
Balance Sheet
HY21FY20
Variance
($m)($m)
Cash and Cash Equivalents81.332.5
Other Current Assets433.7407.0
Non-Current Assets3,823.74,142.8
Total Assets4,338.74,582.3-5.3%
Total Borrowings1,317.01,367.4
Other Liabilities1,141.21,145.1
Total Equity1,880.52,069.8-9.1%
Adjusted Net Debt1,182.01,247.0-5.2%
Gearing33.7%32.8%
EBITDAF Interest Cover8.6x6.7x
Net Debt/EBITDAF2.5x3.1x
Cash Flow Summary
HY21HY20Variance
($m)($m)($m)
Net Operating Cash Flow245.9161.7
Net Investing Cash Flow-51.5-46.2
Net Financing Cash Flow-145.6-151.3
Net Increase (Decrease) in Cash48.8-35.884.6
2

Debt InformationHY21
($m)
FY20
($m)
Variance
To t a l D e b t$
1,3171,367
Cash and Cash Equivalents$
8132
Headline Net Debt$
1,2361,335(7.4%)
USPPFX and FV Adjustments$
5488
AdjustedNet Debt
1
$
1,1821,247(5.2%)
Headline Gearing
39.7%39.2%+0.5 ppts
AdjustedGearing
38.6%37.6%+1.0 ppts
Covenant Gearing
33.7%32.8%+0.9 ppts
Net Debt/EBITDAF
2
2.5x3.1x-0.6x
Interest Cover
8.6x6.7x
+1.9x
Average InterestRate
4.6%5.4%-0.8ppt
Average Debt Tenure
10.3yrs11.5yrs-1.2yrs
1
Standard and Poor’s make a number of adjustments to Net Debt and EBITDAF for the purpose of calculating credit metrics.The most significant of these is the 50% equity treatment attributed to the Capital Bonds. HY21 calculation is based on actual debt at 31
December 2020 and the mid-point of the EBITDAF guidance range for FY21. Net debt has been adjusted for foreign currency translation and fair value movements related to USD denominated borrowings whichhave been fully hedged with cross currency swaps.
2
EBITDAF is based on the midpoint of the guidance range provided for FY21.
3
Higher gearing ratios due to lower equity value as a result of revised generation asset valuations.
GENESIS ENERGY DEBT PROFILE
Debt information
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
FY21FY22FY23FY24FY25FY26FY27FY47FY49
$m
Commercial PaperWholesale DomesticDrawn BankUndrawn Bank
Capital BondsRetailable BondsUSPP
Genesis Energy Limited 1H FY21 Result Presentation 36.
3
3
3

Operational highlights
Genesis Energy Limited 1H FY21 Result Presentation 37.
Retail Key InformationHY21HY20Variance
EBITDAF ($ millions)8864+37.5%
Electricity Netback ($/MWh)$121.95$108.20+12.7%
Gas Netback ($/GJ)$10.52$9.56+10.0%
LPG Netback ($/t)$1,044.99$982.93+6.3%
Customers with > 1 Fuel124,996119,227+4.8%
Electricity Only Customers303,518320,731-5.4%
Gas Only Customers15,64916,022-2.3%
LPG Only Customers33,58433,969-1.1%
Total Customers477,747489,949-2.5%
Total Electricity, Gas and LPG ICP’s669,496674,356-0.7%
Volume Weighted Average Electricity Selling Price –
Resi ($/MWh)
$264.46$258.40+2.3%
Volume Weighted Average Electricity Selling Price –
SME ($/MWh)
$215.66$219.78-1.9%
Volume Weighted Average Electricity Selling Price –
C&I ($/MWh)
$138.95$134.06+3.7%
Volume Weighted Average Gas Selling Price ($/GJ)$19.65$18.85+4.2%
Volume Weighted Average LPG Selling Price
($/tonne)
$1,906.87$1,783.52+6.9%
Customer Electricity Sales (GWh)3,2863,172+3.6%
Customer Gas Sales (PJ)4.54.50.0%
Customer LPG Sales (tonnes)23,14223,475-1.4%
Wholesale Key InformationHY21HY20Variance
EBITDAF ($ millions)10279+29.1%
Renewable Generation (GWh)1,4661,465+0.1%
Thermal Generation (GWh)2,3071,989+16.0%
Total Generation (GWh)3,7743,454+9.3%
Power Purchase Agreements
Wind (GWh)30-0%
Average Price Received for PPA - GWAP ($/MWh)$97.95 $0.00 0%
Equipment Availability Factor (EAF)
93%91%+2.2%
GWAP ($/MWh)$127.66 $117.00 +9.1%
LWAP/GWAP Ratio101%99%+2.0%
Weighted Average Fuel Cost ($/MWh)$48.91 $46.48 +5.2%
Coal/Gas Mix (Rankinesonly)93/795/5
Kupe Key InformationHY21HY20Variance
EBITDAF ($m)494314.0%
Gas Production (PJ)5.74.916.0%
Gas Sales (PJ)5.74.916.3%
Oil Production (kbbl)1781770.8%
Oil Sales (kbbl)15713813.6%
LPG Production (kt)24.421.414.1%
LPG Sales (kt)24.521.911.8%
Average Brent Crude Oil (USD/bbl)$43.61$62.60-30.3%
Realised Oil Price (NZD/bbl)$68.55$85.14-19.5%
Health & Safety InformationHY21HY20Variance
Total Recordable Injury Frequency Rate2.021.23+0.79

RETAIL
Brand Net Promoter Score (%)
Based on survey question "How likely would you be to recommend Genesis Energy/Energy Online to your friends or family?"
Interaction Net Promoter Score (%)
Based on survey question "Based on your recent Interaction With GE/EOL, how likely would you be to recommend GE/EOL to your Friends/Family?"
CustomersElectricity and gas customers are defined by single customer view, regardless of number of connections (ICP's)
Single Customer ViewRepresents unique customers which may have multiple ICP's
ICPInstallation Connection Point, a connection point that is both occupied and has not been disconnected (Active-Occupied)
LPG Customer ConnectionsDefined as number of customers
Gross Customer ChurnDefined as customers instigating a trader switch or home move
Net Customer ChurnDefined as Gross Churn post home move saves, retention and acquisition activity
Resi, SME, C&IResidential, small and medium enterprises and commercial & industrial customers
B2BBusiness to Business, including both SME and C&I
Volume Weighted Average Electricity Selling Price - $/MWhAverage selling price for customers including lines/transmission and distribution and after prompt payment discount
Volume Weighted Average Gas Selling Price - $/GJAverage selling price for customers including transmission and distribution and after prompt payment discount
Volume Weighted Average LPG Selling Price - $/tonneAverage selling price for customers including after prompt payment discount
Bottled LPG Sales (tonnes)Represents 45kg LPG bottle sales
SME & Other Bulk LPG sales (tonnes)Represents SME and other bulk and 3rd party distributors
Cost to Serve ($ per ICP)Retail costs associated with serving customers across all fuel types divided by the total numbers of ICPs at time of reporting
Netback ($/MWh, $/GJ, $/tonne)
Customer EBITDAF by fuel type plus respective fuel purchase cost divided by total fuel sales volumes, stated in native fuel units (excluding corporate allocation costs and Technology &
Digital cost centre)
GENERATION
Average Price Received for Generation - GWAP ($/MWh) Excludes settlements from electricity derivatives.
Coal (GWh)Coal generation is calculated by applying coal burn to monthly average heat rates
Coal Used In Internal Generation (PJ)Results have been revised to reflect changes in coal kilo tonnes to PJ conversion rate and volume methodology
Rankine's Fuelled by Coal (%)The proportion of coal used in the Rankine units
Equipment Availability Factor (EAF)The percentage of time a power station is available to generate electricity
Forced Outage Factor (FOF)The percentage of time a power station is unavailable to generate electricity due to unplanned failure or defect
POWER PURCHASE AGREEMENTS
Wind (GWh) Energy purchased through long term agreements with generator
Average Price Received for Generation - GWAP ($/MWh) Price received at production node. (E.g. Waipipi at WVY1101 node)
WHOLESALE
Average Retail Electricity Purchase Price - LWAP ($/MWh)Excludes settlements from electricity derivatives
Electricity CFD Purchases - Wholesale (GWh)Settlement volumes of generation hedge purchase contracts, including ASX but excluding Financial Transmission Right (FTRs) orCap/Collar/Floor contracts
Electricity CFD Sales - Wholesale (GWh)Settlement volumes of generation hedge sale contracts, including ASX but exlcuding Financial Transmission Right (FTRs) or Cap/Collar/Floor contracts
Swaption Sales - Wholesale (GWh)Electricity (swap/option) sales contract volume called, a subset of the Electricity CFD Sales - Wholesale (GWh)
Wholesale LPG Sales (tonnes)Represents wholesale, export sales and transfers to Huntly power station
Weighted Average Gas Burn Cost ($/GJ)Total cost of gas burnt divided by generation from gas fired generation, excluding emissions
Weighted Average Coal Burn Cost ($/GJ)Total cost of coal burnt divided by generation from coal fired generation, excluding emissions
Weighted Average Fuel Cost - Portfolio ($/MWh)Total cost of fuel burnt plus emissions on fuel burnt divided by total generation (thermal, hydro and wind)
Weighted Average Fuel Cost - Thermal ($/MWh)Total cost of fuel burnt plus emissions on fuel burnt divided by total generation from thermal plant
Coal Stockpile - Stored Energy (PJ)The coal stockpile closing balance in tonnes divided by an estimated nominal energy content of Huntly's coal (22 GJ/t)
CORPORATE
Total Recordable Injury Frequency RateRolling 12 month TRIFR per 200,000 hours worked for employees and contractors
Headcount Based on full time equivalents, including contractors
KUPE
Oil Price realised (NZD/bbl)Oil price received including hedge outcome for oil and foreign exchange
Oil Price realised (USD/bbl)The underlying benchmark crude oil price that is used to set the price for crude oil sales
Oil Hedge Levels (%)% hedged for remainder of FY as % of forecast sales
Genesis Energy Limited 1H FY20 Result Presentation 38.
Glossary

ThispresentationhasbeenpreparedbyGenesisEnergyLimited(‘GenesisEnergy’)forinformationpurposesonly. Theinformation
in thispresentationis of a generalnatureanddoesnotpurporttobecompletenordoesit containalltheinformationrequiredforan
investortoevaluateaninvestment. Thispresentationmaycontainprojectionsorforward-lookingstatementsregardinga varietyof
items. Suchforward-lookingstatementsarebaseduponcurrentexpectationsandinvolverisksanduncertainties. Actualresultsmay
differmateriallyfromthosestatedin anyforward-lookingstatementbasedona numberof importantfactorsandrisks.
Althoughmanagementmayindicateandbelievethattheassumptionsunderlyingtheforward-lookingstatementsarereasonable,
anyof theassumptionscouldproveinaccurateorincorrectand,therefore,therecanbenoassurancethattheresultscontemplated
in theforward-lookingstatementswillberealised.EBITDAF,underlyingprofitandfreecashflowarenon-GAAP(generallyaccepted
accountingpractice)measures. Whileallreasonablecarehasbeentakenincompilingthispresentation,tothemaximumextent
permittedbylawGenesisEnergyacceptsnoresponsibilityforanyerrorsoromissionsandnorepresentationis madeastothe
accuracy,completenessorreliabilityoftheinformation.Thispresentationdoesnotconstituteinvestmentadvice. Allreferenceto$
areNewZealanddollars,unlessspecificallystated.
Disclaimer
Genesis Energy Limited 1H FY21 Result Presentation 39.

---

GENESIS ENERGY LIMITED
Interim Report 2021
GENESIS ENERGY LIMITED
Interim Report 2021

2
GENESIS INTERIM REPORT 2021
Tēnā koutou,
The first half of the 2021 Financial
Year saw Genesis deliver three key
milestones in our leadership role
of empowering New Zealand’s
sustainable future.
As part of our new Sustainability
Strategy, Genesis committed to
world leading emissions reduction
targets, Waipipi Wind Farm
delivered its first energy to the grid,
and our customers were provided
with advanced tools to manage
their carbon footprint.
Empowering New Zealand’s
sustainable future
In December, we announced that
Genesis has committed to the most
aggressive emissions reduction
targets by any New Zealand energy
company. We will remove at least
1.2 million tonnes of annual carbon
emissions from our activities over
the next five years, assessed against
the Science Based Targets Initiative
(SBTi) benchmark of limiting global
warming to below 1.5°C by 2025.
That is equivalent to removing more
than 272,000 petrol cars from our
roads for a year.
Outside of Europe, Genesis is the
only electricity generator and retailer
to tie its targets to 1.5°C with the
SBTi. Both Board and Management
wanted to challenge us as a company
to make a noticeable difference. We
are confident in our ability to achieve
these goals with the right planning.
Accelerating our
Future-gen Strategy
Our Future-gen goal is to
economically displace baseload
thermal electricity generation with
reliable and affordable renewables,
while also supporting the country’s
transition to a low carbon future.
We have committed to developing
2,650GWh of new, renewable
generation.
In November the first turbines were
powered up at Waipipi Wind Farm,
now New Zealand’s largest. This will
provide the first 455GWh of that
goal and contribute to a reduction of
250,000-350,000 tonnes of carbon
annually. It has already generated
54GWh of zero-emissions renewable
electricity and reduced generation
emissions by nearly 46,000 tonnes
(as at 31 January 2021).
Chairman and Chief Executive’s
joint letter
Cost effective investment in
renewable energy generation
will only occur if it is approached
holistically as part of a national
energy plan to drive the best
electrification outcomes for New
Zealand.
We are glad to see this strategy
reflected in the Climate Change
Commission's draft advice. This is
open for consultation and we look
forward to the final report in May.
Additionally, the announcement
that Tiwai Point Aluminium Smelter
will remain open to 2024 provides
some market certainty and will
help positively guide long-term
investment decisions.
FROM THE CHAIRMAN AND CEO
Pukapuka Mai I te Heamana me te Manahautū
CHIEF EXECUTIVE OFFICER
Marc England
MBA, MEng
CHAIRMAN
Barbara Chapman
CNZM, BCom, CMInstD
tCO2e displaced
across five years
m
EBITDAF¹
m
HY20 $167.2m
$
NPAT
2
m
HY20 $9.2m
$
1. EBITDAF: Earnings before net finance expense, income
tax, depreciation, depletion, amortisation, impairment,
fair value changes, and other gains and losses. Refer
to the consolidated comprehensive income statement
on page 5 for reconciliation from EBITDAF to net profit
after tax.
2. Net Profit After Tax.

3
GENESIS INTERIM REPORT 2021
Protecting and enhancing
shareholder value
Genesis delivered an EBITDAF¹ of
$217.3m for the first half of Financial
Year 2021, an increase of 30% against
the same period last year. NPAT² for
the period also increased to $52.7m.
Our diverse portfolio of assets is
managed to provide the business
with the flexibility and resilience
to successfully operate in a
variety of market conditions, and
positions Genesis well to respond to
competitive pressures. Historically
dry hydrological conditions in the
first half are expected to continue.
The 190MW Tekapo Power Scheme
returned to full capacity in January
after a multi-year long project to
replace the intake gate. This had
seen the station running at partial
capacity for most of FY20 and FY21.
In August, the Kupe Joint Venture
announced a reserves upgrade,
reinforcing the quality of the asset.
In November, Genesis announced a
strategic review of the asset and will
provide an update to the market in
the middle of this calendar year.
In 2020 Genesis also announced
a portfolio of new energy plans.
Energy Plus customers can choose
between fixed and flexible terms,
how they pay and how they get
their bills – all of which adds up to
discounts on their monthly energy
bills. Dual Fuel customers also
get a bonus 5% discount. 186,000
customers have migrated to these
plans and we will migrate a further
130,000 in the coming months.
Leading behavioural change

A key part of Genesis’ leadership
role in helping New Zealand reach
its carbon targets, is giving our
customers the energy management
tools to take action themselves.
EcoTracker, a feature within our
customer app, Energy IQ, focuses on
increasing the transparency of the
nation’s emissions. As of January,
229,000 Genesis customers now
use Energy IQ to review and manage
their gas and electricity usage.
Encouraging reduced consumption,
such as load shifting energy intensive
tasks to non-peak times, can make
a big difference to our national
emissions profile. Energy IQ’s Tip
Centre, which gives customers
ideas to help reduce their energy
usage, has had more than 380,000
interactions since July 2020.
Now you call the shouts
In September Genesis saw a record
157,439 unique users engage with the
Energy IQ platform. Part of this was
driven by the success of Power Shout
9, which saw Genesis give away up
to eight hours of free power to each
participating customer. A record
193,290 hours were redeemed. So far,
Genesis customers have enjoyed over
seven million hours of free power via
our Power Shout promotions.
In March we will be launching
Power Shout Hours, an entirely
Energy IQ-based loyalty and reward
programme. Customers are given
free hours of power that they can
store and use whenever they want.
They will also have the chance to
accrue Power Shout Hours each
month through their bill payments,
alongside additional Power Shout
promotions, such as March’s
Emirates Team New Zealand (ETNZ)
Power Shout.
Cheering ETNZ across
the finish line

Finally, good luck to ETNZ in the
2021 America’s Cup. We are proud to
be their official energy partner. Last
year we delivered a 100% renewable,
sustainable energy solution in the
form of curved solar panels on the
roof of the ETNZ base – a first for
New Zealand.
We are also working to spread
the excitement to New Zealand’s
stadium of five million. Schools
from across New Zealand were
invited to show their support in a
creative way. We took the ETNZ
team members and the America’s
Cup on the road to the winning four
schools, Te Mata School, Peachgrove
Intermediate, Lake Rotoiti School and
Ravensbourne School. Additionally,
each school received $3,000 of
science, technology, engineering and
maths equipment.
Genesis’ Supporter Shirt campaign
kicked off in early 2021 to find New
Zealand’s most passionate ETNZ
fans. Winners will wear our custom-
built biometric ‘Supporter Shirt’ while
watching the America’s Cup. Their
movement, heart rate, calories burnt
and even stress levels are captured,
and the more excitement generated,
the more power we will give away to
our School-gen schools nationwide.
Lastly, we want to commend the
work done as part of the Manaaki
Kenehi customer care programme
to proactively support vulnerable
customers and those experiencing
hardship, particularly during
COVID-19.
Thanks to all our teams who have
worked so hard in a challenging year.
Our focus remains on delivering for
our customers, shareholders and
working to empower New Zealand’s
sustainable future.
Ngā mihi,
Barbara Chapman
Chairman
Marc England
Chief Executive Officer
FROM THE CHAIRMAN AND CEO
186,000
customers
migrated to
new Energy
Plus plans
229,000
customers
using
Energy IQ
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4
GENESIS INTERIM REPORT 2021
Condensed Consolidated
Interim Financial Statements
For the six months ended
31 December 2020
Condensed
consolidated interim
financial statements

Consolidated comprehensive
income statement
5
Consolidated statement of
changes in equity
6
Consolidated balance sheet7
Consolidated cash flow statement8
Notes to
the condensed consolidated
interim financial statements

General information and significant matters9
A. Financial performance
A1. Underlying EBITDAF and underlying earnings10
A2. Segment reporting10
A3. Depreciation, depletion and amortisation13
B. Operating assets
B1. Property, plant and equipment13
B2. Oil and gas assets14
C. Funding
C1. Borrowings15
C2. Finance expense16
C3. Dividends16
D. Risk management
D1. Derivatives16
D2. Change in fair value of financial instruments17
D3. Fair value measurement17
E. Other
E1. Related party transactions18
E2. Commitments18
E3. Contingent assets and liabilities18
E4. Subsequent events18
Ngā Tauākī Pūtea Tōpū Whakarāpopoto Weherua
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

5
GENESIS INTERIM REPORT 2021
Consolidated comprehensive income statement
For the six months ended 31 December 2020
Note
31 Dec 2020
unaudited
$ million

31 Dec 2019
unaudited
$ million
RevenueA2 1,419.4 1,334.2
ExpensesA2 (1,202.1) (1,167.0)
Earnings before net finance expense, income tax, depreciation, depletion,
amortisation, impairment, fair value changes and other gains and losses
(EBITDAF)
A22 1 7. 3 167.2
Depreciation, depletion and amortisationA3(102.5)(109.9)
Impairment of non-current assets- (0.1)
Revaluation of generation assetsB10.5-
Change in fair value of financial instrumentsD2(1 0.1 ) (4.8)
Share of associates(0.4) (0.4)
Other gains (losses)(1.0) (3.1)
Profit before net finance expense and income tax 103.8 48.9
Finance revenue 0.3 0.1
Finance expenseC2 (30.3) (36.2)
Profit before income tax 73.8 12.8
Income tax expense ( 2 1 .1 )(3.6)
Net profit for the period 52.79.2
Other comprehensive income
Change in cash flow hedge reserve 22.4 15.5
Income tax expense relating to items above(6.3)(4.3)
Total items that may be reclassified to profit or loss 1 6 .1 11.2
Change in asset revaluation reserveB1(257.6)-
Income tax credit relating to items above7 2 .1-
Total items that will not be reclassified to profit or loss (185.5) -
Total other comprehensive income (expense) for the period(169.4)11.2
Total comprehensive income (expense) for the period(116.7)20.4

Earnings per share (EPS) from operations attributable to shareholders Cents Cents
Basic and diluted EPS5.09 0.90
The above statement should be read in conjunction with the accompanying notes.
6 months ended
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

6
GENESIS INTERIM REPORT 2021
Consolidated statement of changes in equity
For the six months ended 31 December 2020
Note
Share
capital
unaudited
$ million
Share-
based
payments
reserve
unaudited
$ million
Asset
revaluation
reserve
unaudited
$ million
Cash flow
hedge
reserve
unaudited
$ million
Retained
earnings
unaudited
$ million
Total
unaudited
$ million
Balance as at 1 July 2020 635.0 1.8 1,398.0 (42.7) 7 7. 7 2,069.8
Net profit for the period - - - - 52.7 52.7
Other comprehensive income
Change in cash flow hedge reserve - - - 22.4 - 22.4
Change in asset revaluation reserveB1--(257.6)--(257.6)
Income tax (expense) credit relating to other
comprehensive income
- - 72.1 (6.3) - 65.8
Total comprehensive income (expense) for
the period
- - (185.5) 1 6 .1 52.7 (116.7)
Revaluation reserve reclassified to retained
earnings on disposal of assets
- -(4.4) -4.4 -
Hedging gains and losses transferred to the
cost of assets
---0.2-0.2
Income tax on hedging gains and losses
transferred to the cost of assets
---(0.1 )-(0.1 )
Share-based payments (0.2) (0.2) - - 0.2 (0.2)
Shares issued under dividend reinvestment planC3 17.3 - - - - 17.3
Net change in treasury shares 0.1 - - - - 0.1
DividendsC3 - - - - (89.9) (89.9)
Balance as at 31 December 2020652.2 1.6 1,208.1 (26.5) 4 5.1 1,880.5
Note
Share
capital
unaudited
$ million
Share-
based
payments
reserve
unaudited
$ million
Asset
revaluation
reserve
unaudited
$ million
Cash flow
hedge
reserve
unaudited
$ million
Retained
earnings
unaudited
$ million
Total
unaudited
$ million
Balance as at 1 July 2019 597.6 1.7 1,398.2 (59.7) 207.2 2,145.0
Net profit for the period-- - -9.29.2
Other comprehensive income
Change in cash flow hedge reserve - - - 15.5 - 15.5
Income tax expense relating to other
comprehensive income
- - - (4.3) - (4.3)
Total comprehensive income for the period - - - 11.2 9.2 20.4
Revaluation reserve reclassified to retained
earnings on disposal of assets
--(0.1)-0.1-
Share-based payments(0.3)(0.4)---(0.7)
Shares issued under dividend reinvestment planC3 18.9 - - - - 18.9
Net change in treasury shares0.4 - - - - 0.4
DividendsC3 - - - - (88.1)(88.1)
Balance as at 31 December 2019 616.6 1.3 1,398.1 (48.5)128.4 2,095.9
The above statement should be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

7
GENESIS INTERIM REPORT 2021
Consolidated balance sheet
As at 31 December 2020
Note
31 Dec 2020
unaudited
$ million

30 Jun 2020
audited
$ million
Cash and cash equivalents 81.3 32.5
Receivables and prepayments 206.8 235.0
Inventories 106.5 98.0
Intangible assets 14.7 4.9
Tax receivable - 25.0
DerivativesD1105.744.1
Total current assets 515.0 439.5
Receivables and prepayments 4.3 3.1
Property, plant and equipmentB1 3,081.3 3,367.7
Oil and gas assetsB2 300.5 307.4
Intangible assets 349.9 353.4
Investments in associates 10.2 6.7
DerivativesD1 77.5 104.5
Total non-current assets 3,823.7 4,142.8
Total assets 4,338.7 4,582.3
Payables and accruals 248.0 233.6
Tax payable10.3-
BorrowingsC1 170.4 19.9
Provisions 1 0.1 8.9
DerivativesD1 81.838.9
Total current liabilities 520.6 301.3
Payables and accruals 5.2 8.1
BorrowingsC1 1,146.6 1,347.5
Provisions 1 5 0.1 151.6
Deferred tax 549.5 631.6
DerivativesD1 86.2 72.4
Total non-current liabilities 1 , 9 3 7. 6 2,211.2
Total liabilities 2,458.2 2,512.5
Share capital 652.2 635.0
Reserves 1,228.3 1,434.8
Total equity 1,880.5 2,069.8
Total equity and liabilities 4,338.7 4,582.3
The above statement should be read in conjunction with the accompanying notes.
The Directors of Genesis Energy Limited authorise these condensed consolidated interim financial statements for issue on behalf of
the Board.
Barbara Chapman
Chairman of the Board
Date: 24 February 2021
Catherine Drayton
Chairman of the Audit and Risk Committee
Date: 24 February 2021
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

8
GENESIS INTERIM REPORT 2021
Consolidated cash flow statement
For the six months ended 31 December 2020
Note
31 Dec 2020
unaudited
$ million
31 Dec 2019
unaudited
$ million
Receipts from customers1,449.41,351.9
Interest received0.10.1
Payments to suppliers and related parties(1,145.4)(1,126.5)
Payments to employees(56.5)(51.9)
Tax paid(1.7)(11.9)
Operating cash flows245.9161.7
Payments to associates(3.9) (2.9)
Purchase of property, plant and equipment(27.0)(21.0)
Purchase of oil and gas assets(10.2)(12.8)
Purchase of intangibles (excluding emission units and deferred customer
acquisition costs)
(10.4)(9.5)
Investing cash flows(51.5)(46.2)
Proceeds from lease incentives1 1 .1-
Proceeds from borrowings200.04.9
Repayment of borrowings(255.3)(52.8)
Interest paid and other finance charges(28.4)(34.1)
DividendsC3(72.6)(69.2)
Acquisition of treasury shares(0.4)(0.1)
Financing cash flows(145.6)(151.3)
Net increase (decrease) in cash and cash equivalents48.8(35.8)
Cash and cash equivalents at 1 July32.561.9
Cash and cash equivalents at 31 December81.3 26.1
6 months ended
Reconciliation of net profit to operating cash flowsNote
31 Dec 2020
unaudited
$ million
31 Dec 2019
unaudited
$ million
Net profit for the period 52.7 9.2
Net loss on disposal of property, plant and equipment 1 .1 0.8
Finance expense excluding time value of money adjustments on provisions28.333.7
Change in rehabilitation and contractual arrangement provisions 2.9 5.1
Items classified as investing/financing activities* 32.3 39.6
Depreciation, depletion and amortisation expenseA3102.5109.9
Revaluation of generation assets B1(0.5)-
Impairment of non-current assets-0.1
Change in fair value of financial instrumentsD21 0.14.8
Deferred tax expense(16.3)(18.5)
Change in capital expenditure accruals3.5(8.4)
Share of associates0.4 0.4
Other non-cash items5.70.7
Total non-cash items*105.489.0
Change in receivables and prepayments2 7. 019.0
Change in inventories(8.5)1 7.1
Change in emission units on hand(9.8)(15.1)
Change in deferred customer acquisition costs0.30.1
Change in payables and accruals11.5(3.9)
Change in tax receivable/payable35.310.2
Change in provisions(0.3)(3.5)
Movements in working capital55.523.9
Net cash inflow from operating activities245.9161.7
6 months ended
* Change in rehabilitation and contractual arrangement provisions has been reclassified from total non-cash items to items classified as investing/
financing activities to provide comparability with the current period.

The above statement should be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

9
GENESIS INTERIM REPORT 2021
Notes to the condensed consolidated interim financial statements
For the six months ended 31 December 2020
General information
The unaudited condensed consolidated interim financial statements comprise Genesis Energy Limited ('Genesis'), its subsidiaries,
controlled entities and the Group's interests in associates and joint operations (together, the 'Group') for the six month period ended 31
December 2020.
On 27 November 2020 Genesis announced that it is undertaking a strategic review in relation to its interest in Kupe. The review
will consider a number of areas including the returns and risks of a potential drilling programme, the optimal capital structure for
Genesis and whether there are more strategically aligned capital investment opportunities. The Board will assess whether continued
ownership or a sale is in the best interests of the Company and its shareholders. An announcement regarding the outcome of the
review is being targeted for mid 2021. Given the outcome of the review is unknown the accounting treatment of the Group's 46 per
cent interest in the Kupe Joint Venture remains the same as the prior year.
Genesis is registered under the Companies Act 1993. It is a mixed ownership model company, majority owned by the 'Crown', bound
by the requirements of the Public Finance Act 1989. Genesis is listed on the New Zealand Stock Exchange ('NZX') and the Australian
Securities Exchange ('ASX') and has bonds listed on the NZX debt market. Genesis is an FMC reporting entity under the Financial
Markets Conduct Act 2013.
The core business of the Group and activities carried out by each segment is disclosed in note A2.
Basis of preparation
The condensed consolidated interim financial statements:
• Comply with New Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting and International
Accounting Standard 34 Interim Financial Reporting;
• Do not include all the information and disclosures required in the annual financial statements. Consequently, they should be read
in conjunction with the annual financial statements and related notes included in Genesis Energy's Annual Report for the year
ended 30 June 2020 ('2020 Annual Report');
• Are presented in New Zealand dollars rounded to the nearest 100,000.
Critical accounting estimates and judgements
The basis of critical accounting estimates and judgements are the same as those disclosed in the 2020 Annual Report with the
exception of the assumption around the closure of Tiwai Point smelter.
New Zealand Aluminium Smelters' announcement to close Tiwai Point smelter
On 9 July 2020 New Zealand Aluminium Smelters (NZAS) announced its intention to close the Tiwai Point smelter by August 2021.
Tiwai Point’s electricity usage represents approximately 13 per cent of total electricity demand in New Zealand and closure is likely to
impact electricity prices and generation volumes. On 14 January 2021 NZAS announced Tiwai Point smelter will continue operating
until 31 December 2024. The timing of the closure is consistent with the assumption and estimates used in the calculation of the fair
value of generation assets and electricity derivatives as at 31 December 2020 (refer to note B1 and D3).
COVID-19
To date the economic disruption caused from the COVID-19 pandemic has not had a material impact on reported results. This is
mainly due to the fact that Genesis provides an essential service.
Seasonality of operations
Fluctuations in seasonal weather patterns can have a significant impact on supply and demand and therefore the generation of
electricity, which in turn can have a positive or negative impact on reported results.
Accounting policies
The accounting policies set out in the 2020 Annual Report have been applied consistently to all periods presented. There have been
no significant changes in accounting policies or methods of computation since 30 June 2020.
General information and significant matters
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

10
GENESIS INTERIM REPORT 2021
A1. Underlying EBITDAF and underlying earnings
Underlying EBITDAF and underlying earnings are performance measures used internally to provide insight into the operating
performance of the Group by adjusting for items that are outside Management's control or items that relate to strategic rather than
operational decisions. Items are excluded from underlying EBITDAF and underlying earnings when they meet the criteria outlined in
the Group's non-GAAP financial information policy (refer to www.genesisenergy.co.nz/investors/governance/documents for a copy of
the policy). These measures are not defined in New Zealand Equivalents to International Financial Reporting Standards ('NZ IFRS') and
therefore are considered to be non-GAAP performance measures. They should not be viewed in isolation nor considered a substitute
for measures reported in accordance with NZ IFRS. Underlying EBITDAF and underlying earnings are used by many companies,
however, because these measures are not defined by NZ IFRS they may not be uniformly defined or calculated by all companies.
Accordingly, these measures may not be comparable.
A. Financial performance
Reconciliation of reported net profit to underlying earningsNote
31 Dec 2020
unaudited
$ million
31 Dec 2019
unaudited
$ million
Net profit for the period 52.7 9.2
Change in fair value of financial instrumentsD2 1 0.1 4.8
Revaluation of generation assetsB1(0.5)-
Impairment of non-current assets - 0.1
Unrealised loss on revaluation of carbon units held for trading 1 .1 4.0
Adjustments before tax expense 10.7 8.9
Tax expense on adjustments(3.0) (2.5)
Adjustments after tax expense 7. 7 6.4
Underlying earnings 60.4 15.6
CentsCents
Underlying EPS 5.83 1.53

There were no differences between reported EBITDAF and underlying EBITDAF.
6 months ended
SegmentActivity
RetailSupply of energy (electricity, gas and LPG) and related services to end users.
Wholesale
Supply of electricity to the wholesale electricity market, supply of gas and LPG to wholesale customers and
the Retail segment and the sale and purchase of derivatives to fix the price of electricity.
Kupe
Exploration, development and production of gas, oil and LPG. Supply of gas and LPG to the Wholesale
segment and supply of light oil.
Corporate
Head-office functions, including human resources, finance, corporate relations, property management, legal,
corporate governance and strategy.

The segments are based on the different products and services offered by the Group. All segments operate in New Zealand. No
operating segments have been aggregated. The Group has no individual customers that account for 10.0 per cent or more of the
Group's external revenue (31 December 2019: none). Included in the Retail segment result is $20.2 million of costs (31 December 2019:
$18.7 million) relating to the Technology and Digital team who provide services to all of the segments.
Reconciliation of expenses in the consolidated comprehensive income statement to the segment note
Expenses in the consolidated comprehensive income statement includes the following line items in the segment note: external costs,
employee benefits and other operating expenses.
Intersegment revenue
Sales between segments is based on transfer prices developed in the context of long-term contracts. The electricity transfer price per
MWh charged between Wholesale and Retail was $89.51 (31 December 2019: $83.94).
Restatement of comparative segment note
Three line items in the comparative segment note have been restated to provide comparability with the current period and to align
with the disclosure in the 2020 Annual Report. Gas network, transmission levies and meters has increased by $10.4 million and fuel
consumed in electricity generation and gas purchases have decreased by $1.6 million and $8.8 million respectively.
A2. Segment reporting
The Group reports activities under four segments as follows:
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

11
GENESIS INTERIM REPORT 2021
Six months ended 31 December 2020
Retail
unaudited
$ million

Wholesale
unaudited
$ million
Kupe
unaudited
$ million

Corporate
unaudited
$ million
To t a l
unaudited
$ million
Electricity 695.8 485.2 - - 1,181.0
Gas 88.0 58.8 - - 146.8
LPG 44.1 5.4 - - 49.5
Oil - - 10.8 - 10.8
Emissions on fuel sales and electricity contracts 0.2 11.9 - - 12.1
Emission unit revenue from trading - 17.3 - - 17.3
Other revenue 1.2 0.2 0.1 0.4 1.9
Total external revenue 829.3 578.8 10.9 0.4 1,419.4
Electricity – intersegment - 310.0 - - 310.0
Gas – intersegment - 44.2 47.9 - 92.1
LPG – intersegment - 11.9 14.6 - 26.5
Emissions on fuel sales – intersegment - - 4.9 - 4.9
Total segment revenue 829.3 944.9 78.3 0.4 1,852.9
Electricity purchases - (453.5) - - (453.5)
Electricity network, transmission, levies and meters (266.4) (8.0) - - (274.4)
Fuel consumed in electricity generation - (112.8) - - (112.8)
Gas purchases (0.4) (105.7) - - (1 0 6 .1 )
Gas network, transmission, levies and meters(35.3)(10.5) - -(45.8)
LPG purchases, inventory changes and transportation costs(8.1)(2.8)- -(10.9)
Emissions associated with electricity generation - (19.2) - - (19.2)
Emissions associated with fuel sales - (13.7) (10.0) - (23.7)
Emission unit expenses from trading - (15.3) - - (15.3)
Other costs - - (8.1) - (8 .1 )
Total external costs (310.2) (741.5) (1 8 .1 ) - (1,069.8)
Electricity purchases – intersegment (310.0) - - - (310.0)
Fuel consumed in electricity generation – intersegment - (47.9) - - ( 4 7. 9 )
Gas purchases – intersegment (44.2) - - - (44.2)
LPG purchases, inventory changes and transportation costs – intersegment (11.9) (14.6) - - (26.5)
Emission costs – intersegment - (4.9) - - (4.9)
Total segment costs (676.3) (808.9) (1 8 .1 ) - (1,503.3)
Gross margin 153.0 136.0 60.2 0.4 349.6
Employee benefits (26.0) (15.9) - (14.0) (55.9)
Other operating expenses (38.6) (18.4) (10.8) (8.6) (76.4)
Earnings before net finance expense, income tax, depreciation,
depletion, amortisation, impairment, fair value changes and other
gains and losses (EBITDAF)
88.4 101.7 49.4 (22.2) 217.3
Depreciation, depletion and amortisation (13.6) (64.7) (20.2) (4.0) (102.5)
Revaluation of generation assets - 0.5 - - 0.5
Change in fair value of financial instruments - (10.8) 0.1 0.6 (1 0.1 )
Share of associates (0.2) (0.2) - - (0.4)
Other gains (losses)- (1.2) -0.2(1.0)
Profit (loss) before net finance expense and income tax 74.6 25.3 29.3 (25.4) 103.8
Finance revenue - - - 0.3 0.3
Finance expense (0.3) (1.6) (1.3) (27.1) (30.3)
Profit (loss) before income tax 74.3 23.7 28.0 (52.2) 73.8
Other segment information
Capital expenditure excluding leased assets 10.5 15.0 11.9 4.9 42.3
A2. Segment reporting (continued)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

12
GENESIS INTERIM REPORT 2021
A2. Segment reporting (continued)
Six months ended 31 December 2019
Retail
unaudited
$ million
Restated
Wholesale
unaudited
$ million
Kupe
unaudited
$ million

Corporate
unaudited
$ million
Restated
total
unaudited
$ million
Electricity673.7 412.9 - - 1,086.6
Gas84.4 58.0 - - 142.4
LPG41.9 0.6 4.2 - 46.7
Oil - - 11.8 - 11.8
Emissions on fuel sales and electricity contracts 0.19.3 0.5 - 9.9
Emission unit revenue from trading - 34.9 - - 34.9
Other revenue1.1 0.20.3 0.3 1.9
Total external revenue801.2515.9 16.8 0.3 1,334.2
Electricity – intersegment - 281.9 - - 281.9
Gas – intersegment - 34.5 39.9 - 74.4
LPG – intersegment - 13.5 8.9 - 22.4
Emissions on fuel sales – intersegment - - 1.0 - 1.0
Total segment revenue801.2 845.866.60.3 1,713.9
Electricity purchases - (393.5) - - (393.5)
Electricity network, transmission, levies and meters(300.2)(9.5) - - (309.7)
Fuel consumed in electricity generation - (109.2) - - (109.2)
Gas purchases(0.2)(109.5) - - (109.7)
Gas network, transmission, levies and meters(36.2)(10.5) - - (46.7)
LPG purchases, inventory changes and transportation costs(8.1)(4.3)(0.1) - (12.5)
Oil inventory changes, storage and transportation costs - - 0.5 - 0.5
Emissions associated with electricity generation - (10.2) - - (10.2)
Emissions associated with fuel sales - (12.6)( 7. 7 ) - (20.3)
Emission unit expenses from trading - (26.3) - - (26.3)
Other costs(0.1) -(6.0) - (6.1)
Total external costs(344.8)(685.6)(13.3) - (1,043.7)
Electricity purchases – intersegment(281.9) - - - (281.9)
Fuel consumed in electricity generation – intersegment - (39.9) - - (39.9)
Gas purchases – intersegment(34.5) - - - (34.5)
LPG purchases, inventory changes and transportation costs –intersegment(13.5)(8.9) - - (22.4)
Emission costs – intersegment - (1.0) - - (1.0)
Total segment costs(674.7)(735.4)(13.3) - (1,423.4)
Gross margin126.5 110.453.3 0.3 290.5
Employee benefits(25.0)(14.6)- (12.8)(52.4)
Other operating expenses(37.5)(16.8)(10.3) (6.3)( 70.9)
Earnings before net finance expense, income tax, depreciation,
depletion, amortisation, impairment, fair value changes and other
gains and losses (EBITDAF)
64.0 79.0 43.0 (18.8)167.2
Depreciation, depletion and amortisation(13.0)(67.3)(25.8)(3.8)(109.9)
Impairment of non-current assets-(0.1) - - (0.1)
Change in fair value of financial instruments - (4.9) (0.4) 0.5 (4.8)
Share of associates(0.2)(0.2)--(0.4)
Other gains (losses)(0.1)(4.0)-1.0(3.1)
Profit (loss) before net finance expense and income tax 50.72.5 16.8 ( 2 1.1)48.9
Finance revenue - - - 0.1 0.1
Finance expense(0.1)(1.7)(1.5)(32.9)(36.2)
Profit (loss) before income tax50.60.815.3 (53.9)12.8
Other segment information
Capital expenditure excluding leased assets8.926.011.7 1.04 7. 6
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

13
GENESIS INTERIM REPORT 2021
A3. Depreciation, depletion and amortisation
31 Dec 2020
unaudited
$ million
31 Dec 2019
unaudited
$ million
Property, plant and equipment 70.6 72.8
Oil and gas assets 19.023.9
Intangibles (excluding amortisation of deferred customer acquisition costs) 12.9 13.2
102.5109.9
6 months ended
B1. Property, plant and equipment
6 months ended
31 Dec 2020
unaudited
$ million
Year ended
30 Jun 2020
audited
$ million
Opening balance 3,367.7 3,449.0
Additions4 7. 370.5
Revaluation of generation assets
Decrease taken to revaluation reserve(257.6)-
Increase taken to the income statement0.5-
Change in rehabilitation and contractual arrangement assets-(0.2)
Transfer to intangible assets(1.3)(1.3)
Disposals(4 .1 )(2.1)
Impairment-(0.1)
Depreciation expense recognised in inventories(0.6)(0.7)
Depreciation expense (70.6) (147.4)
Closing balance 3,081.3 3,367.7
Property, plant and equipment includes $73.8 million of leased assets (30 June 2020: $54.9 million).
Generation assets
Generation assets were revalued at 31 December 2020 to $2,861.0 million resulting in a net loss on revaluation of $257.1 million. The
revaluation loss was primarily driven by a decrease in long term wholesale electricity prices, partially offset by higher short term
wholesale electricity prices. Long term wholesale electricity prices are expected to decrease mainly due to over supply in the market
as a result of Tiwai Point smelter discontinuing operations. Short term wholesale electricity prices are expected to increase mainly as
a result of short term market factors, including gas supply side constraints, which is likely to result in the use of more thermal plant.
The revaluation increase taken to the income statement partially reverses previous revaluation decreases for Huntly Units 1 to 4. At 30
June 2020 a valuation was undertaken. As the results approximated the carrying value, no revaluation adjustment was required.
The valuation is based on a discounted cash flow model prepared by Management, calculated by generating scheme except for
the Huntly site where it is calculated by type of unit (units 1 to 4, unit 5 and unit 6). As the key inputs into the valuation are based
on unobservable market data, the valuation is classified as level 3 in the fair value hierarchy. It requires significant judgement and
therefore there is a range of reasonably possible assumptions that could be used in estimating the fair value. Refer to the 2020 Annual
Report for an overview of the fair value hierarchy.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
B. Operating assets

14
GENESIS INTERIM REPORT 2021
B2. Oil and gas assets
6 months ended
31 Dec 2020
unaudited
$ million
Year ended
30 Jun 2020
audited
$ million
Opening balance 307.4 324.1
Additions1 2 .121.9
Change in rehabilitation asset-(2.4)
Depreciation and depletion expense (19.0) (36.2)
Closing balance 300.5 307.4
Since 30 June 2020 the only change to the estimated remaining reserves disclosed in the 2020 Annual Report was in relation to actual
production for the six months ended 31 December 2020 of 17.1 PJe. The estimated remaining reserves balance as at 31 December 2020
was 232.9 PJe for proved reserves (1P) and 323.4 PJe for proved and probable reserves (2P) (30 June 2020: 250.0 PJe and 340.5 PJe
respectively).
Internally generated price path
The internally generated price path assumes national demand growth based on the latest available industry analysis and Genesis'
view of economic growth. Forecast hydrology is based on 83 years of historical hydrological inflow data, and new and retiring
generation plant assumptions are based on public information and an assessment of the wholesale electricity prices required
to support the plant. The internally generated price path assumed the ongoing operation of Tiwai Point smelter until FY25. This
assumption is consistent with the assumption used in the price paths published by independent third parties, market data available
at 31 December 2020 and the announcement on 14 January 2021 that Tiwai Point smelter will continue to operate until 31 December
2024.
Other key assumptions
The valuation includes assumptions around how Tiwai Point's operations will wind down; the timing of transmission upgrades and
the market fuel and electricity supply and demand side assumptions. Changes in these interrelated factors will impact the wholesale
electricity price path and generation volumes. These factors are reviewed for reasonableness by senior management personnel who
are responsible for the price path used by the business.
Key estimates and judgements
Significant unobservable inputs in the valuation model were:
Significant
unobservable
inputsMethod used to determine input
Sensitivity
range
Increase/
(decrease) in
fair value of
generation
assets
Inter-relationships between
unobservable inputs
Wholesale
electricity
price path
Average of the internally generated price path and
price paths published by independent third parties.
Prices used in the valuation range between $76 per
MWh and $122 per MWh referenced to the Otahuhu
220kV locational node from January 2021 to June
2040.
+10%
-10%
$514 million
($514) million
Hydrological inflows affect
generation volumes, as well as
wholesale electricity prices.
Generation
volumes
In-house modelling of the wholesale electricity market.
The generation volumes used in the valuation range
between 2,818 GWh and 6,915 GWh per annum. The
low end of the range relates to periods where there is
no thermal generation.
+10%
-10%
$378 million
($378) million
Wholesale electricity
prices affect the amount of
generation.
Discount ratePre-tax equivalent discount rate of 9.4%.
+1%
-1%
($313) million
$409 million
Discount rate is independent of
wholesale electricity prices and
generation volumes.
B1. Property, plant and equipment (continued)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

15
GENESIS INTERIM REPORT 2021
Fair value of borrowings held at amortised cost
31 Dec 2020
Carrying value
unaudited
$ million
31 Dec 2020
Fair value
unaudited
$ million
30 Jun 2020
Carrying value
audited
$ million
30 Jun 2020
Fair value
audited
$ million
Level one
Retail term notes 101.0 1 0 5.1100.8 106.3
Capital bonds479.0492.7481.7 498.6
Level two
Term loan facility30.032.530.0 32.5
Wholesale term notes 222.7245.0172.4 195.0
USPP 235.3240.4266.5271.1
The valuation of the term loan facility and the wholesale term notes is based on estimated discounted cash flow analyses, using
applicable market yield curves adjusted for the Group's credit rating. The credit-adjusted market yield curves used in the valuation at
the reporting date ranged from 0.8 per cent to 1.4 per cent (30 June 2020: 1.5 per cent to 1.8 per cent).
The valuation of USPP is based on estimated discounted cash flow analyses, using applicable United States market yield curves
adjusted for the Group's credit rating. The credit-adjusted market yield used in the valuation at the reporting date was 1.1 per cent (30
June 2020: 1.1 per cent).
The carrying value of all other borrowings approximates their fair values.
C. Funding
C1. Borrowings
31 Dec 2020
unaudited
$ million
30 Jun 2020
audited
$ million
Revolving credit facility - 250.3
Term loan facility 30.0 30.0
Money market and commercial paper149.92.0
Wholesale term notes 222.7172.4
Retail term notes101.0100.8
Capital bonds 479.0481.7
United States Private Placement ('USPP') 235.3 266.5
Lease liability99.1 63.7
To t a l 1,317.0 1,367.4
Current 170.4 19.9
Non-current 1,146.6 1,347.5
To t a l 1,317.0 1,367.4

Commercial paper
A commercial paper programme has been established and the first tranche of notes was issued in October 2020. Notes issued to
wholesale investors under the programme are short-term money market instruments, unsecured and unsubordinated. The issue of
these notes is the main reason for the increase in the current portion of borrowings. The funds received from the commercial paper
programme were used to repay the revolving credit facility.
Wholesale term notes
A $50.0 million wholesale term note was issued in July 2020. The note expires in July 2022.
Revolving credit facility
As at 31 December 2020 the Group had nothing drawn down under the revolving credit facility (30 June 2020: $250.0 million) and
had available undrawn facilities of $475.0 million (30 June 2020: $175.0 million). The undrawn facilities ensure the Group will have
sufficient funds to meet its liabilities when due, under both normal and stressed conditions.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

16
GENESIS INTERIM REPORT 2021
D. Risk management
D1. Derivatives
31 Dec 2020
unaudited
$ million
30 Jun 2020
audited
$ million
Electricity swaps and options and electricity power purchase agreements ('PPA') 6.6 2.0
Oil price swaps 2.9 8.8
Interest rate swaps (32.3) (39.0)
Cross-currency interest rate swaps (‘CCIRS’) 34.867.5
Foreign exchange contracts 1.7 (1.5)
Other derivatives 1.5 (0.5)
To t a l 15.2 3 7. 3
Current assets 105.7 44.1
Non-current assets 7 7. 5104.5
Current liabilities (81.8) (38.9)
Non-current liabilities (86.2)(72.4)
To t a l 15.23 7. 3
The process and method of valuing derivatives is outlined in note D3.
C2. Finance expense
31 Dec 2020
unaudited
$ million
31 Dec 2019
unaudited
$ million
Interest on borrowings (excluding capital bonds and lease liability) 13.9 19.5
Interest on capital bonds 12.8 12.8
Interest on lease liability 1.8 1.9
Total interest on borrowings28.5 34.2
Other interest and finance charges 0.5 0.1
Time value of money adjustments on provisions 2.0 2.5
Capitalised finance expenses (0.7) (0.6)
To t a l 30.336.2
6 months ended
C3. Dividends
Imputation
unaudited
Cents per
share
unaudited
$ million
unaudited
Imputation
unaudited
Cents per
share
unaudited
$ million
unaudited
Dividends declared and paid during the period
Prior period final dividend80%8.675 89.9 80%8.60 88.1
Less shares issued under the dividend
reinvestment plan
(17.3)(18.9)
Cash dividend paid72.6 69.2
Dividends declared subsequent to reporting date
Current period interim dividend 80% 8.60 89.880%8.52587.8
6 months ended
31 Dec 2020
6 months ended
31 Dec 2019
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

17
GENESIS INTERIM REPORT 2021
Valuation of electricity swaps and options and PPAs
The valuation is based on a discounted cash flow model. The key inputs and assumptions are: the callable volumes, strike price and
option fees outlined in the agreement, the wholesale electricity price path ('price path'), 'day one' gains and losses, and the discount
rate. The options are deemed to be called when the price path is higher than the strike prices after taking into account obligations
relating to the specific terms of each contract. No calling is required for the swaps and there are no option fees. The price path is the
significant unobservable input in the valuation model. Refer to B1 for information in relation to the method and judgements used to
determine the price path.
31 Dec 2020
unaudited
30 Jun 2020
audited
Price path
$76 per MWh to $122 per MWh over the period
from 1 January 2021 to 31 March 2041.
$88 per MWh to $117 per MWh over the period
from 1 July 2020 to 31 May 2041.
Impact of increase/decrease
in price path on fair value
A 10% increase would increase the asset by
$28.8 million. A 10% decrease would decrease
the asset by $29.2 million.
A 10% increase would increase the asset by
$39.3 million. A 10% decrease would decrease
the asset by $38.7 million.
Discount rate0.3% - 3.97%0.2% - 4.27%
D3. Fair value measurement
Fair value hierarchy
The Group's assets and liabilities measured at fair value are categorised into one of three levels. The levels are outlined in the 2020
Annual Report.
The Group's policy is to recognise transfers into and out of fair value hierarchy levels at the date the change in circumstances
occurred. There were no transfers between levels one, two and three during the period (31 December 2019: nil).
Level two and three items carried at fair value
All derivatives disclosed in D1 other than electricity swaps and options and PPAs are considered level two. The $6.6 million electricity
swaps and options and PPAs net asset comprises a $4.7 million asset classified as level two and a $1.9 million asset classified as level
three (30 June 2020: $2.0 million liability and $4.0 million asset respectively). Emission units held for trading, recorded in inventory,
are level two instruments. The carrying value of the units as at 31 December 2020 was $7.9 million (30 June 2020: $7.0 million).
Generation assets, recorded in property, plant and equipment, are considered to be level three. The carrying value of generation
assets as at 31 December 2020 was $2,861.0 million (30 June 2020: $3,177.3 million).
Valuation of level two items carried at fair value
The fair values of level two derivatives and emission units held for trading are determined using discounted cash flow models. The key
inputs in the valuation models are the same as those disclosed in the 2020 Annual Report.
Valuation of level three items carried at fair value
Valuation method and process
The method and process used to value level three generation assets and derivatives is consistent with that disclosed in the 2020
Annual Report.
D2. Change in fair value of financial instruments
31 Dec 2020
unaudited
$ million
31 Dec 2019
unaudited
$ million
CCIRS (6.5) 0.1
Interest rate swaps (3.4) (0.8)
Fair value interest rate risk adjustment on borrowings 10.2 0.9
Fair value hedges – gain (loss) 0.3 0.2
Cash flow hedges – hedge ineffectiveness – gain (loss) 0.1 2.8
Electricity swaps and options and PPAs (12.9) (8.6)
Other derivatives 2.40.8
Derivatives not designated as hedges – gain (loss) (10.5) (7.8)
Total change in fair value of financial instruments (1 0.1 ) (4.8)
6 months ended
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

18
GENESIS INTERIM REPORT 2021
E. Other
E1. Related party transactions
The majority shareholder of Genesis is the Crown. The Group transacts with Crown-controlled and related entities independently
and on an arm's-length basis for the following goods and services: royalties, emission obligations, scientific consultancy services,
electricity transmission, postal services, rail services and energy-related products (including electricity derivatives). All transactions
with Crown-controlled and related entities are based on commercial terms and conditions and relevant market drivers.
During the period the Crown received $46.1 million dividends (31 December 2019: $45.1 million) of which $37.2 million was paid in
cash (31 December 2019: $35.4 million) and $8.9 million was paid in shares (31 December 2019: $9.7 million). There were no other
individually significant transactions with the Crown during the period (31 December 2019: nil).
The Group has five significant electricity swap and option contracts with Meridian Energy, a Crown-controlled entity. The period and
profile of the contracts vary between 12.5MW and 150MW, from 1 January 2011 to 31 December 2025. In addition to these contracts
there are a small number of insignificant contracts with Crown-controlled and related entities.
Approximately 8.4 per cent of the value of electricity derivative assets and approximately 8.5 per cent of the value of electricity
derivative liabilities held at the reporting date were held with Crown-controlled and related entities (30 June 2020: 16.6 per cent and
16.8 per cent respectively). The contracts expire at various times; the latest expiry date is December 2025.
E2. Commitments
As at 31 December 2020 the Group had $27.4 million of capital commitments (30 June 2020: $34.3 million).
E3. Contingent assets and liabilities
No new contingent assets or liabilities have arisen since 30 June 2020 and there has been no change in the contingent liabilities
disclosed in the 2020 Annual Report, other than a further six months of gas being purchased under the gas supply agreement
disclosed in note G5 of the 2020 Annual Report. At this stage in the process Genesis is confident of a favourable outcome, however,
should there be an adverse outcome from the proceedings potentially up to 1,501,047 emission units may need to be transferred. The
arbitration process is expected to be concluded in calendar year 2021.
E4. Subsequent events
The following events occurred subsequent to the reporting date:
• $89.8 million of dividends were declared on 24 February 2021 (refer to note C3);
• On 14 January 2021 NZAS announced Tiwai Point smelter will continue operating until 31 December 2024. Refer to the 'General
information and significant matters' section for more information.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Reconciliation of level three electricity swaps and options and PPAs
6 months ended
31 Dec 2020
unaudited
$ million
Year ended
30 Jun 2020
audited
$ million
Opening balance 4.0(25.0)
Electricity revenue 13.727.6
Change in fair value of financial instruments (19.3)(0.6)
Total gain (loss) in the income statement (5.6)2 7. 0
Total gain (loss) recognised in other comprehensive income 3.320.5
Settlements 1 3.17.2
Sales (12.9) (25.7)
Closing balance1.9 4.0
The change in fair value of financial instruments includes an unrealised loss of $18.0 million (30 June 2020: $0.1 million loss).

Deferred ‘day one’ gains (losses)
There is a presumption that when derivative contracts are entered into on an arm's-length basis, and no payment is received or paid
on day one, the fair value at inception would be nil. The contract price of non-exchange traded electricity derivative contracts and
PPAs are agreed on a bilateral basis, the pricing for which may differ from the prevailing derived market price for a variety of reasons.
In these circumstances an adjustment is made to bring the initial fair value of the contract to zero at inception. The adjustment
is called a 'day one' gain (loss) and is deferred and amortised, based on expected call volumes over the term of the contract. The
following table details the movements and amounts of deferred 'day one' gains (losses) included in the fair value of level three
electricity swaps and options and PPAs:
6 months ended
31 Dec 2020
unaudited
$ million
Year ended
30 Jun 2020
audited
$ million
Opening balance 118.4 134.5
Amortisation of existing derivatives (7.2) (1 6.1)
Closing balance 111.2 118.4
D3. Fair value measurement (continued)

19
GENESIS INTERIM REPORT 2021
Independent Auditor’s Review Report
To the shareholders of Genesis Energy Limited
The Auditor-General is the auditor of Genesis Energy Limited (‘the Company’) and its subsidiaries (the Group). The Auditor-General
has appointed me, Bryce Henderson, using the staff and resources of Deloitte Limited, to carry out the review of the condensed
consolidated interim financial statements (‘interim financial statements’) of the Group on his behalf.
Conclusion
We have reviewed the interim financial statements of the Group on pages 5 to 18, which comprise the consolidated balance sheet
as at 31 December 2020, and the consolidated comprehensive income statement, consolidated statement of changes in equity and
consolidated cash flow statement for the six months ended on that date, and the notes including a summary of significant accounting
policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements of the Group do
not present fairly, in all material respects, the financial position of the Group as at 31 December 2020, and its financial performance
and cash flows for the six months ended on that date, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim
Financial Reporting.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent
Auditor of the Entity (‘NZ SRE 2410 (Revised)’). Our responsibilities are further described in the Auditor’s Responsibilities for the Review
of the Interim Financial Statements section of our report.
We are independent of the Group in accordance with the Auditor General’s ethical requirements relating to the audit of the annual
financial statements, which incorporate the relevant independence requirements issued by the New Zealand Auditing and Assurance
Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other assignments for the Group in the areas of supervisor reporting, scrutineer’s notice and secretarial services
for the corporate tax payer group. These services have not impaired our independence as auditor of the Group.
In addition to these assignments, partners and employees of our firm deal with the Group on normal terms within the ordinary course
of trading activities of the Group. Other than these assignments and trading activities, we have no relationship with, or interests in the
Group.
Directors’ responsibilities for the interim financial statements
The directors are responsible, on behalf of the Group, for the preparation and fair presentation of these interim financial statements
in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting and for such internal control as the
directors determine is necessary to enable the preparation and fair presentation of the interim financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) requires
us to conclude whether anything has come to our attention that causes us to believe that the interim financial statements, taken
as a whole, are not prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim
Financial Reporting.
A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. The procedures performed in a review are substantially less than those performed
in an audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently does not enable us
to obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on these interim financial
statements.
24 February 2021
Bryce Henderson
for Deloitte Limited
On behalf of the Auditor-General
Auckland, New Zealand
Pūrongo Arotake Motuhake
INDEPENDENT REVIEW REPORT

Head/Registered Office
Genesis Energy
Level 6, 155 Fanshawe Street,
Wynyard Quarter,
Auckland 1010
P: 64 9 580 2094
E: info@genesisenergy.co.nz
investor.relations@genesisenergy.co.nz
board@genesisenergy.co.nz
media@genesisenergy.co.nz
W: genesisenergy.co.nz
energyonline.co.nz

---

Results announcement




Results for announcement to the market
Name of issuer Genesis Energy Limited (GNE)
Reporting Period 6 months to 31 December 2020
Previous Reporting Period 6 months to 31 December 2019
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$1,419.4 6.4%
Total Revenue $1,419.4 6.4%
Net profit/(loss) from
continuing operations
$52.7 472.8%
Total net profit/(loss) $52.7 472.8%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.08600000
Imputed amount per Quoted
Equity Security
$0.02675600
Record Date 18/03/2021
Dividend Payment Date 01/04/2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.45 $1.66
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the Genesis’ FY2021 Interim Report for
unaudited interim financial statements, released to market on
25/02/2021.
Authority for this announcement
Name of person authorised
to make this announcement
Tim McSweeney
Contact person for this
announcement
Tim McSweeney
Contact phone number +64 27 200 5548
Contact email address Tim.McSweeney@genesisenegy.co.nz
Date of release through MAP 25/02/2021

Unaudited financial statements accompany this announcement.

---

Distribution Notice





Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Genesis Energy Limited
Financial product name/description Ordinary Shares
NZX ticker code GNE
ISIN (If unknown, check on NZX
website)
NZGNEE0001S7
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 18/03/2021
Ex-Date (one business day before the
Record Date)
17/03/2021
Payment date (and allotment date for
DRP)
01/04/2021
Total monies associated with the
distribution
1

$89,746,903.99
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2

$0.11275600

Gross taxable amount
3

$0.11275600

Total cash distribution
4
$0.08600000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.01214100
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
Partial imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident W ithholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RW T.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

No imputation
If fully or partially imputed, please
state imputation rate as % applied
6

23.73%
Imputation tax credits per financial
product
$0.02675600
Resident Withholding Tax per
financial product
$0.01045350
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
n/a
Start date and end date for
determining market price for DRP
n/a
Date strike price to be announced (if
not available at this time)

n/a
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
n/a
DRP strike price per financial product
n/a
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
n/a
Section 5: Authority for this announcement
Name of person authorised to make
this announcement
Tim McSweeney
Contact person for this
announcement
Tim McSweeney
Contact phone number +64 27 200 5548

Contact email address Timothy.mcsweeney@genesisenegy.co.nz
Date of release through MAP 25/02/2021





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.