FY18 Interim Results Announcement

MARKET RELEASE
Date: 14 February 2018
A successful half year with EBITDAF up 28%


Half year ended
December 2017
Change year on year
EBITDAF
1
$200 million 28% increase on HY17 of $156 million
Net Profit $28 million 24% decline on HY17 of $37 million
Underlying earnings
2
$43 million 14% increase on HY17 of $37 million
Earnings per share
Underlying Earnings Per Share
2.84 cents
4.26 cents
Down 24% from 3.74 cps
Up 14% from 3.74 cps
Dividend per share 8.3 cents Up 1% on HY17 on 8.2 cents
Free cash flow
3
$129 million 37% increase on HY17 of $95 million

A successful half year

Genesis Energy (GNE) announced today a positive first half of FY18 as its diverse portfolio, new acquisitions and
strategy, delivered an EBITDAF of $200 million in the half year ended 31 December 2017, 28% higher than the
prior comparable period. Net profit is down 24% to $28 million due to non-cash fair value adjustments however
underlying earnings are up 14% to $43 million.

Genesis Chair, Dame Jenny Shipley said Genesis has had a successful half year, in which we’ve stuck to our
strategic vision while building the momentum for future growth.

“We have embedded our newly acquired Kupe stake and LPG distribution business, delivered on swaption
agreements with other generators and delivered a 2017 total shareholder return 7% above the NZX50 average
as at 31 Dec 2017.”

Chief Executive Marc England said the result reflected the strong wholesale performance as Genesis’ flexible
portfolio responded well to volatile conditions. Higher generation volumes in volatile market conditions, strong
Kupe production and value from acquisitions were partially offset by investment in operating costs for growth.

“Wholesale performance was very strong for the half year with record wholesale prices for November and
December and higher than average generation. As expected the swaption agreements we have with other
companies were called on during this period.”

“Genesis’ diverse generation portfolio played a central role in maintaining the reliable supply of electricity to
New Zealand communities and businesses when hydro lake storage was low at the beginning and end of the half
year period.”

“During this period Genesis launched a refreshed brand, developed new energy insight tools for customers and
successfully intergrated its new LPG business as foundations for its pivot towards a more more customer centric
and technology enabled future,” said England.

Interim dividend and a new dividend reinvestment plan

The Genesis board has declared an interim dividend of 8.3 cents per share, an increase of 1% which has a record
date of 6 April 2018 and will be paid on 20 April 2018.

Genesis is also pleased to announce a dividend reinvestment plan has been introduced to provide shareholders
a cost effective way to reinvest in Genesis’ growth strategy. The New Zealand government has committed to

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

participate to the extent required to retain its 51% holding. Shareholders will have until the 6 April 2018 to opt
into the dividend reinvestment plan.

FY2018 guidance

EBITDAF guidance for the full year ended 30 June 2018 has been updated to a $350 million to $360 million range.
Kupe production contracts favoured the first half result and the unplanned extended outage at Tekapo B is
estimated to have a $12 million impact on full year performance which is largely weighted to the second half
year.

Further information on the company’s operations and financing can be found in the investor presentation of
the full year results at nzx.com/markets/NZSX/securities/GNE and www.genesisenergy.co.nz/presentations.

For media enquiries, please contact:
Emma-Kate Greer
Group Manager Corporate Relations
M: 027 655 4499

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

About Genesis Energy

Genesis Energy (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. It sells electricity, reticulated
natural gas and LPG through its retail brands of Genesis Energy and Energy Online. It is New Zealand’s largest
energy retailer with around 503,000 customers. The Company generates electricity from a diverse portfolio of
thermal and renewable generation assets located in different parts of the country. Genesis Energy also has a
46% interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New
Zealand. Genesis Energy had revenue of $NZ2bn during the 12 months ended 30 June 2017. More information
can be found at www.genesisenergy.co.nz

---

G E N E S I S E N E R G Y L I M I T E D
HY18 Result
Presentation
14 February 2018
Marc England –CHIEF EXECUTIVE
Chris Jewell –CHIEF FINANCIAL OFFICER

AGENDA
Key
Highlights
Operational and
Strategic Update
Financial
Performance
Outlook
HY18
RESULT PRESENTATION
2

1. Key
Highlights

HY18 key highlights
—positive start to FY18 as our diverse portfolio, acquisitions and strategy deliver results
HY18
RESULT PRESENTATION4
•EBITDAF up 28% to $200m, 15% excluding acquisitions
•NPAT down 24% to $28 million, due to fair value movements
•Underlying earnings up 14% to $43 million
•Free cash flow up 37% to $129 million
•Operating cash flow up 57% to $199 million
•Operating costs
1
up 16%, down 1% on an underlying basis
excluding growth expenditure and carbon costs
•Strong wholesale performance with generation volumes up 25%,
GWAP up 80%
•Steady performance for customer segment (EBITDAF impacted
by higher costs)
•Kupe gas production at 94% of maximum capacity supporting
generation requirements
•TRIFR of 1.37 remains at sector leading levels
•New brand launched with promoter score up 2 ppts
•> 100,000 EOL customers, up 5%
•Organic LPG growth up 27%. LPG integration on track including
bringing forward third party distributor exit
•B2B sales teams drive volumes up 17%
•Thermal assets providing an important role in ensuring New
Zealand security of supply
•Dividend declared of 8.3cps, up 1%
•Dividend Reinvestment Plan introduced to support growth with
NZ government commitment to retain 51% ownership
•12 month total shareholder return 7% ahead of NZX50
Strong financial performanceDelivering business outcomes
Continuing progress on strategyConverting to shareholder returns
1. Operating costs refers to “other operating expenses and employee benefits”, including
carbon costs for trading purposes. Refer to Operating costs on slide 9 for further information.

2. Financial Performance

—strong financial performance in variable market conditions
156
3737
149
95
23
82
200
28
43
173
129
27
83
EBITDAFNPATUnderlying EarningsOperating CostsFree Cash FlowCapital ExpenditureInterim Dividend
$ MILLIONS
HY17HY18
FINANCIAL HIGHLIGHTS
+ 28%-24%+ 14%+ 16%
+ 17%
+ 37%
+ 1%
HY18
RESULT PRESENTATION6
HY18 financial highlights

HY18 vs HY17 EBITDAF
$ MILLIONS
HY18
RESULT PRESENTATION7
—28% EBITDAF growth driven by strong underlying performance and FY17 acquisitions
HY18 EBITDAF waterfall
156
200
4
4
7
25
19
2
7
5
2
HY17 EBITDAFGeneration
margin
Kupe
acquisition
Kupe
volumes and
fuel prices
LPG
acquisition
Pricing
improvements
Lines costsReduced
retail
demand
Investment
in growth
opex
OtherHY18 EBITDAF
FavourableUnfavourable

EBITDAF down $6 million (9%) to $57 million
Electricity sales 3,008 GWhup 3%
Gas sales 4.0PJdown 7%
LPG sales 18.3 kilo tonnesup 610%
Transfer price impact $(2.5) million
EBITDAF up $24 million (29%) to $106 million
Generation3,870 GWhup 25%
GWAP$96/MWhup 80%
Average fuel cost$36/MWhup 17%
Transfer price impact $2.5 million
EBITDAF up $24 million (75%) to $56 million
Gas sales 6.1PJup 61%
Oil sales241kbblup 64%
LPG sales22.7ktup 96%
HY18
RESULT PRESENTATION8
—Strong H1 for Wholesale and Kupe with Customerprioritising growth investment
Segment performance
Kupe
-Impact of 15% additional stake and strong production levels to
support thermal plant
Wholesale
-Strong performance as Genesis’ diverse portfolio responds to market
conditions
Customer
-LPG distribution business acquisition benefit offset by investment
in growth

138
137
HY14HY15HY16HY17HY18
$ MILLIONS
Underlying operating expensesCarbon costs
Investment in growthLPG acquisition
176
149
144142
173
OPERATINGEXPENSES
1
OPERATINGEXPENSE BRIDGE
HY18
RESULT PRESENTATION9
Operating expenses
—underlying expenses down 1%, before acquisitions, investment in growth and carbon
$7 million of additional investment to support growth
in line with market guidance, carbon for trading
purposes up in line with increase in carbon costs
FavourableUnfavourable
Operating cost efficiencies in core business,
underlying expenses down 1%
2. Carbon costs represent the cost of carbon used for trading purposes, offset by revenue recognised in other revenue.
149
173
6
7
14
3
HY17
operating
expenses
LPG
acquisition
Investment in
growth opex
Carbon
costs
Other
movements
HY18
operating
expenses
$ MILLIONS
2
2
1. Operating costs refers to “other operating expenses and employee benefits”.
3. Investment in business sales teams and rebranding.
3

83
92
114
95
129
HY14HY15HY16HY17HY18
$ MILLIONS
OPERATINGCASH FLOW
165
136
163
127
199
HY14HY15HY16HY17HY18
$ MILLIONS
FREECASH FLOW
1
HY18
RESULT PRESENTATION10
Cash flow
—operating cash flow up 57% and free cash flow up 37% in line with EBITDAF growth
Significantly up reflecting higher EBITDAF,
reduction in coal inventory and carbon
trading units, reduced tax pre-payments
and use of pre-paid gas
Improved free cash flow reflects operating
performance improvement
1. Free cash flow represents EBITDAF less tax, interest and stay in business capital
expenditure.

58
44
40
39
22
24
8
5
FY14FY15FY16FY17FY18 YTD
Stay in BusinessTekapo CanalGrowth
CAPITAL EXPENDITURE
1
$ MILLIONS
HY18
RESULT PRESENTATION11
Capital expenditure
—disciplined approach as capital reallocated to support growth segments
Reallocation of capital to growth areas with
a higher ROCE
CAPITAL EXPENDITURE
1
Continued discipline on spend
1. Capital expenditure excludes M&A activities.
FY14FY15FY16FY17FY18 YTD
WholesaleCustomerKupeTechnology & Digital
$ MILLIONS
82
44
40
47
27
2
2. Key projects include LPG distribution investment, the Energy Project and
Technology and Digital development.

NET DEBT AND NET DEBT/EBITDAF
966
905
831
1,210
1,158
2.9
2.5
2.6
3.3
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
0
200
400
600
800
1000
1200
FY14FY15FY16FY17HY18FY18 Fct
Net debtNet debt/EBITDAF
2.9
SOURCESOF FUNDING
HY18
RESULT PRESENTATION12
Capital structure
—net debt has reduced by $52m with improving debt metrics
Average tenor at HY18 up 3.1 years, interest costs
down 20 basis points to 5.8%, improving net debt
to EBITDAF
Reduced reliance on bank debt, S&P rating
reaffirmed at BBB+, 15 January 2018
310
240
200
193
100
31 DECEMBER 2016
31 DECEMBER 2017
190
290
425
193
100
Bank debtWholesale domestic bonds
Capital bonds
USPP
Retail bonds
3.1
anticipated
30 Jun18 range

DIVIDEND& PAYOUT HISTORY
64
80
8282
83
77%
87%
72%
87%
64%
0%
20%
40%
60%
80%
100%
120%
0
50
HY14HY15HY16HY17HY18
Dividends% of Free Cash Flow
HY18
RESULT PRESENTATION13
Dividends
—continued growth in dividends with a 8.6% gross yield
1
and outperformance ofTSR relative to peers
Interim dividend of 8.3cpu declared (up 1.2%), with
80% imputation, representing a 8.6% gross yield
1
2017 TOTAL SHAREHOLDER RETURN
JanFebMarAprMayJunJulAugSepOctNovDec
GenesisPeer IndexNZX50
29.2%
25.1%
22.0%
TSR has exceeded market by 7.2% and peer index
by 4.1% in past 12 months
2017 closing share price: $2.52
1. Gross yield based on closing share price as at 29 December 2017.

3. Operational and
strategic update

60
70
80
90
100
110
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
‘000’s
ElectricityGasLPG
LPG SALES VOLUMES
NPS AND PROMOTER SCORE
HY18
RESULT PRESENTATION15
Customer segment highlights
—growth in LPG, B2B and EOL, with NPS improving
Significant organic growth, new distribution platform in place
Refreshed brand showing early signs of improved NPS
B2B segment momentum growing with 11% volume
increase
EOL, 2
nd
largest tier 2 retailer, > 100,000 customers, up 4%
from June 2017
EOL CONNECTIONS
-10%
0%
10%
20%
30%
40%
NPS - Genesis 3 Month Rolling
Promoter - Genesis 3 Month Rolling
TOTAL B2B VOLUME BILLED
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
0
1
2
3
4
5
6
7
8
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
PJ
GE-Rolling 12M (KT)EOL-Rolling 12M (KT)ICP count
2,353
2,619
0
500
1,000
1,500
2,000
2,500
3,000
Dec-16Dec-17
GWh

HY18
RESULT PRESENTATION16
Brand refresh
—new Genesis brand launched focused on leading the way to a new energy future
5%
Improvement in brand
‘Top 2 Consideration’, a
lead indicator for sales
conversions
68%
of New Zealanders believe
the brand relaunch makes
Genesis seem more
innovative than other
energy providers
1
78%
of New Zealander’s
believe that the brand
relaunch says something
new about Genesis
1
2%
Improvement in promoter
score whilst NPS trending
positive
1. Based on a representative sample of 524 energy decision makers.
2
Customer websites launched

0%
5%
10%
15%
20%
25%
30%
segment 1segment 2segment 3segment 4segment 5
LowHigh
Spend per month
Segment share of total marketGenesis share of segment
HY18
RESULT PRESENTATION17
Residential
—Continued progress on optimising residential segment for value
GE RESIDENTIAL VALUE MIX
1
Genesis continues to target high value customers
7% improvement in customer mix in past 12 months
towards higher value customers
GE SEGMENT VALUE MIX
1
1. Source: Commissioned research & Genesis analysis.
Low
High
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
NegativeLowMedium LowMedium HighHigh

HY18
RESULT PRESENTATION18
Energy IQ
—a significant step forward in achieving our Energy Management vision
Electricity Forecast
Home Comparison
Energy Mix
Successful launch of Energy IQ developed with customers and now available to 75% of
residential customers
•Agile environment delivering energy
management solutions at pace
•Three new features delivered, including
Electricity Forecast, an exclusive Genesis Energy
innovation
•Services developed with customers, first in the
Local Energy Project, followed by a dedicated
Beta release section in My Account
•Customer feedback positive, with service ratings
at 3.9 out of 5, service enhancements underway

HY18
RESULT PRESENTATION19
Energy Online
—2
nd
largest tier 2 retailer with >100,000 connections
TIER 2 RETAILERS
1
Significant growth in past 12 months, total customers up 5%, gas up 28%, LPG up 176%
EOL GROWTH
106,506
100,492
72,577
63,411
27,229
23,372
20,156
18,882
44,289
Nova
EnergyEnergy
Online
Pulse
Powershop
Glo-Bug
Flick
Bosco
Electric
Kiwi
Others
Electricity ConnectionsGas ConnectionsLPG Customers
75,000
80,000
85,000
90,000
95,000
100,000
105,000
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
ElectricityGasLPG
1. Source: Electricity Authority, as at January 2018.

HY18
RESULT PRESENTATION20
LPG
—significant organic growth with integration of new distribution business complete
INTEGRATION UPDATE
ORGANIC GROWTH COMPOSITION
ActivityStatus
Staff•100% migrated
Systems•Billing and distribution migrated
Customers•29,000 migrated, remaining receivingGenesis branded bills
•Churn in line with forecast
•Self-service ordering of bottles up from 60% to 80%
Call Centre•Fullyestablished, 160,000 calls handled p.a. down to 120,000
Brand•23 depots, 68 vehicles, customer collateral completed
•c.100,000 cylinders well advanced
LPG DISTRIBUTION EXPANSION
•Expanding new distribution capability
to match existing customer base by
investing in new depots and delivery
contractors
•Targeted regions contain approx.
20,000+ customers
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Customer Numbers
DuelLPG only
Existingdepots
New delivery locations

HY18
RESULT PRESENTATION21
Bad debt
—10% improvement in bad debt expected in FY18
6% reduction in
DSO
2
for Genesis
Brand
17
Days
December 2016
16
Days
December 2017
91%
Drastic drop in medically
dependent debt compared to
December 2016 due to improved
internal processes across both
brands
69%
Genesis
Energy Online
0.30%
0.32%
0.34%
0.36%
0.38%
0.40%
0.42%
0.44%
JAN-17
FEB-17
MAR-17
APR-17
MAY-17
JUN-17
JUL-17
AUG-17
SEP-17
OCT-17
NOV-17
DEC-17
BAD DEBT % TO REVENUE (ROLLING 12 MONTHS)
1
2. Day sales outstanding refers to how many days of sales are owing on average.
1. Bad debt expense refers to the net amount of uncollectible debt written off.

138
145
120
109
172
265
141
29
38
0
50
100
150
200
250
300
350
Jul-17Aug-17Sep-17Oct-17Nov-17Dec-17
Total Emissions (kt CO2)
Genesis EmissionsSwaption Emisssions Demand
53.4
96.2
GWAP $MWh
GWAP/TWAP
HY18
RESULT PRESENTATION22
Generation & Wholesale segment highlights
—diverse portfolio creating value in volatile market conditions
Portfolio responding well in volatile market conditionsContinuing to find ways to optimise portfolio
OUTAGE MANAGEMENT
EMISSIONS SUMMARY
Improved outage planning increasing generation days
1485
1625
2173
1697
Thermal
Generation
GWh
Renewable
Generation
GWh
+ 80.2%
+ 4.5%
+ 46.3%
Partly driven by swaption demand
HY17HY18
1.17
1.01
1.50
1.01
0.99
1.06
1.02
1.03
1.55
1.03
1.42
1.04
0.98
1.07
1.01
1.10
RankinesUnit 5Unit 6TokaanuRangipoWaikare-
moana
TekapoPortfolio
Historic2017
0.0%
1.0%
2.0%
3.0%
4.0%
HY14HY15HY16HY17HY18
75%
80%
85%
90%
95%
Forced Outage Factor
(FOF) %
Equipment Availability
Factor (EAF) %
HY FOFHY EAF
GENERATION & GWAP
1
1. GWAP is the Generation Weighted Average Price (or the price received for generation).

-
1
2
3
4
5
6
7
8
9
10
-
20
40
60
80
100
120
140
160
180
200
JulyAugustSeptemberOctoberNovemberDecember
Weekly GWh & Average Spot Price ($/MWh
RankinesRankine SwaptionsSpot PriceGNE Gross Margin*
Unit 5 and Tekapooutages limit gross margin,
high Kupe production, Rankineson, and
hydro generation sustained
HY18
RESULT PRESENTATION23
Wholesale market performance
—consistentresults in a volatile market
GENERATION & WHOLESALE PERFORMANCE HY18
Swaption demand limits long
volume at high price period
Deferred hydro generation realised,
low swaption demand and profitable
hedges sold in July
Gross margin maintained in low
demand period by buying hedges
rather than running Rankines.
* Gross margin is represented by shape only

HY18
RESULT PRESENTATION24
Rankine units supporting market during dry months
—90% of Rankine output in 2017 was bought by other retailers & spot customers
-
50
100
150
200
250
Jan-17Feb-17Mar-17Apr-17May-17Jun-17Jul-17Aug-17Sep-17Oct-17Nov-17Dec-17
GWh
Genesis customersOther retailers/spot customersSwaptions
RANKINE OUTPUT

$0
$20
$40
$60
$80
$100
$120
0
50
100
150
200
250
1357911131517192123252729313335373941434547
$/MWhMW
Trading Period
Rankine MWRangipo MWNI Price
•GWAP/TWAP
1
ratio lift is driven by plant
availability, water values, flexible fuel,
spot trading and hedging tactics
•7% improvement in ratio in past year -
c4% due to favourable market conditions,
but c3% due to decisions driven by
strategic priorities
•Portfolio with no wind or geothermal
gives us price responsive plant with
control over dispatch of generation
•Each portfolio GWAP/TWAP per cent
improvement is worth c$2 million in gross
margin improvement per year
HY18
RESULT PRESENTATION25
Strategic priorities help lift GWAP/TWAP ratios
—active trading decisions have driven $5-7 million of extra value in 2017
SECTOR GWAP/TWAP RATIO
PRICE RESPONSIVENESS VS BASE-LOAD PLANT
1.03
1.10
1.06
1.03
0.98
Genesis
Historical
Genesis
2017
Mercury
2017
Contact
2017
Meridian
2017
1. GWAP is the Generation Weighted Average Price (or the price received for
generation), and TWAP is the Time Weighted Average Price of a particular
period.

HY18
RESULT PRESENTATION26
Kupe segment highlights
—record production volumes due to acquired 15% and generation demand
BRENT CRUDE OIL PRICE USD/BBl
$20
$30
$40
$50
$60
$70
JanFebMarAprMayJunJulAugSepOctNovDec
12 mths to Dec1612 mths to Dec17
1.5
2.0
2.5
3.0
3.5
4.0
4.5
30.0
40.0
50.0
60.0
70.0
80.0
90.0
FY14FY15FY16FY17YTD FY18
LPG (kt/TJ)
Oil (bbl/TJ)
Oil YieldLPG Yield
OIL & LPG YIELDS
GAS PRODUCTION (PJ) & PLANT UTILISATION (%)
3.5
3.5
3.4
3.8
6.1
HY14HY15HY16HY17HY18
GAS SALES VOLUME (PJ)
Gas production for Kupe plant up 8.2% on H1 FY17
Genesis oil sales up 64% to 241 kbblson H1 FY17, LPG
sales up 96% to 22.7 kt
Genesis gas sales up 61% on H1 FY17
Oil spot price up 20% in 12 months to December 2017,
average hedge price up 3% to USD59/bbl
23.0
24.3
24.0
24.3
13.2
75%
80%
85%
90%
95%
100%
-
5.00
10.00
15.00
20.00
25.00
30.00
FY14FY15FY16FY17YTD FY18

Environmental and social responsibility
—making a tangible difference for our people,our community and our shared natural resources
HY18
RESULT PRESENTATION27
Gender mix
%
male
%
female
of senior management including
Directors
are female
%
Minding the Gap
-gender pay gap has dropped from
Commitment to being an inclusive and
diverse employer
.
%
.
%
provided with real time updates
of their school’s solar electricity
generation
,
More than
through Genesis’ partnership
with curtain banks in Auckland,
Wellington and Christchurch
NZ families
assisted in
HY18
participated in Graeme Dingle
Foundation Kiwi-can programmes in
the calendar year ending December
students at 12schools
supported in Whanganui, the Coromandel
peninsula, Marlborough and Canterbury
through an agreement with Green Growth
Forests Ltd that serves to diversify Genesis’
carbon offset investments, whilst
supporting the regeneration of native
forest in New Zealand
hectares
of forest
WhioBootcamp
game was played
meaning more people are
learning about whioand
why they are an indicator of
healthy water
times
Genesis people
Identify with
more than
,
ethnicities
,
,
Iwi relationships in place
alongside several hapu/runangarelationships
within the roheof the Company’s generation
assets and offices, all of which are highly
valued by Genesis.
to
children at
92 School-gen
schools

A coal free electricity future
—Genesis believes in a coal free future
HY18
RESULT PRESENTATION28
At Genesis we are taking steps to ensure New Zealand can move to an even more renewable future
–we believe in a coal-free future for electricity generation in New Zealand.

4. Outlook

•To provide capital support for Genesis’ growth strategy, and provide
a cost effective way for shareholders to reinvest in Genesis’ growth
strategy
•A discount of 2.5% will apply to the price, this may be amended for
future dividends
•Shareholders have theoption of full, partial or no participation. If a
shareholder elects to participate they will remain in the plan at the
same participation level until they elect to terminate or amend their
participation rate
•TheNew Zealand government has committed to participate to the
extent required to retain its 51% holding
•Genesis has the right to terminate or suspend the plan at any time
•Details of the plan will be sent to shareholders in early March
HY18
RESULT PRESENTATION30
Dividend reinvestment plan
—to be introduced for the HY18 dividend to support growth
DRPDetails
Discount2.5%
Dividendamount8.3 cpu
PriceThe volume weighted average sale
price over a period of five Business
Days starting on the “Ex Date”, less
the discount
Key Dates
Exdividend date5 April 2018
Final date toelect to participate6 April 2018
Record date6 April2018
Payment and share issue date20 April 2016

HY18
RESULT PRESENTATION31
Market fundamentals outlook
—continue to be supportive
•Electricity demand growth of 1% in 2017withEV penetration accelerating
•Total NZ gas demand down due to industrial however retail growth continues with
connections up over 15,500 in past five years
•LPG demand growth remains strong, with 6% growth in market over last 12 months
Customer
Wholesale
Kupe
•Forwardelectricityprices more reflective of tighteningsupply/demand dynamics. Year 2
price is up $4MWh (5%)on prior comparable period
•TiwaiPointAluminumSmeltereconomics stable with a more positive outlook
•Forward carbon prices up to $24 per tonne in 2020
•Brent crudeup 20% in 2017 with consensus outlook for 2018 in the range of US$59 to $62/bbl
•LPGsupply/demand balance tightening with a possible move to net import early 2020’s

HY18
RESULT PRESENTATION32
FY18 outlook
—guidance refined to $350 to $360 million
•A positive start to FY18,more challenging conditions in the second half
–$12 million FY18 impact of TekapoB outage (largely weighted to second half), some benefit to be realised in FY19
–First half had significant North Island inflows
–Kupe production contracts favour first half result
–Increase in emissions costs in line with change in ETS obligations
•FY18 EBITDAF updated guidance range of $350to $360million subject to hydrologicalconditions, any material
events, one-off expenses or other unforeseeable circumstances
•FY18 capital expenditure guidance isup to $75 million including an early TekapoB G3 upgrade, bringing forward
third party LPG distributor exit with associated depot builds and Phase 2 expenditure at Kupe

Appendices

Balance SheetHY18
($m)
FY17
($m)
Variance
Cash and Cash Equivalents40.627.8
Other Current Assets309.5344.5
Non-Current Assets3,770.33,847.0
Total Assets4,120.44,219.3-2.3%
Total Borrowings1,229.11,259.8
Other Liabilities978.4977.6
Total Equity1,912.91,981.9-3.5%
AdjustedNet Debt1,163.31,211.5-4.0%
Gearing39.1%38.9%
EBITDAF InterestCover6.9x6.6x
Net Debt/EBITDAF3.0x3.3x
Income StatementHY18
($m)
HY17
($m)
Variance
Revenue1,214.5965.3+25.8%
Total Operating Expenses(1,015.0)(809.6)+25.4%
EBITDAF199.5155.7+28.1%
Depreciation, Depletion & Amortisation(103.5)(73.6)
Impairment of Non-Current Assets-(0.8)
FairValue Change(19.7)1.9
Other Gains (Losses)0.9(1.6)
Earnings Before Interest & Tax77.281.6-5.4%
Interest(37.4)(28.7)
Tax(11.4)(15.5)
Net Profit After Tax28.437.4-24.0%
Earnings Per Share (cps)2.843.74-24.1%
Stay inBusiness Capital Expenditure21.616.8+28.6%
Free Cash Flow129.194.6+36.5%
Dividends Per Share (cps)8.38.2+1.2%
Dividends Declared as a % ofFCF64.3%86.7%
Cash Flow SummaryHY18
($m)
HY17
($m)
Variance
($m)
Net Operating Cash Flow198.4126.5
Net Investing Cash Flow(30.7)(29.8)
Net FinancingCash Flow(155.4)78.1
Net Increase (Decrease)in Cash12.8174.8-92.7%
HY18
RESULT PRESENTATION34
Financial statements

Income StatementHY18
($m)
HY17
($m)
EBITDAF199.5155.7
Depreciation, Depletion & Amortisation(103.5)(73.6)
Impairment of Non-Current Assets-(0.8)
Change in FairValue of Financial
Instruments
(19.7)1.9
Other Gains (Losses)0.9(1.6)
Profit Before Net Finance Expense and
IncomeTax
77.281.6
Finance Revenue0.40.9
Finance Expense(37.8)(29.6)
Profit Before Income Tax39.852.9
Income Tax Expense(11.4)(15.5)
Net Profit After Tax28.437.4
•EBITDAF is a non-GAAP item but is used as a key
metric by management to monitor performance at a
business segment and group level
•Genesis Energy believes that reporting EBITDAF
assists stakeholders and investors in understanding
the Company’s operational performance
•In HY18 EBITDAF was up 28% on HY17
•HY17 Net Profit After Tax is down 24%,materially
affected by change in fair value of financial
instruments
HY18
RESULT PRESENTATION35
Reconciliation of EBITDAF to NPAT

HY18
RESULT PRESENTATION36
Underlying earnings
Underlying EarningsHY18
($m)
HY17
($m)
Net Profit After Tax28.437.4
Business acquisition costs-0.8
Change in fair value of financial
instruments
19.7(1.9)
Impairment of non-current assets-0.8
UnderlyingNet Profit Before Tax48.137.1
Tax expense on adjustments(5.5)0.3
Underlying Earnings42.637.4
•UnderlyingEarningsis a non-GAAP item but is used
as a key metric by management to assess underlying
performance by adjusting for items outside
managements control or items that relate to
strategic rather than operational actions
•Genesis Energy believes that reporting underlying
earnings assists stakeholders and investors in
understanding the Company’s operational
performance
•In HY18 underlying earnings were up 14% on HY17

Debt InformationHY18
($m)
FY17
($m)
Variance
($m)
Total Debt$1,229.11,259.8
Cash and Cash Equivalents$40.627.8
Headline Net Debt$1,188.51,232.0-3.5%
USPPFX and FV Adjustments$25.220.5
AdjustedNet Debt
1
$1,163.31,211.5-4.0%
Headline Gearing39.1%38.9%+0.2ppts
AdjustedGearing38.6%38.5%+0.1ppts
Covenant Gearing32.3%32.3%Flat
Net Debt/EBITDAF
2
3.0x3.3x
Interest Cover6.9x6.6x
Average InterestRate5.8%6.0%
Average Debt Tenure11.0 yrs11.4 yrs
1.Net debt has been adjusted for foreign currency translation and fair value movements
related to USD denominated borrowings which have been fully hedged with cross
currency swaps
2.EBITDAF is based on the midpoint of the guidance range provided for FY18
GENESIS ENERGY DEBT PROFILE
HY18
RESULT PRESENTATION37
Debt information
$0
$50
$100
$150
$200
$250
$300
FY
2018
FY
2019
FY
2020
FY
2021
FY
2022
FY
2023
FY
2024
FY
2025
FY
2026
FY
2027
FY
2042
FY
2047
$m
Retailable BondsWholesale DomesticDrawn Bank
Undrawn BankCapital BondsUSPP

Customer Key InformationHY18HY17Variance
EBITDAF ($ millions)57.262.7(8.8%)
Netback$80.80$82.14(1.6%)
ElectricityOnly Customers342,500NA
Gas Only Customers18,111NA
LPG Only Customers32,991NA
Customers with > 1 Fuel109,734NA
Total Customers503,336NA
Total Electricity and Gas ICP’s607,279621,917(2.4%)
VolumeWeighted Average Electricity
Selling Price –Resi($/MWh)
248.52247.66+0.3%
VolumeWeighted Average Electricity
Selling Price –SME ($/MWh)
216.03213.55+1.2%
VolumeWeighted Average Electricity
Selling Price –C&I ($/MWh)
120.45117.12+2.8%
Volume WeightedAverage Gas Selling
Price ($/GJ)
25.5925.43+0.6%
CustomerElectricitySales (GWh)3,0082,916+3.3%
Customer Gas Sales (PJ)4.04.3(7.1%)
Customer LPG Sales (tonnes)18,2512,570+610.2%
WholesaleKey InformationHY18HY17Variance
EBITDAF ($ millions)106.482.8+28.5%
Renewable Generation (GWh)1,6971,625+4.5%
Thermal Generation (GWh)2,1731,485+46.3%
Total Generation (GWh)3,8703,110+24.5%
GWAP ($/MWh)96.1653.36+80.2%
LWAP/GWAP Ratio103%100%+3 ppts
Weighted AverageFuel Cost ($/MWh)35.7230.04+16.8%
Coal/GasMix (Rankinesonly)63/2730/70
KupeKey InformationHY18HY17Variance
EBITDAF ($m)55.731.9+74.6%
Gas Sales (PJ)6.13.8+60.5%
Oil Production (kbbl)277.8195.8+41.9%
Oil Sales (kbbl)241.0146.8+64.2%
LPG Sales (PJ)22.711.5+96.3%
AverageBrent Crude Oil (USD/bbl)5748+19.1%
Average Hedged Price(USD/bbl)5957+3.3%
HY18
RESULT PRESENTATION38
Operational highlights

---

GENESIS ENERGY
2017 / 2018
Interim Report
A letter from
our Chair and CEO

Condensed consolidated
interim financial statements
2
5

GENESIS ENERGY
INTERIM REPORT
2
Genesis has had a successful half year
in which we’ve stuck to our strategic
vision, built the momentum for future
growth and delivered an impressive
total shareholder return.
We have delivered a solid financial
performance and strengthened our
position as New Zealand’s only fully
integrated energy management
company. This positions us well
to understand the needs of our
customers and to give more
New Zealanders control over the
energy they use in their homes and
businesses.

The refreshed strategy your Board
and Executive unveiled in FY17 is
on track. Our Kupe joint venture
extension and LPG acquisition are
well embedded into our business and
we have identified opportunities for
future growth.
It’s our pleasure to report on the
achievements of note for HY18,
notably a 28 per cent increase in
EBITDAF¹ to $200 million. NPAT²
of $28 million was down 24 per
cent due partly to non-cash fair
value adjustments, with underlying
earnings increasing 14 per cent to
$43 million.
The first half of FY18 saw Genesis
improve free cash flow as a result of
our acquisitions, continued capital
discipline and strong wholesale and
Kupe performance, up 37 per cent to
$129 million.
Operating costs³ for the half year
were in line with market guidance,
up 16 per cent on HY17. This is the
result of targeted investment in our
growth priorities along with the costs
– A letter from our
Chair and CEO.
CHAIR
Dame Jenny Shipley DNZM
CHIEF EXECUTIVE OFFICER
Marc England
associated with the LPG distribution
business acquired in June 2017.
Capital expenditure has also been
focused on priority growth segments
and remains disciplined.
A dividend of 8.3 cents per share
will be paid for the six months to
December, up 1 per cent on HY17 and
representing a gross yield of 8.6 per
cent on our closing December share
price of $2.52. Pleasingly, Genesis
has delivered a 12-month total
shareholder return 7 per cent above
the NZX50 average of 22 per cent.
We are also pleased to announce the
introduction of the Genesis Dividend
Reinvestment Plan (DRP). Our DRP
provides a cost-effective way for
shareholders to reinvest dividends
and further participate in Genesis’
growth strategy.
HY18 Dividend
UP 1%
cps
HY17 $95M
m
$
HY18 Free cash flow
HY18 EBITDAF
m
HY17 $156m
HY17 $37m
m
$
$
1 Earnings before net finance expense, income tax,
depreciation, depletion, amortisation, impairment, fair
value changes and other gains and losses.
2 Net profit after tax.

3 Operating costs refers to “other operating expenses
and employee benefits”.
HY18 NPAT

GENESIS ENERGY
INTERIM REPORT
3
Information on the DRP will be sent
to you by Computershare via your
nominated form of communication
(email/post).
Our challenger brand, Energy Online,
had a 176 per cent increase in LPG
customers in the last 12 months, a
28 per cent increase in gas customers
and a 5 per cent increase in total
customers and is now providing
energy to nearly 100,000 customer
accounts.
Genesis’ new brand campaign got
under way in October; the direct,
digital and on-air advertising
highlights to New Zealanders that
energy is changing, and the way we
work with customers is changing too.
Early indications are that customers
are responding well to the campaign
with an increase of five percentage
points in ‘Consideration’ – a measure
of the number of those surveyed
who put Genesis in their top two
energy providers for consideration.
The number of respondents who say
they are highly likely to recommend
Genesis to friends and family has
increased two percentage points
in the same period. Brands take
time to affect, however, these are
encouraging results as we seek to
shift perceptions of Genesis.
Although Genesis’ residential
customer numbers declined by
2.5 per cent to 440,100 for the period,
the changes in our strategic focus
has led to a greater skew towards
high-value customers. Our focus on
growing our capabilities to attract
small and medium business is also
a key feature of our strategy. Sales
volumes for business customers for
the period are up by 17 per cent to
1,365 GWh. We will continue to see
value growth as more customers
take up our dual fuel offering and
we continue to focus on cross-sell
opportunities towards higher-value
customers.
Genesis now has a nationwide LPG
network in 23 locations across the
North and South Islands. This wide
footprint has enabled Genesis to
bring forward the exit of our previous
third-party distributor arrangement
by six months. The LPG product
is fully integrated into all Genesis’
systems and we remain the only
New Zealand energy company with
three fuels on one platform – bottled
LPG, natural gas and electricity.
Consequently, we are delighted to be
seeing significant organic growth of
our LPG customer base, up
27 per cent.
Our ‘agile’ way of working is well
established in our business and has
seen us accelerate the pace and
availability of energy management
solutions for customers.
More than 25,000 early adopters
have opted in to our Energy IQ
‘beta’ launch, designed to give
customers unprecedented visibility
of their energy usage. The customer
feedback from these new services
has been overwhelmingly positive
and are a significant step in working
with our customers and learning
from them. The customers taking
part will get a deeper understanding
of their personal energy use and
the choices attached to it - while
at Genesis we get to quickly learn
people’s preferences in a real-world
environment.
We’re the only energy company
in New Zealand that offers daily
energy forecasting for residential
customers and it is now available
for all qualifying customers, along
with Home Comparison and Energy
Mix. These services and others are
planned to be rolled out more widely
in the coming months.
Genesis’ Local Energy Project will
reach its first anniversary in April
2018. This in-market research
initiative of more than 100 homes and
businesses in the South Wairarapa
is now helping to shape the future
of energy management. Participants
are connected to a range of services,
including solar, electric vehicle
chargers, battery storage and home
and business energy monitoring – the
largest research project of its kind in
New Zealand.
In November, our 500-strong
Hamilton team moved into the new
Genesis Energy Building at 94 Bryce
Street. Appropriately, the building is a
showcase for a range of sophisticated
energy-efficient technologies. Its
layout will also support the agile
approaches and collaboration that
ultimately help us to deliver better
experiences and products for our
customers.
Wholesale performance was very
strong for the half year as Genesis
responded well to wet and dry
conditions, record wholesale prices
for November and December and
higher than average generation. As
expected, the swaption agreements
we have with other companies were
called on during this period.
When hydro lake storage was low
at the beginning and end of the
half-year period, Genesis’ diverse
generation portfolio played a central
Don Banham
Local Energy Project Customer

GENESIS ENERGY
INTERIM REPORT
4
role in maintaining the reliable
supply of electricity to New Zealand
communities and businesses.
Planned outages at Huntly were
managed and reduced in November
when unseasonable dry weather
conditions, combined with low snow
melt, meant additional thermal plant
was required to help ‘keep the lights
on’ for New Zealanders.
This diversity also helped to offset the
loss of generation capacity caused by
the unplanned outage of one unit at
Tekapo B. Teams on site are working
to restore the unit to full service.
Our generation facilities have
been managed to optimise their
performance. In the past 12 months
Genesis has delivered $5-7 million
of extra value from improved price
responsiveness of generation
activities, one of the benefits of the
diverse generation portfolio.
The Kupe gas field, New Zealand’s
third largest production facility, has
performed strongly for the half year.
Overall production was up, with plant
utilisation at 94 per cent of capacity
relative to 86 per cent in the prior
period.
The oil price has increased from
USD 56/bbl to USD 67/bbl by the end
of 2017, although hedging in place will
limit upside in the short term. LPG
production yield recovered from last
year’s low levels, following corrosion
rectification and compression system
repairs.
Kupe gas production is supporting
generation requirements at Huntly
and ensures a flexible mix of fuels
is available to generation teams in
a volatile wholesale market. The
synergy between Genesis’ Kupe
LPG production asset and our
growing retail position also provides
continued benefit to the Company.
Genesis is pleased to note Kupe will
benefit from the certainty of a new
shareholder. Australasian oil and gas
company Beach Energy’s acquisition
of a 50 per cent interest from Origin’s
Lattice Energy took effect on
31 January. This is expected to
allow us to accelerate the planning
for Phase 2 of the site, including
compression and the potential drilling
of a new well.
Genesis’ ongoing transformation
is creating an innovative, future-
focused and customer-centric
company. For the remainder of FY18
your Board and Executive, together
with the 960 people who choose to
work at Genesis, will build on the
achievements of the past six months
and remain focused on our goal of
becoming a $400+ million EBITDAF
company by 2021.
Marc England
Chief Executive Officer
Dame Jenny Shipley DNZM
Chair
Gender mix
Commitment to being an inclusive and
diverse employer.
%
male
%
female
%
of senior management including
Directors are female.
Minding the Gap
- gender pay gap has dropped from
.
%
%
.
Genesis people
identify with
more than
ethnicities
More than
through Genesis’ partnership
with curtain banks in Auckland,
Wellington and Christchurch.
NZ families
assisted
in HY18
supported in Whanganui, the Coromandel
peninsula, Marlborough and Canterbury
through an agreement with Green Growth
Forests Ltd that serves to diversify Genesis’
carbon offset investments, whilst supporting
the regeneration of native forest in
New Zealand.
hectares
of forest
meaning more people are learning about
whio and why they are an indicator of
healthy water.
times
Whio Bootcamp
game was played
AT A GLANCE
,
provided with real time updates
of their school’s solar electricity
generation from School-gen.
children at
92 schools
,
Our people
Our communities
Our environment
to
,
alongside several hapu/runanga
relationships within the rohe of the
Company’s generation assets and
offices, all of which are highly valued
by Genesis.
Iwi relationships in place

GENESIS ENERGY
INTERIM REPORT
5
Condensed Consolidated Interim
Financial Statements
FINANCIAL REPORTING
For the six month period ended
31 December 2017
Contents

Consolidated interim
comprehensive income
statement
6
Consolidated interim statement of
changes in equity
7
Consolidated interim balance
sheet
8
Consolidated interim cash flow
statement
9
Notes to the condensed consolidated interim financial statements
1. General information
11
2. Underlying EBITDAF and underlying earnings
12
3. Segment reporting
13
4. Depreciation, depletion and amortisation
15
5. Change in fair value of financial instruments
15
6. Finance expense
15
7. Dividends
16
8. Property, plant and equipment
16
9. Oil and gas assets
16
10. Business acquisition
17
11. Material related party transactions
18
12. Borrowings
18
13. Derivatives
19
14. Fair value
19
15. Commitments
22
16. Contingent assets and liabilities
22
1 7. Events occurring after balance date
22

GENESIS ENERGY
INTERIM REPORT
6
Consolidated interim comprehensive income statement
For the six month period ended 31 December 2017
Note
31 Dec 2017
unaudited
$ million
31 Dec 2016
unaudited
$ million
Operating revenue
Electricity revenue 998.2 798.3
Gas revenue119.5 133.6
Petroleum revenue 64.1 15.5
Other revenue
32.7 17.9
1,214.5 965.3
Operating expenses
Electricity purchases, transmission and distribution(595.0)(442.8)
Gas purchases, transmission and distribution(118.3)(141.1)
Petroleum production, marketing and distribution(32.7)(8.9)
Fuels consumed(96.0)(67.9)
Employee benefits(44.0)(39.8)
Other operating expenses(129.0)(109.1)
(1,015.0)(809.6)
Earnings before net finance expense, income tax, depreciation, depletion,
amortisation, impairment, fair value changes and other gains and losses (EBITDAF) 199.5 155.7
Depreciation, depletion and amortisation4(103.5)(73.6)
Impairment of non-current assets - (0.8)
Change in fair value of financial instruments5(19.7) 1.9
Other gains (losses) 0.9 (1.6)
(122.3)(74.1)
Profit before net finance expense and income tax 77.2 81.6
Finance revenue 0.4 0.9
Finance expense6( 3 7. 8 )(29.6)
Profit before income tax 39.8 52.9
Income tax (expense)(11.4)(15.5)
Net profit for the period 28.4 3 7.4
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Change in cash flow hedge reserve( 1 7. 7 ) 22.7
Income tax credit (expense) relating to items that may be reclassified 5.0 (6.4)
Total items that may be reclassified subsequently to profit or loss(12.7) 16.3
Total other comprehensive income (expense) for the period(12.7) 16.3
Total comprehensive income for the period 15.7 53.7
Earnings per share from operations attributable to shareholders of the Parent
Basic and diluted earnings per share (cents) 2.84 3.74
6 months ended
The above statement should be read in conjunction with the accompanying notes.

GENESIS ENERGY
INTERIM REPORT
7
Consolidated interim statement of changes in equity
For the six month period ended 31 December 2017
Note
Share
capital
unaudited
$ million
Share-
based
payments
reserve
unaudited
$ million
Asset
revaluation
reserve
unaudited
$ million
Cash flow
hedge
reserve
unaudited
$ million
Retained
earnings
unaudited
$ million
Total
unaudited
$ million
Balance as at 1 July 2017 539.7 1.0 987.2 (22.6) 476.6 1,981.9
Net profit for the period - - - - 28.4 28.4
Other comprehensive income
Change in cash flow hedge reserve - - - ( 1 7. 7 ) - ( 1 7. 7 )
Income tax credit relating to other
comprehensive income

-

- -
5.0
-
5.0
Total comprehensive income for the period - - - (12.7) 28.4 15.7
Revaluation reserve reclassified to retained
earnings on disposal of assets - - (0.6) - 0.6 -
Share-based payments - 0.3 - - - 0.3
Acquisition of treasury shares (1 .1 ) - - - - (1 .1 )
Dividends7 - - - - (83.9) (83.9)
Balance as at 31 December 2017 538.6 1.3 986.6 (35.3) 421.7 1,912.9
Note
Share
capital
unaudited
$ million
Share-
based
payments
reserve
unaudited
$ million
Asset
revaluation
reserve
unaudited
$ million
Cash flow
hedge
reserve
unaudited
$ million
Retained
earnings
unaudited
$ million
Total
unaudited
$ million
Balance as at 1 July 2016 539.7 0.5 972.9 (43.8) 521.9 1,991.2
Net profit for the period - - - - 3 7.4 3 7.4
Other comprehensive income
Change in cash flow hedge reserve - - - 22.7 - 22.7
Income tax expense relating to other
comprehensive income - - - (6.4) - (6.4)
Total comprehensive income for the period - - - 16.3 3 7.4 53.7
Share-based payments - 0.2 - - - 0.2
Dividends7 - - - - (82.0) (82.0)
Balance as at 31 December 2016 539.7 0.7 972.9 (27.5) 477.3 1,963.1
The above statement should be read in conjunction with the accompanying notes.

GENESIS ENERGY
INTERIM REPORT
8
Consolidated interim balance sheet
As at 31 December 2017
Note
31 Dec 2017
unaudited
$ million
Restated
30 Jun 2017
audited
$ million
Current assets
Cash and cash equivalents 40.6 27.8
Receivables and prepayments 2 1 7. 4 225.2
Inventories 64.5 79.8
Intangible assets 8 .1 6.7
Tax receivable - 6.4
Derivatives13 19.5 26.4
Total current assets 350.1 372.3
Non-current assets
Receivables and prepayments 4.8 3.5
Property, plant and equipment8 2,962.6 3,004.0
Oil and gas assets9 405.4 434.8
Intangible assets 361.0 364.8
Derivatives13 36.5 39.9
Total non-current assets 3,770.3 3,847.0
Total assets 4,120.4 4,219.3
Current liabilities
Payables and accruals 169.7 180.3
Tax payable 1 6 .1 -
Borrowings12 1 0.1 11.0
Provisions 1 3.1 13.7
Derivatives13 42.4 23.2
Total current liabilities 251.4 228.2
Non-current liabilities
Payables and accruals 0.8 0.7
Borrowings12 1,219.0 1,248.8
Provisions 157.5 158.9
Deferred tax liability 549.3 5 75.1
Derivatives13 29.5 25.7
Total non-current liabilities 1 ,9 5 6 .1 2,009.2
Total liabilities 2,207.5 2,237.4
Shareholders' equity
Share capital 538.6 539.7
Reserves 1,374.3 1,442.2
Total equity 1,912.9 1,981.9
Total equity and liabilities 4,120.4 4,219.3
The Directors of Genesis Energy Limited authorise these condensed consolidated interim financial statements for issue on behalf of
the Board.
Rt Hon Dame Jenny Shipley, DNZM
Chairman of the Board
Date 14 February 2018
Joanna Perry, MNZM
Chairman of the Audit and Risk Committee
Date 14 February 2018
The above statement should be read in conjunction with the accompanying notes.

GENESIS ENERGY
INTERIM REPORT
9
Consolidated interim cash flow statement
For the six month period ended 31 December 2017
Note
31 Dec 2017
unaudited
$ million
31 Dec 2016
unaudited
$ million
Cash flows from operating activities
Cash was provided from:
Receipts from customers 1,227.7 976.6
Interest received 0.4 0.9
Tax received - 0.6
1,228.1 978.1
Cash was applied to:
Payments to suppliers and related parties 976.4 794.0
Payments to employees 43.0 39.9
Tax paid 9.8 1 7. 7
1,029.2 851.6
Net cash inflows from operating activities 198.9 126.5
Cash flows from investing activities
Cash was provided from:
Proceeds from disposal of property, plant and equipment 0.2 -
0.2 -
Cash was applied to:
Purchase of property, plant and equipment 20.9 1 7.1
Purchase of oil and gas assets 1.9 3.1
Purchase of intangibles (excluding emission units and deferred customer
acquisition costs) 8 .1 9.6
30.9 29.8
Net cash (outflows) from investing activities (30.7) (29.8)
Cash flows from financing activities
Cash was provided from:
Proceeds from borrowings - 262.2
- 262.2
Cash was applied to:
Repayment of borrowings 35.6 75.0
Interest paid and other finance charges 34.8 27.1
Dividends7 83.9 82.0
Acquisition of treasury shares 1 .1 -
155.4 184.1
Net cash inflows (outflows) from financing activities (155.4) 78.1
Net increase in cash and cash equivalents 12.8 174.8
Cash and cash equivalents at 1 July 27.8 34.9
Cash and cash equivalents at 31 December 40.6 209.7
6 months ended
The above statement should be read in conjunction with the accompanying notes.

GENESIS ENERGY
INTERIM REPORT
10
Consolidated interim cash flow statement (continued)
For the six month period ended 31 December 2017
Reconciliation of net profit to net cash inflow from operating activitiesNote
31 Dec 2017
unaudited
$ million
31 Dec 2016
unaudited
$ million
Net profit for the period 28.4 3 7.4
Items classified as investing/financing activities
Net loss on disposal of property, plant and equipment 0.1 -
Interest and other finance charges paid 34.9 27.2
35.0 27.2
Non-cash items
Depreciation, depletion and amortisation expense 4 103.5 73.6
Impairment of non-current assets - 0.8
Change in fair value of financial instruments 5 19.7 (1.9)
Deferred tax expense (20.8) ( 7.1 )
Change in capital expenditure accruals (1.0) 4.4
Change in rehabilitation and contractual arrangement provisions 4.1 (0.6)
Other non-cash items 1.2 (1.1)
106.7 68.1
Movements in working capital
Change in receivables and prepayments 6.5 1 7. 8
Change in inventories 15.3 1.4
Change in emission units on hand (2.8) -
Change in deferred customer acquisition costs (0.2) (0.6)
Change in payables and accruals (10.5) (30.4)
Change in tax receivable/payable 22.5 5.4
Change in provisions (2.0) 0.2
28.8 (6.2)
Net cash inflow from operating activities 198.9 126.5
6 months ended
The above statement should be read in conjunction with the accompanying notes.

GENESIS ENERGY
INTERIM REPORT
11
Notes to the condensed consolidated interim financial statements
For the six month period ended 31 December 2017
1. General information
Genesis Energy Limited (the ‘Parent’) is a
company registered under the Companies
Act 1993. The Parent is majority owned
by Her Majesty the Queen in Right of
New Zealand (the ‘Crown’) and is listed
on the NZSX, NZDX and ASX. The Parent,
as a mixed ownership model company,
is bound by the requirements of the
Public Finance Act 1989. The liabilities
of the Parent are not guaranteed in any
way by the Crown. The Parent is an FMC
Reporting Entity under the Financial
Markets Conduct Act 2013 and the
Financial Reporting Act 2013.
The condensed consolidated interim
financial statements comprise the Parent,
its subsidiaries and the Group’s interests
in joint operations (together, the ‘Group’).
The condensed consolidated interim
financial statements cover the six month
period ended 31 December 2017.
These interim financial statements have
not been audited.
The Group is designated as a profit-
oriented entity for financial reporting
purposes.
The Group’s core business is located in
New Zealand and involves the generation
of electricity, retailing and trading
of energy, and the development and
procurement of fuel sources. To support
these functions, the Group’s scope of
business includes retailing and trading of
related complementary products designed
to support its key energy business.
Basis of preparation
The condensed consolidated interim
financial statements have been prepared
in accordance with, and comply with,
New Zealand Equivalent to International
Accounting Standard 34 Interim Financial
Reporting (‘NZ IAS 34’). In complying with
NZ IAS 34, these statements comply with
International Accounting Standard 34
Interim Financial Reporting.
The condensed consolidated interim
financial statements do not include all
the information and disclosures required
in the annual financial statements.
Consequently, these condensed
consolidated interim financial statements
should be read in conjunction with the
annual financial statements and related
notes included in Genesis Energy’s Annual
Report for the year ended 30 June 2017.
The condensed consolidated interim
financial statements are presented in New
Zealand dollars rounded to the nearest
100,000.
Application of new and revised
accounting standards, interpretations
and amendments
There have been no new or revised
accounting standards, interpretations and
amendments effective during the period
have a material impact on the Group’s
accounting policies or disclosures.
There have been no significant changes
in accounting policies or methods of
computation since 30 June 2017. The
accounting policies set out in Genesis
Energy’s Annual Report for the year
ended 30 June 2017 have been applied
consistently to all periods presented in
these condensed consolidated interim
financial statements.
Critical accounting estimates and
judgements
The preparation of the Group’s condensed
consolidated interim financial statements
requires Management to make estimates
and assumptions that affect the
application of policies and the reported
amounts of assets, liabilities, revenues and
expenses. The estimates and underlying
assumptions are based on historical
experience and various other factors
that are believed to be reasonable under
the circumstances. Actual results may
differ from these estimates. Significant
areas of estimation and judgement in
these condensed consolidated interim
financial statements are the same as those
disclosed in Genesis Energy’s annual
financial statements included in Genesis
Energy’s Annual Report for the year ended
30 June 2017.
Seasonality of operations
Fluctuations in seasonal weather patterns
can have a significant impact on supply
and demand and therefore the generation
of electricity, which in turn can have
a positive or negative impact on the
reported result.

GENESIS ENERGY
INTERIM REPORT
12
2. Underlying EBITDAF and underlying earnings
Underlying EBITDAF and underlying earnings are performance measures that are not defined in New Zealand Equivalents to
International Financial Reporting Standards (‘NZ IFRS’) and therefore are considered to be non GAAP (Generally Accepted Accounting
Practice) performance measures. These performance measures are used internally to provide more insight into the operating
performance of the Group by adjusting for items that are outside Management’s control or items that relate to strategic rather
than operational decisions. These measures should not be viewed in isolation, nor considered a substitute for measures reported
in accordance with NZ IFRS. Underlying EBITDAF and underlying earnings are used by many companies, however, because these
measures are not defined by NZ IFRS they may not be uniformly defined or calculated by all companies. Accordingly these measures
may not be comparable with similarly titled measures used by other companies.
The table below provides a reconciliation of reported EBITDAF to underlying EBITDAF, and reported net profit for the period to
underlying earnings for the period. Significant items are excluded from underlying EBITDAF and underlying earnings when they meet
the criteria outlined in the Group’s non GAAP financial information policy.
31 Dec 2017
unaudited
$ million
31 Dec 2016
unaudited
$ million
Earnings before net finance expense, income tax, depreciation, depletion,
amortisation, impairment, fair value changes and other gains and losses (EBITDAF) 199.5 155.7
Business acquisition costs - 0.8
Adjustments before tax expense - 0.8
Underlying EBITDAF 199.5 156.5
Business acquisition costs – the costs incurred to acquire an additional 15.0 per cent share of Kupe and Nova Energy’s retail LPG
business have been removed as the costs relate specifically to the acquisition rather than the ongoing operations of the businesses
acquired.
31 Dec 2017
unaudited
$ million
31 Dec 2016
unaudited
$ million
Net profit for the period 28.4 3 7.4
EBITDAF adjustments before tax outlined above - 0.8
Change in fair value of financial instruments 19.7 (1.9)
Impairment of non-current assets - 0.8
Adjustments before tax expense 19.7 (0.3)
Tax expense on adjustments (5.5) 0.3
Adjustments after tax expense 14.2 -
Underlying earnings 42.6 3 7.4
Underlying earnings per share (cents)4.263.74
Change in fair value of financial instruments - these changes are excluded as the change in fair value often relates to circumstances
outside Management’s control and do not necessarily reflect the cash flows that will be received or paid when the arrangement is
settled.
Impairment of non-current assets – impairment of non-current assets has been removed from underlying earnings on the basis that
impairments occur infrequently and usually relate to strategic decisions rather than operating activities.
Tax expense on adjustments – the tax impact of the adjustments noted above is adjusted to determine the underlying earnings for the
business excluding these transactions.
6 months ended
6 months ended
Notes to the condensed consolidated interim financial statements
For the six month period ended 31 December 2017

GENESIS ENERGY
INTERIM REPORT
13
3. Segment reporting
The Group is currently organised into four segments as follows:
SegmentActivity
Customer
Supply of energy (electricity, gas and LPG) and related services to end-users.
Wholesale
Supply of electricity to the wholesale electricity market and supply of gas, LPG and
coal to wholesale customers and the Customer segment and the sale and purchase of
derivatives to fix the price of electricity.
Kupe
Exploration, development and production of gas and petroleum products. Supply of
gas and LPG to the Wholesale segment and supply of light oil.
Corporate
Head-office functions, including new generation investigation and development, fuel
management, information systems, human resources, finance, corporate relations,
property management, legal and corporate governance. Corporate revenue is made up
of property rental and miscellaneous income.
The segments are based on the different products and services offered by the Group. No operating segments have been aggregated.
Six months ended 31 December 2017 Customer
unaudited
$ million

Wholesale
unaudited
$ million
Kupe
unaudited
$ million

Corporate
unaudited
$ million
Inter-
segment
items
unaudited
$ million
Total
unaudited
$ million
Operating revenue
Electricity revenue 625.6 622.6 - - (250.0) 998.2
Gas revenue 78.5 65.4 42.1 - (66.5) 119.5
Petroleum revenue 33.3 15.7 31.8 - (16.7) 64.1
Other revenue 6.0 25.8 0.4 0.5 - 32.7
743.4 729.5 74.3 0.5 (333.2) 1,214.5
Operating expenses
Electricity purchase, transmission and distribution (520.8) (324.2) - - 250.0 (595.0)
Gas purchase, transmission and distribution (61.7) (80.9) - - 24.3 (118.3)
Petroleum production, marketing and distribution ( 1 7. 9 ) (15.3) (16.2) - 16.7 (32.7)
Fuel consumed - (138.2) - - 42.2 (96.0)
Employee benefits (19.2) (14.0) (0.1 ) (10.7) - (44.0)
Other operating expenses (66.6) (50.5) (2.3) (9.6) - (129.0)
(686.2)(6 2 3.1 )(18.6)(20.3)333.2(1,015.0)
Earnings before net finance expense, income tax,
depreciation, depletion, amortisation, impairment,
fair value changes and other gains and losses 57.2 106.4 55.7 (19.8) - 199.5
Depreciation, depletion and amortisation (6.7) (55.9) (34.2) (6.7) - (103.5)
Change in fair value of financial instruments - (13.0) (7.3) 0.6 - (19.7)
Other gains (losses) - 0.9 (0.1 ) 0.1 - 0.9
Profit (loss) before net finance expense and income tax 50.5 38.4 14.1 (25.8) - 77.2
Finance revenue - - - 0.4 - 0.4
Finance expense (0.2) (1.2) (1.8) (34.6) - ( 3 7. 8 )
Profit (loss) before income tax 50.3 37.2 12.3 (60.0) - 39.8
Other segment information
Capital expenditure 10.5 4.0 2.2 10.3 - 27.0

GENESIS ENERGY
INTERIM REPORT
14
Six months ended 31 December 2016 Customer
unaudited
$ million

Wholesale
unaudited
$ million
Kupe
unaudited
$ million

Corporate
unaudited
$ million
Inter-
segment
items
unaudited
$ million
Total
unaudited
$ million
Operating revenue
Electricity revenue 624.0 422.1 - - ( 2 4 7. 8 ) 798.3
Gas revenue 87.9 72.4 27.6 - (54.3) 133.6
Petroleum revenue - 4.9 15.4 - (4.8) 15.5
Other revenue 5.6 11.7 - 0.6 - 17.9
717.5 511.1 43.0 0.6 (306.9) 965.3
Operating expenses
Electricity purchase, transmission and distribution (512.6) (178.0) - - 2 4 7. 8 (442.8)
Gas purchase, transmission and distribution (69.0) (98.8) - - 26.7 (141.1)
Petroleum production, marketing and distribution - (4.7) (9.0) - 4.8 (8.9)
Fuel consumed - (95.5) - - 27.6 (67.9)
Employee benefits (14.1) (15.0) (0.1) (10.6) - (39.8)
Other operating expenses (59.1) (36.3) (2.0) (11.7) - (109.1)
(654.8)(428.3)(11.1)(22.3)306.9(809.6)
Earnings before net finance expense, income tax,
depreciation, depletion, amortisation, impairment,
fair value changes and other gains and losses 62.7 82.8 31.9 (21.7) - 155.7
Depreciation, depletion and amortisation (2.2) (50.5) (15.6) (5.3) - (73.6)
Impairment of non-current assets (0.8) - - - - (0.8)
Change in fair value of financial instruments - 0.2 (0.7) 2.4 - 1.9
Other losses - (1.0) (0.5) (0.1) - (1.6)
Profit (loss) before net finance expense and income tax 59.7 31.5 15.1 (24.7) - 81.6
Finance revenue - - 0.1 0.8 - 0.9
Finance expense (0.2) (1.3) (1.1) (27.0) - (29.6)
Profit (loss) before income tax 59.5 30.2 14.1 (50.9) - 52.9
Other segment information
Capital expenditure 6.9 8.8 3.1 4.2 - 23.0
3. Segment reporting (continued)
Inter-segment revenue
Sales between segments is based on transfer prices developed in the context of long-term contracts. The electricity transfer price per
MWh charged between Wholesale and Customer was $79.11 (31 December 2016: $81.00). Inter-segment gas and petroleum revenue
includes the Group’s share of Kupe gas and LPG sales to Wholesale and gas and LPG on-sold from Wholesale to Customer.
Geographic information
All business segments operate within New Zealand.
Major customer information
The Group has no individual customers that account for 10.0 per cent or more of the Group’s external revenue (31 December 2016:
none).
Notes to the condensed consolidated interim financial statements
For the six month period ended 31 December 2017

GENESIS ENERGY
INTERIM REPORT
15
4. Depreciation, depletion and amortisation
31 Dec 2017
unaudited
$ million
31 Dec 2016
unaudited
$ million
Depreciation of property, plant and equipment 59.4 52.0
Depreciation and depletion of oil and gas assets 31.6 15.7
Amortisation of intangibles (excluding amortisation of deferred customer acquisition costs) 12.5 5.9
103.5 73.6
Depreciation, depletion and amortisation has increased by $29.9 million in comparison to the six months ended 31 December 2016.
The increase is primarily due to the acquisition of the Kupe subsidiaries and the LPG business during the 2017 financial year and the
revaluation of the generation assets at 30 June 2017.
6 months ended
5. Change in fair value of financial instruments
31 Dec 2017
unaudited
$ million
31 Dec 2016
unaudited
$ million
Change in fair value of derivatives - gain (loss) (21.7) ( 1 7. 9 )
Fair value interest rate risk adjustment on borrowings - gain (loss) 2.0 19.8
(19.7) 1.9
The change in the fair value of derivatives for the current period mainly relates to the movement in the fair value of electricity swaps
and options ($12.8 million loss), oil swaps ($6.9 million loss) and cross-currency interest rate swaps (‘CCIRS’) ($2.1 million loss). The
movement in the fair value of the electricity swaps and options primarily reflects movements in the electricity price path between
either the date the contract was entered into, if it’s a new contract in the period, or since the previous reporting date. The movement
in the fair value of oil swaps primarily reflects the movement in oil prices and foreign exchange rates between the date the contract
was entered into, if it’s a new contract in the period, or since the previous reporting date. The movement in the fair value of the CCIRS
relates to movements in interest and foreign exchange rates between 30 June 2017 and the reporting date. The movement in the fair
value of the CCIRS was offset by the change in the fair value interest rate risk adjustment on the United States Private Placement
(‘USPP’) ($2.0 million gain). The net impact on net profit of the CCIRS and USPP was a $0.1 million loss.
The change in the fair value of derivatives for the previous period mainly relates to the movement in the fair value of CCIRS ($18.4
million loss). The movement in the fair value of the CCIRS relates to movements in interest and foreign exchange rates between 30
June 2016 and 31 December 2016. The movement in the fair value of the CCIRS was offset by the change in the fair value interest rate
risk adjustment on the USPP ($19.3 million gain). The net impact on net profit of the CCIRS and USPP was a $0.9 million gain for the
six months ended 31 December 2016.
6 months ended
6. Finance expense
31 Dec 2017
unaudited
$ million
31 Dec 2016
unaudited
$ million
Interest on borrowings (excluding capital bonds) 21.7 20.8
Interest on capital bonds 13.0 6.2
Total interest on borrowings 34.7 27.0
Other interest and finance charges 0.3 0.4
Time value of money adjustments on provisions 2.9 2.4
3 7. 9 29.8
Capitalised finance expenses (0.1 ) (0.2)
3 7. 8 29.6
6 months ended

GENESIS ENERGY
INTERIM REPORT
16
7. Dividends
imputation
unaudited
unaudited
$ million
cents per
share
unaudited
imputation
unaudited
unaudited
$ million
cents per
share
unaudited
Dividends declared and paid during the period
Previous period final dividend 80% 83.9 8.4080% 82.0 8.20
Dividends declared subsequent to reporting date
Current period interim dividend 80% 82.9 8.30 80% 82.0 8.20
6 months ended 31 Dec 2017
6 months ended 31 Dec 2016
8. Property, plant and equipment
Note
6 months ended
31 Dec 2017
unaudited
$ million
Restated
year ended
30 Jun 2017
audited
$ million
Opening balance 3,004.0 2,988.0
Additions 24.9 41.1
Additions acquired through business acquisitions 10 - 39.2
Revaluation gains - 71.3
Capitalised finance expenses 0.1 0.3
Change in rehabilitation and contractual arrangement assets - 3.0
Transfer to intangible assets (6.9) (22.2)
Disposals (0.1 ) -
Impairment - (2.4)
Depreciation expense (59.4) (114.3)
Closing balance 2,962.6 3,004.0
9. Oil and gas assets
6 months ended
31 Dec 2017
unaudited
$ million
Year ended
30 Jun 2017
audited
$ million
Opening balance 434.8 267.5
Additions 2.2 5.4
Additions acquired through business acquisitions - 205.1
Change in rehabilitation assets - 1.9
Depreciation and depletion expense (31.6) (45.1)
Closing balance 405.4 434.8
During the 2017 financial year, the Group reviewed the method used to deplete oil and gas-producing assets (excluding major
inspection costs). Based on the results of the review, the Group amended the method used to deplete the cost of producing wells to
better reflect the way in which the asset is being used. The reserves estimate used to calculate depletion expense was also revised to
align with those used by the Joint Venture Operator, as the Joint Venture Operator’s reserve estimate was unavailable at the time the
30 June 2016 result was compiled. The change in method and reserves estimate was applied prospectively from 1 July 2016, which
resulted in a $0.4 million increase in depletion expense for the year ended 30 June 2017.
In August 2017 the Joint Venture Operator included a revised reserves estimate in their financial statements. A Joint Venture
Operating Committee review of their reserves estimate is ongoing. Accordingly the Group has not changed the reserves estimate at
31 December 2017.
Notes to the condensed consolidated interim financial statements
For the six month period ended 31 December 2017

GENESIS ENERGY
INTERIM REPORT
17
31 Dec 2017
PJe
30 Jun 2017
PJe
31 Dec 2017
PJe
30 Jun 2017
PJe
Opening remaining field reserves at 1 July 250.5 288.5 3 7 3.1 387.9
Alignment of opening remaining field reserves to Joint Venture
Operator's estimate - (2.9) - 20.3
Production (18.9) (35.1) (18.9) (35.1)
Closing remaining field reserves 231.6 250.5 354.2 373.1
Developed 141.2 160.1 180.6 199.5
Undeveloped 90.4 90.4 173.6 173.6
Closing remaining field reserves 231.6 250.5 354.2 373.1
Proved reserves (1P)
Proved and probable
reserves (2P)
9. Oil and gas assets (continued)
10. Business acquisition

LPG business acquired
On 1 June 2017 the Parent acquired Nova Energy Limited’s LPG business. The business was acquired as a result of the Group’s strategy
to grow its LPG capability.

The accounting for the acquisition of the LPG business was prepared on a provisional basis at 30 June 2017. Due to the timing of the
acquisition, the calculations of the fair values of property, plant and equipment, customer contracts and relationships and goodwill
were finalised during the six months ended 31 December 2017. A comparison between the provisional values assigned at 30 June 2017
and final values is provided below. The 30 June 2017 numbers within these financial statements have been restated to reflect the final
fair values.
Note
Provisional value
30 Jun 2017
$ million
Change
30 June 2017
$ million
Final value
30 June 2017
$ million
Current Assets
Receivables - 0.3 0.3
Inventories 0.3 - 0.3
Total current assets 0.3 0.3 0.6
Non-current assets
Property, plant and equipment831.97. 339.2
Customer contracts and relationships6 7. 9(5.7)62.2
Total non-current assets99.81.6101.4
Total assets1 00.11.9102.0
Current liabilities
Payables and accruals2.00.12 .1
Total current liabilities2.00.12 .1
Non-current liabilities
Deferred tax liability22.50.422.9
Total non-current liabilities22.50.422.9
Total liabilities24.50.525.0
Net identifiable assets acquired75.61.47 7. 0
Goodwill114.0(1.4)112.6
Purchase Price189.6-189.6
The changes above had no material impact to the Income Statement, as a result no change has been made to the net profit reported
for 30 June 2017.

GENESIS ENERGY
INTERIM REPORT
18
11. Material related party transactions
The majority shareholder of the Parent is the Crown. The Parent and Group transact with Crown-controlled and related entities
independently and on an arm’s-length basis for emission activities comprising emission unit purchases and sales, royalties, scientific
consultancy services, electricity transmission, postal services, rail services and energy-related products (including electricity
derivatives). All transactions with Crown-controlled and related entities are based on commercial terms and conditions and relevant
market drivers.
The Group has two significant transactions with Meridian Energy, a Crown-controlled entity, being: a 150MW contract to provide dry-
year cover for four years from 1 January 2015, with a further four-year extension from 1 January 2019 and a 50MW contract to supply
electricity to the Huntly node from 1 January 2017 to 31 December 2018.
Dividends paid to the Crown during the period were $43.0 million (31 December 2016: $42.0 million). There were no other individually
significant transactions with the Crown and Crown-controlled and related entities during the period (31 December 2016: nil).
Other transactions with Crown-controlled and related entities which are collectively, but not individually, significant relate to the
sale of electricity derivatives. Approximately 51 per cent of the value of electricity derivative assets and approximately 45 per cent
of the value of electricity derivative liabilities held by the Group at the reporting date were held with Crown-controlled and related
entities (31 December 2016: 79 per cent and 61 per cent, respectively). The contracts expire at various times; the latest expiry date is
December 2025.
For a list and description of transactions with related parties, refer to Genesis Energy’s annual financial statements included in Genesis
Energy’s Annual Report for the year ended 30 June 2017.
12. Borrowings
31 Dec 2017
unaudited
$ million
30 Jun 2017
audited
$ million
Revolving credit and money market 160.5 196.7
Term loan facility 30.0 30.0
Wholesale term notes 292.9 292.8
Retail term notes 100.5 100.3
Capital bonds 424.9 424.4
USPP 220.3 215.6
Total 1,229.1 1,259.8
Current 1 0.1 11.0
Non-current 1,219.0 1,248.8
Total 1,229.1 1,259.8
Revolving credit
As at 31 December 2017 the Group had drawn down $160.0 million (30 June 2017: $196.0 million) from the revolving credit facility and
had available undrawn funding of $295.0 million (30 June 2017: $260.0 million).
Notes to the condensed consolidated interim financial statements
For the six month period ended 31 December 2017

GENESIS ENERGY
INTERIM REPORT
19
14. Fair value
Fair value hierarchy
The Group’s assets and liabilities measured at fair value are categorised into one of three levels. The levels are outlined in Genesis
Energy’s annual financial statements included in Genesis Energy’s Annual Report for the year ended 30 June 2017.
The Group’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the date of the event or change in
circumstances that caused the transfer. There were no transfers between levels one, two and three during the period (31 December
2016: nil).
13. Derivatives
Net carrying value of derivatives
31 Dec 2017
unaudited
$ million
30 Jun 2017
audited
$ million
Derivatives designated in a cash flow hedge relationship
Foreign exchange swaps 1.7 3.6
Interest rate swaps (24.4) (22.0)
Electricity swaps (17.3) (9.4)
Oil swaps (8.4) 5.3
CCIRS 1 5.1 7.9
Derivatives designated in a fair value hedge relationship
CCIRS 3.6 5.6
Derivatives not designated as hedges
Interest rate swaps (2.6) (2.9)
Electricity swaps and options 16.5 29.2
Forward sale-and-purchase agreements of emission units held for trading (0.1 ) 0.1
Total (15.9) 1 7.4
Carrying value of derivatives by balance sheet classification
Current assets 19.5 26.4
Non-current assets 36.5 39.9
Current liabilities (42.4) (23.2)
Non-current liabilities (29.5) (25.7)
Total (15.9) 1 7.4
The process and method of valuing derivatives is outlined in note 14.
Change in carrying value of derivatives
6 months ended
31 Dec 2017
unaudited
$ million
Year ended
30 Jun 2017
audited
$ million
Opening balance 1 7. 4 (11.5)
Total change recognised in revenue 10.2 21.0
Net change in derivatives not designated as hedges (12.6) 19.7
Net change in fair value hedges (2.0) (18.2)
Ineffective gain (loss) on cash flow hedges ( 7.1 ) 2.0
Total change recognised in the change in fair value of financial instruments (21.7) 3.5
Gain (loss) recognised in other comprehensive income (28.7) 14.5
Settlements 1 7. 0 10.0
Sales (option fees) (1 0.1 ) (20.3)
Purchases (option fees) - 0.2
Closing balance (15.9) 1 7.4

GENESIS ENERGY
INTERIM REPORT
20
Level two items carried at fair value
Recurring fair value measurements
31 Dec 2017
unaudited
$ million
30 Jun 2017
audited
$ million
Level two
Derivatives
Interest rate swaps (27.0) (24.9)
Foreign exchange swaps 1.7 3.6
Oil swaps (8.4) 5.3
Electricity swaps (cash flow hedges) (0.1 ) 0.3
Electricity swaps and options (not designated as hedges) 2.2 (1.7)
CCIRS 18.7 13.5
Forward sale-and-purchase agreements of emission units held for trading (0.1 ) 0.1
(13.0) (3.8)
Inventory
Emission units held for trading 6.9 9.3
Valuation of level two items carried at fair value
The fair values of level two derivatives and emission units held for trading carried at fair value are determined using discounted cash
flow models. The key inputs in the valuation models were:
Item Valuation input
Interest rate swaps Forward interest rate price curve
Foreign exchange swaps Forward foreign exchange rate curves
Oil swaps Forward oil price and foreign exchange rate curves
Electricity swaps and options ASX forward price curve
CCIRS Forward interest rate price curve and foreign exchange
rate curves
Forward sale-and-purchase agreements of emission units
held for trading
OM Financial forward curve
Emission units held for trading OM Financial forward curve
Level three items carried at fair value
Recurring fair value measurements
31 Dec 2017
unaudited
$ million
30 Jun 2017
audited
$ million
Level three
Derivatives
Electricity swaps (cash flow hedges) ( 1 7. 2 ) (9.7)
Electricity swaps and options (not designated as hedges) 14.3 30.9
(2.9) 21.2
Property, plant and equipment
Generation assets 2,853.4 2,903.9
Valuation of level three items carried at fair value
Valuation processes of the Group
The process used to value level three generation assets and derivatives has been disclosed in Genesis Energy’s annual financial
statements included in Genesis Energy’s Annual Report for the year ended 30 June 2017. The process used as at 31 December 2017 is
consistent with that used at 30 June 2017.
Valuation method of the Group
The valuation method used to value level three generation assets and derivatives has been disclosed in Genesis Energy’s annual
financial statements included in Genesis Energy’s Annual Report for the year ended 30 June 2017. The valuation method used as at 31
December 2017 is consistent with that used at 30 June 2017.
Valuation of electricity swaps and options
The valuation of electricity swaps and options in level three is based on a discounted cash flow model over the life of the agreement.
Notes to the condensed consolidated interim financial statements
For the six month period ended 31 December 2017
14. Fair value (continued)

GENESIS ENERGY
INTERIM REPORT
21
Items disclosed at fair value
31 Dec 2017
unaudited
$ million
30 Jun 2017
audited
$ million
31 Dec 2017
unaudited
$ million
30 Jun 2017
audited
$ million
Level one
Retail term notes (100.5) (100.3) (103.2) (102.2)
Capital bonds (424.9) (424.4) (443.6) (436.2)
Level two
Wholesale term notes (292.9) (292.8) (312.4) (320.3)
USPP (220.3) (215.6) (221.4) (215.3)
Carrying value Fair value
The key assumptions in the model 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, emission credits and the discount rate. The wholesale electricity price
path used is an average of the internally and externally generated price paths. 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. The swaps do
not require calling and do not have any option fees.
The key unobservable inputs, range of assumptions and third-party inputs combine to determine the wholesale electricity price path.
The wholesale electricity price paths used to value level three electricity swaps and options range from $75 per MWh to
$106 per MWh over the period from 1 January 2018 to 31 December 2025 (30 June 2017: $74 per MWh to $101 per MWh over the
period from 1 July 2017 to 31 December 2025). The discount rate used in the model ranged from 2.0 per cent to 5.0 per cent (30 June
2017: 2.0 per cent to 2.8 per cent) and the emission credit price used ranged between $20.25 and $25.00 (30 June 2017: $17.50 and
$23.50).
If the price path increased by 10.0 per cent while holding the discount rate constant, this would result in the carrying value of the
electricity derivatives decreasing to a $16.7 million liability (30 June 2017: $6.4 million asset). If the price path decreased by
10.0 per cent while holding the discount rate constant, the carrying value would increase to a $17.7 million asset (30 June 2017: $28.8
million asset).
Reconciliation of level three electricity swaps and options
6 months ended
31 Dec 2017
unaudited
$ million
Year ended
30 Jun 2017
audited
$ million
Opening balance 21.2 (16.0)
Total gain (loss)
Electricity revenue 10.2 21.2
Change in fair value of financial instruments (16.3) 1 7. 8
Total gain (loss) in profit or loss (6 .1 ) 39.0
Total gain (loss) recognised in other comprehensive income ( 24 .1 ) 15.4
Settlements (gain) loss 16.2 3.1
Sales (1 0.1 ) (20.3)
Closing balance (2.9) 21.2

The change in fair value of financial instruments disclosed above includes an unrealised loss of $16.3 million (30 June 2017: $17.8
million gain) on level three derivatives held at the end of the reporting period.
Deferred ‘day one’ gains (losses)
There is a presumption that when derivative contracts are entered into on an arm’s-length basis, and no payment is received or paid
on day one, the fair value at inception would be nil. The contract price of non-exchange traded electricity derivative contracts are
agreed on a bilateral basis, the pricing for which may differ from the prevailing derived market price for a variety of reasons. In these
circumstances, an adjustment is made to bring the initial fair value of the contract to zero at inception. The adjustment is called a ‘day
one’ gain (loss) and is deferred and amortised, based on expected call volumes over the term of the contract. The ‘day one’ adjustment
below is included in the level three electricity swaps and options’ carrying value at the reporting date.
The following table details the movements and amounts of deferred ‘day one’ gains (losses) included in the fair value of level three
electricity swaps and options held at the reporting date:
6 months ended
31 Dec 2017
unaudited
$ million
Year ended
30 Jun 2017
audited
$ million
Opening balance 71.6 72.7
Deferred 'day one' gains on new derivatives - 1.7
Deferred 'day one' losses realised during the period (3.2) (2.8)
Closing balance 68.4 71.6
14. Fair value (continued)

GENESIS ENERGY
INTERIM REPORT
22
The carrying value of all other financial assets and liabilities in the balance sheet approximates their fair values.
Valuation of wholesale term notes
The valuation of wholesale term notes is based on estimated discounted cash flow analyses, using applicable market yield curves
adjusted for the Group’s credit rating. Market yield curves at the reporting date used in the valuation ranged from 3.0 per cent to
4.4 per cent (30 June 2017: 3.2 per cent to 3.9 per cent).
Valuation of USPP
The valuation of USPP is based on estimated discounted cash flow analyses, using applicable United States market yield curves
adjusted for the Group’s credit rating. The credit-adjusted market yield at the reporting date used in the valuation was 3.2 per cent (30
June 2017: 3.2 per cent).
15. Commitments
31 Dec 2017
unaudited
$ million
30 Jun 2017
audited
$ million
Total capital commitments 25.2 24.6
Total operating lease commitments 62.0 61.5
87.2 86.1
16. Contingent assets and liabilities
At 31 December 2017 the Group had contingent assets and liabilities in respect of:
Land claims, lawsuits and other claims
The Parent acquired interests in land and leases from Electricity Corporation of New Zealand Limited (‘ECNZ’) on 1 April 1999. These
interests in land and leases may be subject to claims to the Waitangi Tribunal and may be resumed by the Crown. The Parent would
expect to negotiate with the new Maori owners for occupancy and usage rights of any sites resumed by the Crown. Certain claims
have been brought to or are pending against the Parent, ECNZ and the Crown under the Treaty of Waitangi Act 1975. Some of these
claims may affect land and leases purchased by the Parent or its subsidiaries from ECNZ. In the event that land is resumed by the
Crown, the resumption would be effected by the Crown under the Public Works Act 1981 and compensation would be payable to the
Parent.
The Board of Directors cannot reasonably estimate the adverse effect (if any) on the Parent if any of the foregoing claims are
ultimately resolved against it if or any contingent or currently unknown costs or liabilities crystallise. There can be no assurances that
these claims will not have a material adverse effect on the Group’s business, financial condition or results of operations (30 June 2017:
no reasonable estimate).
Contingent asset
The Group has an insurance claim outstanding in relation to the Tekapo B power station. The Board of Directors believe there are
reasonable grounds for a successful claim. At this stage the amount that could be successfully recovered is uncertain.
There are no other known material contingent assets or liabilities (30 June 2017: nil).
17. Events occurring after balance date
Subsequent to balance date:
• The Parent declared an interim dividend of 8.3 cents per share, which will result in a payment of $82.9 million.
• The Board approved the establishment of a Dividend Reinvestment Plan to provide capital support for the Group’s growth strategy
and to provide a cost effective way for shareholders to reinvest dividends. This gives shareholders the option to receive additional
shares in the Company rather than, or in combination with, receiving dividends. The price of the shares issued under the Plan
will be based on an average market price prior to the issue date. The Board may choose to offer the shares to shareholders at a
discounted price. If a discount is to apply, it will be announced at the same time as details of the dividend are announced. The
Board have determined that a 2.5 per cent discount will apply to the average share price for shareholders opting to reinvest their
interim dividend which is due to be paid on 20 April 2018.
There have been no other significant events subsequent to balance date.
Notes to the condensed consolidated interim financial statements
For the six month period ended 31 December 2017
14. Fair value (continued)

GENESIS ENERGY
INTERIM REPORT
23
Independent review report to the shareholders of Genesis Energy Limited
We have reviewed the condensed consolidated interim financial statements (“the financial statements”) of Genesis Energy Limited
(“the Company”) and its subsidiaries (“the Group”) which comprise the consolidated interim balance sheet as at 31 December 2017, and
the consolidated interim comprehensive income statement, statement of changes in equity and cash flow statement for the six months
ended on that date, and a summary of significant accounting policies and other explanatory information on pages 6 to 22.
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that we might state to the
Company’s shareholders those matters we are required to state to them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the Company’s shareholders as a body, for
our engagement, for this report, or for the opinions we have formed.

Board of Directors’ Responsibilities
The Board of Directors are responsible for the preparation and fair presentation of the financial statements, in accordance with NZ IAS
34 Interim Financial Reporting and IAS 34 Interim Financial Reporting and for such internal control as the Board of Directors determine
is necessary to enable the preparation and fair presentation of the financial statements that are free from material misstatement,
whether due to fraud or error.
The Board of Directors are also responsible for the publication of the financial statements, whether in printed or electronic form.

Our Responsibilities
The Auditor-General is the auditor of the Group pursuant to section 5(1)(f) of the Public Audit Act 2001. Pursuant to section 32 of the
Public Audit Act 2001, the Auditor-General has appointed me, Andrew Dick, using the staff and resources of Deloitte Limited, to carry
out the annual audit of the Group on his behalf.
Our responsibility is to express a conclusion on the financial statements based on our review. We conducted our review in accordance
with NZ SRE 2410 Review of Financial Statements Performed by the Independent Auditor of the Entity (‘NZ SRE 2410’). NZ SRE 2410
requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken
as a whole, are not prepared, in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim
Financial Reporting. As the auditor of Genesis Energy Limited, NZ SRE 2410 requires that we comply with the ethical requirements
relevant to the audit of the annual financial statements.
A review of the financial statements in accordance with NZ SRE 2410 is a limited assurance engagement. The auditor performs
procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand). Accordingly we do not express an audit opinion on those financial statements.
In addition to this review and the audit of the Group’s annual financial statements, we have carried out assignments in the areas of
trustee reporting, scrutineer’s notice and secretarial services for the corporate tax payer group which are compatible with those
independence requirements. These services have not impaired our independence as auditor of the Group.
In addition to these assignments, partners and employees of our firm deal with the Group on normal terms within the ordinary course
of trading activities of the Group. Other than these assignments and trading activities, we have no relationship with, or interests in the
Group.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements of the Group do
not present fairly, in all material respects, the financial position of the Group as at 31 December 2017 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.
13 February 2018
Andrew Dick
for Deloitte Limited
On behalf of the Auditor-General
Auckland, New Zealand

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

---

Genesis Energy Limited


Appendix 1
GENESIS ENERGY LIMITED
INCORPORATED IN NEW ZEALAND

HALF YEAR REPORT

Reporting period six months to 31 December 2017
Previous reporting period six months to 31 December 2016

RESULTS FOR ANNOUNCEMENT TO THE MARKET – 14 FEBRUARY 2018

Revenue and Net Profit
31 December
2017
Amount
($NZ million)
31 December
2016
Amount
($NZ million)
Percentage
change
Revenues from ordinary activities 1,214.5 965.3 +26%
Profit (loss) from ordinary activities
after tax attributable to security
holder. 28.4 37.4 -24%
Net profit (loss) attributable to
security holders 28.4 37.4 -24%


Dividends – Ordinary Shares
31 December
2017
Amount per
security
(NZ cents)
31 December
2016
Amount per
security
(NZ cents)
Percentage
change
Interim dividend 8.3 8.2 1%
Interim dividend - imputed amount 2.58 2.55 1%

Record date: 6 April 2018
Payment date: 20 April 2018

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

FINANCIAL INFORMATION
The Appendix 1 form should be read in conjunction with the consolidated financial statement
for the six months ended 31 December 2017 as attached.

Net Tangible Assets – Ordinary Shares
31 December
2017
Amount per
security
(NZ cents)
31 December
2016
Amount per
security
(NZ cents)
Percentage
change
Net Tangible Asset 155 183 -15%

---

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
X
whether:
Interim
X
YearSpecialDRP Applies
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per security
Payment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
Supplementary
Amount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date. In the case
of applications this must be the
last business day of the week.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
6 April 201820 April 2018
$0.010089 per share$0.025822 per share
$
NZ Dollars$0.011718
$83,000,000
Date Payable
20 April, 2018
In dollars and cents
Retained Earnings
$0.083 per share
Enter N/A if not
applicable
022018
Ordinary SharesNZGNEE0001S7
EMAIL: announce@nzx.com
Notice of event affecting securities
Genesis Energy Limited
Cherie Lawrence, General Counsel and
Company Secretary
Directors' resolutions
09 951 929414