Investor Roadshow Presentation

G E N E S I S E N E R G Y L I M I T E D
London & Edinburgh
Investor Meetings
September 2018
Marc England –CHIEF EXECUTIVE
Cameron Parker –INVESTOR RELATIONS

$308
$345
$335
$333
$361
FY14FY15FY16FY17FY18
0
50
100
150
200
250
300
350
400
EBITDAF
2
Genesis’ value proposition
—integratedenergy company delivering sustained earnings growth, with five year average dividend yield of ~7.5%
FY18 EBITDAF up 8%, average of 4% growth per
annum since FY2014.
DIVIDEND CENTS PER SHARE&YIELD
13.0
16.0
16.4
16.6
16.9
7.2%
9.2%
7.7%
6.8%
6.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
FY14FY15FY16FY17FY18
Dividends (CPS)Net Yield %
2
1.Net dividend yield based on year end closing share price as at 30 June (FY18 $2.44).
2.FY18 full year dividend of 16.9 cps declared (up 1.8%), with 80% imputation, representing a 6.9% net
yield. DRP offer remains in place with 2.5% discount.
•Investor strategy: TSR target of top quartile, translating to ~14% return, focus on dividend yield plus growth
•Business strategy: FY21 target earnings of $400+ million EBITDAF
•Customer strategy: To be “customers’ first choice in energy management”
SEPTEMBER 18
UK INVESTOR MEETINGS
1

0%
2%
4%
6%
8%
10%
Jan 2014Jul 2014Jan 2015Jul 2015Jan 2016Jul 2016Jan 2017Jul 2017Jan 2018Jul 2018
Mean90th Percentile75th Percentile25th PercentileGNE
3
Genesis’ yield comparison
—contextualising Genesis’ average net dividend yield of ~7.5%
SEPTEMBER 18
UK INVESTOR MEETINGS
NZX 50 / ASX 100 YIELD COMPARISON
FTSE 100YIELD COMPARISON
Source: Bloomberg
Source: Bloomberg
0%
2%
4%
6%
8%
10%
Jan 2014Jul 2014Jan 2015Jul 2015Jan 2016Jul 2016Jan 2017Jul 2017Jan 2018Jul 2018
Mean90th Percentile75th Percentile25th PercentileGNE

New Zealand Market Overview

5
About New Zealand
—good growth in a stable political and regulatory environment
Source: Economy Rankings 2018 (The World Bank), The Heritage Foundation 2017, Legatum Prosperity Index 2017, Energy Architecture
Performance Index 2017 (World Economic Forum)
SEPTEMBER 18
UK INVESTOR MEETINGS
Ease of doing
business
st
Investor
Protection
st
billion,
3% growth
GDP
Global Prosperity
Index
Providing
Sustainable,
Secure Energy
th
Economic
Freedom
rd
nd

6
Overview of the New Zealand energy market
—deregulated unsubsidisedmarket with an established operating system
1 state owned national
transmission grid operator
1 privately owned gas
transmission network
5major electricity
generators
15producing
gas fields
29electricity
lines companies
5gas distributors
4LPG distributors
2melectricity customers
270,000gas customers,
220,000LPG customers
48% residential
customers
Retail
39% small,
medium
enterprises
13% commercial &
industrial customers
SEPTEMBER 18
UK INVESTOR MEETINGS

SUPPLYDEMAND
New Zealand electricity market
—>80% renewable, with positive signs of future demand growth and electrification
9,963MW
installed capacity
>80%
renewable
6 -8 weeks
hydro storage
~ 1-2% pa
1
Forecast demand
growth
30+
electricity
retailers
2%
EV percentage
of light fleet
63%
North Island
based
44%
South Island
based
NZ$75/MWh
LRMC for new
generation
12%
Tiwaibut risks
reduced
7
8%
trader
switching
Source: MBIE
Source: MBIE
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008200920102011201220132014201520162017
WindGeothermalThermalHydro
GENERATION MIX %
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
2008200920102011201220132014201520162017
GWh
ResidentialCommercialIndustrialAgriculture
ELECTRICITY DEMAND
SEPTEMBER 18
UK INVESTOR MEETINGS
1.Transpower NZ (https://www.transpower.co.nz/resources/te-mauri-hiko-
energy-futures) & New Zealand’s Productivity Commission
https://www.productivity.govt.nz/) long-term outlook.

New Zealand gas market
—over-supply in short term, declining reserves with no new exploration permits to be issued
DEMAND
GAS DEMAND
>270,000
gas consumers,
restricted to NI
10
gas retailers
9%
trader switching
30%
Methanex
-2.0%
10 year demand
growth
1
SUPPLY
1,917 PJ
2P reserves
15
producing
fields
GAS PRODUCTIONBY FIELD
192PJ
production in
2016
2wells drilled in 2016
compared to peak of 52in
2011
Source: MBIE
Source: MBIE
1. Excluding non-energy use and petrochemical (Methanex)
8
-
50
100
150
200
250
300
200020012002200320042005200620072008200920102011201220132014201520162017
PJ
Pohokura Maui Mangahewa Kupe Kapuni Turangi Others
-
20
40
60
80
100
120
140
2008200920102011201220132014201520162017
PJ
Electricity Generation Cogeneration Agriculture
Industrial Commercial Residential
SEPTEMBER 18
UK INVESTOR MEETINGS

9
New Zealand LPG market
—likely to move to net import in early 2020’s, currently demand growing at 6% pa
DEMAND
LPG DEMAND
>220,000
LPG consumers
4
LPG retailers
>6%
5 year growth in key 45kg
and bulk markets
SUPPLY
1,416 kt
reserves, dominated
by Kupe
6
producing
fields
LPG GROSS REMAINING 2P
169 kt
production in
2017
0
500
1,000
1,500
2,000
2,500
3,000
2014201520162017
MauiMangahewaWaihapa/NgaereOthersKupe
9.5
7
5.7
8.4
0
2
4
6
8
10
2P R/P
(RHS)
kt
Years
Source: MBIE
Source: LPGA
>50%
South Island
0
20
40
60
80
100
120
140
160
180
200
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Rolling Annual Volume (kt)
Auto Market9 KG Market45 kg MarketForklift MarketBulk Market
SEPTEMBER 18
UK INVESTOR MEETINGS

New Zealand distributed energy market
—solar installations areslow, but EV take-up is accelerating
Hydro
Battery
Solar
0
10
20
30
40
50
60
70
20132014201420152015201620162017
SOLAR –INSTALLED CAPACITY (MW)
IndustrialCommercialSmall Medium EnterprisesResidential
$0.00$0.05$0.10$0.15$0.20$0.25
2022
2017
UNSUBSIDISED SOLAR STORAGE LCOE
1
-(US$/kWh)
Solar LCOEStorage LCOE
Source: Deutsche Bank Estimates
Source: Electricity Authority
1. Levelisedcost of solar energy
•Whilst grid parity has been achieved, solar
penetration remains low as economics remain
poor relative to buying off grid from an already
highly renewable market
•EV take up accelerating, likely to be a key driver
of energy demand growth longer term
Grid cost of
electricity
10
SEPTEMBER 18
UK INVESTOR MEETINGS
Hydro
Battery
Solar
Electric
Vehicles

Regulatory environment
—fully deregulated market has promoted efficiency and competition
“A world leading example of a well-functioning electricity market, which continues to work
effectively”International Energy Agency
•Energy policy set by Government
‒New government focused on climate change with a Zero
Carbon Act to be introduced and an independent Climate
Commission established to look at transitioning to zero
emissions by 2050 including review of Emissions Trading
Scheme
‒Retail electricity price review underway, 1
st
report issued
11
th
September 2018, focusing on consumer affordability.
Broadly, market perceived as functioning well.
‒New oil & gas exploration permit ban
•Electricity and gas authorities provide regulatory
oversight in conjunction with the Commerce
Commission
•Local Governments also play a role in issues such as
water quality and resource rights
Portugal
Germany
Poland
Turkey
Italy
Slovak Republic
Denmark
Greece
Czech Republic
Ireland
Hungary
Slovenia
Chile
Japan
Belgium
Austria
Estonia
Netherlands
United Kingdom
France
Australia
New Zealand
Luxembourg
Finland
Sweden
Switzerland
Israel
Mexico
Korea
United States
Canada
Norway
0
50
100
150
200
250
300
350
400
INTERNATIONAL COMPARISON OF RESIDENTIAL ELECTRICITY COSTS
NZ is the 11
th
lowest out
of 32 OECD countries
and is below the OECD
average
US $ per MWh (PPP)
Average price across
OECD
Source: Ministry of Business, Innovation and Employment (2017)
11
SEPTEMBER 18
UK INVESTOR MEETINGS

Genesis Energy Overview

About Genesis Energy
—our vision is to be customers’ first choice for energy management
13
KEY INFORMATION
Revenue (FY18): NZ$2.3 billion
EBITDAF (FY18):NZ$361 million
Dividend Yield (FY18): 6.9%
Share Price: NZ$2.50
Market Capitalisation: NZ$2.5 billion
Enterprise Value (FY18): NZ$3.7 billion
Average Daily Turnover: 610,000 shares
Credit Rating: BBB+ (Standard & Poors)
Genesis Energy is a large, fully integrated energy
management company. It is New Zealand’s
largest energy retailer, generates electricity from
a diverse portfolio of thermal and renewable
assets located throughout the country, and has
an interest in the Kupe oil and gas field offshore
of Taranaki.
,
SEPTEMBER 18
UK INVESTOR MEETINGS

14
FY17
14
14
SEPTEMBER 18
UK INVESTOR MEETINGS

FY18 Results
at a glance
EBITDAF
FY17 $333m
m
$
m
$
due to generation
revaluations
FY17 $119m
$
Operating cashflow
FY17 $249m
FY18 total dividend
FY17 16.6c
Imputation 80%
cps
billing platform servicing
EOL & Genesis brands.
100,000+ EOL customers
successfully migrated.
Kupe gas production
PJ
Record
m
integrated operations
centre delivering
operational
efficiencies, digital
interactions up 46%.
integratedLPG
distribution platform.
Genesis now servicing
around 60,000 LPG
customers.
Energy IQ
launched with
over 100,000
unique users
engaged
Brand revitalised
“With You,
For you”
New Zealand’s 2018 # 1
energy utility (Colmar
Brunton & Reptrak)
GWh
supports volatile market
,
Up
5%
Up
11%
Total generation
NPAT
Our VISION is to be customers’ first choice for energy management
Excellence in execution on foundational investment
Up
8%
Down
83%
Up
2%
Up
33%
SEPTEMBER 18
UK INVESTOR MEETINGS

16
SEPTEMBER 18
UK INVESTOR MEETINGS
Caring for our
environment
Emissions
Water and Wildlife
2019 on –Reduce and offset our non-generation
carbon emissions
2020 -100% EV / hybrid light fleet by 2020, 50%
EV/hybrid heavy fleet by 2025
Our intention is to phase out coal completely by
2030 (and to use only in abnormal market
conditions after 2025)
Our ambitions include
Building strong
communities
Our Communities
Our People
Living wage in place by 2020
Mobilise Genesis people to volunteer:
2019 onwards
School-gen website used by over 50% of NZ schools
by 2020
Our ambitions include
Putting control in our
customers’ hands
Delivering New Zealand’s
energy future
40% of customers using information and insight via
our digital tools to make active choices about their
day-to-day energy use by 2025
At least 2 new sustainable products for customers
by 2020
Our ambitions include
Genesis Sustainability Framework launched
FY19
Powering
New Zealand
https://www.genesisenergy.co.nz/sustainability
200,000 customers actively providing more
information about their homes to access advanced
energy services by 2021

Company Strategy

Strategy: We are Performing while Transforming
18
—an update to be provided at Genesis’ Investor Day 7
th
November 2018
Our VISION is to reimagine energy to be customers’ first choice for energy management
Our PURPOSE is to put control in our customers’ hands
PERFORMING: Operational proficiency and efficiency today
TRANSFORMING: Innovation for long-term value creation and success
Increase # of customers using
energy management tools and
increase digital interactions
Grow our earnings and deliver
top quartile shareholder returns
Be #1 or #2 in every
product market
Energise our people and
improve engagement
Keep our people
healthy and safe
Maximise the value of our
assets, products and businesses
Embrace diversity
of thought
Employees are engaged advocates
for our brands and products
Move toward a
lower carbon future
Be New Zealand’s
most loved brand
Our STRATEGY is to use our integration to fuel innovation
Generation, fuels& wholesale
•Our integrated fuel position minimises costs for us and our customers.
•Our generation mix gives us flexibility tomaximise valuein theenergy markets.
•We are leading the way to transition the NZ energy sectorsuccessfully to a more
renewable future.
Customer & energy management
•We offer a full three fuel (electricity, gas and LPG) solution for our customers.
•We aim to differentiate our products with seamless service,useful insights and digital tools.
•Our ambition is to change how consumers engage with their energy.
SEPTEMBER 18
UK INVESTOR MEETINGS

19
Outlook and guidance
—guidance for FY19 EBITDAF is $350 to $370 million
•FY19 EBITDAF guidance range is $350 to $370 million subject to hydrological conditions, any material events,
one-off expenses or other unforeseeable circumstances. Key assumptions include:
•$10 million negative impact from Huntly Unit 5 mid-life inspection
•Return to normal hydrology
•Increase in emissions costs through higher carbon prices (average of $6/tCO2 achieved FY18) and change to ETS
1
•Growth in Customer segment
•FY19 capital expenditure guidance of up to $85 million. Key assumptions include:
•$11 million for Huntly Unit 5 mid-life inspection excluding plant parts included in Long-term Maintenance Agreement
•Replacement of turbine runners at Tekapo, Unit 1 Rankine cold survey
•Ongoing investment for LPG business expansion
•$10 million Kupe BAU investment plus development studies for inlet compressor and subsurface studies for wells. If the
Kupe JV commits to proceeding with the inlet compressor project further capital of up to $30 million is expected over the
period FY20 to FY21
2
•FY20 EBITDAF to be impacted by planned Kupe 25-30 day outage and increased emissions costs
•FY21 target remains to deliver $400+ million EBITDAF
1.Reflects change to the Emissions Trading Scheme to move to a one-for-one unit obligation from 1 January 2019
2.FY19 development studies incorporates (Front End Engineering Design) FEED to the value of $3 to $4 million. Kupe capex guidance estimates are Genesis Energy’s assessment of an incomplete
proposal. No development study (incorporating FEED) has been completed for the inlet compressor project and the joint venture has not agreed a settled estimate of the timing or cost. No
capital estimate beyond FY19 is provided for additional wells as part of phase two expansion.
SEPTEMBER 18
UK INVESTOR MEETINGS

FY17 EBITDAFOperational
excellence
Residential
value share
Business
category
growth
Grow LPG
category
Energy
services
KupeCore growthOriginal
FY21 EBITDAF
target
Nova Energy
retail LPG
business
Revised FY21
EBITDAF
target
$333m
$5m -$8m
$9m -$14m
$5m -$8m
$6m -$10m
$2m -$3m
$13m -$17m
$12m -$17m
$15m -$20m
$385m -
$410m
$400m -
$430m
FY17 $15m
delivered
20
NOTES
1.Several initiatives are interdependent. As an example, energy services capability will contribute towards residential value share
2.All ranges are net of operational investment required to achieve target outcomes
3.Represents acquired EBITDAF in the acquisition of the Nova Energy retail LPG business not in original FY21 target. $4-6 million of synergies from the acquisition will be reflected in the
“grow LPG category”
4.Core growth represents partial benefit from the rolling off of the take or pay gas contracts and natural growth in wholesale prices over time
4
3
FY21 target EBITDAF
—target to deliver $400 -$430 million by FY21 and top quartile TSR, as set out in FY17 and will be updated for
our November Investor Day, rebased from FY18 actuals
SEPTEMBER 18
UK INVESTOR MEETINGS

21
Generation flexibility
—flexible assets and fuels portfolio delivers value in volatile hydro conditions
NEW ZEALAND HYDRO CONDITIONS
RANKINE UNIT DEMAND (MONTHLY GWh)
0
50
100
150
200
250
300
350
400
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
GWh
Genesis Retail & Huntly Outage SupportOther Retailers / Spot CustomersSwaptions
0.5
0.7
0.9
1.1
1.3
1.5
National Storage as % of
Average
FY18
Normal Storage BandNational Storage as % of Average
3 fuels
An integrated portfolio
means flexibility and security
7,105 GWh
Generation up 11% to
support volatile market
88 %
of Rankine demand
coming from market
GENERATION BY FUEL TYPE (GWh)
0
1,000
2,000
3,000
4,000
5,000
FY10FY11FY12FY13FY14FY15FY16FY17FY18
CoalGasRenewable
‘normal’ conditions
only 1/3
rd
of year
$92 MWh ↑ 51%
Average price received for
generation (GWAP)
SEPTEMBER 18
UK INVESTOR MEETINGS

-250
-150
-50
50
150
250
20132014201520162017
Supply / Demand (kt)
DemandExport
SupplyImport
Linear (Supply Decline)Linear (Demand Increase)
22
Value through integration
—integrated Kupe position driving value through Wholesale flexibility and LPG Customer growth potential
MASS MARKET LPG CUSTOMERS & CHURN
GENESIS CUSTOMER LPG DEMAND
KUPE PRODUCTION (GENESIS SHARE, PJe)
NEW ZEALAND LPG SUPPLY/DEMAND (BY CALENDAR YEAR)
0
2
4
6
8
10
12
14
16
18
FY14FY15FY16FY17FY18
PJe
GasOilLPG
0%
5%
10%
15%
20%
25%
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Monthly Churn
LPG Customer Numers
LPG Dual Fuel LPG Only
Post-migration LPG Only ChurnPost-migration LPG Dual Fuel Churn
SOURCE: LPGA
Residential
Commercial
Bulk
0
5
10
15
20
25
30
35
40
45
50
FY14FY15FY16FY17FY18
Thousand tonnes (kt)
Kupe
Supply
*-5% pa
*+6% pa
* Average annual supply/demand decline/increase since 2014
SEPTEMBER 18
UK INVESTOR MEETINGS

15%
17%
19%
21%
23%
25%
27%
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
GenesisMarket (excl Genesis)
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
NPS - Genesis 3 Month RollingPromoter - Genesis 3 Month Rolling
23
Brand performance
—a focus on brand and loyalty initiatives is shifting perceptions and reducing churn versus market
RESIDENTIAL ELECTRICITY CHURN (EXCL EOL, ROLLING 3 MONTH)
GENESIS NPS AND PROMOTER SCORE
+10 ppt
+5 ppt
CORPORATE REPUTATION RANKINGS
20172018
Genesis vs
Competitors
20
th
13
th
1
st
13
th
5
th
1
st
New Zealand’s 2018 # 1 ranked energy utility
2.6 ppt
2.1 ppt
BRAND METRIC
SOURCE: Campaign Tracking, The Purpose Business
Genesis
May 17
Genesis
May 18
Genesis vs
Competitors
First to market with new technology14%29%
+14 ppt
Puts people in control of their energy use15%23%
+11 ppt
Market leader21%33%
+15 ppt
Knows you and understands what you
need
60%67%
+8 ppt
SEPTEMBER 18
UK INVESTOR MEETINGS

24
Product innovation
—providing knowledge and insight to customers to help them manage their bills
DAILY ENERGY IQ USERS / NEW USERS SINCE LAUNCH (MAY 2018)
DUAL FUEL CUSTOMER GROWTH (UP 5%) AND CHURN (ROLLING 3 MONTH)
↑30 % on pcp
Customers linked to Fly
Buys, >150,000
> 100,000
Total unique users for
My Account/Energy IQ
> 280,000
Power Shouts
redeemed
1
0%
5%
10%
15%
20%
25%
30%
Churn at July1712 Mth Avg Customer ChurnChurn at June 18
Fly Buys Customer ChurnNon Fly Buys Customer Churn
FLYBUY CHURN IMPACT (EXCL EOL)
“Hi. Your app is the best -it helps
me to keep my power bill down as I
now know exactly which appliances
use the most electricity. “
0%
5%
10%
15%
20%
25%
30%
102,000
104,000
106,000
108,000
110,000
112,000
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Dual Fuel Customers (LHS)Single Fuel ChurnMulti-fuel Churn
1. Power Shouts redeemed from March to August 2018
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
0
5,000
10,000
15,000
20,000
25,000
Daily Unique IQ Users (LHS)New Energy IQ Users (RHS)
System migration/outage
SEPTEMBER 18
UK INVESTOR MEETINGS

FY18 Financial
Performance

333
119
74
284
249
182
47
166
1,212
361
20
58
305
331
184
80
170
1,183
EBITDAFNPATUnderlying EarningsOperating CostsOperating CashflowFree Cash FlowCapital ExpenditureDividendNet Debt
$ MILLIONS
FY17FY18
1
2
—EBITDAF up 8%, investment in operating and capital expenditure up, free cash flow up 1%, net debt down $29m
FINANCIAL HIGHLIGHTS
26
FY18 financial highlights
+ 8%
-83%
-22%
+ 7%
+ 71%+ 1%+ 2%
-2%
1.Net Debt is shown on a separate scale to other financial comparisons
2.Impacted by $100.3m non-cash fair value asset adjustments on Huntly Rankine units, FY18 $48.8m decrease against a FY17 $51.5m gain.
+ 33%
SEPTEMBER 18
UK INVESTOR MEETINGS

FY18 vs FY17 EBITDAF
$ MILLIONS
27
—EBITDAF growth of 8% driven by record Kupe gas production, strong thermal generation and acquisitions
FY18 EBITDAF waterfall
333
364
361
13
5
32
2
12
FY17 EBITDAF Acquisitions FY18 Baseline
EBITDAF
Customer Wholesale Kupe CorporateFY18 EBITDAF
FavourableUnfavourable
SEPTEMBER 18
UK INVESTOR MEETINGS

172
198
186
182
184
FY14FY15FY16FY17FY18
$ MILLIONS
OPERATING CASH FLOW
304
319
325
249
331
FY14FY15FY16FY17FY18
$ MILLIONS
FREE CASH FLOW
1
28
Cash flow
—operating cash flow up 33% and free cash flow up $2m
Higher operating cash flow reflects growth
in EBITDAF, and timing differences in
working capital.
Free cash flow has increased $2m on FY17,
reflecting higher EBITDAF offset by higher
interest expense and stay in business capital
1. Free cash flow represents EBITDAF less tax paid, net interest and stay in business
capital expenditure. This is a change in methodology from FY17 with tax paid
replacing an adjusted tax calculation. All historical information has been restated to
the new measure.
SEPTEMBER 18
UK INVESTOR MEETINGS

29
Capital expenditure
—increase reflects a year of investment in integration of LPG operations and platform investment in Customer
Growth capex coupled with stay in business
requirements
CAPITAL EXPENDITURE
1
•Stay in business capex (SIB) includes ($51m, FY18
guidance issued was $50-60m):
₋TekapoG3 refurbishment, EOL billing migration,
Tuaigenerator refurbishments, TokaanuU4
turbine maintenance, Rangipofire protection
upgrade, and other generation asset useful life
extensions and Kupe
•Other capex includes ($26m):
₋LPG integration costs, the Local Energy Project,
Technology and Digital development projects; and
₋Early exit of third party LPG distribution contract
related capex i.e. trucks, cylinders and depots
•Corporate capex includes the fit-out for the new Kenehi
regional operations office in Hamilton, $3.6m, where
60% of Genesis’ staff work.
1. Capital expenditure excludes M&A activities.
FY14FY15FY16FY17FY18
WholesaleCustomerLPG Operations
KupeTechnology & DigitalCorporate
$ MILLIONS
82
44
40
47
80
SEPTEMBER 18
UK INVESTOR MEETINGS

NET DEBT AND NET DEBT/EBITDAF RATIO
1
966
905
833
1,212
1,183
2.9
2.5
2.6
3.3
3.0
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
FY14FY15FY16FY17FY18
Net debtNet debt/EBITDAFTarget debt ratio band (2.4 to 3.0)
30
Capital structure
—net debt has reduced by $29m, debt/EBITDAF down 0.3 to 3.0
Net debt to EBITDAF metric improving,
average debt tenor at 11.4 years
•S&P reaffirmed BBB+ credit rating post acquisitions
in January 2018
•Dividend reinvestment plan (DRP) announced at
HY18. A 23% uptake delivered $19m of new capital
•$240m of Capital Bonds maturing in FY 2049 were
issued on 16 July 2018 at a favourable coupon rate
of 4.65%. $200m of existing Capital Bonds with a
coupon rate of 6.19% were redeemed at the same
time.
•Continuation of DRP and increased Capital Bond
issuance demonstrates commitment to maintain
BBB+ credit rating
1.Standard and Poor’s make a number of adjustments to Net Debt and EBITDAF for
the purpose of calculating credit metrics. The most significant of these is the 50%
equity treatment attributed to the Capital Bonds.
SEPTEMBER 18
UK INVESTOR MEETINGS