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2019 / Te Pūrongo Ā-Tau 2019 Chairman's 2 Letter

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2019 / Te Pūrongo Ā-Tau 2019 Chairman's 2 Letter For personal use only With you. For you. GENESIS ENERGY LIMITED annual report 2019 / te pūrongo ā-tau 2019 Chairman's 2 letter Chief Executive's 3 letter Results 4 at a glance Reimagining energy 6 with and for our customers 10 Electricity generation - resilience shines in tough conditions Enabling innovation 14 through our people 17 Sustainability Introducing the 19 Genesis School-gen Trust Your 20 Board of Directors Your 22 Executive team Consolidated 24 financial statements Independent 59 auditor’s report Corporate 62 governance For personal use only Director and Executive 64 employee remuneration Statutory 68 disclosures Your Board spent considerable time this Powering New Zealand toward a Overall EBITDAF¹ for the year From the year ensuring best practice governance From the sustainable future increased to $363 million. The was applied to meet all stakeholder Genesis is committed to supporting prior year NPAT² of $20 million expectations. Significant governance , Chairman Chief New Zealand's transition to a more has increased to $59 million, with activities undertaken during the year customers are now Ngā Tirohanga a te renewable energy future. We are underlying earnings increasing 16 per include: logging into their Executive partnering with Tilt Renewables on a Heamana cent to $67 million. Genesis Energy IQ > a refresh of Board and standing Mai i te Manahautū new wind farm in South Taranaki, which apps every week. committee charters and policies will enable 250,000 tonnes of carbon to Your Company has delivered a free cash comprising the Company's Corporate be removed from the system each year. flow³ of $176 million, down on FY18 Governance Policy Framework, We are working hard to operate more Almost 150,000 customers took part due to higher, but necessary, capital including ensuring the framework is sustainably. This includes offsetting in our fifthPower Shout in May 2019, expenditure. Operating costs⁴ were consistent with the recently updated our emissions through local forestry choosing the hours of free power that down $1.2 million on FY18, reflecting NZX listing rules; and improving efficiencies across our suited them. As a result customers are the Company's strong financial > a review of the outcomes of the power generation business. We are also choosing us and staying with us, with disciplines. A dividend of 17.05 cents conduct-related Australian Prudential actively exploring energy technologies net churn dropping from 19 to 16 per per share will be paid for the full year, Regulation Authority (APRA) review that could play a role in New Zealand’s cent. up 1 per cent on FY18, representing a into the Commonwealth Bank low-carbon future, such as hydrogen. Enabling innovation through our gross yield of 6.4 per cent⁵. of Australia and the Hayne Royal people Commission review of Australian Our School-gen programme and the Dear Shareholders, Genesis’ focus on yield plus growth is banks; and Genesis School-gen Trust are preparing At Genesis, we recognise that delivering value to shareholders, with Dear Shareholders, It was a privilege to take over from > close oversight of important students for the future of work by innovation and delivering for customers a 12-month total shareholder return for Dame Jenny Shipley as the Chairman regulatory review and consultation This year has been a year of building helping them engage with science and is everyone’s job. We are actively FY19 of 51 per cent, which is above the of Genesis in October 2018. Along with processes, including the Electricity momentum, from Genesis' flexible technology. School-gen is an important building our culture to encourage and market (NZX) average of 17 per cent. my fellow Directors and our Genesis Price Review and the Interim Climate generation fleet, to our new products part of the Genesis partnership with empower every employee to try new team, I would like to thank you for your Strong corporate governance Change Commission report. and services. Genesis people have Emirates Team New Zealand. Together, things and enhance our processes, support of Genesis over the past year. created value for shareholders and we will deliver valuable educational Your Board is committed to our vision: products and services. Good governance matters. Our for New Zealand through innovation, resources into schools nationwide Genesis has a simple purpose: governance practices support and creativity and hard work. in the lead up to, and during, the The approach is working. Our employee enable our operations, encourage and To be customers' first choice To reimagine energy to put control America’s Cup in 2021. engagement score is now: monitor good conduct and a great for energy management Ground-breaking digital energy in our customers' hands. per cent, up a substantial culture, and support effective risk services, such as For Dairy and Leading in retail markets We have ambitions for Genesis and are our hugely popular Power Shouts, 12 points on 2018. This purpose guides the strategic management and compliance. We have enabled strong earnings proud to serve our shareholders as we demonstrate successful delivery of choices that we make and, in particular, growth in retail markets by focusing on During the year we welcomed work with management to reimagine the vision we set out for Genesis three We are seeing higher internal over the year we have focused our engaging customers through innovative Catherine Drayton and James Moulder energy. years ago to reimagine energy and alignment with our customers, greater attention on providing increased products that reward loyal customers. to the Board and farewelled Dame be customers' first choice for energy empowerment within teams, faster transparency to our customers, to Thank you again for your support of Genesis customers want efficient, Jenny Shipley and Mark Cross. management. execution, stronger customer offerings enable them to make more informed Genesis and our great team of people. easy-to-use energy services they can Catherine and James both bring and a rich flow of ideas feeding the choices about their own electricity use Electricity generation – resilience access via an app, online or over the extensive industry and governance pipeline of products and services to and energy related carbon footprint. phone. They also want to see that experience to your Company and Ngā mihi, in tough conditions come. We believe this transparency is key we understand and reward them for add to the skills we need as a Board The Company’s resilience has shone to supporting our ambition for a choosing and staying with Genesis. On behalf of the Executive team, I to effectively fulfill our roles and through across a year of major fuel sustainable low-carbon future. would like to thank you for your support responsibilities and govern in our constraints. Retailers across the market In a New Zealand first, we launched and interest in the Company over the dynamic environment. Both James Barbara Chapman CNZM turned to Genesis' supply from our For Dairy, a plan specifically designed Financial results last 12 months. As our business and the and Catherine have been appointed Chairman diversified fuels portfolio. Combined with and for New Zealand dairy farmers Over the year, Genesis has defended market evolve, it is also important to as members of the Audit and Risk with a well-balanced spread of fuel to give them greater control over and value with our flexible generation assets keep evolving as an Executive team, Committee. contracts, we have been able to offset value from their energy use. helping to ensure reliable, affordable so you will note I have refined and higher fuel costs to support stable and low-carbon electricity prevails. refreshed the team’s responsibilities for growing earnings. FY20, which will broaden the team’s This flexibility also enabled Genesis experience and ensure we are fit for to ensure energy security for all 1. EBITDAF: Earnings before Interest, Tax, Depreciation, Amortisation and Fair Value the road ahead. We look forward to New Zealanders during a period of Adjustments. continuing to perform strongly as we unplanned and significant natural 2. NPAT: Net Profit After Tax. For personal use only transform Genesis to deliver for you, gas supply constraints and low hydro 3. Free cash flow: EBITDAF less cash tax paid, net interest costs and stay in business capital our shareholders and our customers. catchment inflows in the first half of expenditure. FY19. 4. Operating costs: employee benefits plus other operating expenses. Ngā mihi, Our focus on optimising our generation 5. Gross yield based on closing share price as at assets, as well as enhancing the 30 June 2019, $3.47. customer experience, enabled Genesis to continue to perform well during FY19 with year-end EBITDAF¹ in line with Marc England market guidance at $363 million. Chief Executive 2 GENESIS ANNUAL REPORT 2019 FROM THE CHAIRMAN FROM THE CHIEF EXECUTIVE GENESIS ANNUAL REPORT 2019 3 Results at a glance Ngā tīpakotanga net profit after tax underlying (NPAT) earnings FY18 $20m FY18 $57m CHIEF FINANCIAL OFFICER Chris Jewell Chief Financial Officer in FY19 EBITDAF $ Over FY19 our customer- led strategy delivered FY18 $360m free cash flow meaningful growth, while FY18 $190m our flexible wholesale fuel portfolio successfully defended value in the face of unprecedented fuel shortages. EBITDAF performed well in the circumstances, total dividend with NPAT well ahead relating to FY19 result of last year due to better underlying performance and higher futures prices in the wholesale market driving cps ¹ net debt² some asset revaluations. FY18 $1,183m It is great to see our FY18 16.9cps integrated portfolio continuing to deliver on our investment proposition of a strong yield plus growth, delivered through stable growing earnings and steadily growing dividends. controllable operating expenses $ For personal use only revenue Chief Financial Officer & Executive General Manager Strategy FY18 $2.3b in FY20 FY18 303m 1.
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