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GENESIS ENERGY Annual Report 2017 CONTENTS GENESIS ENERGY annual report 2017 CONTENTS Genesis – putting control in 2017 in your hands. 2 Chair and CEO joint letter 5 Strategy dashboard 8 Four key projects 10 For our customers 14 Generation for New Zealand 18 For our community and environment 20 Caring for our people 22 Your executive team 26 Your Board of directors At Genesis our purpose is to 28 Governance reimagine energy to put control highlights in our customers’ hands. We will 30 Financial deliver this through new products, statements new services and new ways of 32 Independent RESIDENTIAL CUSTOMER engaging with energy. Auditor’s report 70 Our objective is to give customers Rachel Foster Corporate the convenience, control and To learn more about her governance and experience with Genesis go to disclosures comfort they want in their lives. yearinreview.genesisenergy.co.nz 74 1 GENESIS IN 2017 acquisitions – here are 1 AT A GLANCE $ the highlights. kupe production FY17 9.3 PJ m renewable generation FY17 FY17 EBITDAF 3,154 GWh $ BUSINESS CUSTOMER m FY16 335m Zhen Hua Yang Fruitworld, Greenlane Auckland $ customers linked since joining in m May 2017 net profit after tax FY16 $184m digital interactions total dividend cps FY16 16.4c $ 820 92 employees schools in across eight the Schoolgen b locations programme revenue FY16 $2b products per $ $ customer 47m 48m capital spending FY17 tax payable3 %total shareholders total customers2 $ return 599 225m Whio (Blue Duck) successful issue pairs increased of hybrid bonds from 533 in 2015 to investors 25% electricity market share 38% gas market share 19% LPG market share 1 Before working capital and accounting wash-up adjustments. 2 Represents the number of customers receiving Genesis products, not Installation Control Points (ICPs). 3 Estimate based on year-end tax calculation. 2 GENESIS ANNUAL REPORT 2017 GENESIS ANNUAL REPORT 2017 3 CHAIR AND CEO JOINT LETTER CHAIR Dame Jenny Shipley DNZM – a letter from our CHIEF EXECUTIVE OFFICER Marc England Chair and CEO. top Richard and Angela Espley, Genesis dual fuel customers. middle Lydia Genet, Local Energy Project community liaison. Dear Shareholder, The last financial year was a year in which the Board and senior It’s our pleasure to report management set a solid platform on FY17, an important and for future growth and innovation, in successful year for Genesis. part through the purchase of two gas businesses (at different ends of the Against the backdrop of value chain) which will see Genesis New Zealand’s rapidly evolving offer more services and touch more energy market, FY17 has been New Zealanders’ lives, and also a successful year for Genesis. through an internal reorganisation that puts our customers front and Your Board and executive worked centre in our strategy. as a team, focused on the single purpose of setting a refreshed strategic direction for our Company and then driving hard All members of our to realise our vision. We kept the executive team are now needs of our many customers accountable for delivering and shareholders at the forefront an improved level of of what we do, with a clear focus on our goal of becoming a $400+ service and products million EBITDAF1 company by 2021. for customers, driven by a common purpose to We succeeded in the 2017 financial reimagine energy year thanks to the united efforts of the 820 people we employ across to put control in our eight New Zealand locations. customers’ hands. There has been a collective drive to deliver value from our upstream position, our strong set of flexible generation assets and through the Genesis is a strong and energetic development of energy products company using its strategic EMAIL and services aimed at building strength and wealth of data to take THE BOARD deeper relationships with the a leading role in a dynamic market. 480,546 New Zealand families and The energy, spirit and adaptive businesses we are proud to have approach we’ve brought to our as our customers. endeavours are encompassed in the new look and feel of our brand. In this Report and the accompanying [email protected] website, you will hear the stories of some of these customers. 1 Earnings before net finance expense, income tax, depreciation, depletion, amortisation, impairment, fair value changes and other gains and losses. See page 7 for more information. 4 GENESIS ANNUAL REPORT 2017 GENESIS ANNUAL REPORT 2017 5 CHAIR AND CEO JOINT LETTER Optimise, innovate and invest Angela Espley Maximising value from flexible In the year ended 30 June 2017, there The Genesis story in FY17 can also Genesis dual fuel generation assets and our flexible were no serious incidents and no lost THE RESULTS customer, uses be told through the way in which we MyAccount to view fuel contracts time injuries. While we take pride in our her energy usage. industry-leading health and safety record, implemented our Optimise–Innovate– Genesis maintains a highly flexible mix The Board is pleased to announce the zero harm remains our commitment. Invest strategy we outlined last year. of renewable and thermal generating key financial figures that sum up what we achieved together in 2017: Optimise today’s business assets and fuel contracts at locations The Board throughout New Zealand. A drier than The Board of Directors wishes to net profit after tax Optimising means a continual drive for expected 2017 winter, bringing with efficiency, searching for new ways to acknowledge the contribution it the need to run Genesis’ thermal % improve across all traditional activities of Graeme Milne, John Dell and $ generation to ‘keep the lights on’ Rukumoana Schaafhausen, who we and constantly striving to deliver value for New Zealand households and for our customers and shareholders. farewelled from our Board and thank businesses, is testament to the value for their valuable service. The Board in owing to lower By continually optimising and innovating our thermal position can create. revaluation turn welcomed three outstanding new m reversals through throughout the business, we achieved We have taken advantage of the members, Paul Zealand, Tim Miles profit or loss 2 combined cost savings of $8 million in year in review lower priced spot gas market and the and Maury Leyland. Their diverse skills FY17. In the generation and wholesale To listen to Dame Jenny Shipley improved flexibility in our fuel portfolio have already contributed significantly revenue team we lowered operating expenses by and Marc England talk about this past financial year go to to increasingly run our thermal plant to the Board and senior management. consistent planning and scheduling maintenance yearinreview.genesisenergy.co.nz $ with FY16 on gas. Thermal generation in FY17 was Our goal: a $400+ million3 b activities that resulted in both cost 3,268GWh, with a much lower use of EBITDAF company by 2021 reduction and greater plant availability. In May, we moved to acquire the LPG coal required than in prior years. distribution business of Nova Energy, We are on the way to the lofty goal of Operating our hydro power stations more Genesis’ hydro power schemes in the efficiently allowed us to gain additional We’ve been prepared to giving us a distribution capability for becoming a $400+ million EBITDAF North and South Islands continued to company by 2021. If we reach this generation from the same amount of invest in the future and bottled gas around New Zealand and increasing our market share in retail deliver strong results, with generation up goal, it should represent an upper water. It is important to note that despite our investments in LPG 18 per cent, close to 50 per cent of total bottled gas from 3 per cent to 19 per quartile 14 per cent total shareholder EBITDAF reducing costs, plant reliability was better distribution and the generation for the portfolio. than in previous years, showing that the cent. We now have an integrated return between FY16 and FY21. We will % Kupe gas field are $ cost savings are sustainable. Savings position between our Kupe LPG Our people achieve this by running the business futureproofing Genesis production assets and our significant efficiently and innovating the customer were boosted further by a reduced The Genesis team has moved to a retail position in this relatively high- experience to put customers in control on FY16 headcount, lower emissions costs and not only for our shareholders ‘scaled, agile’ approach to product margin market that continues to grow. of their energy spend. strong wholesale performance. but, in many respects, development. We now have more than m Through the Nova Energy retail for the energy sector 100 staff working in cross-functional About seven to eight per cent of this At our Hamilton customer service LPG business acquisition we have now New Zealand-wide. teams designing new customer return will come from dividends paid centre, the implementation of new added 35,000 LPG customers, as well as products and services. The shift to this to our shareholders. The rest will come dividends technologies has resulted in call welcoming an experienced operations agile methodology has broken down from increasing our profitability, as volumes falling and self-service team to bolster our existing capabilities. % interactions increasing. Technology hierarchical barriers and empowered we build on the foundations laid down updates to our MyAccount system, our people to meet our customers’ in FY17 through the execution of our and other changes, are making the way needs faster. Optimise– Innovate–Invest strategy. 81% of free Additionally, in an industry first, cash flow our customers interact with us more Genesis has made Fly Buys points Creating and receiving the benefits We thank you for your continued cps seamless, intuitive and useful to them. available to customers on all from a diverse workplace remains support and interest in the hard work fuels to add additional value for a fundamental principle at Genesis.
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