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2020 / Te Pūrongo Ā-Tau 2020 Chairman & 3 Chief Executive's Joint Letter

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2020 / Te Pūrongo Ā-Tau 2020 Chairman & 3 Chief Executive's Joint Letter For personal use only With you. For you. GENESIS ENERGY LIMITED annual report 2020 / te pūrongo ā-tau 2020 Chairman & 3 Chief Executive's joint letter Results 5 at a glance Putting control in 7 our customers' hands Introduction to 13 Task Force on Climate-related Financial Disclosures (TCFD) Reporting TCFD 1. 14 Strategy TCFD 2. 20 Metrics and Targets TCFD 3. 23 Governance TCFD 4. 24 Risk Management People, Community 25 and Partnerships Board of Directors 35 and Executive team Consolidated 39 Financial Statements Independent 74 Auditor’s Report Corporate 77 governance Director and 79 Executive remuneration For personal use only Statutory 83 disclosures TCFD 88 Appendix 40 per cent equity position in electric Chairman and Chief Executive’s car share company, Zilch, to support our new Auckland office in Wynyard % % Quarter. This will not only solidify our + joint letter own ‘electric’ first approach to our staff Considered Genesis Increase in 'brand transportation, but also provides a the most preferred brand in the love' amongst existing He tuhinga nā te Tiamana māua ko te Manahautū low-carbon car share option to the local residential market¹ customers during COVID-19² business community. Wholesale market volatility products better position our digital – this will be the first time we’ve The wholesale market has been capabilities and put control in our reported in line with the Task Force on extremely volatile this year, and the customers' hands. Our EnergyIQ Climate Related Financial Disclosures’ value provided by our diverse portfolio platform continues to go from strength recommendations, which forms the of generation assets has been clear. to strength, and new features such basis of this report. The North Island drought during the as EcoTracker have enabled our second half of the year saw the second It is also the first time as a publicly listed customers to make better decisions lowest inflows in 95 years, with some company we will report our Scope 1, 2 about their energy use and manage lakes dropping to as low as 20 per and 3 emissions in our Annual Report. their own carbon footprints. cent of capacity. Kupe, Pohokura and We will also be setting a Science Based the HVDC Inter-Island link's planned Target in FY21 which demonstrates outages meant Genesis’ Rankine units alignment between our low-carbon were vital in stabilising electricity transition with the commitments of the prices. Paris agreement, and we have set ourselves an ambitious target of Towards the end of the year, all 2,650GWh of new renewables Barbara Chapman CNZM Marc England swaptions were activated with our generation development. Waipipi Wind CHAIRMAN CHIEF EXECUTIVE partners, enabling Huntly Power Station Farm will achieve the first 450GWh. to support the other major generators The recent Zero Carbon Act and facing similar hydrology challenges, as We were also accredited as a Living changes to the emissions trading well as smaller retailers. Wage employer earlier this year and scheme have been significant Kia ora shareholders, Stress tested Strong retail performance reported our gender pay gap for the Proposed Tiwai Point closure movements in New Zealand’s response first time – important milestones that This year has been amongst the most As New Zealand’s largest energy A strong retail performance has been to climate change, and you will see The proposed closure of Tiwai Point further support our people. impactful in our history, forcing radical retailer to residential homes, anchored by the development of our throughout this report a range of Aluminium Smelter in August 2021 changes to how we operate our maintaining service to our customers digital capability, with 77 per cent of measures to increase transparency and We firmly believe Genesis is going is disappointing news for the people business. through the COVID-19 lockdown was customers engaging with our products support our transition to a low-carbon to be a key enabler to New Zealand’s crucial. Our long-standing investments via our digital platforms. More than of Southland. This will equate to the 2020 will be remembered as the year future. decarbonisation journey over the next in technology, innovation and flexible 150,000 customers took up our last removal of approximately 13 per cent of COVID-19, a once-in-a-generation decade, maintaining a secure and working were invaluable. This enabled Power Shout, and 141,000 unique of New Zealand’s national electricity Future-gen and event. But it is also worth reflecting affordable electricity system for all New our customer service teams to rapidly users engaged with EnergyIQ in May demand. As such, this marks a climate-related risk on a financial year that started out Zealanders and backing up the adapt, maintaining high levels of alone. We’re using the insights gained fundamental shift in the New Zealand with intense and prolonged climate Future-gen is Genesis’ strategy to renewable system. customer service while working safely from these interactions to iterate electricity market’s supply/demand change protest action across the identify renewable opportunities and remotely from their homes. and improve our products, to help us balance. The announcement was The underlying strength and flexibility globe, the passing of the Zero Carbon that enable the transition away from innovate into a data-driven future and not unexpected and is a scenario we of Genesis’ business strategy, leadership Act domestically and concluded with We also used the relationships built baseload thermal generation. Thermal Reimagine Energy for our customers. have planned for. Genesis Energy's and governance has been strongly the announced closure of Tiwai Point through School-gen to partner with fuel and generation flexibility will be will still fulfil an important function validated this year. We are confident aluminium smelter in Southland, which Mind Lab to make online learning able to react well to the conditions as in New Zealand’s electricity market, that our strong and resilient business will permanently realign the domestic content available to New Zealand they change. Most notably, it removes filling the gaps when the rain doesn’t culture positions Genesis well for the electricity market. children throughout the COVID-19 a large uncertainty that has hung fall or the wind doesn’t blow. We see future. lockdown. Huntly Power Station continuing this We are proud of how our teams over the sector for many years. This backup role for the near future, which is Ngā mihi, have stood up and performed under Our generation and LPG operations presents an opportunity to accelerate necessary for the New Zealand energy pressure, supporting our customers staff have been continuing their the electrification of industry and sector’s resilience. through trying times. This is testament essential work to ensure energy is transportation, something we have For personal use only to our strong team culture. We are delivered to New Zealand homes and been a strong advocate for. You can read more about this strategy Barbara Chapman CNZM confident in stating that our business businesses. throughout this report. It has been Regulatory reform Chairman has been stress tested at every level one of the reasons we have been quite Our Tekapo upgrade works, which and we have come through well. We have responded to regulatory ambitious in reporting our climate ran from January to June, were able changes, such as the opportunities change-related targets this year. to continue throughout the lockdown, presented by the Electricity Pricing safely and efficiently. This phase was Beyond our technological innovation, There are a number of firsts here Marc England Review in late 2019 to redesign our completed with only minor delays we’re also partnering with Emirates Chief Executive residential products to better meet 1: Purpose Business Monthly Brand Tracking June 2020. and utilised new technologies such as Team New Zealand ahead of the 2021 our customers’ needs. These new 2: Purpose Business Campaign Tracking May 2020. HoloLens Augmented Reality helmets. America’s Cup and we’ve leveraged our 3 GENESIS ANNUAL REPORT 2020 CHAIR AND CEO JOINT LETTER CHAIR AND CEO JOINT LETTER GENESIS ANNUAL REPORT 2020 4 Results at a glance Ngā tīpakotanga Net Profit After Tax Underlying (NPAT) earnings1 FY19 $59m FY19 $64m (restated) (restated) $ EBITDAF2 Free Cash flow FY19 $369m FY19 $178m (restated) (restated) cps 3 Total Dividend Net debt4 relating to FY20 result FY19 $1,240m FY19 17.05 cps (restated) $ Revenue Operating expenses 5 For personal use only FY19 $2.7b FY19 $251m (restated) 1. Refer to note A1 on page 46 for a reconciliation to net profit after tax. 2. EBITDAF: Earnings before net finance expense, income tax, depreciation, depletion, amortisation, impairment, fair value changes, and other gains and losses. Refer to the consolidated income statement on page 40 for reconciliation to net profit after tax. 3. CPS: Cents per share. 4. Includes US Private Placement (USPP) translated using Cross Currency Interest Rate Swap (CCIRS) fixed rate. 5. Operating expenses is made up of other operating expenses and employee benefits as disclosed in note A2 on page 48. 5 GENESIS ANNUAL REPORT 20202019 RESULTS AT A GLANCE GENESIS ANNUAL REPORT 2020 6 Putting control in our customers' hands Kei ō tātou kiritaki te mana EnergyIQ’s Eco Tracker Helping customers Genesis has strategically positioned which can be read about on the make sustainable its business for a low emissions coming pages. consumption choices economy. Developing innovative new Key to all of this is providing Last year Genesis launched Eco ways of reducing the Company’s accessible information to our Tracker, a tool within its EnergyIQ emissions, outside of its generation customers that enables better platform that allows Genesis activities, remains a key strategic decision-making. Although customers to view New Zealand’s focus for the business.
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