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06 September 2010 Annual Report Created with Sketch 20102010 Contents 1 Summary 2 Performance indicators 4 Chairman’s review 6 Managing Director’s review 9 Management discussion of fi nancial results 22 Company overview 26 Governance 39 Remuneration report 50 Security holder information Financial contents 54 Financial statements 60 Notes to the fi nancial statements 110 Audit report 111 Corporate directory The 2010 Annual Meeting of Contact Energy Limited shareholders will be held at the Christchurch Convention Centre, 95 Kilmore Street, Christchurch on Wednesday 27 October 2010, commencing at 10:30am [NZDST]. The Notice of Annual Meeting and shareholder voting/proxy form are provided separately to shareholders. Contact Energy Limited Annual Report 2010 1 Summary For the fi nancial year ended 30 June 2010 • Portfolio infl exibility in another wet year, together with rising retail costs, impacted on Contact Energy’s result for the fi nancial year ended 30 June 2010, with Underlying Earnings after Tax for the fi nancial year of $150 million down six per cent from $159 million for the 12 months to 30 June 2009 • Te Huka geothermal power station (23 MW) was handed over to Contact for commercial operation on 23 May 2010, under budget and ahead of schedule • Chosen as joint venture partner by the Taheke 8C and Adjoining Blocks Incorporation for the exploration and possible development of the Taheke geothermal fi eld • Lodged applications for resource consents with the Environmental Protection Authority for the proposed Tauhara 2 geothermal development project in Taupo • Continued to advance plans for the Te Mihi geothermal power station (having obtained fi nal resource consents in 2008) • Continued construction of the 200 MW Stratford peaker plant • Injected a further 5.2 PJ into the Ahuroa gas storage facility and continued to invest in infrastructure to enable the extraction, as well as injection of gas • Grew Contact’s time of use customer base by seven per cent • Signifi cantly improved our health and safety performance, reducing our total recordable injury frequency rate by 25 per cent • Continued to advance the resource consent applications for the proposed _ _ Hauauru ma raki and Waitahora wind farm projects (located in the Waikato and southern Hawke’s Bay respectively) For more information, please visit our website at www.contactenergy.co.nz or contact: Investor Relations PO Box 10742 The Terrace Wellington 6143 Phone: 64 4 499 4001 Email: [email protected] 2 Contact Energy Limited Annual Report 2010 Performance indicators Underlying earnings for the period1 Total operating revenue 300 3,000 2,757 241.7 250 231.3 230.4 2,500 2,330 2,220 2,164 1,998 200 2,000 158.7 149.8 150 1,500 $ Millions $ Millions 100 1,000 50 500 2006A 2007B 2008B 2009B 2010B 2006 2007 2008 2009 2010 EBITDAF2 Operating cash fl ow per share3 90 82.9 600 567.2 557.0 543.7 80 70.6 72.8 71.2 500 70 445.3 61.8 427.0 60 400 50 300 $ Millions Cents per share Cents 40 200 30 20 100 10 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Underlying earnings per share1,3 Net debt/debt+equity1 45 35 40.53 32 40 38.78 38.65 30 29 35 25 25 30 25 23 26.62 25.13 25 20 20 cent Per 15 Cents per share Cents 15 10 10 5 5 2006A 2007B 2008B 2009B 2010B 2006 2007 2008 2009 2010 Capital and investment expenditure1 Underlying return on total assets1 600 6 5.3 5.0 500 492.1 468.7 5 4.8 400 4 3.2 2.9 300 285.2 cent Per 3 $ Millions 200 2 134.9 150.7 100 1 2006 2007 2008 2009 2010 2006A 2007B 2008B 2009B 2010B CEN relative to the NZX50 Shareholder return 130 100% 10.0 120 110 80% 8.0 100 Base Base 90 60% 6.0 80 40% 4.0 70 YE share price (bar) 60 return (YE) (line) Cumulative 20% 2.0 0% 0.0 01/07/05 01/10/05 01/01/06 01/04/06 01/07/06 01/10/06 01/01/07 01/04/07 01/07/07 01/10/07 01/01/08 01/04/08 01/07/08 01/10/08 01/01/09 01/04/09 01/07/09 01/10/09 01/01/10 01/04/10 01/07/10 2006 2007 2008 2009 2010 CEN NZ NZX50 Contact Energy Limited Annual Report 2010 3 Generation by fuel source4 Wholesale electricity price 14,000 125 12,000 6,649 623 5,413 106.90 417 492 10,000 100 92.84 5,351 4,094 3,654 8,000 75 56.08 6,000 53.70 Gigawatt hours 52.23 1,968 2,180 2,311 2,277 50 4,000 1,820 $ per Megawatt hour 25 2,000 3,065 3,639 3,504 3,543 3,760 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Hydro Geothermal Thermal Swaption Retail electricity sales4 Customer numbers (including LPG franchisees) 700 10,000 49 51 54 58 600 79 75 75 7,650 7,877 7,703 7,674 8,000 7,450 500 67 64 6,000 400 300 515 513 520 479 477 Gigawatt hours 4,000 200 2,000 (000s) numbers (ICPs) Customer 100 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Electricity Gas LPG Underlying return on shareholders’ equity1 Total assets1 6,000 10 9.48 8.82 8.79 5,026 5,148 4,837 5,000 4,576 4,585 8 4,000 5.97 6 5.40 Per cent Per 3,000 $ Millions 4 2,000 2 1,000 2006A 2007B 2008B 2009B 2010B 2006 2007 2008 2009 2010 Profi t distribution and dividends per share Shareholders’ equity1 30 28.0 3,000 27.0 28.0 2,777 26.0 2,621 2,621 2,660 25.0 2,549 25 2,500 20 2,000 15 1,500 $ Millions Cents per share Cents 10 1,000 5 500 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Notes to the graphs Comparatives have been restated to refl ect current period presentation where appropriate. • The above fi nancial statistics, returns and ratios are based on Financial Statements prepared in accordance with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS). A Excludes gain on disposal of subsidiaries and change in fair value of fi nancial instruments, both net of tax. B Excludes change in fair value of fi nancial instruments and other signifi cant one-off items both net of tax where appropriate. 1 Comparative fi nancial statistics, returns and ratios have been restated due to a voluntary change in accounting policy in 2010 that has been retrospectively applied. 2 Earnings before net interest expense, income tax, depreciation, amortisation, change in fair value of fi nancial instruments and other signifi cant items. 3 Underlying earnings per share and operating cash fl ow per share for each year have been calculated using the weighted average number of shares on issue in 2010, in order to eliminate the impact of changes in share base on these performance indicators. Comparatives have been restated as appropriate. 4 Generation by fuel source and retail electricity sales have been adjusted to refl ect the change in reportable segments. Comparatives have been restated as appropriate. 4 Contact Energy Limited Annual Report 2010 Chairman’s review The fi nancial year ending 30 June 2010 was not without its challenges for Contact, with wet weather hindering Contact’s performance. However, considerable progress was made during the year on the investments that will restore fl exibility, the benefi ts of which were beginning to be seen during the fi nancial year, as well as on the future options that will deliver growth. For the fi nancial year ending 30 June 2010, Contact achieved Earnings Before Net Interest Expense, Income Tax, Depreciation, Amortisation, Change in Fair Value of Financial Instruments and Other Signifi cant Items (EBITDAF) of $427 million, down 4 per cent from $445 million in the 2009 fi nancial year. Underlying Earnings after Tax for the year were $150 million, down 6 per cent from $159 million. Performance during the year was impacted by higher than normal rainfall, resulting in lower wholesale electricity prices, which consequentially constrained the extent to which higher gas and network costs could be recovered. The wet conditions also resulted in higher levels of hydro generation at a time when Contact was contracted to take, or pay for, relatively high volumes of gas. To mitigate the impact of surplus gas during the year, the company expedited the delivery of additional gas compression equipment to the Ahuroa underground gas storage project, which resulted in about half of the 10 petajoules of surplus gas being injected into Ahuroa. Although the company incurred about $24 million of additional gas costs due to the wet conditions, injecting gas into Ahuroa saved about $30 million during the year, which indicates how important the Ahuroa gas storage project is to Contact in re-establishing gas supply fl exibility. Another project that the company initiated in 2007 to restore operational fl exibility is the 200 megawatt Stratford peaker project. The project is currently commissioning and expected to be operational in the fi rst half of the 2011 fi nancial year. During the fi nancial year Contact completed the Te Huka geothermal power station, the fi rst in a series of developments that leverage the company’s position in geothermal energy. Te Huka was delivered into commercial operation on 23 May 2010, under budget, ahead of schedule and exceeding planned generation output.
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