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Dear Investor Better Energy 2.00CPS Meridian Energy investor letter 29 August, 2014 Attached is Meridian Energy Limited's August 2014 investor letter. Annual Meeting Meridian Energy Limited intends to hold its Annual Meeting of shareholders in Wellington on Wednesday, 29 October 2014 at 2.00pm. Further details, including venue, will be advised in the Notice of Meeting. For investor relations queries, please contact: For media queries, please contact: Owen Hackston Paul Clearwater Investor Relations Manager External Communications 021 246 4772 027 282 0016 For personal use only PG 1 Better energy Dear Investor The recent announcement of our 2014 annual results included very solid cash flow performance, which supported a higher ordinary dividend than forecast in Meridian’s Prospectus. We were also pleased to announce an additional special dividend of 2.00 cents per share for shareholders. 11.01CPS 2.00CPS Full year ordinary dividend Additional special dividend 5% higher than Prospectus UPCOMING DATES 35.3% 2 15 OCT 2014 Average NZ generation New wind farms generating FY2014 FINAL & SPECIAL DIVIDENDS PAID For personal use only market share electricity 29 OCT 2014 ANNUAL SHAREHOLDER MEETING 1.7% 6.7% Growth in NZ customers EBITDAF ahead of Prospectus 1 From our Chair and Chief Executive CHRIS MOLLER, CHAIR MARK BINNS, CHIEF EXECUTIVE This has been an exceptionally non repeating earnings from a number of this matter at the time of the interim results sources; on a like-for-like basis, EBITDAF announcement in February next year. challenging, but very satisfying increased 14.4% in the 2014 financial year While the landscape in New Zealand and (FY2014). This is particularly pleasing as we year with the transition from Australia poses some political risks over the had challenges managing variable hydro short to medium term, we remain focused a State Owned Enterprise to a inflow and wholesale market conditions in on delivering the returns to shareholders FY2014. We also grew our customer numbers that were outlined in the prospectus and publicly-listed company. and total retail sales volumes in New Zealand, ensuring we are in the best position to in a very competitive retail market with deliver acceptable returns over the medium Strong operating cash flows and the sale of relatively flat demand, while Meridian’s term. To support this we are continuing non-core and excess assets has led the Board residential customers have seen the benefit to improve the operating efficiency of the to declare a final dividend for the second of reduced energy prices. half of the year of 6.82 cents per share and business. While we remain open to growth an additional special dividend of 2.00 cps. These factors also influenced our Net Profit opportunities, until the political backdrop With the interim dividend we declared after Tax, which showed a 22.1% reduction in both New Zealand and Australia becomes in February 2014, the total distribution to against FY2013. However, the major elements more certain and the level of demand for shareholders for the 2014 financial year was behind this decline were the $101.4 million electricity improves, it is challenging to see 13.01 cps. This is equivalent to an 11.7% gross gain from the sale of the Macarthur wind any immediate opportunities that could yield on the final IPO share price of $1.50 and farm and higher derivative fair value produce acceptable returns. movements in FY2013. Our Underlying NPAT, compares well to the 8.9% gross yield in the While the electricity industry worldwide is which excludes these elements, showed a prospective financial information (PFI) from facing significant change as the penetration 19.6% increase on FY2013, primarily from our Prospectus. of renewable energy creates challenges lower financing costs. We reached a number of other key to traditional business models, we feel milestones during the year, including first The Board is aware that the company’s confident your company is well positioned power at the Mt Mercer wind farm in Victoria gearing is now at a conservative level and to cope with the challenges ahead in our and Mill Creek wind farm near Wellington. it is appropriate that we review possible part of the world. We launched our Powershop retail offer in mechanisms to ensure an optimal capital For personal use only We trust this letter provides you with a useful structure, including potential return of Victoria with 13,400 customers by June 2014, update on what is happening at Meridian. capital to shareholders. Given the industry continued our investment into communities More information about the company’s faces the possibility of potential structural and environment projects with another FY2014 financial performance is available change following the general election and $3.5 million and continued to strengthen on our website: processes to make our workplaces safer. a potential decision by NZAS regarding the Tiwai Point Smelter’s future, it would not be http://www.meridianenergy.co.nz/investors/ Our financial performance for the year appropriate to make any decision on this reports-and-presentations/annual-reports/ was strong, outperforming all the key PFI matter at this time. However, the Board will measures from our prospectus. Against the reflect on alternatives, together with ongoing We thank you for your continued support as 2013 financial year (FY2013), EBITDAF, a key market conditions, with a view to outlining an investor in Meridian Energy. earnings measure, was flat. FY2013 included what, if anything, we propose to do regarding 2 We have also replaced a 200MW Swaption Generation contract we held with Genesis Energy with a suite of more flexible options (also with Genesis) to ensure we can support obligations New wind farms to customers and hedge dry year risks. This year we have been working on two major Asset performance renewable generation projects – Mill Creek wind farm near Wellington and Mt Mercer We are working hard to achieve performance wind farm in Victoria. Both wind farms have efficiencies from our renewable generation delivered their first power and are expected portfolio. This year we delivered new control to be completed by the end of 2014. systems for the first of four units at our Aviemore hydro power station, continued the In light of the current market conditions, three year generation overhaul of our Waitaki our focus has been on maintaining the most hydro power station and replaced all the high attractive future wind farm options. This voltage bushings on the transformers at our has meant we have continued to rationalise Manapōuri hydro power station. a number of development projects and have sold a number of land holdings for previous The technological advancements made on hydro developments. our turbines at the new Mill Creek wind farm have been applied to its neighbouring wind Market trading farm, West Wind. Managing risk is at the core of our business. We also continued to deliver a major project An increasingly vibrant and liquid Australian to replace our Generation Control System, Securities Exchange (ASX) hedge market, now with the project successfully completed in complemented by Financial Transmission August 2014. This new software will ensure Rights (FTRs), are becoming important we can continue to run all of our generation cornerstones of how we manage risk. ASX assets efficiently from a central hub in hedges help us manage market exposures, Wellington, while also providing disaster while FTRs are hedges that help us manage recovery facilities at the Ōhau B power station. changes in wholesale electricity prices across the transmission network. Powershop New Zealand Customers smart phone application Our Powershop retail brand launched New Zealand’s first electricity self-service Meridian Retail customer focus smart phone application this year. With 14 electricity retailers and high This innovation is making it even easier industry churn rates, the New Zealand for customers to manage their power on retail electricity market has become the the go. After just a few months, almost most competitive in the world in terms 20,000 Powershop customers are using Thanks for of switching. At Meridian, we have been the app, which keeps them informed through working hard to make sure we get the a range of automatic notifications including investing in us. customer experience right and that has discounted electricity packages, automatic involved rethinking some of the basics payment alerts and when meter readers will We’d love you as a of our business. We have made important make their next visit. The app also makes changes to how our Meridian retail team it easier to monitor electricity usage and customer too. operates and made targeted technology compare costs. investments to help our customers engage Sign up at better with us online. This focus on customer Taking Powershop across the ditch meridian.co.nz/join engagement is a key part of our customer Australians are starting to join the Powershop retention strategy. revolution following our launch in late 2013 The high level of competition is evident in Victoria. We have established a solid in recent Electricity Authority data, beachhead, with more than 13,400 customers which shows energy prices for residential having chosen to move to Powershop, who customers have increased at significantly now enjoy information about how much less than the rate of inflation in the last energy they are using and how much it is three years. Meridian’s own residential going to cost them, before they are asked For personal use only customers have seen the benefit of reduced to pay for it. This is matched by quality energy charges in the last year. Overall customer service from New Zealand – the retail contracted sales were largely flat in friendly customer services team in Masterton FY2014, from this improved customer focus are now servicing both our Australian and and better targeting of customers, including New Zealand Powershop customers.
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