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ERM Power Limited Annual Financial Report for the YEAR ENDED 30 June 2017

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ERM Power Limited Annual Financial Report for the YEAR ENDED 30 June 2017 Thursday, 24 August 2017 FY2017 RESULTS FOR ANNOUNCEMENT TO THE MARKET In accordance with ASX Listing Rule 4.3A, please find attached the following documents relating to ERM Power’s results for the 12 months ended 30 June 2017: 1. ASX Appendix 4E – Preliminary Final Report 2. Annual Financial Report including: 2.1. Operating and Financial Review 2.2. Directors’ Report and Remuneration Report 2.3. Annual Financial Statements 3. Corporate Governance Statement Phil Davis Group General Counsel & Company Secretary ERM Power Limited For further information Sarah McNally Investor Relations Manager Phone: +61 7 3020 5513 Mobile: +61 409 004 298 Email: [email protected] About ERM Power ERM Power is an Australian energy company operating electricity sales, generation and energy solutions businesses. The Company has grown to become the second largest electricity provider to commercial businesses and industrials in Australia by load, and is the only energy retailer licensed to sell electricity in all Australian states as well as the Northern Territory and the Australian Capital Territory. A growing range of energy solutions products and services are being For personal use only delivered, including lighting and energy efficiency software and data analytics, to the Company’s existing and new customer base. ERM Power also sells electricity in several markets in the United States. The Company operates 662 megawatts of low emission, gas‐fired peaking power stations in Western Australia and Queensland. www.ermpower.com.au PAGE 1 OF 1 ERM POWER LIMITED • LEVEL 52, 111 EAGLE STREET, BRISBANE QLD 4000 • GPO BOX 7152, BRISBANE QLD 4001 ABN 28 122 259 223 • PHONE +61 7 3020 5100 • FAX +61 7 3220 6110 • www.ermpower.com.au Appendix 4E ERM Power Limited ABN 28 122 259 223 Results for announcement to the market for the year ended 30 June 2017 Notification in Accordance with Listing Rule 4.3A (The amount and percentage changes are in relation to the previous corresponding period) 1. Results for the year FY 2017 FY 2016 $'000 $'000 1.1. Revenue from ordinary activities: 1.1.1 Revenue from ordinary activities: ERM Power Limited and controlled entities up 16% to 3,126,087 2,691,059 1.2. Profit from ordinary activities: 1.2.1. Underlying EBITDAF from continuing operations*: ERM Power Limited and controlled entities up 5% to 78,353 74,714 (*Earnings before interest, tax, depreciation, amortisation, impairment and net fair value gains / losses on financial instruments designated at fair value through profit and excluding significant items. Underlying EBITDAF excludes any profit or loss from associates) 1.2.2. Underlying NPAT from continuing operations**: ERM Power Limited and controlled entities down ‐243% to (26,291) 18,382 (**Statutory net (loss) / profit after tax attributable to equity holders of the Company after excluding the after tax effect of unrealised marked to market changes in the fair value of financial instruments and excluding significant items. Underlying NPAT excludes any profit or loss from associates) 1.3. Net statutory (loss) / profit for the period attributable to members: 1.3.1 Net (loss) / profit for the period attributable to members: ERM Power Limited and controlled entities down ‐103% to (1,073) 35,809 For personal use only 2. Dividend A fully franked final dividend of 3.5 cents per share (2016: unfranked 6 cents) has been declared and will be paid on 6 October 2016 to shareholders on record as at 15 September 2017. The Company’s shares will trade ex‐dividend from 9 September 2016. The Company’s dividend reinvestment plan (DRP) will apply to this dividend. Shareholders will have 15 business days from the date of the year end results announcement on Thursday 24 August 2017 for DRP elections to be finalised by 5pm on the business day following the record date. The 10 day VWAP for shares to be issued under the DRP starts 2 trading days after the record date, on 15 September 2017. No discount will apply to the price of shares issued under the DRP. The DRP price will be announced to the ASX at the end of the pricing period. In the previous corresponding period FY2016, an unfranked dividend of 6 cents per share was declared and paid on 6 October 2016 to shareholders on record as at 12 September 2016. The Company’s shares traded ex‐dividend from 9 September 2016. An interim fully franked 3.5 cents per share (2016: 6 cents unfranked) dividend was declared on 23 February 2017 and paid on 6 April 2017 to shareholders on record at 8 March 2017. 3. Brief explanation of any of the figures reported above or other items of importance not previously released to the market The attached Directors' Report and Operational and Financial Review provide further information and explanation. 4. Commentary on the results for the year The attached Directors' Report and Operational and Financial Review provide further information and explanation. 5. Net tangible assets per share FY 2017 FY 2016 Cents Cents Net tangible assets (cents per share) 195 162 Net tangible assets (cents per share) excluding net fair value of derivative financial instruments net of tax: 115 117 6. Entities in which control was gained or lost during the year During the period 1 July 2016 to 30 June 2017 the Company did not lose or gain control of any entities. 7. Details of associates and joint arrangements The following entity is accounted for as a joint venture: • Energy Locals Pty Ltd The following entity is accounted for as an associate: • 1st Energy Pty Ltd For personal use only The following entities are proportionately consolidated as joint operation entities: • NewGen Power Neerabup Pty Ltd (50%) • NewGen Neerabup Pty Ltd (50%) • NewGen Neerabup Partnership (50%) ERM Power Limited Annual Financial Report for the year ended 30 June 2017 For personal use only ERM Power Limited Annual Financial Report FOR THE YEAR ENDED 30 June 2017 Contents Page Operating and financial review 2 Board of Directors 25 Directors’ Report 28 Remuneration Report 32 Annual Financial Statements 46 Directors’ Declaration 107 Independent Auditor’s Report 108 For personal use only 1 ERM Power Limited and Controlled Entities ABN 28 122 259 223 Operating and financial review for the year ended 30 June 2017 For personal use only ERM Power Limited Operating and financial review FOR THE YEAR ENDED 30 JUNE 2017 CONTENTS Page 1. Financial year highlights 4 2. ERM Power operations and business strategy 4 3. Outlook and future prospects 5 4. Review of operating and financial results 6 4.1 Summary of Group financial results 6 4.2 Divisional performance review 8 4.2.1 Electricity sales 8 4.2.2 Generation 10 4.2.3 Corporate and other 11 4.2.3.1 Energy Solutions 11 4.2.3.2 Corporate 11 4.3 Cash flow, balance sheet and dividends 12 4.3.1 Cash flow 12 4.3.2 Balance sheet 13 4.3.3 Dividends 13 5 Market, Risk and Corporate Responsibility 13 5.1 Market environment in Australia and the US 13 5.2 Risk framework and management 14 5.3 Corporate Responsibility 16 Non-IFRS financial information 20 Appendices 21 Glossary 24 ABOUT ERM POWER ERM Power is an Australian energy company operating electricity sales, generation and energy solutions businesses. The Company has grown to become the second largest electricity provider to commercial businesses and industrials in Australia by load, and is the only energy retailer licensed to sell electricity in all Australian states as well as the Northern Territory and the Australian Capital Territory. A growing range of energy solutions products and services are being delivered, including lighting and energy efficiency software and data analytics, to the Company’s existing and new customer base. ERM Power also sells electricity in several markets in the United States. The Company operates 662 megawatts of low emission, gas-fired peaking power stations in Western Australia and Queensland. For personal use only ERM Power Limited shares are traded on the Australian Securities Exchange under the symbol EPW. This review is for ERM Power (Company, Group, we, our) for the year ended 30 June 2017 with comparison against the previous corresponding period ended 30 June 2016 (previous period, previous year or comparative period). All reference to $ is a reference to Australian dollars unless otherwise stated. Individual items totals and percentages are rounded to the nearest approximate number or decimal. Some totals may not add down the page due to rounding of individual components. 3 ERM Power Limited Operating and financial review (continued) FOR THE YEAR ENDED 30 JUNE 2017 1. FINANCIAL YEAR HIGHLIGHTS ERM Power delivered a strong set of results for financial year 2017. In a year characterised by energy policy uncertainty and market disruption, the Company took strategic opportunities to deliver record sales. The highlights included: Statutory NPAT from continuing operations of $0.1m Underlying NPAT loss of ($26.3m)(i) Underlying EBITDAF growth of 5% to $78.4m Underlying EBIT of $40.6m Record Australian retail sales volume of 18.5TWh Australian retail gross margin of $4.11/MWh Solid generation performance US sales volumes more than doubling to 3.8TWh Energy Solutions reported revenue of $12.2m Secured further well priced financing with increased tenor Declared a fully franked final dividend of 3.5cps (i) Impacted by one-off tax charge of $37.1m related to the commercial green scheme strategy 2. ERM POWER OPERATIONS AND BUSINESS STRATEGY Efficient Energy Fuelling Business and Prosperity ERM Power’s strategy focusses on meeting the growing range of energy needs for business, commercial and industrial customers in Australia and the United States (US). An advocate for businesses relying heavily on energy to fuel their success, ERM Power helps customers more effectively manage their energy consumption and cost through retail electricity contracts and an expanding portfolio of energy solutions.
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