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For the Period to 31 December 2011 Meridian Energy Limited Group – Overview

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For the Period to 31 December 2011 Meridian Energy Limited Group – Overview FOR THE PERIOD TO 31 DECEMBER 2011 MERIDIAN ENERGY LIMITED GROUP – OVERVIEW Overview PERFORMANCE SUMMARY NOTES M ERIDIAN GROUP 6 MONTHS 6 MONTHS YEAR ENDED ENDED ENDED PERIOD 30 JUNE 1 Net profit/(loss) after PERFORmanCE IN BRIEF 31 DEC 2011 31 DEC 2010 CHANGE 2011 tax includes unrealised gains (losses) on Net Profit/(Loss) after Tax1 $m 9.2 84.7 (75.5) 303.1 financial instruments. Underlying Net Profit after Tax2 $m 98.9 123.4 (24.5) 219.0 2 Underlying net profit/ (loss) after tax excludes EBITDAF3 $m 294.3 353.3 (59.0) 659.9 unrealised fair value movements and other EBITDAF per MWh4 $ per MWh 46.83 51.25 (4.4) 47.74 one-off items. 3 EBITDAF – earnings before interest, taxation, depreciation, amortisation, change EBITDAF EBITDAF PER MWh LOST-TIME INJURY RATE in fair value of financial instruments and other significant items. 4 EBITDAF per megawatt $ M $ hour (MWh) generated 294.3 46.83 1.8 by our New Zealand 17% decrease from the same period last year Tracking ahead of Statement of Well below industry average and international hydro Corporate Intent target power stations, wind and solar farms. RETAIL TOTAL RETAIL ICPs NR O TH ISLAND ICP GROWTH POH WERS OP ICP GROWTH 283,157 5% 25% Customer installation control points (ICPs) Increase in North Island ICPs since June 2011 Growth of Powershop ICPs since June 2011 GENERATION TOTAL PLANT TOTAL GWh** GENERATED TOTAL GWh** GENERATED TOTAL GWh** GENERATED CAPACITY (MW*) 6 MONTHS ENDED DEC 2011 6 MONTHS ENDED DEC 2010 YEAR ENDED JUNE 2011 NW E ZEALAND 2,808 6,190 6,804 13,652 INTERNATIONAL 75 94 90 172 *Megawatt **Gigawatt hours 5,567GWh 712GWh 5GWh Hydro gene RATED Wind gene RATED Solar gene RATED Contents Messages from the Chairman and Chief Executive 2 Group Performance Summary 5 Condensed Interim Financial Statements 15 Review Report from the Auditor-General 36 Directory 37 MERIDIAN ENERGY LIMITED GROUP – CHAIRMAN AND CHIEF EXECUTIVE REPORTS Messages from the Chairman and Chief Executive CHAIRMAN’S REPORT Competitive pressures, sluggish demand growth and difficult hydrology combined to create challenging operating conditions for the first six months of this financial year. Against this background, the integrated nature of Meridian’s operations and strong commercial discipline helped to deliver a sound financial result. FINANCIAL PERFORMANCE OPPORTUNITIES FOR INVESTORS We achieved an underlying net profit after The outcome of the general election in tax of $98.9 million for the first half of November means Meridian now looks the year, which represents a $24.5 million forward to the prospect of inclusion in the reduction on the same period last year. Government’s state-owned enterprise mixed After adjusting for one-off impacts of ownership model. Once we proceed to an the Rio Tinto New Zealand Aluminium Initial Public Offering (IPO), Meridian is likely Smelter (NZAS) dispute settlement to become one of the largest companies ($28.1 million net of legal costs before tax) listed on the New Zealand Stock Exchange in the prior year and the reduction as measured by market capitalisation. in generation revenue that followed In the past six months we have directed the sale of the Tekapo hydro stations considerable resource towards preparing ($23.4 million before tax), underlying net for the possibility of an IPO and this will profit after tax increased by 13% on the prior continue as we work closely with our year. This underlying net profit after tax shareholder on this matter. result excludes $119.3 million (before tax) of A partial stock exchange listing, negative non-cash accounting adjustments whereby the Government will retain for fair value movements on financial majority control, is an exciting prospect instruments. Given the challenging trading for Meridian and investors. Meridian is a conditions, this represents a sound result. strong cash generator with high historical The six-month period was characterised yields and excellent dividend prospects. by below average inflows into the Waitaki Meridian offers multiple future growth catchment and conservative use of water in opportunities and will bring a unique and the first quarter of the year, contributing to sizeable renewable proposition to potential rising average wholesale prices. During the investors and the market. second quarter, inflows returned to average levels and were followed by a further dry sequence, including record low inflows into Lake Manapouri and Lake Te Anau in December. Wholesale conditions were also influenced by a number of transmission outages supporting Transpower’s high- voltage direct-current (HVDC) upgrade. Meridian’s integrated business model and robust risk management practices helped to offset these challenges. Chris Moller CHAIRMAN 2 Messages from the Chairman and Chief Executive DELIVERY AGAINST STRATEGY STRONG DEVELOPMENT PORTFOLIO RATIONALISATION OF SUBSIDIARY INVESTMENTS Meridian’s business model as an integrated We have a strong pipeline of renewable generator-retailer proved to be effective generation development options in wind and Meridian invests in innovative energy in managing the variable hydrology hydro. These position Meridian well to meet technologies and solutions that either experienced in the first six months of the growth in electricity demand in the coming complement or hedge against risks in year. We operated our portfolio prudently, decade. Only the most economic of our our core business. It continues to be a conserving hydro storage use and balancing development options will proceed past our challenging environment for some of these our generation and sales volumes effectively. investment hurdles to build and only when historical investments. In the past year market conditions are right. We will not we have taken a long, hard look at these We continued to deliver high performance pursue options that are unlikely to be at the investments and made some changes. in asset management, characterised by high front of the order of merit, as demonstrated levels of asset availability and low instances Residential energy-efficiency business by the decision to stop pursuing consent for of forced outages. Right House was sold on 1 July 2011. Project Hayes. In September, Whisper Tech completed The successful management of operating During the reporting period, we gained the transition of its remaining Christchurch- costs and the continuation of strong consent for Mill Creek wind farm, near based operations to Spain to focus on dividend returns to our shareholder are Wellington. This project is well placed selling its heat and power product into proof of the commercial focus our strategy both in terms of unit cost and in its ability the European market. brings to the organisation. We also continue to support our integrated growth. to make significant progress against our CHANGES IN LEADERSHIP strategy in retail execution, generation INTERNATIONAL DEVELOPMENTS The Board is very pleased to have secured development and subsidiary performance. This six-month period saw the execution the services of Mark Binns as our new Chief CUSTOMER GAINS AND IMPROVED of Meridian’s project finance agreement Executive. Mark enjoyed a 22-year career SATISFACTION for the 420MW Macarthur wind farm project with Fletcher Building, finishing as Chief and the installation of the first turbines on Executive of the Infrastructure Division. The increase in our customer numbers shows site 245km west of Melbourne, Australia. Mark is a highly experienced and hugely that people are choosing Meridian’s retail This joint venture with AGL Energy, respected executive. brands in what continues to be a highly the largest renewable developer in competitive retail environment. Mark replaced Tim Lusk as Chief Executive. Australia, will result in the Southern Tim stepped down in December 2011 after We continue to see improvements in our Hemisphere’s biggest wind farm. leading the company for three and a half retail profitability when using fixed input The project finance approach we have years and prior to that serving as a member prices. Powershop was ranked first in the taken with Macarthur minimises its impact of Meridian’s Board. Deloitte Fast 50 Index for New Zealand, on our ability to continue to invest. and was ranked sixth in the Deloitte The Board and I are very appreciative of Tim’s We are extending our expertise in solar Technology Fast 500 Asia Pacific index. commitment and leadership during his term technology from the USA to the Pacific as Chief Executive. Tim made health and High customer satisfaction results, with the construction of the Popua Solar safety Meridian’s top priority, which resulted as reported by Consumer NZ and Fair Go Farm in Tonga, funded by the New Zealand in a dramatic reduction in incidents involving during the period, are also pleasing with Aid Programme. staff and contractors. Tim also instilled both Meridian and Powershop brands strong commercial disciplines within the performing well in these surveys. company, as well as promoting personal Delivering excellent customer service development and individual accountability. is paramount. We recognise people have choice and so continue to focus on lifting The Board believes that Mark is well placed our customer service, while aiming to to lead Meridian through the challenges reduce our cost to serve. ahead as well as the anticipated partial listing of the company. 3 MERIDIAN ENERGY LIMITED GROUP – CHAIRMAN AND CHIEF EXECUTIVE REPORTS CHIEF EXECUTIVE’S REPORT I am joining one of New Zealand’s iconic companies at a very exciting time and relish all the challenges that this will bring. Meridian is a company I have admired our disciplined approach to capital for many years. Its focus on renewable management and the need for our energy and its operational and engineering Board to be assured projects will meet expertise in hydro management and wind nominated rates of return on investment. farm development differentiates it from I want to thank Tim Lusk, my predecessor, its competitors.
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