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Company Announcements Office Facsimile 1300 135 638 ASX To Company Announcements Office Facsimile 1300 135 638 Company ASX Limited Date 22 September 2009 From Bill Hundy Pages 206 CONTACT ENERGY – RETAINS FURTHER CASH UNDER PROFIT DISTRIBUTION Subject PLAN; ANNUAL REPORT AVAILABLE Attached herewith is a copy of an announcement released to the NZX by Contact Energy today. Origin Energy holds 51.42% of quoted ordinary shares in Contact Energy Limited. Regards Bill Hundy Company Secretary 02 8345 5467 – [email protected] Origin Energy Limited ACN 000 051 696 • Level 45 Australia Square, 264-278 George Street, Sydney NSW 2000 GPO Box 5376, Sydney NSW 2001 • Telephone (02) 8345 5000 • Facsimile (02) 9252 1566 • www.originenergy.com.au 22 September 2009 Contact retains further cash under profit distribution plan; annual report available Contact Energy Limited today said the introduction of the company’s profit distribution plan (PDP) has been successful in retaining $120 million of cash within the business for the 2009 financial year. Of the total number of bonus shares issued in respect of the 2009 final distribution, 72 per cent are being retained, and 28 per cent were today bought back by Contact. This has resulted in approximately $71 million of cash being retained within Contact in respect of the final distribution that would otherwise have been paid as cash. Contact Managing Director, David Baldwin, said he was pleased with the level of shareholder support for the profit distribution plan. “The profit distribution plan is an important initiative that, in 2009, has retained $120 million in cash with Contact, allowing for further investment in Contact’s capital growth initiatives, such as new geothermal power stations, gas-fired peaking power stations and the country’s first underground natural gas storage facility.” Annual report available Contact’s 2009 annual report and sustainability report are now available on the company’s website. The notice of annual meeting, to be held on 22 October in Wellington, will be provided to shareholders in the coming weeks. Jonathan Hill 04 462 1285 021 440 090 22 September 2009 Bonus shares issued and shares bought back pursuant to the Contact Energy Limited Profit Distribution Plan Contact Energy Limited (Contact) advises that it has issued 16,091,878 new ordinary shares in the company pursuant to Contact’s Profit Distribution Plan (Plan) relating to its FY09 final distribution of $0.17 per share. The issue price per share is $6.1998719. Under the Plan, shareholders can elect to have the company buy back shares issued to them at the issue price of $6.1998719 per share. As a result of shareholder elections the company has today completed an off-market buy back of 4,554,184 shares. Of the total number of bonus shares issued in respect of the final distribution, 71.7% of shares are being retained, with 28.3% electing the buy back option. The 4,554,184 shares bought back will be cancelled. The total number of quoted ordinary shares on issue following the issue of new shares and the buy back is 596,852,318. The following information is supplied pursuant to Listing Rule 7.12.1: Notice of allotment of Ordinary Shares Class of securities issued Ordinary Shares ISIN NZCENE0001S6 Number of securities issued 16,091,878 Issue price $6.1998719 Payment in cash? Yes Any amount paid up (if not in full) Fully paid Percentage of total class issued 2.75% Reasons for the issue Pursuant to entitlements under the Contact Energy Limited Profit Distribution Plan Specific authority for the issue Pursuant to Listing Rule 7.3.4(b) Terms or details of the issue Non-taxable bonus shares issued pursuant to the Contact Energy Limited Profit Distribution Plan, which will, from the date of issue, rank equally with all other shares on issue as at that date. Total number of securities of the 601,406,502 quoted ordinary shares class in existence after the issue (Note: this excludes 2,571,104 shares held as treasury stock) Date of issue 22 September 2009 2 Notice of buy back of Ordinary Shares Class of securities issued Ordinary Shares ISIN NZCENE0001S6 Number of securities bought back 4,554,184 Acquisition price $6.1998719 Payment in cash? Yes Any amount paid up (if not in full) Fully paid Percentage of total class bought 0.76% back Reasons for the buy back Pursuant to shareholder elections under the Contact Energy Limited Profit Distribution Plan Specific authority for the buy back Pursuant to Listing Rule 7.6.1(b) Terms or details of the buy back Non-taxable bonus shares issued pursuant to the Contact Energy Limited Profit Distribution Plan, which will, from the date of issue, rank equally with all other shares on issue as at that date. Total number of securities of the 596,852,318 quoted ordinary shares class in existence after the buy back (Note: this excludes 2,571,104 shares held as treasury stock) Treasury Stock? No - the shares bought back will be cancelled and will not be held as treasury stock. Date of buy back 22 September 2009 Jonathan Hill Communications Manager Contact Energy 04 462 1285 021 440 090 Contents 1 Summary 2 Performance indicators 4 Chairman’s review 6 Managing Director’s review 10 Management discussion of financial results 24 Company overview 27 Governance 40 Remuneration report 51 Security holder information Financial contents 56 Financial statements 61 Notes to the financial statements 110 Audit report 111 Corporate directory The 2009 Annual Meeting of Contact Energy Limited shareholders will be held at the Michael Fowler Centre, 111 Wakefield Street, Wellington on Thursday 22 October 2009, commencing at 10:30am NZDST. The Notice of Annual Meeting and shareholder voting/proxy form have been provided separately to shareholders. Contact Energy Limited Annual Report 2009 1 Summary For the financial year ended 30 June 2009 • Weather extremes, transmission constraints and reduced electricity demand combined to impact on earnings, with underlying earnings after tax of $161 million, down from $233 million for the 12 months to 30 June 2008 • Generators and turbines delivered for the 200 megawatt gas-fired peaking power station under construction at Stratford • Commenced injection of natural gas into the Ahuroa natural gas storage facility near Stratford • Continued construction of the 23 megawatt Tauhara phase one geothermal power station at Taupo • Secured final resource consents for the company’s 220 megawatt Te Mihi geothermal power station • Continued to develop wind, hydro and geothermal generation options • Completed the installation of more than 42,000 smart meters in Christchurch customers’ houses • Celebrated 50 years of renewable geothermal generation at the Wairakei power station with a community open day and celebration • Raised $550 million in Contact’s first retail bond issue – the most successful issue raising in New Zealand for a non ‘A’ rated company • Introduced a profit distribution plan that allows retention of cash for investment in the business • Total distributions to shareholders equivalent to 28 cents per share, under the profit distribution plan For more information, please visit our website at www.contactenergy.co.nz or contact: Investor Relations PO Box 10742 Wellington Phone: 64 4 499 4001 Email: [email protected] 2 Contact Energy Limited Annual Report 2009 Performance indicators Underlying earnings for the period Total operating revenue 300 3,000 2,757 250 241.6 2,500 231.2 232.8 2,330 2,222 197.1 2,000 1,998 200 1,759 160.6 150 1,500 $ Millions $ Millions 100 1,000 50 500 2005 2006A 2007B 2008B 2009B 2005 2006 2007 2008 2009 EBITDAF1 Operating cash flow per share2 90 84.1 600 567.2 557.0 543.7 80 71.6 73.8 72.3 500 489.1 70 445.3 60 400 50.3 50 300 $ Millions Cents per share Cents 40 200 30 20 100 10 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 Underlying earnings per share2 Net debt/debt+equity 45 41.10 35 39.32 39.60 40 30 30 27 35 33.52 25 30 27.35 23 23 23 25 20 20 cent Per 15 Cents per share Cents 15 10 10 5 5 2005 2006A 2007B 2008B 2009B 2005 2006 2007R 2008 2009 Capital and investment expenditure Underlying return on total assets 600 6 5.3 500 488.8 5 4.5 4.6 4.4 400 4 3.0 300 cent Per 3 $ Millions 282.0 200 2 138.7 149.2 100 90.5 1 2005 2006 2007 2008 2009 2005 2006A 2007RB 2008BC 2009B CEN relative to the NZX50 Shareholder return 180 100% 10.0 160 140 80% 8.0 120 60% 6.0 Base Base 100 40% 4.0 80 60 20% 2.0 YE share price (bar) Cumulative return (YE) (line) Cumulative 0% 0.0 01/07/04 01/10/04 01/01/05 01/04/05 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 2005 2006 2007 2008 2009 CEN NZ NZX50 Contact Energy Limited Annual Report 2009 3 Generation by fuel source Wholesale electricity price 14,000 125 12,000 6,649 5,413 5,351 106.90 4,702 4,094 10,000 100 92.84 8,000 75 56.08 6,000 54.72 53.70 Gigawatt hours 1,765 1,968 2,180 2,311 50 4,000 1,820 $ per Megawatt hour 25 2,000 3,982 3,065 3,639 3,504 3,543 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 Hydro Geothermal Thermal Retail electricity sales Customer numbers (including LPG franchisees) 700 10,000 49 51 85 54 600 79 75 75 8,000 7,564 7,800 7,609 67 7,213 7,361 500 6,000 400 300 513 515 513 520 479 Gigawatt hours 4,000 200 2,000 (000s) numbers (ICPs) Customer 100 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 Electricity Gas LPG Underlying return on shareholders’ equity Total assets 6,000 10 9.47 5,432 5,241 5,000 4,985 8.28 8.02 4,580 8 7.96 4,381 5.46 4,000 6 Per cent Per 3,000 $ Millions 4 2,000 2 1,000 2005 2006A 2007RB 2008B 2009B 2005 2006 2007R 2008C 2009 Profit distribution and dividends per share3 Shareholders’ equity 30 28.0 3,500 27.0 28.0 2,904 2,904 2,942 25.7 26.0 3,000 2,552 25 2,381 2,500 20 2,000 15 $ Millions 1,500 Cents per share Cents 10 1,000 5 500 2005 2006 2007 2008 2009 2005 2006 2007R 2008 2009 Notes to the graphs Comparatives have been restated to reflect current period presentation where appropriate.
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