Meridian Energy Limited Group – Condensed Interim Financial Statements Income Statement for the Six Months Ended 31 December 2010
Meridian Interim Report For the period to 31 December 2010 Overview Performance Summary Notes Meridian Group 6 MONTHS 6 MONTHS YEAR ENDED ENDED PERIOD ENDED 1 Net profit/(loss) after tax includes unrealised Performance in Brief 31 DEC 2010 31 DEC 2009 CHANGE 30 JUN 2010 gains/(losses) on financial instruments. 2 Underlying net profit/(loss) after tax excludes Net Profit/(Loss) After Tax $m1 84.7 142.5 (57.8) 184.0 unrealised fair value movements and other one-off items. Underlying Net Profit/(Loss) After Tax $m2 123.4 118.7 4.7 251.9 3 EBITDAF – earnings before interest, taxation, EBITDAF $m3 353.3 297.4 55.9 641.7 depreciation, amortisation and financial instruments. EBITDAF $ per MWh4 51.9 43.4 8.5 46.3 4 EBITDAF per megawatt hour (MWh) generated by our New Zealand hydro power stations and wind farms. EBITDAF EBITDAF Increase Injury Rates Reduced $353.3m 19% 47% Earnings before interest, taxation, depreciation, amortisation 19% increase compared with the same Lost-time frequency rate has improved and financial instruments period last year by 47% to 1.8 since December 2009 Retail Development Total Retail ICPs North Island ICPs Powershop ICPs Te Uku 262,923 13% 48% wind farm Customer installation control points (ICPs) Increase in North Island ICPs Growth of Powershop ICPs since Started to generate power in November 2010 since June 2010 June 2010 – now 24,024 customers – full commissioning expected ahead of plan Plant Capacity and Generation Total GWh* Generated Total GWh Generated Total GWh Generated Total Plant Capacity (MW) 6 Months Ended Dec 2010 6 Months Ended Dec 2009 Annual 2010 New Zealand 2,756 6,804 6,854 13,862 International 75 90 – 12 * Gigawatt hours 6,331 558 5 hydro wind solar Hydro GWh generation Wind GWh generation Solar GWh generation Contents Message from the Chairman and Chief Executive 2 Highlights 4 Performance Summary 8 Condensed Interim Financial Statements 16 Review Report from the Auditor-General 35 Directory 36 Benmore Hydro Dam, Waitaki Valley – the Benmore Refurbishment Programme is on track for completion in early 2011.
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