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Annual Report 2008 Connecting

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Annual Report 2008 Connecting Annual Report 2008 Connecting with People TrustPower Limited Annual Report 2008 Directory Board of Directors Bruce J Harker - Chairman Sir Ronald P Carter Michael J Cooney I Sam Knowles HR Lloyd Morrison Geoffrey JC Swier Registered Offi ce TrustPower Building Truman Road This year we are putting the focus on TrustPower Te Maunga Mount Maunganui people – our customers, our employees, and the Website www.trustpower.co.nz people who we recognise every year for their Email Address [email protected] outstanding contribution to our communities. Postal Address Private Bag 12023 Tauranga We take a look at the way each and every one Telephone: 07 574 4800 Facsimile: 07 574 4825 of these people contribute to our business and Auditors PricewaterhouseCoopers 188 Quay Street together we look forward to a powerful future. Auckland Share Registrar Computershare Investor Services Limited Contents 159 Hurstmere Road Takapuna Highlights 2008 01 Private Bag 92119 Strategic Focus 2009 01 Auckland Telephone: 09 488 8700 TrustPower Profi le 02 Facsimile: 09 488 8787 Top Companies for Leaders 03 Shareholders with enquiries about transactions, change of address or dividend payments should contact the Share Registrar. Directors’ Report 04 Kinect Telecommunications 08 Stock Exchange Listing Chief Executive’s Report 09 New Zealand Exchange Limited Level 2 NZX Centre Community Awards 12 11 Cable Street Board of Directors and Management Team 14 Wellington Carbon Credits 15 Sustainability Outlook 16 Financial Calendar Becoming Carbon Neutral 19 Environmental Performance 20 Annual Meeting 31 July 2008 Our Customers 22 First quarter operating information 31 July 2008 Our People 24 Payment September bond interest 15 September 2008 Half year announcement 30 October 2008 Sustainable Economic Performance 26 Record date interim dividend 28 November 2008 Corporate Governance Statement 28 Payment December bond interest 15 December 2008 Payment interim dividend 15 December 2008 Financial Statements 2008 31 Third quarter operating information 29 January 2009 Auditors’ Report 32 Payment of March bond interest 13 March 2009 Statutory Information 62 Full year announcement 14 May 2009 Record date of fi nal dividend 29 May 2009 Security Holder Information 66 Payment of fi nal dividend 5 June 2009 About this Report 69 Payment of June bond interest 15 June 2009 Annual report due 30 June 2009 Sustainability GRI Index 70 Directory 73 Otanewainuki Kiwi Trust photographs on page 12 by Connecting with People Annual Report 2008 73 Moana Bianchin Photography. Highlights 2008 TrustPower recognised internationally as one Earnings before interest, tax, of two country level depreciation, amortisation winners for Australia and New Zealand in and fair value movements of the Top Companies for fi nancial instruments grew Leaders 2007 Survey undertaken by Hewitt 6 per cent to $208 million. Associates, the RBL Sale of 528,000 Kyoto compliant carbon credits to Group, and Fortune Electrabel of Belgium and Kansai Electric Power Magazine. Company of Japan. Strategic Focus 2009 Protect and grow TrustPower’s premium Complete construction of retail brand. Snowtown Wind Farm Development of Australian business Stage I on budget and strategy. ahead of schedule. Complete successful resource consenting Optimise sale of unsold outcomes for the Wairau and Arnold hydro Kyoto Credits. projects and Lake Mahinerangi and Kaiwera Downs wind projects. TrustPower Annual Report 2008 01 TrustPower is a national based electricity generator and retailer he Company owns 594 MW of TRUSTPOWER GENERATION ASSETS hydro and wind generation 1 Kaimai 12 Arnold producing around 2,320 GWh per 2 Matahina 13 Kumara/Dillmans/ T 3 Wheao/Flaxy Duffers annum in an average year. In the last twelve months the Company 4 Hinemaiaia 14 Kaniere Forks/ 5 Mangorei McKays Creek has completed the construction and ( 6 Motukawa 15 Coleridge + commissioning of a 93 MW expansion of the 7 Patea 16 Highbank ) ( * , ) Tararua wind farm and the construction and 8 Tararua Wind Farm 17 Montalto * 9 Cobb 18 Wahapo commissioning of a 6 MW hydro enhancement , + - / 10 Waihopai 19 Paerau/Patearoa - . known as Deep Stream at Waipori in Otago. 11 Argyle/Wairau 20 Waipori/Deep Stream 0 TrustPower is currently constructing (' a 98MW wind farm in South Australia. / RETAIL CUSTOMERS 0 (, (( The Company has around 222,000 1 Counties 12 Marlborough (*(+ () (- (( (' electricity customers and provides 26,000 2 Waipa 13 Tasman () telecommunications services to around 3 Central Waikato 14 Nelson (* (+ 22,000 customers. 4 Southern Thames 15 Buller Valley 16 West Coast (, TrustPower has 390 employees working (/ (. 5 Tauranga/Rotorua/ 17 Christchurch (/ (- (. in a number of locations throughout Taupo 18 Ashburton New Zealand and an employee based in 6 Wairoa 19 Oamaru (0 )' )( Adelaide. The Company’s head offi ce is 7 Hawkes Bay 20 Central Otago (0 based in Tauranga. 8 New Plymouth 21 Otago )) 9 Wanganui 22 Dunedin )' )* 10 Manawatu 23 Invercargill/Gore 11 Wellington The Company’s vision is to be the leading renewable energy company in Australasia. PRTRUSTPOWER HAS AI CORE GROUP OF VALUES IDE WHICH WE REFER TO AS Passion Respect Integrity Innovation Delivery Empower for customer for all in everything as a cornerstone with attitude. our people to make service. stakeholders. we do and say. of product decisions and be and business accountable. development. 02 Connecting with People TrustPower was named in the exclusive group of country winners and was the only New Zealand company to make the winners’ list. TTopop CCompaniesompanies aders In 2007 Hewitt Associates, The RBL Country level winners eachfo forr Le for Leaders Group and FORTUNE magazine Australia and New Zealand. undertook Top Companies for Leaders, Representatives from Hewitt the world’s most comprehensive Associates visited TrustPower, global leadership study. the only New Zealand fi nalist, The study examined how conducting a series of interviews organisations choose and develop and collecting evidence to confi rm leaders, and sought to validate the leadership practices. correlation between leadership The study confi rmed that by having practices and fi nancial results. the right leadership practices and Initially, global research identifi ed processes in place, maintaining a a group of more than 530 companies strict focus on critical talent at all throughout the world, which levels, and having a continuous shared key attributes in their desire to improve, Top Companies approach to leadership that set cultivate and nurture their talent, them apart from others. earn a reputation for doing it well, Hewitt Associates then assembled and improve their performance. a diverse judging panel of six In October 2007, TrustPower was distinguished experts, named in the exclusive group of acknowledged internationally as country winners. While two leaders in the areas of leadership Australian companies were and business, to further assess recognised, TrustPower was the those companies. Judging criteria only New Zealand Company to make included leadership practices, the winners’ list. company reputation, leadership It was extraordinary for TrustPower culture and values, corporate to receive acknowledgement in social responsibility and business such a signifi cant survey performance. encompassing world-class The judges sought to identify organisations, and the entire twenty Global winners, ten Asia TrustPower team are justifi ably Pacifi c Regional winners, and two proud of this achievement. TrustPower Annual Report 2008 03 Directors’ Report Bruce Harker BE(Hons), PhD (Elec. Eng), MIPENZ Chairman contribution from telecommunication Operating expenses including energy services. Total electricity volume sold was and line costs increased 10 per cent on the 4,540 GWh compared with 4,575 GWh in previous year, primarily driven by higher the year to 31 March 2007. Customer wholesale electricity costs. High frequency numbers increased to 222,000 at 2008 keeping costs in the North Island due to low year end from 219,000 a year earlier. availability of North Island hydro generation The New Zealand electricity supply in the last quarter of the fi nancial environment has been characterised by year together with higher generation lake storage levels and infl ows that have production costs have also contributed to been below average for much of the 2008 increased operating expenses. fi nancial year. However, spot electricity Net profi t after tax, return on average prices in the fi rst nine months remained shareholders’ funds, was 7.9 per cent (last below average but increased signifi cantly year 8.6 per cent). in the fi nal quarter. Group operating cash fl ow was Generation production of 2,018 GWh for $161.0 million for the 2008 fi nancial year the year was up 4 per cent on the previous versus $161.2 million in the previous year. year but around 270 GWh down on long Taking into account the signifi cant term average. Hydro production was shortfall in production from the Company’s down 220 GWh or 13 per cent on long term own generation assets and high wholesale average. North Island hydro production prices for the fi nal quarter of the fi nancial FINANCIAL PERFORMANCE accounted for around 185 GWh of this year, the result was satisfactory and again TrustPower’s consolidated operating shortfall as a result of record low infl ows demonstrates that the Company’s trading surplus after tax was $98.1 million for the into a number of catchments. Wind and risk management practices are sound. year ended 31 March 2008, compared with production was up 272 GWh on the FINANCIAL POSITION $102.4 million, as restated for International previous year due to nearly a full year’s TrustPower’s balance sheet as at Financial Reporting Standards (“IFRS”) contribution from Stage III of the Tararua 31 March 2008 remains in good shape. adjustments, for the same period last year. Wind Farm which was commissioned in Shareholders’ funds have increased to Earnings before interest, tax, depreciation, July 2007. However, wind production was $1,257 million from $1,217 million. amortisation and fair value movements also down 50 GWh (8 per cent) on long term Included in accounts payable and on fi nancial instruments (“EBITDAF”) average.
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