DOCSLIB.ORG

Annual Report 2013 ANNUAL REPORT Contact 2013

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2013 ANNUAL REPORT Contact 2013 here Annual Report 2013 ANNUAL REPORT Contact 2013 ...is where we do our best work. CONTENTS Contact 2013 At Contact… We keep the lights burning, We are one of New Zealand’s largest listed companies but we operate with the same genuine concern for our the hot water flowing and the customers and communities as the smallest. We are BBQ fired up for around 566,000 integral to our customers’ lives – and our customers customers across the country. are integral to us. OUR BEST WORK 4 CASE STUDIES 30 CONTACT AT A GLANCE 12 HOW WE OPERATE 40 OUR BUSINESS MODEL 14 GOVERNANCE 56 WHERE WE OPERATE 16 REMUNERATION REPORT 62 KEY PERFORMANCE INDICATORS 18 STATUTORY DISCLOSURES 65 CHAIRMAN & CEO’S REVIEW 20 FINANCIAL STATEMENTS 69 OUR BOARD 26 INDEPENDENT AUDITOR’S REPORT 99 OUR LEADERSHIP TEAM 28 CORPORATE DIRECTORY 100 This Annual Report is dated 5 September 2013 and is signed on behalf of the Board by: Grant King Sue Sheldon Follow us at facebook.com/contactenergy Chairman Director OUR BEST WORK Contact 2013 “The kids think there’s always money on the card – they think nothing of a 30 minute shower.” Contact customer research Everyone in the family has unique habits when it comes to energy use. That can make it tough for households to manage their energy costs. We’ve created an easy-to-use online tool, called HEAT, to help our customers manage their energy and identify practical ways to save money on their energy bills. 4 Contact Energy LIMITED Annual Report 2013 Contact Energy LIMITED Annual Report 2013 5 OUR BEST WORK Contact 2013 “I’ll come home on a sunny day and she’ll have the dryer on for half an hour to do her bra and knickers.” Contact customer research Household energy costs vary from month to month as energy use fluctuates. With SmoothPay, customers pay a fixed amount each month regardless of season. It’s a hassle-free way of smoothing out the highs and lows of energy costs so there are no unexpected surprises with the bill. 6 Contact Energy LIMITED Annual Report 2013 Contact Energy LIMITED Annual Report 2013 7 OUR BEST WORK Contact 2013 “We all pretty much live our own lives here. We cook our own meals and keep our own TVs, laptops and heaters in our rooms.” Contact customer research Flatties... can’t live with them, can’t live without them. To help make splitting the bill a little less hair-raising, we offer a range of services and payment options. That includes an online prompt payment discount of up to 22 per cent. Divided five ways of course. 8 Contact Energy LIMITED Annual Report 2013 Contact Energy LIMITED Annual Report 2013 9 OUR BEST WORK “People just Contact 2013 don’t expect power cuts these days – I remember we always had candles in the drawer.” Contact customer research In years gone by, tighter electricity supply and a reliance on rain-dependent hydro lakes meant power cuts were much more common. Over the past 5 years, Contact has invested over $2 billion to secure a more stable energy supply for Kiwis into the future, including a number of major renewable geothermal developments. 10 Contact Energy LIMITED Annual Report 2013 Contact Energy LIMITED Annual Report 2013 11 CONTACT AT A GLANCE Contact 2013 We are one of New Zealand’s largest electricity generators and retailers. Who, Our focus is on delivering great value, great products and great service to our customers. We supply electricity and natural gas through our Contact Energy brand and bottled LPG through Contact Rockgas LPG. Where, Our electricity generation business is focused on meeting New Zealand’s energy needs in a safe, reliable and efficient manner. Over recent years we have been building a more flexible portfolio by introducing new power generation assets. This diversity has enabled us to What. respond more efficiently to changing electricity market conditions. Generation by type for the year ended 30 June 2013 1,160 $1.24 m 23% Total – 9,879 GWh We employ around 1,160 We invested $1.24 million We supply 23 per cent Hydro – 3,560 GWh people from Auckland into community initiatives of the New Zealand to Invercargill. during the year. electricity retail market. Geothermal – 2,249 GWh Thermal – 4,070 GWh 1.3m 73,000 199,000 Our contact centres Contact is one of New We are New Zealand’s largest took 1.3 million calls and Zealand’s largest listed online energy company with handled 190,000 emails companies with around 199,000 customers signed during the year. 73,000 shareholders. up to receive Contact’s online services. Customers by energy type at 30 June 2013 Total – 566,000 Electricity – 439,500 $3.5b 11 Our net assets are We own and operate 11 worth $3.5 billion. power stations across New Zealand and we generate around a quarter of New Zealand’s electricity. Natural gas – 61,500 LPG – 65,000 12 Contact Energy LIMITED Annual Report 2013 Contact Energy LIMITED Annual Report 2013 13 OUR BUSINESS MODEL Contact 2013 Our Business Model Insight Source Generate Wholesale Distribute Sell & Serve First, we assess the future energy We seek the most cost-effective We purchase and source fuel for We sell the electricity generated Electricity is transported from As a retailer, we sell electricity, needs of customers, as well as the and efficient generation electricity generation. We buy gas on the wholesale electricity market generators by Transpower and gas and LPG products and broader economic and local energy development options to meet and diesel from producers; rain and also purchase the electricity then by local lines distribution services to residential, small market conditions. future customer needs or to and snow-melt fills hydro storage needed for sales to our customers. companies to customers. Gas business, commercial and replace existing, less efficient lakes; drilling extracts geothermal We buy and sell futures to manage is sourced by producers and industrial customers to meet generation. Geothermal fluid and steam. We also have the risk and take market positions. transported by Vector, Maui and their energy needs. We keep in developments are our priority – ability to store and use gas from gas network companies. Contact touch with customers, answer market conditions dictate when our Ahuroa gas storage facility. We delivers bottled LPG to customers queries and provide information we build new or adapt older vary the output and combination via our fleet of delivery trucks. Within on usage through our contact generation. of plants used to meet energy Christchurch we also supply LPG centre team, business account demand peaks and respond to through the reticulated network. managers, our website, email, seasonal/weather factors. social media and post. 14 Contact Energy LIMITED Annual Report 2013 Contact Energy LIMITED Annual Report 2013 15 WHERE WE OPERATE Contact 2013 We provide electricity, natural gas and LPG to residential, small business, commercial and industrial customers nationwide. Our Where head office is centrally located in Wellington, and we have a total of We 22 operational sites across the country from Auckland to Invercargill. Operate Existing power stations Auckland Ot¯ahuhu¯ Offices Power stations in construction Ohaaki LPG sales and distribution Te Rapa Te Mihi Whirinaki Stratford Clyde Queenstown/ Wanaka Christchurch Ahuroa Dunedin Te Huka Wellington Wair¯akei Roxburgh Invercargill Poihipi Levin Name Output Commissioned Type Location Capacity (MW) 2013 Generation (GWh)1 Name Output Commissioned Type Location Capacity (MW) 2013 Generation (GWh)1 Ahuroa – 2011 Gas storage facility Taranaki 10 petajoules (PJ) Ability to store and extract Te Huka Geothermal 2010 Binary cycle Taupō 23 198 stored as at gas as conditions require Te Mihi Geothermal Under construction Flash steam North of Taupō 166 (on completion) – 30 June 2013 Te Rapa Thermal 1999 Open-cycle turbine cogeneration Waikato 44 226 Clyde Hydro 1992 Conventional Otago 432 1,941 Roxburgh Hydro 1956–1962 Conventional Otago 320 1,619 Ohaaki Geothermal 1989 Flash steam Waikato 40 330 Stratford Thermal 1998 Combined-cycle turbine Taranaki 377 1,709 Ōtāhuhu A Thermal 1968 Gas, open-cycle turbine Auckland This station provides reactive Stratford Thermal 2011 Peaker gas turbine Taranaki 200 447 power, supporting the stable operation of the electricity Wair¯akei Geothermal 1958, 2005 Flash steam/Binary cycle Waikato 172 (reducing to 1,305 transmission system 114 MW on completion of Te Mihi) Ōtāhuhu B Thermal 1999 Combined-cycle turbine Auckland 400 1,684 Whirinaki Thermal 2004 Diesel fuel, open-cycle turbine Hawke’s Bay 155 4 Poihipi Geothermal 1996 Flash steam Waikato 55 416 1. For year ended 30 June 2013. 16 Contact Energy LIMITED Annual Report 2013 Contact Energy LIMITED Annual Report 2013 17 KEY PERFORMANCE INDICATORS Contact 2013 This year we have introduced 12 key performance indicators into our reporting. These enable interested stakeholders to more easily assess Key our performance against a range of measures that are integral to our business success. The measures highlight our 5-year performance Performance across key areas such as finance, operations, customers, our people, safety and the environment. Our Board and Leadership Team use the Indicators same measures to assess our performance against strategic priorities. 30 80 40 10 60 60 8 50 50 60 30 20 40 40 Female 6 Male 40 % 20 30 30 CEM Cents Cents 4 10 20 20 20 10 % of employees 2 10 10 % of employees engaged % of employees 0 0 0 0 0 0 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 Financial year Financial year Financial year Financial year Financial year Financial year Underlying earnings Operating Gearing Customer Employee Gender per share cashflow per share (net debt ratio) experience engagement diversity Measures performance of the underlying Measures cash available to fund distributions to Gearing is a measure of financial leverage, We regularly, independently survey a sample of We aspire to develop and challenge our people We believe the inclusion of a diverse range of business and is calculated by dividing underlying shareholders and growth capital expenditure.
Load more

Recommended publications
  • Decision No 540
    PUBLIC VERSION ISSN NO. 0114-2720 J6822 Commerce Commission Decision No 540 Determination pursuant to the Commerce Act 1986 in the matter of an application for clearance of a business acquisition involving: VECTOR LIMITED and NGC HOLDINGS LIMITED The Commission: P R Rebstock D R Bates QC D F Curtin Summary of Application: Vector Limited or an interconnected body corporate has sought clearance to acquire, whether directly or indirectly, up to and including 100% of the shares in NGC Holdings Limited Determination: Pursuant to section 66(3) (a)/(b) of the Commerce Act 1986, the Commission determines to give clearance to the proposed acquisition. Date of Determination: 10 December 2004 CONFIDENTIAL MATERIAL IN THIS REPORT IS CONTAINED IN SQUARE BRACKETS 2 TABLE OF CONTENTS THE PROPOSAL ....................................................................................................................4 STATUTORY FRAMEWORK..............................................................................................4 ANALYTICAL FRAMEWORK............................................................................................4 THE PARTIES.........................................................................................................................5 Vector....................................................................................................................................5 NGC.......................................................................................................................................5 PREVIOUS
    [Show full text]
  • New Zealand Broadband: Free TV's and Fridges - the Consumer Wins but Is It Sustainable?
    MARKET PERSPECTIVE New Zealand Broadband: Free TV's and Fridges - The Consumer Wins but is it Sustainable? Peter Wise Shane Minogue Monica Collier Jefferson King Sponsored by Spark New Zealand Limited IDC OPINION The New Zealand telecommunications market is shifting; from a focus around better and faster connectivity, to service innovations and value. Consumers are enjoying better internet connectivity and a raft of competitive offers from more than 90 retailers. Retailers, however, are feeling the pinch of decreasing margins. Questions are starting to arise about the sustainability of such a competitive retail marketplace. Total telecommunications market revenues increased by 1.1% from NZ$5.361 billion in the year to December 2016 to NZ$5.421 billion in the year to December 2017. IDC forecasts that this growth will continue in future years with a Compound Annual Growth Rate (CAGR) of 1.4% to 2021. However, this growth disguises the true story of a market that is displaying extreme price pressure and competition in both fixed and mobile. Overall, ARPUs are either flat or declining in both broadband and mobile and in the broadband space Retail Service Providers (RSPs) continue to compete away any chance of strong, sustainable ARPU growth. New Zealand telecommunication's structural separation and national broadband plan have created new constructs and market dynamics. The UFB initiative has commoditised fibre in New Zealand. Consumer fibre plan prices have plummeted from averaging over NZ$200 per month in 2013 to around NZ$85 per month as at February 2018. Fibre is available to more than a million homes and premises, and over a third have made the switch.
    [Show full text]
  • We're Making Life Better
    Contact Energy Annual Limited Report 2019 WE’RE MAKING LIFE BETTER ANNUAL REPORT 2019 Contact is the human energy company with great ideas and smart solutions that make living easier for customers, now and in the future. This Annual Report is dated 12 August 2019 and is signed on behalf of the Board by: Robert McDonald Dame Therese Walsh Chair Chair, Audit Committee This report is printed on an environmentally responsible paper produced using Elemental Chlorine Free (ECF) FSC Certified pulp sourced from Sustainable & Legally Harvested Farmed Trees, and manufactured under the strict ISO14001 Environmental Management System. The inks used in printing this report have been manufactured from vegetable oils derived from renewable resources, and are biodegradable and mineral oil free. All liquid waste from the printing process has been collected, stored and subsequently disposed of through an accredited recycling company. CONTENTS This Year In Review ............................................................................................................................................................................... 5 Chair’s review .......................................................................................................................................................................................................................................................6 Chief Executive Officer’s review ..............................................................................................................................................................................................................7
    [Show full text]
  • RETAIL BOND Investor Presentation
    RETAIL BOND Investor Presentation VECTOR May 2019 1 DISCLAIMER This presentation has been prepared by Vector Limited (“Vector”) in relation to the offer of unsecured, unsubordinated fixed rate bonds described in this presentation (“Bonds”). Vector has lodged a Product Disclosure Statement dated 1 May 2019 (“PDS”) with the Registrar of Financial Service Providers in New Zealand (“Registrar”) and made available the information on the register of offers of financial products administered by the Registrar (“Register Entry”) (the PDS and the Register Entry, together the “Offer Materials’) in respect of the offer of Bonds (“Offer”). The Offer Materials should be read before any investment decision is made. A copy of the PDS is available through www.companiesoffice.govt.nz/disclose (OFR 12633) or by contacting the Joint Lead Managers (defined below). This presentation does not constitute a recommendation by Vector or ANZ Bank New Zealand Limited, Deutsche Craigs Limited, Forsyth Barr Limited and Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand Branch), (together, the “Joint Lead Managers”), or Craigs Investment Partners Limited acting as Organising Participant (together with the Joint Lead Managers, the “Syndicate”) nor any of their respective directors, officers, employees or agents to sell, purchase or retain the Bonds. None of the Syndicate nor any of their respective directors, officers, employees and agents: (a) accept any responsibility or liability whatsoever for any loss arising from this presentation or
    [Show full text]
  • The Climate Risk of New Zealand Equities
    The Climate Risk of New Zealand Equities Hamish Kennett Ivan Diaz-Rainey Pallab Biswas Introduction/Overview ØExamine the Climate Risk exposure of New Zealand Equities, specifically NZX50 companies ØMeasuring company Transition Risk through collating firm emission data ØCompany Survey and Emission Descriptives ØPredicting Emission Disclosure ØHypothetical Carbon Liabilities 2 Measuring Transition Risk ØTransition Risk through collating firm emissions ØAimed to collate emissions for all the constituents of the NZX50. ØUnique as our dataset consists of Scope 1, Scope 2, and Scope 3 emissions, ESG scores and Emission Intensities for each firm. ØCarbon Disclosure Project (CDP) reports, Thomson Reuters Asset4, Annual reports, Sustainability reports and Certified Emissions Measurement and Reduction Scheme (CEMAR) reports. Ø86% of the market capitilisation of the NZX50. 9 ØScope 1: Classified as direct GHG emissions from sources that are owned or controlled by the company. ØScope 2: Classified as indirect emissions occurring from the generation of purchased electricity. ØScope 3: Classified as other indirect GHG emissions occurring from the activities of the company, but not from sources owned or controlled by the company. (-./01 23-./014) Ø Emission Intensity = 6789 :1;1<=1 4 Company Survey Responses Did not Email No Response to Email Responded to Email Response Company Company Company Air New Zealand Ltd. The a2 Milk Company Ltd. Arvida Group Ltd. Do not report ANZ Group Ltd. EBOS Ltd. Heartland Group Holdings Ltd. Do not report Argosy Property Ltd. Goodman Property Ltd. Metro Performance Glass Ltd. Do not report Chorus Ltd. Infratil Ltd. Pushpay Holdings Ltd. Do not report Contact Energy Ltd. Investore Property Ltd.
    [Show full text]
  • Infratil Limited and Vodafone New Zealand Limited
    PUBLIC VERSION NOTICE SEEKING CLEARANCE FOR A BUSINESS ACQUISITION UNDER SECTION 66 OF THE COMMERCE ACT 1986 17 May 2019 The Registrar Competition Branch Commerce Commission PO Box 2351 Wellington New Zealand [email protected] Pursuant to section 66(1) of the Commerce Act 1986, notice is hereby given seeking clearance of a proposed business acquisition. BF\59029236\1 | Page 1 PUBLIC VERSION Pursuant to section 66(1) of the Commerce Act 1986, notice is hereby given seeking clearance of a proposed business acquisition (the transaction) in which: (a) Infratil Limited (Infratil) and/or any of its interconnected bodies corporate will acquire shares in a special purpose vehicle (SPV), such shareholding not to exceed 50%; and (b) the SPV and/or any of its interconnected bodies corporate will acquire up to 100% of the shares in Vodafone New Zealand Limited (Vodafone). EXECUTIVE SUMMARY AND INTRODUCTION 1. This proposed transaction will result in Infratil having an up to 50% interest in Vodafone, in addition to its existing 51% interest in Trustpower Limited (Trustpower). 2. Vodafone provides telecommunications services in New Zealand. 3. Trustpower has historically been primarily a retailer of electricity and gas. In recent years, Trustpower has repositioned itself as a multi-utility retailer. It now also sells fixed broadband and voice services in bundles with its electricity and gas products, with approximately 96,000 broadband connections. Trustpower also recently entered into an arrangement with Spark to offer wireless broadband and mobile services. If Vodafone and Trustpower merged, there would therefore be some limited aggregation in fixed line broadband and voice markets and potentially (in the future) the mobile phone services market.
    [Show full text]
  • Laura Ogorman CV Short Form&Nbsp;
    Laura O'Gorman B a r r i s t e r , B a n k s i d e C h a m b e r s e: [email protected] p: 09-200 1501 w: logorman.com O V E R V I E W Barrister with over 23 years of legal experience in a broad range of commercial litigation. Leading Lawyer SPECIALIST AREAS Skills recognised by directory rankings Lender and Insolvency Highly experienced Judicial review and statutory appeals Over 23 years of Contract and company law disputes experience with broad Problem solver expertise Conflict of laws (private international law) Innovative, efficient, tenacious IP and media Intellectual Competition and fair trading LLM from Cambridge, Land law enjoys complex and Commercial challenging matters Pragmatic, BCom in See website for details. accounting and finance Integrity Committed to professional values S E L E C T H I G H L I G H T S Zespri Group Limited v Gao [2020] NZHC 109 (HC) Milk New Zealand (Shanghai) Co Ltd v Miraka Limited [2019] NZHC 2713; [2020] NZHC 697 (HC) Vector Limited v The Electricity Authority [2019] 3 NZLR 19; [2019] NZAR 60 (CA) Sky Network Television Ltd v My Box NZ Ltd (2018) 136 IPR 341 (HC) Cargill International S.A. v Solid Energy New Zealand Ltd [2016] NZHC 1817 (HC) Planet Kids Limited v Auckland Council [2014] 1 NZLR 149; (2013) 14 NZCPR 694 (SC) Fortes v Bank of New Zealand [2014] NZCA 346 (CA) Turners & Growers Ltd v Zespri Group Ltd (2011) 13 TCLR 286 (HC) New Zealand Bus Ltd v Commerce Commission [2008] 3 NZLR 433 (CA) W O R K E X P E R I E N C E E D U C A T I O N BANKSIDE CHAMBERS 1999 MASTER'S DEGREE Barrister sole, from
    [Show full text]
  • Notice of Special Meeting Vector Limited
    PLEASE READ Notice of Special Meeting Vector Limited Notice is given that a special meeting of the shareholders of Vector Limited will be held in the Guineas Ballroom, Ellerslie Event Centre, Ellerslie Racecourse, 80 Ascot Avenue, Remuera, Auckland, New Zealand, on 16 December 2015, commencing at 11am AGENDA ORDINARY RESOLUTION; TO CONSIDER, AND IF THOUGHT FIT, PASS THE FOLLOWING RESOLUTION: To approve the sale by NGC Holdings Limited of all of the shares in Vector Gas Limited to Odysseus Investments Limited under an Agreement for the Sale and Purchase of shares in Vector Gas Limited dated 9 November 2015 between Vector Limited, NGC Holdings Limited, Odysseus Investments Limited and Colonial First State Infrastructure Managers (Australia) Pty Limited as manager and agent for Colonial First State Managed Infrastructure Limited as trustee for the Global Diversified Infrastructure Fund (Active), as required by clause 34.1 of Vector Limited’s constitution. By Order of the Board Diane Green Company Secretary 30 November 2015 ORDINARY RESOLUTIONS: Ordinary resolutions are required to be approved by a simple majority of more than 50% of votes validly cast at the Special Meeting. SHAREHOLDERS ENTITLED TO ATTEND AND VOTE: Pursuant to section 125 of the Companies Act 1993, the Board has determined that, for the purposes of voting at the Special Meeting, only those registered shareholders of the Company as at 5.00pm on 10 December 2015, being a day not more than 20 working days before the meeting, shall be entitled to exercise the right to vote at the meeting. PROXIES: Any person entitled to attend and vote at the meeting may appoint another person as his/her proxy (or representative in the case of a corporate shareholder) to attend and vote instead of him/her.
    [Show full text]
  • A Bold Vision
    Creating a new energy future – a bold vision ANNUAL REPORT 2021 Our vision Creating a new energy future – a bold vision isn’t linear. In pursuing our vision over the past few years, we’ve had to be flexible and adaptable. We haven’t been afraid to challenge the status quo. As leaders of the transformation of the energy sector, we know the ‘same old’ just won’t cut it. We have the confidence to forge new solutions and for our people to work differently, to think differently. We have collaborated with global technology companies and thought leaders who share our view that innovation and digitalisation are key to meeting the future needs of energy systems and fast-evolving customer demands. As governments, businesses and consumers urgently take action to decarbonise, at Vector we are clear on our vision – creating a new energy future. It’s bold. 1 VECTOR ANNUAL REPORT 2021 / 2 Creating a new energy future – a bold vision Contents Performance snapshot 4 Chair and Group Chief Executive report 6 Chief Financial Officer report 12 Our people and safety 14 Regulated networks 16 Gas trading 20 Metering 21 Our climate and sustainability 22 Our Board 26 Our management team 28 Governance report 30 Entrust, majority shareholder of Vector 39 Joint ventures and investments 40 Operating statistics 41 Financial performance trends 42 Non-GAAP financial information 44 Financials 45 Independent auditor’s report 90 Statutory information 96 Financial calendar and directory 106 About this report This report, dated 23 August 2021, is a review of Vector’s financial and operational performance for the year ended 30 June 2021.
    [Show full text]
  • A: Strengthening the Consumer Voice
    A: Strengthening the consumer voice A1: Establish a consumer advisory council We support the option to establish a consumer advisory council. However, in order to be effective, this council will need to avoid industry and regulatory capture and will need to maintain a strong focus on consumer, rather than industry, needs. To do this the group will need to be underpinned by strong customer data analytics and evidence and should have a structure which is independent from undue industry or regulatory influence. It should also have strong consumer representation. We agree with the Panel and that setting up a Consumer Advisory Council to promote the interests of residential and small business consumers is a positive step to help overcome the complexity of the electricity sector and to give consumers a voice in decision-making. However, as noted by the Panel, the complexity of the electricity sector can make it difficult for consumers to engage with industry and regulatory decision making. There is therefore a risk that the proposed Council may simply rely on the views of external consultants to inform their positions and decision making, which could lead to industry and/or regulatory capture of the Council. Appointing a regulator to act as Secretariat would also raise similar concerns. A number of the options put forward in the Paper signal that the EA has not adequately accounted for consumer interests in its approach. For example, the proposed Government Policy Statement (GPS) on transmission pricing highlights the limitations of a narrow focus on pure economic efficiency at the expense of consumer experience – the impact of price shocks on consumers, and particularly those experiencing energy hardship, has been raised with some concern by the Panel.
    [Show full text]
  • Download Financial Statements
    About These Financial Statements Statement of Comprehensive Income FOR THE SIX MONTHS ENDED 31 DECEMBER 2019 FOR THE SIX MONTHS ENDED 31 DECEMBER 2019 These interim Financial Statements are for Contact, a group made up of Contact Energy Limited, the entities over which it has control or joint control and its associate. Unaudited Unaudited Audited 6 months ended 6 months ended Year ended Contact Energy Limited is registered in New Zealand under the Companies Act 1993. It is listed on the New Zealand Stock Exchange $m Note 31 Dec 2019 31 Dec 2018 30 June 2019 (NZX) and the Australian Securities Exchange (ASX) and has bonds listed on the NZX debt market. Contact is an FMC reporting entity Revenue and other income A2 1,110 1,304 2,460 under the Financial Markets Conduct Act 2013. Operating expenses A2 (889) (1,026) (1,955) Contact’s interim Financial Statements for the six months ended 31 December 2019 provide a summary of Contact’s performance Significant items A2 2 5 9 for the period and outline significant changes to information reported in the Financial Statements for the year ended 30 June 2019 Depreciation and amortisation C2 (110) (102) (205) (2019 Annual Report). The Financial Statements should be read with the 2019 Annual Report. Net interest expense B4 (28) (39) (70) The Financial Statements have been prepared: Profit before tax 85 142 239 in millions of New Zealand dollars (NZD) unless otherwise stated in accordance with New Zealand generally accepted accounting practice (GAAP) and comply with NZ IAS 34 Interim Financial Tax expense (26) (43) (69) Reporting Profit from continuing operations 59 99 170 using the same accounting policies and significant estimates and critical judgments disclosed in the 2019 Annual Report, Discontinued operation except as disclosed in note C2 with certain comparative amounts reclassified to conform to the current period’s presentation.
    [Show full text]
  • Kernel NZ 20 Fund for the Month Ended 30 April 2021
    Kernel NZ 20 Fund For the month ended 30 April 2021 Fund overview What does the fund invest in? The Fund provides investors with a diversified exposure across Sector mix a range of sectors including utilities, real estate, This shows the sectors that the fund currently invests in: telecommunication and healthcare to 20 of the largest companies listed in New Zealand. Large and liquid, many of Health Care 30.1% these companies export globally and collectively account for Utilities 21.1% over 80% of the value of the entire investable NZ stockmarket. Industrials 16.9% Communication Services 10.7% Key information Real Estate 6.0% • Index tracked: S&P/NZX 20 Index Materials 5.8% • Number of constituents: 20 Consumer Staples 5.5% • Distribution frequency: Quarterly Consumer Discretionary 2.6% Energy 1.3% • Management fee: 0.39% Cash 0.0% • Inception: 28th August 2019 • Indicative yield: 2.02% How to use Kernel NZ 20 Fund The NZ 20 fund can be used in a variety of investment Top 10 investments strategies, for example: % of fund’s Company • A core allocation to NZ equities net asset value • A tactical exposure to NZ blue-chips Fisher & Paykel Healthcare 17.95% • A low cost alternative to other active managers Auckland International Airport 8.81% Spark 7.83% Performance Meridian Energy 6.43% Fund after Index Net tracking Mainfreight 5.88% fees difference Fletcher Building 5.76% 1 month 1.17% 1.20% -0.03% Ryman Healthcare 5.66% 3 months -4.20% -4.11% -0.09% Contact Energy 5.54% 6 months 4.19% 4.43% -0.24% The a2 Milk Company 5.46% 1 year 17.25% 17.34% -0.09% Infratil 4.96% 3 years 17.51% Current cash & equivalents = 0.01% 5 years 15.60% 10 years 16.43% Further information Fund returns before tax and assuming distributions reinvested.
    [Show full text]