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Annual Report 2015 2015 Annual Report

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Annual Report 2015 2015 Annual Report Different... 1 TRUSTPOWER ANNUAL REPORT 2015 2015 ANNUAL REPORT 2 TRUSTPOWER 2015 ANNUAL REPORT different because... WE BELIEVE SMALL THINGS MAKE ALL THE DIFFERENCE Our team's collaborative approach has helped complete the Snowtown Stage 2 Wind Farm ahead of schedule and nearly SEE A$16 million under budget. PAGE 27 FOR THE FULL STORY 3 TRUSTPOWER 2015 ANNUAL REPORT 4 TRUSTPOWER 2015 ANNUAL REPORT different because... WE BELIEVE IN PEOPLE NOT PRODUCTS That’s why we bundled life’s essential utilities together to make our customers’ lives easier, enabling them to do more of what they want. SEE PAGE 31 FOR THE FULL STORY 5 TRUSTPOWER 2015 ANNUAL REPORT 6 TRUSTPOWER 2015 ANNUAL REPORT different because... WE BELIEVE IN GETTING THE MOST FROM OUR RESOURCES Building a sustainable economy is about maximising the potential of the SEE assets we have, like finding more than PAGE 35 one way to use water. FOR THE FULL STORY 7 TRUSTPOWER 2015 ANNUAL REPORT Introduction At Trustpower we don’t try to be different just for the sake of being different. We believe our fresh approach has brought much needed innovation to the industry and we are now seeing the benefits. Customers are benefiting from the convenience of multiple utilities on one bill and shareholders are benefiting from clever optimisation of existing renewable energy assets and efficient completion of new assets. TRUSTPOWER 2015 ANNUAL REPORT Contents 10 - ACHIEVEMENTS 12 - WHO WE ARE Introduction 14 - DIRECTORS’ REPORT 20 - LEADERSHIP TEAM 22 - CHIEF EXECUTIVE’S REPORT 26 - CASE STUDIES 38 - SUSTAINABILITY REPORT 50 - CORPORATE GOVERNANCE 56 - FINANCIAL STATEMENTS 59 - AUDITORS' REPORT 98 - STATUTORY INFORMATION 102 - SECURITY HOLDER INFORMATION 105 - DIRECTORY 105 - FINANCIAL CALENDAR ACHIEVEMENTS 2015 ACQUISITION OF THE FOR different because... HYDRO AND WIND GENERATION ASSETS OF GREEN STATE POWER FROM THE WE TAKE A NSW GOVERNMENT A$73 MILLION FROM THE LONG TERM SUCCESSFUL LAUNCH OF VIEW TOWARDS 28,000 MULTI-UTILITY ACHIEVING SHORT CUSTOMERS BUNDLES TERM GAINS 16% 19% 18% 47% REGIONAL NZ HAMILTON WELLINGTON AUCKLAND ACHIEVEMENTS AND STRATEGIC FOCUS COMPLETION OF THE SNOWTOWN STAGE 2 WIND FARM MILLION AN UPLIFT IN VALUE A$424 OF APPROXIMATELY 270MW A$300 MILLION Strategic Focus - 2016 Financial Year HAS BEEN RECORDED AS AT Progress development approval applications for 1,280MW of wind investment in Victoria, New South Wales and South Australia. Progress irrigation opportunities in Canterbury. 31 MARCH Metro market targeting to continue growing multi product customers. Deployment of smart metering technology to customers 2015 over a 3 year period commencing early 2016. FOLLOWING THE COMPLETION ON TIME AND OF AN INDEPENDENT UNDER BUDGET VALUATION 10 TRUSTPOWER 2015 ANNUAL REPORT ACHIEVEMENTS 2015 ACQUISITION OF THE FOR HYDRO AND WIND GENERATION ASSETS OF GREEN STATE POWER FROM THE NSW GOVERNMENT A$73 MILLION FROM THE SUCCESSFUL LAUNCH OF 28,000 MULTI-UTILITY CUSTOMERS BUNDLES 16% 19% 18% 47% REGIONAL NZ HAMILTON WELLINGTON AUCKLAND COMPLETION OF THE SNOWTOWN STAGE 2 WIND FARM MILLION AN UPLIFT IN VALUE A$424 OF APPROXIMATELY 270MW A$300 MILLION HAS BEEN RECORDED AS AT 31 MARCH 2015 FOLLOWING THE COMPLETION ON TIME AND OF AN INDEPENDENT UNDER BUDGET VALUATION 11 TRUSTPOWER 2015 ANNUAL REPORT FAR NORTH different because... BREAM BAY AUCKLAND COUNTIES WE’RE BIG CROOKWELL WIND FARM SOUTHERN TAURANGA THAMES VALLEY KAIMAI KEEPIT ROTORUA WAIKATO/WAIPA ENOUGH TO MATAHINA TAUPO WHEAO/FLAXY BLAYNEY WIND FARM HINEMAIAIA DELIVER BUT GISBORNE MANGOREI BURRINJUCK WAIROA SMALL ENOUGH NEW PLYMOUTH/ HUME TARANAKI ESK MOTUKAWA HAWKE’S BAY TO CARE COBB PATEA WHANGANUI TASMAN/NELSON MANAWATU SNOWTOWN WHO WE ARE AND WIND FARM BULLER WHERE WE WORK TARARUA WIND FARM ARNOLD WELLINGTON MARLBOROUGH WEST COAST ARGYLE/WAIRAU KUMARA/ DILLMANS/DUFFERS WAIHOPAI KANIERE FORKS/ MCKAYS CREEK RANGIORA WAHAPO We own 1,101MW of hydro and wind generation CHRISTCHURCH TIMARU spread throughout New Zealand and Australia. COLERIDGE HIGHBANK These assets produce an average of 4,046GWh per year. CENTRAL OTAGO ASHBURTON We supply electricity to around 242,000 customers, gas to MONTALTO MAHINERANGI 24,000 customers and provide 54,000 telecommunications WIND FARM/ DEEP STREAM services to 38,000 customers throughout New Zealand. OAMARU We have 628 full time equivalent employees working OTAGO RETAIL CUSTOMERS throughout New Zealand and Australia. Around 65% of our DUNEDIN INVERCARGILL/ employees are based in our Tauranga head office. SOUTHLAND PAERAU/PATEAROA GENERATION SCHEME WAIPORI 12 TRUSTPOWER 2015 ANNUAL REPORT FAR NORTH BREAM BAY AUCKLAND COUNTIES CROOKWELL WIND FARM SOUTHERN TAURANGA THAMES VALLEY KAIMAI KEEPIT ROTORUA WAIKATO/WAIPA MATAHINA TAUPO WHEAO/FLAXY BLAYNEY WIND FARM HINEMAIAIA GISBORNE MANGOREI BURRINJUCK WAIROA NEW PLYMOUTH/ HUME TARANAKI ESK MOTUKAWA HAWKE’S BAY COBB PATEA WHANGANUI TASMAN/NELSON MANAWATU SNOWTOWN WIND FARM BULLER TARARUA WIND FARM ARNOLD WELLINGTON MARLBOROUGH WEST COAST ARGYLE/WAIRAU KUMARA/ DILLMANS/DUFFERS WAIHOPAI KANIERE FORKS/ MCKAYS CREEK RANGIORA WAHAPO CHRISTCHURCH TIMARU COLERIDGE HIGHBANK CENTRAL OTAGO ASHBURTON MONTALTO MAHINERANGI WIND FARM/ DEEP STREAM OAMARU OTAGO RETAIL CUSTOMERS DUNEDIN INVERCARGILL/ SOUTHLAND PAERAU/PATEAROA GENERATION SCHEME WAIPORI 13 TRUSTPOWER 2015 ANNUAL REPORT different because... WE BELIEVE IN CHALLENGING THE STATUS QUO Reports from our DIRECTORS & CHIEF EXECUTIVE 14 TRUSTPOWER 2015 ANNUAL REPORT 15 TRUSTPOWER 2015 ANNUAL REPORT Directors' Report BRUCE HARKER Trustpower has made good progress on its growth agenda over the 2015 financial year. The 270MW Snowtown Stage 2 Wind Farm in South Australia was completed on time and under budget and has provided shareholders with significant value uplift following commissioning in October 2014. Trustpower has broadened its Australian renewable energy portfolio through the acquisition, at an attractive price, of 105MW of hydro and wind assets owned by Green State Power from the New South Wales Government in July 2014. Trustpower has grown its New Zealand retail customer base, particularly in metro markets, as its multi-product strategy gains momentum. FINANCIAL PERFORMANCE Earnings before interest, tax, depreciation, amortisation, fair value movements of financial instruments, asset Trustpower’s consolidated profit after tax was $144.0 million impairments and discount on acquisition (EBITDAF)2 were for the year ended 31 March 2015, an increase of 25% $330.7 million, compared with $277.4 million achieved in the compared with $115.1 million for the same period last year. previous year, representing an increase of 19%. It includes a $25.0 million gain representing the difference between purchase price and fair value of the Green State While earnings were well ahead of the 2014 financial year Power assets as determined by independent valuation they were at the lower end of expectation due to a number following the acquisition. of headwinds encountered during the period namely: Underlying earnings1 were $122.9 million compared with • Poor wind generation over the second half at the $108.5 million in the previous year, an increase of 13%. Snowtown and Tararua Wind Farms. 16 TRUSTPOWER 2015 ANNUAL REPORT • Weak North Island hydro generation as the result of low storage lakes provide valuable flexibility to generate into any inflows due to drought conditions experienced during the periods of firming prices and this was evident over the fourth fourth quarter. quarter with South Island generation making up for some of the low hydro and wind production at our North Island sites. • The impact of the strong NZ$/A$ exchange rate on Australian earnings, which now contribute a larger The Australian wind farms produced 1,187GWh versus proportion of group earnings following completion of 536GWh in the prior year as the Snowtown Stage 2 wind Snowtown Stage 2. turbines were progressively brought on line through the first half of the financial year. However, production was Total electricity volume sold by the Group in New Zealand approximately 100GWh (8%) below expectation due to through mass market retailing and commercial and weaker second half production caused by lower available industrial sales was 3,934GWh, compared with 3,512GWh wind resource. in the prior year, an increase of 12%. Increased sales volume was achieved in both segments. Australian hydro generation assets performed well, producing 278GWh in line with expectation for the period Total energy connections increased to 266,000 at from acquisition in July 2014 through to 31 March 2015. 31 March 2015 (including 24,000 gas connections) from 238,000 as at 31 March 2014 (14,000 gas connections). Group operating cash flow remained solid at $269.8 million While the retail market remained highly competitive for the 2015 financial year versus $256.8 million in the throughout the year, Trustpower continued to experience prior period. lower levels of customer churn than the market overall. FINANCIAL POSITION AND CAPITAL STRUCTURE Trustpower has continued to achieve strong growth in Group generation assets were independently valued by telecommunication connections with an increase to Deloitte Corporate Finance as at 31 March 2015 as part 38,000 connections from 31,000 connections in the of a three yearly cycle required under Trustpower’s prior year, an increase of 23%. accounting policies. Trustpower was particularly active in North Island metro As a result generation assets were revalued upwards markets using a range of sales channels. Pleasingly, by $399 million, equity
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