agm ppt 09 f.ppt - home | infratil · • long term maintenance and operations contract with suzlon...
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Summary of theSummary of the Year’s Events
• Underlying Operating Surplus of $118.8m up 28%• EBITDAF grew 25 % to $260m• Generation output up 18% to 2,381 GWh• Snowtown Stage 1 wind farm completed
D St h d f ll i i d• Deep Stream hydro fully commissioned• Mahinerangi and Kaiwera Downs wind farms fully consented• Snowtown Stage 2 & 3 and Myponga fully permittedSnowtown Stage 2 & 3 and Myponga fully permitted• Wairau and Arnold hydro consents under appeal• Successful subordinated bonds issued - $100m• Kinect telecommunications achieved sales of $17m• TrustPower retail top service in national survey
R lt 2008 2009Results 2008 - 2009
Underlying Operating Surplus
$98 1$118.8
$120 0$140.0
$61.8$73.2 $81.4
$97.4 $98.1
$80.0$100.0$120.0
lions
$20 0$40.0$60.0
$ m
ill
$-$20.0
03/04 04/05 05/06 06/07 07/08 08/09
R lt 2008 2009Results 2008 - 2009
Total Assets
$2,350 $2,527$3,000
$1,350 $1,435$2,060
$1 500$2,000$2,500
lions
$500$1,000$1,500
$ m
ill
$0$500
04/05 05/06 06/07 07/08 08/09
R lt 2008 2009Results 2008 - 2009
Dividends
43.040 0
50.0
e
30.027.023.019 5
30.0
40.0
er S
hare
19.5
10.0
20.0
ents
pe
0.004/05 05/06 06/07 07/08 08/09
Ce
Ordinary SpecialOrdinary Special
R lt 2008 2009Results 2008 - 2009
Generation Output
238125003000
ns)
2071 1791 1941 2018
150020002500
(mill
ion
5001000
Uni
ts (
004/05 05/06 06/07 07/08 08/09
Hydro WindHydro Wind
D bt P itiDebt Position
TrustPower Debt Facilitiesas at 31 March 2009
400
500
300
400
$M
100
200
-NZD Bank Debt AUD Bank Debt Subordinated Bonds Other
Utilised Available
Fi t Q t 2009First Quarter 2009
Characterised by:H S th I l d h d i fl• Huge South Island hydro inflows
• Low generation output - up 8 % on last year but down 14 % on expected
• Mass Market and ToU sales up 7 % on last year
• Low spot prices this year but good margins on newly acquired customers
• Trading performance meeting expectations
G ti D l tGeneration Developments
Snowtown Wind Farm – South Australia• 99 MW comprising 47 s88 Suzlon turbines• 99 MW comprising 47 s88 Suzlon turbines• Capital cost of AU $208m• Now fully commissioned on time and slightly under budget• 10 year power purchase agreement on 90% of output• Long term maintenance and operations contract with Suzlon• Power curve meeting design specificationsg g p
G ti D l tGeneration Developments
Deep Stream Hydro• 6 MW (2 stations) high head hydro in Otago6 MW (2 stations) high head hydro in Otago• Significant dam construction and 7km of canals• Capital cost of $25m• Capital cost of $25m• Now fully commissioned and fully operational• Turbines NZ designed and built• Turbines NZ designed and built• Construction delays but a very good assets for the long term
G ti P j t O tiGeneration Project Options
Consented Projects:• Myponga Wind Farm – SA (48 MW)Myponga Wind Farm SA (48 MW)• Snowtown Wind Farm – SA Stage 2 & 3 (235 MW)• Mahinerangi Wind Farm – Otago (200 MW)• Mahinerangi Wind Farm – Otago (200 MW)• Kaiwera Downs Wind Farm – Southland (240 MW)
Under Consent Appeal:W i H d M lb h (72 MW)• Wairau Hydro – Marlborough (72 MW)
• Arnold Hydro – West Coast (46 MW)
G ti P j t O tiGeneration Project OptionsDevelopment Pipeline:• 2 major hydro generation / irrigation projectsj y g g p j• 7 New Zealand wind farms• 10 winds farms in SA, NSW and VIC
Small Hydro Enhancements (projects costing less than $ 25 m):• 3 being implemented• 4 in final design stage• 6 in feasibility stage• 7 in pre-feasibility stage• 25 in scoping stage
5 i t t• 5 in concept stage
O C tOur Customers
• Strategically grow market share as new generation developments are commissioned
• Customer numbers grew to 227,000 during the year• Build further loyalty with FRIENDS and FRIENDS EXTRABuild further loyalty with FRIENDS and FRIENDS EXTRA• Grow KINECT telecommunications brand• Support Community activities• Support Community activities• Maintain top customer service standing
R l t E i tRegulatory Environment• Climate Change legislation before NZ Select Committee• Unlikely to see ETS in energy sector before 2011 in either NZ or Unlikely to see ETS in energy sector before 2011 in either NZ or
Australia• Commerce Commission Report published but very academic• Electricity Industry Review commissioned by Government, initial
report due soonR t il l t i it i d Mi i t i l ‘f ’ til R i• Retail electricity prices under Ministerial ‘freeze’ until Review completed
• Pressure being applied to raise SOE performance• Pressure being applied to raise SOE performance• Reviews underway to propose new Transmission Pricing
Methodology including HVDC chargesgy g g
L ki F dLooking Forward
Maintain strong Balance Sheet during market upheaval
Continue to provide steady value and dividend growthContinue to provide steady value and dividend growth
Invest in high earning generation assets
Support and maximise carbon market opportunities
Strategically grow retail market shareg y g
Enhance the TrustPower investor and retail brand
Invest in the wellbeing of our communities and the environmentInvest in the wellbeing of our communities and the environment
Continue to meet shareholder expectationsContinue to meet shareholder expectations
Hanging up my TrustPowerHanging up my TrustPower Boots !
TrustPower is a great company:F t ti M t T th t l d• Fantastic Management Team – they are true leaders
• There are lots of very talented young people coming through
• Commercially one of NZ’s top performers over many years
• High level of retail customer and investor loyaltyHigh level of retail customer and investor loyalty
• Portfolio of well maintained quality assets
G f i i h h NZ• Great supporter of communities throughout NZ
• Dedicated to caring for our natural environment
• With 10 + years of future generation development opportunities