MEL
12/08/2013 08:49
FLLYR
REL: 0849 HRS Meridian Energy Limited
FLLYR: MEL: Meridian Energy Annual Result 2013
Meridian posts solid FY13 result
For immediate release: 12 August, 2013
Meridian Energy has posted a strong end of year result to 30 June 2013 with
Net Profit After Tax (NPAT) of $295.1 million, up 296% on last year.
Meridian's underlying NPAT (which excludes the effects of non-cash fair value
movements, gains on sale of assets, impairments and other one-off items)
increased 53% to $162.7 million this year. Earnings before interest and
taxation, depreciation and amortisation and fair value adjustments (EBITDAF)
was up 23% from last year's result at $584.8 million.
"The year saw inflow levels that were closer to historical average than
record low inflows experienced in 2012. The result is pleasing as Meridian
has shown its resilience in testing market conditions, including an extremely
dry period over the summer months, while maintaining its focus on the ongoing
negotiations with the owners of the Tiwai Point smelter and continued
preparations for Meridian's potential partial listing later in the year,"
says Meridian CE Mark Binns.
The FY13 result was influenced by overall improved earnings and the sale of
the Macarthur wind farm in Australia in June, which resulted in a $101
million pre-tax gain, and a $6 million gain on the sale of the company's
subsidiary Energy for Industry.
During the year the company managed significant market disruptions including
low inflows into Meridian's South Island hydro catchments, a three month
Tekapo canal outage and 42 days of HVDC outages to support Transpower's Pole
3 commissioning project.
"In a market that is characterised by weak demand and fierce competition,
both retail brands are holding strong," says Mark Binns.
Meridian Retail performed well with net contracted revenue increasing by 3%
on last year's performance, through improving its portfolio mix.
Meridian's online retail business, Powershop, had a positive year with an
increase in sales and a 7% increase in customer connections.
"Powershop also entered the Australian retail market in the state of
Victoria. This is a great opportunity for Victorians to experience
Powershop's unique online offering."
The company's current construction projects are on schedule. Both the Mill
Creek wind farm, near Wellington, and the Mt Mercer wind farm in Victoria,
Australia are expected to be fully commissioned by summer 2015.
"It's now two years since a lost time injury has been recorded at Meridian,
which is a testament to the company's continued focus to ensure safety and
health is a key part of all our decisions and operations," adds Mark Binns.
Meridian will pay a final dividend of $152.6 million, following an interim
dividend of $99.8 million paid in April.
ENDS
Paul Clearwater
External Communications
Meridian Energy
021 847 835
[email protected]
meridian.co.nz
For Investor Relations queries, please contact:
Owen Hackston
Investor Relations Manager
Meridian Energy
(04) 382 7496 or 021 246 4772
[email protected]
End CA:00239528 For:MEL Type:FLLYR Time:2013-08-12 08:49:33
