Ann: FLLYR: TRP: Transpower releases 2013/14 annual results

• Release Date: 14/08/14 15:30
• Summary: FLLYR: TRP: Transpower releases 2013/14 annual results
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					TRP
14/08/2014 15:30
FLLYR

REL: 1530 HRS Transpower New Zealand Limited

FLLYR: TRP: Transpower releases 2013/14 annual results

Transpower New Zealand today released its annual results for the 2013/14
financial year.

Earnings before interest, tax, depreciation, asset write-offs, impairments
and changes in the fair value of financial instruments (EBITDAIF) was $717
million (2013: $623 million) an increase of $94 million.

The increase was driven by higher transmission revenue of $941 million (2013:
$861 million, reflecting the commissioning of the North Auckland and
Northland Project and the HVDC Pole 3.

Net profit after tax, prior to net changes in the fair value of financial
instruments, was $184 million (2013: $202 million), a decrease of $18 million
on the previous period.     The net decrease reflects higher revenue,
depreciation and interest costs which were an outcome of the significant
capital investment programme.

An interim dividend of $60 million was paid to the Crown in March 2014.  The
Board today resolved to pay a further final dividend of $91 million. This
will be paid in September, bringing the total dividend for the 2013/14
financial year to $151 million.

Chairman Mark Verbiest said that the company had performed well over the past
twelve months.

"It has been pleasing to complete the last of the major capital build
projects - the North Auckland and Northland Project and Wairakei to Whakamaru
Replacement Transmission Line Project. I am confident that the major grid
enhancements carried out over the past few years have substantially improved
the reliability and resilience of the grid, and will serve New Zealanders for
generations to come," he said.

"We were also delighted to have some of that work recognised just last night
by our peers with the HVDC Link Project being awarded Energy Project of the
Year at the Deloitte Energy Excellence Awards."

"With the major capital investments now over, we are focused on using
innovative, cost effective solutions that will allow us to respond to changes
in demand quickly if needed, or defer the need for new grid assets, while
continuing to meet the electricity requirements of our customers. Keeping the
cost of electricity low, while keeping reliability high is a key focus for
us," he said.

"We have made some big steps forward in this area over the past year
including working with the Electricity Authority to successfully implement a
world-first Dispatchable Demand programme where purchasers in the wholesale
electricity market are able to offer load into the market alongside
generation.  We have also just released the RFPs for our new commercial
demand response programme which focuses on utilising commercial buildings
that have standby generation to manage peaks on the transmission system," he
said.

Transpower's full annual report will not be available until tabled in
Parliament.

For further information, please contact:  Rebecca Wilson, Corporate
Communications Manager, 04 590 6695; 021 578 608
End CA:00253884 For:TRP    Type:FLLYR      Time:2014-08-14 15:30:11