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- Release Date: 16/08/13 10:53
- Summary: FLLYR: TRP: Transpower releases 2013 annual results
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TRP
16/08/2013 08:53
FLLYR
REL: 0853 HRS Transpower New Zealand Limited
FLLYR: TRP: Transpower releases 2013 annual results
Transpower New Zealand today released its annual results for the 2012/2013
financial year.
Earnings after tax, prior to net changes in the fair value of financial
instruments, were $269 million (2012: $167 million). The increase primarily
reflects the sale of Transpower's Sydney-based subsidiary d-cyphaTrade
Limited in May 2013.
Transmission revenue was $861 million (2012: $725 million), an increase of
$136 million. This increase reflects the commissioning of the North Island
Grid Upgrade and HVDC Pole 3 projects.
An interim dividend of $92 million was paid to the Crown in March 2013.
Transpower also paid a special dividend of $65.7 million in June 2013, being
the total proceeds of the sale of d-cyphaTrade Limited. The Board has
resolved to pay a further final dividend of $137 million. This will be paid
in September, bringing the total dividend for the 2012/2013 financial year to
$294.7 million.
Chairman Mark Verbiest said that the company completed a strong year,
improving on our financial and reliability targets as well as commissioning
two of the company's three major transmission projects and improving asset
management capability. The company was also named Energy Company of the Year
at the Deloitte Energy Excellence Awards held this week.
"It has been pleasing to complete the North Island Grid Upgrade Project and
Pole 3 of the HVDC inter-island link - projects that have substantially
improved the reliability and resilience of the grid for New Zealanders. Our
final major project, the completion of a transmission ring through Auckland,
is also close to completion," he said.
"As we complete our major upgrades, we are very focused on using technology
to increase the capacity and effectiveness of the existing grid. Emerging
consumer technologies offer exciting opportunities. We will promote and use
these technologies to provide an excellent, cost-effective transmission
service to our customers.
"The most important change we've achieved at Transpower these last few years
has been to start to think, and behave, like a service company. Looking at
the power system from the customers' viewpoint opens up new opportunities.
Decisions on how we operate and maintain the transmission network are now
driven by the impact on customers, not just on our assets and it is this
focus that has brought us the strong improvement in performance over the last
year."
"I am confident that Transpower is well placed to continue to prioritise -
and reduce - capex and opex on the grid, by spending our dollar where it
counts for the customer," Mr Verbiest said.
For further information, please contact: Rebecca Wilson, Corporate
Communications Manager, 04 590 6695; 021 578 608
End CA:00239768 For:TRP Type:FLLYR Time:2013-08-16 08:53:27
