IFT
27/03/2015 16:23
GENERAL
PRICE SENSITIVE
REL: 1623 HRS Infratil Limited
GENERAL: IFT: Independent Revaluation of Trustpower Generation Assets
Trustpower's accounting policies require that an independent valuation is
undertaken of its generation assets every 3 years.
Trustpower has engaged Deloitte Corporate Finance to complete a revaluation
of its generation assets as at 31 March 2015.
As a result of the revaluation review the Trustpower board has determined
that an uplift of approximately NZD equivalent 400 million is likely to occur
on the Group's generation assets. The majority of the uplift is due to the
revaluation of the Snowtown Stage 2 Wind Farm in South Australia following
its commissioning in October 2014. The uplift in value for Snowtown Stage 2
is approximately AUD300 million reflecting the very strong underlying
economics of this wind project.
As a result of the revaluation Trustpower expects that Group assets as at 31
March 2015 will increase by approximately NZD400 million, shareholders' funds
will increase by approximately NZD290 million and deferred tax liability will
increase by approximately NZD110 million. It is also expected that Group net
debt/net debt plus equity will reduce to below 40% following the revaluation.
Further details of the revaluation will be included in Trustpower's FY15
Financial Statements which will be included in the year-end results
announcement scheduled for Friday 15 May 2015. The financial statements are
subject to final audit sign off.
Trustpower Limited (NZX: TPW) is a 51% subsidiary of Infratil Limited.
Marko Bogoievski
Chief Executive Officer
Infratil Limited
End CA:00262410 For:IFT Type:GENERAL Time:2015-03-27 16:23:20
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