TPW
27/03/2015 16:11
GENERAL
PRICE SENSITIVE
REL: 1611 HRS TrustPower Limited
GENERAL: TPW: Independent Revaluation of Generation Assets
Media Announcement
27 March 2015
Independent Revaluation of 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 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 we expect 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.
BJ Harker
Chairman
End CA:00262405 For:TPW Type:GENERAL Time:2015-03-27 16:11:04
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