apr-11.pdf (2.07 MB) - Crown Ownership Monitoring Unit

Genesis Power LimitedCHAIR » Rt Hon Dame JennyShipleyBOARD » Joanna Perry,Dr Nicki Crauford, John Dell,Barbara Elliston, Rob Fisher,Graeme Milne, RukumoanaSchaafhausen, Denis WoodCHIEF EXECUTIVE »Albert BrantleyActivitiesGenesis is a generator, wholesalerand retailer of electricity, withapproximately 68% of itsgeneration being thermal and theother 32% being hydro and wind.Genesis has around 2,142megawatts (MW) of installedgeneration capacity. Its generationassets include the 1,000 MWHuntly station, a 400 MW highefficiency gas fired plant (HuntlyUnit 5), a 40 MW peaking plant(Huntly Unit 6) and the Tongariroand Waikaremoana hydroschemes. In 2011, Genesisacquired the Tekapo A and B hydropower stations from MeridianEnergy. Genesis is New Zealand’slargest electricity and gas retailerwith around 667,000 customers.Financial performance measures2007 2008 2009 2010 2011ReturnsTotal shareholder return 19.2% 3.5% (15.4%) 15.6% 30.5%Dividend yield 0.6% 1.6% 2.3% 2.6% 0.0%Dividend payout 42.9% 29.7% 28.5% 34.8% 0.0%Adjusted ROE 6.6% 9.9% (12.3%) 7.1% (0.7%)EfficiencyROCE 8.1% 11.6% (10.4%) 8.5% 2.3%Operating margin 10.3% 12.3% 10.3% 13.1% 16.0%Generator efficiency* 23 33 25 33 45LeverageNet gearing 20.6% 27.5% 29.6% 26.4% 40.8%Interest cover 3.38 7.06 3.15 4.73 5.69Current ratio 1.23 1.06 1.00 1.57 0.60OtherFive-year averageDividend growth (100.0%)Revenue growth 0.9%Income statement$m 2007 2008 2009 2010 2011Revenue 1,770 2,437 1,957 1,895 1,834EBITDAF 182 301 202 249 293NPAT 61 99 (136) 69 (17)Net energy revenue 748 1,018 889 846 690Balance sheet$m 2007 2008 2009 2010 2011Total assets 2,183 2,707 2,585 2,532 3,677Total liabilities 678 1,300 1,193 1,087 1,965Commercial value** 1,712 1,744 1,439 1,624 2,120Cash flow statement$m 2007 2008 2009 2010 2011Operating activities (net) 75 167 199 190 194Purchase of fixedassets*** 138 218 190 43 865Dividends paid 10 29 36 39 -Net cash flow 1 2 15 (3) (4)Notes:* Generator/retailers only ($MWh)** Commercial valuation from SCI*** 2010/11 includes purchase of Tekapo assets for $821 millionpage | 74