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

Meteorological Service of New Zealand LimitedCHAIR » Sarah SmithBOARD » Greg Cross,Carolyn Harkess,David Houldsworth, Judy Kirk,James Koh, Te Taru WhiteCHIEF EXECUTIVE »Peter LennoxActivitiesMetService provides weatherinformation services in the formof forecasting and advice, andweather graphics and datasystems. These services areprovided to the general public andclients in the transport, media,energy, aviation, agriculture andretail industries in New Zealandand overseas. MetService alsogenerates revenues throughonline (www.metservice.com)and paid telephone (metphone)media. MetService employsaround 216 staff across offices inWellington, Auckland, Christchurch,Sydney (Australia) and Reading(United Kingdom).Financial performance measures2007 2008 2009 2010 2011ReturnsTotal shareholder return (36.9%) 1.7% 10.9% 28.6% 15.7%Dividend yield 3.7% 5.1% 1.5% 2.8% 3.2%Dividend payout 57.2% 41.4% 20.0% 39.8% 88.3%Adjusted ROE 36.2% 38.7% 33.2% 20.5% 23.1%EfficiencyROCE 35.1% 38.5% 32.6% 23.8% 19.1%Operating margin 21.1% 22.0% 23.8% 24.6% 25.2%Generator efficiency N/A N/A N/A N/A N/ALeverageNet gearing 37.2% 39.4% 28.4% 40.9% 48.1%Interest cover 24.45 22.33 21.03 15.78 12.10Current ratio 0.88 0.75 1.12 0.87 1.00OtherFive-year averageDividend growth (2.0%)Revenue growth 5.8%Income statement$m 2007 2008 2009 2010 2011Revenue 31 35 37 38 39EBITDAF 7 8 9 9 10NPAT 2 3 3 2 3Balance sheet$m 2007 2008 2009 2010 2011Total assets 17 21 24 29 37Total liabilities 11 13 12 17 23Commercial value* 33 32 35 44 49Cash flow statement$m 2007 2008 2009 2010 2011Operating activities (net) 6 6 4 5 5Purchase of fixed assets 5 7 3 8 8Dividends paid 2 2 1 1 2Net cash flow (0) (2) 2 (0) 1Note:* Commercial valuation from the SCIpage | 84