Mighty River Power Facts
INTRODUCTION
KEY FACTS
Main headline
At a Glance
contents
01/
02/03
04/05
06/07
08/11
12/14
KEY FACTS
INTEGRATED PORTFOLIO
MANAGEMENT PROFILE
BOARD PROFILE
FINANCIAL HIGHLIGHTS
OPERATING STATISTICS
About us At the Deloitte Energy Excellence Awards
The Company generates about 17% of New Zealand’s electricity. It operates the nine hydro stations on the Waikato River, five geothermal power stations in the Central North Island and a multi-unit gas-fired station in Auckland. More than 90% of its electricity production is from renewable sources. Mighty River Power sells electricity through multiple channels and retail brands, including Mercury Energy, GLO-BUG, Bosco Connect and Tiny Mighty Power. Mighty River Power’s metering business, Metrix, provides electricity retailers with advanced metering infrastructure solutions for their residential and commercial customers.
2012
Mighty River Power is one of the world’s largest geothermal power station owners, and has a successful track record in geothermal development, investing more than $1.4 billion in geothermal development since FY2006. The Company is applying this capability and experience – gained through domestic geothermal exploration, development, construction and operations – to invest in international growth opportunities.
GLO-BUG
Overall Energy Company of the Year:
90 9 5 1 %
More than 90% of our generation comes from renewable sources
hydro
geothermal
Power Stations
Power Stations
gas
Power Station
Mighty River Power
01
Energy Executive of the Year:
Doug Heffernan
Innovation in Electricity:
2011 Energy Retailer of the Year:
Mercury Energy
2010 Overall Energy Company of the Year:
Mighty River Power
Energy Project of the Year:
1 in 5 Supply nearly 1 in 5 New Zealand homes and businesses
17 25 %
Produce about 17% of New Zealand’s electricity
%
Average annual growth in declared dividends over the past five financial years
Nga Awa Purua
cover image Penstock inspection walkway at Whakamaru Dam.
ONE 24/7 One of the world’s largest geothermal power station owners
Reliable, renewable geothermal generation normally runs 24/7, operation not weather dependent
$
1.4
B
Invested in geothermal assets between 1 July 2005 and to 30 June 2013
This document has been prepared by Mighty River Power solely for the purpose of providing general information about the Company. It is not intended to be the basis of any evaluation of Mighty River Power for investment purposes. While all reasonable steps have been taken to ensure the information is true and accurate at the time of publication, there has been no independent audit or verification of the information and neither Mighty River Power nor its officers warrants the accuracy of the information, or accepts any responsibility whatsoever for any loss which might be suffered by any party as a result of errors or omissions in the document. Published March 2014.
© Mighty River Power, 2013.
performance highlights KEY FACTS
is one of New Zealand’s largest electricity companies – with its core business based on reliable, low fuel-cost electricity generation complemented by sales to homes and businesses.
Mighty River Power
Mighty river power | FACT BOOK | 01
generation and retail
Integrated Portfolio As a vertically-integrated business with generation and retail, Mighty River Power is able to manage exposure to wholesale market conditions and reduce earnings risk. We actively manage our sales book (number of customers and segment mix) and use our high degree of operational flexibility, with different fuel sources and generating units, to optimise value and provide stability.
supplies nearly 20%, or about 1 in 5 New Zealand homes and businesses with electricity through multiple retail brands and channels.
Mighty River Power
RETAIL MARKET SHARE (%)
different and complementary fuel sources for generation. Our core business is based on low fuel cost hydro and geothermal generation, with more than 90% of our annual production from these renewable sources.
We have three
0-9 10-29
our generation assets
30-49
Electricity Sales to customers1 Residential
6%
SMALL BUSINESS MEDIUM BUSINESS
GAS-FIRED 1 station, 4 units, Southdown
Flexible gas-fired generation can respond to wholesale market opportunities and reduce risk in a dry year.
HYDRO 9 stations on the Waikato River
Flexible and rain-fed, hydro output can be increased or decreased quickly and efficiently.
19% 49%
LARGE BUSINESS
GEOTHERMAL 5 stations through the central North Island
Steady base-load geothermal runs at full capacity more than 95% of the time.
23%
See opposite page for locations.
our retail portfolio
our generation portfolio hydro
7%
geothermal
our metering business
MERCURY ENERGY is one of New Zealand’s longest-established retail electricity brands and our largest, accounting for more than 96% of the Company’s end-user sales volume.
Our pre-pay service GLO-BUG provides an industry-leading solution for residential customers to monitor their electricity use and align with their income cycles.
tiny mighty Power focuses on
bosco connect specialises in servicing inner-city apartments, supplying more than half of the contestable Auckland CBD apartment market.
gas-fired
metrix provides electricity retailers
with advanced metering infrastructure (AMI) solutions for their residential and business customers. As at 30 June 2013, Metrix had deployed almost 330,000 AMI meters in Auckland and Dunedin.
61% 32%
02 | Mighty river power | FACT BOOK
servicing customers in smaller regional towns.
Excludes industrial and inter-generator sales via CFD market.
1
Mighty river power | FACT BOOK | 03
Integratedhighlights Portfolio performance
02/03
50-69
MANAGEMENT PROFILE
Executive Management
Dr Doug Heffernan Chief Executive BE (Elect.) (Hons), ME, PhD, DistFIPENZ
Matthew Olde General Manager Business Strategy & Solutions BCom (Hons) / LLB
Doug Heffernan has been Chief Executive of Mighty River Power since it was formed in December 1998 and now has nearly 40 years’ experience in the New Zealand electricity industry. He has led the Company through a period of sustained growth and evolution from its beginnings as a hydro-only operator to a diversified electricity generator and retailer with a significant geothermal business. Doug is a director of Tuaropaki Power Company and was, until 2012, Chair of Rotokawa Joint Venture Limited and the Nga Awa Purua Joint Venture. Doug was formerly Chief Executive of Power New Zealand Limited (distributor and retailer) from 1991 to 1997, leading it through the processes of corporatisation, merger and listing with NZX through demutualisation and initial development of the Rotokawa geothermal field. Prior to that Doug worked for the Electricity Corporation of New Zealand working in national transmission grid and generation development and sales and marketing.
Matthew Olde is responsible for facilitating the development and delivery of Company strategy. In addition, he is responsible for the Company’s metering business, Metrix, as well as the Company’s communications, legal and ICT functions. Matthew joined Mighty River Power in 2010, prior to which he spent over a decade as an investment banker in Auckland, Sydney and London with Deutsche Bank and ABN AMRO, predominantly providing corporate finance advice across a wide range of sectors.
04/05
William Meek joined Mighty River Power in 1999 and heads the finance, treasury, and investor relations functions. William was previously responsible for the Company’s generation investment strategy and enterprise risk functions. He has 15 years’ industry experience in areas such as risk management, power development, wholesale markets and forecasting.
Marlene Strawson joined Mighty River Power in 2012 with responsibility for delivering Mighty River Power’s human resources strategy. Marlene has over 20 years’ experience in HR, with a strong organisational development background. Prior to joining Mighty River Power, Marlene held a number of human resources roles in a wide range of sectors including telecommunications, banking and health sectors, including a period at Yellow Pages after it was acquired from Telecom.
Mark Trigg General Manager Development BE (Chem) James Munro General Manager Retail James Munro joined Mighty River Power in 2008 with responsibility for the consumer brands businesses. James has a broad range of commercial experience, having started his career as an accountant and with a background in media, finance and banking. James has over 20 years’ experience in complex retail services businesses. Previously he has worked for a number of companies including The Economist in London, TVNZ and St George Bank.
Mark Trigg is responsible for Mighty River Power’s generation development and growth strategy, both within New Zealand and internationally. He joined Mighty River Power in 2010 following 14 years’ experience in the New Zealand power sector where he has held a number of senior executive roles. Mark brings a range of experience in operations, business development, trading and risk management and strategy development. Before moving to the energy sector, Mark spent ten years in the financial markets, predominantly in trading roles.
Fraser Whineray General Manager Operations BE (Chem) (Hons), MBA (Cambridge), GRADDIP DY.SCI.TECH (Distinction)
Fraser Whineray Fraser Whineray is responsible for optimising the performance of all of Mighty River Power’s domestic generation operations, portfolio and industrial sales activities. He joined Mighty River Power in 2008 from Carter Holt Harvey where he was Director Operational Improvement. Prior to that he held a number of senior roles in the dairy industry and with Credit Suisse First Boston in New Zealand and Australia. He has considerable experience in performance management, strategy, mergers and acquisitions and international business. Fraser is an independent non-executive director of Opus International Consultants.
04 | Mighty river power | FACT BOOK
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MANAGEMENT PROFILE
William Meek Chief Financial Officer BCom (Hons)
Marlene Strawson General Manager Human Resources BSocSc, MMgt (HR)
BOARD PROFILE
Board of Directors
Joan Withers Chair MBA, AFInstD
Tania Simpson Director BA, MMM, AMInstD
Joan Withers was appointed a director of Mighty River Power in August 2009 and Chair of the Board in October 2009. She is Deputy Chair of Television New Zealand, a director of ANZ and of The Treasury Advisory Board, a Trustee of Pure Advantage, the Sweet Louise and the Tindall foundations. Joan has more than 20 years’ experience at a senior executive level in the New Zealand media industry, including serving as Chief Executive Officer of Fairfax New Zealand and the Radio Network of New Zealand.
Tania Simpson became a director of Mighty River Power in November 2001, making her the longest serving member of the current Board and is Chair of its Human Resources Committee.Tania is the founding director of Maori policy advisor, Kowhai Consulting. She has previously held management positions in Housing Corporation, Ministry of Maori Development and Office of Treaty Settlements and has worked on social policy, environment, economic development and Treaty-related matters. She is of Tainui, Ngai Tahu and Nga Puhi descent. Tania is a Member of the Waitangi Tribunal, a director of Landcare Research, Oceania Group, AgResearch and a Trustee of Te Reo Irirangi o Maniapoto Trust, Waikato Endowment Colleges Trust, Kowhai Trust and Tui Trust.
Keith Smith was appointed a director of Mighty River Power in May 2009 and is Chair of its Risk Assurance and Audit Committee. He is Chair of Goodman (NZ), Healthcare Holdings, Enterprise Motor Group and Mobile Surgical Services. He is Deputy Chair of The Warehouse Group and a director of Tourism Holdings and various private companies covering a range of industry sectors. Keith is also a Trustee for Cornwall Park Trust Board and a member of the Advisory Board of the New Zealand Tax Trading Company.
Prue Flacks Director LLB, LLM
Patrick Strange
Prue Flacks joined the Mighty River Power Board in May 2010. She is a barrister and solicitor with extensive specialist experience in commercial law and, in particular, banking and finance and securities law. Prue is a consultant to Russell McVeagh, where she was a partner for 20 years. She is a director of Chorus Limited and Bank of New Zealand Limited, and a Trustee of the Victoria University of Wellington Foundation.
Patrick Strange joined the Mighty River Power Board in February 2014. He was previously a director of Mighty River Power in 2006-2007 and stepped down to take up the role of Chief Executive of New Zealand’s transmission owner and operator, Transpower, which he held for more than six years. Patrick has spent 30 years working principally in the New Zealand and international electricity and energy sectors, as a senior executive and director in both private and listed companies. Along with overseeing Transpower’s major infrastructure reinvestment programme, he has made a significant leadership contribution to New Zealand’s energy industry. He was named Energy Executive of the Year in 2011 at the Deloitte Energy Excellence Awards.
PhD, BE (Hons.), ME
James Miller Director BCom, FCA, AMInstD James Miller was appointed a director of Mighty River Power in May 2012. He is Deputy Chair of NZX, a director of New Zealand Clearing and Depository Corporation (a subsidiary of NZX), the Accident Compensation Corporation and Auckland International Airport and is a member of the Financial Markets Authority. He has 15 years’ experience in capital markets, having recently retired as a director and Head of NZ Wholesale Equities with Craigs Investment Partners in Auckland. James’ prior roles included Head of Equities and Head of Research at ABN AMRO in New Zealand. James is a Fellow of the Institute of Finance Professionals New Zealand Inc. He is also a Fellow of the Institute of Chartered Accountants of New Zealand.
06 | Mighty river power | FACT BOOK
Mighty river power | FACT BOOK | 07
BOARD PROFILE
Michael Allen was appointed a director of Mighty River Power in November 2009 and is also a director of Mid Century Design and Geothermal New Zealand. With a background in engineering, he has 25 years’ experience in the management, promotion and marketing of international geothermal engineering consulting. He has been involved in more than 20 geothermal developments in 12 countries and has undertaken project consultancy in South East Asia, Africa, Japan, and Central and South America. More recently he has been active in brokering finance from banking and private equity sources for clean energy projects internationally. Michael is also Executive Chairman of ReEx Capital Asia Pte (Singapore). He has been appointed to the office of Special Envoy for Renewable Energy by the Ministry of Foreign Affairs and Trade.
Keith Smith Director BCom, FCA
06/07
Dr Michael Allen Director BE (Chem) (Hons), PhD
FINANCIAL HIGHLIGHTS
Five Year Financial Review
2013
2012
2011
2010
2009
Energy Margin Other income Operating expenses
534.7
589.9
Net cash receipts
423.4
431.9
326.8
417.1
21.2
22.8
40.7
Net interest paid
(84.6)
(83.5)
(76.0)
(49.3)
(38.3)
(264.4)
(232.8)
(229.7)
(183.5)
Taxes paid
(59.8)
(62.9)
(63.0)
(78.0)
(61.7)
(318.8)
461.5
443.1
327.8
447.1
Net operating cash flow
(145.4)
(98.7)
(104.9)
Investing cash flow
(92.8)
(25.6)
8.1
(47.2)
(4.0)
(19.8)
(31.4)
(46.9)
(24.8)
5.0
(33.7)
2.9
Balance Sheet Current assets
Income tax expense Net profit after tax (NPAT)
25.6 (85.1) 62.9 244.1 (57.0) (72.4) 114.8
114.8
27.8
(68.8)
48.0
(72.5)
3,181.7
3,014.2
2,906.5
2,689.0
2,621.6
311.5
394.3
271.7
238.2
387.2
(24.2)
Non-current assets
5,490.5
5,483.1
5,104.9
4,656.7
4,000.9
(67.2)
Total assets
5,802.0
5,877.4
5,376.6
4,894.9
4,388.1
399.4
642.1
225.5
310.8
355.0
Non-current liabilities
2,220.9
2,221.1
2,244.6
1,895.1
1,411.5
Total liabilities
2,620.3
2,863.2
2,470.0
2,205.9
1,766.5
TOTAL Net ASSETS
3,181.7
3,014.2
2,906.5
2,689.0
2,621.6
172.6
274.2
119.2
280.2
225.4
10.4
13.6
43.9
41.9
37.7
(41.3) 67.7
(58.4) 127.1
(56.7) 84.6
159.6
67.7
127.1
84.6
159.6
Change in fair value of financial instruments of associate companies
(2.4)
1.5
1.4
17.5
0.0
Current liabilities
Capital Expenditure (accrual basis) Geothermal
24.2
1.9
21.3
0.0
0.4
–
–
–
–
Restructure costs of international geothermal interests
37.2
–
–
–
–
Impairments
85.1
4.0
19.8
31.4
46.9
Underlying Earnings
(230.3)
(30.7)
47.2
Impact of tax legislative changes
(221.8)
(71.8)
(8.1)
Income tax expenses on adjustments
317.1
(296.4)
(72.6)
25.6
Gain on sale of Marsden generation
199.5
(202.4)
251.0
92.8
(37.6)
292.8
(291.6)
172.1
(25.6)
Equity accounted share of the income statement impact of the capital return from jointly controlled entities excluding fair value movements
Total shareholders' equity
277.0
(83.9)
257.2
Change in fair value of financial instruments
Change in fair value of financial instruments of jointly controlled entities
Financing cash flow
286.0
181.5
Net Profit After Tax (NPAT) to Underlying Earnings NPAT
430.4
654.7
41.3
(158.4)
Net interest expense
2009
684.6
390.5
EBIT
2010
31.0
(149.8)
Equity accounted earnings of interest in jointly controlled entities and associates
2011
678.3
Depreciation and amortisation Impairments
2012
Cash Flow Statement
EBITDAF Change in fair value of financial instruments
2013
Other new investment Reinvestment
–
–
–
–
(20.4)
7.6
(27.5)
(12.9)
(10.0)
(21.6)
–
–
(0.8)
2.7
–
179.5
162.7
162.2
139.6
211.7
–
–
–
–
150.0
Total capital expenditure
69.4
73.8
57.3
65.9
26.1
252.4
361.6
220.0
388.0
289.2
08/11
Income Statement
For the year ended 30 June ($ million)
Declared Dividends Special dividend
67.2
74.8
64.7
56.2
0.0
Final dividend
100.8
45.0
45.7
30.3
79.8
Total dividend
168.0
119.8
110.4
86.5
229.8
Interim dividend
08 | Mighty river power | FACT BOOK
FINANCIAL highlights
For the year ended 30 June ($ million)
Mighty river power | FACT BOOK | 09
FINANCIAL HIGHLIGHTS
Financial Summary
EBITDAF
Net profit after tax (npat)
operating expenditure
CAPITAL expenditure
500
180
350
400
450
160
300
350
400
140
350
100
40
50
20 2009
2010
2011
2012
0
2013
150 100
100
50
50
0 2009
2010
Financial Year
2011
2012
2009
2013
Financial Year
Underlying earnings
200 150
60
150
$m
80
200
250
200
100
$m
$m
250
0
300
250
120
300 $m
2010
2011
2012
0
2013
2009
2010
Financial Year
total declared dividend
2011
2012
2013
Financial Year
Operating cash flow
change in fair value of financial instruments
Special dividend
30 20
250
350
250
10 0
300 200
-10
200 250
100
-30
200
-40
$m
$m
$m
150
$m
150
-20
150
100
-60 100
50
50
0
0
-50
-70
50
-80
0
-100
-90 2009
2010
2011
Financial Year
10 | Mighty river power | FACT BOOK
2012
2013
2009
2010
2011
2012
Financial Year
2013
2009
2010
2011
Financial Year
2012
2013
2009
2010
2011
2012
2013
Financial Year
Mighty river power | FACT BOOK | 11
operating statistics
Operating Statistics
VWAP ($/MWh)1
117.28
VWAP ($/MWh)1
5,252
115.48
2,590
– Residential Customers
2011
Volume (GWh)
VWAP ($/MWh)1
5,021
110.09
2,609
2010
Volume (GWh)
VWAP ($/MWh)1
4,776
102.52
2,652
2009
Volume (GWh)
4,857
VWAP ($/MWh)1
97.52
Volume (GWh)
4,316
Geothermal
Gas-fired
Residential FPVV
2,387
Hydro
Biomass
Business FPVV
1,929
– Business Customers
2,702
2,412
2,124
2,245
5,539
5,323
5,089
5,178
4,671
Spot Customer Purchases
2,058
2,035
2,136
2,129
1,938
75.8
7,596
94.68
7,358
56.76
7,226
61.28
7,307
64.00
6,609
8000
9000
7000
8000 7000
388,000
386,000
392,000
412,000
372,000
6000
North Island Customers
349,000
350,000
355,000
379,000
362,000
5000
South Island Customers
39,000
36,000
37,000
33,000
10,000
Dual Fuel Customers
41,000
41,000
40,000
42,000
41,000
GWh
Electricity Customers (number)
Contracts for Difference Buy CFD
2,644
1,708
1,263
1,163
1,204
Sell CFD
3,841
3,224
2,947
2,567
3,005
Net Sell CFD
1,196
1,516
1,684
1,404
1,801
VWAP ($/MWh)
Volume (GWh)
VWAP ($/MWh)
Volume (GWh)
VWAP ($/MWh)
Volume (GWh)
VWAP ($/MWh)
Volume (GWh)
75.45
3,944
87.89
4,294
52.87
4,368
62.86
3,730
68.10
4,350
425
100.97
589
119.90
273
86.41
504
100.31
444
1,855
82.11
1,946
47.38
1,956
56.87
1,322
52.02
1,077
Geothermal (equity accounted)3
70.92
237
81.80
239
48.96
236
54.32
240
56.02
226
–
–
–
–
–
–
59.71
16
61.90
32
75.65
6,462
87.18
7,068
6,833
63.18
5,812
67.12
6,129
Biomass
LWAP/GWAP4
Generation Purchases
1.00
1.09 $/GJ
53.83 1.05
PJ
8.88
1.09
8.73
1.1
8.15
1.05
6.85
8.66
4.17
8.18
5.47
7.97
2.97
7.38
537
PJ
628
$/GJ
0.97
$/GJ
Carbon Emissions (‘000 tonnes CO2e)6
2000
2000
1000 0
1000
2009
2010
2011
2012
0
2013
2009
2010
PJ
502
$/GJ
PJ
$/GJ
PJ
1.23
5.95
0.99
5.22
6.28
4.57
540 %
GENERATION AVAILABILITY
95.89
85
88
87
92
Gas
83.62
84
89
88
97
Geothermal
87.95
95
93
91
96
0.76
0.92
1.28
2.34
2.18
10.80
9.70
4.05
4.65
4.90
2013
LWAP/GWAP
Gas-fired
Hydro
100
1.15
90 1.1
80
Generation Availability Hydro
2012
n/a %
2011
Financial Year
Geothermal
%
Near Miss Incident Frequency Rate
4000 3000
0.95
%
Health and Safety Total Recorded Injury Frequency Rate
5000
Financial Year
70.54
Gas Purchases5 Retail Purchases
4000
12/14
Volume (GWh)
102.53
Total
6000
70
%
60 50 40
1.05 1 0.95
30 20
0.9
10 0
2009
2010
2011
2012
Financial Year
2013
0.85
2009
2010
2011
2012
2013
Financial Year
VWAP is volume weighted average energy only price sold to FPVV customers after lines, metering and fees
1
Includes share of Nga Awa Purua generation
2
Tuaropaki Power Company (Mokai) equity share
3
Load weighted and generation weighted average price. This ratio gives an indication of electricity purchase costs compared to the sales price of the electricity produced
4
Prices exclude fixed transmission charges
5
Emissions Trading Scheme (ETS) came into effect on 1 July 2009
6
12 | Mighty river power | FACT BOOK
Mighty river power | FACT BOOK | 13
OPERATING STATISTICS
VWAP ($/MWh)
Geothermal (consolidated)2
Gas
Sale CFDs
3000
%
Electricity Generation Hydro
Physical and financial sales
2,612
FPVV Purchases from Market Total NZEM Purchases
Total generation
LWAP/GWAP
Electricity Sales FPVV Sales to Customers
2012
Volume (GWh)
GWh
2013
Twelve months ended 30 June
operating statistics
Debt Profile
Debt maturities
As at 31 December 2013 Drawn facilities Undrawn facilities 300 250
GWh
200 150 100 50 0
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Financial Year
31 December 2013
30 June 2013
30 June 2012
30 June 2011
30 June 2010
30 June 2009
Financial Ratios 1043.9
1027.8
1115.6
975.8
970.9
585.7
Equity/Total Assets (%)
56.1
54.8
51.3
54.1
54.9
59.7
Net debt/net debt+equity (%)
24.7
24.4
27.0
25.1
26.5
18.3
Interest (net) cover (times)
6.0x
4.4x
5.3x
5.6x
6.4x
11.6x
3.9
2.6
2.4
2.2
3.0
1.3
Currency
Amount
Maturity
Drawn/ Undrawn (NZD)
Coupon
Commercial Paper Programme
NZD
200
Revolving bank facility
NZD
100
30/06/15
–
Revolving bank facility – Tranche A
NZD
150
3/12/15
115.0
Net Debt/EBITDAF Type of Debt
100.0
Revolving bank facility – Tranche B
NZD
50
3/12/15
50.0
Revolving bank facility – Tranche C
NZD
70
11/03/15
–
Revolving bank facility
NZD
50
11/03/15
–
Revolving bank facility
NZD
100
19/02/16
Fixed Rate Retail Bonds
NZD
75
6/03/19
75.0
5.03%
Fixed Rate Retail Bonds
NZD
25
6/03/19
25.0
5.79%
Fixed Rate Wholesale Bonds
NZD
70
12/10/16
70.0
7.55%
Floating Rate Wholesale Bonds
NZD
50
12/10/16
50.0
Fixed Rate Wholesale Bonds
NZD
30
11/02/20
30.0
Floating Rate Wholesale Bonds
NZD
300
7/09/21
300.0
USPP Notes
USD
125
8/12/20
162.7
4.25%
USPP Notes
USD
30
8/12/22
39.1
4.35%
USPP Notes
USD
45
8/12/25
58.4
4.6%
14 | Mighty river power | FACT BOOK
8.21%
designedbyinsight.com MRP205
Net Debt ($m)
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