Performance Overview
RESULTS IN BRIEF
Group | Actual 2009 | Target 2009 | Change Over Previous Year | Target 2010 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|
| EBITDA | $20.401m | $20.881m | -2.51% | $21.544m | $20.926m | $17.420m | $17.740m |
| EBIT | $13.574m | $11.730m | -6.06% | $13.966m | $14.449m | $8.647m | $10.407m |
| Total Revenue (Group) | $48.464m | $51.329m | 9.15% | $48.211m | $44.400m | $35.085m | $41.867m |
| Customer Discount | $5.827m | $5.843m | 30.65% | $6.038m | $4.46m | $4.34m | $4.17m |
| Pre-tax Pre-discount Surplus | $17.829m | $16.760m | 23.39% | $19.128m | $17.087m | $12.152m | $13.263m |
| Surplus After Taxation | $9.076m | $8.013m | -32.94%** | $10.145m | $13.534m | $5.687m | $7.105m |
| Total Value of Group Assets | $276.048m | $268.984m | 4.59% | $287.114m | $263.928m | $247.241m | $201.85m |
| Share Capital | $29.026m | $29.026m | nil | $29.026m | $29.026m | $29.026m | $29.026m |
| Shareholder's Equity* | $202.181m | $191.079m | 4.56% | $211.256m | $193.355m | $177.870m | $170.116m |
| Net Asset Backing Per Share | $7.22 | $6.82 | 5.79% | $7.54 | $6.91 | $6.35 | $6.08 |
| Pre Discount Return on Shareholder Funds | 6.46% | 6.33% | -24.35% | 6.95% | 8.54% | 4.83% | 6.98% |
| Net Interest Bearing Debt | $21.1m | $25.85m | -9.63% | $22.55m | $23.35m | $20.50m | $18.8m |
| Interest Cover | 8.64 | 6.10 | -4.32% | 15.94 | 9.03 | 7.07 | 7.92 |
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| EBITDA | $17.642m | $20.381m | -6.46% | $20.744m | $18.861m | $13.832m | $16.330m |
| EBIT | $10.849m | $13.429m | -12.61% | $13.196m | $12.415m | $7.908m | $10.833m |
| Customer Discount | $5.827m | $5.843m | 30.62% | $6.038m | $4.461m | $4.341m | $4.170m |
| Surplus After Taxation | $7.169m | $7.513m | -31.51% | $9.475m | $10.467m | $4.549m | $7.226m |
* The 2007 and 2008 figures have been reduced by a charge to deferred taxation arising from the adoption
of NZ IFRS from 1 April 2007.
** The reduction in surplus after taxation is detailed in the Review and Discussion of Financial Statements.
PARENT COMPANY PERFORMANCE OVERVIEW
| TARGET 2009 | RESULT 2009 | TARGET 2010 |
|---|---|---|
| Company surplus before tax and sales discounts $17.073m | Achieved $15.104m The Company experienced reduced levels of vesting income (typically from subdivision development) and external contracting revenue as resources were applied to the Company's maintenance and capital work requirements. | $18.358m |
| Company net surplus after tax $7.621m with $5.843m discount | Achieved an acceptable level of Company net surplus of $7.169m with discounts totalling $5.827m | $9.475m with $6.038m discount |
| Network charge discounts of $5.843m | Achieved $5.827m (excluding GST) The result is close to the estimate and is directly related to dollar and volume turnover as discounts are an integral part of posted network pricing. | $6.038m |
| Capital expenditure target level $14.410m | Achieved $10.576m The Company experienced delays in sourcing materials for two large zone substation projects and a project to replace a tower line with modern octagonal steel poles. | $15.190m |
| Operating turnover target $45.429m | Achieved $46.515m which is considered a steady result Although network prices were increased there was a further nationwide electricity conservation campaign in the winter of 2008 which impacted on network turnover. | $48.211m |
| Target shareholder's equity at year end $231.406m inclusive of deferred tax provision | Achieved $229.920m including IFRS transfers to deferred taxation | $241.981m inclusive of deferred tax provision |
| Network business maintenance and operations expenditure of $262.63 per customer | Achieved better than target with $235.02 per customer | $281.32 per customer |
| Average number of minutes power supply lost from all causes not to exceed 210 minutes per customer | Did not meet target - 250 minutes During the July 2008 storms (considered an extreme event) 55.82 minutes of supply per customer were lost. | Target remains 210 minutes |
| Faults per 100km of line not to exceed 10 | Did not meet target - 12.8 The result is an improvement over last year however the numbers were also affected by the July 2008 storm event. | Target remains 10 |