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TrustPower Quarterly Result 31 December 2002

30 Jan 2003

TrustPower announces it has continued to experience very satisfactory trading during its third quarter to 31 December 2002.

For the nine months ended 31 December 2002 the Company has produced an unaudited operating surplus after tax of $39.2m achieved from total revenue of $467.0m. This compares with an operating loss after tax of $1.0m for the comparable period in 2001. Cashflows for the period have been strong and reflect a significant improvement on the negative flows of the comparative period last year.

The result represents a very strong performance especially during the last quarter with a return to more normal generation patterns compared to the previous year.

Included in the after tax profit is a $2.7m capital profit on the sale of the Monowai Power scheme in Fiordland. The output of this relatively small scheme has been contracted to TrustPower from the purchaser. The scheme has been sold because it did not fit TrustPower's objectives for location and scale.

Also of note is the Company's announcement of the conditional agreement to purchase the Cobb hydro generation scheme (Cobb Power Limited) from NGC Holdings Limited. All conditions of the agreement are expected to be fulfilled, with settlement of the $92.5m price anticipated by early March 2003.

This 32MW scheme situated northwest of Nelson is considered to be a very beneficial addition to TrustPower's generation portfolio especially given the Company's significant number of retail customers in the Marlborough, Nelson and West Coast regions.

Detailed analysis was undertaken to establish the purchase price. This acquisition is expected to have a neutral effect on the 31 March 2003 result but is expected to be profit and cash flow positive for future periods.

The Company has converted 14,974,000 convertible notes held by AGL NZ Limited to an equal number of ordinary shares. The conversion, which took place on 3 January 2003, was at the holders' option. There are now only 1,000 of these convertible notes on issue.

The Directors also wish to note the retail bond issue undertaken in August 2002, which raised $53m, has been re-opened. To date an extra $42.4m has been raised.

The Directors are very pleased with the result for the nine months.

The attached unaudited interim financial statements record the results for the period, cash flows and financial position as at 31 December 2002.
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