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Trustpower FY17 Results

15 May 2017

Trustpower lifts profit supported by strong generation performance

  • Demerged Net Profit after Tax of $94 million, 37% above FY16
  • EBITDAF of $218 million, 5% higher than FY162 (EBITDAF excluding demerger costs was $235 million or 12% higher than last year)
  • Underlying earnings after tax $115 million, $31 million or 36% above FY16
  • Net debt to EBITDAF ratio of 3.0, down from 3.5 at 31 March 2016

Operating highlights

  • Total customers increased to 249,000, 1% higher than 31 March 2016
  • Customers with two or more products increased to 90,000, 17% higher than 31 March 2016
  • Favourable hydro conditions in New Zealand and Australia, along with a full year contribution from King Country Energy, lifted total generation production by 535 GWh, 29%, higher than FY16
  • Significant lift in Australian spot prices, along with increased volume, drove a contribution uplift of $19 million or 156%

Trustpower Limited (NZX:TPW) today announced its financial results for the year ended 31 March 2017. On 31 October 2016 the Trustpower Group demerged into two separate groups - Trustpower Limited (formerly Bay Energy Limited) and Tilt Renewables Limited. These results show Trustpower’s actual performance since demerger together with its share of the combined Trustpower Group’s results pre-demerger. The financial statements have been prepared as if the demerger had been in place for the entire period, including the comparative period.

Trustpower Chair Paul Ridley-Smith said the Company’s performance, particularly over the past five months, has been very pleasing.
“This has been a rewarding year for Trustpower. Strategically, we have successfully completed an organisational demerger and restructure are now well-positioned to deliver improved financial performance. Operationally we have capitalised on strong generation conditions as well as continuing to build the retail business through our multi-product bundling strategy. We have also completed the first full year of operations with King Country Energy.“

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