FINANCIAL COMMENTARY 28 August 2013
Financial Results for the Year ended 30 June 2013 1
The following commentary provides analysis comparing the year ended 30 June 2013 to the prior year ended 30 June 2012 and the Prospective Financial Information (PFI) included within the Mighty River Power Share Offer Investment Statement and Prospectus published on 5 April 2013. FINANCIAL HIGHLIGHTS FY2013 ($ million)
FY2012 ($ million)
Change on FY2012 ($ million)
Change on FY2012 %
FY2013PFI Change Change ($million) on PFI on PFI ($million) %
678.3
684.6
(6.3)
(0.9)
675.2
3.1
0.5
Other revenue
31.0
41.3
(10.3)
(25.0)
35.2
(4.2)
(12.0)
Operating Expenses
318.8
264.4
54.4
20.6
327.8
(9.0)
(2.8)
EBITDAF
390.5
461.5
(71.0)
(15.4)
382.6
7.9
2.1
Depreciation and amortisation
(149.8)
(158.4)
8.6
5.4
(149.9)
0.1
0.1
Change in the fair value of financial instruments
25.6
(92.8)
118.4
127.6
27.1
(1.5)
(5.4)
Impaired assets
(85.1)
(4.0)
(81.1)
(2027.5)
(91.4)
6.3
6.9
Equity accounted earnings of associate companies and interest in jointly controlled entities
62.9
(24.8)
87.7
353.8
48.8
14.1
29.0
Net interest expense
(57.0)
(72.6)
15.6
21.5
(57.7)
0.7
1.3
Income tax expense
(72.4)
(41.3)
(31.1)
(75.3)
(64.7)
(7.7)
(11.9)
Net profit for the year
114.8
67.7
47.1
69.5
94.8
20.0
21.1
Underlying earnings after tax
179.5
162.7
16.8
10.3
159.3
20.2
12.7
Capital expenditure
252.4
361.6
(109.2)
(30.2)
344.0
(91.6)
(26.6)
216.6
203.2
13.3
6.6
195.1
21.4
11.0
Total Declared Dividends
168.0
119.8
48.2
40.2
168.0
-
-
Basic and diluted earnings per share (cents)
8.19
4.84
3.35
69.2
6.77
1.42
21.0
Energy Margin
Free cash flow
2
3