Mighty River Power FY2013 Financial Commentary

Page 1

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


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Mighty River Power FY2013 Financial Commentary by Mercury - Issuu