Genesis Power Ltd (Genesis)
Genesis Power Ltd (trading as Genesis Energy) is a large electricity generator, with approximately 75% of its generation being thermal and the other 25% hydro and wind.
Genesis Energy owns and operates a number of power stations in the North Island, including the Huntly Power Station, the Tongariro Power Development Scheme, the Waikaremoana Hydro Scheme and the Hau Nui Wind Farm. Genesis Energy is New Zealand’s largest electricity and gas retailer with around 650,000 customers.
Disclosures
Key Documents
| 21 Dec 2011 | Letter from the Minister for State Owned Enterprises: 2012/13 Shareholder Expectations of State Owned Enterprises: gp-le-12.pdf (362 KB) |
|---|---|
| 22 Dec 2011 | 2011 Valuation Reports |
| 22 Dec 2011 | Interim Report - December 2011: gp-ir-dec11.pdf (1034 KB) |
| 11 Oct 2011 | Annual Report 2010/11gp-ar-11.pdf (347 KB) | 12 Aug 2011 | Statement of Corporate Intent 2011/12: gp-sc-12.pdf (346 KB) |
| 18 Jan 2011 | 2010 Valuation Reports |
| 20 Nov 2010 | Annual Report 2009/10 (Genesis Power Ltd website) |
| 20 Nov 2010 | Statement of Corporate Intent 2010: gp-sci-10.pdf (190 KB) |
KPI
Key Financial Performance Targets - Genesis
Financial Performance Targets |
2011/12 |
2012/13 |
2013/14 |
|---|---|---|---|
Shareholder Returns |
|||
| Total shareholder returns [1] | 4.2% | 4.6% | 5.8% |
| Dividend yield | 0.0% | 2.5% | 3.9% |
| Dividend payout | 0% | 29% | 44% |
| Return on equity | 5.0% | 5.5% | 6.9% |
| Return on equity adjusted for IFRS fair value movements and asset revaluations | 5.4% | 5.9% | 7.5% |
Profitability and Efficiency |
|||
| Return on capital employed | 7.2% | 7.7% | 8.9% |
| Operating margin | 17.5% | 17.9% | 18.8% |
| Generator efficiency | $46.81 | $50.33 | $55.62 |
| Earnings before interest and tax to average total assets | 5.9% | 6.3% | 7.3% |
Solvency |
|||
| Interest cover | 4.4 | 4.7 | 5.1 |
| Solvency | 1.3 | 1.0 | 1.3 |
- The increase in equity has been used as a proxy for future changes in commercial value.
Financials
Ratio |
2002/03 |
2003/04 |
2004/05 |
2005/06 |
2006/07 |
2007/08 |
2008/09 |
2009/10 |
2010/11 |
|---|---|---|---|---|---|---|---|---|---|
| Total Shareholder Return (TSR) (%) | N/A | 9.5 | 41.6 | 4.6 | 19.2 | 3.5 | (15.4) | 15.6 | 30.5 |
| Dividend Yield (%) | N/A | 2.6 | 2.0 | 0.0 | 0.6 | 1.6 | 2.3 | 2.6 | 0.0 |
| Dividend Payout (%) | 20.1 | 25.3 | 30.6 | 0.0 | 42.9 | 29.7 | 28.5 | 34.8 | 0.0 |
| Adjusted ROE (%) | N/A | 8.3 | 6.9 | 8.7 | 6.6 | 9.9 | (12.3) | 7.1 | (0.7) |
| ROCE (%) | N/A | 12.9 | 10.2 | 11.4 | 8.1 | 11.6 | 10.4 | 8.5 | 2.3 |
| Operating Margin (%) | N/A | N/A | N/A | 16.8 | 10.3 | 12.3 | 10.3 | 13.1 | 16.0 |
| Generator efficiency ($MWh) | N/A | N/A | N/A | 26 | 23 | 33 | 25 | 33 | 45 | Net Gearing (%) | 7.0 | 7.0 | 15.1 | 16.9 | 20.6 | 27.5 | 29.6 | 26.4 | 40.8 |
| Interest Cover (%) | N/A | N/A | N/A | 9.73 | 3.38 | 7.06 | 3.15 | 4.73 | 5.69 |
| Solvency | 1.02 | 1.06 | 1.30 | 1.08 | 1.23 | 1.06 | 1.00 | 1.57 | 0.60 |
| Revenue Growth (5 yr) (%) | 0.9 | ||||||||
| Dividend Growth (5 yr) (%) | (100) | ||||||||
Financial Performance measures for SOEs: fpm-soes.pdf (40 KB)
