Meridian Energy Ltd
Meridian Energy Ltd (Meridian) is New Zealand’s largest state-owned electricity generator, supplying one third of the nation’s power. It generates electricity entirely from renewable resources. Meridian owns and operates nine hydro-electricity power stations and three wind farms. Its customer base comprises of the Rio Tinto Alcan New Zealand Limited Tiwai Point Aluminium Smelter (40%), business and rural customers (36%) and residential customers (24%).
Meridian also have off-shore investments comprising of wind farms in Australia and Antarctica and a solar plant in California, USA.
Disclosures
Key Documents
| 21 Dec 2011 | Letter from the Minister for State Owned Enterprises: 2012/13 Shareholder Expectations of State Owned Enterprises: me-le-12.pdf (368 KB) |
|---|---|
| 16 Feb 2012 | Interim Report December 2011: me-ir-dec11.pdf (1.12 MB) |
| 22 Dec 2011 | 2011 Valuation Reports |
| 22 Dec 2011 | Statement of Intent 2011: me-si-11.pdf (649 KB) |
| 23 Aug 2011 | Financial Statements 2011: me-fs-11pdf (1.29 MB) |
| 18 Jan 2011 | 2010 Valuation Reports |
| 20 Nov 2010 | Annual Report 2009/10: me-ar-09-10.pdf (3.99 MB) |
| 20 Nov 2010 | Interim Report Dec 2009: me-ir-dec09.pdf (34 KB) |
| 20 Nov 2010 | Statement of Corporate Intent 2010: me-sci-10.pdf (761 KB) |
KPI
Key Financial Performance Indicators - Meridian
For the Year Ended 30 June 2011 |
2011 SCI Target |
Actual 2010 |
Actual 2009 |
|---|---|---|---|
| Equity / Total Assets (%) | 58.5 | 58.2 | 59.7 |
| Return on Average Equity (%) | 3.9 | 3.9 | 2.1 |
| Underlying Return on Average Equity (excl. Revaluations) (%) | 16.0 | 19.8 | 15.6 |
| Net Debt / Net Debt plus Equity (%) | 25.6 | 22.4 | 20.9 |
| EBITDAF Interest Cover (times) | 5.6 | 6.7 | 5.9 |
| EBITDAF per MWh Generated ($ per MWh) | 46.56 | 46.29 | 41.87 |
| Free Funds from Operations (FFO) Interest Cover (times) | 4.9 | 5.7 | 5.4 |
| FFO/Net Debt (%) | N/A | 29.9 | 34.4 |
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 | 30.3 | 73.1 | 2.1 | 17.7 | 25.5 | 0.5 | 28.2 | 7.2 |
| Dividend Yield (%) | N/A | 0.7 | 3.7 | 19.0 | 8.3 | 5.9 | 0.5 | 5.8 | 10.4 |
| Dividend Payout (%) | 34.4 | 7.4 | 58.2 | 425.4 | 152.8 | 149.0 | 18.3 | 127.4 | 428.8 |
| Adjusted ROE (%) | N/A | 7.9 | 12.3 | 48.0 | 11.9 | 6.9 | 12.6 | 15.9 | 25.7 |
| ROCE (%) | N/A | 9.6 | 13.3 | 34.6 | 14.8 | 9.2 | 13.1 | 15.0 | 19.4 |
| Operating Margin (%) | N/A | N/A | N/A | 45.9 | 26.9 | 14.3 | 27.1 | 31.1 | 32.1 |
| Generator efficiency ($MWh) | N/A | N/A | N/A | 39 | 36 | 31 | 42 | 46 | 48 |
| Net Gearing (%) | 35.9 | 32.9 | 35.0 | 10.1 | 11.2 | 16.9 | 21.7 | 23.3 | 19.0 |
| Interest Cover (%) | N/A | N/A | N/A | 6.38 | 10.80 | 6.42 | 7.15 | 7.97 | 6.28 |
| Solvency | 0.30 | 0.77 | 0.50 | 2.51 | 1.33 | 0.81 | 0.75 | 0.49 | 1.10 |
| Revenue Growth (5 yr) (%) | 3.7 | ||||||||
| Dividend Growth (5 yr) (%) | 16.8 | ||||||||
Financial Performance measures for SOEs: fpm-soes.pdf (40 KB)
