Infratil Limited · NZX:IFT
Infratil — Trustpower — Merger or Acquisition (June 2021)
14 slides from Infratil's merger presentation, Jun 21, 2021
Slide 1: Investor Presentation, 21 June 2021
21 June 2021 Paul Ridley-Smith - Chair David Prentice - Chief Executive Kevin Palmer - Chief Financial Officer
Slide 2: Agenda
• Overview • Transaction summary • Trustpower generation • Energy risk management • Looking forward • Questions Investor Presentation| 21 June 2021
Slide 3: Overview
Overview In late January Trustpower announced a strategic review to test market interest in its retail business, while also exploring the merits of a standalone generation business. Trustpower confirms the conditional sale of its retail business to Mercury NZ Limited for $441million, subject to post
Slide 4: Transaction summary
Transaction summary The transaction includes: • The mass market retail business of ~231,000 customers which includes: 112,000 total telco connections 252,000 electricity connections 44,000 gas connections 8,000 mobile connections 52% of customers now have two or more products • Nationwide carrier gr
Slide 5: Trustpower Generation
Trustpower Generation Trustpower Generation will retain: • All generation assets • Energy trading capability • ~14,000 C&I electricity connections • Power Purchase Agreements with Tilt Renewables and other generators • Existing hedge contracts Trustpower Generation will: • Play its role in helping t
Slide 6: Current energy risk position and new hedge with Mercury
Current Energy risk position New hedge with Mercury to Investor Presentation| 21 June 2021 replace Mass market load
Slide 7: Energy hedge
Energy hedge When the transaction completes Trustpower will enter into a new energy hedge (CfD) with Mercury. • Arms length pricing independent of the Electrity Hedge retail sale gives increased price certainty. 2500 • Allows for an orderly transition between a bi-lateral hedge and a portfolio of 20
Slide 8: Looking forward
Looking forward Trustpower will be holding its Annual Shareholder Meeting on 22 September 2021 • At that meeting we will be asking shareholders to approve the transaction for the purposes of NZX Listing Rule 5.1.1 (a) and will provide further guidance on capital structure, dividend policy and opport
Slide 9: Thank you
Slide 10: Questions
Slide 11: How to ask questions
How to ask questions While you’re attending the webcast there are integrated features on the platform which allow you to send questions to the presenters. You can either ask questions via the Q&A feature and type your question, or you can use the Raise Hand feature if you would like to verbally ask
Slide 12: Additional Information
Slide 13: Trustpower key facts
Trustpower key facts • Tauranga based national electricity generator and retailer of energy and telco • History dates back to 1923 as the Tauranga Electric Power Board • Market capitalisation circa $2.6 billon • Key shareholders Infratil (51.0%) and TECT (26.8%) • New Zealand generation capacity (hy
Slide 14: Disclaimer
Disclaimer • While all reasonable care has been taken in the preparation of this presentation, Trustpower Limited and its related entities, directors, officers and employees (collectively "Trustpower") do not accept, and expressly disclaim, any liability whatsoever (including for negligence) for any