Meridian Energy Limited · NZX:MEL

Meridian Energy — Craigs Investment Partners 2015 investor day

13 slides from Meridian Energy's conference presentation, Oct 13, 2015

  1. Slide 1: Craigs Investment Partners 2015 investor day presentation

    For personal use only Craigs Investment Partners 2015 investor day presentation 13 October 2015 Meridian Energy will be giving a presentation today at Craigs Investment Partners' 2015 investor day. A copy of the presentation is attached. ENDS Mark Binns Chief Executive Meridian Energy Limited For in

  2. Slide 2: Better energy future

    Better energy future For personal use only MERIDIAN ENERGY LIMITED Craigs Investment Partners 2015 investor day presentation

  3. Slide 3: Disclaimer

    13 OCTOBER 2015 Disclaimer For personal use only The information in this presentation was prepared by Meridian Energy with due care and attention. However, the information is supplied in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy, complet

  4. Slide 4: Agenda

    13 OCTOBER 2015 Agenda For personal use only § Some history… § Perceptions from offshore § The recurring questions, plus a new one § The current operating environment § Focus for the 2016 financial year MERIDIAN ENERGY LIMITED Craigs Investment Partners 2015 investor day presentation 3

  5. Slide 5: Some history... the plot so far

    13 OCTOBER 2015 EBITDAF1 +5% Some history... $M 625 the plot so far +7% For personal use only 600 575 618 550 590 § Made two years of forecast numbers 585 525 548 500 2014 PFI 2014 actual 2015 PFI 2015 actual Financial Year ended 30 June 1Earnings before interest, taxation, depreciation, amortisati

  6. Slide 6: Some history... the plot so far

    13 OCTOBER 2015 FREE CASH FLOW3 Some history... $M 450 +8% +12% the plot so far For personal use only 400 350 300 250 398 § AND paid out more dividends to 336 376 369 200 shareholders 150 100 2014 PFI 2014 actual 2015 PFI 2015 actual Financial Year ended 30 June 3Net profit after tax adjusted for p

  7. Slide 7: Some history... the plot so far

    13 OCTOBER 2015 Some history... the plot so far For personal use only § AND avoided political change to the market structure § While deferring a Tiwai smelter exit decision § And getting a price increase on part of the Tiwai load MERIDIAN ENERGY LIMITED Craigs Investment Partners 2015 investor da

  8. Slide 8: Perceptions from offshore

    13 OCTOBER 2015 Perceptions from offshore For personal use only § The yield story is not dead § China remains a big concern § Chinese government has spooked investors with intervention § Businesses in stable economies with good cashflows and a shareholder friendly bias (capital return) have a sto

  9. Slide 9: The recurring questions, plus a new one

    13 OCTOBER 2015 The recurring questions, plus a new one For personal use only § Tiwai Point smelter – “should I stay or should I go?” § How are the politicians thinking about the electricity market? § Transmission pricing review – progress? § Demand – any growth yet? § What happens if all the a

  10. Slide 10: The current operating environment

    13 OCTOBER 2015 NEW ZEALAND CUSTOMER NUMBERS The current operating ICP (000) 350 Meridian North Island Meridian South Island -0.1% Powershop environment 287 For personal use only 300 274 272 277 276 48 250 34 51 55 56 200 130 123 114 115 116 150 § New Zealand and Australian retail 100 environments

  11. Slide 11: The current operating environment

    13 OCTOBER 2015 AVERAGE RETAIL CONTRACTED SALES PRICE The current operating $/MWh 110 environment For personal use only -1% 105 100 106 § Retail prices have stayed up 95 103 104 103 98 § National storage is currently at 90 average levels 2011 2012 2013 2014 2015 Financial Year ended 30 June NZ NAT

  12. Slide 12: Focus for the 2016 financial year

    13 OCTOBER 2015 Focus for the 2016 financial year For personal use only § Understand and execute preferred options for a post 2018 world § Continue our retail efficiency drive § Continue growth in Powershop Australia § Decision on franchising the Powershop model to a northern hemisphere retailer b

  13. Slide 13: Questions

    Questions For personal use only MERIDIAN ENERGY LIMITED Craigs Investment Partners 2015 investor day presentation

Meridian Energy — Craigs Investment Partners 2015 investor day on 6ix