Meridian Energy Limited · NZX:MEL
Meridian Energy — Shareholder Meeting (October 2014)
39 slides from Meridian Energy's shareholder meeting presentation, Oct 29, 2014
Slide 1: Better energy
Better energy MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING
Slide 2: 2014 annual shareholder meeting: Introduction
2014 annual shareholder meeting Introduction Welcome This meeting Introduction of the Board MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 2
Slide 3: Sequence of the meeting
Sequence of the meeting Chairman’s address Chief Executive’s review Questions relating to the management and operations of the company Resolutions and questions relating to the resolutions Close of the meeting Afternoon tea MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 3
Slide 4: Meeting procedure, process and voting
Meeting procedure, process and voting Instalment Receipt holders do not have the right to exercise votes in person at the meeting Eligible Instalment Receipt holders were entitled to instruct the relevant Trustee as to the manner in which votes on the underlying Shares were to be exercised on a poll
Slide 5: Resolutions and results of voting
Resolutions and results of voting Re-election of Mary Devine Re-election of Stephen Reindler Re-election of Chris Moller Results will be advised to New Zealand and Australian stock exchanges later today MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 5
Slide 6: Chairman's address
Chairman’s address
Slide 7: Highlights
Highlights MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 7
Slide 8: Highlights
Highlights MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 8
Slide 9: Meridian ownership
Highlights MERIDIAN OWNERSHIP 86% New Zealand ownership 60% 51% 50% 40% 30% 24% 20% 13% 11% 10% 1% 0% New Zealand New Zealand New Zealand Offshore Offshore Government Retail Institutions Institutions Retail Source: Meridian MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 9
Slide 10: 2014 financial performance
Highlights 2014 financial performance 13.01 cents per share $433m 6.7% Total dividend Operating cash flow EBITDAF ahead of prospectus 24% higher than prospectus 4% higher than last year MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 10
Slide 11: Meridian's instalment receipt price
Highlights MERIDIAN’S INSTALMENT RECEIPT PRICE $NZ 1.80 1.70 1.60 1.50 1.40 1.30 1.20 1.10 1.00 0.90 0.80 25 25 25 25 25 25 25 25 25 25 25 25 25 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oc Source: NZX MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 11
Slide 12: Instalment Receipts timeline March to May 2015
Instalment Receipts (IR) 4 May Record date 21 May 1 April 29 April to determine Expected Reminder Expected IR holders date for notices last day of liable to pay transfer of sent to IR trading of Final Shares to holders IRs Instalment IR holders March 2015 April 2015 May 2015 15 April 30 April 6 May
Slide 13: Debt maturity profile as at 30 June 2014
Capital management DEBT MATURITY PROFILE AS AT 30 JUNE 2014 $M 500 400 300 243 81 100 447 200 238 247 100 200 5 10 0 Calendar 2014 2015 2016 2017 2018 2019+ year Available facilities maturing Drawn debt maturing (face value) Source: Meridian MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29
Slide 14: Health and safety
Health and safety MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 14
Slide 15: Health and safety
Health and safety MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 15
Slide 16: OECD residential electricity prices
Power pricing OECD RESIDENTIAL ELECTRICITY PRICES Real NZ c/KWh 2011 dollars 60 50 New Zealand 40 average 30 20 10 0 Source: Ministry of Business, Innovation and Employment MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 16
Slide 17: Regulatory environment
Regulatory environment t i t ive ” com p e r e m e ly e te x t yma r k l e c t ri cit “E “Buyer beware the Meridian float” “Meridia n Energy hits at n ew post fl oat low” “Energy stocks soar after election result” MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 17
Slide 18: Regulatory environment
Regulatory environment HAYWARDS HVDC INTER-ISLAND LINK BENMORE MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 18
Slide 19: Regulatory environment
Regulatory environment MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 19
Slide 20: Conclusion
Conclusion MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 20
Slide 21: Chief Executive's review
Chief Executive’s review
Slide 22: Sustainability framework
Sustainability framework Water stewardship Engaged communities Renewable energy Working sustainably Energy solutions Financial return MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 22
Slide 23: Financial return
Financial return MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 23
Slide 24: Operating earnings (EBITDAF)
Financial return OPERATING EARNINGS NEW ZEALAND (EBITDAF) GRID SCALE SOLAR COSTS $M $NZ/MWh 350 600 300 550 250 200 500 150 450 100 50 400 0 2013 actual 2014 actual 2014 prospectus 2015 2025 2035 forecast 2045 MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 24
Slide 25: Renewable energy
Renewable energy MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 25
Slide 26: New Zealand grid scale solar costs
Renewable energy NEW ZEALAND MERIDIAN GRID SCALE SOLAR COSTS OWNERSHIP $NZ/MWh 60% 350 51% 50% 300 40% 250 30% 200 24% 20% 150 13% 11% 10% 100 2014 New Zealand cost range 1% 50 0% 0 New Zealand New Zealand Offshore Retail Government 2015 2025 Institutions2035 2045 Source: IEA, Meridian estimates MERI
Slide 27: Water stewardship
Water stewardship MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 27
Slide 28: Working sustainably
Working sustainably MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 28
Slide 29: Energy solutions
Energy solutions MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 29
Slide 30: Engaged communities
Engaged communities MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 30
Slide 31: Future financial sustainability
Future financial sustainability MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 31
Slide 32: Future financial sustainability
Future financial sustainability MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 32
Slide 33: Future financial sustainability
Future financial sustainability MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 33
Slide 34: General questions
General questions
Slide 35: Written questions received
Written questions received CEO key performance indicators (KPI’s) Electric vehicles Waitaki river flows MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014 35
Slide 36: Formal resolutions
Formal resolutions
Slide 37: Resolutions 1-3: Re-election of directors
Resolution 1: Re-election of Chris Moller That Chris Moller, who retires by rotation and is eligible for re-election, be re- elected as a director of the Company Resolution 2: Re-election of Mary Devine That Mary Devine, who retires by rotation and is eligible for re-election, be re- elected as a di
Slide 38: Closing
Closing MERIDIAN ENERGY LIMITED 2014 ANNUAL SHAREHOLDER MEETING 29 October 2014
Slide 39: Disclaimer
Disclaimer 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, completeness or reliability of the informatio