Meridian Energy Limited · NZX:MEL
Meridian Energy — Shareholder Meeting (October 2021)
25 slides from Meridian Energy's shareholder meeting presentation, Oct 6, 2021
Slide 1: 2021 Annual Shareholder Meeting
2021 Annual Shareholder Meeting 6 OCTOBER 2021
Slide 2: Today's business
Today’s business Chair’s address Chief Executive’s review Shareholder questions Resolutions and voting 6 O C TO B E R 2 0 2 1 2 0 2 1 A N N UAL S H A REH OL DER M E ETIN G 2
Slide 3: Chair's address
Chair’s address 6 O CT O B ER 2 0 2 1 2 0 2 1 A N N U AL S HA REHOL DER M EET I N G 3
Slide 4: Our Board
Our Board Tania Simpson Nagaja Sanatkumar Anake Goodall Julia Hoare Peter Wilson Mark Cairns Jan Dawson Michelle Henderson Mark Verbiest 6 O C TO B E R 2 0 2 1 2 0 2 1 A N N UAL S H A REH OL DER M E ETIN G 4
Slide 5: Sustainability
Sustainability Meridian’s purpose: clean energy for a fairer and healthier world Meridian is New Zealand’s largest 100% renewable generator A material role supporting Aotearoa’s transition to a net zero emissions future COVID-19 support for our customers, suppliers and employees 6 O C TO B E
Slide 6: Climate change
Climate change Meridian supports the Climate Change Commission’s final advice The climate challenge is urgent Potential conflict between Resource Management Act reforms and decarbonisation goals 6 O C TO B E R 2 0 2 1 2 0 2 1 A N N UAL S H A REH OL DER M E ETIN G 6
Slide 7: The electricity market
The electricity market Reviews into 9 August 2021 power outages Electricity Authority review of wholesale market competition Ranked in the top 10 by the World Energy Council for security, sustainability and affordability 2024 exit by the Tiwai Point smelter 6 O C TO B E R 2 0 2 1 2 0 2 1 A N
Slide 8: Meridian's focus
Meridian’s focus Building clean energy systems that help New Zealand decarbonise and achieve its climate goals Reducing our own emissions New renewable generation Customer and community focus 6 O C TO B E R 2 0 2 1 2 0 2 1 A N N UAL S H A REH OL DER M E ETIN G 8
Slide 9: 2021 financial results
2021 financial results Dividends declared Total shareholder return CPS Ordinary dividends Special dividends Total 25 80% Meridian NZX50 Index 18.91 19.20 21.30 19.34 16.90 4.88 60% 20 4.88 2.44 4.88 60% 16.42 16.90 16.90 15 14.32 14.03 40% 10 19% 15% 20% 18% 19% 12% 5 10% 10% 9% 11% 0 0% 2017 2018 2
Slide 10: Chief Executive's review
Chief Executive’s review 6 O CT O B ER 2 0 2 1 2 0 2 1 A N N U AL S HA REHOL DER M EET I N G 10
Slide 11: Executive team
Executive team Neal Barclay Tania Palmer Mike Roan Lisa Hannifin Guy Waipara Jason Woolley Claire Shaw Jason Stein Nic Kennedy Chris Ewers 6 O C TO B E R 2 0 2 1 2 0 2 1 A N N UAL S H A REH OL DER M E ETIN G 11
Slide 12: Employee engagement and injury rates
Employee engagement and injury rates Employee engagement Lost time injury frequency rate % Meridian employees Meridian on-site contractors Meridian New Zealand Meridian Australia 15.0 90% 15 13.6 85.0% 85.0% 85% 12 80.0% 80.0% 80% 78.0% 78.0% 9.1 76.0% 9 8.0 73.0% 7.4 75% 6 4.5 70% 4.2 3.4 65% 3 1.7
Slide 13: Group EBITDAF
Group EBITDAF1 $M 900 854 838 800 729 700 657 666 650 618 584 585 600 500 400 2013 2014 2015 2016 2017 2018 2019 2020 2021 Financial Year ended 30 June Source: Meridian 1Earnings before interest, tax, depreciation, amortisation, changes in fair value of hedges, impairments and gains or losses on sal
Slide 14: Customers
Customers 6 O C TO B E R 2 0 2 1 2 0 2 1 A N N UAL S H A REH OL DER M E ETIN G 14
Slide 15: Generation
Generation 3rd lowest Meridian’s combined catchment inflows (November – March) November to GWh March period 10,000 inflows on record 8,000 6,000 4,000 2,000 0 Financial 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 year Nov-Mar 87 year average Source: Meridian 6 O C TO B
Slide 16: Australia
Australia Australian average wind generation price $NZ/MWh 180 156 160 138 140 110 120 96 100 71 80 60 40 20 0 2017 2018 2019 2020 2021 Financial Year ended 30 June Note: average Australian wind generation prices include prices for large-scale generation certificates Source: Meridian 6 O C TO B E R
Slide 17: Outlook
Outlook 6 O C TO B E R 2 0 2 1 2 0 2 1 A N N UAL S H A REH OL DER M E ETIN G 17
Slide 18: Shareholder questions
Shareholder questions 6 O CT O B ER 2 0 2 1 2 0 2 1 A N N U AL S HA REHOL DER M EET I N G 18
Slide 19: Resolutions and voting
Resolutions and voting 6 O CT O B ER 2 0 2 1 2 0 2 1 A N N U AL S HA REHOL DER M EET I N G 19
Slide 20: Resolution 1: Re-election of Mark Cairns
Resolution 1 Re-election of Mark Cairns That Mark Cairns, who retires by rotation and is eligible for re-election, be re-elected as a Director of the Company 6 O C TO B E R 2 0 2 1 2 0 2 1 A N N UAL S H A REH OL DER M E ETIN G 20
Slide 21: Resolution 2: Election of Tania Simpson
Resolution 2 Election of Tania Simpson That Tania Simpson (appointed as a Director of the Company by the Board with effect from 24 August 2021), who retires and is eligible for election, be elected as a Director of the Company 6 O C TO B E R 2 0 2 1 2 0 2 1 A N N UAL S H A REH OL DER M E ETIN G 21
Slide 22: Resolution 3: Directors' fees
Resolution 3 Directors’ fees That the total annual director fee pool be increased by $99,000 (9%) from $1,100,000 to $1,199,000, with the first annual increase to be backdated to take effect from 1 July 2021 6 O C TO B E R 2 0 2 1 2 0 2 1 A N N UAL S H A REH OL DER M E ETIN G 22
Slide 23: Vote totals
Vote totals Resolution 1: Re- Resolution 2: Resolution 3: election of Mark Election of Tania Director fee pool Cairns Simpson increase Postal and online votes already cast For 1,940,803,509 1,944,208,325 1,941,594,190 Against 4,187,076 765,980 3,345,128 Abstain 247,970 254,750 461,746 Votes appointe
Slide 24: Closing
Closing 6 O CT O B ER 2 0 2 1 2 0 2 1 A N N U AL S HA REHOL DER M EET I N G 24
Slide 25: Disclaimer
Disclaimer The information in this presentation was prepared by Meridian Energy with they are not defined by GAAP or IFRS, Meridian's calculation of these due care and attention. However, the information is supplied in summary measures may differ from similarly titled measures presented by other for