Annual Report

This report describes Transpower’s financial and operational performance for the financial year ending 30 June 2009.

The surplus after tax and before net changes in fair value gain/(loss) for the year ended 30 June 2009 was $135.8 million compared with the equivalent 2007/2008 surplus of $107.7 million. The principal reasons for the rise in profit from last year, were an increase in transmission revenue and a lower impairment charge on System Operator assets.

Transpower New Zealand Ltd's annual financial report for the 2007/2008 year, under the new International Financial Reporting Standards (IFRS).

The surplus after tax and before net fair value gain for the year ended 30 June 2008 was $108 million compared with the 2006/2007 surplus of $134 million.

The owner and operator of the national electricity grid, Transpower New Zealand Ltd, has reported a net surplus after tax and before revaluation for the year ended 30 June 2007 of $126.1 million compared with the 2005/2006 surplus of $96.9 million. Transmission revenue of $535 million also increased by 5.4 per cent compared to the previous financial year.

The owner and operator of the national electricity grid, Transpower New Zealand Ltd, has reported a net surplus after tax for 2005/06 of $96.9 million. The net surplus in the previous year was $141.5 million. Transpower chairman David Gascoigne said there will be no dividend paid to the Crown, with the surplus invested back into the Grid.

The owner and operator of the national electricity grid, Transpower New Zealand Ltd, reported a net surplus after tax for the 2004/05 financial year of $141.5 million.  Chairman David Gascoigne said Transpower achieved this excellent financial result while continuing to provide its customers and electricity consumers with a reliable National Grid that met the demands placed upon it.

Transpower New Zealand Ltd, has reported a net surplus after tax and before asset revaluation for 2003/04 of $64.7 million. Transpower will pay the Crown a dividend of $40 million. Transpower's strong financial performance was achieved by a combination of increased transmission revenue and a significant reduction in operating costs.

Transpower New Zealand Ltd has reported a net surplus after tax and before asset revaluation for 2002/2003 of $56.5 million. Transpower will pay the Crown a final dividend of $16.5 million, making a total dividend for the year of $38.5 million. The 2002/2003 year was characterised by good operational results and increased capital expenditure.

Transpower has reported a strong result for the 2001/02 financial year.  A final dividend of $12.9 million takes the total dividend paid to the Crown for the year to $80.2 million. This represents 100 per cent of the net surplus after tax and before revaluation for this period. At $80.2 million the net surplus after tax and before revaluation is comparable to the previous years result of $79.7 million.

It was another year of strong financial performance for Transpower. Transpower achieved a good performance from a techncial and operational perspective.