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Retrieving Data

Note 5

For The Year Ended 31 March 2012

SEGMENT INFORMATION

As at 31 March 2012, the Group is organised into two main business segments:

 

  • development, ownership and operation of electricity generation facilities from renewable energy sources including the trading of energy with Retail and external parties (“Generation”)
  • purchase of energy from Generation and retail sale of electricity to customers (“Retail”)

The remaining activities of the Group are included in Other. This primarily relates to property services and some unallocated head office functions.

The Board has further segregated Generation into New Zealand and Australian operations. Generation New Zealand includes the metering business which does not meet the criteria to be disclosed as a separate operating segment. Retail operates only in New Zealand and includes telecommunications operations which do not meet the criteria to be disclosed as a separate operating segment.

The segment results for the year ended 31 March 2012 are as follows:

GENERATION
NEW ZEALAND
GENERATION AUSTRALIA RETAIL OTHER TOTAL
    $000 $000 $000 $000 $000
Total segment revenue 254,531 36,407 732,939 2,460 1,026,337
Inter-segment revenue   (217,116) - - (2,161) (219,277)
Revenue from external customers 37,415 36,407 732,939 299 807,060
         
Adjusted EBITDAF 212,594 22,886 68,730 (1,468) 302,742
         
Amortisation of intangible assets - - 3,808 1,549 5,357
Depreciation 37,463 13,756 - 1,661 52,880
Capital expenditure 24,119 5,138 - 19,216 48,473
Asset impairment 428 - - - 428
           
The segment results for the year ended 31 March 2011 are as follows:    
           
Total segment revenue 213,208 30,937 701,096 2,261 947,502
Inter-segment revenue (179,474) - - (1,985) (181,459)
Revenue from external customers 33,734 30,937 701,096 276 766,043
         
Adjusted EBITDAF 183,778 22,244 70,672 (1,935) 274,759
         
Amortisation of intangible assets - - 3,808 1,739 5,547
Depreciation 33,855 13,676 - 1,793 49,324
Capital expenditure 101,992 602 - 5,881 108,475
Asset impairment - - - - -
           

Inter-segment transactions are entered into under normal commercial terms and conditions that would also be available to unrelated third parties. The Board does not distinguish between revenue from internal or external customers when measuring the performance of segments.
All revenue is reported to the Board on a basis consistent with that used in the income statement.

The Board assesses the performance of segments based on a measure of adjusted EBITDAF. This measure excludes the effects of non-operational expenditure or gains such as loss/gain on disposal or impairments of property, plant and equipment, fair value changes in foreign currency financial assets/liabilities and costs of major business acquisitions.

Interest income and expenditure and taxation costs are not allocated to segments as these activities are managed at a Group level by a central treasury function.

The Board does not segregate assets and liabilities in assessing Group performance.

Capital expenditure comprises additions to property, plant and equipment and intangible assets.

A reconciliation of adjusted EBITDAF to profit before income tax is as follows:

 
      GROUP
          $000 $000
           
Adjusted EBITDAF       302,742 274,759
Depreciation       (52,880) (49,324)
Amortisation       (5,357) (5,547)
Fair value gains/(losses) on financial instruments     (7,544) 62
Foreign exchange gains/(losses)     (2,610) (248)
Loss on sale of property, plant and equipment     5 (98)
Impairment of assets       (428) -
Interest received       904 917
Interest paid       (63,889) (62,746)
     
Profit before income tax       170,943 157,775