Manawa Energy Ltd

MNW: XNZE (NZL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NZD 8.50	Zhnch	Wgnwtqqx

Tough Year for TrustPower in 2014 but Snowtown 2 Should Lift Earnings in 2015

May 19, 2014

TrustPower's fiscal 2014 results were slightly ahead of our expectations. Underlying earnings before interest tax depreciation and amortisation, or EBITDA, of NZD 277 million beat our estimate of NZD 271 million. EBITDA was 6% below last year mainly because of lower hydro production and continued pressure on retail margins. We have reviewed our EBITDA numbers for fiscal 2015 and 2016 and have cut them by 2% to 3% each to reflect lower retail earnings in light of the competitive environment and increased marketing cost associated with the metro market strategy. Our forecasts don't assume any further wind or irrigation projects

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