2010 Shareholder letter
Friday, 17 September 2010
AGL Energy Limited is about to commence dispatch of a letter that is going to the shareholders who have not elected to receive the Annual Report.
For the 2010 financial year, AGL delivered an Underlying Profit of $428.9m, an increase of 13.2% on the previous year. An overview of AGL's key achievements for the year is included overleaf. The final dividend for 2010 is 30 cents per share, unfranked, taking the total 2010 annual dividend to 59 cents per share. This is an increase of five cents per share on the total 2009 annual dividend. The final dividend is being paid only via direct credit. Please ensure that you have provided your bank account details to enable us to pay your dividend on 30 September 2010. On behalf of the AGL Board, I thank you for your ongoing support of AGL.
2010 Financial Results
To receive direct electronic notification in the future, of when the Annual Report is available online, or to receive a printed copy, please either access your Shareholder election details online at the Link Market Services website (www.linkmarketservices. com.au) or complete the enclosed Shareholder communication election form and return (together with your Shareholder Voting Form should you be voting by this method) in the reply paid envelope provided.
AGL's 2010 Annual Report has now been released and is available electronically on our website at: www.agl.com.au
2010 Annual Report
If you do not wish to attend, your Board of Directors encourages you to participate by voting via Proxy. Full details, together with your personalised Shareholder Voting Form, are enclosed.
City Recital Hall, Angel Place, Sydney
10.30am on Thursday, 21 October 2010
Please find enclosed your Notice of Meeting and associated material, setting out the business to be considered at the AGL 2010 Annual General Meeting, to be held:
2010 Financial Year Overview
- Underlying Profit $428.9 million, up 13.2%
- Statutory Net Profit after Tax (NPAT) $356.1 million, down 77.7%
- Final dividend 30.0 cps, unfranked, taking full-year dividend to 59.0 cps
- Underlying Cash Flow (before tax) 140.4 cps, up 22.9%
- Net Debt $420.4 million, down $76.7 million
- S&P rating of BBB stable affirmed in May 2010
- Strong result from Retail Energy, up 19.5%
- Customer numbers up 45,317 (+1.4%) to 3.24 million
- AGL customer churn at 14.7%, better than market churn of 18.7%
- Awarded major renewable contracts with Victoria & South Australia desalination plants and Melbourne Water
- Bogong Hydroelectric Power Station (140 MW) was completed and became operational
- AGL Hallett 2 Wind Farm (71 MW) was commissioned and became operational
- 2P reserves entitlement up 43% to 1,578 PJ
- 2P reserves at Gloucester increased by 58%
AGL is one of Australia's leading integrated renewable energy companies and is taking action toward creating a sustainable energy future for our investors, communities and customers. Drawing on 175 years of experience, AGL operates retail and merchant energy businesses, power generation assets and an upstream gas portfolio. AGL has one of Australia's largest retail energy and dual fuel customer bases. AGL has a diverse power generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, landfill gas and biomass. AGL is Australia's largest private owner and operator of renewable energy assets and is looking to further expand this position by exploring a suite of low emission and renewable energy generation development opportunities.