Company News Summary
ERM Power Provides Chairman's Address and MD's Presentation
Original announcement: AGM Chairman's Address and MD's Presentation
ERM Power provided Chairman's address and CEO and MD's presentation. The Chairman reported that the Company earnings of $81.2m in FY16 reflected business transition and investment. Underlying NPAT was $19.2m, down 41% on the 2015. Further strengthening of the balance sheet and liquidity were secured during the year with the completion of two funding initiatives. The Board approved full year dividends of 12.0 cps unfranked. CEO and MD reported that in 2016, the Company's Australian electricity load was up 12.4% to 18.1TWh on the 2015. The Company expect continued growth in sales volumes to about 18.5TWh for FY 2017. The Company's SME business has more than 38,000 contracted sites.
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