The soon-to-be NZX-listed Mighty River Power is forecasting after-tax earnings for the June 2013 year of NZ$94.8 million, rising to NZ$160.4 million in 2014.
Of key interest to would-be investors is the forecast for a full-year dividend of NZ13c a share in 2014.
The company has already paid a the Government a dividend for the first half of the current year, but is projecting a full-year payout this year of NZ12c a share.
Depending on what the final price is for the share offer, next year's dividend payout would give an implied dividend yield of 4.6%-5.5%, which compares reasonably well with current bank term deposit rates of around 4%.
Contact Energy, which was also formally Government-owned but was floated off by the previous National Government is at current share price levels yielding about 4.2%
Mighty River recently changed its dividend policy so that it now targets a payout of between 90% and 110% of profits. Next year's projected dividend will take the company close to that maximum with a projected 107% ratio.
And while that might sound confusing, the bald profit figures don't give a whole picture of how much cash the business actually generates.
For example the company is projecting that "net cash" provided by operating activities will be NZ$267.3 million in the current year and NZ$327.9 million in 2014.