WEL Networks Limited releases Annual Report to 31 March 2019

28 Jun 2019

WEL Networks Limited (the ‘Group’) has released their Annual Report today setting out the audited group financial results for the twelve months to 31 March 2019.

Group Chair, Rob Campbell says the Group achieved a positive operating result for the period, with increased revenue from the prior year due to higher commercial lines consumption, customer growth across the fibre network and continued strong urban development in the Waikato region.

For the year ended 31 March 2019, the Group recorded a profit after tax of $31 million.

Total revenue was $211 million, ahead of the prior year by $35 million predominately relating to continued growth in the number of customers accessing and utilising the electricity and fibre networks and strong urban development via third party contributions.

Total net debt of the Group was $542 million, an increase of $65 million from March 2018, with borrowings relating to the continued UFB2 and UFB2+ fibre network build programme during the 2019 financial year.

The Group’s total assets have increased to $1.2 billion, an increase of $91 million from March 2018.

Key non-financial highlights for the group include:

  • WEL Networks reduced residential lines charges by $6 million providing an average saving of $77 to residents;
  • 1,371 new connections were made to the electricity network;
  • An additional 22,600 customers subscribed to the Ultrafast Fibre (UFF) broadband programme with the first ultrafast broadband connections made in the Ngaruawahia and Matangi/Tamahere areas;
  • The UFF network is now available to more than 210,000 homes, schools and businesses;
  • In the past 12 months, 2,990 businesses have connected to the fibre network;
  • Funding from the Energy Efficiency and Conservation Authority (EECA) enabled the installation of an additional 16 electric vehicle fast chargers to the WEL network; and
  • Opunake Hydro, a subsidiary of the WEL Group, exited the electricity retail market transferring its retail arm from  Utilise Limited to Trustpower Limited.

The WEL Group is 100% owned by the community through its sole shareholder, WEL Energy Trust. The business units (and ownership percentage) include WEL Networks (100%), Ultrafast Fibre (a partnership between WEL Networks, 85% and Waipa Networks, 15%),  OurPower (100%), and Opunake Hydro (51%).

The full 2019 WEL Group Annual Report is available here.

For more information
Rob Campbell, WEL Group Chairman