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Lines to Vines and Wines Lines to Vines and Wines Annual Report 2016 The investment that broke the The Beauty industry mould — see page 67 of Blue Sky Thinking About this report Report objectives This 2016 report summarises Marlborough Lines’ operations, activities This report meets the New Zealand compliance and legislative and financial position for the 15 month period to 30 June 2016 following requirements of the Companies Act, The Financial Reporting Act a change in our balance date from 31 March. Marlborough Lines Limited and the Energy Companies Act, whilst also providing easy to read is the Parent company of the Marlborough Lines Group of companies. information on Marlborough Lines’ aspirations and performance In this report we provide as appropriate, numbers and tables for the for 2016 – the factors which affect our performance, and our goals financial indicators of both the Parent and Group, and where necessary, for the 2016 year. The industry and regulatory environment in which descriptions of the activities of the individual entities comprising we operate is complex and for that reason we have provided for our investments within the Group. References in this report for the year stakeholders an outline of our position, activities and attributes in means the 15 month calendar period 1 April 2015 to 30 June 2016 the supply chain for electricity (see page 26). On pages 62 and except for Parent operational data which, for compliance purposes 63 we also outline the regulatory environment applicable to our and in accord with Commerce Commission criteria, is provided for electricity network business. the 12 month period to 31 March 2016. All dollar figures are expressed in New Zealand currency. The Company undertakes only a small print run of the Annual Report and we encourage readers and stakeholders to access the electronic (PDF) version, which can be downloaded from Yealands Wine Group, Seaview Vineyard located our website www.marlboroughlines.co.nz in the Awatere Valley, Marlborough, is the single largest privately owned vineyard in New Zealand. Marlborough Lines Annual Report 2016 Introduction pg 1 Contents 2 About Us 6 Performance overview 7 Results in brief 8 Parent company 10 Our Mission Marlborough Lines had 12 Chairman’s Report 16 Managing Director’s Report a great year. The network 20 Board of Directors performed well, our customer 22 Senior Management 24 Day-to-Day Operations reliability set new records 26 The electricity system and our diversified investment 27 Customer Q&A 30 Our Network strategy literally bore fruit. 40 Our People 46 Health and Safety We bought into the Yealands 52 Our Community Wine Group – an investment 56 Our Environment 62 Regulation that is already paying dividends 64 Yealands Wine Group (YWG) – and we are on the lookout for 70 YWG 2016 Year Overview 78 Review of Financial Statements further opportunities. 84 Review of Investments 86 Governance, Disclosures and Financial Statements pg 2 About Us Marlborough Lines Annual Report 2016 Marlborough Lines Annual Report 2016 About Us pg 3 About Us Outlook Meets Opportunity pg 4 About Us Marlborough Lines Annual Report 2016 Marlborough Lines Annual Report 2016 About Us pg 5 We are a progressive electricity network owner/operator delivering electricity to consumers in the Marlborough region of New Zealand. Over a number of Extending our operations years, we have also invested in electricity networks outside our region. This year, taking a different course, we extended our investment base to include an 80% shareholding in one of New Zealand’s major wine companies. Marlborough Lines Investment Ownership Structure New territory for us Parent company and 12 months of 24,000 plus. The Marlborough as at 30 June 2016 We seek the best investment activity for the YWG. region experiences approximately Nelson Marlborough Sounds opportunities to benefit the electricity 2,400 hours of sunshine each year, Marlborough Lines Our supply network Marlborough Electric Power Trust Vital statistics jointly owns Nelson extends into a number consumers of Marlborough, both now, which is a major contributing factor in Electricity Limited of very isolated areas and most importantly, in the future. Our Parent company the region’s rapid growth to become with Network (including the Marlborough Tasman Limited. Sounds) that pose latest investment in the Yealands Wine • Marlborough Lines Limited New Zealand’s largest wine growing Both companies unique challenges Group (YWG), is already successful. shareholding comprises 28m $1.00 area. Marlborough now produces over own 50%. for electricity supply. Marlborough Lines Limited 77% of New Zealand’s wine production, Marlborough Lines owns and shares issued, fully paid up and held by including the world famous sauvignon operates the provincial electricity the Marlborough Electric Power Trust blanc. There is more than 24,000ha of network supplying electricity to over • Annual operating revenue of $55.4m Blenheim land currently planted in grapes, and Seaview Nelson • Total assets of $393.5m Unlike many other regional 25,000 consumers in the Marlborough Capital Limited Electricity Limited • A net worth at 30 June 2016 of $335.4m further plantings are underway. networks, the Company has (Investment vehicle) 5 Directors, 4 Staff region at the top of the South Island a single point of supply (in of New Zealand. • Over 25,000 network connections Marlborough is also known as being Blenheim) with an extensive 100% share 50% share • An area for network supply covering sub-transmission system an area of significance for aquaculture Since 1996, we have also been a 2 and zone substations. 11,330km farming, forestry and tourism. substantial investor in other electricity • Network of lines and cables Yealands Wine networks within New Zealand, Electricity supply Group Limited in excess of 3,383km 6 Directors, 160 Staff currently owning 50% of Nelson • 126 Blenheim-based staff. The supply of electricity to Electricity Limited – which supplies Marlborough Lines’ distribution 80% share Marlborough electricity to Nelson city. The Group system comes from three Transpower Marlborough Lines • The Marlborough Lines Parent 110kV circuits that terminate at a single Limited (the Parent In 2014, we sold our 51% shareholding company) is based company plus: point of supply (GXP) at Springlands, in the OtagoNet distribution network, at Blenheim in the • A 50% interest in Nelson Blenheim. Marlborough Lines’ Marlborough region. supplying the Otago region. During Electricity Limited sub-transmission network supplies 2015, we also sold our 13.89% • An 80% interest in Yealands 16 zone substations at 33kV. shareholding in the Whakatane based Wine Group Limited electricity distributor, Horizon Energy The supply to Marlborough customers • Total assets of $549.9m Seddon Distribution Limited. radiates out to a number of very • Total operating revenue of $163.9m Yealands Wine Group is isolated rural areas, including the based at Seaview near Due to the results of these sales, we • 265 staff. Marlborough Sounds, Molesworth the township of Seddon. were in a position to consider alternative Nelson Electricity Station (New Zealand’s largest farm new investments, and on 1 July 2015, Nelson Electricity supplies at the head of the Awatere Valley), and Marlborough Lines took up an 80% electricity to some 9,200 consumers the southern Marlborough coast; an shareholding in the Yealands Wine in the Nelson city area through a area bordered by the Pacific Ocean on Group. YWG is a large Marlborough- predominantly underground network. one side and the seaward and inland based grape grower and wine producer, Kaikoura mountains on the other. recognised within the wine industry Yealands Wine Group as a leader in environmental practices YWG is one of Marlborough’s While parts of our region have a and sustainable wine production. larger wine producers, with annual low population density and cover very revenues in excess of $95m, and an rugged terrain, the Company consistently Changed balance date enviable reputation for embracing maintains a very high level of network As a result of the investment in YWG, sustainable practices in the production reliability, and is recognised as a leader Marlborough Lines elected to change of award winning wines. in the operation and maintenance of its balance date to 30 June. This means rural and remote electricity networks. that for the Group financial statements, The Marlborough region the 2016 numbers represent 15 months Marlborough Lines is based in of activity for the Marlborough Lines Blenheim, which has a population pg 6 About Us Marlborough Lines Annual Report 2016 Marlborough Lines Annual Report 2016 About Us pg 7 Performance overview Results in brief Change Actual(i) Target Over Target 2016 2016 Previous 2017 2015 2014 2013 Group 15 months 12 months Year 12 months 12 months 12 months 12 months $163. 9m $36.6m $29.4m EBITDA (ii) $29.414m $21.210m 28.8% $32.307m $22.832m $22.505m $23.972m Group total operating revenue Group surplus after taxation Group earnings before interest, EBIT (ii) $17.039m $11.782m 21.2% $17.202m $14.058m $14.137m $16.056m 15 months (up 181%) 15 months (up 269%) tax and depreciation (EBITDA) Total Revenue (Group) $163.897m $53.569m 181.3% $165.695m $58.270m $54.228m $51.237m With the acquisition of Yealands Wine Group Group surplus includes the gain recognised 15 months (up 29%) (YWG) the Marlborough Lines Group has more on the acquisition of YWG of $30.4m. This result excludes the gain on acquisition Customer Discount $11.545m $8.003m 42.9% $8.255m
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