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We Make It Happen for the Future

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We Make It Happen for the Future We make it happen for the future ANNUAL REPORT 2017 Eastland Group Annual Report 2017 Contents 2017 highlights 4 Chairman and Chief Executive’s overview 6 Board of directors 14 Leadership team 16 Eastland Group structure 18 Financial performance trends 22 Eastland Network 24 Eastland Generation 34 Eastland Port 40 Our community 48 Financial statements F1 Auditor’s report F2 Notes to the financial statements F9 Company information F46 2 Eastland Group Annual Report 2017 We’re Gisborne born n’ bred and proud of it At Eastland Group, everything we do is designed to make good things happen for our shareholder, our customers and our East Coast community. Our aim is to develop regional infrastructure, along with products and services that support the growth aspirations of our customers, and at the same time encourage economic growth in the Gisborne, Wairoa and East Coast regions. Annual Report 2017 Eastland Group 3 2017 Performance highlights $9.9m $76.2m $14.8m PAID TO ECT TOTAL INCOME PROFIT (Total distributions and interest on capital notes paid to shareholder) $ 7.0% 481.0m 145% RETURN ON EQUITY ASSET VALUE GROWTH IN ASSET VALUE compared to 10 years ago $ $ 72.2m 28.7m 25% CAPITAL SPEND INVESTED IN TAIRAWHITI REDUCTION in harm related injuries on last year 4 Eastland Group Annual Report 2017 We have a keen eye for commercial gain and love the hunt As Eastland Community Trust’s primary commercial arm, Eastland Group’s job is to make money for the trust, and to develop and maintain our energy and port assets, along with products and services to support regional economic activity. We are the business behind the businesses powering our regional economy. Every day we’re looking for new opportunities to improve the future of everyone who lives here. Annual Report 2017 Eastland Group 5 CHAIRMAN AND CHIEF EXECUTIVE’S OVERVIEW Pressing forward for the future Nelson Cull, CHAIRMAN Matt Todd, GROUP CHIEF EXECUTIVE Strong positive growth remains an during the year on development of assets. important strategic objective as we seek Of this just over 23% – or $16.8 million – to provide excellent returns for our was spent within Tairawhiti. shareholder, the Eastland Community Our commitment to the Tairawhiti- Trust (ECT). We remain committed to Gisborne and Wairoa regions is ongoing; providing fit for purpose infrastructure over the next five years the company is and products and services that support planning to invest $166.1 million in local New Zealand’s regional economies, infrastructure, as well as around $46.2 especially that of the Tairawhiti- million on (predominantly) energy assets Gisborne region. outside the region. The forecast over the next few years At 31 March 2017 76.4% ($367.3 million) from our existing investments is positive of the company’s total assets were with additional revenues being derived invested in the Gisborne and Wairoa from both the ports and generation districts. businesses, solid cashflows from our regulated electricity network and new Equity was $215.3 million (2016: $204.9 revenues from our investments into million). Eastland Group pressed retailing and emerging technologies. forward with major growth Eastland Group is unique in a New Strategic focus Zealand context, being a diversified objectives in the 2017 financial Eastland Group’s strategic focus has (primarily infrastructure) company that year, making outstanding broadened in the past 12-18 months. Our has grown from relatively humble goal is still to provide excellent returns to progress at our Te Ahi O Maui beginnings to a business which is our shareholder, at the same time as we geothermal project near now approaching half a billion dollars develop and operate fit-for-purpose of assets. regional infrastructure. The company also Kawerau and solidifying our continues to aspire to grow its investments commitment to a broadened Financial performance and earnings, which will increase shareholder value and diversify risk. strategic focus which includes We’re proud to report that Eastland emerging opportunities in the Group achieved yet another strong However, as a result of our focus on business development, we have reshaped financial performance in the 2017 energy sector. our strategy within the broader energy financial year. Income increased to a sector to accommodate the risk and record $76.2 million while total profit opportunities now emerging from rapid was $14.8 million. change within this sector. The In 2003 when the shareholder purchased transformation of the energy industry is Eastland Port, Eastland Group had $80 being driven by new technologies such as million of assets. Fourteen years later solar photovoltaics, batteries, electric Eastland Group’s assets are worth $481 vehicles as well as digital platforms which million, the result of a capital investment enable greater consumer choice. programme driven by increasing demand The creation of an energy solutions sector from customers, and a committed is consistent with our previous objective business development approach which of taking asset-intensive businesses - which is now focused on the opportunities require significant capital - and looking for presented by new technologies in the opportunities within the broader supply energy sector. chain associated with these sectors. We're particularly interested in those opportunities Shareholder distributions where investment provides an element of control or competitive positioning. ECT was paid dividend distributions of $7.8 million (2016: $5.6 million). We believe that compared to similar businesses in the sectors in which we Interest paid on shareholder capital participate, Eastland Group is relatively notes was $2.1 million (2016: $2.1 fast and agile, seeking out opportunities million), meaning the total dividend within the broader supply chains and interest paid to the shareholder associated with our businesses. For was $9.9 million (2016: $7.7 million), example, our holistic view of the New a significant increase. Zealand electricity sector – with interests in generation, distribution and retail – Capital investment means we are well positioned to assess how changes to one element of the value Eastland Group's aim is to develop chain will potentially impact others and regional infrastructure assets, as well as to use this to create strategic advantage. innovative products and services, to support the growth aspirations of our customers. We invested $72.2 million 6 Annual Report 2017 Eastland Group Returns made to ECT Last 10 years ($ Millions) 10 8 6 4 2 0 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 Impressive returns In 2017 the total dividend and interest paid to ECT was $9.9 million. This is a huge increase of $2.2 million on the $7.7 million paid in 2016 and a fantastic result for the future of our region. Annual Report 2017 Eastland Group 7 Our four focus sectors 1. 2. Capital investment planned over the next five years Networks $50.5m Networks Generation Projects include the replacement of Electricity distribution and Electricity generation from aged or underperforming network assets transmission networks primarily renewable sources such as poles, overhead conductors, (regulated) transformers and high voltage switchgear Generation $52.2m Projects include completion of Te Ahi O Maui geothermal project 3. 4. Energy solutions $1.0m Projects include the installation of electric vehicle charging stations, an ongoing solar trial and the opening of an energy hub Energy Ports Ports $96.0m Projects include the development of Seaports and airports the wharfside log yard and other solutions and associated supply enhancements to accommodate customer chain investments Energy retail, emerging technology projections for forestry harvest and customer facing solutions Eastland Group also has a broader Health, safety and a new executive position of General mandate to look at opportunities outside Manager, People and Performance and of these four sectors – but within Tairawhiti- environment appointed internally. The establishment Gisborne – where they fit other elements As Eastland Group grows, our approach of this new position means we are taking of our investment criteria. Eastland Group to health, safety and the environment is a more strategic view towards health, is first and foremost a commercial business, maturing. Our drug testing programme safety and the environment, and also to seeking to maximise the value the has been in place for three years, and our ensuring the development of our people shareholder receives from the capital it regular reporting and investigation is linked very carefully to our business has invested. But we are also committed processes following workplace incidents planning cycle. to supporting the region from which we and near-misses are now well embedded As the financial year came to a close, we operate – we think of ourselves as in Eastland Group’s ‘safety happens introduced a new performance ‘creating prosperity from the periphery’. here’ culture. management system which will align each Based on the very eastern edge of New Our development of a unique health and individual employee’s effort with our plan Zealand’s North Island, we have a safety culture included the introduction for the year ahead. The ‘Making It Happen’ commercial mind and a regional soul. of a ‘5 by 5 safety process’, as well as the system – or MIH – fits alongside the brand review and re-establishment of an repositioning work we embarked upon in upgraded safety management system. In 2015, and has the potential to add real addition to these initiatives, the company’s value for everyone at Eastland Group. Safety happens here main health and safety objective this year Eastland Group is committed to doing Reduction in harm events by year, was to reduce the number of harm related whatever it takes to provide safe and previous three years injuries. In 2015, 20 harm related injuries healthy environments for employees, occurred across Eastland Group contractors and any member of the public. businesses, and our aim last year was to 25 reduce this by 25 percent – a target of 15 or fewer such incidents.
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