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ISSN 2463-4654 (Online) “ ISSN 2463-4654 (Online) ANNUAL REPORT 2016 | WEL NETWORKS LIMITED & SUBSIDIARIES A FOCUS ON SAFETY BEST IN SERVICE. BEST IN SAFETY. wel.co.nz This is the annual report of WEL Networks Limited Dated this 26th day of May 2016 Signed for and on behalf of the Board of Directors Margaret Devlin Chairman Paul McGilvary Chairman Audit and Risk Committee TABLE OF CONTENTS Vision 3 Company Profile 4 Quick Facts 5 Key Performance Indicators 6 Chairman’s Report 12 Chief Executive’s Report 14 News Items 20 Directors’ Profiles 24 Corporate Governance 26 Directors’ Disclosures of Interest 27 Executive Management 28 Wel Energy Trust 30 Financial Statements 31 Auditors’ Report 74 2016 Directors’ Report and Statutory Information 76 | Directory 78 WEL ANNUAL REPORT 1 1 2016 | WEL ANNUAL REPORT 2 BEST IN SERVICE, BEST IN SAFETY Providing high quality, reliable utility services valued by our 2016 customers whilst | protecting and WEL ANNUAL REPORT enabling our community. 3 3 COMPANY PROFILE WEL Networks Limited (WEL) is an innovative, regional Although our core business successfully delivered infrastructure provider. We have a proud 100-year heritage is to provide electricity the UFB rollout – in distribution WEL takes a Hamilton, Te Awamutu, serving the Waikato community with a focus on delivering wider strategic approach. Cambridge, Tauranga, better value and reliable service for our customers. WEL plays an essential role Tokoroa, Whanganui, New in the region’s economic Plymouth and Hawera – on We value our role as and social development, time and to budget. The a trusted community so we identify and invest $300 million fibre network member. WEL’s crews in new technologies makes up around 13% of work around the clock that benefit our people, the Government’s national to maintain our network. modernise our network and UFB1 initiative and provides Our highest priority is future-proof our region. access to fibre for more than 183,000 end users. always the safety of staff Our Smart Network project and our community; we in the Waikato Region is WEL operates with strong are committed to getting now complete with 58,000 commercial principles everyone home safely, every smart boxes installed. We under an experienced day. To achieve this, WEL have started to integrate Board of Directors chaired engages a dedicated, highly the information received by Margaret Devlin. We are trained field services team. from the smart boxes into fully community-owned, We also strive to ensure our our asset management with WEL Energy Trust equipment and practices decision making processes. as our sole shareholder. are industry leading, and we We are now developing a Hamilton City, Waikato and work with key stakeholders smart network that enables Waipa District Councils, and 2016 to educate people on safety better customer quality and ultimately their respective around power lines. network utilisation. communities, are our capital beneficiaries. Through | WEL is an employer of WEL ANNUAL REPORT WEL made the strategic WEL’s annual discount choice, with our local team decision to invest in ultra programme, $273 million numbering around 240 fast fibre technology, (including GST) has been people of a diverse cultural through our subsidiary distributed to customers make-up. We all work to a Waikato Networks Limited, since the programme’s core set of values and share to bring fibre to the establishment in 2003. a drive to deliver the best regions faster. Together in service. with our partners, we have 4 Staff numbers 240 Annual Revenue $223 million (before discount) Network Connections (including embedded networks) • Residential 87,492 • Commercial/Industrial 732 Maximum Demand 258 Megawatts Volume Throughput (WEL traditional area 1,200 Gigawatt hours after technical Loss Factors) FACTS Annual Investment in Capital Projects $45 million KILOMETRES OF LINES CATEGORY KM % Overhead Lines 3,463 53% Underground 3,040 47% Total 6,503 100% (Excl. street lighting pilots, fibre and communications lines) QUICK OUTAGES as at 31 March 2016 OUTAGE CAUSES SAIDI* % OF SAIDI MINUTES MINUTES Equipment faults 15.44 15% Adverse weather and other foreign 23.22 23% interference Vehicle accidents 16.80 16% Planned shutdowns 39.23 38% 2016 Insulators and discs 3.08 3% Tree contacts 5.39 5% | WEL ANNUAL REPORT Total 103.16 100% Total Regulatory SAIDI** 83.54 *SAIDI – System Average Interruption Duration Index (the average number of minutes that customers were without electricity) **Regulatory SAIDI = 50% * Planned SAIDI + Unplanned SAIDI (a Commerce Commission calculation) 5 5 2015/2016 KEY 2016 PERFORMANCE | WEL ANNUAL REPORT INDICATORS 6 2015/2016 KEY PERFORMANCE INDICATORS RETURN ON ASSETS 6% 4% % 2% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 The lower Return on Assets is due to increased investment in our bre assets. ANNUAL GROWTH IN CUSTOMER NUMBERS 2400 2000 EAR) 1600 2016 1200 | WEL ANNUAL REPORT 800 N CUSTOMER NUMBERS (NO/Y I TH 400 GROW 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 WEL has maintained strong growth in customer numbers and the outlook in the building sector remains positive. 7 7 2015/2016 KEY PERFORMANCE INDICATORS (cont.) COST PER CUSTOMER $/CUSTOMER YEAR ENDED 31 MARCH 2015 800 700 600 500 400 300 200 100 0 Westpower Buller Electricity OtagoNet Joint Venture Marlborough Electric Electricity Ashburton Alpine Energy GENERAL The Lines Company Top Energy RELIABILITY OF SUPPLY TOTAL SAIDI YEAR ENDEDCentralline 31 MARCHs 2015 WEL continues to perform well in terms of cost per customer compared with other lines companies. AVERAGE NUMBER OF MINUTES THAT CUSTOMERSThe Power WERE Company WITHOUT ELECTRICITY 2016 The timing of nationalNetwork benchmarking Waitaki means Ltd that this graph relates to 2015. Horizon Energy WEL | 3,000 Unison WEL ANNUAL REPORT Eastland Network 2,500 Counties Power 2,000 Mainpower Northpower 1,500 Aurora Energy Ltd AVERAGE 1,000 Electra Orion New Zealand Ltd 500 Network Tasman Limited Electricity Invercargill 0 Scanpower Waipa Networks Buller Electricity Vector Top Energy Nelson Electricity Ltd Westpower WEL Networks Vector Energy GENERAL Powerco Waipa Networks Wellington Electricity Lines Horizon Energy Northpower Eastland Network 8 OtagoNet Joint Venture A signicant increase in vehicle accidentsPowerc contributedo to a worse than target result. WEL The Lines Company The Power Company However we continue to perform Networkmuch better Tasma thann industry average. EA (Electricity Ashburton) Mainpower Alpine Energy AVERAGE Electra Centrallines Aurora Energy Marlborough Lines Orion New Zealand Unison Networks Counties Power WEL Networks Scanpower Network Waitaki Electricity Invercargill Wellington Electricity Lines Nelson Electricity Ltd 2015/2016 KEY PERFORMANCE INDICATORS (cont.) 2015/2016 KEY PERFORMANCE INDICATORS (cont.) PLANNED OUTAGES YEAR ENDED 31 MARCH 2015 GENERAL WEL AVERAGE 300 250 200 150 100 50 0 d Unison Electra Powerco Top Energy Mainpower Northpower Centrallines Westpower Scanpower Alpine Energy WEL Networks Vector Energy Buller Electricity Waipa Networks Horizon Energy Counties Power Eastland Network Aurora Energy Ltd The Lines Company Marlborough Lines The Power Company Network Waitaki Ltd Nelson Electricity InvercargillLt OtagoNet Joint Venture Orion New Zealand Ltd EA (Electricity Ashburton)Network Tasman Limited Wellington Electricity Lines Our planned outages were well managed and signicantly better than budget for the year. LOW VOLTAGE COMPLAINTS 0.45 0.40 0.35 0.30 0.25 0.20 0.15 2016 | 0.10 WEL ANNUAL REPORT NO. OF LVC PER THOUSAND CUSTOMERS 0.05 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Our investment in smart boxes has allowed us to obtain voltage information about the network which we use to proactively address LVCs. It is our expectation that the number of LVCs will reduce over time. 9 9 2015 /2016 KEY PERFORMANCE INDICATORS (cont.) MAINTENANCE EXPENDITURE PER $ OF REGULATORY ASSET BASE 2.5 2.0 1.5 CENTS/$RAB 1.0 0.5 0.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 WEL maintained similar levels of maintenance expenditure whilst the regulatory asset base grew. 2016 | WEL ANNUAL REPORT 10 EXECUTIVE REPORTS 2016 | WEL ANNUAL REPORT 11 11 CHAIRMAN’S REPORT The 2015-16 year saw the WEL Group successfully deliver key through the WEL discount strategic initiatives that have strengthened our position as a programme. This initiative provides customers with an future-focused, innovative regional infrastructure provider. annual discount as a share of our Company’s success. While maintaining strong chargers that will be placed delivery of our core at strategic locations across REGULATION service, the WEL Group is the Waikato. Although WEL is exempt also focused on making This year, the WEL Group from pricing regulation strategic investments has delivered a strong result we are committed to in new technologies, to overall with Net Profit after maintaining our price and take our business and our Tax of $10.9M. The result quality performance in customers into the future. was higher than budget of line with the regulated Our vision is to not only MARGARET DEVLIN $7.1M due to operational companies. We continue ensure that our network Chairman savings, higher line to engage constructively remains sustainable, but revenues and continued with our regulators. to enable WEL to continue benefit from decreases to enhance the region’s WEL and Ultrafast Fibre in floating interest rates economic and social growth have actively engaged with as well as an improved for generations to come. regulators, in particular on contribution from UFF as a the Telecommunications I am pleased to report result of connections to the Review. WEL is no longer simply a fibre network being ahead traditional lines company of plan. INVESTMENTS but becoming a more Fibre Ultra-Fast Broadband diversified multi-utility. In CUSTOMERS Fibre build connections of the 2015-16 year WEL, as WEL consistently strives 42,075 achieved, which was a strategic shareholder of to find ways to reduce the over 2,000 ahead of target.
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