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WEL Networks Subordinated Bond Roadshow Presentation June 2018

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WEL Networks Subordinated Bond Roadshow Presentation June 2018 WEL Networks Subordinated bond roadshow presentation June 2018 Arranger and Joint Lead Manager Joint Lead Managers Co-Manager Important information This presentation has been prepared by WEL Networks Limited (“WEL”) in relation to the offer (the “Offer”) of subordinated unsecured fixed rate debt securities to be issued by WEL (“Bonds”). The Offer will be made under the Product Disclosure Statement dated 29 June 2018 (“PDS”) in accordance with the Financial Markets Conduct Act 2013 (“FMCA”). To obtain a PDS, interested investors should contact their financial adviser or visit www.wel.co.nz/bondoffer Capitalised terms used in this presentation have the meanings given to them in the PDS. All amounts are expressed in New Zealand dollars unless otherwise stated. INFORMATION The information in this presentation is provided for general information purposes only and unless otherwise stated is current as at 29 June 2018. The information in this presentation was prepared by WEL with due care and attention. However, the information is supplied in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy, completeness or reliability of the information. This presentation contains selected financial information about WEL and its subsidiaries (“Group”). The amounts in this presentation are taken from, or calculated by reference to, the Group’s audited financial statements for FY16 and FY18. The amounts for FY17 are the comparatives from the FY18 financial statements. This presentation is not investment advice and has been prepared without taking into account your investment objectives, financial situation or particular needs (including financial and taxation issues). Investors should carefully read and consider the PDS in full and seek advice from their financial adviser or other professional adviser before deciding to invest in the Bonds. Any decision by a person to apply for the Bonds should be made on the basis of information contained in the PDS, the register entry for the Offer and an independent assessment as to whether to invest, and not in reliance on any information contained in this presentation. Anyone wishing to acquire Bonds will need to complete and return the application form in the PDS during the Offer period. There is no public pool for the Bonds. All Bonds will be reserved for subscription by clients of the Joint Lead Managers and other persons invited to participate in the bookbuild. 2 Disclaimer Forward-looking statements: This presentation may contain certain ‘forward-looking statements’ such as indications of, and guidance on, future earnings and financial position and performance. Such forward-looking statements are not guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of WEL, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. Investment risk: Investments in the Bonds are an investment in WEL and may be affected by the on-going performance, financial position and solvency of WEL. Past performance: Past performance is not indicative of future performance and no guarantee of future returns is implied or given. Not an offer: This presentation is not an offer to issue or sell, or a solicitation of an offer to purchase or subscribe for the Bonds and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This presentation is not a product disclosure statement, disclosure document or other offer document under New Zealand law or under any other law. Nothing in this presentation is to be construed as authorising its distribution, or the offer or sale of Bonds in any jurisdiction other than New Zealand and WEL does not accept any liability in that regard. Bonds may not be offered or sold, directly or indirectly, and neither this presentation nor any other offering material may be distributed or published, in any jurisdiction except under circumstances that will result in compliance with any applicable law or regulations. Disclaimer: To the maximum extent permitted by law and subject to any liabilities that might arise under the FMCA, neither WEL, the Arranger, the Joint Lead Managers, the Co-manager or their respective affiliates, directors, officers, partners, employees, advisers and agents of each of them, make any representation, recommendation or warranty, express or implied, regarding the accuracy, adequacy, reasonableness or completeness of, the information contained herein. Subject to any obligations that may arise under the FMCA, neither WEL, the Arranger, the Joint Lead Managers, the Co-manager accept any responsibility or obligation to inform you of any matter arising or coming to their notice, after the date of this presentation, which may affect any matter referred to in this presentation. 3 Presenting today ROB CAMPBELL GARTH DIBLEY WILLIAM BELLA CHAIRMAN CHIEF EXECUTIVE HAMILTON TAKIARI-BRAME - WEL NETWORKS CHIEF EXECUTIVE GENERAL MANAGER Over 30 years experience in – ULTRAFAST FIBRE FINANCE - WEL NETWORKS investment management and CEO since 2014 corporate governance CEO since 2014 Joined WEL in 2015 following Previously held leadership 9 years working at Shell in the Chair of Tourism Holdings, roles at Transpower and Previously held leadership United Kingdom Summerset and SkyCity Meridian roles at Excel Corporation amongst others Chartered Accountant, Masters in Management Studies 4 Order of presentation WEL Group 6 WEL Networks 14 Ultrafast Fibre 18 Financials 23 Subordinated bonds 28 5 WEL Group 6th largest electricity 2nd largest fibre network distribution business in business in New Zealand2 New Zealand1 At completion will account for Electricity supplier to the ~13.7% of the Government’s Waikato region (with its Ultra-fast Broadband initiative predecessors) for nearly 100 years Growing asset base, currently >$450m Regulated asset base of ~$529m Network over 3,000km with ability to service >200,000 Well maintained network of consumers including over 6,700km, ~52%/48% households, schools, above and below ground businesses and healthcare facilities 7 Notes: (1) Measured by connections (2) Based on connected customers Complementary business units WEL presents a unique combination of a stable electricity lines business and a high growth fibre business WEL ULTRAFAST FIBRE 120 120 96 91 100 86 87 88 90 100 80 80 73 60 60 52 40 40 21 Connections (000’s) Connections (000’s) 20 20 6 0 0 FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18 • Electricity distribution network in the Waikato region • At completion, Ultrafast Fibre’s network will represent • Stable revenue and earnings profile with expected population approximately 13.7% of the total UFB programme growth in its coverage area1 • Currently in high investment / high growth phase: 78% of • Annual investment of approximately $38 million in capital expected investment in the UFB build is complete with the projects further cost of provisioning coming with associated revenue • Not subject to price quality controls, information disclosure only • Evolving regulation, but expected to have similar information disclosure requirements to WEL’s electricity distribution business from 2022 8 Notes: (1) Statistics New Zealand Board and senior management Rob Campbell CHAIRMAN WEL BOARD MEMBERS Tony Steele Barry Harris Carolyn Steele Tony Barnes Geoff Lawrie Carolyn Luey SENIOR MANAGEMENT Garth Dibley Bella Takiari-Brame William Hamilton Paul Mens 9 Exposure to central North Island regions The Group (which comprises WEL and its subsidiaries) is a multi-network infrastructure group of companies that owns and operates electricity distribution assets predominantly in the Waikato region and telecommunication assets in the Waikato and other North Island regions. 1 10 1 Approximate regions WEL Trust WEL is 100% owned by the WEL Energy Trust (Trust), a community-owned Trust that acts in the interests of the community in the Waikato region Income beneficiaries of the Trust are those electricity customers connected to WEL’s network in the Trust’s traditional area. Capital beneficiaries are Hamilton City Council (63%), Waikato District Council (35%) and Waipa District Council (2%) The purpose of the Trust includes running WEL as a “Successful Business” (being a business which is as profitable and efficient as comparable businesses that are not owned by the Crown) The Trust supports WEL’s diversification of its investments including WEL’s investment in a world-class fibre network that reinforces its position as an innovative and future-focused investor in infrastructure Community-owned status means WEL is exempt from the default price and quality control regime of New Zealand electricity distribution companies. WEL is required to comply with information disclosure requirements only 11 Offer highlights The Offer provides the opportunity to invest in a stable, growing platform delivering essential electricity distribution and fibre telecommunications services to the wider Waikato region Issuer WEL Networks Limited Description Unsecured subordinated fixed rate bonds Issue size Offer of up to $125m with the ability to accept up to an additional $25m of oversubscriptions (at WEL’s discretion) Term 5 years maturing 2 August 2023 Fixed rate of interest that will be set following the bookbuild on 9 July 2018. Payments of interest are subject to Interest WEL being able to satisfy the solvency test immediately
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