2022 Annual Report

Following the release of our 31 March 2022 audited financial results on 27 May 2022, WEL Networks Limited (the ‘Group’) has today released their Annual Report.

Key non-financial highlights for the Group include:

  • Over 2,800 energy customers, many of whom face energy hardship, are registered with our low cost energy retailer, OurPower, saving on average $399 each customer annually;
  • In alignment with our Shareholder the WEL Energy Trust, WEL brought back the WEL Discount Programme.  In FY22 a total of $21M (excluding GST) was paid via the discount to consumers in two tranches. The first was $9M in July 2021 and the second was $12M, which was provided for in FY22 and paid in April 2022.
  • We’ve seen an 11 per cent increase in EV energy consumption and across our 25 public EV chargers we’ve saved approximately 280,000kg of CO2e, delivered approximately 338,000kWh, which translates to circa 2 million km of EV range.
  • Internally we’re building a three year roadmap to embed a modern approach to safety which sets “Good Work” as our primary goal.  The principle of “Good Work” encompasses good safety outcomes at its core.
  • One of our first significant projects under our E3 strategy has seen WEL and Infratec entering into major contracts for the supply and build of New Zealand’s largest battery storage facility. Construction on the 35MW Battery Energy Storage System (BESS) will start in 2022. When built the battery will maximise the benefits of solar power, providing charging capacity for electric vehicles and back up during grid emergencies. It will store enough energy to meet the daily demands of over 2,000 homes and be capable of providing fast reserves support for the North Island grid.

Read the full 2022 Annual Report

WEL Networks Half Year 2022 Interim Results Released

Unaudited Financial Results for the six months to 30 September 2021

WEL Networks Limited has released its unaudited Financial Results for the six months ended 30 September 2021.
The financial highlights for the half year from continuing operations were:

  • Revenue of $65.7 million is $4.6 million lower than September 2020, due to the accrual of $6.6 million relating to the proposed discount to be paid to consumers in April 2022.
  • Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA)1 of $22.9 million is $12.3 million lower than September 2020 due to a range of factors including the proposed $6.6m discount, electricity hedging losses, increased staff costs due to a lower capitalisation rate as a result of the COVID-19 lockdowns and investment in new energy initiatives such as Infratec.
  • Net Profit after Tax from continuing operations is $6.9 million versus a Net Loss after Tax of $5.4 million from continuing operations in September 2020. The previous interim result included the costs associated with the termination of interest rate swaps relating to the repayment of all bank borrowings following the sale of UFF Holdings Limited (UFH), the holding company for Tuatahi First Fibre Limited (formally known as Ultrafast Fibre Limited).
  • Following the sale of the company’s stake in UFH, the company has a strong financial position with Net debt of $129 million. The company also has various investments including an investment portfolio, currently valued at $84 million, and Redeemable Convertible Preference Shares, currently valued at $197 million, associated with the deferred consideration of the UFH sale.

Chair, Rob Campbell said “The company is in a strong financial position that has enabled the reintroduction of the WEL Electricity Discount Programme whilst enabling investment in innovative energy solutions, such as the recently announced 35MW Battery project.”

A full copy of the interim report is available here

Earlier Reports

View earlier annual and interim reports.

View reports