WEL Networks Limited Full Year 2022 Annual Results

WEL Networks Limited has released its Audited Financial Results for the twelve months to 31 March 2022. The financial highlights for the full year from continuing operations were: oThe receipt of the $200M deferred consideration in relation to the sale of UFF Holdings Limited, the holding company for Hamilton-based fibre business Tuatahi First Fibre Limited (formerly Ultrafast Fibre Limited), to Igneo Infrastructure Partners (formerly First Sentier Investors) on 30 September 2020. oRevenue of $122M was down $6M largely due to the reintroduction of the consumer discount ($12M) offset by revenue generated from increased consumption and growth in the network. oProfit from continuing operations (NPAT) was $15M, up from $4M in the prior year, primarily due to lower interest expense following the repayment of all bank debt in the previous financial year and lower depreciation expense following an update to depreciation rates. oTotal assets include $211M of cash, $79M of investments and Property, Plant and Equipment of $740M up from $631M primarily due to the revaluation of the electricity lines network. oThe Group's equity as at 31 March 2022 was $790M, up from $754M in the prior period. Chair, Rob Campbell said "the Company has delivered strong financial results particularly given the impacts of Covid-19 and Cyclone Dovi during the year. On top of that the progress towards longer term safety, sustainability and social responsibility goals has been pleasing." ENDS For more information please contact: David Barnett Chief Financial Officer David.Barnett@wel.co.nz About WEL Networks Hamilton-based WEL Networks Limited is the fifth-largest electricity distributor in New Zealand and is owned by the WEL Energy Trust. WEL Networks has been serving the Waikato region for over 100 years, distributing power from the national grid, connecting over 90,000 households and businesses to the company's network. End CA:00392868 For:WEL Type:FLLYR Time:2022-05-27 12:17:29