WEL Networks Limited Full Year 2023 Annual Results

WEL Networks Limited has released its Audited Financial Results for the twelve months to 31 March 2023. The financial highlights for the full year from continuing operations were: o Revenue of $146M increased $24M largely due the growth in the network and the growth in EPC revenue for Infratec (NZ) Limited. o Profit from continuing operations (NPAT) was $10M, decreased from $15M in the prior year, primarily due increasing costs, higher interest rates and increased depreciation on a higher asset base. Also included is a $1.2M provision for the impairment of the OurPower retail platform following the decision to exit retailing. o Total assets include $143M of cash and term deposits, $77M of investments and Property, Plant and Equipment of $810M up from $740M primarily due to growth in the lines network and investment into generation assets. o Total Liabilities includes the $150M Subordinated Bond, which matures 2 August 2023. o The Group's equity as at 31 March 2023 remained unchanged at $790M. Chair, Barry Harris said "The Company has delivered strong financial results particularly given the major weather-related events such as Cyclone Gabrielle during the year. On top of that the progress towards longer term safety, sustainability and social responsibility goals has been positive." 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:00412063 For:WEL Type:FLLYR Time:2023-05-26 08:30:16