$48.056m

Group total revenue (up 8.6%)

Network revenue increased by $1.6m despite reduced energy consumption.

$2.040m

Group surplus after taxation (down 63.4%)

Our surplus was significantly reduced by the Group’s share of a goodwill write-off (non-cash item) in one of the equity accounted associated companies.

$14.048m

Group earnings before interest, tax and depreciation (down 7.2%)

The affects of recession and goodwill write-off have contributed to this reduction.

$21.063m

Capital and maintenance expenditure to
increase capacity and improve reliability

An increase of $2.57m over last year reflects reductions in outside contracting and more resources available for the Company’s work.

$7.295m

Total discounts, inclusive of GST, paid to Marlborough customers, an increase of 6.89%
(an average customer received $185)

The Company was able to lift the total value of discounts paid by 6.89%.

$1.750m

Total dividend paid to the Marlborough Electric Power Trust

Dividends paid to the Trust increased by $1.3m for distribution to consumers. Each network connection received $50.

$7.387m

Total cash flows received from investments in Nelson and Otago (up 8.6%)

Dividend flows from OtagoNet and Nelson Electricity increased. Additionally dividends of $354,000 were received from the Company’s new investment in Horizon Energy.

2.03%

Reduction in volume of energy traded over the Marlborough network

The combination of a mild winter, wet summer and recession has led to a reduction in energy consumption. See table of energy traded across the network.

24,270

Total Marlborough network connections
(up 0.1%)

The low growth rate is in marked contrast to recent years and is a reflection of the current recession in the Marlborough region.