Two Centralines directors will retire

Consumer-owned company reveals strong 2021/22 result

2022-08-04T07:00:00.0000000Z

2022-08-04T07:00:00.0000000Z

NZME

https://manawatuguardian.communitynews.co.nz/article/281526524815220

LOCAL NEWS

Central Hawke’s Bay consumer-owned electricity distributor, Centralines Limited, has announced a solid result for the financial year in its 2021/22 annual report. Centralines chairman Ian Walker said the company has been a key partner in supporting the unprecedented growth of Central Hawke’s Bay by delivering a reliable electricity supply, investing in network growth, connecting customers and providing returns for its power consumers and shareholders. “Centralines has continued to reinforce and extend its network to power the growth of the district,” said Walker. “During the 2021/22 reporting period we connected 178 new consumers to the network, as well as 81 solar distributed generators, more than double the previous year.” Despite the continued external impacts of Covid-19, resulting in staff shortages, heightened uncertainty and disrupted supply chains, Centralines still delivered another strong financial result for the year, with an after-tax profit of $2.2 million. This is after the company returned $2.2 million to its consumers through two discount payments on their electricity bills in May and July. “Our sponsorship and donations portfolio also remains an important tool for supporting our region, and during the year we pledged $149,249 in community funding to 63 charitable organisations including sports teams, community events, social services and schools. “As a consumer-owned company, it is rewarding to play an important role in supporting the Central Hawke’s Bay community,” said Walker. The Commerce Commission now recognises Centralines as consumer owned, improving the environment that the business operates in by putting Centralines in the same regulatory position as other EDBs of a similar size. Central Hawke’s Bay Consumers Power Trust chairman Alistair Setter said the trust continues to be happy with the performance of Centralines — operationally and financially and is optimistic about the future of the business. “The environment that Centralines operates in has likely never been as challenging, and the trust on behalf of consumers thanks Centralines staff for their considerable efforts and ability to grow and operate our electricity network,” said Setter. “The trust is confident that Centralines is ready for industry changes, and that it is in a position to continue to give back to our consumer beneficiaries through responsible growth and investment in the business.” The 2021/22 annual report also announced the retirement of two long-serving directors, chairman Dr Ian Walker and Audit and Risk Committee chairman Derek Walker. “On behalf of Centralines I would like to thank Dr Walker and Mr Walker for their outstanding contribution and many years of service, including leading the board and Audit and Risk Committee, and working to bring our new depot to fruition,” said Jason Larkin, general manager of Centralines. As the sole shareholder, the Central Hawke’s Bay Consumers Power Trust appoints the directors of Centralines to operate the company in the interests of consumers. Centralines’ new chair and board director will be announced publicly following the upcoming August board meeting. Key highlights of Centralines Annual Report for the 12 months to 31 March 2022: Total revenue (net of discounts paid) — $14.1 million ebitda — $7.1 million Net profit after tax — $2.2 million Network capital expenditure — $4.9 million Total capital expenditure — $12.8 million Discount paid — $2.2 million For full results, please see Centralines’ annual peport on the website: www. centralines.co.nz/annual-reports

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