annual shareholder meeting - blob-static.vector.co.nz · annual shareholder meeting 12 november2018...
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ANNUAL SHAREHOLDER MEETING
12 November2018
EDEN PARK
2018
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This presentation contains forward-looking statements.
Forward-looking statements often include words such as "anticipates", "estimates", "expects", "intends", "plans",
"believes“ and similar words in connection with discussions of future operating or financial performance.
The forward-looking statements are based on management's and directors’ current expectations and assumptions
regarding Vector’s businesses and performance, the economy and other future conditions, circumstances and results.
As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes
in circumstances. Vector’s actual results may vary materially from those expressed or implied in its forward-looking
statements.
DISCLAIMER
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MICHAEL STIASSNY
CHAIRMAN
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• Ordinary business• Group Chief Executive’s Address
• Resolutions and Voting
• General Business
• Meeting Close
AGENDA
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SIMON MACKENZIE
GROUP CHIEF EXECUTIVE
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CREATING A NEW ENERGY FUTURE
7
8
1,226.7
474.4
367.4
168.9
335.7
159.3
1,328.4
470.1
381.2
149.8
389.9
162.1
Revenue Adjusted EBITDA Capital Expenditure Net Profit Operating Cash Flow Full Year Dividend
FY17 FY18
3, 4
OVERVIEW OF FINANCIAL PERFORMANCE
Adjusted EBITDA is not a GAAP measure of profit. For a reconciliation of adjusted EBITDA to EBITDA and net profit refer to page 33 of this presentation.
+8.3% -0.9% -11.3% +16.1%+3.8% +1.8%
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FY2018 OPERATIONAL SNAPSHOT
Vector Lights launched January 2018
Continuing to support Auckland growth• New electricity & gas connections
up 13% to 14,300
• Regulated capex up 17% to $245.8m
Metering growth continues• Deployed 85k advanced meters
in NZ to effectively complete NZ mass market deployment
• Deployed 40k meters in Australia for five leading retailers
Solid performance from Gas Trading• Volumes up across all business
lines
• New LPG bottling plant commissioned in South Auckland
Creating a new energy future• PowerSmart solar and battery
projects in South Pacific and New Zealand
• HRV launched residential solar offering
April storm saw 200 kmphwinds cut power to over 150,000 homes
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IMPACT OF APRIL 10 STORM
0
25
50
75
100
125
150
175
200
225
250
1:0
04
:00
7:0
010
:00
13:0
016
:00
19:0
02
2:0
01:0
04
:00
7:0
010
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13:0
016
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19:0
02
2:0
01:0
04
:00
7:0
010
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13:0
016
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19:0
02
2:0
01:0
04
:00
7:0
010
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13:0
016
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2:0
01:0
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:00
7:0
010
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13:0
016
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2:0
01:0
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010
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2:0
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2:0
0
10/04/2018 11/04/2018 12/04/2018 13/04/2018 14/04/2018 15/04/2018 16/04/2018
0
25000
50000
75000
100000
125000
150000
175000
200000
225000
250000
Num
ber of
HV
Feeders
Aff
ecte
d /
Win
d S
peed (km
/ h
r)
Num
ber of
Cust
om
ers
Im
pacte
d
HV_Customers_Affected HV_Feeders_Affected Wind Gust
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ESTIMATED COST TO UNDERGROUND THE VECTOR NETWORK
Cost for urban Auckland
$3.6Bor
Additional $870 lines charges pa (i.e. more than doubles) for the average customer
compared to 700$/year today.Assuming the regulator will allow the
expenditure.
Cost for rural Auckland
$1.9Bor
Additional $460 lines charges pa for the average customer compared to 700$/year
today.Assuming the regulator will allow the
expenditure.
+
These estimates excludes the significant additional costs other infrastructure
providers suchas Auckland Council, Auckland
Transport and Chorus will incur to relocate, reconnect and reinstatement
their services.
All costs based on figures from Vector database
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MICHAEL STIASSNYCHAIRMAN
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ORDINARY BUSINESS
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Re-election of
DAME ALISON
PATERSON
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Proxy voting Votes
For 807,288,190
Against 668,592
Discretionary 2,139,265
Abstain 62,449
Re-election of
DAME ALISON PATERSON
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Appointment and Remuneration of Auditor
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Proxy voting Votes
For 807,714,494
Against 181,753
Discretionary 2,172,781
Abstain 89,468
Appointment and Remuneration of Auditor
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RESOLUTIONS PROPOSED BY ENTRUST
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Election of
MICHAELBUCZKOWSKI
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Proxy voting Votes
For 801,242,382
Against 878,519
Discretionary 2,724,163
Abstain 5,313,432
Election of
MICHAEL BUCZKOWSKI
‹#›
VOTING
‹#›
GENERALBUSINESS
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Q&AANY QUESTIONS?
THANK YOU