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Northpower - record financial performance

12 August, 2014

Northpower - record financial performance

Erc Angelo, Chairman of the Northpower Electric Power Trust (NEPT) is pleased to announce a strong financial performance for the 2013/2014 financial year.

Revenue for the Northpower Group for the 2013/2014 financial year lifted 9% to $308m and Net Profit $15.9m – a 41% increase on 2012/2013 ($283m revenue and $11.3m profit).

In 1991, when solely an electricity network company, Northpower had an asset value of around $50 million and that had risen to more than $423m at the close of the 2013/2014 financial year.

“The performance of Northpower in the 2013/2014 financial year is very pleasing. Two successive years of record group revenue and record group profit would suggest the company is on a solid foundation,” says Mr Angelo.

“However, the Board and the Management team are driven to continually strive for a better performance and the Trustees in the NEPT support them in that regard.”

Mr Angelo says the NEPT Trustees are pleased with the company’s financial result and network performance – despite contending with a large amount of storm damage towards the end of the 2013/2014 financial year.

“Northpower continues to invest in, and grow, its business and that is good for the people of Kaipara and Whangarei. As a consumer-owned Trust the company’s ownership model is unique and very successful and it continually benefits those customers (around 55,000) connected to Northpower’s electricity lines network in Kaipara and Whangarei.”

Mr Angelo says Northpower paid electricity consumers in Kaipara and Whangarei connected to the network $5.4m (GST incl.) in a line holiday, just two months after the Northpower Electric Power Trust paid consumers a distribution of $3.8m in December 2013.

Since 1993, $187m has been returned directly to Northpower consumers by the company and the NEPT – $99.7m in line holidays and $88m in NEPT distributions.

“The company has performed strongly in all areas – the Northpower Network, Northpower Fibre, Northpower Contracting and West Coast Energy – and continues to show encouraging signs, despite the fact the contracting market is challenging.”

Mr Angelo has also welcomed Nikki Davies-Colley to the role of Northpower Chair, following the departure of long-standing Chairman Warren Moyes.

“Warren’s contribution to Northpower the past two decades has been immense and the Trust looks forward to working with Nikki.

“They have been part of a Board that has supported a strong and long-term strategic approach that is now paying dividends in terms of business growth in markets like Australia, Fibre, Transmission and project work in the Pacific Islands. At the same time the Northpower Network has continued to ensure a strong security of supply to customers throughout Northpower’s home territory – the Kaipara and Whangarei Districts,” says Mr Angelo.

The Northpower Electric Power Trust consists of seven Trustees who hold all the shares in Northpower on behalf of the Trust’s owners – those consumer beneficiaries connected to the Northpower electricity lines network.

Northpower’s annual report is available online: http://northpower.com/about/disclosures/annual_reports

Key Highlights:
Total Northpower Group Revenue - $308m
Net Profit After Tax - $15.9m
NEPT Distribution - $3.8m
Northpower Line Holiday – 5.4m

Northpower is a Northland owned electricity distribution company with around 55,000 consumers connected to its network over an area of 5,700 square kilometres across the Whangarei and Kaipara Districts in Northland. Northpower owns more than 3700km of high voltage electricity lines (237km underground) and almost 2100km of low voltage lines (643km underground) in Kaipara and Whangarei Districts, along with the 50kV transmission lines between Dargaville and Maungatapere. It is also one of New Zealand’s leading fibre network companies. www.northpower.com

ENDS

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