Slide 1: 2011 Annual Meeting
2011 Annual A lMMeeting ti EMBARGOED 2PM 28 OCTOBER 2011
Slide 2: Michael Stiassny, Chairman
Michael Stiassny Ch i Chairman
Slide 3: List of directors
VECTOR LIMITED List of directors 2011 Annual Meeting • Michael Stiassny, y, Chairman and Independent p Director • Peter Bird, Independent Director • James Carmichael Carmichael, Non Non-independent independent Director • Tony Carter, Independent Director • H h Fl Hugh Fletcher, t h Independent I d d
Slide 4: Maui Pipeline Incident
VECTOR LIMITED 2011 Annual Meeting Maui Pipeline Incident • Pipeline owned by Maui Development Limited • Vector is the technical operator • Curtailment = lost revenue for our gas businesses, with immaterial financial impact • Vector’s team is working as hard as possible to fix the pipeline
Slide 5: Agenda
VECTOR LIMITED Agenda 2011 Annual Meeting 1. Chairman’s update p 2. Group Chief Executive Officer’s update 3. Re Re-election election of directors 4. Appointment and remuneration of Auditor 5 General business 5.
Slide 6: Dividend growth
VECTOR LIMITED Dividend growth 2011 Annual Meeting
Slide 7: 2011 highlights
VECTOR LIMITED 2011 highlights 2011 Annual Meeting • Continued solid operational p and financial p performance 1. Net Profit up 4.1% to $201.4 million 2 Underlying Net Profit down 0.8% 2. 0 8% to $171.3 $171 3 million 3. Operating Cash Flow up 1.9% to $374.6 million • Access to more gas at Kapuni fi
Slide 8: Simon Mackenzie, Group Chief Executive Officer
Simon Mackenzie G Group Chi Chieff E Executive ti Officer Offi
Slide 9: 2011 operational performance
VECTOR LIMITED 2011 operational 2011 Annual Meeting pe fo mance performance • Continued solid operational p p performance 1. increased customer numbers – up 1.0% 2 electricity volume up for first time in three years – up 1.8% 2. 1 8% 3. strong smart meter growth – up 114.8% • Purchased Kwik-Swap, Kw
Slide 10: Health and safety
VECTOR LIMITED Health and safety 2011 Annual Meeting • Health & safety y is our number one priority • Extensive safety campaigns targeting public and contractor p firms • p Important for all organisations to manage their work sites safely and not impact our networks
Slide 11: Regulation key to business
VECTOR LIMITED Regulation key 2011 Annual Meeting to business b siness • 62% of Vector’s revenue is regulated • Four legal challenges against Commerce Commission underwayy • High Court ruled in favour of first Judicial Review action
Slide 12: Investing for growth
VECTOR LIMITED Investing for growth 2011 Annual Meeting • Auckland's population will reach two million by 2031 • $2.3 billion electricity capital and maintenance expenditure over next ten years • Wairau Road and Hobson Street substations improve security of supply to Auckland • Smart meters – platfo
Slide 13: Recent developments
VECTOR LIMITED Recent developments 2011 Annual Meeting • Signed g contract to deploy p y 150,000 , smart meters for Contact Energy • Rugby World cup preparation pays off • Undergrounding programme currently on hold • Possibility of 7 7.3PJ 3PJ of extra gas at Kapuni
Slide 14: Community and customer initiatives
VECTOR LIMITED Community and customer 2011 Annual Meeting initiati es initiatives • Safety y in Schools programme p g • Walking with Dinosaurs at Vector Arena • “Your Your Vector Vector” customer panel • Twitter
Slide 15: Outlook and summary
VECTOR LIMITED Outlook and summary 2011 Annual Meeting • 2011 was another solid y year with strong g operational p performance • Looking forward to 2012 with continued focus on • driving better regulatory outcomes • growth opportunities and driving efficiencies in the business • performance influenc
Slide 16: Michael Stiassny, Chairman
Michael Stiassny Ch i Chairman
Slide 17: Ordinary business
VECTOR LIMITED Ordinary business 2011 Annual Meeting • Consideration of Annual Report p and Audit report p • Re-election of directors • Appointment and remuneration of auditor
Slide 18: Re-election of directors
VECTOR LIMITED Re-election of 2011 Annual Meeting di ecto s directors • James Carmichael • Hugh Fletcher • Karen Sherry
Slide 19: Re-election of James Carmichael
VECTOR LIMITED Re-election of 2011 Annual Meeting James Ca Carmichael michael Proxy Voting For 790,823,276 Against 397,098 Abstain 201,005 Discretionary 3,128,121 Additional discretionary held by the Chairman 1,048,658
Slide 20: Re-election of Hugh Fletcher
VECTOR LIMITED Re-election of 2011 Annual Meeting H gh Fletcher Hugh Fletche Proxy Voting For 790,619,303 Against 806,745 Abstain 67,072 Discretionary 3,115,653 Additional discretionary held by the Chairman 989,385
Slide 21: Re-election of Karen Sherry
VECTOR LIMITED Re-election of 2011 Annual Meeting Ka en Sherry Karen She Proxy Voting For 790,763,810 Against 474,258 Abstain 208,607 Discretionary 3,111,377 Additional discretionary held by the Chairman 1,040,106
Slide 22: Appointment and remuneration of auditor
VECTOR LIMITED Appointment and remuneration 2011 Annual Meeting off auditor dit Proxy ProxyVoting Voting For For X 791,046,774 Against Against X 326,378 Abstain Abstain X 27,541 Discretionary Discretionary X 3,126,785 Additional Additionaldiscretionary discretionaryheld heldbybythe theChairman Chair
Slide 23: Voting
Voting
Slide 24: General business
VECTOR LIMITED General business 2011 Annual Meeting Please wait for the microphone p and p please state y your name before asking a question
Slide 25: Meeting closes
VECTOR LIMITED Meeting closes 2011 Annual Meeting
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