Slide 1: Annual Meeting
28 SEPTEMBER 2023 Annual Meeting
Slide 2: Disclaimer
Disclaimer 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-lo
Slide 3: Jonathan Mason, Chair
Jonathan Mason Chair
Slide 4: Agenda
Agenda • Instructions for voting and asking questions • Ordinary business • Chair’s address • Group Chief Executive’s address • Appointment and remuneration of auditor • General business and shareholder questions • Final chance for voting • Meeting close
Slide 5: Asking questions
Asking questions Questions may be asked at the relevant time during the meeting. Two questions only. Staff will be available after the meeting for anything we don’t get to. Online questions can be submitted any time.
Slide 6: Voting
Voting You may mark your voting paper at any time. A team member from Computershare will collect the voting forms at the conclusion of the meeting. The Chair will indicate the final opportunity for voting before the papers are collected. Online voting can be changed at any time, until voting closes.
Slide 7: Voting is open
Voting is open 800 shareholders, holding a total of more than 832,341,372 shares, have appointed proxies. Jonathan Mason, in his capacity as Chair and in his own name, holds proxies for 372 shareholders, representing 828,571,432 shares. Included in these proxies are 751,000,000 shares held by Entrus
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Slide 9: Overview of financial performance
Overview of financial performance FY2022 FY2023 1,716 1,603 700 510 523 513 546 336 335 389 174 188 157 188 161 103 113 58 Continued Discontinued Combined Continued Discontinued Combined Continued Discontinued Combined Adjusted EBITDA Capital Expenditure Net Profit -0.4% +8.3% +2.6% +31.7% +19.8% +2
Slide 10: Dividend
Dividend 5.50 8.00 8.25 8.25 8.50 8.50 8.50 8.00 8.00 7.75 8.00 7.75 7.50 7.50 7.25 7.50 6.50 6.75 6.00 7.75 8.00 8.25 8.25 8.25 8.25 8.25 8.25 7.00 7.25 7.50 7.50 6.50 6.50 6.50 6.50 6.75 6.00 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Interim Final Sp
Slide 11: Total Shareholder Return (TSR)
Total Shareholder Return (TSR) 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 5 year 10 Year VCT NZX 50
Slide 12: Group debt and Gearing
Group debt and Gearing 3,500 56.8% 58.2% 60.0% 55.5% 52.5% 3,000 47.1% 49.2% 50.0% 43.7% 2,500 40.0% 33.1% 2,000 30.0% 1,500 20.0% 1,000 10.0% 500 1,933 2,220 2,418 2,666 2,918 3,111 3,297 1,933 0 0.0% Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Net economic debt ($m) Gearing 12
Slide 13: Continued high level of regulated capex
Continued high level of regulated capex GROSS REGULATED NETWORK CAPEX $M 422.6 331.9 317.1 316.9 260.9 245.8 210.6 201.0 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Replacement Growth 13
Slide 14: eu VAAPOR TRAE o's hi md
= 7 7 P eu VAAPOR TRAE o's hi md 7
Slide 15: Jonathan Mason, Chair
Jonathan Mason Chair
Slide 16: Simon Mackenzie, Group Chief Executive
Simon Mackenzie Group Chief Executive
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Slide 21: 2022 – 2023 Operational Performance
2022 – 2023 Operational Performance Electricity and Gas Distribution Gas Trading Metering • $422.6m Capex • Improved margins • 89k advanced meters on LPG and Natural deployed and billed in • $344m Opex Gas Australia • 612,909 electricity • LPG volumes down • 26k in New Zealand connections • Natural
Slide 22: Outlook
Outlook • Auckland growth expected to continue • Targeting around 14,000 new electricity connections in FY24 • Connections and infrastructure activity remain elevated, necessitating significant capital expenditure • Input methodologies remain a critical issue that will impact future cashflows and ho
Slide 23: Jonathan Mason, Chair
Jonathan Mason Chair
Slide 24: Questions on Chair and CEO reports and financial statements
Questions on Chair and CEO reports and financial statements
Slide 25: Appointment and remuneration of auditor
Appointment and remuneration of auditor
Slide 26: Appointment and remuneration of auditor
Appointment and remuneration of auditor Proxy voting Votes For 827,937,589 Against 301,749 Discretionary 4,102,034 Abstain 21,818
Slide 27: General business and Q&A
General business and Q&A
Slide 28: Final chance for voting
Final chance for voting
Slide 29: Thank you
Thank you