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2012 Annual Report – Solid results achieved in a harder economic climate

Marlborough Lines has paid benefits totalling a record $9.267m to its customers and shareholder, the Marlborough Electric Power Trust, for the year ended 31 March 2012.

The discount paid to customers via electricity retailers at the end of March totalled $7.567m (inclusive of GST), and an average customer received $187. A further dividend of $1.7m was paid to the Marlborough Electric Power Trust, which distributed $1.2m to customers resulting in each network connection receiving $50. Combined discount and distribution for the average domestic customer was $237.

Since 1993 electricity customers in Marlborough have benefited from Marlborough Lines’ discounts and dividends totalling just over $75.2m.

After providing for the payment of discounts the Marlborough Lines Group surplus for the year ended 31 March 2012 was $8.116m after tax, a 298% increase on the previous year. This was primarily due to the surplus being ‘normalised’ following a significant reduction last year due to writing off the Group’s share of goodwill (non‐cash) in one of the equity accounted associate companies.

The company continued its programme of maintenance and capital expenditure, investing a combined total of $19.794m in the Marlborough network over the year in these areas.

For the year ended 31 March a total of 385GWh was delivered over the Marlborough network, a 0.24% increase in comparison to the previous year and a reflection of the current economic environment which has restricted commercial growth within the region.

The Company’s chairman, Mr Dew said ‘The Company has achieved a respectable pre‐tax, prediscount profit of $14.891m for the year ended 31 March 2012. This is a 7.9% reduction on the previous year but was achieved in a harder economic environment. What counts is Marlborough Lines’ resilience and capacity to move forward, whatever the circumstances.’

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