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“Yealands is, depending how you measure it, either the fifth or sixth biggest wine company in New Zealand and everybody in Marlborough benefits from it.” –David Dew, Marlborough Lines
### Stuff.co.nz Last updated 11:36, December 30 2016
Wine and power lines a good match as Yealands deal starts to pay off for Marlborough Lines
By Jennifer Eder – The Marlborough Express
Power users in Marlborough can expect a payout three times that of last year as an investment deal with Yealands starts to pay off, and there could be more investments on the horizon. Marlborough Lines chairman David Dew said power customers would get $150 paid into their power bill accounts in February or March as a dividend from the company’s investments. The increase from last year’s $50 was down to profits from the Yealands Wine Group, Dew said. Marlborough Lines, owned on behalf of Marlborough’s power customers by the Marlborough Power Electric Trust, bought 80 per cent of Yealands Wine Group last year for $89 million.
█ [2016 Annual Report not yet available online.]
The Marlborough Lines annual report, released this month, showed the company already owned 50 per cent of Nelson Electricity, which it bought in 1996. Its board of directors was planning to make another investment with $31m left in the bank, it said. The 154-page report, entitled Lines to Vines and Wines with a wine glass on the cover, assessed the performance of the Yealands Wine Group. Yealands recorded a profit of about $10m for the year to June 30 and Marlborough Lines owned 80 per cent of that. Dividends of $4.4m were withdrawn and would be paid to the trust, which would distribute dividends to customers.
Marlborough Lines Ltd
Yealands Wine Group Ltd
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The company maintains 3383km of lines and cables across the operating region. Marlborough Lines takes its supply from the Transpower grid via three circuits to a single point of supply in the Blenheim suburb of Springlands. Supply to Marlborough then radiates out to a number of very isolated rural areas including the Marlborough Sounds, Molesworth Station (New Zealand’s largest farm at the top of the Awatere Valley) and the Southern Marlborough coast; an area bordered by the Pacific Ocean on one side and the seaward and inland Kaikoura mountains on the other.
As well as owning and operating the network that delivers electricity to more than 24,500 customers in the Marlborough region of New Zealand, Marlborough Lines also has substantial investments in other network companies supplying the Nelson and Bay of Plenty regions of New Zealand.
Posted by Elizabeth Kerr
This post is offered in the public interest.