NWF - NZ Windfarms

[Blue Horseshoe]

Resignation of Chief Financial officer.

Last one out turn the turbine switch off.

[Dassets]

OK the company said he was redundant two weeks ago. $500T of costs gone with him and the CEO

Resignation of Chief Financial officer.

Last one out turn the turbine switch off.

[blackcap]

I have for a while wondered why a company the size of NWF, with one income stream and a few expenses and a very simple balance sheet actually needed a CFO, let alone a CEO for what is effectively a small operations based business. So the CFO going (a job that would require no more than 2 hours per week I dare say) is probably a good thing? So cost savings being made by NWF, that is encouraging to see. Who knows maybe a dividend can be paid by these savings....

[BlackPeter]

I have for a while wondered why a company the size of NWF, with one income stream and a few expenses and a very simple balance sheet actually needed a CFO, let alone a CEO for what is effectively a small operations based business. So the CFO going (a job that would require no more than 2 hours per week I dare say) is probably a good thing? So cost savings being made by NWF, that is encouraging to see. Who knows maybe a dividend can be paid by these savings....

Absolutely agree - to have a CFO for a very simple 20 staff operation was always a joke (though I understand that he was a nice guy ....). A part time accountant should be more than sufficient.

I think their Palmerston North site manager and their GM are still around? Obviously it would be concerning if they loose all their managers at the same time, but so far I think they have more than enough management capacity left for such a small company.

Communication from whoever is pulling the strings could be better, but otherwise not too worried.

Discl: holding (some);

[BlackPeter]

Just reading through the AGM presentation ... and it certainly feels that a quite refreshing wind of change is blowing though the company: https://www.nzx.com/companies/NWF/announcements/293478

First time I've seen board and management identifying and addressing the real issues. Great to hear that they now talk in amicable terms about the PNCC ... and identify themselves as being part of the local economy!

Anybody here attending the AGM? I wee report, capturing the mood, questions and impressions would be great!

[Joshuatree]

Yes very positive and transformational sounding.Will the gearbox etc problems continue"

" On looking back at previous reports I noted a high focus on themany issues associated with the Windfarm and the Windflow 500 generaters that we areusing. Whilst it is fair to say that if one were building a windfarm today, it is unlikely thatone would use this particular equipment, ..."

[blackcap]

Attended the meeting this morning.

The Chairman as you will have read made a good impression. Was prepared to let people speak and ask questions (many were simplistic in nature) but made every effort to address concerns. The new board were amicable towards the PN council and that is another reason they held the meeting in the Palmerston North Convention Center. Showing they are a part of the community etc.
Was refreshing to hear a looking forward strategic plan being made and under the old board this was non-existent. The CFO (the one that left) asked for a 3 month payout and was granted.. as his position was being disestablished anyway.
Stuart Bauld seems competent in his new temporary role as CEO.
Can't really add much as the Chairman and CEO's report says it all really.
John Southworth made a good case for his addition to the board and I believe all resolutions were passed.

[Jantar]

Attended the meeting this morning. .....
Was refreshing to hear a looking forward strategic plan being made and under the old board this was non-existent. .....

This would be the most positive statement I have ever seen from NWF management. Bodes very well for the future.

Therewas a one coment in the published address that IMO shows they still do have a good handle on New Zealand's weather patterns:

"Electricity generation was 129.6 GWh, a 5.4 percent increase over the 123.0 GWh recordedin the previous year. The implied improvement in efficiency can be explained partly by a 1 percent increase in the amount of wind from the west, which is the optimum direction for the wind farm to operate at maximum efficiency The increase in output was more than offset by an 11 percent decrease in wholesale electricity prices received, resulting in a 6.3 per cent fall in revenue. Lower spot electricity prices resulted from continued surplus capacity, above average hydrology (lake storage levels) particularly later in the year....."
Heavy rainfall in NZ is accompanied by strong winds. So in years with higher than average winds we will also see higher than average lake levels. These two phenomena will alsway go hand in hand, and is another reason why intermittent generation should be buying long term hedges. At least I do see that the current management team is looking that side of things.

[BlackPeter]

Attended the meeting this morning.

The Chairman as you will have read made a good impression. Was prepared to let people speak and ask questions (many were simplistic in nature) but made every effort to address concerns. The new board were amicable towards the PN council and that is another reason they held the meeting in the Palmerston North Convention Center. Showing they are a part of the community etc.
Was refreshing to hear a looking forward strategic plan being made and under the old board this was non-existent. The CFO (the one that left) asked for a 3 month payout and was granted.. as his position was being disestablished anyway.
Stuart Bauld seems competent in his new temporary role as CEO.
Can't really add much as the Chairman and CEO's report says it all really.
John Southworth made a good case for his addition to the board and I believe all resolutions were passed.

Hi bc, thanks for that - appreciated. Question - did you do the tour as well? If yes - what have been your impressions? It sounds like the board was quite upbeat. Did you happen to see some staff as well? Did they talk about the recruitment process for the new commercial director? cheers ....

[kiwi_on_OE]

I see 2/3 voted for most resolutions, 1/3 voted against them. Any ideas who those opposed were? I'm not aware that any alternative was suggested by those opposing.