NON-GAAP FINANCIAL INFORMATION
Vector’s standard profit measure prepared under New Zealand Generally Accepted Accounting Practice (GAAP) is net profit. Vector has used non-GAAP profit measures when discussing financial performance in this document. The directors and management believe that these measures provide useful information as they are used internally to evaluate performance of business units, to establish operational goals and to allocate resources. For a more comprehensive discussion on the use of non-GAAP profit measures, please refer to the policy ‘Reporting non-GAAP profit measures’ available on our website (www.vector.co.nz). Non-GAAP profit measures are not prepared in accordance with New Zealand International Financial Reporting Standards (NZ IFRS) and are not uniformly defined, therefore the non-GAAP profit measures reported in this document may not be comparable with those that other companies report and should not be viewed in isolation from or considered as a substitute for measures reported by Vector in accordance with NZ IFRS. DEFINITIONS EBITDA: Earnings before interest, taxation, depreciation and amortisation from continuing operations Adjusted EBITDA: EBITDA from continuing operations adjusted for fair value changes, associates, impairments, capital contributions, and significant one-off gains, losses, revenues and/or expenses.
RECONCILIATION:
31 DEC 2017 6 MONTHS $M
31 DEC 2018 6 MONTHS $M
Group EBITDA and adjusted EBITDA
Reported net profit for the period (GAAP) 1
83.3 71.7 31.3
79.0 66.4 31.9
Add back: net interest costs 1 Add back: tax (benefit)/expense 1
Add back: depreciation and amortisation 1
119.9 306.2
109.6 286.9
EBITDA
Adjusted for: Associates (share of net (profit)/loss) 1 Fair value change on financial instruments 1
(0.5)
0.1
0.2
(2.8)
Capital contributions 1
(41.2)
(34.2)
Adjusted EBITDA
264.7
250.0
1. Extracted from reviewed financial statements.
2018
2017
Segment adjusted EBITDA
SEGMENT ADJUSTED EBITDA
LESS CAPITAL CONTRI- BUTIONS
REPORTED SEGMENT EBITDA
SEGMENT ADJUSTED EBITDA
LESS CAPITAL CONTRI- BUTIONS
REPORTED SEGMENT EBITDA
Six months ended 31 December
72.9 20.7 93.6
– – –
72.9 20.7 93.6
Technology Gas Trading
65.1 18.4 83.5
(0.4)
64.7 18.4 83.1
–
Unregulated segments
(0.4)
Regulated Networks segment
239.9
(41.2)
198.7
226.5
(33.8)
192.7
Corporate
(27.6)
–
(27.6)
(25.8)
–
(25.8)
TOTAL
305.9
(41.2)
264.7
284.2
(34.2)
250.0
28
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