Vector has delivered 13 consecutive years of dividend growth, reflecting its prudent asset management and strategy to diversify its revenue streams.”
Jason Hollingworth CHIEF FINANCIAL OFFICER
$ 425.1 M Capital expenditure $ 348.1 M Net operating cash flow $ 250 M Successful senior bond issued
Capital expenditure Capital expenditure was $425.1 million, $43.9 million (11.5%) higher than last year. This increase reflected continued investment in infrastructure to support Auckland’s continued growth, higher network replacement expenditure, and increasing deployments of smart meters as market demand continues to accelerate in Australia. Network investment projects included the installation of new grid-scale batteries in Warkworth and Snells Beach and a new substation at Hobsonville Point. Balance sheet Our balance sheet remains healthy, with gearing at 30 June 2019 at 52.2%, up from 48.8% a year earlier, and 49.6% at 31 December 2018. Reflecting our strong balance sheet, Vector continues to hold a BBB credit rating by Standard & Poor’s and successfully issued a $250 million senior bond in May this year. Dividend Despite operating in a challenging regulatory environment, Vector has delivered 13 consecutive years of dividend growth, as a result of its prudent asset management and strategy to diversify its revenue streams. This year, shareholders will receive a fully imputed final dividend of 8.25 cents per share, taking the full-year dividend to 16.50 cents per share, up from 16.25 cents per share in 2018. The final dividend will be paid to investors who are on the register at 9 September 2019 and distributed to investors on 16 September 2019.
CAPITAL EXPENDITURE $ MILLION
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DIVIDEND DECLARED CENTS PER SHARE
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