Vector AR’19 ― financial performance trends
FIVE YEAR FINANCIAL PERFORMANCE
YEAR ENDED 30 JUNE ($ MILLION)
2019
2018
2017
2016
2015
PROFIT OR LOSS – CONTINUING OPERATIONS 1 Total income
1,318.6
1,328.4
1,226.7
1,144.6
1,153.4
485.8
Adjusted EBITDA
470.1
474.4
473.0
451.9
(246.8)
Depreciation and amortisation
(225.9)
(199.6)
(194.6)
(179.0)
239.0
Adjusted EBIT
244.2 149.8
274.8 168.9
278.4
272.9
84.0
Net profit – continuing operations
58.9
88.3
PROFIT OR LOSS – DISCONTINUED OPERATIONS Total income
– – – –
– – – –
– – – –
110.7
140.6
Adjusted EBITDA
75.3
88.5
Depreciation and amortisation
(5.8)
(16.2)
Adjusted EBIT
69.5
72.3
Net profit – including discontinued operations
84.0
149.8
168.9
274.4
149.4
BALANCE SHEET Total equity
2,349.4 6,061.0
2,457.9 5,808.0
2,448.3 5,574.6
2,398.3 5,603.0
2,298.6 6,123.0
Total assets
Economic net debt (borrowings net of cash and short-term deposits)
2,627.5
2,377.9
2,220.1
1,932.9
2,745.1
CASH FLOW Operating cash flow Capital expenditure
348.1
389.9
335.7
352.1
369.2
(418.4) (164.1)
(386.8) (163.9)
(354.3) (161.0)
(340.1) (159.2)
(311.8) (155.4)
Dividends paid
KEY FINANCIAL MEASURES Adjusted EBITDA/total income Adjusted EBIT/total income
36.8% 18.1% 38.8%
35.4% 18.4% 42.3%
38.7% 22.4% 43.9%
41.3% 24.3% 42.8%
39.2% 23.7% 37.5%
Equity/total assets
8.0%
Return on assets (adjusted EBITDA/assets)
8.1%
8.5%
8.4%
7.4%
52.2%
Gearing 2
48.8%
47.1%
43.7%
53.6%
Net interest cover – continuing ops (adjusted EBIT/net finance costs) (times) Earnings (NPAT) per share (cents) including discontinued activities Dividends declared, cents per share (fully imputed)
1.8
1.8
2.0
1.6
1.5
8.3
14.8
16.7
27.2
14.6
16.50
16.25
16.00
15.75
15.50
1. Prepared on a continuing basis, excluding contribution from gas transmission and non-Auckland gas distribution for all periods presented. 2. Gearing is defined as economic net debt to economic net debt plus adjusted equity. Adjusted equity means total equity adjusted for hedge reserves.
ADJUSTED EBITDA (continuing operations) $ MILLION
700
600
451.9
473.0
474.4
470.1
485.8
500
400
REGULATED NETWORKS GAS TRADING TECHNOLOGY CORPORATE TOTAL GROUP
300
200
100
0
-100
FY15
FY16
FY17
FY18
FY19
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