VECTOR ANNUAL REPORT 2021 /
Non-GAAP financial information
Non-GAAP financial information
Definitions: EBITDA
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 the 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 (vector.co.nz). Non-GAAP profit measures are not prepared in accordance with New Zealand International 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.
Earnings before interest, taxation, depreciation, amortisation and impairments from continuing operations Adjusted EBITDA EBITDA from continuing operations adjusted for fair value changes, associates, third-party contributions, and significant one-off gains, losses, revenues and/or expenses.
GAAP To Non-GAAP Reconciliation
YEAR ENDED 30 JUNE ($ MILLION) Group EBITDA and adjusted EBITDA
2021
2020
Reported net profit for the period (GAAP)
194.6 108.6
97.3
Add back: net interest costs Add back: tax (benef it)/expense
126.5
61.0
55.2
270.1
Add back: depreciation and amortisation
262.8
–
Add back: impairment
32.0
EBITDA
634.3
573.8
Adjusted for: Associates (share of net (prof it)/loss)
(1.8)
(0.3)
(122.5)
Capital contributions
(86.4)
3.5
Fair value change on f inancial instruments
3.4
–
Gain on sale of Kapuni gas interests
(0.5)
Adjusted EBITDA
513.5
490.0
2021
2020
YEAR ENDED 30 JUNE ($ MILLION)
LESS CAPITAL CONTRIBUTIONS
LESS CAPITAL CONTRIBUTIONS
REPORTED SEGMENT EBITDA
SEGMENT ADJUSTED EBITDA
REPORTED SEGMENT EBITDA
SEGMENT ADJUSTED EBITDA
AND OTHER MOVEMENTS
AND OTHER MOVEMENTS
Segment adjusted EBITDA
Metering
171.6
– – –
171.6
154.8
– – –
154.8
Gas Trading
27.4
27.4
33.9
33.9
Unregulated segments
199.0
199.0
188.7
188.7
Regulated segment
471.8
(121.1)
350.7
423.3
(85.7)
337.6
Corporate and other
(36.5)
0.3
(36.2)
(38.2)
1.9
(36.3)
TOTAL
634.3
(120.8)
513.5
573.8
(83.8)
490.0
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