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Vector told the NZSX on Friday afternoon that the result was slightly ahead of its prospectus forecast of $NZ40.73 million and that the NZ$104.3 million normalised profit (NPATA) was in line with prospectus expectations.
Vector chairman Michael Stiassny said the board was satisfied with the group's performance in a challenging year.
"This has been a year of significant progress for Vector, both strategically and operationally," Stiassny said.
"The acquisition of NGC has enabled us to reach the next stage of our strategic growth path, considerably broadening our energy infrastructure portfolio.
“We are also in the process of completing a major financial restructuring program, which has included the issue of 24.9% of the company's shares, and the listing on the NZSX.”
Earnings before interest, tax, depreciation and amortisation (EBITDA) was 36.7% higher, at NZ$466.1 million, than for the previous period, while operating net cashflows of NZ$239.5 million were up NZ$59.4 million.
Vector's total assets increased from NZ$3.07 billion to $4.85 billion, largely due to the acquisition of NGC.
Vector had also effectively maintained its net debt to debt-plus-equity ratio at 66.6%, and its BBB+ credit rating from Standard & Poor's. Its NZ$53.6 million dividend would be paid to only to the Auckland Energy Consumer Trust, as that was the sole shareholder before the NZ$593 million IPO and August 15 listing of the company.
Chief executive Mark Franklin said all of the group's businesses recorded revenue growth due to a combination of connections growth in its infrastructure businesses, higher average product selling prices and a generally buoyant economy.
But there were also increased supplier costs, which included a 15% increase in electricity transmission costs and an 8% increase for natural gas and LPG sales. Electricity maintenance costs were also 33% higher.
Franklin said Vector’s immediate task was to fully integrate NGC’s operations into those of its own, as well as working closely with relevant government and regulatory bodies in regards to various industry developments, including the new gas pipelines regime.
